Morningstar

Ingenia Communities Group

INA: XASX (AUS)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lifting Our Fair Value Estimate for Ingenia on Upgraded Guidance

Esther Holloway

Jan 15, 2025

Business Strategy and Outlook

About two thirds of Ingenia Communities’ midcycle EBITDA is from land-lease property sales and rent. Ingenia collects rent on about 16,000 property sites, across 100 land-lease, rental, and holiday park communities on Australia’s east coast. The firm’s strategy is to build higher-end communities primarily in Australia’s coastal and outer metropolitan areas. Following significant land acquisitions over the past few years, Ingenia has a pipeline of about 5,000 new dwellings, and more than a dozen sites currently in development or planning. All are targeting over-55s and leveraged to the thematics of aging population and the rising cost of housing.

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