Strategic execution drives PCT annual results

Precinct Properties New Zealand Limited
Results for announcement to the market
Reporting Period12 months to June 2019
Previous Reporting Period12 months to June 2018
Amount (000s)Percentage change
Revenue from ordinary
activities
135,800 NZD+3.9%
Profit (loss) from ordinary
activities after tax attributable to
security holders
190,100 NZD-25.4%
Net profit (loss) attributable to
security holders
190,100 NZD-25.4%
Interim/Final DividendAmount per securityImputed amount per security
Final0.015 NZD0.00021737 NZD
Record date13 September 2019
Dividend payment date27 September 2019
30 Jun 201830 Jun 2019
Net tangible assets per security
1.400 NZD1.470 NZD
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1
Shaping cities
we invest in.
ANNUAL REPORT 2019

PRECINCT PROPERTIES NEW ZEALAND LIMITED
04
Shaping city
centres we invest
in.
06
Business
transformation.
08
2019 strategy
progress.
10
Generator.
12
2019 highlights.
14
Chairman's
report.
16
Management
report.
18
Our markets.
20
Results overview.
24
Development
portfolio.
28
Sustainability at
Precinct.
40
Board of
Directors.
42
Executive team.
44
5 year summary.
46
GRI index.
48
Corporate
governance.
61
Investor
information.
66
Remuneration
report.
73
The Numbers
103
Directory.
Cover page image: Artist's impression Wynyard Quarter Tiramarama Way, Auckland.
More information can be found at www.precinct.co.nz

Understanding and
working in partnership
with all our stakeholders
is central to Precinct’s
success.
We are committed to
delivering quality
space and service.

04
Shaping city centres we invest in.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Shaping city centres we invest in.
04
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct is a city centre specialist and long
term owner of real estate. Our business
owns high quality, strategically located city
centre buildings.
Through our property offering, we are able
to contribute to the life of a city. We are
creating spaces where people and
businesses can thrive.

05
Shaping city centres we invest in.
ANNUAL REPORT 2019
Shaping city centres we invest in.
05
ANNUAL REPORT 2019
Ranked in the NZX top 30, Precinct is the
largest owner and developer of premium
inner-city real estate in Auckland and
Wellington. Launched in 2014, Precinct’s
2020 vision set out to transform its portfolio
by identifying three key development
opportunities, commencing a sales
programme for non-core assets and
matching this vision with a fully funded
capital management plan.
With a number of initiatives now complete,
we are advancing our business
transformation and realising this vision.
$2.8
B
PORTFOLIO VALUE

06
Business transformation.
Business transformation.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Reviewed annually, Precinct's strategy focuses on three distinct
areas, our people and partners, operational excellence and
developing the future. The primary objective being to create
sustainable value from city centre real estate.
Our ambition is to control or own strategic city centre precincts, enabling us to create vibrant environments which attract occupiers.
While predominantly invested in office buildings, Precinct may invest in other city centre real estate including land, retail, hotel and
value add properties where there is opportunity to create value. Precinct's development activities are enhancing our portfolio while
attracting and retaining high quality clients.
We have a well-defined strategy. It includes a prominent integration of sustainability across all areas of the business and a renewed
focus on Enviromental, Social and Governance (ESG). It provides clear direction for both the Precinct team and our investors. Having
targets across our business is helping us drive performance and achieve results.
Establishing our 2020 vision in 2014 has seen our business transform significantly. As we execute our long-term strategy, we are
continuing to drive meaningful growth in our operating income while also transforming the portfolio into a higher quality set of assets.
We recognise the importance of each of our stakeholders. Understanding their requirements, expectations and opinions is important to
us and to the overall success of our business. Precinct have an active management approach in everything we do.

07
Business transformation.
ANNUAL REPORT 2019
Strategic
execution
2017-2019
• Generator acquisition
• Launch of One Queen Street
• Bowen Campus Stage One completion
• Commitment to Wynyard Quarter Stage Two
• Wynyard Quarter Stage One completion
• Adopted current strategy - sustainable city centre real
estate owner
2014-2016
• Government Wellington Accomodation development
agreement
• Launch of Commercial Bay
• Sold 125 The Terrace, 171 Featherston Street, SAP
Tower and 80 The Terrace
• Wynyard Quarter Stage One commitment
• Established 2020 Vision
2011-2013
• Wynyard Quarter development agreement
• Bowen Campus, Downtown Shopping Centre and 1
Queen Street acquisitions
• Undertook strategic review - identifying opportunity to
acquire yielding development sites
Investment in flexible and
coworking space provides an
opportunity to support Precinct
in delivering sustainable
outperformance.
Through Precinct's investment in
Generator, we are able to
provide enhanced amenity
and service for Precinct clients
as well as extending our offer to
a broader range of occupiers.
The Generator business provides
a differentiating component to
our real estate offering.
The philosophies and strategies
for Generator are well aligned
with those of Precinct.

08
2019 strategy progress.
2019 strategy progress.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Operational
exellence
• 99% portfolio occupancy and WALT of 9.0 years
• $151.8 million raised through successful equity issue
• Asset recycling with $191 million of assets sold
• Strategic acquisition of the remaining 50% equity
interest in coworking space provider, Generator
• Long term funding secured via $162.8 million USPP
• Refinancing $460 million bank debt facility
• Global Real Estate Sustainability Benchmark (GRESB)
score of 69 achieved
Developing
the future
• Leasing progress at Commercial Bay:
– retail commitments of 95%
– office commitments of 82%
• Revised targeted opening dates at Commercial Bay:
– March 2020 for the retail centre
– April 2020 for the new PwC Tower
• One Queen Street redevelopment with leasing pre-
commitments at 78%
• Wynyard Quarter Stage Two construction
commenced, now 62% pre-committed
• Charles Fergusson Building completed and occupied
• Mason Bros. building awarded a 6 Star Green Star As-
Built rating

09
2019 strategy progress.
ANNUAL REPORT 2019
We recognise the importance
of each of our stakeholders.
Understanding their
requirements, expectations and
opinions is important to us and
to the overall success of
Precinct.
Our
people
and
partners
• Staff increase to nearly 100 following remaining 50%
acquisition of Generator
• Board succession process underway
• Focus on diversity and inclusion across the business
• Focus on providing excellent client service
• Focus on supporting our community and their well-
being
• 2019 intern program completed
• Client survey completed
• Investor perception study completed
• Staff survey completed

10
Generator.
Generator.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Generator’s mission is to
combine unique space and
high-quality service to create a
dynamic community that
enables people to connect in
order to achieve their goals.
Market overview
The trend towards increasing demand for flexible space is well
established both globally and locally.
Coworking has evolved and is growing at a rapid rate. The
global size of coworking space has increased by 4.3 times since
2002. The number of members has grown to around 2.3 million in
2018.
Within the Auckland city centre, there is currently around 20,000
sqm of flexible office space. Generator makes up around 66% of
this space.
Benefits of coworking
The economic benefits of coworking is evident. Small and
medium sized businesses are able to deliver meaningful
community experiences while also being able to benefit from
the larger shared facilities that they would not usually have
access to.
•
Increased flexibility: coworking commitment terms are
generally significantly lower than traditional office leases. As a
result they provide a much higher degree of flexibility. This
can benefit businesses going through an expansion or
contraction period.
•
Collaboration and networking: with various small businesses
working in close proximity to one another, there is an
increased ability to network. This adds value to the businesses
by increasing the number of connections they have to other
small businesses, be it through future growth opportunities, or
usage of services.
•
Improved wellness: with many people in a similar situation
working together creates a sense of community. This
increases members wellness and creates a working
community where members are able to help one another.
•
Talent attraction: many new start-ups look to use coworking
space to attract talent into their organisations.
•
Corporate appeal: corporates are finding coworking space
appealing when looking for a flexible occupancy option. It
can provide greater flexibility if corporates are looking to gain
space in a new city, or house new staff or project teams.
HOT-DESKING
Casual desks or hot-desking refers to a membership
style whereby desks are not specifically allocated.
Members have a set number of days or hours for
which they are permitted to use a selection of
spaces. It is the most flexible style of membership.
COWORKING
SPACE
Coworking forms one of two types of fixed-desk
flexible workspace. This space has set desks
allocated to the members. Usage of the desk is
exclusive, however is located amongst a collective
group of other co-workers. This option provides the
most social offering available.
PRIVATE OFFICES
Private offices are where a group of desks within a
contained space, usually between 2 to 20+ desks,
are sold to a single firm. This is the premium offering
that flexible workspace has to offer with a higher
degree of privacy than coworking. Although the
offices themselves are private, there is still a large
social aspect, as the common areas are shared
with all offering occupants.

11
Generator.
ANNUAL REPORT 2019
Precinct's investment in Generator
Since Precinct's initial 50% investment in Generator, there has
been significant growth in the business over the past two years.
Generator currently encompasses 13,200 sqm of space across
four locations in Auckland. Pleasingly, with over 1,400 members
average occupancy levels are now 88%.
We have increased our ownership of Generator to 100%. We are
now placed at the forefront of an evolving market segment
which has been particularly active. Generator provides Precinct
with a unique opportunity, broadening the market in which it
operates and enhancing both amenity and service levels that
Precinct can offer its clients. The philosophies and strategies for
Generator are well aligned with those of Precinct. With expected
growth in demand for flexible and coworking space, we believe
the Generator business places Precinct in a stronger market
position.
Our Auckland locations
Madden Street (GridAKL)
Stanbeth & Excelsior (Stan Ex)
Flexible space provides a
number of benefits to an
organisation, adding value to a
business. It is a tailored solution.
Generator provides a unique
offering which is expected to
continue to evolve.
Britomart Place
Mason Bros.

12
2019 highlights.
2019 highlights.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
$190.1M
Total comprehensive income after tax
For the 12 months ended 30 June 2019.
$161.7M
Revaluation gain
For the 12 months ended 30 June 2019.
$151.8
m
Equity raised
Through an underwritten
placement and
underwritten retail offer.
+3.4
%
Increase in dividend
Year on year to
shareholders.
100
%
Ownership of Generator
Strategic acquisition in
Febuary 2019.
69
/100
GRESB score
Global Real Estate
Sustainability Benchmark
result in 2018.
Over the last year, we have
continued to focus on delivery
of our major development
projects while ensuring our
business is in the best position to
take advantage of future
opportunities.
Precinct’s long-term objectives
and strategy remain consistent.
View from level 36 at Commercial Bay
Precinct development team in Auckland

13
2019 highlights.
ANNUAL REPORT 2019
6.30cps
FY20 dividend guidance

14
Chairman's report.
Chairman's report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Our business is in a fortunate position of being able to help shape
the cities that we are invested in. We are committed to the long
term prosperity of both Auckland and Wellington city centres.
Precinct's success is a direct result of the continual progress made
across all aspects of its operations. We are delivering a premium
offering.
Superior performance
Precinct’s strong performance in the 2019 financial year has been underpinned by another active period for our business. We have
advanced key initiatives while maintaining a strong balance sheet through our conservative approach to capital management.
A high quality investment and development portfolio has delivered a portfolio revaluation gain of $161.7 million or 6.1% for the period.
This has resulted in total comprehensive income after tax of $190.1 million. In line with guidance, net operating income increased to
$79.4 million or 6.37 cents per share (cps), up 3.7%. Full year dividend to shareholders is 6.00 cps, representing a 3.4% increase.
On behalf of the Board of Precinct, we are pleased to deliver another strong financial result this year and to once again present
Precinct’s Annual Report to our investors.
Craig Stobo, Chairman

