Precinct Properties New Zealand Limited/Announcement

Interim results and positioning for future opportunities

Half Year Results18 February 2019PCTReal Estate

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Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 19 February 2019
Interim results and positioning for future opportunities
Performance summary for the six months ended 31 December 2018
Financial summary
• Total comprehensive income after tax of $25.5 million, up 44.1% (1H18: $17.7 million).
• Net operating income
1
of $37.7 million (1H18: $38.2 million) or 3.11 cents per share (cps) and
3.24 cps before performance fee (1H18: 3.15 cps).
• Strong net property income (NPI) achieved during the period of $47.3 million, consistent with
previous comparable period (1H18: $47.6 million), despite the sale of a 50% interest in the ANZ
Centre.
Capital management
• Asset recycling with $191 million of assets sold during the period.
- This includes the sale of a 50% interest of the ANZ Centre in Auckland for $181 million, to
a fund controlled by Invesco and the disposal of 10 Brandon Street in Wellington.
• Refinancing of $460 million bank debt facility.
Solid leasing demand and strengthened investment portfolio
• Increased occupancy to 100% (30 June 2018: 99%) with a weighted average lease term (WALT)
across the portfolio of 8.5 years (30 June 2018: 8.7 years).
• 21 leasing transactions totalling over 12,000 square metres completed during the period.
- New leasing completed 11.3% above previous contract rent.
• Announcing today, the purchase of the remaining 50% equity interest in coworking space
provider, Generator for $7.4 million.
- Acquisition in line with Precinct’s strategy, 100% interest in Generator allows our business
to be at the forefront of the growing coworking/flexible space market.
Advancing our development projects
Commercial Bay
• Increased leasing with retail commitments now at 84% (June 2018: 76%) and office
commitments at 80% (June 2018: 78%).
- Some minor slippage observed (c.1 month) to the construction programme which may
impact previously disclosed completion dates of September 2019 for retail and
December 2019 for office.
• Announcing our commitment to the $298 million redevelopment of Precinct’s next major
investment, One Queen Street in August 2018.
- Further progress has secured the unconditional commitment of Bell Gully to around 3,800
square metres of office space at One Queen Street, taking the project to 76% pre-

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.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
committed following the previously announced commitment by InterContinental Hotels
Group to 11 levels of the building.
Wynyard Quarter Stage Two

• Committing to the development of Wynyard Quarter Stage Two, part of the wider Innovation
Precinct with major leasing to Media Design School (MDS) secured.
- Stage Two commitments represent 60% of the projects office area.
- Continue to see good levels of enquiry for the remaining vacant space.
Bowen Campus
• The Charles Ferguson Building reached practical completion in December 2018, now occupied
by Ministry of Primary Industries.
• Bowen State Building on budget and on schedule for practical completion this year. Building to
be fully income producing from April.
• Design advanced for Bowen Campus Stage Two and discussions with potential occupiers
ongoing.

Scott Pritchard, Precinct’s CEO, said “Increased activity across both the investment and development
portfolio in Auckland and Wellington has led to a number of new leasing deals. In addition to leasing
progress at Commercial Bay, other major leasing transactions include Medical Council of New Zealand
at AON Centre, MDS at 10 Madden Street and Bell Gully at One Queen Street”.

$150 million equity offer announced today to position the business for future opportunities
• Raising $150 million through a $130 million underwritten placement (Placement) and a $20
million underwritten retail offer (Retail Offer) (with ability to accept oversubscriptions of up to
$10 million).
• Price of new shares to be determined via a bookbuild (subject to an underwritten floor price of
$1.45 per share. The retail offer price will be the same as the placement clearing price.
• The Retail Offer allows for all New Zealand resident shareholders to subscribe for up to $50,000
of new shares – details will be sent to all eligible shareholders.
• Equity raised will repay bank debt and provide additional funding capacity to deliver on
medium term opportunities including Bowen Campus Stage Two and Wynyard Quarter Stages
Three and Four.
• Reduces 31 December 2018 gearing from 24.3% to 18.5%.
• Earnings guidance for FY19 unchanged at approximately 6.60 cps.
• Dividend guidance maintained at 6.00 cps representing a YoY increase of 3.4%. All shares issued
under the Placement and Retail Offer will be eligible for the second quarter dividend to be paid
on 27 March 2019.

Note: Further information can be found within the 2019 Interim Financial Statements and results presentation. You can find
these at https://www.precinct.co.nz/interim-reporting/2019-interim-results

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for
the six months ended 31 December 2018 today. Total comprehensive income after tax of
$25.5 million compares with $17.7 million for the same period last year, with the difference
mainly attributable to the prior period fair value movement of 10 Brandon Street in Wellington
and movement in financial instruments this period. Net operating income, which adjusts for a
number of non-cash items, of $37.7 million remains consistent with the previous comparable
period (1H18: $38.2 million), despite the sale of a 50% interest in the ANZ Centre.
Scott Pritchard, Precinct’s CEO, said “The first half of the 2019 financial year has been another
period of immense activity for our business. As we continue to advance our long-term strategy
and take an active management approach with both our investment and development
portfolio’s, we remain focused on delivering strong results across our business this year”.
“We are achieving continued growth for our shareholders and enhancing our business by
transforming the portfolio into a higher quality set of assets. Achieving occupancy of 100%
across our investment portfolio in both Auckland and Wellington reflects the quality of the
portfolio, leasing transactions completed during the last six months and strong demand for
premium inner-city office space”.
“We continue to advance our active developments and are pleased with the achievements
in the period which include the progress made on the retail and office commitments at
Commercial Bay and completing the Charles Ferguson Building in Wellington. As the
development stages of these projects are coming to an end, we are looking ahead to our
recently committed developments of both One Queen Street and Wynyard Quarter Stage
Two”.
“Precinct’s announcement to raise $150 million of equity through an underwritten Placement
and Retail Offer will allow Precinct to repay bank debt and further supports our future
development opportunities by providing additional funding capacity”.
Interim results
Continued strength in our occupier markets, strong leasing and ongoing market rental growth
have contributed to NPI in the period of $47.3 million (1H18: $47.6 million).
The completion of H&M at Commercial Bay and the Charles Fergusson Building in Wellington
led to an increase in NPI in the period. This increase was largely offset by the sale of a 50%

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
interest in the ANZ Centre and the sale of 10 Brandon Street. After adjusting for assets under
development and the sales, like for like NPI was 1. 0% higher than the previous comparable
period. On a like for like basis, Auckland NPI was 1.8% higher.
Dividends attributable to shareholders for the six months ending 31 December 2018 totalled
3.00 cps (31 December 2017: 2.90 cps) representing an increase of 3.4%.
Net interest expense of $1.5 million was consistent to the comparable period (31 December
2017: $1.6 million) due to interest relating to developments being capitalised.
Excluding performance fees, other expenses increased by $0.5 million. Precinct outperformed
the benchmark New Zealand-listed property sector return (excluding Precinct) resulting in a
performance fee of $2.1 million being payable in the first half.
Current tax expense fell to $0.4 million (31 December 2017: $2.7 million). This was a result of the
significant amount of leasing achieved across the development portfolio and the disposal of
depreciable assets.
The fall in the NZD interest rate swap curve led to a fair value loss in interest rate swaps. This
loss combined with a fair value loss in the convertible note option due to Precinct’s share price
increasing to $1.48 (June 2018: $1.35), led to an overall loss in financial instruments of $11.4
million (31 December 2017: $6.9 million loss).
Generator recorded a loss for the period, Precinct’s 50% share was $0.8 million (31 December
2017: $0.5 million). This loss was primarily a result of continued business growth, with the business
opening around 3,000 square metres of additional coworking space at Britomart Place in the
period. Importantly the business continues to meet expectations and is expected to report a
profit in the 2020 financial year.
Included within the Commercial Bay construction contract is the right to liquidated damages
if certain milestones are not met. As at 31 December 2018, $15.4 million of liquidated damages
have been withheld from the contractor. The amounts withheld have been recognised as
part of current liabilities and a contingent asset has been identified as ultimate recovery is not
able to be considered virtually certain since Precinct's right to retain these liquidated
damages could be disputed.
An internal review of the 30 June 2018 property valuations undertaken at 31 December 2018
indicated no material value movement in the period for all the assets. The fair value loss in

