Ingenia Communities Group

Annual 
Report
2024

As an owner, operator and developer 
of real estate across Australia, Ingenia 
Communities acknowledges the 
traditional custodians of the lands 
on which we operate.
We recognise their ongoing 
connection to land, waters and 
community, and pay our respects 
to First Nations Elders past, present 
and emerging.
Acknowledgement of Country
About Ingenia Communities
Ingenia Communities Group 
(ASX:INA) is a leading operator, 
owner and developer offering 
quality residential communities and 
holiday accommodation. Listed on 
the Australian Securities Exchange, 
the Group is included in the S&P/
ASX 200. Across Ingenia Lifestyle, 
Ingenia Gardens, Ingenia Holidays 
and Ingenia Rental, the Group’s $2.5 
billion property portfolio includes 102* 
communities and development sites 
and is continuing to grow. 
Ingenia Communities Holdings 
Limited (ACN 154 444 925), Ingenia 
Communities Fund (ASRN 107 459 
576) and Ingenia Communities
Management Trust (ARSN 122 928
410). The Responsible Entity for
each scheme is Ingenia Communities
RE Limited (ACN 154 464 990)
(AFSL415862).
*
	Includes assets held through the Joint
Venture with Sun Communities and
managed funds. Excludes development
sites secured or optioned.
Image artist: Jake Simon 
Name: Journey 
About: The concept design integrates Ingenia’s 
brand colours into a vibrant canvas inspired 
by coastal landscapes, featuring warm earthy 
tones and black accents to honour First 
Nations heritage. Amongst other elements, 
meandering paths symbolise the life-giving 
rivers that intricately connect Ingenia’s 
communities and parks to their natural 
surroundings. It embodies sustainability, 
community, unity and harmony, resonating 
deeply with Ingenia’s core values.
Contents
2	
3	
4	
5	
5	
6	
FY24 Key Financial Metrics 
Business Overview
Our Portfolio
Our Business
Our Purpose and Values 
Chairman’s Letter
10	
CEO & Managing Director’s Letter
14	
Residential Communities
32	
Ingenia Holidays
38	
Sustainability
42	
Board of Directors
46	
Ingenia Communities Holdings Limited 
Annual Report 
128	 Ingenia Communities Fund & Ingenia 
Communities Management Trust 
Annual Report
185	 Security Holder Information 
188	 Investor Relations
189	 Corporate Directory
Cover image: New 'Nature's Retreat' clubhouse 
at Ingenia Lifestyle Nature's Edge, QLD
Annual 
Report

Annual 
Report
2024
Annual 
Report  
2024 
2024 Annual Reporting Suite 
FY24 
Property 
Portfolio
PROPERTY 
PORTFOLIO
FY24
Corporate 
Governance 
Statement 
2024
Corporate 
Governance 
Statement
2024
Modern 
Slavery  
2024* 
Modern 
Slavery
2024
Corporate reporting suite
This Annual Report is part of our broader corporate reporting suite, including the following:
Annual Report: This report provides information on the Group’s strategy, financial 
performance, individual business segments, remuneration and the Group’s 
financial statements.
Results presentations: This includes Ingenia Communities’ strategy, financial and 
operating results for the period, portfolio updates and development pipeline.
Property portfolio: This details real estate assets owned and managed, including the 
detailed development pipeline.
Corporate Governance Statement: This outlines Ingenia’s main corporate governance 
practices.
Modern Slavery Statement: This is a statement on the Group’s actions to assess and 
address modern slavery risks in Ingenia’s supply chain.
Sustainability Report: This detailed report provides information on ESG strategy, 
initiatives and progress.
Climate Disclosure Statement: This detailed report outlines the Group’s climate 
management approach and how the Group is managing climate-related risks 
and opportunities.
Sustainability
Report  
2024
Sustainability 
Report
2024
*   To be issued in December 2024
1
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
FY24 
Results
RESULTS
PRESENTATION
FY24
20 AUGUST 2024
Image: Artist impression community clubhouse – 
Ingenia Lifestyle Archers Run, NSW

*	
FY24 statutory result restated for recognition of deferred taxes 
and a non-current liability. Refer Note 1 in the 30 June 2023 
Annual Financial Report for further detail.
Note. EBIT (earnings before interest and tax), underlying profit and 
underlying EPS are non-IFRS measures which exclude non-operating items 
such as unrealised fair value gains/(losses) and gains/(losses) on asset sales. 
EBIT now includes movements arising from the settlement of contractual 
cashflows for ground leases of $1.5 million and financial liabilities of $0.8 
million that flows to underlying profit. A corresponding adjustment has been 
made against the fair value gain/(loss) of investment properties and financial 
liabilities previously included as a statutory adjustment (below underlying 
profit). Prior year comparatives have been updated. Refer to financial 
statements and the FY24 Results presentation for more detail.
2
$472.3m 
REVENUE
UP 19.7% ON FY23 
$14.0m 
STATUTORY PROFIT
DOWN 78.2% ON FY23 
23.3cps 
UNDERLYING EPS
UP 14.0% ON FY23 
11.3cps 
DISTRIBUTION 
PER SECURITY
UP 2.7% ON FY23 
$125.7m
EBIT
UP 17.0% ON FY23 
$94.8m
UNDERLYING PROFIT
UP 14.0% ON FY23 
$3.69
NET TANGIBLE 
ASSETS PER SECURITY
UP 4.9% ON FY23
32.3% 
LVR 
UP 0.9% ON FY23 
FY24 Key 
Financial Metrics

Business 
Overview1
1.	
Includes assets owned by Ingenia, the Joint Venture and funds managed by Ingenia.
2. 	 Includes sites that are optioned or secured.
3
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
~1.8m 
‘ROOM NIGHTS’
INCOME GENERATING 
HOMES, VILLAS, CABINS 
AND SITES
15,930 
OPERATIONS
102
COMMUNITIES AND SITES
$2.5b
INVESTMENT PROPERTY
OWNED/MANAGED
5,311 
DEVELOPMENT2
PIPELINE NEW LAND 
LEASE HOME SITES
Solid foundation for growth
Image: New home at Ingenia Lifestyle Sanctuary, QLD

 
Our Portfolio
Land lease 
communities  
catering to  
over 50s 
Affordable rental 
communities 
catering to  
all ages
Seniors  
rental villages
Holiday parks 
including holidays, 
annual and  
permanent sites
35
1 
COMMUNITIES 
10 
COMMUNITIES 
19 
COMMUNITIES 
38
1 
HOLIDAY PARKS
1.	
Includes assets owned by 
Ingenia, the Joint Venture and 
funds managed by Ingenia.
2.	
Includes sites that are 
optioned or secured. 
Development provides a capital efficient way to create new land lease communities 
and grow the Group’s rental base
DEVELOPMENT
Our core businesses include residential communities that generate stable weekly rents 
(land lease and rental communities) and Holiday Parks that provide diverse revenue 
streams, including stable annual and permanent weekly rent and revenue from holiday 
cabins and sites.
RESIDENTIAL COMMUNITIES 
TOURISM
•	 >4,800 homes
•	 5,311 potential 
home sites2
•	 >1,700 homes
•	 >170 tourism sites
•	 108 development 
sites
•	 >4,600 tourism sites
•	 >1,400 homes
•	 >2,000 annual sites
•	 >400 development 
sites
•	 >1,000 homes
4

 
Our Business
INGENIA AND OUR SITES ARE A PLACE WHERE PEOPLE 
HAVE A SENSE OF CONNECTION AND BELONGING.
With a positive impact on our residents each and every day, our commitment to our 
customers, their families and security holders is to perform with integrity, foster respect 
for all and build community through continuous improvement in everything we do. 
With $2.5 billion assets owned/managed, our portfolio has expanded rapidly to 
include a total of 102* communities and sites located across Australia’s East Coast. 
More than 1,400 employees, predominantly in regional locations, are dedicated 
to creating community for our residents and guests. 
CUSTOMER 
OBSESSED
WE 
BEFORE ME
MAKE IT 
COUNT
TODAY AND 
TOMORROW
At Ingenia we build belonging
*	
Includes assets held through the Joint Venture with Sun Communities and managed funds. 
Excludes development sites secured or optioned. 
Image: Ingenia Holidays White Albatross, NSW
 
Our Purpose and Values
5
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

IN THIS, MY FINAL LETTER 
AS CHAIRMAN, I AM PLEASED 
TO REPORT THE DELIVERY 
OF STRONG FINANCIAL 
PERFORMANCE, WITH THE 
FY24 RESULT EXCEEDING 
GUIDANCE. THIS RESULT 
REFLECTS THE BENEFIT OF 
INCREASED DEVELOPMENT 
ACTIVITY AND NEW 
HOME SETTLEMENTS 
COMBINED WITH ONGOING 
PERFORMANCE FROM OUR 
OPERATING ASSETS WHICH 
CONTINUE TO DELIVER 
STABLE, RECURRING INCOME. 
The result was delivered against a backdrop of 
a challenging macroeconomic environment and 
significant internal change as we welcomed a new 
Chief Executive Officer and made a number of 
refinements to our structure and team in line with 
a focus on efficiency, execution and value creation 
via development.
Our teams responded well in a period of change 
as we positioned the business for the future and 
the creation of sustainable long-term value for 
security holders. 
Financial performance and capital 
management
The Group finished FY24 in a strong operational 
position with solid performance across the business, 
assisted by our new CEO John Carfi, who has 
driven significant focus on cost, efficiency and 
excellence in execution.
Accelerating development activity and an 
increase in new home settlements (up 24% on 
FY23) were key drivers of our result. The Group’s 
residential communities continued to deliver 
stable recurring rental income as the portfolio 
benefited from ongoing demand, high occupancy 
levels and the addition of new rental contracts 
as our development activity introduced new 
homeowners into our land lease communities.
Chairman’s 
Letter
Jim Hazel 
Shane Gannon
6

Our Holiday Parks again performed strongly with 
both occupancy and rate up on the previous year, 
as families continued to be attracted to the ease 
and relative affordability of domestic drive travel. 
EBIT (up 17%) and underlying earnings per security 
of 23.3 cents, were both above forecast guidance. 
The distribution payment, of 11.3 cents per security, 
was up 2.7% on the prior year.
Prudent capital management and financial 
discipline has been maintained, with the loan to 
value ratio at 30 June at the lower end of the 
30% - 40% policy range, at 32.3%. Debt capacity 
was increased with the addition of $125 million of 
debt for a 5-year term, and the Group continues 
to hedge a portion of debt exposure, with hedging 
(via fixed rate debt and derivative instruments) 
of 47% at 30 June. An additional $50 million of 
hedging has been entered into post year end.
Management and Board succession
In November 2023 we announced that Managing 
Director and CEO Simon Owen would step down 
in 2024. Simon did a remarkable job growing 
Ingenia into a leading Australian property group, 
meeting the retirement needs of Australia’s ageing 
population, supporting an increasing demand for 
affordable housing and building a highly capable 
team. On behalf of the Board, we thank Simon for 
his commitment to the success of Ingenia.
John Carfi joined the Group in April 2024 as CEO, 
bringing to the role more than 35 years of large 
company leadership experience and extensive 
real estate expertise, with a strong emphasis 
on development. The Board was impressed by 
his proven track record in leadership, strategic 
execution, and stakeholder management.
We are pleased with John’s focus on security 
holder value and what he has achieved to date, 
including a clear plan for Ingenia which will 
serve as a roadmap for the future. The Board 
is confident John’s credentials are aligned to 
the Group’s future as we elevate the focus on 
development as the engine for future growth. 
John also joined the Board in August 2024 as 
Managing Director. Together with the Executive 
team, he is well positioned to lead the Group 
through its next phase of growth as an efficient 
operator and developer and to deliver long-term 
investor returns.
Significant progress was made in 2024 with our 
Board renewal program to ensure we have the 
mix of skills and experience to guide the Group’s 
next phase of growth, with the right balance 
between continuity and change.
Image: ‘Tallow Pod’ at Ingenia Holidays Byron Bay, NSW
7
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Amanda Heyworth stepped down from the Board 
on 20 June 2024 after 12 years. Amanda made a 
significant contribution to the Group, including 
serving as the Chair of both the Audit and Risk 
Committee and Remuneration and Nomination 
Committee during that time. Director, Sally Evans, 
has announced she will retire from the Board at the 
Annual General Meeting in November and Greg 
Hayes stepped down on 1 July 2024. The Board 
would like to thank Amanda, Sally and Greg for 
their significant contributions and commitment 
over a period of material expansion and growth.
Three new directors were appointed during the 
year with Lisa Scenna commencing her role as 
a Non-Executive Director on 1 May. Lisa brings 
to the Group extensive experience in executive 
roles spanning property management, asset 
management and funds management in Australia 
and the United Kingdom working across listed 
and private entities. 
Two highly credentialed directors, Shane Gannon 
and Simon Shakesheff, with strong backgrounds in 
real estate and finance through both executive and 
Board positions, joined the Board on 28 June 2024.
My intention to step down as Chairman was 
announced at the 2021 Annual General Meeting, 
with my term concluding at the 2024 Annual 
General Meeting. To provide a clear pathway for the 
transition of the Chair role, the Board has identified 
Shane as Chair-elect. Shane has an impressive 
track record with executive roles spanning 40 
years. This experience includes working with ASX 
listed entities Mirvac Limited, Endeavour Group, 
Goodman Fielder and Dyno Nobel and he is 
currently a director of GPT Group. 
All new directors have already made valuable 
contributions to the Board, and I look forward 
to introducing them to security holders at the 
Annual General Meeting in November.
Sustainability goals
We are continuing to align our sustainability focus 
with an evolving business, to ensure that our 
actions benefit our stakeholders and continue 
to have a positive impact on our residents, staff 
and communities. 
Over the year it was particularly pleasing to see 
the level and engagement of our teams as we 
progressed preparation of our first Reconciliation 
Action Plan. 
Work continues on our climate data and disclosures 
as we prepare for regulatory change and progress 
our emissions reduction pathway, aiming to deliver 
our goal of net zero emissions (Scope 1 and 2) 
across our operations in 2035. Given material 
changes in the portfolio and the increased focus 
on development as a driver of growth, we will 
refine this pathway over the coming year and also 
consider Scope 3 emissions for the Group.
Reflecting our goal of continuing to drive change 
through our most material areas, development 
activities have included progressing our first Green 
Star communities, finalising designs for our first 
Green Homes and introducing geothermal heating 
and cooling systems into two new developments. 
The creation of Sustainable Design Guidelines for 
development will support implementation of key 
initiatives as our development activity grows.
Our leadership in gender diversity was again 
recognised with Ingenia ranking No.1 in the real 
estate sector for women in executive leadership 
team roles in the 2023 Chief Executive Women 
Senior Executive Census.
In an eventful year we continued to see 
engagement and commitment from our teams 
who have embraced the changes made, are 
energised by a clear purpose and who continue 
to deliver performance, making a positive impact 
on a growing number of residents and guests.
Outlook FY25 and beyond
Ingenia is undergoing a period of change and 
renewal as the business moves to a greater focus 
on development as the engine for future growth 
and we respond to changes in our operating 
environment with increased competition from new 
players entering the market, cost pressures and 
regulatory change.
As one of the first large land lease operators and 
developers we have built a business that, at its 
heart, seeks to enrich the lives of our residents 
and this remains key to our success. Our model is 
simple and transparent and provides a compelling 
proposition for our residents – home ownership 
with a weekly rent and no deferred management 
or exit fees combined with the benefit of engaged 
community living. We remain committed to 
leadership and responding to customer needs, 
through both the development of our homes 
and facilities and operating processes that 
remain transparent and support consumer 
rights for our residents.
8

Under the direction of our new CEO we have put 
in place a five-year roadmap to set expectations 
and steer our actions as we seek to realise greater 
value for our security holders, capitalising on the 
portfolio, platform and development pipeline that 
has been aggregated over the past years. We 
have a solid foundation, and an engaged team 
committed to our strategic goals.
We enter FY25 in a strong financial position, with 
positive year to date results across the business, 
and clear financial goals. This is reflected in 
guidance for FY25, with the Group targeting 
growth in EBIT and underlying earnings per 
security again this year. 
I am enormously proud of how far the business 
has come and what has been achieved since 
its inception as an externally managed ING 
Fund, through internalisation in 2012 as a small 
independent player in the retirement industry 
with a market capitalisation of $110 million and 
$429 million in assets under management to an 
ASX 200 entity today.
The business has been an innovator and evolved 
from a specialist ‘small cap’ stock to a market 
capitalisation of $2 billion. In addition to building 
a leading land lease portfolio with scale and a 
pipeline to deliver embedded growth, today Ingenia 
also benefits from a quality Holidays portfolio, and 
meets a growing need for affordable rental homes. 
I would like to thank everyone who has contributed 
to Ingenia’s journey during my time as Chair, 
particularly Simon Owen, who was a passionate 
leader of the business for more than 14 years.
In closing I would like to thank the Board members 
who have served Ingenia, leaving the business well 
placed to execute on a bright future. 
Finally, I would like to thank Ingenia’s security 
holders for their support and the Ingenia team 
for their commitment. I look forward to the AGM 
in November and engaging with investors at 
that time.
 
Jim Hazel | Chairman
9
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
Image: Ingenia Holidays Cape Paterson, VIC

I AM PLEASED TO PRESENT 
MY FIRST REPORT AS CEO 
OF INGENIA COMMUNITIES, 
HAVING JOINED THE GROUP 
ON 1 APRIL 2024. I WAS 
DELIGHTED TO ACCEPT THE 
ROLE AT SUCH AN IMPORTANT 
TIME IN THE GROUP’S 
EVOLUTION, AS INGENIA 
WAS TRANSITIONING FROM 
A FOCUS ON ACQUISITIONS 
TO EXECUTION AS THE 
DRIVER OF GROWTH. 
My first months with the Group have been busy 
and I am pleased with what has been achieved 
to date – we have established a clear roadmap 
for the future, progressed our strategic goals, 
and importantly delivered a result for FY24 
exceeding guidance.
As an incoming CEO it was clear that Ingenia has 
a lot of strengths and a solid foundation for the 
business. We have a strong position in the land 
lease market, with an established asset base, a 
secured growth pipeline and experienced team, 
and are one of the longest operators in this space. 
The last five months have proved to be a very 
rewarding experience for me. I inherited a 
strong team, great assets, a solid balance sheet 
and capacity to fund, with embedded growth 
in a sector that is gaining both consumer and 
investor acceptance and has strong tailwinds.
Actions to date include a focus on simplification, 
delivery of operating efficiencies, restructuring to 
reduce overheads, enhancing productivity, resetting 
our financial targets, and ensuring our teams 
have clarity on our goals and strategy. Changes 
have also been made in development to improve 
future project returns, and address cost escalation 
and efficiency.
Ingenia has built a strong asset base and operating 
platform as it grew via acquisition over the past 12 
years and now has a pipeline of 5,311 development 
sites supplementing a portfolio of established 
communities, which puts us in an incredibly strong 
position in the land lease sector. The significant 
potential to capitalise on that pipeline was one 
of the things that attracted me to the role.
CEO & Managing 
Director’s Letter
John Carfi
10

Another strength of Ingenia is its diversity of assets, 
by location, sector and price point which supports 
consistent recurring income and underpins returns. 
Importantly, the segments we operate in have 
attractive tailwinds to support our growth – an 
ageing population; growing need for affordable 
housing and demand for domestic travel are all 
expected to continue to increase our customer 
base and drive demand for our products.
The FY24 result demonstrates the groundwork 
that has been laid for accelerating development 
and delivering scalable growth as we have a 
solid foundation and the opportunity to deliver 
enhanced returns. 
FY24 financial performance 
In a period of significant change, it was great 
to deliver a result that exceeded guidance and 
was underpinned by an acceleration in our new 
home settlements, as well as the solid ongoing 
performance from our residential communities 
and Holiday Parks, which also achieved growth.
The FY24 result demonstrated the focus on 
execution across the Group with EBIT and 
underlying earnings per security (EPS) both above 
guidance. EBIT growth was 17% on FY23, above 
guidance of 10% to 15% growth, while underlying 
EPS of 23.3 cents represented 14% growth on 
FY23 and was 1 cent above the upper end of the 
guidance range.
Revenue grew 20% to $472.3 million, reflecting 
a material increase in new home settlements and 
ongoing growth in returns from the residential 
communities and holidays segments. Operating 
cash flow of $82.2 million was flat year on 
year, reflecting ongoing growth in inventory as 
settlements increase and new projects commence.
Statutory profit of $14.0 million was down 78% on 
the FY23 result, primarily due to the impairment 
of goodwill associated with the 2021 Seachange 
acquisition. Underlying Profit of $94.8 million grew 
14% on FY23 while Net Tangible Assets per security 
(NTA) increased to $3.69 (from $3.52 at 30 June 
2023). 
The full year distribution of 11.3 cents per stapled 
security was 3% above the distribution paid in FY23.
The focus on capital recycling (with $75 million of 
assets divested over FY24) and ongoing balance 
sheet management supported investment in the 
development pipeline. The Group closed FY24 with 
a solid balance sheet, with a loan to value ratio 
(LVR) of 32.3%, at the lower end of the Group’s 
target range of 30% - 40%). At year end, the Group 
had $201.9 million in cash and available undrawn 
debt, with no debt expiring till December 2025 
and an additional $125 million in debt facilities 
secured over the year.
These results demonstrated the resilient and 
growing portfolio the Group has in place and the 
early positive outcomes from recent changes to 
drive security holder returns, as outlined below.
Residential communities 
Our residential communities, which include 
our land lease (Ingenia Lifestyle), all age rental 
(Ingenia Rental) and seniors rental (Ingenia 
Gardens) communities have maintained high 
occupancy, reflecting ongoing strong demand 
for affordable housing. Rental growth, largely 
underpinned by CPI linked rents, and the 
addition of new homes to the Lifestyle and 
Rental communities, expanded the rent base, 
contributing to earnings growth. 
The Lifestyle Rental segment (which includes 
Ingenia Lifestyle and Ingenia Rental) delivered 
EBIT growth of 14% on FY23 as the portfolio 
increased in scale, rental growth was achieved 
and further communities delivered new 
settlements.
Ingenia Gardens was impacted by the sale of 
the portfolio’s six Western Australian assets in 
December 2023 (with EBIT falling 13% on FY23). 
Image: New home at Ingenia Lifestyle Nature’s Edge, QLD
11
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Growth in the land lease business remains 
the core strategic focus
Development activity is a key driver of the Group’s 
rent base and is key to building a leading land lease 
portfolio. Development activity accelerated over 
FY24 with an increase in EBIT of 40%, to $59.2 
million. Across the Group we have sixteen active 
projects and increased construction of new homes 
over the year, with 540 homes delivered. While 
the margin achieved on home sales fell slightly, 
new home settlements increased by more than 
20%, to 462, and fees from the development Joint 
Venture also increased as activity increased, and 
settlements grew. Progress was also made on 
projects that will deliver first settlements in FY25, 
including the large Joint Venture project (over 
600 homes) at Morisset in NSW. 
With sales volumes up and stable build times, we 
are progressing a range of activities to improve 
returns in response to the change in focus from 
small brownfield development to larger more 
complex greenfield projects and a material increase 
in construction pricing in recent years. 
We continue to improve our customer focus; 
building on an offer which provides simplicity and 
transparency with no exit or deferred management 
fees.
I am encouraged by these results but there is more 
to do as we continue to drive towards greater 
efficiency and scale in development. 
Holiday Parks benefiting from resilient demand
The holiday parks portfolio was refined over the 
year with the sale of two smaller holiday parks and 
the addition of a beach front park (Old Bar, NSW) 
with significant opportunity to enhance returns. 
New cabins were also installed across the portfolio 
and are delivering targeted returns, consistent with 
the densification strategy for this portfolio.
We saw ongoing rate and occupancy growth, with 
EBIT up 5%. Our focus is continuing to expand 
marketing reach to capitalise further on demand 
for domestic travel and on selective investment 
via intensification to enhance value and revenue.
Focus to drive performance
This result and the Group’s $2.5 billion portfolio 
provides a strong foundation as we seek to deliver 
enhanced performance through growth.
The clear opportunity for Ingenia is to continue 
to pivot from an aggregator to an operator and 
developer, creating development as a clear growth 
engine for the Group as we unlock the value 
embedded in our development pipeline.
Unlocking the value inherent in our land bank 
will not only drive value creation but support 
our growth ambitions in the land lease space.
Strategic priorities
We have three areas of priority, from a strategy 
perspective, which will allow us to strengthen our 
foundation, optimise financial returns, enhance our 
customer offer and build scale: 
•	 Simplifying the business – this includes refining 
our focus, setting clear financial objectives and 
streamlining our structure.
•	 Building capacity in development as the growth 
engine – development is the least mature part 
of the business and key to value creation in the 
land lease business, as we pivot from a focus 
on conversion and small brownfield additions 
to become a large-scale greenfield developer. 
This represents the greatest opportunity to 
capitalise on embedded growth and has been 
my main focus since joining the business. 
•	 Finally aligned to these objectives is building 
an unrelenting focus on operational efficiency 
– being clear on the attributes and returns we 
need from our portfolios, reducing costs and 
finding more efficient ways to do what we do 
are key to value creation and improved returns 
from assets across our entire business. 
Execution of strategy
While there is a lot more to do to reach our optimal 
delivery model and returns, we have already made 
some progress.
A new purpose and values have been launched 
with our teams which elevates our customer 
focus. Ensuring we are ‘brilliant at the basics’ and 
are aligning our service and product to customer 
needs remains key. 
We have streamlined our executive function to 
suit the future focus – this has also provided 
clearer lines of accountability and will contribute 
to productivity gains. The Executive team has 
been reduced from 12 to 8 roles, and combined 
with other headcount reductions will generate 
annualised savings of $6 million per annum.
We have also been clear about our need to deliver 
scale and financial returns and we took the decision 
to exit the funds management business in FY25.
We are continuing to review our portfolios to 
identify lower growth assets which can be divested 
as needed to allow for reinvestment in opportunities 
that meet our return hurdles.
With development, which is my core focus, 
structure and resourcing have been changed as we 
move to an integrated delivery model. Acquisitions, 
marketing and sales as well as management of the 
Joint Venture with Sun Communities are all now 
embedded in our development function. This is an 
important step in creating greater customer focus 
and alignment. 
12

We have made good progress but there is 
additional work to do. Clear return targets are now 
in place for each business, serving as a guide to 
the market of our medium term financial goals and 
an important management tool for our teams who 
have accountability for delivering these returns.
As we scale development to unlock value, we 
are targeting a change in the mix between 
development and recurring revenue which will be 
reflected in how we allocate capital. Our longer 
term goal is to derive 50% to 60% of earnings from 
development activity, with the remaining 40% to 
50% coming from recurring income derived from 
our operating assets.
Delivering on our longer term goals
We have put in place short and medium term goals 
to steer our actions and set expectations as we 
deliver on this strategy and move to a medium-
term goal of an efficient operating model with 
a more stable cost base, greater development 
focus and diverse cash flows delivering targeted 
business returns.
We have made progress as outlined above – with 
cost reductions, business simplification and 
efficiency initiatives in place. However, it will take 
some time to see the benefit of many of these 
initiatives. 
We expect gains from our earlier actions to 
accelerate into the medium term – in particular 
the work we are doing to refine the procurement 
process in development and optimise project 
returns will begin to deliver results. We will also be 
focused on our future pipeline. A number of current 
early-stage projects will become cash flow positive 
providing capital to reinvest within the development 
business and creating greater diversity in our 
pipeline returns. 
Importantly, we have ensured this business is not 
capital constrained and I am confident that funding 
will not be an impediment to meeting customer 
demand or inhibit growth.
Outlook
The full year result is an early indication of 
Ingenia’s potential, delivering outperformance 
against targets and improved returns. We have 
a solid foundation for future growth and a clear 
pathway to enhance investor returns as we 
deliver on our longer term goals.
Ingenia enters FY25 poised for growth with a 
clear pathway to enhance returns, sufficient 
capital to fund growth, and a simplified business 
that will drive efficiency and productivity.
Year to date performance is in line with our 
expectations and we are well placed to deliver 
on our strategic goals and our FY25 guidance 
- we are not constrained by capital; we have a 
committed team and a large and diverse asset 
base with identified embedded growth. 
We are targeting further growth in FY25 as we 
progress towards delivery of longer term goals 
and the delivery of security holder value and 
enhanced risk adjusted returns. Subject to no 
material change in the operating environment, 
the Group is targeting growth in EBIT of 10% to 
15% and underlying EPS of 24.4 cents to 25.6 
cents. 
I would like to thank the Ingenia team for their 
commitment and focus in a period of significant 
change as we transition and position for growth.
Finally, I would like to thank security holders for 
their continued support.
 
 
John Carfi | CEO & Managing Director
Image: Clubhouse open day at Ingenia 
Lifestyle Nature’s Edge, QLD
13
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Residential 
Communities
Image: Ingenia Lifestyle Lakeside Lara, VIC
14

THE GROUP’S RESIDENTIAL 
COMMUNITIES PROVIDE STABLE, RENT 
BASED CASH FLOWS AND FORM THE 
CORE FOCUS OF THE GROUP’S GROWTH.
Through offering rental homes and land lease homes (where 
residents own the home and rent the land), Ingenia’s residential 
communities provide community-based living, largely focused on the 
growing over 50’s population.
Development is a key driver of future rental income and the creation 
of sustainable, purpose-built land lease communities. 
1.	
Includes Joint Venture and funds managed by Ingenia.
2.	
Includes Ingenia and Joint Venture sites subject to approvals and optioned or secured. 
Ingenia Lifestyle
Ingenia Rental
Ingenia Gardens
Land Lease 
communities 
catering to over 50s
Rental 
communities 
catering to all ages
Seniors’  
rental  
villages
COMMUNITIES1
35
10
19
HOMES/SITES1
>4,800
>1,700
>1,000
DEVELOPMENT  
SITES2
5,311
108
–
15
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

RESIDENTIAL COMMUNITIES
Ingenia 
Lifestyle
INGENIA LIFESTYLE 
NOW REPRESENTS 
47% OF THE GROUP’S 
INVESTMENT PROPERTY, 
WITH COMMUNITIES 
CONCENTRATED IN KEY 
COASTAL AND OUTER 
URBAN LOCATIONS.
Ingenia’s Lifestyle portfolio offers land 
lease homes, providing both affordable and 
premium living with residents enjoying a 
range of community facilities and activities. 
Communities currently under development 
offer homes from $340,000 to over 
$1 million in attractive locations.
The portfolio meets the need from a growing 
demographic of seniors who see the 
opportunity to downsize to release equity in 
their current home while benefiting from an 
attractive community-based lifestyle that has 
a simple financial model. 
Building a leading land lease portfolio 
through efficient operations and accelerating 
development to realise value is the focus of 
the Group’s strategy and growth.
Image: Ingenia Lifestyle Sanctuary, QLD
16

17
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

ACCELERATING DEVELOPMENT CONTRIBUTED GROWTH IN NEW HOME 
SETTLEMENTS, SUPPORTING FURTHER GROWTH IN THE RENTAL BASE 
THROUGH THE CREATION OF MODERN, SUSTAINABLE COMMUNITIES.
“Building a leading land lease portfolio remains a key priority as we 
build additional scale through a focus on the development of an 
efficient process and the achievement of targeted returns.”
Gross new home development profit of $89.4 
million was up from $65.5 million in FY23, 
contributing to an increase in EBIT of 40%, to 
$59.2 million. 
Development and sales fees derived from the 
Joint Venture also increased (from $2.1 million 
in FY23 to $3.7 million) with four communities 
now under construction and three delivering 
settlements in FY24. This contribution will 
continue to grow as projects progress, and the 
first home sales at Archer’s Run at Morisset in 
NSW, occur in FY25.
With a strong focus on execution and improved 
construction conditions, the development business 
delivered 462 home settlements across Ingenia, the 
development Joint Venture with Sun Communities 
and the Group’s managed funds. This represented 
a 24% increase on FY23.
The average home sale price was up 24% 
to $606,000 across the Ingenia owned 
projects and new home settlements will 
contribute further revenue to the rental base. 
Ingenia Lifestyle 
Development
RESIDENTIAL COMMUNITIES
Image: Construction underway at Ingenia Lifestyle Archer’s Run, NSW
18

The EBIT margin for the development business 
fell slightly, to 28.7% (from 29.9% in FY23) as EBIT 
was impacted by costs associated with accelerated 
activity in production and new developments, 
including investment into projects that will deliver 
settlements in FY25/26.
The FY24 result benefited from stable construction 
conditions, with home construction averaging 22 
weeks, allowing a smoother settlements profile over 
the year. Key milestones were delivered across a 
range of projects, including:
•	 Clubhouse openings at five communities
•	 Three new display villages
•	 Project launches at three communities.
The completion of 540 homes was a material step 
up in construction (representing an increase of 
18% on prior year) and resulted in the availability 
of inventory as we move into FY25. Reflecting the 
focus on demand as the key driver of development 
activity, of the 108 completed homes on balance 
sheet at 30 June 2024, only 25 remained unsold 
at 16 August. 
Demand remains resilient, however the impact on 
market activity of rising interest rates, increased 
living costs and poor consumer sentiment, 
combined with extended days on market 
contributed to a longer lead time for settlements. 
We closed FY24 with 16 active projects and over 
400 deposits and contracts to support settlements 
over FY25 and FY26. 
Progress was also made on enhancing the efficiency 
of the development function, including integrating 
sales, marketing and acquisitions into development. 
These changes and improvements in procurement 
practices and home and project design will support 
further efficiency gains as well as the delivery of 
targeted returns into the medium term. 
Moving into FY25 visibility on completions and 
the availability of inventory create a positive 
environment for sales, and we remain poised to 
benefit as the residential market improves. 
1.	
At 30 June, includes the Joint Venture with 
Sun Communities and managed funds.
2.	
Ingenia owned communities only. Inclusive of GST.
462
HOME 
SETTLEMENTS1
>400 
DEPOSITED/
CONTRACTED1
(UP 24%)
 $606k 
AVERAGE 
HOME PRICE2
Image: New home at Ingenia Lifestyle Nature’s Edge, QLD
19
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Longer-term drivers of demand remain intact. 
Housing affordability and the appeal of 
community living make Ingenia’s communities 
a highly attractive proposition. 
We remain focussed on meeting 
customer needs and see our 
model, which provides the 
simplicity of affordable homes 
and weekly rents, with no exit 
fees, as a compelling proposition 
for an ageing population seeking 
a connected community lifestyle 
and Belonging.
Our target market is large, and growing, and 
our communities offer an engaged lifestyle with 
access to quality facilities and homes at a range 
of price points and locations with homes selling 
from $345,000 to over $1 million.
We remain confident in the ability of our 
development business to deliver growth as we 
seek to unlock the value inherent in the Group’s 
large pipeline. The Group has accelerated activity 
in the development segment with projects in 
place to support a target of 1,600 - 2,000 home 
settlements over the three years to end FY26. 
RESIDENTIAL COMMUNITIES
We expect margin and EBIT to begin to improve 
while we trade out of suboptimal projects, progress 
opportunities to drive efficiency gains, further refine 
the delivery model, and, over the medium term, 
build additional scale.
DELIVER TARGETED 
RETURNS (MID-TEENS 
PROJECT IRR; EBIT MARGIN 
GROWTH)
GROW SETTLEMENTS AS 
PROJECTS PROGRESS
EMBED INTEGRATED MODEL 
TO DRIVE PRODUCTIVITY 
AND EFFICIENCY
FURTHER REFINE DELIVERY 
MODEL
FUTURE FOCUS
Image: New home at Ingenia Lifestyle Parkside Lucas, VIC
20

Joint Venture
THE JOINT VENTURE WITH U.S. 
BASED SUN COMMUNITIES WAS 
ESTABLISHED IN NOVEMBER 2018 
AND EXTENDS TO NOVEMBER 2030.
In addition to a 50% ownership in the Joint 
Venture, Ingenia, as manager, receives fees for 
services provided to the Joint Venture. Ingenia has 
the right to acquire communities from the Joint 
Venture once they have been fully developed and 
jointly owned for a period of five years.
The Joint Venture generated total revenue of 
$61.1 million (up from $26.9 million in FY23), 
resulting in an operating profit of $21.4 million. 
Ingenia derived $4.1 million of fee income for 
services provided to the Joint Venture in FY24.
The Joint Venture delivered 88 settlements in 
FY24, at an average home sale price (including 
GST) of $741,000, approximately 20% of 
Group settlements. Element at Fullerton 
Cove (NSW) settled its first homes, and the 
Freshwater and Bobs Farm projects continued 
to contribute settlements. The Joint Venture 
has 227 homes contributing rent across three 
growing communities.
Work continued at the Group’s largest project, 
Archer’s Run at Morisset (NSW) which was 
launched in FY24 and will welcome its first 
residents in FY25. This large project will 
include over 600 homes and a range of 
community facilities on completion. 
Moving into FY25, the Joint Venture is 
anticipated to contribute approximately 30% 
of Group settlements, with four communities 
selling homes. This increased activity will also 
generate growing development and sales fees 
for the Group.
Image: Construction underway at Ingenia Lifestyle Element Fullerton Cove, NSW
21
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

RESIDENTIAL COMMUNITIES
Joint Venture continued
Image: Clubhouse and open day at Ingenia Lifestyle Freshwater, QLD
22

The Group has 16 projects 
underway, with diverse locations 
and price points. 
These include projects on the New South Wales Coast, 
in South-East Queensland and Victoria. 
The development of 
new master planned 
communities and the 
expansion of existing 
communities is key 
to building a leading 
portfolio of land lease 
communities.
Images: Artist impressions of community clubhouse, masterplan and launch event - Ingenia Lifestyle Element Fullerton Cove, NSW
23
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

RESIDENTIAL COMMUNITIES
THE LIFESTYLE RENTAL SEGMENT, WHICH INCLUDES LAND LEASE 
COMMUNITIES (INGENIA LIFESTYLE) AND ALL AGE ‘BUILD TO RENT’ 
COMMUNITIES (INGENIA RENTAL) DELIVERED GROWTH IN EBIT 
AND EBIT MARGIN, SUPPORTED BY STRONG PERFORMANCE IN 
THE LIFESTYLE AND RENTAL COMMUNITIES. 
The EBIT contribution of $45.3 million was up 
on the prior year ($39.8 million) and EBIT margin 
also improved, moving to 53.8% at 30 June 2024 
from 52.9% at 30 June 2023 on a stabilised basis 
(excluding communities which were less than 
90% complete at 1 July 2022). 
Future growth will be generated as the portfolio 
benefits from the addition of 419 income 
producing sites in FY24 and new homes are 
added to existing and new communities via 
ongoing large-scale and infill development.
Over FY24, the portfolio benefited from rent 
increases over FY23 and FY24, increased 
development activity and investment in additional 
rental homes. The portfolio now has a value of 
$956.1 million ($868.4 million at 30 June 2023) 
with further embedded growth. 
Revenue increased to $86.5 million (up 12.6% 
on FY23). The portfolio provides a resilient 
rental stream with high levels of occupancy and 
a significant portion of CPI linked rents across 
the majority of communities. 
Image: Ingenia Lifestyle Lakeside Lara, VIC
Ingenia Lifestyle Rental
24

Image: Brisbane North Rental Village, QLD
25
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Ingenia Lifestyle
THROUGH FY24 THE 
PORTFOLIO CONTINUED 
TO GROW REVENUE 
THROUGH CPI LINKED 
RENTAL GROWTH AND 
THE ADDITION OF 365 
NEW HOMES THROUGH 
DEVELOPMENT. 
RESIDENTIAL COMMUNITIES
Over the year, our 
team welcomed 
new residents and 
opened a range 
of new facilities 
as development 
activity accelerated. 
Rental growth across the portfolio is largely 
linked to inflation, with an average weekly 
rent increase of 7% over FY24 as rent reviews 
were undertaken. Combined with the increase 
in new residents entering our communities, 
this delivered an increase in revenue of more 
than 12%.
An increasing driver of rental growth is the sale 
of new homes across the Group’s developments, 
with 365 new home settlements adding 
approximately $3.9 million in rent per annum 
to the portfolio.
Ingenia’s team facilitated 227 resales across our 
established communities in FY24, generating 
$7 million in revenue with residents benefiting 
from the increase in value from the sale of 
their home. 
We continue to focus on delivering a positive 
lived experience for our Ingenia Lifestyle 
residents. Pleasingly, the annual resident 
satisfaction survey completed by over 2,500 
residents in May 2024 resulted in stable 
average customer satisfaction levels of 79% 
being achieved. 
In FY25 the portfolio will benefit from further 
increases in home settlements and rental growth 
across established communities.
Image: Ingenia Lifestyle Chambers Pines, QLD
26

GROW CUSTOMER 
AWARENESS OF THE 
BENEFITS OF LAND LEASE 
COMMUNITY LIVING
CONTINUE TO FOCUS 
ON DELIVERING HIGH 
LEVELS OF CUSTOMER 
SATISFACTION IN EACH 
COMMUNITY
DRIVE OPERATIONAL 
EFFICIENCIES THROUGH 
NEW COMMUNITY 
DESIGNS AND ENHANCED 
TECHNOLOGY
FUTURE FOCUS
1.	
Includes all potential sites (on balance sheet or 
through the Joint Venture with Sun Communities 
– under option or secured).
4,460 
 
HOMES
5,311 
DEVELOPMENT 
SITES1
 $203 
WEEKLY  
RENT
Image: Ingenia Lifestyle Freshwater, QLD
27
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Ingenia Rental
THE GROUP’S 
RENTAL PORTFOLIO 
PROVIDES ALL AGE, 
AFFORDABLE RENTAL 
ACCOMMODATION.
RESIDENTIAL COMMUNITIES
The portfolio of 
10 communities 
added 54 new rental 
homes in FY24. 
It is experiencing 
strong demand 
and a record high 
occupancy rate of 
over 99%. 
With limited rental options and constrained 
new supply while national vacancy rates remain 
low, the portfolio is positioned to continue 
to capture demand and maintain occupancy. 
Approvals are in place for a further 108 rental 
homes that will provide expansion across 
existing communities, enhancing returns. 
New homes are attracting higher rents and 
have strong demand, with wait lists for 
accommodation across the communities.
Average annual rent growth of 9% was achieved 
on FY23, with average weekly rents increasing 
to $320 per week. 
The addition of 54 rental homes continued a 
focus on revenue and asset value growth, with 
new homes leased immediately on completion. 
New homes target a yield on cost of 14%.
28

DELIVER DA APPROVED 
ACCOMMODATION SITES
ENHANCE COMMUNITY 
FACILITIES TO SUPPORT 
RESIDENT SATISFACTION, 
STRONG OCCUPANCY 
AND RENTAL GROWTH
FUTURE FOCUS
1,419 
TOTAL RENTAL 
HOMES
99.5% 
 
OCCUPANCY
$320 
AVERAGE 
WEEKLY RENT
10 
NO. 
COMMUNITIES
The portfolio is meeting a need for affordable 
rental accommodation. Over the course 
of FY25 this will continue to grow returns 
as new rental homes are added to existing 
communities and rent growth is achieved.
Image: Brisbane North Rental Village, QLD
29
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Ingenia Gardens
THE INGENIA GARDENS 
PORTFOLIO PROVIDES 
AFFORDABLE SENIORS 
RENTAL ACCOMMODATION, 
DELIVERING STABLE 
RECURRING CASH FLOWS 
UNDERPINNED BY 
GOVERNMENT PAYMENTS 
(PENSION AND RENT 
ASSISTANCE).
RESIDENTIAL COMMUNITIES
Over the year the divestment of six communities 
in Western Australia reduced the portfolio 
to a total of 19 communities with a value of 
$134.1 million ($168 million at 30 June 2023). 
Rental revenue declined to $21.6 million and 
like for like rent grew over the year, with 
average rent now at $383 per week. The EBIT 
contribution decreased 12.8% to $11.6 million, 
impacted by divestments and cost growth 
primarily across wages, utilities and rates. 
A focus on delivering efficiencies resulted in 
an increase in the EBIT margin to 49.1%, up 
from 48.6% at June 2023.
Ingenia Gardens communities continue to be 
attractive to residents. It focuses on ensuring 
residents enjoy living in a connected and 
engaged community with a true sense of 
belonging. 
The portfolio is continuing to deliver stable, 
government backed rents with the majority 
of residents receiving a government pension 
and rent assistance. 
Image: Ingenia Gardens Bundaberg, QLD
30

Ingenia Connect
1,020
TOTAL  
VILLAS/UNITS
95.9%
 
OCCUPANCY
$383 
AVERAGE 
WEEKLY RENT
CONTINUE TO LEVERAGE 
THE INGENIA CONNECT 
SERVICE TO SUPPORT 
RESIDENTS EXTENDED 
LENGTH OF STAY
DRIVE OPERATIONAL 
EFFICIENCIES THROUGH 
MEAL PROCUREMENT AND 
PREPARATION
CONTINUE UNIT 
RENOVATIONS TO DRIVE 
UNIT OCCUPANCY AND 
RENTAL GROWTH
FUTURE FOCUS
Ingenia Connect, a ‘concierge’ style 
service offered to residents for no 
charge, is now offered across all the 
Group’s residential communities and 
continues to grow, assisting residents 
to age in place and supporting their 
health and wellbeing.
Ingenia Connect now has 1,700 residents 
accessing the service, with more than 470 
living in Ingenia Gardens communities.
31
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Ingenia 
Holidays
Image: Ingenia Holidays Townsville, QLD
32

THE HOLIDAY PARKS 
PORTFOLIO PROVIDES 
DIVERSE REVENUE STREAMS 
AND A RANGE OF HOLIDAY 
EXPERIENCES, WITH PARKS 
DOTTED ALONG THE EAST 
COAST OF AUSTRALIA, 
FROM CAIRNS IN TROPICAL 
NORTH QUEENSLAND TO 
THE SEASIDE TOWN OF 
TORQUAY IN VICTORIA.
33
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

INGENIA HOLIDAYS
The portfolio increased in value to $865.8 
million, up from $757.5 million at 30 June 2023. 
Tourism rental income was up 8% to $105.1 
million as the holidays business continued to 
perform strongly, with the majority of parks 
now being pet friendly and domestic travel 
continuing to be a popular family holiday in the 
face of rising living costs and the expense of 
international travel. 
While tourism cabins and sites benefited from 
the demand for domestic travel, the portfolio 
also grew the stable underlying revenue 
stream from the annual and permanent home 
sites across mixed use parks. An average rent 
increase of 6.6% across the 1,405 permanent and 
rental homes contributed to growth.
The portfolio was refined with the sale of two 
smaller parks (Lake Hume and Broulee) and the 
addition of a NSW coastal park, Ingenia Holidays 
Old Bar Beach, which has exceeded forecasts 
and has considerable upside potential with 
further densification. 
The addition of a further 52 tourism cabins 
to existing parks has increased yield and 
introduced new accommodation types, in 
line with the Group’s densification strategy. 
Investment returns remain attractive, with new 
accommodation delivering returns in line with 
the targeted 14%+ yield on cost.
Pleasingly, our Parks delivered occupancy and 
rate growth, outperforming the national average 
across Australia’s caravan industry, with 9% 
growth in cabin revenue compared to a national 
average of 2%.
The portfolio benefited 
from ongoing demand 
for domestic travel and 
active management 
of the portfolio, 
contributing to 
increases in revenue 
and value. 
IN ADDITION TO TOURIST 
CABINS AND SITES, ANNUAL 
SITES, LAND LEASE AND 
RENTAL HOMES ARE 
OFFERED AT A NUMBER OF 
COMMUNITIES, PROVIDING A 
BASE OF STABLE REVENUE 
AND INCREASING THE 
GROUP’S EXPOSURE TO 
RENTAL CASH FLOWS.
Image: Ingenia Holidays Queenscliff Beacon, VIC
34

MAINTAIN HIGH CUSTOMER 
SATISFACTION
CONTINUE SELECT 
INVESTMENT TO ENHANCE 
REVENUE AND VALUE
IMPROVE CUSTOMER 
ONLINE EXPERIENCE TO 
INCREASE CONVERSION 
AND REDUCE COST 
OF SALES
UTILISE DIVERSE 
DISTRIBUTION CHANNELS 
AND TARGETED MARKETING 
TO GROW CUSTOMER BASE
FUTURE FOCUS
While we expect rate growth to moderate in 
FY25, growth in occupancy through non-peak 
periods, targeted marketing activity and the 
ability to continue to build out revenue streams 
through the addition of new accommodation 
will deliver ongoing returns. The Parks 
benefit from a strong base of ‘repeat’ holiday 
guests, and we are continuing to refine the 
accommodation mix within each community to 
ensure that individual assets maximise returns.
As we enter FY25, we are seeing greater 
demand in non-peak periods, which will 
support annualised occupancy growth. The 
portfolio will also benefit from omnichannel 
marketing, additional cabins, diverse locations 
and a focus on guest experience.
38 
HOLIDAY 
PARKS1
1.8m 
ROOM NIGHTS PA
64% 
AVERAGE CABIN 
OCCUPANCY
6% 
FORWARD 
BOOKINGS
1	
Includes six parks owned by the Group’s 
managed funds.
2. 	 At August 2024.
ABOVE FY232
Image: Ingenia Holidays Rivershore Resort, QLD
35
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

INGENIA HOLIDAYS
THE GROUP MANAGES AND HAS AN OWNERSHIP INTEREST 
IN FIVE FUNDS THAT COLLECTIVELY OWN FIVE HOLIDAY 
PARKS AND ONE LAND LEASE COMMUNITY. THE HOLIDAY 
PARKS BENEFIT FROM THE HOLIDAYS MARKETING 
PLATFORM AND MANAGEMENT. 
During FY24 we sold four homes at Coastal Palms on the NSW south coast completing the 
conversion of this holiday park to a land lease community.
The Funds will reach the end of their term in August 2024 and, consistent with the Group’s focus 
on simplification and efficiency, will be wound up. The funds currently have $81.1 million in assets 
under management and contributed $1.9 million in income in FY24, comprising fee income of 
$1.6 million and distributions of $0.3 million.
Managed Funds 
Image: Ingenia Holidays Moruya, NSW
36

North
Queensland
Fraser Coast
Sunshine Coast
North Coast NSW
South Coast NSW
Hunter Region
Western Sydney
The 
Murray
Gippsland
Great 
Ocean
Road
4
2
2
Mid North Coast NSW 4
Port Stephens 3
Riverina
1
1
3
3
9
3
1
2
North & Far North Qld
1.	
Cairns Coconut
2.	
Townsville
Fraser Coast 
3.	
Hervey Bay
Sunshine Coast
4.	
Noosa North
5.	
Noosa
6.	
Rivershore
7.	
Landsborough 
North Coast NSW
8.	
Kingscliff
9.	
Byron Bay
Mid North Coast
10.	 White Albatross
11.	
South West Rocks
12.	 Bonny Hills
13.	 Old Bar Beach
Port Stephens
14.	 Soldiers Point
15.	 Middle Rock
16.	 One Mile Beach
Hunter
17.	 Hunter Valley
18.	 Lake Macquarie
Western Sydney
19.	 Avina
20.	 Sydney Hills
21.	 Nepean
South Coast
22.	 Lake Conjola
23.	 Eden Beachfront
24.	 Merry Beach
25.	 Moruya
26.	 Ocean Lake
27.	 Shoalhaven Heads
28.	 Tomakin
29.	 Ulladulla
30.	 Wairo Beach
Riverina
31.	 Wagga Wagga
Gippsland VIC
32.	 Inverloch
33.	 Cape Paterson
34.	 Phillip Island
Great Ocean Road
35.	 Queenscliff Beacon
36.	 Swan Bay
37.	 Torquay 
The Murray, VIC
38.	 Murray Bend 
With a focus on 
the domestic 
family and grey 
nomad market, 
Ingenia Holidays 
is experiencing 
buoyant demand
37
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Sustainability
Image: Ingenia Holidays Cairns Coconut, QLD
38

INGENIA REMAINS DEDICATED 
TO CREATING VALUE FOR BOTH 
EXTERNAL AND INTERNAL 
STAKEHOLDERS BY INTEGRATING 
INNOVATION, SUSTAINABILITY, 
AND EXCELLENCE INTO OUR 
BUSINESS PRACTICES. 
Our ongoing commitment to ESG initiatives 
continues to drive progress and positive impacts 
on our planet and communities, paving the way 
for more sustainable and resilient communities.
39
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Emissions 
and energy 
efficiency
•	 Applying our Energy 
Strategy for future 
developments to 
include a holistic 
energy design model 
that targets carbon 
neutral communities 
and cost of living 
benefits for residents.
•	 Cumulative investment 
in solar more than 
$4 million across more 
than 55 communities. 
In FY24, we rolled out 
new metering capability 
and monitoring 
function, to ensure our 
solar systems operate 
efficiently.
•	 Implemented Fleet 
Card® for fuel 
purchases across 
our business. The 
data gathered 
will be included 
in our emissions 
disclosures in the 2024 
Sustainability Report.
Waste management
•	 Improved waste diversion to 22% through recycling, 
scaling existing initiatives and data capture.
Creating 
sustainable 
communities 
•	 Continued construction 
on first Ingenia 
Lifestyle projects 
targeting Green Star 
– Communities ratings 
and Green Star homes. 
Submitted certification 
applications to the 
Green Building Council 
of Australia (GBCA) 
for nine home designs 
to be delivered at our 
Beveridge community 
in Victoria. 
•	 First geothermal 
heating and cooling 
operational at Nature’s 
Edge (QLD).
•	 Benchmarked existing 
projects against 
Sustainability Design 
Guidelines.
Sustainable 
tourism 
•	 Continued to 
progress a Net 
Zero transportable 
cabin prototype 
in conjunction with 
Prefabulous and 
the University of 
Wollongong.
•	 Continued focus 
on electrification – 
introducing first electric 
mowers, power tools 
and golf buggies. 
•	 Conducted energy 
audits at our parks in 
Cairns and Townsville 
which revealed 
opportunities for 
energy savings and 
carbon reduction via 
additional solar PV, 
improved heating 
systems, and enhanced 
cabin thermal 
performance. 
SUSTAINABILITY
Key highlights 
FY24
ENVIRONMENT
Image: Ingenia Holidays Hervey Bay, QLD
40

