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1
Post FY12 Result - Investor Presentation
22 August
2012
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2
Disclaimer
The information in this presentation is an overview and does not contain all information necessary to make an investment
decision. It is intended to constitute a summary of certain information relating to the performance of Metlifecare Limited
(“Metlifecare”) for the year ended 30 June 2012.
The information in this presentation does not purport to be a complete description of Metlifecare. In making an investment
decision, investors must rely on their own examination of Metlifecare, including the merits and risks involved. Investors should
consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities.
The information contained in this presentation has been prepared in good faith by Metlifecare. No representation or warranty,
express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other
information contained in this presentation, any of which may change without notice. To the maximum extent permitted by law,
Metlifecare, its directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any
liability arising from fault or negligence on the part of Metlifecare, its directors, officers, employees and agents) for any direct or
indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in, or omitted
from, this presentation.
This presentation is not a prospectus, investment statement or disclosure document, or an offer of shares for subscription, or
sale, in any jurisdiction.
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3
FY12 Result – Agenda
1
2
3
4
5
Business and Market Update
FY12 Financial Performance
FY12 Operating Metrics
Developments and Capital Activity
Post Balance Date Acquisition and Outlook
A Appendix: Portfolio Summary
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FY12 Result – Highlights
Strong cashflow
improvement
Operating cashflow of $31m, an increase of 35% on FY11
Result exceeded guidance of $26.5m
Property revaluations from move to CBRE in line with expectations and previous
disclosure, with a fair value reduction in investment properties of $100m
Reported FY12 NTA of $3.04 and post merger provisional NTA of $3.24, consistent
with the prospectus range of $3.15 - $3.35
Acquisition
completed post
balance date
Revaluations in line
with expectation
Occupancy (ex The Poynton) increased to 93% from 91% in FY11
— The Poynton occupancy increased to 65% from 44% in FY11
Total settlements of 330 units in FY12 vs. 296 units in FY11
Incorporate footnote o margin
Expanded the greenfield and brownfield development opportunities and added to the
development capabilities post the acquisition of VSL
— At least 750 units available for development post rationalisation
Repositioned to
capture growth
Improved operating
metrics
On 23 July, completed the significant transaction of merging Metlifecare, Vision
Senior living (VSL) and Private Life Care Holdings Limited (PLC)
Enhanced Metlifecare’s overall presence in Auckland and scale, adding 1,204 units
Capital management activity has repositioned the share register and resulted in an
increased share trading liquidity on the NZX
— Increase in daily trading liquidity of over 30 times following the Nov-11 placement
vs. the six months prior
Improved share
register and
liquidity
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5
Business and Market Update 1
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24 Villages (12 in Auckland)
3,902 Current Units (59% in Auckland)
At least 750 Units available for development post
rationalisation
4,000 plus Residents
90% plus Resident satisfaction within Villages
Our Business - Post Merger (and post balance date)
1Vision joint venture with Te Rapa Racing Limited
Metlifecare Portfolio Statistics
3
3
1 34 units
CRESTWOOD
199 units
HIGHLANDS
87 units
PAKURANGA
3 54 units
PINESONG
201 units
Dannemora
19 3 units
Longford Park
269 units
Hibiscus Coast
21 7 units
Hillsborough
324 units
Waitakere
14 0 units
THE POYNTON
9 3 units
7 SAINT VINCENT
80 units
POWLEY
40 units
Bay of Islands
165 units
Forest Lake
33 units
Papamoa
9 4 units
SOMERVALE
88 units
THE AVENUES
238 units
GREENWOOD PARK
23 2 units
BAYSWATER
( 50 % owned )
98 units
PALMERSTON NTH
1 37 units
OAKWOODS
180 units
COASTAL VILLAS
225 units
KAPITI
Metlifecare VSL PLC
81 units
WAIRARAPA
1
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Our Business
Provision of quality retirement living and aged care services
Development of retirement and aged care facilities designed
to meet the unique needs of each community in which we
are located
Five revenue streams
– Village Operations
– Village Services
– Care Services
– Sales and Resales
– Development Margins
