GemLife’s first AGM reveals a rare achievement
GemLife delivers on IPO promise
- Margin strength: Seventh straight year within target range
- Home values up: Average prices rose 18% to $833,000
- Pipeline growth: Portfolio expanded beyond 10,400 homes
- Dual revenue: Development profits backed by recurring site income
Managing Director and Chief Executive Officer Adrian Puljich said the business came to the market with a disciplined growth and execution strategy.
As a land lease community operator, GemLife has two separate revenue streams: development profit and recurring rental income.
The group also has, according to Adrian, a determined will to outperform.
“And we delivered,” Adrian said at the company’s first annual meeting since listing in July 2025.
“FY25 was more than just a milestone year for GemLife. It was the seventh consecutive published year where our founder-led, vertically integrated business model achieved gross development margins within our target range of 47% to 50%.”
He noted that this was achieved against the backdrop of a challenging construction environment, with inflationary pressures, labour shortages and supply chain disruption continuing to impact the broader residential building sector.
During FY25, the group also saw:
- Average home prices increase by 18% to approximately $833,000; and
- Build margins increase by 24%.
“During the year, we continued to expand the business while maintaining disciplined balance sheet management and remaining within our target debt range of 25% to 35%,” Adrian said.
GemLife also:
- Expanded their pipeline to more than 10,400 homes;
- Completed its Aliria acquisition, adding over 3,300 sites; and
- Delivered 312 settlements during the year.
“At the same time, we continued to grow our recurring income base through increasing occupancy and site rental income. This combination – development earnings plus recurring income – is a powerful model,” Adrian said.
Chair Kristie Brown also acknowledged Adrian and Chief Financial Officer Ashmit Thakral personally for their efforts during the first year as a listed company.
“Leading a business through an IPO while continuing to execute at the level you have is no small feat. The standard you have both set – in your leadership, your communication with the Board, your commitment and integrity – has been genuinely impressive. On behalf of the Board, thank you both.”