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
financial instruments was the primary reason for the value of net tangible assets per share at
interim balance date falling to $1.39 (30 June 2018: $1.40).
Investment portfolio performance
Strong leasing continues across our investment portfolio with overall portfolio occupancy
increasing to 100% at 31 December 2018 (30 June 2018: 99%) and WALT being maintained at
8.5 years (30 June 2018: 8.7 years).
With over 12,000 square metres of space leased over the last 6 months to 31 December 2018,
positive leasing momentum continues in both Auckland and Wellington. These leasing
transactions have been completed 11.3% above previous contract rent. In addition, 32 rent
reviews have occurred during the period resulting in a 4. 5% uplift on valuation rents.
Leasing all the remaining vacant space at AON Centre at 21% above previous passing rental
has been a significant achievement in first half of the 2019 financial year. The Medical Council
of New Zealand have committed to 1,875 square metres which includes 800 square metres of
new mezzanine space that is now being fitted out for occupation in May 2019.
Terms agreed with a large NZ based occupier at No.1 The Terrace over 7,900 square metres is
another positive result. It will remove all pending vacancy from the Government WAP 2
process. Once confirmed, the lease will commence in January 2020 following a full base build
refurbishment of No.1 The Terrace tower floors and includes a seismic upgrade to 100%.
Generator acquisition
Announcing Precinct’s acquisition of the remaining 50% interest in Generator New Zealand
Limited today, is consistent with our strategic focus on building client relationships, increasing
our service levels and creating workspaces that meet the requirements of today’s businesses.
Having exposure to this developing market since 2017 has given us the opportunity to be at
the forefront of this evolving office market. With an expanded footprint providing
approximately 1,245 desks across 12,600 square metres, Generator has seen strong and
consistent growth since it was established in 2011. Committed occupancy levels are around
80% and the business is now operating on a sustainable basis. Successfully growing its business,
Generator now has a significant presence in the CBD and Wynyard precincts, making up over
half of the Auckland city centre coworking/flexible market.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
A 100% interest in Generator represents a unique offering for Precinct to meet the growth in
demand for those office occupiers now considering flexible solutions. It further expands
Precinct’s traditional client base by accessing a portion of the occupier market that we
wouldn’t otherwise serve; small and medium-sized enterprises. As this sector moves ahead in
2019, this is an area of investment for Precinct where we expect to see further consistent
growth and returns.
Capital management
In October 2018, we successfully settled the sale of a 50% interest in the ANZ Centre in
Auckland for $181 million, to a fund controlled by Invesco. This sale was in line with our business
strategy and enabled us to recycle capital into higher yielding development opportunities. In
addition, we also progressed the sale of 10 Brandon Street in Wellington which has now
settled. These two sales total $191 million of assets sold in the first half of the 2019 financial year.
In the period, Precinct also refinanced its $4 60 million bank debt facility which was due to
expire in November 2020. The refinance extended the tenor of the existing facilities and
reduced refinancing risk to our business.
At balance date Precinct has total borrowings (including convertible notes) of $710.4 million
(30 June 2018: $751.4 million) and total assets of $2.5 billion (30 June 2018: $2.5 billion). Gearing
as measured under borrower covenants, which disregards subordinated debt, has decreased
during the period to 24.3% (30 June 2018: 25.0%).
Development update
Wynyard Quarter
Committing to the development of Wynyard Quarter Stage Two during the period reflects an
important step forward in the development of the wider Innovation Precinct and the next
stage of the project’s evolution. We announced the development of the second stage of
Wynyard, 10 Madden Street, in November 2018 on an uncommitted basis and were pleased
to lease 4,760 square metres to Media Design School (MDS). Being in a location which is in
close proximity to global technology companies and other New Zealand start-up businesses
was a key attraction for MDS to be located in the Innovation Precinct.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Commercial Bay
Continued demand at Commercial Bay has resulted in retail commitments lifting to 84% and
office commitments to 80%. With leasing transactions being consistent with feasibility, the
expected profit on completion of this project remains forecast to be around $280 million,
representing a development profit of more than 40%.
Progress continues on site with minor slippage of around one month observed to the
construction programme which may impact the previously disclosed completion dates of
September 2019 for the retail centre and December 2019 for the new PwC Tower. We will
continue to closely monitor this development with the next two months being critical in
progressing the project. Following some minor value accretive scope changes, the total
project cost is now forecast to be $690 million (30 June 2018: $685 million).
Having a diverse offering available to consumers at the precinct has been a key priority
throughout the project. During the period, we are pleased to have welcomed New Zealand’s
leading digital services provider, Spark to Commercial Bay. Spark will open its three-level
flagship store within the precinct and will be located on Customs Street and Little Queen
Street. Spark will use this premium location to redefine the experience of visiting a Spark store
providing its customers with a unique offering.
We also continue to advance our unique retail mix at Commercial Bay with several well-
known food and beverage operators who remain confidential at this stage. We look forward
to sharing more details in the coming weeks.
One Queen Street
Construction of the $298 million redevelopment at One Queen Street (currently HSBC House)
remains on schedule to commence in the first half of 2020 with the hotel expected to open in
mid 2022. Similarly, the commercial office and hospitality space are due to open during 2022.
Securing leading law firm Bell Gully during the period, three years ahead of practical
completion reinforces the quality of the Commercial Bay precinct and demand for premium
office space located at this unrivalled waterfront destination in Auckland’s city centre.
The project is now 76% pre-committed following the previously announced commitment by
InterContinental Hotels Group to 11 levels of the building.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Bowen Campus
In Wellington, we are pleased to have now completed the Charles Ferguson Building.
Construction works remain on programme at the Bowen State Building. We also continue to
advance the design of Bowen Campus Stage Two having been granted a resource consent
in the period for a further two commercial office buildings on site. We continue to progress
discussions with a number of potential occupiers.
Equity Offer
We are announcing today that we are raising $150 million of new equity via a Placement and
Retail Offer.
The Placement of $130 million is fully underwritten at a floor price of $1.45 per new share. A
bookbuild will be conducted today by the Joint Lead Managers, First NZ Capital and Credit
Suisse while Precinct is in trading halt. All New Zealand resident shareholders will be able to
subscribe for up to $50,000 of new shares via a Retail Offer of $20 million (underwritten) with
the ability to accept oversubscriptions of up to $10 million, at the same final price as the
placement (to be determined by bookbuild today).
The net proceeds of the equity raising, together with the proceeds of asset sales will reduce
Precinct’s gearing providing additional funding capacity to assist with our future
development opportunities.
Our equity raising structure is fair for all of our existing shareholders. All shareholders (unless
restricted due to legal constraints) will be able to participate fairly (through either the
Placement or Retail Share Offer) and should scaling be required, it will be done in reference
to existing shareholder holdings.
Haumi, our largest shareholder (~18.8%) will not be participating. Haumi remains very
supportive of Precinct, the growth story and this equity raising and has no intentions to either
sell down or divest the management contract. Following completion of the equity issue
Haumi’s holding will reduce to around 17.3%.
Further details regarding the Retail Offer can be found at www.shareoffer.co.nz/pre cinct.

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Precinct Properties New Zealand
Interim Results –Positioning for future opportunities
19 February 2019

FY19 INTERIM RESULTS
Page 2
Disclaimer
Not for release to US wire services or distribution in the United States.
This presentation has been prepared by Precinct Properties New Zealand Limited (Precinct).
This presentation has been prepared in relation to the offer of new shares in Precinct (NewShares) by way of a:
■Placement to selected institutional investors (Placement); and
■Retail offer to Precinct’s existing shareholders with an address in New Zealand (Retail Offer),
under clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 (together, the Offer).
Information: This presentation contains summary information about Precinct and its activities which is current as at the date of this presentation. The
information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a
prospective investor may require in evaluating a possible investment in Precinct or that would be required in a product disclosure statement for the
purposes of the Financial Markets Conduct Act 2013. The historical information in this presentation is, or is based upon, information that has been
released to NZX Limited (NZX). This presentation should be read in conjunction with Precinct's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
NZX: The New Shares will be quoted on the NZX Main Board upon completion of allotment procedures. The NZX Main Board is a licensed market
operated by NZX, a licensed market operator, under the Financial Markets Conduct Act 2013. However, NZX accepts no responsibility for any
statement in this presentation.
Not financial product advice: This presentation is for information purposes only and is not financial or investment advice or a recommendation to
acquire Precinct securities, and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before
making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own
objectives, financial situation and needs and consult a broker, or solicitor, accountant or other professional adviser if necessary.
Past performance: Past performance information given in this presentation is given for illustrative purposes only and should not be relied uponas
(and is not) an indication of future performance.

FY19 INTERIM RESULTS
Page 3
Disclaimer
Future performance: This presentation contains certain "forward-looking statements" such as indications of, and guidance on, future earnings and
financial position and performance. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect',
'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance' and other
similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, forecast EBITDA, operating
cashflow, future effective tax rates, the company’s development program, distribution guidance, estimated asset life, the outcome and effects of
the Offer and the use of proceeds and property market forecasts. The forward-looking statements contained in this presentation are not
guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, manyofwhich are
beyond the control of Precinct, and may involve significant elements of subjective judgement and assumptions as to future eventswhich may or
may not be correct. There can be no assurance that actual outcomes will not materially differ from these forward-looking statements. A number
of important factors could cause actual results or performance to differ materially from the forward-looking statements, including the risk factors
set out in this presentation. Investors should consider the forward-looking statements contained in this presentation in light of those disclosures. The
forward-looking statements are based on information available to Precinct as at the date of this presentation. Except as required by law or
regulation (including the NZX Listing Rules), Precinct undertakes no obligation to provide any additional or updated informationwhether as a result
of new information, future events or results or otherwise. Indications of, and guidance on, future earnings or financial position or performance are
also forward-looking statements.
Investment risk: An investment in securities in Precinct is subject to investment and other known and unknown risks, some of which are beyond the
control of Precinct. Precinct does not guarantee any particular rate of return or the performance of Precinct.
Not an offer: This presentation is not a product disclosure statement or other offering document under New Zealand law (and will not be lodged
with the Registrar of Financial Service Providers) or any other law. This presentation is for information purposes only and is not an invitation or offer
of securities for subscription, purchase or sale in any jurisdiction (and will not be lodged with the U.S Securities ExchangeCommission). Any
decision to purchase New Shares in the Retail Offer must be made on the basis of the information to be contained in a separate offer document
to be prepared and issued to eligible retail shareholders. The retail offer booklet for the Retail Offer will be available to eligible retail shareholders in
New Zealand following its lodgement with NZX. Any eligible retail shareholder who wishes to participate in the Retail Offer should consider the
retail offer booklet in deciding to apply under that offer. Anyone who wishes to apply for New Shares under the Retail Offerwill need to apply in
accordance with the instructions contained in the retail offer booklet and the application form. This presentation does not constitute investment or
financial advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares and does not and will not form any part of
any contract for the acquisition of New Shares. This presentation may not be released or distributed in the United States. This presentation does
not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The New Shares have not been and will not be
registered under the U.S. Securities Act of 1933 (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States.
Accordingly, the New Shares may not be offered or sold, directly or indirectly, in the United States or to persons that are acting for the account or
benefit of persons in the United States, unless they have been registered under the U.S. Securities Act, or are offered and soldin a transaction
exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws. Refer to slide
5-6 for information on restrictions on eligibility criteria to subscribe for New Shares in the Offer.
■

FY19 INTERIM RESULTS
Page 4
Disclaimer
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated.
Disclaimer: None of First NZ Capital Securities Limited, First NZ Capital Group Limited and Credit Suisse (Australia) Limited (together the
“underwriters”), nor any of their or Precinct's respective advisers or any of their respective affiliates, related bodies corporate, directors, officers,
partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and, except
to the extent referred to in this presentation, none of them makes or purports to make any statement in this presentation andthere is no statement
in this presentation which is based on any statement by any of them. For the avoidance of doubt, the underwriters and their respective advisers,
affiliates, related bodies corporate, directors, officers, partners, employees and agents have not made or purported to make anystatement in this
presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by
law, Precinct, the underwriters and their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and
agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and
the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the
maximum extent permitted by law, Precinct, the underwriters and their respective advisers, affiliates, related bodies corporate,directors, officers,
partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliabilityor completeness
of information in this presentation and, with regards to each underwriter, their respective advisers, affiliates, related bodiescorporate, directors,
officers, partners, employees and agents take no responsibility for any part of this presentation or the Offer. The underwritersand their respective
advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or
your related parties should participate in the Offer nor do they make any representations or warranties to you concerning theOffer, and you
represent, warrant and agree that you have not relied on any statements made by any of the underwriters, or any of their advisers, affiliates,
related bodies corporate, directors, officers, partners, employees or agents in relation to the Offer and you further expressly disclaim that you are in
a fiduciary relationship with any of them. Statements made in this presentation are made only as the date of this presentation. The information in
this presentation remains subject to change without notice. Precinct reserves the right to withdraw the Offer or vary the timetable for the Offer
without notice.

