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Ingenia Communities Annual Report 2019

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Ingenia Communities Annual Report 2019 INVESTOR UPDATE 2019 SUMMARY Chairman’s Letter Revenue $228.7m 21% Growing our rental base is fundamental to our strategy and over the last year we continued to expand our lifestyle and holidays EBIT business to meet this objective. 26% $61.5m Dear Security holders Accumulation Index and the S&P/ASX 200 The 2019 financial year was another record Property Accumulation Index over the one, Statutory Profit year of growth for Ingenia, with strong three and ten-year period to 31 August 2019. financial performance and the delivery of key Over the year a focus on strong capital $29.3m 14% strategic objectives positioning the Group management was maintained, with the for future growth and enhanced returns. sale of $32 million of non-core assets, an With the backdrop of a soft residential active Distribution Reinvestment Plan and Underlying Profit housing market, strong results over the year a $75 million placement to the US$12 billion were underpinned by record new home Sun Communities, Inc. (Sun) providing $47.2 m 28% settlements, demonstrating the relative capital for acquisitions and development. resilience of the land lease model and the Capital partnering was a key objective as we attractiveness of Ingenia’s communities sought to diversify our capital sources and Underlying Profit EPS to a growing number of seniors. leverage the platform we have nurtured over several years. The Placement to Sun was 19% Australia’s rapidly ageing population is 21.0c increasingly viewing lifestyle communities part of a broader strategic partnership which as a cost effective and affordable housing provides Ingenia with a capital efficient way to fund future greenfield development in a Distribution per Security choice. In addition to building market leading homes and facilities in our communities we Joint Venture with Sun. Sun is a major player in the land lease and holidays market (known +4% continue to enhance the lifestyle benefits 11.2c for our residents. as manufactured housing and recreational vehicle communities) in the US and brings Growing our rental base is fundamental over 20 years’ experience to the partnership. Operating Cash Flow to our strategy and over the last year we Gary Shiffman, Sun’s CEO and Chairman, continued to expand our lifestyle and holidays is a welcome addition to the Ingenia $ m 26% business to meet this objective. We invested Communities Group Board. 59.3 $73 million to acquire expansion land and established communities. Our development Subsequent to year end Ingenia acquired Net Asset Value per Security program further supported this objective, Eighth Gate Capital Management, a funds with 336 new home settlements. management business with $140 million in 3% assets under management, which further $2.65 Ingenia now owns 35 lifestyle and holiday diversifies the Group’s capital partnerships communities and an expanding development and revenue streams, extends Ingenia’s business. The 2019 financial year saw Record New Home Settlements footprint in key markets and provides Ingenia build on record profit growth last another avenue for growth. year to exceed financial guidance. Much of 336 17% this growth was due to the addition of new Ingenia enters the new financial year with assets, increased margins and an increase an expanded business and a commitment to in home sales. enhance returns. From this strong base we Development Sites Secured are forecasting growth in both EBIT (10-15% Group revenue was up 21% and EBIT was up growth) and underlying earnings per security 26% to $61.5 million (above guidance of 15- (5-10% growth) for the 2020 financial year. 3,700+ 20% growth). Underlying profit per security was up 19% (versus guidance of 5-10% As your Chairman I would like to thank all growth). The full year distribution of 11.2 cents security holders for your continued support, Rental base expanded through per stapled security represents an increase and I look forward to providing an update on acquisition and development of 4% on FY18 and was the sixth year of the business at our Annual General Meeting consecutive growth. to be held in Sydney on 12 November 2019. Capital partnership established with Sun Communities The security price increased from $3.08 on 2 July 2018 to close the year at $3.24 and has performed strongly since the 2019 financial year results were released. Ingenia’s security price was $3.89 at the end of August and the Group outperformed the S&P/ASX 200 Jim Hazel We create Chairman community For further information, visit the website http://www.ingeniacommunities.com.au CEO Update Ingenia’s performance in FY19 demonstrated the resilience of a business model that has strong underlying demand drivers, combined with a growing property portfolio delivering stable and recurring cash flows. Ingenia Holidays Rivershore Resort, QLD Over the 2019 financial year Ingenia’s strategy Building the rental base Development continued to deliver performance, with Ingenia continued to grow exposure to the Development