About 75% of Ingenia Communities' midcycle EBITDA is from land-lease property sales and rent. Ingenia collects rent on about 16,000 property sites, across 100 land-lease, rental, and holiday park communities on Australia's east coast. The firm's strategy is to build higher-end communities primarily in Australia's coastal and outer metropolitan areas. Following significant land acquisitions over the past few years, Ingenia has a pipeline of about 5,000 new dwellings, and more than a dozen sites currently in development or planning. All are targeting over-55s and leveraged to the thematics of aging population and the rising cost of housing.