Our Business
Our Goals
To develop and maintain a leadership position in the industry
To deliver great service
To manage and grow our assets
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8
Market Opportunity
Source: Statistics New Zealand
Over 20,000 pa growth in + 65 age group in New Zealand
Over 12,000 pa growth in + 75 age group in New Zealand
Life span will increase – males from 78 to 85 years and females from 82 to 89 years
Population Aged 64 Years and Older
0
200
400
600
800
1,000
1,200
1,400
1,600
2011 2016 2021 2026 2031 2036 2041 2046 2051 2056 2061
Popula
tion ‘000
Compelling Demographic story
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9
Market Conditions
Residential property market showed signs of improvement through the end of 2011 calendar year
and early 2012
Auckland residential market continues to improve with strong demand and lower level of stock
available
The NZ Government and New Zealander’s continue to focus on debt reduction
A lower interest rate environment is expected for some time
Domestic Influence
Continued uncertainty around European debt
US economy showing signs of improvement but a prolonged period of low interest rate stimulus is
expected
China continues to grow but GDP growth is expected to fall below double digits
International Influence
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Market Conditions
New Zealand
The ability to enter a retirement village almost always requires the sale of the family home
Low sales volumes negatively impact the salability of intending residents homes
Volumes are starting to improve relative to lows during first half of calendar year 2011 with the
start of 2012 showing signs of increasing
0
5,000
10,000
15,000
20,000
25,000
30,000
Jan 2
00
6
Ma
r 200
6
Ma
y 2
00
6
Jul 200
6
Sep 2
006
No
v 2
006
Jan 2
00
7
Ma
r 200
7
Ma
y 2
00
7
Jul 200
7
Sep 2
007
No
v 2
007
Jan 2
00
8
Ma
r 200
8
Ma
y 2
00
8
Jul 200
8
Sep 2
008
No
v 2
008
Jan 2
00
9
Ma
r 200
9
Ma
y 2
00
9
Jul 200
9
Sep 2
009
No
v 2
009
Jan 2
01
0
Ma
r 201
0
Ma
y 2
01
0
Jul 201
0
Sep 2
010
No
v 2
010
Jan 2
01
1
Ma
r 201
1
Ma
y 2
01
1
Jul 201
1
Sep 2
011
No
v 2
011
Jan 2
01
2
Ma
r 201
2
Ma
y 2
01
2
Num
be
r o
f sa
les
Source: REINZ
Residential property market volumes
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11
Market Conditions
New Zealand Real Estate Market (Medium Sale Price Rolling 3 Month Average)
Pricing in the residential property market has held up over the past 12 months showing sign of
steady increases
If prospective residents cannot sell their houses due to insufficient buyers, they have generally
deferred sale rather than discounting
Source: REINZ
$0.00
$100,000.00
$200,000.00
$300,000.00
$400,000.00
Jan 2
00
6
Ma
r 200
6
Ma
y 2
00
6
Jul 200
6
Sep 2
006
No
v 2
006
Jan 2
00
7
Ma
r 200
7
Ma
y 2
00
7
Jul 200
7
Sep 2
007
No
v 2
007
Jan 2
00
8
Ma
r 200
8
Ma
y 2
00
8
Jul 200
8
Sep 2
008
No
v 2
008
Jan 2
00
9
Ma
r 200
9
Ma
y 2
00
9
Jul 200
9
Sep 2
009
No
v 2
009
Jan 2
01
0
Ma
r 201
0
Ma
y 2
01
0
Jul 201
0
Sep 2
010
No
v 2
010
Jan 2
01
1
Ma
r 201
1
Ma
y 2
01
1
Jul 201
1
Sep 2
011
No
v 2
011
Jan 2
01
2
Ma
r 201
2
Ma
y 2
01
2
Median Sale Price
Residential property market pricing
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12
FY12 Financial Performance 2
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FY12 Financial Result Highlights
Operating
Cashflow
Operating cashflows were ahead of forecast at $31.0m largely as a result of strong settlements
leading up to 30 June 2012
— The result exceeded our guidance of $26.5m
Operating Cashflows flows increased in the second half as anticipated
— Greater serviced apartment sales in FY12 relative to the prior comparable period
— Improved sales settlements at The Poynton – 30 apartments
— Partial settlements at The Poynton substantially complete
— Receipts from customers increased as a result of improved occupancy and service delivery
— Repairs & maintenance returning to normal levels and include several one-off projects
— Operating Cashflow included $1.0m of merger costs
Balance Sheet and
Revaluations
Trading
Performance
Incorporate footnote on margin
Equity as at end of FY12, following the attributable loss, reduced from $526m to $438m thus reducing
NTA per share by $0.97 to $3.04
In line with expectations and previously disclosed guidance
Provisional NTA of the merged entities of $3.24 per share, in line with prospectus range of $3.15-
$3.35
Capital
Management
After tax loss attributable to shareholders ($132.0m)
After tax result includes ($99.8m) change in fair value of investment properties and deferred tax charge
of ($38.0m) both of which were signaled as part of the recent merger transaction
The result includes a $9.6m uplift in the revaluation of our Care facilities net of deferred tax. Consistent