FY19 INTERIM RESULTS
Page 5
Disclaimer
International selling restrictions
This presentation does not constitute an offer of New Shares of Precinct in any jurisdiction in which it would be unlawful. In particular, this
presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside New Zealand except to
the extent permitted below.
Australia
This document and the offer of New Shares are only made available in Australia to persons to whom an offer of securities can be made without
disclosure in accordance with applicable exemptions in sections 708(8) (sophisticated investors) or 708(11) (professional investors) of the Australian
Corporations Act 2001 (the “Corporations Act”). This document is not a prospectus, product disclosure statement or any other formal “disclosure
document” for the purposes of Australian law and is not required to, and does not, contain all the information which would berequired in a
"disclosure document" under Australian law. This document has not been and will not be lodged or registered with the Australian Securities &
Investments Commission or the Australian Securities Exchange and the issuer is not subject to the continuous disclosure requirements that apply in
Australia.
Prospective investors should not construe anything in this document as legal, business or tax advice nor as financial productadvice for the
purposes of Chapter 7 of the Corporations Act. Investors in Australia should be aware that the offer of New Shares for resaleinAustralia within 12
months of their issue may, under section 707(3) of the Corporations Act, require disclosure to investors under Part 6D.2 if noneof the exemptions in
section 708 of the Corporations Act apply to the re-sale.
Hong Kong
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous
Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the
Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register
this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the NewShares have not
been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rulesmade under that
ordinance).
No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in thepossession of any
person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the
public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are
intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Sharesmay sell, or offer to
sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such
securities.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to
the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

FY19 INTERIM RESULTS
Page 6
Disclaimer
Japan
The New Shares have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan
(Law No. 25 of 1948), as amended (the "FIEL") pursuant to an exemption from the registration requirements applicable to a private placement of
securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and theregulations
promulgated thereunder). Accordingly, the New Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any
resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires New Shares maynot resell them to
any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of New Shares is conditional upon the
execution of an agreement to that effect.
Singapore
This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in
Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the
offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be
offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except
pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore
(the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA.
This document has been given to you on the basis that you are (i) an existing holder of the Company’s shares, (ii) an "institutional investor" (as
defined in the SFA) or (iii) an "accredited investor" (as defined in the SFA). In the event that you are not an investor fallingwithin any of the
categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in
Singapore.
Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on-sale restrictions in
Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves withthe SFA
provisions relating to resale restrictions in Singapore and comply accordingly.

FY19 INTERIM RESULTS
Page 7
Disclaimer
United Kingdom
Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the
United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended("FSMA")) has
been published or is intended to be published in respect of the New Shares.
This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of the FSMA) inthe United Kingdom, and
the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document,
except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be
distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United
Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue
or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be
communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.
In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters
relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions)
Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated
associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). Theinvestments to which
this document relates are available only to, and any offer or agreement to purchase will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or any of its contents.

FY19 INTERIM RESULTS
Page 8
Agenda
Highlights
Page 9
Section 1 –Strategy progress
Page 10
Section 2 –Market and portfolio overview
Page 11
Section 3 –Interim results and capital management
Page 22
Section 4 –Development summary
Page 27
Section 5 –Proposed equity raise
Page 36
Section 6 –Conclusion and outlook
Page 45
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, COO
Richard Hilder, CFO
Note: All $ are in NZD unless otherwise stated

FY19 INTERIM RESULTS
Page 9
Highlights
Financial Performance
Capital ManagementPortfolio Performance
■$25.5 m 1H19 total
comprehensive income
after tax (+44% y-o-y)
■$37.7 m 1H19 net
operating income
1
after
tax (-1.3% y-o-y)
■3.24 cps EPS (pre
performance fee) (+2.9%)
Note 1: Net operating income is an alternative performance
measure which adjusts net profit after tax for a number of non-cash
items.
■$191 m asset sales settled
during 1H19
■$150 m equity raising
announced today
–Gearing reduced to
18.5%(post equity
issue)
–Funding for future
opportunities
■100% portfolio occupancy
■Strong leasing across all
assets –22,151 sqm new
letting 1H19 (including
developments)
■Acquisition of the
remaining 50% of
Generator moving
Precincts ownership to
100%

FY19 INTERIM RESULTS
Page 10
Strategy progress since June
Operational Excellence
-Premium grade portfolio benefitting from strong occupier demand
-Strategic acquisition -Generator ownership increased to 100%
-Commencing sales programme for Pastoral and Mayfair House
Developing the Future
-Commercial Bay
-Further leasing progress
-Construction progress indicating c. 1 month slippage
-Charles Fergusson Building completed and occupied
-Bowen State Building to complete this year on programme
-Wynyard Quarter Stage Two -construction commenced and now 60% pre-let
-One Queen Street -further leasing progress now 76% pre-committed
Empowering People
-Staff increase to nearly 100 following acquisition of Generator
-Board succession process to commence
-Focus on Diversity and Inclusion -Rainbow Tick certification underway

Section 2
Market and
Portfolio
Overview

FY19 INTERIM RESULTS
Page 12
Our city centre markets
■City centre retail demand remains strong with elevated enquiry and minimal supply.
Broader retail trends are softer which will limit rental growth
■Hotelsupply increased leading to stability in ADR. Prime locations are expected to
outperform. Delay in NZICC may impact short term performance
Premium Office
■Traditional
■Flexible
RetailHotel
MarketDemandSupply
Traditional
Flexible space
Retail
Hotel

FY19 INTERIM RESULTS
Page 13Page 13
Auckland CBD office market
Occupier Demand
■Total Auckland CBD demand remains strong, as
vacancy reached a new record low of 5.2% (Dec
2018, Colliers research)
–Prime vacancy at 3.0%
Supply
■Auckland is currently experiencing a shortage of
available office space. Static net supply as a result
of the development pipeline and stock reductions
remaining in equilibrium
■Construction market difficulties remain which is
reducing and determining new supply
■Colliers research suggests that the current scarcity
of CBD office space is positive for landlords as rents
are forecast to rise higher
Forecast prime vacancy (CBRE, Dec 2018)
Forecast net effective rent growth (CBRE & JLL, Dec 2018)
18,000 sqm
Prime CBD office vacancy
over 600,000 sqm
3%
Prime CBD office vacancy
rate as at 31 December
2018
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
201720182019202020212022
Vacancy Rate (%)
Dec-18 ForecastDec-17 Forecast
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
20182019202020212022
Net Effective Rental Growth pa
JLLCBRE

FY19 INTERIM RESULTS
Page 14Page 14
Wellington CBD office market
Occupier Demand
■Office space remains tight with limited new
supply and continued demand. Total vacancy
at a record low of 6.2% (Dec 2018, Colliers
research)
–Prime vacancy at 1.2%
Supply
■The low prime vacancy rates and strong
demand outlook are providing a strong basis for
new development and refurbishment
■Around 100,000 sqm of office supply is currently
being planned in the next 5 years, however it is
unlikely that all of this will materialise
Forecast prime vacancy (CBRE, Dec 2018)
Forecast net rent growth (CBRE & JLL, December 2018)
1.2%
Prime vacancy rate as at 31
December 2018
6.2%
10-year low Wellington CBD
office vacancy rate as at
31 December 2018
0.0%
2.0%
4.0%
201720182019202020212022
Vacancy Rate (%)
Dec-18 ForecastDec-17 Forecast
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
20182019202020212022
Net Effective Rental Growth pa
JLLCBRE

FY19 INTERIM RESULTS
Page 15
Portfolio activity
■Strong leasing demand driving growth in
rental and occupancy
–Newleasing transactions were 11.3%
above previous contract rents
–Market events (leasing and reviews) were
5.7%higher than valuation
–Suggests Precinct’s assets are outperforming
market rental growth
■50% sale in the ANZ Centre settled
■Opening of H&M at Commercial Bay
■No.1 The Terrace podium WAP2 works
complete with Treasury occupying floors 1-4
■Ministry of Primary Industries have taken
occupation of Charles Fergusson Building
Investment Portfolio Leasing Events
New LeasesNumberArea
Auckland105,049 sqm
Wellington44,505 sqm
Sub Total149,553 sqm
RoR, Extensions & Restructures
Auckland51,862 sqm
Wellington2863 sqm
Sub Total72,724 sqm
Total Leasing2112,278 sqm
Rent Reviews
Auckland2420,974 sqm
Wellington84,142 sqm
Total Reviews3225,115 sqm
+11.3%
Increase in previous contract rents from
new leasing

FY19 INTERIM RESULTS
Page 16
Key Leasing
Significant leasing occurred in the period
16,400 sqm
Key leasing committed
12 year
Weighted average lease term
Wynyard Quarter Stage Two
■Media Design School committed
to a 15 year lease over 4,700 sqm
One Queen Street
■Bell Gully committed to
3,800 sqm for 15 years
No.1 The Terrace
■Terms agreed with a large
NZ based occupier for 7,900
sqm on a 9 year lease term

FY19 INTERIM RESULTS
Page 17
AON Centre case study
Active management and value add investment
driving strong rental growth
Secured leasing deals across 6,100 sqm in 2018.
Major deals include:
–ASB (1,070 sqm)
–TNZI (1,000 sqm)
–Medical Council (1,900 sqm)
–MBIE (1,050 sqm)
■IAG lease expired March 2018 across 4,294 sqm
–100% backfilled with average increase of
21% versus net passing rent
–Incremental yield on CAPEX of 12.6%
■New mezzanine floor constructed on level 25 to
add approximately 800 sqm of NLA
■Taste on Willis retail project has commenced
with initial design phases underway

FY19 INTERIM RESULTS
Page 18
No.1 The Terrace update
Podium floors
■Significant refurbishment completed including
seismic strengthening
■Treasury moved from the Tower to occupy the
Podium on a 12 year lease as agreed in WAP2
Tower
■Terms agreed with a Large NZ based occupier
for a new 9 year lease for the entire tower
(7,900 sqm)
■Commitment will remove all pending vacancy
from WAP2
■Works programmed to commence March 2019
and complete end 2019

FY19 INTERIM RESULTS
Page 19
Generator update
■Agreement to increase ownership to 100%
■Well aligned with Precinct’s strategy of being a city centre specialist
■Increases exposure to fast growing flexible office space market
–Sector of the office market requiring smaller premises, i.e. SME’s with typically fewer than
30 staff
–Growth businesses including technology sector aligned with Wynyard Quarter Innovation
Precinct
–Precinct’s core clients are increasingly looking to include flexible space as part of their
overall real estate solution
■Strong opportunities for growth through aligning with core Precinct clients and
locations
–