15
Chairman's report.
ANNUAL REPORT 2019
Positioning for future opportunities
An integral part of Precinct’s capital management is ensuring
our business is in the best position to take advantage of future
opportunities. Raising $151.8 million through an underwritten
placement and underwritten retail offer during the period has
provided additional capacity to deliver on our medium term
projects, while also providing flexibility for growth opportunities as
they arise.
The level of investment demand from both our institutional and
retail investors was pleasing. Receiving applications exceeding
the offer size via the retail offer demonstrated the strong
shareholder support, reinforcing investor confidence in our
strategy.
When designing the equity issue structure, an important
consideration was that we provide an equitable treatment to all
our existing shareholders. We believe the structure was fair and
an equitable outcome for everyone was achieved.
In addition, Precinct secured $162.8 million of long term funding
through a United States Private Placement (USPP) in April of this
year. This provided valuable funding diversity and further
reinforces investor confidence in the quality of our business.
Board and dividend policy changes
Over the past eight years, Precinct has benefited from a strong
and stable governance regime. Having a Board of Directors
comprising the right balance of skills, knowledge and
perspective provides Precinct with an effective leadership team
to take the business forward.
In November 2018, it was announced that Don Huse will retire in
the second half of 2020. Appointed in 2010, Don has been an
integral part of Precinct's strategic review and execution. We
would like to thank him formally for his on-going contribution over
the last 9 years and wish him all the best.
Commencing a recruitment process earlier this year for a new
Independent Director has been part of the succession plan.
Ensuring a seamless transition and best practice corporate
governance is maintained has been a key priority. We look
forward to announcing the appointment of a new Independent
Director ahead of this year's Annual General Meeting of
shareholders.
Recognising a dividend policy should optimise long term
sustainable returns for Precinct’s shareholders, the Board has
recently reviewed Precinct's dividend policy. Accordingly,
Precinct intends to transition towards paying out approximately
100% of Adjusted Funds From Operations (AFFO) as dividends,
with the retained earnings being used to fund the capital
expenditure required to maintain the quality of Precinct’s
property portfolio. Aligning dividends with AFFO is considered to
be best practice in a global context for real estate entities. It is
consistent with the objectives of the current dividend policy.
AFFO best reflects the sustainable cash flow produced by our
portfolio. AFFO is defined in more detail on page 44. The Board
is of the view that this updated dividend policy will provide a
stable long-term profile which is in line with the execution of
Precinct's strategy. The updated policy will be phased in over the
next two years.
Assessing our performance
We are pleased to disclose our Global Real Estate Sustainability
Benchmark (GRESB) results in this year's Annual Report. Precinct
achieved a GRESB score in 2018 of 69 out of 100. This was above
the GRESB global average and significantly higher than our 2017
score. We remain committed to improving our score. Submissions
for 2019 have been made and results will be disclosed in our 2020
Annual Report. GRESB remains the overarching measure for
Precinct to benchmark its sustainability performance against its
peers.
We are considering a broad range of issues impacting our
business, including Environmental, Social and Governance (ESG)
factors material to Precinct. With increased accountability across
our operations, we continue to proactively look at ways in which
we can operate our business in a socially and environmentally
sustainable way. We aim to create value for all our stakeholders.
I encourage you to read more about Sustainability at Precinct on
pages 28 to 39.
Outlook and dividend guidance
The Board expects full year earnings for the 2020 financial year to
be at least 6.80 cps, before performance fees and expects to
pay a total dividend of 6.30 cps. This represents a 5.0% increase
in dividends to shareholders.
Our business is in a fortunate position of being able to help shape
the cities that we are invested in. We remain committed to the
delivery of our current and future development projects and
overseeing their completion. I am confident about what Precinct
will offer Auckland and Wellington in the future. Finally, I would
like to thank you, our shareholders, once again for your
continued investment in Precinct. On behalf of my Board
colleagues, Management and wider Precinct team, we look
forward to another successful year ahead.
Craig Stobo, Chairman
Next Annual General Meeting of
shareholders scheduled for:
20 NOV 2019
We encourage all shareholders to attend or for those
unable to attend to lodge their proxy online.
More details on the meeting including time and venue
will be provided in the coming months.

16
Management report.
Management report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
The markets we are invested in continue to perform well. Demand
drivers for city centre real estate across the office, retail and hotel
markets remain positive. Precinct continued to deliver on its long
term strategy and has grown dividends by 3.4% over the past
financial year.
Auckland’s city centre is growing twice as fast as the rest of New Zealand and continues to be a significant contributor to our national
Gross Domestic Product (GDP). As a result, the Auckland city centre office market in particular is displaying strong occupier demand.
Supply is limited, and prime vacancy rates are well below historic averages. In Wellington, supply remains constrained due to stock
withdrawals from the Kaikoura earthquake in November 2016. While new supply is at visibly low levels, there is solid demand from a
growing government employment base.
From left to right: Richard Hilder (CFO),
Scott Pritchard (CEO) and George
Crawford (COO).

17
Management report.
ANNUAL REPORT 2019
Supporting our strategy
First established in 2011 and reviewed regularly, Precinct’s current
strategy is responsible for our business performance. The primary
objective is to drive outperformance through creating
sustainable value from city centre real estate. A high quality
investment and development portfolio, supportive markets and
clear strategic direction are advancing our business
transformation.
The way in which people are working is changing. We are
responding to this. Businesses and employees are now
demanding flexibility, social interaction, work-life balance, digital
connectivity and a positive workplace environment.
The Auckland city centre market is strong. As Auckland grows,
businesses and employees are increasingly recognising the value
of being located in the city centre. We believe this trend will
continue as major public transport infrastructure projects
progress.
Forecast growth in the economy is expected to grow office
employment by around 11,000 city centre workers by 2023.
Notably, city centre office workers in service based industries
have made a significant contribution to the overall increase in
employment over the last two years. In addition, more than
30,000 additional inner city residents are expected over the next
10 years. These drivers will further underpin activity levels in the
Auckland city centre and growth in demand for office, retail,
hotel, leisure, and the residential market.
So, while our strategy continues to deliver performance, we are
enhancing our portfolio composition through diversification of
city centre real estate and increasing our investment in
coworking/flexible space. We believe these initiatives, along with
aligning dividends with AFFO further support our strategy in the
long-term.
Generator acquisition to 100%
Expanding further into the fast-growing coworking/flexible space
market has provided Precinct with a unique investment
opportunity. Purchasing the remaining 50% equity interest in
coworking space provider, Generator for $7.4 million in February
2019 has significantly increased our presence.
Our investment now makes up 66% market share of total co-
working/flexible space in Auckland city. This acquisition has been
a pursued investment of Precinct, in line with our business
strategy of being city centre specialists. Generator allows us to
extend our traditional offering, providing flexible office space
and meeting/events solutions to a broad range of New Zealand
businesses.
We have a clear strategy for the Generator business. Similar to
other global cities, over the long-term we expect to see
continued growth and demand from this market in Auckland
and Wellington city centres.
Commercial Bay update
During the year we have advanced pre-leasing at Commercial
Bay. Pleasingly, we have welcomed a number of high quality
retailers ensuring the retail mix is first class. This has increased
retail leasing commitments to 95% (June 2018: 76%). Leasing
across the office tower has also progressed during the year, with
pre-leasing now at 82% (June 2018: 78%).
With designs now progressed, the second stage of the
Commercial Bay project, One Queen Street is set to create a
true and vibrant mixed-use community in the heart of the
Auckland city centre. Fully integrated into the Commercial Bay
retail precinct, One Queen Street reinforces our commitment to
creating a world-class waterfront destination on par with other
gateway cities. Construction remains scheduled to commence
during 2020.
As previously disclosed in May 2019, the targeted opening dates
of Commercial Bay have been revised to March 2020 for the
retail centre and to April 2020 for the new PwC Tower due to
observed delays in construction progress by the main contractor.
We are working closely with all retailers and office occupiers to
manage risks and minimise any potential disruptions. This is our
key priority. Precinct remains confident the provisions of the
construction contract appropriately protect Precinct from losses
due to contractor delay and/or breach of contractor
obligations.
Forecasted total project cost remains in the range of $690 to
$700 million and the yield on cost is expected to be in the 7.4% to
7.5% range. You can read more on the project on page 24 of
this report.
Outlook
As our business evolves, so does the city centre markets in which
we invest in. We recognise the uncertainty which exists as a
consequence of global events. However, we remain confident in
the occupier markets of Auckland and Wellington and the key
drivers which support them.
Our business is unique. We understand the operational aspects
of Precinct, as an active owner and developer of property.
Through our active management approach, our portfolio
continues to perform well. Precinct is delivering strong results year
on year.
While Precinct's long term predominant asset class will be city
centre office, widening our mix of real estate to include retail,
hotels and flexible workspace is enabling us to realise our
potential as a city centre specialist. Our continued success is
underpinned by our strong balance sheet, a focus on quality to
provide exceptional spaces, commitment to all our stakeholders
and ensuring we maintain our market leading position.
Scott Pritchard,
CEO
George Crawford,
COO
Richard Hilder,
CFO

18
Our markets.
Our markets.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Auckland city centre.
A gateway city moving ahead.
The Auckland economy continues to outperform the rest of New
Zealand with 2.8% GDP growth achieved in the twelve months to
31 March 2019 (NZ: 2.5%) with the Auckland city centre
continuing to achieve higher growth compared to the wider
Auckland region. Amidst elevated demand for CBD office
accommodation and no new supply over the past twelve
months, prime vacancy fell to 4.7% in June 2019 (June 2018:
5.3%) according to JLL research. Over the same period, office
rentals remained relatively steady in the first half of 2019 after
recording a modest lift over the latter part of 2018, resulting in
prime market rents increasing by 1.2% in the 12 months to June
2019 (June 2018: 1.1%). Strong occupier demand and limited
new supply are expected to underpin low prime vacancy rates.
Whilst trading conditions for high street retailers remain under
pressure from online retail, CBD retail vacancy rates remained
relatively steady over the past 12 months at 2.4%
Precinct’s investment
Precinct currently owns 7 properties in Auckland.
Current development projects total 64,000 square metres
with an expected value on completion of $1.1 billion.
$1.1B
Asset value (excluding developments)
(June 2018: 2.1%) despite the completion of H&M at Commercial
Bay adding around 3,800 sqm to the market. However, while the
top end of the market continues to perform well with high profile
international retailers committing to prime CBD locations, trading
conditions in secondary locations continue to soften, resulting in
overall CBD retail rents declining 2.2% over the last 12 months
(June 2018: 0.2% increase). Positive demographic trends and the
continued shift towards experiential retail are expected to
support demand for prime retail over the medium to long term.
Auckland city centre aeriel view (May 19)

19
Our markets.
ANNUAL REPORT 2019
Wellington city centre.
New Zealand's centre of
government.
Occupier market conditions remain at historically high levels with
JLL research reporting prime vacancy at 0.7% at June 2019 (June
2018: 1.0%) despite a net increase of approximately 28,000 sqm
in prime stock over the past twelve months.
Regionally, the Wellington city centre is performing well with 1.8%
GDP growth achieved in the 12 months to 31 March 2019.
Notably, full time employment in the public services has grown
by 7% over the past year.
Over the period, the demand and supply imbalance, together
with the opening of the new premium grade assets such as the
PwC Centre at Waterloo Quay, resulted in a 9.9% increase in
prime rentals year-on-year (June 2018: 2.8%).
Precinct’s investment
Precinct currently owns 7 properties in Wellington.
$0.7B
Asset value (excluding developments)
Looking forward, market fundamentals are anticipated to
remain strong due to continued expansion in public sector
accommodation requirements and high levels of pre-
commitment in projects currently under construction.
Bowen Campus, Wellington city centre

20
Results overview.
Results overview.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FY19 results
A strong revaluation gain contributed to total comprehensive
income after tax of $190.1 million. This compares with
$254.9 million last year, with the difference mainly attributable to
the movement in financial instruments and the prior period
revaluation gain.
Net operating income, which adjusts for a number of non-cash
items, was up 3.7% to $79.4 million (June 2018: $76.6 million) or
6.37 cps. Net operating income before performance fees was
6.62 cps, in line with guidance.
Dividends paid and attributed to the 2019 financial year totalled
6.00 cps and reflected a year on year increase of 3.4%.
Importantly the dividend matched Adjusted Funds From
Operations (AFFO) for the year of 6.02 cps. This is consistent with
Precinct's intention to transition towards paying out
approximately 100% of AFFO as dividends.
Gross rental revenue was $135.8 million, 3.9% higher than the
previous year (June 2018: $130.7 million). This increase was
primarily due to the acquisition in February of the remaining 50%
interest in Generator. Allowing for Generator, the sale of a 50%
interest in the ANZ Centre, the completion of Bowen Campus
Stage One and other transactions, like for like gross rental
income was 3.8% higher than the previous period.
Property expenses on a like for like basis increased around 3% in
the period reflecting an increase in insurance and rates.
Adjusting for development projects and sales, like for like net
property income was 3.9% higher than the previous comparable
period. The Auckland portfolio saw an increase of 6.1%, while
Wellington was flat.
Following the acquisition of the remaining 50% interest in
Generator, Precinct has now obtained control and will include
Generators performance as part of operating income. Prior to
acquisition (19 February 2019) Generator recorded a loss with
Precinct’s 50% share being $1.1 million. Since February Generator
recorded a net profit after tax loss of $0.7 million. Business
performance continues to improve driven by increased
occupancy and utilisation. As part of the acquisition Precinct has
also recognised intangible assets of $21.2 million relating to
brand, goodwill and customer relationships.
Total interest expense was higher due to higher debt levels
compared with the previous 12 month period. However net
interest expense of $1.8 million was consistent to the previous
period (30 June 2018: $2.2 million) due to capitalised interest
relating to developments.
Precinct recorded a 34.4% shareholder total return for the year to
30 June 2019. This outperformed the benchmark New Zealand
listed property sector return (excluding Precinct) of 31.4%. In line
with the agreed process for recognising outperformance of the
market two performance management fees were paid totalling
$4.4 million (June 2018: $0). Excluding the performance fee,
overall indirect expenses were $11.4 million, 11.8% higher than
the previous period. The increase primarily reflects the
completion of Bowen Campus Stage One and an increase in
total investment assets.
Reconciliation of net operating income
(Amounts in $ millions)20192018
Net profit after taxation189.9
254.9
Unrealised net (gain) / loss in value of
investment and development properties
(161.7)
(208.7)
Unrealised net loss /(gain) on financial
instruments
44.3
11.1
Net realised loss on sale of investment
properties
1.7
0.0
Net realised loss / (gain) on disposal of
investment in joint venture
(6.6)
0.0
Depreciation - property, plant and
equipment
0.3
0.0
Depreciation recovered on sale
10.7
0.0
Deferred tax expense / (benefit)
(0.3)
17.0
Share of (profit) / loss of joint venture
1.1
2.3
Net operating income79.476.6
Addback: Amortisations
7.1
7.2
Less: Straightline rents
(0.3)
(0.4)
Less: Maintenance capex
(7.2)
(4.9)
Less: Incentives and leasing costs
(3.9)
(8.3)
AFFO75.170.2
Note: Net operating income and AFFO are alternative performance measures
which adjust net profit after tax for a number of cash and non-cash items as
detailed in the reconciliation below. Precinct’s past Dividend Policy has been
based upon net operating income and Precinct is transitioning to a dividend
policy based on AFFO. These alternative performance measures are provided to
assist investors in assessing Precinct’s performance for the year.
Funds from operations (FFO)
FFO and AFFO are measures used by real estate entities
to describe the underlying performance from their
operations. Aligning dividends with AFFO is generally
considered to be best practice for real estate entities.
FFO and AFFO are defined in more detail on page 44.
FFO for the year increased $2.8 million to $86.2 million
(June 2018: $83.4 million) or 6.92 cps. This represented an
FFO payout ratio of 87%. AFFO for the year was
$75.1 million, or 6.02 cps, matching the dividend paid.
PRECINCT'S AFFO PAYOUT RATIO OVER THE
PAST 5 YEARS HAS AVERAGED 100%.

