Promisia's 96% occupancy opens the door to faster portfolio growth

• Group occupancy held at 96% in September, above the 95% target
• Chatswood Retirement Village joined the portfolio on 1 October
• Golden View Village ownership could move forward to March 2027, subject to financing
• FY27 underlying EBITDAF guidance of at least $8.0 million reaffirmed, excluding Chatswood
• Cromwell occupancy softened after winter illness but began recovering after quarter-end

Occupancy remains above Promisia's target

Promisia Healthcare Limited (NZX:PHL) has kept group care occupancy at 96% for September, preserving the level reported at the end of June and remaining above its minimum 95% target. The result extends the stronger occupancy trend across the portfolio, although performance was uneven between regions.

Feilding remained the standout market. Ranfurly Manor averaged 99% occupancy and Nelson Street reached 100%, while Christchurch's Aldwins House held at 97%. The figures build on the

Cromwell homes show a temporary occupancy drag

Golden View averaged 95% in September, down from 99% in June, while Ripponburn fell to 79% from 86%. Promisia attributed the weaker Cromwell performance to an extended period of winter illness. It said both homes had begun to recover after quarter-end, with Golden View at 98% and Ripponburn at 83%, but those recovery figures are not part of the September monthly average.

Chatswood adds a sixth community

Promisia completed its acquisition of Chatswood Retirement Village in Christchurch on 1 October, immediately after the quarter closed. Chatswood therefore does not contribute to the September occupancy figures and will enter group reporting from the December quarter. The transaction was previously reported as the

The new community expands Promisia to six communities and increases its presence in Christchurch. The company said integration of Chatswood's residents and team was progressing, while its refreshed portfolio presentation emphasises clusters across Feilding, Christchurch and Cromwell. The financial contribution from Chatswood will be reflected in updated FY27 guidance alongside the half-year results.

Golden View acquisition could move forward

Promisia has also secured an option that could bring forward full ownership of Golden View Village from August 2028 to early March 2027. The proposal is not yet committed: the company expects to fund it through warrant exercise proceeds and an appropriate level of debt, with financing arrangements to be pursued after the half-year results.

Promisia said recent investor interest in its warrants had increased its confidence in the level of exercise proceeds expected before their March 2027 expiry. That creates a possible funding route, but the acquisition timing still depends on financing being secured and the option being exercised. The company reaffirmed FY27 underlying EBITDAF guidance of at least $8.0 million for the existing portfolio, excluding Chatswood.

Bottom Line?

The November half-year result is the next test: it should show Chatswood's early contribution, update FY27 guidance and clarify whether Golden View can be funded for an accelerated March completion.

Questions in the middle?

• How much will Chatswood add to underlying EBITDAF and group occupancy in the first half of FY27?
• Can warrant exercise proceeds and debt funding support the proposed March 2027 Golden View completion?
• Will Ripponburn's occupancy recovery continue strongly enough to offset any further seasonal pressure?