Regis Aged Care provided a third-quarter update at the Macquarie Australia Conference, held in Sydney on Wednesday, highlighting its strategy to grow earnings by expanding its residential aged care footprint through both acquisition and greenfield developments to meet the demands of the ageing population.
Revenue from Government funding for the third quarter was $295.9 per occupied bed day, a 26.9% increase on the $233.1 received at the same time the previous year.
Spot occupancy was 94.6% on 31 March 2024, compared with 93.7% on 30 June 2023.
The ASX-listed Regis listed the four greenfield projects it has underway, which will add, when complete, 433 beds to Regis' existing 7,600 operational places:
- a four-storey, 112-bed home on 4,300sqm in Camberwell, 10km east of the Melbourne CBD. On track to open FY25
- a three-storey, 99-bed home on 21,451sqm in Sydney's northern beaches suburb of Belrose. DA approved, to be tendered
- a three-storey, 99-bed home on 7,065sqm in Carlingford, in the north western suburbs of Sydney. DA approved, to be tendered
- a five -storey, 123-bed home on 5,248sqm in the riverside suburb of Toowong, Brisbane. DA approved, to be tendered
Regis owns 100% of the land its homes are built on freehold.
The provider listed the "attractive long-term industry thematics" of an ageing population and "lack of supply of quality new beds entering the market in recent years".
Improved Government funding, improved staff recruitment since the Fair Work Commission's pay rise decision, and the potential to increase non-care funding through implementation of the Aged Care Taskforce's recommendations were also emphasised.
Regis currently operates 68 aged care homes across every State and Territory except the ACT.