21
Results overview.
ANNUAL REPORT 2019
Current tax expense decreased to $0.0 million (June 2018:
$6.3 million). This outcome reflects the level of activity occurring
within the company. The primary drivers relate to the significant
amount of leasing achieved across the development portfolio,
higher levels of deductible expenditure and the disposal of
depreciable assets.
During the year the large fall in interest rates led to a fair value
loss in interest rate swaps of $22.8 million while the increase in
Precinct’s share price to $1.77 (June 2018: $1.35), led to a fair
value loss in the convertible note option of $22.9 million.
The overall loss in financial instruments for the period was
$44.0 million (30 June 2018: $11.1 million loss). The convertible
note continues to be a valuable funding tool and has allowed
Precinct to execute on strategy and progress its development
pipeline.
The revaluation gain of $161.7 million (June 2018: $208.7 million)
reflects a 6.1% increase on year end book values and is evenly
split between investment revaluations and development profit
recognition. On a like-for-like basis, Auckland asset valuations
increased by around 6.5% and Wellington assets, excluding
Bowen Campus, recorded an uplift of 3.2%, compared with
30 June 2019 book values. Valuation gains in Auckland and
Wellington were mainly attributable to further market rental
growth, capitalisation rate compression and positive leasing
activity.
As at 30 June 2019 Precinct’s portfolio totalled $2.8 billion (June
2018: $2.5 billion), with Precinct’s net asset value (NAV) per share
at balance date increasing 6.4% to $1.49 (June 2018: $1.40). The
increase in NAV is due to the revaluation gain and is partly offset
by the fair value loss in financial instruments.
Level 15, Aon Centre, Wellington (top)
GridAKL, Auckland (bottom)
Key financial information
(Amounts in $ millions unless otherwise stated)20192018Change (%)
Rental revenue
135.8
130.73.9
Operating income before indirect expenses
95.0
95.3(0.3 )
Operating income before tax
79.4
82.9(4.2 )
Net operating income
1
79.4
76.63.7
Net profit after income tax
190.1
254.9(25.4 )
Earnings per share based on operating income before tax (cents)
6.21
6.84(9.2 )
Earnings per share based on operating income after tax (cents)
6.37
6.320.8
Gross distribution (cents per share)
2
6.65
6.295.8
Net distribution (cents per share)
2
6.00
5.803.4
Payout ratio (%)
94.2
91.82.6
Total assets
2,893.4
2,561.712.9
Total liabilities
938.5
871.07.7
Total equity
1,954.9
1,690.715.6
Shares on issue (million shares)
1,313.7
1,211.18.5
NTA (cents per share)
147
1405.0
NAV (cents per share)
149
1406.4
The information set out above has been extracted from the financial statements set out on pages 74 to 99.
1 Net operating income is an alternative performance measure which adjusts net profit after tax for a number of non-cash items. This alternative performance measure
is provided to assist investors in assessing Precinct's performance for the year.
2 Dividend paid and proposed relating to financial year.

22
Results overview.
Results overview. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Capital management
Since 2014, undertaking a comprehensive capital management
programme has been essential to the financial strength and
operational success of Precinct. We have managed our strong
financial position by completing several capital management
initiatives during the 2019 financial year.
This includes Precinct raising $151.8 million through an
underwritten placement and retail offer. It has provided further
funding capacity to our business with proceeds initially used to
repay bank debt. During the period, we also refinanced
Precinct's $460 million bank debt facility which was due to expire
in November 2020 representing around half of our bank facilities.
In April, Precinct added further funding diversity to its borrowings
through a USPP issue of $162.8 million for 10 and 12 year terms.
This is the second successful USPP issue Precinct has undertaken
since late 2014. It increases Precinct’s weighting of non-bank
funding while also improving tenor.
Precinct’s balance sheet is in a good position and we have
sufficient funding capacity to deliver all committed
developments.
At balance date total borrowings (including convertible notes)
decreased to $710.4 million (June 2018: $751.4 million). Gearing
as measured under borrower covenants, which disregards
subordinated debt has also decreased during the period to
22.4% as at 30 June 2019 (June 2018: 25.0%).
As at 30 June 2019, around 50% of committed debt was sourced
from non-bank sources. Precinct’s weighted average term to
expiry has improved to 4.4 years as at 30 June 2019 (June 2018:
3.3 years).
Precinct remains within its borrowing covenants with total debt
facilities of $1.2 billion at 30 June 2019. Precinct was 101%
hedged through the use of interest rate swaps at 30 June 2019
(June 2018: 85%). Average hedging for the 2020 financial year
will be around 80%. The weighted average interest rate including
all fees was 5.7% at 30 June 2019 (June 2018: 5.3%).
Asset recycling continues to form a significant part of Precinct’s
capital management plan. During the period, a total of
$191 million of assets were sold. This included the sale of a 50%
interest in the ANZ Centre in Auckland for $181 million, to a fund
controlled by Invesco, together with the sale of 10 Brandon
Street in Wellington. Post balance date, Precinct has agreed a
conditional sale of Pastoral House in Wellington. The property is
now under contract for sale and remains conditional at this
stage on the purchaser's due diligence. We will provide an
update on this transaction in due course.
Capital management metrics
20192018
Debt drawn ($ millions)
1
710.4
751.4
Gearing - banking covenant (%)
22.4
25.0
Weighted average term to expiry (years)
4.4
3.3
Weighted average debt cost (incl fees) (%)
5.7
5.3
% of debt hedged (%)
101.4
84.5
Weighted average hedging (years)
4.2
3.2
Interest coverage ratio (previous 12 months)
2.0 x
2.4 x
Total debt facilities ($ millions)
1,196
1,183
1 Excludes the USPP note fair value adjustment of $28.0 million (June 2018:
$15.0 million). Interest bearing liabilities are detailed in Note 20 of the Financial
Statements.
We are actively managing our
balance sheet by undertaking
a comprehensive capital
management plan.
R I C H A R D H I L D E R , C F O
Auckland city centre

23
Results overview.
ANNUAL REPORT 2019
Operational update
Our investment portfolio continues to benefit from the significant
leasing activity and high occupancy achieved in both Auckland
and Wellington. The strength in our assets is driving Precinct's
operating performance and reinforces the position that our
portfolio holds in meeting the needs of our clients.
At 30 June 2019, overall portfolio occupancy was maintained at
99% (June 2018: 99%) and our WALT has increased to 9.0 years
(June 2018: 8.7 years).
During the last 12 months, we have seen good demand for our
assets and strong rental growth. A total of 27 office leasing
transactions were completed and totalled over 20,000 sqm of
space. Rentals achieved was on average 3.6% higher than
valuation rents at 30 June 2018.
In Auckland, key leasing secured included a 10 year lease to
Jarden at Zurich House and 10 year lease to UBS NZ at PwC
Tower. Countdown have taken 1,100 sqm at the bottom of the
AMP Centre, which will house one of its first smaller format stores,
planned to open in December 2019.
In Wellington, both the Medical Council and MBIE have
committed to a total of 2,925 sqm at Aon Centre on 9 and 6 year
lease terms, respectively. Ministry of Education have also agreed
to occupy 7,900 sqm at No. 1 The Terrace on a 9 year lease.
In total, including structured rent reviews, Precinct settled 65,900
sqm of reviews at a 2.4% premium to previous contract rental
and 5.6% premium to 2018 valuations.
At balance date, Precinct's portfolio is under-rented by 5.2%
(June 2018: 6.4% under-rented).
Operational metrics
20192018
Precinct
Occupancy (%)
99
99
WALT (years)
9.0
8.7
NLA (sqm)
232,210
221,513
Under-renting (%)
5.2
6.4
Leasing
23,330
21,900
Generator
Occupancy (%)
88
73
Members
1,415
816
Sites
4
4
Sqm
13,200
12,000
Revenue ($m pa)
16.4
7.6
Generator performance
The Generator business has achieved significant occupancy
growth to 88% across its sites as the business matures. This has
underpinned 116% growth in revenue for the year to $16.4 million.
As occupancy has grown and we are now using spaces more
efficiently, we are pleased to report that the business has
contributed to Precinct's profit for the period since 100%
acquisition.
Lease expiry profile by office NLA
Financial year
% of net lettable area
WellingtonAuckland
Vacant2021222324252627Beyond
0
20
40
60
80
100
Lease expiry includes all committed office developments and excludes Commercial Bay retail

24
Development portfolio.
Development portfolio.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Commercial Bay
During the year retail leasing commitments have increased to
95% (June 2018: 76%). This equates to a total of 42 additional
leasing transactions completed. Office commitments have also
progressed to 82% (June 2018: 78%).
With 120 brand new retailers, the retail offer set to open in
Commercial Bay will be a varied mix of leading international
retailers, including new market entrants, and smaller New
Zealand brands. Around 44 of the 120 shops will be restaurants
and dining outlets, half will be fashion, and the balance will be
dedicated to service-based amenities.
During the period, retailers joining Commercial Bay include Dior
Perfumes and Beauty, Sandro & Maje, Kate Spade, Furla, Hershel
Supply Co. New Zealand brands include Federation, 3 Wise Men
and Barkers. Wittner, Solect and Scarpa are also coming to the
complex in 2020, along side Rodd & Gunn, Superette and Just
Another Fisherman. Hair salon Loxy’s will also be opening at
Commercial Bay.
Across the food and beverage offering, we will have operators
Al Brown, Ben Bayly, Saxon & Parole, Ghost Donkey, Burger
Burger, Hawker and Roll, Simon and Lee and Honest Chocolat
making up the mix of both international and homegrown
vendors. Located on the second level of the complex,
Commercial Bay's food hall Harbour Eats will house around 27
operators including food truck brands Kai Eatery and Got Pasta.
Harbour Eats will accomodate around 700 seats providing a
unique food hall experience unlike anywhere else in the world.
Other vendors include cafes, popular Middle Eastern eatery
Fatima’s and juice bar Cali Press.
In November 2018, we also welcomed New Zealand’s leading
digital services provider, Spark to Commercial Bay. Spark's three-
level flagship store within the precinct will be used to redefine
the experience of visiting a Spark store. It will provide its
customers with a unique offering and we are excited to see this
space develop over the coming months.
Where the future works
Level 36 offers private workspaces - five premium private
workplaces, featuring stunning Auckland city centre and
Waitemata Harbour views, shared reception lounge and
boardroom, and access to the PwC Tower bookable
meeting and conference room spaces on Level One.
Project information
AnnouncementCurrent Projections
Retail committed0%95%
Office committed52%82%
Total project cost$681 m$690 - $700 m
Value on completion$853 m$1,035 m
Yield on cost7.5%7.4% - 7.5%
Retail completion dateOctober 2018March 2020
Office completion dateMid 2019 (July)April 2020
First stage of retail open
Swedish retailer H&M, opened their new four storey
flagship store on 30 August 2018.
Awarded Yardi Retail Property Award (Excellence and
Best in Category) at the 2019 Property Council New
Zealand Rider Levett Bucknall Property Industry awards.
The new PwC Tower at Commercial Bay is targeting a 5-star
Green Star Design & As-Built NZ, a standard of excellence in New
Zealand.
Features incorporated into the new PwC Tower at Commercial
Bay to support the targeted Green Star ratings include:
• Rainwater harvesting to supplement the water supply serving
the cooling towers.
• The building is designed and specified to achieve an
operational building energy consumption of 80kWh/m2/yr, a
much more efficient score than traditional buildings that
score on average 120kWh/m2/yr. It will achieve this via a
highly innovative chilled and heating water strategy utilising
heat recovery chillers and integrated chiller management
software.
• Targeting 80% of waste to be re-used or recycled during
demolition and construction.
• The offices have 3m high floor to ceiling glazing, providing
excellent natural light.
• End of trip facilities for the tower providing high quality
shower, changing and locker space including a secure bike
park for 208 cycles.
The PwC Tower will provide occupiers great access to the
outdoors and fresh air, which has known benefits for productivity.
An extension of the lobby, the Sky Terrace is a large outdoor
sanctuary in the city. The urban rooftop landscape will be an
adaptable space suitable for events from morning to night.
Designed by LandLab, the native plantings and variety of
informal seating and breakout spaces come together to create
an engaging space for occupants of the PwC Tower.

