Christchurch-based continuum-of-care provider Ryman Healthcare, which operates villages across Australia and New Zealand, built 950 dwellings in the year to 31 March 2025 – comprising 591 retirement living units and 359 care suites – a 29% increase on the previous year. However, the number of unoccupied units rose to 1,239 (12.7% of the portfolio), following the opening of four new villages during the period.
FY25 was a record build year in Ryman’s history, according to the company, completing Bert Newton retirement village in Highett, 16km southeast of Melbourne’s CBD, and Miriam Corban, Keith Park and James Wattie villages in New Zealand.
Hubert Opperman in Mulgrave, 21km southeast of Melbourne’s CBD, also opened its first independent townhouses, bringing the operator's total number of operational villages to 49: nine in Victoria and 40 in New Zealand. Occupancy remains high in Ryman’s mature villages across retirement living (92.8%) and aged care (96.3%).
The operator, which embarked on a significant restructure of its business in September last year, also revealed increasing RADs and Home Care Packages in its Melbourne villages, noting a 2% RAD deduction per annum is permitted from 1 July under the new Aged Care Act. The revenue per bed is now almost double in Australia compared to New Zealand following the funding reforms, stated Ryman.
“It has been a record period of main building delivery, with four in one year, and it will take time to fill these. The buildings are wonderful additions for our residents who can now enjoy all of the amenities and experience of living in a Ryman village, along with the ability to leverage their access to our continuum of care,” CEO Naomi James said.
Ryman now has seven retirement villages in development.
FY26 guidance
- Total sales of property (occupation basis): 1,100 to 1,300 (FY25: 1,523) at a higher DMF;
- Doubling annualised cost saving from NZ$23 million to NZ$46 million by the end of FY26;
- 266-330 build rate including 80 aged care beds and 186-250 RV units (FY25: 950); and
- Capex of between NZ$260-320 million (FY25: $535.3 million) including NZ$180-230 million on development activity (FY25: NZ$458.2 million) and NZ$80-90 million on existing operations (FY25: $77.1 million).
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