Our  
customers 
•	 Expanded the Ingenia 
Connect program 
in FY24, which now 
supports over 1,700 
residents by providing 
free expert support 
to access health and 
wellbeing services to 
live independently and 
is offered across all our 
residential communities.
•	 Continued to design and 
build to ‘age in place’ 
and support health 
and wellbeing of our 
residents with our new 
clubhouses in Parkside 
Lucas in Ballarat, 
Lakeside Lara, and The 
Hangar at Hervey Bay. 
Climate 
strategy 
•	 Continued delivery 
of actions under the 
Climate improvement 
roadmap and 
enhanced our physical 
risk management by 
integrating a Climate 
Hazard Exposure 
Assessment into our 
acquisitions process 
and implementing 
Sustainable 
Development 
Guidelines for new 
projects. 
Human  
rights 
•	 Released fourth 
Modern Slavery 
statement with 
progressed response 
and disclosures. 
•	 Continued to 
strengthen our Modern 
Slavery Responsible 
Sourcing Framework
•	 Continued with Modern 
Slavery training as 
part of the onboarding 
process for new 
employees and offered 
ongoing annual training 
for all staff.
Information 
technology and 
cyber security 
•	 Progressed cyber 
security roadmap - 
implemented phishing 
campaigns with 
automated training 
requirements and 
advanced cyber 
security mitigation 
strategies focussed on 
developing an industry 
aligned model as a base 
for further actions and 
initiatives in relation to 
cyber security.
•	 Developed a business 
continuity plan and 
conducted business 
impact analysis.
Our people 
•	 Offered Leadership 
programs – Inspire 
and Elevate with great 
success.
Local 
communities 
•	 Progressed the 
preparation of our 
Reflect Reconciliation 
Action Plan (RAP) with 
the launch of our Vision 
for Reconciliation 
during National 
Reconciliation Week 
(NRW).
•	 Ongoing corporate 
partnership for the 
seventh year with 
Ronald McDonald 
House Charities 
Australia (RMHC) with 
team volunteering 
opportunities.
Diversity 
and inclusion 
•	 Became a signatory 
to the HESTA 40:40 
Vision and published 
Ingenia’s first 2023 
Gender Pay Gap 
Statement.
SOCIAL
GOVERNANCE
41
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

42
Key
	
Investment Committee Member 
	
	 Remuneration and Nomination Committee Member
	 	 Audit, Risk and Sustainability Committee Member
	 	 Committee Chair
I
R
A
I
R
I
A
Jim Hazel
Chair and Independent  
Non-Executive Director
Pippa Downes 
Independent Non-Executive 
Director
Robert Morrison 
Independent Non-Executive 
Director and Deputy Chair
Experience and expertise 
Mr Hazel was appointed to the Board 
in March 2012. Mr Hazel has had an 
extensive corporate career in both the 
banking and retirement sectors. His 
retirement village operations experience 
includes being Managing Director of 
Primelife Corporation Limited (now part 
of Lend Lease). 
Mr Hazel also serves as Deputy 
Chancellor of Adelaide University, 
as well as Chair of Barossa, Hills and 
Fleurieu Health Service, and is a 
director of COTA Australia, the peak 
policy development and advocacy 
organisation for older Australians. 
Mr Hazel holds a Bachelor of Economics 
and is a Senior Fellow of the Financial 
Services Institute of Australasia and 
a Fellow of the Australian Institute of 
Company Directors. 
In 2023 Mr Hazel was made a Life 
Member of the Retirement Living 
Council, and in 2024 a Member of the 
Hall of Fame of the Property Council of 
Australia, for his services to the Senior 
Housing sector.
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Bendigo and Adelaide Bank Ltd 
(ASX:BEN) (October 2023)
Special responsibilities  
as at 30 June 2024
Member of the Audit, Risk and 
Sustainability Committee
Experience and expertise 
Ms Downes was appointed to the Board 
on 4 December 2019. Ms Downes is a 
professional company director who 
has held executive and non-executive 
roles across listed, not-for-profit and 
government enterprises.
Ms Downes brings to the Board 
significant experience in international 
banking, finance and capital markets 
as well as broad industry knowledge 
across financial services, technology, 
infrastructure and property. Prior 
executive roles include Managing 
Director and Equity Partner at Goldman 
Sachs JB Were. Ms Downes currently 
serves on the boards of Australian 
Technology Innovators and Ms Downes 
is a member of the Australian Super 
Investment Committee as well as a 
member of the ASIC Consultative Panel.
Ms Downes was previously a Director 
of Zip Co Limited, ALE Property Group 
and Windlab Limited. Ms Downes 
was formerly a Panel Member of the 
ASX Appeals Tribunal and served 
as a Director of ASX Clearing and 
Settlement Companies. She was also 
a Director of Sydney Olympic Park 
Authority, The Pinnacle Foundation, 
Swimming Australia Limited and 
its Foundation and served as a 
Commissioner of Sport Australia.
Ms Downes holds a Masters in Applied 
Finance and a Bachelor of Science 
(Business Administration) and is a 
member of the Australian Institute of 
Company Directors, Chief Executive 
Women and Women Corporate 
Directors. 
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Zip Co Limited (ASX: ZIP) (June 2022)
ALE Property Group (ASX: LEP) 
(December 2021)
Special responsibilities  
as at 30 June 2024
Chair of the Audit, Risk and 
Sustainability Committee
Member of the Investment Committee
Experience and expertise 
Mr Morrison was appointed to the Board 
in February 2013. He brings to the 
Board extensive experience in property 
investments, property development, 
portfolio management and capital 
raisings as well as institutional funds 
management.
Mr Morrison is a Founding Partner 
and Executive Director of alternative 
investments firm, Barwon Investment 
Partners, which invests in healthcare 
real estate, property finance and private 
equity on behalf of institutional and 
wholesale investors. 
Mr Morrison’s investment experience 
includes senior portfolio management 
roles where he managed both listed and 
unlisted property funds on behalf of 
institutional investors. Prior executive 
positions include Head of Property 
for Asia Pacific and Director of Asian 
Investments at AMP Limited.
Mr Morrison was previously a Non-
Executive Director of Mirvac Funds 
Management Limited, an Executive 
Director of AMP Capital Limited and 
a National Director of the Property 
Council of Australia.
Mr Morrison holds a Bachelor of Town 
and Regional Planning (Hons) and a 
Master of Commerce. 
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Chair of the Investment Committee
Member of the Remuneration and 
Nomination Committee
A
Board of 
Directors

R
I
43
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
Gregory Hayes 
Independent Non-Executive 
Director
Experience and expertise
Mr Hayes was appointed to the Board 
on 17 September 2020 and stepped 
down on 1 July 2024. Mr Hayes is an 
experienced executive and company 
director, with more than 30 years’ 
experience across a range of industries 
including property, infrastructure, 
energy, and logistics in both listed and 
private entities.
Mr Hayes’ prior roles include Chief 
Financial Officer and Executive Director 
of Brambles Limited, Chief Executive 
Officer & Group Managing Director of 
Tenix Pty Ltd, Chief Financial Officer 
and interim CEO of the Australian 
Gaslight Company (AGL), Chief 
Financial Officer Australia and New 
Zealand of Westfield Holdings, and 
Executive General Manager, Finance 
of Southcorp Limited. Mr Hayes brings 
to the Board skills and experience in 
the areas of strategy, finance, mergers 
and acquisitions, and strategic risk 
management, in particular in listed 
companies with global operations.
He currently serves on the boards of 
HMC Capital, HomeCo Daily Needs 
REIT, Aurrum Holdings Pty Ltd and 
High Resolves.
Mr Hayes holds a Master of Applied 
Finance, a Graduate Diploma in 
Accounting and a Bachelor of Arts 
and also completed an Advanced 
Management Programme (Harvard 
Business School, Massachusetts).
Other current listed company 
directorships
HMC Capital Limited (ASX: HMC)
HomeCo Daily Needs REIT (ASX: HDN)
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Member of the Investment Committee
A
R
A
Sally Evans 
Independent Non-Executive 
Director
Lisa Scenna 
Independent Non-Executive 
Director
Experience and expertise
Ms Evans was appointed to the Board 
on 1 December 2020. Ms Evans is an 
experienced executive and company 
director, with expertise in health, aged 
care and financial services developed 
through roles with listed and private 
companies in New Zealand, the United 
Kingdom, Hong Kong, and Australia.
Ms Evans’ prior roles include Head of 
Retirement at AMP, Investment Director 
at AMP Capital and Director, Westpac 
Institutional Bank. Prior director roles 
include Opal Specialist Aged Care, 
LifeCircle and Gateway Lifestyle, which 
delisted in November 2018.
Ms Evans brings to the Board skills and 
experience in the areas of retirement 
and ageing, the delivery of digital 
solutions, customer experience, 
strategy, and risk.
She currently serves on the boards of 
Healius Limited, Oceania Healthcare, 
Allianz Australia Life Holdings and 
Rest Superannuation, and is a member 
of the Aged Care Quality & Safety 
Commission Advisory Council. Ms Evans 
was previously also a member of the 
Australian Government’s Aged Care 
Financing Authority. 
Ms Evans holds a MSc in Business 
Leadership from the Compass Group, 
a Bachelor of Applied Science from 
the University of Otago, is a Fellow of 
the Australian Institute of Company 
Directors and a Graduate of the 
Australian Institute of Superannuation 
Trustees.
Other current listed company 
directorships
Healius Limited (ASX: HLS)
Oceania Healthcare (NZX: OCA)
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Chair of the Remuneration and 
Nomination Committee
Member of the Audit, Risk and 
Sustainability Committee
Experience and expertise
Ms Scenna was appointed to the 
Board on 1 May 2024. Ms Scenna 
brings a wealth of experience to 
the Group, spanning more than 
30 years developing strategy and 
driving performance in property 
management, asset management and 
funds management within Australia 
and the United Kingdom, across listed 
and private entities. Ms Scenna’s 
experience includes key executive and 
non-executive director roles with a 
focus on development, real estate and 
infrastructure.
Ms Scenna’s previous executive 
roles include UK Joint Managing 
Director (Stockland), Head of Explore 
Investments Group (Laing O’Rourke) 
and Managing Director Morgan Sindall 
Investments (Morgan Sindal Group 
plc). She also currently serves as a 
non-executive director on the boards 
of Cromwell Property Group, Dexus 
Capital Funds Management and 
Investment Services, Harworth Group, 
Gore Street Energy Storage Fund and 
Genuit Group. 
Ms Scenna holds a Bachelor of 
Commerce and is a Fellow of Chartered 
Accountants Australia and New 
Zealand, as well as a Member of 
the Australian Institute of Company 
Directors. 
Other current listed company 
directorships
Cromwell Property Group (ASX:CMW)
Harworth Group (LSE:HWG)
Gore Street Energy Storage Fund 
(LSE:GSF)
Genuit Group (LSE:GEN)
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Member of the Audit, Risk and 
Sustainability Committee (16 May 2024 
– present)
Member of the Remuneration and 
Nomination Committee (16 May 2024  
– present)

44
Key
	
Investment Committee Member 
	
	 Remuneration and Nomination Committee Member
	 	 Audit, Risk and Sustainability Committee Member
	 	 Committee Chair
I
R
A
Board of 
Directors
John McLaren 
Non-Executive Director 
Experience and expertise
Mr McLaren was appointed to the Board 
on 6 December 2021 and stepped down 
on 2 November 2023. Mr McLaren 
previously acted as Alternate Director 
for Gary Shiffman (February 2019 – 
December 2021). Mr McLaren has over 
30 years of experience in executive and 
non-executive roles in financial and real 
estate public companies listed on the 
New York Stock Exchange.
Formerly President and Chief Operating 
Officer, Mr McLaren is currently a 
Strategic Advisor for Sun Communities, 
Inc. (NYSE: SUI) and has been 
actively involved in the management, 
acquisition, construction and 
development of manufactured housing 
communities and recreational vehicle 
resorts as well as home sales and 
leasing operations within communities 
and resorts over the past twenty 
plus years.
Mr McLaren holds a Bachelor of Arts 
degree in Geology from the University 
of Colorado, Boulder and a Master of 
Business Administration degree from 
Regis University, Denver.
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Nil
Shane Gannon 
Independent Non-Executive 
Director and Chair-elect
Simon Shakesheff 
Independent Non-Executive 
Director
Experience and expertise
Mr Gannon was appointed to the Board 
on 28 June 2024. 
Mr Gannon is an experienced executive 
and company director, with more 
than 40 years’ experience working 
with leading ASX listed entities across 
industries including real estate, mining 
services, FMCG, and financial services. 
Mr Gannon’s prior roles include Chief 
Financial Officer with Mirvac Limited, 
Endeavour Group, Goodman Fielder, 
CSR Limited and Dyno Nobel. He also 
spent ten years at Lendlease in a range 
of divisional CFO and executive roles 
including the retail, commercial and 
financial services divisions.
Mr Gannon brings to the board skills 
and experience in finance and real 
estate, equity and debt capital markets, 
commercial property transactions, 
corporate governance, and people 
management. 
Mr Gannon currently serves on the 
Board of GPT Group. Mr Gannon was 
previously a Director of CSR Limited. 
Mr Gannon is Chair-elect and will 
step into the role of Chair of Ingenia 
Communities Group following the 
2024 Annual General Meeting.
Mr Gannon holds a Bachelor of Business 
(Accounting) and is a Fellow of both 
the Australian Institute of Company 
Directors and CPA Australia.
Other current listed company 
directorships
GPT Group (ASX: GPT)
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Nil
Experience and expertise
Mr Shakesheff was appointed to the 
Board on 28 June 2024. 
Mr Shakesheff is an experienced 
executive and company director 
with significant property and finance 
expertise covering strategy, debt 
and equity finance, and mergers 
and acquisitions developed through 
advisory and corporate executive roles.
Mr Shakesheff’s prior roles include 
equities analyst covering listed 
real estate and retail companies at 
Macquarie Bank and JP Morgan, and 
corporate advisor to major real estate 
groups at UBS and Bank of America 
Merrill Lynch. He was formerly the 
Head of Strategy and Stakeholder 
Relations at Stockland Trust Group. 
Mr Shakesheff is Chair of Kiwi 
Property Trust and is the Chair of 
HomeCo Daily Needs REIT. He is also 
a non-executive director of Cbus 
Property, SGCH (formerly St George 
Community Housing) and Assembly 
Funds Management.
Mr Shakesheff has a Master of 
Commerce degree in finance and 
accounting from UNSW.
Other current listed company 
directorships
HomeCo Daily Needs REIT (ASX: HDN)
Kiwi Property Trust (NZX: KPG)
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Nil
continued

45
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
Amanda Heyworth 
Independent Non-Executive 
Director
Experience and expertise 
Ms Heyworth was appointed to the 
Board in April 2012 and stepped 
down from the Board on 20 June 
2024. She is a professional company 
director with broad experience in high 
growth companies, M&A transactions 
and venture capital investments 
with expertise in developing and 
executing growth strategies and digital 
transformation. 
Ms Heyworth serves on the board 
of Heritage and People’s Choice and 
chairs boards in the university and 
Government sectors. Previously, Ms 
Heyworth ran a venture capital fund 
and held roles in investment banking 
and the Federal Treasury. Ms Heyworth 
holds a BA (Accounting) with a major 
in finance, post graduate qualifications 
in accounting and finance and an MBA 
from the Australian Graduate School 
of Management. Ms Heyworth is also 
a Fellow of the Australian Institute of 
Company Directors.
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Member of the Audit, Risk and 
Sustainability Committee (until 20 June 
2024)
Member of the Remuneration and 
Nomination Committee (until 20 June 
2024)
Simon Owen 
Managing Director and 
Chief Executive Officer
Experience and expertise
Mr Owen joined the Group in November 
2009 as the Managing Director and 
Chief Executive Officer. Mr Owen 
stepped down as MD on 21 February 
2024.
He initiated the strategy to focus on 
developing and acquiring a leading 
portfolio of lifestyle and holiday 
communities which has seen the 
Group’s market capitalisation grow 
from $30 million to over $1.7 billion. 
Mr Owen brings to the Group in-depth 
sector experience. He is a past member 
of the Retirement Living Division 
Council (part of the Property Council 
of Australia) and a former National 
President of the Retirement Villages 
Association (now part of the Retirement 
Living Council), the peak industry 
advocacy group for the owners, 
operators, developers and managers 
of retirement communities in Australia. 
He is also a prior director of BIG4 
Holiday Parks, Australia’s leading 
holiday parks group. 
Mr Owen has over 30 years’ experience 
working in ASX listed groups with roles 
across finance, funds management, 
mergers and acquisitions, business 
development and sales and marketing. 
Prior to joining Ingenia Communities, 
he was the CEO of Aevum, a formerly 
listed seniors housing and aged 
care company.
Mr Owen is a qualified accountant 
(CPA) with a Bachelor of Business 
(Accounting) and post graduate 
diplomas in finance and investment 
and advanced accounting.
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Nil
John Carfi 
Managing Director and 
Chief Executive Officer
Experience and expertise
Mr Carfi joined the Group in April 2024 
as Chief Executive Officer and was 
appointed to the Board in August 2024. 
Mr Carfi is an experienced executive 
who brings to the Group more than 35 
years of large company leadership and 
extensive real estate expertise with 
a strong focus on the development 
sector. Mr Carfi has significant 
experience in developing and operating 
property businesses in both global and 
local contexts and a demonstrated 
ability to set and deliver on strategy. 
Mr Carfi’s prior executive roles include 
CEO of Residential Development 
at Mirvac and construction and 
development roles at Lendlease Group. 
He was the CEO of Emaar Properties 
(USD $37B Dubai based real estate 
company) responsible for US$120 billion 
worth of multiple large-scale, mixed-use 
developments, and more recently, CEO 
of Aqualand Australia.
Mr Carfi is currently a Non-Executive 
Director of City West Housing Pty Ltd, 
a not for profit Community Housing 
Provider.
Mr Carfi holds a Bachelor of Applied 
Science in Building.
Other current listed company 
directorships
Nil
Former listed company directorships 
in the last three years
Nil
Special responsibilities  
as at 30 June 2024
Nil
R
A

Ingenia Communities Holdings Limited Annual Report
For the year ended 30 June 2024
Directors’ Report.............................................................................................................................................................................................................47
Remuneration Report...................................................................................................................................................................................................58
Auditor’s Independence Declaration....................................................................................................................................................................73
Consolidated Statement of Comprehensive Income....................................................................................................................................74
Consolidated Balance Sheet.....................................................................................................................................................................................75
Consolidated Cash Flow Statement......................................................................................................................................................................76
Consolidated Statement of Changes in Equity................................................................................................................................................77
Notes to the Financial Statements.........................................................................................................................................................................78
1.	
Summary of material accounting policies..............................................................................................................................................78
2.	 Accounting estimates and judgements...................................................................................................................................................85
3.	 Segment information........................................................................................................................................................................................85
4.	 Earnings per security........................................................................................................................................................................................88
5.	 Other revenue.......................................................................................................................................................................................................88
6.	 Finance expense................................................................................................................................................................................................. 89
7.	 Income tax expense.......................................................................................................................................................................................... 89
8.	 Trade and other receivables.........................................................................................................................................................................90
9.	 Inventories.............................................................................................................................................................................................................90
10.	Assets held for sale...........................................................................................................................................................................................90
11.	 Investment properties....................................................................................................................................................................................... 91
12.	 Plant and equipment.........................................................................................................................................................................................97
13.	 Intangibles and goodwill.................................................................................................................................................................................97
14.	Right-of-use assets........................................................................................................................................................................................... 98
15.	 Investment in a joint venture........................................................................................................................................................................ 99
16.	 Other financial assets ...................................................................................................................................................................................100
17.	 Deferred tax assets and liabilities............................................................................................................................................................100
18.	 Trade and other payables............................................................................................................................................................................100
19.	 Borrowings .......................................................................................................................................................................................................... 101
20.	Other financial liabilities................................................................................................................................................................................. 101
21.	 Issued Securities ...............................................................................................................................................................................................102
22.	Reserves................................................................................................................................................................................................................102
23.	Accumulated losses.........................................................................................................................................................................................103
24.	Commitments.....................................................................................................................................................................................................103
25.	Contingent liabilities........................................................................................................................................................................................103
26.	Share based Payment Transactions.........................................................................................................................................................103
27.	Capital management...................................................................................................................................................................................... 105
28.	Financial instruments..................................................................................................................................................................................... 105
29.	Fair value measurement................................................................................................................................................................................ 110
30.	Auditor’s remuneration.................................................................................................................................................................................. 110
31.	 Related parties.....................................................................................................................................................................................................111
32.	Company financial information...................................................................................................................................................................113
33.	Notes to cashflow statement.......................................................................................................................................................................114
34.	Subsidiaries...........................................................................................................................................................................................................115
35. Subsequent events...........................................................................................................................................................................................117
Consolidated Entity Disclosure Statement.......................................................................................................................................................118
Directors’ Declaration.................................................................................................................................................................................................122
Independent Auditor’s Report...............................................................................................................................................................................123
Contents
46

Directors’ Report
For the year ended 30 June 2024
The Directors of Ingenia Communities Holdings Limited (“ICH” or the “Company”) present their report together with the 
Company’s financial report for the year ended 30 June 2024 (the “current period”) and the Independent Auditor’s Report 
thereon. The Company’s financial report comprises the consolidated financial report of the Company and its controlled 
entities, including Ingenia Communities Fund (“ICF” or the “Fund”) and Ingenia Communities Management Trust (“ICMT”) 
(collectively, the “Trusts”).
The shares of the Company are “stapled” with the units of the Trusts and trade on the Australian Securities Exchange 
(“ASX”) as one security (ASX Code: INA). Ingenia Communities RE Limited (“ICRE” or “Responsible Entity”), a wholly owned 
subsidiary of the Company, is the responsible entity of the Trusts. In this report, the Company and the Trusts are referred to 
collectively as the Group.
In accordance with Accounting Standard AASB 3 Business Combinations, the stapling of the Company and the Trusts was 
regarded as a business combination. The Company has been identified as the parent for preparing consolidated financial 
reports.
Directors
The Directors of the Company at any time during or since the end of the current period were:
KMP
Position
Term
Non-Executive Directors (NEDs)
	
Jim Hazel
Chairman
Full year
	
Robert Morrison
Deputy Chairman
Full year
	
Pippa Downes
Director
Full year
	
Sally Evans
Director
Full year
	
Lisa Scenna
Director
Appointed, effective 1 May 2024
	
Shane Gannon
Director
Appointed, effective 28 June 2024
	
Simon Shakesheff
Director
Appointed, effective 28 June 2024
	
John McLaren
Director
1 July 2023 to 2 November 2023
	
Amanda Heyworth
Director
1 July 2023 to 20 June 2024
	
Gregory Hayes
Director
Full year (resigned, effective  
1 July 2024)
Executive Director
	
John Carfi
Managing Director  
Chief Executive Officer
Appointed, effective 13 August 2024 
Commenced 1 April 2024
	
Simon Owen
Managing Director  
Chief Executive Officer
1 July 2023 to 21 February 2024  
1 July 2023 to 31 March 2024(1)
(1)	 Mr Owen remained in service through to 30 June 2024.
Company Secretaries
Natalie Kwok (Chief Investment Officer and General Counsel (CIO and GC)) 
Charisse Nortje 
Qualifications, experience and special responsibilities 
Please refer to pages 42 to 45.
47
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Directors’ Report
For the year ended 30 June 2024 | continued 
Meetings
The number of meetings of directors (including meetings of committees of directors) held during the year and the number 
of meetings attended by each director was as follows:
Board
Audit, Risk & 
Sustainability Committee
Remuneration & 
Nomination Committee
Investment Committee
A
B
A
B
A
B
A
B
Jim Hazel
15
15
6
4
–
–
–
–
Robert Morrison
15
13
–
–
5
4
6
6
Pippa Downes
15
15
6
6
–
–
6
6
Gregory Hayes
15
13
–
–
–
–
6
4
Sally Evans
15
14
6
6
5
5
–
–
Lisa Scenna
2
2
1
1
–
–
–
–
John McLaren 
5
2
–
–
–
–
–
–
Amanda Heyworth
15
15
6
6
5
5
–
–
Simon Owen
12
10
–
–
–
–
–
–
Shane Gannon
–
–
–
–
–
–
–
–
Simon Shakesheff
–
–
–
–
–
–
–
–
A: Meetings eligible to attend  B: Meetings attended
Interests of Directors
Securities in the Group held by directors or their associates as at 30 June 2024 were:
Issued stapled securities
Rights
Jim Hazel
439,445
–
Robert Morrison
254,528
–
Pippa Downes
40,868
–
Gregory Hayes
32,000
–
Sally Evans
43,882
–
Lisa Senna
–
–
Shane Gannon
–
–
Simon Shakesheff
–
–
Company Secretaries
Natalie Kwok – CIO and GC
Ms Kwok joined Ingenia in 2012 and is responsible for the Group’s capital transactions and corporate legal functions and is 
joint Company Secretary. She has responsibility for Ingenia’s acquisitions program, which has seen the Group successfully 
build a portfolio of lifestyle and holiday communities and a growing development pipeline.
Ms Kwok has over 20 years’ experience in corporate and commercial dealings, having worked at PwC, Challenger Financial 
Services and a commercial law firm. She chairs the Residential Land Lease Alliance and is the Group’s representative on the 
Retirement Living Council and the Caravan & Camping Industry Association. 
Ms Kwok holds a Bachelor of Law (Honours) and a Bachelor of Commerce and is both a Chartered Accountant and a 
Solicitor.
Charisse Nortje 
Ms Nortje has extensive company secretarial and governance experience, in both listed and private entity environments. 
Ms Nortje has worked mainly in the property and financial services sector for over 10 years and previous experience 
includes spending almost 8 years in the UK working for listed and unlisted organisations in similar roles, across logistics and 
manufacturing. 
Ms Nortje holds a Bachelor of Law as well as an MBA. 
Ms Nortje is also a Fellow of the Governance Institute of Australia as well as the Chartered Governance Institute (FGIA/FCG). 
48

Directors’ Report
For the year ended 30 June 2024 | continued 
Operating and Financial Review
ICH overview
The Group is an active owner, manager and developer of a diversified portfolio of lifestyle, rental and holiday communities 
along Australia’s east coast. The Group’s real estate assets at 30 June 2024 were valued at $2.3 billion, comprising 38 
lifestyle rental and 33 holiday communities and 19 seniors rental communities (Ingenia Gardens). The Group also manages 
and has a co-investment in 11 assets through its development joint venture (JV) and funds management platform and 
provides management and development services to these entities. The Group was first included in the S&P/ASX 200 in 
December 2019 and had a market capitalisation of approximately $1.9 billion at 30 June 2024.
The Group’s aim is to create Australia’s best residential communities and holiday park accommodation, with a strong focus 
on customer satisfaction. The Board is committed to delivering long-term growth to security holders while providing a 
supportive community environment for residents and guests and creating communities that have a positive impact on our 
stakeholders and planet.
CUSTOMER 
OBSESSED
WE 
BEFORE ME
MAKE IT 
COUNT
TODAY AND 
TOMORROW
At Ingenia we build belonging
Strategy
The Group is positioning for scale and long-term sector leadership while enhancing the operational performance of its 
investment properties and developing new sustainable communities. 
The Group’s focus is on accelerating the transition from an aggregator of land and assets to an operationally efficient 
developer and operator. The Group will continue to refine its operating model and development delivery through business 
simplification, a focus on efficiency and financial performance, a focus on land lease development as a driver of growth and 
accessing capital strategic partnerships to release capital from lower growth assets. 
The immediate business priorities of the Group are:
	
–
Continued focus on business simplification through changes in structure to drive productivity and accountability;
	
–
Acceleration of the development pipeline in line with customer demand;
	
–
Optimisation of returns from development projects, through changes to design and procurement;
	
–
Select investment in all age rental and holidays communities to improve returns;
	
–
Improve performance of existing communities through maintainable rental growth, active cost management and a focus on 
customer needs;
	
–
Improve resident and guest experience by investing in our systems and processes;
	
–
Enhance competitive advantage through recruiting, retaining and developing industry leading talent;
	
–
Build on the Group’s sustainability program through environmental, social and governance initiatives which include 
progressing the construction of three communities targeting a Green Star – Communities rating, delivering emissions 
reductions and expanding charitable giving; and
	
–
Maintain focus on employee, resident and guest health and safety.
49
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Directors’ Report
For the year ended 30 June 2024 | continued 
Portfolio Refinement, Integration and Development Pipeline Expansion
The Group is well positioned for further expansion through development with 16 land lease communities currently underway 
and 4 communities commencing development over FY25. The Group will also look to expand the portfolio where feasible.
During the year, in line with a focus on divesting assets and recycling capital into the Group’s development pipeline, the 
Group divested: 
	
–
six Ingenia Gardens communities in WA;
	
–
one greenfield development site in QLD that was considered surplus to the Group’s needs;
	
–
holiday parks in Lake Hume and Broulee, NSW; and
	
–
two land parcels adjoining a NSW holiday park.
The Group completed the acquisition of sites adjoining it’s Ingenia Lifestyle Plantations (NSW) and Millers Glen (QLD) 
communities and continues to look for new sites; in December 2023 a leasehold holiday park at Old Bar Beach (NSW) 
was acquired, complementing the existing network of holiday parks.
FY24 Financial Results
The twelve months to 30 June 2024 delivered total revenue of $472.3 million, up 20% on the prior year. The Group settled 
370 turnkey homes (30 Jun 2023: 318 homes) delivering a gross new home development profit of $89.4 million (30 Jun 
2023: $65.5 million). A further 88 homes were settled within the JV (30 Jun 2023: 46 homes), achieving a combined total 
of 4581 turnkey home settlements during the year (30 Jun 2023: 364 homes). Holidays income grew by 7% to $134.8 million 
(30 Jun 2023: $126.4 million) mainly due to an increase in tourism rental income which increased by 8% to $105.1 million 
(30 Jun 2023: $97.3 million). Lifestyle Rental income increased by 13% to $86.5 million (30 Jun 2023: $76.8 million), driven by 
the growth in residential rental income which grew by 10% to $68.3 million (30 Jun 2023: $62.3 million). 
Underlying profit of $94.8 million, up $11.7 million on the prior year, is primarily attributable to strong growth in the Lifestyle 
Development segment and the Joint Venture on account of an increase in home settlements and complemented by 
continued growth in the Lifestyle Rental and Ingenia Holidays operating segments. These results were partially offset by: a 
decline in Ingenia Gardens as a consequence of the sale of six communities in Western Australia; increases in the Group’s 
cost base, including above inflation rate increases to council rates and taxes and utilities; increases in insurance, employment 
costs, development marketing, investment in IT infrastructure and support; net finance expense; income tax expense, and; 
costs associated with business restructuring.
Statutory profit of $14.0 million was down 78% on the prior year. The statutory result reflects the combination of growth 
in underlying earnings from the operating segments and fair value movements on investment properties offset by the 
impairment of goodwill of $96.6 million, relating to the Seachange acquisition in November 2021 and increased deferred 
income tax expense associated with the fair value gains on investment properties.
Operating cash flow for the period was $82.2 million, consistent with the prior year reflecting the growth in cashflows from 
home settlements and the Lifestyle Rental and Ingenia Holidays operating segments, offset by investment in home inventory 
ahead of forecast settlements for FY25 and an increase in borrowing costs paid attributable to higher interest rates and 
additional borrowings.
The Group’s net asset value (NAV) of $3.70 per security was down by 2% (30 Jun 2023: $3.77) and net tangible assets per 
security (NTA) increased 5% to $3.69 (30 Jun 2023: $3.52). 
Key metrics
	
–
More than 14,650 income generating sites across the Group as at 30 June 2024
	
–
Statutory profit of $14.0 million, down 78% on the prior year due to the full impairment of Seachange goodwill
	
–
Underlying profit of $94.8 million, up 14% on the prior year
	
–
Basic earnings per security (Statutory) of 3.4 cps, down 78% on the prior year (30 Jun 2023: 15.8 cps) 
	
–
Basic earnings per security (Underlying) of 23.3 cps, up 14% on the prior year (30 Jun 2023: 20.4 cps) 
	
–
Operating cash flows of $82.2 million, in line with the prior year (30 June 2023: $82.5 million)
	
–
Full year distribution of 11.3 cps, up 3% on prior year (30 Jun 2023: 11.0 cps)
1	
Excludes 4 (30 June 2023: 10) settlements at Ingenia Lifestyle Coastal Palms, part of the Funds Management business.
50

Directors’ Report
For the year ended 30 June 2024 | continued 
Group results summary
Underlying profit for the financial year has been calculated as follows, with a reconciliation to statutory profit:
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Operating profit before interest and tax
127,977
109,267
Less: contractual cash flows for ground lease and financial liabilities(1)
(2,273)
(1,843)
EBIT(1)
125,704
107,424
Share of underlying joint venture profit
8,879
3,098
Net finance expense
(24,290)
(17,321)
Tax expense associated with underlying profit
(15,527)
(9,573)
Share of associate loss
–
(514)
Underlying profit(2)
94,766
83,114
Net gain/(loss) on change in fair value of:
 Investment properties(1)
57,346
6,125
 Acquisition costs
(4,190)
(4,383)
 Financial liabilities(1)
(2,185)
(2,099)
 Investment and other financial instruments
(4,030)
1,388
 Share of joint venture loss
(14,836)
(7,370)
Impairment of goodwill
(96,647)
–
Gain/(loss) on disposal of investment properties
4,694
(2,840)
Tax expense associated with items below underlying profit
(20,898)
(11,182)
Business combination transaction costs
–
1,615
Statutory profit
14,020
64,368
(1)	 EBIT has been adjusted to include movements arising from the settlement of contractual cash flows for ground leases of $1.5 million (30 June 
2023: $1.2 million) and financial liabilities of $0.8 million (30 June 2023: $0.6 million). This has been adjusted against the fair value gain/(loss) on 
investment properties and financial liabilities. Prior year comparatives have been updated to reflect this change.
(2)	 Underlying Profit is a non-IFRS measure designed to present, in the opinion of the Directors, the results from the ongoing operating activities 
in a way that appropriately reflects underlying performance. Underlying Profit excludes items such as unrealised fair value gains/(losses) and 
adjustments arising from the effect of revaluing assets/liabilities (such as derivatives and investment properties). These items are required to be 
included in statutory profit in accordance with Australian Accounting Standards.
Segment performance and priorities
The Group has five reportable operating segments. During the year, a review of the operating segment results was 
conducted, and it was determined that support costs (People & Culture, Operational Finance, Technology and the costs 
associated with the Brisbane office) previously allocated to reportable operating segments would be adjusted. Only costs 
that can be directly attributed to a reportable operating segment are included in the reportable operating segment. Any 
indirect costs have now been reallocated and included in the Corporate and Other result. Historically, costs were allocated 
based on a proportion of segment revenue as a percentage of total revenue. There is no impact to Total EBIT. Comparative 
figures have been updated to be consistent with the current methodology.
Residential
Ingenia Lifestyle Development
Development is currently underway at 16 communities and the Group has a strong development pipeline of 5,311 potential 
new home sites across 28 projects within Ingenia and the JV (30 Jun 2023: 5,778).
The Group delivered 3702 new turnkey settlements (30 Jun 2023: 318) with a further 88 (30 Jun 2023: 46) settlements in 
the JV as construction timeframes stabilised and builders became more readily available. New home settlements across the 
Group and the JV increased by 26% on FY23 and gross new home development profit increased by 36% to $89.4 million. 
During the year, the Group has deployed significant operating cashflows in developing communities and building inventory 
ahead of home settlements in FY25. The Group is continuing to experience solid demand for its lifestyle offering from 
downsizers, with positive responses to new project releases having regard to both home product offerings and pricing.
The carrying value of investment property currently under development in Lifestyle Rental at 30 June 2024 is $294.7 million 
(30 Jun 2023: $251.7 million).
2	
Includes 5 settlements at Ingenia Holidays. 
51
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Directors’ Report
For the year ended 30 June 2024 | continued 
Performance
30 Jun 2024
30 Jun 2023
Change %
Ingenia new home settlements (#)
 370 
 318 
16%
Gross new home development profit ($m)
 89.4 
 65.5 
36%
Other income(1) ($m)
 3.7 
 2.1 
76%
EBIT contribution ($m)
 59.2 
 42.3 
40%
EBIT margin (%)
 28.7 
 29.9 
(1%)
(1)	 Fee income generated by the Group from the Joint Venture relating to asset development and sales management.
Strategic priorities
The key strategic priorities for Ingenia Lifestyle Development include: accelerating activity with the launch of projects in 
existing and new markets; managing home inventory to meet market demand; securing development approvals for new 
homes in the current pipeline; enhancing home and clubhouse designs to improve efficiency and sustainability of future 
communities; delivering an outstanding experience for new residents; enhancing efficiency and productivity through 
changes to the delivery model and team structure; and improving returns through a focus on project optimisation, design 
and procurement to deliver targeted returns.
Ingenia Lifestyle Rental
At 30 June 2024, Ingenia Lifestyle Rental comprises 38 communities offering an attractive land lease community lifestyle 
for active downsizers as well as affordable all age rental accommodation. Ingenia Lifestyle Rental EBIT increased 14% to 
$45.3 million. 
During FY24, the Group continued to expand its rental assets through the settlement of 365 new homes from the 
development business and the installation of 54 new all age rental cabins, 27 of which were installed at the Brisbane North 
Rental Village. 
Residential rental income grew by 10% on the prior year driven by new rental contracts from the settlement of new homes 
and investment in new rental cabins and contractual rent increases.
The carrying value of the Lifestyle Rental investment property at 30 June 2024 is $956.1 million (30 Jun 2023: 
$868.4 million).
Performance 
30 Jun 2024
30 Jun 2023
Change %
Permanent rental income ($m)
 68.3 
 62.3 
10%
Tourism rental income ($m)
 3.3 
 2.6 
27%
Other(1) ($m)
 14.9 
 11.9 
25%
EBIT contribution ($m)
 45.3 
 39.8 
14%
EBIT margin (%)
 52.3 
 51.8 
1%
Stabilised EBIT margin(2) (%)
53.8
52.9
1%
(1)	 Income from resales, commissions, ancillary guest and resident services and deferred management fees (DMF). 
(2)	 Excludes assets under development with less than 90% of homes sold prior to 1 July 2022.
Strategic priorities
The strategic priorities for Ingenia Lifestyle Rental are: increasing engagement and experience for new and current residents; 
maintaining high occupancy and sustainable rental growth; continued strategic investment in new rental homes.
Ingenia Gardens
Ingenia Gardens comprises 19 seniors rental communities located across the eastern states of Australia. Collectively, these 
communities offer 1,020 rental units. The portfolio maintained high occupancy as a result of the continuing demand for 
affordable seniors rental accommodation.
Consistent with the Group’s focus on divesting non-core assets and recycling capital, six communities located in Western 
Australia were divested in December 2023. 
The result for the period was down 13% on prior year primarily as a result of the divestment of the 6 communities located 
in Western Australia in 1H24 and two communities in the prior year. On a comparative portfolio basis, rental growth was 
achieved at a rate aligned to growth in the aged pension. EBIT was impacted by higher staff costs driven by award wage 
increases. 
The carrying value of Ingenia Gardens assets at 30 June 2024 is $134.1 million (30 Jun 2023: $168.0 million).
52

Directors’ Report
For the year ended 30 June 2024 | continued 
Performance
30 Jun 2024
30 Jun 2023
Change %
Rental communities (#)
 19 
 25 
(24%)
Occupancy (%)
95.9
97.0
(1%)
Rental income ($m)
21.6
24.8
(13%)
Catering income ($m)
2.0
2.5
(20%)
EBIT contribution ($m)
11.6
13.3
(13%)
EBIT margin (%)
49.1
48.6
1%
Strategic priorities
The strategic priorities of Ingenia Gardens are: maintaining high occupancy rates; maintaining sustainable rental income 
growth; maintaining and improving resident engagement, satisfaction and retention; and maintaining the wellbeing and 
safety of residents.
Tourism
Ingenia Holidays and Mixed Use
At 30 June 2024, the Ingenia Holidays portfolio comprises 33 holiday communities that offer holiday accommodation, 
annual sites, permanent and rental homes. 
The Group continues to refine and consolidate the portfolio with the divestment of Ingenia Holidays Lake Hume and Ingenia 
Holidays Broulee NSW followed by the acquisition of Ingenia Holidays Old Bar Beach NSW shortly thereafter; and the 
installation of 52 new tourism cabins.
Tourism rental income increased 8% driven by continuing strong demand for domestic holiday destinations reflecting 
growth in both occupancy and rate and EBIT increased by 5% reflecting the growth in revenues offset in part by higher 
property expenses, employee expenses and costs associated with higher occupancy.
The carrying value of the Group’s Holidays investment property at 30 June 2024 is $865.8 million (30 Jun 2023: 
$757.5 million).
Performance 
30 Jun 2024
30 Jun 2023
Change %
Tourism rental income ($m)
 105.1 
 97.3 
8%
Permanent rental income ($m)
 11.6 
 11.2 
4%
Annuals rental income ($m)
 11.0 
 10.6 
4%
Other(1) ($m)
 7.1 
 7.3 
(3%)
EBIT contribution ($m)
 56.9 
 54.4 
5%
EBIT margin (%)
42.2
43.1
(1%)
(1)	 Income from commissions, ancillary guest and resident services and commercial rent.
Strategic priorities
The strategic priorities for Ingenia Holidays are: to maximise tourism revenue by leveraging marketing opportunities 
within the guest database of 1.8 million guests; direct marketing efforts to enhance the booking experience through the 
website; implementing targeted campaigns through the year; strategic use of channels to attract new customers; nurturing 
relationships with existing guests; invest in park densification to improve returns and cater to growing demand; and commit 
to delivering unique products and services that set Ingenia apart in the market. 
Capital Partnerships
Capital partnerships through co-investment and shared funding enables the Group to leverage the existing business 
platform, generate fee income and extend the Group’s asset base.
Development Joint Venture
The JV with Sun Communities (NYSE: SUI) leverages Ingenia’s capability and platform to generate fees and expands its 
development opportunities via co-investment. Once homes are sold, Ingenia provides operational services to the land lease 
communities. At completion of development, and following a holding period of not less than 5 years, Ingenia has the right 
to acquire the communities at market value. As at 30 June 2024, the JV has invested in five projects with four under active 
development.
53
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Directors’ Report
For the year ended 30 June 2024 | continued 
The JV delivered $59.3 million (30 Jun 2023: $25.8 million) of revenue from the settlement of 88 (30 Jun 2023: 46) new 
homes at three sites in NSW and QLD. Rental income increased by 65% on prior year to $1.9 million in the current period, as 
a result of new home settlements. 
Performance
30 Jun 2024
30 Jun 2023
Change %
Greenfield properties (#)
 5 
 5 
–
Investment carrying value ($m)
 76.9 
 61.8 
24%
New home settlements (#)
 88 
 46 
91%
Fee income(1) ($m)
 0.4 
 1.1 
(64%)
Joint venture revenue ($m)
 61.1 
 26.9 
127%
Joint venture operating profit ($m)
 21.4 
 8.5 
152%
Share of loss from joint venture(2) ($m) 
(6.0) 
(4.3) 
40%
(1)	 Asset management services and property services to the JV. Prior year fee income inclusive of origination fee. 
(2)	 Inclusive of the Groups 50% share of changes in the fair value of investment properties $14.8 million (30 Jun 2023: $7.4 million). Refer to Note 15 for 
further detail.
Strategic priorities
The strategic priorities for the JV are to continue to assess greenfield sites in key metro and coastal markets and to develop 
its significant portfolio of new land lease communities.
Funds Management
The Group’s funds and asset management business manages five funds that invest in lifestyle and holiday communities 
situated in NSW and QLD. The Group receives fees for the management and development of the assets and management of 
the funds.
The Group also co-invests into each of the five funds, to increase alignment with fund investors. The investment in the funds 
generates asset ownership and development revenue streams.
Performance
30 Jun 2024
30 Jun 2023
Change %
Investment carrying value ($m)
6.4
6.3
2%
Fee income ($m)
1.6
1.6
–
Distribution income ($m)
0.3
0.5
(40%)
Strategic priorities
The funds will reach the end of their contracted management terms in FY25. Management will seek to maximise investor 
returns through the wind up of the funds and asset sale process.
Food, Fuel & Beverage
The Group’s service station and food & beverage operations are adjoined to Ingenia Holidays communities, with the offering 
contributing to an enhanced guest experience and providing a service to the greater local community. 
Performance
30 Jun 2024
30 Jun 2023
Change %
Total revenue ($m)
19.3
19.3
–
EBIT contribution ($m)
1.7
1.4
21%
EBIT Margin (%)
8.9
7.2
2%
54

Directors’ Report
For the year ended 30 June 2024 | continued 
Capital management of the Group
At 30 June 2024, the Group had debt facilities with a combined limit of $905.0 million (30 Jun 2023: $780.0 million), with 
a weighted average term to maturity of 3 years, drawn to $695.9 million. The Group was able to take advantage of strong 
support for the business and increase the debt facilities available to the Group by $125.0 million, increase the tenor of 
selected facilities and negotiate improvements to selected covenants.
During the year, the JV increased its debt facilities and the Group contributed an additional $21.0 million, to fund the 
development of the four projects currently underway. 
Interest rate exposure is managed through a combination of fixed rate debt and interest rate derivatives on 46.7% of the 
drawn debt. 
The Group’s Loan to Value Ratio (“LVR”) was 32.3% (covenant 55%). 
Financial position
The following table provides a summary of the Group’s financial position as at 30 June 2024:
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Change 
$’000
Cash and cash equivalents
14,458
45,716
(31,258)
Inventories
86,467
54,147
32,320
Investment properties 
2,250,687
2,045,630
205,057
Intangibles and goodwill
5,566
102,584
(97,018)
Other assets
117,900
105,864
12,036
Assets held for sale
–
24,190
(24,190)
Total assets
2,475,078
2,378,131
96,947
Borrowings
754,153
661,668
92,485
Other liabilities
121,700
126,397
(4,697)
Deferred tax liability
89,319
53,279
36,040
Total liabilities
965,172
841,344
123,828
Net assets/equity
1,509,906
1,536,787
(26,881)
Investment property book value increased by $205.1 million from 30 June 2023 resulting from improved earnings and 
investment in capital works within communities under development and the addition of new greenfield sites adjoining 
existing communities offset in part by the realisation of value associated with the sale of homes in communities under 
development and the disposal of the Western Australia Ingenia Gardens portfolio (six communities) and land adjacent to 
Ingenia Holidays Avina.
Borrowings increased by $92.5 million attributable to the Group investing in investment properties and home inventory, the 
acquisition of development sites and investment in additional all age rental and holiday cabins across the portfolio offset 
in part by the receipt of proceeds from the sale of the six Ingenia Gardens communities in Western Australia and other 
selected asset divestments.
Following a review of the cashflows of the Lifestyle Rental and Lifestyle Development operating segments and having 
regard for the discount rate appropriate for cashflows associated with these segments it was necessary to impair the 
carrying value of goodwill of $96.6 million associated with the Seachange acquisition.
Cash flow
30 Jun 2024 
$’000
30 Jun 2023
$’000
Change
$’000 
Operating cash flow
82,195
82,497
(302)
Investing cash flow
(148,144)
(168,053)
19,909
Financing cash flow
34,691
116,786
(82,095)
Net change in cash and cash equivalents
(31,258)
31,230
(62,488)
Operating cash flow for the Group was flat year on year, $82.2 million compared to $82.5 million in prior year. Strong growth 
in cash flows from the settlement of homes and rental revenues was offset by continued investment in home inventory to 
support FY25 settlements, additional operating costs and additional borrowing costs attributable to higher interest rates 
and borrowings.
55
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Directors’ Report
For the year ended 30 June 2024 | continued 
Cash outflows from investing activities decreased by $19.9 million compared to the prior year due to lower acquisition activity 
in the current year, additional proceeds from the divestment of investment properties and one-off transaction costs settled in 
FY23, offset in part by additional expenditure on investment properties and contributions to the Joint Venture of $21.0 million 
(30 Jun 2023: nil) to further the Joint Venture projects.
Distributions
The following distributions were made during or in respect of the year:
	
–
On 20 February 2024, the Directors declared an interim distribution of 5.2 cps, amounting to $21.2 million which was paid 
on 21 March 2024.
	
