Financial Results for the Year Ended 31 December 2023

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

26 February 2024

SUMMERSET POSTS $190.3M 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 2023 of NZ$190.3 million, up 11.0% on
FY22.
Net profit after tax (IFRS) was NZ$436.3 million for the year ended 31 December 2023, the
company’s second highest ever NPAT.
Summerset Chief Executive Scott Scoullar said 2023 had been a very good year for Summerset,
despite a very challenging macroeconomic environment.
“We are very pleased with this result. We have continued to deliver value for our residents and
shareholders during a year which has been one of the most challenging we’ve seen as a
company. Increasing inflation, recruitment shortages and a falling residential property market
made business difficult throughout the year, and yet we withstood those challenges and
continued to grow,” Mr Scoullar said.
Summerset delivered a record 1,103 ORA sales for 2023 up 10% on FY22.
“This result has again shown, that while the residential property market has an influence on our
business, our strong sales and demand pipeline demonstrates that we are not solely dependent
upon it to grow. Our residents are often motivated by life events such as community, security
and health when coming to Summerset. We continued to see these motivating factors prompting
moves into our villages.”
Mr Scoullar said Summerset continued to deliver for residents this year with continued high
satisfaction scores and external acknowledgement of their work.
• Underlying profit for FY23 of NZ$190.3 million, up 11.0% on FY22
• Net profit after tax of NZ$436.3 million, up 62.1% on FY22
• Total assets of NZ$6.9 billion, up 18.9% on FY22
• Two new sites acquired this year in New Zealand
• 1,103 total sales of occupation rights, up 10% on FY22
• 643 new homes under occupation right agreement (ORA) delivered
• Land bank total of 5,571 retirement homes and 1,338 care homes across NZ and
Australia
• Gearing ratio at 34.7%
• Development margin of 31.6%
• Final dividend of NZ13.2 cents per share


• F

“Our resident satisfaction scores have remained extremely high this year with 96% of village
residents and 95% of care residents telling us they are very satisfied or satisfied with their
experience with us.
“We’ve also won a number of awards this year including Aged Advisor’s “Best Provider
Nationwide” at their annual People’s Choice Awards and gold for the Reader’s Digest 2024
Quality Service Award in the Retirement Villages category. The most satisfying aspect of these
awards are that they’re voted for by consumers, including many of our residents. It’s an honour
that many of our residents and their families nominated us.”
Summerset also achieved a record year of construction, meeting its build target, delivering 643
homes under ORA. These included serviced apartments, care suites and memory care suites
delivered with the opening of three main buildings at the company’s Kenepuru (Wellington), Bell
Block (New Plymouth) and Te Awa (Napier) villages throughout the year.
Mr Scoullar said Summerset reported a development margin of 31.6% up from 29.7% in FY22,
driven by improved margins across all unit types which continue to benefit from long-term
supplier relationships and well managed procurement contracts.
“In addition to our strong build programme delivery in New Zealand, we were pleased to have
achieved the significant milestone of delivering our first Australian homes at our Cranbourne
North village in Victoria. We look forward to welcoming our first Australian residents in March.”
said Mr Scoullar.
Construction will begin at Summerset’s second Australian village, Chirnside Park, and the
company’s Oakleigh South and Craigieburn sites have both received consent.
In New Zealand the company also welcomed the first residents at four new villages at
Cambridge, Boulcott (Lower Hutt), Waikanae, and Milldale (Auckland).
Summerset grew its development pipeline in New Zealand, achieving resource consent for its
Half Moon Bay (Auckland) and Kelvin Grove (Palmerston North) sites and announcing the
purchase of two new sites in Rolleston (Christchurch) and Mosgiel (Dunedin).
“We continue to look for opportunities to expand our portfolio and grow our business to introduce
more New Zealanders and Australians to our retirement village lifestyle,” said Mr Scoullar.
Having navigated through a challenging 2023, Mr Scoullar said that Summerset is optimistic for
the year ahead, remaining focussed on growth while providing an excellent retirement
experience for residents.
“We expect to deliver 675-725 homes in 2024, including Stage 1 of our St Johns village in
Auckland, our first multi-level village, delivering four of the seven buildings comprising the main
building, care centre and sixty percent of the village’s homes.”
Shareholders will receive a final dividend of NZ13.2 cents per share, bringing the total dividend
payable for FY23 to NZ24.5 cents per share, up 9.9% on FY22.

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
+64 21 246 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 six proposed sites at Half Moon Bay (Auckland), Rotorua
(Bay of Plenty), Palmerston North (Manawatu), Masterton (Wairarapa), Rolleston
(Christchurch), and Mosgiel (Dunedin)
• Summerset also has two villages in development (Cranbourne North and Chirnside Park)
and five other properties in Victoria, Australia (Craigieburn, Drysdale, Mernda, Oakleigh
South and Torquay)
• Summerset provides a range of living options and care services to more than 8,000
residents

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)



Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 12 months to 31 December 2023
Previous Reporting Period 12 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$272,203 14.0%
Total Revenue $272,203 14.0%
Net profit/(loss) from
continuing operations
$436,319 62.2%
Total net profit/(loss) after tax $436,319 62.2%
Underlying profit* $190,289 11.0%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.132 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 11 March 2024
Dividend Payment Date 22 March 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$11.10 $9.44
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (annual report, media
release, results presentation and distribution notice).
* Underlying profit is a non-GAAP measure and differs from
NZ IFRS profit for the period. Underlying profit does not have
a standardised meaning prescribed by GAAP and therefore may
not be comparable to similar financial information
presented by other entities. The Directors have provided an
underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised
components of fair value movement of investment property,
impairment and tax expense in the Group’s income statement.
The measure is used internally in conjunction with other
measures to monitor performance and make investment
decisions. Underlying profit is a measure which the Group
uses consistently across reporting periods. Underlying profit is
used to determine the dividend pay-out to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number 027 506 5562
Contact email address Robyn.heyman@summerset.co.nz
Date of release through MAP

26 February 2024

Audited financial statements accompany this announcement.

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X
Record date 11/03/2024
Ex-Date (one business day before the
Record Date)
08/03/2024
Payment date (and allotment date for
DRP)
22/03/2024
Total monies associated with the
distribution
1

$30,925,142.42400000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.13200000
Total cash distribution
3
$0.13200000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.04356000

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
12/03/2024 18/03/2024
Date strike price to be announced (if
not available at this time)
19/03/2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
12/03/2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

26/02/2024

---

Full year
results
presentation
Full Year Report 2023

Agenda
Full Year Report 2023
Full year results presentation
Our highlights
Our strategy
Our community
Our environment
New Zealand development
Australia development
Financial performance
Business performance
Appendix
02
03
04
05
06
07
08
2
09
01

Our
highlights
Full Year Report 2023
3
Summerset Cambridge, Waikato District

FY23 investor highlights
Our highlights
4
Full Year Report 2023
Record underlying profit of $190.3m, up 11% from $171.4m in
FY22
Net profit after tax (NZ IFRS) of $436.3m, up 62% from
$269.1m in FY22
Record realised development margin of $121.2m, up 16% on
FY22 and realised resale gain of $88.1m, up 26% on FY22
Net operating cash flows of $398.2m, a company record and
up 8% from $369.2m in FY22
Total assets now $6.9b, up 19% on FY22, total equity of $2.6b
and sector leading net tangible assets per share of $11.10
Record 1,103 total settlements comprising 560 new sales and
543 resales, up 10% on FY22
Committed sales pipeline of 395 units under contract at 31
December 2023, an increase of 11% on FY22
Excellent resident satisfaction scores maintained, retirement
villages achieving 96%, and care centres 95% in 2023
Four new villages opened in New Zealand, at Blenheim, Lower
Hutt, Milldale and Waikanae and first Australian retirement
units delivered at Cranbourne North (Melbourne)
Record underlying profit of $190.3m in FY23, up 11% on FY22 with strong sales pipeline in place to start FY24
Summerset at Monterey Park (Hobsonville)

Record underlying profit of $190.3m up 11% on FY22
Full Year Report 2023
Our highlights
Record underlying profit of $190.3m in FY23, up 11% on FY22 with strong sales pipeline in place to start FY24
1,103
1,007
FY22
643
FY22
625
Units delivered to be sold
under Occupation Right*
$1.6b
Embedded value
$1.5bFY22
FY227,364
6,909
$436.3m
Net profit after tax
FY22$269.1m
Underlying profit
FY22FY22
$398.2m
$369.2m
36.5%
FY2237.5%
$190.3m
$171.4m
31.6%
FY2229.7%
Net operating cash flows
Development marginResales cash margin
Sales of
Occupation Rights
New Zealand and Australia
land bank (including care)
5
* 633 units in New Zealand and 10 units in Australia to be sold under Occupation Right Agreement

Record underlying profit of $190.3m up 11% on FY22
Full Year Report 2023
Our highlights
Consistent asset growth over time continues to strengthen balance sheet
6
Underlying profit
Total settlements of occupation rights
Total assets
Net operating cash flows
382
339
329
404
540
537
560
300
301
323
381
438
470
543
-
200
400
600
800
1,000
1,200
FY17FY18FY19FY20FY21FY22FY23
New salesResales
$81.7m
$98.6m
$106.2m
$98.3m
$141.1m
$171.4m
$190.3m
-
$25m
$50m
$75m
$100m
$125m
$150m
$175m
$200m
FY17FY18FY19FY20FY21FY22FY23
$2,233m
$2,766m
$3,338m
$3,893m
$4,924m
$5,840m
$6,942m
-
$1,000m
$2,000m
$3,000m
$4,000m
$5,000m
$6,000m
$7,000m
FY17FY18FY19FY20FY21FY22FY23
$207.7m
$217.8m
$237.9m
$266.8m
$383.4m
$369.2m
$398.2m
-
$100m
$200m
$300m
$400m
FY17FY18FY19FY20FY21FY22FY23

Looking back – FY23 milestones
Full Year Report 2023
Our highlights
February
April
March
May
June
Our people from Hawke’s
Bay and around the
country support residents
during Cyclone Gabrielle
Solar panels installed on
pool house at Karaka
Presales at St Johns
launched
Half Moon Bay receives
resource consent
Development plan f or
Oakleigh South,
Melbourne approved
A showcase of key events from the past year
Released our f irst
Sustainability Review
ESG report
7
Opened our largest main
building to date, the 12,500
sqm village centre at our
Kenepuru village
St Johns sales launch
Cyclone Gabrielle support
First residents move into
our Cambridge village
Cambridge village opens
Summerset Oakleigh South
Kenepuru main building opens

Looking back – FY23 milestones
Full Year Report 2023
Our highlights
July
August
October
September
November
December
Summerset wins gold f or
“Group Provider
Nationwide” in Aged
Advisor’s 2023 people’s
choice annual awards
Bell Block main building
of f icially opened
Chris Lokum joins
Summerset as the new
GM People & Culture
W elcome to Country and
Smoking Ceremony
perf ormed by the
Bunurong People at
Chirnside Park
(Melbourne)
A showcase of key events from the past year
Te Awa main building
of f icially opened
Summerset’s “Think Green”
programme won the RVA’s
Operator-led Sustainability
Award
Announced the purchase of
our new sites in Rolleston
and Mosgiel, New Zealand
Winner of Reader’s
Digest 2024 Quality
Service Award f or the
Retirement village
category
First units delivered at
Summerset Cranbourne
North and Summerset
Milldale
8
First units delivered at
Summerset Boulcott
(Lower Hutt)
First units delivered at
Summerset Blenheim and
Summerset W aikanae
Aged Advisor Award
Mosgiel acquisition
Rolleston acquisition
Bell Block main building opens
Resource consent
granted f or Kelvin Grove
(Palmerston North)
Announced as naming
rights sponsor f or the
GT NZ motorsport
championship
Chirnside Park Smoking Ceremony
Cranbourne North first units
8