25
Development portfolio.
ANNUAL REPORT 2019
One Queen Street has been
wholly reimagined from the
inside out. The development
ensures the building is efficient
and designed to cater for
modern ways of working.
It will bring together the best of
hospitality, lifestyle and
commercial - delivering a
totally integrated experience.
One Queen Street
Since our commitment to the redevelopment of One Queen
Street (currently HSBC House), the project has now entered into
the detailed design phase. We are pleased to share some of the
latest design renders with you.
Construction 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 has been a
major leasing transaction at One Queen Street. Their lease
represents 43% of the office space and we are delighted to
have concluded this agreement three years ahead of practical
completion. The overall project has lifted pre-commitments to
78% which includes the previously announced InterContinental
Hotels Group across 11 levels of the building.
Artists impression Rooftop Bar
Artists impression Intertenancy
Artist's impression Office space

26
Development portfolio.
Development portfolio. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Designed to support modern and agile ways of working.
Wynyard Quarter Stage Two
The development of the second stage of Wynyard Quarter, 10 Madden Street remains on budget and on schedule for practical
completion at the end of 2020. The building is 62% committed with the remainder of the office space conditionally leased.
Artist's impression of 10 Madden Street

27
Development portfolio.
ANNUAL REPORT 2019
Stage Two of the Bowen
Campus redevelopment is set
to transform Wellington’s
government precinct.
40 and 44 Bowen Street is the
next step in the reinvigoration of
Bowen Campus. The buildings
have been designed to cater
to the demands of the modern
workforce.
Bowen Campus
Construction at the Charles Fergusson Building is now complete
with it reaching practical completion in December 2018. The
Ministry for Primary Industries is now in occupation.
At Defence House (previously Bowen State Building), base build
works are now complete with integrated fitout progressing well.
The project remains on schedule for New Zealand Defence
Force to occupy the building in October 2019.
Bowen Campus Stage Two continues to progress with detailed
design now complete. Active leasing discussions are underway
with a number of potential occupiers. We were also pleased to
have been granted a resource consent in the period for two
additional buildings on site.
Artist's impression of 40 and 44 Bowen
Street
Name
Bowen Campus Stage One: Charles Fergusson Building
Location
38 Bowen Street, Wellington 6011
Description
Redevelopment of the Charles Fergusson Building
(originally constructed in the 1970s) to provide approx.
13,700 sqm NLA of Premium Grade office space. The
building has been 100% leased to the Ministry for Primary
Industries on a long-term basis.
Completion
December 2018
Awarded RCP Commercial Office Property Award (Merit)
at the 2019 Property Council New Zealand Rider Levett
Bucknall Property Industry awards.

28
Sustainability at Precinct.
Sustainability at Precinct.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
We are city centre specialists
dedicated to enabling
sustainable and successful
businesses. This means we aim
to create value through
designing and delivering
exceptional spaces for our
clients and communities, in
which they can thrive.
At Precinct our sustainability efforts are focussed on
incorporating sustainable design across our portfolio of
properties and improving our operational performance.
Our value-creating business model follows four key principles:
1. Concentrated ownership in strategic locations
2. Great client relationships
3. Investing in quality
4. A long term view
In the past year we have continued to focus our efforts on
understanding and responding to our material sustainability risks
and opportunities. We have developed an initial suite of ESG
(Environmental, Social and Governance) targets which are
aligned with our material sustainability topics. We want to
effectively communicate our progress in addressing those topics
and we have included metrics which indicate our current
performance.
Recent declarations of climate emergencies, introduction of
plastics legislation and the formation of the Zero Carbon Act
point to an accelerating shift in how Central and Local
Government are responding to sustainability issues. Our response
to these sustainability challenges acknowledges the growing
societal awareness and increasing expectations for businesses to
transparently address those challenges and to act now.
This report has been prepared in accordance with the Global
Reporting Initiative (GRI) Standards (core option). The GRI
Standards are the world’s most widely used sustainability
reporting standard.
Our sustainability framework
Precinct's materiality matrix

29
Sustainability at Precinct.
ANNUAL REPORT 2019
Our material issues
In 2018 we engaged an independent consultant to undertake an analysis of material sustainability issues facing our business. The
analysis considered a wide array of information sources, including the opinion of our key stakeholders. Precinct’s key stakeholders
include our people and partners, clients and people using our spaces and services, contractors and service providers, funding
providers, shareholders, industry bodies and Government (Central and Local).
Our material topics have remained relatively unchanged in 2019, as validated by a desktop review, and are presented below.
The following topics were determined to be material to Precinct, in order of priority:
Material topicTopic component
Client wellbeing
• Client wellbeing and productivity
• Quality space
• Client satisfaction
Health and safety
• Health and safety
Financial performance
• Occupancy rates/weighted average lease term
• Earnings outlook
• Commercial and investment returns
• Flexible financing for Green Building
• Investment due diligence
Partnerships and community
• Partnerships with Mana Whenua, local and central government, and council-controlled
organisations
• Sponsorships, financial and in-kind donations
• Strengthening communities
Sustainable design
• Efficient design
• Contributing to urban vibrancy/prosperity
Ethical business practice
• Code of ethical conduct
• Whistle-blower policy
Diversity
• Diversity
Building environmental performance
• Carbon emissions
• Waste reduction
• Water use
• Greenstar/NABERSNZ ratings

30
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Creating environments in which
our clients can thrive.
Client wellbeing
Our approach
Our goal is to create environments in which our clients can
thrive. Client wellbeing is critical to the long-term success of our
business and it drives our lease renewal rates, the ability to
attract and retain clients and the longevity of leases, making it a
highly material issue. We proactively seek and record feedback
from our clients about their wellbeing and levels of satisfaction
within our properties. This information shapes our decision-making
in creating healthy environments in which our clients can thrive.
Our key measures of client wellbeing include the things we work
to deliver to enhance client satisfaction, such as amenities,
service levels and location; and the things that our clients tell us
are important to their wellbeing. Based on client feedback we
are continuing to develop our understanding of the things our
clients value.
Our performance
Independently-run client satisfaction surveys are now undertaken
every 2 years, the most recent in May 2019. The results of the
surveys indicate that overall satisfaction levels have remained
constant at around 70%. Overall satisfaction levels take into
account core services, relationship management,
communication and responsiveness. For the first time in 2019
clients were asked survey questions about ESG initiatives and
wellbeing. A third of clients indicated an interest to partner with
Precinct to implement ESG initiatives. The most important
initiatives identified by clients were health and safety and
wellbeing. Ethical business practice, building environmental
performance and sustainable design were also identified by
clients as ESG initiatives of interest. High quality air and natural
light along with access to outdoor open spaces were rated as
the most valuable drivers of wellbeing for clients.
We are constantly focussed on delivering client satisfaction and
are using feedback from the latest survey to further focus our
efforts and meet our ambitious 80% satisfaction target.
We believe that having a portfolio comprising of predominantly
A grade or better stock across Auckland and Wellington will
directly benefit our clients wellbeing. We are currently meeting
this target and exceeding our 50% portfolio weighting for
Greenstar 4 stars rated buildings and above (59% in 2019).
Over 70% of respondents from our client satisfaction survey also
indicated that they either currently utilise flexible working in some
form, or would be interested in doing so. The recent acquisition
of the Generator business will enable us to respond to this
growing demand for flexible space, while enhancing both the
amenity and service levels that Precinct currently offer its clients.
Targets
≥80%
overall satisfaction score
A GRADE
or better portfolio composition
>50%
portfolio weighting to Green Star +4 stars rating
Images on the next page: ANZ Concierge, Parvinder Singh and
Olivia Heighton from the Precinct team at ANZ Centre (top left),
AMP Centre (top right) and ANZ Centre (bottom)
.

31
Sustainability at Precinct.
ANNUAL REPORT 2019

32
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Ensuring all workers go home
healthy and safe - zero harm.
Health and safety
Our approach
As a corporate value and legislative requirement, health and
safety is a material topic which we and our key stakeholders are
committed to addressing. Our Health and Safety policy guides
our management approach.
We are striving to develop and embed a positive health and
safety culture at Precinct and amongst all workers under our
control. We also acknowledge our role influencing health and
safety culture within our industry and those who work on and visit
our portfolio and active developments.
In 2019 we commissioned an independent governance review of
our health and safety processes and systems, and are now
implementing the recommendations from that review. We are
focussed on understanding developments in health and safety
management, particularly as it applies to our industry, which
includes addressing suicide risk in the construction sector.
Our performance
We recorded 269 health and safety incidents in the year
compared to 246 reported in FY18. Precinct's recorded incidents
include observations, near misses, first aid injuries, medical
treatment injuries and lost time injuries.
There were no significant injuries during the period with
approximately 64% of recorded incidents being classified as
minor (for example, rolled ankles, minor cuts and grazes).
A total of 61 recorded incidents occurred on our stabilsed
property portfolio with no change from 2018. The majority (208)
of our recorded incidents occurred on our development sites
which are under the direct control of a Precinct-appointed main
contractor.
Precinct incentivises health and safety observations to enable
them to be reviewed and improvements made where relevant.
Over 250 principal audit and monitoring inspections were
undertaken during FY19. These inspections are in addition to
regular internal contractor health and safety monitoring
practices and included internal and external principal audits
and inspections, Project Control Group H&S meetings and
specific H&S workshops. Over 190 of these were in relation to our
development sites given the weighting of both number and
severity of incidents to our development portfolio and the
number of workers on site. This included 51 external audits by
Construct Health Limited, with audit scores averaging 92% for
Commercial Bay and 95% for Bowen Campus during the year.
Targets
RECORD
Precinct's LTIFR to a benchmark LTIFR
≥90%
onsite audit score
Health and Safety is a highly
material issue. It is embedded
into all parts of our business.
We are committed to
promoting an engaged and
positive health and safety
culture throughout the supply
chain.
C R A I G S T O B O , C H A I R M A N
Looking further into our performance targets, we have recorded
Precinct's Lost Time Injury Frequency Rate (LTIFR) at both
Wynyard Quarter Stage One and Bowen Campus Stage One.
The LTIFR's recorded for both these two completed development
projects were better than the Australian construction industry
benchmark (Safe Work Australia). We have used the Australian
benchmark for non-residential construction in the absence of a
readily available and publicly reported benchmark for non-
residential construction in New Zealand.

33
Sustainability at Precinct.
ANNUAL REPORT 2019
Health and
safety
Our H&S policy guides our management
approach and includes the following
requirements:
•
Training - All Precinct management staff receive
regular training including external accreditation where
relevant to their role.
•
KPI's - All Precinct management staff have health and
safety objectives included in their performance
reviews.
•
Contractor pre-qualification - Each contractor
engaged by Precinct is required to be pre-qualified by
Workplace Safety Limited or Construct Health Limited.
•
Hazard and asbestos registers - Registers identify the
observed hazards at each site. These are live registers
subject to constant internal review and are reviewed
annually by independent experts.
•
Audit and monitoring - Precinct monitors live sites to
ensure oversight of health and safety matters.
Reporting process
123
Health and Safety
Committee
►
Audit and Risk
Committee
►
Precinct Board
On-line reporting - Precinct uses MangoLive, an online live reporting and incident management system to report all incidents and
observations on Precinct controlled workplaces. This includes client fit out and development sites under the direct control of a Precinct
appointed contractor.
Audit and monitoring - Precinct audits and monitors live sites both through management staff and third party consultants Work Safety
Limited and Construct Health Limited.
Internal review - Precinct's Health and Safety (H&S) Committee meets monthly and provides oversight on all H&S matters. The H&S
Committee has representation from all parts of the business. Workplace Safety Limited, an independent third party consultant, also sits
on the H&S Committee to provide external input and advice.
Management and oversight - The H&S Committee reports directly to Precinct's Audit and Risk Committee and the Precinct Board.
External review - In addition to external audit and monitoring by Workplace Safety Limited and Construct Health Limited, Precinct also
instigates annual third party reviews of its processes by Aon and ICSafety Solutions. Precinct also holds ACC Workplace Safety
Management Practices tertiary status (the highest level of accreditation) commending the strong health and safety policies in place
and recognising Precinct's commitment to continued improvement.

34
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Sustainable design
Our approach
Our ambition is to create spaces which generate environmental,
social and economic benefits for a sustainable future. We define
sustainable design as the creation of built spaces which deliver
net positive environmental, social and economic value.
It encompasses building and interior design, master planning
and systems thinking about the inter-dependencies of our built
assets and the ecology of their location. For Precinct, this thinking
is underpinned with a fundamental consideration of the people
that will inhabit the spaces we create.
Our clients and the communities in which we operate
increasingly expect us to lead the development of sustainable
and enriching built spaces. Our analysis of current building trends
and feedback from our key stakeholders indicates that
sustainable design is a highly material issue for our business.
We are continuing our learning journey in sustainable design and
are focussed on demonstrating its value to our building
occupiers.
Our performance
Our investment in sustainable design is yielding positive results.
Most recently reflected in the recognition of the Mason Bros.
building as winner of the Green Building Award by the New
Zealand Property Council. As well as setting a new benchmark in
sustainable design, the building has delivered measurable
environmental improvements and social benefits.
Achieving a 6 Star Green Star rating, 90% of demolition waste
was recycled during its construction and the building uses 70%
less water and 35% less energy than similar benchmark buildings.
Building occupiers benefit from an 8% increase in occupant
productivity and up to a 25% reduction in absenteeism. Over its
lifespan, the building will reduce greenhouse gas emissions by
over 3,000 tonnes when compared to an equivalent benchmark
building.
Our focus on sustainable design as part of our wider approach to
sustainability is reflected in our improved Global Real Estate
Sustainability Benchmark (GRESB) results. Precinct achieved a
GRESB score in 2018 of 69 out of 100. This score was above the
GRESB global average and significantly higher than our 2017
score. Submissions for 2019 have been made and results will be
disclosed in our 2020 Annual Report. GRESB remains our
overarching measure for Precinct to benchmark its sustainability
performance against its peers.
Design and building ratings such as Greenstar and NABERSNZ
ratings provide a credible method to measure and
independently certify the environmental and sustainability
performance of our properties. A description of our current
ratings is included in the Building Environmental Performance
section on page 37.
Creating built spaces which
deliver net positive
environmental, social and
economic value.
Target
DESIGN
to 5 Green Star design for new build
Artist's impresstion of 10 Madden Street
Sustainable design is one of the core principles of 10 Madden
Street. The building is targeting both a 5 Green Star Design and 5
Green Star As-built rating, as well as a market leading NABERNZ
rating.

