1Q23 Metrics – Sales of Occupation Rights

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

NZX & ASX RELEASE

11 April 2023

1Q23 METRICS – SALES OF OCCUPATION RIGHTS
Summerset Group reported 210 sales for the quarter ending 31 March 2023, comprising 115
new sales and 95 resales.
Summerset CEO Scott Scoullar said this was a credible result, given the tough market
conditions and the phasing of Summerset’s new home construction delivery programme.

“While new sales are lower than the first quarter of 2022, we only delivered 57 new homes in the
first quarter of 2023.

“We continue to be on track for delivering 625 to 675 new homes in 2023. Over 75 percent of our
new homes will be delivered in the second half of the year, which includes three new main
buildings at Summerset Palms (Napier), Summerset at Pohutukawa Place (New Plymouth) and
Summerset by the Dunes (Papamoa).”

Mr Scoullar said that 95 resales in the first quarter is lower than expected and was primarily
related to timings associated with residents settling and moving in.

“We have 41 more contracted resales homes when compared to contracted resale stock at the
end of 2022. We’re pleased to see a high number of contracted homes, this puts us in a good
position moving into Q2 and Q3.”

Summerset’s growth continues with two major village openings in the first quarter.
“We were very pleased to open our new village centre at our Summerset on the Landing
(Kenepuru) village in February. The new building has 123 new units, including Serviced
Apartments, Care and Memory Care suites, over 40 percent of which have already been
contracted or settled.
“Our fourth Waikato village, Summerset Cambridge, also opened this quarter and welcomed its
first new residents,” said Mr Scoullar. Once complete, the village will have approximately 260
homes with a mix of villas, apartments and serviced apartments.
“Our first Australian village at Cranbourne North, Victoria, is progressing well with earth works
and civil works substantially progressed, and construction is due to commence immediately after
Easter on our first homes within the village.
“Looking ahead we are committed to working with our prospective residents across New
Zealand to enable them to move into our villages easily and confidently while they complete the
settlement of their homes.”
ENDS

YTD23 SALES OF OCCUPATION RIGHTS

1Q23

New sales 115
Resales 95
Total 210


FY22 SALES OF OCCUPATION RIGHTS



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


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



For investor relations enquiries: For media enquiries:
Will Wright Louise McDonald
Chief Financial Officer Senior Communications Advisor
will.wright@summerset.co.nz louise.mcdonald@summerset.co.nz
021 490 251 021 246 3793


ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 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.