Ann: Media Release FY21 Full Year Results, page-6

Having been a holder for many years it's been interesting to be part of the evolution of the company to what has now become a dominant player in the field. The share price was in the doldrums for a few years as the company fine tuned their model. The genius of management was to grow the business through holiday parks and retirement villages. The model, while simple, has proved highly profitable gaining from the explosion of local tourism plus recurring revenue from their 'purchase the house - lease the land' model. Yes, Covid is having an impact, albeit temporary, and I'm not sure of the extent of their insurances re loss of income through unforeseen circumstances. Insurance covered loss of income from the bushfires last year. However any short term reduction will be more than offset by an increase in tourism once things open up. All those thousands of caravans sold in the pandemic need to be used. Also coastal real estate is booming, right where Ingenia have their villages. We are already challenging JBW's price target and there's a lot more to go in the coming years.