FY19 INTERIM RESULTS
Page 20
Generator transaction and status
Acquisition metrics:
■Remaining 50% equity interest purchased for $7.4 million
■Implies enterprise value of $25.5 million (c. $2,000 psm)
■Independent advice on value implies IRR of 15% +
Ambitious growth in sites has met strong demand
■Absorbed 10,000 sqm of office space in 2 years
■Overall occupancy now around 80%
■Operating losses recorded through trading up periods for new sites
Now operating at break-even levels with year end targets as follows:
■Stable occupancy of 85% to 90%
■Annualised revenue of $20 million +
■Target EBIT margin ranging 10% to 15%
20172019
Site locationsStanbeth & Excelsior House
Stanbeth & Excelsior House, Wynyard
Quarter, Britomart Place
Areac. 3,000 sqmc. 13,000 sqm
Desks1901,245
Membersc. 3501,200

FY19 INTERIM RESULTS
Page 21
Flexible workspace
Increasingly becoming a fundamental part of the
commercial real estate market
■Exponential sector growth according to Colliers
Flexible Workspace Report (2018)
–Sector has doubled in the past 3 years, now
covering 85,545 sqm across NZ
–Auckland accounts for 54,050 sqm (63%)
–Generator accounts for around 60% of city centre
flex space
Precinct has seen a shift in the type of businesses
interested in flexible spaces
■A growing range of corporate users are now
considering flexible space
■Precinct intends to grow the Generator
business focused on the Auckland and
Wellington city centres

Section 3
Interim Results
and Capital
Management

FY19 INTERIM RESULTS
Page 23
Interim results
$25.5 m
Total comprehensive income
after tax (+44% y-o-y)
3.24 cps
EPS –pre performance fee
(+2.9% y-o-y)
2.75 c
3.25 c
3.75 c
EPS Reconciliation to comparative period
6.60 cps
Full year guidance of
approximately 6.60 cps remains
(pre-performance fee)
■Liquidated damages of $15.4 million recognised as a
current liability with a corresponding contingent asset
■NTA per share at $1.39 (June 18: $1.40)
–Reduction primarily due to loss in financial
instruments

FY19 INTERIM RESULTS
Page 24
Net property income
Reconciliation of movement in net property income
Amounts in $ millions
Unaudited
six months
ended 31
December
2018
Unaudited
six months
ended 31
December
2017
D
Auckland total$19.7 $19.3 + $0.4
Wellington total$12.1 $12.1 ($0.0)
Investment portfolio$31.8 $31.5 + $0.3
Transactions and Developments$15.5$16.1($0.6)
Total$47.3 $47.6 ($0.3)
$40.0 m
$45.0 m
$50.0 m
Several transactions and
developments occurred in the
period
■Brandon Street and ANZ Centre sales settled
■Completion of H&M at Commercial Bay and
Charles Fergusson Building
■No.1 The Terrace Podium works largely
completed
Adjusting for transactions and
developments, NPI was 1%
higher than the comparative
period
$47.3 m
NPI for the 6 months ended 31 December 2018

FY19 INTERIM RESULTS
Page 25
Taxation reconciliation
Tax expense of $0.4 million
■$2.3 million lower than comparable period
Tax expense reconciliation
Unaudited
six months
ended 31
December
2018
Unaudited six
months
ended 31
December
2017
Total comprehensive income after tax$25.5 m $17.7 m
Depreciation recovered on sale$10.7 m
Deferred tax benefit($12.6 m)($1.6 m)
Current tax expense$0.4 m $2.7 m
Net profit before taxation$24.0 m $18.8 m
Less non assessable income
Unrealised net gain/(loss) in value of investment and
development properties
$14.7 m
Net realised loss on sale of investment properties$1.9 m
Share of profit or (loss) of joint ventures$0.8 m $0.5 m
Unrealised net (gain)/loss on financial instruments$11.4 m $6.9 m
Operating profit before tax$38.1 m $40.9 m
Other deductible expenses
Depreciation($7.8 m)($9.8 m)
Leasing fees and incentives in the period($3.8 m)($2.3 m)
Capitalised interest on development properties($19.5 m)($15.1 m)
Disposal of depreciable assets($5.1 m)($1.6 m)
Other deductibles($0.4 m)($2.4 m)
Taxable income$1.5 m$9.6 m
Current tax expense$0.4 m $2.7 m
Effective tax rate1.0%6.6%
Lower tax charge due to:
■Significant amount of development activity across
the business:
–Commercial Bay, Bowen Campus, Wynyard
Quarter Stage Two and One Queen Street
–No. 1 The Terrace and AON Centre
■Activity has led to higher level of leasing costs and
disposal of depreciable assets
■Second half expected to have a low tax expense
due to:
–Works commencing at Pastoral House
–Continued leasing momentum

FY19 INTERIM RESULTS
Page 26
Capital management
Well positioned balance sheet:
–$191 million of asset sales settled in the half
–$150 million equity raise announced today
■Gearing of 24.3% (Dec 18)
■Sufficient funding in place to execute current
commitments
■Strategy to:
–Recycle capital: Pastoral and Mayfair House
sales programme commenced
–Refinance November 2020 bank facility
Key metricsDec 2018June 2018
Debt drawn ($m)710.4751.4
Gearing -Banking Covenant
24.3%25.0%
Weighted facility expiry (years)
3.63.3
Weighted average debt cost (incl fees)
5.4%5.3%
Hedged
82%85%
ICR (previous 12 months)
2.1 times2.4 times
Total debt facilities ($m)
1,1831,183
Debt maturity profileHedging profile
0.0%
50.0%
100.0%
FY 19FY 20FY 21FY 22FY 23
Average hedging
Policy RangeAverage Hedging
$100 m
$200 m
$300 m
$400 m
Jun 19Jun 20Jun 21Jun 22Jun 23Jun 24Jun 25Jun 26Jun 27>Jun 28
Debt Facility Expiry Profile
Year ending
Bank debtUSPPNZ BondsConvertible Note

Section 4
Development
Summary

FY19 INTERIM RESULTS
Page 28
Key Development Metrics (committed)
Total Development NLA114,626 sqm
Total Office NLA93,393 sqm
Office NLA leased to date76,944 sqm
% of office NLA leased83%
WALT committed to date13.0 years
Value on completion$1,693 m
Weighting to Auckland85%
Development summary
Current (includes One Queen Street)
■Target metrics remain on track
–Blended ROC of 30%
–Blended YOC of 7.3%
■+93,400 sqmadditional office NLA
–Currently 83%committed
■85% weighting to Auckland
Pipeline
■Bowen Campus Stage Two
■Wynyard Quarter Stages Three & Four
■+42,000 sqm total additional office NLA
Targeted Future Pipeline Returns
15.0%
Targeted return on cost
7.0%
Targeted yield on cost

FY19 INTERIM RESULTS
Page 29
Development commitment
Since June2018:
■Committed to developments:
–WynyardStage Two (8,290 sqm)
–OneQueen Street (22,225 sqm including
hotel)
■Leased around 29,900 sqm
–Including terms agreed for 1 The Terrace
■As at December 2018 –16,700 sqm
uncommitted space
5,000 m²
10,000 m²
15,000 m²
20,000 m²
2019202020212022
Uncommitted Development post June 2019
Commercial Bay TowerWynyard Stage 21 Queen Street

FY19 INTERIM RESULTS
Page 30
Commercial Bay leasing
Retail Leasing
■Building 6 (H&M) complete and operational
■84%of NLA committed
–F&B leasing largely complete
–Queen Street retail frontage leased
–Fashion retail advancing
Office Leasing
■Commitment at 80%
–Commercial terms generally consistent with
feasibility
■Terms issued on all remaining floors
■After including small suites –occupancy
increases to 84% leaving just 5 floors
remaining
84%
Retail
committed to
date
80%
Office
committed to
date

FY19 INTERIM RESULTS
Page 31Page 31
Development update
Total project cost increased to $690 m
(from $685 m)
■Following some minor value accretive scope changes
Construction progress reviewed at 31
January 2019
Status indicates:
–Around 1 month slippage to construction programme
which may impact the previously disclosed completion
dates
–Productivity impacted by Christmas and New Year
holiday period
–Façade installation remains as the most critical success
factor
–Remain comfortable with the provisions of the
construction contract which protect Precinct from
delays caused by the Main Contractor

FY19 INTERIM RESULTS
Page 32
Bowen Campus Stage One
Charles Fergusson Building
■100% leased to MPI on a 15-year lease
■Completed 19 December 2018
■MPI now in occupation
Bowen State Building
■100% of office leased to NZDF on a 18-year
lease
■Occupation agreed and on target for
October 2019
■Rent to commence April 2019
■Retail tenancies currently being leased

FY19 INTERIM RESULTS
Page 33
Construction commenced
November 2018
■Expected completion at end of 2020
60% of office committed
■Media Design School to occupy 4,760 sqm on
a 15-year term
Advanced discussions for
1,295 sqm with a confidential
party
Wynyard Stage Two
60%
Office
committed to
date

FY19 INTERIM RESULTS
Page 34
Major leasing transaction
completed
■Bell Gully committing to c. 3,800 sqm (43%
of office NLA)
Overall commitment now
at 76%
■Including hotel (InterContinental
Auckland)
Programme remains on
track to commence
construction 1H2020
One Queen Street
76%
Committed to
date (including
hotel)

FY19 INTERIM RESULTS
Page 35
Future opportunities
Wynyard Quarter Stages Three and Four
■Final stages of Wynyard Quarter Innovation
Precinct
■Potential for up to 22,000 sqmof NLA across 3
separate or interconnected buildings
■Design options being advanced
■Early engagement underway with potential
occupiers
Bowen Campus Stage Two
■Design advanced for two separate buildings
totalling circa 20,000 sqmof NLA
■Resource consent obtained
■Early discussions underway with office
occupiers for around 12,000 sqm

Section 5
Proposed Equity
Raise

FY19 INTERIM RESULTS
Page 37
Equity raising overview
Purpose
■Capital management initiative to position the business to deliver on medium
term opportunities including Bowen Campus Stage Two and Wynyard Quarter
Stages Three and Four
■Proceeds will initially repay bank debt and reduces pro-forma gearing, as at 31
December 2018, to 18.5%
■Targeting $150 million of equity:
–$130 million underwritten placement
–$20 million underwritten retail offer (with ability to accept oversubscriptions of up to $10
million)
■New shares to be offered under the placement at a price to be determined via
a bookbuild process today (subject to an underwritten floor of $1.45)
■Retail offer will be at the placement clearing price
■Earnings guidance for FY19 unchanged at approximately 6.60 cps (pre-
performance fee)
■Dividend guidance maintained at 6.00 cps representing a YoY increase of 3.4%
■All shares issued under the Placement and Retail Offer will be eligible for the
second quarter dividend to be paid on 27 March 2019