Summerset’s people are vital to its success.
W e are committed to providing sustainable, meaningful
career pathways and opportunities. W e are focused on
the health, safety and the wellbeing of our employees
to ensure they can be at their best at work, and at home
Our strategy – FY23 progress
Full Year Report 2023
Our strategy
Summerset builds, owns and operates integrated retirement villages, creating vibrant, happy communities for
residents and our people that delivers on our purpose – bringing the best of life
B R I N G I N G T H E B E S T O F L I F E
DELIVER NEW
ZEALAND’S
BEST RETIREMENT
VILLAGES
Our strategic goals are underpinned by our desire to bring increased
wellbeing to our customers and our people by harnessing the power of
innovation and weaving sustainability into our work
9
W e create vibrant, connected communities with skilled,
caring and dedicated people right across New Zealand.
W e want to grow the reach of our villages by making
them available to more retirees in more locations
throughout New Zealand
FY23 progress:
•Named the ‘Best Provider Nationwide’ in the Aged
Advisor annual People’s Choice Awards
•Resident portal, Lumin, rolled out to seven villages,
enabling more vibrant communication with residents
•Launched a suite of holiday homes, providing short term
accommodation to residents, their friends & families
•Purchased new sites at Rolleston (Selwyn District) and
Mosgiel (Dunedin)
•$192m positive cash flow recycled out of our last ten
completed village developments, a 14.1% cash margin
INVEST IN
OUR PEOPLE
CREATE
ATTRACTIVE
NEW PRODUCTS
AND SERVICES
To match our customers' expectations we strive to create
new products, amenities and services with a continuum
of care at the heart of our offering. Our products are
tailored to the needs of individual communities, but will
always look to exceed the demands of customers who
may want more
FY23 progress
•Enhanced parental leave offering to complement our
sector leading employee benefits
•Assisted our people with the cost of living, gifting $250
to over 1,600 staff across the organisation
•Partnered with Careerforce to upskill frontline staff, and
continued our Leadership Development Programme
•Supported employee representative groups including
our Pride Network & W omen in Construction forum
•Engagement and retention both increased in 2023
FY23 progress:
•New main building and villa designs underway for
provincial and regional areas
•Care Centre upgrades for our first-generation villages in
progress at Levin, Havelock North and Trentham
•Flagship village, St Johns, on track to deliver the first
units, main building and care centre in 2H24
•Installing ceiling hoists in care centres to assist
residents & our people with more comfortable and safe
bed access

To match our customers' expectations we strive to create
new products, amenities and services with a continuum
of care at the heart of our offering. Our products are
tailored to the needs of individual communities, but will
always look to exceed the demands of customers who
may want more
W e are proud of our industry leading approach to
sustainability, making significant improvements in this
space over the last five years. This is the start of our
journey - we will continue to focus on finding new
opportunities to better ourselves, utilise sustainable
lending and meet our growing disclosure obligation
Our strategy – FY23 progress
Full Year Report 2023
Our strategy
Summerset builds, owns and operates integrated retirement villages, creating vibrant, happy communities for
residents and our people that delivers on our purpose – bringing the best of life
B R I N G I N G T H E B E S T O F L I F E
GROW IN
AUSTRALIA
Our strategic goals are underpinned by our desire to bring increased
wellbeing to our customers and our people by harnessing the power of
innovation and weaving sustainability into our work
10
Summerset is ambitious about its future in Australia. W e
are excited to be taking our established brand of
retirement village living into the Australian market - we
plan to deliver thriving communities, grow our team,
and expertise as we open villages in Victoria
FY23 progress:
•Delivered first villas at our first Australian village,
Cranbourne North in Melbourne
•Enabling works underway at Chirnside Park
•Oakleigh South development plan and Craigieburn
planning permit approved
•Continue to look for new sites in Victoria to complement
our existing pipeline of over 2,100 units and beds
•Now exploring opportunities in other Australian states to
support our wider Australian expansion strategy
BE A GOOD
CORPORATE
CITIZEN
BE A MORE
EFFICIENT AND
EFFECTIVE
BUSINESS
FY23 progress
•Published our Sustainability Review document and
Climate-Related Disclosures for FY23
•Have five, ten and 15-year emissions intensity reduction
targets, audited annually by Toitū
•Investing in solar, embodied carbon, water usage
measurement, food waste and EV infrastructure to help
achieve our sustainability targets
•Now sponsor over 200 local clubs that align with our
residents’ interests and Summersets’ brand and values
FY23 progress:
•Vibe digital signage installed in village staff rooms to
improve interaction and communication with our people
•New onboarding processes introduced to improve
administration requirements for the business
•Begun the rollout of VCare for mobile, allowing our
people to update care notes more efficiently, enabling
them to spend more time with residents

Our
community
Full Year Report 2023
11

Our residents
Bringing the best of life to residents every day
Our community
▪Named the ‘Best Provider Nationwide’ in the Aged Advisor
annual People's Choice Awards, with five villages also named
as finalists in their categories
▪Our retirement village achieved 96% resident satisfaction with
95% for our care centre residents in 2023
▪Increased the range of events offered to residents, including a
Best Garden competition, a nationwide Summerset Challenge
Quiz, and the “Summerset Sessions” entertainment series
▪Now offer a suite of holiday homes that provide short term
accommodation to residents, their friends and family -
bringing new destinations and our communities closer together
▪Progressed the rollout of Lumin, our resident experience
platform, which is now in seven villages with a further eight to
follow over the next 12 months
▪Opened three new main buildings in Bell Block, Kenepuru and
Te Awa allowing more residents to enjoy the excellent care and
recreation facilities within these buildings
▪Commenced the installation of ceiling hoists above beds in all
care centres, giving our people the ability to assist residents
with more comfortable and safe access to their bed
▪Enhanced our medication optimisation and falls prevention
management to ensure better quality of life for care residents
▪Continued our work to refurbish our older care centres with
Levin, Havelock North and Trentham all underway
12
Full Year Report 2023

Our people
Our people are key to our success, and we are immensely
proud of the work they do
Our community
▪Improved our sector leading employee benefits, enhancing our
parental leave offering to complement our wide range of
existing benefits
▪Recognised that the cost of living was impacting our people,
gifting a one-off payment of $250 to over 1,600 staff
▪Completed the rollout of our digital signage platform ‘Vibe’ to
better communicate with our people in our villages
▪Supported the establishment of employee representative
groups including Summerset’s Pride Network and the Women
in Construction Forum
▪Partnered with Careerforce to upskill our frontline staff, giving
all motivated people the ability to learn and grow at Summerset
▪Procurement team named finalists in two categories at the NZ
Procurement Excellence Forum’s 2023 awards
▪Increased our focus on diversity and inclusion, all managers
having training in 2023
▪Now into the fourth year our leadership development
programme with our village and clinical leaders completing the
programme in 2023
▪Introduced a new three-year health and safety strategy to
ensure we are doing everything to protect our people
13
Full Year Report 2023

Community support
Promoting and supporting our communities
Our community
▪Media investment in the sector was highly competitive in
2023, with Summerset continuing to lead in brand
consideration
▪Our focus remains on growing our brand and presence in both
New Zealand and Victoria
▪We continue to increase the range of organisations we
support, and sponsorship opportunities that align with our
brand and our values
▪In October we became naming rights sponsor for the GT NZ
motorsport championship
▪Reaffirmed our partnerships with organisations in key areas
important to our residents and their families. These include:
▪New Zealand Symphony Orchestra
▪Netball New Zealand
▪Wellington Free Ambulance
▪Bowls New Zealand
▪Dementia New Zealand
▪Alzheimers New Zealand
▪Hato Hone St John Therapy Pet Programme
▪Our villages now work with over 200 local community clubs,
including bowls, golf, croquet, bridge and theatre groups
14
Full Year Report 2023
77 bowls clubs
39
golf clubs
20 service
organisations
14
croquet
clubs
9
bridge
clubs
8 other
sports clubs
4
tennis clubs
3
nature
clubs
3
indoor
bowls
clubs
5 arts
& music
clubs
4 age
concern
clubs
3 schools
Community engagement
Netball New Zealand
Bowls New Zealand
New Zealand Symphony Orchestra
New Zealand symphony Orchestra
W ellington Free Ambulance
13
local clubs

Our
environment
Full Year Report 2023
15

Our environment
Environmental performance and sustainability
Our environment
16
Full Year Report 2023
Electric vehicle rollout
AAA
4.9
A-
A-
B
ESG RATING
(2023)
ESG RATING (2023)
ESG RATING (2022)
SUPPLIER ENGAGEMENT (2022)
CLIMATE CHANGE (2023)
Rating scored out of 5
Aged care sector average 4.4
New Zealand average 4.3
Aged care sector average B-
New Zealand average C+
Rates our supply chain
engagement on climate
related issues
Health care organisations
around the world achieved an
average score of ‘C’
Solar implementation
Latest sustainability ratings
▪Summerset is a market leader in sustainability in the retirement
and aged care sectors, performing well on key rating indices
▪We strive to develop, build and manage more sustainable
retirement villages in both New Zealand and Australia
▪Now invested over $1.5m in renewable energy opportunities
and solution projects to reduce our carbon emissions
▪Enhanced our electric vehicle infrastructure – our EV charge
station roll out progressing well with nine villages now also
having electric vehicles available for residents to use
▪Successfully installed solar panels at our Nelson, Karaka and
Manukau villages, and have commenced the roll out of solar
onto our new main buildings, starting at our Richmond village
▪Introduced formal measurement of water consumption and
installed water meters to better understand water usage in our
villages
▪Piloted a food waste reduction initiative in conjunction with the
Retirement Villages Association (RVA) and the University of
Otago
▪Implemented other new environment initiatives that include the
planting of an orchard at our Whangārei village and the
replanting of a māhoe forest adjacent to our Waikanae village
▪Our Sustainability Report and climate related disclosures,
which summarise our sustainability progress over past five
years, are available on our website (www.summerset.co.nz)
W aste diversion

Our environment
Environmental performance and sustainability
Our environment
17
Full Year Report 2023
Emissions source & measure
2017
(Base year)
202120222023
Gas
Emissions from gas used per
main building m
2
(tCO
2
e/m
2
)
0.0130.0120.0120.011
Fuels
Emissions from fuels used
per operational village (tCO
2
e/village)
9.7711.2312.3213.34
Electricity (scope 2)
Emissions from electricity used
per main building m
2
(tCO
2
e/m
2
)
0.0170.0190.0180.001
Travel
Emissions used from travel per head
office staff member (tCO
2
e/Head office staff)
2.961.011.902.46
Waste
Emissions from waste per total residents
& staff (tCO
2
e/Residents + Staff)
0.1160.0970.0960.043
Resident electricity
Emissions from resident electricity
per resident (tCO
2
e/Resident)
0.3360.2740.3040.155
Paper
Emissions from paper per
staff member (tCO
2
e/Staff)
0.0200.0110.0090.007
2017 -2022
Original short-term target
2023 –2027*
New short-term target
2017 –2032*
Long-term target
5%34%62%
Reduction in emissions intensity
per $1m of revenue by 2022
(2017 base year)
Reduction in emissions intensity
per square metre by 2027
(2022 base year)
Reduction in emissions intensity
per square metre by 2032
(2017 base year)
16%15%18%
Reduction achievedReduction to dateReduction to date
Our emissions are independently audited by Toitū Envirocare to the ISO14064-1: 2018 standard
* Emissions reduction targets are science aligned and cover scopes 1 and 2
▪We have been successfully measuring, managing, and
reporting on our carbon footprint since 2017 (our base year)
▪Winner of Best Operator Led Initiative at the 2023 RVA
Sustainability Awards for achieving a 16% reduction against
our original 2017- 2022 Toitū emissions target of 5%
▪New target is to reduce emissions intensity 34% per
square metre by 2027 on a baseline year of 2022
▪Long term target remains to reduce emissions intensity
62% per square metre by 2032
▪Member of the Climate Leaders Coalition, meeting the
Statement of Ambition for membership - being a reduction in
emissions to limit future warming to 1.5 degrees Celsius
▪Our focus on waste minimisation and construction waste
avoidance efforts were recognised externally, winning a 2023
Construction Sector Beacon Award
▪Investigating the implementation of a staff Workride scheme
as part of our scope 3 supply chain reporting, supported by
feedback from our 2023 Employee Commuting Survey
▪Established a working group to manage the volume of
embodied carbon in materials and product quantities on
selected unit typologies - enabling us to continue exploring the
use of more sustainable materials
▪New supplier engagement programme in place, focusing on
reducing emissions within our value supply chain

Our sustainability framework and targets
Our vision is to develop villages responsibly, creating a sustainable future for all
Our environment
18
Full Year Report 2023
STRATEGIC
GOALS
Reduce our impact on the planet
through efficiency and innovation
•Reduce carbon footprint
•Reduce landfill waste
•Energy efficiency
•Measure water take
•Sustainable design and construction
practices
•Embrace technology including solar
5 year – Short term carbon target:
Reduce emissions intensity by 34% by 2027
10+ year - Long term target
Reduce emissions intensity per sqm by 62%
by 2032
15+ year - Carbon net zero by 2050
OUR FOCUS
AR EAS
OUR
TARGETS
Contribute to the economic
prosperity of Aotearoa New
Zealand
Create caring communities for
our residents and employees
•Adapt to economic conditions
•Fulfil sustainability-linked lending criteria
•Provide a secure and sustainable
business for shareholders
•Fulfil governance and compliance
obligations
•Act ethically and responsibly
•Support local communities
•Provide a safe workplace
•Staff wellbeing
•Diversity and inclusion
•Grow stakeholder understanding of
sustainability
Sustainability Linked Loans:
Ongoing dementia certification and increase
dementia beds
5% year on year reduction in carbon intensity
per sqm scopes 1, 2, 3 net full value chain
Diversion of construction waste from landfill
(selected scopes)
1.
2.
3.
Scope 3 target:
Engage and encourage 67% of our supply
chain to measure and report their emissions
by 2027 (based on scope 3 emissions)
O u r a f f i l i a t e s
Aged Care Matters
S U S T A I N A B L E
D E V E L O P M E N T
G O A L S

