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Ryman Healthcare Limited, founded in 1984 in Christchurch, New Zealand, is one of the largest retirement village and aged-care providers in Australasia. It has built its reputation on a “continuum of care” model that allows residents to move seamlessly from independent living into serviced apartments, rest home, hospital, or dementia care within the same village as their needs change.
Today, Ryman operates nearly 50 villages across New Zealand and Australia, housing over 15,000 residents and employing close to 8,000 staff. The company listed on the NZX in 1999 and has since expanded steadily, with a particular focus on the growing Victorian market in Australia.
The company's business model is based on a mix of property development, aged care services, and a distinctive financing structure. Residents purchase Occupation Right Agreements (ORAs), which give them the right to live in a unit rather than owning it outright. When they leave, Ryman deducts a deferred management fee, typically capped at around 20 percent, before refunding the balance. Alongside this, the company generates recurring income from care fees, service charges, and resales of ORAs. This blend of development gains and recurring revenue has made the model highly scalable, though it is capital-intensive and sensitive to interest rates and construction costs.
It is anticipated that RYM will list on the ASX on 23 September 2025.
www.rymanhealthcare.co.nz
Today, Ryman operates nearly 50 villages across New Zealand and Australia, housing over 15,000 residents and employing close to 8,000 staff. The company listed on the NZX in 1999 and has since expanded steadily, with a particular focus on the growing Victorian market in Australia.
The company's business model is based on a mix of property development, aged care services, and a distinctive financing structure. Residents purchase Occupation Right Agreements (ORAs), which give them the right to live in a unit rather than owning it outright. When they leave, Ryman deducts a deferred management fee, typically capped at around 20 percent, before refunding the balance. Alongside this, the company generates recurring income from care fees, service charges, and resales of ORAs. This blend of development gains and recurring revenue has made the model highly scalable, though it is capital-intensive and sensitive to interest rates and construction costs.
It is anticipated that RYM will list on the ASX on 23 September 2025.
The measure of retirement living | Ryman Healthcare
Ryman Healthcare provides retirement living and care in retirement village communities across New Zealand and Melbourne, Australia.
www.rymanhealthcare.co.nz
