Founded in 2003, listed land lease operator Lifestyle Communities has seen its share price double in the past 15 months, driving it to a market capitalisation of $2.27 billion.
This has just been recognised by the Australian Stock Exchange by ranking it in the S&P/ASX 200 Index, which is a market-capitalisation weighted and float-adjusted stock market index of stocks listed on the ASX. It is based on the 200 largest ASX listed stocks, which together account for about 82% of Australia’s share market capitalisation.
The company now has 24 land lease community projects ranging, from mature established communities, through to landholdings ready for development. It made an FY21 after-tax profit of $91.1 million.
Kelly has been winding down his shareholding; in the past 12 months, with the price at its peak around $21.50, he has sold 3.5 million shares at a value of $75 million, leaving him around 6% of the company, valued at $130 million.
As Managing Director, he takes home relatively modest $600,000 salary plus incentives.
In August Kelly announced that the group will increase its development volume from an average of two new projects the year to three, but will remain concentrated in and around Melbourne.