Summerset reckon they have a 97% customer satisfaction rate. I would think its similar for other villages. One area that does need improvement in my opinion is around the repayment of the occupation license fee when people move out / on. Needs to be a time limit on that, say maximum 12 months and weekly fees to stop when you move out.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Summerset reckon they have a 97% customer satisfaction rate. I would think its similar for other villages. One area that does need improvement in my opinion is around the repayment of the occupation license fee when people move out / on. Needs to be a time limit on that, say maximum 12 months and weekly fees to stop when you move out.
Yeah, you hope all good with the bigger ones. Nevertheless happy with my earlier decision to roughly halve my exposure to this sector. IMO this is a little higher risk than it was, at the top of my list…COVID -19 and regulatory changes.
Still have enough to make me pay attention.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Thanks.
Equally predictable.
This will all create uncertainty in the market....and we know what happens when markets are uncertain.
Sort of...this issue has been hanging around for a while. For what its worth I have a 10% allocation to this sector which feels about right to me.
Truth is you can't have your cake and eat it too. Operators talking about sharing capital gains such as this one https://www.countryclubhuapai.co.nz/
do not appear to offer a full continuum of care which is really now the Gold standard of incoming residents expectations. That said they do appear to be targeting a slightly less elderly resident with people able to enter in their 60's whereas most others have a minimum age of 70 and both partners need to be a minimum of 70.
Reading Kingfish's quarterly review today I see they are disappointed that Gordon McLeod is retiring from RYM and have reduced their stake. I have been on record for many years as saying RYM shares are over-rated and over-priced compared to the rest of the sector and they have badly under performed both the market and the sector over the last 5 years. Kingfish also got ATM badly wrong as well. Lost a lot of confidence in their stock picking ability.
Interestingly, reflecting on CEO's resignations in this sector, its really quite remarkable that every CEO of every listed retirement company in this sector has resigned or left their post (MET) since Covid began.
Only Early Gasparich brave enough to continue on after being head hunted by MET. The pressure on CEO's in this sector must have been incredibly intense in the last 18 months.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
what sort of message does this send out to all the Boys & Girls across the land whom Jawcinda and
the skeleton spinning crew promised houses to be on the menu for everyone, not so many moons ago ?
Have wonder if these elevated fellows in high towers even bother considering what the likely results can be
when they go out solely focused chasing the tail of the subject around the room, whilst ignoring
what it's attached to ..
Is terminal or selective blindness a major pre-requisite for some of the top spots ?
As a thought - maybe the Retirement Village model is capable of modification to help fix a worsening
Homeless situation where many OARS & much Govt Spinning thrown at the job in recent years have failed to
recognise problem, or create slightest ripple in large pool, largely because it is a result of Government's policies
& initiatives in the first place having not been thoroughly thought through..
Obviously something the current Skeleton crew on the hill are reluctant to admit up to .. that they have no answers ..
Promisia ASM today and meeting presentation has been made available. Interesting new addition to the retirement sector. Focusing on provincial locations, quietly adding capacity on existing sites and looking at acquiring smaller operators who wish to exit.
what sort of message does this send out to all the Boys & Girls across the land whom Jawcinda and
the skeleton spinning crew promised houses to be on the menu for everyone, not so many moons ago ?
...
Quite right. The Housing market currently is like the horse that has already bolted. Trying to get back into the stables is not easy and it is not a job for first time riders as they risk being thrown off.
The upshot is that both this government and previous National one have been a boon to established real estate owners and have failed many potential FHBs.
Promisia ASM today and meeting presentation has been made available. Interesting new addition to the retirement sector. Focusing on provincial locations, quietly adding capacity on existing sites and looking at acquiring smaller operators who wish to exit.
Yes, and being primarily in the regions could be a differentiator for them
.
Wonder what has happened with the ChCh property purchase option falling through - very little comment on it. Not enough cash in the bank to fund the purchase perhaps. But on the other hand they are saying they have good headroom with debt facilities? The property seems to be getting uptake on residents very slowwwwly and projected to take another 12 -24 mths just to get to 70%. Would have thought breakeven on most decent sized villages would be around 75-80%.
As for the whole industry, availability of skilled labour is a current & looming issue, so maybe that also presenting as an issue for Promisia in Ch-Ch?
Originally Posted by RTM
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