Solid profit of $39.1 million and progresses developments

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
a
whether:
Interim
a
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FWP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
2 March, 201716 March, 2017
$$0.001855
$
NZD$0.00084194
Up to $16,955,689.31
Date Payable
16 March, 2017
$0.009229
Enter N/A if not
applicable
NZAPTE0001S3
In dollars and cents
Retained Earnings
$0.004771
Precinct Properties New Zealand Limited Shares
EMAIL: announce@nzx.com
Precinct Properties New Zealand Limited
George CrawfordBoard Resolution
+64 9 927 1641 +64 9 927 165515022017
Notice of event affecting securities

---

Precinct Properties New Zealand
Interim Results
16 February 2017
Mason Brothers Lobby,
Wynyard Quarter

FY17 INTERIM RESULTS
Page 2
Agenda
Highlights
Page 3
Section 1 –Strategy and major initiatives
Page 4
Section 2 –Interim results and capital management
Page 13
Section 3 –Market and portfolio overview
Page 18
Conclusion
Page 28
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, COO
Note: All $ are in NZD unless otherwise stated

FY17 INTERIM RESULTS
Page 3Page 3
$39.1m
H1 FY17 net profit after tax
Wellington
leasing
success
Highlights
+8.7%
increase in net operating income
1
Note 1: Net operating income is an alternative performance measure which
adjusts net profit after tax for a number of non-cash items.
20.1%
Gearing Ratio
Financial performance
Portfolio performance
99% occupancy and 8.1 year
weighted average lease term
Wynyard Quarter Stage One 100%
leased
Commercial Bay leasing progress
Investment in co-working space
provider
Strong Wellington portfolio leasing

Section 1
Strategy and
major initiatives

FY17 INTERIM RESULTS
Page 5
Strategy progress since June
■Wynyard Stage One 100% leased, 8 months ahead of completion
–Practical completion of Mason Brothers building in December 2016
■Commercial Bay progressing well
–Queen Elizabeth Square acquisition became unconditional
–Further office tower leasing progress
■Works at Bowen Campus have commenced
■Strengthening Wellington portfolio and market
–Increased market certainty from Government WAP2 conclusion
–Wellington leasing has lifted occupancy from 94% (Dec 2015) to 98%
–Earthquake has removed stock and led to leasing up of new supply
pipeline
■Deloitte House $12 million devaluation
–Minor earthquake damage with unrestricted access to levels 1-13
anticipated shortly
–Additional seismic strengthening to improve NBS score
■Conditional acquisition of 50% interest in Generator

FY17 INTERIM RESULTS
Page 6
Development Summary
Key development metrics
TotalDevelopment NLA110,149 m²
Total Office NLA89,806m²
Office leasedto date69,345 m²
% of office leased77%
WALT committed to date13.0 years
Value on Completion$1,193 m
Weighting to Auckland80%
7.5%
Blended yield on cost
18%
Blended return on cost
Strong occupier covenant (of leased space)
$968m
Development cost
13years
WALT
34%
60%
7%
Financial and legal servicesGovernmentOther

FY17 INTERIM RESULTS
Page 7
Commercial Bay
Progress to date
■Demolition of Downtown Shopping
Centre completed November 2016
■On-site works progressing well
–Diaphragm wall and perimeter
sheet piling complete
–Bulk excavation has commenced
■Remain on programmeand budget
87.3%
On-site materials recycled
and repurposed
15,000hours
Of demolition
9,500tonnes
Of material removed
from site

FY17 INTERIM RESULTS
Page 8
Office Leasing
Continued leasing momentum
■Secured DLA Piper during the
period across 2,700sqm
–33% of leasing from outside the
portfolio
■Strong occupier demand with 4.5
floors under negotiation
■6 full floors remain with 2.5 years
until practical completion
64%
Pre-leased by net market
income

FY17 INTERIM RESULTS
Page 9
Retail Leasing
■Achieved unconditional agreement to
acquire Queen Elizabeth Square in
December 2016
–Land now incorporated into the
development, restoring the retail edge to
Lower Queen Street
■Provides certainty to advance leasing
on the QE Square portion of the
development
■Centre continues to attract high levels
of interest
■Discussions with key anchor food and
beverage operators is advanced

FY17 INTERIM RESULTS
Page 10
Wynyard Stage 1
Mason Brothers
■Reached practical completion December 2016
■Major milestone for the business
–First of the recent developments to be completed
■$35.9m value on completion
■100% occupied (December 15: 29%)
Building 5A
■Roofing nearly complete with façade installation progressing well
■Practical completion remains on target for July 2017
100%
Pre-leased, 8 months ahead of
completion

FY17 INTERIM RESULTS
Page 11
Bowen Campus
■Crown committed to 32,400sqm of
office space in August 2016
■Total project cost of $203m, with an
expected yield on cost of 7.5%
■Works commenced in November
2016
■First phase of construction incudes:
–Demolition of fixtures and fittings
–Removal of original façade
■Practical completion remains on
target for early 2019

FY17 INTERIM RESULTS
Page 12
Future opportunities
Wynyard Quarter 2-4
2017+
$200m
Office
Timing
Value on completion
Use
Bowen Campus
2019+
$100m
Office/Mixed
1 Queen Street
2020+
$200m
Office/Mixed
Focus beyond 2020 for future
opportunities
Retain City Centre focus
Supplementary uses
considered to compliment
office development
Artist impression of Wynyard Quarter Site 6A/6B

Section 2
Interim Results
and Capital
Management

FY17 INTERIM RESULTS
Page 14
Financial performance
EPS reconciliation to comparative period
six monthsendedDec-2016Dec-2015
($m)UnauditedUnauditedMovement
Net property income $45.9 m $53.7 m ($7.8 m)
Indirect expenses ($1.1 m)($1.0 m)$0.1 m
Base fees ($3.8 m)($4.1 m)($0.3 m)
EBIT $41.0 m $48.6 m ($7.6 m)
Net interest expense ($1.6 m)($6.0 m)$4.4 m
Operating profit before tax $39.4 m $42.6 m ($3.2 m)
Current tax expense ($0.6 m)($6.9 m)$6.3 m
Operating profit after tax $38.8 m $35.7 m $3.1 m
Unrealised net gain / (loss) in value of
investment and development properties
($12.1 m)($12.1 m)
Net realised gain / (loss) on sale of investment
properties
($2.7 m)$2.7 m
Unrealised net gain / (loss) on financial
instruments
$15.3 m $4.3 m $11.0 m
Depreciation recovered on sale($10.0 m)$10.0 m
Deferred tax expense / (benefit) ($2.9 m)$7.5 m ($10.4 m)
Net profit after tax and unrealised gains $39.1 m $34.8 m $4.3 m
Weighted Number of Shares on Issue1,211.1 m 1,211.1 m
-
Net operating income before tax -gross (cps)3.25 cps3.52 cps(0.26 cps)
Net operating income after tax -(cps)3.20 cps2.95 cps0.26 cps
Payout ratio88%92%-4.0%
2.00 c
2.50 c
3.00 c
3.50 c
FY16 H1 - Net
EPS
Disposals
Development
assets
Deloitte House
Tax Expense
Other
FY17 H1 - Net
EPS

FY17 INTERIM RESULTS
Page 15
Net property income
■Allowing for asset sales and developments (including
Zurich House) net property income was $0.7 million
lower than the comparative period
■Reduction due to Kaikouraearthquake
–Adjusting for rental rebate at Deloitte House and
earthquake related costs like for like income was
$0.4 million higher than the comparative period
Reconciliation of movement in net property income
FY17FY16$
AMP Centre
$4.5 $4.6 ($0.1)
PwC Tower
$8.4 $8.2 + $0.2
ANZ Centre
$9.3 $8.9 + $0.4
HSBC House
$4.0 $4.1 ($0.1)
Zurich House
1
$2.3 $3.1 ($0.8)
Auckland total $28.5 $28.9 ($0.5)
Pastoral House
$2.2 $2.2 + $0.1
157 Lambton Quay
$3.1 $3.0 + $0.0
State Insurance Tower
$4.3 $4.7 ($0.4)
Mayfair House
$1.6 $1.5 + $0.1
No 1 The Terrace
$3.2 $3.6 ($0.4)
Wellington total $14.4 $15.0 ($0.6)
Sub Total $42.9 $43.9 ($1.0)
Deloitte House
$1.2 $1.6 ($0.4)
Investment portfolio total $44.0 $45.5 ($1.5)
Transactions and Developments
125 The Terrace
-$1.3 ($1.3)
171 Featherston Street
-$0.5 ($0.5)
80 The Terrace
-$0.3 ($0.3)
Downtown Shopping Centre
-$3.1 ($3.1)
Bowen Campus
$2.0 $3.0 ($1.1)
Mason Brothers
$0.1 + $0.1
Total $45.9 $53.7 ($7.8)
Note 1: Variance relates to foregone income associated with Commercial Bay