FY19 INTERIM RESULTS
Page 38
Business transformation advancing
Precinct launched its 2020 vision to transform its portfolio by identifying 3
key development opportunities, commencing a sales programme for non-
core assets and matching this vision with a fully funded capital
management plan
2012Dec-18
Assetage21 years12 years
1
Weighting to Auckland50%80%
1
QualityA-gradePremium
WALT5.9 years8.5 years
Occupancy94%100%
Maint. CAPEX0.8%0.4%
1
This vision has
driven the following
outcomes ➔
Note 1: Includes completion of Commercial Bay
and Bowen Campus

FY19 INTERIM RESULTS
Page 39
Business transformation advancing
2020 vision has delivered significant
value to the Precinct business
■Growth in NTA driven directly from
development activity represents 16 cps
(recognised to date)
■EPS has grown at 3.5% CAGR since 2012
80%
85%
90%
95%
100%
3.00
5.00
7.00
9.00
11.00
12131415161718
Occupancy
WALT
Financial Year End
OccupancyWALT
PortfolioNTA growth
Weighted average portfolio age
Portfolio WALT and Occupancy
1
Note 1: 2018 is as 31 December 2018
-
0.025
0.050
0.075
0.100
0.125
0.150
0.175
0.200
FY12FY13FY14FY15FY16FY17FY18
0.60
0.80
1.00
1.20
1.40
1.60
NTA Accretion
Total NTA
Annual development NTA growth
Annual investment portfolio NTA growth
Total NTA (right hand side)
5 years
10 years
15 years
20 years
25 years
20122013201420152016201720182019

FY19 INTERIM RESULTS
Page 40
Transaction rationale
■Building on the success of Precincts 2020 vision to date, Precinct sees further
opportunity to progress its $300+ million internal development pipeline:
–Wynyard Quarter Stages Three & Four
–Bowen Campus Stage Two
■Consistent with previous guidance, project targets will include:
–Yield on cost of +7.0%
–Targeted profit of 15%
–Project commitment anticipated in 6 to 12 months’ time
–Risk mitigation through pre-committed leasing and prudent builder selection
■A $150 million equity issue will reduce committed gearing to 32% positioning the
business to fund these projects
■Precinct expects to meet the balance of its project funding requirements
through a combination of asset sales and utilisation of its significant debt
headroom post the equity raise

FY19 INTERIM RESULTS
Page 41Page 41
Earnings outlook
Previously announced FY19
guidance unchanged
■Net operating income after tax of 6.60 cps (pre-
performance fee)
■Dividend of 6.00 cps
Earnings growth achieved is
consistent with earnings pathway
provided in 2014 and 2016
6.00cents per share
FY19 dividend guidance
+3.4%
Forecast increase in FY19 dividend compared to FY18
6.60 cps
Forecast FY19 net
operating income
after tax

FY19 INTERIM RESULTS
Page 42
Equity Raising –Offer Summary
■Precinct is seeking to raise $150 million through a $130 million underwritten
Placement and a $20 million Retail Offer
■New shares to be offered under the placement at a price to be determined via a
bookbuild process today (subject to an underwritten floor of $1.45).
Offer components
▪Placement to eligibleinvestors
▪Retail Offer open to all shareholders with a registered address in New Zealand under which
each shareholder can apply for up to $50,000 of new shares
Gross proceeds
$150 million comprising:
▪$130 million Placement
▪$20 million Retail Offer (Precinct at its discretion may accept up to a further $10 million of
oversubscriptions under the Retail Offer)
Issue Price
▪New shares to be offered under the placement at a price to be determined via a bookbuild
process today (subject to an underwritten floor price of $1.45)
▪New shares from the retail offer will be issued at the placement clearing price
▪The underwritten floor price represents a discount of
▪5.5% to the last close ($1.535)
▪5.4% to the 5 day VWAP ($1.533)
Ranking
Equally with existing shares
The new shares will be able to participate in the 1.50 cents per share (plus imputation credits)
dividend payable on 27 March 2019
Underwriters
Placement and Retail Offer (excluding oversubscriptions) are fully underwritten by First NZ
Capital Group Limited and Credit Suisse (Australia) Limited

FY19 INTERIM RESULTS
Page 43
Offer Timetable
PlacementDate
Trading halt commences and Placement bookbuild opens19 February 2019
Trading halt lifted20 February 2019
Placement settlement and allotment of Placement new shares
Commencement of trading of allotted New Shares on NZX
22 February 2019
Retail Offer
Record date (5.00pm NZ time)18 February 2019
Expected dispatch of the Offer Document and Entitlement and Acceptance Form22 February 2019
Retail Offer opens22 February 2019
Retail Offer closes5 March 2019
Settlement and allotment of Retail Offer 11 March 2019
Dividend dates
Q2 dividend record date13 March 2019
Payment date for next dividend following Retail Offer27 March 2019
Further details regarding the Retail Offer can be found at www.shareoffer.co.nz/precinct

FY19 INTERIM RESULTS
Page 44
Equity Raising Structure
■Structured to be fair for all of our existing shareholders. All shareholders (unless
restricted due to legal constraints) will be able to participate fairly (through either
the Placement or Retail Share Offer) and should scaling be required, it will be
done in reference to existing shareholder holdings
■This structure of offer provides Precinct greater execution certainty and reduced
transaction costs vs a rights offer
■Haumi, our largest shareholder (~18.8%) will not be participating. Following the
$150 million offer, Haumi’s holding would reduce to around 17.3%.
–Haumi remains very supportive of Precinct, the growth story and this equity
raising and has no intentions to either sell down or divest the management
contract

Section 6
Conclusion and
Outlook

FY19 INTERIM RESULTS
Page 46
Conclusion and outlook
Global markets remain volatile
■Global economic growth expected to decline
■New Zealand remains well placed for growth, albeit moderated
Continued strength in occupier and investment markets
■Significant rental growth in Wellington with occupier demand well in excess of
stock availability
■New Zealand attracting significant interest from global investors
Positioned for future opportunities
■Strong balance sheet
■Well performing investment portfolio
■100% interest in Generator now secured
Continued growth in 2019
■Long term strategy to transform city centres
■Active development pipeline
■Further opportunities to increase shareholder value

Thank you

FY19 INTERIM RESULTS
Page 48
Key Financial Information
Key Financial Information
($ millions unless otherwise stated)31 December 201831 December 2017
Change
Gross rental income64.665.7(1.7%)
Operating income before indirect expenses47.347.6(0.6%)
Operating income before income tax38.140.9(6.8%)
Net operating income37.738.2(1.3%)
Total comprehensive income after tax25.517.744.1%
Earnings per share based on operating income before tax (cents)3.153.38(6.8%)
Earnings per share based on operating income after tax (cents)3.113.15(1.3%)
Net distribution (cents per share)3.002.903.4%
Payout Ratio (%)93894.5%
($ millions unless otherwise stated)31 December 201830 June 2018
Change
Total assets2,524.92,561.7(1.4%)
Total liabilities844.4871.0(3.1%)
Total equity1,680.51,690.7(0.6%)
Shares on issue (million shares)1,211.11,211.1
NTA per share (cents)139140(0.7%)
Gearing ratio at balance date (%)24.325.0(2.8%)

FY19 INTERIM RESULTS
Page 49
Profit & Loss
six months ended31 December 201831 December 2017
amounts in $ millions unless otherwise stated UnauditedUnaudited
Net property income $47.3 m $47.6 m
Indirect expenses ($1.5 m)($1.1 m)
Performance fee ($2.1 m)
Base fees ($4.1 m)($4.0 m)
EBIT $39.6 m $42.5 m
Net interest expense ($1.5 m)($1.6 m)
Operating profit before tax $38.1 m $40.9 m
Current tax expense ($0.4 m)($2.7 m)
Operating profit after tax $37.7 m $38.2 m
Unrealised net gain / (loss) in value of investment and development
properties
($14.7 m)
Net realised gain / (loss) on sale of investment properties($1.9 m)
Unrealised net gain / (loss) on financial instruments($11.4 m)($6.9 m)
Depreciation recovered on sale($10.7 m)
Deferred tax (expense) / benefit $12.6 m $1.6 m
Share of profit or (loss) of joint venture($0.8 m)($0.5 m)
Total comprehensive income after tax$25.5 m $17.7 m
Weighted Number of Shares on Issue1,211.1 m 1,211.1 m
Net operating income before tax -gross (cps)3.15 cps3.38 cps
Net operating income after tax -(cps)3.11 cps3.15 cps
Net operating income after tax -pre performance fees3.24 cps3.15 cps
Payout ratio93%89%

FY19 INTERIM RESULTS
Page 50
Net property income
For the 6 months ended
$m
Unaudited six
months ended 31
December 2018
Unaudited six
months ended 31
December 2017
D
AMP Centre$4.7 $4.8 ($0.2)
PwC Tower$8.9 $8.7 + $0.2
Zurich House$2.7 $2.4 + $0.3
Mason Brothers$1.2 $1.2 + $0.0
12 Madden Street$2.2 $2.2 + $0.0
Auckland total$19.7 $19.3 + $0.3
Pastoral House$2.2 $2.2 ($0.0)
157 Lambton Quay$3.9 $3.7 + $0.2
AON Centre$4.4 $4.5 ($0.1)
Mayfair House$1.6 $1.7 ($0.0)
Wellington total$12.1 $12.1 ($0.0)
Investment portfolio$31.8 $31.5 + $0.3
Transactions and Developments
HSBC House$3.1 $3.3 ($0.1)
Commercial Bay$1.1 $0.0 + $1.1
Bowen Campus$1.6 $0.0 + $1.6
10 Brandon Street$0.2 $0.9 ($0.7)
No 1 The Terrace$2.0 $2.9 ($0.9)
10 Madden Street
ANZ Centre$7.5 $9.1 ($1.6)
Total$47.3 $47.6 ($0.3)

FY19 INTERIM RESULTS
Page 51
Balance sheet
Financial Position as at 31 December 201830 June 2018
amounts in $ millions unless otherwise stated
UnauditedAuditedMovement
Assets
Property Assets$2,478.7 m $2,325.7 m $153.0 m
Fair value of swaps$20.7 m $18.2 m $2.5 m
Assets held for sale$191.2 m ($191.2 m)
Other$25.5 m $26.6 m ($1.1 m)
Total Assets$2,524.9 m $2,561.7 m ($36.8 m)
Liabilities
Total Borrowings$725.8 m $761.7 m ($35.9 m)
Deferred Tax Liability$27.7 m $40.3 m ($12.6 m)
Fair value of swaps$42.7 m $33.8 m $8.9 m
Other$48.2 m $35.2 m $13.0 m
Total Liabilities$844.4 m $871.0 m ($27.0 m)
Equity$1,680.5 m $1,690.7 m ($10.0 m)
Liabilities to Total Assets24.3%25.0%(0.7%)
Shares on Issue (m)1,211.1 m 1,211.1 m -
Net Tangible Asset per security ($)1.391.40(0.01)

