ASX Results Deep Dive

Average accounting revenue per new-home settlement was $589k excluding GST, down 3.1% from $608k in FY25. LIC did not disclose a separate FY26 customer-facing average selling price including GST; the front-page ≈$648k is the mechanical gross-up of $589k and is labelled calculated. LIC targets about 80% of the relevant catchment median detached-house price, while its customer website says homes generally price at 80%–90% of the local median. On DMF-attracting resales, FY26 move-in value averaged $386,757 and move-out value $532,826: $146,069 or 37.8% appreciation over 7.5 years. The disclosed gains were $171,393 or 47.7% over 7.4 years in FY25 and $181,593 or 53.8% over 7.1 years in FY24. This series shows the capital appreciation of homes within LIC communities over time; percentages are calculated from LIC's disclosed prices.

LIC's website confirms the quoted $238.20 a week for one person and $275.19 for two people are the current standard site-fee schedule effective 1 July 2026. They are not an FY26 portfolio average and are not identified as new-customer-only fees. The FY26 results presentation reports the same rounded schedule and a 4.6% annual increase effective 1 July 2026; it does not disclose the pre-increase dollar schedule. The fee covers access to community amenities, on-site manager support and specified garden maintenance; household utilities are excluded.

FY26 net new sales were 216, up 55.4% from 139 in FY25; new-home settlements were 240, down 10.4% from 268 in FY25. Across all nine developing communities, net sales averaged 2.0 per community per month on a 12-month denominator. Excluding near-complete Wollert, Meridian and Bellarine, the six more active in-flight communities produced 183 net sales, or 2.5 per community per month. Ridgelea was the fastest LIC community at 3.8 net sales per month. These are calculated rates; active trading months were not disclosed. Settlements can exceed sales because they complete contracts written in earlier periods.

FY26 home settlement revenue was $141.34m, cost of sales $126.68m and home settlement margin $14.66m (10.4%), versus 13.1% in FY25. LIC's accounting policy says cost of sales includes home construction, the homeowner's share of community infrastructure and capitalised project interest released on settlement. FY25 infrastructure within cost of sales was $42m; an FY26 infrastructure split was not published. Development project management, sales and marketing costs of $14.67m and corporate overheads of $20.56m sit below the gross home margin. FY26 cost of sales also included a $1.7m Woodlea loss provision recognised in full.

FY26 site rental of $51.4m less $23.7m of community operating costs produced a 53.9% community operating margin, down from 54.2% in FY25. LIC defines community operating expenses as on-site manager salaries and the costs needed to operate communities and deliver Residential Site Agreement services. Corporate support functions—including executive leadership, people, finance, IT, legal, compliance and the support office—are separately reported as corporate overheads, so they are not pushed into the community margin. Capital expenditure is capitalised rather than an operating expense; the result does not publish a community-level maintenance-capex bridge.

March 2026 homeowner CSAT was 78.9, up from 76.7 in March 2025. LIC recorded 2,576 responses and 42% participation. Referral rates were 50% at settlement in developing communities and 43% across all communities. LIC targets independent downsizers, including working, semi-retired and retired people; average existing and incoming resident ages were not disclosed.

Weighted average capitalisation rate was 5.20%, versus 5.24% in FY25. Individual community rates were generally 5.0%–5.5%. DMF discount rates were generally 13.5%, with selected communities at 14.0%.

LIC plans about a 7% FY27 reduction across sales, marketing and overheads excluding ESS. Product simplification, competitive home-contract tendering, target build-cost controls and smaller clubhouses are intended to protect returns. No portfolio-wide construction-cost inflation assumption was disclosed.

The operating reset combines market-led pricing, the Way to Live brand and a no-exit-fee option: a 10% upfront management fee versus the standard 4% a year DMF capped at 20%. Since late January, 28% of net sales chose upfront. LIC was planning one FY27 community activation, subject to market conditions, while pacing construction to sales demand.