with our competitors we have changed our accounting policy for valuing Care facilities
In November 2011 and December 2011 raised $45.5m of additional equity through a placement and
share purchase plan
RVG also sold shares to take their stake from 83% to 50%
On 23 July completed the significant transaction of merging Metlifecare, Vision Senior living (VSL) and
Private Life Care Holdings Limited (PLC)
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Financial Performance – P&L
Year to 30 June
2012 ($m)
Year to 30 June
2011 ($m)
Year to 30 June
2010 ($m)
Total Comprehensive Income
Attributable to Shareholders (132.0) 20.8 67.5
Add Back:
Change in Fair Value of Investment
Properties 99.8 (27.5) (73.2)
Revaluation of Care Facilities Net of
Tax1 (9.6) - -
Amortisation, Depreciation and
Impairment 1.6 1.9 5.6
Finance Costs 8.4 12.9 8.2
Deferred Tax 38.0 - -
Trading Performance 6.2 8.1 8.1
Net Settlements Cashflows 39.8 35.2 42.1
Trading and Relicensing Performance 46.0 43.3 50.2
1 The result includes a $9.6m uplift in the revaluation of our Care facilities net of deferred tax is the result of a change in accounting policy of the carrying
amount of Property, plant and equipment for Care facilities. The change is consistent with our competitors.
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Financial Performance – Operating Cashflow
Positive operating cashflow performance - $31m result exceeded our guidance of $26.5m
36 Sales in FY12 compared with 29 sales in FY11
Net operations cashflows consistent with FY11 and better with merger costs of $1.0m removed
Finance cost decreased following debt reduction and equity raising in November
Year to 30 June 2012
($000)
Year to 30 June 2011
($000)
Resident Receipts 56,376 53,850
ORA Sales & Resales 113,921 113,733
Payments to Suppliers (55,892) (52,416)
ORA Repurchases (74,098) (78,550)
GST (1,782) (1,973)
Interest Received 104 42
Interest Paid (7,629) (11,682)
Net Operating Cash per Cashflow 31,000 23,004
Operating Cashflow with Sales & Resales
Split
Sales Revenue 20,372 15,707
Net Resales Revenue 19,451 19,476
Net ORA Revenue 39,823 35,183
Net Operating (1,194) (497)
Interest Paid (7,629) (11,682)
Net Operating Cash per Cashflow 31,000 23,004
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Financial Performance – Balance Sheet
30 June 2012
($000)
30 June 2011
($000)
Cash & Other Assets 24,689 14,972
Property Plant & Equipment 33,056 20,816
Investment Properties 1,168,780 1,258,523
Total Assets 1,226,525 1,294,311
Payables & Other Liabilities 16,301 15,131
Bank Loans 68,675 124,252
Deferred Membership Fees 42,586 39,076
Refundable Occupation Right Agreement 618,814 589,686
Deferred Tax 41,264 -
Total Liabilities 787,640 768,145
Total Equity 438,885 526,166
Equity moved by the net difference between the capital raising in November 2011, the movement in the fair value
of investment properties and deferred tax liabilities
NTA as at 30 June 2012 $3.04 per share. The post merger provisional estimate of NTA is $3.24, which is
consistent with the prospectus range of $3.15 - $3.35
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Financial Performance – Investment Properties
30 June 2012
($000)
30 June 2011
($000)
Investment Properties Under Development at Fair Value 23,297 18,749
Completed Investment Properties at Fair Value 490,785 616,261
Total Valuation 514,082 635,010
Plus: Refundable Occupation Right Agreement Amounts 733,893 689,345
Plus: Residents’ Share of Capital Gains 29,044 33,176
Plus: Deferred Membership Fee 42,586 39,076
Less: Membership Fee Receivables (140,515) (129,475)
Less: Occupation Right Agreement Receivables (10,310) (8,609)
Total Investment Properties 1,168,780 1,258,523
CBRE valuation resulted in changes to the discount rate and property price growth assumptions
— Discount rates range between 12.5 – 15.0% (weighted average is 13.5%)
— Property price growth assumptions range between 0 – 3.5% (weighted average for ILU’s 3.1%, ILA’s 3.2%
and SA’s 2.67%)
In line with Metlifecare expectations and previously disclosed guidance
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Financial Performance – Bank Debt Facilities
As at 30 June 2012 the bank funding consists of two sub facilities and a working capital facility
— Working Capital Facility of $10.0m
— Cash Advance Facility limit of $80.0m – expires 30 September 2015
— Development Facility limit of $80.0m – expires 30 September 2016
Debt as at 30 June 2012 was $69.2m with $9.2m in cash
— Cash Advance Facility debt was $40.4m net of cash
— Development Debt Facility debt was $19.6m
Following the completion of the merger, the group had total debt balances of $197.0m and cash
balances of $9.8m on a provisional basis. The net debt was therefore $187.2m.
