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On 19 February 2019, Ingenia Communities Group (ASX:INA) announced its property portfolio update for H1 FY2019. Itâs $797 Mn property portfolio is dominated by cash-yielding assets wherein 66%, 18%, and 16% exposure into Lifestyle and Holidays under rental portfolio, Lifestyle and Holidays under development, and Ingenia Gardens under rental portfolio, respectively during the same period. Its $27.5 Mn portfolio EBIT has a significant contribution of 49% from Lifestyle and Holidays under rental, 32% from Lifestyle and Holidays under development, and 19% from Ingenia Gardens under rental portfolio.
New South Wales consists 52% of Ingeniaâs property investments, other major states such as Queensland, Victoria, and Western Australia comprises 36%, 8%, and 4% respectively of the investment portfolio.
Ingenia Lifestyle and Holidays provides affordable seniors accommodation through a land-lease rental model complemented by holiday experiences, catering largely to seniors and families. Its current portfolio value is of $666 Mn, and the total number of properties has increased to 34 in Decâ18 from 33 in Decâ17, the total permanent homes has increased to 3,039 in Decâ18 from 2,478 in Decâ17, annual sites decreased to 762 in Decâ18 from 908 in Decâ17, tourism sites increased to 2,172 in Decâ18 from 2161 in Decâ17, and potential development sites increased to 3,984 in Decâ18 from 2,846 in Decâ17. Its tourist cabins and tourism sites observed an average occupancy rate of 61% at $145 RevPOR, and 48% at $44 RevPOR, respectively. Its average rent from permanent homes and annual sites were at $167 per week and $113 per week respectively in Decâ18.
Ingenia Lifestyle development reported to have deposits and contracts in place for 232 homes on 31 December 2018, and comprised development pipelines at Hunter Valley, NSW, Latitude One, NSW, South West Rocks, NSW, Plantations, NSW, Blueys Beach, NSW, Stoney Creek, NSW, Albury, NSW, Lake Conjola, NSW, Bethania, QLD, Chambers Pines, QLD, Upper Coomera, QLD, Hervey Bay, QLD, and Lara, VIC.
Ingenia Gardens portfolio provides affordable seniors rental accommodation, delivering stable, government supported cashflows. As at 31 December 2018, the portfolio of 26 communities had a book value of $130.3 million. The total properties decreased to 26 on 31 December 2018 from 31 on 31 December 2017, total units decreased to 1,375 from 1,628, average weekly rent increased to $343 from $335, and occupancy rate decreased to 90.8% from 91.4% as compared to the prior corresponding periods.
It also announced its expansion plans in Victoria (VIC) and New South Wales (NSW) as strong demands have come-up for new homes at Ingenia Lifestyle Lara, VIC and the company wants to extend holiday park portfolio presence on NSW coast, via an established park with the potential to reposition and remix. Ingeniaâs underlying profit for H1 FY19 is reported up by 20% to $17.5 Mn, revenue up by 21% to $93.4 Mn, EBIT up by 19% to $22.9 Mn, and underlying EPS up by 14% to 8.1 cents per share as compared to H1 FY18.
It has announced a dividend of 5.4 cents per share with Ex-date of February 22, 2019, record date of February 25, 2019, payment date of March 27, 2019, and DRP election date of February 26, 2019.
Ingenia Communities Group was established in 2004 and is part of the ASX 300. It is a leading provider of affordable land-lease living and holiday accommodation. As per the companyâs report, its new Joint Venture with Sun Communities has started delivering value and accelerated development.
On stock information front, INA last traded at $3.135, up by 0.481% during daysâ trade on February 19, 2019 (ASX 03:23 PM) with the market capitalization of ~$724.39 Mn. Its 52 weeks high has been noted at $3.220 and 52-week low at $2.610. Its absolute return for the last 3 months, 1 year, and 5 years are 5.41%, 19.52%, and 19.17%, respectively.
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