2Q20 Metrics – Sales of Occupation Rights

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz


NZX & ASX RELEASE

9 July 2020


2Q20 METRICS – SALES OF OCCUPATION RIGHTS

Summerset Group reports 123 sales for the quarter ending 30 June 2020, comprising 58 new
sales and 65 resales.
The quarter included four weeks of COVID-19 level four lockdown with prospective residents
unable to visit our villages and property settlements suspended. To ensure the safety of
residents, visitor restrictions were also in place throughout levels three and two.
Summerset CEO Julian Cook said, “Through the level four lockdown period sales and
settlements of occupation rights largely ceased. This had a significant impact on the business.”
“However, sales and settlements have largely recovered and we are seeing sales enquiry and
sales rates marginally stronger than is typical for this time of year,” said Mr Cook.
Total new sales stock levels have remained at a normal level relative to 31 December 2019.
Resale stock numbers were slightly higher due to delays with refurbishments and people moving
out under alert levels 4 and 3; however, numbers are expected to reduce over the next six
months.
Immediately prior to the lockdown Summerset’s Casebrook village main building in Christchurch
opened. Currently more than 50% of its serviced apartments and memory care apartments have
sold. There have also been strong pre-sales for Summerset’s newest village in Bell Block, New
Plymouth.
There have not been any cases of COVID-19 across Summerset village residents or staff to
date.
ENDS

YTD20 SALES OF OCCUPATION RIGHTS

1Q20

2Q20
New sales 70 58
Resales 71 65
Total 141 123


FY19 SALES OF OCCUPATION RIGHTS

1Q19
Actual
2Q19
Actual
3Q19
Actual
4Q19
Actual
FY19
Actual
New sales 71 65 77 116 329
Resales 66 76 88 93 323
Total 137 141 165 209 652

NOTES:
• Quarterly metrics on occupation right sales are provided by the 10
th
of the month following the end of each
quarter.
• Occupation right sales volumes represent the number of occupation rights settled in the period and differ from
retirement unit deliveries which represents the number of new homes for which construction was completed in the
period.
• The quarterly sales metrics provided may not necessarily reflect NZ IFRS financial performance for the
corresponding period. In particular, key items in the income statement, such as the fair value movement of
investment property, are dependent on several variables, of which one is occupation right sales. NZ IFRS
financial performance is calculated for the periods ending 30 June and 31 December each year.


For investor relations enquiries: For media enquiries:
Scott Scoullar Jenny Bridgen
Chief Financial Officer & Deputy CEO Communications Manager
scott.scoullar@summerset.co.nz jenny.bridgen@summerset.co.nz
029 894 7317 021 408 215


ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 31 villages completed or in development across the country. In addition,
Summerset has eight sites for development in Milldale (Auckland), Parnell (Auckland),
Prebbleton (Canterbury), Rangiora (Canterbury), Waikanae (Kapiti Coast), Blenheim
(Marlborough), Cambridge (Waikato) and Lower Hutt (Wellington), plus two properties in
Victoria, Australia, bringing the total number of sites to 41.

• It provides a range of living options and care services to more than 5,500 residents. The
Summerset Group has villages in Aotea, Avonhead, Bell Block, Casebrook, Dunedin,
Ellerslie, Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati, Kenepuru,
Levin, Manukau, Napier, Nelson, New Plymouth, Palmerston North, Papamoa Beach,
Paraparaumu, Richmond, Rototuna, St Johns, Taupo, Te Awa, Trentham, Wanganui,
Warkworth, Whangarei and Wigram.