— Cash Advance Facility debt was $123.7m net of cash balance
— Development Debt Facility drawn debt was $63.5m
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Financial Performance – Embedded Value
The embedded value above is calculated by taking the sum of the list prices of units across our
portfolio and deducting the resident refundable loan liability as per the balance sheet
Management Fee receivable is as per note 23 of the Financial Statements
Adjustments have been made for our Palmerston North joint venture
Year to 30 June
2012 ($m)
Year to 30 June
2011 ($m)
Year to 30 June
2010 ($m)
Management Fee Receivable 141 130 121
Capital Gains 160 201 230
Total Embedded Value 301 331 351
Management Fee Receivable % 47% 39% 35%
Capital Gain % 53% 61% 65%
Embedded Value per Unit ($’000s) 122 135 139
Note: 30 June 2010 includes Merivale assets.
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FY12 Operating Metrics 3
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Sales Performance – Highlights
Settlement volume up on FY12
Gross Resales cashflows $93.5m
($98.0m for June 2011)
Gross Sales cashflows $20.4m
($15.7m for June 2011)
Conversions of leads into applications are
consistent with FY11
ORA (LTO) applications remained strong
Settlement cashflow on a per unit basis lower
as a result of the mix between ILU’s and SA’s
Sales Performance
200
301267
294
40
46
29
36
Jun-09 Jun-10 Jun-11 Jun-12
Resales Sales
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Sales Performance – Gross Settlements
Gross Settlements FY12 FY11 FY10
No. $’000 No. $’000 No. $’000
Sales 36 20,372 29 15,707 46 24,028
Resales 294 93,549 267 98,026 301 104,391
Total 330 113,921 296 113,733 347 128,419
11.5% increase in settlement volumes compared to FY11
Stock level reduced over the year
The Poynton sales – 30 in the period
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Sales Performance – Net Settlements
Net Settlements FY12 FY11 FY10
No. $’000 No. $’000 No. $’000
Sales 36 20,372 29 15,707 46 24,028
Resales 294 19,451 267 19,476 301 18,074
Total 330 39,823 296 35,183 347 42,102
FY12 – good resales with margin per resale down as a result of the mix of units sold
— ILU resales were 183 (178 prior year) and SA resales were 111 (89 prior year)
— SA’s resales in FY12 have increased relative to FY11 which implies lower cash generation
however improved occupancy and weekly fees
— The average price per resale ILU was $379k against $424k for the prior year
— The average price per resale SA was $219k against $258k for the prior year
Continued focus on increasing occupancy with higher occupancy flowing through to increased
opportunity to sell Village services
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Occupancy – Excluding The Poynton
% Occupied Units FY12 FY11 FY10
Independent Living Units 94% 94% 92%
Serviced Apartments 87% 79% 80%
Total 93% 91% 90%
Occupancy levels (excluding The Poynton) increased to 93%
(91% at 30 June 2011)
Care Facility occupancy remained consistent with June 2011 at 96%
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Occupancy – The Poynton
% Occupied Units FY12 FY11 FY10
Independent Living Units 125 69% 48% 30%
Serviced Apartments 15 33% 20% 7%
Total 140 65% 44% 27%
The Poynton occupancy increased to 65% (44% at 30 June 2011)
Excluding stock with contracts, there are 9 serviced apartments and 31 apartments left to sell
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Development and Capital Activity 4
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27
Growth Opportunities
Brown & Greenfield Development pre
Rationalisation1
Metlifecare is well placed to take advantage of growing
demand within the retirement village industry
Following settlement Metlifecare will consider
rationalising its portfolio. This will include the
identification of non core assets/land and may
eventuate in the possible sale of assets