Our climate action plan
Our climate action plan summarises how we are tackling the challenge of decarbonisation and transition
Our environment
19
Full Year Report 2023
O U R
P R IO R IT IE S
D E S IG N &
C O N S T RU CT IO N
D E C AR B O N IS AT IO N O F
V IL L AG E S
M AN AG IN G O P E R AT IO N AL
E F F IC IE N C IE S
O U R
IN ITAT IV E S
Design and Construction
▪We’re taking a holistic, sustainable design
approach where designing for operation
needs is considered up-front, and where we
actively look to utilise low carbon
construction processes, materials and
products
Smart Water Management
▪Adopting smart water management
practices across our villages’ entire lifecycle
Solar Generation
▪Installation of solar panels on new and
existing villages reduces our emissions and
reliance on the national grid
Gas Transition
▪Staged transition of existing villages off gas
to a more sustainable alternative
Embodied Carbon
▪W e are calculating the embodied carbon of
standard typologies within our built
environment to assist in identifying
opportunities and ways where we can
reduce our impact
Electrification of Fleet
▪Transitioning our fleet vehicles away from
fossil fuels to electric vehicles and hybrid
alternatives
Minimising Waste
▪Continued focus on waste minimisation
through recovery and diversion and
advancing a circular economy mindset
Energy Efficiency
▪Optimisation and fine tuning of our building
management systems coupled with energy
efficient technology to reduce overall
energy use

New Zealand
development
Full Year Report 2023
20
Summerset Richmond Ranges (Tasman District)Summerset at Pōhutukawa Place (Bell Block, New Plymouth)

New Z ealand development
▪Delivered 633 units to be sold under Occupation Right and
49 care beds over 14 sites in FY23, deliveries weighted to
the second half of the year and at the lower end of market
guidance, in line with economic conditions
▪Now have a total of 14 villages in construction across ten
regions in New Zealand
▪Completed our successful Hobsonville and Kenepuru
villages, home to over 700 residents, and returning a cash
margin to the business of 13%
▪Two main buildings delivered at Te Awa and Bell Block in
2H23, following Kenepuru that opened to residents in 1H23
▪Sales in all three villages have been strong, already
around 60% of units sold
▪Four new villages opened with first units delivered at
Blenheim, Lower Hutt, Milldale and Waikanae
▪Progressed the upgrade of three of our older care centres,
at Havelock North, Levin and Trentham,
▪Two new sites acquired in FY23, in Rolleston and Mosgiel
▪Construction at St Johns progressing well, first deliveries
remain on track for Q3 2024 with presales strong
▪Granted resource consent for Kelvin Grove, along with our
Half Moon Bay and St Johns extensions
▪Successfully completed plan change for Masterton, and
lodged resource consent
Summerset Milldale (Auckland)
Summerset St Johns (Auckland)
Development activity
New Zealand summary
21
Full Year Report 2023

New Z ealand development
Summerset at Monterey Park (Hobsonville, Auckland)
Summerset Mt Denby (Whangārei)
Summerset Cambridge (Waipā District)Summerset by the Dunes (Pāpāmoa Beach, Tauranga)
22
Full Year Report 2023

New Z ealand development
Summerset Pōhutukawa Place (Bell Block, New Plymouth)
144 independent villas
delivered
23
Full Year Report 2023
Rest home and hospital level
care available
Main building with 56 serviced apartments, 20 memory care
apartments, 19 care suites and 21 care beds delivered
Site progress – December 2023

New Z ealand development
Summerset Palms (Te Awa, Napier)
181 independent villas
delivered
24
Full Year Report 2023
Rest home and hospital level care
available
Main building with 56 serviced apartments, 20 memory care
apartments, 15 care suites and 28 care beds delivered
Site progress – December 2023

New Z ealand development
Summerset Boulcott (Lower Hutt, Wellington)Summerset Waikanae (Kāpiti Coast)
Summerset on the Landing (Kenepuru, Wellington)Summerset Richmond Ranges (Tasman)
25
Full Year Report 2023

New Z ealand development
Summerset Rangiora (Waimakariri District)Summerset Blenheim (Marlborough District)
Summerset on Cavendish (Casebrook, Christchurch)Summerset Prebbleton (Selwyn District)
26
Full Year Report 2023

New Zealand development pipeline
* New sites purchased in FY23
New Z ealand development
Diversified development pipeline with 20 sites in FY23
27
Full Year Report 2023

Village
Development
Forecast Capital
Investment ($m)
Forecast Net Cash
Position* ($m)
Stage
St JohnsEarly stages
$250m+($5m) -$80m
Lower HuttEarly stages
CambridgeEarly stages
MilldaleEarly stages
RangioraEarly stages
$200m+($5m) -$30m
WaikanaeEarly stages
PrebbletonEarly stages
WhangāreiMid stages
RichmondLast stages
Pāpāmoa BeachMid stages
$150m +$25m -$45m
CasebrookLast stages
Bell BlockLast stages
Te AwaLast stages
BlenheimEarly stages$100m +$0m-$5m
Total NZ$3.1b -$3.3b$235m+
Project cash profits
Projected net cash
position
New Z ealand development
28
▪Summerset developments produce positive net
cash flows (net cash position) upon completion, this
means they carry no debt once built
▪The villages currently under development in New
Zealand are expected to return over $235.0m in
positive net cash flows on completion
▪These net cash flows represent the project cash
profits from village development
▪They incorporate the land cost, ILU costs,
recreation and administration facility costs, care
centre costs, management fees (incl. a share of
corporate overheads), interest costs and the first
time sales proceeds for all units sold under
Occupation Right
▪All expense and revenue inputs are updated
regularly as part of our internal development
management processes
▪Villages in early-stage development are likely to
experience at least one residential property cycle
during construction, improving the net funding
position significantly over the life of the project
▪Overall, the four villages in the ‘last stage’ of
development are forecast to return between $25m
and $40m per project
Full Year Report 2023
$3.1b+
Forecast capital
investment
$235m+
Avonhead, Hobsonville Extension, Kenepuru and Rototuna removed from table since FY22, total net cash position relating
to these four developments $78.8m

VillageType
Total units
Project cash
profit
Cash
Retirement
units
Care
Margin
units
AvonheadBroadacre24463$26.0m18.8%
EllerslieMid rise31353$29.6m11.7%
HobsonvilleMid rise25052$23.2m14.6%
Hobsonville ExtensionMid rise38-$22.2m34.6%
KarakaBroadacre24150$24.4m23.0%
KatikatiBroadacre18627$9.4m15.0%
KenepuruMid rise26643$10.5m5.4%
RototunaBroadacre24463$20.1m13.7%
Warkworth ExtensionBroadacre79-$16.4m42.0%
WigramBroadacre21249$13.1m16.7%
Total $195.2m14.1%
Project cash profits
Project cash profit
New Z ealand development
29
▪Our last ten villages to complete recycled around
$195.2m of positive cash flow
▪This is an average cash margin of 14.1%
▪Two villages were completed in FY23, these were
Kenepuru and our Hobsonville extension
▪These villages recycled a combined $32.7m from
village development
▪These positive net cash flows from development
allow us to recycle capital for new projects, repay
debt and distribute to shareholders through the
payment of dividends
Full Year Report 2023
14.1%
Cash margin*
$195m
* Cash margin is the project cash profit divided by new sales receipts

Australia
development
Full Year Report 2023
30
Summerset Cranbourne North (Melbourne, Victoria)

Australia development
▪Development at our Australian sites on track with several
major milestones achieved in FY23
▪Summerset’s first Australian retirement units were
completed in Q4 at Cranbourne North, with our first
village residents moving in early in 2024
▪Enabling works are underway at Chirnside Park and
construction will commence in Q1 2024
▪Oakleigh South development plan unanimously approved
by Council in June 2023, with detailed design now
underway
▪Planning permit also approved for Craigieburn, and the
planning application processes for our remaining
Australian sites at Drysdale, Mernda and Torquay are
well advanced
▪The current Australian pipeline gives us capacity to build
over 2,100 units (including 450 beds)
▪We continue to look for suitable new village development
opportunities, including sites beyond Victoria as part of
our wider Australian expansion strategy
▪Summerset is a Commonwealth Government approved
provider of both residential aged care and home care
services across Australia
Development activity
Australia summary
Summerset Australia
31
Site progress - Summerset Cranbourne North (Melbourne)
Full Year Report 2023
Summerset Craigieburn
Summerset Mernda
Summerset Chirnside Park
Summerset Oakleigh South
Summerset Cranbourne North
Summerset Torquay
Summerset Drysdale
Melbourne
CBD

Australia development
Summerset Cranbourne North (Melbourne)
10 independent villas
delivered
32
Full Year Report 2023
Rest home and hospital level
care will be available
Main building with 34 assisted living apartments and 72 care
beds to commence construction in FY24
Site progress – December 2023

Australia expansion
Australia development
▪Summerset has been active in Australia since 2018,
establishing strong local management expertise and
acquiring seven sites (a pipeline of over 2,100 units)
▪We are on track to meet the growth targets set out
for entry into Australia and with our first retirement
units now delivered, we are commencing the second
stage of our growth strategy - expansion into other
Australian states
▪This planned move will provide portfolio diversity
and an ability to manage market movements with a
greater level of flexibility, similar to our development
approach in New Zealand
▪Queensland has been identified as the next logical
step, having supportive residential house prices and
strong forecast population growth
▪The state also has a favourable lifestyle appeal to
our target audience and is supported by excellent
economic growth prospects and development
opportunities
▪During this phase we will continue to target new
broad acre opportunities in Greater Melbourne and
Victoria, alongside investigating opportunities in
Queensland to support our longer-term Australian
growth strategy
33
Full Year Report 2023
Queensland seen as logical next step for
expansion in Australia
Queensland population growth 75 years and over
Median residential housing market comparison
-
2%
4%
6%
8%
10%
12%
14%
16%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
Qld population 75+ (LHS)% population 75+ (RHS)
-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
Greater
Brisbane
Sunshine
Coast
Gold
Coast
MelbourneAucklandNZ excl.
Auckland
Source: Australian Bureau of Statistics, CoreLogic Australia and the Real Estate Institute of New Zealand (REINZ)

Australia development
Australia development pipeline
Now have seven villages in planning and development across Victoria
34
Full Year Report 2023

Financial
performance
Full Year Report 2023
35
Clark Coastal, Summerset at Monterey Park (Hobsonville)

Reported profit (IFRS)
Financial performance
36
▪IFRS NPAT of $436.3m, 62% up on FY22 and the
second highest in Summerset’s history
▪Record total revenue of $272.2m, up 14% on FY22
▪Total expenses of $263.8m, up 17% on FY22
▪Key movements in expenses include the following:
▪$9.9m on inflationary cost pressures, with almost
75% relating to wages, followed by insurance,
rates and electricity
▪$3.1m for increased spend on sales and
marketing costs, primarily relating to targeted
campaigns and an increase of spend in Australia
▪$3.5m on resident experience costs such
improvements to food services, village happy
hours and celebrations, and an increase in the
number of fitness classes and other recreation
activities offered
▪$21.7m on new villages, as signalled, with three
main buildings opening in FY23 that included a
combined 384 units ($7.1m uplift)
▪Increase in net finance costs is driven by movement
in market interest rates and increased net debt in line
with the uplift in overall build program
Movement in total expenses: FY22 vs FY23
Full Year Report 2023
$225.4m
$263.8m
$9.9m
$3.1m
$3.5m
$7.1m
$14.6m
$3.6m
$3.4m
-
$50m
$100m
$150m
$200m
$250m
$300m
FY22
Expenses
Existing
cost base
(CPI)
Sales and
Marketing
costs
Resident
experience
costs
New main
buildings
opening
New
Villages &
Growth
Other
investment
Reduced
Covid-19
Spend
FY23
Expenses
NZ$mFY23FY22VarianceFY21
Total revenue272.2238.714%205.3
Reversal of impairment on land & buildings---3.4
Fair value movement of investment property441.6268.864%537.5
Total income713.8507.541%746.3
Total expenses263.8225.417%190.6
Net finance costs27.517.062%12.0
Net profit before tax422.5265.159%543.6
Tax expense / (credit)(13.8)(4.0)250%(0.0)
Net profit after tax436.3269.162%543.7

