Listed land lease community operator Ingenia delivers 17% increase in EBIT despite COVID

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Simon Owen’s Ingenia has delivered and settled 325 new homes across the 12 months to June 2020, despite four months of lockdown with COVID-19.

The diversified group, which covers land lease communities, rental villages and tourism parks, achieved revenue of $244M, up 7%, and EBIT of $72M, up 17%.

The group now has 48 lifestyle and tourism locations and 26 rental villages in its portfolio.

Over 13 months (including July) they have acquired all or an interest in 2,161 income producing sites, outlaying $100M.

The group has now taken the lead from Hometown as the largest diversified lifestyle group, with Walter Elliott’s Palm Lake Resort group coming in third in size.

Owen created Ingenia out of the collapsed ING Real Estate Community Living, internalising its management and taking it public in 2012. It is now valued at $1.2B.

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