Following portfolio rationalisation post settlement
Metlifecare will have a good brownfield and greenfield
pipeline with a minimum of 750 development units
Metlifecare will maintain an emphasis on premium
Auckland locations
1 Excludes care facility development(s) 2 Purchase of Unsworth Heights is conditional on Overseas Investment Act approval
170
200
94
66
27
40
33
127
101
33
120
Ilam
Unsworth Heights
Stanley Road - Glenfield
Metlifecare Crestwood
Metlifecare The Avenues
Metlifecare Oakwoods
Vision Forest Lake
Vision Papamoa
Vision Bay of Islands
Metlifecare Coastal
Metlifecare The Poynton
Greenfield Units
Brownfield Units
Development Locations pre Rationalisation1
101 units
Bay of Islands
33 units
Forest Lake
127 units
Papamoa
27 units
The Avenues
40 units
Oakwoods
33 units
Coastal Villas
Brownfield Greenfield
120 units
The Poynton
94 units
Stanley Road
200 units
Unsworth Heights
66 units
Crestwood
170 units
Ilam
2 2
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28
Metlifecare targets premium locations in which to develop its
retirement villages with ability to capture good capital gains
Ability to rejuvenate and intensify existing sites
Aim to develop full continuum of care villages over next 3 to 5
years
Development Pipeline
Metlifecare will continue to evaluate new locations that fit with
the growth strategy
Financial flexibility to secure further sites
Development expertise to execute
Coastal Villas – started construction March 2012
The Poynton – start construction on Stage 3 2012/2013
The Avenues /Crestwood – Working on plans, consent in 2012
Greenwood Park – working on concept plans
Stanley Road – commence construction 2013
Unsworth Heights – commence construction 2014
Ilam Park
Development
Strategy
Brownfield
Sites
Greenfield
Sites
Future Sites
Metlifecare has created an exciting development pipeline with large growth opportunities
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29
Capital Activity in FY12
November 2011 - announced a range of initiatives designed to reposition the Company’s capital
and governance structure, provide a platform for growth and unlock value for all shareholders
— Primary Offer of new shares of $40 million and an additional amount of up to $5.5m from a
Share Purchase Plan
— Secondary Offer of existing shares of approximately $50m to $70m which would reduce
Retirement Village Group’s (RVG) shareholding in Metlifecare to between 50 and 55% on a
diluted basis
December 2011 - both initiatives successfully completed
— Total of $45.5m in new equity raised and used to offset debt
— RVG shareholding reduced from 82% to 50%
— Increase in the free float of Metlifecare shares in the market, resulting in increased liquidity of
shares
In May 2012, Metlifecare announced plans to merge with Vision Senior Living and Private Life
Care. Metlifecare minority shareholders approved the merger on the 21 June 2012. Settlement
occurred 23 July 2012
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Post Balance Date Acquisition and Outlook 5
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Post Balance Date – Merger Completion
On 23 July 2012, Metlifecare completed the merger of Private Life Care and Vision Senior Living
and welcomed new shareholders to the register
— The Financial Statements include a summary of the Assets and Liabilities purchased as part
of the transaction in Note 30 Subsequent Events
— The value of the shares issued to complete the transaction was $91.8m
— The net fair value of the asset and liabilities purchased was $156.4m
— This will result in a gain on acquisition of $64.6m
— The numbers above are provisional and will be subject to audit confirmation
— RVG sold shares and reduced shareholding to 43.2% of Metlifecare
Combined Group – Provisional estimates
— Total Assets of $1.9b with investment properties of $1.8b