–
On 20 August 2024, the Directors declared a final distribution of 6.1 cps amounting to $24.9 million, to be paid on 
19 September 2024. 
FY25 outlook
The Group’s residential communities remain well placed for ongoing expansion with the demand for quality, affordable 
residential accommodation continuing from an ageing population. Incoming residents are seeking quality community living 
and affordable rental accommodation in metro, coastal and regional markets which the Group is well placed to deliver. 
Investment in inventory and new sites will enable us to capitalise on this demand and enables the generation of long-term 
sustainable rental cash flows. Investing in new rental homes remains a key priority for the Group.
Ingenia will continue to grow its Lifestyle Rental business by building out its development pipeline, generating attractive 
returns, stable, resilient cashflows and increased scale. 
The strong demand for domestic holiday accommodation is expected to continue with Ingenia to benefit via an extensive 
portfolio of properties located in attractive holiday destinations. The priority for Ingenia Holidays is to enhance the customer 
experience by refurbishing existing cabins and investing in new tourism cabins and amenities.
The Group’s solid balance sheet and deal flow provides ongoing opportunity for growth. The Group will increase its asset 
base by accelerating development and select investment in densification to deliver targeted returns.
The Group will regularly assess market opportunities and the performance of existing assets, divesting and acquiring assets 
where superior longer-term returns are available.
Ingenia will continue to evolve the Group’s ESG strategies and initiatives to align with the Group’s strategic focus and portfolio 
growth. Over FY25, key initiatives include refinement of the Group’s emissions reduction strategies to target portfolio specific 
outcomes, including the delivery of net zero emissions (Scope 1 and 2) for the Group’s operations by 2035, the evolution of 
reporting and data collection in preparation for additional climate related financial disclosure obligations and finalisation of 
the Group’s first Reconciliation Action Plan.
Significant Changes in the State of Affairs
Changes in the state of affairs during the financial year are set out in the various reports in this Financial Report. Refer to 
Note 11 for Australian investment properties acquired or disposed of during the period and Note 19 for details of debt facility.
Events Subsequent to Reporting Date
Final FY24 distribution
On 20 August 2024, the Directors declared a final distribution of 6.1 cps amounting to $24.9 million, to be paid on 19 September 
2024.
Likely Developments
The Group will continue to pursue strategies aimed at the longer term growth of its cash earnings, profitability and market 
share within the lifestyle, rental and tourism sectors through:
	
–
Developing greenfield sites in identified growth corridors and expanding existing lifestyle and rental communities;
	
–
Continued transition from an acquirer to an efficient developer and operator in line with the Group strategy;
	
–
Ongoing co-investment through the Group’s Joint Venture to fund growth and leverage scale and capability; and
	
–
Divesting non-core assets as needed to further support investment in growth and portfolio refinement.
Detailed information about operations of the Group is included in the various reports in this financial report.
56

Directors’ Report
For the year ended 30 June 2024 | continued 
Environmental Regulations
The Group has policies and procedures in place to ensure that, where operations are subject to any particular and significant 
environmental regulation under the laws of Australia, those obligations are identified and appropriately addressed. The 
Directors have determined that there has not been any material breach of those obligations during the financial year.
Group Indemnities
The Group has purchased various insurance policies to cover a range of risks (subject to specified exclusions) for directors, 
officers and employees of the Group serving in their respective capacities. Key insurance policies include: directors and 
officers insurance, professional indemnity insurance and management liability insurance.
Indemnification of Auditor
To the extent permitted by law, the Company has agreed to indemnify its auditor, Ernst & Young, as part of the terms of its 
audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment 
has been made to indemnify Ernst & Young during or since the reporting period.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on 
page 73.
Non-Audit Services
During the year, non-audit services were provided by the Group’s auditor, Ernst & Young. The directors are satisfied that the 
provision of the non-audit services is compatible with, and did not compromise, the independence for auditors imposed by 
the Corporations Act 2001 for the following reasons:
	
–
the non-audit services were for taxation, regulatory and assurance related work, and none of this work created any conflicts 
with the auditor’s statutory responsibilities;
	
–
the Audit, Risk and Sustainability Committee resolved that the provision of non-audit services during the financial year 
by Ernst & Young as auditor is compatible with, and did not compromise, the auditor independence requirements of the 
Corporations Act 2001;
	
–
the Board’s own review conducted in conjunction with the Audit, Risk and Sustainability Committee, having regard to the 
Board policy set out in this Report, concluded that it is satisfied the non-audit services did not impact the integrity and 
objectivity of the auditors; and 
	
–
the declaration of independence provided by Ernst & Young, as auditor of ICH. 
Refer to Note 30 of the financial statements for details on the audit and non-audit fees.
Rounding Amounts
ICH is an entity of the kind referred to in ASIC Instrument 2016/191, and in accordance with that Class Order, amounts in the 
financial report and Directors’ Report have been rounded to the nearest thousand dollars, unless otherwise stated.
Signed in accordance with a resolution of the Directors of the Responsible Entity.
Jim Hazel 
Chairman 
Adelaide, 20 August 2024
57
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

On behalf of the Board and the Remuneration and Nomination Committee (“RNC”), 
I am pleased to present our Remuneration Report for the year ended 30 June 2024.
Sally Evans 
Chair, Remuneration and Nomination Committee
Ingenia has delivered a solid outcome for FY24 where we have continued to focus on driving value through the development 
business. The Group’s result exceeded FY24 guidance, with EBIT up 17% and underlying profit up 14% on prior year. A 
material increase in new home settlements was achieved as development accelerated. Our residential communities are 
continuing to deliver stable recurring rental income as the portfolio benefits from ongoing demand and high occupancy 
levels. A large portion of the land lease rental base achieved CPI plus rent growth and occupancy remains high across all age 
rental communities and Ingenia Gardens (at 99% and 96% respectively). Ingenia has more than 9,000 rent generating sites 
with communities continuing to meet the growing demand for housing affordability and an ageing population.
The Group’s Holiday Parks continue to experience strong demand with solid performance and forward bookings remaining 
elevated as families continue to be attracted to the ease and relative affordability of domestic drive travel. Outlook for 
the Holidays business remains robust with long-term fundamentals supporting ongoing growth across eastern seaboard 
locations.
This year has also seen significant evolution for the business from growth through acquisition to operational and 
development excellence. Furthermore, we welcomed our new CEO, John Carfi, to the business and farewelled founding CEO 
Simon Owen. Importantly we have continued to invest in and develop our people, be a leader in diversity, operate in a safe 
and responsible manner and invest in technology to support scale. 
SETTLEMENTS 
462
(+24% over FY23)
EBIT 
$125.7M
(+17% over FY23)
DIVERSITY
WGEA Pay Gap 
<5% & Top 3 of the 
ASX 3oo in gender 
representation
PEOPLE
Engagement survey 
results remained 
consistent
SAFETY
Lost Time Injury 
Frequency Rate (LTIFR) 
1% better than industry 
benchmark
Remuneration outcomes for FY24
No change to fixed remuneration, STI or LTI opportunity has been made for Mr Carfi and Mr Mitchell. Ms Kwok received a 
fixed pay increase from $500,000 to $550,000 per annum effective 28 August 2023.
STI outcomes consider both qualitative and quantitative metrics with the financial metrics being delivered above market 
guidance. Value driver goals are set across Strategy & Innovation and People and together with an overlay of Safety & Risk 
Management and delivery of our ESG initiatives are also considered in determining STI outcomes. 
Given our performance, FY24 STIs were awarded to KMPs at 79% of maximum. The Board determined the profit 
sustainability threshold had been met to allow FY22 deferred STI Rights to vest in full.
As foreshadowed in last year’s remuneration report, the FY21 LTI award did not meet performance threshold and therefore 
lapsed. The FY22 LTI award will be formally tested on 1 October 2024 and disclosed in the FY25 Remuneration Report, 
however indicative forecast suggests these will vest around 15% - 20%. 
FY24 NED Board and committee fees increased on average by 3% to remain aligned with the benchmark peer group.
Remuneration 
Report
Directors’ Report
For the year ended 30 June 2024 | continued 
58

Strike against the FY23 Remuneration Report
The Board acknowledges Ingenia Communities’ first ever strike against our FY23 Remuneration Report and has given 
significant thought and consideration to the feedback received and is committed to addressing these matters. The Board 
engaged extensively with major securityholders and proxy advisors to understand key concerns with our remuneration 
framework and its application. Section 2 details the concerns raised and how we have responded.
We have also sought to enhance the readability of the 2024 Remuneration Report by changing its structure, to ensure we 
have responded clearly to concerns raised and provided transparent disclosure. We continue to engage with stakeholders 
and welcome further feedback on our FY24 Remuneration Report as we work to enhance our remuneration framework and 
disclosures. 
Executive Changes 
The FY24 period has seen significant change in our executive team which reflects our evolution and growth as we move 
from a period of accumulation and acquisition funded through new capital, to the next phase of our growth through 
execution of organic investment and asset recycling. Maintaining an engaged and focused executive team during a year of 
transition has been a priority for the Board.
In July 2023, Mr Justin Mitchell was appointed as Chief Financial Officer. Mr Mitchell brings to the role extensive financial, real 
estate, and operating experience, built over a career across property, corporate finance, and professional services.
In November 2023, founding Managing Director and Chief Executive Officer, Mr Simon Owen, advised the Board of his 
intention to step down after more than 14 years in the role. Mr Owen played a pivotal role in developing the land lease 
sector in Australia and guided Ingenia’s growth from a market capitalisation of $30 million to over $1.7 billion. Mr Owen’s 
entitlements on separation are set out in section 7 and are in accordance with his contractual terms and the normal 
operation of our incentive plans.
Given the departure of our long-standing founder CEO, the Board gave significant consideration to the preservation of 
well recognised executive talent through this period of transition and determined a one-off transition award of Rights was 
appropriate for Ms Kwok and Mr Mitchell, which are subject to minimum securityholding requirements. Details on the awards 
appear in section 7.
In January 2024, we were delighted to announce the appointment of Mr John Carfi as Chief Executive Officer, who brings 
significant large corporate leadership experience and extensive real estate expertise including at two of Australia’s leading 
property companies, Lendlease Group and Mirvac.
Our People & Culture
The Committee recognise Ingenia’s people and culture as a strong point of operational advantage in an increasingly 
competitive market segment. We take a holistic approach to driving people performance through investment in building 
capabilities, career development, and succession planning, in addition to ensuring we are remunerating our people 
responsibility. We are proud of our achievements in FY24 including: maintaining a solid employee engagement level 
through a significant leadership and operating transition period for the business; our position on gender diversity including 
our gender pay gap as measured by WGEA at less than 5%; and, for the seventh year, we awarded our people with 
Ingenia securities via the INVEST Plan. The INVEST Plan creates a strong connection between our people and business 
performance, with 99% of eligible team members holding INA securities.
As announced to the market, we have continued the process of Board renewal, ensuring an appropriate range of Director 
diversity, skills and expertise aligned to the evolution of the business.
Looking ahead
The RNC continues to review our people practices, remuneration framework and performance metrics to ensure we focus 
on delivery of value to all stakeholders. Our focus for the new year will include further refinement of our STI metrics and 
consideration of the LTI design aligned to our five-year plan.
Directors’ Report
For the year ended 30 June 2024 | continued 
59
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited)
The Board is pleased to present the Remuneration Report for the Group for the year ended 30 June 2024, which forms 
part of the Directors’ Report and has been prepared in accordance with section 300A of the Corporations Act 2001 (Cth) 
(Corporations Act). The data provided in the Remuneration Report was audited as required under section 308(3C) of the 
Corporations Act.
Contents
Section
Page
1
Key Management Personnel
60
2
Response to FY23 Remuneration Report Strike
61
3
Remuneration At a Glance
62
4
Remuneration Outcomes
63
5
Long Term Incentives
65
6
Non-Executive Director Remuneration
67
7
Executive KMP Employment Contracts
68
8
Statutory Tables
69
 
1.	
KEY MANAGEMENT PERSONNEL
KMP of the Group for the year ended 30 June 2024 are as follows:
KMP
Position
Term
Non-Executive KMP
Jim Hazel
Chairman
Full year
Robert Morrison
Deputy Chairman
Full year
Pippa Downes
Director
Full year
Gregory Hayes
Director
Full year
Sally Evans
Director
Full year
Lisa Scenna
Director
Appointed, effective 1 May 2024
Shane Gannon
Director
Appointed, effective 28 June 2024
Simon Shakesheff
Director
Appointed, effective 28 June 2024
John McLaren
Director
1 July 2023 to 2 November 2023
Amanda Heyworth
Director
1 July 2023 to 20 June 2024
Executive KMP
John Carfi
Chief Executive Officer
Appointed, effective 1 April 2024
Justin Mitchell
Chief Financial Officer
Appointed, effective 10 July 2023
Natalie Kwok
CIO & General Counsel
Full year
Simon Owen
Chief Executive Officer (1)
1 July 2023 to 31 March 2024
(1)	 Mr Owen was Managing Director for the period 1 July 2023 to 21 February 2024 and CEO for the period 1 July 2023 to 31 March 2024, with the 
appointment of the new CEO effective 1 April 2024. Mr Owen remained in service through to 30 June 2024.
Directors’ Report
For the year ended 30 June 2024 | continued 
60

Remuneration Report (Audited) (continued) 
2.	
RESPONSE TO STRIKE
At the November 2023 Annual General Meeting (AGM), some concerns were expressed regarding our executive 
remuneration arrangements, with 35% of votes cast against the FY23 Remuneration Report, constituting a first strike under 
the Corporations Act. The Board has an established engagement program which involves regular meetings with our largest 
securityholders. We value the feedback obtained through these meetings. As shared during this process we are committed 
to increasing transparency in our reporting. 
The table below summarises the key concerns raised and outlines our response.
Feedback
Response
Disclosure on Short Term Incentives
Lack of disclosure 
of STI performance 
targets and 
outcomes making 
results difficult to 
reconcile.
Whilst acknowledging some improvement to STI disclosure over the prior year, it was noted by 
stakeholders to be inadequate.
As foreshadowed prior to our 2023 AGM, we have enhanced our disclosure of FY24 STI 
outcomes in this year’s remuneration report.
In section 4.2 of this report, disclosure of performance against the FY24 STI scorecard is 
provided including weightings, targets, outcomes, and commentary on achievements.
Use of Discretion
Application of 
positive discretion 
for the CEO STI 
outcome was not 
considered aligned 
to securityholder 
outcomes.
Last year, Board discretion was used to adjust the weightings of the STI scorecard in-year, 
to ensure executives were focused on the appropriate matters, reflecting the changing market 
conditions. This discretion resulted in increased FY23 STI outcomes.
In the Board’s judgement, this use of in-year discretion had a positive impact on overall 
securityholder outcomes. However, it does accept the feedback that final STI outcomes were 
high relative to securityholder experience.
The Board will continue to consider the appropriateness of STI outcomes in the future, in line 
with its discretion framework. 
Ex-gratia payment to former CFO
Insufficient 
rationale for 
former CFO 
ex-gratia payment.
Mr Noble was a long-standing executive, and the ex-gratia recognised his commitment and 
successful tenure as CFO through a key growth phase of the business. We acknowledge the 
sentiment was not aligned with market expectations and not a practice we anticipate applying in 
the future.
Directors’ Report
For the year ended 30 June 2024 | continued 
61
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited) (continued)
3.	
REMUNERATION AT A GLANCE
Ingenia’s remuneration framework is designed to deliver fair and responsible pay outcomes in delivery of strategic and 
operational objectives, to provide long-term value for securityholders. The components of the framework, and their link to 
Group performance, is outlined below:
Principles
Remuneration Component
Link to performance
Market competitive 
fixed remuneration 
is paid to attract, 
retain, and 
motivate high 
calibre executives 
that can execute 
Group strategy.
Total Fixed Remuneration (TFR) 
Annual salary, calculated on a total cost basis 
to include salary-packaged benefits grossed up 
for FBT, employer superannuation contributions, 
Fixed Remuneration Rights (FRR) and other 
non-cash benefits that may be agreed from time 
to time.
Competitive fixed remuneration is 
determined with support of external 
benchmarking and having regard for the 
complexity and scope of the role, and the 
responsibilities, skills, and performance that 
the executive brings.
A significant 
portion of 
remuneration 
should be ‘at risk’ 
and awarded 
to executives 
based on the 
achievement of 
agreed objectives 
and hurdles.
Remuneration 
should be aligned 
to the interests of 
all securityholders 
and build 
ownership and 
alignment.
The Board 
maintains sole 
discretion over 
the granting of 
equity rights as 
remuneration to 
employees.
Short-Term Incentive (STIs)
Subject to the performance against the 
prescribed objectives, any STI payable is 
delivered as follows:
CEO: one-third cash and two-thirds 
deferred equity rights.
CFO and CIO & GC: 50% cash and 50% 
deferred equity rights. 
STI equity rights are deferred for 12 months. 
The deferral element is rights to INA stapled 
securities. 
STI equity rights vest subject to a Board 
assessment and a malus provision during the 
deferral period where Rights may be forfeited if 
underlying earnings growth is not sustainable or 
circumstances set out in the Rights Plan Rules 
occur (such as fraud, dishonesty, a breach of 
obligations or material misstatement of Ingenia’s 
financial position). 
Entering each financial year, a scorecard of 
financial and value driver metrics is approved 
by the Board, with the intention of reflecting 
key objectives for that year.
These measures typically reflect financial 
performance, innovation and strategy, 
customer, and people, and require 
performance above a threshold level to be 
achieved to trigger a payment. 
An assessment of safety and risk 
management, as well as performance against 
our ESG strategy, is considered as part of STI 
performance.
Long-Term Incentive (LTIs)
The LTI is designed to encourage delivery of the 
strategy, and to provide alignment with long-
term securityholder outcomes.
The LTI is delivered in performance rights, and 
subject to performance measures assessed over 
a three-year period. 
LTI performance conditions are four equally 
weighted measures as follows:
	
–
Relative Total Securityholder Return (TSR) 
measured over three financial years.
	
–
Return on Equity (ROE) performance 
measured in the third year following the 
LTI grant.
	
–
Underlying Earnings per Security (EPS) 
growth over three financial years. 
	
–
Group settlements growth measured in 
the third year following the LTI grant. 
Furthermore, the Board recognises the importance of aligning executives and directors’ interests with the long-term 
interests of Ingenia’s securityholders and have in place a minimum securityholding requirement. Executives and 
Non-Executive Directors are required to acquire, and thereafter maintain, a minimum securityholding level in Ingenia 
securities. The minimum securityholding level is 100% of their Fixed Pay or Base Fees. 
While the RNC obtained independent advice from remuneration consultants in FY24, no remuneration recommendations 
(as defined in the Corporations Act 2001 (Cth)) were provided.
Directors’ Report
For the year ended 30 June 2024 | continued 
62

Remuneration Report (Audited) (continued)
4.	
REMUNERATION OUTCOMES
4.1.	 Financial performance
The table below sets out further information about the Group’s earnings and movement in security holder wealth and the 
level of remuneration awarded to KMP for the five years to 30 June 2024: 
FY20
FY21
FY22
FY23
FY24
Financial results 
Revenue ($'000)
244,209
295,578
338,146
394,468 
472,292
EBIT ($’000)(1)
71,892
94,351
101,736
107,424 
125,704 
Underlying profit ($'000)(1)
59,109
77,234
87,856
83,114
94,766
Statutory profit ($'000)
31,452
62,639
95,798
64,368
14,020 
Security based metrics
Underlying (Basic) EPS(1) (2) (cents)
22.1
23.6
 23.3
20.4
23.3 
Statutory (Basic) EPS(2) (cents)
11.8
19.2
 25.4
15.8 
3.4 
Underlying ROE (%)(1) (3)
7.9
8.0
6.8
5.4
6.1
Statutory ROE (%)
4.2
6.5
7.4
4.2
0.9
Net asset value per security ($)
2.90
3.00
3.72
3.77
3.70
Security price at 30 June ($)
4.49
6.14
3.98
3.98
4.78
Distributions per security (cents)
10.0
10.5
11.0
11.0
11.3
Remuneration awards
Average STI awarded to KMP (%)
66.3
76.9
79.3
68.3
79.0
Average LTI vested (%)(4)
79.8
70.0
86.7
40.0
Nil
(1)	 EBIT, Underlying Profit and Underlying ROE for FY23 and FY24 has been adjusted to include movements arising from the settlement of contractual 
cash flows from ground leases and financial liabilities.
(2)	 Basic earnings per security is based on the weighted average number of securities on issue during the period.
(3)	 Underlying ROE is calculated as underlying profit divided by average net assets. The Underlying ROE performance hurdle for LTIPs is adjusted to 
remove the impact of investment property valuations on net assets over the vesting period.
(4)	 Average LTI vested relates to grants from previous years.
Directors’ Report
For the year ended 30 June 2024 | continued 
63
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited) (continued) 
4.2.	Performance against FY24 STI Scorecard 
We expect the executives to operate with strong due diligence, minimising risk and enhancing safety initiatives. 
Safety and Risk Management is modifier which reduces overall outcomes if standards are not achieved.
After considering outcomes for FY24, no adjustment to STI outcomes is considered appropriate.
SAFETY & RISK MANAGEMENT
EBIT GROWTH
Up 17% compared to FY23
25%
25%
EPS
Up 14% compared to FY23
EBIT GROWTH
Up 17% compared to FY23
20%
SETTLEMENTS
Up 24% compared to FY23
Our ESG Strategy seeks to address all material areas of sustainability performance recognising these matters 
are dynamic, complex and often interconnected. We have progressed with our initial Reconciliation Action Plan 
reflect statement; finalised sustainable development guidelines for new communities; progressed with our Green 
Star Community in VIC and invested in renewable energy rollout including solar, LED and geothermal heating.
After considering outcomes for FY24, no adjustment to STI outcomes is considered appropriate.
ESG
10%
PEOPLE
Our people and capability strategy has delivered 
exceptional outcomes with retention of our top talent at 
93% and our internal promotion rates hitting well above 
our target range, signalling our investment in leadership 
and capability development is yielding value. Gender 
diversity remains a core strength with Ingenia ranking in 
the top companies for Women in Executive Roles (CEW 
Census). We have maintained the HESTA 40/40/20 
gender targets at Director and Executive level and our 
overall gender pay gap, as measured by WGEA, is within 
the high performing range of less than 5%. Over a year 
of significant change our culture and engagement scores 
have held strong and remain consistent on the prior year.
20%
STRATEGY & INNOVATION
The Group has continued to focus on capital recycling 
to fund growth in the land lease business. This included 
the divestment of the WA Garden Village portfolio. In 
addition, the Group increased its debt capacity by $125 
million and extended the maturity of existing facilities. 
During the year Ingenia strategically invested in the 
holidays and rentals businesses to enhance returns by 
undertaking conversions and increasing density. 
METRIC
WEIGHT
THRESHOLD
STRETCH
OUTCOME
10%
20.8 cps
409
19%
23.8 cps
475
79%
83%
80%
65%
90%
79%
Percentage of Maximum STI Outcome:
17%
23.3
462
Directors’ Report
For the year ended 30 June 2024 | continued 
64

Remuneration Report (Audited) (continued)
Name
FY24 
STI - Cash 
Component
FY24 
STI - Equity 
Component 
% of 
Maximum 
STI forfeited
J. Carfi 
$79,000 
$158,000 
21%
J. Mitchell 
$168,389 
$168,389 
21%
N. Kwok
$130,350 
$130,350 
21%
S. Owen
$289,667 
$579,333 
21%
The equity component of the FY24 STI is deferred into rights to INA stapled securities, for a period of 12 months.
5.	
LONG-TERM INCENTIVES
5.1.	 Vesting
The FY21 LTIP was subject to two equally weighted performance metrics, Relative Total Securityholder Return and 
Underlying Return on Equity. These metrics were tested on 1 October 2023 and did not achieve threshold performance level 
to vest. 
5.2.	Long-Term Incentive Plan (LTIP)
The objective of the Group’s LTIP is to align the ‘at risk’ compensation of executives with long-term securityholder returns 
whilst also acting as a mechanism to retain key talent. 
FY24 LTIP Rights will vest subject to the following Performance Conditions, consistent with the grant of rights to Mr Owen 
approved by securityholders at the November 2023 Annual General Meeting.
Relative TSR Performance Condition (25%)
The relative TSR performance condition assesses INA’s percentile performance ranking against the constituents of the S&P/
ASX 200 A-REIT Index. 
TSR is the growth in the security price plus distributions, assuming distributions are reinvested. To minimise the impact of 
any short-term volatility, lngenia’s TSR will be calculated using the volume-weighted average of the closing security price 
over the 30 days up to and including the trading day prior to the start and the 30 days up to and including the end trading 
day of the LTI Performance Period (being from 1 October 2023 to 30 September 2026). Performance will be measured 
relative to the TSR of companies comprising the S&P/ASX 200 A-REIT Index over 3 years.
INA’s TSR
% of LTIP Rights that vest
Below Threshold
Less than 50th percentile
Nil
At Threshold
At 50th Percentile
50%
Between Threshold and Maximum
Greater than 50th percentile but less than 
75th percentile
50% plus an additional amount 
progressively vesting on a straight-line 
basis between Threshold and Maximum
Maximum
At 75th percentile or above
100%
ROE Performance Condition (25%)
The ROE Performance Condition is intended to focus executive KMP on improving medium to long-term return on investment.
ROE is defined as underlying profit (as disclosed in annual reports) divided by the weighted average net assets (excluding 
the impact of asset revaluations on net assets between the FY24 LTIP Rights issue date and the FY24 LTIP Rights vesting 
date). The Board has discretion to exclude the dilutive impact of acquisitions or capital raisings that are considered in the best 
interests of the company if these occur within the final 12 months of the performance period. Any discretion applied will be 
disclosed. For FY24, the relevant metric is ROE achieved for FY26 on the following basis:
ROE
% of LTIP Rights that vest
At or below Threshold
Less than 6%
Nil
Between Threshold and Maximum
Between 6% and 9%
10% plus an additional amount 
progressively vesting on a straight-line 
basis between Threshold and Maximum
Maximum
Equal to or greater than 9%
100%
Directors’ Report
For the year ended 30 June 2024 | continued 
65
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited) (continued)
EPS Performance Condition (25%)
EPS is defined as underlying profit (as disclosed in annual reports) divided by the weighted average number of securities 
over the financial year. The Board has discretion to exclude the dilutive impact of acquisitions or capital raisings that are 
considered in the best interest of the company if these occur within the final 12 months of the performance period. Any 
discretion applied will be disclosed. The relevant metric is Compound Underlying EPS Growth for the period FY23 to FY26 
with the FY23 base year Underlying EPS being 20.8 cents per security.
Compound underlying EPS growth
% of LTIP Rights that vest
Below Threshold
Less than 5%
Nil
At Threshold
At 5%
30%
Between Threshold and Maximum
Between 5% and 9%
30% plus an additional amount 
progressively vesting on a straight-line 
basis between Threshold and Maximum
Maximum
Greater than 9%
100%
Group Settlements Growth Performance Condition (25%)
Group Settlements Growth focuses on growing sales revenue and the creation of new yielding rental contracts across 
the Group from INA and the Development Joint Venture with Sun Communities. The hurdle measures the average annual 
growth in settlements of INA and the Development Joint Venture being measured over a three-year period ending on 
30 June 2026, with 364 settlements from the base year ended 30 June 2023.
INA Group Settlements Growth
% of LTIP Rights that vest
At or below Threshold
5% average annual growth over 3 years 
from base year (the year ended 30 June 
2023)
Nil
Between Threshold and Maximum
Between 5% and 10% average annual 
growth
10% plus an additional amount 
progressively vesting on a straight-line 
basis between Threshold and Maximum
Maximum
>10% average annual growth
100%
The number of LTIP Rights granted in FY24 was calculated by dividing the LTIP award by the 30 day VWAP (volume 
weighted average price) of Ingenia securities in the trading period ending on 1 October 2023.
5.3.	 General Terms
Particular events may affect the grant and vesting of equity awards (both deferred STI component and LTIP). The table 
below outlines how these grants may be treated; noting the Board, at all times, maintains an overriding discretion with 
respect to the incentive plans:
Cessation of 
employment
Where a participant holding unvested Rights ceases to be an employee of the Group, the 
participant may continue to hold those unvested Rights unless or until the Board exercises a 
discretion to determine that some or all Rights:
	
–
lapse;
	
–
are forfeited;
	
–
vest (immediately or subject to conditions);
	
–
are only exercisable for a specified period, and will otherwise lapse; or
	
–
are no longer subject to some of the restrictions (including vesting Conditions) that previously 
applied. 
Directors’ Report
For the year ended 30 June 2024 | continued 
66

Clawback
Where, in the opinion of the Board, a Participant or former Participant acts fraudulently or 
dishonestly, or is in breach of his or her obligations to the Group or is knowingly involved in a 
material misstatement of financial statements, the Board may determine the conditions and/or 
period applying to the Rights should be altered or reset (as the case may be);
	
–
all or any Rights of the Participant that have not vested shall lapse;
	
–
all or any Rights of the Participant that have vested and have not been exercised shall lapse;
	
–
all or any Ingenia Securities held by the Participant following exercise of Rights are forfeited; 
and/or where Ingenia Securities that have been allocated to the Participant following vesting 
and exercise of Rights have been sold, that the Participant must repay all or part of the net 
proceeds of such a sale to Ingenia.
Change of Control
The Board may, in its absolute discretion, determine whether: 
	
–
some or all unvested Rights vest or lapse (whether subject to Conditions or not); or
	
–
some or all of the unvested Rights remain subject to the applicable Conditions (or substitute 
Conditions),
	
–
having regard to any matter the Board considers relevant, including, without limitation, the 
circumstances of the Event, the extent to which the applicable Conditions have been satisfied 
and/or the proportion of the Period that has elapsed at that time.
If an Event occurs after Rights vest, all vested Rights will be automatically exercised.
If an Event occurs after Rights vest, all Ingenia Securities issued or transferred (as applicable) on 
exercise of the Rights that remain subject to a trading restriction under the Plan will be released 
from restriction.
Vesting
Upon the exercise of vested Rights, Ingenia will grant the relevant number of Ingenia securities 
to the participant. No amount is payable by the executive KMP for the grant of Ingenia securities.
6.	
NON-EXECUTIVE DIRECTORS’ REMUNERATION
The Group’s remuneration policy for Non-Executive Directors aims to ensure that the Group attracts and retains suitably 
skilled and experienced individuals to serve on the Board and to remunerate them appropriately for their time, expertise and 
responsibilities and liabilities as public company directors. 
The Remuneration & Nomination Committee is responsible for reviewing and recommending to the Board any changes to 
Board and Committee remuneration, considering the size and scope of the Group’s activities and the responsibilities and 
liabilities of directors. In developing its recommendations, the Committee may take advice from external consultants.
NEDs are remunerated by way of cash and mandated superannuation. They do not participate in performance-based 
remuneration plans. 
The Board has introduced a policy guideline for NEDs (and Executives) to hold the equivalent of one year’s gross fees in 
Ingenia securities within a period of three years from the date of appointment. All independent NEDs have self-funded the 
purchase of Ingenia securities on market as shown below in section 6.2.
6.1.	 Non-Executive Directors’ Fees
The maximum aggregate fee pool available to NEDs is $1,600,000 as approved at the November 2022 AGM. The NED fees 
are reviewed annually with any changes effective 1 December. Annual NED fees, inclusive of superannuation, are detailed 
below:
1 Dec 2023
1 Dec 2022
Chairman
$260,500
$252,000
Non-Executive Director
$124,100
$120,000
Deputy Chairman
$23,750
$23,000
Committee Chair
$23,750
$23,000
Committee Member
$11,900
$11,500
Remuneration Report (Audited) (continued) 
Directors’ Report
For the year ended 30 June 2024 | continued 
67
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited) (continued) 
6.2.	Non-Executive Directors’ Remuneration
The following table outlines the remuneration provided to NEDs for FY24 and FY23, inclusive of superannuation. 
All Directors are compliant with the minimum securityholding policy. Total remuneration paid to Directors in FY24 
was $1,055,054.
NEDs – Directors’ fees
FY24
($)
FY23
($)
Jim Hazel
256,958
247,000
Robert Morrison
181,000
172,500
Amanda Heyworth
142,161
140,083
Pippa Downes
157,563
149,917
Gregory Hayes
134,125
127,333
Sally Evans
157,563
143,875
Lisa Scenna
24,650
–
Shane Gannon
517
–
Simon Shakesheff
517
–
Total
1,055,054
980,708
In addition to the above fees, all NEDs receive reimbursement for reasonable travel, accommodation and other incidental 
expenses incurred while undertaking Ingenia business.
7.	
EXECUTIVE KMP EMPLOYMENT CONTRACTS
Contract terms
The CEO and other Executive KMP are on rolling contracts until notice of termination is given by either Ingenia Communities 
Group or the relevant Executive KMP. The notice period for the CEO and other Executive KMP is twelve and six months 
respectively. In appropriate circumstances, payment may be made in lieu of notice, which would include pro rata fixed 
remuneration and statutory entitlements. 
Other contract terms are noted below:
John Carfi
Justin Mitchell
Natalie Kwok
Fixed remuneration
Total fixed remuneration includes cash salary, superannuation, and other non-cash benefits.
$1,200,000
$725,000
$550,000
Variable remuneration(1)
	
–
Eligible for STI of up 
to 100% for any one 
year of the fixed annual 
remuneration, of which 
two-thirds is in the form of 
deferred equity.
	
–
Eligible for LTI of up to 
100% for any one year of 
fixed annual remuneration.
	
–
Eligible for STI of up to 
60% for any one year of 
fixed annual remuneration, 
of which 50% is in the form 
of deferred equity.
	
–
Eligible for LTI of up to 
60% for any one year of 
fixed annual remuneration.
	
–
Eligible for STI of up to 60% 
for any one year of fixed 
annual remuneration, of 
which 50% is in the form of 
deferred equity.
	
–
Eligible for LTI of up to 60% 
for any one year of fixed 
annual remuneration.
Notice period
12 months
6 months
6 months
Non-compete period
12 months
12 months 
12 months
Non-solicitation period
12 months
12 months
12 months
(1)	 The Board may withdraw or vary the STI and LTI schemes at any time by written notice to the Executive, provided the scheme will not be varied or 
withdrawn part way through a financial year in respect of that same financial year.
7.1.	 Entitlement to former MD & CEO on separation
On 1 July 2024, Mr Owen, separated after serving seven of his twelve months’ notice period. Mr Owen received his contractual 
entitlements which include:
	
–
The balance of five months’ notice period, being $452,721 (gross).
	
–
Accrued statutory annual leave and long-service leave entitlements. 
FY23 deferred STI Rights, FY24 deferred STI Rights, and unvested LTI Rights will remain on foot, with no accelerated vesting 
outcomes. The maximum remaining expense for future years of $1,043,856 has been accelerated and recognised in full during 
FY24 in accordance with accounting standards. There are no additional termination benefits being provided to Mr Owen.
Directors’ Report
For the year ended 30 June 2024 | continued 
68

Remuneration Report (Audited) (continued) 
7.2.	 Current CEO Commencement & KMP Transition arrangements
Mr Carfi commenced as CEO on 1 April 2024. A summary of his key employment arrangements was disclosed to the ASX on 
16 January 2024. This included a grant of 236,995 Rights issued under the FY24 LTI Plan approved at the November 2023 
AGM.
Recognising the risk associated with the departure of Mr Owen, and a focus on the need for business continuity, the Board 
considered it appropriate to issue a one-off incentive to Ms Kwok, being 104,278 Rights and to Mr Mitchell, being 137,458 
Rights, of which vesting testing occurs at 50% in October 2025 and the balance in October 2027. The Rights vesting conditions 
include individual performance against KPIs and include a malus provision. These grants are subject to the minimum 
securityholding policy.
On commencement in July 2023, Mr Mitchell was granted 59,249 Rights in recognition of him forfeiting a cash incentive on 
joining Ingenia. These Rights vest in FY25 and are subject to individual performance against KPIs, include a malus provision and 
are subject to the minimum securityholding policy.
8.	
STATUTORY TABLES
8.1.	 Ingenia Communities Group equity held by key management personnel
The table below shows securities held indirectly or beneficially by each KMP, including their related parties (excluding unvested 
equity holdings where applicable – refer to section 8.2 and Note 31). This table highlights the direct exposure that each Director 
and executive KMP has to the Ingenia Communities security price.
Balance
1 July 2023
Acquisitions
Exercise of 
Rights
Disposals
Balance 
30 June 2024
Non-Executive KMP
Jim Hazel
439,445
–
–
–
439,445 
Robert Morrison
254,528
–
–
–
254,528 
Pippa Downes
40,868
–
–
–
40,868
Gregory Hayes
20,000
12,000
–
–
32,000
Sally Evans
39,052
4,830
–
–
43,882
Amanda Heyworth(1)
224,736 
–
–
–
224,736
John McLaren(2)
41,779,555 
–
–
(41,779,555)
–
Lisa Scenna(3)
–
–
–
–
–
Shane Gannon(4)
–
–
–
–
–
Simon Shakesheff(4)
–
–
–
–
–
Executive KMP
John Carfi
–
–
–
–
–
Justin Mitchell
–
–
–
–
–
Natalie Kwok
59,899
–
12,322
–
72,221
Simon Owen(5)
1,392,976
6,400
–
–
1,399,376
(1)	 Ms Heyworth was a Director for the period 1 July 2023 to 20 June 2024. The movement disclosed is for the period up to 20 June 2024. 
(2) 	 Mr McLaren was a Director for the period 1 July 2023 to 2 November 2023. The movement disclosed is for the period up to 2 November 2023. The 
securities held by Mr McLaren were beneficially owned by Sun Communities. 
(3) 	Ms Scenna was appointed as a Director, effective 1 May 2024. The movement disclosed is from the date of commencement.
(4) 	 Mr Gannon and Mr Shakesheff were appointed as Directors, effective 28 June 2024. The movement disclosed is from the date of commencement.
(5) 	 Mr Owen was deemed to be KMP for the period 1 July 2023 to 31 March 2024. The movement disclosed is for the period up to 31 March 2024. 
Directors’ Report
For the year ended 30 June 2024 | continued 
69
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited) (continued) 
8.2.	Unvested Rights
The below table summarises the Rights granted to date and not vested at 30 June 2024. 
Grant
Grant Date
Vesting date
Number of 
Rights 
Fair value 
of Rights at 
grant
Maximum 
expense in 
future years
John Carfi
FY24 LTIP
2-Apr-24
1-Oct-26
236,995
$681,048
$510,786
Justin Mitchell
FY24 TRG
1-Oct-23
10-Jul-24
59,249
$250,000
$7,692
FY24 TRG - Tranche 1
1-Oct-23
1-Oct-25
68,729
$289,637
$181,023
FY24 TRG - Tranche 2
1-Oct-23
1-Oct-27
68,729
$290,444
$235,986
FY24 LTIP
1-Oct-23
1-Oct-26
103,093
$232,923
$174,692
Natalie Kwok
FY23 STIP
1-Oct-23
1-Oct-24
26,662
$112,500
$12,500
FY24 TRG - Tranche 1
1-Oct-23
1-Oct-25
52,139
$219,724
$137,327
FY24 TRG - Tranche 2
1-Oct-23
1-Oct-27
52,139
$220,336
$179,023
FY22 LTIP
1-Oct-21
1-Oct-24
30,749
$142,221
–
FY23 LTIP
1-Oct-22
1-Oct-25
70,828
$189,656
$79,023
FY24 LTIP
1-Oct-23
1-Oct-26
78,209
$176,702
$132,526
Simon Owen
FY24 FRR
17-Nov-23
30-Jun-24
56,879
$240,000
–
FY23 STIP
1-Oct-23
1-Oct-24
96,588
$407,550
–
FY22 LTIP
11-Nov-21
1-Oct-24
116,805
$540,248
–
FY23 LTIP
17-Nov-22
1-Oct-25
206,950
$554,150
–
FY24 LTIP
17-Nov-23
1-Oct-26
260,695
$589,001
–
Total
1,585,438
$5,136,140
$1,650,578
Upon his resignation, Mr Owen’s unvested Rights remained on foot and are subject to the natural performance hurdles. 
The maximum remaining expense for future years of $1,043,856 has been accelerated and recognised in full during FY24 in 
accordance with accounting standards. 
8.3.	Movement in unvested Rights
The movement in unvested Rights held by KMP during the year are set out in the table below.
Balance 
1 July 2023
Granted
Vested
Lapsed
Balance
30 June 2024
John Carfi
–
236,995
–
–
236,995
Justin Mitchell
–
299,800
–
–
299,800
Natalie Kwok
180,522
211,068
(45,308)
(35,556)
310,726
Simon Owen(1)
565,232
416,841
(95,267)
(148,889)
737,917
Total
745,754
1,164,704
(140,575)
(184,445)
1,585,438
(1) 	 Mr Owen was deemed to be KMP for the period 1 July 2023 to 31 March 2024. The movement in unvested Rights disclosed in the above table is for 
9 month period that he was KMP. Upon his resignation, Mr Owen’s unvested Rights remained on foot and are subject to the natural performance 
hurdles. 
In addition, Ms Kwok holds 75,499 vested Rights that she has not exercised. Vested rights expire 15 years from the grant date 
of the Rights.
Granted rights issued include both new issues and distribution entitlement factor on vested rights. Refer to Note 31 for a 
summary of all vested and unvested rights.
Directors’ Report
For the year ended 30 June 2024 | continued 
70

Remuneration Report (Audited) (continued) 
8.4.	Executive Remuneration for FY24
The following statutory table outlines the remuneration provided to Executive KMP for FY23 and FY24 and has been 
calculated in accordance with the accounting standards, as such the information presented will differ from the information 
presented in the actual remuneration received table on page 72.
Reported Remuneration - Statutory presentation
Short-Term
Post-
employment
Share-based payments
Performance  
related
Name
Financial 
Year
Salary(1) 
($)
STI 
Cash(2) 
($)
Super-
annuation 
Benefits 
($)
FRR 
($)
STI 
Deferred(2) 
($)
LTI & 
TRG(3) 
($)
Total 
($)
STI, 
LTI & 
TRG 
(%)
LTI & 
TRG 
(%)
J. Carfi(4)
2024
315,700
79,000
6,850
–
71,111
170,262
642,923
50
26
2023
–
–
–
–
–
–
–
–
–
J. Mitchell(5)
2024
728,276
168,389
29,430
–
77,333
460,411
1,463,839
48
31
2023
–
–
–
–
–
–
–
–
–
N. Kwok(6)
2024
545,089
130,350
29,407
–
118,229
222,841
1,045,916
45
21
2023
463,041
112,500
25,292
–
93,717
128,175
822,725
41
16
S. Owen(7)
2024
892,812
289,667
31,117
240,000
483,705
331,967
2,269,268
49
15
2023
739,708
203,775
25,292
225,000
393,005
326,452
1,913,232
48
17
Total
2024
2,481,877
667,406
96,804
240,000
750,378
1,185,481
5,421,946
48
22
Total
2023
1,202,749
316,275
50,584
225,000
486,722
454,627
2,735,957
46
17
(1)	 Inclusive of accrued leave movements. 
(2) 	 Cash STIs are accrued in the year ended 30 June 2024. Deferred STIs are evenly expensed over the respective performance period and deferral 
periods. 
(3) 	Deferred LTIP and TRG Rights are expensed evenly over the performance and deferral periods.
(4) 	 Mr Carfi commenced employment as CEO on 1 April 2024.
(5) 	 Mr Mitchell commenced employment as CFO on 10 July 2023.
(6) 	 Inclusive of accrued LSL movements $17,071. Excludes future separation payments of $381,901 and the accelerated Rights expense of $540,399 
recognised in the current period in accordance with accounting standards.
(7) 	Inclusive of gardening leave payments of $304,220 and accrued LSL movements of $42,201. Excludes the 5 month notice payment of $452,721 
and the accelerated Rights expense of $1,043,856, recognised in the current period in accordance with accounting standards. Refer to section 7.1 
for additional information.
Directors’ Report
For the year ended 30 June 2024 | continued 
71
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Remuneration Report (Audited) (continued) 
Reported remuneration - Actual amounts received or realised
The following table outlines the actual remuneration received by Executive KMP during FY23 and FY24. The figures in the 
below table will differ from those shown on the statutory table on the previous page, which includes an accounting value for 
all unvested Rights during the year. 
Name
Financial 
Year
TFR 
($)
FRR 
($)
STI awarded 
and received 
as cash(1) 
($)
Previous
years’ 
STI that
vested(2)
($)
Previous
years’ 
LTI & 
TRG that
vested(2) 
($)
Total 
remuneration 
realised 
($)
Awards 
which lapsed 
or were 
forfeited(3) 
($)
J. Carfi(4)
2024
300,000
–
79,000
–
–
379,000
–
2023
–
–
–
–
–
–
– 
J. Mitchell(5)
2024
715,682
–
168,389
–
–
884,071
–
2023
–
–
–
–
–
–
– 
N. Kwok
2024
544,640
–
130,350
91,896
99,281
866,167
150,029
2023
488,333
–
112,500 
50,104 
29,850
680,787 
41,744
S. Owen(6)
2024
1,081,140
240,000
289,667 
401,979
– 
2,012,786
628,237 
2023
765,000
225,000
203,775 
174,290
254,784
1,622,849 
356,325 
Total
2024
2,641,462
240,000
667,406
493,875
99,281
4,142,024
778,266
Total
2023
1,253,333
225,000
316,275
224,394
284,634
2,303,636
398,069
(1) 	 Represents the apportioned cash component of STI, in line with contractual employment terms outlined in Section 7. 
(2) 	 This represents the value of all prior years’ deferred Rights that vested during FY24 based on the 30 day VWAP up to the 1 October 2023 vesting 
date of $4.22 (1 October 2022: $4.07).
(3) 	The value shown represents the value of any prior year Rights that lapsed or were forfeited during the financial year. The FY24 values are based on 
the 30 day VWAP up to the 1 October 2023 vesting date of $4.22 (1 October 2022: $4.07).
(4) 	 Mr Carfi commenced employment as CEO on 1 April 2024.
(5)	  Mr Mitchell commenced employment as CFO on 10 July 2023.
(6)	  Excludes the 5 month notice payment of $452,721 to Mr Owen. Refer to section 7.1 for additional information.
Signed in accordance with resolution of the Directors.
 
Sally Evans
Chair - Remuneration and Nomination Committee 
Sydney, 20 August 2024 
Directors’ Report
For the year ended 30 June 2024 | continued 
72

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Ernst & Young
200 George Street
Sydney  NSW  2000 Australia
GPO Box 2646 Sydney  NSW  2001
Tel: +61 2 9248 5555
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Auditor’s Independence Declaration to the Directors of Ingenia Communities
Holdings Limited
As lead auditor for the audit of the financial report of Ingenia Communities Holdings Limited for the
financial year ended 30 June 2024, I declare to the best of my knowledge and belief, there have been:
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit; 
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
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73
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
Auditor’s Independence Declaration
For the year ended 30 June 2024

Note
30 Jun 2024
$’000
30 Jun 2023
$’000
Land lease homes sales
202,090
139,261
Residential rental income
101,564
98,279
Tourism rental income
108,378
99,896
Annuals rental income
11,032
10,647
Other revenue
5
49,228
46,385
Revenue
472,292
394,468
Cost of land lease homes sold
(112,714)
(73,757)
Employee expenses
(108,107)
(98,501)
Property expenses
(57,531)
(54,302)
Administrative expenses
(29,088)
(26,375)
Operational, marketing and selling expenses
(23,500)
(18,482)
Service station expenses
(9,037)
(9,371)
Depreciation and amortisation expense
12,13,14
(4,338)
(4,413)
Operating profit before interest and tax
127,977
109,267
Interest income
683
357
Finance expense
6
(24,973)
(17,678)
Operating profit before tax
103,687
91,946
Share of joint venture loss
15
(5,957)
(4,272)
Net gain/(loss) on change in fair value of:
 Investment properties
11(b)
55,890
4,906
 Acquisition transaction costs
11(b)
(4,190)
(4,383)
 Financial liabilities
(3,002)
(2,723)
 Investments and other financial instruments
(4,030)
1,388
Impairment of goodwill
13
(96,647)
–
Gain/(loss) on disposal of investment properties
4,694
(2,840)
Business combination transaction costs
–
1,615
Share of associate loss
–
(514)
Profit before income tax
50,445
85,123
Income tax expense
7
(36,425)
(20,755)
Net profit for the year
14,020
64,368
Total comprehensive income for the year net of income tax
14,020
64,368
30 Jun 2024
Cents
30 Jun 2023
Cents
Distributions per security paid(1)
11.0
11.0
Earnings/(loss) per security:
Basic earnings/(loss) 
 Per security
4(a)
3.4
15.8
 Per security attributable to parent
4(b)
(2.2)
(2.2)
Diluted earnings/(loss) per security
 Per security
4(a)
3.4
15.7
 Per security attributable to parent
4(b)
(2.2)
(2.2)
(1)	 Distributions relate to the amount paid during the financial year. A final FY24 distribution of 6.1 cps was declared on 20 August 2024 (payment due 
on 19 September 2024) resulting in a total FY24 distribution of 11.3 cps.
Notes to the Consolidated Financial Statements are included on pages 78 to 117.
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2024
74

Note
30 Jun 2024
$’000
30 Jun 2023
$’000
Current assets
Cash and cash equivalents
14,458
45,716
Trade and other receivables
8
14,832
18,010
Inventories
9
86,467
54,147
Other financial assets
16
3,726
3,234
Tax receivable
2,030
29
Assets held for sale
10
–
24,190
Total current assets
121,513
145,326
Non-current assets
Trade and other receivables
8
909
787
Investment properties
11
2,250,687
2,045,630
Investment in a joint venture
15
76,872
61,829
Other financial assets
16
6,357
10,207
Plant and equipment
12
10,597
9,199
Intangibles and goodwill
13
5,566
102,584
Right-of-use assets
14
2,577
2,569
Total non-current assets
2,353,565
2,232,805
Total assets
2,475,078
2,378,131
Current liabilities
Trade and other payables 
18
94,089
95,517
Borrowings
19
4,580
3,988
Employee liabilities
5,535
5,050
Other financial liabilities
20
795
659
Provision for income tax
–
333
Total current liabilities
104,999
105,547
Non-current liabilities
Borrowings
19
749,573
657,680
Other financial liabilities
20
16,665
16,941
Employee liabilities
981
993
Other payables
18
3,635
6,904
Deferred tax liability
17
89,319
53,279
Total non-current liabilities
860,173
735,797
Total liabilities
965,172
841,344
Net assets
1,509,906
1,536,787
Equity
Issued securities
21(a)
1,704,188
1,704,212
Reserves
22
1,458
(2,010)
Accumulated losses
23
(195,740)
(165,415)
Total equity
1,509,906
1,536,787
Net asset value per security ($)
 $3.70 
 $3.77 
Notes to the Consolidated Financial Statements are included on pages 78 to 117.
Consolidated Balance Sheet
As at 30 June 2024
75
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Note
30 Jun 2024
$’000
30 Jun 2023
$’000
Cash flows from operating activities
Rental and other property income
268,476
259,216
Property and other expenses
(219,785)
(189,579)
Proceeds from sale of land lease homes
230,613
152,330
Purchase of land lease homes
(162,869)
(116,798)
Proceeds from sale of service station inventory
11,662
11,820
Purchase of service station inventory
(10,026)
(10,292)
Borrowing costs paid
(33,840)
(22,294)
Income tax paid
(2,719)
(2,277)
Interest received
683
371
33
82,195
82,497
Cash flows from investing activities
Payments for acquisition of investment properties
(39,941)
(62,889)
Additions to investment properties
(159,374)
(137,326)
Purchase and additions of plant and equipment
(4,615)
(4,407)
Proceeds from sale of investment properties
74,985
52,513
Net payments for acquisition of subsidiaries
–
(16,890)
Investment in joint venture
(21,000)
–
Other
1,801
946
(148,144)
(168,053)
Cash flows from financing activities
Payments for security issue costs
(24)
(18)
Distributions to security holders
(44,834)
(44,834)
Proceeds from borrowings
404,750
289,130
Repayment of borrowings
(318,030)
(120,000)
Payments for debt issue costs
(933)
(198)
Payment for securities under security plan
(725)
(150)
Other financial liabilities
(5,513)
(5,742)
Payments for derivatives and financial instruments 
–
(1,402)
34,691
116,786
Net (decrease)/increase in cash and cash equivalents
(31,258)
31,230
Cash and cash equivalents at the beginning of the year
45,716
14,486
Cash and cash equivalents at the end of the year
14,458
45,716
Notes to the Consolidated Financial Statements are included on pages 78 to 117.
Consolidated Cash Flow Statement
For the year ended 30 June 2024
76

Attributable to security holders
Ingenia Communities Holdings Limited
ICF & ICMT
$’000
Total 
Equity
$’000
Note
Issued 
Capital
$’000
Reserves
$’000
Retained 
Earnings
$’000
 Total
$’000
Carrying value 1 Jul 2023
91,958
(2,010)
48,319
138,267
1,398,520
1,536,787
Net (loss)/profit
–
–
(42,267)
(42,267)
56,287
14,020
Total comprehensive 
income for the year
–
–
(42,267)
(42,267)
56,287
14,020
Transactions with security 
holders in their capacity as 
security holders:
Issue of securities
21(a)
(2)
–
–
(2)
(22)
(24)
Share based payment 
transactions
22
–
4,682
–
4,682
–
4,682
Lapsed rights
22,23
–
(489)
489
–
–
–
Payment of distributions to 
security holders
23
–
–
–
–
(44,834)
(44,834)
Payments to employee share 
trust
22
–
(725)
–
(725)
–
(725)
Carrying value 30 Jun 2024
91,956
1,458
6,541
99,955
1,409,951
1,509,906
Carrying value 1 Jul 2022
91,960
(4,312)
60,822
148,470
1,366,107
1,514,577
Net (loss)/profit
–
–
(12,895)
(12,895)
77,263
64,368
Total comprehensive 
income for the year
–
–
(12,895)
(12,895)
77,263
64,368
Transactions with security 
holders in their capacity as 
security holders:
Issue of securities
21(a)
(2)
–
–
(2)
(16)
(18)
Share based payment 
transactions
22
–
2,844
–
2,844
–
2,844
Lapsed rights
22,23
–
(392)
392
–
–
–
Payment of distributions to 
security holders
23
–
–
–
–
(44,834)
(44,834)
Payments to employee share 
trust
22
–
(150)
–
(150)
–
(150)
Carrying value 30 Jun 2023
91,958
(2,010)
48,319
138,267
1,398,520
1,536,787
Notes to the Consolidated Financial Statements are included on pages 78 to 117.
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
77
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

1.	
Summary of material accounting policies
(a)	 The Group
The financial report of Ingenia Communities Holdings 
Limited (the “Company”) comprises the consolidated 
financial report of the Company and its controlled entities, 
including Ingenia Communities Fund (“ICF” or the “Fund”) 
and Ingenia Communities Management Trust (“ICMT”) 
(collectively, the “Trusts”). The shares of the Company 
are stapled with the units of the Trusts and trade on 
the Australian Securities Exchange (“ASX”) effectively 
as one security. Ingenia Communities RE Limited 
(“ICRE”), a wholly owned subsidiary of the Company, is 
the Responsible Entity of the Trusts. In this report, the 
Company and the Trusts are referred to collectively as 
the Group.
The constitutions of the Company and the Trusts require 
that, for as long as they remain jointly quoted on the ASX, 
the number of shares in the Company and of units in each 
trust shall remain equal and those security holders in the 
Company and unitholders in each trust shall be identical.
The stapling structure will cease to operate on the first to 
occur of:
	
–
the Company or either of the Trusts resolving by 
special resolution in accordance with its constitution to 
terminate the stapling provisions; or
	
–
the commencement of the winding up of the Company 
or either of the Trusts.
The financial report as at and for the year ended 
30 June 2024 was authorised for issue by the Directors 
on 20 August 2024.
(b)	 Basis of preparation
The financial report is a general purpose financial report, 
which has been prepared in accordance with Australian 
Accounting Standards, Australian Interpretations, 
other authoritative pronouncements of the Australian 
Accounting Standards Board (“AASB”) and the 
Corporations Act 2001.
The financial report complies with Australian 
Accounting Standards as issued by the AASB 
and International Financial Reporting Standards 
(“IFRS”) as  issued by the International Accounting 
Standards Board.
As permitted by Instrument 2015/838, issued by the 
Australian Securities and Investments Commission, the 
financial statements and accompanying notes of the 
Group have been presented in the attached combined 
financial report.
The financial report is presented in Australian dollars 
and all values are rounded to the nearest thousand 
dollars ($’000), unless otherwise stated as permitted by 
Instrument 2016/191.
The financial report is prepared on a historical cost 
basis, except for investment properties, residents’ 
loans, derivative financial instruments, other financial 
assets and other financial liabilities, which are measured 
at fair value.
(c)	 Adoption of new and revised accounting 
standards
In the current period, the Group has adopted all the 
new and revised accounting standards, amendments to 
accounting standards, and interpretations that are relevant 
to its operations and effective for the current annual 
reporting period.
New accounting standards and interpretations have been 
issued or amended but are not yet effective and have not 
been adopted by the Group for the year ended 30 June 
2024. The Group is in the process of assessing the impact 
of the following:
Summary
Application 
date of 
standard
Application 
date for 
Group
AASB 2020-1 Amendment 
to Australian Accounting 
Standards - Classification of 
Liabilities as Current or Non-
current and AASB 2022-6 
Amendments to Australian 
Accounting standards - 
Non-current Liabilities with 
Covenants
1 January 
 2024
1 July 
2024
AASB 18 Presentation and 
Disclosure in Financial 
Statements 
1 January 
2027
1 July 
2027
(d)	 Principles of consolidation
The Group’s consolidated financial statements comprise 
the Company and its subsidiaries (including the Trusts). 
Subsidiaries are all those entities (including special purpose 
entities) over which the Company or the Trusts have the 
power to govern the financial and operating policies, so as 
to obtain benefits from their activities.
The financial statements of the subsidiaries are prepared 
for the same reporting period as the parent, using 
consistent accounting policies. Intercompany balances and 
transactions, including dividends and unrealised gains and 
losses from intragroup transactions, have been eliminated.
Subsidiaries are consolidated from the date on which the 
parent obtains control. They are deconsolidated from the 
date that control ceases.
Investments in subsidiaries are carried at cost in the 
parent’s financial statements. 
The Company was incorporated on 24 November 2011. In 
accordance with Accounting Standard AASB 3 Business 
Combinations, the stapling of the Company and the Trusts 
was regarded as a business combination. Under AASB 3, 
the stapling was accounted for as a reverse acquisition 
with ICF “acquiring” the Company and the Company 
subsequently being identified as the legal parent for 
preparing consolidated financial reports. The consolidated 
financial statements are a continuation of the financial 
statements of the Trusts, and include the results of the 
Company from the date of incorporation. 
Notes to the Financial Statements
For the year ended 30 June 2024
78

