Financial Results for the Year Ended 31 December 2022

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

24 February 2023

SUMMERSET POSTS $171.4M FULL YEAR UNDERLYING PROFIT

Retirement village operator Summerset Group Holdings Limited today announced a record full
year underlying profit for the year ending 31 December 2022 of NZ$171.4 million, up 21.5% on
FY21, driven by strong development returns and growth in deferred management fees.
Net profit after tax (IFRS) was NZ$269.1 million for the year ended 31 December 2022, this
reflects a level of fair value movement more consistent with historical trends, FY21 was
influenced by the very strong property conditions at that time.
Summerset Chief Executive Scott Scoullar said demand for Summerset’s offering, which is
driven by factors like community, security and life events, continued to be strong in 2022 with
1,007 ORA sales, the first time the company has had over 1,000 total settlements, which reflects
a strong resale portfolio.
“The average age of our residents is 81 – they move into a Summerset village for a number of
reasons that are often distinct from how the property market is performing. A sense of security
and community is valuable, and we believe these will continue to drive demand regardless of the
wider economic landscape.”
Mr Scoullar said 2022 had also been a record year of construction with the delivery of 625 units
under ORA. Summerset reported a development margin of 29.7% up from 23.1%, for the same
period last year. The company expects that development margins will return to be within the 20-
25% range over the medium term.
At the end of 2022 Summerset completed the build of its newest care centre (including its state-
of-the-art memory care centre) at its Kenepuru (Porirua) village with residents moving in this
month. Similar offerings are set to be completed at Te Awa (Napier), Papamoa (Tauranga), and
Bell Block (New Plymouth) later in 2023.
• Underlying profit for FY22 of NZ$171.4 million, up 21.5% on FY21
• Net profit after tax of NZ$269.1 million, down 50.5% on FY21
• Total assets of NZ$5.8 billion, up 18.6% on FY21
• Four new sites acquired this year across New Zealand and Australia
• 1,007 total sales of occupation rights, up 3% on FY21
• 625 new units under occupation right agreement (ORA) delivered
• Land bank total of 5,985 retirement units and 1,379 care units across NZ and Australia
• Gearing ratio remains low at 32.5%
• Development margin of 29.7%
• Final dividend of NZ11.6 cents per share


• F

Mr Scoullar said investing in care and the experience of residents remains a key focus for the
business.
“Our continuum-of-care model is a key consideration for people looking at our villages. We
continue to focus on providing excellent care and we’ve begun the process of refurbishing some
of our older care facilities to ensure they meet the expectations of our residents.
“We’ve also introduced new technology to make the lives of residents easier including Lumin
screens, PainChek, and virtual reality activities including our MultiBall interactive exerplay.”
Summerset grew its development pipeline announcing the purchase of four new sites in 2022 –
Rotorua and Masterton in New Zealand, and Mernda and Drysdale in Victoria, Australia.
The company now owns seven Australian properties, with earthworks having started at its first
Australian retirement village in Melbourne’s Cranbourne North in late 2021. The first retirement
units there are under construction with pre-sales beginning in the first half of this year. Chirnside
Park property gained consent in late 2022.
Mr Scoullar said the company was saddened by the large scale of devastation that has occurred
around New Zealand last week, and particularly in the Gisborne and Hawke’s Bay regions, due
to Cyclone Gabrielle.
“We were extremely relieved that all our residents and staff were safe and unharmed. Our
impacted villages were our four Hawke’s Bay villages (Napier, Te Awa, Hastings and Havelock
North) which all lost power and communications, while our Warkworth and Whangārei villages
also suffered power outages due to the cyclone.
“Our buildings are undamaged and we were able to continue to care for our residents
throughout, thanks to our very dedicated staff. We ran essential services on generator power
and we were fully supplied with food and medication throughout the outages. Staff from
Wellington and Christchurch flew into Napier to assist their colleagues and to provide all our
residents with support and hot meals while the power was off. We also reached out to smaller
not-for-profit aged care providers to offer assistance during the cyclone.
“Now that the cyclone has passed we’re focused on recovery. Our villages are now running in a
normal manner but there are some hard times ahead for some of our staff who lost their homes
or had property severely damaged. We’ve set up a $250,000 disaster relief fund to help them
through this difficult time and we’ll continue to offer support as they, and the Hawke’s Bay
region, recover.”
Looking ahead Mr Scoullar said that Summerset was well prepared for the year ahead.
“We remain focused on growing our land bank, development of new villages, providing an
excellent retirement experience for our residents and delivering value for our shareholders,” said
Mr Scoullar.
Shareholders will receive a final dividend of NZ11.6 cents per share, bringing the total dividend
payable for FY22 to NZ22.3 cents per share, up 20.5% on FY21.
ENDS

For investor relations enquiries: For media enquiries:
Will Wright Louise McDonald
Chief Financial Officer Senior Communications & Media 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 38 villages completed or in development nationwide
• In addition, Summerset has five proposed sites at Half Moon Bay (Auckland), Parnell
(Auckland), Rotorua (Bay of Plenty), Kelvin Grove (Palmerston North), and Masterton
(Wairarapa)
• 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 7,400
residents.

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A nnual
Report
2022

Subsection Heading
SECTION HEADING
4

Annual Report 2022
5

0 2

Contents
Chair and CEO’s report06
Highlights14
Snapshot
14
2022 highlights
16
Our people and community20
Our villages32
Our commitment to sustainability42
Our performance52
Five-year summary56
Financial statements57
Governance
99
Board of Directors
112
Executive Leadership Team
114
Remuneration
116
Disclosures
126
Directory
136
Company information
139
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8
ABOUT THIS REPORT
This Annual Report of
Summerset Group Holdings
Limited (Summerset) is prepared
in accordance with New Zealand
equivalents to International
Financial Reporting Standards
(NZ IFRS), the NZX Listing Rules
and Corporate Governance
Code, the ASX Listing Rules (as
relevant for foreign exempt
listings) and the Companies
Act 1993.
It covers all our business
operations for the year ended
31 December 2022. We are
aligning our reporting to
the International Integrated
Reporting Framework to improve
the way we communicate and
improve transparency.
We will continue to build
on this approach.
COVER: Summerset’s
continuum of care model
delivers dedicated and
person-centred care,
when needed
INSIDE COVER:
Artist impression of
Summerset Milldale
RIG HT: Artist impression
of Summerset Boulcott
INSIDE BACK COVER:
A
rtist impression of
Summerset Boulcott
Annual Report 2022
0 4