$131.5m
$79.0m
$5.2m
$41.0m
$15.5m
$8.9m
$2.3m
$20.4m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
Value of
retirement
units built
Retirement
unit pricing
Growth rate
assumptions
Reversal of
valuers'
stock
discount
assumptions
Discount
rate
assumptions
Movement
in land
bank
OtherFair value
movement
1H23
Fair value movement
Fair value movement of investment property FY23
$441.6m
Financial performance
37
▪Fair value movement of $441.6m, up 64% on FY22
▪Fair value movement has been driven by:
▪New units built ($159.1m): Value of new units
delivered in FY23
▪Unit pricing ($121.3m): Retirement unit price
inflation on existing units within the portfolio
▪Movement in land bank ($64.8m): Valuation
movement on St Johns and the undeveloped
land bank
▪Growth rate assumptions ($46.9m): Valuers
adopting more standard short term growth rates
within the valuation in line with the residential
property market cycle
▪Discount rates ($30.4m): Change in
assumptions used by the valuers
▪Stock discount assumptions: Reversal of
previous discount applied to stock settled in
FY23 ($23.5m)
▪Refer to the appendices (slide 66 and 67) for key
assumptions associated with the investment
property valuation
Fair value movement
Increase from new
units delivered
$159.1m
Full Year Report 2023
$131.5m
$79.0m
$5.2m
$41.0m
$15.5m
$8.9m
$12.6m
$5.4m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
Value of
retirement
units built
Retirement
unit pricing
Growth rate
assumptions
Reversal of
valuers'
stock
discount
assumptions
Discount
rate
assumptions
Movement
in land
bank
OtherFair value
movement
1H23
$441.6m
$159.1m
$121.3m
$64.8m
$46.9m
$30.4m
$23.5m
$4.4m
-
$50m
$100m
$150m
$200m
$250m
$300m
$350m
$400m
$450m
$500m
Value of
retirement
units built
Retirement
unit pricing
Movement
in land
bank
Growth rate
assumptions
Discount
rate
assumptions
Reversal of
valuers'
stock
discount
assumptions
OtherFair value
movement
FY23

Underlying profit
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardisedmeaning prescribed by GAAP and therefore may not be comparable to similar financial information presented
by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in
determining the realisedand unrealisedcomponents of fair value movement of investment property, impairment and tax
expense in the Group’s income statement. The measure is used internally in conjunction with other measures to monitor
performance and make investment decisions and has been audited by Ernst & Young. Underlying profit is a measure which
the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend payout to
shareholders.
Financial performance
▪Record underlying profit of $190.3m, up 11% on
FY22
▪The increase is driven by the following:
▪Realised development margin of $121.2m, a 16%
increase on FY22, with an average margin of
$216k per unit, and record new sale settlements
▪Deferred management fee of $104.6m, up 13%
▪Realised gain on resales of $88.1m, up 26%,
with an average margin of $162k, and record
resale settlements
$190.3m
Underlying profit
11%
Increase on FY22
38
Full Year Report 2023
NZ$mFY23FY22VarianceFY21
Care fees and village services165.9144.615%126.9
Deferred management fees104.692.313%75.2
Realised gain on resales88.170.226%59.9
Realised development margin121.2104.916%78.5
Other income & interest received1.71.7(3%)3.3
Total income481.6413.816%343.8
Operating expenses248.0211.817%179.0
Depreciation and amortisation15.813.616%11.6
Net finance costs27.517.062%12.0
Total expenses291.3242.420%202.6
Underlying profit190.3171.411%141.1

NZ$mFY23FY22VarianceFY21
Net operating business cash flow*131.5110.319%130.9
Receipts for residents' loans -new sales**266.7
258.9
3%
252.5
Net operating cash flow398.2369.28%383.4
Sale and purchase of land(56.5)
(179.1)
(68%)
(72.0)
Construction of new IP & care facilities(523.3)
(427.9)
22%
(318.3)
Refurb of existing IP & care facilities(19.5)
(11.0)
78%
(8.5)
Care centre upgrades(1.7)
-
-
-
Other investing cash flows(14.6)
(9.5)
54%
(9.7)
Capitalised interest paid(52.8)
(24.2)
118%
(16.5)
Net investing cash flow(668.5)(651.7)3%(425.0)
Net proceeds from borrowings
322.9342.2
(6%)
67.1
Net dividends paid
(34.3)(28.2)
22%
(23.7)
Other financing cash flows
(31.0)(14.6)
113%
(9.2)
Net financing cash flow257.7299.5(14%)34.2
Free cash flow reconciliation NZ$mFY23FY22VarianceFY21
Net operating business cash flow131.5110.319%130.9
Refurb of existing IP & care facilities(19.5)(11.0)78%(8.5)
Interest paid on borrowings(28.4)(14.3)99%(12.4)
Other investing cash flows(14.6)(9.5)54%(9.7)
Payments in relation to lease liabilities(2.6)(1.9)36%(1.8)
Summerset free cash flow66.373.6(10%)98.5
Cash flows
Financial performance
39
▪Net operating cash flows of $398.2m, up from
$369.2m at FY22
▪Net operating business cash flows of $131.5m, which
includes:
▪Deferred management fees of $155.8m for FY23
▪Investment in working capital to support the
business through difficult trading conditions. This
comprised a $2.8m uplift in the repurchase of stock
from outgoing residents and an increase in
advances in resident loans for residents
transferring of $16.4m relative to FY22
▪Increase in refurbishment costs driven by volume and
age of units terminating alongside planned investment
in common spaces - new furniture, solar installation,
cafe upgrades, LED lighting and generators
▪Investing cash out flows of $668.5m, up 3% on FY22,
with the following projects advancing in the period:
▪Main buildings at Bell Block, Cambridge,
Pāpāmoa, Lower Hutt, Te Awa and Whangārei
▪Apartment blocks at Lower Hutt and St Johns
▪Civils spend at new sites including Milldale,
Rangiora and Waikanae
▪Villa construction at 14 villages in New Zealand,
and Cranbourne North in Melbourne, Australia
$398.2m
Net operating cash flows
8%
Increase on FY22
Full Year Report 2023
* Net operating business cash flows includes care fees and village services, interest received, payments to suppliers and
employees, DMF on new sales, DMF on resales, all other net receipts from residents’ loans – resales
** Receipts for residents’ loans – new sales is total new sales receipts less DMF on new sales

Total assets
$2.1b
$6.9b
Balance sheet
Retained
earnings
*Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedtransactioncostsforloansand
borrowing,andfairvaluemovementonhedgedborrowings
**Netassetsincludessharecapital,reserves,andretainedearnings
Financial performance
40
▪Total assets of $6.9b, up 19% on FY22 driven by
portfolio growth and the underlying value in our
existing villages
▪Investment property valuation of $6.4b, up 18% on
FY22
▪Retained earnings are now $2.1b, up 22% from
$1.8b at FY22. This continues to positively impact
balance sheet strength and company gearing ratios
▪Other assets include buildings, primarily care
centres which are valued annually
▪Net tangible assets per share now a sector leading
$11.10
22%
19%
Full Year Report 2023
NZ$mFY23FY22VarianceFY21
Investment property6,4075,41818%4,580
Other assets534.5422.626%343.5
Total assets6,9425,84019%4,924
Residents' loans2,5072,16516%1,847
Face value of bank loans & bonds*1,3991,07430%749.9
Other liabilities430.2407.56%402.1
Total liabilities4,3363,64719%2,999
Net assets**2,6052,19319%1,925
Embedded value1,6201,4889%1,365
NTA (cents per share)1,110943.918%835.9
Retained earnings2,1501,76622%1,542

Net tangible assets
Strong financial discipline underpinning net tangible assets and gearing
Net tangible assets and gearing*Summerset net tangible assets per share
* Peer results based on most recent NZX disclosures
SUM NTA per share NTA per share Gearing ratio
Financial performance
41
Full Year Report 2023
$11.10
-
$2
$4
$6
$8
$10
$12
FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
NTA per share
34.7%
33.6%
37.7%
33.6%
-
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
$2
$4
$6
$8
$10
$12
$14
$16
$18
SUMPeer 1Peer 2Peer 3
Gearing ratio (%)
NTA per share

-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
FY24FY25FY26FY27FY28FY29FY30
Bank facilityNZ bonds2024 bond offer2024 bond oversubscriptions
$1.5b
Funding
$450m
Retail bonds
Bank facility
Financial performance
▪Bank facility approximately $1.5b, with existing
$450.0m of retail bonds at 31 December 2023
▪As at 31 December 2023, 59% of total debt was
hedged at fixed interest rates, resulting in a weighted
average interest rate of 5.09% for FY23, up from
3.42% in FY22
▪Total facility (incl. bonds) has an average tenor of 3.5
years
▪Total bank facilities were refinanced in September
with an increase of $300.0m in additional capacity
▪Bank facility has undrawn capacity of $564.3m as at
31 December 2023
▪Retail bond of $100.0m was repaid on 11 July 2023
▪Retail bond offer of $75.0m with ability to accept
oversubscriptions of $50.0m to be released the week
beginning 26 February 2024
42
Full Year Report 2023
Funding maturity profile

$507.1m
$603.0m
$462.9m
$644.4m
$313.0m
$402.5m
-
$250m
$500m
$750m
$1,000m
$1,250m
$1,500m
$1,750m
$2,000m
Net debt
FY22
Underlying assets
FY22
Net debt
FY23
Underlying assets
FY23
Net debtUndeveloped landDevelopment WIPUnsold new stock
$1.7b
RatioFY23FY22% changeFY21
Gearing ratio (%)**34.7%32.4%7%27.8%
Bank & bond LVR (%)**36.4%35.3%3%29.8%
Development assets
36.4%
Bank & bond LVR
Underlying development
assets
*Facevalueofdrawnbankdebtandretailbondslesscashandcashequivalents.Excludescapitalisedandamortised
transactioncostsforloansandborrowing,andfairvaluemovementonhedgedborrowings
**Gearingratiocalculation(netdebt/netdebtplusbookequity)differsfromtheSummersetGroup’sbankandbondLVR
covenant(totaldebtoftheSummersetGroup/propertyvalueoftheSummersetGroup)
Net debt to underlying assets
Financial performance
43
▪Development assets exceed the value of net debt
by $263.6m, or 19%
▪Development assets comprise:
▪$603.0m relating to undeveloped land, being the
fair value of our Australia and New Zealand land
bank
▪$644.4m for development WIP (villages under
construction), and
▪$402.5m from unsold new sale stock, which is all
delivered new sale stock that is yet to settle
▪Net debt of $1,386m* at FY23, up from $1,049m* at
FY22
Full Year Report 2023
$234m excess assets
$1,049m
$1,283m
$264m excess assets
$1,386m
$1,650m

34.7%
Debt measures
201%
ICR coverage
Gearing ratio
*Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortised
transactioncostsforloansandborrowing,andfairvaluemovementonhedgedborrowings
lesscashandcashequivalents
**Gearingratiocalculation(netdebt/netdebtplusbookequity)differsfromtheSummerset
Group’sbankandbondLVRcovenant(totaldebtoftheSummersetGroup/propertyvalueof
theSummersetGroup)
Financial performance
▪Gross debt of $1.399b*, up from $1.074b* at FY22
▪Uplift in gross debt driven by increased construction
activity across our developing villages and land
settlements in the period
▪Gearing ratio** of 34.7%, slightly up on FY22 but
down from 35.5% at 1H23
▪Summerset remains well placed to execute on its
growth ambitions
▪The business holds no core debt
▪New Zealand gearing ratio with Australian growth
related debt excluded is 27.7%
▪Summerset’s ICR coverage is 201%, more than
double the required covenant measure, providing a
high degree of covenant headroom for the business
ICR coverage ratio
Gross borrowings and gearing
44
Full Year Report 2023
$348m
$452m
$587m
$673m
$750m
$1,074m
$1,399m
30.2%
31.2%
33.3%
32.6%
27.8%
32.4%
34.7%
-
10%
20%
30%
40%
50%
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
$1,400m
$1,600m
FY17FY18FY19FY20FY21FY22FY23
Face value of bank loans & retail bondsGearing ratio (%)
237%
223%
210%
201%
-
50%
100%
150%
200%
250%
Q1 2023Q2 2023Q3 2023Q4 2023
ICR
covenant
level