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
1.	
Summary of material accounting policies 
(continued)
(e)	 Goodwill
Goodwill is initially measured at cost, being the excess of 
the aggregate consideration transferred and the amount 
recognised for non-controlling interest over the fair value 
of net identifiable assets acquired and liabilities assumed. 
Goodwill is tested annually for impairment, or more 
frequently if changes in circumstances indicate that it 
might be impaired. An impairment loss is recognised 
when the carrying amount of the asset exceeds its 
recoverable amount, calculated as the higher of fair value 
less costs of disposal and the value in use. Impairment 
losses are recognised in the Consolidated Statement of 
Comprehensive Income.
For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which goodwill is 
monitored for management purposes and allocated to 
cash generating units (“CGU”). The assumptions used for 
determining the recoverable amount of the CGU are based 
on the expectation for the future, utilising both internal and 
external sources of data and relevant market trends.
(f)	 Assets held for sale
Components of the entity are classified as held for sale if 
their carrying value will be recovered principally through 
a sale transaction rather than through continuing use. 
They are measured at the lower of their carrying value 
and fair value less costs to sell, except for assets such as 
investment property, which are carried at fair value.
(g)	 Dividends and distributions
A liability for any dividend or distribution declared on or 
before the end of the reporting period is recognised on 
the balance sheet, in the reporting period to which the 
dividend or distribution pertains.
(h)	 Foreign currency
Functional and presentation currencies
The presentation currency of the Group, and functional 
currency of the Company, is the Australian dollar.
Translation of foreign currency transactions
Transactions in foreign currency are initially recorded in the 
functional currency at the exchange rate prevailing at the 
date of the transaction. Monetary assets denominated in 
foreign currency are retranslated at the rate of exchange 
prevailing at the balance date. 
(i)	
Leases
The Group assesses at contract inception whether a 
contract is, or contains, a lease. That is, if the contract 
conveys the right to control the use of an identified asset 
for a period of time in exchange for consideration.
The Group applies a single recognition and measurement 
approach for all leases, except for short-term leases 
and leases of low-value assets which are recognised as 
an expense on a straight-line basis over the lease term. 
The Group recognises lease liabilities to make lease 
payments and right-of-use assets representing the 
right to use the underlying assets.
Right-of-use assets
The Group recognises right-of-use assets at the 
commencement date of the lease. Right-of-use assets are 
measured at cost, less any accumulated depreciation and 
impairment losses, and adjusted for any remeasurement of 
lease liabilities. 
The cost of right-of-use assets includes the amount of 
lease liabilities recognised, initial direct costs incurred, and 
lease payments made at or before the commencement 
date less any lease incentives received. 
Right-of-use assets are depreciated on a straight-line basis 
over the shorter of the lease term and the estimated useful 
lives of the assets.
Lease liabilities
At the commencement date of the lease, the Group 
recognises lease liabilities measured at the present value of 
lease payments to be made over the lease term. 
The lease payments include fixed payments less any lease 
incentives receivable, variable lease payments that depend 
on an index or a rate, and amounts expected to be paid 
under residual value guarantees. The lease payments also 
include the exercise price of a purchase option reasonably 
certain to be exercised by the Group and payments of 
penalties for terminating the lease, if the lease term reflects 
the Group exercising the option to terminate. 
Variable lease payments that do not depend on an index 
or a rate are recognised as expenses in the period in which 
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the 
Group uses the interest rate implicit in the lease. After 
the commencement date, the amount of lease liabilities is 
increased to reflect the accretion of interest and reduced 
for the lease payments made. In addition, the carrying 
amount of lease liabilities is remeasured if there is a 
modification, a change in the lease term, a change in the 
lease payments (e.g., changes to future payments resulting 
from a change in an index or rate used to determine such 
lease payments) or a change in the assessment of an 
option to purchase the underlying asset. The Group’s lease 
liabilities are included in Borrowings (Note 19).
Leases for investment property which apply the fair value 
model are classified as investment property per AASB 140 
Investment Properties.
(j)	
Plant and equipment
Plant and equipment is stated at cost, net of accumulated 
depreciation and any accumulated impairment losses. Such 
cost includes the cost of replacing part of the property, 
plant and equipment, and borrowing costs for long-term 
construction projects if the recognition criteria are met. 
When significant parts of property, plant and equipment 
require replacing at intervals, the Group recognises 
such parts as individual assets with specific useful lives 
and depreciates them accordingly. Likewise, when a 
major inspection is performed, the cost is recognised 
in the carrying value of the plant and equipment as a 
replacement, if the recognition criteria are satisfied. 
79
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
1.	
Summary of material accounting policies 
(continued)
All other repair and maintenance costs are recognised 
in profit or loss as incurred. The present value of the 
expected cost for the decommissioning of an asset after 
its use is included in the cost of the respective asset if the 
recognition criteria for a provision are met.
(k)	 Financial assets and liabilities
Current and non-current financial assets and liabilities 
within the scope of AASB 9 Financial Instruments are 
classified as; fair value through profit or loss; fair value 
through other comprehensive income; or amortised 
cost. The Group determines the classification of its 
financial assets and liabilities at initial recognition with 
the classification depending on the purpose for which 
the asset or liability was acquired or issued. Financial 
assets and liabilities are initially recognised at fair value 
plus directly attributable transaction costs, unless their 
classification is at fair value through profit or loss. They 
are subsequently measured at fair value or amortised cost 
using the effective interest method. 
The fair value of financial instruments actively traded in 
organised financial markets are determined by reference to 
quoted market bid prices at close of business on balance 
sheet date. For those with no active market, fair values are 
determined using valuation techniques. Such techniques 
include: using recent arm’s length market transactions; 
reference to the current market value of another 
substantially similar instruments; discounted cash flow 
analysis; option pricing models; making use of available and 
supportable market data and keeping judgemental inputs 
to a minimum.
(l)	
Impairment of non-financial assets
Assets other than investment property carried at fair 
value are tested for impairment whenever events or 
circumstance changes indicate that the carrying value may 
not be recoverable. An impairment loss is recognised for 
the amount by which the asset’s carrying value exceeds 
its recoverable amount. The recoverable amount is the 
higher of an asset’s fair value less costs to sell and value in 
use. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately 
identifiable cash inflows that are largely independent of the 
cash inflows from other assets or groups of assets. Non-
financial assets excluding goodwill which have suffered 
impairment are reviewed for possible reversal of the 
impairment at each reporting date.
(m)	 Cash and cash equivalents
Cash and cash equivalents in the balance sheet and cash 
flow statements comprise cash at bank, cash in hand, and 
short-term deposits that are readily convertible to known 
amounts of cash, and subject to an insignificant risk of 
changes in value.
(n)	 Trade and other receivables
Trade and other receivables are recognised initially at 
original invoice amount, and subsequently adjusted for 
ECL. An allowance is recognised by analysing the age 
of outstanding balances and applying historical default 
percentages. Historical loss rates are adjusted to reflect 
current and forward-looking observable data affecting the 
ability of customers to settle their debts.
(o)	 Inventories
The Group holds inventory in relation to the acquisition and 
development of land lease homes, as well as service station 
fuel and supplies. 
Inventories are held at the lower of cost and net realisable 
value. 
Costs of inventories comprise all acquisition costs, costs 
of conversion and other costs incurred in bringing the 
inventories to their present location and condition. 
Inventory includes work in progress and raw materials 
used in the production of land lease home units. 
Net realisable value is determined based on an estimated 
selling price in the ordinary course of business less 
estimated costs of completion and the estimated costs 
necessary to make the sale.
(p)	 Derivative financial instruments
The Group uses derivative financial instruments such 
as interest rate swaps to hedge its risks associated 
with interest rate fluctuations. Such derivative financial 
instruments are initially recognised at fair value on 
the date the contract is entered and are subsequently 
remeasured to fair value and included in the statement of 
comprehensive income in the period they arise, including 
the corresponding tax effect.
(q)	 Investment property
Land and buildings have the function of an investment 
and are regarded as composite assets. In accordance with 
applicable accounting standards, the buildings, including 
plant and equipment, are not depreciated.
Investment property includes property under construction, 
tourism cabins and associated amenities.
Investment properties are measured initially at cost, 
including transaction costs. Subsequently, investment 
properties are stated at fair value, reflecting market 
conditions at reporting date. Gains or losses arising from 
changes in the fair values of investment properties are 
included in the statement of comprehensive income in the 
period they arise, including the corresponding tax effect 
where applicable. 
Fair value is the price that would be received to sell an 
asset, or paid to transfer a liability, in an orderly transaction 
between market participants at measurement date, in 
the principal market for the asset or liability, or the most 
advantageous market in its absence. In determining the 
fair value of certain assets, recent market offers have 
been taken into consideration.
80

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
1.	
Summary of material accounting policies 
(continued)
It is the Group’s policy to have all investment properties 
independently valued at intervals of not more than two 
years. It is the policy of the Group to review the fair value 
of each investment property every six months and revalue 
investment properties to fair value when their carrying 
value materially differs to their fair values.
In determining fair values, the Group considers relevant 
information including the capitalisation of rental streams 
using market assessed capitalisation rates, expected 
net cash flows discounted to their present value using 
market determined risk-adjusted discount rates, and 
other available market data such as recent comparable 
transactions. The assessment of fair value of investment 
properties does not take into account potential capital 
gains tax assessable.
(r)	 Intangible assets
An intangible asset arising from software development 
expenditure is recognised only when the Group can 
demonstrate: the technical feasibility of completing the 
intangible asset so that it will be available for use; how 
the asset will generate future economic benefits; the 
availability of resources to complete the asset; and the 
ability to measure reliably the expenditure during its 
development. Costs capitalised include external direct 
costs of materials and service, direct payroll, and payroll 
related costs of employee time spent on projects.
Following the initial recognition of expenditure, the asset 
is carried at cost less any accumulated amortisation and 
accumulated impairment losses. Amortisation of the asset 
begins when the development is complete and the asset 
is available for use. Amortisation is over the period of 
expected future benefit.
The Group’s policy applied to capitalised development 
costs is as follows.
Software and associated development to capitalised 
development costs (assets in use)
	
–
Useful life: Finite amortisation method using seven years 
on a straight-line basis; and
	
–
Impairment test: Amortisation method reviewed at 
each financial year-end; closing carrying value reviewed 
annually for indicators of impairment.
Subsequent expenditure on intangible assets is capitalised 
only when it increases the future economic benefits 
embodied in the specific asset to which it relates. All other 
expenditure is expensed, as incurred. Gains or losses 
arising from the derecognition of an intangible asset are 
measured as the difference between the net disposal 
proceeds, and the carrying value of the asset. They are 
recognised in profit or loss when the asset is derecognised.
Intangible assets acquired separately, are initially 
recognised at cost. The cost of intangible assets acquired 
in a business combination are their fair values as at the 
date of acquisition. Following initial recognition, acquired 
intangible assets are carried at cost less any accumulated 
amortisation and impairment losses.
(s)	 Trade and other payables
Trade and other payables are carried at amortised cost, 
and due to their short-term nature, are not discounted. 
They represent liabilities for goods and services provided 
to the Group prior to the end of the financial year which 
are unpaid. They are recognised when the Group becomes 
obliged to make future payments in respect of the 
purchase of the goods and services. 
(t)	 Provisions, including employee benefits
General
Provisions are recognised when: the Group has a present 
obligation (legal or constructive) as a result of a past event; 
it is probable that an outflow of resources embodying 
economic benefits will be required to settle the obligation; 
and a reliable estimate can be made of the amount. 
When the Group expects some or all of a provision to be 
reimbursed, for example, under an insurance contract, the 
reimbursement is recognised as a separate asset, but only 
when the reimbursement is virtually certain. The expense 
relating to a provision is presented in the statement of 
comprehensive income net of any reimbursement.
Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary 
benefits, and annual leave expected to be settled within 
twelve months of the reporting date, are recognised 
in respect of employees’ services up to the reporting 
date. They are measured at the amounts expected to be 
paid when the liabilities are settled. Expenses for non-
accumulating sick leave are recognised when the leave 
is taken and are measured at the rates paid or payable.
Long service leave
The liability for long service leave is recognised and 
measured as the present value of expected future 
payments made in respect of services provided by 
employees, up to the reporting date, using the projected 
unit credit method. Consideration is given to expected 
future wage and salary levels, experience of employees 
departing, and period of service. Expected future 
payments are discounted using market yields on high 
quality corporate bonds at the reporting date, with terms 
to maturity and currencies that match, as closely as 
possible, the estimated future cash outflows.
(u)	 Borrowings
Borrowings are initially recorded at the fair value of 
the consideration received, less directly attributable 
transaction costs associated with the borrowings. After 
initial recognition, borrowings are subsequently measured 
at amortised cost using the effective interest rate 
method. Under this method, fees, costs, discounts and 
premiums that are yield related are included as part of the 
carrying value of the borrowing, and amortised over its 
expected life.
Borrowings are classified as current liabilities, unless the 
Group has an unconditional right to defer settlement to 
more than twelve months after reporting date.
81
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
1.	
Summary of material accounting policies 
(continued)
Borrowing costs are expensed as incurred, except 
where they are directly attributable to the acquisition, 
construction or production of a qualifying asset. When this 
is the case, they are capitalised as part of the acquisition 
cost of that asset.
(v)	 Issued equity
Issued and paid up securities are recognised at the fair 
value of the consideration received by the Group. Any 
transaction costs arising on issue of ordinary securities are 
recognised directly in equity as a reduction of the security 
proceeds received.
(w)	 Revenue
Revenue from contracts with customers is recognised 
when performance obligations have been met and control 
of the goods or services are transferred to the customer 
at an amount that reflects the consideration to which the 
Group expects to be entitled in exchange for those goods 
or services. The following specific recognition criteria must 
also be met before revenue is recognised:
Rental income
Rental income from investment properties is recognised 
on a straight-line basis over the lease term. Fixed rental 
increases that do not represent direct compensation for 
underlying cost increases or capital expenditures are 
recognised on a straight-line basis until the next market 
review date. Rent paid in advance is recognised as 
unearned income.
Sale of homes
Revenue from the sale of land lease homes is recognised 
at the point in time when control of the land lease home is 
transferred to the customer, on settlement of the home.
Management and other fee income
Revenue from rendering of services is recognised in 
accordance with performance obligations under the terms 
and conditions of the service agreements. The Group 
recognises management and other fee income over 
time because the customer simultaneously receives and 
consumes the benefits provided to them. 
Distribution income
Distribution income is recognised when the Group’s right 
to receive the payment is established. 
Interest income
Interest income is recognised as the interest accrues, using 
the effective interest rate method.
Service station sales
Service station sales, food and beverage revenue 
represents the revenue earned from the provision of 
products and services to external parties. Sales revenue 
is only recognised at the point in time when control of the 
assets is transferred to the customer.
(x)	 Share-based payment transactions
Certain Group senior executives receive remuneration in 
the form of share-based payment transactions, whereby 
employees render services as consideration for equity 
instruments (equity-settled transactions). The Group 
does not have any cash-settled share-based payment 
transactions in the financial year. 
The cost of equity-settled transactions is recognised, 
together with a corresponding increase in reserves in 
equity, over the period the performance and service 
conditions are fulfilled. The cumulative expense recognised 
for these transactions at each reporting date until the 
vesting date reflects the extent to which the vesting 
period has expired and the Group’s best estimate of the 
number of equity instruments that will ultimately vest. The 
statement of comprehensive income expense or credit for 
a period represents the movement in cumulative expense 
recognised as at the beginning and end of that period and 
is recognised in employee expenses. 
No expense is recognised for awards that do not ultimately 
vest, except for equity-settled transactions where vesting 
is conditional upon a market or non-vesting condition. 
These are treated as vesting irrespective of whether 
or not the market or non-vesting condition is satisfied, 
provided that all other performance and service conditions 
are satisfied.
When the terms of an equity-settled transaction are 
modified, the minimum expense recognised is the expense 
as if the original terms of the award are met. An additional 
expense is recognised for any modification that increases 
the total fair value of the transaction, or is otherwise 
beneficial to the employee, as measured at the date 
of modification.
When an equity-settled award is cancelled, it is treated as 
if it vested on the date of cancellation. Any expense not 
yet recognised for the award is recognised immediately. 
This includes any award where non-vesting conditions 
within the control of either the Group or the employee are 
not met. However, if a new award is substituted for the 
cancelled award, and designated as a replacement on the 
date that it is granted, the cancelled and new awards are 
treated as if they were a modification of the original award, 
as described in the previous paragraph.
The dilutive effect of outstanding rights is reflected as 
additional share dilution in the computation of diluted 
earnings per share.
(y)	 Income tax
Current income tax
The Company, ICMT and their respective subsidiaries are 
subject to Australian income tax.
Under the current tax legislation, ICF and its subsidiaries 
are not liable to pay Australian income tax if their taxable 
income (including any assessable capital gains) is fully 
distributed to security holders each year. Tax allowances 
for building and fixtures depreciation are distributed 
to security holders via the tax-deferred component of 
distributions.
82

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
1.	
Summary of material accounting policies 
(continued)
Current tax assets and liabilities are measured at the 
amount expected to be recovered from or paid to the 
taxation authorities, based on the current period’s taxable 
income. The tax rates and laws used to compute the 
amount are those that are enacted, or substantively 
enacted at the reporting date.
The subsidiaries that previously held the Group’s foreign 
properties may be subject to corporate income tax and 
withholding tax in the countries they operate. Under 
current Australian income tax legislation, security holders 
may be entitled to receive a foreign tax credit for this 
withholding tax.
ICF has entered the Attribution Managed Investment 
Trust (AMIT) regime. Under current Australian income 
tax legislation, ICF is not liable for income tax provided 
it satisfies certain legislative requirements, which were 
met in the current and previous financial years.
Deferred income tax
Deferred income tax represents tax (including withholding 
tax) expected to be payable or recoverable by taxable 
entities on differences between tax bases of assets and 
liabilities, and their carrying value for financial reporting 
purposes. Deferred tax assets and liabilities are measured 
at the tax rates that are expected to apply to the year when 
the asset is realised through continuing use, or the liability 
is settled, based on tax rates (and tax laws) that have been 
enacted or substantively enacted at reporting date. Income 
taxes related to items recognised directly in equity are not 
recognised against income.
Tax consolidation
The Company, ICMT, and their respective subsidiaries 
have formed a tax consolidation group with the Company 
or ICMT being the head entity. The head and controlled 
entities in the tax consolidation group continue to account 
for their own current and deferred tax amounts. Each 
tax consolidated group has applied a group allocation 
approach in determining the appropriate amount of 
current taxes and deferred taxes to allocate to the 
members therein.
In addition to its own current and deferred tax amounts, 
the head entity of each tax consolidated group also 
recognises the current tax liabilities (or assets) and 
the deferred tax assets arising from unused tax losses, 
and unused tax credits assumed from entities in their 
respective tax consolidated group.
Assets or liabilities arising under tax funding agreements 
with the tax consolidated entities are recognised as 
amounts receivable from, or payable to, other entities 
in the Group. 
(z)	 Goods and services tax (“GST”)
Revenue, expenses and assets (with the exception of 
receivables) are recognised net of the amount of GST, to 
the extent that the GST is recoverable from the taxation 
authority. Where GST is not recoverable, it is recognised 
as part of the cost of the acquisition, or as an expense.
Receivables and payables are stated inclusive of GST. The 
net amount of GST recoverable from, or payable to the 
tax authority, is included in the balance sheet as an asset 
or liability.
Cash flows are included in the cash flow statement 
on a gross basis. The GST components of cash flows 
arising from investing and financing activities, which are 
recoverable from, or payable to, the tax authorities, are 
classified as operating cash flows.
(aa)	Investment in a joint venture
A joint venture is a type of joint arrangement whereby 
the parties that have joint control of the arrangement 
have rights to the net assets of the joint venture. Joint 
control is the contractually agreed sharing of control of 
an arrangement, which exists only when decisions about 
the relevant activities require the unanimous consent of 
the parties sharing control.
The considerations made in determining significant 
influence or joint control are similar to those necessary 
to determine control over subsidiaries.
The Group’s investment in its joint venture with Sun 
Communities is accounted for using the equity method.
Under the equity method, the investment in a joint venture 
is initially recognised at cost. The carrying value of the 
investment is adjusted to recognise changes in the Group’s 
share of net assets of the joint venture since the acquisition 
date. Goodwill relating to the joint venture is included in 
the carrying value of the investment and is not tested for 
impairment separately.
The statement of profit or loss reflects the Group’s share of 
the results of operations of the joint venture. Any change 
in other comprehensive income (“OCI”) of those investees 
is presented as part of the Group’s OCI. In addition, when 
there has been a change recognised directly in the equity 
of the joint venture, the Group recognises its share of any 
changes, when applicable, in the statement of changes 
in equity. Unrealised gains and losses resulting from 
transactions between the Group and the joint venture are 
eliminated to the extent of the interest in the joint venture.
The aggregate of the Group’s share of profit or loss of 
a joint venture is shown on the face of the statement of 
profit or loss outside operating profit and represents 
profit or loss after tax and non-controlling interests in the 
subsidiaries of the joint venture.
The financial statements of the joint venture are prepared 
for the same reporting period as the Group. When 
necessary, adjustments are made to bring the accounting 
policies in line with those of the Group. 
After application of the equity method, the Group 
determines whether it is necessary to recognise an 
impairment loss on its investment in its joint venture. 
At each reporting date, the Group determines whether 
there is objective evidence that the investment in the joint 
venture is impaired. If there is such evidence, the Group 
calculates the amount of impairment as the difference 
between the recoverable amount of the joint venture and 
its carrying value, and then recognises the loss within the 
statement of comprehensive income.
83
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
1.	
Summary of material accounting policies 
(continued)
Upon loss of joint control, the Group measures and 
recognises any retained investment at its fair value. Any 
difference between the carrying value of the joint venture 
upon loss of significant influence or joint control and the 
fair value of the retained investment and proceeds from 
disposal is recognised in profit or loss. 
(bb)	 Fair value measurement
The Group measures financial instruments, such as 
derivatives, investment properties and certain non-financial 
assets and non-financial liabilities, at fair value at each 
balance sheet date. Refer to Note 29. 
Fair value is the price that would be received to sell an 
asset, or paid to transfer a liability, in an orderly transaction 
between market participants at measurement date. The 
fair value measurement is based on the presumption that 
the transaction to sell the asset or transfer the liability takes 
place either: 
	
–
In the principal market for the asset or liability; or 
	
–
In the absence of a principal market, in the most 
advantageous market for the asset or liability. 
The principal or the most advantageous market must be 
accessible to the Group. 
The fair value of an asset or a liability is measured using 
the assumptions market participants use when pricing the 
asset or liability, assuming that market participants act in 
their economic best interest. A fair value measurement 
of a non-financial asset takes into account a market 
participant’s ability to generate economic benefits by using 
the asset in its best use, or by selling it to another market 
participant that would use the asset in its best use. 
The Group uses valuation techniques that are appropriate 
in the circumstances, and for which sufficient data are 
available to measure fair value - maximising the use of 
relevant observable inputs and minimising the use of 
unobservable inputs. 
All assets and liabilities for which fair value is measured 
or disclosed in the financial statements are categorised 
within the fair value hierarchy, described below, based on 
the lowest level of input that is significant to the fair value 
measurement as a whole:
	
–
Level 1 – Quoted (unadjusted) market prices in active 
markets for identical assets or liabilities.
	
–
Level 2 – Valuation techniques for which the lowest level 
of input that is significant to the fair value measurement 
is directly or indirectly observable.
	
–
Level 3 – Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
unobservable.
For assets and liabilities that are recognised in the financial 
statements on a recurring basis, the Group determines 
whether transfers have occurred between Levels in the 
hierarchy by reassessing categorisation at the end of the 
reporting period. This is based on the lowest level input 
that is significant to the fair value measurement as a whole.
External valuers are involved for valuation of significant 
assets, such as properties and significant liabilities. 
Selection criteria include market knowledge, experience 
and qualifications; reputation; independence; and whether 
professional standards are maintained. 
On a six month basis, management presents valuation 
results to the Investment Committee as well as the Audit, 
Risk and Sustainability Committee once approved. This 
includes a review of major assumptions used in the 
valuations. 
For the purpose of fair value disclosures, the Group has 
determined classes of assets and liabilities based on nature, 
characteristics and risks of the asset or liability, and the 
level of the fair value hierarchy (see Note 29).
(cc)	 Earnings per share (“EPS”)
Basic EPS is calculated as net profit attributable to 
members of the Group, divided by the weighted average 
number of ordinary securities, adjusted for any bonus 
element. 
Diluted EPS is calculated as net profit attributable to 
the Group, divided by the weighted average number 
of ordinary securities and dilutive potential ordinary 
securities, adjusted for any bonus element.
(dd)	Current versus non-current classification
The Group presents assets and liabilities in the balance 
sheet based on current/non-current classification. An asset 
is current when it is:
	
–
Expected to be realised, or intended to be sold, or 
consumed in the normal operating cycle;
	
–
Held primarily for the purpose of trading;
	
–
Expected to be realised within twelve months after the 
reporting period; or
	
–
Cash or cash equivalents, unless restricted from being 
exchanged or used to settle a liability for at least twelve 
months after reporting period.
A liability is current when it is:
	
–
Expected to be settled in the normal operating cycle;
	
–
Held primarily for the purpose of trading;
	
–
Due to be settled within twelve months after the 
reporting period; or
	
–
There is no unconditional right to defer settlement of 
the liability for at least twelve months after the reporting 
period.
All other assets and liabilities are classified as non-current. 
Deferred tax assets and liabilities are classified as non-
current assets and liabilities. 
(ee)	Government grants
Government grants are recognised where there is 
reasonable assurance that the grant will be received, and 
all attached conditions will be complied with. When the 
grant relates to an expense, it is recognised net of the 
related expense for which it is intended to compensate. 
There are no unfilled conditions or other contingencies 
attached to the grants.
84

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
2.	
Accounting estimates and judgements
The preparation of financial statements requires the use 
of certain critical accounting estimates. It also requires the 
Group to exercise its judgement in the process of applying 
its accounting policies. The areas involving a higher degree 
of judgement or complexity, or areas where assumptions 
and estimates are significant to the financial statements are 
disclosed below.
Estimates and judgements are continually evaluated and 
are based on historical experience and other factors, 
including expectations of future events that are believed to 
be reasonable under the circumstances.
(a)	 Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning 
the future. The resulting accounting estimates, by 
definition, may not equal the related actual results. The 
estimates and assumptions that have a significant risk 
of causing a material adjustment to the carrying value 
of assets and liabilities within the next financial year are 
discussed below.
i.	
Valuation of investment property, other financial 
assets and other financial liabilities
The Group has investment properties and assets held for 
sale which together represent the estimated fair value of 
the Group’s investment property. Other financial assets 
represent the Groups investment in a number of unlisted 
property funds. Other financial liabilities relate to a profit 
share arrangement with a third-party which is carried at 
fair value.
The carrying value of these assets reflect certain 
assumptions about expected future rentals, rent-free 
periods, operating costs and appropriate discount 
and capitalisation rates. The valuation assumption for 
properties to be developed reflect sales prices for new 
homes, sales rates, new rental tariffs, estimates of capital 
expenditure, discount rates and projected property growth 
rates. The valuation assumptions for deferred management 
fee villages reflect average length of stay, unit market 
values, estimates of capital expenditure, contract terms 
with residents, discount rates and projected property 
growth rates.
In forming these assumptions, the Group considered 
information about recent sales activity, current market 
rents, discount rates, capitalisation rates for properties 
similar to those owned by the Group, as well as 
independent valuations of the Group’s property.
ii.	
Valuation of inventories
The Group has inventory primarily in the form of land lease 
homes which it carries at the lower of cost or net realisable 
value. Estimates of net realisable value are based on the 
most reliable evidence available at the time of estimation, 
the amount the inventories are expected to realise and the 
estimated costs of completion. Key assumptions require 
the use of management judgement, and are continually 
reviewed.
iii.	
Fair value of derivatives
The fair value of derivative assets and liabilities is based 
on assumptions of future events, and involves significant 
estimates. Given the complex nature of these instruments, 
and various assumptions that are used in calculating 
mark-to-market values, the Group rely on counterparty 
valuations for derivative values. The counterparty 
valuations are usually based on mid-market rates, and 
calculates using the main variables of the forward market 
curve, time and volatility.
(b)	 Critical judgements in applying the entity’s 
accounting policies
There were no judgements, apart from those involving 
estimations, that management has made in the process 
of applying the entity’s accounting policies that had 
a significant effect on the amounts recognised in the 
financial report.
3.	
Segment information
(a)	 Description of segments
The Group has five reportable operating segments. During 
the year, a review of the operating segment results was 
conducted, and it was determined that support costs 
(People & Culture, Operational Finance, Technology and 
the costs associated with the Brisbane office) previously 
allocated to reportable operating segments would be 
adjusted. Only costs that can be directly attributed to 
a reportable operating segment are included in the 
reportable operating segment. Any indirect costs have 
now been reallocated and included in the Corporate and 
Other result. Historically, costs were allocated based on a 
proportion of segment revenue as a percentage of total 
revenue. There is no impact to Total EBIT. Comparative 
figures have been updated to be consistent with the 
current methodology.
The five reportable operating segments are as noted 
below:
	
–
Lifestyle Development – comprising the development 
and sale of land lease homes and fees from the 
management of development and sales in the joint 
venture;
	
–
Lifestyle Rental – comprising long-term accommodation 
within land lease and all age rental communities;
	
–
Ingenia Gardens – seniors rental villages; 
	
–
Holidays & Mixed Use – comprising tourism and rental 
accommodation within holiday parks;
	
–
Fuel, Food & Beverage Services – consisting of service 
station and food & beverage operations adjoined to 
Ingenia Holiday communities.
Corporate & Other comprises the Groups support and 
corporate office functions including funds and joint venture 
management.
85
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
3.	
Segment information (continued)
(b)	 2024
Residential
Lifestyle
Gardens
Tourism
Other
Lifestyle 
Development
$’000
Lifestyle 
Rental
$’000
Ingenia 
Gardens
$’000
Holidays & 
Mixed Use
$’000
Fuel, Food & 
Beverage
$’000
Corporate & 
Other
$’000
Total
$’000
Segment revenue
 
 
Land lease home sales
202,090
–
–
–
–
–
202,090
Residential rental 
income
–
68,287
21,628
11,649
–
–
101,564
Tourism rental income
–
3,259
–
105,119
–
–
108,378
Annual rental income
–
43
–
10,989
–
–
11,032
Other revenue
3,718
14,906
2,044
7,078
19,261
2,221
49,228
Total revenue
205,808
86,495
23,672
134,835
19,261
2,221
472,292
Segment underlying 
profit
External segment 
revenue
205,808
86,495
23,672
134,835
19,261
2,221
472,292
Cost of land lease 
homes sold
(112,714)
–
–
–
–
–
(112,714)
Employee expenses
(19,062)
(14,564)
(5,287)
(36,407)
(4,209)
(28,578)
(108,107)
Property expenses
(2,451)
(19,545)
(5,171)
(29,590)
(928)
(2,119)
(59,804)
Administrative expenses
(2,525)
(3,784)
(1,427)
(4,851)
(145)
(16,356)
(29,088)
Operational, marketing 
and selling expenses
(9,655)
(2,975)
(167)
(6,201)
(3,326)
(1,176)
(23,500)
Service station expenses
–
–
–
(137)
(8,900)
–
(9,037)
Depreciation and 
amortisation expense
(248)
(377)
(1)
(792)
(47)
(2,873)
(4,338)
Earnings before interest 
and tax
59,153
45,250
11,619
56,857
1,706
(48,881)
125,704
Share of profit of a joint 
venture
8,879
Interest income
683
Finance expense
(24,973)
Income tax expense
(15,527)
Total underlying profit
94,766
Net gain/(loss) on 
change in fair value of:
 Investment properties
57,346
 Acquisition 
transaction costs
(4,190)
 Financial liabilities
(2,185)
 Investments and other 
financial instruments 
(4,030)
Share of joint venture 
loss
(14,836)
Impairment of goodwill(1)
(96,647)
Gain on disposal of 
investment properties
4,694
Income tax expense
(20,898)
Profit after tax
14,020
Segment assets
Segment assets
379,071
1,024,890
138,549
848,151
368
84,049
2,475,078
Total assets
379,071
1,024,890
138,549
848,151
368
84,049
2,475,078
(1)	 Comprising of goodwill impaired at the Rentals CGU ($91.8 million) and Development CGU ($4.8 million). Refer to Note 13 for further detail.
86

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
3.	
Segment information (continued)
(c)	 2023
Residential
Lifestyle
Gardens
Tourism
Other
Lifestyle 
Development
$’000
Lifestyle 
Rental
$’000
Ingenia 
Gardens
$’000
Holidays & 
Mixed Use
$’000
Fuel, Food & 
Beverage
$’000
Corporate & 
Other
$’000
Total
$’000
Segment revenue
Land lease home sales
139,261
–
–
–
–
–
139,261
Residential rental income
–
62,258
24,846
11,175
–
–
98,279
Tourism rental income
–
2,593
–
97,303
–
–
99,896
Annual rental income
–
53
–
10,594
–
–
10,647
Other revenue
2,061
11,927
2,602
7,279
19,258
3,258
46,385
Total revenue
141,322
76,831
27,448
126,351
19,258
3,258
394,468
Segment underlying 
profit
External segment 
revenue
141,322
76,831
27,448
126,351
19,258
3,258
394,468
Cost of land lease 
homes sold
(73,757)
–
–
–
–
–
(73,757)
Employee expenses
(15,772)
(13,620)
(5,586)
(34,869)
(4,254)
(24,400)
(98,501)
Property expenses
(1,782)
(18,286)
(6,429)
(26,573)
(895)
(2,180)
(56,145)
Administrative expenses
(1,052)
(3,331)
(1,232)
(4,378)
(135)
(16,247)
(26,375)
Operational, marketing 
and selling expenses
(6,215)
(1,457)
(863)
(5,294)
(3,258)
(1,395)
(18,482)
Service station expenses
–
–
–
(91)
(9,280)
–
(9,371)
Depreciation and 
amortisation expense
(475)
(365)
(1)
(750)
(47)
(2,775)
(4,413)
Earnings before interest 
and tax
42,269
39,772
13,337
54,396
1,389
(43,739)
107,424
Share of profit of a joint 
venture
3,098
Interest income
357
Finance expense
(17,678)
Income tax expense
(9,573)
Share of associate loss
(514)
Total underlying profit
83,114
Net gain/(loss) on 
change in fair value of:
 Investment properties
6,125
 Acquisition 
transaction costs
(4,383)
 Financial liabilities
(2,099)
 Investments and other 
financial instruments 
1,388
Share of joint venture 
loss
(7,370)
Business combination 
transaction costs
1,615
Loss on disposal of 
investment properties
(2,840)
Income tax expense
(11,182)
Profit after tax
64,368
Segment assets
Segment assets
326,050
1,005,319
172,350
740,219
317
109,686
2,353,941
Assets held for sale
–
11,200
–
12,990
–
–
24,190
Total assets
326,050
1,016,519
172,350
753,209
317
109,686
2,378,131
87
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
4.	
Earnings per security
30 Jun 2024
30 Jun 2023
(a) 	 Per security
Profit attributable to security holders ($’000)
14,020
64,368
Weighted average number of securities outstanding (thousands):
 Issued securities (thousands)
407,583
407,583
 Dilutive securities (thousands):
	
Long-term incentives
2,516
1,988
	
Short-term incentives
517
421
	
Talent Rights Grant
920
441
	
Fixed Remuneration Rights
137
89
Weighted average number of issued and dilutive potential securities outstanding 
(thousands)
411,673
410,522
Basic earnings per security (cents)
 3.4
 15.8 
Dilutive earnings per security (cents)
3.4
15.7
(b)	 Per security attributable to parent
Loss attributable to security holders ($’000)
(9,022)
(8,783)
Weighted average number of securities outstanding (thousands):
 Issued securities (thousands)
407,583
407,583
 Dilutive securities (thousands):
	
Long-term incentives
2,516
1,988
	
Short-term incentives
517
421
	
Talent Rights Grant
920
441
	
Fixed Remuneration Rights
137
89
Weighted average number of issued and dilutive potential securities outstanding 
(thousands)
411,673
410,522
Basic loss per security (cents)
(2.2)
(2.2)
Dilutive loss per security (cents)
(2.2)
(2.2)
5.	
Other revenue
30 Jun 2024
$’000
30 Jun 2023
$’000
Ancillary guest and resident income
15,327
15,286
Fuel, food and beverage sales
19,247
19,254
Fee income(1)
5,642
4,781
Refurbished home sales
4,122
2,887
Other(2)
4,890
4,177
Total other revenue
49,228
46,385
(1) 	 Fees from the provision of property management, asset development and sales management services to the funds and the Joint Venture. 
(2) 	 Other income includes distributions from investment in funds and deferred management fees.
88

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
6.	
Finance expense
30 Jun 2024
$’000
30 Jun 2023
$’000
Debt facility interest expense
34,183
24,733
Lease interest expense(1)
2,280
2,053
Capitalised interest
(11,490)
(9,108)
Finance expense
24,973
17,678
(1)	 Lease interest expense relates to lease of right-of-use assets and certain ground leases for investment properties that are long-term in nature.
7.	
Income tax expense
30 Jun 2024
$’000
30 Jun 2023 
$’000
(a) 	 Income tax expense
Current tax expense
385
3,835
Increase in deferred tax liability
36,040
16,920
Income tax expense
36,425
20,755
(b)	 Reconciliation between tax expense and pre-tax profit
Profit before income tax
(50,445)
(85,123)
Less amounts not subject to Australian income tax
51,520
21,829
1,075
(63,294)
Income tax (benefit)/expense at 30% (30 Jun 2023: 30%)
(323)
18,989
Tax effect of amounts that are not deductible/(taxable) in calculating taxable income:
 Prior period income tax return true-ups
6,604
5,425
 Goodwill impairment
27,544
1,450
 Other
2,600
832
 Recognition of previously unrecognised tax losses
–
(5,941)
Income tax expense
36,425
20,755
(c)	 Tax consolidation
Effective from 1 July 2011, ICH and its Australian domiciled wholly owned subsidiaries formed a tax consolidation group with 
ICH being the head entity. Under the tax funding agreement the funding of tax within the tax group is based on taxable 
income as if that entity was not a member of the tax group.
Effective from 1 July 2012, ICMT and its Australian domiciled owned subsidiaries formed a tax consolidation group with ICMT 
being the head entity. Under the tax funding agreement the funding of tax within the tax group is based on taxable income 
as if that entity was not a member of the tax group.
89
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
8.	
Trade and other receivables
30 Jun 2024
$’000
30 Jun 2023
$’000
Current
Trade receivables
4,140
2,610
Prepayments
8,741
8,678
Deposits
370
4,106
Other receivables
1,581
2,616
Total current trade and other receivables
14,832
18,010
Non-current
Other receivables
909
787
9.	
Inventories
30 Jun 2024
$’000
30 Jun 2023
$’000
Land lease homes:
 Completed
42,004
19,756
 Display homes
7,257
3,368
 Under construction
36,817
30,711
Fuel, food and beverage supplies
389
312
Total inventories
86,467
54,147
The land lease home balance includes: 
	
–
108 completed homes (30 Jun 2023: 65)
	
–
26 display homes (30 Jun 2023: 11)
	
–
Land lease homes under construction includes 221 partially completed homes at different stages of development (30 Jun 
2023: 208). It also includes demolition, site preparation costs, buybacks on future development sites and refurbished/
renovated/annual homes.
10.	 Assets held for sale
30 Jun 2024
$’000
30 Jun 2023
$’000
Investment properties held for sale:
 Broulee, Broulee, NSW
–
7,698
 Lake Hume, Bowna, NSW
–
5,292
 Seachange Hervey Bay, Urangan, QLD
–
11,200
Total assets held for sale
–
24,190
90

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
11.	 Investment properties
(a)	 Summary of carrying value
30 Jun 2024
$’000
30 Jun 2023
$’000
Completed properties
1,930,893
1,770,328
Properties under development
319,794
275,302
Total carrying value
2,250,687
2,045,630
(b)	 Movements in carrying value
Note
30 Jun 2024
$’000
30 Jun 2023 
$’000
Carrying value at the beginning of the year
2,045,630
1,937,888
Acquisitions
38,569
48,834
Expenditure capitalised
159,206
135,549
Net gain/(loss) on change in fair value:
 Investment properties
55,890
4,906
 Acquisition transaction costs
(4,190)
(4,383)
Disposals
(44,418)
(52,974)
Transfer to assets held for sale
10
–
(24,190)
Carrying value at the end of the year
2,250,687
2,045,630
Fair value hierarchy disclosures for investment properties have been provided in Note 29(a).
(c)	 Reconciliation of fair value 
Ingenia 
Gardens
$’000
Lifestyle
Rental
$’000
Holidays & 
Mixed use
$’000
Total
$’000
Carrying value at the beginning of the year
168,010
1,120,113
757,507
2,045,630
Acquisitions
–
31,021
7,548
38,569
Expenditure capitalised
2,397
134,868
21,941
159,206
Net gain/(loss) on change in fair value of:
 Investment properties
2,229
(31,297)
84,958
55,890
 Acquisition transaction costs
–
(3,921)
(269)
(4,190)
Disposals
(38,576)
–
(5,842)
(44,418)
Carrying value at the end of the year
134,060
1,250,784
865,843
2,250,687
91
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
11.	 Investment properties (continued)
(d)	 Individual property carrying value
Carrying value
Completed properties
30 Jun 2024
$’000
30 Jun 2023
$’000
Ingenia Gardens:
Brooklyn, Brookfield, VIC
6,460
5,450
Jefferis, Bundaberg North, QLD
5,560
5,170
Oxley, Port Macquarie, NSW
6,850
6,550
Townsend, St Albans Park, VIC
6,100
6,000
Goulburn, Goulburn, NSW
6,540
6,120
Coburns, Brookfield, VIC
6,720
5,540
Hertford, Sebastopol, VIC
4,990
5,000
St Albans Park, St Albans Park, VIC
6,750
6,900
Taloumbi, Coffs Harbour, NSW
7,850
7,000
Wheelers, Dubbo, NSW
6,960
6,900
Taree, Taree, NSW
6,550
6,480
Grovedale, Grovedale, VIC
6,680
6,350
Marsden, Marsden, QLD
16,470
15,600
Dubbo, Dubbo, NSW
6,600
6,450
Sovereign, Ballarat, VIC 
6,140
5,890
Wagga, Wagga Wagga, NSW
5,860
5,950
Bathurst, Bathurst, NSW
6,350
6,100
Warrnambool, Warrnambool, VIC 
5,650
5,400
Carrum Downs, Carrum Downs, VIC
8,980
10,740
Carey Park, Bunbury, WA
–
6,040
Yakamia, Yakamia, WA
–
5,770
Seascape, Erskine, WA
–
6,500
Seville Grove, Seville Grove, WA
–
5,400
Swan View, Swan View, WA
–
9,800
Ocean Grove, Mandurah, WA
–
4,910
134,060
168,010
92

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
11.	 Investment properties (continued)
Carrying value
Completed properties
30 Jun 2024
$’000
30 Jun 2023
$’000
Ingenia Lifestyle Rental:
The Grange, Morisset, NSW
34,199
33,859
Ettalong Beach, Ettalong Beach, NSW(1)
1,312
1,557
Stoney Creek, Marsden Park, NSW
28,150
29,695
Chambers Pines, Chambers Flat, QLD
91,646
72,146
Bethania, Bethania, QLD
45,800
50,179
Lara, Lara, VIC
48,725
47,573
Latitude One, Port Stephens, NSW(2)
43,650
44,000
Blueys Beach, Blueys Beach, NSW
1,221
1,050
Durack, Durack, QLD
48,500
44,300
Eight Mile Plains, Eight Mile Plains, QLD
47,000
47,000
Plantations, Woolgoolga, NSW
31,000
28,250
Hervey Bay (Lifestyle), Hervey Bay, QLD
41,400
26,846
Brisbane North, Aspley, QLD
48,750
44,659
Bevington Shores, Halekulani, NSW
30,410
29,000
Taigum, Taigum, QLD
26,500
23,333
Sunnylake Shores, Halekulani, NSW
15,575
15,648
Redlands, Thornlands, QLD
7,750
7,000
Natures Edge, Buderim, QLD
43,650
29,894
Anna Bay, Anna Bay, NSW
1,821
4,331
Arundel, Arundel, QLD
70,600
69,639
Emerald Lakes, Carrara, QLD
22,300
23,119
Coomera, Upper Coomera, QLD
21,388
20,123
Toowoomba, Harristown, QLD
19,752
8,771
Carrum Downs (Rentals), Carrum Downs, VIC
26,150
25,920
Chelsea, Bonbeach, VIC
25,250
25,457
Frankston, Carrum Downs, VIC
27,000
25,606
Glenroy, Glenroy, VIC
32,866
31,461
Sunshine, Albion, VIC
23,500
23,911
Werribee, Werribee, VIC
34,735
30,868
Parkside, Ballarat, VIC
8,931
3,216
Drift, Bargara, QLD
424
–
Sanctuary, Victoria Point, QLD
4,465
–
Millers Glen, Beaudesert, QLD
1,670
–
956,090
868,411
(1) 	 Includes a land component that is leased from the local municipality and is recognised as investment property with an associated ground lease. 
The value of the capitalised lease carried within investment property is $0.8 million (30 June 2023: $1.0 million).
(2) 	 The carrying value of Latitude One represents 100% of the property value. A profit share arrangement is in place with a third-party, the liability for 
which is carried at fair value and classified as a financial liability. Refer to Note 20 for further details. 
 
93
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
Carrying value
Completed properties
30 Jun 2024
$’000
30 Jun 2023
$’000
Ingenia Holidays and Mixed Use:
Nepean River, Emu Plains, NSW
17,300
13,500
Kingscliff, Kingscliff, NSW
14,647
14,000
One Mile Beach, One Mile, NSW(1)
48,220
33,335
Hunter Valley, Cessnock, NSW
10,900
11,500
White Albatross, Nambucca Heads, NSW
48,303
37,530
Noosa, Tewantin, QLD
32,804
27,500
Lake Macquarie (Holidays), Mannering Park, NSW
18,000
13,700
Sydney Hills, Dural, NSW
14,500
17,500
Conjola Lakeside, Lake Conjola, NSW
70,000
64,700
Soldiers Point, Port Stephens, NSW
37,416
23,244
South West Rocks, South West Rocks NSW(1)
36,747
31,919
Ocean Lake, Ocean Lake, NSW
15,300
13,700
Avina Van Village, Vineyard, NSW
21,000
17,000
Hervey Bay (Holidays), Hervey Bay, QLD
13,611
13,750
Cairns Coconut, Woree, QLD
84,761
77,600
Bonny Hills, Bonny Hills, NSW
22,150
17,600
Rivershore, Diddillibah, QLD
23,500
24,850
Byron Bay, Byron Bay, NSW(1)
31,662
25,380
Middle Rock, One Mile, NSW
29,000
22,500
Inverloch, Inverloch, VIC(1)
47,155
41,603
Townsville, Deeragun, QLD
10,039
9,700
Merry Beach, Kioloa, NSW(1)
36,557
32,870
Noosa North, Tewantin, QLD(1)
15,551
14,551
Eden, Eden, NSW(1)
9,876
10,268
Torquay, Torquay, VIC(1)
20,909
20,536
Phillip Island, Newhaven, VIC(1)
12,033
13,273
Cape Paterson, Cape Paterson, VIC(1)
8,412
8,161
Ulladulla, Ulladulla, NSW
12,500
13,000
Beacon, Queenscliff, VIC
31,850
30,877
Murray Bend, Koonoomoo, VIC
15,245
15,600
Swan Bay, Swan Bay, VIC
9,590
9,260
Big 4 Wagga, Wagga Wagga, NSW
14,000
13,400
Old Bar Beach, Old Bar, NSW(1)
7,205
–
840,743
733,907
Total completed properties
1,930,893
1,770,328
(1)	 Includes a land component that is leased from the Crown, local municipalities or private lessors and are recognised as investment property with an 
associated ground lease. The value of the capitalised lease carried within investment property is $57.4 million (30 June 2023: $51.2 million).
11.	 Investment properties (continued)
94

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
11.	 Investment properties (continued)
The figures shown above are the fair values of the operating rental streams associated with each property and exclude any 
valuation attributed to the development component of the investment property. The values attributed to development 
properties are separately disclosed in the note below.
Carrying value
Properties under development
30 Jun 2024
$’000
30 Jun 2023
$’000
Ingenia Lifestyle Rental:
Chambers Pines, Chambers Flat, QLD
4,720
10,405
Lara, Lara, VIC
14,858
15,451
Latitude One (Lot 25), Port Stephens, NSW
24,000
2,500
Blueys Beach, Blueys Beach, NSW
17,249
9,137
Hervey Bay (Lifestyle), Hervey Bay, QLD
12,677
21,191
Parkside, Ballarat, VIC
36,210
15,974
Redlands, Thornlands, QLD
1,000
2,100
Beveridge, Beveridge, VIC
25,635
19,994
Natures Edge, Buderim, QLD
1,588
11,943
Drift, Bargara, QLD
13,673
13,159
Rochedale, Rochedale, QLD
25,119
25,284
Coomera, Upper Coomera, QLD
2,400
2,662
Toowoomba, Harristown, QLD
5,403
11,802
Sanctuary, Victoria Point, QLD
34,115
40,348
Millers Glen, Beaudesert, QLD
18,433
8,459
Branyan, Branyan, QLD
6,551
5,860
Sunbury, Sunbury, VIC
12,280
12,500
Gordonvale, Cairns, QLD
19,504
19,674
Plantations, Woolgoolga, NSW
17,100
–
Anna Bay, Anna Bay, NSW
2,179
–
Bethania, Bethania, QLD
–
1,574
Sunnylake Shores, Halekulani, NSW
–
1,685
294,694
251,702
Ingenia Holidays and Mixed Use:
Avina, Vineyard, NSW
17,850
17,000
Cairns Coconut, Woree, QLD
2,400
2,400
Rivershore, Diddillibah, QLD
3,950
4,200
White Albatross, Nambucca Heads, NSW
900
–
25,100
23,600
Total properties under development
319,794
275,302
Total investment properties
2,250,687
2,045,630
Investment properties are carried at fair value in accordance with the Group’s accounting policy Note 1 (q). 
Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the 
measurement date in the principal market for the asset or liability, or in its absence, the most advantageous market. 
In determining fair values, the Group considers relevant information including the capitalisation of rental streams using 
market assessed capitalisation rates. For investment properties under development, the Group assesses fair value based 
on the expected net development cashflows discounted to their present value using market determined risk-adjusted 
discount rates and other available market data such as recent comparable transactions. There are three primary cashflow 
components that determine the fair value: Present Value of Unsold Homes’ net operating income (“NOI”); Present Value of 
future Home Sales Profits; and, Present Value of Remaining Underground CAPEX. The fair value of an investment property 
under development will vary depending on the movements of these three components, which are influenced by various 
factors including, but not limited to, the number of settlements realised, home sale profit margins and the status of the 
overall development.
Refer to Note 11(e) for inputs used in determining fair value.
95
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
11.	 Investment properties (continued)
(e)	 Description of valuations techniques used and key inputs to valuation on investment properties
Range and weighted average
Valuation  
technique
Significant  
unobservable 
inputs
30 Jun 2024
30 Jun 2023
Relationship of 
unobservable input 
to fair value
Ingenia Gardens
Capitalisation 
method
Stabilised 
occupancy
92% - 98% 
(96.0%)
88% - 99% 
(96.0%)
As costs are fixed in 
nature, occupancy has 
a direct correlation to 
valuation (i.e. the higher 
the occupancy, the 
greater the value).
Capitalisation  
rate
7.80% - 9.00% 
(8.4%)
7.2% - 9.5%  
(8.9%)
Capitalisation has an 
inverse relationship to 
valuation.
Holidays & Mixed Use Capitalisation 
method  
(for existing rental 
streams)
Short-term 
occupancy
20% - 80% for 
powered and 
camp sites;  
30% - 80% for 
tourism and  
short term rental
20% - 80% for 
powered and 
camp sites;  
30% - 80% for  
tourism and  
short term rental
The higher the 
occupancy, the greater 
the value.
Residential 
occupancy
100%
100%
Operating  
profit margin
22% - 60% 
dependent 
upon short-term 
and residential 
accommodation 
mix
22% - 63% 
dependent 
upon short-term 
and residential 
accommodation 
mix
The higher the adopted 
operating margin, the 
greater the value.
Capitalisation  
rate
6.75% - 11.78% 
(8.2%)
6.75% - 11.50% 
(7.6%)
Capitalisation has an 
inverse relationship to 
valuation.
Lifestyle Rental
Capitalisation 
method  
(for existing income 
streams)
Short-term 
occupancy 
20% - 80% for 
powered and 
camp sites;  
30% - 95% for  
tourism and  
short term  
rental
20% - 80% for 
powered and 
camp sites;  
30% - 95% for  
tourism and  
short term  
rental
The higher the 
occupancy, the greater 
the value.
Residential 
occupancy
100%
100%
Operating 
profit margin – 
Stabilised
41% - 74% 
dependent 
upon short-term 
and residential 
accommodation 
mix
39% - 75% 
dependent 
upon short-term 
and residential 
accommodation 
mix
The higher the adopted 
operating margin, the 
greater the value.
Capitalisation  
rate
4.99% - 7.74% 
(5.5%)
4.90% - 7.27% 
(5.3%)
Capitalisation has an 
inverse relationship to 
valuation.
Lifestyle  
Development
Home Sales profit
Profit margin
23% - 49%  
(38%)
27% - 50%  
(36%)
The higher the margin, 
the greater the 
contribution to overall 
development value.
Discounted cash 
flow
Discount rate
13.5% - 20.0% 
(16.9%)
6.5% - 22.5%  
(16.8%)
Discount rate has an 
inverse relationship to 
valuation.
96