9
GROWTH
We look for expansion
opportunities in New Zealand
and Australia that deliver
competitive returns
for our shareholders.
OUR PEOPLE
We want to create a
great place to work, where
our people can thrive.
OUR CUSTOMERS
We continue to improve
and enhance our offering
to residents.
Our strategic goals are underpinned by our desire
to bring increased wellbeing to our customers
and staff by harnessing the power of innovation
and weaving sustainability into our work.
WELLBEING
INNOVATION
SUSTAINABILITY
BRINGING THE BEST OF LIFE
Our strateg y
S T R A T E G Y
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Annual Report 2022
Chair and CEO’s
r
eport
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Welcome to our annual report
for the 1
2 months ended
31 December 2022. This has
been another year of significant
achievements for Summerset,
despite significant challenges.
Our achievements are all set against
a backdrop of increasing inflation,
supply chain constraints, national
nursing and care staff recruitment
shortages, a falling property market,
and New Zealand’s most difficult
year combatting COVID-19. Despite
this we have had a successful
2022 and we continue to be well
equipped to deal with these ongoing
challenges while maintaining focus
on delivering value for our residents
and shareholders.
Demand is strong for our product
with 1,007 unit sales of Occupation
Rights in 2022. New Zealand’s
population aged 75+ continues to
grow and is forecast to almost
triple in the next 50 years. With
that comes an increasing pool of
prospective Summerset residents.
Throughout the year, time to settle
has remained steady – driven by
when our residents sell their home
to move into a Summerset village –
but we are also cognisant that with
the easing of the residential property
market, settlement timing will likely
return to the more normal levels
before the pandemic bubble which
heavily inflated the market.
With an average age of 81, our
residents’ decision to enter a village
is driven by life events – lifestyle,
health, desire for more community,
downsizing and more, and the
COVID-19 pandemic highlighted
many of the benefits gained from
living in a village. These events
continue to happen and continue
to drive demand regardless of the
wider economic landscape.
Summerset’s offering is positioned
to offer something to a wide
range of people and budgets.
Approximately 8
8% of our product is
priced lower than the median house
price which makes it affordable,
particularly when many of our
potential residents are selling 3-4
bedroom homes priced in the upper
quartile of the market.
Also, we have a number of sales
mechanisms to assist people to
move into our villages while they're
still selling their home. The 2023
property market is likely to be
more challenging than 2022 but we
feel prepared.
To meet demand, we have
continued to strengthen our
development pipeline in both New
Zealand and Australia. This year we
announced the purchase of four
pieces of land - Masterton and
Rotorua in New Zealand, and Mernda
and Drysdale in Victoria, Australia.
Our Australian business continues
to move forward well; we now
have two of our seven pieces of
land consented, with our Chirnside
Park property gaining consent late
2022. Cranbourne North is the most
advanced of our properties with the
first residents expected to move in
early 2024.
Sadly this year the first death on one
of our construction sites occurred
when Marin Construction (one of our
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C H A I R A N D C E O ’ S R E P O R T
sub contractors) scaffolder Michael
Noche died following an incident at
our St Johns site in November. Our
thoughts are with Michael's family
and colleagues after this tragedy
and we have offered ongoing
support to them. The incident is still
being investigated by WorkSafe NZ
and we have cooperated fully with
them throughout.
Business performance
Underlying profit for 2
022 is
$171.4 million, an increase of 21.5%
on 2021. Our IFRS net profit after
tax is $269.1 million, down 50.5%
on 2021. Operating cash flows
of $369.2 million have decreased
4% from last year. The value of
our investment property is now
$5.4 billion, up 18.3% on 2021.
We are pleased with the overall
performance of the business for
2022. We have weathered multiple
challenges to deliver an increase in
our underlying profit, while the net
(IFRS) profit after tax includes the
impact of reduced fair value gain on
investment property compared to
the prior year. We have shown how
we can run the business effectively
during turbulent times, and continue
to position ourselves for growth into
the future. Despite these challenges,
we have kept our debt to an
appropriate level, and have achieved
strong growth in our balance sheet
during 2022.
The Board is pleased to declare
a final dividend of 11.6 cents per
share, payable on 23 March 2023.
Combined with our interim dividend
of 10.7 cents per share, shareholders
have received 22.3 cents per share
for the 2022 financial year — a 20.5%
increase over 2021.
Villages and care
Our care offering, and our
continuum of care model, is a very
important part of why our residents
choose to live at Summerset, it's
an integral part of our model as
a business. Residents want the
peace of mind that their needs will
be met if their care requirements
change while they’re living in our
villages. We have invested more
in care this year with our care
centre refurbishment programme,
which has been reviewing our
first generation facilities around the
country to ensure they meet the
needs and expectations of our
residents now and into the future.
Our Havelock North, Trentham and
Levin villages are all in various
stages of major upgrades to their
care centres to provide modern
and state-of-the-art facilities for our
current and future residents.
Our newest care centre (including
memory care centre) at our
Kenepuru village was completed
this year with residents moving in
February 2023. Our Te Awa (Napier),
Pāpāmoa (Tauranga) and Bell Block
(Taranaki) main buildings will be
ready for residents later in 2023 –
all will have our world-class care and
memory care centres.
As well as investing in new and
improved buildings, we've invested
in improving our residents' care
further with our new Kaitiaki
(wellbeing assistant) role. Our 70
Kaitiaki around the country provide
more one-to-one care for our
residents and support them both
physically and emotionally. This can
be from working with residents on
their physical health and increasing
their mobility, through to simply
spending more individual time with
residents to talk and provide much
needed interaction for their mental
health and wellbeing.
We, along with many of our
competitors, continue to be very
concerned about underfunding
in the wider aged care sector.
Summerset is part of a group called
Aged Care Matters that has spent
much of the year lobbying the
government about the serious risks
facing our sector.
Public funding for care services,
including daily care rates, is
insufficient to provide the exacting
standards of service that are rightly
expected. On average, providers get
$1
70 per night for providing rest-
home level aged care – less than a
hotel room or what the government
spends on emergency housing. The
bed is only a small part of the need
too; the funding doesn’t account
for the very complex needs that
aged care residents present with.
Providing care, meals, a room and
everything else for $170 a day is
unrealistic at best.
Well over 50% of the aged care
beds in New Zealand are provided
by not-for-profit providers who can’t
continue to run with funding gaps.
It's not just not-for-profit providers
either, a number of aged care
businesses around the country have
closed beds this year. More than
1,000 aged care beds closed in 2022
and with nowhere else to go our
elderly will fall back on the public
health system.
It’s estimated that in 40 years’
time New Zealand will need over
12,000 more aged care nurses,
7,700 more dementia beds and
15,000 aged care beds, but the
current funding model is pushing the
industry backwards and there’s no
way we’ll meet that demand.
In terms of our own services, we will
not compromise on standards. Our
residents expect a high-quality care
option if they need it, and we will
continue to invest in and provide
our care centres, as they are an
integral part of our offering for our
target audience. We can continue to
provide care because we are a large
business - our wider sector faces
systemic challenges though.
In addition to funding, finding
nursing staff has been an ongoing
issue for the sector this year. While
the borders opened up halfway
through the year, finding nurses
continues to be very difficult. It’s
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Annual Report 2022
estimated that there are more than
1,2
00 nursing vacancies in the sector
(nearly 25% of nurses required in
sector). Also, funding for aged care
nurses' salaries have been set at
between $15,000 to $20,000 a year
less than nurses with the same
qualifications and experience in
public hospitals.
Late in 2022, after years of
lobbying by industry groups, the
government announced a $200m
funding increase for aged care
nurses' salaries and that nurses
would be put on the fast-track
residency pathway. To date health
officials have not provided any detail
on the extra funding in terms of
how it will be allocated or when it
will start. Also the announced public
funds don't go far enough. Without
the ability to allocate the funding or
have certainty around when it will be
received the industry will continue to
see beds close and operators close
their doors. More funding and better
immigration pathways will be good
steps in the right direction, and they
will help the sector to retain nursing
staff, if we can get moving.
If the systemic funding issues within
aged care are not addressed, we
will see more providers closing
beds or shutting entirely. We will
continue to push for funding that will
ensure the health of our wider sector
and gives elderly New Zealanders
options when they need care.
Design and technology 
We continue to evolve our
design and offering to give our
residents meaningful and useful
facilities. Our dedicated research
and development team apply best-
practice design and innovation,
and importantly also gather insights
from residents’ experience of life
in our villages to continually look
at opportunities to improve our
offering. As an example, we've
focused on upskilling on dementia
care design and incorporating
our residents' experience and use
of our existing memory care
facilities in order to improve
our care offering further. Our
landscaping designs focus on
creating more communal areas,
including children’s playgrounds,
vegetable gardens, breakout spaces
for residents to use around the
village, petanque and bowling
greens and much more.
Outside of the physical environment
we continued to test and invest
in technology to enhance our
residents’ experience and lives.
Bringing the Best of Life is at
the heart of everything we do,
and we are always looking at
innovative ways to support all
aspects of wellbeing, and have
adapted since the pandemic to
ensure that we can offer quality
engagement opportunities both in
our recreation centres and at home.
Each of our villages has a dedicated
activities coordinator who provides
a calendar of activities for health
and wellbeing, catering for a broad
range of interests and supporting
social interaction.
We have designed our own
signature exercise programme, CB
Fit, which is an accredited falls-
prevention class as a part of the
“Live Stronger for Longer” initiative.
This is built on a foundation of
the 4Ps: Prevent, Protect, Progress
and Preserve, and we have recently
MultiBall wall in action with Summerset residents
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C H A I R A N D C E O ’ S R E P O R T
developed our own chair-based
exercise classes as an extension
of the standing strength and
balance class.
Our entertainment series
“Summerset Sessions” continues
to deliver a variety of content
live and on-demand to residents
regardless of where in the county
they are. These sessions include
“Cooking with a MasterChef”,
musical series “Summerset Sings”,
and “An Interview With...”
featuring well-known icons and
hosted by Summerset Ambassador
Jude Dobson.
We’ve invested in experience and
fitness technology such as virtual
reality to allow our residents to
“travel” to far-flung corners of the
world, and our MultiBall interactive
exerplay walls. We are utilising
health technology like PainChek
TM
to improve the quality of life of
residents living with pain.
Costs and procurement
We worked hard to secure long-term
contracts through our procurement
programme, which gave us certainty
during this time of inflation and
price volatility. We have very strong
relationships with our suppliers, and
we are a preferred partner with
many of them. Our relationships and
planning have meant that we’ve kept
a tight lid on construction costs over
the last 1
2 months.
This has led to a very healthy
development margin through 2022
of 29.7%. However, many of our
contracts are coming up for renewal
in 2023 and while we will work
hard to get the very best price
with our suppliers, we do expect
to see our costs increase. Over
the coming year we expect to see
our development margins return to
the 20-25% range we've provided
historically as market guidance.
We’re also seeing costs such as
rates and insurance increasing, like
any other business. Unlike many of
our competitors we don’t fix our
fees, so it means we have some
ability to flex our fees to meet
some of these costs while sticking
to our commitment to residents to
not increase our fees beyond the
increase to NZ Superannuation.
We continue to keep a tight lid on our
costs to ensure we set ourselves up
for long-term growth.
Growth and development
Our design and consenting
programme is very well positioned
in both New Zealand and Australia
and has continued well in 2
022.
In New Zealand we have a very well-
diversified portfolio with 76% of our
land bank consented. Our highly
consented portfolio gives us a lot
of flexibility in how and where we’re
building, depending on demand and
supply around the country.
We continue to hold the largest land
bank in the New Zealand retirement
village sector, allowing us to double
our current village population.
This year, we delivered a record
of 625 homes under Occupation
Right Agreement (ORA) and 26 care
beds in New Zealand to keep up
with customer demand. Our delivery
programme has become extremely
sophisticated, and we expect to
build 600-700 homes next year. Our
build rate means we continue to be
one of the top residential builders in
the country.
With an uncertain year ahead
we'll continue to monitor demand
and flex our build programme as
required. As part of a strategic review
of our building programme we made
the decision in December to put
our proposed Parnell village on hold.
Construction costs have escalated
significantly and with a declining
property market we considered it
prudent to pause in this environment
on the relatively complex build.
During 2023 we are building a lot
of need-based products, with three
main buildings opening around the
country which will all feature care
and memory care facilities, homes
that remain in high demand.
In Australia we are building a strong
land bank and like our New Zealand
programme, we plan to have a high
proportion of our sites consented
so we can move from one site to
another quickly.
In terms of land, we announced
the purchase of our Mernda site in
August and Drysdale in November,
our sixth and seventh Australian
sites respectively. We continue to
see huge growth opportunities in
Australia and we are very pleased
with our progress. We're looking
forward to welcoming our first
Australian residents in early 2024.
We are pleased with progress on our
Cranbourne North site where we will
deliver our first homes in Q4 of 2023.
Our Cranbourne North village has
a pipeline of 341 homes (including
72 care units) while our Chirnside
Park development, which received
consent in November, will provide
267 homes (including 72 care units).
Construction is planned to begin at
Chirnside Park later in 2023.
At our other five Australian sites our
planning process is well advanced
and we’re moving through the
various stages with the local
councils. We aim to have more
consents in place in 2023.
Our people
We continue to invest in our people
and focus on creating a positive
culture that supports our staff and
their careers and enables them to
bring the best of life to our residents.
In our care centres, we created a new
Kaitiaki role and have employed 7
0+
dedicated employees in our villages
around New Zealand in this role. The
Kaitiaki role was introduced as part
of our safe staffing programme to
support our care centre residents
and provide them with opportunities
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Annual Report 2022
and assistance to live their lives to
the fullest.
Our Kaitiaki come from diverse
professional backgrounds including
nursing, caregiving, and diversional
therapy, and their mission is to
deliver person-centred care to our
residents by engaging in one-on-
one activities and therapy sessions
to improve their overall health
and wellbeing. This dedicated role
is already reducing the number
of falls in the care centres and
helping to alleviate the workload
of our caregivers and therapists so
they can focus on their own roles
and duties.
Our staff have a lot to do when
caring for residents and their time
is limited. This year we’ve invested
in technology to make their lives
easier and to allow them more
time to focus on residents. These
include a mobile app for our
resident information management
and digital noticeboards.
Paying and recognising our staff
for the work they do is important,
particularly in the tight labour
market we found ourselves in this
year. Summerset’s nursing pay is
aged-care-market leading and an
important strategy for us retaining
nursing staff to care for our most
vulnerable residents.
In addition to pay we have continued
our work on diversity and inclusion
to understand the make-up of our
various sites around the country. The
more we know, the better we can
tailor our work to suit the needs of
staff in various locations.
We have also commenced
developing a new three-to-five-year
Health, Safety & Wellbeing strategy
to further improve our practices
right across Summerset.
We are pleased to report that just
over 6
00 permanent staff received
free Summerset shares this year as
part of the vesting of our annual
staff share scheme, and nearly 2,000
eligible staff received $1,000 of
Summerset shares which vest in
July 2025.
Sustainability
We have short-, medium- and long-
term sustainability goals to help us
focus not just on the here and now,
but to be strategic about what we’re
doing and how we’re doing it.
This year was the last year of
our short-term goal set off our
2017 base. The goal was to reduce
our emissions intensity by 5%
per million dollars of revenue, a
target we’re pleased to say we have
overachieved with a 16% reduction.
One of our biggest areas of
focus has been waste reduction
in our construction business. Our
construction teams have worked
extremely hard to identify where we
can do better and have teamed up
with Waste Management NZ to look
at all aspects of our waste across
our sites.
Our work with Waste Management
NZ has been recognised by
the Sustainable Business Network,
where we were a finalist for their
Outstanding Collaboration Award.
We were also pleased to be
recognised as a leader by Forsyth
Barr in their Inaugural Carbon and
ESG Ratings report. Summerset
was the 11th ranked company on
the NZX and the top retirement
village operator.
Artist impression of Summerset Cambridge
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C H A I R A N D C E O ’ S R E P O R T
Our medium- and long-term targets
are progressing well as we
continue to embed sustainability
into our business practices.
We are continually testing new
opportunities too, including solar
panels at our Nelson and Karaka
villages and to meet the needs
of our future residents, electric
vehicle (EV
) charging infrastructure
is being installed into all new
Summerset villages.
Our COVID-1
9 response
Our Operations team were aware of
the threat that the highly contagious
Omicron variant posed early in the
year and prepared ahead of the
first cases arriving in our villages in
January, including purchasing more
Personal Protective Equipment (PPE)
and Rapid Antigen Tests (RATs).
We had to remain nimble in our
response to this new variant and how
we balanced appropriate measures
with allowing our residents to
continue their lives as normally as
possible. At times we closed our care
centres and memory care centres
to protect our most vulnerable
residents, with our staff assisting
residents to stay in touch with their
loved ones electronically during
these times. As soon as we were
able, we reopened to allow that
all important face-to-face contact
to occur.
COVID-1
9 impacted our staffing
throughout the year too, and we
had to work hard to make sure we
had enough staff in place to care
for our residents. We’re very proud
of the response from our staff and
the effort they put in, often above
and beyond, to keep our residents,
visitors and each other safe.
We’d like to thank our residents’
families and loved ones who worked
with us and followed the various
precautions we had in place to
protect residents and staff.
It wasn’t just our villages that
saw the impact of COVID-19,
our construction sites were
also impacted with Omicron
repeatedly affecting our teams and
subcontractors. In the face of this we
had to stay flexible in order to keep
delivering. Where we had people
or teams isolating, we changed our
plans and focused on other parts
of the site to stay on time. Even
with these issues we’ve done what
we said and delivered 625 homes
this year.
Board changes
We are sorry that Anne Urlwin
will retire after nearly nine years
on the Summerset Board on
28 February 2023. Anne has
provided great experience and
leadership throughout her time at
Summerset. During her tenure we
have grown from 18 villages to 38,
and resident numbers have more
than doubled.
The Summerset Board has
welcomed Andrea Scown this
year. She has joined as part of
the Institute of Directors Future
Directors programme which aims
to develop New Zealand’s next
generation of directors and provide
experience in large companies
around the country.
Andrea is currently CEO of Mitre10
and we feel that while we can
provide her with a valuable insight
into governance of a large and
successful listed company, we in
turn will gain valuable insight from
Andrea into the New Zealand
consumer and construction sectors.
Looking forward
Despite the rocky economic
conditions New Zealand has
experienced during 2
022, we have
continued to grow and achieve.
We’ve met our target build rate,
and our first retirement village in
Australia is taking shape, with the
second consented and now under
construction. We are adding to our
significant land bank and have the
ability to grow significantly in both
New Zealand and Australia over the
coming years.
We remain optimistic for the year
ahead and that we are well prepared
to deal with an uncertain economic
period in 2
023 while continuing to
grow. We have a prudent capital
structure, we can flex our build
rate as demand dictates, we are
focused on our cash generation, and
we'll continue to closely monitor our
costs during this period.
While we are managing our costs
closely, we will continue to invest
in bringing the best of life to
our residents with new technology,
village upgrades and care.
Subject to economic conditions we
look forward to continued growth in
the year ahead.
Finally, on behalf of the Board
and management, we’d like to
thank our investors, residents and
partners for your commitment to,
and belief in, Summerset’s goals and
future. We’d also like to thank our
Summerset team, their families and
their support networks for another
very successful year.
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
1 1