Finaldividend
Financial performance
Dividend per share
Gross dividend payout per year
▪The Board has declared an unimputed final dividend
of 13.2 cents per share, being 30% of underlying
profit
▪This represents a payout for FY23 of approximately
$57.3m
▪The dividend reinvestment plan (DRP) will apply to
this dividend enabling shareholders to take shares in
lieu of the cash dividend
▪A discount of 2% will be applied when determining the
price per share of shares issued under the DRP
▪The final dividend will be paid on Friday 22 March
2024. The record date for final determination of
entitlements to the final dividend is Monday 11 March
2024
Declared FY23 final dividend of 13.2 cents per share
45
Full Year Report 2023
3.9
6.0
6.4
6.0
9.9
10.7
11.3
7.1
7.2
7.7
7.0
8.6
11.6
13.2
-
5
10
15
20
25
FY17FY18FY19FY20FY21FY22FY23
Cents per share
InterimFinal
$8.7m
$13.5m
$14.5m
$13.7m
$22.7m
$24.7m
$26.3m
$15.9m
$16.2m
$17.5m
$16.0m
$19.8m
$26.9m
$30.9m
-
$10m
$20m
$30m
$40m
$50m
$60m
$70m
FY17FY18FY19FY20FY21FY22FY23
$millions
InterimFinal

$142.9m
$403.1m
$805.9m
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
$900m
Net dividendFree Cash FlowsUnderlying profit
Dividend policy review
Financial performance
Cumulative dividend payout (2018 to 2023)
Dividend policy updated to 20% to 50% of
Underlying profit
46
Full Year Report 2023
Chart Summary
•Since 2018, Summerset has paid out a cumulative dividend of $142.9m* compared to free cash flows of $403.1m,
and underling profit of $805.9m
•Net dividend is the cumulative dividend paid between 2018 and 2023 based on the current policy of 30% to 50% of
underling profit (paid out at 30% of underlying profit each year), net of dividend reinvestment plan uptake
•Summerset free cash flow is calculated as follows:
•Net operating business cash flows (Care fees and village services, interest received, payments to suppliers and
employees, deferred management fees on new sales, deferred management fees on resales, all other net
receipts from residents’ loans – resales)
•Less: Refurbishment of retirement units, village facilities and care centres, payment for intangible assets and
other, interest paid on borrowings, payments in relation to lease liabilities
•Underlying profit is the cumulative underlying profit earned between 2018 and 2023
▪Summerset’s growth strategy is to deliver expansion
opportunities in New Zealand and Australia, that
produce competitive returns for shareholders
▪For FY23, the Board has undertaken a review of the
dividend policy to ensure our approach remains
appropriate moving forward
▪Our review benchmarked the current policy against
NZX and ASX companies, tested alternatives and
canvassed feedback from retail and institutional
investors
▪Overall, the review highlighted that using underlying
profit as the basis is consistent with industry peers, is
easy to understand, free from technical adjustments
and investors are comfortable with this approach
▪The board have decided to leave the dividend
measure unchanged, however, make a small
adjustment to the payout range to 20% to 50% of
underlying profit to ensure the board retains flexibility
as the business continues to grows
▪This gives Summerset scope to maintain long-term
financial health, while ensuring it continues to give its
investors an appropriate return on their investment
* Cumulative dividend paid net of dividend reinvestment plan uptake

Business
performance
Full Year Report 2023
47

FY23 unit
delivery
Retirement unitsCare units
Total
units
VillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Bell Block
33 -56 20 19 21
149
Blenheim
15 -----
15
Cambridge
42 -----
42
Casebrook
37 -----
37
Hobsonville
14 -----
14
Kenepuru
11 -----
11
Lower Hutt
9 20 ----
29
Milldale
19 -----
19
Pāpāmoa Beach
46 -----
46
Prebbleton
43 -----
43
Richmond
44 -----
44
TeAwa
40 -56 20 15 28
159
Waikanae
27 -----
27
Whangārei
47 -----
47
Total NZ427 20 112 40 34 49 682
Cranbourne North
10 -----
10
Total Australia10 -----10
Total Group437 20 112 40 34 49 692
Retirement unit delivery
Record 692 total units delivered in FY23,
includes first deliveries in Australia
Business performance
48
Full Year Report 2023
▪692 total units delivered in the period across 15
villages, including 569 retirement units and 123 care
units
▪Of these, 643 will be sold under Occupation Right
Agreement, the remaining 49 being care beds
▪Four new villages opened in New Zealand at
Blenheim, Lower Hutt, Milldale and Waikanae
▪First Australian retirement units delivered at
Cranbourne North
▪Deliveries in 2023 carried a heavy weighting to the
second half of the year with main buildings opening
at Te Awa and Bell Block during 2H23
▪Main building at Pāpāmoa Beach will open early in
2024 and St Johns remains on track with first
deliveries expected in 2H24
▪Expect a New Zealand build rate of approximately
675 to 725 units to be sold under Occupation Right
in FY24

32%
Development margin
▪Record realised development margin of $121.2m,
an increase of 16% on FY22
▪Development margin of 32%, up from 30% in FY22
driven by improved margins across all unit types
▪Villa margins increased to an average of 38%
across 16 villages
▪Apartment margins of 22% included the first
units at our Lower Hutt village
▪Margins for serviced apartments, memory care
apartments and care suites, all increased to
above 10%
▪Margins have benefitted from our long-term supplier
relationships and well managed procurement
contracts
▪Average development margin per unit was $216k,
up from $195k in FY22, and $145k in FY21
$121.2m
Record realised development margin of
$121.2m, with a 32% development margin
Realised development margin
Business performance
16%
49
Full Year Report 2023
$51.0m
$63.7m
$61.0m
$48.2m
$78.5m
$104.9m
$121.2m
27%
33%
28%
20%
23%
30%
32%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
FY17FY18FY19FY20FY21FY22FY23
Realised development margin ($m)Development margin (%)
Development margin
Realised margin

560
Record 560 new sales in the period, gross
proceeds of $384.0m
Business performance
50
▪A record 560 new sales of Occupation Rights in
FY23, up 4% on the 537 settled in FY22
▪Record gross proceeds of $384.0m, up 9% on FY22
▪Average gross proceeds per new sale settlement
now $686k, up from $658k in FY22
▪New sales growth driven by serviced apartments
(+52%) and care suites (+194%)
▪Our best performing villages were Kenepuru (114
new sales), Bell Block (66 new sales) and Richmond
(66 new sales)
▪All regions with stock secured over 25 settlements
each, highlighting the strength of our diversified
portfolio that can be flexed to align with market
conditions
▪Unit pricing continues to be reviewed monthly and
current contract rates show prices are appropriately
aligned to prospective residents’ expectations
Full Year Report 2023
New sales of
Occupation Rights
$686k
Average gross
proceeds
4%
New sales
Committed new sales pipeline
New salesFY23FY22VarianceFY21
Gross proceeds ($m)384.0353.49%340.3
Villas329350(6%)335
Apartments2046(57%)79
Serviced apartments1328752%92
Memory care apartments2937(22%)19
Care Suites5017194%15
Total occupation rights5605374%540
-
50
100
150
200
250
300
350
FY17FY18FY19FY20FY21FY22FY23
Contracts on new units deliveredPresales contracts

380
New sales stockFY23FY22
Contracted
165
163
Uncontracted
380
308
Total new sales stock545471
Contracted
113
103
Uncontracted
217
131
Villas330234
Contracted
9
11
Uncontracted
25
26
Apartments3437
Contracted
35
41
Uncontracted
85
100
Serviced apartments120141
Contracted
2
3
Uncontracted
35
23
Memory care apartments3726
Contracted
6
5
Uncontracted
18
28
Care suites2433
380 uncontracted stock as at FY23, impacted
by almost 250 units delivered in Q4
Business performance
51
▪Uncontracted stock as a % of total portfolio of 6.0% is
up from 5.4% at FY22
▪This was expected with our delivery programme for
FY23 heavily weighted to the second half of the year
▪78% of the 692 deliveries were delivered in 2H23
▪Record number of units under contract at 165,
including 113 villas
▪Good progress made in serviced apartment, memory
care apartment and care suite stock, reducing by 9%
with 186 delivered in 2H23
▪When normalised for Q4 deliveries, uncontracted
stock as a % of portfolio is 4.4% and in line with the
lower end of historical performance
Full Year Report 2023
New sales stock
FY23 deliveries
Uncontracted
new sale stock
6.0%
Percentage of
uncontracted stock
-
100
200
300
Q1Q2Q3Q4
Care bedsORA units
Percentage of uncontracted stock calculated off all units sold under Occupation Right Agreement

543
Resales of Occupation
Rights
$88.1m
Record 543 resales in the period, up 16% on
FY22 with realised resale gain of $88.1m
Business performance
52
▪Total gross proceeds of $318.6m, up 21% on FY22
▪This was driven by higher average gross proceeds
per unit and higher overall resales settlements
▪Record resales of 543 Occupation Rights in FY23,
up from 470 in FY22, a 16% increase
▪This included 174 resales in Q4, which is a
company record and 18% above the previous
record quarter (Q2 2023)
▪Gross proceeds per resale settlement of $587k, up
5% from $561k in FY22
▪Realised resale gain of $88.1m with an average
gain per unit of $162k, up 9% on FY22
26%
Full Year Report 2023
Realised resale
gains
Resales
Committed resales pipeline
ResalesFY23FY22VarianceFY21
Gross proceeds ($m)318.6263.621%231.3
Realised resale gains ($m)88.170.226%59.9
Realised resale gains (%)28%27%4%26%
DMF realisation ($m)41.534.520%32.0
Villas23820118%219
Apartments55518%58
Serviced apartments20818512%151
Memory care apartments292612%10
Care Suites13786%-
Total occupation rights54347016%438
-
50
100
150
200
FY17FY18FY19FY20FY21FY22FY23

$162k
$76k
$20k
$4k
$214k
-
$50k
$100k
$150k
$200k
$250k
Realised resale
gain
Realised
DMF
Refurb
costs
Sales and
marketing costs
Resales cash
margin
$115.7m
Cash margin on
resales
$214k
Cash margin on resales of 37% with $115.7m
realised in FY23
Business performance
53
▪Resales cash margin of 37% in FY23 with an
average margin of $214k per unit, up from $210k in
FY22
▪Average refurbishment costs per unit of $20k, up
from $8k in FY22 due to higher proportion of
rollovers on stock with long tenures in our
established villages
▪These units being upgraded to match the fitout
of units at our new villages
▪Sales and marketing costs reflect costs associated
with commissions, sales manager salaries and
direct marketing costs for our resale villages
Full Year Report 2023
Realised resale cash
margin
Resales cash margin
Resales cash margin per unit
ResalesFY23FY22Variance
Gross proceeds ($m)318.6263.621%
Realised resale gains ($m)88.170.226%
DMF realisation ($m)41.534.520%
Refurb of existing IP* (11.6)(4.6)156%
Sales and marketing costs(2.3)(2.1)14%
ILU cash margin on resale
115.798.018%
Gross proceeds per unit ($k)
586.8560.8
5%
Net cash per unit ($k)238.8222.77%
Average refurb cost per rollover ($k)(20.1)(8.1)149%
Sales and marketing costs per unit ($k)(4.3)(4.4)(2%)
Cash margin on resale per unit ($k)
214.4210.22%
Cash margin %
37%37%(3%)
* Excludes refurbishment costs relating to common areas

$1.6b
▪Total embedded value now $1.6b, having increased
from $1.5b at FY22, a 9% uplift
▪Embedded value comprised of:
▪$1.07b resale gains
▪$0.55b deferred management fees
▪Embedded value per unit now $255k, in line with the
$261k at FY22
▪Unrealised resale gain per unit now $168k, 3%
above the $162k achieved on the 543 resales of
Occupation Rights in FY23
Embedded value
$1.1b
Embedded value now $1.6b, up 9% on FY22
Embedded value
Business performance
54
Embedded resale gain
Full Year Report 2023
Embedded value
9%
$327m
$392m
$483m
$557m
$967m
$1,016m
$1,066m
$170m
$217m
$270m
$327m
$397m
$473m
$554m
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
$1,400m
$1,600m
$1,800m
FY17FY18FY19FY20FY21FY22FY23
Resale gainDMF
NZ$mFY23FY22VarianceFY21
DMF$554.3$472.717%$397.4
Resales gain$1,066$1,0165%$967.3
Embedded value$1,620$1,4889%$1,365

