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Company Information

Company at a Glance

Industry:
Real Estate Investment Trusts (REITs)
Fiscal Year-End:
Jun 10

Company Overview

ILF was listed in 2004 as a specialist trust investing in seniors and student housing communities. ING Real Estate Community Fund (ILF), formerly known as Village Life Trust, deals with developing, owning and operating managed rental accommodation for seniors and students. The objective of ILF is to provide investors with the opportunity to participate in two specialist property sectors through a geographically diversified portfolio of seniors and student housing communities.

Company History

ILF was established as a result of growing demand for quality affordable rental accommodation for seniors and at the same time providing investors with an opportunity to invest in a niche property market. ILF owns 25 villages throughout Australia and provides an opportunity for seniors to live in a community environment that they could not otherwise afford.

Industries Of Operation

ILF specialises in the low- or no-care retiree market segment that has little government regulation. In both the student and the seniors markets, ILF has been using an acquisition and development strategy, targeting markets where demand is increasing and there are high barriers to entry for competitors. ILF's portfolio is diversified across location, tenant and asset type and is now geographically diversified across Australia, the United States, New Zealand and Canada.

Differentiating Factor

ILF provides exposure to property investment in a sector of managed rental accommodation for seniors and students, an asset sector overlooked by many traditional trusts.

Major Customers & Competitors

ILF's customers are primarily retirees seeking independent living in a managed facility. ILF also provides rental accommodation to students around higher education facilities. The company competes with various other retirement villages throughout Australia such as Forest Place Group (FPG) and FKP.

Research provided by  

Market Statistics

Market Cap ($M):
24.7
Equiv. Shares (M):
429.0
% All Ords:
0.00
12Mth Range ($):
0.05 - 0.15
Turnover ($M pa):
25.7
Index:
n/a
Sector:
Financials
Industry Group:
Real Estate
Industry:
Real Estate Investment Trusts (REITs)
Sub Industry:
Residential REITs

Last 5 Market Sensitive Announcements

Date
Announcment
23-Jul-10 09:41
Response to recent market commentary
06-Jul-10 12:11
ILF sale of Kingston Gardens Village
18-May-10 09:03
ILF Announces settlement of Meridian Portfolio
05-Mar-10 08:30
SandP Announces March SP/ASX Index Rebalance
26-Feb-10 11:23
ILF Appendix 4D and Accounts - 31 December 2009

Calendar Of Events

Date
Event
26-Aug-09
Reporting Date for Final Year Result
31-Oct-08
Dividend Date Payable for First Quarter Result (1.5c 0% franked)
30-Sep-08
Dividend Record Date for First Quarter Result (1.5c 0% franked)
24-Sep-08
Dividend Ex-Dividend Date for First Quarter Result (1.5c 0% franked)
29-Aug-08
Dividend Date Payable for Final Year Result (2.4125c 0% franked)

Directors

Name
Position
R Colless
Chairman
M Easson
Director
P Scully
Director
D Blight
Director
P Clark
Non Executive Director
A Astridge
Alternate Director
P J Redmond
Director

Management

Name
Position

There are no recorded management positions for this company.

Substantial Shareholders

Name
% Holding
Orbis Investment Management
15.0
DLIBJ Asset Management Co., Ltd
7.3
National Nominees
7.0
BT Invesment Management Limited
6.1
Deutsche Bank
6.1
Renaissance Property Securities Pty Ltd
5.6
AMP
5.5
Australian Executor Trustees
5.2
ING
5.1

Consensus Recommendation Summary


0
1
1
0
0
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 2

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 4.2 1.7
EPS Growth (%)   -59.0
P/E Ratio (x) 1.3 3.3
P/E Rel. All Ords (x) 0.12 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 2 2

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  09A 09A 09A    
Prime Retirement and Aged Care Property Trust (4.2) n/a 11.8 27.7 0.05 none
ING Real Estate Community Living Group 0.9 (44.5) 26.8 24.7 0.06 Hold

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