FY17 INTERIM RESULTS
Page 16
Taxation reconciliation
■Tax expense fallen by $6.3 million
to $0.6 million
■Lower tax charge due to:
–Higher level of leasing costs
–Capitalised interest
–Disposal of fixtures and fittings
at Bowen Campus
■Effective tax rate for FY17
expected to be around 5%
Tax expense reconciliation
H1 FY17H1 FY16
Net profit before taxation$42.6 m $34.2 m
Less non assessable income
Depreciation recovered on sale$10.0 m
Realised loss/ (gain) on sale of investment properties$2.7 m
Unrealised net gain / (loss) in value of investment and
development properties
$12.1 m
Unrealised derivative financial instrument (gain)/loss($15.3 m)($4.3 m)
Operating profit before Tax$39.4 m $42.6 m
Other deductible expenses
Depreciation($8.8 m)($10.9 m)
Development deductions($28.5 m)($3.3 m)
Other deductibles$0.1 m ($0.5 m)
Taxable income$2.1 m $27.8 m
Prior period washup($0.9 m)
Current tax expense$0.6 m $6.9 m
Effective tax rate2%16%

FY17 INTERIM RESULTS
Page 17
Capital management
■Borrowings increased to $324 million due to
development expenditure
■Gearing increased to 20.1% (June 16 14.4%)
–Provides for unconditional purchase of Queen
Elizabeth Square
■Weighted average debt maturity of 4.5 years
■Over the next 12 to 18 months Precinct will look to
increase its weighting to non bank funding sources
Key metricsDec 2016June 2016
Debt drawn ($m)
1
324221
Gearing -Banking Covenant
20.1%14.4%
Weighted facility expiry (years)
4.55.1
Weighted average debt cost (incl fees)
5.8%5.4%
Hedged
85%90%
ICR (previous 12 months)
5.3 times6.9 times
Total debt facilities ($m)
1,0331,033
Debt maturity profileHedging profile
$200 m
$400 m
$600 m
$800 m
$1,000 m
Dec 16Dec 17Dec 18Dec 19Dec 20Dec 21>Dec 22
Debt Facility Expiry Profile
Year ending
Bank DebtUSPPListed Bond
0.0%
50.0%
100.0%
FY 17FY 18FY 19FY 20FY 21
Av erage hedging
Policy RangeAverage Hedging

Section 3
Market and
Portfolio
Overview

FY17 INTERIM RESULTS
Page 19
Portfolio activity
■23 Leasing transactions totalling 9,871
square metres
■Strong leasing activity in Wellington,
consistent with strategy to secure
occupancy
–157 Lambton Quay
■Office vacancy significantly reduced
■New leases in Auckland were
secured at a 5.1% premium to
valuation
■Market events (leasing and reviews)
compared to valuation were 0.4%
higher
■Compared with previous contract
rent, settled market rent reviews were
5% higher (3.8% including fixed and
index)
Leasing Events
New LeasesNumberArea
Auckland81,616 m²
Wellington105,738 m²
Sub Total187,354 m²
RoR and Extensions
Auckland32,160 m²
Wellington2357m²
Sub Total52,517 m²
Total Leasing239,871 m²
Rent ReviewsNumberArea
Auckland2844,901 m²
Wellington135,954 m²
Total Reviews4150,855 m²
Increase to contractTotal rent
Market rentreviews5.0%$0.5m
Fixedand indexed3.8%$21.5m
Totalreviews3.8%$22.0m

FY17 INTERIM RESULTS
Page 20
Portfolio metrics
8.1 years
Weighted average lease term
(including development pre-leasing)
99%
Occupancy
22%
of Auckland portfolio has a market event over the
next 12 months
69%
weighting to Auckland
Occupancy
Lease expiry profile by Income (including pre-commit)
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
201720182019202020212022202320252026Beyond
WellingtonAuckland

FY17 INTERIM RESULTS
Page 21
Auckland CBD office market
Occupier
Demand
▲
Prime CBDoffice vacancy
remains at historic lows driven
by occupiers continuing to
upgrade or expand within
existing prime space. Strong
employment growth forecast
to continue.
Supply
►
Fringe supply increasing
however islargely subject to
pre-commitment. CBD supplyis
yet to emerge and remains
highly dependent on securing
an anchor occupier or
occupiers.
Rental
Growth
▲
Limited available prime
accommodation driving rental
growth through increasing
face rentals and decreasing
incentives.
CapRates
►
Investmentactivity remains
strong, particularly for prime
assets, however property
lending and capital availability
appears to be tightening.
Forecast vacancy (CBRE, Dec 2016)
Forecast net effective rent growth (CBRE, Dec 2016)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
20162017201820192020
Vacancy Rate %
PrimePCT View
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
20162017201820192020
Net effective rental growth pa
PrimePCT View
15 year average

FY17 INTERIM RESULTS
Page 22
Auckland supply outlook
August 2016February2017
Supply Risk
Change
Construction
Costs
ElevatedElevatedNil
Land ValuesElevatedModerated
Slight
increase
Funding
availability
GoodConstrainedDecrease
Funding costsLowIncreasingDecrease
Outlook for
supply
ModerateLimitedDecreased

FY17 INTERIM RESULTS
Page 23
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
20172018201920202021
Net face rental growth pa
CBD
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
201620172018201920202021
Vacancy Rate %
CBD
Auckland CBD retail market
Forecast vacancy (Colliers, December 2016)
Forecast net face rent growth (Colliers, December 2016)
Occupier
Demand
▲
Historically low vacancy
with continued demand
from local and international
retailers.
Supply
▼
Limited newCBD
development outside of
Commercial Bay.
Rental
Growth
▲
A scarcity of options and
continued demand is
driving rental growth. Key
drivers remain location, size
and adjacencies.
CapRates
►
Prime CBD retail yields have
firmed to cyclical lows. As
monetary conditions tighten
retail yields are forecast to
stabilise.

FY17 INTERIM RESULTS
Page 24
Wellington CBD office market
Occupier
Demand
▲
Focus for occupiers has
returned to the seismic
performance of buildings.
Demand somewhat unclear
until the extent of stock
withdrawn from the market is
fully understood.
Supply
▼
New stock in pipeline now
largely leased. Significant
withdrawals from market
apparent. Greater supply
certainty following WAP2
conclusion.
Rental
Growth
▲
Two tier market likely to emerge
with demand focused on
seismically acceptable
accommodation of which there
is currently limited available
supply.
CapRates
►
Investment activity put on hold
followingthe earthquake with
the full extent of the effect on
the capital market not yet
apparent. A likely repricing of
risk for earthquake prone assets.
Forecast vacancy (CBRE, December 2016)
Forecast net effective rent growth (CBRE, December 2016)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
20162017201820192020
Vacancy Rate %
PrimePCT View
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
20162017201820192020
Net effective rental growth pa
PrimePCT View
15 year average

FY17 INTERIM RESULTS
Page 25
Wellington portfolio seismic review
■Overall portfolio has performed well, with repair costs (ex-Deloitte)
totalling c.$250k
■Insurance market has re-priced Wellington risk upwards, but Auckland
premiums largely unaffected
■Precinct benefits from May 2016 one year extension agreement, with
2017 renewal price pre-agreed
■10 Brandon Street damage less extensive than initially feared
–Partial re-occupation likely to occur shortly
■Seismic strengthening requirement identified with $12m devaluation
recorded
–Physical investigations and design underway
–Current NBS estimated at 40% to 60%
–All options are being explored

FY17 INTERIM RESULTS
Page 26
Generator opportunity
■Precinct has conditionally acquired a 50% stake in Generator
–Generator established in 2011, operates 3,000 square meters of co-
working space over three sites mainly within the Britomartprecinct
in Auckland city centre
–Strong management team and established operator
–Generator will continue to function as a standalone business
■Generator is well aligned with Precinct’s values and its strategy of
being a city centre specialist.
■Benefits to Precinct:
–Exposure to growing market sector reflecting changing workplace
trends
–Provides incubation pipeline of growth focused occupiers
–Potential for expansion with attractive returns
–Increasing market of potential users of Precinct buildings
–Opportunity to enhance the amenity and service levels that
Precinct can offer its clients