10
DIVERSIFIED PORTFOLIO
We benefit from a geographically
diverse portfolio that gives us
the flexibility to adapt our build
rate depending on local market
conditions. For investors, we
are primarily a growth stock,
with a clear strategy to continue
expanding in New Zealand
and Australia.
LOOK AFTER OUR
RESIDENTS
We want our residents to feel
secure and respected, and our
consistently high satisfaction
rates reflect that. Our villages
are part of their local
communities and provide jobs
and amenities.






























































































































































O
N
E

T
E
A
M































































































































































S
T
R
O
N
G

E
N
O
U
G
H

T
O

C
A
R
E




































S
T
R
I
V
E

T
O

B
E

T
H
E

B
E
S
T
BUY LAND IN DESIRABLE
PLACES WHERE PEOPLE
WANT TO RETIRE
BUILD AND MAINTAIN
HIGH-QUALITY VILLAGES
HIRE SKILLED STAFF
AND HELP THEM THRIVE
LOOK AFTER OUR
RESIDENTS AND PROVIDE
EXCELLENT CARE
CREATE SUSTAINABLE
VALUE FOR STAKEHOLDERS
WHILE PROTECTING
THE ENVIRONMENT
Bringing the
best of life
DELIVERING VALUE TO OUR STAKEHOLDERS
BUILD HIGH-QUALITY
ASSETS
We pride ourselves on building
and maintaining villages that
are well designed, well located,
and that enable our residents to
interact with the community.
Our expanding geographical
presence is based on being in
growing regions with strong
potential for investment gains.
PROTECT THE ENVIRONMENT
We have short-, medium- and
long-term sustainability plans
in place to reduce our carbon
emissions intensity over time
and to monitor our progress and
performance. Our innovative
medium-term sustainability linked
loan arrangement was a first for
the sector in New Zealand.
HIRE SKILLED STAFF
AND HELP THEM THRIVE
We recognise our people as
our most important asset.
They underpin our ability to
deliver the best of life to our
residents. We celebrate their
diversity and are committed
to ensuring all our staff are
well remunerated, motivated
and safe.
Annual Report 2022
1 2

11
I
N
F
L
U
E
N
C
E

W
H
A
T

W
E

D
O
I
N
F
L
U
E
N
C
E

A
N
D

B
E
N
E
F
I
T

F
R
O
M

T
H
E

V
A
L
U
E

W
E

C
R
E
A
T
E
Our
stakeholders
PUBLIC
REGULATORS
COMPETITORS
STATUTORY
SUPERVISOR
RESIDENTS
AND FAMILIES
INVESTORS
COMMUNITIES
EMPLOYEES
SUPPLIERSGOVERNMENT
RESIDENTS AND FAMILIES
Our residents are the thousands
of New Zealanders who choose
to live in our villages, and their
family and whānau. Families are
important to us for the enormous
role they play in residents’ lives
and their decision-making around
retirement living and care.
GOVERNMENT
Through our villages, we help the
government take care of elderly
New Zealanders. In particular
we offer specialised care for
those who are frail or are living
with dementia.
EMPLOYEES
Our highly trained staff combine
expertise in clinical care, design,
construction and operations.
That combination of knowledge
enables us to provide a high-
quality offering.
COMMUNITIES
Our villages form part of local
communities and we also provide
significant sponsorship for
local community groups. We
help boost residential housing
supplies and provide invaluable
services, including rest-home,
hospital and dementia care.
SUPPLIERS
We invest in national
infrastructure in the form of
our villages, and generate
work and incomes through
our supply chain, benefitting
businesses and local economies.
INVESTORS
Our investors range from
individuals to institutions.
As a growth-focused company,
we manage risks prudently and
look to provide our shareholders
with an appropriate return
through our dividend policy and
share price appreciation.
C H A I R A N D C E O ’ S R E P O R T
1 3

Annual Report 2022
Snapshot
Our people
7,400+
Residents
2,400+
Staff members
95%
Village resident
satisfaction
 
Our care
94%
Care resident
satisfaction
1,161
Care units
(which includes beds)
in portfolio
1,379
Care units
(which includes beds)
in land bank in
New Zealand and Australia
Our portfolio
5,518
Retirement units
$5.8b
Total assets
FY21 $
4.9b
5,985
Retirement units
in land bank in
New Zealand
and Australia
39
Villages completed or
under development
1,007
Sales of
Occupation Rights
11
Greenfield sites
Our performance
$269.1m
Net profit after tax
FY21 $5
43.7m
$171.4m
Underlying profit
FY21 $1
41.1m
$369.2m
Operating cash flow
FY21 $383.4m
1 4

13
OUR PHILOSOPHY
OF CARE
INDEPENDENT LIVING
4,570
Villas, cottages, townhouses
and independent apartments
( TOTAL U NITS)
ASSISTED LIVING
948
Serviced
apartments
( TOTAL U NITS)
SPECIALISED CARE
1,161
Rest-home care, Memory care,
Hospital care
( TOTAL U NITS)
H I G H L I G H T S
1 5

2022
Highlights
APRIL
Q1 sales results released – our highest Q1 ever
with 279 sales.
Announcement of our 2021 staff Applause
Award winners (winners were celebrated at a
Covid-delayed event in October).
JUNE
Purchased 10 virtual reality kits to travel
around our villages to give our residents
experiences they may not otherwise
be able to witness.
Rolled out PainChek® an iPhone app that uses
artificial intelligence to identify the presence
of pain in an older person when it cannot
be verbalised.
JULY
Principal sponsor of the new Wellington Free
Ambulance ‘Onesie Day Ambulance’
JUN
OCTOBER
Announced our partnership with Hato
Hone St John sponsoring their therapy
pet programme.
FEB
JUN
OCT
JUL
1 6