Uncontracted
resale stock
Business performance
55
▪Resale stock has increased from 266 units at FY22
to 292 units at FY23
▪The increase in overall stock was driven by a record
number of vacated units in the period, up 8% on
FY22
▪Now have a record number of resale units under
contract at year end of 148, up 28% on FY22
▪Uncontracted stock is 2.3% of portfolio with 144
total uncontracted units, down from 150 at FY22
and 155 at 1H23
▪Continue to see consistent strong demand in our
villages with a waitlist of over 1,500
Uncontracted resale stock remains low
2.3%
Resale stock
144
Percentage of
uncontracted stock
Percentage of uncontracted stock calculated off all units sold under Occupation Right Agreement
Full Year Report 2023
Resales stockFY23FY22
Contracted148116
Uncontracted144150
Total resales stock292266
Contracted9257
Uncontracted8381
Villas175138
Contracted1714
Uncontracted1513
Apartments3227
Contracted3640
Uncontracted3452
Serviced apartments7092
Contracted24
Uncontracted64
Memory care apartments88
Contracted11
Uncontracted6-
Care suites71

Questions
56
Summerset Pohutukawa Place (Bell Block)

Disclaimer
Disclaimer
▪This presentation may contain projections or forward looking statements regarding a variety of items. Such forward looking
statements are based upon current expectations and involve risks and uncertainties
▪Actual results may differ materially from those stated in any forward looking statement based on a number of important factors
and risks
▪Although management may indicate and believe the assumptions underlying the forward looking statements are reasonable,
any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results
contemplated in the forward looking statements will be realised
▪Furthermore, while all reasonable care has been taken in compiling this presentation, Summerset accepts no responsibility for
any errors or omissions
▪This presentation does not constitute investment advice
57
Full Year Report 2023

58
Appendix
Summerset overview
Portfolio and land bank
Underlying profit reconciliation
Historical trends
Fair value movement
Sales price relativity


07
06
04
05
03
02
01
08
Customer profile and occupancy
Summerset growth and demographics
Summerset Down the Lane (Hamilton)

Summerset overview
Appendix
Our portfolio
Our care
Diversified portfolio throughout New Zealand and Australia
Our people
6,087
Retirement units
in portfolio
5,571
Retirement units
in land bank
1,284
Care units in
portfolio
1,338
Care units in
land bank
8,000+
Residents
2,800+
Staff members
59
Full Year Report 2023
$6.9b
Total assets

Portfolio as at 31 December 2023
7,371 total units including 6,087 retirement units and 1,284 care units
Appendix
60
Full Year Report 2023
Existing portfolio -as at 31 December 2023
Retirement unitsCare units
Total units and
care beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care suitesCare beds
Whangārei118 -----118
Northland 118 -----118
Ellerslie38 218 57 --58 371
Hobsonville163 73 52 --52 340
Karaka182 -59 --50 291
Manukau89 67 27 --54 237
Milldale19 -----19
Warkworth202 2 44 --41 289
Auckland693 360 239 --255 1,547
Cambridge45 -----45
Hamilton183 -50 --49 282
Rototuna188 -56 20 7 36 307
Taupō94 34 18 ---146
Waikato510 34 124 20 7 85 780
Katikati156 -30 --27 213
Pāpāmoa Beach152 -----152
Bay of Plenty308 -30 --27 365
Hastings146 5 ----151
Havelock North94 28 ---45 167
Napier94 26 20 --48 188
Te Awa181 -56 20 15 28 300
Hawke's Bay515 59 76 20 15 121 806
Bell Block144 -56 20 19 21 260
New Plymouth108 -40 --52 200
Taranaki252 -96 20 19 73 460
Levin64 22 -10 -41 137
Palmerston North90 12 ---44 146
Whanganui70 18 12 --37 137
Manawatū-Whanganui224 52 12 10 -122 420

Portfolio as at 31 December 2023
7,371 total units including 6,087 retirement units and 1,284 care units
Appendix
61
Full Year Report 2023
Existing portfolio -as at 31 December 2023
Retirement unitsCare units
Total units and
care beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care suitesCare beds
Aotea96 33 38 ---167
Kenepuru112 48 86 20 17 26 309
Lower Hutt9 20 ----29
Paraparaumu92 22 ---44 158
Trentham231 12 40 --44 327
Waikanae27 -----27
Wellington-Kāpiti567 135 164 20 17 114 1,017
Blenheim15 -----15
Nelson214 -55 --59 328
Richmond214 -56 20 17 26 333
Nelson-Tasman443 -111 20 17 85 676
Avonhead165 -79 20 17 26 307
Casebrook264 -56 20 -43 383
Prebbleton78 -----78
Wigram159 -53 --49 261
Canterbury666 -188 40 17 118 1,029
Dunedin61 20 20 --42 143
Otago61 20 20 --42 143
Total NZ4,3576601,060150921,0427,361
Cranbourne North10 -----10
Total Australia10 -----10
Total NZ and Australia4,367 660 1,060 150 92 1,042 7,371

Future development
Largest New Zealand land bank for a retirement village operator of 4,741 units and beds
Appendix
62
Full Year Report 2023
Landbank –as at 31 December 2023
Retirement unitsCare units
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care suitesCare beds
Total units and
care beds
Whangārei99 -
6020
27
9
215
Northland 99 -60 20 27 9 215
Half Moon Bay-218 33 20 49 -320
Milldale111 34 60 20 27 9 261
St Johns11 225 55 19 30 -340
Auckland122 477 148 59 106 9 921
Cambridge215 -60 20 27 9 331
Waikato215 -60 20 27 9 331
Pāpāmoa Beach59 -
60
20 15 21 175
Rotorua260 -20 20 10 20 330
Bay of Plenty319 -80 40 25 41 505
Te Awa60 -----60
Hawke's Bay60 -----60
Bell Block78 -----78
Taranaki78 -----78
Kelvin Grove183 -
20
20 10 20 253
Manawatū-Whanganui183 -20 20 10 20 253
Lower Hutt41 89
56
10 30 -226
Masterton236 -
20
20 10 20 306
Waikanae190 -
60
20 27 9 306
Wellington-Kapiti-Wairarapa467 89 136 50 67 29 838
Richmond52 -----52
Nelson-Tasman52 -----52

Future development
Largest New Zealand land bank for a retirement village operator of 4,741 units and beds
Appendix
63
Full Year Report 2023
Landbank –as at 31 December 2023
Retirement unitsCare units
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care suitesCare beds
Total units and
care beds
Blenheim125 -
30
20 10 10 195
Marlborough125 -30 20 10 10 195
Casebrook6 -----6
Prebbleton143 -60 20 27 9 259
Rangiora260 -60 20 27 9 376
Rolleston267 -20 20 10 20 337
Canterbury676 -140 60 64 38 978
Mosgiel245 -
20
20 10 20 315
Otago245 -20 20 10 20 315
Total NZ2,6415666943093461854,741
Chirnside Park185 -28 --72 285
Craigieburn267 -20 --72 359
Cranbourne North151 -34 --72 257
Drysdale300 -20 --72 392
Mernda284 -20 --72 376
Oakleigh South50 44 ---66 160
Torquay209 30 28 --72 339
Total Australia1,44674150--498 2,168
Total NZ and Australia4,0876408443093466836,909

FY23 underlying profit reconciliation
Reconciliation of underlying profit to reported net profit after tax
* Underlyi ng profi t is a non-GAAP meas ure and di ffers from NZ IFRS profi t for the period. Underlyi ng profit does not have a s tandardised meaning pres cri bed by GAAP and therefore may not be
c omparabl e to si milar fi nanci al i nformation presented by other enti ties. The Di rec tors hav e provi ded an underlyi ng profi t meas ure in addi tion to IFRS profit to assis t readers in determi ning the realised and
unrealis ed components of fair v alue mov ement of i nv es tment property, i mpairment and tax ex pens e in the Group’s i ncome s tatement. The measure is us ed i nternally in c onjunc ti on with other meas ures to
moni tor performanc e and mak e inv es tment decisi ons and has been audited by Erns t & Young. Underlyi ng profi t is a meas ure whic h the Group us es c onsis tently ac ros s reporting periods. Underlyi ng profi t
is us ed to determi ne the di v idend pay out to s hareholders.
Appendix
64
Full Year Report 2023
FY23FY22VarianceFY21
Financial (NZ$m)
Net profit before tax (IFRS)422.5265.159%543.6
Net profit after tax (IFRS)436.3269.162%543.7
Less reversal of impairment on land & buildings0.00.00%(3.4)
Less fair value movement of investment property(441.6)(268.8)64%(537.5)
Add realised gain on resales88.170.226%59.9
Add realised development margin121.2104.916%78.5
Add/(less) deferred tax expense/credit(13.8)(4.0)250%(0.0)
Underlying profit*190.3171.411%141.1

Historical trends
Underlying profit 12 year CAGR of 30% since listing
* Compound annual grow th rate
** New uni ts del i vered i nc ludes al l reti rement uni ts and c are uni ts
*** Reti rement uni ts i nc lude v i l las, apartments and s erv ic ed apartments
**** Care uni ts i nc lude memory c are apartments , c are s ui tes and c are beds
***** Underlyi ng profi t di ffers from NZ IFRS reported profi t after tax. The meas ure has been revi ewed by Erns t & Young. Refer to slide 64 for a rec onciliati on betw een the two measures , and note 2 of the
fi nancial statements for detai l on the components of underl ying profi t
Appendix
65
Full Year Report 2023
Full Year Results
12 Year
CAGR*
FY23FY22FY21FY20FY19
FY11 NZX
listed
Operational
New sales of occupation rights15%560537540404329108
Resales of occupation rights13%543470438381323123
Total sales14%1,1031007978785652231
New units delivered**16%692651671413354122
Retirement units in portfolio***12%6,0875,5184,9304,4424,0861,486
Care units in portfolio****12%1,2841,1611,098972868327
Financial (NZ$m)
Total revenue ($m)19%272.2238.7205.3172.4153.933.7
Net profit after tax ($m)47%436.3269.1543.7230.8175.34.3
Underlying profit***** ($m)30%190.3171.4141.198.3106.28.1
Net operating cash flow ($m)20%398.2369.2383.4266.8237.943.7
Total assets ($m)22%6,9425,8404,9243,8933,338616.9
Total equity ($m)22%2,6052,1931,9251,3551,132233.4
Interest bearing loans and borrowings ($m)28%1,3941,060747.0687.1597.169.1
Cash and cash equivalents ($m)-12.625.38.415.821.59.0
Gearing ratio (Net D/ Net D+E)-34.7%32.4%27.8%32.6%33.3%20.5%
EPS (cents) (IFRS profit)44%187.4116.7238.2102.378.62.4
NTA (cents)21%1,110943.9835.9594.1502.0109.3
Development margin (%)-32%30%23%20%28%6%

Fair value movement
Fair value movement of investment property – key assumptions
Appendix
* Val ue of non l and c api tal w ork in progres s not repres ented in the abov e tabl e
66
Full Year Report 2023
Fair value movement of investment
property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr5+
Summerset by the ParkManukau176.88.913.50%1.00%1.50%2.50%3.00%3.50%
Summerset by the LakeTaupō100.711.014.50%1.00%1.50%2.50%3.00%3.50%
Summerset in the BayNapier102.35.813.75%1.00%1.50%2.50%3.00%3.50%
Summerset in the OrchardHastings111.65.714.50%1.00%1.50%2.50%3.00%3.50%
Summerset in the VinesHavelock North90.93.214.25%1.00%1.50%2.50%3.00%3.50%
Summerset in the River CityWhanganui48.33.714.88%1.00%1.50%2.50%3.00%3.50%
Summerset on SummerhillPalmerston North69.35.414.50%1.00%1.50%2.50%3.00%3.50%
Summerset by the RangesLevin42.91.914.75%1.00%1.50%2.50%3.00%3.50%
Summerset on the CoastParaparaumu87.44.014.25%1.00%1.50%2.50%3.00%3.50%
Summerset at AoteaAotea135.54.714.00%1.00%1.50%2.50%3.00%3.50%
Summerset in the SunNelson187.70.213.50%1.00%1.50%2.50%3.00%3.50%
Summerset at BishopscourtDunedin68.33.914.25%1.25%1.50%2.50%3.00%3.50%
Summerset down the LaneHamilton160.33.314.00%1.00%1.50%2.00%2.50%3.50%
Summerset Mountain ViewNew Plymouth96.65.414.50%1.25%1.50%2.50%3.00%3.50%
Summerset FallsWarkworth233.66.314.00%1.00%1.50%2.00%2.50%3.50%
Summerset at Heritage ParkEllerslie374.36.314.50%1.00%1.50%2.00%2.50%3.50%
Summerset at KarakaKaraka223.312.413.75%1.00%1.50%2.00%2.50%3.50%
Summerset at WigramWigram151.010.513.75%1.00%1.50%2.50%3.00%3.50%
Summerset at the CourseTrentham216.66.914.00%1.00%1.50%2.00%2.50%3.50%
Summerset by the SeaKatikati138.22.414.50%1.25%1.50%2.50%3.00%3.50%
Summerset RototunaRototuna205.211.114.00%1.00%1.50%2.00%2.50%3.50%
Summerset at AvonheadAvonhead203.49.914.00%1.00%1.50%2.00%3.00%3.50%
Summerset at Monterey ParkHobsonville364.433.613.50%1.00%1.50%2.00%2.50%3.50%
Summerset on the LandingKenepuru240.941.914.00%1.00%1.50%2.00%2.50%3.50%
Total for completed villages3,830208.2

