Valuation gains have raised the ASX-listed land lease operator’s profits after tax by 44% to $27.7M, plus a record 278 new home settlements.

Managing Director James Kelly says that a record 406 new homes were sold, much higher than their forecast of 250 to 270. 51% of these sales also came from homeowner referrals.

There was also an average of 7.5% per annum price growth on the sale of 73 established homes, suggesting strong demand for existing properties too.

Profits from site rentals also increased by 32% to $17.9M.

Lifestyle Communities now has 1,626 homes occupied after recently acquiring another 189 home sites at Armstrong Creek, 85km southwest of Melbourne, which we reported on here.

The group also have another 1,041 home sites in the pipeline.

It puts them well on track for their intended target of acquiring a new site every 12 months.

While a Land Lease Community operator, they also charge a DMF.