Net debt fell to $273.7m from $460.5m after land sales and inventory realisation. Net debt to assets less cash and land accruals was 22.8%, weighted average debt cost was 6.6%, 82.6% of debt was fixed and debt maturity was 5.0 years. LIC also agreed to acquire the remaining 50% of Chelsea Heights, with settlement no later than December 2027.

Ingenia-owned FY26 settlements averaged $681k inclusive of GST, up 1.5% from $671k in FY25. The 50:50 Sun Communities joint venture averaged $914k inclusive of GST across 177 settlements at four greenfield projects. The JV was established to fund and accelerate new greenfield communities; Ingenia provides development, sales, asset and property services and earns fees. The price premium is consistent with the disclosed mix of newer projects and locations, but Ingenia does not provide a community price bridge, so this pack does not attribute the entire difference to premium positioning. Contracted-home pricing at 21 August was above FY26 settlements because of project mix and newer, higher-return projects. Ingenia disclosed 260 established resales but no homeowner resale prices, capital appreciation or holding periods.

The $221 weekly figure is Ingenia's FY26 portfolio average Lifestyle land-lease rent, up 3.5% from FY25, with 100% occupancy and rent collection; it is not an incoming-resident rate. The separate 5.4% average uplift occurred when 260 established homes resold and the site rent reset for the incoming owner. That shows turnover rent growth above the portfolio's annual review, but it is not evidence that all new-home buyers pay 5.4% more. The result did not disclose a portfolio single/couple split. All-age rental averaged $368 a week, up 7.3%, with a 7.8% average increase on review.

FY26 delivered 573 land lease settlements: 396 at Ingenia-owned projects and 177 in the joint venture, up 10% in total. Ingenia built 527 homes and held 46 completed unsold homes at 30 June. At 21 August, 37 FY27 homes had settled and 387 were deposited or contracted. The result did not publish a community-by-community or monthly sales table.

Ingenia-owned FY26 home sales generated $117.8m gross profit at a 48% gross margin, versus $106.1m and 47% in FY25. Lifestyle Development EBIT was $80.7m at a 32% margin; net cash was $15k per lot. The Sun JV reported a 56% home gross margin and $93k net cash per lot across 177 settlements. Ingenia does not publish the detailed cost bridge for either gross margin—specifically whether land, civils, community facilities, project management, selling costs and capitalised interest are included—so these margins are not ranked against the more tightly defined GemLife, Aspen or Stockland measures. Six greenfield projects commenced in FY26.

Lifestyle Rental EBIT was $49.9m at a 48% margin, or 51% for communities at least 90% complete, versus 50% and 52% respectively in FY25. The segment includes land lease and all-age rental operations; the presentation does not provide community-level expense definitions or state whether refurbishment capex is included in the margin.

The FY26 presentation explained the valuation bridge and reported $1,177.8m of Lifestyle Rental in-operation book value, but did not state a new year-end numeric land lease capitalisation rate. The latest numeric weighted land lease rate in the result set remains 5.13% at 31 December 2025. That older figure is retained and clearly dated rather than inferred from the Peet conversion valuation assumption.

June 2026 Lifestyle customer satisfaction was 80%, above the 75% target; the presentation did not state a response count. Ingenia describes its residential communities as largely focused on the growing seniors population. Average ages for existing and incoming residents were not disclosed.

Ingenia said materials and trade cost pressure was being absorbed as procurement and delivery efficiencies progressed. Revised infrastructure-cost assumptions were reflected in FY26, new projects are adopting design and procurement changes, and an in-house construction pilot is planned for Q2 FY27. Land tax, council rates and waste costs continued to rise above CPI.

FY26 EBIT of $193.4m and underlying EPS of 35.8c exceeded prior guidance. FY27 guidance targets 0–10% growth: EBIT of $193.4m–$212.8m and EPS of 35.8–39.3c, subject to no material operating change. Guidance considers weaker consumer sentiment, demand-led activity, a second-half settlement skew and ongoing cost headwinds. The proposed Peet acquisition would add masterplanned-community capability and an estimated 5,000–7,000 potential land lease conversion lots; the Scheme remains conditional.