35
Sustainability at Precinct.
ANNUAL REPORT 2019
Green Star As-built rating
6 STAR
of demolition waste recycled
90%5.5 STAR
NABERSNZ Energy Base Building rating
reduction in absenteeism
20-25%
average increase in
productivity per occupant
8.3% 35%
less energy usage compared to
the benchmark building

36
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Reducing carbon, energy and
waste
.
Building environmental performance
Our approach
Growing awareness of buildings’ environmental impacts,
developing carbon legislation and clients’ increased
expectations, make the environmental performance of our
buildings a material issue. The environmental performance of our
buildings includes the energy they consume, the waste they
generate and their operational greenhouse gas (GHG)
emissions . We take a disciplined approach to meeting our
clients’ expectations around optimal operating conditions while
maintaining a focus on energy efficiency of our buildings.
Our Facilities Management (FM) team maintain and upgrade
our buildings’ plant and building management systems (BMS) on
an ongoing basis. Monthly monitoring meetings are held by our
FM team in collaboration with engineers and contractors to
ensure our buildings are constantly being tested and fine-tuned
to achieve their optimum environmental performance levels.
In 2018 we initiated a worm farm for processing organic wastes in
our PwC Tower property which you can read more about below.
In addition, we are in the planning stages for solar photovoltaic
(“PV”) installations which will provide on-site generation of
electricity. PV installations at 12 Madden Street and PwC Tower
are expected to be undertaken in FY20.
In line with our focus on reducing carbon we are working to
understand and accurately quantify GHG emissions from our
operations. Our management approach is to focus on GHG
emissions reductions, while investigating credible options and
partners for offsetting unavoidable emissions from our operations.
We will include more detailed reporting on our GHG emissions
and management of them in FY20.
Worm farm initiative
Hungry bins is an innovative New Zealand worm farm solution,
providing modular, relocatable containment systems for
collecting and processing organic wastes in commercial
environments. In 2018 Precinct invested in an 8-bin system for our
PwC Tower, enabling clients to remove organics wastes from
their landfill waste stream. Organic material typically ranges
between 5-15% but can account for up to 30% of office waste by
weight and has significant climate impacts through the release
of methane in landfill. By removing it from the waste stream, cost
and environmental impacts are eliminated, while producing high
quality top soil and worm juice for home garden use by clients.
The implementation of the worm farm system was made possible
by working in partnership with our clients and management
contractor Total Property Services.
Targets
NABERSNZ
annual rating for all our assets and achieve a
minimum 4 star base build NABERSNZ for all
properties
DEVELOP
environmental management system
CARBON
work towards carbon zero
We are commited to creating
a more sustainable
environment. Precinct are now
considering more
environmental projects which
we plan to implement during
FY20. This includes a focus on
GHG emissions reduction.
P A U L S I N G L E T O N , N A T I O N A L
O P E R A T I O N S M A N A G E R

37
Sustainability at Precinct.
ANNUAL REPORT 2019
Our performance
Currently eight buildings in our portfolio have a NABERSNZ™ building energy efficiency rating, ranging from 2 to 5.5 out of 6 stars. Our
recent investment in the upgrade of 1980’s plant in the AMP Centre achieved a number of positive environmental performance
outcomes and shifted the building’s NABERSNZ™ rating from 2 to 4 stars. The recently completed Mason Bros. building has also
achieved a 5.5 stars NABERSNZ™ Energy Base Building rating, demonstrating market leading performance in energy efficiency.
Energy use intensity
kWh/m²Variance (change %)
Base year (2016)20182019to base yearto 2018
Auckland portfolio average135.5123.3105.0(22.5 )(14.8 )
Wellington portfolio average132.2114.6113.0(14.5 )(1.4 )
Total portfolio average133.7119.0107.4(19.7 )(9.7 )
Carbon emission intensity
kgCO
2
e/m²Variance (change %)
Base year (2016)20182019to base yearto 2018
Auckland portfolio average21.319.516.2(23.9 )(16.9 )
Wellington portfolio average22.019.118.7(15.0 )(2.1 )
Total portfolio average21.719.317.0(21.7 )(11.9 )
Positive financial performance.
Financial performance
Disclosure of our financial performance can be found in the
results overview section on page 20 and in Precinct's financial
statements on pages 74 to 99.
Targets
≥98%
occupancy and secure income stream
<37.5%
gearing level maintained
DIVIDEND
payment optimising long term sustainable returns to
shareholders

38
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Contributing, engaging and
supporting the partnerships and
communities we invest in.
Partnerships and community
Our approach
We are focussed on building strong and enduring relationships
with Iwi, local government, council-controlled entities, industry
bodies and community-based organisations. The strength of
these partnerships enables us to create positive social, economic
and environmental value. They are integral to our business model
and creating spaces in which people can thrive.
As a significant commercial real estate owner in Auckland and
Wellington city centres the quality of our relationships with key
partners and our communities are critical to our own success
and the sustainable development outcomes we aspire to. This
makes the topic of Partnerships and Community a material one
for Precinct.
Targets
CONTRIBUTE
positively to the city centre enviroments and wider
community where we operate
ENGAGE
with key stakeholders in our investment approach
Our performance
In 2019, Precinct continued our long term support of Auckland
City Mission and Wellington City Mission. The cost and impact of
homelessness on individuals, families and society is high with
homelessness being one of the most severe forms of
disadvantage and social exclusion a person can experience. In
addition to financial support, Precinct works together with both
Missions on fundraising initiatives throughout the year, including
the prominent two can appeal, collecting and distributing non-
perishable food items in emergency food parcels. The Precinct
team in Wellington recently took part in the Wellington City
Mission's iconic Brown Paper Bag Collection, part of the winter
appeal during July 2019.
In 2018 Precinct agreed to a 5-year financial commitment over
and above our annual investment level to support Auckland City
Mission’s HomeGround project – a multi-million dollar project
which will create 80 new studio and one-bedroom units on the
Mission’s current site. Homelessness is a significant issue in
Auckland with a 2018 study identifying 336 people living without
shelter and nearly 3000 people in temporary accommodation.
You can read more about HomeGround at:
https://www.aucklandcitymission.org.nz/homeground/
Our partnership with community organisations such as City
Mission is based on our belief that we have a role to play in
strengthening communities in the areas where we operate. Our
support of City Mission is aligned with our overarching focus on
partnerships and community initiatives that create positive social
value. Other social investments in the past year were made by
Precinct to Keystone Trust, Tuputoa and the Tania Dalton
Foundation. Our current annual memberships include NZ Green
Building Council, Property Council, GRESB, Council on Tall
Buildings & Urban Habitats, Heart of the City and Diversity Works.

39
Sustainability at Precinct.
ANNUAL REPORT 2019
Diversity
Our approach
Precinct is committed to promoting and improving diversity and
inclusion at all levels across our business. Diversity includes, but is
not limited to gender, age, disability, ethnicity, marital or family
status, socio-economic background, religious or cultural
background, sexual orientation and gender identity. Our core
values, stakeholder expectations and NZX reporting requirements
make diversity a material topic.
Our approach to managing diversity is guided by our Diversity
and Inclusion Policy (available at www.precinct.co.nz in the
corporate documents under the corporate governance
section). We use a number of internal management policies to
support diversity including our Equal Opportunities Policy, Health
and Wellbeing Policy, Recruitment and Selection Policy,
Remuneration Policy and Leave policy. We are also guided by
our Culture Charter, adopted in 2016. We have recently
extended our Diversity and Inclusion policy to include more
specific wording in regard to Gender Identity and Sexual
Diversity.
Our performance
Our management approach and diversity performance are
reported in the corporate governance section of this report on
page 49. The Precinct team includes 11 different ethnicities and
has speakers of 6 languages. The number of female employees
as a proportion of our overall staff numbers has increased slightly
during the year.
We are committed to ongoing improvement and awareness.
During the year the whole business undertook unconscious bias
training. Rainbow Awareness and support training has now been
introduced and will also be undertaken annually.
Ethical business practice
Our approach
Disclosure on our ethical business practices, including our Code
of Ethics and Financial Products Dealing Policy is reported on in
the corporate governance section of this report on page 48.
Our Code of Ethics includes a whistle-blowing clause for
reporting unethical or unlawful behaviour and the full code can
be found on our website at www.precinct.co.nz under the
corporate goverance section, along with our Financial Product
Dealing Policy and other key governance documents.
Our performance
All of our employees have access to our code of ethics and
when new employees join it forms part of their induction pack.
Targeted staff training is delivered each year including on ethics-
related topics. No ethics related issues were reported via any
whistle-blowing channels during the last financial year.
Achieve a
diverse and highly
inclusive workforce.
Targets
IMPROVE
gender diversity across the whole business, position
(employee level) and Board
MONITOR
measure and improve age, ethnicity and flexible
working arrangements and parental leave by
gender
Ensuring Precinct is governed
transparently and to the highest
of ethical standards.
Target
MAINTAIN
best practice policies and culture of ethical
business practice

40
Board of Directors.
Board of Directors.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Craig Hamilton Stobo
Chairman, Director, Independent BA (Hons) First Class Economics
Educated at the University of Otago and Wharton Business School, Craig Stobo has worked as a diplomat, economist, investment
banker, and as CEO. He has authored reports for the Government on “The Taxation of Investment Income”, chaired the Government’s
International Financial Services Development group in 2010, and chaired the Establishment Board of the Local Government Funding
Agency in 2011. Craig is a professional director and entrepreneur. In addition to chairing Precinct, he is chairman of the New Zealand
Local Government Funding Agency (LGFA) and director of AIG Insurance New Zealand Limited and a number of private companies
including Saturn Portfolio Management, Elevation Capital Management and Biomarine Limited.
Donald William Huse
Director, independent BCA, FCA
Don Huse is a professional director. He is chair of OTPP New Zealand Forest Investments Limited and deputy chair of the Civil Aviation
Authority of New Zealand.
His previous roles include chief executive officer of Auckland International Airport Limited, chief financial officer of Sydney Airport
Corporation Limited, chief executive officer of Wellington International Airport Limited, chair of Crown Irrigation Investments Limited,
deputy chair of Transpower New Zealand Limited and a director of Cavalier Corporation Limited, Sydney Airport Corporation Limited
and TransAlta New Zealand Limited.
A chartered accountant, Don holds a degree in economics from Victoria University of Wellington, and is also a member of the Institute
of Directors in New Zealand and of the Australian Institute of Company Directors.
From left to right: Don Huse, Chris Judd, Craig Stobo (Chairman), Launa Inman, Graeme Wong, Rob Campbell, Anthony Bertoldi and Mohammed Al Nuaimi at Bowen
Campus, Wellington.