FEBRUARY
Ordered our first two EVs to begin our fleet
change to electric.
MARCH
Celebrated Caregiver and Frontliner Day
by creating a gratitude wall where staff,
residents, their families and anyone else
could publicly share messages of gratitude
for our frontliners.
NOVEMBER
Celebrated our
25th birthday.
DECEMBER
Summerset
Chairman Mark
Verbiest named
Chairperson of the
Year at the Deloitte
Top 200 awards
OCT
DEC
MAR
SEP
AUG
AUGUST
Announced a half-year
underlying profit of $82.5m
(up 9.2% on last year).
Purchase of Fairy Springs
site in Rotorua, Lansdowne
in Masterton and Mernda
in Melbourne.
SEPTEMBER
Named as a finalist in the Sustainable Business
Network’s Outstanding Collaboration award
for our work on construction waste with Waste
Management NZ.
Building consent granted for the first of our five
lightweight and mass timber main buildings – to
be built at Summerset Mt Denby (Whangārei).
Flew the flag in solidarity with MATES in
Construction who are aiming to reduce suicide
and mental health issues.
NOV
H I G H L I G H T S
1 7

Annual Report 2022
Portfolio growth
            25 years of consistent growth and delivery (total units
1
in portfolio)
6,6796,679
6,0286,028
5,3575,357
4,9444,944
4,5904,590
4,0844,084
3,5763,576
3,0353,035
2,6012,601
2,2972,297
1,9731,973
1,8011,801
1,6791,679
1,5991,599
1,3841,384
1,2581,258
1,1961,196
1,0221,022
959959
879879
755755
656656
593593
337337
247247
6,0286,028
5,3575,357
4,9444,944
4,5904,590
4,0844,084
3,5763,576
3,0353,035
2,6012,601
2,2972,297
1,9731,973
1,8131,813
1,6791,679
1,5991,599
1,3841,384
1,2581,258
1,1961,196
1,0221,022
959959
879879
755755
656656
593593
337337
247247
247247
651651
671671
413413
354354
506506
508508
541541
434434
304304
324324
160160
122122
8080
215215
126126
6262
174174
6363
8080
124124
9999
6363
256256
9090
New units delivered
Existing stock
'22
'21
'2
0
'19
'18
'17
'16
'15
'14
'13
'12
'11
'10
'09
'08
'07
'06
'05
'04
'03
'02
'01
'00
'99
'98
01,2002,4003,6004,8006,0007,200
1 Units include all retirement units and care units (including care beds)
1 8

P O R T F O L I O G R O W T H
            25 years of consistent growth and delivery (total units
1
in portfolio)
6,6796,679
6,0286,028
5,3575,357
4,9444,944
4,5904,590
4,0844,084
3,5763,576
3,0353,035
2,6012,601
2,2972,297
1,9731,973
1,8011,801
1,6791,679
1,5991,599
1,3841,384
1,2581,258
1,1961,196
1,0221,022
959959
879879
755755
656656
593593
337337
247247
6,0286,028
5,3575,357
4,9444,944
4,5904,590
4,0844,084
3,5763,576
3,0353,035
2,6012,601
2,2972,297
1,9731,973
1,8131,813
1,6791,679
1,5991,599
1,3841,384
1,2581,258
1,1961,196
1,0221,022
959959
879879
755755
656656
593593
337337
247247
247247
651651
671671
413413
354354
506506
508508
541541
434434
304304
324324
160160
122122
8080
215215
126126
6262
174174
6363
8080
124124
9999
6363
256256
9090
New units delivered
Existing stock
'22
'21
'2
0
'19
'18
'17
'16
'15
'14
'13
'12
'11
'10
'09
'08
'07
'06
'05
'04
'03
'02
'01
'00
'99
'98
01,2002,4003,6004,8006,0007,200
1 Units include all retirement units and care units (including care beds)
1 9

Annual Report 2022
2 0

O U R P E O P L E A N D C O M M U N I T Y
Our people and
c
ommunity
Our 31 retirement villages are vibrant
and diverse communities. Summerset is proud
to be home to over 7,4
00 residents and to
employ over 2,400 staff.
Our COVID-1
9 response
This year was another challenging
one for residents with the ongoing
COVID-19 pandemic changing the
landscape again with the arrival
of the Omicron variant. We were
prepared, having invested early
in Personal Protective Equipment
(PPE), Rapid Antigen Tests (RATs),
air purifiers and air quality monitors
before cases arrived in our villages
in January, but the need to lock
down parts of our villages and cancel
communal activities at times was
tough on residents and staff alike. 
Also, we had extremely high rates
of vaccination in all of our villages
which helped to provide further
protection to our residents during
this challenging year.
Our care and memory care
facilities, are home to a population
particularly vulnerable to COVID-19,
and we were forced to close the
centres to visitors at times. During
these lockdowns we concentrated
on giving our residents every
opportunity to connect with their
family and friends digitally, and on
containing the outbreaks as quickly
as we could to allow visits and
valuable human interaction. We’re
extremely proud of how our team
responded and protected each
other, our residents and our visitors.
We’re also grateful to our residents’
families and friends for working with
us while we had to change and
restrict visits during these outbreaks.
We have learnt a lot about managing
COVID-19 over the last few years
and our team understand how best
to care for our residents when
we do experience cases. COVID
precautions are now a core part
of how we manage the health and
wellbeing of our residents in care.
Protecting our villages
We can’t say enough about the
dedication of our staff in protecting
our residents during 2022. Very early
on we invested in ‘fit testing’ of N95
masks to make sure our staff had
not only the right mask, but the
best possible fit. N95s have been a
very important tool in protecting our
staff, residents and visitors from the
spread of COVID-19.
As the country moved down
alert levels and settings there
remained an increased risk of
community transmission so we
typically maintained a more cautious
approach with our vulnerable
care and memory care residents.
Influenza immunisation was also
prioritised for vulnerable groups,
and we facilitated immunisation
clinics at all villages for residents
and staff who valued the access to
added protection. 
Infection prevention and control
remained a priority throughout the
year and we continued with many
of the hygiene and safety measures
introduced early in the pandemic,
including good ventilation, use of
extensive PPE and cohorting of our
teams to minimise any chance of
cross-contamination. We welcomed
the government’s easing of PPE
requirements in the latter part of
the year, and we removed the
requirement for our care centre
visitors to provide RATs prior to
seeing their loved ones.
Engaging residents
We pride ourselves on the
opportunities - socially, physically
and mentally - that we can provide
our residents to bring them the
best of life. Naturally COVID-1
9 has
made us think and work differently
to provide meaningful and engaging
activities for our residents.
2 1

Annual Report 2022
39
1,720
MESSAGES
LAUNCHED
258
VIDEO
CALLS
1,452
RADIO
LAUNCHED
2,390
NEWS ARTICLES
LAUNCHED
447
COMMUNITY
ACTIVITIES
LAUNCHED
105
LUMINS
IN USE
LUMIN KENEPURU TRIAL 1 AUG TO 9 NOV 2021 KEY STATISTICS
Image above: Paul Wilson, CEO and Co-Founder of Lumin; Kirsty Herbert, Summerset Lumin Project
Manager & Ross McKenna, Summerset on the Landing resident.
LUMIN KENEPURU INSTALL NOV 2022 KEY STATISTICS
980
NEWS ARTICLES
LAUNCHED
1,613
RADIO
LAUNCHED
327
MESSAGES
LAUNCHED
540
VIDEO
CALLS
Annual Report 2022
2 2

O U R P E O P L E A N D C O M M U N I T Y
While, as restrictions changed, we
were able to bring more and
more in-person activities back to
our villages, we had to move
many of our events and activities
online to protect residents. One
positive of the pandemic was how
it challenged us to think differently
about making events accessible to
residents throughout the country
and creating some memorable and
unique opportunities.
We developed a suite of options for
our residents including “Summerset
Sessions” – a virtual entertainment
programme, to be enjoyed at home
or together in village lounges where
possible. The programme included
concerts, cooking lessons (with
former Master Chef winner Brett
McGregor) and interviews with well-
known Kiwis including Dame Valerie
Adams, Sir Graham Henry and
David Lomas.
We are still very focused on in-
person and interactive activities,
particularly now that the threat
of COVID-1
9 has reduced, and
we now have a national activities
programme that is accessible to our
residents who are less mobile or are
concerned about mixing in larger
groups. It’s also a great way to link
our wider village network.
We have also been using virtual
reality (VR) technology to enhance
our resident experience, whether
during times of limited visiting or for
those who struggle to get outdoors.
VR is one way to enhance the
quality of life of all Summerset
residents, with studies showing
positive physical, psychological,
and emotional outcomes after VR
engagement. VR kits have been
purchased to be rotated through
villages, offering residents access to
a diverse library of immersive virtual
content such as swimming in the
Caribbean or visiting the Louvre.
Rather than our annual satisfaction
survey, we have adopted a
continuous listening approach to
drive improvements that our
residents tell us are important to
them. We survey our residents
regularly on a number of aspects of
village life to understand what is and
isn’t working for them. This allows
our village managers to understand
and change things within their
village to better reflect the needs
and wants of their residents.
Our food services are very important
to our residents, so based on
their feedback and needs we
have completed moving our food
services in-house earlier this year
with the goal of increasing the
consistency of service for our
residents. We were pleased that
existing staff were transferred across
from our outsourcing providers and
became Summerset employees,
receiving our market-leading staff
benefits and higher wage rates.
Technology
We committed to investing $4.5m
in frontline staff as well as digital
innovations this year, not just to
keep our residents safer, but also
to improve their experiences every
day. These included:
•PainChek
®
After a successful trial in
our Levin village, we are
proud to be the first New
Zealand aged care provider
to implement this innovative
tool throughout our villages.
PainChek is an app available on
smart phones and tablets, that
uses artificial intelligence and
facial recognition technology to
identify the presence of pain
in people who can’t verbalise
it. Additionally, PainChek has
the ability to capture data
directly into our resident
management
system. This smart
system is far faster and more
accurate than the traditional
pain assessment tools, it helps
vulnerable residents and frees
up our staff to do more for our
residents by automating many of
our processes.
•Lumin
In Kenepuru (Wellington), we
completed the trial of a
digital services platform, called
Lumin, for our independent-
living residents. Kenepuru
has since had Lumin rolled
out permanently and we’re
preparing to roll this out
nationally. Lumin is run through a
dedicated 1
7-inch screen or iPad.
Lumin allows residents to stay
connected to village life from
the comfort of their home,
providing the ability to receive
newsletters, instant messages
and emergency alerts from the
village team, view and book
village activities, special events
and outings, and to connect with
loved ones.
•MultiBall Wall
Summerset is one of the first
in the world, and the first in
Australasia, to introduce MultiBall
exergaming technology into a
retirement village and aged care
environment. MultiBall enables
our residents to enjoy sports
and brain-stimulating games in
a fun and intuitive manner.
While physical activities help with
balance, agility and directional
changes, memory games have
interactive components that
help with cognitive skill
development. Residents with
mobility issues who may
require a walker, wheelchair
or other assistive devices can
still participate as there are
options for games that can be
played while seated. Allowing
for multiple players at once,
MultiBall has the added benefit
of increasing our resident’s social
engagement, not to mention
great fun for the family and
grandchildren to enjoy when
they visit.
2 3