FY26 gearing was 31%, weighted average debt cost 5.18%, and cash plus undrawn debt was $174.6m. For the proposed Peet transaction, Ingenia announced pro-forma gearing of 29.5%, a conditional $615m Flagstone JV valuation, $92m expected transaction costs and 11.0% illustrative FY26 EPS accretion including $10m run-rate synergies. These are transaction assumptions, not realised FY26 outcomes.

Average Lifestyle home sale price was $469k including GST, up 1% from $464k. Aspen explicitly framed its approach as maintaining affordability and accepting steadier price increases rather than maximising price. It compared the price with the national dwelling average, but did not disclose a catchment-level discount.

FY26 Lifestyle land gross rent averaged $223 a week across the segment. Aspen separately said typical land rent excluding ancillary income was about $207 a week, while a typical new lease was $225 a week with a contracted 3.5% annual increase. 'About 10% below market' is Aspen's comparison of in-place portfolio rent with its assessment of market rent; no independent market-rent series or community-by-community bridge was published. Aspen expects portfolio rents to grow 4%–5% a year. No single/couple split was disclosed.

FY26 settled sales were 161, up 45% from 111 in FY25: 131 Lifestyle houses and 30 residential lots. Aspen did not identify which Lifestyle communities produced the FY26 settlements, so a defensible homes-per-selling-community monthly rate cannot be calculated. Using the seven projects in FY27 LLC settlement guidance as an FY26 denominator would mix periods and is therefore not done. FY27 guidance was 240 settlements: 150 Lifestyle houses and 90 land lots; 145 settlements or contracts were on hand at the result date.

Aspen's FY26 Lifestyle development profit was $145k per house at a 34% realised development profit margin, up from $133k and 31% in FY25. The margin is development profit divided by development revenue; revenue and expenses exclude GST. Aspen's bridge shows $426k house-sale revenue less $270k house cost of goods sold and $12k of sales, marketing and allocated segment overhead. Raw land ($39k), civils, facilities and capitalised interest ($63k) sit in the separately retained leased site rather than the house-sale margin. The retained site was valued at $124k, producing $22k NAV uplift. This broader bridge is materially different from GemLife's home-construction-only margin.

FY26 net rental income (NRI) was $42.4m and NRI margin rose to 56% from 52% in FY25. NRI is rental and ancillary property income after direct property operating expenses; the margin is NRI divided by rental income. It is a group portfolio measure, not a Lifestyle-only community margin. Development profit, corporate overhead and capital expenditure are outside this measure; Aspen does not publish a Lifestyle-only cost bridge for refurbishment or clubhouse expenditure.

The FY26 result did not publish a resident NPS, CSAT, average age or incoming-resident age. Aspen positions its Lifestyle product as affordable housing for older Australians, but this is a target-customer description rather than measured sentiment.

The 7.0% portfolio WACR includes non-Lifestyle assets and Aspen Karratha Village; excluding AKV it was 6.0%. The dedicated Lifestyle portfolio weighted cap rate was 5.85%, while newly leased Lifestyle sites were valued at 6.4%. Individual rates were 5.15% at Four Lanterns, 5.50% at Alexandrina Cove and Wodonga Gardens, 5.75% at Sweetwater Grove and Strathalbyn, 6.00% at Mandurah Gardens, and 7.00% at Sierra and Meadowbrooke. Adelaide Villas used DCF/direct comparison. These are the relevant LLC benchmarks rather than the group WACR.

Infrastructure delays at Coorong Quays and Alexandrina Cove were identified as production constraints. Aspen did not disclose a quantified construction-cost escalation assumption, so the pack does not convert its delivery actions into an inflation forecast.

Aspen is pursuing both brownfield conversion/densification and greenfield development across its affordable-housing platform. Its stated mission is more than 10,000 dwellings and sites by 2030. The FY27 acquisition lens includes government and not-for-profit vendors, developers, distressed sales and private-credit situations, while low-cap-rate assets may be recycled. The current portfolio spans NSW, Victoria, Western Australia, Queensland and the Northern Territory; the result did not publish a state-specific acquisition allocation. FY27 guidance was $44m NRI, $33m development profit, $66m EBITDA, 26.1c pre-tax EPS and 12c DPS, subject to no material market change.