41
Board of Directors.
ANNUAL REPORT 2019
Launa Inman
Director, Independent
Launa Inman has broad experience in retailing, multi-brand wholesaling, e-commerce, strategic planning, marketing and corporate
restructuring. Launa was managing director of Australia’s largest retailer of apparel, Target Australia, for 7 years and has also served as
managing director/CEO of Officeworks and Billabong International. She was the recipient of the Telstra Australian Businesswoman of
the Year award in 2003. In 2015 the Australian Marketing Institute awarded her the prestigious Sir Charles McGrath Award for her
significant contribution to the field of marketing and wider industry achievements in Australia.
Launa has completed an Advanced Executive Program at Wharton Business School and holds a Bachelor of Commerce Hons and a
Master of Commerce. She is currently a director of Super Retail Group and two Not for Profit organisations being the Alannah and
Madeline Foundation and the Virgin Australia Melbourne Fashion Festival.
Graeme Henry Wong
Director, Independent BCA (HONS) Bus Admin, INFINZ (Fellow)
Graeme Wong has a background in stock broking, capital markets and investment. He was founder and executive chairman of
Southern Capital Limited which listed on the NZX Main Board and evolved into Hirequip New Zealand Limited. The business was sold to
private equity interests in 2006.
Previous directorships include New Zealand Farming Systems Uruguay Limited, Sealord Group Limited, Tasman Agriculture Limited,
Magnum Corporation Limited and At Work Insurance Limited and alternate director of Air New Zealand Limited.
Graeme is currently chairman of Harbour Asset Management Limited, director of CMT Industries Limited, Areograph Limited, Tourism
Holdings Limited, Southern Capital Partners (NZ) Limited together with a number of other private companies. He is also a member of
the Trust Board of Samuel Marsden Collegiate School and member of the Management Board of The Bible Society Development (New
Zealand) Incorporated.
Christopher James Judd
Director, Manager Appointee
Chris Judd has over 29 years’ experience in the property industry including a 15 year association with property and property funds in
New Zealand. Chris is the Head of Real Estate Funds Management for AMP Capital Australia with executive and governance
responsibilities in Australia and New Zealand. He is a director of AMP Haumi Management Limited and director of AMP Capital (New
Zealand) Limited. He is a registered valuer being an Associate of the Australian Property Institute. Chris was the inaugural chairman of
the Property Council of Australia’s Unlisted Property Roundtable and is a member of the International and Capital Markets Division
Committee.
Robert James Campbell
Director, Shareholder Appointee
Rob Campbell is an appointee of Haumi Company Limited. He has over 30 years’ experience in investment management and
corporate governance.
Rob is currently chairman and director of SKYCITY Entertainment Group Limited, Summerset Group Holdings Limited, Tourism Holdings
Limited, WEL Networks Limited and UltraFast Fibre Limited. He is also a director of, or advisor to, a number of hedge and private equity
funds in a number of countries and earlier this year was appointed to the Capital Markets Taskforce 2029. Rob trained as an economist
and has worked in a variety of capital market advisory and governance roles over a long period.
Mohammed Al Nuaimi
1.
Director, Manager Appointee, CFA
Mohammed is a Senior Investment Manager in the Real Estate and Infrastructure Department at Abu Dhabi Investment Authority
(ADIA). He joined ADIA in January 2008 and moved to the Real Estate department in early 2012. He is in the AsiaPacific investment
team covering Australia and New Zealand. He is a director of Haumi Company Limited, Haumi Development Auckland Limited, HIP
Company Limited and AMP Haumi Management Limited.
Mohammed has a Bachelor of IT Security from the United Arab Emirates University and he is a CFA charter holder since September
2011.
1. Anthony Bertoldi is the alternate Director for Mohammed Al Nuaimi. Anthony is the Deputy Head – Asia Pacific at ADIA.

42
Executive team.
Executive team.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
From left to right: Andrew Buckingham, George Crawford, Lauren Joyce, Scott Pritchard, Richard Hilder, Nicola McArthur, Kym Bunting, and Edward Timmins on Level 10
at Generator Britomart Place, Auckland.
Scott Pritchard
Chief Exexutive Officer
Scott has led the team since 2010 being responsible for the overall strategy and operations of Precinct. Scott has extensive experience
in property funds management, development and asset management.
His previous experience includes various property roles with NZX-listed entities Goodman Property Trust, Auckland International Airport
Limited and Urbus Properties Limited.
Scott holds a Masters degree in Management from Massey University. He is a member of the Property Council’s national council and a
trustee of the Keystone Property Trust and the Tania Dalton Foundation.
George Crawford
Chief Operating Officer
George joined Precinct in late 2010 as Chief Financial Officer and in 2015 was appointed as Precinct's Chief Operating Officer. George
leads the property team with responsibility for the performance of the investment portfolio, as well as taking a leading role in strategy,
development and major projects. He also retains responsibility for risk and compliance, human resources and provides input to
financial and capital management strategy.
After gaining experience with a large accountancy firm in the United Kingdom, George moved to New Zealand and worked for
Fonterra and PwC before joining Goodman Property Trust, where he was Chief Financial Officer.
George has a Bachelor of Science Honours degree from Edinburgh University and qualified as a Chartered Accountant in the United
Kingdom.

43
Executive team.
ANNUAL REPORT 2019
Richard Hilder
Chief Financial Officer
Richard was appointed Chief Financial Officer in 2017, prior to this he held the role of General Manager of Finance. He is responsible for
investor relations, financial planning and analysis, the execution of capital management initiatives and treasury management
alongside leadership of the finance and analyst teams. He has been instrumental in developing and implementing Precinct’s long-
term strategy. Richard is also the Chair of Precinct's Sustainability Committee which encompasses ESG topics material to Precinct.
Prior to joining Precinct in 2010 Richard worked in the United Kingdom for Goodman Group’s European Funds Management business
where he gained experience in capital structuring, fund management and developments in both continental Europe and the United
Kingdom. Richard has worked for Goodman Property Trust and Trust Investment Management Limited in New Zealand. Richard holds a
Bachelor of Commerce (Hons) (Finance and Economics) degree from University of Auckland.
Kym Bunting
General Manager - Transactions
Kym has over 30 years’ experience with institutional investment grade property in both the listed and private sectors. Prior to joining
Precinct in 2014, Kym worked for Brookfield Office Properties, a global owner, developer and manager of premier real estate, having
responsibility for managing the company’s $1bn New Zealand operating platform. Kym has also worked for Multiplex Capital and prior
to that Amtrust, a NZ office portfolio privately owned from New York. Kym is highly experienced in portfolio strategy, and all aspects of
asset/property management, facilities management, and development. In particular, over the past 10 years Kym has developed a
strong transactional background through leading a large number of asset sales and acquisitions together with large scale office
leasing projects.
Edward Timmins
General Counsel and Company Secretary
Ed joined Precinct in early 2019 and is responsible for managing the company's legal and regulatory compliance functions.
Prior to joining Precinct Ed held a similar position at Fisher & Paykel Healthcare and has also worked for the NZ corporate law firm Russell
McVeagh either side of roles in London and Hong Kong with the multinational law firm, Allen & Overy. Ed holds a Bachelor of Laws and
Bachelor of Commerce (Economics) degrees from the University of Auckland.
Andrew Buckingham
General Manager - Development
Andrew has worked in the commercial property industry for the past 34 years both in Australia and New Zealand. He joined Precinct in
2014 and is responsible for leading Precinct’s development projects including Commercial Bay and Wynyard Quarter in Auckland
together with Bowen Campus in Wellington. Andrew has held previous senior roles at Kiwi Income Property Trust, Westfield, St Lukes
Group, CB Richard Ellis and Legal & General. He was responsible for the development and delivery of a number of major projects
including Sylvia Park shopping centre and ASB North Wharf on the Auckland waterfront. Andrew is an Associate of the Australian
Property Institute and a member of the Royal Institution of Chartered Surveyors.
Nicola McArthur
General Manager - Marketing and Communications
Nicola joined Precinct in 2012 returning to New Zealand after 10 years working in a variety of marketing roles in the United Kingdom
and Australia. Her role at Precinct is to lead the business’s marketing and communications strategies across both Precinct's investment
and development portfolio. Nicola also leads Precinct’s brand and communication strategies ensuring there is a positive presence and
understanding in the market. Maintaining optimum levels of communication with our clients, key stakeholders and consumers is
another key area for Nicola and her team. Nicola has a Master of Marketing from Melbourne Business School, a Graduate Certificate
of Corporate Management from Deakin University and a Bachelor of Arts from Auckland University.
Lauren Joyce
HR Manager
Lauren joined the business in 2011 and is responsible for devising and executing an HR strategy that attracts and retains highly skilled
professionals within Precinct and Generator. Lauren drives operational people-related projects within the business, including;
organisational transformation, change and cultural integration projects and diversity and inclusion. Lauren is a member of the Property
Council of New Zealand Diversity Committee and is currently undertaking study toward an MBA.

44
5 year summary.
5 year summary.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
(Amounts in $ millions unless otherwise stated)20152016201720182019
Financial performance
Gross rental revenue170.5146.0126.2130.7
135.8
Less direct operating expenses(48.9)(41.5)(35.8)(35.4)
(40.8)
Operating profit before indirect expenses121.6104.590.495.395.0
Net interest expense(31.4)(11.0)(3.4)(2.2)
(1.8)
Other expenses(10.4)(10.1)(9.8)(10.2)
(15.8)
Operating income before income tax79.883.477.282.977.4
Non operating income / (expense)
Unrealised net gain in value of investment and
development properties
64.881.277.5208.7
161.7
Other revenue
2.0
Other non operating income(13.5)(19.1)11.8(11.1)
(39.7)
Net profit before taxation131.1145.5166.5280.5201.4
Current tax expense(11.5)(10.6)(2.5)(6.3)
0.0
Depreciation recovered on sale expense(3.8)(10.0)0.00.0
(10.7)
Deferred tax benefit / (expense)6.613.3(1.9)(17.0)
0.3
Total taxation (expense) / benefit(8.7)(7.3)(4.4)(23.3)(10.4)
Share of profit or (loss) of joint ventures0.00.00.0-2.3
(1.1)
Net profit after taxation122.4138.2162.1254.9189.9
Dividends
Net dividend (cents)5.405.405.605.806.00
Net operating income
Operating income before income tax79.883.477.282.9
79.4
Less: Current tax expense(11.5)(10.6)(2.5)(6.3)
0.0
Net operating income after tax68.372.874.776.679.4
Net operating income after tax per share (cents)6.196.016.176.32
6.37
Dividend payout ratio to net operating income after
tax (%)
87.289.990.891.8
94.2
Funds from operations (FFO)
Net operating income after tax68.372.874.776.6
79.4
Adjusted for:
Amortisations7.36.46.47.2
7.1
Straightline rents(1.1)(0.5)(0.2)(0.4)
(0.3)
Funds from operations74.578.780.983.486.2
Funds from operations (cents)6.756.506.686.89
6.92
Dividend payout ratio based on FFO (%)80.083.183.884.2
86.7
Adjusted funds from operations (AFFO)
Less: Maintenance capex(6.6)(11.1)(5.8)(4.9)
(7.2)
Less: Incentives and leasing costs(7.1)(3.0)(9.3)(8.3)
(3.9)
Swap close outs1.6---
-
Adjusted funds from operations62.464.665.870.275.1
Adjusted funds from operations (cents)5.665.335.435.80
6.02

45
5 year summary.
ANNUAL REPORT 2019
(Amounts in $ millions unless otherwise stated)20152016201720182019
Financial position
Total investment assets1,687.81,513.71,535.41,678.8
1,870.5
Total development assets-190.4509.2838.1
923.2
Other assets65.434.534.644.8
99.7
Total assets1,753.21,738.62,079.22,561.72,893.4
Interest bearing liabilities340.0234.1456.9761.7
758.4
Other liabilities74.993.6116.7109.3
180.1
Total liabilities414.9327.7573.6871.0938.5
Total equity1,338.31,410.91,505.61,690.7
1,954.9
Number of shares (m)1211.11211.11211.11211.1
1,313.8
Weighted average number of shares (m)1103.11211.11211.11211.1
1,246.7
Net tangible assets per share (cps)1.111.171.241.401.47
Net asset value per security (cps)1.111.171.241.401.49
Share price at 30 June ($)1.141.251.241.35
1.77
Covenants
Loan to value ratio (%)20.114.425.125.0
22.4
Interest coverage ratio3.5 x6.9 x3.9 x2.4 x
2.0 x
Key portfolio metrics
Average portfolio cap rate (%)7.06.56.25.8
5.7
Weighted average lease term (years)5.06.38.7
1
8.7
9.0
1
Occupancy (% by NLA)989810099
99
1 Includes developments.
Definition - Funds from operations (FFO) and Adjusted funds from operations (AFFO)
FFO and AFFO are a non-IFRS earnings measure developed for real estate entities.
Funds from operations (FFO)
FFO is the organisation’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit
(under IFRS) for certain non-cash and other items. FFO has been determined based on guidelines established by the Property
Council of Australia and is intended as a supplementary measure of operating performance.
Adjusted funds from operations (AFFO)
AFFO is determined by adjusting FFO for other non-cash and other items which have not been adjusted in determining FFO.
A dividend payout ratio of 100% indicates a company is neither over or under paying dividend.
AFFO is considered a measure of operating cash flow generated from the business, after providing for all operating capital
requirements including maintenance capital expenditure, tenant improvement works, incentives and leasing costs.
While AFFO overcomes the limitations of FFO by considering the impact of capital requirements for operations, it can vary
dramatically year over year, depending on the lease expiry profile and level of activity in any one period.
Precinct's updated dividend policy
To pay out approximately 100% of Adjusted Funds From Operations (“AFFO”) 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.

