4Q22 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

10 January 2023


4Q22 METRICS – SALES OF OCCUPATION RIGHTS
Summerset Group reports 277 settlements for the quarter ending 31 December 2022,
comprising 139 new sales and 138 resales. Total settlements for Q4 were 18% higher than Q4
2021 (234 total settlements).
Summerset achieved 1,007 settlements for the twelve months to 31 December 2022, compared
with 978 sales achieved over the same period in 2021.
Summerset CEO Scott Scoullar noted the tough market conditions in the final quarter of the
year.
“This is the highest Q4 resale settlements we’ve ever seen and the second highest Q4 new
sales,” says Mr Scoullar.
“The result is pleasing, particularly given the tough market conditions that arose in the last few
months of the year. The declining property market has meant it’s taking longer for some of our
prospective residents to sell their homes to join a Summerset village, so our Sales team are
working hard to facilitate settlements.
“We will actively manage any further property market conditions that we may experience, and
we’ll be working with our prospective residents around the country to make the process of
coming to our villages as seamless as possible.”
Mr Scoullar said that the motivation to move into a retirement village is often driven by life
events, not the property market.
“Our residents are driven by factors like community, security or health, which lead them to look
at an offering like ours. These influences don’t change significantly even in a difficult property
market. As a result, we continue to see good levels of demand across our portfolio.”
Summerset saw good diversification of sales during FY22 with 35% of sales generated in the
Southern region and the rest spread evenly across the rest of the North Island (Auckland 21%,
Central 22% and Hawkes Bay & Greater Wellington 22%).
Independent living units made up 64% of all settlements for the year with the remaining 36%
being needs based offerings such as care and memory care suites.

“Looking forward, we are excited in anticipating the launch of our first village in Cranbourne
North (Victoria, Australia) with pre-sales beginning in the first half of this year.”

ENDS

FY22 SALES OF OCCUPATION RIGHTS



1Q22
2Q22 3Q22
4Q22
FY22
New sales 167 122 109 139 537
Resales 112 110 110 138 470
Total 279 232 219 277 1007


FY21 SALES OF OCCUPATION RIGHTS

1Q21 2Q21 3Q21 4Q21 FY21
New sales 148 154 117 121 540
Resales 127 116 82 113 438
Total 275 270 199 234 978

NOTES:
• 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:
Will Wright Louise McDonald
Chief Financial Officer Senior Communications Advisor
will.wright@summerset.co.nz louise.mcdonald@summerset.co.nz
021 490 251 021 246 3793


ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 37 villages completed or in development nationwide
• In addition, Summerset has six proposed sites at Half Moon Bay (Auckland), Parnell
(Auckland), Rotorua (Bay of Plenty), Kelvin Grove (Palmerston North), Masterton
(Wairarapa), and Rangiora (Canterbury)
• Summerset also has seven properties in Victoria, Australia, bringing the total number of
sites to 50.
• Summerset provides a range of living options and care services to more than 7,100
residents.