The land lease operator has continued to expand its 22-community portfolio in Victoria – growing its revenue despite the impact of Victoria’s lockdown restrictions on its new home sales and resales, its AGM has revealed.
New projects average eight sales a month. See the graph above.
Lifestyle Communities also acquired four new sites in St Leonard’s, Pakenham East, Clyde North and Clyde in 2020.
In total, the operator recorded 280 new homes sales and 253 home settlements, which were affected by COVID from March onwards.
There were also 102 resale settlements, of which 80 attracted a 20% Deferred Management Fee (DMF).
This lower number of settlements – combined with lower investment property revaluation gains – saw Lifestyle’s profits after tax decline from $55.1 million to $42.8 million.
However, recurring revenue from site fees and DMFs increased by 25% to $28.1 million.
The group is also continuing to expand with six new communities in the development phase and $110 million in cash and undrawn facilities to fund future growth.