Aspen owns 100% of its properties and states it has no joint-venture or fund profit-sharing interests. Net debt was $153m, LTV 22%, interest cover 6.2x and facility availability $98m at June 2026. The $260m facility expires September 2028; $80m was hedged at 3.67% to September 2027.

Average settlement price was $876k excluding GST, up 10%. GemLife cautioned that mix changes by community and home type; it expected 2H26 ASP to be below 1H26 as early-stage projects began settling. Moreton Bay’s 1H26 average was about $32k above 2H25. No catchment discount ratio was disclosed.

The $215 weekly site fee is GemLife's 1H26 portfolio average excluding GST, calculated from site-rental income and average occupied homes; it was up 6.4% from 1H25. It includes temporary discounts of up to $61.75 where facilities remain under construction. GemLife says the current portfolio average is about 10% below new incoming homeowner rates, which mechanically indicates about $239 a week ex GST. The 14%–15% gap in stabilised Queensland and Victorian communities is company commentary, but applying those percentages to the portfolio average would only be an illustration, not a disclosed site-level fee. GemLife does not publish incoming fees by individual community or site, and no single/couple split was disclosed.

1H26 produced 208 settlements, up 75% from 1H25. The fastest disclosed communities were all in Queensland: Moreton Bay 11.8 per month, Gold Coast 7.8 and Highfields Heights 4.2; GemLife on Dean delivered 3.0. Moreton Bay accelerated from 7.3 per month in FY25 to 11.8 after GemLife doubled the construction workforce, accelerated civil works and expanded sales support and inspections in response to demand exceeding supply. The company did not disclose a causal state-level comparison. GemLife had 292 homes under contract plus 78 EOIs at 30 June.

Average 1H26 home build margin was $438k and 49.9%, versus about $383k and 48.2% in 1H25, calculated from GemLife's disclosed pro-forma segment figures. GemLife defines the measure as home settlement revenue less home construction costs—raw materials, manufacturing and labour. Land and the retained site value are not in this margin; infrastructure, earthworks and community facilities are also excluded and capitalised into investment property. Development EBITDA was $78.4m at 43.0% and includes marketing for projects not yet contributing earnings. The 49.9% should therefore not be compared directly with Aspen's broader site-production economics.

Community operating EBITDA was $7.9m at a 61.3% margin, down from 66.6%. GemLife attributed the decline to early-stage communities carrying operating costs before corresponding site-rental income. The presentation does not state whether refurbishment or clubhouse capex is included in this EBITDA measure.

The result did not disclose resident NPS, CSAT, average resident age or incoming-resident age. GemLife markets the communities to over-50s. The myGemLife app launch is an engagement initiative, not a sentiment measure.

The weighted average cap rate for the Community Operations component of investment property was 5.14% at 30 June 2026.

GemLife is testing factory-built structural systems through GemForm Structures to lower per-home cost, shorten delivery and expand capacity. At Currumbin Waters, forecast prices were expected to absorb additional movable-design construction cost. No portfolio-wide quantified construction-inflation assumption was disclosed.

Six new communities were expected to commence settlements in 2026. GemLife expected 2H26 average selling price to be below 1H26 as early-stage projects entered the mix and upgraded FY26 underlying EPS guidance to 30–31c.

Gearing was 32.3%, within the 25%–35% target. Borrowings were $577.8m and available liquidity was $160m, defined as undrawn debt under the main facility plus cash. GemLife described recycling home-sale proceeds and retained earnings to fund growth; no external LLC capital partnership was announced in the result.

FY26 average LLC settlement price was $832k. Stockland's FY26 LLC disclosure does not state whether it includes GST, and a review of current Halcyon home pages and offer terms did not provide a general accounting definition that can be applied to the portfolio average. Promotional rebates are described as including GST, but that does not prove the basis of the reported $832k. The pack therefore leaves the figure unadjusted and marked GST-unresolved. The 701 contracts on hand carried higher average pricing than FY26 settlements. No catchment discount or premium was disclosed.