FY19 INTERIM RESULTS
Page 52
Portfolio metrics
8.5 years
Weighted average lease term
(including development pre-leasing)
100%
Occupancy
17,900 sqm
of NLA added to the investment
portfolio through developments
68%
weighting to Auckland
Occupancy
Lease expiry profile by area (including pre-commit)
*Excludes Commercial Bay Retail
0.0%
1.8%
5.0%
9.6%
7.5%
6.8%
4.1%
2.6%
3.5%
2.4%
56.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Wellington Current Lease ExpiryAuckland Current Lease Expiry

---

01
PRECINCT PROPERTIES NEW ZEALAND LIMITED
The numbers
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

02
Consolidated statement of comprehensive income
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise stated
Notes
Unaudited six
months
ended
31 December
2018
Unaudited six
months
ended
31 December
2017
Audited year
ended
30 June 2018
Revenue
Gross property income from rentals
50.8
51.7
103.2
Gross property income from expense recoveries
13.8
14.0
27.5
Less direct operating expenses
(17.3)
(18.1)
(35.4)
Operating income before indirect expenses47.3
47.6
95.3
Indirect expenses / (revenue)
Interest expense
1.8
1.8
2.5
Interest income
(0.3)
(0.2)
(0.3)
Other expenses
7
7.7
5.1
10.2
Total indirect expenses / (revenue)9.2
6.7
12.4
Operating income before income tax38.1
40.9
82.9
Non operating income / (expenses)
Unrealised net gain / (loss) in value of
investment and development properties
6
-
(14.7)
208.7
Unrealised net gain / (loss) on financial
instruments
(12.6)
(6.9)
(11.1)
Net realised gain / (loss) on sale of investment
properties
6
(1.9)
-
-
Total non operating income / (expenses)(14.5)
(21.6)
197.6
Net profit before taxation23.6
19.3
280.5
Income tax expense / (benefit)
Current tax expense
0.4
2.7
6.3
Depreciation recovered on sale
10.7
-
-
Deferred tax expense / (benefit) - financial
instruments
(2.5)
(1.6)
(3.0)
Deferred tax expense / (benefit) - depreciation
(10.4)
0.0
20.0
Total taxation expense / (benefit)(1.8)
1.1
23.3
Share of profit or (loss) of joint ventures(0.8)
(0.5)
(2.3)
Net profit after income tax attributable to equity
holders
24.6
17.7
254.9

03
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise stated
Notes
Unaudited six
months
ended
31 December
2018
Unaudited six
months
ended
31 December
2017
Audited year
ended
30 June 2018
Other comprehensive income / (expense)
Items that will not be reclassified to profit or loss
Credit risk adjustments on financial liabilities
designated at fair value through profit or loss
1.2
-
-
Tax on items transferred directly to/(from) equity
(0.3)
-
-
Total other comprehensive income / (expense)0.9
-
-
Total comprehensive income after tax
attributable to equity holders
25.5
17.7
254.9
Earnings per share (cents per share)
Basic and diluted earnings per share
8
2.03
1.46
21.05
Other amounts (cents per share)
Operating income before income tax per share
3.15
3.38
6.85
Net operating income per share
12
3.11
3.15
6.32
The accompanying notes on pages 07 to 17 form part of these Financial Statements

04
Consolidated statement of changes in equity
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise statedCents per
share
Shares (m)Ordinary
shares
Retained
earnings
Total equity
At 1 July 2017
1,211.11,046.7458.91,505.6
Profit after income tax for the period17.717.7
Other comprehensive income for the
period
--
Distributions
FY17 Q4 final (paid 28 Sep 2017)1.40(17.0)(17.0)
FY18 Q1 interim (paid 1 Dec 2017)1.45(17.6)(17.6)
At 31 December 2017
1,211.11,046.7442.01,488.7
Profit after income tax for the period237.2237.2
Other comprehensive income for the
period
--
Distributions
FY18 Q2 interim (paid 23 Mar 2018)1.45(17.6)(17.6)
FY18 Q3 interim (paid 8 Jun 2018)1.45(17.6)(17.6)
At 30 June 2018
1,211.11,046.7644.01,690.7
Profit after income tax for the period
24.624.6
Other comprehensive income for the
period
0.90.9
Distributions
FY18 Q4 final (paid 28 Sep 2018)
1.45(17.6)(17.6)
FY19 Q1 interim (paid 3 Dec 2018)
1.50(18.1)(18.1)
At 31 December 20181,211.11,046.7633.81,680.5
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 07 to 17 form part of these Financial Statements

05
Consolidated statement of financial position
As at 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millionsNotesUnaudited six
months
ended
31 December
2018
Audited year
ended
30 June 2018
Current assets
Cash
5.4
2.9
Debtors and other current assets
8.5
7.4
Total current assets13.9
10.3
Investment properties held for sale
6
-
191.2
Non current assets
Fair value of derivative financial instruments
11
20.7
18.2
Other assets
0.7
5.1
Investment in joint ventures
10.9
11.2
Development properties
6
874.3
838.1
Investment properties
6
1,604.4
1,487.6
Total non current assets2,511.0
2,360.2
Total assets2,524.9
2,561.7
Current liabilities
Fair value of derivative financial instruments
11
0.9
0.9
Provision for tax
8.1
1.1
Accrued development capital expenditure
16.8
20.7
Other current liabilities
9
23.3
13.4
Total current liabilities49.1
36.1
Non current liabilities
Interest bearing liabilities
10
725.8
761.7
Fair value of derivative financial instruments
11
41.8
32.9
Deferred tax liability
27.7
40.3
Total non current liabilities795.3
834.9
Total liabilities844.4
871.0
Total equity1,680.5
1,690.7
Total liabilities and equity2,524.9
2,561.7
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue
of these financial statements on 18 February 2019.
CRAIG STOBO
CHAIRMAN
DON HUSE
CHAIRMAN AUDIT & RISK COMMITTEE
The accompanying notes on pages 07 to 17 form part of these Financial Statements

06
Consolidated statement of cash flows
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millionsUnaudited six
months
ended
31 December
2018
Unaudited six
months
ended
31 December
2017
Audited year
ended
30 June 2018
Cash flows from operating activities
Gross rental income per statement of comprehensive
income
64.6
65.7
130.7
Less: Current year incentives
(1.2)
(3.6)
(3.8)
Add: Amortised incentives
2.0
2.2
4.3
Add: Working capital movements
(2.5)
(0.3)
(1.2)
Cash flow from gross rental income62.9
64.0
130.0
Interest income
0.3
0.2
0.3
Property expenses
(17.9)
(19.8)
(37.4)
Other expenses
(7.8)
(4.9)
(10.1)
Interest expense
(1.8)
(4.5)
(4.4)
Income tax
(4.2)
(1.5)
(3.5)
Net cash inflow / (outflow) from operating activities31.5
33.5
74.9
Cash flows from investing activities
Capital expenditure on investment properties
(36.0)
(7.9)
(17.5)
Capital expenditure on development properties
(84.4)
(123.7)
(245.7)
Capital expenditure on other assets
(0.1)
(0.7)
(3.0)
Investment in and advances to joint ventures
(0.5)
(2.5)
(8.5)
Disposal of investment properties
188.1
-
-
Capitalised interest on investment properties
(0.7)
-
-
Capitalised interest on development properties
(18.7)
(14.2)
(31.2)
Net cash inflow / (outflow) from investing activities47.7
(149.0)
(305.9)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
120.4
132.3
266.2
Other loan facility drawings / (repayments)
1
(161.4)
(134.0)
(117.0)
Loan facility cancellations
-
(100.0)
(100.0)
Issue of convertible notes
-
150.0
150.0
Issue of senior secured bonds
-
100.0
100.0
Distributions paid to share holders
(35.7)
(34.5)
(69.6)
Net cash inflow / (outflow) from financing activities(76.7)
113.8
229.6
Net increase / (decrease) in cash held2.5
(1.7)
(1.4)
Cash at the beginning of the period
2.9
4.3
4.3
Cash at the end of the period5.4
2.6
2.9
1Loan facility drawings are net of repayments made throughout the period.
The accompanying notes on pages 07 to 17 form part of these Financial Statements

07
Notes to the financial statements
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
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, its three 100% owned subsidiaries and its joint
venture (the Group). Precinct's investment in the joint venture, Generator New Zealand Limited, is
accounted for using the equity method.
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.
Precinct has elected to include additional comparative periods to assist users of the financial
statements.
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 2018.
From 1 July 2018 Precinct has adopted NZ IFRS 9 - Financial Instruments and NZ IFRS 15 - Revenue from
Contracts with Customers which are effective for annual reporting periods beginning on or after
1 January 2018.
NZ IFRS 9 requires Precinct to present in other comprehensive income the fair value gains and losses
attributable to changes in Precinct's own credit risk for financial liabilities designated and measured
at fair value through profit or loss. Comparatives have not been restated in accordance with the
transition requirements. The credit risk adjustment presented in other comprehensive income for the
period ended 31 December 2018 was $0.9 million (after tax).
NZ IFRS 9 requires the use of a forward-looking expected credit loss model to determine impairment
provisioning on trade receivables. Precinct has concluded that the impact of the expected credit
loss model is not material for the interim financial statements.
NZ IFRS 15 is based on the principal that revenue is recognised when control of a good or service
transfers to a customer. This standard is not applicable to rental income which makes up the majority
of Precinct's revenue, however it does apply to operating expense recovery income. Precinct has
separately identified the significant performance obligations and revenue streams within gross
property income from rentals and gross property income from expense recoveries. Precinct has
determined that the impact of this standard is not material, hence, no cumulative opening balance
adjustment is required for the interim financial statements.

08
Notes to the financial statements (continued)
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct has chosen not to early adopt the following standards that have been issued but are not yet
effective:
NZ IFRS 16 - Leases (effective for annual periods beginning on or after 1 January 2019).
Lessor reporting
Precinct has assesed the impact of this standard on the group and no significant changes for
reporting as a lessor (i.e. the owner of buildings) compared with existing accounting policies will
occur.
Lessee reporting
Whilst the majority of Precinct's buildings are freehold, Precinct is a lessee under an occupational
ground lease in relation to the basement walkway at AON Centre. NZ IFRS 16 requires lessee's to
recognise a 'right-of-use' asset representing the fair value of the occupational ground lease and a
lease liability reflecting the present value of future lease payments for the occupational ground lease.
Precinct has assessed the financial impact of this change and it is not expected to be material. There
will be no change to the cash flows recognised as a result of the adoption of the new standard.
Precinct has elected to apply a modified retrospective method in adopting NZ IFRS 16.
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).
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.

