Ryman Healthcare has reported a fall in its net after-tax profit from $388 million last year to $326m this year.
The largest listed retirement village business in New Zealand has just reported underlying profit rising from $203.5m last year to $227m in the year to March 31, 2019.
But unrealised investment property revaluations hit the bottom line, only rising $102.4m compared to last year's more spectacular $185.3m.
Net debt rose from $1 billion last year to $1.3b this year, with the gearing ratio changing from 35 per cent to 38 per cent.
Ryman will pay annual dividends of 22.7 cents per share, up from 20.4 cents a year earlier.
Ryman has 16 new villages "in the pipeline" of which eight are in New Zealand and eight are in Australia, all those in Victoria.
Ryman spent $552m on new and existing villages in the year, up from last year's $478m. Net assets are now $2.2b, up from $1.9m a year ago.
Ryman listed its new village programme as:
• Brandon Park, Melbourne (Nellie Melba): Village and care centre open.
• Lynfield, Auckland (Murray Halberg): First residents in, village and care centre under construction.
• Devonport, Auckland (William Sanders): First residents in, village and care centre under construction.
• River Rd, Hamilton (Linda Jones): First residents in, village and care centre under construction.
• Burwood East, Melbourne: Development approval received, site works under way.
• Geelong, Victoria: Development approval received, early site works due to start.
• Lincoln Rd, Auckland: Consent received, site works under way.
• Havelock North, Hawke's Bay: Consent received, early site works due to start.
• Coburg, Melbourne: Preliminary site works under way.