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
11.	 Investment properties (continued)
Capitalisation method
Under the capitalisation method, fair value is estimated using assumptions regarding the expectation of future benefits. 
This method involves estimating a sustainable net operating income profile of a property and applying a capitalisation rate 
into perpetuity. The capitalisation rate is based on current market evidence. The sustainable net operating income profile 
of a property takes into account occupancy, rental income and operating expenses. 
Discounted cash flow method
Under the discounted cash flow method, fair value is estimated using assumptions regarding the benefits and liabilities of 
ownership over the asset’s life including an exit or terminal value. This method involves the projection of a series of cash 
flows on a real property interest. To this projected cash flow series, a market-derived discount rate is applied to establish the 
present value of the income stream associated with the asset. The exit yield normally reflects the exit value expected to be 
achieved upon selling the asset and is a function of the risk-adjusted returns of the asset and expected capitalisation rate.
The duration of the cash flows and the specific timing of inflows and outflows are determined by events such as rent 
reviews, lease renewal and related re-letting, redevelopment or refurbishment as well as the development of new units. 
The appropriate duration is typically driven by market behaviour that is a characteristic of the class of real property. Periodic 
cash flow is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease incentives, 
maintenance cost, agent and commission costs and other operating and management expenses. The series of periodic net 
underlying cash flows, along with an estimate of the terminal value anticipated at the end of the projection period, is then 
discounted.
12.	 Plant and equipment
30 Jun 2024
$’000
30 Jun 2023
$’000
(a)	 Summary of carrying value
Plant and equipment
16,899
15,603
Less: accumulated depreciation
(6,302)
(6,404)
Total plant and equipment
10,597
9,199
(b)	 Movements in carrying value
Carrying value at the beginning of the year
9,199
7,415
Additions
4,604
4,509
Disposals
(563)
(503)
Depreciation expense
(2,643)
(2,222)
Carrying value at the end of the year
10,597
9,199
13.	 Intangibles and goodwill
30 Jun 2024
$’000
30 Jun 2023
$’000
(a)	 Summary of carrying value
Software & development
4,917
5,025
Goodwill
4,672
101,319
Less: accumulated amortisation
(4,023)
(3,760)
Total intangibles and goodwill
5,566
102,584
(b)	 Movements in carrying value
Carrying value at the beginning of the year
102,584
103,203
Additions
–
–
Disposals
(2)
–
Amortisation expense
(369)
(619)
Impairment of goodwill
(96,647)
–
Carrying value at the end of the year
5,566
102,584
97
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
13.	 Intangibles and goodwill (continued)
Goodwill is initially measured at cost, being the excess of the aggregate consideration transferred and the amount 
recognised for non-controlling interest over the fair value of net identifiable assets acquired and liabilities assumed. 
Goodwill is tested annually for impairment, or more frequently if changes in circumstances indicate that it might be impaired. 
An impairment loss is recognised when the carrying amount of the asset exceeds its recoverable amount, calculated as the 
higher of fair value less costs of disposal and the value in use. 
For the purposes of assessing impairment, assets are grouped at the lowest levels for which goodwill is monitored for 
management purposes and allocated to cash generating units (CGU). The assumptions used for determining the recoverable 
amount of the CGU are based on the expectation for the future, utilising both internal and external sources of data and 
relevant market trends.
Eighth Gate Funds CGU 
The recoverable amount of the Eighth Gate Funds CGU has been determined based on a discounted cash flow basis. This 
method involves the projection of a series of cash flows of the funds management business. The projected cash flows have 
been updated to reflect an expected change in cash flows from the funds management business.
Rental CGU
The recoverable amount of the Lifestyle Rental business has been assessed on a discounted cash flow basis, involving the 
projection of a series of cash flows to the of the Lifestyle Rental business. As a result of this analysis, the goodwill allocated 
to the rental CGU was fully impaired at 30 June 2024. There was no further impairment to the underlying assets of the CGU 
which have a recoverable amount of $906.6 million. The key determinant of the impairment was the higher discount rates 
applied to the future cash flows. For the year ended 30 June 2024, a discount rate of 8.6% (30 Jun 2023: 7%) was deemed 
appropriate, resulting in the full impairment of the rental CGU goodwill. 
Development CGU
The recoverable amount of the development CGU has been determined based on a discounted cash flow basis. This method 
involves the projection of a series of cash flows of the Lifestyle Development business. To this projected cash flow series, a 
pre-tax market-derived discount rate of 41% (30 Jun 2023: 30%) was applied to establish the present value of the income 
stream associated with the CGU. Changes to the future cash outflows relating to the quantum and timing of construction 
costs, resulted in the full impairment of goodwill allocated to the development CGU at 30 June 2024. There was no further 
impairment to the underlying assets of the CGU which have a recoverable amount of $242.3 million.
14.	 Right-of-use assets
30 Jun 2024 
$’000
30 Jun 2023 
$’000
(a)	 Summary of carrying value
Plant and equipment
1,154
1,154
Buildings
5,157
5,129
Less: accumulated amortisation
(3,734)
(3,714)
Total right-of-use asset
2,577
2,569
(b)	 Movements in carrying value
Carrying value at the beginning of the year
2,569
4,153
Additions
1,334
–
Depreciation expense
(1,326)
(1,572)
Disposals
–
(12)
Carrying value at the end of the year
2,577
2,569
98

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
15.	 Investment in a joint venture
The Group holds a 50% interest in a joint venture with Sun Communities for the development of greenfield 
communities. The Group’s interest in the joint venture is accounted for using the equity method in the consolidated 
financial statements. The valuation methodology of the Joint Venture’s assets and liabilities are consistent with that of 
the Group.
The following table illustrates the summarised financial information of the Group’s investment in the joint venture 
entities:
Balance Sheet
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Cash
12,610
7,769
Trade and other receivables
1,036
1,293
Inventory
34,412
16,942
Current assets
48,058
26,004
Investment property
162,746
139,568
Other non-current assets
815
500
Non-current assets
163,561
140,068
Trade and other payables
(17,845)
(7,670)
Current liabilities
(17,845)
(7,670)
Borrowings
(40,031)
(34,744)
Non-current liabilities
(40,031)
(34,744)
Net assets/equity
153,743
123,658
Group’s share in equity – 50%
76,872
61,829
Group’s carrying value in investment
76,872
61,829
Statement of Comprehensive Income
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Land lease home sales
59,250
25,807
Residential rental income
1,852
1,124
Cost of sales
(28,882)
(11,193)
Operating costs
(10,676)
(7,099)
Depreciation
(141)
(100)
Operating profit before interest and tax
21,403
8,539
Net finance expense
(2,141)
(811)
Net loss on change in fair value of investment property
(29,672)
(14,741)
Income tax expense
(1,504)
(1,531)
Net loss for the year
(11,914)
(8,544)
Total comprehensive loss for the year net of income tax
(11,914)
(8,544)
Group’s share of loss for the year
(5,957)
(4,272)
99
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
16.	 Other financial assets 
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Derivatives
3,726
3,234
Total current
3,726
3,234
Non-current
Unlisted property funds
6,357
6,340
Derivatives
–
3,867
Total non-current
6,357
10,207
Refer to Note 2 for valuation assumptions on the Group’s investment in unlisted property funds. 
17.	 Deferred tax assets and liabilities
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Deferred tax assets
Tax losses
25,346
24,994
Accruals
5,322
4,830
Other
4,591
4,238
Deferred tax liabilities
DMF receivable
–
(5)
Investment properties
(119,566)
(81,156)
Other
(5,012)
(6,180)
Net deferred tax liabilities
(89,319)
(53,279)
Tax effected carried forward tax losses for which no deferred tax asset has been recognised
2,773
3,058
The tax effected carried forward tax losses for which no deferred tax asset has been recognised in the current year relates to 
capital losses of $2.8 million (30 Jun 2023: $3.1 million). 
The availability of carried forward tax losses to the ICMT tax consolidated group is subject to recoupment rules at the time 
of recoupment. Further, the rate at which certain of the revenue losses can be utilised is determined by reference to market 
values at the time of tax consolidation and subsequent events. The carried forward capital losses can only be recouped from 
future capital gains.
The Group offsets tax assets and liabilities, if and only if, it has a legally enforceable right to set off current tax assets and 
current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax 
authority.
18.	 Trade and other payables
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Trade payables and accruals
67,836
73,644
Deposits
23,950
19,598
Other 
2,303
2,275
Total current
94,089
95,517
Non-current
Other
3,635
6,904
Total non-current
3,635
6,904
100

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
19.	 Borrowings 
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Lease liabilities – Right-of-use assets
1,288
1,094
Lease liabilities – Ground leases
3,292
2,894
Total current
4,580
3,988
Non-current
Bank debt
695,850
609,130
Prepaid borrowing costs
(2,759)
(3,015)
Lease liabilities – Right-of-use assets
1,530
1,672
Lease liabilities – Ground leases
54,952
49,893
Total non-current
749,573
657,680
The Group’s available facilities as at 30 June 2024 was $905.0 million (30 Jun 2023: $780.0 million).
(a)	 Bank debt
As at 30 June 2024, the Group’s debt balance, drawn from the facilities, was $695.9 million (30 Jun 2023: $609.1 million). 
The carrying value of investment properties and inventories at reporting date pledged as security is $2,178.1 million (30 Jun 
2023: $1,912.5 million).
Maturity date
Amount
December 2025
$74.5 million
September 2026
$175.4 million
January 2027
$200.0 million
February 2027
$100.0 million
December 2027
$55.0 million
February 2028
$75.0 million
May 2028
$100.1 million
May 2029
$125.0 million
(b)	 Bank guarantees
The Group has the ability to utilise its bank facilities to provide bank guarantees, which at 30 June 2024 were $21.7 million 
(30 Jun 2023: $24.1 million).
20.	 Other financial liabilities
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Financial liabilities
795
659
Total current
795
659
Non-current
Financial liabilities
16,665
16,941
Total non-current
16,665
16,941
Other financial liabilities relate to a profit share arrangement with a third-party which is carried at fair value.
101
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
21.	 Issued Securities 
30 Jun 2024 
$’000
30 Jun 2023 
$’000
(a)	 Carrying values
Balance at beginning of the year
1,704,212
1,704,230
Issued during the year:
 Equity raising and distribution costs
(24)
(18)
Balance at end of the year
1,704,188
1,704,212
The closing balance is attributable to the security holders of:
Ingenia Communities Holding Limited
91,956
91,958
Ingenia Communities Fund
1,473,432
1,473,451
Ingenia Communities Management Trust
138,800
138,803
1,704,188
1,704,212
30 Jun 2024 
’000
30 Jun 2023 
’000
(b)	 Number of issued securities
Balance at beginning of the year
407,583
407,583
Issued during the year:
 Distribution Reinvestment Plan (“DRP”)
–
–
Balance at end of the year
407,583
407,583
(c)	 Term of securities
All securities are fully paid and rank equally with each other for all purposes. Each security entitles the holder to one vote, in 
person or by proxy, at a meeting of security holders.
22.	 Reserves
Note
30 Jun 2024
$’000
30 Jun 2023
$’000
Balance at the beginning of year
(2,010)
(4,312)
Payments to employee share trust
(725)
(150)
Lapsed rights
23
(489)
(392)
Share-based payment expense
4,682
2,844
Balance at the end of year
1,458
(2,010)
The share-based payment reserve records the value of equity-settled share-based payment transactions provided to 
employees, including key management personnel, as part of their remuneration.
102

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
23.	 Accumulated losses
Note
30 Jun 2024 
$’000
30 Jun 2023
$’000
Balance at beginning of the year
(165,415)
(185,341)
Net profit for the year
14,020
64,368
Distributions
(44,834)
(44,834)
Lapsed rights
22
489
392
Balance at end of the year
(195,740)
(165,415)
The closing balance is attributable to the security holders of: 
 Ingenia Communities Holding Limited
6,541
48,319
 Ingenia Communities Fund
(316,495)
(359,808)
 Ingenia Communities Management Trust
114,214
146,074
(195,740)
(165,415)
24.	 Commitments
There were commitments for capital expenditure on investment properties and inventories contracted but not provided for 
at reporting date of $77.8 million (30 Jun 2023: $79.3 million).
In FY23, Ingenia entered into an arrangement to acquire land adjoining Ingenia Lifestyle Plantations for a purchase price 
of $18.8 million (inclusive of GST) on or before 30 April 2024. As at 30 June 2024, the acquisition was completed and the 
adjoining land is held in investment properties (refer Note 11).
25.	 Contingent liabilities
The Group has the following contingent liabilities:
	
–
Bank guarantees totalling $21.7 million provided for under the $905.0 million bank facility. Bank guarantees primarily relate 
to the Responsible Entity’s AFSL capital requirements ($10.0 million).
26.	 Share based Payment Transactions
The Group’s current Rights Plan provides for the issuance of rights to eligible employees, which upon a determination by 
the Board that the performance conditions attached to the rights have been met, result in the issue of stapled securities in 
the Group for each right. The Rights Plan was approved at the 17 November 2023 Annual General Meeting and contains the 
following:
(a) Short-Term Incentive Plan (STIP)
STIP performance rights are awarded to eligible employees whose achievements, behaviour, and focus meet the Group’s 
business plan and individual Key Performance Indicators (KPIs) measured over the financial year. STIP rights are subject to 
a one year vesting deferral period from the issue date and allow for certain lapsing conditions within the deferral period, 
should certain conditions occur. Under the STI offer, 33.3% of the maximum STI for the CEO and 50.0% for the CFO and 
CIO & GC will be paid in cash, with the balance being a deferred equity element. 
The deferred expense for conditional STIP rights recognised for the period is $0.7 million (30 Jun 2023: $0.6 million) and is 
based on an estimate of the Group’s and individual employee’s current period performance. The total value of STIP rights is 
subject to adjustment up until the final full-year audited result is known and KPIs reliably measured, being 1 October 2024.
(b) Long-Term Incentive Plan (LTIP)
LTIP performance rights are granted to individuals to align their focus to increase alignment with security holder’s interests. 
The FY24 LTIP Rights are subject to the following LTIP Performance Conditions:
	
–
25% based on Total Shareholder Return (TSR); 
	
–
25% based on Return on Equity (ROE).
	
–
25% based on underlying Earnings Per Security (EPS); and
	
–
25% based on home settlements growth.
103
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
26.	 Share based Payment Transactions (continued)
TSR is benchmarked against the constituents of the ASX 200 A-REIT Index whilst ROE, Underlying EPS and home 
settlements growth is benchmarked against internal targets. The number of LTIP rights that will vest will depend on the 
performance of each hurdle.
The fair value of LTIPs is recognised as an employee benefit expense with a corresponding increase in reserves. The fair 
value is expensed on a straight-line basis over the vesting period. The total LTIP expense recognised for the financial year 
was $2.2 million (30 Jun 2023: $1.1 million). 
(c) Talent Rights Grant (TRG)
TRG are granted for the purpose of retaining and incentivising employees who have been identified as having a key role in 
the successful achievement of the Group’s strategy. In order to vest, the TRG Rights are subject to the Group’s Rights Plan, 
employees remaining in service and their satisfactory performance.
The fair value is expensed on a straight-line basis over the relevant vesting period. The total TRG expense recognised for the 
financial year was $1.0 million (30 Jun 2023: $0.6 million).
(d) Fixed Remuneration Rights (FRR)
Fixed Remuneration of executive KMP is reviewed annually, with any adjustments subject to Board approval. When 
an adjustment to Fixed Remuneration is approved by the Board, the delivery of all or part of any increase in Fixed 
Remuneration may, at the Board’s discretion, be in the form of an annual grant of Rights to INA Securities. The Board 
considers that delivery in Rights, instead of cash, further aligns the interests of the executive with security holders. The total 
FRR expense recognised for the financial year was $0.2 million (30 Jun 2023: $0.2 million).
One Right equates to one security in the Group. Movements in rights during the year were as follows:
(i) 30 June 2024
STIP
Thousands
LTIP
Thousands
TRG
Thousands
FRR
Thousands
Outstanding at beginning of year
440
2,132
501
101
Lapsed during the year
–
(484)
(70)
–
Granted during the year
127
1,135
669
57
Exercised during the year
(25)
(3)
(26)
–
Outstanding at end of year
542
2,780
1,074
158
Weighted average remaining life of outstanding rights (years)
0.3
1.3
1.5
–
(ii) 30 June 2023
STIP
Thousands
LTIP
Thousands
TRG
Thousands
FRR
Thousands
Outstanding at beginning of year
330
1,547
302
69
Lapsed during the year
–
(305)
(61)
(43)
Granted during the year
140
986
268
100
Exercised during the year
(30)
(96)
(8)
(25)
Outstanding at end of year
440
2,132
501
101
Weighted average remaining life of outstanding rights (years)
0.3
1.3
1.5
–
The fair value of STIP, LTIP and TRG Rights granted during the year was estimated using Monte Carlo and Binomial 
simulation models. Assumptions made in determining the fair value, and the results are:
STIP
Grant Date
1 Oct 2023
Security price at grant date
$4.17
30 day Volume Weighted Average Price (VWAP) at start of performance period
$4.22
Expected remaining life at grant date (years)
1
Risk-free interest rate at grant date
4.26%
Share price volatility 
30.0%
STIP fair value
$4.18
104

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
26.	 Share based Payment Transactions (continued)
LTIP
Grant Date
1 Oct 2023
17 Nov 2023
2 Apr 2024
Security price at grant date
$4.17
$4.30
$5.19
30 day Volume Weighted Average Price (VWAP) at start of performance period
$4.22
$4.22
$4.22
Expected remaining life at grant date
3
2.9
2.54
Risk-free interest rate at grant date
3.87%
4.03%
3.24%
Distribution yield
2.89%
2.89%
2.57%
Share price volatility
30.0%
30.0%
30.0%
LTIP fair value
$2.25
$2.28
$2.87
TRG
Grant Date
1 Oct 2023
1 Oct 2023
Security price at grant date
$4.17
$4.17
30 day Volume Weighted Average Price (VWAP) at start of performance period
$4.22
$4.22
Expected remaining life at grant date
2.0 
4.0 
Risk-free interest rate at grant date
3.94%
3.91%
Share price volatility
30.0%
30.0%
TRG fair value
$3.99
$3.77
27.	 Capital management
The Group aims to meet its strategic objectives, operational needs and maximise returns to security holders through the 
appropriate use of debt and equity, taking account of the additional financial risks of higher debt levels.
In determining the optimal capital structure, the Group takes into account a number of factors, including the views of 
investors and the market in general, the capital needs of its portfolio, the relative cost of debt versus equity, the execution 
risk of raising equity or debt, and the additional financial risks of debt including increased volatility of earnings due to 
exposure to interest rate movements, the refinance risk of maturing debt facilities and the potential for acceleration prior to 
maturity. 
In assessing this risk, the Group takes into account the relative stability of its income flows, the predictability of its expenses, 
its debt maturity profile, the degree of hedging and the overall level of debt as measured by gearing.
The actual capital structure at a point in time is the product of a number of factors, many of which are market driven and 
to various degrees outside of the control of the Group, particularly the impact of revaluations, the availability of new equity 
and the liquidity in real estate markets. While the Group periodically determines the optimal capital structure, the ability 
to achieve the optimal structure may be impacted by market conditions and the actual position may often differ from the 
optimal position.
One measure of the Group’s capital position is through the Loan to Value Ratio (LVR) which is a key covenant (less than 
55%) under the Group’s common terms deed governing the debt facilities. LVR is calculated as the sum of bank debt, bank 
guarantees and interest rate swaps, less cash at bank, as a proportion of the investment properties, based on the most 
recent external valuation, and inventories pledged as security and expressed as a percentage. The Group’s strategy is to 
maintain an LVR range of 30-40%. As at 30 June 2024, the LVR of 32.3% (30 June 2023: 31.4%).
In addition, the Group monitors Interest Cover Ratio (ICR) as defined under the common terms deed. At 30 June 2024, the 
Total Interest Cover Ratio was 4.26x (30 Jun 2023: 4.67x) and the Core Interest Cover Ratio was 3.97x (30 Jun 2023: 5.30x). 
The covenant for total ICR and Core ICR is greater than 2x.
28.	 Financial instruments
(a)	 Introduction
The Group’s principal financial instruments comprise cash and short-term deposits, receivables, payables, interest bearing 
liabilities, other financial liabilities, and derivative financial instruments.
105
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
28.	 Financial instruments (continued)
The main risks arising from the Group’s financial instruments are interest rate risk, foreign exchange risk, credit risk and 
liquidity risk. The Group manages its exposure to these risks primarily through its Investment, Derivatives, and Borrowing 
policy. The policy sets out various targets aimed at restricting the financial risk taken by the Group. Management reviews 
actual positions of the Group against these targets on a regular basis. If the target is not achieved, or the forecast is unlikely 
to be achieved, a plan of action is, where appropriate, put in place with the aim of meeting the target within an agreed 
timeframe. 
Depending on the circumstances of the Group at a point in time, it may be that positions outside of the Investment, 
Derivatives, and Borrowing policy are accepted and no plan of action is put in place to meet the treasury targets, because, 
for example, the risks associated with bringing the Group into compliance outweigh the benefits. The adequacy of the 
Investment, Derivatives, and Borrowing policy in addressing the risks arising from the Group’s financial instruments is 
reviewed on a regular basis. 
While the Group aims to meet its Investment, Derivatives, and Borrowing policy targets, many factors influence its 
performance, and it is probable that at any one time it will not meet all its targets. For example, the Group may be unable 
to negotiate the extension of bank facilities sufficiently ahead of time, so that it fails to achieve its liquidity target. When 
refinancing loans it may be unable to achieve the desired maturity profile or the desired level of flexibility of financial 
covenants, because of the cost of such terms or their unavailability. Hedging instruments may not be available, or their cost 
may outweigh the benefit of risk reduction or they may introduce other risks such as mark to market valuation risk. Changes 
in market conditions may limit the Group’s ability to raise capital through the issue of new securities or sale of properties.
(b)	 Interest rate risk
The Group’s exposure to the risk of changes in market interest rates arises primarily from its use of borrowings. The main 
consequence of adverse changes in market interest rates is higher interest costs, reducing the Group’s profit. In addition, one 
or more of the Group’s loan agreements may include minimum interest cover covenants. Higher interest costs resulting from 
increases in market interest rates may result in these covenants being breached, providing the lender the right to call in the 
loan or to increase the interest rate applied to the loan.
The Group manages the risk of changes in market interest rates by maintaining an appropriate mix of fixed and floating rate 
borrowings. Fixed rate debt is achieved either through fixed rate debt funding or through derivative financial instruments 
permitted under the Investment, Derivatives, and Borrowing policy. At 30 June 2024, approximately 11% of the Group’s 
borrowings are at a fixed rate (30 June 2023: 12%) with interest rate derivatives in place to provide further rate protection. 
Consequently, exposure to interest rates on 46.7% of the drawn debt has been managed (30 Jun 2023: 53%).
Exposure to changes in market interest rates also arises from financial assets such as cash deposits and loan receivables 
subject to floating interest rate terms. Changes in market interest rates will also change the fair value of any interest rate 
hedges.
(c)	 Interest rate risk exposure
The Group’s exposure to interest rate risk and the effective interest rates on financial instruments at reporting date was:
Fixed interest maturing in:
30 Jun 2024  
$’000
Floating 
interest rate
Less than 
1 year
1 to 5 
years
More than 
5 years
Total
Financial assets
Cash at bank
14,458
–
–
–
14,458
Financial liabilities
Bank debt
620,850
–
75,000
–
695,850
Interest rate derivatives
(250,000)
50,000
200,000
–
–
Fixed interest maturing in:
30 Jun 2023  
$’000
Floating 
interest rate
Less than 
1 year
1 to 5 
years
More than 
5 years
Total
Financial assets
Cash at bank
45,716
–
–
–
45,716
Financial liabilities
Bank debt
534,130
–
75,000
–
609,130
Interest rate derivatives
(250,000)
–
250,000
–
–
Other financial instruments of the Group not included in the above tables are non-interest bearing and are therefore not 
subject to interest rate risk.
106

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
28.	 Financial instruments (continued)
(d)	 Interest rate sensitivity analysis
The impact of an increase or decrease in average interest rates of 1% (100 bps) at reporting date, with all other variables held 
constant, is illustrated in the tables below. This analysis is based on the interest rate risk exposures in existence at balance 
sheet date.
Effect on profit before tax 
higher/(lower)
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Increase in average interest rates of 100 bps:
Variable interest rate bank debt (AUD)
(6,209)
(5,341)
Fair value of interest rate derivatives (AUD)
2,674
216
Decrease in average interest rates of 100 bps:
 
Variable interest rate bank debt (AUD)
6,209
5,341
Fair value of interest rate derivatives (AUD)
(2,161)
(154)
(e)	 Foreign exchange risk
The Group’s The Group’s exposure to foreign exchange risk is limited to foreign denominated cash balances. These amounts 
are unhedged.
(f)	 Net foreign currency exposure
The Group’s net foreign currency monetary exposure as at reporting date is shown in the following table. The net foreign 
currency exposure reported is of foreign currencies held by entities whose functional currency is not the Australian dollar. 
It excludes assets and liabilities of entities, including equity accounted investments, whose functional currency is not the 
Australian dollar.
Net foreign currency assets
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Net foreign currency exposure:
 United States dollars
1,552
1,530
 New Zealand dollars
–
234
The impact of an increase or decrease in average foreign exchange rates of 10% at reporting date, with all other variables 
held constant, is considered to be limited based on the foreign exchange risk exposures in existence at balance sheet date.
The Group believes that the reporting date risk exposures are representative of the risk exposure inherent in its financial 
instruments.
(g)	 Credit risk
Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in a financial loss to the 
Group. 
The major credit risk for the Group is default by tenants, resulting in a loss of rental income while a replacement tenant is 
secured and further loss if the rent level agreed with the replacement tenant is below that previously paid by the defaulting 
tenant.
The Group assesses the credit risk of prospective tenants, the credit risk of in-place tenants when acquiring properties and 
the credit risk of existing tenants renewing upon expiry of their leases. Factors taken into account when assessing credit risk 
include the financial strength of the prospective tenant and any form of security, for example a rental bond, to be provided. 
The decision to accept the credit risk associated with leasing space to a particular tenant is balanced against the risk of the 
potential financial loss of not leasing up vacant space.
Rent receivable balances are monitored on an ongoing basis and arrears actively followed up in order to reduce, where 
possible, the extent of any losses should the tenant subsequently default. The Group believes that its receivables that are 
neither past due nor impaired do not give rise to any significant credit risk.
Credit risk also arises from deposits placed with financial institutions and derivatives contracts that may have a positive 
value to the Group. The Group’s Investment, Derivatives, and Borrowing policy sets target limits for credit risk exposure 
with financial institutions and minimum counterparty credit ratings. 
107
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
28.	 Financial instruments (continued)
Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the 
Group, after allowing for appropriate set offs which are legally enforceable.
The Group’s maximum exposure to credit risk at reporting date in relation to each class of financial instrument is its carrying 
value as reported in the balance sheet.
(h)	 Liquidity risk
The main objective of liquidity risk management is to reduce the risk that the Group does not have the resources available to 
meet its financial obligations and working capital and committed capital expenditure requirements. The Group’s Investment, 
Derivatives, and Borrowing policy sets a target for the level of cash and available undrawn debt facilities to cover future 
committed capital expenditure in the next year, loan maturities within the next year and an allowance for unforeseen events 
such as tenant default. 
The Group may also be exposed to contingent liquidity risk under its term loan facilities, where term loan facilities include 
covenants which if breached give the lender the right to call in the loan, thereby accelerating a cash flow which otherwise 
was scheduled for the loan maturity. The Group monitors adherence to loan covenants on a regular basis, and the 
Investment, Derivatives, and Borrowing policy sets targets based on the ability to withstand adverse market movements 
and remain within loan covenant limits.
In addition, the Group ensures resilience against breaking its covenants on its primary debt facilities by assessing the 
following sensitivities:
	
–
10% reduction in value of assets for LVR covenants; and
	
–
2% nominal increase in interest rates combined with a 5% fall in income for ICR covenants.
The contractual maturities of the Group’s non-derivative financial liabilities at reporting date are reflected in the following 
table. It shows the undiscounted contractual cash flows required to discharge the liabilities at market rates.
30 Jun 2024
Less than 
1 year 
$’000
1 to 5 years 
$’000
More than 
5 years 
$’000
Total 
$’000
Trade and other payables
94,089
3,635
–
97,724
Borrowings(1)
40,308
791,619
–
831,927
Other financial liabilities
795
16,665
–
17,460
Right-of-use asset leases(1)
1,374
1,614
–
2,988
Ground leases (excluding perpetual leases)
3,354
13,159
64,016
80,529
Ground leases (perpetual leases)(2)
420
1,680
–
2,100
 
140,340
828,372
64,016
1,032,728
30 Jun 2023
Less than 
1 year 
$’000
1 to 5 years 
$’000
More than 
5 years 
$’000
Total 
$’000
Trade and other payables
95,517
6,904
–
102,421
Borrowings(1)
15,435
717,824
–
733,259
Other financial liabilities
659
16,941
–
17,600
Right-of-use asset leases(1)
1,159
1,715
–
2,874
Ground leases (excluding perpetual leases)
2,948
11,846
57,261
72,055
Ground leases (perpetual leases)(2)
260
1,041
–
1,301
 
115,978
756,271
57,261
929,510
(1)	 The balance above will not agree to the balance sheet as it includes the implied interest component.
(2)	 For the purpose of the table above, lease payments for five years are included for perpetual leases.
108

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
28.	 Financial instruments (continued)
(i)	
Other financial instrument risk 
The Group carries Residents’ loans at fair value with resulting fair value adjustments recognised in the statement of 
comprehensive income. The fair value of these loans is dependent on market prices for the related retirement village units. 
The impact of an increase or decrease in these market prices of 10% at reporting date, with all other variables held constant, 
is shown in the table below. This analysis is based on the residents’ loans in existence at reporting date.
Effect on profit after tax
higher/(lower)
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Increase in market prices of investment properties of 10%
–
(8)
Decrease in market prices of investment properties of 10%
–
8
These effects are largely offset by corresponding changes in the fair value of the Group’s investment properties. The effect 
on equity would be the same as the effect on profit.
(j)	
Fair Value
The Group uses the following fair value measurement hierarchy:
Level 1:
Fair value is calculated using quoted prices in active markets for identical assets or liabilities;
Level 2:
Fair value is calculated using inputs other than quoted prices included in Level 1 that are observable for the 
asset or liability, either directly (as prices) or indirectly (derived from prices); and
Level 3:
Fair value is calculated using inputs for the asset or liability that are not based on observable market data.
Quoted market price represents the fair value determined based on quoted prices on active markets as at the reporting date 
without any deduction for transaction costs. 
The following table presents the Group’s financial instruments that were measured and recognised at fair value at reporting 
date:
Financial assets/ 
financial liabilities
Valuation technique(s) and  
key inputs
Significant unobservable 
inputs
Relationship of unobservable 
inputs to fair value
Interest rate 
derivatives
Net present value of future cash 
flows discounted at market rates 
adjusted for the Group's credit risk.
N/A
N/A
Unlisted property 
funds
Capitalisation method for existing 
rental streams and discounted cash 
flow for properties in development. 
Refer to Note 11.
Capitalisation rate adopted 
normalised operating profit 
and discount rate. Refer 
Note 11.
The higher the capitalisation 
rate and discount rate, the 
lower the value. The higher the 
adopted normalised operating 
profit, the higher the value.
Other financial 
liabilities
Capitalisation method for existing 
rental streams. Refer to Note 11.
Capitalisation rate adopted 
normalised operating profit 
and discount rate.  
Refer Note 11.
The higher the capitalisation 
rate and discount rate, the 
lower the value. The higher the 
adopted normalised operating 
profit, the higher the value.
Valuation of unlisted property funds is linked to the underlying investment property value. Other financial liabilities relate to 
ongoing obligations for the Latitude One investment property and is linked to the underlying property value. The associated 
financial liability will move in line with the fair value of the property.
There has been no movement from Level 3 to Level 2 during the year.
The carrying value of the Group’s other financial instruments approximate their fair values.
109
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
29.	 Fair value measurement
The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities:
(a)	 Assets measured at fair value
Date of valuation
Fair value measurement using:
Total
$’000
30 Jun 2024
Quoted 
prices in 
active 
markets
(Level 1)
$’000
Significant 
observable 
inputs
(Level 2)
$’000
Significant 
unobservable 
inputs
(Level 3)
$’000
Investment properties
30-Jun-24 Note 11
–
–
2,250,687
2,250,687
Assets held for sale - investment property
30-Jun-24 Note 10
–
–
–
–
Other financial assets
30-Jun-24 Note 16
–
3,726
6,357
10,083
30 Jun 2023
Investment properties
30-Jun-23 Note 11
–
–
2,045,630
2,045,630
Assets held for sale - investment property
30-Jun-23 Note 10
–
–
24,190
24,190
Other financial assets
30-Jun-23 Note 16
–
7,101
6,340
13,441
(b)	 Liabilities measured at fair value
Date of valuation
Fair value measurement using:
Total
$’000
Quoted 
prices in 
active 
markets
(Level 1)
$’000
Significant 
observable 
inputs
(Level 2)
$’000
Significant 
unobservable 
inputs
(Level 3)
$’000
30 Jun 2024
Resident loans
30-Jun-24
–
–
–
–
Other financial liabilities
30-Jun-24 Note 20
–
–
17,460
17,460
30 Jun 2023
Resident loans
30-Jun-23
–
–
59
59
Other financial liabilities
30-Jun-23 Note 20
–
–
17,600
17,600
There have been no transfers between Level 1 and Level 2 during the year.
30.	 Auditor’s remuneration
30 Jun 2024
$
30 Jun 2023
$
Fees for auditing the statutory financial report 
917,300 
825,197 
Fees for assurance services that are required by legislation: 
 Australian Financial Services Licence
 48,375 
 45,759 
Fees for other services(1):
 Agreed upon procedures
 – 
 14,025 
 Other
 63,200 
 6,965 
Total fees to Ernst & Young
1,028,875
891,946
(1)	 Fees for other assurance services and agreed upon procedures services under other legislation or contractual arrangements where there is 
discretion as to whether the service is provided by the auditor or other firm.
110

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
31.	 Related parties
(a)	 Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the 
activities of the entity, directly or indirectly, including any director of the Responsible Entity.
The names of the directors and KMP of ICRE, and their dates of appointment or resignation if they were not directors for all 
of the financial year, are:  
KMP
Position
Term
Non-Executive KMP
 Jim Hazel
Chairman
Full year
 Robert Morrison
Deputy Chairman
Full year
 Pippa Downes
Director
Full year
 Gregory Hayes
Director
Full year
 Sally Evans
Director
Full year
 Lisa Scenna
Director
Appointed, effective 1 May 2024
 Shane Gannon
Director
Appointed, effective 28 June 2024
 Simon Shakesheff
Director
Appointed, effective 28 June 2024
 John McLaren
Director
1 July 2023 to 2 November 2023
 Amanda Heyworth
Director
1 July 2023 to 20 June 2024
Executive KMP
 John Carfi
Chief Executive Officer
Appointed, effective 1 April 2024
 Justin Mitchell
Chief Financial Officer
Appointed, effective 10 July 2023
 Natalie Kwok
CIO & General Counsel
Full year
 Simon Owen
Chief Executive Officer(1)
1 July 2023 to 31 March 2024
(1)	 Mr Owen was Managing Director for the period 1 July 2023 to 21 February 2024 and CEO for the period 1 July 2023 to 31 March 2024, with the 
appointment of the new CEO effective 1 April 2024. Mr Owen remained in service through to 30 June 2024.
The aggregate compensation paid to Key Management Personnel (“KMP”) of the Group is as follows:
30 Jun 2024
$
30 Jun 2023
$
Directors fees
1,055,054
980,708
Salaries and other short-term benefits
2,481,877
1,433,780
Short-term incentives (payable in cash)
667,406
413,775
Superannuation benefits
96,804
69,553
Share-based payments
2,175,859
1,549,363
 
 6,477,000 
4,447,179
The amounts in the table exclude KMP termination benefits of $2,418,877 (30 Jun 2023: $630,678).
111
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
31.	 Related parties (continued)
The aggregate rights outstanding of the Group held directly by KMP and other eligible staff are as follows:
Number outstanding
Issue date
Right Type
Vesting date
30 Jun 2024
30 Jun 2023
FY17(1)
LTIP
FY20
 1,923 
 1,923 
FY17(1)
STIP
FY19
 2,437 
 2,437 
FY18(1)
LTIP
FY21
 170,367 
 170,367 
FY18(1)
STIP
FY20
 34,300 
 34,300 
FY19(1)
LTIP
FY22
 219,717 
 219,717 
FY19(1)
STIP
FY21
 111,020 
 111,020 
FY20(1)
LTIP
FY23
 113,747 
 116,326 
FY20(1)
STIP
FY22
 111,092 
 111,092 
FY21(1)
FRR
FY22
 7,778 
 7,778 
FY21(1)
LTIP
FY24
–
 332,563 
FY21(1)
TRG
FY23
 83,952 
 83,952 
FY21(1)
TRG
FY24
 92,610 
 121,212 
FY21(1)
STIP
FY23
 42,863 
 42,863 
FY22(1)
FRR
FY22
 37,121 
 37,121 
FY22(1)
LTIP
FY25
 366,149 
 377,213 
FY22
TRG
FY25
 44,605 
 44,605 
FY22
TRG
FY26
 47,072 
 47,072 
FY22(1)
STIP
FY24
 117,046 
 138,240 
FY23(1)
FRR
FY23
 56,980 
 56,980 
FY23
LTIP
FY26
 824,183 
 915,280 
FY23
TRG
FY26
 71,320 
 102,062 
FY23
TRG
FY28
 71,320 
 102,061 
FY23
STIP
FY25
 123,250 
–
FY24(1)
FRR
FY24
 56,879 
 – 
FY24
LTIP
FY27
 1,086,151 
 – 
FY24
TRG
FY25
 59,249 
 – 
FY24
TRG
FY26
 301,996 
 – 
FY24
TRG
FY28
 301,997 
 – 
 
 
 
4,557,124
3,176,184
(1)	 Rights are fully vested but not exercised. All other rights are still subject to vesting conditions. 
112

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
31.	 Related parties (continued)
(b)	 Fee income 
During the year, the Group generated fee income from the joint venture with Sun Communities and the management of funds.
30 Jun 2024
Note
Fee income
$
Amounts 
owed by 
related 
parties
$
Joint venture
4,089,969
2,545,961
Funds management
1,551,632
469,884
5
 5,641,601 
3,015,845 
30 Jun 2023
Note
Fee income
$
Amounts 
owed by 
related 
parties
$
Joint venture
3,136,545
999,110
Funds management
1,644,436
464,827
5
 4,780,981
1,463,937 
32.	 Company financial information
Summary financial information about the Company is:
30 Jun 2024
$’000
30 Jun 2023
$’000
Current assets
6,819
4,387
Total assets
67,727
72,564
Current liabilities
(3,391)
(3,161)
Total liabilities
(3,391)
(3,161)
Net assets
64,336
69,403
Security holders’ equity:
 Issued securities
91,956
91,958
 Reserves
1,458
(2,010)
 Accumulated losses
(29,078)
(20,545)
Total security holders’ equity
64,336
69,403
Loss from continuing operations
(9,022)
(8,783)
Net loss attributable to security holders
(9,022)
(8,783)
Total comprehensive loss
(9,022)
(8,783)
Closed Group disclosures 
The Company, INA Development Pty Ltd and INA Latitude One Development Pty Limited (collectively the “Closed Group”), 
entered into a deed of cross guarantee on 18 June 2020. Pursuant to ASIC Corporations (Wholly-owned Companies) 
Instrument 2016/785, relief was granted to INA Development Pty Ltd and INA Latitude One Development Pty Limited from the 
Corporations Act 2001 requirements for the preparation, audit and lodgement of their financial report. On 27 September 2022, 
INA Latitude One Development Pty resolved to revoke the deed.
As at 30 June 2023 and 30 June 2024 the Closed Group comprises the Company and INA Development Pty Limited only. The 
effect of the deed is that the Company has guaranteed to pay any deficiency in the event of winding up of an entity subject to 
the deed of cross guarantee if they do not meet their obligations under the terms of overdrafts, loans, leases or other liabilities 
subject to the guarantee. The controlled entities have also given a similar guarantee in the event that the Company is wound up 
or if it does not meet its obligations under the terms of overdrafts, loans, leases or other liabilities subject to the guarantee.
113
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
32.	 Company financial information (continued)
The consolidated results of the entities that are members of the Closed Group are as follows:
30 Jun 2024
$’000
30 Jun 2023
$’000
Current assets
8,061
2,341
Total assets
112,074
68,567
Current liabilities
(3,405)
(3,505)
Total liabilities
(47,610)
(3,505)
Net assets
64,464
65,062
Security holders’ equity:
 Issued securities
91,956
91,958
 Reserves
1,458
(2,010)
 Accumulated losses
(28,950)
(24,886)
Total security holders’ equity
64,464
65,062
Revenue
12,217
9,786
Operating expenses
(27,349)
(15,354)
Loss from continuing operations
(15,132)
(5,568)
Total comprehensive loss
(15,132)
(5,568)
33.	 Notes to cashflow statement
Reconciliation of profit to net cash flow from operating activities:
30 Jun 2024
$’000
30 Jun 2023
$’000
Net profit for the year
14,020
64,368
Adjustments for:
Share of joint venture profit
5,957
4,272
Share of associate profit
–
514
Impairment of goodwill
96,647
–
Net (gain)/loss on change in fair value of:
 Investment properties
(55,890)
(4,906)
 Acquisition transaction costs
4,190
4,383
 Financial liabilities
3,002
2,723
 Investments and other financial instruments
4,030
(1,388)
Income tax expense
36,425
20,755
(Gain)/loss on disposal of investment properties
(4,694)
2,840
Business combination transaction costs
–
(1,615)
Operating profit before tax
103,687
91,946
Depreciation and amortisation
4,338
4,413
Share-based payments expense
4,682
2,844
Finance costs
(8,867)
(4,602)
Operating cash flow before changes in working capital
103,840
94,601
Changes in working capital:
 Increase in receivables
(2,178)
(8,517)
 Increase in inventory
(32,320)
(34,612)
 Increase in other payables and provisions
12,853
31,025
Net cash provided by operating activities
82,195
82,497
114

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
34.	 Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance 
with the accounting policy described in Note 1(d):
Ownership interest
Country of 
residence
30 Jun 2024
%
30 Jun 2023
%
Bridge Street Trust
Australia
100
100
Browns Plains Road Trust
Australia
100
100
Casuarina Road Trust
Australia
100
100
Edinburgh Drive Trust
Australia
100
100
Garden Villages Management Trust
Australia
100
100
INA Community Living Lynbrook Trust
Australia
100
100
INA Community Living Subsidiary Trust
Australia
100
100
INA Garden Villages Pty Ltd
Australia
100
100
INA Kiwi Communities Pty Ltd
Australia
100
100
INA Kiwi Communities Subsidiary Trust No. 1
Australia
100
100
INA Management Pty Ltd
Australia
100
100
INA Settlers Co Pty Limited
Australia
100
100
INA Sunny Communities Pty Ltd
Australia
100
100
INA Sunny Trust
Australia
100
100
Ingenia Communities RE Limited
Australia
100
100
Jefferis Street Trust
Australia
100
100
Lovett Street Trust
Australia
100
100
Settlers Operations Trust
Australia
100
100
Settlers Subsidiary Trust
Australia
100
100
SunnyCove Gladstone Unit Trust
Australia
100
100
SunnyCove Rockhampton Unit Trust
Australia
100
100
Ridge Estate Trust
Australia
100
100
Taylor Street (2) Trust
Australia
100
100
INA Subsidiary Trust No.1
Australia
100
100
INA Subsidiary Trust No.3
Australia
100
100
INA Operations Pty Ltd
Australia
100
100
INA Operations Trust No.1
Australia
100
100
INA Operations Trust No.2
Australia
100
100
INA Operations Trust No.3
Australia
100
100
INA Operations Trust No.4
Australia
100
100
INA Operations Trust No.6
Australia
100
100
INA Operations Trust No.7
Australia
100
100
INA Operations Trust No.8
Australia
100
100
INA Operations Trust No.9
Australia
100
100
INA Operations Trust No.10
Australia
100
100
INA Operations Trust No.11
Australia
100
100
INA DMF Management Pty Ltd
Australia
100
100
INA Latitude One Pty Ltd
Australia
100
100
INA Latitude One Development Pty Ltd
Australia
100
100
INA Soldiers Point Pty Ltd
Australia
100
100
INA Operations No.3 Pty Limited
Australia
100
100
115
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
Ownership interest
Country of 
residence
30 Jun 2024
%
30 Jun 2023
%
INA Community Living Subsidiary Trust No. 2
Australia
100
100
INA Development Pty Limited
Australia
100
100
INA Development Management Pty Limited
Australia
100
100
INA Plantations Development Pty Limited
Australia
100
100
INA Hervey Bay Development Pty Limited
Australia
100
100
INA Natures Edge Development Pty Limited
Australia
100
100
INA Bargara Development Pty Limited 
Australia
100
100
INA Beveridge Development Pty Limited 
Australia
100
100
INA Ballarat Development Pty Limited 
Australia
100
100
INA Development No.3 Pty Limited
Australia
100
100
INA Lara Development Pty Limited
Australia
100
100
INA Lifestyle Operations Pty Limited
Australia
100
100
INA Lifestyle Landowner Pty Limited
Australia
100
100
INA Subsidiary Trust No.4 
Australia
100
100
INA Subsidiary Trust No.5
Australia
100
100
INA Subsidiary Trust No.6 
Australia
100
100
INA Subsidiary Trust No.7
Australia
100
100
INA Subsidiary Trust No.8
Australia
100
100
INA Lifestyle Landowner Trust
Australia
100
100
INA Lifestyle Operations Trust
Australia
100
100
INA Operations Management Trust
Australia
100
100
Emmetlow Pty Ltd
Australia
100
100
Park Trust
Australia
100
100
Eighth Gate Capital Management Pty Ltd
Australia
100
100
Eighth Gate Pty Ltd
Australia
100
100
Eighth Gate Capital Management No. 3 Pty Ltd
Australia
100
100
Eighth Gate Capital Management No. 4 Pty Ltd
Australia
100
100
Eighth Gate Capital Management No. 5 Pty Ltd
Australia
100
100
Eighth Gate Capital Management No. 6 Pty Ltd
Australia
100
100
Eighth Gate Capital Management No. 7 Pty Ltd
Australia
100
100
Eighth Gate Capital Management No. 8 Pty Ltd
Australia
100
100
Allswell Communities Pty Ltd
Australia
100
100
IDCF Land Trust No. 1 
Australia
100
100
IDCF Management Company No 1 Pty Ltd 
Australia
100
100
Ingenia Diversified Communities Head Company Pty Limited
Australia
100
100
Ingenia Diversified Communities Trust
Australia
100
100
INA Development No. 6 Pty Ltd
Australia
100
100
INA Millers Glen Development Pty Limited (formerly INA Development 
No. 7 Pty Ltd)
Australia
100
100
INA Development No. 8 Pty Ltd
Australia
100
100
INA Development No. 9 Pty Ltd
Australia
100
100
INA Operations Trust No.12
Australia
100
100
INA Operations Trust No.13
Australia
100
100
34.	 Subsidiaries (continued)
116

Notes to the Financial Statements
For the year ended 30 June 2024 | continued
Ownership interest
Country of 
residence
30 Jun 2024
%
30 Jun 2023
%
INA Rochedale Development Pty Ltd
Australia
100
100
INA Coomera Development Pty Ltd
Australia
100
100
INA Toowoomba Development Pty Ltd
Australia
100
100
Seachange (Land) Pty Ltd
Australia
100
100
The Seachange (Land) Unit Trust
Australia
100
100
PPV Coomera Land Pty Ltd 
Australia
100
100
PPV Coomera Land Unit Trust
Australia
100
100
PPV Hervey Bay Land Pty Ltd
Australia
100
100
PPV Hervey Bay Land Unit Trust
Australia
100
100
PPV Inlet Land Pty Ltd
Australia
100
100
PPV Inlet Land Unit Trust
Australia
100
100
PPV Toowoomba Land Pty Ltd
Australia
100
100
PPV Toowoomba Land Unit Trust
Australia
100
100
PPV Victoria Point Land Pty Ltd 
Australia
100
100
PPV Victoria Point Land Unit Trust
Australia
100
100
Eighth Gate Federation Village Park Trust
Australia
100
100
Eighth Gate Residences Fund No. 6 
Australia
100
100
Residences Fund No. 6 Pty Ltd 
Australia
100
100
Ingenia Holiday Parks Company No. 1 Pty Limited
Australia
100
100
Ingenia Holiday Parks Trust No 1
Australia
100
100
INA Development No. 10 Pty Ltd
Australia
100
100
INA Development No. 11 Pty Ltd
Australia
100
100
INA Development No. 12 Pty Ltd
Australia
100
100
INA Community Living LLC 
USA
–
100
Financial information of ICF and ICMT and their controlled entities are provided below: 
ICF
ICMT
30 Jun 2024
$’000
30 Jun 2023
$’000
30 Jun 2024
$’000
30 Jun 2023
$’000
Current assets
6,757
53,082
32,310
45,816
Non-current assets
1,897,360
1,719,709
1,462,522
1,373,810
Total assets
1,904,117
1,772,791
1,494,832
1,419,626
Current liabilities
10,392
10,324
81,782
92,650
Non-current liabilities
725,749
637,785
1,160,036
1,042,799
Total liabilities
736,141
648,109
1,241,818
1,135,449
Net assets/equity
1,167,976
1,124,682
253,014
284,177
Revenue
96,765
57,874
329,022
281,638
Expenses
(8,618)
(18,831)
(360,882)
(243,417)
Profit/(loss) after tax
88,147
39,043
(31,860)
38,220
Total comprehensive income/(loss)
88,147
39,043
(31,860)
38,220
35. Subsequent events
Final FY24 distribution
On 20 August 2024, the Directors declared a final distribution of 6.1 cps amounting to $24.9 million, to be paid on 
19 September 2024.
34.	 Subsidiaries (continued)
117
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Consolidated Entity Disclosure Statement
For the year ended 30 June 2024
In accordance with subsection 295(3A) of the Corporations Act 2001, the Consolidated Entity Disclosure Statement provides 
information about entities that were part of the consolidated Group as at 30 June 2024.
Entity Name
Entity Type
Trustee/ 
Partnership/ JV
Body Corporate 
country of 
incorporation(1)
Body Corporate 
% of share 
capital held(1),(2)
Country of tax 
residence(3)
Ingenia Communities Holdings 
Limited(2)
Body Corporate N/A
Australia
N/A
Australia
Ingenia Communities Fund(2)
Trust
N/A
N/A
N/A
Australia
Ingenia Communities  
Management Trust(2)
Trust
N/A
N/A
N/A
Australia
Bridge Street Trust
Trust
N/A
N/A
N/A
Australia
Browns Plains Road Trust
Trust
N/A
N/A
N/A
Australia
Casuarina Road Trust
Trust
N/A
N/A
N/A
Australia
Edinburgh Drive Trust
Trust
N/A
N/A
N/A
Australia
Garden Villages  
Management Trust
Trust
N/A
N/A
N/A
Australia
INA Community Living  
Lynbrook Trust
Trust
N/A
N/A
N/A
Australia
INA Community Living  
Subsidiary Trust
Trust
N/A
N/A
N/A
Australia
INA Garden Villages Pty Ltd
Body Corporate Trustee
Australia
100
Australia
INA Kiwi Communities Pty Ltd
Body Corporate Trustee
Australia
100
Australia
INA Kiwi Communities Subsidiary 
Trust No.1
Trust
N/A
N/A
N/A
Australia
INA Management Pty Ltd
Body Corporate Trustee
Australia
100
Australia
INA Settlers Co Pty Limited
Body Corporate Trustee
Australia
100
Australia
INA Sunny Communities Pty Ltd
Body Corporate Trustee
Australia
100
Australia
INA Sunny Trust
Trust
N/A
N/A
N/A
Australia
Ingenia Communities RE Limited
Body Corporate Trustee
Australia
100
Australia
Jefferis Street Trust
Trust
N/A
N/A
N/A
Australia
Lovett Street Trust
Trust
N/A
N/A
N/A
Australia
Settlers Operations Trust
Trust
N/A
N/A
N/A
Australia
Settlers Subsidiary Trust
Trust
N/A
N/A
N/A
Australia
SunnyCove Gladstone Unit Trust
Trust
N/A
N/A
N/A
Australia
SunnyCove Rockhampton  
Unit Trust
Trust
N/A
N/A
N/A
Australia
Ridge Estate Trust
Trust
N/A
N/A
N/A
Australia
Taylor Street (2) Trust
Trust
N/A
N/A
N/A
Australia
INA Subsidiary Trust No.1
Trust
N/A
N/A
N/A
Australia
INA Subsidiary Trust No.3
Trust
N/A
N/A
N/A
Australia
INA Operations Pty Ltd
Body Corporate Trustee
Australia
100
Australia
(1)	 Place of incorporation and percentage of share capital held only applicable to Body Corporate entities.
(2)	 The Group consists of three stapled entities (ICH, ICF and ICMT), as such the percentage of share capital held may refer to the percentage of share 
capital held by any of the stapled entities.
(3)	 Australian income tax laws do not provide a test for determining the tax residency of a trust entity. The country of tax residence disclosed for trusts 
is based on the residence of the responsible entity or trustee. 
118

Entity Name
Entity Type
Trustee/ 
Partnership/ JV
Body Corporate 
country of 
incorporation(1)
Body Corporate 
% of share 
capital held(1),(2)
Country of tax 
residence(3)
INA Operations Trust No.1
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.2
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.3
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.4
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.6
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.7
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.8
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.9
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.10
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.11
Trust
N/A
N/A
N/A
Australia
INA DMF Management Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Latitude One Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Latitude One  
Development Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Soldiers Point Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Operations No.3 Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Community Living Subsidiary 
Trust No.2
Trust
N/A
N/A
N/A
Australia
INA Development Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Development Management  
Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Plantations Development  
Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Hervey Bay Development  
Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Natures Edge Development  
Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Bargara Development  
Pty Limited 
Body Corporate N/A
Australia
100
Australia
INA Beveridge Development  
Pty Limited 
Body Corporate N/A
Australia
100
Australia
INA Ballarat Development  
Pty Limited 
Body Corporate N/A
Australia
100
Australia
INA Development  
No.3 Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Lara Development  
Pty Limited
Body Corporate N/A
Australia
100
Australia
INA Lifestyle Operations  
Pty Limited
Body Corporate Trustee
Australia
100
Australia
Consolidated Entity Disclosure Statement
For the year ended 30 June 2024 | continued
(1)	 Place of incorporation and percentage of share capital held only applicable to Body Corporate entities.
(2)	 The Group consists of three stapled entities (ICH, ICF and ICMT), as such the percentage of share capital held may refer to the percentage of share 
capital held by any of the stapled entities.
(3)	 Australian income tax laws do not provide a test for determining the tax residency of a trust entity. The country of tax residence disclosed for trusts 
is based on the residence of the responsible entity or trustee. 
119
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Entity Name
Entity Type
Trustee/ 
Partnership/ JV
Body Corporate 
country of 
incorporation(1)
Body Corporate 
% of share 
capital held(1),(2)
Country of tax 
residence(3)
INA Lifestyle Landowner  
Pty Limited
Body Corporate Trustee
Australia
100
Australia
INA Subsidiary Trust No.4 
Trust
N/A
N/A
N/A
Australia
INA Subsidiary Trust No.5
Trust
N/A
N/A
N/A
Australia
INA Subsidiary Trust No.6 
Trust
N/A
N/A
N/A
Australia
INA Subsidiary Trust No.7
Trust
N/A
N/A
N/A
Australia
INA Subsidiary Trust No.8
Trust
N/A
N/A
N/A
Australia
INA Lifestyle Landowner Trust
Trust
N/A
N/A
N/A
Australia
INA Lifestyle Operations Trust
Trust
N/A
N/A
N/A
Australia
INA Operations Management Trust
Trust
N/A
N/A
N/A
Australia
Emmetlow Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Park Trust
Trust
N/A
N/A
N/A
Australia
Eighth Gate Capital Management 
Pty Ltd
Body Corporate N/A
Australia
100
Australia
Eighth Gate Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Eighth Gate Capital Management  
No. 3 Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Eighth Gate Capital Management  
No. 4 Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Eighth Gate Capital Management  
No. 5 Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Eighth Gate Capital Management  
No. 6 Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Eighth Gate Capital Management  
No. 7 Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Eighth Gate Capital Management  
No. 8 Pty Ltd
Body Corporate Trustee
Australia
100
Australia
Allswell Communities Pty Ltd
Body Corporate N/A
Australia
100
Australia
IDCF Land Trust No. 1 
Trust
N/A
N/A
N/A
Australia
IDCF Management Company  
No 1 Pty Ltd 
Body Corporate Trustee
Australia
100
Australia
Ingenia Diversified Communities 
Head Company Pty Limited
Body Corporate N/A
Australia
100
Australia
Ingenia Diversified Communities 
Trust
Trust
N/A
N/A
N/A
Australia
INA Development No. 6 Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Millers Glen Development Pty 
Limited (formerly INA Development 
No. 7 Pty Ltd)
Body Corporate N/A
Australia
100
Australia
INA Development No. 8 Pty Ltd
Body Corporate N/A
Australia
100
Australia
Consolidated Entity Disclosure Statement
For the year ended 30 June 2024 | continued
(1)	 Place of incorporation and percentage of share capital held only applicable to Body Corporate entities.
(2)	 The Group consists of three stapled entities (ICH, ICF and ICMT), as such the percentage of share capital held may refer to the percentage of share 
capital held by any of the stapled entities.
(3)	 Australian income tax laws do not provide a test for determining the tax residency of a trust entity. The country of tax residence disclosed for trusts 
is based on the residence of the responsible entity or trustee. 
120

Entity Name
Entity Type
Trustee/ 
Partnership/ JV
Body Corporate 
country of 
incorporation(1)
Body Corporate 
% of share 
capital held(1),(2)
Country of tax 
residence(3)
INA Development No. 9 Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Operations Trust No.12
Trust
N/A
N/A
N/A
Australia
INA Operations Trust No.13
Trust
N/A
N/A
N/A
Australia
INA Rochedale Development  
Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Coomera Development  
Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Toowoomba Development  
Pty Ltd
Body Corporate N/A
Australia
100
Australia
Seachange (Land) Pty Ltd
Body Corporate Trustee
Australia
100
Australia
The Seachange (Land) Unit Trust
Trust
N/A
N/A
N/A
Australia
PPV Coomera Land Pty Ltd 
Body Corporate Trustee
Australia
100
Australia
PPV Coomera Land Unit Trust
Trust
N/A
N/A
N/A
Australia
PPV Hervey Bay Land Pty Ltd
Body Corporate Trustee
Australia
100
Australia
PPV Hervey Bay Land Unit Trust
Trust
N/A
N/A
N/A
Australia
PPV Inlet Land Pty Ltd
Body Corporate Trustee
Australia
100
Australia
PPV Inlet Land Unit Trust
Trust
N/A
N/A
N/A
Australia
PPV Toowoomba Land Pty Ltd
Body Corporate Trustee
Australia
100
Australia
PPV Toowoomba Land Unit Trust
Trust
N/A
N/A
N/A
Australia
PPV Victoria Point Land Pty Ltd 
Body Corporate Trustee
Australia
100
Australia
PPV Victoria Point Land Unit Trust
Trust
N/A
N/A
N/A
Australia
Eighth Gate Federation Village  
Park Trust
Trust
N/A
N/A
N/A
Australia
Eighth Gate Residences Fund  
No.6
Trust
N/A
N/A
N/A
Australia
Residences Fund No. 6 Pty Ltd
Body Corporate N/A
Australia
100
Australia
Ingenia Holiday Parks Company  
No. 1 Pty Limited
Body Corporate N/A
Australia
100
Australia
Ingenia Holiday Parks Trust No.1
Trust
N/A
N/A
N/A
Australia
INA Development No. 10 Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Development No. 11 Pty Ltd
Body Corporate N/A
Australia
100
Australia
INA Development No. 12 Pty Ltd
Body Corporate N/A
Australia
100
Australia
Ingenia Communities Employee 
Security Trust(4)
Trust
N/A
N/A
N/A
Australia
Consolidated Entity Disclosure Statement
For the year ended 30 June 2024 | continued
(1)	 Place of incorporation and percentage of share capital held only applicable to Body Corporate entities.
(2)	 The Group consists of three stapled entities (ICH, ICF and ICMT), as such the percentage of share capital held may refer to the percentage of share 
capital held by any of the stapled entities.
(3)	 Australian income tax laws do not provide a test for determining the tax residency of a trust entity. The country of tax residence disclosed for trusts 
is based on the residence of the responsible entity or trustee. 
(4)	 The Ingenia Communities Employee Security Trust (“EST”) was established to meet the Groups obligations for its employee security schemes. The 
Trustee is an external entity which is neither owned nor controlled by the Group. 
121
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

In accordance with a resolution of the directors of Ingenia Communities Holdings Limited, I state that:
1.	
In the opinion of the directors:
	
a)	
The financial statements and notes of Ingenia Communities Holdings Limited for the financial year ended 30 June 
2024 are in accordance with the Corporations Act 2001, including:
	
	
(i)	 giving a true and fair view of its financial position as at 30 June 2024 and of its performance for the year ended 
on that date; and
	
	
(ii)	 complying with Accounting Standards (including Australian Accounting Interpretations) and Corporations 
Regulations 2001; and
	
b)	
The financial statements and notes also comply with International Financial Reporting Standards as disclosed in 
Note 1(b).
	
c)	
the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and 
correct. 
	
d)	
there are reasonable grounds to believe that Ingenia Communities Holdings Limited will be able to pay its debts as 
and when they become due and payable.
	
e)	
at the date of this declaration, there are reasonable grounds to believe that the members of the extended closed 
Group identified in Note 32 will be able to meet any obligations or liabilities to which they are, or may become, 
subject by virtue of the deed of cross guarantee described in Note 32. 
2.	 This declaration has been made after receiving the declarations required to be made to the directors from the Chief 
Executive Officer and Chief Financial Officer in accordance with section 295A of the Corporations Act 2001 for the 
financial year ended 30 June 2024.
On-behalf of the Board
Jim Hazel 
Chairman 
Adelaide, 20 August 2024
Directors’ Declaration
For the year ended 30 June 2024
122

Independent Auditor’s Report
For the year ended 30 June 2024
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
Independent auditor’s report to the Members of Ingenia Communities 
Holdings Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Ingenia Communities Holdings Limited (the “Company”) and its 
subsidiaries (collectively the Group), which comprises the consolidated statement of financial position 
as at 30 June 2024, the consolidated statement of comprehensive income, consolidated statement of 
changes in equity and consolidated statement of cash flows for the year then ended, notes to the 
financial statements, including material accounting policy information, the consolidated entity dis-
closure statement and the directors’ declaration.
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations 
Act 2001, including: 
a.
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 
and of its consolidated financial performance for the year ended on that date; and 
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with 
the Code.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in 
our audit of the financial report of the current year. These matters were addressed in the context of 
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide 
a separate opinion on these matters. For each matter below, our description of how our audit 
addressed the matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
financial report section of our report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our assessment of the risks of 
material misstatement of the financial report. The results of our audit procedures, including the 
procedures performed to address the matters below, provide the basis for our audit opinion on the 
accompanying financial report. 
 
