2Q23 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 July 2023


2Q23 METRICS – SALES OF OCCUPATION RIGHTS
Summerset Group is pleased to report 273 sales for the quarter ending 30 June 2023,
comprising 126 new sales and 147 resales, the highest number of resale settlements in a
quarter the company has ever seen. Summerset has achieved 483 settlements for 1H23.
Summerset CEO Scott Scoullar said the result is pleasing and indicative that demand for the
company’s retirement living offering remains strong, despite a period of tough property market
conditions, which now appear to be easing.
Uncontracted new sale stock decreased by 17% from 308 as at 31 December 2022, to 256
units, with 152 new homes delivered in the period.
The company has construction in progress at 17 sites around New Zealand and continues to be
on track to deliver approximately 625-675 homes in FY23. While that range provides for
flexibility, it expects it will deliver closer to the lower end as the company actively and prudently
manages deliveries to property market conditions.
“Our deliveries are heavily weighted to the second half of the year, which includes main building
deliveries at Summerset Pohutukawa Place in Bell Block, New Plymouth, and Summerset Palms
in Te Awa, Napier, with both already having strong levels of presales for Serviced Apartments”.
In Australia, construction at Summerset’s Cranbourne North village is well underway with
presales commencing next month and the first homes expected to be finished by the end of the
year.
ENDS

YTD23 SALES OF OCCUPATION RIGHTS

1Q23 2Q23 1H23
New sales 115 126 241
Resales 95 147 242
Total 210 273 483


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 39 villages completed or in development nationwide.
• In addition, Summerset has three proposed sites at Rotorua (Bay of Plenty), Kelvin
Grove (Palmerston North), and Masterton (Wairarapa).
• Summerset also has seven properties in Victoria, Australia (Chirnside Park, Craigieburn,
Cranbourne North, Drysdale, Mernda, Oakleigh South and Torquay).
• Summerset provides a range of living options and care services to more than 7,400
residents.