FY17 INTERIM RESULTS
Page 27
Co-working market overview
■Co-working provides a flexible workspace solution for businesses
ranging from 1 to around 30 employees
■A curated environment with a focus on creating a community of
businesses and professionals rather than simply a workplace
■Typically businesses pay membership fees as well as a “user pays”
model of shared meeting room, conference and administration
support services
■This city centre office based market segment is currently not catered
for within Precinct’s traditional office buildings.
■Market research indicates that this segment is growing significantly,
including amongst more traditional business on a membership basis or
to supplement traditional space
■Generator is operating at capacity with growth opportunities being
actively explored
■Significant synergetic opportunity for Precinct clients to utilise
Generator facilities as well as for Precinct to cater for businesses which
outgrow co-working solutions

Conclusion

FY17 INTERIM RESULTS
Page 29
Conclusion and outlook
■Global uncertainty remains elevated
■NZ outlook remains positively underpinned by:
–Population growth
–Tourism
–Construction activity
■Precinct well placed:
–Strong occupier markets
–Wellington market presents opportunity
–Strategic projects with significant pre-commitment levels
–Fixed price construction contracts
–Secured funding
–Capable team with experience
–Timing of market cycle is supportive

---

www.precinct.co.nz
C O M M I T T I N G
T O O U R
S T R A T E G Y
I N T E R I M R E P O R T 2 0 1 7

04
Chairman's and
CEO's Report
10
The Numbers
26
Directory
Cover page image: Mason Brother Building, Wynyard Stage One
Contents page Image: Commercial Bay development site, Auckland
More information can be found at
www.precinct.co.nz

TRANSFORMING THE
PRECINCT FROM THE
GROUND UP.

04
CHAIRMAN'S AND CEO'S REPORT
CHAIRMAN'S AND CEO'S REPORT
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
RESULTS OVERVIEW
In the period we achieved a number of
milestones across our business and have
significantly advanced our long term strategy.
We committed to and commenced works at
Bowen Campus in Wellington, progressed works
at Commercial Bay including the demolition of
the old shopping centre, enjoyed leasing success
at Commercial Bay and pleasingly in December
completed the Mason Brothers building at
Wynyard Quarter Stage One.
At Mason Brothers, we successfully leased the
remaining vacant office space. This sees the
$35.9 million building 100% leased on completion
on an average lease term of 8.4 years.
Leasing momentum at Commercial Bay
continues. The commitment by DLA Piper to
2,700 square metres within the new tower takes
the towers pre-leasing, by income, to 64%.
Importantly this commitment comes from outside
the portfolio and illustrates the attraction of this
CBD waterfront precinct. Pre-leasing across all of
Precincts office developments is now 77%.
“
LEASING MOMENTUM AT COMMERCIAL
BAY CONTINUES ILLUSTRATING THE
ATTRACTION OF THIS CBD WATERFRONT
PRECINCT.”
>> Craig Stobo, Chairman.
Enhancing the strategy
In addition to these milestones, we are excited to
announce the conditional acquisition of a 50%
interest in Generator. Generator, established in
2011, operates 3,000 square meters of co-
working space over three sites within the
Britomart precinct in Auckland’s CBD.
The Generator business model has a strong
emphasis on the community of businesses which
use the space as well as on the range of spaces
and services it offers.
“
GENERATOR IS WELL ALIGNED WITH
PRECINCT’S VALUES AND ITS STRATEGY
OF BEING A CITY CENTRE SPECIALIST.”
>> Scott Pritchard, CEO.
Generator is well aligned with Precinct’s values
and its strategy of being a city centre specialist.
It has a strong management team and offers the
opportunity to enhance the amenity and service
levels that Precinct can offer its clients, and will
also enable Precinct to expand its client base
with smaller businesses, growing occupancy and
demand.
INTERIM RESULTS
Net profit after tax for the six months ended
31 December 2016 was $39.1 million
(31 December 2015: $34.8 million).
$39.1173
M
Net profit after tax
Net operating income, which adjusts for a
number of non-cash items, increased $3.1 million
to $38.8 million (31 December 2015: $35.7 million)
or 3.20 cents per share (cps).
Dividend attributed to the six months ending
31 December 2016 totalled 2.80 cps
(31 December 2015: 2.70 cps) representing an
increase in dividend of 3.7%.
+3.7
6.7
%
Increase in dividend over the comparable
period

05
CHAIRMAN'S AND CEO'S REPORT
MASON BROTHERS BUILDING, WYNYARD QUARTER STAGE ONE
KEY FINANCIAL INFORMATION
($ millions unless otherwise stated)31 December 201631 December 2015Change
Gross rental revenue
64.3
74.9(14.2%)
Operating income before indirect expenses
45.9
53.7(14.5%)
Net operating income before tax
39.4
42.6(7.5%)
Net operating income
1
38.8
35.78.7%
Net profit after taxation
39.1
34.812.4%
Earnings per share based on operating income before
tax
3.25 cents
3.52 cents(7.7%)
Earnings per share based on operating income after
tax
3.20 cents
2.95 cents8.5%
Net distribution (cents per share)
2.800 cents
2.700 cents3.7%
Payout Ratio
87%
92%(4.4%)
The information set out above has been extracted from the financial statements set out on pages 11 to 23.
1 Net operating income is an alternative performance measure which adjusts net profit after tax for a number of non-cash
items. This alternative performance measure is provided to assist investors in assessing Precinct's performance for the year.
($ millions unless otherwise stated)31 December 201630 June 2016Change
Total assets
1,844.2
1,738.66.1%
Total liabilities
427.6
327.730.5%
Total equity
1,416.6
1,410.90.4%
Shares on issue (million shares)
1,211.1
1,211.10.0%
NTA per share
117.0 cents
116.5 cents0.4%
Gearing ratio at balance date
1
20.1%
14.4%39.6%
1 For loan covenant purposes deferred tax losses and fair value of swaps are not included in the calculation of gearing ratio.

06
CHAIRMAN'S AND CEO'S REPORT
CHAIRMAN'S AND CEO'S REPORT (CONTINUED)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
Net property income (NPI) reduced to
$45.9 million (31 December 2015: $53.7 million).
After adjusting for recent asset sales and forgone
income associated with our development
projects, like for like income was $0.7 million
lower than the comparative period. This
reduction was a result of the 14 November
Kaikoura earthquake. After allowing for the
rental abatement at Deloitte House and
earthquake related costs like for like income was
slightly higher than the comparative period.
Net interest expense decreased from $6.0 million
to $1.6 million despite higher debt levels. The
reduction reflected capitalised interest
associated with the three development projects
currently in progress.
To the six months ending 31 December 2016
Precinct outperformed the benchmark New
Zealand listed property sector return (excluding
Precinct) by 4.3%. In line with the agreed
process, no performance fee was payable and
instead the outperformance offset historical
underperformance.
Consistent with previous guidance, tax expense
fell by $6.3 million to $0.6 million. This reflected
lower pre-tax profit, a higher level of deductible
leasing costs and the disposal of depreciable
assets at Bowen Campus.
The fair value gain in financial instruments of
$15.3 million was a result of the increase in
interest rates following the US elections.
An internal review of the 30 June 2016 property
valuations indicated no material value
movement in the period for all the assets apart
from Deloitte House in Wellington.
Precinct's structural engineer, Holmes Consulting,
was instructed to undertake a detailed structural
investigation of Deloitte House which concluded
relatively minor structural damage had occurred.
Notwithstanding this, further detailed assessments
have identified that the seismic strength of the
building is lower than previously understood. The
provisional estimated cost associated with
remediating the damage and making seismic
improvements resulted in the independent
valuation of Deloitte House falling by $12.1 million
to $33.4 million (June 2016: $45 million).
After allowing for Deloitte House, the
31 December 2016 investment property book
values were consistent with Precinct’s policy of
carrying investment property at fair value.
The value of net tangible assets per share at
interim balance date was $1.17 (June 2016:
$1.17).
CAPITAL MANAGEMENT
Development spend at Wynyard Quarter, Bowen
Campus and Commercial Bay led to total
borrowings increasing to $324 million (30 June
2016: $221 million). Reflecting the increase in
total borrowings and the unconditional
commitment to Queen Elizabeth Square, gearing
increased to 20.1% (30 June 2016: 14.4%) .
20.1
6.7
%
Gearing as at 31 December 2016
Precinct has total debt facilities of $1 billion with
a weighted average term to expiry of 4.5 years
(30 June 2016: 5 years). As the developments
progress Precinct will look to diversify its long term
borrowings and increase its weighting to non
bank sources.
As at 31 December Precinct was 85% hedged
through the use of interest rate swaps (30 June
2016: 90%). The weighted average interest rate
including all fees was 5.8% at 31 December 2016
(30 June 2016: 5.4%).