is progressing at ten strong increases across key metrics and lifestyle and holidays market with acquisitions communities, with a further two new margin expansion as scale efficiencies were and increasing development activity driving communities expected to be launched in delivered from an operating platform that has growth. FY20. New home sales of 336 were up been put in place over the past few years to 17%, creating new rental contracts that will The Group acquired $73 million of new facilitate growth. contribute $2.7 million in rental revenue assets, including: Guidance was exceeded with EBIT and annually. The average home price and rent underlying profit earnings per security — Aspley Acres (now Brisbane North rental for new homes also continued to increase. village), located in close proximity to the demonstrating strong increases. Substantial Strong demand was apparent at Ingenia’s Brisbane CBD increases in revenue and cash flows first greenfield communities, Latitude One supported a 4.2% increase in distributions. — Land adjacent to Ingenia Lifestyle Lara (Anna Bay, NSW) and Plantations (Coffs (VIC) and Ingenia’s Chambers Pines Harbour, NSW), which contributed over Financial Performance community (QLD) 100 new settlements. Revenue grew 21% to $228.7 million and — Rivershore Resort on the Sunshine Ingenia is now capitalising on the operating cash flow of $59.3 million was up Coast (QLD) significant investment made in the 26% as a larger rental base and a 17% increase — A mixed-use community in the attractive development business, as margins grow in new home settlements contributed. tourist location of Byron Bay, NSW. with increasing scale. Statutory Profit of $29.3 million was down 14% on the 2018 result and was Operating platform delivering growing The Joint Venture with Sun Communities, impacted by: the write-off of transaction returns which was established in November 2018, provides the ability to further accelerate costs on $72.6 million of acquisitions; loss Over the year, the 26-village Ingenia Gardens development. Not only does this create on divestment of non-core assets; mark portfolio maintained high occupancy. Income a capital efficient way to fund future to market impairment on interest rate was down on FY18, reflecting the sale of five development (with Ingenia providing only derivatives; and a fair value adjustment communities in April 2018. as development profits were realised. half of the required funding), it leverages The Ingenia Lifestyle and Holidays portfolio the Group’s established platform to deliver Underlying Profit of $47.2 million increased continued to expand – the portfolio is focused fees and preserves the right to fully own 28% on the prior year and Net Asset Value on high quality rental cash flows and the the completed community. per security (NAV) increased to $2.65 development program is supporting further (from $2.57 at 30 June 2018). growth. Lifestyle permanent rental revenue Outlook increased by 15%, with tourism revenue up Ingenia continues to seek growth in the Capital management 9% as new acquisitions contributed. The Group’s rental base as the market for Over the year, capital recycling provided addition of tourism cabins and rental homes seniors housing matures. proceeds to grow the lifestyle and holidays to existing communities enhanced returns EBIT growth of 10-15% and underlying EPS portfolio, through accelerated development and continues to be a focus. activity and the acquisition of new growth of 5-10% is forecast for FY20 as communities and future development sites. The acquisition of fund manager, Eighth ongoing demand is supported by an ageing Gate Capital Management, in August population seeking affordable housing. The Group remains well positioned to fund 2019 increases the Group’s assets under In closing, I would like to thank the Board its development pipeline, with the balance management by $140 million and introduces for their support and guidance, the sheet benefiting from a $75 million placement a further nine established communities management team and all employees for their to Sun Communities, the underwritten and one greenfield site (branded Allswell continuing commitment and engagement Distribution Reinvestment Plan in the first Communities) to the portfolio. Ingenia has and our residents and guests for supporting half and $32 million of non-core asset sales. invested in each of Eighth Gate’s funds, Ingenia’s business. At 30 June 2019, Ingenia’s loan to value ratio providing alignment with fund investors and (LVR) was 29.8%, below the Group’s target access to property returns. In addition to range of 30-40%. leveraging Ingenia’s operating platform, the funds management platform is expected to Ingenia’s capital position has been further generate approximately $2 million in gross enhanced through the development Joint fees per annum. Venture with Sun Communities and the Simon Owen new funds management platform. Chief Executive Officer and Managing Director With a continuing focus on development and the contribution from recent acquisitions, Ingenia is expanding this portfolio.
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