123
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
1.
Valuation of Investment Property 
Why significant 
How our audit addressed the key audit matter
As at 30 June 2024 Investment properties (both those 
recorded as investment properties and those included within 
equity accounted investments) comprise 90.9% of the Group’s 
total assets. These assets are carried at fair value, which was 
assessed by the directors with reference to either external 
independent valuations or internal valuations based on 
market conditions existing at reporting date.
The Group has three categories of investment properties as 
disclosed in Note 11 of the financial report.
• The Garden Villages portfolio consists of investment
properties earning revenue predominantly from longer term 
rental agreements and the key valuation judgements include 
capitalisation rates, market and contractual rents and 
forecast occupancy levels.
• The Lifestyle portfolio consists of investment properties
earning revenue from a mix of longer-term land rental 
agreements and short-term accommodation rental.
• The Tourism portfolio consists of ‘Holidays and Mixed Use’
investment properties earning revenue from short-term 
residential and tourism rentals.
The valuation of investment properties is inherently 
subjective given that there are alternative assumptions and 
valuation methods that may result in a range of values.
The key judgements in the valuations include assumptions 
related to the long and short-term rental income, 
capitalisation rates, discount rates, market and contractual 
rents, forecast short-term and residential occupancy levels, 
historical transactions and remaining development potential 
for vacant land. In assessing the development potential, 
additional key judgements include future new homes sales 
prices, estimated capital expenditure and allocation of costs 
between investment property and inventory, discount rates, 
projected property growth rates and operating profit 
margins.
Accordingly, the valuation of investment properties was 
considered a key audit matter.
Our audit procedures included the following:  
• Assessed the Group’s controls in place relevant to the 
valuation process; 
• Evaluated the suitability of the valuation methodology used 
across the portfolio and tested on a sample basis the 
valuation reports for mathematical accuracy; 
• Assessed the qualifications, competence and objectivity of 
the independent valuation experts used by the Group; 
• Assessed the Group’s internal valuation methodology and 
tested the mathematical accuracy of the valuation models. 
We also assessed the competence, qualifications and 
objectivity of the internal valuer;  
• On a sample basis, we compared the property related data 
used as input for both the external and internal valuations 
against actual and budgeted property performance;  
• On a sample basis, we assessed the key inputs and 
assumptions used in the valuations by comparing this 
information to external market data;  
• Our real estate valuation specialists reviewed a sample of 
internal and independent valuations to assess whether the 
key judgements and methodology used were reasonable. 
• Assessed the appropriateness of the allocation of capital 
expenditure between investment property and inventory 
assets. 
We also assessed the adequacy and appropriateness of the 
disclosures included in the Notes to the financial report. 
2.
Goodwill impairment testing 
Why significant 
How our audit addressed the key audit matter 
As at 30 June 2024, the Group’s consolidated balance sheet 
includes goodwill with a carrying value of $4.7 million, 
representing 0.2% of total assets.  
As disclosed in Note13 of the financial report, the Group 
have assessed goodwill for impairment at 30 June 2024. As 
a result of this assessment, the Group recorded an 
impairment loss of $96.6m. 
The assessment involved a value-in-use model, based upon 
discounted cash flow forecasts being used to calculate the 
recoverable amount of each of the Group’s cash generating 
units (CGUs).  
The assessment is a judgmental process which requires 
estimates concerning the forecast future cash flows 
associated with the CGUs, the discount rates and the growth 
Our audit procedures included the following:  
• Assessed the Group’s determination of the CGUs used in 
the impairment model, based on our understanding of the 
nature of the Group’s business and the economic 
environment in which the segments operate. We also 
considered internal reporting of the Group’s results to 
assess how earnings and goodwill are monitored and 
reported; 
• Evaluated whether the methodology met the requirements 
of Australian Accounting Standards; 
• Assessed the mathematical accuracy of the value-in-use 
cash flow models prepared by the Group to determine 
recoverable amount; 
124

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
Why significant 
How our audit addressed the key audit matter 
rate of revenue and costs to be applied in determining the 
value in use or fair value less cost of disposal.  
The estimates and assumptions relate to future 
performance, market and economic conditions. Significant 
assumptions used in the impairment testing referred to 
above are inherently subjective and in times of economic 
uncertainty the degree of subjectivity is higher than it might 
otherwise be. Changes in certain assumptions can lead to 
significant changes in the recoverable amount of these 
assets.  
The disclosures in the financial report provide important 
information about the assumptions made in the impairment 
testing and the market conditions at 30 June 2024. 
Accordingly, we considered the impairment testing of 
goodwill and related disclosures in the financial report to be 
a key audit matter. 
• Assessed the underlying assumptions regarding future 
cash flows and agreed the forecast used in the models to the 
Board approved business plans taking into consideration the 
historical accuracy of the Group’s cash flow forecasting; 
• Assessed the key assumptions such as the discount rates 
and growth rates (including terminal growth rates) applied in 
the models, with reference to external industry and market 
data and involvement from our valuation specialists; 
• Performed sensitivity analysis on key assumptions 
including discount rates, net operating income and 
development profit forecasts for relevant CGUs; and 
• We also evaluated the adequacy and appropriateness of 
the disclosures included in the Notes to the financial report 
including those made with respect to judgments and 
estimates. 
 
Information other than the financial report and auditor’s report thereon 
The directors are responsible for the other information. The other information comprises the 
information included in the Group’s 2024 annual report other than the financial report and our 
auditor’s report thereon.  
Our opinion on the financial report does not cover the other information and we do not and will not 
express any form of assurance conclusion thereon, with the exception of the Remuneration Report 
and our related assurance opinion. 
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.  
If, based on the work we have performed on the other information obtained prior to the date of this 
auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 
Responsibilities of the directors for the financial report 
The directors of the Company are responsible for the preparation of:  
►
the financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view in accordance with Australian Accounting Standards and the Corporations Act 
2001 and 
►
the consolidated entity disclosure statement that is true and correct in accordance with the 
Corporations Act 2001, and 
for such internal control as the directors determine is necessary to enable the preparation of:  
►
the financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view and is free from material misstatement, whether due to fraud or error; and 
►
the consolidated entity disclosure statement that is true and correct and is free of 
misstatement, whether due to fraud or error. 
Independent Auditor’s Report
For the year ended 30 June 2024 | continued
125
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
In preparing the financial report, the directors are responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of this financial report. 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional 
judgment and maintain professional scepticism throughout the audit. We also: 
►
Identify and assess the risks of material misstatement of the financial report, whether due to 
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
►
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Group’s internal control.  
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the directors. 
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to 
events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in 
our auditor’s report to the related disclosures in the financial report or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up 
to the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.  
►
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and events 
in a manner that achieves fair presentation. 
►
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the financial report. We are 
responsible for the direction, supervision and performance of the Group audit. We remain solely 
responsible for our audit opinion. 
126

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
We communicate with the directors regarding, among other matters, the planned scope and timing of 
the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions 
taken to eliminate threats or safeguards applied. 
From the matters communicated to the directors, we determine those matters that were of most 
significance in the audit of the financial report of the current year and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter 
should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.  
Report on the audit of the Remuneration Report 
Opinion on the Remuneration Report 
We have audited the Remuneration Report included in pages 58 to 72 of the directors’ report for the 
year ended 30 June 2024. 
In our opinion, the Remuneration Report of Ingenia Communities Holdings Limited for the year ended 
30 June 2024, complies with section 300A of the Corporations Act 2001. 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the 
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our 
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in 
accordance with Australian Auditing Standards. 
Ernst & Young 
Yvonne Barnikel 
Partner 
Sydney 
20 August 2024 
Independent Auditor’s Report
For the year ended 30 June 2024 | continued
127
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Ingenia Communities Fund & Ingenia Communities 
Management Trust Annual Report 
For the year ended 30 June 2024
Contents
Directors’ Report...........................................................................................................................................................................................................129
Auditor’s Independence Declaration..................................................................................................................................................................135
Consolidated Statement of Comprehensive Income..................................................................................................................................136
Consolidated Balance Sheet...................................................................................................................................................................................137
Consolidated Cash Flow Statement....................................................................................................................................................................139
Consolidated Statement of Changes in Equity............................................................................................................................................. 140
Notes to the Financial Statements........................................................................................................................................................................141
1.	
Summary of material accounting policies.............................................................................................................................................141
2.	 Accounting estimates and judgements.................................................................................................................................................147
3.	 Segment information......................................................................................................................................................................................149
4.	 Earnings per unit...............................................................................................................................................................................................153
5.	 Income tax expense.........................................................................................................................................................................................153
6.	 Trade and other receivables........................................................................................................................................................................154
7.	 Inventories............................................................................................................................................................................................................154
8.	 Assets held for sale..........................................................................................................................................................................................154
9.	 Investment properties.....................................................................................................................................................................................155
10.	Plant and equipment.......................................................................................................................................................................................156
11.	 Intangibles and Goodwill...............................................................................................................................................................................156
12.	 Right-of-use assets..........................................................................................................................................................................................157
13.	 Investment in a joint venture.......................................................................................................................................................................158
14.	Other financial assets ....................................................................................................................................................................................159
15.	 Deferred tax assets and liabilities.............................................................................................................................................................159
16.	 Trade and other payables............................................................................................................................................................................ 160
17.	 Borrowings ......................................................................................................................................................................................................... 160
18.	 Other financial liabilities..................................................................................................................................................................................161
19.	 Issued units...........................................................................................................................................................................................................161
20.	Accumulated losses and retained earnings.........................................................................................................................................162
21.	 Commitments ....................................................................................................................................................................................................162
22.	Contingent liabilities........................................................................................................................................................................................162
23.	Capital management.......................................................................................................................................................................................162
24.	Financial instruments......................................................................................................................................................................................163
25.	Fair value measurement................................................................................................................................................................................167
26.	Auditor’s remuneration..................................................................................................................................................................................168
27.	Related parties...................................................................................................................................................................................................169
28.	Parent entity financial information............................................................................................................................................................171
29.	Subsidiaries..........................................................................................................................................................................................................172
30.	Notes to the cash flow statements..........................................................................................................................................................174
31.	 Subsequent events...........................................................................................................................................................................................174
Directors’ Declaration.................................................................................................................................................................................................175
Independent Auditor’s Report...............................................................................................................................................................................176
128

Ingenia Communities Fund (“ICF” or the “Fund”) (ARSN 107 459 576) and Ingenia Communities Management Trust 
(“ICMT”) (ARSN 122 928 410) (together the “Trusts”) are Australian registered schemes. Ingenia Communities RE Limited 
(ACN 154 464 990; Australian Financial Services Licence number 415862), the Responsible Entity of the Trusts, is 
incorporated and domiciled in Australia.
The parent company of Ingenia Communities RE Limited (“ICRE” or the “Responsible Entity”) is Ingenia Communities 
Holdings Limited (“ICH” or the “Company”). The shares of the Company are “stapled” with the units of the Trusts and trade 
on the Australian Securities Exchange (“ASX”) as one security (ASX Code: INA). The Company and the Trusts along with 
their subsidiaries are collectively referred to as the Group in this report.
The Directors’ Report is a combined Directors’ Report that covers the Trusts for the year ended 30 June 2024 (the “current 
period”).
Directors
The Directors of the Responsible Entity at any time during or since the end of the current period were:
KMP
Position
Term
Non-Executive Directors (NEDs)
Jim Hazel
Chairman
Full year
Robert Morrison
Deputy Chairman
Full year
Pippa Downes
Director
Full year
Sally Evans
Director
Full year
Lisa Scenna
Director
Appointed, effective 1 May 2024
Shane Gannon
Director
Appointed, effective 28 June 2024
Simon Shakesheff
Director
Appointed, effective 28 June 2024
John McLaren
Director
1 July 2023 to 2 November 2023
Amanda Heyworth
Director
1 July 2023 to 20 June 2024
Gregory Hayes
Director
Full year (resigned, effective  
1 July 2024)
Executive Director
John Carfi
Managing Director  
Chief Executive Officer
Appointed, effective 13 August 2024 
Commenced 1 April 2024
Simon Owen
Managing Director  
Chief Executive Officer
1 July 2023 to 21 February 2024  
1 July 2023 to 31 March 2024(1)
(1)	 Mr Owen remained in service through to 30 June 2024.
Company Secretaries
Natalie Kwok (Chief Investment Officer and General Counsel (CIO and GC)) 
Charisse Nortje 
Operating and Financial Review
ICF and ICMT Overview
ICF and ICMT are two of the entities forming part of ICH, which is a triple staple structure traded on the ASX. 
The Group is an active owner, manager and developer of a diversified portfolio of lifestyle, rental and holiday communities 
along Australia’s east coast. The Group’s real estate assets at 30 June 2024 were valued at $2.3 billion, comprising 
38 lifestyle rental and 33 holiday communities and 19 seniors rental communities (Ingenia Gardens). The Group also 
manages and has a co-investment in 11 assets through its development joint venture (JV) and funds management platform 
and provides management and development services to these entities. The Group was first included in the S&P/ASX 200 
in December 2019 and had a market capitalisation of approximately $1.9 billion at 30 June 2024.
The Group’s aim is to create Australia’s best residential communities and holiday park accommodation, with a strong focus 
on customer satisfaction. The Board is committed to delivering long-term growth to security holders while providing a 
supportive community environment for residents and guests and creating communities that have a positive impact on 
our stakeholders and planet.
Directors’ Report
For the year ended 30 June 2024 | continued 
129
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
Directors’ Report
For the year ended 30 June 2024 

Directors’ Report
For the year ended 30 June 2024 | continued 
CUSTOMER 
OBSESSED
WE 
BEFORE ME
MAKE IT 
COUNT
TODAY AND 
TOMORROW
At Ingenia we build belonging
Strategy
The Group is positioning for scale and long-term sector leadership while enhancing the operational performance of its 
investment properties and developing new sustainable communities. 
The Group’s focus is on accelerating the transition from an aggregator of land and assets to an operationally efficient 
developer and operator. The Group will continue to refine its operating model and development delivery through business 
simplification, a focus on efficiency and financial performance, a focus on land lease development as a driver of growth and 
accessing capital strategic partnerships to release capital from lower growth assets. 
The immediate business priorities of the Group are:
	
–
Continued focus on business simplification through changes in structure to drive productivity and accountability;
	
–
Acceleration of the development pipeline in line with customer demand;
	
–
Optimisation of returns from development projects, through changes to design and procurement;
	
–
Select investment in all age rental and holidays communities to improve returns;
	
–
Improve performance of existing communities through maintainable rental growth, active cost management and a focus on 
customer needs;
	
–
Improve resident and guest experience by investing in our systems and processes;
	
–
Enhance competitive advantage through recruiting, retaining and developing industry leading talent;
	
–
Build on the Group’s sustainability program through environmental, social and governance initiatives which include 
progressing the construction of three communities targeting a Green Star – Communities rating, delivering emissions 
reductions and expanding charitable giving; and
	
–
Maintain focus on employee, resident and guest health and safety.
Portfolio Refinement, Integration and Development Pipeline Expansion
The Group is well positioned for further expansion through development with 16 land lease communities currently underway 
and 4 communities commencing development over FY25. The Group will also look to expand the portfolio where feasible.
During the year, in line with a focus on divesting assets and recycling capital into the Group’s development pipeline, 
the Group divested: 
	
–
six Ingenia Gardens communities in WA;
	
–
one greenfield development site in QLD that was considered surplus to the Group’s needs;
	
–
holiday parks in Lake Hume and Broulee, NSW; and
	
–
two land parcels adjoining a NSW holiday park.
The Group completed the acquisition of sites adjoining it’s Ingenia Lifestyle Plantations (NSW) and Millers Glen (QLD) 
communities and continues to look for new sites; in December 2023 a leasehold holiday park at Old Bar Beach (NSW) 
was acquired, complementing the existing network of holiday parks.
Directors’ Report
For the year ended 30 June 2024 | continued 
130

FY24 financial results
The twelve months to 30 June 2024 delivered total revenue of $472.3 million, up 20% on the prior year. The Group settled 
370 turnkey homes (30 Jun 2023: 318 homes) delivering a gross new home development profit of $89.4 million (30 Jun 
2023: $65.5 million). A further 88 homes were settled within the JV (30 Jun 2023: 46 homes), achieving a combined total 
of 4581 turnkey home settlements during the year (30 Jun 2023: 364 homes). Holidays income grew by 7% to $134.8 million 
(30 Jun 2023: $126.4 million) mainly due to an increase in tourism rental income which increased by 8% to $105.1 million 
(30 Jun 2023: $97.3 million). Lifestyle Rental income increased by 13% to $86.5 million (30 Jun 2023: $76.8 million), driven 
by the growth in residential rental income which grew by 10% to $68.3 million (30 Jun 2023: $62.3 million). 
Underlying profit of $94.8 million, up $11.7 million on the prior year, is primarily attributable to strong growth in the Lifestyle 
Development segment and the Joint Venture on account of an increase in home settlements and complemented by 
continued growth in the Lifestyle Rental and Ingenia Holidays operating segments. These results were partially offset by: 
a decline in Ingenia Gardens as a consequence of the sale of six communities in Western Australia; increases in the Group’s 
cost base, including above inflation rate increases to council rates and taxes and utilities; increases in insurance, employment 
costs, development marketing, investment in IT infrastructure and support; net finance expense; income tax expense, and; 
costs associated with business restructuring.
Statutory profit of $14.0 million was down 78% on the prior year. The statutory result reflects the combination of growth 
in underlying earnings from the operating segments and fair value movements on investment properties offset by the 
impairment of goodwill of $96.6 million, relating to the Seachange acquisition in November 2021 and increased deferred 
income tax expense associated with the fair value gains on investment properties.
Operating cash flow for the period was $82.2 million, consistent with the prior year reflecting the growth in cashflows from 
home settlements and the Lifestyle Rental and Ingenia Holidays operating segments, offset by investment in home inventory 
ahead of forecast settlements for FY25 and an increase in borrowing costs paid attributable to higher interest rates and 
additional borrowings.
The Group’s net asset value (NAV) of $3.70 per security was down by 2% (30 Jun 2023: $3.77) and net tangible assets per 
security (NTA) increased 5% to $3.69 (30 Jun 2023: $3.52).
Key metrics
	
–
Net profit for the year for ICF $88.1 million (30 Jun 2023: $39.0 million)
	
–
Net loss for the year for ICMT of $31.9 million (30 Jun 2023: $38.2 million profit)
	
–
Full year distributions of 11.3 cents per unit by ICF, nil from ICMT.
Segment performance and priorities
Capital Partnerships 
Capital partnerships through co-investment and shared funding enables the Group to leverage the existing business 
platform, generate fee income and extend the Group’s asset base.
Development Joint Venture
The JV with Sun Communities (NYSE: SUI) leverages Ingenia’s capability and platform to generate fees and expands its 
development opportunities via co-investment. Once homes are sold, Ingenia provides operational services to the land lease 
communities. At completion of development, and following a holding period of not less than 5 years, Ingenia has the right 
to acquire the communities at market value. As at 30 June 2024, the JV has invested in five projects with four under active 
development.
The JV delivered $59.3 million (30 Jun 2023: $25.8 million) of revenue from the settlement of 88 (30 Jun 2023: 46) new 
homes at three sites in NSW and QLD. Rental income increased by 65% on prior year to $1.9 million in the current period, 
as a result of new home settlements. 
Performance
30 Jun 2024
30 Jun 2023
Change %
Greenfield properties (#)
 5 
 5 
–
Investment carrying value ($m)
 76.9 
 61.8 
24%
New home settlements (#)
 88 
 46 
91%
Fee income1 ($m)
 0.4 
 1.1 
(64%)
Joint venture revenue ($m)
 61.1 
 26.9 
127%
Joint venture operating profit ($m)
 21.4 
 8.5 
152%
Share of loss from joint venture2 ($m)
(6.0) 
(4.3) 
40%
1	
Asset management services and property services to the JV. Prior year fee income inclusive of origination fee.
2 	
Inclusive of the Groups 50% share of changes in the fair value of investment properties $14.8 million (30 Jun 2023: $7.4 million). Refer to Note 13 
for further detail.
1	
Excludes 4 (30 June 2023: 10) settlements at Ingenia Lifestyle Coastal Palms, part of the Funds Management business. 
Directors’ Report
For the year ended 30 June 2024 | continued 
131
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Strategic priorities
The strategic priorities for the JV are to continue to assess greenfield sites in key metro and coastal markets and to develop 
its significant portfolio of new land lease communities.
Funds Management
The Group’s funds and asset management business manages five funds that invest in lifestyle and holiday communities 
situated in NSW and QLD. The Group receives fees for the management and development of the assets and management 
of the funds.
The Group also co-invests into each of the five funds, to increase alignment with fund investors. The investment in the funds 
generates asset ownership and development revenue streams.
30 Jun 2024
30 Jun 2023
Change %
Investment carrying value ($m)
6.4
6.3
2%
Fee income ($m)
1.6
1.6
–
Distribution income ($m)
0.3
0.5
(40%)
Strategic priorities
The funds will reach the end of their contracted management terms in FY25. Management will seek to maximise investor 
returns through the wind up of the funds and asset sale process.
Capital management of the Group
At 30 June 2024, the Group had debt facilities with a combined limit of $905.0 million (30 Jun 2023: $780.0 million), with 
a weighted average term to maturity of 3 years, drawn to $695.9 million. The Group was able to take advantage of strong 
support for the business and increase the debt facilities available to the Group by $125.0 million, increase the tenor of 
selected facilities and negotiate improvements to selected covenants.
During the year, the JV increased its debt facilities and the Group contributed an additional $21.0 million, to fund the 
development of the four projects currently underway. 
Interest rate exposure is managed through a combination of fixed rate debt and interest rate derivatives on 46.7% of the 
drawn debt. 
The Group’s Loan to Value Ratio (“LVR”) was 32.3% (covenant 55%).
Distributions
The following distributions were made during or in respect of the year:
	
–
On 20 February 2024, the Directors declared an interim distribution of 5.2 cps, amounting to $21.2 million which was paid 
on 21 March 2024.
	
–
On 20 August 2024, the Directors declared a final distribution of 6.1 cps amounting to $24.9 million, to be paid on 
19 September 2024. 
FY25 outlook
The Group’s residential communities remain well placed for ongoing expansion with the demand for quality, affordable 
residential accommodation continuing from an ageing population. Incoming residents are seeking quality community living 
and affordable rental accommodation in metro, coastal and regional markets which the Group is well placed to deliver. 
Investment in inventory and new sites will enable us to capitalise on this demand and enables the generation of long-term 
sustainable rental cash flows. Investing in new rental homes remains a key priority for the Group.
Ingenia will continue to grow its Lifestyle Rental business by building out its development pipeline, generating attractive 
returns, stable, resilient cashflows and increased scale. 
The strong demand for domestic holiday accommodation is expected to continue with Ingenia to benefit via an extensive 
portfolio of properties located in attractive holiday destinations. The priority for Ingenia Holidays is to enhance the customer 
experience by refurbishing existing cabins and investing in new tourism cabins and amenities.
The Group’s solid balance sheet and deal flow provides ongoing opportunity for growth. The Group will increase its asset 
base by accelerating development and select investment in densification to deliver targeted returns.
The Group will regularly assess market opportunities and the performance of existing assets, divesting and acquiring assets 
where superior longer-term returns are available.
Ingenia will continue to evolve the Group’s ESG strategies and initiatives to align with the Group’s strategic focus and 
portfolio growth. Over FY25, key initiatives include refinement of the Group’s emissions reduction strategies to target 
portfolio specific outcomes, including the delivery of net zero emissions (Scope 1 and 2) for the Group’s operations by 2035, 
the evolution of reporting and data collection in preparation for additional climate related financial disclosure obligations and 
finalisation of the Group’s first Reconciliation Action Plan.
Directors’ Report
For the year ended 30 June 2024 | continued 
132

Significant Changes in the State of Affairs
Changes in the state of affairs during the current period are set out in the various reports in this Financial report. Refer to 
Note 9 for investment properties acquired or disposed of during the period and Note 17 for details of debt facility. 
Events Subsequent to Reporting Date
Final FY24 distribution
On 20 August 2024, the Directors declared a final distribution of 6.1 cps amounting to $24.9 million, to be paid on 
19 September 2024.
Likely Developments
The Trusts will continue to pursue strategies aimed at the longer term growth of its cash earnings, profitability and market 
share within the lifestyle, rental and tourism sectors through:
	
–
Developing greenfield sites in identified growth corridors and expanding existing lifestyle and rental communities;
	
–
Continued transition from an acquirer to an efficient developer and operator in line with the Group strategy;
	
–
Ongoing co-investment through the Group’s Joint Venture to fund growth and leverage scale and capability; and
	
–
Divesting non-core assets as needed to further support investment in growth and portfolio refinement.
Detailed information about operations of the Group is included in the various reports in this financial report.
Environmental Regulation
The Trusts have policies and procedures in place to ensure that, where operations are subject to any particular and 
significant environmental regulation under the laws of Australia, those obligations are identified and appropriately 
addressed. The Directors have determined that there has not been any material breach of those obligations during the 
financial year.
Group Indemnities
The Group has purchased various insurance policies to cover a range of risks (subject to specified exclusions) for directors, 
officers and employees of the Group serving in their respective capacities. Key insurance policies include: directors and 
officers insurance, professional indemnity insurance and management liability insurance.
Indemnification of Auditor
To the extent permitted by law, the Company has agreed to indemnify its auditor, Ernst & Young, as part of the terms of its 
audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment 
has been made to indemnify Ernst & Young during or since the reporting period.
Interests of Directors of the Responsible Entity
Securities of the Group held by directors of the Responsible Entity or associates of the directors as at 30 June 2024 were:
 
Issued 
stapled 
securities
Rights
Jim Hazel
439,445
–
Robert Morrison
254,528
–
Pippa Downes
40,868
–
Gregory Hayes
32,000
–
Sally Evans
43,882
–
Lisa Scenna
–
Shane Gannon
–
–
Simon Shakesheff
–
–
Directors’ Report
For the year ended 30 June 2024 | continued 
133
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Other Information
Fees paid to the Responsible Entity and its associates, and the number of securities in each Trust held by the Responsible 
Entity and its associates as at the end of the financial year are set out in Note 27 in the financial report.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on 
page 135.
Non-Audit Services
During the year, non-audit services were provided by the Group’s auditor, Ernst & Young. The directors are satisfied that the 
provision of the non-audit services is compatible with, and did not compromise, the independence for auditors imposed by 
the Corporations Act 2001 for the following reasons:
	
–
the non-audit services were for taxation, regulatory and assurance related work, and none of this work created any conflicts 
with the auditor’s statutory responsibilities;
	
–
the Audit, Risk and Sustainability Committee resolved that the provision of non-audit services during the financial year 
by Ernst & Young as auditor is compatible with, and did not compromise, the auditor independence requirements of the 
Corporations Act 2001;
	
–
the Board’s own review conducted in conjunction with the Audit, Risk and Sustainability Committee, having regard to the 
Board policy set out in this Report, concluded that it is satisfied the non-audit services did not impact the integrity and 
objectivity of the auditors; and 
	
–
the declaration of independence provided by Ernst & Young, as auditor of ICH. 
Refer to Note 26 of the financial statements for details on the audit and non-audit fees.
Rounding of Amounts
The Trusts are of the kind referred to in ASIC Instrument 2016/191, and in accordance with that Class Order, amounts in the 
financial report and Director’s Report have been rounded to the nearest thousand dollars, unless otherwise stated.
Signed in accordance with a resolution of the Directors of the Responsible Entity.
Jim Hazel 
Chairman 
Adelaide, 20 August 2024 
Directors’ Report
For the year ended 30 June 2024 | continued 
134

EY 
Building a better 
working world 
Ernst & Young 
200 George Street 
Sydney NSW 2000 Australia 
GPO Box 2646 Sydney NSW 2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
Auditor's Independence Declaration to the Directors of lngenia Communities 
RE Limited as Responsible Entity for lngenia Communities Fund and lngenia 
Communities Management Trust 
As lead auditor for the audit of the financial report of lngenia Communities Fund and lngenia 
Communities Management Trust for the financial year ended 30 June 2024, I declare to the best of 
my knowledge and belief, there have been: 
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
No non-audit services provided that contravene any applicable code of professional conduct in 
relation to the audit.
This declaration is in respect of lngenia Communities Fund and the entities it controlled during the 
financial year and lngenia Communities Management Trust and the entities it controlled during the 
financial year. 
Yvonne Barnikel 
Partner 
20 August 2024 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
135
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW
Auditor’s Independence Declaration
For the year ended 30 June 2024

Consolidated Statement of Comprehensive Income
For the year ended 30 June 2024
Note
ICF
ICMT
30 Jun 2024
$’000
30 Jun 2023
$’000
30 Jun 2024
$’000
30 Jun 2023
$’000
Land lease home sales
–
–
37,625
51,250
Residential rental income
–
–
101,564
98,279
Tourism rental income
–
–
108,378
99,896
Annuals rental income
–
–
11,032
10,647
Other revenue
41,632
40,087
68,580
55,442
Revenue
41,632
40,087
327,179
315,514
Cost of land lease homes sold
–
–
(21,362)
(27,284)
Employee expenses
–
–
(91,780)
(88,116)
Property expenses
(885)
(851)
(67,790)
(65,176)
Administrative expenses
(1,610)
(1,544)
(20,711)
(18,979)
Operational, marketing and selling expenses
–
–
(22,462)
(17,730)
Service station expenses
–
–
(9,037)
(9,371)
Responsible entity fee and expenses
(8,993)
(8,552)
(6,156)
(5,386)
Depreciation and amortisation expense
10, 11, 12
–
–
(32,879)
(32,162)
Operating profit before interest and tax
30,144
29,140
55,002
51,310
Interest income
55,133
36,454
1,843
173
Finance expense
(27,105)
(18,667)
(48,402)
(34,049)
Operating profit before tax
58,172
46,927
8,443
17,434
Share of joint venture (loss)/profit
13
(1,022)
(9,060)
171
195
Net gain/(loss) on change in fair value of:
Investment properties
9(b)
33,484
4,807
93,186
45,352
Acquisition transaction costs
9(b)
(805)
(4,383)
(3,385)
–
Financial liabilities
(2,325)
(1,108)
(677)
(1,615)
Investments and other financial instruments
(3,983)
864
(47)
523
Impairment of goodwill
–
–
(91,815)
(4,832)
Gain/(loss) on disposal of investment property
4,626
996
68
(3,836)
Business combination transaction costs
–
–
–
1,615
Profit before tax
88,147
39,043
5,944
54,836
Income tax expense
5
–
–
(37,804)
(16,616)
Net profit/(loss) for the year
88,147
39,043
(31,860)
38,220
Total comprehensive income/(loss) for the year net of 
income tax
88,147
39,043
(31,860)
38,220
Profit/(loss) attributable to unit holders of:
Ingenia Communities Fund
86,017
37,050
–
–
Ingenia Communities Management Trust
2,130
1,993
(31,860)
38,220
88,147
39,043
(31,860)
38,220
Total comprehensive income/(loss) attributable to 
unit holders of:
Ingenia Communities Fund
86,017
37,050
–
–
Ingenia Communities Management Trust
2,130
1,993
(31,860)
38,220
88,147
39,043
(31,860)
38,220
Earnings per unit:
30 Jun 2024 
Cents
30 Jun 2023 
Cents
30 Jun 2024 
Cents
30 Jun 2023 
Cents
Basic earnings per unit
4
21.6
9.6
(7.8)
9.4
Diluted earnings per unit
4
21.4
9.5
(7.8)
9.3
Notes to the Consolidated Financial Statements are included on pages 141 to 174. 
136

Consolidated Balance Sheet
For the year ended 30 June 2024
Note
ICF
ICMT
30 Jun 2024
$’000
30 Jun 2023
$’000
30 Jun 2024
$’000
30 Jun 2023
$’000
Current assets
Cash and cash equivalents
2,726
37,374
10,489
7,163
Trade and other receivables
6
305
1,274
7,914
11,122
Inventories
7
–
–
13,907
14,541
Assets held for sale
8
–
11,200
–
12,990
Other financial assets
14
3,726
3,234
–
–
Total current assets
6,757
53,082
32,310
45,816
Non-current assets
Trade and other receivables
6
257
733
144
144
Receivable from related party
27(e)
908,693
741,543
–
–
Investment properties
9
942,540
930,184
1,205,910
1,026,680
Investment in a joint venture
13
45,635
43,147
276
113
Other financial assets
14
235
4,102
17,136
17,119
Plant and equipment
10
–
–
9,801
8,284
Intangibles and goodwill
11
–
–
846
93,009
Right-of-use-assets
12
–
–
228,409
228,461
Total non-current assets
1,897,360
1,719,709
1,462,522
1,373,810
Total assets
1,904,117
1,772,791
1,494,832
1,419,626
Current liabilities
Trade and other payables 
16
8,497
8,519
58,070
58,703
Borrowings
17
1,895
1,805
17,382
28,238
Employee liabilities
–
–
5,535
5,050
Other financial liabilities
18
–
–
795
659
Total current liabilities
10,392
10,324
81,782
92,650
Non-current liabilities
Payable to related party
27(e)
–
–
811,545
744,108
Borrowings
17
722,114
635,669
242,275
225,203
Other financial liabilities
18
–
–
16,665
16,941
Employee liabilities
–
–
981
993
Trade and other payables
16
3,635
2,116
–
4,788
Deferred tax liability
15
–
–
88,570
50,766
Total non-current liabilities
725,749
637,785
1,160,036
1,042,799
Total liabilities
736,141
648,109
1,241,818
1,135,449
Net assets
1,167,976
1,124,682
253,014
284,177
137
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Note
ICF
ICMT
30 Jun 2024
$’000
30 Jun 2023
$’000
30 Jun 2024
$’000
30 Jun 2023
$’000
Equity
Issued units
19(a)
1,473,432
1,473,451
138,800
138,803
(Accumulated losses)/retained earnings
20
(320,861)
(362,044)
114,214
146,074
Unit holders interest
1,152,571
1,111,407
253,014
284,877
Non-controlling interest
15,405
13,275
–
(700)
Total equity
1,167,976
1,124,682
253,014
284,177
Attributable to unit holders of: 
Ingenia Communities Fund
1,152,571
1,111,407
–
(700)
Ingenia Communities Management Trust
15,405
13,275
253,014
284,877
1,167,976
1,124,682
253,014
284,177
Notes to the Consolidated Financial Statements are included on pages 141 to 174. 
Consolidated Balance Sheet
For the year ended 30 June 2024 | continued
138

Consolidated Cash Flow Statement
For the year ended 30 June 2024
Note
ICF
ICMT
30 Jun 2024
$’000
30 Jun 2023
$’000
30 Jun 2024
$’000
30 Jun 2023
$’000
Cash flows from operating activities
Rental and other property income
–
–
264,537
256,695
Property and other expenses
(1,026)
(1,470)
(198,035)
(186,354)
Proceeds from sale of land lease homes
–
–
47,329
56,271
Purchase of land lease homes
–
–
(28,794)
(41,618)
Proceeds from sale of service station inventory
–
–
11,662
11,820
Purchase of service station inventory
–
–
(10,026)
(10,292)
Interest received
329
154
302
173
Borrowing costs paid
(33,592)
(22,071)
(39)
(62)
Other
–
–
–
(19)
30
(34,289)
(23,387)
86,936
86,614
Cash flows from investing activities
Payments for investment properties
(11,143)
(43,364)
(28,798)
(19,525)
Additions to investment properties
(13,348)
(5,184)
(47,252)
(55,470)
Purchase and additions of plant and equipment
–
–
(4,085)
(4,355)
Proceeds from sale of investment properties
54,263
12,040
20,722
40,473
Net payments for acquisition of Seachange
–
(16,890)
–
–
Investment in joint venture
(3,500)
–
–
–
Other
1,503
–
298
–
27,775
(53,398)
(59,115)
(38,877)
Cash flows from financing activities
Payments for security issue costs
(19)
(13)
(3)
(3)
Distributions to unit holders
(44,834)
(44,834)
–
–
Repayment of related party borrowings
(68,602)
(8,203)
(21,733)
(50,591)
Proceeds from borrowings
404,750
289,130
–
–
Repayment of borrowings
(318,030)
(120,000)
–
–
Payments for debt issue costs
(933)
(198)
–
–
Payment for derivatives and financial instruments 
–
(1,402)
–
–
Other 
(466)
(813)
(2,759)
(2,811)
(28,134)
113,667
(24,495)
(53,405)
Net (decrease)/increase in cash and cash equivalents
(34,648)
36,882
3,326
(5,668)
Cash and cash equivalents at the beginning of the year
37,374
492
7,163
12,831
Cash and cash equivalents at the end of the year
2,726
37,374
10,489
7,163
Notes to the Consolidated Financial Statements are included on pages 141 to 174. 
139
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Attributable to security holders
ICF
Note
Issued 
Capital
Retained 
Earnings
Total
Non-
controlling 
interest
Total 
Equity
$’000
$’000
$’000
$’000
$’000
Carrying value 1 Jul 2023 
1,473,451
(362,044)
1,111,407
13,275
1,124,682
Net profit
–
86,017
86,017
2,130
88,147
Total comprehensive income 
–
86,017
86,017
2,130
88,147
Transactions with security holders in their 
capacity as security holders:
 Issue of securities
19(a)
(19)
–
(19)
–
(19)
 Payment of distributions to security 
holders
20
–
(44,834)
(44,834)
–
(44,834)
Carrying value 30 Jun 2024
1,473,432
(320,861)
1,152,571
15,405
1,167,976
Carrying value 1 Jul 2022 
1,473,464
(354,260)
1,119,204
11,282
1,130,486
Net profit
–
37,050
37,050
1,993
39,043
Total comprehensive income 
–
37,050
37,050
1,993
39,043
Transactions with security holders in their 
capacity as security holders:
 Issue of securities
19(a)
(13)
–
(13)
–
(13)
 Payment of distributions to security holders
20
–
(44,834)
(44,834)
–
(44,834)
 Acquisition of subsidiaries
–
–
–
–
–
Carrying value 30 Jun 2023
1,473,451
(362,044)
1,111,407
13,275
1,124,682
Attributable to security holders
ICMT
Note
Issued 
Capital
Retained 
Earnings
Total
Non-
controlling 
interest
Total 
Equity
$’000
$’000
$’000
$’000
$’000
Carrying value 1 Jul 2023
138,803
146,074
284,877
(700)
284,177
Net profit
–
(31,860)
(31,860)
–
(31,860)
Total comprehensive income 
–
(31,860)
(31,860)
–
(31,860)
Transactions with security holders in their 
capacity as security holders:
 Issue of securities
19(a)
(3)
–
(3)
–
(3)
 Other
–
–
–
700
700
Carrying value 30 Jun 2024
138,800
114,214
253,014
–
253,014
Carrying value 1 Jul 2022
138,806
107,854
246,660
(700)
245,960
Net profit
–
38,220
38,220
–
38,220
Total comprehensive income 
–
38,220
38,220
–
38,220
Transactions with security holders in their 
capacity as security holders:
 Issue of securities
19(a)
(3)
–
(3)
–
(3)
Carrying value 30 Jun 2023
138,803
146,704
284,877
(700)
284,177
Notes to the Consolidated Financial Statements are included on pages 141 to 174. 
140

Notes to the Financial Statements
For the year ended 30 June 2024
1.	
Summary of material accounting policies
(a)	 The Trusts
Ingenia Communities Fund (“ICF” or the “Fund”) (ARSN 
107 459 576) and Ingenia Communities Management Trust 
(“ICMT”) (ARSN 122 928 410) (together the Trusts) are 
Australian registered schemes. Ingenia Communities RE 
Limited (ACN 154 464 990; Australian Financial Services 
Licence number 415862), the Responsible Entity of the 
Trusts, is incorporated and domiciled in Australia.
The parent company of Ingenia Communities RE Limited 
is Ingenia Communities Holdings Limited (the Company). 
The shares of the Company are stapled with the units of 
the Trusts and trade on the Australian Securities Exchange 
(“ASX”) effectively as one security. In this report, the 
Company and the Trusts are referred to collectively as 
the Group.
The stapling structure will cease to operate on the first to 
occur of:
	
–
the Company or either of the Trusts resolving by 
special resolution in accordance with its constitution to 
terminate the stapling provisions; or
	
–
the commencement of the winding up of the Company 
or either of the Trusts.
The financial report as at and for the year ended 30 June 
2024 was authorised for issue by the Directors on 
20 August 2024.
(b)	 Basis of preparation 
The financial report is a general purpose financial report 
which has been prepared in accordance with Australian 
Accounting Standards, Australian Interpretations, 
other authoritative pronouncements of the Australian 
Accounting Standards Board (“AASB”) and the 
Corporations Act 2001.
The financial report complies with Australian Accounting 
Standards as issued by the AASB and International 
Financial Reporting Standards (“IFRS”) as issued by the 
International Accounting Standards Board.
As permitted by Instrument 2015/838, issued by the 
Australian Securities and Investments Commission, this 
financial report is a combined financial report that presents 
the financial statements and accompanying notes of both 
ICF and ICMT. The financial statements and accompanying 
notes of the Trusts have been presented within this 
financial report.
The financial report is presented in Australian dollars 
and all values are rounded to the nearest thousand 
dollars ($’000), unless otherwise stated as permitted by 
Instrument 2016/191.
The financial report is prepared on a historical cost 
basis, except for investment properties, residents’ loans, 
derivative financial instruments, other financial assets and 
other financial liabilities, which are measured at fair value.
At 30 June 2024, ICF recorded a net current asset 
deficiency of $3.6 million. ICF has access to $187.4 million 
of available undrawn bank facilities. Accordingly, there are 
reasonable grounds to believe that ICF will be able to pay 
its debts as and when they become due and payable. As 
such, the financial report of ICF has been prepared on a 
going concern basis.
At 30 June 2024, ICMT recorded a net current asset 
deficiency of $49.5 million. This deficiency will be satisfied 
by the forecast operating cashflows of ICMT, related party 
transactions and available undrawn debt facilities of the 
Group. Accordingly, there are reasonable grounds to 
believe that ICMT will be able to pay its debts as and when 
they become due and payable; and the financial report of 
the ICMT has been prepared on a going concern basis.
(c)	 Adoption of new and revised accounting standards
In the current period, the Trusts have adopted all the new and revised accounting standards, amendments to accounting 
standards, and interpretations that are relevant to its operations and effective for the current annual reporting period.
New accounting standards and interpretations have been issued or amended but are not yet effective and have not been 
adopted by the Trusts for the year ended 30 June 2024. The Trusts are in the process of assessing the impact of the 
following:
Summary
Application date of standard
Application date for Trusts
AASB 2020-1 Amendment to Australian Accounting 
Standards - Classification of Liabilities as Current or  
Non-current and AASB 2022-6 Amendments to Australian 
Accounting standards - Non-current Liabilities with 
Covenants
1 January 2024
1 July 2024
AASB 18 Presentation and Disclosure in Financial 
Statements 
1 January 2027
1 July 2027
141
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

1.	
Summary of material accounting policies 
(continued)
(d)	 Principles of consolidation
ICF’s consolidated financial statements comprise ICF and 
its subsidiaries. ICMT’s consolidated financial statements 
comprise ICMT and its subsidiaries. Subsidiaries are all 
those entities (including special purpose entities) whose 
financial and operating policies are able to be governed by 
a trust, so as to obtain benefits from their activities.
The financial statements of the subsidiaries are prepared 
for the same reporting period as the parent, using 
consistent accounting policies. Intercompany balances and 
transactions, including dividends and unrealised gains and 
losses from intragroup transactions, have been eliminated.
Subsidiaries are consolidated from the date on which the 
parent obtains control. They are deconsolidated from the 
date that control ceases. 
Investments in subsidiaries are carried at cost in the 
parent’s financial statements.
The Company was incorporated on 24 November 2011. 
In accordance with Accounting Standard AASB 3 
Business Combinations, the stapling of the Company and 
the Trusts was regarded as a business combination. Under 
AASB 3, the stapling was accounted for as a reverse 
acquisition with ICF “acquiring” the Company and the 
Company subsequently being identified as the ongoing 
parent for preparing consolidated financial reports. 
Consequently, the consolidated financial statements are 
a continuation of the financial statements of the Trusts, 
and include the results of the Company from the date of 
incorporation.
(e)	 Goodwill
Goodwill is initially measured at cost, being the excess of 
the aggregate consideration transferred and the amount 
recognised for non-controlling interest over the fair value 
of net identifiable assets acquired and liabilities assumed. 
Goodwill is tested annually for impairment, or more 
frequently if changes in circumstances indicate that it 
might be impaired. An impairment loss is recognised 
when the carrying amount of the asset exceeds its 
recoverable amount, calculated as the higher of fair value 
less costs of disposal and the value in use. Impairment 
losses are recognised in the Consolidated Statement 
of Comprehensive Income.
For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which goodwill is 
monitored for management purposes and allocated to 
cash generating units (“CGU”). The assumptions used for 
determining the recoverable amount of the CGU are based 
on the expectation for the future, utilising both internal and 
external sources of data and relevant market trends.
(f)	 Assets held for sale
Components of the entity are classified as held for sale if 
their carrying value will be recovered principally through 
a sale transaction rather than through continuing use. 
They are measured at the lower of their carrying value 
and fair value less costs to sell, except for assets such 
as investment property, which are carried at fair value.
(g)	 Dividends and distributions
A liability for any distribution declared on or before the end 
of the reporting period is recognised on the balance sheet, 
in the reporting period to which the distribution pertains.
(h)	 Foreign currency 
Functional and presentation currencies
The functional currency and presentation currency 
of the Trusts and their subsidiaries, other than foreign 
subsidiaries, is the Australian dollar. 
Translation foreign currency transactions
Transactions in foreign currency are initially recorded in the 
functional currency at the exchange rate prevailing at the 
date of the transaction. Monetary assets denominated in 
foreign currency are retranslated at the rate of exchange 
prevailing at the balance date. 
(i)	
Leases
The Trusts assess at contract inception whether a contract 
is, or contains, a lease. That is, if the contract conveys the 
right to control the use of an identified asset for a period 
of time in exchange for consideration.
The Trusts applies a single recognition and measurement 
approach for all leases, except for short-term leases and 
leases of low-value assets which are recognised as an 
expense on a straight-line basis over the lease term. The 
Trusts recognises lease liabilities to make lease payments 
and right-of-use assets representing the right to use the 
underlying assets.
Right-of-use assets
The Trusts recognises right-of-use assets at the 
commencement date of the lease. Right-of-use assets are 
measured at cost, less any accumulated depreciation and 
impairment losses, and adjusted for any remeasurement 
of lease liabilities. 
The cost of right-of-use assets includes the amount of 
lease liabilities recognised, initial direct costs incurred, and 
lease payments made at or before the commencement 
date less any lease incentives received. 
Right-of-use assets are depreciated on a straight-line basis 
over the shorter of the lease term and the estimated useful 
lives of the assets.
Lease liabilities
At the commencement date of the lease, the Trusts 
recognises lease liabilities measured at the present value of 
lease payments to be made over the lease term. 
The lease payments include fixed payments less any lease 
incentives receivable, variable lease payments that depend 
on an index or a rate, and amounts expected to be paid 
under residual value guarantees. The lease payments also 
include the exercise price of a purchase option reasonably 
certain to be exercised by the Trusts and payments of 
penalties for terminating the lease, if the lease term reflects 
the Trusts exercising the option to terminate. 
Variable lease payments that do not depend on an index 
or a rate are recognised as expenses in the period in which 
the event or condition that triggers the payment occurs.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
142

