But the company also built new independent retirement village units from Whangārei to Christchurch.

That, combined with re-sales when people leave their homes, allowed it to keep sales high when the housing market remains low.

Total assets increased by $588.4m to $6.96 billion, “reflecting elevated development activity, the fair value gain on investment property, and revaluation gains associated with the company’s premium aged care strategy”, it said.

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Net debt rose $56m to $1.52b.

This month, the company said it was opening a new rest home and hospital at its $185m Ōtau Ridge village at Clevedon, Auckland. A $35m, 41-bed hospital will open next month. Independent villas have been occupied for more than a year at the village.

Rooms in the new Metlifecare building are unusual because they can accommodate couples.

In 2025, the company built:

30 independent living apartments, Mt Maunganui’s Bay Sands Village;26 at Fairway Gardens, Pakūranga;51 at Greenwich Gardens, Unsworth Heights, Auckland;61 at Gulf Rise, Red Beach, Auckland;18 in Merivale, Christchurch;14 at Oakridge, Kerikeri;28 villas and 41 care suites, Ōtau Ridge, Clevedon;25 independent living villas, Pōhutukawa Landing, Beachlands;16 at Springlands Lifestyle Village, Blenheim;12 at Whangārei.

“In FY25, we completed 332 new residential units and care suites across 10 villages – another year-on-year increase, highlighting Metlifecare’s ability to consistently deliver 300+ units and care suites per annum,” its annual report said.

In the latest four years, Metlifecare has increased its number of villages by 50% to 36. It houses 7200 residents.

Metlifecare CEO Earl Gasparich says the third-largest retirement village company has undergone a significant transformation behind closed doors over the past four years.

CEO Earl Gasparich said: “We’ve grown Metlifecare into a high-performing, future-ready organisation, with a larger and more modern portfolio, expanded care capability and greater operating efficiency. FY25 has laid the platform for our next phase of growth, backed by robust financials and deep investment in our people, systems and resident experience.”

The company owns 36 villages and employs about 2400 staff.

Gasparich and chairman Paul McClintock’s report in the annual report referred to a soft housing market but said the business had completed 332 independent living units and care suites in the latest year.

A key achievement since 2021 had been a 50% increase in the number of villages it owns. It bought eight new villages and opened four new ones in those four years.

But it also cited problems, mentioning “extensive regeneration and weather tightness remediation across the portfolio”, as well as seismic remediation.

“Following a comprehensive asset condition review in FY23, our weather tightness remediation programme is progressing steadily, with 60% of required works complete or under way,” it said.

All works are professionally managed with a focus on minimising resident disruption, the company said.

Last year, it completed seismic assessments and found three buildings required strengthening.

One building with earthquake problems is nearing completion. The remaining two buildings will be addressed as part of the village regeneration projects.

Ryman Healthcare has $12b of assets and Summerset Group more than $8.7b, making Metlifecare New Zealand’s third-largest retirement village business based on asset values.

On the outlook, Gasparich said the company was trading in the 2026 year “with strong momentum, supported by a resilient business model and sustained resident demand”.

Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.

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