09
PRECINCT PROPERTIES NEW ZEALAND LIMITED
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. Sale of 10 Brandon Street, Wellington
On 20 August 2018 10 Brandon Street, Wellington was sold for $10.2 million resulting in a loss on sale of
$0.4 million.
ii. Sale of 50% interest in ANZ Centre, Auckland
On 31 October 2018 a 50% interest in the ANZ Centre, Auckland was sold for $181.0 million resulting in
a loss on sale of $1.5 million.

10
Notes to the financial statements (continued)
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
6. Investment and development properties
Market value (fair value) - amounts
in $millions
Valuer
1
Valuation
30 June
2018
Capitalised
incentives
Additions /
disposals
2
Revaluation
gain / (loss)
Book value
31 December
2018
Investment properties
3
Auckland
AMP CentreCBRE
179.0
0.31.8-
181.1
ANZ Centre (50%)JLL
181.0
(0.4)0.7-
181.3
HSBC HouseJLL
91.0
(0.2)9.5-
100.3
PwC TowerCBRE
376.0
(0.8)0.4-
375.6
Zurich HouseJLL
106.0
(0.3)0.3-
106.0
Mason Bros.
4
Colliers
42.1
(0.1)--
42.0
12 Madden Street
4
Colliers
76.7
0.00.2-
76.9
Wellington
Dimension Data HouseColliers
118.3
0.10.8-
119.2
Mayfair HouseColliers
44.4
(0.1)(0.1)-
44.2
No.1 and 3 The TerraceBayleys
67.0
(0.1)8.2-
75.1
No. 3 The Terrace
5
CBRE
11.6
---
11.6
Pastoral HouseColliers
45.0
0.01.3-
46.3
AON CentreBayleys
149.5
0.86.2-
156.5
Charles Fergusson Building
6
Colliers
-
-88.3-
88.3
Investment properties1,487.6
(0.8)117.4-
1,604.4
Properties held for sale
3
ANZ Centre (50%)
7
JLL
181.0
-(181.0)-
-
10 Brandon Street
8
N/A
10.2
-(10.2)-
-
Properties held for sale191.2
-(191.2)-
-
Development properties
3
Commercial BayJLL
648.0
0.392.1-
740.4
Bowen Campus Stage One
6
Colliers
178.6
-(65.3)-
113.3
Bowen Campus Stage TwoColliers
11.5
-2.0-
13.5
10 Madden StreetN/A
-
-7.1-
7.1
Development properties838.1
0.336.0-
874.3
130 June 2018 valuer.
2Additions 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.
3All properties are categorised as level 3 in the fair value hierarchy. All properties are CBD office properties with the exception
of Commercial Bay, Bowen Campus (Bowen State Building and Stage Two) and 10 Madden Street which are under
development.
4Mason Bros. and 12 Madden Street are both subject to a pre-paid ground lease for 125 years.
5No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
6Subsequent to practical completion of the Charles Fergusson Building on 19 December 2018 the value was transferred from
development properties to investment properties.
7On 31 October 2018 a 50% interest in the ANZ Centre was sold for $181.0 million resulting in a loss on sale of $1.5 million.
8On 20 August 2018 10 Brandon Street was sold for $10.2 million resulting in a loss on sale of $0.4 million.

11
PRECINCT PROPERTIES NEW ZEALAND LIMITED
7. Other expenses
Amounts in $millionsUnaudited six
months
ended
31 December
2018
Unaudited six
months
ended
31 December
2017
Audited year
ended
30 June 2018
Other expenses
Audit fees
0.1
0.1
0.2
Directors' fees and expenses
0.4
0.3
0.5
Manager's base fees
4.1
4.0
8.0
Manager's performance fees
2.1
-
-
Other
1
1.0
0.7
1.5
Total other expenses7.7
5.1
10.2
1Other expenses includes valuation fees, share registry costs and annual report design and publication.
8. Earnings per share
Amounts in $millions
Unaudited six
months
ended
31 December
2018
Unaudited six
months
ended
31 December
2017
Audited year
ended
30 June 2018
Net profit after tax for basic and diluted earnings per share
($millions)
24.6
17.7
254.9
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.
9. Other current liabilities
Amounts in $millions
Notes
Unaudited six
months
ended
31 December
2018
Audited year
ended
30 June 2018
Other current liabilities
Trade creditors
3.2
3.7
Liquidated damages
14
15.4
-
Accrued expenses
4.7
9.7
Total other current liabilities23.3
13.4

12
Notes to the financial statements (continued)
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
10. Interest bearing liabilities
Amounts in $millions31 December
2018
30 June 2018
Interest bearing liabilities
Bank loans
287.5
328.5
US private placement
97.9
97.9
NZ senior secured bond
175.0
175.0
Convertible note
150.0
150.0
Total drawn debt710.4
751.4
US private placement - fair value adjustments
16.6
15.0
Convertible note - embedded financial derivative adjustment
5.7
1.6
Capitalised borrowing costs
(6.8)
(6.3)
Net interest bearing liabilities725.8
761.7
Breakdown of borrowings:
Amounts in $ millions
Held atMaturity
1
Coupon
1
31 December
2018
30 June 2018
Bank loansAmortised costNov-20Floating
2
287.5
328.5
Bank loansAmortised costJul-22Floating
2
-
-
Bank loansAmortised costJul-23Floating
2
-
-
NZ senior secured bond (PCT010)Amortised costDec-215.54%
75.0
75.0
NZ senior secured bond (PCT020)Amortised costNov-244.42%
100.0
100.0
Convertible note (PCTHA)Amortised costSep-214.80%
150.0
150.0
US private placementFair valueJan-254.13%
76.4
75.5
US private placementFair valueJan-274.23%
38.0
37.4
Total726.9
766.4
Weighted average term to maturity
3.6 years
3.3 years
Weighted average interest rate before swaps (including funding costs)
4.08%
4.04%
1As at 31 December 2018
2Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility
fees.
Precinct has committed funding of $1,182.9 million (June 2018: $1,182.9 million) including the NZ senior
secured bonds, convertible note and US private placement.
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.
To substantially remove currency risk, US private placement future cash flows have been fully
swapped back to New Zealand dollars.

13
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Accounting policy - interest bearing liabilities
Bank loans and the NZ senior secured bonds are recognised initially at fair value less any
attributable transaction costs. Subsequent to initial recognition, these liabilities are stated at
amortised cost using the effective interest method. The US private placement is recognised at fair
value including translation to NZD with any gains or losses recognised in the profit or loss as they
arise. This fair value is determined using swap models and present value techniques with
observable inputs such as interest rate and cross-currency curves. This measurement falls into level
2 of the fair value hierarchy.
The convertible note embedded financial derivative is recognised at fair value with any gains or
losses recognised in the profit or loss as they arise. This fair value is determined using the black-
scholes model with observable inputs such as Precinct's share price and it's historic standard
deviation, the convertible note strike price and the risk free rate. The movement in fair value
attributable to changes in Precinct's own credit risk is calculated by determining the changes in
credit spreads above observable market interest rates and is recognised in other comprehensive
income. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised as part of the cost of that asset.
11. Derivative financial instruments
Amounts in $millions
31 December
2018
30 June 2018
Fair value of derivative financial instruments
Current assets
-
-
Non-current assets
1
20.7
18.2
Current liabilities
(0.9)
(0.9)
Non-current liabilities
(41.8)
(32.9)
Total(22.0)
(15.6)
Notional contract cover (fixed payer)
945.0
1,085.0
Notional contract cover (fixed receiver)
325.0
325.0
Notional contract cover (cross currency swaps - fixed receiver)
97.9
97.9
Percentage of net drawn borrowings fixed
81.6%
84.5%
Weighted average term to maturity (fixed payer)
3.99 years
3.77 years
Weighted average interest rate after swaps (including funding costs)
5.41%
5.27%
1This includes the cross currency interest rate swap valuation of $14.6 million (June 2018: $11.8 million) and a net credit value
adjustment of $0.7 million (June 2018: $0.6 million).

14
Notes to the financial statements (continued)
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
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.
12. 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, deferred tax and share of profit or loss of joint
ventures.
Amounts in $millions unless otherwise stated
Unaudited six
months
ended
31 December
2018
Unaudited six
months
ended
31 December
2017
Audited year
ended
30 June 2018
Net profit after taxation
24.6
17.7
254.9
Unrealised net (gain) / loss in value of investment and
development properties
-
14.7
(208.7)
Unrealised net (gain) / loss on financial instruments
12.6
6.9
11.1
Net realised (gain) / loss on sale of investment properties
1.9
-
-
Depreciation recovered on sale
10.7
-
-
Deferred tax (benefit) / expense
(12.9)
(1.6)
17.0
Share of (profit) / loss of joint ventures
0.8
0.5
2.3
Net operating income37.7
38.2
76.6
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)3.11
3.15
6.32
This additional performance measure is provided to assist shareholders in assessing their returns for the
period.
Dividend policy
Precinct's dividend policy is to pay out approximately 90% of net operating income after tax as
dividends, with the retained earnings being used to fund the capital expenditure required to
maintain the quality of Precinct's property portfolio.The payment of dividends is not guaranteed
by Precinct and Precinct's dividend policy may change from time to time.

15
PRECINCT PROPERTIES NEW ZEALAND LIMITED
13. Capital commitments
Precinct has $361.4 million of capital commitments as at 31 December 2018 (June 2018: $233.6 million;
December 2017: $303.8 million) relating to construction contracts.
14. Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2018 (June 2018: $nil; December 2017: $nil).
b) Contingent assets
Included within the Fletcher Construction Company Limited (FCC) construction contract for
Commercial Bay is the right to liquidated damages if certain milestones are not met. To date Precinct
has withheld $15.4 million from payments to FCC for liquidated damages. The amounts withheld have
been recognised as part of current liabilities (refer note 9) as ultimate recovery is not able to be
considered virtually certain due to the fact that Precinct's right to retain these liquidated damages
could be disputed by FCC.
Additional future costs expected to be incurred by Precinct due to delays in Commercial Bay are
expected to be covered by liquidated damages.
There are no other significant contingencies as at 31 December 2018 (June 2018: $nil; December
2017: $nil).
15. Related party transactions
Fees charged by and owing to the manager:
Amounts in $ millions
31 December 201831 December 201730 June 2018
Fees
charged
Owing at
31 December
Fees
charged
Owing at
31 December
Fees
charged
Owing at
30 June
Base management
services fee
4.10.7
4.00.7
8.00.7
Performance fee
2.1-
--
--
Leasing fees
2.8-
1.61.2
2.60.9
Development
manager fees
3.4-
1.2-
3.40.9
Acquisition and
disposal fees
--
--
0.50.5
Property and facilities
management fee
1.9-
1.5-
3.0-
Total14.30.7
8.31.9
17.53.0
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.

