I am a long term holder of Ingenia and reviewed it today to confirm I still want to hold it in my SMSF at the current price.

Its definitely at the higher end of my valuation after recent share price increases but there are a number of factors which make me comfortable to hold:

 I originally purchased as I felt there was going to be increasing demand for those reaching retirement to downsize their capital city address for a regional lower cost and easy to maintain home, and free up some capital for retirement and allow for overseas travel etc without leaving a large home or garden behind.  I think I was a bit early but it is playing out that way more and more with increasing incentives to do it with the Government Downsizer measure https://www.ato.gov.au/Individuals/Super/Growing-your-super/Adding-to-your-super/Downsizing-contributions-into-superannuation/ allowing couples to add an additional $300K each to super when they downsize.

COVID has also had a positive impact:

Increasing House prices are making the downsize option more attractive, and the low cost houses in the communities allow for retirees to maximise the downsize $ impact

There is also a push to get out of the cities generally with COVID which I hadnt predicted obviously but which is helping and the communities they create are generally in prime coastal areas.  

Lastly the short stay holidays in their campgrounds / cabins etc are also benefitting from COVID impact with more people holidaying domestically / intra state and wanting to get out of the house for a while.

I believe there could also be a small tailwind with the remote living / lockdowns etc increasing adoption of things like whatsapp / facetime etc to keep in touch with family and friends which reduces the fear of leaving friends and family behind.

Lockdowns will continue to impact in the short term but also help drive demand for a holiday locally.

Management have demonstrated over the past few years their ability to manage regular acqusitions of well located property from small operators of holiday parks and reinvigorate and rebrand successfully.  

Performance to date has been strong with the share price up around 140% since purchase 5 years ago.

It has had regular capital raisings as it continues to acquire property but has done a good job of ensuring they are earnings accretive and as a retail investor I have been able to take advantage of SPP prices which allowed for a good capital gain.  Fingers crossed it continues and nothing for me to be overly concerned about at this point.  

It wont be for everyone I am happy to continue to hold.