June 2018 Quarterly Report

We are pleased to provide shareholders with an
update on our business operations since our 31
December 2017 interim balance date.
We have continued to advance our development
programme while also achieving good levels of leasing
across our investment assets.
CAPITAL TRANSACTIONS
In April, Precinct announced progress on the sale
process for a 50% interest in ANZ Centre in Auckland
and an agreement to sell 10 Brandon Street in
Wellington for $10.2 million.
The half share interest in the ANZ Centre has received
very strong interest. Precinct has agreed to a period of
exclusivity for one party to complete due diligence and
enter into a binding sale and purchase agreement. At
this stage there is no binding agreement for the sale
and purchase of the property.
With several options for 10 Brandon Street having been
assessed to date, we believe the sale of this asset
represents the best option for Precinct. The sale of 10
Brandon Street is conditional on ground lessor approvals
and is due to settle in August 2018.
Progressing these asset sales will enable Precinct to
focusonandrecyclecapitalintoitsfuture
development opportunities.
During the quarter, Precinct also settled the purchase of
Queen Elizabeth Square in Auckland for $27.2 million.
OUTLOOK
Full year operating earnings after tax for the 2018
financial year are expected to be around 6.30 cents
pershare,beforeperformancefees.Dividend
guidance also remains unchanged at 5.80 cents per
share, representing a 3.6% increase in dividends to
shareholders.
Our 2018 year end results announcement will be on the
16thofAugustwheretheBoardwillprovide2019
earnings and dividend guidance.
Yours faithfully,
Craig Stobo,Chairman
DEAR SHAREHOLDER,
Quarterly update
June 2018
Financial information is shown as at 31 March 2018
Artists impression of the proposed
Wynyard Quarter development
PRECINCT KEY METRICS (31.03.18)
$2.3bn98%8.8years
Portfolio valueOverall occupancyWeighted average lease term
$1.6bn6.2%72%
Market capWeighted average cap rateWeighting to Auckland(by value)
Payment date8 June 2018
Excluded dividend per share1.2679 cents per share (cps)
Fully imputed dividend per share0.1821 cps
Cash dividend per share1.45 cps
Imputation credits0.0708 cps
DIVIDEND
Proposed
4th Quarter 2018 financial year28 Sept 2018
1st Quarter 2019 financial year7 Dec 2018
INDICATIVE DIVIDEND PAYMENT DATES
These dates represent the current expectation of Precinct(PCT) as at the
date of publication, are subject to PCT board approval, may change
without notice and are not a guarantee or warranty as to the payment of
a dividend or the actual payment dates.
Year to date (Unaudited)
Dividends declared
4.35 cps
Full year forecast operating earnings per share
(before performance fees)
6.30 cps
Full year forecast dividend per share
5.80 cps
FINANCIAL SUMMARY
as at 31.03.2018
Balance sheet
Unaudited
31 March 18
Audited
30 June 17
Total assets
$2,264.1 m$2,079.2 m
Net equity
$1,485.1 m$1,505.6 m
Number of shares on issue
1,211.1 m1,211.1 m
Net tangible assets per share
$1.23$1.24
Bank covenant gearing (%)
25.5%25.1%
Total gross returnPrecinct (NZX: PCT)Listed Property
March quarter
(4.8)%(3.8)%
SHAREHOLDER RETURNS
Returns are based on close price, and assume reinvestment of dividend
(returns exclude imputation credits). Listed property is the S&P/NZX All Real
Estate Gross index. Source IRESS
ANZ
CENTRE

DISCLAIMER:The information and opinions in this report were prepared by Precinct Properties New Zealand Limited (PCT). PCT makes no representation or
warranty as to the accuracy or completeness of the information in this report. Opinions including estimates and projections in this report constitute the current
judgment of PCT as at the date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of future
performance. This report is provided for information purposes only and does not constitute investment advice.
Neither PCT, nor any of its Board members, officers, employees, advisers (including AMP Haumi Management Limited) or other representatives will be liable for
any damage, loss or cost incurred by any recipient of this report or other person in connection with this report.
Please contact our registrar, Computershare
•To change investment details such as name, postal address or method of payment, and
•For questions on your dividend and shareholding
REGISTRAR: Computershare Investor Services Limited. T +64-9-488-8777 Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us at hello@precinct.co.nz
DEVELOPMENT UPDATE
Precinct believe these retailers will complement the
already world class food and beverage offering that
has been secured.
As outlined in our FY18 interim results, construction is
advancing and we continue to closely monitor progress
on site.
Precinct continues to forecast a profit on cost of over
$200 million and a yield on cost of 7.5% once the
development is complete.
We expect to provide a more detailed update on the
contractors programme in our full year results in August.
We encourage you to visit:www.commercialbay.co.nz
Here you can view the latest news, videos and
construction updates on this project.
COMMERCIAL BAY
With 39,000 square metres of office and 18,000 square
metres of retail, Commercial Bay will be Auckland's
largest mixed use development.
Strong retail leasing has been achieved since 31
December 2017 and we have continued to secure a
number of additional key retailers who will define our
unique retail mix at Commercial Bay.
In March of this year, Precinct welcomed its first wave
of fashion store clients, bringing together a carefully
curated mix of established local favourites and first-to-
market global brands.
Furla, Superette, Hershel Supply Co, and a Rodd &
Gunn bespoke Lodge Bar and fashion concept will all
be landmark stores at Commercial Bay in 2019.
Wynyard
Quarter
Stage Two
WYNYARD QUARTER
During the quarter, we are delighted to welcome
Amazon Web Services (AWS) as clients to our portfolio
within the Innovation Precinct.
Following its arrival into the New Zealand market, AWS
has committed to space within the Mason Brothers
building. AWS is a renowned global technology
business and is a subsidiary of Amazon.com that
provides on-demand cloud computing platforms to
individuals, companies and governments.
BOWEN CAMPUS
Construction works have continued to progress well
during the quarter with the façade installation at
Charles Fergusson Tower now complete.
Bowen Campus remains on programme and on
budget.