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SUM - Summerset Retirement Villages

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  • Originally posted by Winner69 View Post

    something I learnt yesterday - "naysayer" is described “as a person who habitually expresses negative or pessimistic views".

    Hope your comment not aimed at me .....at least it wasn’t pejorative
    No mate, aimed at nobody.

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    • https://www.interest.co.nz/property/...y+11+July+2019 Stabilising, just as Julian Cook said it is.

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      • Originally posted by Beagle View Post

        https://www.interest.co.nz/property/...y+11+July+2019 Stabilising, just as Julian Cook said it is.
        HPI is all very fresh and funky, what's happened to median prices though?

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        • Originally posted by Hectorplains View Post

          HPI is all very fresh and funky, what's happened to median prices though?
          Middle of the month for June.

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          • Originally posted by Balance View Post

            Middle of the month for June.
            they told me the other stuff tomorrow - Friday

            hope days to sell has dropped ...Julian didn’t mention that as a problem

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            • Hi Winner, maybe this should be a PM to you so I don't bore everyone to death on this topic by bringing it up again but the DMF structure is fundamental to my investments in OCA and SUM. I'm starting to try and figure out where you and I disagree from our previous posts and there is a bit that needs some clarification .... I'm hoping with either you or Beagle being accountants you can help.
              SUM FY 18 annual results state under the page of " resales of occupation rights" that their DMF relisation is 15m and on another page " underlying profit " their DMF is 45.6m.
              So how does that accounting work? What is the accounting difference between a DMF from a realised DMF?

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              • Originally posted by maverick View Post
                Hi Winner, maybe this should be a PM to you so I don't bore everyone to death on this topic by bringing it up again but the DMF structure is fundamental to my investments in OCA and SUM. I'm starting to try and figure out where you and I disagree from our previous posts and there is a bit that needs some clarification .... I'm hoping with either you or Beagle being accountants you can help.
                SUM FY 18 annual results state under the page of " resales of occupation rights" that their DMF relisation is 15m and on another page " underlying profit " their DMF is 45.6m.
                So how does that accounting work? What is the accounting difference between a DMF from a realised DMF?
                DMF Realisation on resales: recall resale realised gains is the value of new ORAs less the value of old ORAs (the ones they replaced). Thus The $15m realisation is the difference between what they collected in F18 on the new ORAs and what they collected a few years ago when the ORAs were last signed up.

                DMF fees in underlying profit: DMFs are collected up front. They go into that thing called “Revenue received in advance” in the Balance Sheet ($71m at Dec 17). This amount is released to Revenue over the duration of the ORAs. In F18 that $45.6m was released. Read Note in Annual Report might make it clearer.

                thats how it was all explained to me once

                to me the most important part is the realised $15m bit - that’s the part that hits profit. The $45m just goes to help pay for the running of the villages etc....which don’t make much anyway

                the other bit of the equation is the other $28m bit if realised resales gains - that reflects the increase in the company’s interest in the units (increased property prices)

                hope useful.

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                • Drum roll......... We know what time of the month it is. Yup. Its picture time!



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                  • Please note the "R" in the National Median Price - that means it is an all time record

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                    • Days to sell in Christchurch up 6 from May and 8 a year ago

                      not good for Summerset

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                      • Originally posted by Winner69 View Post
                        Days to sell in Christchurch up 6 from May and 8 a year ago

                        not good for Summerset
                        You mean it might take their new residents 8 days longer than last year to pay for their occupation rights? What a disaster - the retirement industry will slash and burn because of this one week delay

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                        • Originally posted by Winner69 View Post
                          Days to sell in Christchurch up 6 from May and 8 a year ago

                          not good for Summerset
                          Waiting a few extra days to snare an extra 2.9% seems OK to me.

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                          • Originally posted by BlackPeter View Post

                            You mean it might take their new residents 8 days longer than last year to pay for their occupation rights? What a disaster - the retirement industry will slash and burn because of this one week delay
                            only pointing it out because Julian made such a big deal of it ..a really big deal

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                            • I posted earlier how I project underlying earnings

                              based n H1 sales numbers first half underlying earnings will be ~$51m (last year it was $45m)

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                              • Originally posted by Winner69 View Post

                                DMF Realisation on resales: recall resale realised gains is the value of new ORAs less the value of old ORAs (the ones they replaced). Thus The $15m realisation is the difference between what they collected in F18 on the new ORAs and what they collected a few years ago when the ORAs were last signed up.

                                DMF fees in underlying profit: DMFs are collected up front. They go into that thing called “Revenue received in advance” in the Balance Sheet ($71m at Dec 17). This amount is released to Revenue over the duration of the ORAs. In F18 that $45.6m was released. Read Note in Annual Report might make it clearer.

                                thats how it was all explained to me once

                                to me the most important part is the realised $15m bit - that’s the part that hits profit. The $45m just goes to help pay for the running of the villages etc....which don’t make much anyway

                                the other bit of the equation is the other $28m bit if realised resales gains - that reflects the increase in the company’s interest in the units (increased property prices)

                                hope useful.
                                Thanks Winner. I, too, struggle with making full sense of the retirement industry accounts.
                                Good question Maverick.

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                                HLG

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