Annual Report 2022
Enhancing our services
and our care
We continued to introduce and roll
out new measures and initiatives to
improve the lives of our residents
and to ensure that those who are
more vulnerable receive excellent
care. Our care offering, and our
continuum of care model, is a very
important part of why our residents
choose us, and we want to ensure
we continue to be ahead of best
practice to bring the best of life to
our residents. 
Our memory care centres are a
specialist feature of our villages and
are tailored for those needing secure
dementia care. We have once again
been re-accredited as a dementia-
friendly organisation, recognising
our demonstrated commitment to
person-centred care.
To support our memory care teams
at a national level, and to continue to
upskill
our team, we have appointed
two new dementia specialists. These
roles are in place to offer knowledge
and expertise in the growing field
of dementia care that will continue
to give our residents the best
possible experience in our care.
Person-centred care means to put
the person, our resident, at the
centre of all decisions made around
their wellbeing – especially in the
care centre where they may not be in
a position to take care of themselves.
To empower residents in this way,
we introduced 70 new Kaitiaki
(Wellbeing Assistant) roles in our
villages who will provide the desired
level of personalised care and
quality one-on-one time for each
resident. Our Kaitiaki roles were
introduced as part of our safe
staffing programme to support our
care centre residents and provide
them with more opportunities for
personalised care and support.
Kaitiaki come from diverse
professional backgrounds including
nursing, caregiving and diversional
therapy, and their mission is to
deliver person-centred care to our
residents by engaging in one-on-
one activities and therapy sessions
to improve their overall health and
wellbeing. This can be as simple as
spending more time with residents
through to helping residents at meal
times or improving their physical
movement (see case study).
We are seeing an improvement
in the physical, mental and social
wellbeing of numerous residents,
and staff and family are seeing the
meaningful impact on the lives of
our residents.
Having provided aged care services
for more than two decades it
is necessary for us to invest in
upgrading our older care centres
and facilities to provide modern,
state-of-the-art facilities that meet
the needs and expectations of our
current and future residents. This
year our care centre refurbishment
programme has seen our Havelock
North, Trentham and Levin villages
commence with the rollout of
upgrades to their care centres.
The Havelock North refurbishment
is the first of these to get underway
and does require care residents to
relocate to other facilities, preferably
nearby and within the Summerset
village network. We understand
how disruptive this is for our care
residents and our team will work
very closely with residents and their
A resident and staff member from Summerset at Avonhead enjoy a puzzle
2 4

O U R P E O P L E A N D C O M M U N I T Y
families to ensure the moves are as
easy as possible with minimal
disruption. For our Havelock North
residents,
they have the opportunity
to move to our brand new care
facility in Te Awa, once it has opened
and we deliberately held off on the
refurbishment programme to allow
these transfers to take place, if
residents choose to stay with
Summerset. We recognise that this
is not always easy on our residents
and staff but we believe it’s a
necessary imposition in order to
provide the best possible care
offering for our residents now and
into the future.
This year we completed the
construction of our Kenepuru village
main building which accommodates
our new care and memory care
centres, with residents moving in in
February of 2023. Additionally, our
Te Awa (Napier), Pāpāmoa
(Tauranga) and Bell Block (Taranaki)
main buildings will be ready for
residents later in 2023, also offering
our world-class care and memory
care centres.
However, across the aged care
sector nationally, the strong and
increasing demand for care and
memory care continues to be
unmet. We have joined forces with
providers from around the country
and the Aged Care Association of
New Zealand in a group called Aged
Care Matters to continue to
advocate for realistic government
funding in aged care, including the
issue of pay parity for aged care
nurses.
Public funding for care services,
including daily care rates, is
insufficient to provide the exacting
standards of service that are rightly
expected. On average providers get
$170 per night to provide rest home
level aged care; however, this
funding doesn’t account for the very
complex needs that aged care
residents often present with.
In addition to funding, rates for aged
care nurses salaries have long
needed
adjusting. While Summerset
has market leading salary packages
for nurses, public funding for aged
care nurses has been between
$15,000 to $20,000 a year less than
nurses with the same qualifications
and experience in public hospitals.
Late in 2022, after years of
lobbying by industry groups, the
government announced a $200m
funding increase for aged care
nurses' salaries and that nurses
would be put on the fast-track
residency pathway. We're pleased to
see some recognition of the issues in
the sector and these are good steps
in the right direction, as they will help
to retain nursing staff in aged care,
but it doesn’t go far enough. To date
health officials have not given any
further detail on the new funding,
including how it will be allocated and
when it will start, they're moving too
slowly. Without the ability to allocate
the funding or have certainty around
when it will be received the industry
will continue to see beds close
and operators close their doors.
More funding for nurses and better
immigration pathways will be good
steps in the right direction, and they
will help the sector to retain nursing
staff, if we can get moving.
The $200m increase doesn't
address aged care's funding issues.
If the systemic lack of funding within
aged care is not addressed, we will
see more providers closing beds or
shutting entirely. We will continue
to push for funding that will ensure
the health of our wider sector and
Kaitiaki case study
Our Kaitiaki roles are part of our commitment to providing the best of
life to our residents. Every Summerset village has at least one Kaitiaki,
dedicated to providing more one-to-one care for our care centre
residents to improve their health and wellbeing.
One of the best success stories we’ve seen in the last year, which
highlights the benefits of our Kaitiaki role, comes from our Summerset
in the Vines (Havelock North) village. Our resident, Iona, had been
bedbound for 1
8 months following a stroke. Iona had been told that
she may not walk again and told the team that she didn’t think she
ever could.
Our Kaitiaki carer started working with Iona to assist with her exercise
and the rehabilitation exercises from her physiotherapist. They decided
on a goal of being able to walk to her son’s car so she could go on an
outing with him.
From April to July the Kaitiaki, Iona and her physiotherapist worked
towards this goal, making incremental improvements with our Kaitiaki
encouraging and motivating Iona throughout the process. It started
small with Iona learning to stand unaided followed by small steps within
her room to build her movement and confidence. Later the exercises
included working on car transfers to ensure Iona could get into and out
of a car safely and confidently.
In July Iona was able to use her walking frame to independently walk to
her son’s car and have her first outing. Since then she’s been out and
about a lot more. Iona continues to work with the team at Summerset in
the Vines to improve her walking and she’s taking part in more and more
of village life.
2 5

Annual Report 2022
give elderly New Zealanders options
when they need care.
For us at Summerset we will not
compromise on our standards of
care
and we will continue to provide
care to the very best of our ability to
our residents. Our care centres have
been, and continue to be, an integral
part of our offering and we intend
to keep providing the continuum
of care offering that makes us
attractive to prospective residents.
Elevating our clinical care
Older people continue to enter
aged care services with complex
health and social needs, and
deserve access to specialised
clinical care delivered by competent
and appropriately remunerated
registered nurses. We were
delighted that our Head of Clinical
Services was appointed to the
national Nursing Leadership Group
(NLG) this year. The NLG has
members from throughout the aged
care sector as part of the New
Zealand Aged Care Association
and is the recognised voice
of aged care nursing in New
Zealand. The NLG has a focus
on workforce recruitment, retention
and development, including
supporting registered nurses in aged
care to work to their full potential,
and promoting effective leadership
in the sector.
We have continued the excellent
work in clinical care with medication
optimisation. Many of our residents
have been prescribed a range
of medications for multiple health
conditions, and sometimes people
are on medications that they no
longer need or are no longer the best
option for them. Working closely
with our clinical pharmacist, other
experts and our prescriber networks
we make sure only medications
necessary are being given to
residents for better quality of life and
to ensure better outcomes for them.
We continue to lead and support a
cross-sector clinical benchmarking
group to share anonymous data for
key clinical indicators, and look to
share learnings and improvements
in clinical outcomes across the
aged care sector. The group now
represents all major aged care
operators in New Zealand with the
benchmarking data covering half of
all aged care beds.
Lifting our profile
The retirement village sector is
a highly competitive environment
and we’re seeing an increase in
advertising spend and reach across
a number of our competitors.
Summerset’s brand of an active,
vibrant life, where age is just a
number, continues to be strong,
and research indicates we are the
market leader on consideration. It
is also pleasing that one year on
from the roll out of our television
commercials our research shows
our advertising campaign has been
well received by audiences and
continues to retain relevance.
Our marketing activities are
designed to reach older New
Zealanders in their communities
and to reinforce the support
we offer locally. We are proud
to be increasing the range of
organisations we’re supporting, and
finding sponsorship opportunities
that align with our brand and
our values.
Summerset is proud to sponsor Netball NZ.
Photo by Michael Bradley Photography
2 6