Land Lease net operating income was $17m and established occupancy 100%, but the FY26 results did not disclose an average weekly site rent, new-release rent, or single/couple schedule.

Net sales were 1,080, up 88%, and 777 homes settled, up 48%. Seventeen projects were actively trading; three launched and one was divested. The result did not publish community-by-community or monthly settlement rates.

FY26 home build profit was $210m at 52.2%, up from $115m and 50.8% in FY25. It is a narrow home-build measure that explicitly excludes land, civils, community facilities, sales, marketing, development and project-management fees, finance and interest. Development FFO was $100m at a 20.6% margin excluding site transfers, versus $60m and 22.0% in FY25. Development FFO is the broader development earnings measure after costs outside the narrow home-build profit; however, Stockland does not publish a complete LLC-only line-by-line reconciliation. Total LLC FFO contribution also excludes Development and Investment Management divisional overheads. The FY27 'development operating profit margin above 22%' is presented as guidance, but the deck does not explicitly define it as identical to FY26's FFO margin.

Land Lease NOI was $17m at a 64.9% margin, unchanged from FY25, and management-fee income was $20m. Stockland does not publish community-level operating cost definitions or whether refurbishment and community-facility capex are included.

The FY26 result did not report Halcyon resident NPS, CSAT, average age or incoming-resident age. Halcyon is positioned for over-50s. Established occupancy was 100%, but occupancy is not treated as a satisfaction proxy.

Communities Rental Income WACR was 5.2%; the category combines Land Lease Communities and Communities Real Estate. The result did not separately disclose the Halcyon-only WACR.

Capitalised interest recognised through cost of goods sold rose by $107m at group Communities level because of higher MPC and LLC settlements. The LLC home-build margin excludes finance and interest. No numerical LLC construction-cost escalation assumption was announced.

Stockland expected three FY27 LLC launches and guided to 850–950 settlements with development operating margin above 22%. FY26 net sales grew 88% across 17 actively trading projects, including three launches and one divestment; this changing denominator means a simple annual per-project sales rate is directional rather than like-for-like.

Stockland extended its M&G Real Estate partnership by transferring two Victorian communities and expanded the Invesco partnership to Halcyon Yandina. Group gearing was 22.7%, liquidity $3.2bn, weighted average debt cost 5.3% and debt maturity 5.3 years. LLC partnerships are part of a wider third-party-capital strategy; the group metrics are not LLC-only.

Average new-home settlement price was $627k excluding GST and DSA projects, up 13% year on year. The dedicated Land Lease presentation described Serenitas as affordable/mid-market and homes as typically discounted to surrounding established residential, but did not quantify a portfolio discount. Launch examples in November 2025 were $674k–$825k at Rothwell and $652.5k–$790k at Canungra; these are examples, not portfolio averages.

The dedicated presentation described low average weekly land rent, CPI-or-higher contracted growth and Commonwealth Rent Assistance support. FY26 rent uplift when an established home resold was +13%: the outgoing resident's site rent was replaced by a higher site rent for the incoming resident, with no vacancy between occupancies. Mirvac calls this a 'releasing spread'; this pack uses the plain-English description. The result did not disclose the underlying old or new dollar rents, portfolio weekly average or single/couple schedule.

Serenitas settled 453 homes in FY26, up 16% from 390 in FY25, including 13 settlements at Development Services Agreement (DSA) projects. A DSA project is delivered under an external development-services arrangement rather than being presented as a core owned Serenitas development; Mirvac excludes those projects from average home price and does not disclose their separate economics. Mirvac did not disclose FY26 sales by community or a monthly rate; FY25 disclosure recorded 380 sales and 390 settlements.

Mirvac described attractive development returns but did not publish a numeric Serenitas home-development margin, per-home profit or cost bridge. Thirteen FY26 settlements arose from DSA projects and were excluded from the stated average selling price; no separate DSA margin was disclosed.

