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ING REAL ESTATE COMMUNITY LIVING GROUP (ILF)

ING REAL ESTATE COMMUNITY LIVING GROUP (ILF)

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General Information
Company Name: ING Real Estate Community Living Group
Stock Code: ILF
Website: www.ingrealestate.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 90
Equiv. Shares (M): 441

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.205 $ 0.205 $ 0.205 $ 0.200 $ 0.200 205,394 $ 0.005  2.500 %

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 1st Mar 2010
12 Month Target Price (average): $0.06
Brokers Surveyed: 1

Company Overview

Business Description:
ING Real Estate Community Living Group (ILF) is an ASX listed real estate investment trust which owns, manages and develops a portfolio of senior housing communities predominantly in Australia and USA. As at 31 December 2010, ILF had total assets under management of $673.2 million. ILF’s portfolio consists of: Australian Seniors Portfolio; US Seniors Portfolio; and New Zealand Students Portfolio.

Strategy Analysis:
ILF strategy is to further diversify its asset base through international and domestic acquisitions. The US seniors housing industry remain a significant part of the fund´s offshore strategy due to the size of its population and quality assets. The key objectives for 2009 are to increase occupancy of the Australian rental portfolio, improve operating margins of the US Students portfolio and maintain the performance of both the US Seniors portfolio and the Australian retirement village development activities. While market conditions make the disposal of properties difficult, ILF will look to achieve selective sales in order to reduce the gearing.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 13.1 3.0 -- 2.9 0.0 0.0 --
2010  A -46.2 -10.5 -- 0.0 0.0 0.0 --
2009  A -126.1 -28.6 -- 0.0 1.5 9.9 --
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
GPT Group (GPT) $5,719 M -0.5179 0.4475 0.0416 19.6440 13.5708 13.0293 0.0556 0.0583 0.0606
ING Real Estate Comm (ILF) $88 M -- -0.3378 -0.2041 6.7568 10.2041 12.8205 0.0000 0.0000 0.0000
Mirvac Group (MGR) $4,256 M 0.1382 0.0047 0.0274 11.8121 11.7564 11.4430 0.0659 0.0661 0.0688
Stockland (SGP) $6,993 M 0.0871 -0.0252 0.0318 10.0607 10.3211 10.0032 0.0752 0.0762 0.0769
Westfield (WDC) $20,821 M -0.1885 0.0534 0.0782 14.7145 13.9689 12.9553 0.0534 0.0546 0.0557

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
ILF 3.00 9.97 0.79 10.00
Market 1.12 11.1 0.96 2.31
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr Michael Coleman Non-Executive Chairman 01 July 2011
Mr Michael B Easson Non-Executive Director 11 November 2004
Mr Philip Marcus Clark Non-Executive Director 21 February 2006
Mr Hein Brand Non-Executive Director 01 June 2011

Management
Name Position
Denis Hickey Chief Executive Officer
Sarah Wiesener Joint Company Secretary

Calendar of Events
Date Event
21 February 2013 Report (Interim)
27 September 2012 Report (Annual)
24 August 2012 Report (Prelim)
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