NZX-listed retirement village operator Oceania Healthcare has seen a 6% increase in EBITDA for the six months ending 30 September 2022, with an increase in both development and resale margins.
Underlying EBITDA at Oceania, which focuses on a “premium care strategy”, grew from NZ$36.5 million (AU$33.9 million) in September 2021 to NZ$38.7 million (AU$35.9 million) in September 2022.
Occupancy was slightly down, from 92.5% to 91%, while total assets grew 12% since 31 March, including two acquisitions at Remuera Rise and Bream Bay, completed in July.
According to Oceania CEO Brent Pattison (pictured), the operator now has a strong brownfield development pipeline and is shifting focus to greenfield.
“We have achieved a good level of resales and strong resale margins during the period, with 165 resales of independent living unit and care suites in the six months to 30 September 2022.
“Oceania is continuing to pursue opportunities to acquire additional development land in targeted growth locations around New Zealand and has strong balance sheet capacity to support this growth,” he said.
Oceania has 519 units and care suites currently under construction at ten sites around NZ. Though such a move has long been speculated, Oceania has yet to follow other NZ operators like Ryman and Summerset into making the trans-Tasman jump to Australia.
