Ingenia finishes FY21 with 350+ LLC homes built/sold with 32% margin

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Listed four tier business Ingenia Communities overcame COVID-19 to deliver 350 new home sales plus 30 additional sales with its joint venture partnership with America’s Sun Communities.

Capitalising on the COVID backed sea change/tree change movement of seniors to regional areas, Ingenia’s home pricing is no longer positioned as a developer of $300,000 land lease homes; the average new home price is now $439,000.

$215M in new site acquisitions

The company states it has a dedicated focus on acquisitions to grow ‘rent based, annuity style revenue’.

In FY21, they settled $215 million worth of acquisitions across 13 established communities and land acquisitions. They now have 4,220 potential home sites.

In addition, Ingenia has $200 million in FY22 acquisitions in negotiation or contract development.

The standout feature is the speed of development and sale, averaging 50 to 70 new homes a year for each new development project.

This is backed up with price escalation through the buildout process. Latitude One (pictured below) commenced at an average price of $458,000 per home in 2018 and finished the project at the average price of $660,000, a 38% price growth in four years.

Four tier business

Ingenia launched in 2012 as an operator of rental villages and valued at less than $100 million. The listed group is now valued at $2 billion and made up of four business segments, rental villages, holiday parks, lifestyle rental and the development arm, given its joint venture with Sun Communities and acquisition of Eighth Gate funds management (specialising in land lease communities).