1.	
Summary of material accounting policies 
(continued)
In calculating the present value of lease payments, the 
Trusts uses the interest rate implicit in the lease. After the 
commencement date, the amount of lease liabilities is 
increased to reflect the accretion of interest and reduced 
for the lease payments made. In addition, the carrying 
amount of lease liabilities is remeasured if there is a 
modification, a change in the lease term, a change in the 
lease payments (e.g., changes to future payments resulting 
from a change in an index or rate used to determine such 
lease payments) or a change in the assessment of an 
option to purchase the underlying asset. The Trusts’ lease 
liabilities are included in Borrowings (Note 17). Leases for 
investment property which apply the fair value model are 
classified as investment property per AASB 140 Investment 
Properties.
(j)	
Plant and equipment
Plant and equipment is stated at cost, net of accumulated 
depreciation and any accumulated impairment losses. 
Such cost includes the cost of replacing part of the plant 
and equipment, and borrowing costs for long-term 
construction projects if the recognition criteria are met. 
When significant parts of property, plant and equipment 
require replacing at intervals, the Trusts recognises 
such parts as individual assets with specific useful lives 
and depreciates them accordingly. Likewise, when a 
major inspection is performed, the cost is recognised 
in the carrying value of the plant and equipment as a 
replacement, if the recognition criteria are satisfied. 
All other repair and maintenance costs are recognised 
in profit or loss as incurred. The present value of the 
expected cost for the decommissioning of an asset after 
its use is included in the cost of the respective asset if 
the recognition criteria for a provision are met.
(k)	 Financial assets and liabilities
Current and non-current financial assets and liabilities 
within the scope of AASB 9 Financial Instruments are 
classified as; fair value through profit or loss; fair value 
through other comprehensive income; or amortised 
cost. The Trusts determine the classification of its 
financial assets and liabilities at initial recognition with 
the classification depending on the purpose for which 
the asset or liability was acquired or issued. Financial 
assets and liabilities are initially recognised at fair value 
plus directly attributable transaction costs, unless their 
classification is at fair value through profit or loss. They 
are subsequently measured at fair value or amortised cost 
using the effective interest method.
The fair value of financial instruments actively traded in 
organised financial markets are determined by reference 
to quoted market bid prices at close of business on balance 
sheet date. For those with no active market, fair values are 
determined using valuation techniques. Such techniques 
include: using recent arm’s length market transactions; 
reference to the current market value of another 
substantially similar instruments; discounted cash flow 
analysis; option pricing models; making use of available 
and supportable market data and keeping judgemental 
inputs to a minimum.
(l)	
Impairment of non-financial assets
Assets other than investment property carried at fair 
value are tested for impairment whenever events or 
circumstance changes indicate that the carrying value may 
not be recoverable. An impairment loss is recognised for 
the amount by which the asset’s carrying value exceeds 
its recoverable amount. The recoverable amount is the 
higher of an asset’s fair value less costs to sell and value in 
use. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately 
identifiable cash inflows that are largely independent of the 
cash inflows from other assets or groups of assets. Non-
financial assets excluding goodwill which have suffered 
impairment are reviewed for possible reversal of the 
impairment at each reporting date.
(m)	 Cash and cash equivalents
Cash and cash equivalents in the balance sheet and cash 
flow statements comprise cash at bank, cash in hand, and 
short-term deposits that are readily convertible to known 
amounts of cash, and subject to an insignificant risk of 
changes in value.
(n)	 Trade and other receivables
Trade and other receivables are recognised initially at 
original invoice amount, and subsequently adjusted for 
ECL. An allowance is recognised by analysing the age 
of outstanding balances and applying historical default 
percentages. Historical loss rates are adjusted to reflect 
current and forward-looking observable data affecting 
the ability of customers to settle their debts.
(o)	 Inventories
The Trusts hold inventory in relation to the acquisition and 
development of land lease homes, as well as and service 
station fuel and supplies. 
Inventories are held at the lower of cost and net realisable 
value. 
Costs of inventories comprise all acquisition costs, costs 
of conversion and other costs incurred in bringing the 
inventories to their present location and condition. 
Inventory includes work in progress and raw materials 
used in the production of land lease home units.
Net realisable value is determined on the basis of an 
estimated selling price in the ordinary course of business, 
less estimated costs of completion and the estimated 
costs necessary to make the sale.
(p)	 Derivative financial instruments
The Trusts use derivative financial instruments such 
as interest rate swaps to hedge its risks associated 
with interest rate fluctuations. Such derivative financial 
instruments are initially recognised at fair value on 
the date the contract is entered and are subsequently 
remeasured to fair value and included in the statement 
of comprehensive income in the period they arise, 
including the corresponding tax effect.
(q)	 Investment property
Land and buildings have the function of an investment 
and are regarded as composite assets. In accordance with 
applicable accounting standards, the buildings, including 
plant and equipment, are not depreciated.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
143
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

1.	
Summary of material accounting policies 
(continued)
Investment property includes property under construction, 
tourism cabins and associated amenities.
Investment properties are measured initially at cost, 
including transaction costs. Subsequently, investment 
properties are stated at fair value, reflecting market 
conditions at reporting date. Gains or losses arising from 
changes in the fair values of investment properties are 
included in the statement of comprehensive income in the 
period they arise, including the corresponding tax effect 
where applicable. 
Fair value is the price that would be received to sell an 
asset, or paid to transfer a liability, in an orderly transaction 
between market participants at measurement date, in the 
principal market for the asset or liability, or the most 
advantageous market in its absence. In determining the fair 
value of assets held for sale recent market offers have been 
taken into consideration.
It is the Trusts’ policy to have all investment properties 
externally valued at intervals of not more than two years. 
It is the policy of the Trusts to review the fair value of 
each investment property every six months, and revalued 
investment properties to fair value when their carrying 
value materially differs to their fair values. 
In determining fair values, the Trusts considers relevant 
information including the capitalisation of rental streams 
using market assessed capitalisation rates, expected net 
cash flows discounted to their present value using market 
determined risk-adjusted discount rates, and other available 
market data such as recent comparable transactions. 
The assessment of fair value of investment properties does 
not take into account potential capital gains tax assessable.
(r)	 Intangible assets
An intangible asset arising from software development 
expenditure is recognised only when the Trusts can 
demonstrate: the technical feasibility of completing the 
intangible asset so that it will be available for use; how 
the asset will generate future economic benefits; the 
availability of resources to complete the asset; and the 
ability to measure reliably the expenditure during its 
development. Costs capitalised include external direct 
costs of materials and service, direct payroll, and payroll 
related costs of employee time spent on projects.
Following the initial recognition of expenditure, the asset 
is carried at cost less any accumulated amortisation and 
accumulated impairment losses. Amortisation of the asset 
begins when the development is complete and the asset 
is available for use. Amortisation is over the period of 
expected future benefit.
The Trusts policy applied to capitalised development costs 
is as follows.
Software and associated development to capitalised 
development costs (assets in use)
	
–
Useful life: Finite amortisation method using seven years 
on a straight-line basis; and
	
–
Impairment test: Amortisation method reviewed at 
each financial year end; closing carrying value reviewed 
annually for indicators of impairment.
Subsequent expenditure on intangible assets is capitalised 
only when it increases the future economic benefits 
embodied in the specific asset to which it relates. All other 
expenditure is expensed as incurred. Gains or losses arising 
from the derecognition of an intangible asset are measured 
as the difference between the net disposal proceeds, and 
the carrying value of the asset. They are recognised in 
profit or loss when the asset is derecognised.
Intangible assets acquired separately are measured on 
initial recognition at cost. The cost of intangible assets 
acquired in a business combination are their fair values 
as at the date of acquisition. Following initial recognition, 
acquired intangible assets are carried at cost less any 
accumulated amortisation and impairment losses.
(s)	 Trade and other payables 
Trade and other payables are carried at amortised cost, 
and due to their short-term nature, are not discounted. 
They represent liabilities for goods and services provided 
to the Trusts prior to the end of the financial year which 
are unpaid. They are recognised when the Trusts become 
obliged to make future payments in respect of the 
purchase of the goods and services.
(t)	 Provisions, including for employee benefits
General
Provisions are recognised when: the Trusts have a present 
obligation (legal or constructive) as a result of a past event; 
it is probable that an outflow of resources embodying 
economic benefits will be required to settle the obligation; 
and a reliable estimate can be made of the amount. 
When the Trusts expect some or all of a provision to be 
reimbursed, for example, under an insurance contract, the 
reimbursement is recognised as a separate asset, but only 
when the reimbursement is virtually certain. The expense 
relating to a provision is presented in the statement of 
comprehensive income net of any reimbursement.
Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary 
benefits, and annual leave expected to be settled wholly 
within twelve months of the reporting date, are recognised 
in respect of employees’ services up to the reporting 
date. They are measured at the amounts expected to be 
paid when the liabilities are settled. Expenses for non-
accumulating sick leave are recognised when the leave is 
taken and are measured at the rates paid or payable.
Long service leave
The liability for long service leave is recognised and 
measured as the present value of expected future 
payments made in respect of services provided by 
employees, up to the reporting date, using the projected 
unit credit method. Consideration is given to expected 
future wage and salary levels, experience of employees 
departing, and period of service. Expected future 
payments are discounted using market yields on high 
quality corporate bonds at the reporting date, with terms 
to maturity and currencies that match, as closely as 
possible, the estimated future cash outflows.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
144

1.	
Summary of material accounting policies 
(continued)
(u)	  Borrowings 
Borrowings are initially recorded at the fair value of 
the consideration received, less directly attributable 
transaction costs associated with the borrowings. After 
initial recognition, borrowings are subsequently measured 
at amortised cost using the effective interest rate method. 
Under this method, fees, costs, discounts and premiums 
that are yield related are included as part of the carrying 
value of the borrowing, and amortised over its expected life.
Borrowings are classified as current liabilities, unless 
the Trusts do not have an unconditional right to defer 
settlement to more than twelve months after reporting 
date.
Borrowing costs are expensed as incurred, except 
where they are directly attributable to the acquisition, 
construction or production of a qualifying asset. When this 
is the case, they are capitalised as part of the acquisition 
cost of that asset.
(v)	 Issued equity
Issued and paid up securities are recognised at the fair 
value of the consideration received by the Trusts. Any 
transaction costs arising on issue of ordinary securities 
are recognised directly in security holders’ interest as 
a reduction of the security proceeds received.
(w)	 Revenue
Revenue from contracts with customers is recognised 
when performance obligations have been met and control 
of the goods or services are transferred to the customer 
at an amount that reflects the consideration to which the 
Group expects to be entitled in exchange for those goods 
or services. The following specific recognition criteria 
must also be met before revenue is recognised:
Rental income
Rental income from investment properties is recognised 
on a straight-line basis over the lease term. Fixed rental 
increases that do not represent direct compensation for 
underlying cost increases or capital expenditures are 
recognised on a straight-line basis until the next market 
review date. Rent paid in advance is recognised as 
unearned income.
Sale of homes
Revenue from the sale of land lease homes is recognised 
at the point in time when control of the land lease home 
is transferred to the customer, on settlement of the home.
Management and other fee income
Revenue from rendering of services is recognised in 
accordance with performance obligations under the 
terms and conditions of the service agreements. The 
Group recognises management and other fee income 
over time because the customer simultaneously receives 
and consumes the benefits provided to them.
Distribution income
Distribution income is recognised when the Trusts right 
to receive the payment is established. 
Interest income
Interest income is recognised as the interest accrues, using 
the effective interest rate method.
Service station sales
Service station sales, food and beverage revenue 
represents the revenue earned from the provision of 
products and services to external parties. Sales revenue 
is only recognised at the point in time when control of 
the assets is transferred to the customer.
(x)	 Income tax
Current income tax
Under the current tax legislation, ICF and its subsidiaries 
are not liable to pay Australian income tax provided that 
their taxable income (including any assessable capital 
gains) is fully distributed to security holders each year. 
Tax allowances for building and fixtures depreciation 
are distributed to security holders in the form of the 
tax-deferred component of distributions. ICMT and its 
subsidiaries are subject to Australian income tax.
Current tax assets and liabilities are measured at the 
amount expected to be recovered from, or paid to, 
the taxation authorities based on the current period’s 
taxable income. The tax rates and laws used to compute 
the amount are those that are enacted or substantively 
enacted, at the reporting date. The subsidiaries that 
previously held the Trusts’ foreign properties may be 
subject to corporate income tax and withholding tax in the 
countries in which they operate. Under current Australian 
income tax legislation, security holders may be entitled to 
receive a foreign tax credit for this withholding tax.
ICF has entered the Attribution Managed Investment 
Trust (AMIT) regime. Under current Australian income 
tax legislation, ICF is not liable for income tax provided it 
satisfies certain legislative requirements, which were met 
in the current and previous financial years.
Deferred income tax
Deferred income tax represents tax (including withholding 
tax) expected to be payable or recoverable by taxable 
entities on differences between tax bases of assets and 
liabilities, and their carrying value for financial reporting 
purposes. Deferred tax assets and liabilities are measured 
at the tax rates that are expected to apply to the year 
when the asset is realised through continuing use, or 
the liability is settled, based on tax rates (and tax laws) 
that have been enacted or substantively enacted at 
reporting date. Deferred tax assets are recognised for 
deductible temporary differences only if it is probable that 
future taxable amounts will be available to utilise those 
temporary differences. Income taxes related to items 
recognised directly in equity are not recognised against 
income. Critical accounting estimates and judgements 
are continually evaluated and are based on historical 
experience and other factors, including expectations of 
future events that may have a financial impact on the 
Trust and that are believed to be reasonable under the 
circumstances.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
145
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

1.	
Summary of material accounting policies 
(continued)
Tax consolidation
The Company, ICMT, and their respective subsidiaries 
have formed a tax consolidation group with the Company 
or ICMT being the head entity. The head and controlled 
entities in the tax consolidation group continue to account 
for their own current and deferred tax amounts. Each 
tax consolidated group has applied a group allocation 
approach in determining the appropriate amount of 
current taxes and deferred taxes to allocate to the 
members therein. 
In addition to its own current and deferred tax amounts, 
the head entity of each tax consolidated group also 
recognises the current tax liabilities (or assets) and 
the deferred tax assets arising from unused tax losses, 
and unused tax credits assumed from entities in their 
respective tax consolidated group.
Assets or liabilities arising under tax funding agreements 
with the tax consolidated entities are recognised as 
amounts receivable from, or payable to, other entities in 
the Group. 
(y)	 Goods and services tax (“GST”)
Revenue, expenses and assets (with the exception of 
receivables) are recognised net of the amount of GST, 
to the extent that the GST is recoverable from the taxation 
authority. Where GST is not recoverable, it is recognised as 
part of the cost of the acquisition, or as an expense.
Receivables and payables are stated inclusive of GST. The 
net amount of GST recoverable from, or payable to the tax 
authority, is included in the balance sheet as an asset or 
liability.
Cash flows are included in the cash flow statement 
on a gross basis. The GST components of cash flows 
arising from investing and financing activities, which are 
recoverable from, or payable to, the tax authorities, are 
classified as operating cash flows.
(z)	 Investment in a joint venture
A joint venture is a type of joint arrangement whereby 
the parties that have joint control of the arrangement 
have rights to the net assets of the joint venture. Joint 
control is the contractually agreed sharing of control of an 
arrangement, which exists only when decisions about the 
relevant activities require the unanimous consent of the 
parties sharing control.
The considerations made in determining significant 
influence or joint control are similar to those necessary to 
determine control over subsidiaries.
The Trusts’ investment in its joint venture with Sun 
Communities is accounted for using the equity method.
Under the equity method, the investment in a joint venture 
is initially recognised at cost. The carrying value of the 
investment is adjusted to recognise changes in the Trusts’ 
share of net assets of the joint venture since the acquisition 
date. Goodwill relating to the joint venture is included in 
the carrying value of the investment and is not tested for 
impairment separately.
The statement of profit or loss reflects the Trusts’ share of 
the results of operations of the joint venture. Any change 
in other comprehensive income (“OCI”) of those investees 
is presented as part of the Trusts’ OCI. In addition, when 
there has been a change recognised directly in the equity 
of the joint venture, the Group recognises its share of any 
changes, when applicable, in the statement of changes 
in equity. Unrealised gains and losses resulting from 
transactions between the Group and the joint venture are 
eliminated to the extent of the interest in the joint venture.
The aggregate of the Trusts’ share of profit or loss of a joint 
venture is shown on the face of the statement of profit or 
loss outside operating profit and represents profit or loss 
after tax and non-controlling interests in the subsidiaries of 
the joint venture.
The financial statements of the joint venture are prepared 
for the same reporting period as the Trusts. When 
necessary, adjustments are made to bring the accounting 
policies in line with those of the Trusts.
Upon loss of joint control, the Trusts measure and 
recognise any retained investment at its fair value. Any 
difference between the carrying value of the joint venture 
upon loss of significant influence or joint control and the 
fair value of the retained investment and proceeds from 
disposal is recognised in profit or loss.
(aa)	Fair value measurement
The Trusts measure financial instruments, such as 
derivatives, investment properties, certain non-financial 
assets and non-financial liabilities, at fair value at each 
balance sheet date. Refer to Note 25. 
Fair value is the price that would be received to sell an 
asset, or paid to transfer a liability, in an orderly transaction 
between market participants at measurement date. The 
fair value measurement is based on the presumption that 
the transaction to sell the asset or transfer the liability takes 
place either: 
	
–
In the principal market for the asset or liability; or 
	
–
In the absence of a principal market, in the most 
advantageous market for the asset or liability. 
The principal or the most advantageous market must be 
accessible to the Trusts. 
The fair value of an asset or a liability is measured using 
the assumptions market participants use when pricing the 
asset or liability, assuming that market participants act in 
their economic best interest. A fair value measurement 
of a non-financial asset takes into account a market 
participant’s ability to generate economic benefits by using 
the asset in its best use or by selling it to another market 
participant that would use the asset in its best use. 
The Trusts use valuation techniques that are appropriate 
in the circumstances and for which sufficient data are 
available to measure fair value, maximising the use of 
relevant observable inputs and minimising the use of 
unobservable inputs. 
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
146

1.	
Summary of material accounting policies 
(continued)
All assets and liabilities for which fair value is measured 
or disclosed in the financial statements are categorised 
within the fair value hierarchy, described below, based on 
the lowest level input that is significant to the fair value 
measurement as a whole:
	
–
Level 1 – Quoted (unadjusted) market prices in active 
markets for identical assets or liabilities.
	
–
Level 2 – Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
directly or indirectly observable.
	
–
Level 3 – Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
unobservable.
For assets and liabilities that are recognised in the financial 
statements on a recurring basis, the Trusts determine 
whether transfers have occurred between Levels in the 
hierarchy by reassessing categorisation at the end of the 
reporting period. This is based on the lowest level input 
that is significant to the fair value measurement as a whole.
The Trusts’ Audit, Risk and Sustainability Committee 
determines the policies and procedures for both recurring 
fair value measurement, such as investment properties, 
and for non-recurring measurement. 
External valuers are involved for valuation of significant 
assets, such as properties and significant liabilities. 
Selection criteria include market knowledge, experience 
and qualifications; reputation; independence; and whether 
professional standards are maintained. 
On a six month basis management presents valuation 
results to the Audit, Risk and Sustainability Committee as 
well as the Trusts’ auditors. This includes a review of the 
major assumptions used in the valuations. 
For the purpose of fair value disclosures, the Trusts have 
determined classes of assets and liabilities on the basis of 
the nature, characteristics and risks of the asset or liability 
and the level of the fair value hierarchy (see Note 25).
(bb)	Earnings per share (“EPS”)
Basic EPS is calculated as net profit attributable to 
members of the Trusts’, divided by the weighted average 
number of ordinary securities, adjusted for any bonus 
element. 
Diluted EPS is calculated as net profit attributable to 
the Trusts, divided by the weighted average number 
of ordinary securities and dilutive potential ordinary 
securities, adjusted for any bonus element.
(cc)	Current versus non-current classification
The Trusts present assets and liabilities in the balance sheet 
based on current/non-current classification. An asset is 
current when it is:
	
–
Expected to be realised, or intended to be sold, 
or consumed in the normal operating cycle;
	
–
Held primarily for the purpose of trading;
	
–
Expected to be realised within twelve months after the 
reporting period; or
	
–
Cash or cash equivalents, unless restricted from being 
exchanged or used to settle a liability for at least twelve 
months after reporting period.
A liability is current when:
	
–
It is expected to be settled in the normal operating cycle;
	
–
It is held primarily for the purpose of trading;
	
–
It is due to be settled within twelve months after the 
reporting period; or
	
–
There is no unconditional right to defer the settlement of 
the liability for at least twelve months after the reporting 
period.
All other assets are classified as non-current. The Trusts 
classify all other liabilities as non-current. Deferred tax 
assets and liabilities are classified as non-current assets 
and liabilities.
(dd)	Government grants
Government grants are recognised where there is 
reasonable assurance that the grant will be received, and 
all attached conditions will be complied with. When the 
grant relates to an expense, it is recognised net of the 
related expense for which it is intended to compensate. 
There are no unfilled conditions or other contingencies 
attached to the grants.
2.	
Accounting estimates and judgements
The preparation of financial statements requires the use 
of certain critical accounting estimates. It also requires the 
Trusts to exercise judgement in the process of applying its 
accounting policies. The areas involving a higher degree 
of judgement or complexity, or areas where assumptions 
and estimates are significant to the financial statements 
are disclosed below.
Estimates and judgements are continually evaluated and 
are based on historical experience and other factors, 
including expectations of future events that are believed 
to be reasonable under the circumstances.
(a)	 Critical accounting estimates and assumptions
The Trusts makes estimates and assumptions concerning 
the future. The resulting accounting estimates, by 
definition, may not equal the related actual results. The 
estimates and assumptions that have a significant risk 
of causing a material adjustment to the carrying value 
of assets and liabilities within the next financial year are 
discussed below.
i.	
Valuation of investment property, other financial 
assets and other financial liabilities
The Trusts have investment properties and assets held 
for sale which together represent the estimated fair value 
of investment property. Other financial assets represent 
ICMT’s investment in a number of unlisted property 
funds. Other financial liabilities relates to a profit share 
arrangement between ICMT and a third-party which is 
carried at fair value.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
147
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

2.	
Accounting estimates and judgements 
(continued)
These carrying value reflect certain assumptions about 
expected future rentals, rent-free periods, operating 
costs and appropriate discount and capitalisation rates. 
The valuation assumption for properties to be developed 
reflect sales prices for new homes, sales rates, new rental 
tariffs, estimates of capital expenditure, discount rates 
and projected property growth rates. The valuation 
assumptions for deferred management fee villages reflect 
average length of stay, unit market values, estimates of 
capital expenditure, contract terms with residents, discount 
rates and projected property growth rates. 
In forming these assumptions, the Trusts considered 
information about current and recent sales activity, current 
market rents, discount rates and capitalisation rates for 
properties similar to those owned by the Trusts, as well as 
independent valuations of the Trusts’ property.
ii. 	
Valuation of inventories
The Trusts have inventory primarily in the form of land 
lease homes which it carries at the lower of cost or net 
realisable value. Estimates of net realisable value are 
based on the most reliable evidence available at the time 
of estimation, the amount the inventories are expected 
to realise, and the estimated costs of completion. Key 
assumptions require the use of management judgement, 
and are continually reviewed.
iii. 	 Fair value of derivatives
The fair value of derivative assets and liabilities is based 
on assumptions of future events, and involves significant 
estimates. Given the complex nature of these instruments, 
and various assumptions that are used in calculating 
mark-to-market values, the Trusts rely on counterparty 
valuations for derivative values. The counterparty 
valuations are usually based on mid-market rates, and 
calculates using the main variables of the forward market 
curve, time and volatility.
(b)	 Critical judgements in applying the entity’s 
accounting policies
There were no judgements, apart from those involving 
estimations, that management has made in the process 
of applying the entity’s accounting policies that had 
a significant effect on the amounts recognised in the 
financial report.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
148

3.	
Segment information
(a)	 Description of segments
The Trusts have five reportable operating segments. During the year, a review of the operating segment results was 
conducted, and it was determined that support costs (People & Culture, Operational Finance, Technology and the costs 
associated with the Brisbane office) previously allocated to reportable operating segments would be adjusted. Only costs 
that can be directly attributed to a reportable operating segment are included in the reportable operating segment. Any 
indirect costs have now been reallocated and included in the Corporate and Other result. Historically, costs were allocated 
based on a proportion of segment revenue as a percentage of total revenue. There is no impact to Total EBIT. Comparative 
figures have been updated to be consistent with the current methodology.
The Trusts invest predominantly in rental properties located in Australia with five reportable segments:
	
–
Lifestyle Development – comprising the development and sale of land lease homes and fees from the management of 
development and sales in the joint venture;
	
–
Lifestyle Rental – comprising long-term accommodation within land lease and all age rental communities;
	
–
Ingenia Gardens – seniors rental villages; 
	
–
Holidays & Mixed Use – comprising tourism and rental accommodation within holiday parks;
	
–
Fuel, Food & Beverage Services – consisting of service station and food & beverage operations adjoined to Ingenia Holiday 
communities.
Corporate & Other comprises the Trusts support and corporate office functions including funds and joint venture 
management.
(b)	 ICF – 2024
Residential
Lifestyle
Gardens
Tourism
Other
Lifestyle 
Rental
$’000
Ingenia 
Gardens
$’000
Holidays & 
Mixed Use
$’000
Corporate & 
Other
$’000
Total
$’000
Segment revenue
Rental income
20,273
11,801
8,973
585
41,632
Total revenue
20,273
11,801
8,973
585
41,632
Segment underlying profit
Rental income
20,273
11,801
8,973
585
41,632
Property expenses
–
–
(926)
(885)
(1,811)
Administrative expenses
–
–
–
(1,610)
(1,610)
Earnings before interest and tax
20,273
11,801
8,047
(1,910)
38,211
Share of loss of a joint venture
(743)
Interest income
55,133
Finance expense
(27,105)
Total underlying profit
65,496
Net gain/(loss) on change in fair value of:
 Investment properties
34,410
 Acquisition transaction costs
(805)
 Financial liabilities
(2,325)
 Investments and other financial instruments
(3,983)
Share of joint venture loss
(279)
Gain on disposal of investment properties
4,626
Responsible entity fees
(8,993)
Profit after tax
88,147
Segment assets
668,529
134,060
178,027
923,501
1,904,117
Assets held for sale
–
–
–
–
–
Total assets
668,529
134,060
178,027
923,501
1,904,117
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
149
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

3.	
Segment information (continued)
(c)	 ICF – 2023
Residential
Lifestyle
Gardens
Tourism
Other
Lifestyle 
Rental
$’000
Ingenia 
Gardens
$’000
Holidays & 
Mixed Use
$’000
Corporate & 
Other
$’000
Total
$’000
Segment revenue
Rental income
18,949
13,116
8,022
–
40,087
Total revenue
18,949
13,116
8,022
–
40,087
Segment underlying profit
Rental income
18,949
13,116
8,022
–
40,087
Property expenses
–
–
(828)
(853)
(1,681)
Administrative expenses
–
–
–
(1,544)
(1,544)
Earnings before interest and tax
18,949
13,116
7,194
(2,397)
36,862
Share of loss of a joint venture
(1,690)
Interest income
36,454
Finance expense
(18,667)
Total underlying profit
52,959
Net gain/(loss) on change in fair value of:
 Investment properties
5,637
 Acquisition transaction costs
(4,383)
 Financial liabilities
(1,108)
 Investments and other financial instruments
864
Share of joint venture loss
(7,370)
Gain on disposal of investment properties
996
Responsible entity fees
(8,552)
Profit after tax
39,043
Segment assets
629,799
168,010
170,386
793,396
1,761,591
Assets held for sale
11,200
–
–
–
11,200
Total assets
640,999
168,010
170,386
793,396
1,772,791
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
150

3.	
Segment information (continued)
(d)	 ICMT – 2024	
Residential
Total
$’000
Lifestyle
Gardens
Tourism
Other
Lifestyle 
Development
$’000
Lifestyle 
Rental
$’000
Ingenia 
Gardens
$’000
Holidays & 
Mixed Use
$’000
Fuel, Food 
& Beverage 
Services
$’000
Corporate & 
Other
$’000
Segment revenue
 
 
 
 
Land lease home sales
37,625
–
–
–
–
–
37,625
Residential rental 
income
–
68,287
21,628
11,649
–
–
101,564
Tourism rental income
–
3,259
–
105,119
–
–
108,378
Annuals rental income
–
43
–
10,989
–
–
11,032
Other revenue
24,621
14,906
2,044
7,078
19,261
670
68,580
Total revenue
62,246
86,495
23,672
134,835
19,261
670
327,179
Segment underlying 
profit
External segment 
revenue
62,246
86,495
23,672
134,835
19,261
670
327,179
Cost of land lease 
homes sold
(21,362)
–
–
–
–
–
(21,362)
Employee expenses
(16,772)
(14,564)
(5,287)
(36,407)
(4,209)
(14,541)
(91,780)
Property expenses
(1,004)
(19,544)
(5,171)
(28,665)
(928)
(13,825)
(69,137)
Administrative expenses
(2,118)
(3,784)
(1,427)
(4,851)
(145)
(8,386)
(20,711)
Operational, marketing 
and selling expenses
(8,636)
(2,975)
(167)
(6,201)
(3,326)
(1,157)
(22,462)
Service station expenses
–
–
–
(137)
(8,900)
–
(9,037)
Depreciation and 
amortisation expense
(160)
(378)
(1)
(792)
(47)
(31,501)
(32,879)
Earnings before interest 
and tax
12,194
45,250
11,619
57,782
1,706
(68,740)
59,811
Share of profit of a joint 
venture
171
Interest income
1,843
Finance expense
(48,402)
Income tax expense
(12,545)
Total underlying profit
878
Net gain/(loss) on 
change in fair value of:
 Investment properties
93,716
 Acquisition 
transaction costs
(3,385)
 Financial liabilities
140
 Investments and other 
financial instruments
(47)
Impairment of goodwill(1)
(91,815)
Gain on disposal of 
investment properties
68
Income tax expense
(25,259)
Responsible entity fees
(6,156)
Loss after tax
(31,860)
Segment assets
Segment assets
58,381
501,516
4,489
670,124
368
259,954
1,494,832
Assets held for sale
–
–
–
–
–
–
–
Total assets
58,381
501,516
4,489
670,124
368
259,954
1,494,832
(1) 	 Relates to goodwill impaired at the Rentals CGU ($91.8 million). Refer to Note 11 for further detail.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
151
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

3.	
Segment information (continued)
(e)	 ICMT – 2023
Residential
Total
$’000
Lifestyle
Gardens
Tourism
Other
Lifestyle 
Development
$’000
Lifestyle 
Rental
$’000
Ingenia 
Gardens
$’000
Holidays & 
Mixed Use
$’000
Fuel, Food 
& Beverage 
Services
$’000
Corporate & 
Other
$’000
Segment revenue
 
 
 
 
Land lease home sales
51,250
–
–
–
–
–
51,250
Residential rental 
income
–
62,263
24,846
11,170
–
–
98,279
Tourism rental income
–
2,592
–
97,304
–
–
99,896
Annuals rental income
–
53
–
10,594
–
–
10,647
Other revenue
12,767
11,923
2,602
7,283
19,258
1,609
55,442
Total revenue
64,017
76,831
27,448
126,351
19,258
1,609
315,514
Segment underlying 
profit
External segment 
revenue
64,017
76,831
27,448
126,351
19,258
1,609
315,514
Cost of land lease 
homes sold
(27,284)
–
–
–
–
–
(27,284)
Employee expenses
(14,535)
(13,620)
(5,586)
(34,869)
(4,254)
(15,252)
(88,116)
Property expenses
(1,100)
(18,285)
(6,429)
(25,745)
(895)
(13,736)
(66,190)
Administrative expenses
(624)
(3,331)
(1,232)
(4,378)
(134)
(9,280)
(18,979)
Operational, marketing 
and selling expenses
(5,567)
(1,457)
(863)
(5,294)
(3,258)
(1,291)
(17,730)
Service station expenses
–
–
–
(91)
(9,280)
–
(9,371)
Depreciation and 
amortisation expense
(353)
(365)
(1)
(750)
(47)
(30,646)
(32,162)
Earnings before interest 
and tax
14,554
39,773
13,337
55,224
1,390
(68,596)
55,682
Share of profit of a joint 
venture
195
Interest income
173
Finance expense
(34,049)
Income tax expense
(6,481)
Total underlying profit
15,520
Net gain/(loss) on 
change in fair value of:
 Investment properties
45,742
 Financial liabilities
(991)
 Investments and other 
financial instruments
523
Business combination 
transaction costs
1,615
Impairment of goodwill
(4,832)
Loss on disposal of 
investment properties
(3,836)
Income tax expense
(10,135)
Responsible entity fees
(5,386)
Profit after tax
38,220
Segment assets
Segment assets
55,876
516,551
4,340
569,833
317
259,719
1,406,636
Assets held for sale
–
–
–
12,990
–
–
12,990
Total assets
55,876
516,551
4,340
582,823
317
259,719
1,419,626
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
152

4.	
Earnings per unit
ICF
ICMT
30 Jun 2024
30 Jun 2023
30 Jun 2024
30 Jun 2023
Profit/(loss) attributable to security holders ($’000)
88,147
39,043
(31,860)
38,220
Weighted average number of securities outstanding (thousands)
 Issued securities (thousands)
407,583
407,583
407,583
407,583
 Dilutive securities (thousands)
  Long-term incentives
2,516
1,988
2,516
1,988
  Short-term incentives
517
421
517
421
  Talent Rights Grant
920
441
920
441
  Fixed Remuneration Rights
137
89
137
89
Weighted average number of issued and dilutive potential units 
outstanding (thousands)
411,673
410,522
411,673
410,522
Basic earnings per unit (cents)
21.6
9.6
(7.8)
9.4
Dilutive earnings per unit (cents)
21.4
9.5
(7.8)
9.3
5.	
Income tax expense
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
(a)	 Income tax expense
Current tax expense
–
–
–
4
Increase in deferred tax liability
–
–
37,804
16,612
Income tax expense
–
–
37,804
16,616
(b)	 Reconciliation between tax expense and pre-tax net 
profit
Profit before income tax
(88,147)
(39,043)
(5,944)
(54,836)
Less amounts not subject to Australian income tax
88,147
39,043
–
–
–
–
(5,944)
(54,836)
Income tax expense at 30% (30 Jun 2023: 30%)
–
–
1,784
16,451
Tax effect of amounts that are not deductible/(taxable) in 
calculating taxable income:
 Prior period income tax return true-ups
–
–
7,236
3,970
 Goodwill impairment
–
–
27,544
1,450
 Other
–
–
1,240
686
 Recognition of previously unrecognised tax losses
–
–
–
(5,941)
Income tax expense
–
–
37,804
16,616
(c)	 Tax consolidation
Effective from 1 July 2012, ICMT and its Australian domiciled owned subsidiaries formed a tax consolidation group with ICMT 
being the head entity. Under the tax funding agreement the funding of tax within the tax group is based on taxable income 
as if that entity was not a member of the tax group.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
153
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

6.	
Trade and other receivables
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Trade receivables
–
12
1,386
1,314
Prepayments
–
–
4,591
4,794
Deposits
–
–
370
4,106
Other receivables
305
1,262
1,567
908
Total current trade and other receivables
305
1,274
7,914
11,122
Non-current
Other receivables
257
733
144
144
Total non-current and other receivables
257
733
144
144
7.	
Inventories
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Land lease homes
 Completed
–
–
5,500
8,553
 Display homes
–
–
295
749
 Under construction
–
–
7,723
4,927
Fuel, food and beverage
–
–
389
312
Total inventories
–
–
13,907
14,541
The land lease home balance includes: 
	
–
21 new completed homes (30 Jun 2023: 30)
	
–
1 display homes (30 Jun 2023: 2)
	
–
Land lease homes under construction includes 42 partially completed homes at different stages of development 
(30 Jun 2023: 40). It also includes demolition, site preparation costs buybacks on future development sites and 
refurbished/renovated/annual homes. 
8.	
Assets held for sale
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Investment properties held for sale:
 Broulee, Broulee, NSW
–
–
–
7,698 
 Lake Hume, Bowna, NSW
–
–
–
5,292 
 Seachange Hervey Bay, Urangan, QLD
–
11,200 
–
– 
Total assets held for sale
–
11,200
–
12,990
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
154

9.	
Investment properties
(a)	 Summary of carrying value
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Completed properties
812,975
790,491
1,158,803
981,369
Properties under development
129,565
139,693
47,107
45,311
Total carrying value
942,540
930,184
1,205,910
1,026,680
(b)	 Movements in carrying value
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Carrying value at beginning of the year
930,184
895,037
1,026,680
973,971
Acquisitions
10,805
48,834
27,764
–
Expenditure capitalised
7,447
8,120
67,508
62,290
Net gain/(loss) on change in fair value:
 Investment properties
33,484
4,807
93,186
45,352
 Acquisition transaction costs
(805)
(4,383)
(3,385)
–
Transfer to assets held for sale
–
(11,200)
–
(12,990)
Disposals
(38,575)
(11,031)
(5,843)
(41,943)
Carrying value at the end of the year
942,540
930,184
1,205,910
1,026,680
(c)	 Description of valuation techniques used and key inputs to valuation of investment properties
Capitalisation method
Under the capitalisation method, fair value is estimated using assumptions regarding the expectation of future benefits. This 
method involves estimating a sustainable net operating income profile of a property and applying a capitalisation rate into 
perpetuity. The capitalisation rate is based on current market evidence. The sustainable net operating income profile of a 
property takes into account occupancy, rental income and operating expenses. 
Discounted cash flow method
Under the discounted cash flow method, fair value is estimated using assumptions regarding the benefits and liabilities of 
ownership over the asset’s life including an exit or terminal value. This method involves the projection of a series of cash 
flows on a real property interest. To this projected cash flow series, a market-derived discount rate is applied to establish the 
present value of the income stream associated with the asset. The exit yield normally reflects the exit value expected to be 
achieved upon selling the asset and is a function of the risk-adjusted returns of the asset and expected capitalisation rate.
The duration of the cash flows and the specific timing of inflows and outflows are determined by events such as rent 
reviews, lease renewal and related re-letting, redevelopment or refurbishment as well as the development of new units. 
The appropriate duration is typically driven by market behaviour that is a characteristic of the class of real property. 
Periodic cash flow is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease 
incentives, maintenance cost, agent and commission costs and other operating and management expenses. The series of 
periodic net underlying cash flows, along with an estimate of the terminal value anticipated at the end of the projection 
period, is then discounted.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
155
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

10.	 Plant and equipment
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
(a)	 Summary of carrying value
Plant and equipment
–
–
14,787
13,405
Less: accumulated depreciation
–
–
(4,986)
(5,121)
Total plant and equipment
–
–
9,801
8,284
(b)	 Movements in carrying value
Carrying value at beginning of the year
–
–
8,284
6,121
Additions
–
–
4,203
4,400
Disposals
–
–
(488)
(440)
Depreciation expense
–
–
(2,198)
(1,797)
Carrying value at end of the year
–
–
9,801
8,284
11.	 Intangibles and Goodwill
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
(a)	 Summary of carrying value
Software and development
–
–
4,767
4,874
Goodwill
–
–
–
91,815
Less: accumulated amortisation
–
–
(3,921)
(3,680)
Total intangibles and goodwill
–
–
846
93,009
(b)	 Movements in carrying value
Carrying value at beginning of the year
–
–
93,009
98,438
Additions
–
–
–
–
Disposals
–
–
(1)
–
Impairment
–
–
(91,815)
(4,832)
Amortisation expense
–
–
(347)
(597)
Carrying value at end of the year
–
–
846
93,009
Goodwill is initially measured at cost, being the excess of the aggregate consideration transferred and the amount 
recognised for non-controlling interest over the fair value of net identifiable assets acquired and liabilities assumed. 
Goodwill is tested annually for impairment, or more frequently if changes in circumstances indicate that it might be impaired. 
An impairment loss is recognised when the carrying amount of the asset exceeds its recoverable amount, calculated as the 
higher of fair value less costs of disposal and the value in use. 
For the purposes of assessing impairment, assets are grouped at the lowest levels for which goodwill is monitored for 
management purposes and allocated to cash generating units (CGU). The assumptions used for determining the recoverable 
amount of the CGU are based on the expectation for the future, utilising both internal and external sources of data and 
relevant market trends.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
156

11.	 Intangibles and Goodwill (continued)
Rental CGU
The recoverable amount of the Lifestyle Rental business has been assessed on a discounted cash flow basis, involving the 
projection of a series of cash flows to the of the Lifestyle Rental business. As a result of this analysis, the goodwill allocated 
to the rental CGU was fully impaired at 30 June 2024. There was no further impairment to the underlying assets of the 
CGU which have a recoverable amount of $546.6 million. The key determinant of the impairment was the higher discount 
rates applied to the future cash flows. For the year ended 30 June 2024, a discount rate of 10.4% (30 Jun 2023: 7.0%) was 
deemed appropriate, resulting in the full impairment of the rental CGU goodwill.
12.	 Right-of-use assets
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
(a)	 Summary of carrying amounts
Plant and equipment
–
–
1,154
1,154
Land and buildings
–
–
333,059
304,710
Less: accumulated depreciation
–
–
(105,804)
(77,403)
Carrying amount at end of the year
–
–
228,409
228,461
(b)	 Movements in carrying amount
Carrying value at beginning of the year
–
 – 
228,461
210,421 
Additions
–
 – 
30,282
47,808 
Depreciation expense
–
 – 
(30,334)
(29,768)
Carrying amount at end of the year
–
–
228,409
228,461
ICF has leased investment properties to ICMT in which it has been classified as operating leases. All leases include a clause to 
enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future minimum 
rentals receivable under non-cancellable operating leases as at 30 June 2024 are as follows:
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Within one year
22,160
33,400
–
–
Later than one year but not later than five years
85,830
77,010
–
–
Later than five years
173,959
173,220
–
–
Carrying amount at end of the year
281,949
283,630
–
–
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
157
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

13.	 Investment in a joint venture
Together, ICF and ICMT hold a 50% interest in a joint venture with Sun Communities for the development of greenfield 
communities. The Trusts’ interest in the Joint Venture is accounted for using the equity method in the consolidated 
financial statements. The following table illustrates the summarised financial information of the Trusts investment in the 
joint venture entities:
Balance Sheet
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Cash
 271 
 223 
 241 
 153 
Trade and other receivables
 675 
 560 
 274 
 88 
Current assets
946
783
515
241
Investment property
 93,001 
 92,487 
–
–
Other non-current assets
–
–
 480 
 226 
Non-current assets
93,001
92,487
480
226
Trade and other payables
(1,134)
(384)
(327)
(187)
Current liabilities
(1,134)
(384)
(327)
(187)
Intercompany loans
(1,544)
(6,593)
 (117) 
(55)
Non-current liabilities
(1,544)
(6,593)
(117)
(55)
Net assets/equity
91,269
86,293
551
225
Trusts’ share in equity – 50%
 45,635 
 43,147 
 276 
113
Group’s carrying value in investment
 45,635 
 43,147 
 276 
 113 
Statement of Comprehensive Income
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Residential rental income
–
–
 2,809 
 1,202 
Other income
 451 
 243 
–
–
Cost of sales
–
–
(545)
–
Expenses
(2,035)
(3,721)
(1,899)
(788)
Depreciation
–
–
(38)
(27)
(Loss)/profit before tax
(1,584)
(3,478)
 327 
 387 
Interest income
 98 
 99 
15
3
Net loss on change in fair value of investment property
(558)
(14,741)
–
–
(Loss)/profit before income tax
(2,044)
(18,120)
 342 
 390 
Income tax expense
–
–
–
–
Total comprehensive (loss)/income for the year 
(2,044)
(18,120)
 342 
 390 
Group’s share of (loss)/profit for the year
(1,022)
(9,060)
 171 
 195 
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
158

14.	 Other financial assets 
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Derivatives
3,726
3,234
–
–
Total current
3,726
3,234
–
–
Non-current
Unlisted property funds
235
235
17,136
17,119
Derivatives
–
3,867
–
–
Total non-current
235
4,102
17,136
17,119
Refer to Note 2(a)(i) for valuation assumptions on ICMT’s investment in unlisted property funds.
15.	 Deferred tax assets and liabilities
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Deferred tax assets
Tax losses
–
–
 25,346 
 24,994 
Accruals
–
–
 4,263 
 3,852 
Other
–
–
 3,821 
 3,575 
Deferred tax liabilities
DMF receivable
–
–
–
(5)
Investment properties
–
–
(119,505)
(80,923)
Other
–
–
(2,495)
(2,259)
Net deferred tax liabilities
–
–
(88,570) 
(50,766)
Tax effected carried forward tax losses for which no deferred 
tax asset has been recognised
–
–
2,544
3,058
The tax effected carried forward tax losses for which no deferred tax asset has been recognised in the current year relates to 
capital losses of $2.5 million (30 Jun 2023: $3.1 million). 
The availability of carried forward tax losses to the ICMT tax consolidated group is subject to recoupment rules at the time 
of recoupment. Further, the rate at which certain of the revenue losses can be utilised is determined by reference to market 
values at the time of tax consolidation and subsequent events. The carried forward capital losses can only be recouped from 
future capital gains.
The Group offsets tax assets and liabilities, if and only if, it has a legally enforceable right to set off current tax assets 
and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same 
tax authority.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
159
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

16.	 Trade and other payables
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023
$’000
Current
Trade payables and accruals
7,694
8,184
35,576
37,970
Deposits
–
–
20,994
18,793
Other unearned income
803
335
1,500
1,940
8,497
8,519
58,070
58,703
Non-current
Other
3,635
2,116
–
4,788
17.	 Borrowings 
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Lease liabilities – Right-of-use assets
–
–
15,985
27,149
Lease liabilities – Ground leases
1,895
1,805
1,397
1,089
Total current
1,895
1,805
17,382
28,238
Non-current
Bank debt
695,850
609,130
–
–
Prepaid borrowing costs
(2,759)
(3,015)
–
–
Lease liabilities – Right-of-use assets
–
–
216,346
204,864
Lease liabilities – Ground leases
29,023
29,554
25,929
20,339
Total non-current
722,114
635,669
242,275
225,203
The Group’s available facilities as at 30 June 2024 was $905.0 million (30 Jun 2023: $780.0 million).
(a)	 Bank debt
As at 30 June 2024, the Group’s debt balance, drawn from the facilities, was $695.9 million (30 Jun 2023: $609.1 million). 
The carrying value of investment properties and inventories at reporting date pledged as security is $2,178.1 million 
(30 Jun 2023: $1,912.5 million).
Maturity date
Amount
December 2025
$74.5 million
September 2026
$175.4 million
January 2027
$200.0 million
February 2027
$100.0 million
December 2027
$55.0 million
February 2028
$75.0 million
May 2028
$100.1 million
May 2029
$125.0 million
(b)	 Bank guarantees
The Group has the ability to utilise its bank facilities to provide bank guarantees, which at 30 June 2024 were $21.7 million 
(30 Jun 2023: $24.1 million).
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
160

18.	 Other financial liabilities
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Current
Financial liabilities
–
–
795
659
Total current
–
–
795
659
Non-current
Financial liabilities
–
–
16,665
16,941
Total non-current
–
–
16,665
16,941
Other financial liabilities relate to a profit share arrangement with a third-party which is carried at fair value.
19.	 Issued units
(a)	 Carrying values
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Balance at beginning of the year
1,473,451
1,473,464
138,803
138,806
Issued during the year:
 Dividend Reinvestment Plan (“DRP”)
–
–
–
–
 Equity raising and distribution costs
(19)
(13)
(3)
(3)
Balance at end of the year
1,473,432
1,473,451
138,800
138,803
The closing balance is attributable to the security holders of:
 Ingenia Communities Fund
1,473,432
1,473,451
–
–
 Ingenia Communities Management Trust
–
–
138,800
138,803
1,473,432
1,473,451
138,800
138,803
(b)	 Number of issued securities
ICF
ICMT
30 Jun 2024 
‘000
30 Jun 2023 
‘000
30 Jun 2024 
‘000
30 Jun 2023 
‘000
Balance at beginning of the year
407,583
407,583
407,583
407,583
Issued during the year: 
 Dividend Reinvestment Plan (“DRP”)
–
–
–
–
Balance at end of the year
407,583
407,583
407,583
407,583
(c)	 Term of securities
All securities are fully paid and rank equally with each other for all purposes. Each security entitles the holder to one vote, in 
person or by proxy, at a meeting of security holders.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
161
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

20.	 Accumulated losses and retained earnings
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Balance at beginning of the year
(362,044)
(354,260)
146,074
107,854
Net profit/(loss) for the year
88,147
39,043
(31,860)
38,220
Distributions
(44,834)
(44,834)
–
–
Profit of NCI
(2,130)
(1,993)
–
–
Balance at end of the year
(320,861)
(362,044)
114,214
146,074
The closing balance is attributable to the security holders of:
 Ingenia Communities Fund
(325,227)
(364,280)
–
–
 Ingenia Communities Management Trust
4,366
2,236
114,214
146,074
(320,861)
(362,044)
114,214
146,074
21.	 Commitments 
ICF has commitments for capital expenditure on investment properties contracted but not provided for at reporting date 
of $3.4 million (30 Jun 2023: $0.4 million). ICMT has commitments for capital expenditure on investment properties and 
inventories contracted but not provided for at reporting date of $10.0 million (30 Jun 2023: $4.8 million).
In FY23, Ingenia entered into an arrangement to acquire land adjoining Ingenia Lifestyle Plantations for a purchase price 
of $18.8 million (inclusive of GST) on or before 30 April 2024. As at 30 June 2024, the acquisition was completed and the 
adjoining land is held in investment properties (refer Note 9).
22.	 Contingent liabilities
The Trusts have the following contingent liabilities:
	
–
ICF has bank guarantees totalling $21.7 million provided for under the $905.0 million bank facility. Bank guarantees primarily 
relate to the Responsible Entity’s AFSL capital requirements ($10.0 million).
	