07
CHAIRMAN'S AND CEO'S REPORT
OPERATIONAL UPDATE
Leasing over the period has been strong with
overall occupancy rising to 99% (30 June 2016:
98%). This was mainly the result of new leases in
157 Lambton Quay and HSBC House. The
Auckland portfolio continues to perform well with
occupancy maintained at 100%.
Over the 6 months to 31 December 2016,
Precinct secured 18 new leases covering 7,354
square metres. This included securing Dimension
Data in 157 Lambton Quay, maintaining a strong
portfolio weighted average lease term of 5.9
years. Vacant space over the 6 months has been
significantly reduced, with only around 1,000
square metres of office space remaining.
Precinct settled 41 rent reviews during the period,
covering an area of 50,855 square metres. These
resulted in a 3.8% uplift on passing rent, and 2.6 %
increase on valuation rents at 30 June 2016.
99
6.7
%
Portfolio occupancy
8.1YEARS
Weighted average lease term (including
developments)
At 31 December Precinct’s WALT across the
investment portfolio was 5.9 years, increasing to
8.1 years when the development pre-leasing is
included (June 2016: 6.3 & 8.2 years). This strong
investment portfolio WALT includes the recently
opened Mason Brothers Building.
157 LAMBTON QUAY, WELLINGTON

08
CHAIRMAN'S AND CEO'S REPORT
CHAIRMAN'S AND CEO'S REPORT (CONTINUED)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
DEVELOPMENT PROGRESS
Wynyard Quarter Stage One
The Mason Brothers building reached practical
completion fully leased in December. Mason
Brothers, valued at $35.9 million, is leased to
Warren and Mahoney, ATEED and Mott
McDonald on a weighted average lease term of
8.4 years.
The completion of the Mason Brothers Building is
a major milestone for the business as it is the first
project to be completed and sees Precinct
begin to transform its portfolio.
The Innovation Building will be completed in July
2017. Overall Stage One is now 100% leased on
an average lease term of 10.5 years and is
expected to deliver a return on cost of 15%.
Commercial Bay
Since 30 June 2016 leasing momentum at
Commercial Bay has continued with the
commitment by DLA Piper to 2,700 square
metres, or 2 floors, at the Commercial Bay Tower.
We have now leased 64% (June 2016: 60%) of the
office tower by income on a weighted average
lease term of 13.3 years. This commitment takes
the amount of space secured outside the
portfolio to 8,000 square metres or around a third
of committed leases. Interest in the retail centre
remains strong. We look forward to more leasing
success in 2017.
64
6.7
%
Commercial Bay office pre- leasing by income
In December the agreement to acquire Queen
Elizabeth Square from Auckland Council
became unconditional and all resource consents
were obtained. The land has now been
incorporated into the Commercial Bay retail
development due to open in late 2018.
Construction is progressing well. Demolition of the
old Downtown Shopping Centre is now
complete. Excavation, retaining and piling have
all commenced and are expected to be largely
complete by the middle of 2017.
Bowen Campus
Precinct was pleased to announce the Crowns
commitment to Bowen Campus in August 2016.
The Crown committed to 32,400 square metres of
office space (87% office pre-commitment) for a
lease term of 15 years.
Works began on the $203 million development in
November. The first phase of construction will
include the demolition of fixtures and fittings and
the removal of the original facade.
ARTIST IMPRESSION OF THE NEW PWC TOWER AT COMMERCIAL
BAY

09
CHAIRMAN'S AND CEO'S REPORT
MARKET UPDATE
The overall Auckland CBD office vacancy rate
remains at historically low levels reducing to 6.8%
as at December 2016 according to the latest
CBRE research. This reduced from 7.7% at June
2016, a decrease equivalent to approximately
13,600sqm of vacant space over the six-month
period. The Auckland prime CBD office vacancy
rate also decreased during the six months to
December 2016, down to 2.6% (June 2016: 3.3%)
or approximately 17,150sqm.
Historically low vacancy for prime
accommodation is being driven by occupiers
continuing to upgrade or expand within existing
prime space of which there is limited supply.
While there are a number of new developments
scheduled for completion in 2017, a large
amount of this space is subject to pre-
commitment. Importantly, the majority of these
occupiers are upgrading from secondary office
assets and as such this should limit the impact on
prime vacancy over this period.
The dynamics of the Wellington office market
have changed following the Kaikoura
earthquake. It resulted in a significant number of
buildings removed from the overall stock for
indefinite periods of time. The majority of the
previously vacant space with a market
acceptable seismic strength has been leased by
occupiers affected by earthquake damaged
buildings. According to the latest CBRE research
the overall Wellington CBD office vacancy rate
decreased to 7.9% as of December 2016 down
from 12.1% recorded six months earlier at June
2016.
As further investigations and assessments are
completed on buildings closed to occupiers this
may trigger further occupier relocations. The
Wellington prime CBD office vacancy rate has
also decreased significantly as a result of
earthquake and non-earthquake related leasing.
According to the latest survey, prime vacancy
decreased to 1.0% (June 2016: 3.4%).
Looking forward, the full impact of the
earthquake is unlikely to be fully understood for
some time however the outcome of the
Wellington Accommodation Project (WAP 2) in
August 2016 has provided more clarity around
Government occupier relocations with the
vacancy impact now anticipated to be more
moderate than previously assessed.
OUTLOOK
Full-year operating earnings after tax are
expected to be around 6.2 cents per share
(before performance fees). While earnings are
expected to be impacted by rental abatement
at Deloitte House, this is currently expected to be
largely offset by stronger occupancy elsewhere
in the Wellington portfolio. Dividend guidance for
the 2017 financial year remains unchanged at
5.6 cents per share.
Craig Stobo, Chairman
Scott Pritchard, CEO

10
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
The Numbers
THE NUMBERS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

11
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2016
Amounts in $millions
Notes
Unaudited six
months
ended
31 December
2016
Unaudited six
months
ended
31 December
2015
Audited year
ended
30 June 2016
Revenue
Gross rental income
64.3
74.9
146.0
Less direct operating expenses
(18.4)
(21.2)
(41.5)
Operating income before indirect expenses45.9
53.7
104.5
Indirect expenses / (revenue)
Interest expense
1.6
6.2
11.2
Interest income
-
(0.2)
(0.2)
Other expenses
7
4.9
5.1
10.1
Total indirect expenses / (revenue)6.5
11.1
21.1
Operating income before income tax39.4
42.6
83.4
Non operating income / (expenses)
Unrealised net gain / (loss) in value of
investment and development properties
6
(12.1)
-
81.2
Unrealised net gain / (loss) on financial
instruments
15.3
4.3
(16.4)
Net realised gain / (loss) on sale of investment
properties
6
-
(2.7)
(2.7)
Total non operating income / (expenses)3.2
1.6
62.1
Net profit before taxation42.6
44.2
145.5
Income tax expense / (benefit)
Current tax expense
0.6
6.9
10.6
Depreciation recovered on sale
-
10.0
10.0
Deferred tax expense / (benefit) - financial
instruments
4.3
1.2
(4.6)
Deferred tax expense / (benefit) - depreciation
(1.4)
(8.7)
(8.7)
Total taxation expense / (benefit)3.5
9.4
7.3
Net profit and total comprehensive income after
income tax attributable to equity holders
39.1
34.8
138.2
Earnings per share (cents per share)
Basic and diluted earnings per share
9
3.23
2.87
11.41
Other amounts (cents per share)
Operating income before income tax per share
9
3.25
3.52
6.89
Net operating income per share
9
3.20
2.95
6.01
The accompanying notes on pages 15 to 23 form part of these Financial Statements

12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2016
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
Amounts in $millions unless otherwise statedCents per
share
Shares (m)Ordinary
shares
Retained
earnings
Total equity
At 1 July 2015
1,211.11,046.7291.61,338.3
Total comprehensive income for
the period
34.834.8
Distributions
FY15 Q4 final distribution1.35(16.4)(16.4)
FY16 Q1 interim distribution1.35(16.4)(16.4)
At 31 December 2015
1,211.11,046.7293.61,340.3
Total comprehensive income for
the period
103.4103.4
Distributions
FY16 Q2 interim distribution1.35(16.4)(16.4)
FY16 Q3 interim distribution1.35(16.4)(16.4)
At 30 June 2016
1,211.11,046.7364.21,410.9
Total comprehensive income for
the period
39.139.1
Distributions
FY16 Q4 final distribution
1.35(16.4)(16.4)
FY17 Q1 interim distribution
1.40(17.0)(17.0)
At 31 December 20161,211.11,046.7369.91,416.6
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value
and are subject to the terms of the constitution.
The accompanying notes on pages 15 to 23 form part of these Financial Statements