46
GRI index.
GRI index.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct has chosen to prepare its 2019 Annual Report in accordance with the Global Reporting Intiative (GRI) Standards (core
option). The GRI Standards are the world's most widely used sustainability reporting standard.
The GRI index below shows where in this report information can be found about the indicators that are relevant to our business
operations.
General disclosures
Disclosure TitleGRILocation or Reference
Name of the organisation 102 - 1 Precinct Properties New Zealand Limited
Activities, brands, products and services 102 - 2
Page 04 - 11
https://www.precinct.co.nz/about-us/
Location of headquarters 102 - 3 Page 103
Location of operations 102 - 4 Page 103
Ownership and legal form 102 - 5
Page 78, Limited Liability Company
registered in New Zealand
Markets served 102 - 6 Page 18
Scale of the organisation 102 - 7 Page 5
Information on employees and other workers 102 - 8 Page 48
Supply chain 102 - 9 Pages 17,20, 32, 36, 52
Significant changes to the organisation and its supply chain 102 - 10 None
Precautionary principle approach 102 - 11
Precinct employs the precautionary principle
through its complaince with consents
obtained under the Resource Management
Act (RMA), in which the principle is
embedded
External initiatives 102 - 12 Page 38
Membership of associations 102 - 13 Page 38
Statements from senior decision-maker 102 - 14 Page 14 - 17, 22 and 32
Values, principles, standards, and norms of behaviour 102 - 16
https://www.precinct.co.nz/corporate-
governance
Governance and structure 102 - 18 Pages 48 - 50
List of stakeholder groups 102 - 40 Page 29
Collective bargaining agreements 102 - 41 None
Identifying and selecting stakeholders 102 - 42 Page 29
Approach to stakeholder engagement 102 - 43 Page 29
Key topics and concerns raised 102 - 44 Page 29
Entities included in the consolidated financial statements 102 - 45 Page 78
Defining content and topic Boundaries 102 - 46 Page 29
List of material topics 102 - 47 Page 29
Restatements of information 102 - 48 None
Changes in reporting 102 - 49 None
Reporting period 102 - 50 July 1, 2018 – June 30, 2019
Date of most recent report 102 - 51 2018 Annual Report (August 2018)
Reporting cycle 102 - 52 Annual
Contact point for questions regarding the report 102 - 53 hello@precinct.co.nz
Claims of reporting in accordance with the GRI standards 102 - 54 GRI Standards (Core option)
GRI content index 102 - 55 Pages 46 and 47
External assurance 102 - 56 None

47
GRI index.
ANNUAL REPORT 2019
Topic specific disclosures
Disclosure TitleGRILocation or Reference
Energy
Disclosure on management approach 103 Pages 34, 36 and 37
Energy intensity302-3 Page 37
Emissions
Disclosure on management approach 103 Page 34, 36 and 37
GHG emissions intensity 305-4 Page 37
Occupational health & safety
Disclosure on management approach 103 Page 32 and 33
Types of injury and rates of injury, occupational diseases, lost days,
and absenteeism, and number of work-related fatalities
403-2 Page 32
Diversity and equal opportunity
Disclosure on management approach 103Page 39, 48 and 49
Diversity of governance bodies and employees 405-1 Page 49
Client wellbeing – non GRI
Disclosure on management approach 103 Page 30
Partnerships and community – non GRI
Disclosure on management approach 103 Page 38
Sustainable design – non GRI
Disclosure on management approach 103Page 34
Building environmental performance – non GRI
Disclosure on management approach 103 Page 36

48
Corporate governance.
Corporate governance.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Introduction
The board of directors is responsible for the governance of
Precinct and is committed to ensuring Precinct maintains best
practice corporate governance structures with the highest
ethical standards and integrity.
Precinct's Corporate Governance Manual guides both the
directors and the manager of Precinct. It includes a Code of
Ethics, Board and Committee Charters and Policies on Securities
Trading, Audit Independence, Diversity and Inclusion, Continuous
Disclosure, Takeover and Shareholder Communications.
This section of the Annual Report reflects the company’s
compliance with the requirements of NZX Corporate
Governance Code 2019. Precinct's Corporate Governance
Manual is available on Precinct’s website (www.precinct.co.nz)
in the News and Investor Information section together with a
statement of how Precinct's corporate governance policies,
practices and processes alter from the NZX Corporate
Governance Code 2019 as at 15 August 2019. If any investor
would like a copy sent to them, please contact Precinct investor
relations.
Principle 1 – Ethical Standards
Directors set high standards of ethical behaviour, model this
behaviour, and hold management accountable for these
standards being followed throughout the organisation.
Ensuring that Precinct is governed transparently and to the
highest of ethical standards and integrity is one of the key
priorities for the board. Precinct's Code of Ethics and Financial
Products Dealing Policy are set out in the Corporate
Governance Manual and are compliant in all respects with the
NZX Corporate Governance Code recommendations.
Code of Ethics – The purpose and intent of Precinct's Code of
Ethics is to guide directors, the manager, representatives and
subsidiaries of Precinct so that their business conduct is consistent
with high business standards. The Code is not intended to be an
exhaustive list of acceptable and non-acceptable behaviour,
rather it is intended to facilitate decisions that are consistent with
Precinct’s business standards, objectives and legal and policy
obligations.
Financial Product Dealing Policy – The Financial Product Dealing
Policy applies to all directors and officers of Precinct and
management employees. No director, officer or employee may
use their position of knowledge of Precinct or its business to
engage in dealing with any Precinct listed financial products for
personal benefit or to provide benefit to any third party.
Principle 2 – Board Composition and Performance
There is a balance of independence, skills, knowledge,
experience and perspectives among directors to ensure an
effective board.
Precinct has seven directors, the majority of whom are
independent (as defined by the NZX Listing Rules). Details of
each director's experience are set out in the Board of Directors
Section of this report. All Precinct directors are non-executive
and the board composition and performance is compliant in all
respects with the NZX Corporate Governance Code
recommendations.
Independent Directors – We are committed to ensuring that a
majority of directors are independent of Precinct, and do not
have any interests, positions, associations or relationships which
might interfere, or might be seen to interfere, with their ability to
bring independent judgement to the issues before the Board.
Having regard to the factors set out in the NZX Corporate
Governance Code, the Board has determined that the following
persons are independent directors of Precinct: Craig Stobo, Don
Huse, Graeme Wong and Launa Inman. Each of these directors
was appointed by Precinct shareholders and are required to
retire by rotation.
Non-Independent Directors – Rob Campbell, Mohammed Al
Nuiami and Chris Judd are non-independent. Rob was
appointed by Haumi Company Limited in 2012 pursuant to a
provision in the constitution which grants any security holder,
holding more than 15% of our shares, the right to appoint one
director. Mohammed and Chris were both appointed in 2013 as
directors by AMP Haumi Management Limited pursuant to a
provision in the constitution which grants the manager the right
to appoint up to two directors. Anthony Bertoldi acts as alternate
director for Mohammed. The non-independent directors are not
required by Precinct’s constitution (or by rule 2.7.1 of the NZX
Listing Rules) to retire by rotation.
Subsidiary Company Directors – The directors for each of
Precinct's subsidiary companies are all executive appointments
and as at 30 June 2019 are Scott Pritchard, George Crawford,
Richard Hilder and Edward Timmins.
Board Charter – Precinct's Corporate Governance Manual
includes the Board's Charter which sets out the roles and
responsibilities of the board and management.
Board Appointment – The Remuneration and Nomination
Committee assists the board in planning its composition and is
responsible for managing the Board's succession requirements
and for nominating new director appointments. All directors
enter into a written agreement setting out the terms of their
appointment.

49
Corporate governance.
ANNUAL REPORT 2019
Diversity and Inclusion Policy – Precinct's Diversity and Inclusion
Policy is included in Precinct's Corporate Governance Manual
and includes measurable objectives which are assessed
annually. The board has developed this policy with
management to encourage a diverse and inclusive working
environment at all levels of the organisation to recruit and retain
the best talent from the widest pool of candidates and build a
culture where diversity of gender, age, ethnicity, orientation,
background, experience, skills, thought, ideas, styles and
perspective are leveraged and valued.
The gender composition of directors, officers and management
employees is as follows:
30 June 201930 June 2018
FemaleMaleFemaleMale
Directors
1 (16.7%)6 (83.3%)
1 (16.7%)6 (83.3%)
Independent
directors
1 (25%)3 (75%)
1 (25%)3 (75%)
Senior
management
3 (33%)6 (67%)
4 (40%)6 (60%)
Officers
0 (0%)4 (100%)
1 (25%)3 (75%)
Management
employees
25 (44%)32 (56%)
24 (43%)32 (57%)
For the purposes of measuring and reporting gender diversity,
the term 'officers' is defined by those that report directly to the
Precinct Board. The term 'senior management' relates to those in
the business that sit on the executive management team,
and/or have a strong influence over the organisation and are
involved in key business decisions. To be considered as a senior
management role the person must have a direct reporting line
to the CEO, COO or CFO.
Supporting the efforts to increase diversity across the
management team are secondary policies and practices
including the Equal Opportunities, Recruitment and Selection,
Study Assistance and Remuneration Policies together with a
Culture Charter and biennial anonymous staff surveys. To ensure
workplace diversity continues to evolve and be built upon a
matrix of key objectives and monitoring is undertaken on an on-
going basis.
At 30 June 2019, the average employee has been at Precinct for
4.9 years and the team includes 11 different ethnicities and has
speakers of 6 languages.
Measurable objectives
30 June
2019
30 Jun 2018
30 June
2017
30 June 2015
Gender
% of female staff
44% (25)43% (24)
38% (21)41% (15)
Age range22 - 6321 - 62
22 - 6124 - 59
Board Performance – The Board regularly reviews its performance
including its collective skills, knowledge, experience and
perspectives to identify any shortcomings and ensure that it
effectively governs the company and monitors performance in
the interests of shareholders. This includes reviewing director
tenure to ensure the independence majority is maintained.
Directors undertake appropriate training to remain current on
how to best perform their duties.
Meetings – A schedule of directors and their board meeting
attendance record for the year to 30 June 2019 is set out below.
Board of directors and attendance
Director
Independent
directorStatusDate of appointment
Board
meetings
Audit and Risk
Com.
meetings
Rem and Nom
Com. meeting
Number of meetings542
Craig StoboYesBoard Chairman4 May 2010542
Mohammed Al Nuaimi Director30 October 20133n/an/a
Anthony Bertoldi Alternate Director for Mohammed Al
Nuaimi
12 August 20144n/an/a
Rob Campbell Director2 April 2012542
Don HuseYesAudit and Risk Committee Chairman1 November 201054n/a
Launa InmanYesDirector18 November 201554n/a
Chris Judd Director29 April 20135n/a2
Graeme WongYesRem & Nom Committee Chairman1 November 20105n/a2

50
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Principle 3 – Board Committees
The board uses committees where this enhances effectiveness in
key areas while still retaining board responsibility.
For the year to 30 June 2019 there were two standing
committees of the board, being the Audit and Risk Committee
and the Remuneration and Nominations Committee. Our board
committees are compliant in all respects with the NZX Corporate
Governance Code recommendations, excluding
recommendation 3.4. The charters that exist for each committee
can be found in the Precinct Governance Manual together with
Precinct's Takeover Policy.
The Audit and Risk Committee comprises Don Huse as Chairman,
Launa Inman, Craig Stobo and Rob Campbell. The committee
was established to assist the board in discharging its duties with
respect to financial reporting, compliance and risk
management. Employees may attend Audit and Risk Committee
meetings at the invitation of the Audit and Risk Committee.
The Remuneration and Nominations Committee comprises
Graeme Wong as Chairman, Craig Stobo and Rob Campbell.
Chris Judd was appointed during the year. The committee's
purpose is to:
• provide guidance to the board when approving directors’
remuneration; and
• assist the board in planning the board’s composition,
evaluating competencies required of prospective directors
and to make relevant recommendations to the board.
The Remuneration and Nominations Committee does not
currently have a majority of independent directors. Precinct has
opted not to comply with recommendation 3.4 of the NZX
Corporate Governance Code as the Committee, which
currently comprises two independent and two non-independent
directors, is sufficiently balanced.
The Due Diligence Committee is an ad hoc committee that is
established by the board from time to time to provide guidance
and recommendations to the Board on the due diligence for
any transaction of a significant size and/or complexity. A Due
Diligence Process Memorandum is agreed each time the
Committee is established setting out its duties, responsibilities and
scope. The Due Diligence Committee met three times during the
year and comprised Don Huse, Craig Stobo, Rob Campbell,
Launa Inman and Graeme Wong.
The Board will establish other committees from time to time as
the need arises. Directors are paid the same rates as for
attendance at Due Diligence Committee meetings. Two such
committee meetings occurred this year and comprised Craig
Stobo, Don Huse, Chris Judd and Rob Campbell.
Principle 4 – Reporting and Disclosures
The Board demands integrity in financial and non financial
reporting and in the timeliness and balance of corporate
disclosures.
The Board is committed to ensuring the highest standards are
maintained in financial and non financial reporting and
disclosure of all relevant information and is compliant in all
respects with the NZX Corporate Governance Code
recommendations. A copy of Precinct's Continuous Disclosure
Policy can be found in the Precinct Governance Manual.
The Audit and Risk Committee oversees the quality and
timeliness of all financial reports, including all disclosure
documents issued by the company or any of its subsidiaries.
Precinct has moved toward integrated reporting and the annual
report includes information on Precinct's;
• Business model
• Strategy and key performance indicators
• Risk management, and
• Sustainability framework.
Precinct now reports against the Global Reporting Initiative (GRI)
Standards, shown in the Sustainability Section.
Principle 5 – Remuneration
The remuneration of directors and executives is transparent, fair
and reasonable.
The company's director remuneration structure was updated
during FY19 to provide further transparency to shareholders by
setting aside the existing director pool fee cap and instead
putting any proposed increase in director remuneration to
shareholders for approval. Such approval would apply to both
directors base fees and additional committee fees and allow the
board to recruit new directors during the year if appropriate for
succession planning. Director remuneration was last approved
by shareholders at the company's AGM in November 2018.
Our remuneration practices are compliant with the NZX
Corporate Governance Code recommendations with the
exception of having a written policy outlining the relative
weightings of remuneration components and relevant
performance criteria (recommendation 5.2) and disclosing the
same in relation to the CEO (recommendation 5.3). This is
because CEO remuneration, together with all management
remuneration, is an external management expense.
While management remuneration is not an expense of Precinct,
the board of Precinct believes that it is important for shareholders
to understand the structure of management remuneration as it is
an important determinant of management retention, motivation
and alignment between management and shareholders.
Under the Management Services Agreement, the board of
Precinct must be consulted on management remuneration.
More information on remuneration of directors, executives and
the management company can be found within the
Management Fee Structure and Remuneration report.

