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.