13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2016
Amounts in $millionsNotesUnaudited six
months
ended
31 December
2016
Audited year
ended 30 June
2016
Current assets
Cash
2.3
2.6
Prepaid tax
2.0
-
Debtors
7.6
6.8
Total current assets11.9
9.4
Non current assets
Fair value of derivative financial instruments
11
17.3
24.5
Other assets
1.3
0.6
Development properties
6
321.3
190.4
Investment properties
6
1,492.4
1,513.7
Total non current assets1,832.3
1,729.2
Total assets1,844.2
1,738.6
Current liabilities
Fair value of derivative financial instruments
11
1.9
-
Provision for tax
-
13.0
Accrued development capital expenditure
16.4
10.0
Other current liabilities
6.9
10.2
Total current liabilities25.2
33.2
Non current liabilities
Interest bearing liabilities
10
333.9
234.1
Fair value of derivative financial instruments
11
18.0
39.0
Acquisition settlement obiligation
26.2
-
Deferred tax liability
24.3
21.4
Total non current liabilities402.4
294.5
Total liabilities427.6
327.7
Total equity1,416.6
1,410.9
Total liabilities and equity1,844.2
1,738.6
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of
these financial statements on 15 February 2017.
DON HUSE
CHAIRMAN AUDIT & RISK COMMITTEE
CRAIG STOBO
CHAIRMAN

14
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2016
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
Amounts in $millionsUnaudited six
months
ended
31 December
2016
Unaudited six
months
ended
31 December
2015
Audited year
ended
30 June 2016
Cash flows from operating activities
Gross rental income per statement of comprehensive income
64.3
74.9
146.0
Less: Current year incentives
(0.9)
(0.6)
(1.3)
Add: Amortised incentives
1.7
1.6
3.4
Add: Working capital movements
(1.8)
0.4
(0.4)
Cash flow from gross rental income63.3
76.3
147.7
Interest income
-
0.2
0.2
Property expenses
(23.9)
(21.0)
(41.6)
Other expenses
(4.5)
(8.3)
(9.7)
Interest expense
(1.1)
(8.6)
(13.6)
Income tax
(15.6)
(9.0)
(13.5)
Net cash inflow / (outflow) from operating activities18.2
29.6
69.5
Cash flows from investing activities
Capital expenditure on investment properties
(10.4)
(18.6)
(26.6)
Capital expenditure on development properties
(70.0)
(6.4)
(40.3)
Capital expenditure on other assets
(0.7)
-
(0.2)
Disposal of investment properties
-
171.2
170.3
Capitalised interest on development properties
(7.4)
-
(2.7)
Net cash inflow / (outflow) from investing activities(88.5)
146.2
100.5
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
81.1
25.0
67.1
Other loan facility drawings / (repayments)
1
22.2
(15.5)
(18.8)
Loan facility cancellations
-
(153.0)
(153.0)
Distributions paid to share holders
(33.3)
(32.7)
(65.4)
Net cash inflow / (outflow) from financing activities70.0
(176.2)
(170.1)
Net increase / (decrease) in cash held(0.3)
(0.4)
(0.1)
Cash at the beginning of the period
2.6
2.7
2.7
Cash at the end of the period2.3
2.3
2.6
1 Loan facility drawings are net of repayments made throughout period.
The accompanying notes on pages 15 to 23 form part of these Financial Statements

15
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31 December 2016
1. REPORTING ENTITY
Precinct Properties New Zealand Limited (Precinct) is incorporated in New Zealand and is registered
under the New Zealand Companies Act 1993.
Precinct is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
These interim financial statements are those of Precinct and its two 100% owned subsidiaries (the
Group).
The Group's principal activity is investment in predominantly prime CBD properties in New Zealand.
Precinct is managed by AMP Haumi Management Limited (the manager).
2. BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with NZ IAS 34 and IAS 34 Interim
Financial Reporting.
The financial statements have been prepared:
• On a historical basis except for financial instruments, US private placement notes, investment and
development properties which are measured at fair value.
• Using the New Zealand Dollar functional and reporting currency.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
These interim financial statements should be read in conjunction with the financial statements and
related notes included in Precinct's Annual Report for the year ended 30 June 2016.
Precinct has elected to include additional comparative periods to assist users of the financial
statements.
3. FAIR VALUE ESTIMATION
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance
of the inputs used in making the measurements. The fair value hierarchy has the following levels:
• Level 1 - Quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (by price) or indirectly (derived from prices).
• Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).

16
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six months ended 31 December 2016
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In preparing Precinct’s interim financial statements, management continually make judgements,
estimates and assumptions based on experience and other factors, including expectations of future
events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most
current set of circumstances available to management. Actual results may differ from the
judgements, estimates and assumptions made by management.
The significant judgements, estimates and assumptions made in the preparation of these interim
financial statements are in relation to:
i. Investment and development properties
ii. Deferred tax assets and deferred tax liabilities
iii. Cross currency interest rate swaps and USPP notes
The same accounting policies and methods of computation are followed in the interim financial
statements as compared with the most recent annual financial statements.
5. SIGNIFICANT EVENTS AND TRANSACTIONS DURING THE PERIOD
Precinct's financial position and performance was affected by the following events and transactions
that occurred during the reporting period:
i. Kaikoura earthquake
The Kaikoura earthquake on 14 November 2016 affected the Wellington portfolio with damage
sustained to Deloitte House which has remained unoccupied since. As a result of the building defects
identified post earthquake the building has had a $12.1m revaluation loss recorded at 31 December
2016.
ii. Bowen Campus
On 1 November 2016 construction commenced on the Bowen Campus redevelopment project and
the value was transferred from investment properties to development properties.
iii. Commercial Bay
On 20 December 2016 the agreement to purchase Queen Elizabeth Square from Auckland Council
became unconditional with settlement due in February 2018. During the period construction
progressed with demolition of the existing structure completed.
iv.Wynyard Quarter
On 2 December 2016 construction of the Mason Brothers building was completed and the value
transferred from development properties to investment properties. The remainder of Wynyard Quarter
Stage One was progressed further during the period.

17
6. INVESTMENT AND DEVELOPMENT PROPERTIES
Amounts in $millions
Valuer
1
Valuation
30 June 2016
Capitalised
incentives
Additions /
disposals
2
Revaluation
gain / (loss)
Book value
31 December
2016
Investment properties
3
Auckland
AMP CentreCBRE
148.0
0.23.0-
151.2
ANZ Centre - AucklandJLL
305.0
-0.1-
305.1
HSBC HouseColliers
121.5
(0.1)0.7-
122.1
PwC TowerCBRE
313.0
(0.7)0.2-
312.5
Zurich HouseColliers
110.5
(0.3)(0.1)-
110.1
Mason BrothersColliers
-
-35.9-
35.9
Wellington
157 Lambton QuayBayleys
109.0
1.02.0-
112.0
Bowen CampusColliers
58.0
-(58.0)-
-
Deloitte House
4
CBRE
45.0
0.20.3(12.1)
33.4
Mayfair HouseColliers
38.5
0.90.2-
39.6
No.1 and 3 The TerraceColliers
72.3
1.00.3-
73.6
No. 3 The Terrace
5
CBRE
10.9
---
10.9
Pastoral HouseColliers
41.0
1.10.7-
42.8
State Insurance TowerBayleys
141.0
(0.3)2.5-
143.2
Market value (fair value) of
investment properties
1,513.7
3.0(12.2)(12.1)
1,492.4
Development properties
3
Wynyard Quarter Stage
One
Colliers
43.4
-(9.0)-
34.4
Commercial Bay
6
JLL
147.0
(0.5)70.3-
216.8
Bowen Campus Stage OneColliers
-
-59.7-
59.7
Bowen Campus Stage TwoColliers
-
-10.4-
10.4
Market value (fair value) of
development properties
190.4
(0.5)131.4-
321.3
1 30 June 2016 valuer.
2 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales,
unconditional contracts for sale at period-end and transfers to other categories of property.
3 All properties are categorised as level 3 in the fair value hierarchy. All properties are CBD office properties with the exception
of Commercial Bay and Wynyard Quarter Stage One which are development sites.
4 Leasehold property on a perpetually renewable lease.
5 No 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
6 Additions include $26.2m for the recognition of the present value of the unconditional agreement to purchase Queen
Elizabeth Square from Auckland Council.