— Total Liabilities of $1.3b with resident liabilities of $929.8m and Net Bank Debt of $187.2m
prior to the purchase of land at Unsworth heights ($12.6m)
— Provisional NTA of $3.24 per share, in line with prospectus range of $3.15 - $3.35
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32
Outlook
NZ Economy
Depressed economic conditions and consumer confidence has persisted into FY12
Full impact of the Christchurch earthquake and the influence on the domestic
economy will not be known for some time
Residential property market volumes have shown small increases but still remain
relatively flat
Metlifecare
Market
Proven business model
Exciting growth strategy
Highly qualified and experienced senior management team
Moving Forward
Long term growth in population aged over 65 years
Recognition by NZ Government that more aged care beds are needed to meet
projected growth in demand in next 15 years
Ability to provide long term continuum of care becoming increasingly important
Integrate Vision and PLC into Metlifecare and extract maximum synergies and
efficiencies
Continue to focus on operational excellence with launch of Centres of Excellence
programme
Maximise potential of established and mature Villages
Drive revenue from Village Services
Focus on driving sales and resales
Initiate and complete brownfield developments
Seek further greenfield opportunities
Return to paying dividends
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Appendix: Portfolio Summary A
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Portfolio Summary – Merged Group
Combined Portfolio
Villages ILU's ILA's SA's Total RH Hosp
Care
Suits Total
Ave
Age
Future
ILU's
Future
ILA's
Future
SA's
Future
Hosp Total
Overall
Total
1 MET The Avenues - 88 - 88 - - - - 81.5 - 27 - 32 59 147
2 MET Bayswater 159 56 17 232 - - 6 6 82.0 - - - - - 238
3 MET Coastal 131 - 49 180 7 23 - 30 83.0 9 24 - - 33 243
4 MET Crestwood 120 - 14 134 41 - - 41 83.1 - 66 - - 66 241
5 MET Greenwood Park 143 80 15 238 - - - - 82.2 - - - - - 238
6 MET Highlands 129 - 70 199 7 34 - 41 84.4 - - - - - 240
7 MET Kapiti 225 - - 225 - - - - 79.5 - - - - - 225
8 MET Oakwoods 92 - 45 137 8 40 - 48 84.0 - 40 - - 40 225
9 MET Pakuranga 69 - 18 87 60 - 60 82.1 - - - - - 147
10 MET Palmerston 49 - 49 98 8 30 - 38 83.8 - - - - - 136
11 MET Pinesong 99 230 25 354 10 10 78.7 - - - - - 364
12 MET Powley 46 - 34 80 8 37 45 83.4 - - - - - 125
13 MET The Poynton - 125 15 140 - - 5 5 79.0 - 120 - - 120 265
14 MET 7 Saint Vincent 81 12 93 - - 2 2 84.2 - - - - - 95
15 MET Somervale 83 - 11 94 10 30 - 40 85.5 - - - - - 134
16 MET Wairarapa 56 - 25 81 14 27 - 41 83.8 - - - - - 122
17 VSL Waitakere - 324 - 324 - - - - 79.4 - - - - - 324
18 VSL Dannemora - 201 - 201 - - - - 78.9 - - - - - 201
19 VSL Forest Lake 127 38 - 165 - - - - 80.1 15 18 - - 33 198
20 VSL Papamoa 33 - - 33 - - - - 76.5 127 - - - 127 160
21 VSL Bay of islands 40 - - 40 - - - - 74.7 51 50 - - 101 141
22 Hillsborough Heights 176 - 41 217 - - - - 83.2 - - - - - 217
23 Hibiscus Coast 150 71 48 269 - - - - 81.7 - - - - - 269
24 Longford Park 144 - 49 193 - - - - 82.7 - - - - - 193
25 Unsworth Heights - - - - - - - - - 140 60 - 40 240 240
26 Ilam - - - - - - - - - - 170 - - 170 170
27 Stanley Road – Glenfield - - - - - - - - - - 94 - 38 132 132
Total 2,071 1,294 537 3,902 163 221 23 407 81.5 342 669 - 110 1,121 5,430
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Glossary of Terms
Sales: The first time sale of ORA (new stock)
Resales: The sale of an ORA where a sale has previously been completed
ORA: Occupation Right Agreement
LTO: License to Occupy
Gross Settlement Value: Total purchase price paid
Net Settlement Value: Total purchase price paid less existing repayment obligation
Net Bank Debt: Bank loans less cash at bank
ILU: Independent Living Unit
SA: Serviced Apartment
Relicensing: Resales of ORA’s
PCP: Previous Comparison Period
RVG: Retirement Villages Group