Land Lease like-for-like EBIT increased 36%. Mirvac referred to attractive stabilised NOI margins including apportioned shared costs, but did not publish a numeric Serenitas operating margin or the treatment of community capex.

No resident NPS, CSAT, survey score or existing/incoming average age was reported. Serenitas focuses on the affordable and mid-market land lease segment; statements about connected and secure communities are customer-proposition descriptions, not measured feedback.

FY26 land lease valuation growth was 5.9%. Mirvac’s FY26 property compendium reported Land Lease WACR of 5.32%, 100% occupancy and $292m co-investment value. The prior dedicated Serenitas presentation reported 5.40% at June 2025.

Land lease settlement timing and end values were explicitly made subject to planning, market conditions, construction-cost escalation, supply-chain risk and weather. No numeric cost-escalation assumption or Serenitas cost bridge was disclosed.

Mirvac's 40% Serenitas stake provides exposure to 34 communities and a seven-project growth program. The group expects new Land Lease EBIT from the development program, but did not provide Serenitas-specific FY27 earnings guidance. Mirvac's group guidance was 13.2–13.4c operating EPS and 9.9c DPS.

Serenitas is a partnership: Mirvac holds 40%, with PEP and Tasman also represented in governance. Mirvac's FY26 group gearing was 24.1%, liquidity $1.6bn and average debt cost 5.7%; these are group measures, not Serenitas standalone metrics. The 40% co-investment value was reported at $292m.

Eureka generally owns the rental home as well as the underlying community and collects dwelling rent. Home sale price, homeowner site fee and developer build margin are therefore not comparable with land lease operators. The pack does not substitute acquisition cost per site for a customer home price.

Average rent was $980 per fortnight for seniors and $708 per fortnight for all-age rentals, equivalent to $490 and $354 a week. Like-for-like rent growth exceeded 6%. Annualised site-fee rent at June was $48.6m. These are dwelling rents, not land-only site fees, and no single/couple schedule was disclosed.

Eureka's principal model is rental ownership, but there is limited evidence of home sales: the Sunset Beach acquisition included three completed homes for sale, the FY26 accounts recorded $1.5m of gain on unit/home sales and other income, and management plans to continue a home and unit sales program. No count, price, margin or community sales rate was disclosed, so it is not treated as comparable LLC development sales.

Eureka generally retains new modular homes as rentals and targets yield on cost rather than developer sale margin. It did not report a per-home development profit or margin. The home/unit sales program is not quantified separately.

Seniors rental margin was 52% against a 53% target; all-age rental margin was 53% against 55%. Group underlying EBITDA margin was 38.2% and overheads 20.9% of revenue. The segment margins relate to rental operations, but the result does not state whether community capital improvements are included.

No resident NPS, CSAT, formal survey score or incoming-resident age was reported. Eureka separately targets seniors and all-age renters; its resident-centric proposition includes responsive on-site management, longer leases and community engagement, but those are not measured sentiment.

Seniors rental villages used cap rates of 6.32%–9.25%, weighted average 7.99%; all-age villages used 7.22%–11.0%, weighted average 8.17%. One NDIS-services village used 7.5%. Individual village homes were valued by direct comparison rather than capitalisation.

Eureka cited shorter delivery, less reliance on local trades and quality control as modular benefits. The plan includes vendor resets, compliance scheduling and roster discipline. No quantified construction-cost inflation assumption was disclosed.

Eureka is scaling all-age rentals, repurposing older land lease communities and caravan parks, acquiring at typically above 8% ingoing yield and targeting more than 150 new modular rental homes in FY27. FY27 guidance was underlying EPS of at least 3.9c, subject to no material market change.

Net debt was $134.7m, gearing 31.1% and LVR 34.2% against a 40% internal ceiling and 55% covenant. Eureka had a $185m facility, $48m undrawn headroom and a documented $200m accordion. It also operates capital-light structures including a 27% WA Fund co-investment, a 50% Tasmanian JV and a new all-age fund.