18
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six months ended 31 December 2016
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
7. OTHER EXPENSES
Amounts in $millionsUnaudited six
months
ended
31 December
2016
Unaudited six
months
ended
31 December
2015
Audited year
ended
30 June 2016
Other expenses
Audit fees
0.1
0.1
0.2
Directors' fees and expenses
0.3
0.3
0.6
Manager's base fees
3.8
4.1
8.1
Manager's performance fees
-
-
-
Other
1
0.7
0.6
1.2
Total other expenses4.9
5.1
10.1
1 Other expenses includes valuation fees, share registry costs and annual report design and publication.
8. RECONCILIATION OF NET PROFIT AFTER TAX TO NET OPERATING INCOME
Net operating income is net profit after tax, before revaluations on investment and development
properties, revaluations of derivative financial instruments, realised gain or loss on sale of investment
property, tax on disposal of depreciable assets and deferred tax.
Amounts in $millions
Unaudited six
months
ended
31 December
2016
Unaudited six
months
ended
31 December
2015
Audited year
ended
30 June 2016
Net profit after taxation
39.1
34.8
138.2
Unrealised net (gain) / loss in value of investment and
development properties
12.1
-
(81.2)
Unrealised net (gain) / loss on financial instruments
(15.3)
(4.3)
16.4
Net realised (gain) / loss on sale of investment properties
-
2.7
2.7
Depreciation recovered on sale
-
10.0
10.0
Deferred tax (benefit) / expense
2.9
(7.5)
(13.3)
Net operating income38.8
35.7
72.8
Weighted average number of shares for net operating
income per share (millions)
1,211.1
1,211.1
1,211.1
Net operating income per share (cents)3.20
2.95
6.01
This additional performance measure is provided to assist share holders in assessing their returns for the
period.

19
9. EARNINGS PER SHARE
Amounts in $millionsUnaudited six
months
ended
31 December
2016
Unaudited six
months
ended
31 December
2015
Audited year
ended
30 June 2016
Net profit after tax for basic and diluted earnings per share
($millions)
39.1
34.8
138.2
Weighted average number of shares for basic and diluted
earnings per share (millions)
1,211.1
1,211.1
1,211.1
There have been no new shares issued subsequent to balance date that would affect the above
calculations.
10. INTEREST BEARING LIABILITIES
Amounts in $millions
31 December
2016
30 June 2016
Interest bearing liabilities
Bank loans
151.5
48.3
US private placement
97.9
97.9
NZ retail bond
75.0
75.0
Total drawn debt324.4
221.2
US private placement - fair value adjustments
13.6
17.0
Capitalised borrowing costs
(4.1)
(4.1)
Net interest bearing liabilities333.9
234.1
Breakdown of borrowings:
Amounts in $ millions
Held atMaturity
1
Coupon
1
31 December
201630 June 2016
Bank loansAmortised costNov-20Floating
2
151.5
48.3
NZ retail bondAmortised costDec-215.54%
75.0
75.0
US private placementFair valueJan-254.13%
74.7
76.8
US private placementFair valueJan-274.23%
36.8
38.1
Total338.0
238.2
Weighted average term to maturity
4.5 years
5.1 years
Weighted average interest rate before swaps (including funding costs)
3.54%
3.88%
1 As at 31 December 2016
2 Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility
fees.
All lenders have the benefit of security over certain assets of the Group. The Group has given a
negative pledge which provides that it will not permit any security interest in favour of a party other
than the lenders to exist over more than 15% of the value of its properties.

20
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six months ended 31 December 2016
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
To substantially remove currency risk, US private placement proceeds have been fully swapped back
to New Zealand dollars.
11. DERIVATIVE FINANCIAL INSTRUMENTS
Amounts in $millions
31 December
2016
30 June 2016
Fair value of derivative financial instruments
Current assets
-
-
Non-current assets
1
17.3
24.5
Current liabilities
(1.9)
-
Non-current liabilities
(18.0)
(39.0)
Total(2.6)
(14.5)
Notional contract cover (fixed payer)
810.0
730.0
Notional contract cover (fixed receiver)
75.0
75.0
Notional contract cover (cross currency swaps - fixed receiver)
97.9
97.9
Percentage of net drawn borrowings fixed
84.8%
90.5%
Weighted average term to maturity (fixed payer)
4.50 years
4.84 years
Weighted average interest rate after swaps (including funding costs)
5.83%
5.36%
1 This includes the cross currency interest rate swap valuation of $13.8 million (June 2016: $20.3 million) and a net credit value
adjustment of $1.3 million (June 2016: $2.8 million).
Accounting Policy
Derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage
its exposure to interest rate and foreign exchange risks arising from operational, financing and
investment activities.
Derivative financial instruments are recognised initially at fair value and subsequently re-measured
and carried at fair value. They are carried as assets when the fair value is positive and liabilities
when the fair value is negative. The gain or loss on re-measurement to fair value is recognised
directly in profit or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap
at the balance date, taking into account current rates and creditworthiness of the swap
counterparties. This is determined using swap models and present value techniques with
observable inputs such as interest rate and cross-currency curves. The fair value of derivatives fall
into level 2 of the fair value hierarchy.

21
12. CAPITAL COMMITMENTS
Precinct has $499.9m of capital commitments as at 31 December 2016 (June 2016: $446.7 million;
December 2015: $466.2 million) relating to construction contracts.
13. RELATED PARTY TRANSACTIONS
Fees charged by and owing to the manager:
Amounts in $ millions31 December 201631 December 201530 June 2016
Fees
charged
Owing at
31 December
Fees
charged
Owing at
31 December
Fees
charged
Owing at
30 June
Base management
services fee
3.81.3
4.10.7
8.10.6
Performance fee
--
--
--
Leasing fees
6.50.2
2.51.3
2.20.5
Development
manager fees
0.9-
8.66.8
9.72.8
Acquisition and
disposal fees
--
0.4-
0.1-
Property and facilities
management fee
1.3-
1.6-
2.6- 0.1
a) Base management services fee
The base management services fee structure is as follows:
• 0.55% of the value of the investment properties to the extent that the value of the investment
properties is less than or equal to $1 billion; plus
• 0.45% of the value of the investment properties to the extent that the value of the investment
properties is between $1 billion and $1.5 billion; plus
• 0.35% of the value of the investment properties to the extent that the value of the investment
properties exceeds $1.5 billion.
These fees are expensed through indirect other expenses in the year in which they arise.
b) Performance fee
The performance fee is based on Precinct's quarterly adjusted equity total returns relative to its peers
in the NZ listed property sector as measured by the NZX listed property index. The performance fee is
calculated as 10% of Precinct's quarterly performance in excess of a benchmark index, subject to an
outperformance cap of 1.25% per quarter and after taking into account any brought forward
surpluses or deficits from prior quarters.
Any Initial Amount credited to the Carrying Account which is not used up in paying Performance Fees
or in offsetting subsequent Deficits will effectively expire 2 years after it is credited to the Carrying
Account. Similarly, any Deficit debited against the Carrying Account which is not used up in off-setting
subsequent Initial Amounts will also effectively expire 2 years after it is debited against the Carrying
Account.
No performance fee is payable in quarters where equity total returns are negative. As at
31 December 2016 there is a notional performance fee deficit of $10,777,024 to be carried forward to
the calculation of performance fees in future quarters (June 2016: $17,569,378 deficit; December 2015:
$6,581,863 deficit).
These fees are expensed through indirect other expenses in the year in which they arise.