O U R P E O P L E A N D C O M M U N I T Y
In September, World Alzheimer’s
Month, we announced our new
partnership with Alzheimers NZ. We
are committed to being dementia
friendly and were among the first
aged residential care providers
accredited under Alzheimers NZ’s
Dementia Friendly Recognition
Programme. Dementia is a growing
problem in New Zealand and
services aren’t always available to
meet the demand. For this reason,
partnerships are crucial for the
work that needs to be done to
ensure everyone has access to the
education and support they need.
The
partnership will provide support
for Alzheimers NZ’s work, including
information and advice, advocacy,
support for frontline services, and
Dementia Friends.
COVID-19 has made fundraising
extremely difficult for many charities.
Street appeals were very difficult
under the traffic light system and
meant a big source of annual income
was interrupted. We were pleased
to partner with Wellington Free
Ambulance (WFA) to be the principal
sponsor of their brand new ‘Onesie
Day Ambulance’ and to kickstart
their annual appeal with a donation.
WFA is the only free ambulance
service in the country and has been
vital to many of our residents and
their families.
Hato Hone St John is similarly
valuable and we were proud
this year to become the major
sponsor of the St John Therapy
Pets Programme. Therapy pets is
a popular community programme
bringing canine companions to rest
homes, bedsides and classrooms
around the country, where a dose
of unconditional love from an animal
has the potential to reduce stress
and put a smile on everyone’s
face. Our support will allow St
John to grow this highly beneficial
programme. Additionally, all our
villages will support St John by
fundraising for their annual appeal.
In addition to Alzheimers NZ, WFA
and Hato Hone St John, we provided
our continued support through
partnerships with organisations
in key areas that are important
to our residents and their
families. These include:
•Bowls NZ
•Dementia NZ
•Netball NZ
•New Zealand
Symphony Orchestra
Our villages continue with
grassroots support and are currently
working with around 1
90 local
community clubs, including bowls,
golf, croquet, bridge and tennis. We
also work with Age Concern, Rotary,
the RSA, Working Men's Clubs and
Women's Groups.
Engaging our people
Our people are an integral part
of everything that Summerset
offers and we are immensely
proud of them and the work they
do. The COVID-1
9 challenges of
2021 continued with us into the
early part of 2022, but despite
this, we are pleased that our
employee engagement score has
increased even though the median
score for organisations we have
benchmarked against has fallen. 
Giving our staff the right tools
when they join us assists them to
perform at their best. This year we
have continued our work to further
improve our induction, orientation
and onboarding processes and
tools, and we're tailoring these for
a number of key roles.   
Emphasis on retaining talent in the
current environment is critical, and
our nursing turnover at 31 December
2022 is at its lowest in the past five
years, it's also 20% below the rest
of the sector
1
. Summerset is among
the leading employers in terms of
reputation, pay and benefits in the
aged care industry.
We have continued to roll
out our leadership development
programmes as it is important
to us to build leadership
capability internally. We’ve also
undertaken talent mapping and
succession planning more widely
across the company, which is
particularly important in a tight
employment market. 
Our employee benefits provide
another opportunity for us to
differentiate ourselves as an
employer of choice in a competitive
environment and we are one of
the market leaders in terms of our
benefits package. 
We are committed to the
protection and promotion of the
health and wellbeing of all our
staff. We’ve surveyed our staff
to build our knowledge around
what impacts their wellbeing and
supplemented this with a series
of Wellbeing by Design workshops.
We have promoted and delivered
resilience
training and mental health
awareness to the majority of
our frontline managers, through
programmes including Mindfulness
Month, Mental Health Awareness
Week, the GoodYarn and MATES
in Construction.
Attracting those with
the right skills
We were very pleased to see
the borders reopen earlier in
the year as this allows us to
supplement our hiring in the
current market conditions. We
successfully achieved accredited
employer status for Immigration
New Zealand's new (
2022)
programme and are already
recruiting key positions across
nursing, construction and design.
Where we are bringing in overseas
nurses we are helping them
to upskill, complete Competency
1NZACA 2
021-22 Industry Profile published July 2022
2 7

Annual Report 2022
Assessment Programmes and we
have partnered with Lonsdale
Education Centre to assist with
navigating through these skills and
qualification requirements. 
Attracting talent in a highly
competitive market is very
tough, particularly in nursing and
construction, and keeping them
is tougher. New Zealand is a less-
attractive destination due to pay and
immigration requirements making
us one of the lowest in the OECD. We
want to give our future talent more
confidence about coming here,
and we have specialist recruiters
in place to support this and to
find quality people to bring to join
our Summerset team. We are also
focusing on building the pipeline
for
nursing, construction and design
talent, through both recruitment
initiatives and the development of
well structured career pathways.
Building safety into
everything we do
We remain committed to creating
safe work environments for our
people and ensuring that we are
leaders in health and safety. During
FY22 we started developing a new
three-to-five-year strategy which
will be completed and in place
during FY23.
Within Construction, we are
extremely conscious of the
industry's poor statistics around
suicide and poor mental health,
and we became a foundation
partner of MATES in Construction
to build awareness of the issue. As
part of this we are doing regular
“health checks” with our people
and our subcontractors to provide
a supportive environment in which
good conversations, awareness
and support are available. We
are also working on behavioural
safety through building capability
and having better conversations to
engage our teams and suppliers
in a positive way to drive our
safety culture.  
Staff engagement
1
Percentage (%)
Peakon
53%53%67%67%69%69%67%67%7.77.77.87.87.77.77.87.8
Past survey providerPeakon
20162017201820192019202020212022
0
10
2
0
30
40
50
60
70
0
4
8
1 Peakon was provided with the 2019 raw data to ensure year-on-year consistency,
noting different scoring scales (67% = 7.7)
Employee retention
Percentage (%)
74%74%
79%79%
82%82%
75%75%
73%73%
2018
2
019
2020
2021
2022
020406080100
Workplace injury rates (Summerset Group)
2.522.52
2.152.15
2.732.73
4.254.25
4.534.53
3.673.67
5.625.62
4.614.61
5.055.05
6.226.22
6.216.21
4.924.92
Recordable injury frequency rate
Lost-time injury frequency rate
2017
2
018
2019
2020
2021
2022
01234567
2 8

O U R P E O P L E A N D C O M M U N I T Y
It is encouraging that we are a
market leader in the industry with
health and safety reporting. In
construction, our total recordable
injury frequency rate is less
than three incidents per 2
00,000
operative hours. This is our lowest
ever at a time when we we’re doing
more than ever. 
It is paramount our sites are safe,
and to this end we continue to use
SiteWise prequalification as well as
quarterly external Site Safe audits
to check our performance against
best practice. Both Operations and
Construction have robust site-based
processes and internal audits. All
these measures are in addition to the
extensive processes and practices
we used to manage the Health &
Safety of our residents and staff at
our villages because of COVID-19. 
However, sadly we had our the first
death on one of our construction
sites in November this year
when Marin Construction scaffolder
Michael Noche died following an
incident at our St Johns site. This,
of course, was devastating for us as
a company and we'll do everything
we can to avoid it happening again.
WorkSafe NZ are still completing
their investigation into the incident
and we have cooperated fully with
them throughout this time. We
will assess their report when it's
completed and look at what, if
anything, should be improved on
our construction sites to prevent a
future tragedy.
Expanding our commitment to
diversity and inclusion
At Summerset we celebrate diversity
in all its forms. We are committed to
an inclusive culture where everyone
feels a sense of equity, inclusion
and belonging at work. In 2021
we launched a three-year plan to
progress this important aspect of
our culture, the COVID-19 pandemic
delayed a number of initiatives
which are now being fast tracked to
be completed in FY23.
Research with our staff provided
important insights on how we
can best accommodate the needs
and expectations of our diverse
multicultural workforce. To help
us create a more inclusive
environment, we need to ensure we
meet the needs of different staff
across our many work sites and help
to build awareness of those needs
with managers.
To support this, senior leaders have
completed Diversity and Inclusion
Leadership training this year and
we're rolling this out to all people
managers in FY23. Our Diversity
and Inclusion Steering Group
continues to influence change
across the organisation.  
In order to understand more
about our people, we undertook
demographic data gathering from
employees across the company,
with 72% of our people so far having
shared information to the level to
which they are comfortable. This
information will allow us to target
future programmes and efforts in the
right areas and to give us a better
understanding of the make-up of our
staff around the country, and what's
important to them. 
Summerset is partnering with MATES in Construction
2 9

Annual Report 2022
3 0

S T R O N G W A V E O F G R O W T H
Strong wave
of gr
owth
The New Zealand population aged 75 and over is forecast to almost triple in the next 50 years.
New Zealand population 75+
Percentage (%)
New Zealand population 75+
(left axis)
% population 75+
(right axis)
2002
2007
2012
2016
2021
2023
2028
2033
2038
2043
2048
2053
2058
2063
2068
2073
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
0
3
6
9
12
15
18
 
Per annum New Zealand population growth 75+
New Zealand population 75+
per annum growth
1997 – 2002
2002 – 2007
2007 – 2012
2012 – 2016
2016 – 2020
2020 – 2023
2023 – 2028
2028 – 2033
2033 – 2038
2038 – 2043
2043 – 2048
2048 –2053
2053 –2058
2058 –2063
2063 –2068
2068 – 2073
0
5,000
10,000
15,000
20,000
25,000
30,000
Source: Statistics New Zealand – National Population Projections
3 1

Our
villages
Annual Report 2022
3 2

O U R V I L L A G E S
Protecting our residents, staff and
visitors from COVID-1
9 was a huge
focus for much of the year after
the Omicron variant arrived in our
villages, on our construction sites
and around New Zealand, in January.
COVID-19 has not impacted sales at
our villages. In fact, over the year,
the continued restrictions further
highlighted the positives of being
part of a safe and welcoming
village community where residents
can benefit from our continuum of
care model if they need it, along
with the opportunities to build new
friendships and pursue a range
of activities.
This strong interest and subsequent
sales drove a record level of sales
that has carried through to our full-
year result.
Record levels of interest
Until COVID-1
9 restrictions eased
in the latter part of the year,
we were again challenged to
be adaptable in capturing and
managing interest from prospective
residents. We adopted the use of
online presentations and undertook
a lot more phone calls throughout
the sales process, particularly in
the Auckland market where village
visits were often restricted due to
COVID-19 outbreaks.
We were pleased, as restrictions
eased, to welcome our prospective
residents back to our villages face-
to-face and to be able to run open
days at developing villages around
the country. There’s nothing like
being able to show people our
villages and letting them touch and
experience our product.
We had record levels of interest in
our developing villages with presale
rates in 2
022 being the highest we
have ever achieved and we recorded
1,007 Occupation Right sales for
the year. Our development pipeline
remains strong to continue to meet
the demand for our retirement
living offering, with more developing
villages coming around the country.
The first block of new villas at
our new Prebbleton village in
Canterbury were completed and
we welcomed our first residents
in October. In Cambridge the
first of our villas for delivery
were completed in December
and received strong interest and
presales. At the end of the year
we also completed the Kenepuru
village main building and we look
forward to welcoming residents into
the serviced apartments, care centre
and memory care centre at the
village in February 2023. In Lower
Hutt we were delighted to kick off
presales of the much-anticipated
Boulcott village development.
We also continued with record levels
of interest with strong waitlists at our
completed villages.
Selling down our
Ellerslie village has
been a significant
milestone for us given
that it is such a large
village. We achieved a
record 1
25 unit sales at
our Avonhead village -
the largest number of
units we’ve sold in one
year at one village.
While demand has been high
and sales strong we were also
cognisant that with the easing in
the residential property market,
settlement timing will move back to
the more regular level seen before
the pandemic property bubble.
Largely, our incoming residents are
not experiencing much delay, but if
necessary we have mechanisms in
place
to assist prospective residents
with affordability challenges to help
them to move into their new village
community while in the process of
selling their home.
Our residents are motivated to move
to Summerset based around factors
such as their lifestyle, health and
desire for more community. This
motivation doesn’t change during
property market cycles. We have
a range of products from villas
through to serviced apartments to
cater to different demands and
price point,s and we continue to be
priced below the median property
price. We remain optimistic that we
can weather an uncertain economic
period comfortably and continue
to see high demand and sales
throughout 2023.
To further encourage those who are
looking to downsize to consider one
of our villages, we introduced in
2021 an in-house moving service to
support residents moving into our
villages. We are the only retirement
village provider offering this in-
house service and the response has
been so overwhelmingly positive
we now have moving specialists
across our four busiest markets
- Auckland, Hamilton, Wellington
and Christchurch.
3 3

