VIC’s Lifestyle Communities lifts its HY profits by 32% to $15.8M

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The ASX-listed land lease developer says the strong result was driven by 150 new home settlements and 181 new home sales in the first half of FY18.

They also increased its annuity revenue, mainly from site rentals, by 19% to $10.1M – that is $388,461 in cash they receive every fortnight.

55% of the settlements also came from referrals – a vote of confidence from its 2,600+ current homeowners according to Managing Director James Kelly.

Lifestyle Communities now has over 2,800 homes under management, with 1,776 occupied and another 1,051 in the pipeline – and it’s looking to grow further.

As we reported here last year, its debt facility has been increased to $120M over three years to fund the purchase of new land.