4Q24 Metrics - Sales of Occupation Rights

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



NZX & ASX RELEASE

7 January 2025


4Q24 METRICS – SALES OF OCCUPATION RIGHTS
Summerset Group is pleased to report 361 sales for the quarter ending 31 December 2024,
comprising 169 new sales and 192 resales. The company ended the financial year with its
highest ever full year result of 1238 total settlements (an increase of 12 percent over FY23).
Total settlements in Q4 were on par with the same period in 2023 (360 sales) with the company
seeing it’s highest resale quarter ever.
Summerset CEO Scott Scoullar said this was an encouraging result to end the year, especially
in such a challenging market.
“This is a positive result for both the quarter and the full year, the residential property market has
been slow but despite this we’ve continued to grow.
“We’ve seen good demand, and we’ve managed to achieve a strong sales result in a difficult
economic environment. It’s been very pleasing to see the strength of our resales, reflecting our
growing number of fully completed and established villages, and we have a substantial portfolio
of both quality new and pre-occupied units around the country that continue to appeal to our
target audience.”
The big milestone in the quarter was the completion and opening of the first stage at St Johns
village in October seeing 60 percent of the village’s homes delivered as well as the village’s
main centre (including pool, café, bar and resident theatre).
Summerset St Johns now has 25 percent of the village units completed to-date under contract
across independent living, serviced apartments and care suites.
Outside Auckland, the Pāpāmoa, Te Awa and Richmond villages were among the strongest
performers in new sales for the quarter. Resales were led by Casebrook and Avonhead,
however Summerset still continues to see a good balance of sales throughout the country with
59 percent of sales from outside Auckland, Wellington and Christchurch. In Australia, our
Cranbourne North village continues to perform well as new stages of homes are released.
Mr Scoullar said the company has a strong pipeline of committed sales contracts heading into
2025 across its New Zealand and Australian villages.
Summerset will release its full year results on 28 February 2025.
ENDS

FY24 SALES OF OCCUPATION RIGHTS


1Q24
2Q24 3Q24
4Q24
FY24

New sales 134 156 129 169 588
Resales 121 177 160 192 650
Total 255 333 289 361 1238

FY23 SALES OF OCCUPATION RIGHTS


1Q23
2Q23 3Q23
4Q23
FY23
New sales
115
126 133
186
560
Resales
95
147 127
174
543
Total
210
273 260
360
1103

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


For investor relations enquiries: For media enquiries:
Sarah Theodore Louise McDonald
Acting Chief Financial Officer Senior Communications & Media Advisor
sarah.theodore@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 39 villages completed or in development nationwide
• In addition, Summerset has eight proposed sites at Belmont (Auckland), Rotorua (Bay of
Plenty), Napier (Hawke’s Bay), Palmerston North (Manawatu), Masterton (Wairarapa),
Paraparaumu (Kāpiti Coast), Rolleston (Christchurch), 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 8,700
residents