CLIENT | Ingenia Ranked Top Performing A-REIT for 2013
Boardworx client, Ingenia Communities Group (ASX: INA), was ranked by BDO as the top performing A-REIT in its 2012 survey and has achieved the same distinction in the 2013 survey.
Ingenia was ranked 1st for 3-year returns at 90% and 5th in 1-year return rankings at 77%.
A phenomenal achievement for the Ingenia team!
“During FY13, INA continued to grow its Australian senior living portfolio by selling its US Seniors portfolio and repatriating the funds for reinvestment into its first acquisition in the Australian Manufactured Home Estates (MHE) market. The Group views this market as a model that is complementary to its existing rental and deferred management fee (DMF) operations. By 30 June 2013 INA had already acquired two MHE communities and strongly progressed negotiations on the acquisition of others.
Two capital raisings (one in June 2013 at just under NTA, the other following the Group’s year end at above NTA) were both strongly subscribed, confirming investor interest in the Group’s MHE strategy.
Looking forward, the Group plans to have 15 MHE communities by the end of the first quarter of 2014. INA expects the MHE market to be a dominant driver of its future growth in earnings and development activities.”
* BDO has been tracking performances of A-REITS for 19 years and for the 2013 Report, 39 A-REITS were surveyed.