Annual Report 2022
Kenepuru village winning the coveted
Developing Village of the Year Award
Our consultants are available to
help those interested in moving
into one of our villages. We
have also had significant success
with delivering downsizing and
decluttering seminars to our
database of prospective residents.
These are examples of how we
continue to innovate our customer
service to help people make what
can be challenging choices about
their retirement years.
Strength in our
building programme
We have invested approximately
$
428 million into our build
programme this year. Year-on-year
increases mean we remain the
largest constructor in the New
Zealand retirement village sector
and are in the top five residential
construction companies in New
Zealand. To this end, we successfully
completed our annual New Zealand
building target of 600 units under
Occupation Right Agreement with
625 units completed during the year.
That impetus and consistency to
deliver year-on-year ensures we are
well positioned to meet ongoing
increases in sector demand, and
we expect to build 600-700 homes
in FY23.
This year’s delivery achievement
is even more remarkable given
the impact of COVID-19 within the
construction sector across resource
and materials. The construction
industry has reported that more than
70 percent of major construction
projects have been delayed,
whereas we have been able to meet
our delivery targets. All our villages
under construction met their year-
end delivery targets, and several new
sites were mobilised despite supply
chain issues and material shortages.
There are a number of reasons
for this significant achievement,
including robust procurement,
planning and consenting processes,
and designing most of the villages in-
house. We also have long-standing
reliable supply agreements that have
enabled us to secure materials well
in advance.
Our teams
were simultaneously
building on 1
6
sites this year,
including completing
our main building
at our Kenepuru
(Porirua) village.
Kenepuru is our largest commercial
build ever – a 13,000 square metre
building. Our Te Awa, Pāpāmoa
and Bell Block main buildings will
be ready for residents later in
2023 too, and like Kenepuru these
buildings will have our world-class
care and memory care centres. The
number of sites we have delivering
means we have the ability to
accelerate or decelerate deliveries
across regions to ensure the best
return on investment.
3 4

O U R V I L L A G E S
We completed the first release
of villas at our Prebbleton
(Canterbury) village in August.
This village showcases a grand
entrance avenue, indicative of the
distinctiveness and individuality
we aspire to in future village
master plans.
Our Waikanae village
development is also
progressing well.
A major earthworks exercise saw us
move approximately 300,000 cubic
metres of earth in record time to
enable the site to be prepared. Villa
construction started in early January.
We have invested in our
procurement programme and it
has reaped dividends. We now
have a very mature procurement
function which has seen us through
these uncertain times. This is
contributed to by securing and
maintaining excellent relationships
with our suppliers. We are also highly
regarded by our subcontractors,
which has been crucial as with so
much work on they have options,
but
they continue to choose to work
with us thanks to our reputation and
commitment to quality.
We remain confident that we’ll get
the best value for money we can
with our procurement function but
we’re conscious that many of our
contracts are up for renewal in 2023
and we will see cost rises. Currently
we're not seeing any reduction of
prices on the horizon so we continue
to closely monitor our costs and look
for the best possible ways to buy and
build at scale without compromising
on quality.
As part of a strategic review of our
building programme we made the
decision in December to put our
proposed Parnell village on hold.
Construction costs have escalated
significantly and with a declining
property market we considered it
prudent to pause in this environment
on the relatively complex build.
During 2023, other than at our St
Johns and Boulcott sites, the vast
majority of our building will be
low-intensity structures which will
help us to keep a lid on costs.
Also, we're starting to see early
signs of more labour supply with
increased subcontractor availability.
Many construction companies are
pausing or rationalising some of
their programme in light of cost
increases which means, coupled
with the now open borders, we hope
to have more labour available for
our projects around the country.
Also, while New Zealand continues
to
face high levels of inflation we are
hopeful that the construction sector
is starting to normalise.
Commitment to vibrancy
and innovation
It is important to us to build vibrant
villages
with superior amenities, and
we want our built environments to
lead the sector. For each village’s
design we consider its unique
setting and work to create great
passive and active outdoor spaces
for residents to enjoy communally
or by themselves. These include
children’s playgrounds, outdoor
BBQ areas, and as featured in our
Cambridge and Milldale villages, a
lovely wintergarden.
Artist impression of Waikanae village where
villa construction started in early January 2
023
3 5

Annual Report 2022
At both our Bell Block and
Cambridge villages we have
collaborated with local iwi on
landscape features and pocket parks
to
make the villages not only a really
nice, enjoyable place to live, but also
acknowledge the land’s history.
We believe that part of our point of
difference is these added touches
that give residents something more
than just a high-quality home.
It adds to their community and
gives the village a sense of place
containing varied elements for
residents to enjoy.
To accelerate our drive for
innovation and sustainability in
design and construction, this year
we have embedded a design
Research and Development team
to ensure we fully meet the
customer’s built-form needs of
today and tomorrow.
A major sustainability initiative has
been the introduction of significant
cross-laminated timber elements
into our main building structures,
saving 50 tonnes of embodied
carbon per building. Our Summerset
Mt Denby village in Whangārei
will have our first such lightweight
main building, eliminating 760
cubic metres of concrete in favour
of timber. The main buildings
at Summerset Cambridge and
Prebbleton will follow the same
sustainable design.
We’ve also invested in an innovation
and performance manager looking
at onshore/offshore opportunities
as we want to find better and
faster methods that still maintain our
exacting quality requirements.
We are proud of our building designs
and quality and were delighted to
also achieve external recognition
of our commitment to excellence
with industry awards. Our Richmond
main building was a finalist in the
Property Council awards, the first
time a Summerset building has
been entered.
The largest land bank in the sector
To meet demand, we have further
strengthened our development
pipeline both in New Zealand
and Australia and we continue
to have the largest land bank of
any retirement village operator in
New Zealand.
Our highly consented
portfolio gives us a lot
of flexibility
to how and
where we're building
depending on demand
and supply around
the country.
This year we announced land
acquisitions in Masterton and
Rotorua in New Zealand, and Mernda
and Drysdale in Victoria, Australia.
The Wairarapa, where our proposed
Masterton village will be located, has
a rapidly growing aging population
with the number of people aged
75+ forecast to increase 5
0% in
the next six years. It’s also just
over the hill from Wellington and
we believe many Wellingtonians will
relish the chance to retire among the
Wairarapa’s vineyards, golf courses
and settled climate. Development
can follow a plan change to rezone
the land to residential, for which
a council hearing is scheduled in
early 2023.
The Rotorua area doesn’t have a
retirement village offering like ours
currently, and with a strong 75+
population expected to increase by
30% in the next six years we believe
demand for the proposed village will
be very high.
Our Mernda site is a 30km drive
north-east of Melbourne’s CBD
in a growing suburban area that
is very well serviced by a wide
range of social, recreational and
retail amenities.
Drysdale is on the popular Bellarine
Peninsula, not far from Geelong,
an area with significant planned
investment. The site itself provides
excellent access to numerous
amenities in the area including
Clifton Springs Foreshore Reserve,
Clifton Springs Golf Club and the
Lake Lorne Recreation Reserve.
Also, we continue to see growth
opportunities throughout Auckland.
Earlier in the year we lodged a fast-
track resource consent application
under COVID-1
9 legislation enacted
to accelerate shovel-ready projects
for our proposed Half Moon
Bay village.
Our plans in Australia are
well advanced
Our Australian business is
progressing at pace, and we have
continued to invest in building the
capability and capacity of the team.
We are excited to introduce
Australians to our high-quality
integrated model of village living,
which includes a full range of
retirement units, from independent
living villas, townhouses and
apartments to serviced apartments,
care and memory care beds.
Australia’s rapidly growing elderly
population is forecast to see those
aged 75+ increase by 1
40% to
4.1 million in the next 30 years and
we are building a strong land bank
like our New Zealand programme.
Our current pipeline will see
us build more than 2,140 units
accommodating some 2,500
residents with an aggregate project
investment of $1 billion.
3 6

O U R V I L L A G E S
We plan to have a high proportion of
our sites consented so we can move
from one site to another quickly,
much like we do in New Zealand.
This year we acquired additional
new sites at Mernda and Drysdale,
bringing our number of Australian
sites to seven, all in Victoria.
Cranbourne North is our first
Australian site to have begun
construction. A significant piece of
work being undertaken by Major
Road Projects Australia on the road
running parallel to the village slowed
us down initially as we had to work
within their timeline to connect
our facilities infrastructure to the
site. We are now pleased to be in
alignment with them and progress
is well underway to see us deliver
our first units in Q4 2
023 with the
first residents moving in in 2024. The
development will deliver 145 villas
and townhouses, 72 aged care units,
50 serviced apartments and a one-
hectare public reserve.
Our site in Chirnside Park was
consented in early November
following a unanimous vote by the
Yarra Ranges Council. It is pleasing
to have secured the permit in under
nine months, which now paves the
way for construction to start in 2023.
At our other five sites,
our planning processes
are well advanced.
We’re moving through the various
stages with local councils, expecting
to have more consents in place
in 2
023.
While the New Zealand and
Australian markets have many
similarities, there are also important
differences. As our Victorian sites are
climatically different, the footprint
of our villas in Australia is larger
and there is more emphasis on
outdoor living.
Our integrated offering of
independent living and care is also
relatively new in the Australian
market, with aged care often being
a stand-alone offering. Our designs
are
contemporary in nature, and the
build form matches the expectations
of the market and tailors our villages
to the locations we’re building in.
Our proposed village in Torquay,
for example, will reflect the coastal
identity of where it will be built.
 