22
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six months ended 31 December 2016
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
c) Leasing fees
Precinct pays the Manager leasing fees where the manager has negotiated leases instead of or
alongside a real estate agent.
Leasing fees are capitalised to the respective investment or development property in the Statement
of Financial Position and amortised over the term certain life of the lease.
d) Development manager fees
Precinct pays development manager fees where the manager acts as development manager on
Precinct developments.
These fees are capitalised to the respective investment or development property in the Statement of
Financial Position.
e) Acquisition and disposal fees
Precinct pays fees to the manager for managing the sale or purchase of properties instead of or
alongside a real estate agent.
Acquisition fees are capitalised to the respective investment or development property in the
Statement of Financial Position.
Disposal fees are expensed through net realised gain or loss on sale of investement properties in the
year in which they arise.
f) Property and facilities management fee
Precinct pays a property and facilities management fee on a cost recovery basis to the manager.
These fees are expensed through direct operating expenses in the year in which they arise.
g) Other transactions with the manager
Precinct does not employ personnel in its own right. Under the terms of the Management Services
Agreement, the manager is appointed to manage and administer Precinct. The manager is
responsible for the remuneration of personnel providing management services to Precinct. Precinct's
Directors are considered to be the key management personnel and received Directors' fees for the
period ended 31 December 2016 of $220,000 (June 2016: $459,685; December 2015: $240,810).
Precinct received rental income from AMP Haumi Management Limited, AMP Capital Investors (New
Zealand) Limited, National Mutual Life Association of Australasia Ltd and AMP Services (NZ) Limited,
being the Manager or companies related to the Manager for premises leased in PWC Tower, AMP
Centre and 157 Lambton Quay. Total rent received by Precinct from these parties during the period
ended 31 December 2016 was $1,532,479 (June 2016: $3,018,857; December 2015: $1,497,569). As at
31 December 2016 an amount of $1,548 (June 2016: $781; December 2015: $129) was owing to
Precinct from these related parties.
h) Related party debts
No related party debts have been written off or forgiven during the year (June 2016: $nil; December
2015: $nil).

23
14. EVENTS AFTER BALANCE DATE
On 15 February 2017 the Board approved the financial statements for issue and approved the
payment of a dividend of $16,955,689 (1.40 cents per share) to be paid on 16 March 2017.

24
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
INDEPENDENT REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT PROPERTIES NEW
ZEALAND LIMITED
REPORT ON THE REVIEW OF THE FINANCIAL STATEMENTS
We have reviewed the interim financial statements on pages 11 to 23, which comprise the statement
of financial position of the group as at 31 December 2016, and the statement of comprehensive
income, statement of changes in equity and statement of cash flows of the group for the six month
period ended on that date, and a summary of significant accounting policies and other explanatory
information.
This report is made solely to the company's shareholders, as a body. Our review has been undertaken
so that we might state to the company's shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company and the company's shareholders as a
body, for our review work, for this report, or for our findings.
Directors' Responsibilities
The directors' are responsible for the preparation and fair presentation of interim financial statements
which comply with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial
Reporting
and for such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Reviewer's Responsibilities
Our responsibility is to express a conclusion on the interim financial statements based on our review.
We conducted our review in accordance with NZ SRE 2410
Review of Financial Statements Performed
by the Independent Auditor of the Entity
. NZ SRE 2410 requires us to conclude whether anything has
come to our attention that causes us to believe that the financial statements, taken as a whole, are
not prepared in all material respects, in accordance with New Zealand Equivalent to International
Accounting Standard 34:
Interim Financial Reporting
. As the auditor of the group, NZ SRE 2410 requires
that we comply with the ethical requirements relevant to the audit of the annual financial statements.
Basis of Statement
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand). Accordingly we
do not express an audit opinion on those financial statements.
Ernst & Young provides other assurance services to the group including the statutory audit of the
group's year-end financial statements and provide limited assurance opinions in respect of individual
property expenses. We provide an agreed upon procedures engagement recalculating the
performance fee paid to the group's manager. We also provide a certificate to the Trustee
commenting on certain matters in relation to the group's secured fixed rate bonds as required by the
Trust Deed. Other than the provision of those assurance services and in our capacity as auditor we
have no relationship with, or interest in, the company or any of its subsidiaries. Partners and employees

25
of our firm may deal with the group on normal terms withing the ordinary course of trading activities of
the business of the group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the
accompanying interim financial statements, set out on pages 11 to 23, do not present fairly, in all
material respects, the financial position of the group as at 31 December 2016 and its financial
performance and cash flows for the six month period ended on that date in accordance with New
Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
.
Our review was completed on 15 February 2017 and our findings are expressed as at that date.
Ernst & Young
Auckland

26
DIRECTORY
DIRECTORY
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERIM REPORT 2017
Precinct Properties New Zealand LimitedDirectors of Precinct
Registered Office of Precinct
Level 12,
188 Quay Street, Auckland, 1010
New Zealand
T: +64-9-927-1647
E: hello@precinct.co.nz
W: www.precinct.co.nz
Craig Stobo – Chairman, Independent Director
Don Huse – Independent Director
Launa Inman – Independent Director
Graeme Wong – Independent Director
Chris Judd – Director
Mohammed Al Nuaimi – Director
Rob Campbell – Director
Officers of PrecinctManager
Scott Pritchard, Chief Executive Officer
George Crawford, Chief Operating Officer
Davida Dunphy, General Counsel and Company
Secretary
AMP Haumi Management Limited
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
BankersAuditor
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
The Hong Kong and Shanghai Banking
Corporation
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond TrusteeSecurity Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010

27
DIRECTORY
REGISTRAR - Bondholders and Shareholders
Computershare Investor Services Limited
Telephone:+64-9-488-8700
Level 2, 159 Hurstmere RoadToll free:0800-359-999
Takapuna, AucklandEmail:enquiry@computershare.co.nz
Private Bag 92119Website:www.computershare.co.nz
Auckland 1142Fax:+64-9-488-8787
Please contact our registrar;
• To change investment details such as name, postal address or method of payment
• To elect to receive electronic communication
• For queries on dividends and interest payments.

www.precinct.co.nz
C O M M I T T I N G
T O O U R
S T R A T E G Y
I N T E R I M R E P O R T 2 0 1 7

---

Page 1 of 1
Precinct Properties New Zealand Limited

Interim results for announcement to the market


Reporting Period Six months ended 31 December 2016
Previous Reporting Period Six months ended 31 December 2015

Amount NZD ($m) Percentage change
Revenue from ordinary
activities
$ 64.3 (14.2%)
Profit (loss) from ordinary
activities after tax attributable
to security holders.
$ 39.1 12.4%
Net profit (loss) attributable to
security holders.
$ 39.1 12.4%

Dividend Amount per security Imputed amount per security
Interim $NZ 0.0140 $NZ 0.001855
Record Date 2

March 2017
Dividend Payment Date 16 March 2017

Comments:
1. Unaudited interim financial statements of Precinct Properties New Zealand Limited are
included within the 2017 Interim Report (attached to this announcement).
2. The interim report can also be found at www.precinct.co.nz

---

1

NZX and media announcement – 16 February 2017
PCT delivers solid profit of $39.1 million and progresses developments
Performance summary for the six months ended 31 December 2016
12.4% rise in net profit after tax and 3.7% lift in dividend
 Net profit after tax increased by 12.4% to $39.1 million (2016: $34.8 million)
 Net operating income
1
increased by 8.7% to $38.8 million (2016: $35.7 million)
 Half year dividend of 2.80 cps (2016: 2.70 cps), representing a 3.7% YoY increase
 Earnings and dividend guidance for FY17 unchanged at 6.2 cps and 5.6 cps respectively
 Strong financial position with loan to value ratio of 20.1% (June 2016: 14.4%)
Development progress
Wynyard Quarter
 Wynyard Quarter Stage One 100% leased, 8 months ahead of completion. The $35.9
million Mason Brothers Building was the first project to be completed in December and
represents a major milestone for the business.
Commercial Bay
 Major new office leasing announced today with global law firm DLA Piper committing to
the new PwC Tower at Commercial Bay taking pre-leasing, by income, at the new tower
to 64% (Dec 15: 52%).
 Pre-leasing across all of Precinct’s office developments is now 77%.
 In December the agreement to acquire Queen Elizabeth Square from Auckland Council
became unconditional and all resource consents were obtained.
99% portfolio occupancy and strong weighted lease term
 Leasing over the period has been strong, particularly in Wellington with overall
occupancy rising to 99% (30 June 2016: 98%)
 Weighted average lease term (WALT) across the portfolio is 5.9 years (June 2016: 6.3
years), increasing further out to 8.1 years after including developments.
 Following the Kaikoura earthquake a $12 million devaluation has been booked at Deloitte
House, based on provisional repair estimates.
Enhancing the strategy
 We are excited to announce today the conditional acquisition of a 50% interest in co-
working space operator Generator.
 Generator is well aligned with Precinct’s strategy of being a city centre specialist. It has a
strong management team and offers the opportunity to expand the market in which
Precinct operates and to enhance the amenity and service levels that Precinct can offer
its clients.