Fair value movement
Fair value movement of investment property – key assumptions
Appendix
* Val ue of non l and c api tal w ork in progres s not repres ented in the abov e tabl e
67
Full Year Report 2023
Fair value movement of investment
property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr4
Growth rate
Yr5+
Summerset on CavendishCasebrook255.529.814.00%1.00%1.50%2.00%3.00%3.50%
Summerset Richmond RangesRichmond220.819.814.50%1.00%1.50%2.00%2.50%3.50%
Summerset PalmsTe Awa200.317.114.50%1.00%1.50%2.00%2.50%3.50%
Summerset by the DunesPāpāmoaBeach145.817.715.00%1.00%1.50%2.00%2.50%3.50%
Summerset Pohutukawa PlaceBell Block161.932.314.50%1.00%1.50%2.00%2.50%3.50%
Summerset Mount DenbyWhangārei112.211.815.00%1.00%1.50%2.00%2.50%3.50%
Summerset CambridgeCambridge62.717.916.50%1.00%1.50%2.00%3.00%3.50%
Summerset PrebbletonPrebbleton74.211.316.50%1.00%1.50%2.00%3.00%3.50%
Summerset BlenheimBlenheim18.72.916.50%1.00%1.50%2.00%3.00%3.50%
Summerset MilldaleMilldale49.04.116.50%1.00%1.50%2.00%3.00%3.50%
Summerset BoulcottLower Hutt56.78.616.00%1.00%1.50%2.00%3.00%3.50%
Summerset WaikanaeWaikanae38.87.416.50%1.00%1.50%2.00%2.50%3.50%
Summerset RangioraRangiora11.2(0.3)n/an/an/an/an/an/a
Summerset St JohnsSt Johns239.973.7n/an/an/an/an/an/a
Summerset Cranbourne North
Melbourne -Cranbourne
North
20.8(1.1)n/an/an/an/an/an/a
Total for villages in development1,669253.1
Total for proposed villages427.8(19.7)
Total for all villages5,926441.6

Care centre valuation
Care centre valuation – key assumptions
Appendix
* Bui l t subsequent to the l ast c are centre val uation as at 31 December 2022
** Val ue for as s umed beds i nc l udes the non-ORA profi ts from c are beds and s erv ic ed and memory c are apartments onl y
68
Full Year Report 2023
Value of care facilities
Total care beds
(non ORA)
Total care units
(ORA)
Value of care facility
Assumed
capitalisation rate
Assumed value per
equivalent bed**
VillageLocationNo.NZ$m%NZ$'000
Summerset by the ParkManukau54010.112.75%172.4
Summerset in the BayNapier4806.713.50%121.9
Summerset in the VinesHavelock North4503.114.00%72.1
Summerset in the River CityWhanganui3702.715.75%68.8
Summerset on SummerhillPalmerston North4404.315.00%97.5
Summerset by the RangesLevin41109.014.50%99.0
Summerset on the CoastParaparaumu4404.114.50%93.2
Summerset in the SunNelson5909.713.25%117.4
Summerset at BishopscourtDunedin4205.913.50%126.1
Summerset down the LaneHamilton4907.112.75%119.4
Summerset Mountain ViewNew Plymouth5207.413.50%120.3
Summerset FallsWarkworth4106.513.50%130.3
Summerset at KarakaKaraka50010.012.75%164.5
Summerset at WigramWigram4908.413.00%134.4
Summerset at the CourseTrentham4405.414.00%99.3
Summerset by the SeaKatikati2704.114.25%120.3
Summerset at Heritage ParkEllerslie58011.613.00%173.5
Summerset at Monterey ParkHobsonville5209.912.50%160.7
Summerset RototunaRototuna362724.912.75%115.1
Summerset on CavendishCasebrook432021.112.75%125.0
Summerset Richmond RangesRichmond263727.112.75%111.8
Summerset at AvonheadAvonhead263725.112.75%109.4
Total for existing care facilities967131224.2
Summerset PalmsTe Awa283527.413.00%105.8
Summerset Pohutukawa PlaceBell Block213931.713.00%108.1
Summerset on the LandingKenepuru263731.912.75%106.8
Total for new care facilities*7511191.0
Total for all villages1,042242315.2

Sales price relativity
Source: REINZ, December 2023, based on Summerset catchments
Appendix
Auckland
NZ main centres
33%
Continue to watch the residential market closely, unit pricing remains well placed
REINZ median house price
SUM % of median
Long term sales price relativity
Full Year Report 2023
Sales price relativity vs median house price
Regional NZ
83%
41%
89%
49%
31%
95%
54%
32%
REINZ median house price (Auckland)
SUM Two bed independent (Auckland)
REINZ median house price (Rest of NZ)
SUM Two bed independent (Rest of NZ)
90%
45%
0%
100%
54%
33%
99%
56%
40%
-
$0.2m
$0.4m
$0.6m
$0.8m
$1.0m
$1.2m
REINZ Two bed
independent
Serviced
apartment
Care
Suite
REINZ Two bed
independent
Serviced
apartment
Care
Suite
REINZ Two bed
independent
Serviced
apartment
Care
Suite
69
-
$0.2m
$0.4m
$0.6m
$0.8m
$1.0m
$1.2m
$1.4m
$1.6m
201520162017201820192020202120222023

Summerset growth and key demographics
25 years of consistent delivery and growth
Summerset build rate
Appendix
New units delivered includes retirement units, memory care apartments, care suites and care beds
70
Full Year Report 2023
New Zealand population growth 75 years and over
Victoria population growth 75 years and over
-
2%
4%
6%
8%
10%
12%
14%
16%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
20022007201220162022202320282033203820432048205320582063
NZ population 75+ (LHS)% population 75+ (RHS)
-
2%
4%
6%
8%
10%
12%
14%
16%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
20022007201220162022202320282033203820432048205320582062
VIC population 75+ (LHS)% population 75+ (RHS)
Source: Australian Bureau of Statistics and Statistics New Zealand
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
Units
Existing unitsNew units delivered
7,371

79.2
79.8
79.3
79.1
79.9
80.2
85.7
85.1
85.6
87.5
84.0
85.9
60
65
70
75
80
85
90
FY21FY22FY23
VillasApartmentsServiced & memory care apartmentsCare suites
Customer profile & occupancy
Occupancy, tenure and resident demographic statistics
Occupancy – retirement villages
Occupancy – established care centres
Average entry age of residents (years)
Appendix
71
Full Year Report 2023
Average tenure (years)
5.8
6.1
7.1
5.4
4.6
5.3
2.4
2.4
2.5
0.7
1.0
-
1
2
3
4
5
6
7
8
FY21FY22FY23
VillasApartmentsServiced & memory care apartmentsCare suites
96%
96%
97%
93%
93%
-
20%
40%
60%
80%
100%
FY19FY20FY21FY22FY23
96%
96%
96%
95%
95%
0%
20%
40%
60%
80%
100%
FY19FY20FY21FY22FY23

Ngā mihi
For more information:
Will Wright
Chief Financial Officer
will.wright@summerset.co.nz
021 490 251
72

---

A nnual
Report
2023

Cover: Residents at Summerset Avonhead enjoy socialising in the village centre
Inside cover: Summerset Prebbleton
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 2023. 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.

0 2

Contents
Chair and CEO’s report04
Summerset Strategy
11
Highlights14
Snapshot
14
2023 highlights
16
Our people and community20
Our villages32
Embedding sustainability42
Our performance50
Five-year summary54
Financial statements55
Governance
94
Board of Directors
106
Executive Leadership Team
108
Remuneration
110
Disclosures
122
Directory
131
Company information
134
0 3

Annual Report 2023
Chair and CEO’s
r
eport
Mark Verbiest
Chair
Scott Scoullar
Chief Ex
ecutive Officer
Welcome to our annual report for
the 1
2 months ended 31 December
2023. Despite significant challenges,
Summerset has had a year of
considerable achievements.
We have been able to continue to
deliver value for our residents and
shareholders during a year which has
been one of the most challenging
we’ve seen as a company. Increasing
inflation, recruitment shortages and
a falling residential property market
made business difficult throughout
the year, and yet we continued
to grow.
Over 2023 we saw a record 1,103
sales of Occupation Rights, our
highest year to date, and an
excellent result in a very difficult
macroeconomic environment.
The downturn in the New Zealand
property market presented a new
challenge for our Sales team in 2023.
With housing turnover reportedly
at its lowest in decades we had
to adapt to help our prospective
residents who wanted to join our
village communities.
To make it easier for our future
residents to join their chosen village,
we employed a number of sales
mechanisms to assist them move
into our villages while they were
still selling their home. Providing
flexibility helped new residents to
sell their homes and get organised
at a time when selling homes was
taking longer.
However, while the residential
property market certainly has an
influence on our business, our strong
sales and demand pipeline shows
that we are not solely dependent
upon the property market to grow.
This is because our residents are
often motivated by life events when
moving to Summerset. They come to
us for a change in lifestyle, security,
health, desire for community and
more. We continued to see these
motivating factors prompting shifts
into our villages while the residential
property market was in a state of flux.
Throughout the year demand
for our retirement living offering
significantly increased, with our
waitlists and prospective resident
databases increasing considerably.
The underlying factors driving
demand in the market look set
to continue. To meet this demand
we have continued to strengthen
our development pipeline in both
New Zealand and Australia. This
year we announced the purchase
of two pieces of land – Rolleston
and Mosgiel in New Zealand. We
continue to explore opportunities
in both countries to expand our
portfolio and land bank.
This year was a landmark for
our Australian business with
the first homes delivered at
our Cranbourne North village
in December. Summerset’s first
Australian residents will move into
their new village in March 2024.
Our hard work has been recognised
with Summerset receiving a number
of awards this year, including
winning Gold for the Reader's Digest
2024 Quality Service Award in
the Retirement Villages category,
it is an honour that New
0 4

C H A I R A N D C E O ’ S R E P O R T
Zealand consumers named us for
this accolade
.
Business performance
Underlying profit for 2023 is
$190.3 million, an increase of 11.0%
on 2022. Our IFRS net profit after
tax is $436.3 million, up 62.2%
on 2022. Operating cash flows
of $398.2 million have increased
8.0% from last year. The value of
our investment property is now
$6.4 billion, up 18.3% on 2022,
largely as a result of new purchases
and development.
We are very pleased with the
overall performance of the business
for 2023. We have been able to
withstand significant challenges to
deliver an increase in our underlying
and net (IFRS) profits.
We have continued to show how
we can run our business efficiently
and effectively in unpredictable and
difficult conditions, and at the same
time position ourselves for growth
into the future.
Levels of uncontracted stock have
increased on FY22 but this is
unsurprising as we opened two
new main buildings at our Bell
Block (New Plymouth) and Te Awa
(Napier) villages. Both villages have
had very high demand for their
apartments, and care and memory
care facilities but historically we
know main buildings take 18–24
months to sell down. When we
exclude the new main buildings our
uncontracted stock is down 19%
year-on-year, a very pleasing result
in a tough market.
The Board is pleased to declare
a final dividend of 13.2 cents per
share, payable on 22 March 2024.
Combined with our interim dividend
of 11.3 cents per share, shareholders
have received 24.5 cents per share
for the 2023 financial year — a 9.9%
increase over 2022.
Our dividend policy has been to pay
out 30-50% of underlying profit for
the full year period and we have
traditionally paid at the lower end of
this range to balance the desire to
invest for growth with the preference
of some shareholders for yield.
Summerset's growth strategy is to
deliver on expansion opportunities
in New Zealand and Australia that
will produce competitive returns for
our shareholders.
We are expecting strong underlying
profit growth over the medium
term as our business matures,
which is why we signalled at
our half-year results announcement
that we were undertaking a
review of our Dividend Policy to
ensure it remained appropriate for
Summerset moving forward.
As part of our review we
benchmarked our current policy
against NZX and ASX companies,
tested alternatives and obtained
feedback from our retail and
institutional investors, as well as
investment analysts in our sector.
Our analysis found that our dividend
policy had broad acceptance with
our shareholders and was consistent
with our peers. Many of our
stakeholders highlighted that it
was important to them that the
dividend policy is free from technical
adjustments, can be forecast by the
investment community and is easily
understood by retail investors.
With this information in mind,
the Board has decided to leave
the dividend measure unchanged.
However, the policy range of paying
30–50% of underlying profit was
slightly narrower than it needed to
be, so in order to be more flexible
and prudent in our approach we
have opted to move to 20–50% of
underlying profit.
This gives us more scope to reinvest
our profits when we need to, in
order to maintain long-term financial
health, while ensuring we continue
to give our investors an appropriate
return on their investment where
we can.
Care
Our continuum of car
e model
remains a key part of our appeal
to prospective residents. We are
committed to providing high-quality
care, and we continue to invest
to provide our residents with the
peace of mind that should their
needs change they have options
at Summerset.
During 2023 we opened new main
buildings at our Kenepuru, Bell Block
and Te Awa villages, which all feature
our world-class care and memory
care centres.
In the care centres, we are
commencing a move to a household
model approach, creating smaller,
family grouping sized environments
which help to grow relationships and
create a sense of home.
In addition to opening new facilities,
we have continued the work to
refurbish our older, first-generation,
facilities around the country. Our
Levin, Havelock North and Trentham
(Upper Hutt) villages’ care centres
are all in varying stages of
development. At each village we will
create a modern facility that better
caters to the needs and demands of
our current and future residents.
We’re also investing in new
technology, including ceiling hoists
above beds being rolled out at all
care centres over the next two years.
These are easier to operate and safer
for both our residents and staff.
Regulation and funding
Throughout the year we’ve
continued, along with man
y of
our competitors, to advocate for
adequate funding for the aged care
sector. Successive governments
have failed to invest adequately
in aged care and the sector has
become unsustainable.
Aged care beds are closing around
the country, and without change a
large proportion of New Zealand’s
growing aged population will need
to be cared for in hospitals, which
0 5

