Initiating Coverage of Lifestyle Communities; Fairly Valued With No-Moat Rating

Lifestyle’s earnings comprise land lease property sales and rent collection. It collects rent on about 3,000 land lease sites across over 20 land lease communities in Victoria, Australia. Its strategy is to build communities in Victoria’s coastal and outer metropolitan areas. Following significant land acquisitions over the past few years, Lifestyle has a pipeline of about 2,500 new dwellings and 18 sites currently in development or planning. All target the over-50s population and leverage the positive theme of an aging population and the rising cost of housing.