Bryan, who founded Regis Aged Care with Ian Roberts in the regional Victorian town of Mildura in 1992, spoke at his last Annual General Meeting (AGM) as Non-Executive Director on Tuesday, after announcing his retirement in October.
"We've just got to maximise our opportunities. We've got a great balance sheet. I'm very positive," he said 24 hours after the Government's Aged Care Bill passed through parliament.
He commended the "bravery and commitment of the Labor Government to reinvigorate the industry after the previous Government's complete neglect of it for many years."
Occupancy at 96%
In a first quarter trading update, Managing Director and CEO Dr Linda Mellors said occupancy was 96% as of 31 October 2024, up from 94.9% in the final quarter of 2023-24, reflecting the scarcity of aged care beds in Australia.
Average Government revenue per occupied bed day for the first quarter was $299.30, up 6.9% from $280 for the same quarter the previous year.
After being on a "pause" in capital investment in recent years, and having paid down $400 million in debt since 2018, Regis Aged Care now has a "sizeable war chest" to pursue a three-year growth plan focused on:
- Expanding its residential aged care footprint through acquisitions and greenfield and brownfield developments;
- Offering top-tier lifestyle and additional services;
- Exploring innovative and more efficient aged care models;
- Providing an exceptional concierge and dining experience; and
- Building scalable Home Care hubs.
Linda also noted the Aged Care Quality and Safety Commission is "auditing very heavily" self reported metrics such as care minutes and prudential reporting.
The company is seeking high quality aged care acquisitions and looking to grow its landbank.
"Sizeable war chest"
In the last 12 months, Regis has added more than 1,000 new beds through the acquisition from CPSM of five aged care homes in Queensland for $74 million, and two homes from The Village Glen in Victoria in a $35.5 million acquisition. Regis has been able to pay cash for acquisitions.
The company has three aged care home projects underway, adding a total 323 new beds, and revealed construction is set to begin on three projects that have been in the planning for years in:
- Toowong, 4km southwest of the Brisbane CBD,
- Belrose, 19km north of the Sydney CBD, and
- Carlingford, 24km southwest of the Sydney CBD.
The recently completed Camberwell aged care home, 10km east of the Melbourne CBD, opened to residents this month.
When the Village Glen acquisition is completed in December, Regis Aged Care will have 69 aged care homes and around 7,750 aged care beds.