Annual Report 2023
has a flo
w-on effect to the entire
health sector.
The New Zealand Aged Care
Association (NZACA), with support
from Summerset and other aged
care providers, ran a compelling
campaign highlighting this risk,
called the Domino Effect. More
elderly New Zealanders in hospital
beds or requiring home care
will impact the health system
dramatically, affecting people of all
ages who need hospital care.
As a large company Summerset
can, and will, continue to keep
providing care. While we continue to
be committed to providing the very
best care possible for our residents
and we are investing in care, we are
rationalising our care offering. Our
future care centres will be smaller
and will be targeted primarily at
providing a continuum of care to our
independent residents.
As well as funding, finding nursing
staff continues to be an issue for the
sector. It's estimated that there are
more than 1,200 nursing vacancies
in the sector (nearly 25% of nurses
required). While aged care nurses’
salaries were increased 11% this year
to achieve parity with public sector
nurses, Te Whatu Ora increased pay
for hospital nurses shortly after this,
which meant rather than pay parity
the gap remains at least $4,000 per
annum depending on their level.
This has again made aged care
nursing a less attractive option for
nurses when they earn less than
nurses with the same qualifications
and experience in public hospitals. 
We continue to advocate with
health officials for a more
equitable outcome.
Summerset also welcomed the
review by the Ministry of Housing
and Urban Development (MHUD) of
the Retirement Villages Act. MHUD
released a discussion document to
the public asking for views about a
number of proposals to change the
Act. We welcome any changes that
make operators raise their standards.
Most of Summerset’s practices
already align with the proposals in
the review, for instance we stop
weekly fees after someone vacates
their home, there are no charges
for maintenance and repairs and we
have worked hard to create plain
English documentation.
Resident initiatives and events
Our purpose is “bringing the
best of life” and we continually
look for opportunities to innovate
and improve on the experience
we provide our residents in all
our villages.
In 2023 we have run a successful
pilot of our Holiday Homes
programme which gives residents
and their families the opportunity
to rent a fully furnished apartment
in one of our villages. The pilot at
three villages was very successful
and popular and we plan to roll it out
to more villages in 2024.
Our entertainment series
“Summerset Sessions” continues
to deliver a mixture of content
live and on-demand to residents
regardless of where they are in
the country. These sessions include
“Cooking with a MasterChef”, our
musical series “Summerset Sings”,
and “An Interview With...” featuring
well-known personalities and
hosted by Summerset Ambassador
Jude Dobson.
Popular singer Will Martin performed
for Summerset residents in
Wellington, Christchurch and
Hawke’s Bay during the year, and
we held resident competitions
including Summerset’s Best Garden
and the Summerset Challenge. The
challenge tested residents' quiz
skills, with regional finalists travelling
to Wellington to compete to be the
best quiz team in our villages.
Our efforts have been recognised
by residents, with our satisfaction
scores remaining extremely high –
96% of village residents and 95%
of care residents tell us they are
very satisfied or satisfied with their
experience with us.
We were also named the Best
Provider Nationwide in Aged
Advisor’s annual "Peoples’ Choice
Awards". As well as the nationwide
win, five of our villages were named
finalists in their categories. The most
satisfying aspect of this award is that
it’s voted on by consumers, including
retirement village residents and their
families. We were honoured that
many of our residents nominated us.
Design and technology
We have continued to modify the
de
signs and features of our villages
to meet the needs of our current
and future residents, and to tailor
designs for their varying locations
around the country.
Our first provincial main building
(PMB), the village centre that
provides resident amenities and
care facilities, will be built at our
Blenheim village. Built to our usual
high specification, it will be single
storey to be in keeping with its
location and be constructed faster
for our residents.
Similarly, we have been designing
our refreshed regional main building
(RMB). Our current RMBs have been
built successfully and to the delight
of residents around the country for a
number of years, but the needs and
demands of our residents has meant
it’s time to refresh the design.
We continue to look at how the
quality and greenspace in our
villages can be maximised too,
with children’s playgrounds, wider
streets, small parks and indoor/
outdoor golf ranges all being
investigated in our designs.
We also continue to invest in
technology to enhance the lives and
experiences of our residents around
the country. Our resident experience
services and experiences platform
Lumin is now rolled out to seven
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C H A I R A N D C E O ’ S R E P O R T
villages and will go to a further eight
b
y 2025. Lumin allows residents to
communicate with each other, book
activities, access entertainment and
much more, all on a specially
designed tablet with a system
designed for elderly users.
Summerset is one of the few village
operators in the country to offer
anything like this to its residents
and we believe it’s a huge step
forward in how we communicate
with, and enable, our residents to get
on and enjoy their retirement with
technology that makes their lives in
the village easier.
New Zealand construction
and de
velopment
Our design and consenting
programme continues to position us
well for growth across New Zealand.
In New Zealand we have a very well
diversified portfolio with 73% of our
land bank having resource consent.
Those consents allow flexibility in the
rate and location of development, so
we can respond to localised demand
and supply, and the changing
economic conditions.
This past year has been an excellent
example of the flexibility we can
bring to our build programme.
We back-weighted deliveries to the
second half of the year where we saw
economic and market conditions
improving, to better enable the sale
and settlement of our homes.
We also opted to prudently deliver
a total number of units at the
lower end of our market guidance
while market conditions were less
favourable. This year we delivered
633 homes under Occupation Right
Agreement and 49 care beds in
New Zealand. This reflects growth of
around 5% in construction numbers,
another record year for Summerset.
Our construction team worked
across 17 New Zealand sites this
year, including delivering two new
main buildings complete with indoor
pools, memory and care centres,
cafes and other facilities, and
completing our Kenepuru (Porirua)
and Hobsonville (Auckland) villages.
We also handed over the first
homes at our Cambridge, Boulcott
(Lower Hutt), Waikanae, Milldale
(Auckland) and Blenheim villages,
and commenced construction at a
number of sit
es including Rangiora.
We expect to increase our output
of homes next year with the
market picking up. Our sophisticated
delivery programme means that we
can scale up and we expect to
build 675–725 homes next year. This
includes delivering our St Johns
(Auckland) village, where 60% of
the 329 homes, as well as the main
building and the care centre, will be
completed in the first stage.
We began the process of divesting
our Parnell site this year, as part
of actively managing our portfolio
weighting of capital deployed
across intensive metropolitan
developments and the regional
developments (which recycle cash
faster). The economics of this
village were very strong over
the long term, and it was
consented, but it fell outside our
current strategy of minimising
the number of concurrent capital-
intense metropolitan projects
under development.
In 2022 we advised shareholders
of the tragic death of Michael
Wellington region residents' Summerset Sings concert with Will Martin
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Annual Report 2023
Noche, a scaffolding contr
actor who
worked for Marin Construction on
our St Johns site. We worked with
WorkSafe NZ during 2023 while they
investigated Michael’s death.
WorkSafe advised late in 2023 that
they were not taking any action
against either Marin or Summerset.
While we were reassured that
Worksafe didn't feel any action was
warranted, we have not lost sight of
the fact that this was, of course, a
terrible tragedy for Michael’s family,
colleagues and for us as a business
and we needed to learn from it.
As a company we have made
modifications to our processes and
worked across the construction
industry to lead change that we
hope will make our people as safe
as possible when using temporary
work structures.
Costs and procurement
We have worked hard to keep a tight
lid on our costs t
o ensure we set
ourselves up for long-term growth.
Construction costs have been a
focus for us this year as inflation and
materials shortages saw prices rise
sharply, but we are seeing the market
stabilise now.
Our Procurement team works hard
to secure value-for-money long-
term contracts through the strong
relationships we have with our
suppliers and we’re confident we’re
tightly managing our construction
costs. This work and the diligence of
our Construction team has meant
that we’ve delivered our forecast
homes on time and within budget.
Our hard work has seen us deliver
a very healthy development margin
through 2023 of 31.6%, well above
the 20–25% guidance we gave
last year.
Like most New Zealand businesses,
we saw overhead costs such as
rates and insurance increasing in
2023. While we can flex our weekly
fees to meet these costs, we opted
to keep our weekly fee increase
as low as possible this year in
r
ecognition that inflation was having
a big impact on our residents too. We
are committed to not increasing fees
beyond the percentage increase to
NZ Superannuation, and this year we
set our weekly fee increase at half
that of superannuation.
Australia
In Australia we achieved a major
milestone with the delivery of our
first homes at our Cranbourne North
village. Our first Australian residents
will move in March 2024.
Construction begins at our Chirnside
Park development shortly, and both
our Oakleigh South and Craigieburn
sites have been consented. We
continue to build a strong land
bank and we plan to mirror our
New Zealand programme where
we have a high percentage of our
sites consented so we can flex our
build programme as demand and
supply dictate. Our three other sites
at Torquay, Mernda and Drysdale
are all progressing through their
consent processes.
Australia continues to offer huge
growth opportunities for us if we
can access the right sites, and we
are now also looking at sites beyond
Melbourne and Victoria. We see
Queensland as the next logical step
in our strategic growth into Australia.
This move will provide us with more
diversity in our portfolio and allow
us to manage market movements
with greater flexibility, similar to
our development approach in New
Zealand where we can adapt to
changing market conditions. We
plan to continue to grow our land
bank in Victoria in parallel to our
expansion into Queensland.
We’re very pleased to have reached
the major milestone of opening
our first Australian village and look
forward to delivering more homes
and villages in the coming years.
Our people
Our people ar
e crucial to our
success. At our heart we are a
people-centred business providing
high-quality homes, care, food,
entertainment, support, therapy and
much more to more than 8,000
people in our villages across New
Zealand, and now into Australia.
Without great people we can’t do
our work and we can’t achieve our
purpose of “bringing the best of life”.
Throughout this year we have
invested in our people, providing
them with the tools and
opportunities to flourish and grow
their careers.
Diversity & Inclusion (D&I) has been
a focus for us to ensure that all our
staff are comfortable and supported
to bring all of themselves to their
workplace. All Summerset managers
were given D&I training through the
year, and we’ve supported employee
representative groups such as our
Pride Network and our Women in
Construction forum.
We’ve supported our people’s
wellbeing by providing them with
access to financial, physical and
mental health information, and we
delivered mental health awareness
training to Summerset managers so
they can support their people more.
Our people’s health and safety is,
of course, of enormous importance
to us as a business. We have
implemented a new three-year
Health and Safety (H&S) strategy and
we’ve grown our H&S compliance
team to ensure that we are doing
everything we can to protect our
people. In 2024 we will introduce
a new H&S monitoring system that
will be a better fit for our varying
business units and allow us to
capture and analyse more of our
data to make improvements quickly
across our villages, constructions
sites and offices.
In recognising that the cost of living
was impacting our people across
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