–
ICMT has guaranteed the drawn facilities, $717.6 million (30 Jun 2023: $633.2 million), of associates of the Responsible 
Entity.
23.	 Capital management
The capital management of ICF and ICMT is managed at a consolidated Group level (ICH and subsidiaries). 
The Group aims to meet its strategic objectives, operational needs and maximise returns to security holders through the 
appropriate use of debt and equity, taking account of the additional financial risks of higher debt levels. 
In determining the optimal capital structure, the Group takes into account a number of factors, including the views of 
investors and the market in general, the capital needs of its portfolio, the relative cost of debt versus equity, the execution 
risk of raising equity or debt, and the additional financial risks of debt including increased volatility of earnings due to 
exposure to interest rate movements, the refinance risk of maturing debt facilities and the potential for acceleration prior to 
maturity. 
In assessing this risk, the Group takes into account the relative stability of its income flows, the predictability of its expenses, 
its debt maturity profile, the degree of hedging and the overall level of debt as measured by gearing.
The actual capital structure at a point in time is the product of a number of factors, many of which are market driven and 
to various degrees outside of the control of the Group, particularly the impact of revaluations, the availability of new equity 
and the liquidity in real estate markets. While the Group periodically determines the optimal capital structure, the ability 
to achieve the optimal structure may be impacted by market conditions and the actual position may often differ from the 
optimal position.
One measure of the Group’s capital position is through the Loan to Value Ratio (LVR) which is a key covenant (less than 
55%) under the Group’s common terms deed governing the debt facilities. LVR is calculated as the sum of bank debt, bank 
guarantees and interest rate swaps, less cash at bank, as a proportion of the investment properties, based on the most 
recent external valuation, and inventories pledged as security and expressed as a percentage. The Group’s strategy is to 
maintain an LVR range of 30-40%. As at 30 June 2024, the LVR of 32.3% (30 June 2023: 31.4%).
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
162

23.	 Capital management (continued)
In addition, the Group monitors Interest Cover Ratio (ICR) as defined under the common terms deed. At 30 June 2024, the 
Total Interest Cover Ratio was 4.26x (30 Jun 2023: 4.67x) and the Core Interest Cover Ratio was 3.97x (30 Jun 2023: 5.30x). 
The covenant for total ICR and Core ICR is greater than 2x.
24.	 Financial instruments
(a)	 Introduction
The Trusts’ principal financial instruments comprise receivables, payables, interest bearing liabilities, other financial liabilities, 
cash and short-term deposits and derivative financial instruments.
The main risks arising from the Trusts’ financial instruments are interest rate risk, foreign exchange risk, credit risk and 
liquidity risk. The Trusts manage the exposure to these risks primarily through the Investments, Derivatives, and Borrowing 
Policy. The policy sets out various targets aimed at restricting the financial risk taken by the Trusts. Management reviews 
actual positions of the Trusts against these targets on a regular basis. If the target is not achieved, or the forecast is unlikely 
to be achieved, a plan of action is, where appropriate, put in place with the aim of meeting the target within an agreed 
timeframe. 
Depending on the circumstances of the Trusts at a point in time, it may be that positions outside of the Investments, 
Derivatives, and Borrowing Policy are accepted and no plan of action is put in place to meet the treasury targets, because, 
for example, the risks associated with bringing the Trusts into compliance outweigh the benefits. The adequacy of the 
Investments, Derivatives, and Borrowing Policy in addressing the risks arising from the Trust’s financial instruments is 
reviewed on a regular basis. 
While the Trusts aim to meet the Investments, Derivatives, and Borrowing Policy targets, many factors influence the 
performance, and it is probable that at any one time, not all targets will be met. For example, the Trusts may be unable to 
negotiate the extension of bank facilities sufficiently ahead of time, so that they fail to achieve their liquidity target. When 
refinancing loans they may be unable to achieve the desired maturity profile or the desired level of flexibility of financial 
covenants, because of the cost of such terms or their unavailability. Hedging instruments may not be available, or their cost 
may outweigh the benefit of risk reduction or they may introduce other risks such as mark to market valuation risk. Changes 
in market conditions may limit the Trusts ability to raise capital through the issue of units or sale of properties.
The main risks arising from ICMT’s financial instruments are interest rate risk, foreign exchange risk, credit risk and liquidity 
risk. These risks are not separately managed. Management of these risks for the ICF may result in consequential changes for 
ICMT.
(b)	 Interest rate risk
The Trusts’ exposure to the risk of changes in market interest rates arises primarily from its use of borrowings. The main 
consequence of adverse changes in market interest rates is higher interest costs, reducing the Trust’s profit. In addition, one 
or more of the Trust’s loan agreements may include minimum interest cover covenants. Higher interest costs resulting from 
increases in market interest rates may result in these covenants being breached, providing the lender the right to call in the 
loan or to increase the interest rate applied to the loan. 
The Trusts manage the risk of changes in market interest rates by maintaining an appropriate mix of fixed and floating rate 
borrowings. Fixed rate debt is achieved either through fixed rate debt funding or through derivative financial instruments 
permitted under the Investments, Derivatives, and Borrowing Policy. At 30 June 2024, approximately 11% of the Trust’s 
borrowings are at a fixed rate (30 June 2023: 12%) with interest rate derivatives in place to provide further rate protection. 
Consequently, exposure to interest rates on 46.7% of the drawn debt has been managed (30 Jun 2023: 53%).
Exposure to changes in market interest rates also arises from financial assets such as cash deposits and loan receivables 
subject to floating interest rate terms. Changes in market interest rates will also change the fair value of any interest rate 
hedges.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
163
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

24.	 Financial instruments (continued)
(c)	 Interest rate risk exposure
ICF’s exposure to interest rate risk and the effective interest rates on financial instruments at reporting date were:
ICF
Fixed interest maturing in:
30 Jun 2024  
$’000
Floating 
interest rate
Less than 
1 year
1 to 5 Years
More than 
5 years
Total
Financial assets
Cash at bank
 2,726 
–
–
–
 2,726 
Financial liabilities
Bank debt
 620,850 
–
75,000
 695,850 
Interest rate derivatives
(250,000)
 50,000 
 200,000 
–
–
30 Jun 2023 
$’000
Financial assets
Cash at bank
 37,374 
–
–
–
 37,374 
Financial liabilities
Bank debt
 534,130 
–
75,000
 609,130 
Interest rate derivatives
(250,000)
–
 250,000 
–
–
ICMT’s exposure to interest rate risk and the effective interest rates on financial instruments at reporting date were:
ICMT
Fixed interest maturing in:
30 Jun 2024 
$’000
Floating 
interest rate
Less than 
1 year
1 to 5 Years
More than 
5 years
Total
Financial assets
Cash at bank
 10,489 
–
–
–
 10,489 
30 Jun 2023 
$’000
Financial assets
Cash at bank
 7,163 
–
–
–
 7,163 
(1)	 For the purpose of the table above, lease payments for five years are excluded for perpetual leases.
Other financial instruments of the Trusts not included in the above tables are non-interest bearing and are therefore not 
subject to interest rate risk.
(d)	 Interest rate sensitivity analysis
The impact of an increase or decrease in average interest rates of 1% (100 basis points) at reporting date, with all other 
variables held constant, is illustrated in the tables below. This analysis is based on the interest rate risk exposures in existence 
at balance sheet date.
Effect on profit before tax higher/(lower)
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Increase in average interest rates of 100 bps:
Variable interest rate bank debt (AUD)
(6,209)
(5,341)
–
–
Fair value of interest rate derivatives (AUD)
2,674
216
–
–
Decrease in average interest rates of 100 bps:
Variable interest rate bank debt (AUD)
6,209
5,341
–
–
Fair value of interest rate derivatives (AUD)
(2,161)
(154)
–
–
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
164

24.	 Financial instruments (continued)
(e)	 Foreign exchange risk
The Trusts’ exposure to foreign exchange risk is limited to foreign denominated cash balances. These amounts are 
unhedged.
(f)	 Net foreign currency exposure
The Trusts net foreign currency monetary exposure as at reporting date is shown in the following table. The net foreign 
currency exposure reported is of foreign currencies held by entities whose functional currency is not the Australian dollar. 
It excludes assets and liabilities of entities, including equity accounted investments, whose functional currency is not the 
Australian dollar.
Net foreign currency asset
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Net foreign currency exposure:
 United States dollars
 1,522 
 1,530 
– 
– 
 New Zealand dollars
–
 234 
– 
– 
The impact of an increase or decrease in average foreign exchange rates of 10% at reporting date, with all other variables 
held constant, is considered to be limited based on the foreign exchange risk exposures in existence at balance sheet date.
The Trusts believe that the reporting date risk exposures are representative of the risk exposure inherent in its financial 
instruments.
(g)	 Credit risk
Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in a financial loss to the 
Trusts. 
The major credit risk for the Trusts is default by tenants, resulting in a loss of rental income while a replacement tenant is 
secured and further loss if the rent level agreed with the replacement tenant is below that previously paid by the defaulting 
tenant.
The Trusts’ assess the credit risk of prospective tenants, the credit risk of in-place tenants when acquiring properties and 
the credit risk of existing tenants renewing upon expiry of their leases. Factors taken into account when assessing credit risk 
include the financial strength of the prospective tenant and any form of security, for example a rental bond, to be provided. 
The decision to accept the credit risk associated with leasing space to a particular tenant is balanced against the risk of the 
potential financial loss of not leasing up vacant space.
Rent receivable balances are monitored on an ongoing basis and arrears actively followed up in order to reduce, where 
possible, the extent of any losses should the tenant subsequently default.
The Responsible Entity believes that the Trusts’ receivables that are neither past due nor impaired do not give rise to any 
significant credit risk.
Credit risk also arises from deposits placed with financial institutions and derivatives contracts that may have a positive 
value to the Trusts. The Trusts’ investment, derivatives, and borrowing policy sets target limits for credit risk exposure with 
financial institutions and minimum counterparty credit ratings. Counterparty exposure is measured as the aggregate of all 
obligations of any single legal entity or economic entity to the Trusts, after allowing for appropriate set offs which are legally 
enforceable.
The Trusts’ maximum exposure to credit risk at reporting date in relation to each class of financial instrument is the carrying 
value as reported in the balance sheet.
(h)	 Liquidity risk
The main objective of liquidity risk management is to reduce the risk that the Trusts do not have the resources available 
to meet their financial obligations and working capital and committed capital expenditure requirements. The Trusts’ 
investment, derivatives, and borrowing policy sets a target for the level of cash and available undrawn debt facilities to cover 
future committed expenditure in the next year, loan maturities within the next year and an allowance for unforeseen events 
such as tenant default. 
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
165
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

24.	 Financial instruments (continued)
The Trusts may also be exposed to contingent liquidity risk under its term loan facilities, where term loan facilities include 
covenants which if breached give the lender the right to call in the loan, thereby accelerating a cash flow which otherwise 
was scheduled for the loan maturity. The Trusts monitor adherence to loan covenants on a regular basis, and the investment, 
derivatives, and borrowing policy sets targets based on the ability to withstand adverse market movements and remain 
within loan covenant limits. 
In addition, the Trusts ensures resilience against breaking its covenants on its primary debt facilities by assessing the 
following sensitivities:
	
–
10% reduction in value of assets for LVR covenants; and
	
–
2% nominal increase in interest rates combined with a 5% fall in income for ICR covenants.
The contractual maturities of the Trusts’ non-derivative financial liabilities at reporting date are reflected in the following 
table. It shows the undiscounted contractual cash flows required to discharge the liabilities including interest at market rates. 
ICF
Less than 
1 year 
$’000
1 to 5 years 
$’000
More than 
5 years 
$’000
Total 
$’000
30 Jun 2024
Trade and other payables
 8,497 
 3,635 
 – 
 12,132
Borrowings(1)
 40,308 
 791,619 
 – 
 831,927 
Ground leases (excluding perpetual lease)
 1,926 
 8,280 
 29,886 
 40,092 
 50,731 
 803,534 
 29,886 
 884,151 
30 Jun 2023 
 
 
 
 
Trade and other payables
 8,519 
 2,116 
 – 
 10,635 
Borrowings(1)
 15,435 
 717,824 
 – 
 733,259 
Ground leases (excluding perpetual lease)
 1,835 
 7,890 
 31,631 
 41,356 
 25,789 
 727,830 
 31,631 
 785,250 
(1)	 The balances above will not agree to the balance sheet as it includes the implied interest component.
ICMT
Less than 
1 year 
$’000
1 to 5 years 
$’000
More than 
5 years 
$’000
Total 
$’000
30 Jun 2024
Trade and other payables
 58,070 
–
–
 58,070 
Other financial liabilities
795
16,665
–
 17,460 
Right-of-use asset leases(1)
 22,702 
 87,223 
 173,959 
 283,884 
Ground leases (excluding perpetual lease)
 1,429 
 4,879 
 34,130 
 40,438 
Ground leases (perpetual lease)(2)
 420 
 1,680 
–
 2,100 
 83,416 
 110,447 
 208,089 
 401,952 
30 Jun 2023
Trade and other payables
 58,703 
 4,788 
–
 63,491 
Other financial liabilities
659
16,941
–
17,600
Right-of-use asset leases(1)
 33,649 
 77,671 
 173,220 
 284,540 
Ground leases (excluding perpetual lease)
 1,114 
 3,956 
 25,630 
 30,700 
Ground leases (perpetual lease)(2)
 260 
 1,041 
–
 1,301 
 94,385 
 104,397 
 198,850 
 397,632 
(1)	 The balances above will not agree to the balance sheet as it includes the implied interest component.
(2)	 For purpose of the table above, the lease payments are included for five years for the perpetual lease. 
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
166

24.	 Financial instruments (continued)
(i)	
Other financial instrument risk 
The Trusts carry residents’ loans at fair value with resulting fair value adjustments recognised in the statement of 
comprehensive income. The fair value of these loans is dependent on market prices for the related retirement village units. 
The impact of an increase or decrease in these market prices of 10% at reporting date, with all other variables held constant, 
is shown in the table below. This analysis is based on the residents’ loans in existence at reporting date.
Effect on profit after tax
ICF
ICMT
Higher/(lower)
Higher/(lower)
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023 
$’000
Increase in market prices of investment properties of 10%
–
–
–
(8)
Decrease in market prices of investment properties of 10%
–
–
–
8
These effects are largely offset by corresponding changes in the fair value of the Trusts’ investment properties. The effect on 
unit holders’ interest would have been the same as the effect on profit.
25.	 Fair value measurement
(a)	 Ingenia Communities Fund
The following table provides the fair value measurement hierarchy of Ingenia Communities Fund assets and liabilities:
Date of valuation
Fair value measurement using:
Total
i. Assets measured at fair value
 
30 Jun 2024
Quoted 
prices in 
active 
markets
(Level 1)
Significant 
observable 
inputs
(Level 2)
Significant 
unobservable 
inputs
(Level 3)
Investment properties
30-Jun-24     Note 9
–
–
942,540
942,540
Assets held for sale - investment property
30-Jun-24     Note 8
–
–
–
–
Other financial assets
30-Jun-24     Note 14
–
3,726
235
3,961
30 Jun 2023
Investment properties
30-Jun-23     Note 9
–
–
930,184
930,184
Assets held for sale - investment property
30-Jun-23     Note 8
–
–
11,200
11,200
Other financial assets
30-Jun-23     Note 14
–
7,101
235
7,336
There have been no transfers between Level 1 and Level 2 during the year.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
167
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

25.	 Fair value measurement (continued)
(b)	 Ingenia Communities Management Trust
The following table provides the fair value measurement hierarchy of Ingenia Communities Management Trust assets and 
liabilities:
Date of valuation
Fair value measurement using:
Total
i. Assets measured at fair value 
Quoted 
prices in 
active 
markets
(Level 1)
Significant 
observable 
inputs
(Level 2)
Significant 
unobservable 
inputs
(Level 3)
30 Jun 2024
Investment properties
30-Jun-24     Note 9
–
–
1,205,910
1,205,910
Assets held for sale - investment property
30-Jun-24     Note 8
–
–
–
–
Other financial assets
30-Jun-24     Note 14
–
–
17,136
17,136
30 Jun 2023
Investment properties
30-Jun-23     Note 9
–
–
1,026,680
1,026,680
Assets held for sale - investment property
30-Jun-23     Note 8
–
–
12,990
12,990
Other financial assets
30-Jun-23     Note 14
–
–
17,119
17,119
Date of valuation
Fair value measurement using:
Total
ii. Liabilities measured at fair value 
Quoted 
prices in 
active 
markets 
 (Level 1)
Significant 
observable 
inputs 
(Level 2)
Significant 
unobservable 
inputs 
(Level 3)
30 Jun 2024
Resident loans
30-Jun-24
–
–
–
–
Other financial liabilities
30-Jun-24     Note 18
–
–
17,460
17,460
30 Jun 2023
Resident loans
30-Jun-23
–
–
59
59
Other financial liabilities
30-Jun-23     Note 18
–
–
17,600
17,600
There have been no transfers between Level 1 and Level 2 during the year.
26.	 Auditor’s remuneration
ICF
ICMT
30 Jun 2024 
$
30 Jun 2023 
$
30 Jun 2024 
$
30 Jun 2023 
$
Fees for auditing the statutory financial report 
300,766
 270,206 
300,767
 270,206 
Fees for assurance services that are required by legislation: 
 Australian Financial Services Licence
12,938
 12,091 
12,938
 12,091 
Fees for other services:
	
Other
–
–
63,200
–
Total fees to Ernst & Young
313,704
282,297
376,905
282,297
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
168

27.	 Related parties
(a)	 Responsible entity
The Responsible Entity for both Trusts from 4 June 2012 is Ingenia Communities RE Limited (“ICRE”). ICRE is an Australian 
domiciled company and is a wholly owned subsidiary of ICH.
(b)	 Fees of the responsible entity and its related parties
ICF
ICMT
30 Jun 2024 
$
30 Jun 2023 
$
30 Jun 2024 
$
30 Jun 2023 
$
Ingenia Communities RE Limited:
 Asset management fees
8,993,053
8,552,237
6,156,436
5,386,443
The Responsible Entity is entitled to a fee of 0.5% of total assets. In addition, it is entitled to recover certain expenses.
The gross amount accrued and recognised but unpaid at reporting date was:
ICF
ICMT
30 Jun 2024 
$
30 Jun 2023 
$
30 Jun 2024 
$
30 Jun 2023 
$
Current trade payables
2,276,398
2,228,831
1,538,818
1,385,840
The above ICF balances are netted against the receivable from related party balance on the face of the balance sheet. The 
above ICMT balances are included in the payable to related party balance on the face of the balance sheet, which is shown 
net of related party receivables.
(c)	 Holdings of the responsible entity and its related parties
There were no holdings of the Responsible Entity and its related parties (including managed investment schemes for which a 
related party is the Responsible Entity) as at 30 June 2024 and 30 June 2023.
(d)	 Joint venture
During the year ICMT generated fee income from the joint venture with Sun Communities.
ICF
ICMT
30 Jun 2024 
$
30 Jun 2023 
$
30 Jun 2024 
$
30 Jun 2023 
$
Fee income from joint venture
–
–
372,403
1,075,800
(e)	 Other related party transactions
ICF has leased its investment property to ICMT. Rental villages have been classified as operating leases.
Intercompany loans are subject to a loan deed, amended on and effective from 1 July 2015, encompassing ICH, ICF and 
ICMT and their respective subsidiaries. The revised deed stipulates that interest is calculated on the intercompany balances 
between ICH, ICF and ICMT for the preceding month. Interest is charged at a margin of 2.45% on the monthly Australian 
Bank Bill Swap Reference Rate. Intercompany loan balances are payable in the event of default or on termination date, being 
30 June 2025 (or such other date as agreed by the parties in writing).
ICMT has entered into development agreements with subsidiaries of ICH to develop land lease communities. These 
agreements are on arms-length terms and eliminate on consolidation in the Group results. 
Pursuant to the terms of the agreements, subsidiaries of ICH received a development fee of $9.4 million (30 June 2023:  
$3.8 million).
There are a number of other transactions and balances that occur between the Trusts, which are detailed below:
ICF
ICMT
30 Jun 2024 
$
30 Jun 2023 
$
30 Jun 2024 
$
30 Jun 2023 
$
Operating lease fees received or accrued/(paid or payable) for 
the year between ICF and ICMT
41,046,804
40,082,693
(41,400,127) (40,409,242)
Interest on intercompany loans received or accrued/(paid or 
payable) between stapled entities
54,804,178
36,299,408
(49,232,100)
(33,001,307)
Intercompany loan balances between stapled entities
908,692,802
741,543,491
(811,545,457) (744,108,051)
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
169
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

27.	 Related parties (continued)
(f)	 Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the 
activities of the entity, directly or indirectly, including any director of the Responsible Entity.
The names of the directors and KMP of ICRE, and their dates of appointment or resignation if they were not directors for all 
of the financial year, are:
KMP	
Position	
Term
Non-Executive KMP 
Jim Hazel	
Chairman	
Full year
Robert Morrison	
Deputy Chairman	
Full year
Pippa Downes	
Director	
Full year
Gregory Hayes	
Director	
Full year
Sally Evans	
Director	
Full year
Lisa Scenna	
Director	
Appointed, effective 1 May 2024
Shane Gannon	
Director	
Appointed, effective 28 June 2024
Simon Shakesheff	
Director	
Appointed, effective 28 June 2024
John McLaren	
Director	
1 July 2023 to 2 November 2023
Amanda Heyworth	
Director	
1 July 2023 to 20 June 2024
Executive KMP
John Carfi	
Chief Executive Officer	
Appointed, effective 1 April 2024
Justin Mitchell	
Chief Financial Officer	
Appointed, effective 10 July 2023
Natalie Kwok	
CIO & General Counsel	
Full year
Simon Owen	
Chief Executive Officer(1)	
1 July 2023 to 31 March 2024
(1)	 Mr Owen was Managing Director for the period 1 July 2023 to 21 February 2024 and CEO for the period 1 July 2023 to 31 March 2024, with the 
appointment of the new CEO effective 1 April 2024. Mr Owen remained in service through to 30 June 2024. Mr Owen remained in service through 
to 30 June 2024.
The aggregate compensation paid to Key Management Personnel (“KMP”) of the Group is as follows:
30 Jun 2024 
$
30 Jun 2023 
$
Directors fees
1,055,054
980,708
Salaries and other short-term benefits
2,481,877
1,433,780
Short-term incentives (payable in cash)
667,406
413,775
Superannuation benefits
96,804
69,553
Share-based payments
2,175,859
1,549,363
 
6,477,000
 4,447,179 
The amounts in the table exclude KMP termination benefits of $2,418,877 (30 Jun 2023: $630,678).
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
170

27.	 Related parties (continued)
The aggregate Rights of the Group held directly by KMP and other eligible staff are as follows:
Issue date
Right Type
Vesting date
Number outstanding
30 Jun 2024 30 Jun 2023 
FY17(1)
LTIP
FY20
 1,923 
 1,923 
FY17(1)
STIP
FY19
 2,437 
 2,437 
FY18(1)
LTIP
FY21
 170,367 
 170,367 
FY18(1)
STIP
FY20
 34,300 
 34,300 
FY19(1)
LTIP
FY22
 219,717 
 219,717 
FY19(1)
STIP
FY21
 111,020 
 111,020 
FY20(1)
LTIP
FY23
 113,747 
 116,326 
FY20(1)
STIP
FY22
 111,092 
 111,092 
FY21(1)
FRR
FY22
 7,778 
 7,778 
FY21(1)
LTIP
FY24
 – 
 332,563 
FY21(1)
TRG
FY23
 83,952 
 83,952 
FY21(1)
TRG
FY24
 92,610 
 121,212 
FY21(1)
STIP
FY23
 42,863 
 42,863 
FY22(1)
FRR
FY22
 37,121 
 37,121 
FY22
LTIP
FY25
 366,149 
 377,213 
FY22
TRG
FY25
 44,605 
 44,605 
FY22
TRG
FY26
 47,072 
 47,072 
FY22(1)
STIP
FY24
 117,046 
 138,240 
FY23(1)
FRR
FY23
 56,980 
 56,980 
FY23
LTIP
FY26
 824,183 
 915,280 
FY23
TRG
FY26
 71,320 
 102,062 
FY23
TRG
FY28
 71,320 
 102,061 
FY23
STIP
FY25
 123,250 
 – 
FY24(1)
FRR
FY24
 56,879 
 – 
FY24
LTIP
FY27
 1,086,151 
 – 
FY24
TRG
FY25
 59,249 
 – 
FY24
TRG
FY26
 301,996 
 – 
FY24
TRG
FY28
 301,997 
 – 
 
 
 
 4,557,124 
 3,176,184 
(1)	 Rights are fully vested but not exercised. All other rights are still subject to vesting conditions. 
28.	 Parent entity financial information
Summary financial information about the parent of each Trust is:
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023
$’000
Current assets
 6,447 
 37,368 
 141 
 362 
Total assets
 1,772,959 
 1,700,570 
 25,338 
 29,687 
Current liabilities
(6,642)
(6,708)
(8,689)
(15,303)
Total liabilities
(699,736)
(612,825)
(149,853)
(96,945)
Net assets/(liabilities)
 1,073,223 
 1,087,745 
(124,515)
(67,258)
Security holders’ equity:
 Issued securities
 1,473,432
 1,473,451 
 138,800 
 138,803 
 Accumulated losses
(400,209)
(385,706)
(263,315)
(206,061)
Total security holders’ equity
 1,073,223 
 1,087,745 
(124,515)
(67,258)
Profit/(loss) from continuing operations
 30,330 
 24,380 
(57,254)
(32,907)
Net profit/(loss) attributable to security holders
 30,330 
 24,380 
(57,254)
(32,907)
Total comprehensive income/(loss)
 30,330 
 24,380 
(57,254)
(32,907)
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
171
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

29.	 Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance 
with the accounting policy described in Note 1(d):
Country of 
residence
30 Jun 2024 
%
30 Jun 2023 
%
Subsidiaries of ICF
Bridge Street Trust
Australia
100
100
Browns Plains Road Trust
Australia
100
100
Casuarina Road Trust
Australia
100
100
Edinburgh Drive Trust
Australia
100
100
INA Community Living Subsidiary Trust
Australia
100
100
INA Kiwi Communities Subsidiary Trust No. 1
Australia
100
100
INA Sunny Trust
Australia
100
100
Jefferis Street Trust
Australia
100
100
Lovett Street Trust
Australia
100
100
Settlers Subsidiary Trust
Australia
100
100
SunnyCove Gladstone Unit Trust
Australia
100
100
SunnyCove Rockhampton Unit Trust
Australia
100
100
Taylor Street (2) Trust
Australia
100
100
INA Subsidiary Trust No.1
Australia
100
100
INA Subsidiary Trust No.4 
Australia
100
100
INA Subsidiary Trust No.5
Australia
100
100
INA Subsidiary Trust No.6 
Australia
100
100
INA Subsidiary Trust No.7
Australia
100
100
INA Subsidiary Trust No.8
Australia
100
100
INA Lifestyle Landowner Trust
Australia
100
100
INA Community Living Subsidiary Trust No. 2
Australia
100
100
The Seachange (Land) Unit Trust
Australia
100
100
PPV Inlet Land Unit Trust
Australia
100
100
PPV Coomera Land Unit Trust
Australia
100
100
PPV Toowoomba Land Unit Trust
Australia
100
100
PPV Victoria Point Land Unit Trust
Australia
100
100
PPV Hervey Bay Land Unit Trust
Australia
100
100
Eighth Gate Residences Fund No. 6 
Australia
100
100
Eighth Gate Federation Village Park Trust
Australia
100
100
INA Community Living LLC
USA
–
100
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
172

Country of 
residence
30 Jun 2024 
%
30 Jun 2023 
%
Subsidiaries of ICMT
Garden Villages Management Trust
Australia
100
100
INA Community Living Lynbrook Trust
Australia
100
100
Settlers Operations Trust
Australia
100
100
INA DMF Management Pty Ltd
Australia
100
100
INA Operations Trust No.1
Australia
100
100
INA Operations Trust No.2
Australia
100
100
INA Operations Trust No.3
Australia
100
100
INA Operations Trust No.4
Australia
100
100
INA Operations Trust No.6
Australia
100
100
INA Operations Trust No.7
Australia
100
100
INA Operations Trust No.8
Australia
100
100
INA Operations Trust No.9
Australia
100
100
INA Operations Trust No.10
Australia
100
100
INA Operations Trust No.11
Australia
100
100
Ridge Estate Trust
Australia
100
100
INA Subsidiary Trust No.3
Australia
100
100
INA Latitude One Pty Ltd
Australia
100
100
INA Soldiers Point Pty Ltd
Australia
100
100
INA Lifestyle Operations Trust
Australia
100
100
INA Operations Management Trust
Australia
100
100
Emmetlow Pty Ltd
Australia
100
100
Park Trust
Australia
100
100
IDCF Land Trust No.1 
Australia
100
100
INA Operations Trust No.12
Australia
100
100
Residences Fund No. 6 Pty Ltd 
Australia
100
100
Ingenia Diversified Communities Trust
Australia
100
100
INA Operations Trust No.13
Australia
100
100
Ingenia Diversified Communities Head Company Pty Limited
Australia
100
100
Ingenia Holiday Parks Trust No.1
Australia
100
100
The Trusts’ voting interest in all other subsidiaries is the same as the ownership interest.
29.	 Subsidiaries (continued)
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
173
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

30.	 Notes to the cash flow statements
Reconciliation of profit to net cash flows from operations:
ICF
ICMT
30 Jun 2024 
$’000
30 Jun 2023 
$’000
30 Jun 2024 
$’000
30 Jun 2023
$’000
Net profit/(loss) for the year
88,147
39,043
(31,860)
38,220
Adjustments for:
Share of joint venture loss/(profit)
1,022
9,060
(171)
(195)
Impairment of goodwill
–
–
91,815
4,832
Net (gain)/loss on change in fair value of:
 Investment properties
(33,484)
(4,807)
(93,186)
(45,352)
 Acquisition transaction costs
805
4,383
3,385
–
 Financial liabilities
2,325
1,108
677
1,615
 Investments and other financial instruments
3,983
(864)
47
(523)
Income tax expense
–
–
37,804
16,616
(Gain)/loss on disposal of investment properties
(4,626)
(996)
(68)
3,836
Business combination transaction costs
–
–
–
(1,615)
Operating profit before tax
58,172
46,927
8,443
17,434
Depreciation and amortisation expense
–
–
32,879
32,162
Net Finance costs
(61,291)
(39,704)
263
111
Operating cash flow before changes in working capital
(3,119)
7,223
41,585
49,707
Changes in working capital:
 Decrease/(increase) in receivables
1,445
15
3,208
(4,812)
 Decrease/(increase) in inventory
–
–
634
(9,728)
 Increase/(decrease) in other payables and provisions
1,497
3,372
(5,421)
(24,139)
 (Decrease)/increase in loans to related parties
(34,112)
(33,997)
46,930
75,586
Net cash provided by operating activities
(34,289)
(23,387)
86,936
86,614
31.	 Subsequent events
Final FY24 distribution
On 20 August 2024, the Directors declared a final distribution of 6.1 cps amounting to $24.9 million, to be paid on  
19 September 2024.
Notes to the Financial Statements
For the year ended 30 June 2024 | continued
174

Directors’ Declaration
For the year ended 30 June 2024
In accordance with a resolution of the directors of Ingenia Communities Fund and of Ingenia Communities Management 
Trust, I state that:
1.	
In the opinion of the directors:
	
(a)	
the financial statements and notes of Ingenia Communities Fund and of Ingenia Communities Management Trust 
for the financial year ended 30 June 2024 are in accordance with the Corporations Act 2001, including:
	
	
(i)	 giving a true and fair view of each Trust’s financial position as at 30 June 2024 and of their performance for the 
year ended on that date; and
	
	
(ii)	 complying with Accounting Standards and Corporations Regulations 2001; and
	
(b)	 The financial statements and notes also comply with International Financial Reporting Standards as disclosed in 
Note 1(b).
	
(c)	
there are reasonable grounds to believe that Ingenia Communities Fund and Ingenia Communities Management 
Trust will be able to pay their debts as and when they become due and payable.
2.	 This declaration has been made after receiving the declarations required to be made to the directors from the Chief 
Executive Officer and Chief Financial Officer in accordance with section 295A of the Corporations Act 2001 for the 
financial year ended 30 June 2024.
On behalf of the Board
Jim Hazel 
Chairman 
Adelaide, 20 August 2024
175
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
Independent auditor’s report to the unitholders of Ingenia Communities 
Fund
Report on the audit of the financial report
Opinion
We have audited the financial report of Ingenia Communities Fund (the “Trust”) and its subsidiaries 
(collectively the Group), which comprises the consolidated statement of financial position as at 30 
June 2024, the consolidated statement of comprehensive income, consolidated statement of changes 
in equity and consolidated statement of cash flows for the year then ended, notes to the financial 
statements, including material accounting policy information and the directors’ declaration.
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations 
Act 2001, including: 
a.
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 
and of its consolidated financial performance for the year ended on that date; and 
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with 
the Code.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in 
our audit of the financial report of the current year. These matters were addressed in the context of 
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide 
a separate opinion on these matters. For each matter below, our description of how our audit 
addressed the matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
financial report section of our report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our assessment of the risks of 
material misstatement of the financial report. The results of our audit procedures, including the 
procedures performed to address the matters below, provide the basis for our audit opinion on the 
accompanying financial report. 
 
176

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
1.
Valuation of Investment Properties 
Why significant 
How our audit addressed the key audit matter
As at 30 June 2024 Investment properties (both those 
recorded as investment properties and those included within 
equity accounted investments) totalled $943 million and 
comprise 49.5% of the Group’s total assets. These assets are
carried at fair value, which was assessed by the directors
with reference to either external independent valuations or 
internal valuations based on market conditions existing at 
reporting date.
The Group has three categories of investment properties as 
disclosed in Note 9 of the financial report.
• The Garden Villages portfolio consists of investment
properties earning revenue predominantly from longer term 
rental agreements and the key valuation judgements include 
capitalisation rates, market and contractual rents and 
forecast occupancy levels.
• The Lifestyle portfolio consists of investment properties
earning revenue from a mix of longer-term land rental 
agreements and short-term accommodation rental. Lifestyle 
home sales.
• The Tourism portfolio consists of ‘Holidays and Mixed Use’
investment properties earning revenue from short-term 
residential and tourism rentals.
The valuation of investment properties is inherently 
subjective given that there are alternative assumptions and 
valuation methods that may result in a range of values.
The key judgements in the valuations include assumptions 
related to the long and short-term rental income, 
capitalisation rates, discount rates, market and contractual 
rents, forecast short-term and residential occupancy levels, 
historical transactions and remaining development potential 
for vacant land. In assessing the development potential, 
additional key judgements include future new homes sales 
prices, estimated capital expenditure and allocation of costs 
between investment property and inventory, discount rates, 
projected property growth rates and operating profit 
margins.
Accordingly, the valuation of investment properties was 
considered a key audit matter.
Our audit procedures included the following:  
• Assessed the controls in place relevant to the valuation 
process; 
• Evaluated the suitability of the valuation methodology used 
across the portfolio and tested the valuation reports for 
mathematical accuracy on a sample basis; 
• Assessed the qualifications, competence and objectivity of 
the independent valuation experts used by the Group; 
• Assessed the Group’s internal valuation methodology and 
tested the mathematical accuracy of the valuation models. 
We also assessed the competence, qualifications and 
objectivity of the internal valuer;  
• On a sample basis, we compared the property related data 
used as input for both the external and internal valuations 
against actual and budgeted property performance;  
• On a sample basis, we considered the key inputs and 
assumptions used in the valuations by comparing this 
information to external market data;  
• Our real estate valuation specialists reviewed a sample of 
internal and independent valuations to determine whether 
the key judgements and methodology used were reasonable.  
• Assessed the appropriateness of the allocation of capital 
expenditure between investment property and inventory 
assets. 
Information other than the financial report and auditor’s report thereon 
The directors are responsible for the other information. The other information comprises the 
information included in the Group’s 2024 annual report other than the financial report and our 
auditor’s report thereon.  
Our opinion on the financial report does not cover the other information and we do not and will not 
express any form of assurance conclusion thereon, with the exception of the Remuneration Report 
and our related assurance opinion. 
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.  
177
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
If, based on the work we have performed on the other information obtained prior to the date of this 
auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 
Responsibilities of the directors for the financial report 
The directors of the Company are responsible for the preparation of:  
►
the financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view in accordance with Australian Accounting Standards and the Corporations Act 
2001 and 
for such internal control as the directors determine is necessary to enable the preparation of:  
►
the financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view and is free from material misstatement, whether due to fraud or error.. 
In preparing the financial report, the directors are responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of this financial report. 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional 
judgment and maintain professional scepticism throughout the audit. We also: 
►
Identify and assess the risks of material misstatement of the financial report, whether due to 
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
►
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Group’s internal control.  
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the directors. 
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to 
events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in 
178

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
our auditor’s report to the related disclosures in the financial report or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up 
to the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.  
►
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and events 
in a manner that achieves fair presentation. 
►
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the financial report. We are 
responsible for the direction, supervision and performance of the Group audit. We remain solely 
responsible for our audit opinion. 
We communicate with the directors regarding, among other matters, the planned scope and timing of 
the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions 
taken to eliminate threats or safeguards applied. 
From the matters communicated to the directors, we determine those matters that were of most 
significance in the audit of the financial report of the current year and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter 
should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.  
 
 
 
Ernst & Young 
 
 
 
 
Yvonne Barnikel 
Partner 
Sydney 
20 August 2024 
 
179
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
 
Independent auditor’s report to the unitholders of Ingenia Communities 
Management Trust
Report on the audit of the financial report
Opinion
We have audited the financial report of Ingenia Communities Management Trust (the “Trust”) and its 
subsidiaries (collectively the Group), which comprises the consolidated statement of financial position 
as at 30 June 2024, the consolidated statement of comprehensive income, consolidated statement of 
changes in equity and consolidated statement of cash flows for the year then ended, notes to the 
financial statements, including material accounting policy information, and the directors’ declaration.
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations 
Act 2001, including: 
a.
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 
and of its consolidated financial performance for the year ended on that date; and 
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with 
the Code.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in 
our audit of the financial report of the current year. These matters were addressed in the context of 
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide 
a separate opinion on these matters. For each matter below, our description of how our audit 
addressed the matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
financial report section of our report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our assessment of the risks of 
material misstatement of the financial report. The results of our audit procedures, including the 
procedures performed to address the matters below, provide the basis for our audit opinion on the 
accompanying financial report. 
 
180

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
1. Valuation of Investment Property 
Why significant 
How our audit addressed the key audit matter
As at 30 June 2024 Investment properties (both those 
recorded as investment properties and those included within 
equity accounted investments) totalled $1,206 million and 
comprise 80.7% of the Group’s total assets. These assets are
carried at fair value, which was assessed by the directors
with reference to either external independent valuations or 
internal valuations based on market conditions existing at 
reporting date.
The Group has three categories of investment properties as 
disclosed in Note 9 of the financial report.
• The Garden Villages portfolio consists of investment
properties earning revenue predominantly from longer term 
rental agreements and the key valuation judgements include 
capitalisation rates, market and contractual rents and 
forecast occupancy levels.
• The Lifestyle portfolio consists of investment properties
earning revenue from a mix of longer-term land rental 
agreements and short-term accommodation rental. In 
addition, the Group earns revenue from the sale of 
manufactured homes to residents of the properties.
• The Tourism portfolio consists of ‘Holidays and Mixed Use’
investment properties earning revenue from short-term 
residential and tourism rentals.
The valuation of investment properties is inherently 
subjective given that there are alternative assumptions and 
valuation methods that may result in a range of values.
The key judgements in the valuations include assumptions 
related to the long and short-term rental income, 
capitalisation rates, discount rates, market and contractual 
rents, forecast short-term and residential occupancy levels, 
historical transactions and remaining development potential 
for vacant land. In assessing the development potential, 
additional key judgements include future new homes sales 
prices, estimated capital expenditure and allocation of costs 
between investment property and inventory, discount rates, 
projected property growth rates and operating profit 
margins.
Accordingly, the valuation of investment properties was 
considered a key audit matter.
Our audit procedures included the following:  
• Assessed the Group’s controls in place relevant to the 
valuation process; 
• Evaluated the suitability of the valuation methodology used 
across the portfolio and tested the valuation reports for 
mathematical accuracy on a sample basis; 
• Assessed the qualification, competence and objectivity of 
the independent valuation experts used by the Group; 
• Assessed the Group’s internal valuation methodology and 
tested the mathematical accuracy of the valuation models. 
We also assessed the competence, qualifications and 
objectivity of the internal valuer;  
• On a sample basis, we compared the property related data 
used as input for both the external and internal valuations 
against actual and budgeted property performance;  
• On a sample basis, we considered the key inputs and 
assumptions used in the valuations by comparing this 
information to external market data;  
• Our real estate valuation specialists reviewed a sample of 
internal and independent valuations to determine whether 
the key judgements and methodology used were reasonable; 
and 
• Assessed the appropriateness of the allocation of capital 
expenditure between investment property and inventory 
assets. 
2. Goodwill impairment testing 
Why significant 
How our audit addressed the key audit matter
As at 30 June 2024, the Group’s consolidated balance sheet
includes goodwill with a carrying value of nil, 
representing 0.0% of total assets.
As disclosed in Note 11 of the financial report, the Group 
have assessed goodwill for impairment at 30 June 2024. As 
a result of this assessment, the Group recorded an 
impairment loss of $91.8m.
The assessment involved a value-in-use model, based upon 
discounted cash flow forecasts being used to calculate the 
recoverable amount of each of the Group’s of cash
generating units (CGUs).
Our audit procedures included the following:  
• Assessed the Group’s determination of the CGUs used in 
the impairment model, based on our understanding of the 
nature of the Group’s business and the economic 
environment in which the segments operate. We also 
considered internal reporting of the Group’s results to 
assess how earnings and goodwill are monitored and 
reported; 
• Evaluated whether the methodology met the requirements 
of Australian Accounting Standards; 
181
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
Why significant 
How our audit addressed the key audit matter 
The assessment is a judgmental process which requires 
estimates concerning the forecast future cash flows 
associated with the CGUs, the discount rates and the growth 
rate of revenue and costs to be applied in determining the 
value in use or fair value less cost of disposal.  
The estimates and assumptions relate to future 
performance, market and economic conditions. Significant 
assumptions used in the impairment testing referred to 
above are inherently subjective and in times of economic 
uncertainty the degree of subjectivity is higher than it might 
otherwise be. Changes in certain assumptions can lead to 
significant changes in the recoverable amount of these 
assets. 
The disclosures in the financial report provide important 
information about the assumptions made in the impairment 
testing and the market conditions at 30 June 2024. 
Accordingly, we considered the impairment testing of 
goodwill and related disclosures in the financial report to be 
a key audit matter. 
• Assessed the mathematical accuracy of the value in use 
cash flow models prepared by the Group to determine 
recoverable amount; 
• Assessed the underlying assumptions regarding future 
cash flows and agreed the forecast used in the models to the 
Board approved business plans taking into consideration the 
historical accuracy of the Group’s cash flow forecasting; 
• Assessed the key assumptions such as the discount rates 
and growth rates (including terminal growth rates) applied in 
the models, with reference to external industry and market 
data and involvement from our valuation specialists; 
• Performed sensitivity analysis on key assumptions 
including discount rates, net operating income and 
development profit forecasts for relevant CGUs; and 
• Evaluated the adequacy of the related disclosures in the 
financial report including those made with respect to 
judgments and estimates. 
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the 
information included in the Group’s 2024 annual report other than the financial report and our 
auditor’s report thereon. We obtained the directors’ report that is to be included in the annual report, 
prior to the date of this auditor’s report, and we expect to obtain the remaining sections of the annual 
report after the date of this auditor’s report.
Our opinion on the financial report does not cover the other information and we do not and will not 
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this 
auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
►
the financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 
2001 and
for such internal control as the directors determine is necessary to enable the preparation of:
►
the financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view and is free from material misstatement, whether due to fraud or error; and
182

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
In preparing the financial report, the directors are responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional 
judgment and maintain professional scepticism throughout the audit. We also:
►
Identify and assess the risks of material misstatement of the financial report, whether due to 
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
►
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to 
events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in 
our auditor’s report to the related disclosures in the financial report or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up 
to the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.
►
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
►
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are 
responsible for the direction, supervision and performance of the Group audit. We remain solely 
responsible for our audit opinion.
183
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Independent Auditor’s Report
For the year ended 30 June 2024 | continued
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
We communicate with the directors regarding, among other matters, the planned scope and timing of 
the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions 
taken to eliminate threats or safeguards applied. 
From the matters communicated to the directors, we determine those matters that were of most 
significance in the audit of the financial report of the current year and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter 
should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.  
 
 
 
Ernst & Young 
 
 
 
 
Yvonne Barnikel 
Partner 
Sydney 
20 August 2024 
 
184

Security Holder Information
For the year ended 30 June 2024 
Additional information required under ASX Listing Rule 4.10 and not shown elsewhere in this Annual Report is as follows. 
This information is current as at 30 August 2024. 	
	
	
	
	
	
	
The information set out below applies equally to units in the trusts and shares in the company under the terms of the joint 
quotation on the Australian Securities Exchange.	
	
	
	
	
	
	
Twenty Largest Security Holders
The twenty largest security holders of quoted equity securities are as follows:
Security holder
Number of 
securities 
held
Percentage 
of issued 
capital
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
163,305,327
40.07
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 
73,136,679
17.94
CITICORP NOMINEES PTY LIMITED 
55,513,397
13.62
BUTTONWOOD NOMINEES PTY LTD 
25,019,611
6.14
BRAHMAN PURE ALPHA PTE LTD 
18,096,469
4.44
HMC CAPITAL PARTNERS HOLDINGS PTY LTD 
7,914,504
1.94
BNP PARIBAS NOMINEES PTY LTD 
7,814,400
1.92
BNP PARIBAS NOMS PTY LTD 
7,808,494
1.92
NATIONAL NOMINEES LIMITED 
6,877,731
1.69
CITICORP NOMINEES PTY LIMITED 
3,928,292
0.96
BNP PARIBAS NOMS (NZ) LTD 
2,979,865
0.73
UBS NOMINEES PTY LTD 
2,182,388
0.54
PACIFIC CUSTODIANS PTY LIMITED 
1,285,871
0.32
CUSTODIAL SERVICES LIMITED 
891,626
0.22
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
882,088
0.22
BNP PARIBAS NOMINEES PTY LTD 
849,597
0.21
PACIFIC CUSTODIANS PTY LIMITED 
714,178
0.18
BOND STREET CUSTODIANS LIMITED 
663,731
0.16
MOORGATE INVESTMENTS PTY LTD 
634,522
0.16
BODIAM PROPERTIES PTY LTD 
590,431
0.14
Total
381,089,201
93.50
Total Quoted Equity Securities
407,583,264
100.00
Less than marketable parcels of ordinary securities	
	
There are 423 security holders with unmarketable parcels totalling 7,414 securities.
Distribution of Stapled Security holders	 	
The distribution of quoted stapled securities is as follows:
Size of holding
Number of 
holders
Number of 
securities
Percentage 
of securities
100,001 and Over
53
387,535,899
95.09
10,001 to 100,000
540
12,857,181
3.15
5,001 to 10,000
453
3,271,193
0.80
1,001 to 5,000
1,293
3,370,542
0.83
1 to 1,000
1,609
548,449
0.13
Total
3,948
407,583,264
100.00
185
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Security Holder Information
For the year ended 30 June 2024 | continued
Distribution of Long Term Incentive Plan Rights Holders	
	
The distribution of unquoted Long Term Incentive Plan Rights is as follows:
Size of holding
Number of 
holders
Number of 
securities
Percentage 
of securities
100,001 and Over
7
1,862,586
 69.64 
10,001 to 100,000
22
771,191
 28.83 
5,001 to 10,000
3
20,228
 0.76 
1,001 to 5,000
 6 
 20,541 
 0.77 
1 to 1,000
 –  
–
–
Total
 38 
 2,674,546 
 100.00 
The Long Term Incentive Plan Rights on issue are unquoted and issued under the Ingenia Rights Plan.
Distribution of Short Term Incentive Plan Rights Holders	
	
The distribution of unquoted Short Term Incentive Plan Rights is as follows:
Size of holding
Number of 
holders
Number of 
securities
Percentage 
of securities
100,001 and Over
1
 416,084 
76.77
10,001 to 100,000
2
 125,924 
23.23
5,001 to 10,000
–
–
–
1,001 to 5,000
–
–
–
1 to 1,000
–
–
–
Total
3
542,008
100.00
The Short Term Incentive Plan Rights on issue are unquoted and issued under the Ingenia Rights Plan.
Distribution of Talent Rights Grant Holders	
	
The distribution of unquoted Talent Rights is as follows:
Size of holding
Number of 
holders
Number of 
securities
Percentage 
of securities
100,001 and Over
 2 
 347,364 
 36.64 
10,001 to 100,000
14
591,915
 62.43 
5,001 to 10,000
 1 
 8,775 
 0.93 
1,001 to 5,000
–
–
–
1 to 1,000
–
–
–
Total
 17 
 948,054 
 100.00 
The Talent Rights on issue are unquoted and issued under the Ingenia Rights Plan.
Distribution of Fixed Remuneration Rights Holders	
	
The distribution of unquoted Fixed Remuneration Rights is as follows:
Size of holding
Number of 
holders
Number of 
securities
Percentage 
of securities
100,001 and Over
 1 
 156,894 
 98.83 
10,001 to 100,000
–
–
–
5,001 to 10,000
–
–
–
1,001 to 5,000
 1 
 1,864 
 1.17 
1 to 1,000
–
–
–
Total
2
158,758
100.00
The Fixed Remuneration Rights on issue are unquoted and issued under the Ingenia Rights Plan.
186
Additional Information

Security Holder Information
For the year ended 30 June 2024 | continued
Unquoted Equity Securities	
	
The Company had the following unquoted securities on issue as at 30 August 2024.	
	
	
38 holders of Long Term Incentive rights issued as part of an incentive scheme	
2,674,546
3 holders of Short Term Incentive rights issued as part of an incentive scheme	
542,008
17 holders of Talent Rights issued as part of an incentive scheme	
948,054
2 holders of Fixed Remuneration Rights issued as part of Total Fixed Remuneration package	
158,758	
	
	
	
Substantial Security holders	
	
The names of the Substantial Security holders pursuant to notices released to the ASX as at 30 August 2024: 
Security holder	
Number of 
securities
Percentage of 
issued capital
The Vanguard Group Inc 
25,007,362
 9.233 
BlackRock Group
27,202,251
 6.670 
Cohen & Steers Inc
31,521,945
 7.734 
State Street
24,576,395
 6.030 
First Sentier
20,425,175
 5.010 
Mitsubishi UFJ Financial Group, Inc
20,425,175
 5.010 
CPPIB
24,958,113
 6.120 
Macquarie Group Limited
35,764,216
 8.770 
HMC Capital Group
32,617,158
 8.000 
Restricted Securities
There are no restricted securities on issue as at 30 August 2024.
Voting
In accordance with the Constitution each member present at a meeting whether in person, or by proxy, or by power of 
attorney, or in a duly authorised representative in the case of a corporate member, shall have one vote on a show of hands, 
and one vote for each fully paid stapled security, on a poll.	
	
	
	
	
	
Holders of Long Term Incentive Plan Rights, Short Term Incentive Plan Rights, Talent Rights and Fixed Remuneration Rights 
have no voting rights.	
	
	
	
	
	
	
	
	
	
	
On-Market Buyback
There is no current on-market buy-back in relation to the Group’s securities.
187
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Investor Relations
For the year ended 30 June 2024 
Enquiries relating to Ingenia Communities Group (ASX code: INA) can be directed to the Link Market Services Investor 
Information line on 1300 554 474 (or from outside Australia +61 1300 554 474). This service is available from 8:30am to 
5:30pm (Sydney time) on all business days.
Link Market Services can assist with:
	
–
Change of address details
	
–
Requests to receive communications online
	
–
Provision of tax file numbers
	
–
Changes to payment instructions
	
–
General enquiries about your security holding.
www.ingeniacommunities.com.au
Ingenia Communities’ corporate website provides investors with extensive information about the Group. You can visit the 
website to find: information on Ingenia and its property portfolios; virtual briefings and events; the latest financial information; 
reports; announcements; sustainability; and corporate governance information. Security holders can access their investment 
details, including holding balance and payment history, from the link to the Registry which is contained on the site.
Distribution Payments
Distribution payments are made twice a year, for the six months ending 30 June and the six months ending 31 December. 
Distributions are declared and paid in Australian dollars.
The table below details distribution payments for the 2023/2024 financial year. A history of distribution payments made 
since 2005 is available from the Group’s website www.ingeniacommunities.com.au.
Period Ended
Date Paid
Total Amount
June 2024
19 September 2024 
$0.061
December 2023
21 March 2024 
$0.052
* Information on the tax components of distributions can be found on the Ingenia Communities Group website. 
AMMA Statements
AMMA Statements, which summarise payments made during the year and include information required to complete an 
Australian tax return, are dispatched each September. Details of past distributions and relevant tax information are available 
on the Group’s website.
Annual General Meeting
The Annual General Meeting will be held on 14 November 2024. The Group will hold a physical meeting and information on 
how to attend and vote at the meeting will be provided to all investors in conjunction with the Notice of Meeting.
2024/2025 Security Holder Calendar
19 September 2024 	
Final FY24 distribution paid 
19 September 2024 	
AMMA Statement dispatched 
14 November 2024	
Annual General Meeting 
February 2025	
1H25 Result announced 
March 2025	
Interim FY25 distribution paid
Privacy Policy
Ingenia Communities Group is committed to ensuring the confidentiality and security of your personal information. The 
Group’s Privacy Policy, detailing our handling of personal information, is available online at: www.ingeniacommunities.com.au.  
If you have any questions or concerns as to how Ingenia deals with your personal information please contact the Privacy 
Officer at privacy@ingeniacommunities.com.au.
Complaints
Any security holder wishing to register a complaint should direct it to Investor Relations in the first instance, at the 
Responsible Entity’s address listed in this Report or via telephone on 1300 132 946.
Ingenia Communities RE Limited is a member of an independent dispute resolution scheme, the Australian Financial 
Complaints Authority (AFCA). If a security holder feels that a complaint remains unresolved or wishes it to be investigated 
further, AFCA can be contacted as detailed below:
By telephone: 1800 931 678  
Website: www.afca.org.au
Corporate Governance Statement
The Corporate Governance Statement was approved by the Board of Directors on 16 September 2024 and can be found at: 
ingeniacommunities.com.au/investor-centre/corporate-governance/
188
Additional Information

Corporate Directory
For the year ended 30 June 2024 
Ingenia Communities Group 
Ingenia Communities Group Ingenia Communities Holdings Limited ACN 154 444 925 
Ingenia Communities Management Trust ARSN 122 928 410 
Ingenia Communities Fund ARSN 107 459 576
Responsible Entity 
Ingenia Communities RE Limited ACN 154 464 990 (AFSL 415862)
Registered Office 
Level 3, 88 Cumberland Street, The Rocks, NSW 2000
Telephone: 1300 132 946
Email: investor@ingeniacommunities.com.au 
Website: www.ingeniacommunities.com.au
Directors of Ingenia Communities Group (as at 30 August 2024)
J Hazel (Chairman) 
R Morrison (Deputy Chairman)  
P Downes 
S Evans 
S Gannon (Chair-elect) 
L Scenna 
S Shakesheff 
J Carfi (Managing Director)
Secretaries (as at 30 August 2024)
C Nortje 
N Kwok
Security Registry
Link Market Services Limited 
Level 12, 680 George Street Sydney NSW 2000  
Locked Bag A14 Sydney South NSW 1235 
Telephone:	 1300 554 474 (local call cost) or from outside Australia: +61 1300 554 474  
Facsimile:	
+61 2 9287 0303 
Email: registrars@linkmarketservices.com.au
Auditors
Ernst & Young 
Level 34, 200 George Street Sydney NSW 2000
Stock Exchange Quotation 
Ingenia Communities Group is listed on the Australian Securities Exchange under ASX listing code: INA.
189
BOARD OF DIRECTORS
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
SUSTAINABILITY
YEAR IN REVIEW

Disclaimer
This report was prepared by Ingenia Communities Holdings Limited (ACN 154 444 925) and Ingenia 
Communities RE Limited (ACN 154 464 990) as responsible entity for Ingenia Communities Fund 
(ARSN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410) (together 
Ingenia Communities Group, INA or the Group). Information contained in this report is current as at 
30 June 2024 unless otherwise stated. This report is provided for information purposes only and has 
been prepared without taking account of any particular reader’s financial situation, objectives or needs. 
Nothing contained in this report constitutes investment, legal, tax or other advice. Accordingly, readers 
should, before acting on any information in this report, consider its appropriateness, having regard to 
their objectives, financial situation and needs, and seek the assistance of their financial or other licensed 
professional adviser before making any investment decision. This report does not constitute an offer, 
invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any 
security, nor does it form the basis of any contract or commitment.


www.ingeniacommunities.com.au
Ingenia Communities Group
Level 3, 88 Cumberland St, The Rocks NSW 2000
T. 1300 132 946 
E. investor@ingeniacommunities.com.au