Ingenia Communities releases 1H26 property portfolio snapshot
Ingenia Communities Group (ASX: INA) has released its half-year property portfolio update, providing investors with a comprehensive overview of the Group’s $2.9 billion portfolio across land lease, rental and holiday segments. The ASX 200 constituent, with a market capitalisation of $1.8 billion, manages 102 properties generating income from over 16,000 sites, with an additional 4,946 development sites in the pipeline.
The update delivers visibility into asset composition and geographic diversification across Ingenia’s three operating segments, spanning Queensland (33 properties), New South Wales (43) and Victoria (26). The portfolio comprises established communities generating stable cashflows alongside a substantial development programme designed to expand the Group’s recurring rental income base.
What is land lease living?
Land lease living is a housing model where residents own their home but rent the land underneath. This arrangement creates recurring rental income for the landlord (in this case, Ingenia) whilst providing residents with an affordable housing option that includes community amenities and services.
The model appeals predominantly to seniors seeking lifestyle communities with lower upfront capital requirements compared to traditional home ownership. Rent payments are often supported by Commonwealth pension and rent assistance programmes, providing a defensive income stream for operators.
Land lease communities generate stable, inflation-linked rental income streams that form the core of Ingenia’s recurring revenue base, with rents typically adjusted annually in line with consumer price index movements.
Lifestyle rental portfolio performance
Ingenia’s Lifestyle Rental segment encompasses 48 properties across land lease and all-age rental communities. The portfolio comprises 5,777 land lease homes and 1,418 rental homes, with 248 new homes settled during 1H26.
Average weekly rent for the Lifestyle segment increased to $215 per week, up from $205 at December 2024, representing approximately 5% year-on-year growth. Rental communities maintained 99% occupancy, demonstrating strong demand for affordable housing in the Group’s target markets.
| Metric | Dec 2025 | Dec 2024 |
|---|---|---|
| Land lease homes | 5,777 | 5,259 |
| Rental homes | 1,418 | 1,430 |
| Avg weekly rent (Lifestyle) | $215 | $205 |
| Rental occupancy | 99% | 99% |
The Lifestyle Rental portfolio is valued at $1.7 billion, concentrated in metropolitan and coastal areas. Geographic distribution shows 55% in coastal locations, 38% regional and 7% metropolitan, reflecting the Group’s strategy of targeting growth corridors and lifestyle markets.
Rental growth of approximately 5% year-on-year demonstrates pricing power in affordable housing, with demand supported by Australia’s undersupply of housing for the growing seniors population.
Development pipeline and settlements
Ingenia has 16 active development projects underway, with a pipeline containing 4,946 potential development sites (including Joint Venture holdings). The development programme delivered 248 settlements in 1H26, converting capital into recurring rental income as homes settle and residents commence rent payments.
Average home sale prices achieved $646,000 for Ingenia-only settlements and $866,000 for Joint Venture properties. The higher price point on Joint Venture assets reflects different geographic positioning and home specifications across the portfolio.
Key development projects advancing during the period include Archer’s Run at Morisset, NSW, which achieved a 5-Star Green Star Communities rating in December 2025. The community will comprise 613 sites on completion, with civil works for stages 1-4 finalised and stage 5-6 now underway. First homes settled in November 2024, with 53 homes now occupied.
Freshwater at Burpengary, QLD is nearing stabilisation as the Joint Venture’s first completed community. The project represents a milestone for the partnership established in November 2018 to accelerate land lease development through shared capital contributions.
Development activity provides a dual revenue stream: immediate income from home sales and development fees, followed by long-term recurring rental income as communities stabilise. The Group’s focus on greenfield projects creates purpose-built communities with modern amenities designed to attract residents and support premium rental rates.
Holidays and mixed-use communities
Ingenia operates 35 holiday parks valued at $980 million, providing accommodation across Australia’s east coast from Cairns to Victoria’s Great Ocean Road. The portfolio includes 1,288 permanent homes, 1,583 annual sites and 4,735 tourism sites.
Tourism cabin occupancy reached 68% with revenue per occupied room (RevPOR) of $216. Annual site rents averaged $162 per week, up from $148 at December 2024, representing approximately 9% growth.
Key holiday metrics for 1H26:
- Cabin occupancy: 68%
- Site occupancy: 50%
- Cabin RevPOR: $216
- Site RevPOR: $68
The Group completed the acquisition of Kinka Beach, QLD in July 2025 for $9 million. The 4-hectare park filled a strategic gap in the network between Yeppoon and Townsville, providing counter-cyclical revenue as tourists travel north during winter months. Since acquisition, occupancy has increased 15% for cabins and 2% for sites through integration into Ingenia’s marketing platform and dynamic pricing systems.
The Holidays segment provides diversification from residential rental income, with tourism revenue fluctuating based on seasonal demand patterns and consumer discretionary spending. Mixed-use communities combine permanent residential sites with tourism accommodation, stabilising income through a blend of long-term rental contracts and short-term visitor bookings.
Ingenia Gardens seniors rental
The Ingenia Gardens portfolio comprises 19 communities with 1,020 units, providing affordable seniors rental accommodation. Occupancy reached 95.7%, with average weekly rent of $410, up from $394 at December 2024.
The portfolio is valued at $145 million, with geographic distribution showing 45% in Queensland, 39% in New South Wales and 16% in Victoria. Average resident tenure of 4.1 years reflects the stability of the seniors rental model, with lower turnover than traditional residential rental markets.
Ingenia Gardens communities deliver defensive income supported by government pension and rent assistance programmes. The portfolio serves an average of 674 resident meals daily through community dining facilities, with services designed to support independent living for seniors.
Seniors rental provides a counter-cyclical revenue stream less sensitive to economic conditions than discretionary tourism spending or home sales. The model benefits from demographic tailwinds as Australia’s population ages, with demand for affordable seniors accommodation expected to increase over coming decades.
Strategic outlook for INA shareholders
The Ingenia Communities 1H26 Property Portfolio demonstrates the Group’s position as one of Australia’s largest land lease operators, with a three-pillar strategy spanning Lifestyle Rental, Holidays and Gardens segments. Combined portfolio value of $2.9 billion provides scale advantages in operations and development execution.
Geographic concentration across Queensland, NSW and Victoria positions the Group in Australia’s eastern seaboard growth corridor. The development pipeline of nearly 5,000 sites represents the key driver of future rental growth, with each settlement adding to the base of recurring income.
The Joint Venture with Sun Communities extends to November 2030, providing a capital-efficient pathway to accelerate development activity. Ingenia receives fees for development, sales and asset management services whilst maintaining a 50% interest in completed communities.
Portfolio composition balances established income-generating assets (16,000+ sites) with growth opportunities through development. The mix of land lease, rental and tourism accommodation provides diversification across customer segments and revenue cycles, with seniors-focused offerings benefiting from demographic support.
The update confirms Ingenia’s strategy of building recurring rental income through development activity whilst maintaining diversified revenue streams across residential and tourism accommodation markets.
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