Note: Further information can be found within the 2017 Interim Report and results presentation. You can find these at
www.precinct.co.nz/interim-report-2017


1
Net operating income is an alternative performance measure which adjusts net profit after tax for a number of non-cash items as detailed in
the reconciliation provided at the end of this announcement. Precinct’s dividend policy is based upon net operating income. This alternative
performance measure is provided to assist investors in assessing Precinct’s performance for the year.

2

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its six-month results
to 31 December 2016 today, with a net profit after tax (NPAT) of $39.1 million. This
compared with $34.8 million for the same period last year, with the increase mainly
attributable to lower interest and tax expense, and a fair value gain in financial
instruments. Net operating income, which adjusts for a number of non-cash items,
increased $3.1 million to $38.8 million (31 December 2015: $35.7 million) or 3.20 cents per
share.
Scott Pritchard, Precinct’s CEO, said we achieved a number of milestones across our
business and have significantly advanced our long term strategy.
“We committed to and commenced works at Bowen Campus in Wellington, progressed
works at Commercial Bay including the demolition of the old shopping centre, enjoyed
leasing success at Commercial Bay and completed the Mason Brothers building at
Wynyard Quarter Stage One.”
“The completion of the Mason Brothers Building is a major milestone for the business as it is
the first project to be completed and sees Precinct begin to transform its portfolio,” he
said.
Leasing momentum at Commercial Bay continues. Global law firm DLA Piper committed
to 2,700 square metres within the new tower taking office pre-leasing, by income, to 64%.
“Importantly this commitment comes from outside the portfolio and illustrates the
attraction of this CBD waterfront precinct.” Scott Pritchard, Precinct’s CEO, said.
In December the agreement to acquire Queen Elizabeth Square from Auckland Council
became unconditional. The land is now formally incorporated into the Commercial Bay
retail development due to open in late 2018. This provides certainty to allow the retail
leasing programme to advance responding to significant interest from retailers.
In addition to these milestones, Precinct can today announce the conditional acquisition
of a 50% interest in Generator. Generator, established in 2011, operates 3,000 square
metres of co-working space over three sites within the Britomart precinct in Auckland’s
CBD.
“Generator is well aligned with Precinct’s values and its strategy of being a city centre
specialist. It has a strong management team and offers the opportunity to enhance the
amenity and service levels that Precinct can offer its clients. It will also enable Precinct to

3

expand its traditional client base with smaller businesses, helping to grow occupancy and
demand,” he said.
INTERIM RESULTS
Net property income (NPI) reduced to $45.9 million (31 December 2015: $53.7 million).
After adjusting for recent asset sales and foregone income associated with our
development projects, like for like income was $0.7 million lower than the comparative
period. This reduction was a result of the 14 November Kaikoura earthquake. After
allowing for the rental abatement at Deloitte House and earthquake related costs like for
like income was slightly higher than the comparative period.
Precinct’s Wellington portfolio performed very well during the earthquake with all but
Deloitte House being assessed by engineers and reopened within 48 hours.
Precinct's structural engineer, Holmes Consulting, were instructed to undertake a detailed
structural investigation of Deloitte House which concluded relatively minor structural
damage had occurred. Notwithstanding this, further detailed assessments have identified
that the seismic strength of the building is lower than previous assessments.
An internal review of the 30 June 2016 property valuations indicated no material value
movement in the period for all the assets apart from Deloitte House in Wellington.
The provisional estimated cost associated with remediating the damage and making
seismic improvements resulted in the independent valuation of Deloitte House falling by
$12.1 million to $33.4 million (June 2016: $45 million).
The value of net tangible assets per share at interim balance date was $1.17 (June 2016:
$1.17). Further financial information can be found within the 2017 Interim Report. You can
find these at www.precinct.co.nz/interim-report-2017
DEVELOPMENT PROGRESS
Wynyard Quarter Stage One
The Mason Brothers building reached practical completion fully leased in December.
Mason Brothers, valued at $35.9 million, is leased to Warren and Mahoney, ATEED and
Mott McDonald on a WALT of 8.4 years.
The Innovation Building (Building 5A) is expected to be completed in July 2017. Overall
Stage One is now 100% leased on an average lease term of 10.5 years and is expected to
deliver a return on cost of at least 15%.

4

Commercial Bay
Following the commitment by DLA Piper, the new PwC Tower is now 64% leased by
income (Dec 15: 52%) on a WALT of 13.3 years. This commitment takes the amount of
space secured outside the portfolio to 8,000 square metres or around a third of committed
leases. Interest in the retail centre remains strong and we look forward to sharing more
leasing success during 2017 following the unconditional acquisition of Queen Elizabeth
Square.
Construction is progressing well. Demolition of the old Downtown Shopping Centre is now
complete. Excavation, retaining and piling have all commenced and are expected to be
largely complete by the middle of 2017.
Bowen Campus
Works at Bowen Campus commenced in November. The first phase of construction will
include the demolition of fixtures and fittings and the removal of the original facade.
PORTFOLIO PERFORMANCE
Leasing over the period has been strong with overall occupancy rising to 99% (30 June
2016: 98%). This was mainly the result of new leases in 157 Lambton Quay and HSBC House.
The Auckland portfolio continues to perform well with occupancy maintained at 100%.
Over the 6 months to 31 December 2016, Precinct secured 18 new leases covering 7,354
square metres. This included securing Dimension Data in 157 Lambton Quay, maintaining
a strong portfolio WALT of 5.9 years. Vacant space over the 6 months has been
significantly reduced, with around 1,000 square metres of office space remaining.
Precinct settled 41 rent reviews during the period, covering an area of 50,855 square
metres. These resulted in a 3.8% uplift on passing rent, and 2.6 % increase on valuation
rents at 30 June 2016.
At 31 December Precinct’s WALT across the investment portfolio was 5.9 years, increasing
to 8.1 years when the development pre-leasing is included (June 2016: 6.3 & 8.2 years).
This strong investment portfolio WALT includes the recently opened Mason Brothers
Building.

5

OFFICE MARKET UPDATE
The overall Auckland CBD office vacancy rate remains at historically low levels. The
Auckland prime CBD office vacancy rate decreased during the six months to December
2016, down to 2.6% (June 2016: 3.3%).
The Wellington prime CBD office vacancy rate has also decreased significantly as a result
of earthquake and non-earthquake related leasing and confirmation of Government
leasing. According to the latest survey, prime vacancy decreased to 1.0% (June 2016:
3.4%).
DIVIDEND PAYMENT
Precinct shareholders will receive a second-quarter dividend of 1.40 cents per share plus
imputation credits of 0.1855 cents per share. Offshore investors will receive an additional
supplementary dividend of 0.08419 cents per share to offset non-resident withholding tax.
The record date is 2 March 2017. Payment will be made on 16 March 2017.
OUTLOOK
Full-year operating earnings after tax are expected to be around 6.2 cents per share
(before performance fees). While earnings are expected to be impacted by rental
abatement at Deloitte House, this is currently expected to be largely offset by stronger
occupancy elsewhere in the Wellington portfolio. Dividend guidance for the 2017
financial year remains unchanged at 5.6 cents per share.
-ends-

6

For further information, contact:
Scott Pritchard George Crawford
Chief Executive Officer Chief Operating Officer
Office: +64 9 927 1640 Office: +64 9 927 1641
Mobile: +64 21 431 581 Mobile: +64 21 384 014
Email: scott.pritchard@precinct.co.nz Email: george.crawford@precinct.co.nz

Note 1 – Net Operating income reconciliation
Net operating income is an alternative performance measure which adjusts net profit after tax for a number of non-cash items
as detailed in the reconciliation below. Precinct’s Dividend Policy is based upon net operating income. This alternative
performance measure is provided to assist investors in assessing Precinct’s performance for the year.
$M 31-Dec-16 31-Dec-15
Net profit after taxation 39.1 34.8
Unrealised net (gain) / loss in value of investment and development properties 12.1
Realised loss / (gain) on sale of investment properties - 2.7
Unrealised interest rate swap (gain) / loss -15.3 -4.3
Depreciation recovered on sale - 10
Deferred tax (benefit) / expense 2.9 -7.5
Net operating income 38.8 35.7

About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominately in
premium and A-grade commercial office property. Listed on the NZX Main Board, PCT
currently owns 14 New Zealand buildings – Auckland’s PwC Tower, AMP Centre, ANZ
Centre, Zurich House, HSBC House, Mason Brothers Building and Commercial Bay; and
Wellington’s State Insurance Building, 157 Lambton Quay, No. 1 and No. 3 The Terrace,
Pastoral House, Mayfair House, Deloitte House and Bowen Campus.