2
new land acquisitions
in Australia in 2
022
Cranbourne North - Summerset's first
Australian site to begin construction.
3 7

11
Our
villages
Completed villages
In development
Proposed villages
Auckland Region
4
3
2
1
Northland
Waikato
22
11
Taranaki
Hawke’s Bay
31
Manawatū – Wanganui
Wellington Region
33
1
Marlborough
Canterbury
1
Otago
3
1
Bay of Plenty
11
11
Nelson – Tasman
1
1
14
Annual Report 2022
3 8

Bay of Plenty
PORT
PHILLIP
BASS STRAIT
Victoria
61
Greater
Geelong
Western
Melbourne
North Eastern
Melbourne
Eastern
Melbourne
Southern Melbourne
Frankston-Mornington
Bayside
Chirnside Park
Craigieburn
Cranbourne North
Oakleigh South
Mernda
MELBOURNE
Torquay
Drysdale
WESTERN
AUSTRALIA
O U R V I L L A G E S
3 9

* New sites purchased
NEW ZEALAND LAND BANKDESIGNCONSENTINGCONSTRUCTIONVILLAGE OPENFINAL STAGES
Hobsonville, Auckland
Rototuna, Hamilton
Casebrook, Christchurch
Avonhead, Christchurch
Richmond, Tasman
Kenepuru, Wellington
Te Awa, Napier
Pāpāmoa Beach, Tauranga
Bell Block, New Plymouth
Whangārei, Northland
Prebbleton, Canterbury
Cambridge, Waikato
St Johns, Auckland
Lower Hutt, Wellington
Waikanae, Kāpiti
Blenheim, Marlborough
Rangiora, Canterbury
Milldale, Auckland
Parnell, Auckland
Half Moon Bay, Auckland
Kelvin Grove, Palmerston North
Fairy Springs, Rotorua*
Landsdowne, Masterton*
Annual Report 2022
Our pipeline
4 0

Summerset’s Mernda site in Melbourne acquired in 2022
* New sites purchased
AUSTRALIAN LAND BANK DESIGN CONSENTINGCONSTRUCTIONVILLAGE OPENFINAL STAGES
Cranbourne North, Melbourne
Chirnside Park, Melbourne
Craigieburn, Melbourne
Oakleigh South, Melbourne
Torquay, Victoria
Mernda, Melbourne*
Drysdale, Victoria*
O U R V I L L A G E S
4 1

Annual Report 2022
4 2

O U R C O M M I T M E N T T O S U S T A I N A B I L I T Y
From going green
to thinking gr
een
We take our commitment to sustainability very
seriously and we’ve worked hard to embed
sustainability right across our business.
Since our base year, 2017, we
have been measuring, managing
and reporting on our carbon
footprint and we’re proud that we
were the first net carbonzero™
retirement village operator in
New Zealand. Toitū Envirocare
began independently auditing our
emissions to the ISO1
4064-1
standard in 2018, and we have
been increasing our commitment
to sustainability ever since (see
verified audit on the Toitū
website www.toitu.co.nz).
Over the last five years
we’ve significantly reduced our
construction waste (and exceeded
our targets), became the first
retirement village operator to
obtain sustainability linked lending,
introduced a science-aligned target,
joined the Climate Leaders Coalition
(the only retirement village operator
to do so) and changed many
practices across our business from
fertiliser use to travel.
We’ve moved past the ‘going green’
phase to thinking green right across
the company. We’ve integrated
sustainability into business decisions
and we’re challenging ourselves in all
parts of our business to do better.
We were very pleased to have
Forsyth Barr, in their Inaugural
Carbon and ESG Ratings for NZX
listed companies, name us as one
of the 'Leaders' on the NZX and 11th
overall. We were also the top-rated
listed retirement village operator.
It was very pleasing to have this
external acknowledgement of our
work to date.
All this is not to say there’s not more
to do – there is. We have three
sustainability targets across the
short, medium and long term and
these targets guide our approach
covering activities within operations,
construction and development, as
well as involving our residents.
Our emissions profile
Summerset’s total emissions in
2
022 were 8,549 tCO
2
e, which
is an increase on our 2017
base year of 5,939 tCO
2
e.  As
Summerset’s portfolio grows and
the number of villages in operation
increases, it means our absolute
carbon emissions will continue to
increase.  We are pleased that the
growth in emissions per square
metre of developed land has
decreased by 17% when compared
to our base year of 2017. Our existing
and new buildings are becoming
more efficient and less carbon
intensive as our portfolio grows.
Our emissions profile includes
Scope 3 mandatory and additional
emissions from residents captured
under waste to landfill and
electricity. Resident electricity
consumption contributes to 2
6% of
our overall footprint with energy
consumption overall accounting for
77% of our total carbon emissions.
Final year of our first short-
term target
Our short-term target was put in
place in 2
018 and ran until the
end of 2022. It kicked off our
sustainability activity and has been
an important driver for us to learn
more about what we do and how
we do it, and how to educate
and engage our staff, residents and
other stakeholders.
The Toitū-verified net carbonzero
target aimed to reduce our
emissions intensity by 5% from our
2017 base year. This target was
intensity-based and focuses on the
key areas of energy, waste to landfill,
paper use, fertiliser and travel.
4 3

Annual Report 2022
We used intensity-based targets
because they helped us to analyse
lowering our emissions while we’re
growing as a business. To measure
these areas, we used two key
measures of efficiency: total
emissions per $million of revenue,
and total emissions per square
metre.
Throughout the five years of the
short-term target our emissions
intensity has steadily dropped, and
against our mandatory target of
emissions per $million of revenue
we have achieved an excellent 1
6%
reduction based on a rolling average
and adjusted for inflation.
We’re very proud of the progress
we’ve made: a 16% reduction
demonstrates our commitment over
the last five years to reduce our
carbon footprint. A new five-year
target that will run until the end of
2027 has been set for scopes 1 &
2 and scope 3. Our new scope 1
& 2 target is to reduce emissions
intensity per square metre by 34% by
2027 (against base year 2022). This
target is science-aligned and in line
with the 1.5 degree of warming limit.
We have defined focus areas that
keep us on track to meeting
our targets: 
ENERGY
We’ve decreased our energy
consumption per square metre
(including resident consumption
and losses) by 1
4% when compared
to our 2017 base year. This has been
achieved through energy efficiency
programmes, LED lighting upgrades
and fuel switching opportunities. 
2022 key focus areas
Energy 7
7%
Travel 12%
Waste 1
1%
Paper 0.3%
Fertiliser 0.1%
Emissions intensity – tCO
2
e per $million of revenue
tCO
2
e
5454
4949
4242
3737
3535
3636
2017
2
018
2019
2020
2021
2022
0204060
4 4

WASTE
Our construction sites have invested
a huge amount of time and effort
into waste diversion in partnership
with Waste Management NZ. Our
waste avoidance programme was
recognised by the Sustainable
Business Network which made
us a finalist in their Outstanding
Collaboration Award in 2
022. The
programme
diverted 1,276 tonnes of
waste from landfill and saved ~238
tCO
2
e in its first year.
PAPER
Our paper use has decreased by
50% per resident when compared
to our 2
017 base year. Initiatives
such as follow me print, the use of
low carbon paper, and transitioning
resident invoices and newsletters to
email and online have all contributed
to this improvement.
FERTILISERS
We have reduced the amount of
nitrogen-based fertiliser we use
around our village gardens and
landscaping and we’ve increased
the number of drought-friendly
plants in our gardens. 
TRAVEL
We expected a rise in travel
emissions as the country reopened
following COVID-19,
our expansion
into Australia and increase in the
number of villages across New
Zealand.  The increased adoption
of remote and virtual working
will assist in keeping our travel
emissions down.
Alongside actively working to
reduce our emissions, we offset the
emissions we can’t avoid through
purchasing carbon credits. This year
we chose to again invest in Hinewai,
an ecological restoration project on
the Banks Peninsula of New Zealand.
The primary aim of this project is
to foster regeneration of native
vegetation and wildlife.
Emissions intensity – tCO
2
e per square metre
tCO
2
e
0.01560.0156
0.01490.0149
0.01330.0133
0.01220.0122
0.01220.0122
0.01290.0129
2017
20
18
2019
2020
2021
2022
00.0060.0120.018
Energy emissions – tCO
2
e per square metre
tCO
2
e
0.011570.01157
0.011120.01112
0.009470.00947
0.009440.00944
0.009640.00964
0.009950.00995
2017
20
18
2019
2020
2021
2022
00.0050.010.015
4 5

Annual Report 2022
Summerset Mt Denby in Whangārei, our first of five
lightweight and mass timber buildings
Continued progress on our
medium-term target
Our medium-term (
2026)
performance targets are based on
our sustainability linked lending
facility which we announced
last year.
We were the first
retirement village
operator in New
Zealand to link
sustainability to our
funding arrangements.
The facility enables us to access
reduced lending rates by linking
our sustainability targets to our
medium-term business strategy.
There are three key deliverables
associated with this arrangement:
ongoing dementia certification and
increasing provision of dementia
beds; reduction in our emissions
intensity per square metre; and
a reduction in construction waste
going to landfill.
We are very pleased with our
progress – we have exceeded our
first term target for our construction
waste avoidance programme where
we’ve made significant changes
to our processes and looked right
throughout our supply chain to
find efficiencies.
Similarly we remained on track
with meeting our carbon emission
intensity reduction targets.
While we continue to be dementia
accredited there were some delays
which caused us to miss our target
for new memory care beds this year.
Our two new memory care centres
at Kenepuru (Wellington) opens in
February 2023 and Te Awa (Napier)
will open mid 2023.
This is a cumulative medium-term
goal though, and as we have a
number of dementia beds opening
in 2023, we are very confident we’ll
meet this target.
Our long-term goals
We introduced our long-term
science-aligned target in late 2
020
which supports our involvement
in the Climate Leaders Coalition,
Carbon Disclosure Project (CDP),
Toitū and our sustainability linked
lending arrangements.
This target means we have
committed to reducing our
emissions intensity by 62% per
square metre by 2032, from our 2017
base year. This year we invested
in a decarbonisation plan to assist
in the transition to a low-carbon,
climate-resilient future and to define
the pathway toward meeting our
science-aligned target.
Energy use currently accounts for
77% of our carbon emissions, so
to achieve this target we recognise
that we will need to move to more
renewable energy sources. We have
taken a number of steps to start this
process including the introduction
of a biomass boiler that uses
wood pellets, and we’ve successfully
introduced solar panels on the
clubhouse at our Nelson village.
4 6