Ann: Acquisitions and Equity Raising Investor Presentation, page-9

In today's Stockland Strategy Update announcement it was great to see SGPs very strong commitment to become Australia's leading Lifestyle Communities operator...

Our strategy for success:
 Leverage existing MPC capability
 Step change in scale and capability post
Halcyon acquisition
 Total portfolio of 7,800 sites to be augmented
by further additions from within MPC pipeline
and on-market purchases
 Opportunity to introduce third party capital at
appropriate time
 Targeting ~300 settlements in FY22. Expecting
to double over the next two years with
significant FY23-24 project launches to drive
further volume growth
Key investment drivers
• Over 50s is the fastest growing demographic, with underserviced housing options
• Services the lifestyle demands of the market
• Simple customer proposition
• Strong development returns with high quality longer term recurring income
• Cashflow positive during development
• Development operating profit margins comparable to Residential, >15% greenfield, >10% in development
• High quality recurring income, growing at 3.0-3.5%pa

Compared to INA they are late to the party and have had to make expensive acquisitions to gain initial momentum, to me this certainly reinforces INA's recent expansion as well as their long term income and asset building strategy.