Ryman Healthcare reports steady retirement village sales in Q1
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The news: Ryman Healthcare has reported steady first-quarter retirement village resale volumes, matching the prior corresponding period with 325 occupation right agreement (ORAs) sales for the quarter ended 30 June.
The context: The retirement village operator stated that while resale volumes have remained steady year-on-year, net resale contract volumes jumped 7% driven by strong demand for serviced apartments despite broader housing market headwinds.
Aged care demand also remained resilient, with occupancy at mature care centres held firm at 96.1%, while the average incoming refundable accommodation deposit in Australia exceeded $750,000 during the quarter.
Ryman confirmed it remains on track to deliver FY27 build guidance of 157-168 units and beds across its Patrick Hogan Village in Cambridge and Richard Hadlee Village in Christchurch and reiterated its expectation to make further progress towards its NZD500 million ($415 million) cash release target by FY29.
What they said: “While subdued housing market conditions have impacted independent living sales, we continue to see positive results in the current market through offering greater product choice and pricing options across independent living, assisted living and aged care,” CEO Naomi James said.
“Our objective remains to lift retirement living resale volumes to match turnover by the end of the financial year,” she added.
The source: ASX