16
Notes to the financial statements (continued)
For the six months ended 31 December 2018
PRECINCT PROPERTIES NEW ZEALAND LIMITED
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 2018 there is a notional performance fee deficit of $1,965,171 to be carried forward to
the calculation of performance fees in future quarters (June 2018: $918,083 deficit; December 2017:
$1,113,039 deficit).
These fees are expensed through indirect other expenses in the year in which they arise.
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

17
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Directors are considered to be the key management personnel and received Directors' fees for the
period ended 31 December 2018 of $232,048 (June 2018: $445,720; December 2017: $222,860).
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 2018 was $1,759,562 (June 2018: $3,388,399; December 2017 $1,342,995). As at
31 December 2018 an amount of $10,834 was owing from Precinct to these related parties (June
2018: $1,837; December 2017: $213 amounts owing to Precinct from these related parties).
h) Related party debts
No related party debts have been written off or forgiven during the period (June 2018: $nil;
December 2017: $nil).
16. Events after balance date
On 18 February 2019 the Board approved the financial statements for issue and approved the
payment of a dividend of $18,166,810 (1.50 cents per share) to be paid on 27 March 2019.
On 18 February 2019 the Board approved the intention to raise approximately $150.0 million through
an underwritten placement and underwritten retail offer. The offer will involve the issue of around
[104] million ordinary shares. Shares issued pursuant to the placement and retail offer will qualify for
the dividend to be paid on 27 March 2019.

18
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INDEPENDENT REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT PROPERTIES NEW
ZEALAND LIMITED
We have reviewed the interim financial statements of Precinct Properties New Zealand Limited ("the
company") and its subsidiaries (together "the group") on pages 02 to 17, which comprise the
statement of financial position of the group as at 31 December 2018, 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.

19
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Ernst & Young provides other assurance services to the group including the statutory audit of the
group's year-end financial statements and audit of individual property operating expense statements.
We provide an agreed upon procedures engagement recalculating the performance fee paid or
payable to the group's manager. We also provide reporting to the trustee of the group's secured
fixed rate bonds and convertible notes in relation to our audit. Other than the provision of those
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 of our firm may deal with the group on normal terms
within 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 02 to 17, do not present fairly, in all
material respects, the financial position of the group as at 31 December 2018 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 18 February 2019 and our findings are expressed as at that date.
Chartered Accountants
Auckland

---

Template
Corporate Action Notice
(for a Distribution)
Updated as at 28 January 2019
Page 1 of 2

NOTE: This form must be completed by an Issuer to notify the market of a distribution on Quoted Financial Products.
This form must be submitted to NZX for release through MAP at least 5 Business Days before the Record Date for
the distribution. This form must be attributed to an authorised representative of the Issuer. All cash amounts must be
expressed to 6 decimal places. Cash amounts should be expressed in one of the following currencies: NZD, AUD,
CAD, EUR, GBP or USD. Issuers may delete this instructional block when using this template to create their
announcements.

Section 1: issuer information
Name of issuer Precinct Properties New Zealand Limited
Financial product name/description Precinct Properties New Zealand Limited Shares
NZX ticker code PCT
ISIN (If unknown, check on NZX
website)
NZAPTE0001S3
Type of distribution
(Please mark with an X in the relevant
box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date Close of trading on: 13/03/2019
Ex-Date (one business day before the
Record Date)
12/03/2019
Payment date (and allotment date for
DRP)
27/03/2019
Total monies associated with the
distribution
$18,166,810 (pre-offer)
Source of distribution (for example,
retained earnings)
Retained earnings
Section 2: distribution amounts
Total amount
1
$21,454,837 (pre-offer)
Cash per financial product $0.015
Supplementary distribution $0.00123194 (pre-offer)
Section 3:
Is the distribution imputed Fully imputed
Partial imputation X
No imputation

Page 2 of 2

If fully or partially imputed, please state
imputation rate as % applied
46.5%
Imputation tax credits per financial
product
$0.00271486 (pre-offer)
Resident withhold tax amount per
financial product
2

N/A
Section 4: distribution re-investment plan (if applicable)
DRP % discount (if any) %
Start date and end date for determining
market price for DRP
Close of trading on:
[dd/mm/yyyy]
Close of trading on:
[dd/mm/yyyy]
Date strike price to be announced (if not
available at this time)
Close of trading on: [dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme (new
issue or to be bought on market)

DRP strike price per financial product $
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
[dd/mm/yyyy]
Section 5: authority for this announcement
Name of person authorised to make this
announcement
Richard Hilder

Contact phone number
+64 29 969 4770
Contact email address Richard.Hilder@precinct.co.nz
Date of release via MAP 19/02/2019

---

Corporate Action Notice
(Other than for a Distribution)
Updated as at 28 January 2019

Page 1 of 3
NOTE: This form must be used by an Issuer to notify the market of a corporate action other than a distribution (for
example: a Rights issue, bonus issue, or a Share Purchase Plan). This form must be submitted to NZX for release
through MAP:
• in compliance with Rule 4.17.6 or 4.17.7, at least five business days prior to the ex date for a rights issue; or
• in compliance with Rule 4.17.8 for a share purchase plan;
• in compliance with Rule 3.14.1, at least five business days before the record date for another type of
corporate action.

Sections 1 and 7 of this form must be completed along with one of sections 2 to 6 that is relevant to the proposed
corporate action. This form must be attributed to an authorised representative of the issuer. All cash amounts must
be expressed to 6 decimal places. Cash amounts should be expressed in one of the following currencies: NZD,
AUD, CAD, EUR, GBP or USD. Issuers may delete this instructional block when using this template to create their
announcements.
Section 1: issuer information
Name of issuer Precinct Properties New Zealand Limited
Class of Financial Product Ordinary shares
NZX ticker code PCT
ISIN (If unknown, check on NZX
website)
NZAPTE0001S3
Name of Registry Computershare
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share purchase
plan
X Renounceable
Rights issue

Capital
reconstruction
Non
Renounceable
Rights issue

Call Bonus issue
Record date Close of trading on: 18 February 2019
Ex-Date (one business day before the
Record Date)
Not applicable
Section 2: Rights issue
Number of Rights to be issued N/A
Number of Financial Products to be
issued under the Rights issue
Up to NZ$50,000 per shareholder / beneficial
owner (comprising a share purchase plan
component of NZ$15,000 with provision to apply
for up to a further NZ$35,000) with an address in
New Zealand, for an aggregate offer size of $20m
with provision for Precinct at its discretion to
accept a further $10m in oversubscriptions.
Any scaling will be applied by reference to
holdings of existing shares at the closing date.
ISIN of Rights Security (if applicable) N/A
Minimum entitlement N/A

2 of 3
Entitlement ratio (for example 1 for 2) New N/A Existing N/A
Treatment of fractions N/A
Subscription price Same as price in Placement being conducted on
19 February 2019
Letters of entitlement mailed 22 February 2019
Offer close 5 March 2019
Quotation Date (if applicable) Market open on: N/A
Allotment Date Market open on: 11 March 2019
NOTE: For a Rights issue (whether or not Renounceable), this form should be released through
MAP with the relevant QFP Notice (unless the QFP Notice has already been released through
MAP)
Section 3: Bonus issue
Number of Financial Products to be
issued

ISIN of security to be issued (if different
from Ordinary Shares)

Minimum entitlement
Entitlement ratio (for example 1 for 2) New Existing
Treatment of fractions
Subscription price $
Allotment Date Market open on:
[dd/mm/yyyy]
Section 4: Call
Total number of Financial Products
being called

Total call amount payable in respect of
all Financial Products
$
Amount payable per Financial Product $
Call notices mailed [dd/mm/yyyy]
Section 5: Capital reconstruction
Nature of capital reconstruction
(Please mark with an X in applicable
box)
Financial
Product Split
Financial
Product
Consolidation

Other Amalgamation
Ratio (for example 1 for 2) New Existing
Treatment of fractions
Number of Financial Products to be
issued/ redeemed

Per Financial Product amount (if cash
reconstruction)
$

3 of 3
Payment date (if cash reconstruction) [dd/mm/yyyy]
Allotment date [dd/mm/yyyy]
Section 6: authority for this announcement
Name of person authorised to make this
announcement
Richard Hilder
Contact phone number +64 29 969 4770
Contact email address Richard.Hilder@precinct.co.nz
Date of release through MAP 19 February 2019

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 28 January 2019

NOTE: This form is required by Rule 3.5.1 and paragraph 1 of Appendix 2 of the NZX Listing Rules dated 1 January
2019. It must be completed by an Issuer and released through MAP no later than 60 days after the end of each financial
year or half year.

• A Results Announcement for a full financial year may be made before or together with the release of an annual
report.
• If an Issuer is required to consolidate the financial results of another listed issuer, it may make its Results
Announcement up to 5 Business Days after the earlier of the release of the other Listed Issuer’s Results
Announcement and the timeframe above.

This form must be attributed to an authorised representative of the Issuer. All cash amounts must be expressed to 6
decimal places. Cash amounts should be expressed in one of the following currencies: NZD, AUD, CAD, EUR, GBP,
or USD. Issuers may delete this instructional block when using this template to create their announcements.

Results for announcement to the market
Name of issuer Precinct Properties New Zealand Limited
Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017
Amount (000s) Percentage change
Revenue from ordinary
activities
$64,600 -1.7%
Profit (loss) from ordinary
activities after tax attributable
to security holder
N/A N/A
Net profit (loss) attributable
to security holders
$25,500 44.1%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.015
Imputed amount per sec
Quoted Equity Security
$0.00271486 (pre-offer)
Record Date 13/03/2019
Dividend Payment Date 27/03/2019
31 December 2018 31 December 2017
Net tangible assets per
Quoted Equity Security
$1.39 $1.23
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Richard Hilder
Contact phone number
+64 29 969 4770

Contact email address
Richard.Hilder@precinct.co.nz
Date of release through MAP

19 February 2019

Unaudited financial statements accompany this announcement.

Adoption of revised NZX listing rules PCT – Trading Halt of Securities Lifted

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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