Listed affordable housing operator Aspen 100% full with rents up “across the board”
John Carter and David Dixon’s business has a core customer base of over four million Australians, the 16% of the population who are unable to afford to pay more than $400 a week or a $400,000 property price. Aspen’s strategy is clearly working...
John Carter and David Dixon’s business has a core customer base of over four million Australians, the 16% of the population who are unable to afford to pay more than $400 a week or a $400,000 property price. Aspen’s strategy is clearly working, as its 1Q FY24 update to the ASX clearly shows.
“All Residential, Lifestyle and Park community segments generated higher revenue and net operating income in 1Q FY24 compared to budget and the previous corresponding period.
“Our Residential and Lifestyle properties remain essentially full including the newly completed CoVE Cooks Hill (Newcastle) which is now 100% let. Rents are increasing across the board.” “Post the recent acquisition of Sierra Lifestyle Village, Aspen now has 10 active Lifestyle and Residential projects with a total development pipeline of 967 sites. We are targeting a 19% increase in sales in FY24 to 100, skewed towards new houses in our Lifestyle villages which creates new annuity land leases. Over 50% of the target has been settled and contracted to date.” In the quarter Aspen sold and exchanged contracts on 17 residential houses and apartments in Perth for a total price of $9.7 million, equating to a 5% premium to 30 June 2023 book value and net income yield of about 3%. It said the refinancing of its bilateral debt facility with a larger syndicated debt facility is expected to be completed in 2Q FY24. The SOURCE: Aspen’s affordable housing model is reaping rewards