51
Corporate governance.
ANNUAL REPORT 2019
Principle 6 – Risk Management
The board has a sound understanding of the material risks faced
by the business and how to manage them. The board regularly
verifies that the company has appropriate processes that identify
and manage potential and material risks.
The Board has a risk management and reporting framework in
place that identifies and manages risk that may impact the
business and complies with the NZX Governance Code
recommendations in all respects.
Risk Register – A Risk Register is maintained which identifies key
risks to the business, records the likelihood and impact of each
risk and steps to mitigate the same. The Audit and Risk
Committee oversees the risk register and reviews it regularly with
management to track existing risks and the emergence of new
risks. The results of each review are reported to and reviewed by
the Board. The Risk Register is further reviewed when required in
the event the Due Diligence Committee is formed.
Financial Risk Management Policy – Our Financial Risk
Management Policy details our approach to managing financial
risks and the policies and controls that are required to mitigate
the likelihood of financial risks resulting in an adverse outcome.
This policy is reviewed by the Board annually.
Insurance – Insurance cover is in place for insurable liability and
general business risk. The primary objective of our annual
insurance programme is to protect shareholders from material
loss in the value of assets as a result of events such as fire, natural
disaster or accidental damage. This approach protects creditors
and bondholders as well.
Audit – Ernst & Young are engaged during the year to audit and
review our financial statements.
Health and Safety – Health and safety policies are embedded
throughout the business and overseen by the Health and Safety
Committee. Reporting and escalation processes are in place to
the Audit and Risk Committee and the Board.
More detail on how Precinct manages its key business risks can
be found under Risk Management in this section.
Principle 7 – Auditors
The board ensures the quality and independence of the external
audit process.
Oversight of Precinct’s external audit arrangements is the
responsibility of the Audit and Risk Committee. We do not have a
dedicated internal audit resource but we do maintain an annual
audit programme, which is overseen by the CFO and draws on
the expertise of consultants and employees. Ensuring that
external audit independence is maintained is one of the key
aspects in discharging this responsibility. The Policy on Audit
Independence, detailed in the Corporate Governance Manual,
has been adopted by the committee. This policy is compliant
with the NZX Corporate Governance Code and covers the
following areas:
• Provision of related assurance services by Precinct’s external
auditors;
• Auditor rotation; and
• Relationships between the auditor and Precinct.
The Audit and Risk Committee shall only approve a firm to be
auditor if that firm would be regarded by a reasonable investor
with full knowledge of all relevant facts and circumstances as
capable of exercising objective and impartial judgement on all
issues encompassed within the auditor’s engagement.
The external auditors shall annually confirm their compliance with
professional standards and ethical guidelines of Chartered
Accountants Australia and New Zealand (CAANZ) to evidence
their competence.
Principle 8 – Shareholder rights and relations
The board respects the rights of shareholders and fosters
constructive relationships with shareholders that encourage them
to engage with the company.
The Board is committed to achieving best practice investor
relations. Financial and operational information and key
corporate governance information (including Precinct's
Shareholder Communications Policy) can be accessed at
www.precinct.co.nz.
An annual investor relations plan has been established and is
reviewed annually. This plan details the investor relations
approach to e-communications, roadshows, investor briefings,
site visits, blackout periods, financial reporting and other items.
Enquiries from shareholders can be voiced at the Annual
General Meeting, or emailed through using the contact details
on our website. A key objective of the plan is to ensure accurate
continuous disclosure to the NZX.
Precinct shareholder approval of major decisions is sought in
accordance with the Listing Rules. Precinct designed its capital
raising structure for the $151.8 million underwritten placement
and underwritten retail offer to provide an equitable treatment
of equity shareholders by seeking to maintain pro-rata
shareholdings for existing investors. In 2018 Precinct posted a
copy of its notice of annual meeting on its website at least 20
working days prior to its annual meeting of shareholders.

52
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Risk Management
Our Approach
Precinct has carried out a robust risk assessment process and is committed to providing a clear risk management and reporting
framework for the business to operate under to achieve its objectives, whilst ensuring all risks are understood and managed.
Reporting Framework
Responsible groupDescription of responsibility
Precinct Board
• Determine the nature and extent of the risks it is willing to take to
achieve the business strategy
• Establish the parameters for each risk
Audit and Risk
Committee
• Delegated authority in assessing effectiveness of internal controls
and risk management processes
• Delegated authority to regularly oversee and review the Risk
Register
Executive
• Input into Board's process for setting risk parameters
• Lead management's approach to risk
• Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health and safety
committee
• Implement and maintain risk management policies
• Create an environment that embraces risk management
• Audit and monitor all live sites
ContractorsEmployeesOther
• Day-to-day responsibility of managing risk
• Report and maintain internal risk and hazard registers
Key Business Risks
External
Risks and impactsHow we manage the riskMovement in the period
Economy and property market
Market risk arises from adverse changes
in the New Zealand economic
environment, regulatory environment
and the broader investment market.
Changes may result in an impact in
property values and amount of income
generated by them.
Maintain a proactive and strategic
approach to manage property risks it
can influence.
Providing quality premises matched by
high service levels and building strong
relationships.
Undertake annual business planning
process to review the portfolio and
help mitigate these risks.
►
The New Zealand economy continues
to expand albeit at a subdued pace to
prior periods. Conditions remain
favourable for Precinct and are
expected to continue for the near
term.
Occupier market and client default
A weakening occupier market through
lack of business activity and investment,
as well as unanticipated client default,
can directly impact the income and
value of each individual asset.
Insurance risk
The risk of being unable to continue to
obtain insurance cover, or following an
event, not having sufficient cover in
place to repay creditors. This could
result in significant business interruption.
Engage directly with a wide range of
local and international insurers.
Ensure the insurance market has a
good understanding of the portfolio
and its risks.
►
Precinct continues to secure insurance
coverage with policy renewals recently
agreed.

53
Corporate governance.
ANNUAL REPORT 2019
Internal
Risks and impactsHow we manage the riskChangeMovement in the period
Development
Development risk
Development projects are inherently
subject to uncertainties. They are
entered into on the basis of assumed
future costs, values and income levels.
An increased level of development risk
has the potential to make meeting
covenant obligations and overall
solvency challenging.
Ensure expected returns from
developments adequately
compensate Precinct for the level of
risk undertaken before each project is
approved.
Through due diligence, we understand
the project risks before commitment.
Before commitment, ensure sufficient
funding is in place and committed
gearing is maintained within
acceptable levels.
Establishing a procurement plan and
engaging contractors early to mitigate
cost escalation or contractor default.
Undertake substantial pre-leasing prior
to commencement of development.
▼
Precincts development risk continues to
decrease with several projects
completing in the period. Of the
projects currently underway, the overall
risk is reduced through high levels of
leasing achieved to-date.
The construction market remains under
pressure. Precinct’s exposure is limited
to these pressures through fixed price
contract agreements.
Financial
Interest rate management
Interest rate risk arises through changes
in interest rate market conditions
leading to earnings volatility or breach
of interest cover covenant levels.
Manage by aligning the interest rate
re-pricing profile with the re-pricing
profile of Precinct's gross rental
income.
Establish interest rate swaps to
manage exposure within a band
reviewed by the Board annually and
monitored by the Audit and Risk
Committee and board quarterly.
▼
Interest rates reduced during the
period, reaching historical lows. These
levels are expected to remain in the
near term.
Refinancing risk (liquidity)
Having insufficient funds to refinance
debt when it falls due and sustain the
ongoing operations of the business.
Implemented a Financial Risk
Management Policy in 2011 which is
reviewed annually providing a clear
framework in which to operate under
whilst ensuring risks are managed and
understood.
Diversified funding away from sole
reliance on bank funding through
alternative sources.
Staggering the maturity profile of
facilities providing adequate time to
pursue alternatives to refinancing.
▼
Refinance risk has reduced with new
bank debt secured in July 2018 as well
as the capital initiatives undertaken
through the period. Precinct currently
has sufficient funding in place to deliver
on all committed projects.

54
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Risks and impactsHow we manage the riskChangeMovement in the period
Gearing levels
An increase in gearing levels outside
suitable industry standards could
increase the risk of breaching financing
covenants and may increase
borrowing costs.
Implemented a Financial Risk
Management Policy in 2011 which is
reviewed annually.
Ensure no capital commitment is
entered into without sufficient funding
in place.
Maintain adequate headroom in
relation to gearing covenants to
withstand portfolio devaluations which
may be anticipated through the
property cycle.
▼
As developments progress, gearing
levels increase but remain within
internal policy parameters due to
Precinct's proactive funding strategy.
People
Staff
Staff are critical to ongoing success
and execution of strategy. Failure to
maintain a high level of experience
and skill could impact business
performance.
Ensure a strong focus on team
engagement and enhancement.
Maintain ongoing succession planning
and retention structures within the
company.
Regularly review performance
appraisals of employees and directors
and benchmark remuneration
packages with the wider market.
▲
The business continues to experience
growth as the strategy is delivered with
human resources remaining a key
priority for the business.
Health and safety
Unsafe work environments may lead to
accidents (employees, clients,
contractors and visitors) resulting in
harm to people, financial loss and/or
business continuity.
Provide ongoing individual, group and
industry training.
Maintain a hazard register that
identifies hazards where contractors
are required to take precaution.
Registers are subject to annual review.
Monitor any live sites to ensure
oversight of Health and Safety matters.
Ensure contractor pre-qualification.
Provide training and KPI's for all
Precinct staff.
▲
Appropriate monitoring and reporting
continue to be implemented and
refined to mitigate any potential risk. As
developments have been completed
during the period, the health and
safety exposure has reduced, albeit
remains a strong focus for the business.
Further information on Health and
Safety is included in the Sustainability
section.

55
Corporate governance.
ANNUAL REPORT 2019
Management fee structure
Management services agreement
The management services agreement with AMP Haumi
Management Limited was entered into on corporatisation in
2010 (
the Management Agreement
). The Management
Agreement details the material services that are to be
performed, and fees charged, by AMP Haumi Management
Limited in its capacity as manager of Precinct. The Management
Agreement was amended in 2011 and 2016.
A copy of the Management Services Agreement as amended is
available on the Precinct website.
On establishment of the Joint Venture with Invesco in relation to
the ANZ Centre, Precinct and Invesco entered into an additional
management services agreement with AMP Haumi
Management Limited to reflect Invesco's 50% share, substantially
on the same terms as the Management Agreement.
Management services fee
The manager is entitled to three fees under the Management
Agreement:
• a base management services fee;
• a performance fee; and
• additional services fees.
Base management services fee
The base management services fee is payable in three tiers and
calculated by reference to the Value of Investment Property.
Value of Investment Property ("VIP") means, the total value of all
real property assets owned or leased by Precinct as determined
in accordance with GAAP. Adjustments for revaluations, capital
expenditure, acquisitions and disposals are made on a pro rata
basis each month.
Development properties, including land, are excluded from the
VIP. A property is classified as a development property if it is
under construction or is vacant and undergoing (or likely to
undergo) refurbishment work during the year. This classification is
for the purposes of calculating AMP Haumi Management's
limited base management services fee only and does not in any
way classify the tenantability or otherwise of a property.
Refurbishment work includes all design and other pre-contract
investigation and consultant work.
The base management services fee is payable in respect of
these properties upon receipt of a certificate of practical
completion for each property.
The three tiers of payment are as follows:
• 0.55% per annum of the VIP to the extent that the VIP is less
than or equal to $1billion; plus
• 0.45% per annum of the VIP to the extent that the VIP is
between $1,000,000,001 and $1.5billion; plus
• 0.35% per annum of the VIP to the extent that the VIP
exceeds $1.5billion;
plus GST (if any).
The base management services fee is paid to the manager
monthly in arrears in cash.
Performance fee
The performance fee is based on Precinct’s relative
outperformance over other NZX listed property entities. Key
features of the performance fee are:
• The performance fee is payable quarterly in arrears and in
cash.
• Precinct’s quarterly performance (expressed as a percentage
return) is determined, based on the 5 day volume weighted
average Precinct share price movement on NZX at the open
and close of that quarter plus gross distributions paid in the
quarter (“Shareholder Return”).
• Precinct’s quarterly performance is then benchmarked
against an NZX Property Index (excluding Precinct) return
(calculated including the value of imputation credits of
constituent members of that index), also expressed as a
percentage return (“Benchmark Return”).
• “Outperformance” (or “underperformance”) is determined,
being the difference between the Shareholder Return and
the Benchmark Return.
An “Initial Amount” (or “Deficit”) is then determined, being 10%
of that Outperformance (or underperformance) multiplied by an
amount reflecting Precinct’s market capitalisation for that
quarter. The Initial Amount (or Deficit) is then credited to the
“Carrying Account”.
• The performance fee for any quarter is then equal to the
credit balance (if any) in the Carrying Account at that time,
subject to two limitations:
– the performance fee in any quarter is limited to the
“Performance Cap”, which is, effectively, 0.125% of an
amount reflecting Precinct’s market capitalisation for that
quarter. The extent to which the performance fee would
otherwise have exceeded the Performance Cap will
remain in the Carrying Account and be carried forward to
the following quarter; and
– no performance fee is payable in respect of a quarter if
Precinct’s absolute Shareholder Return in that quarter is
negative, even if it is above the Benchmark Return. Rather,
the Initial Amount (calculated by reference to the
Outperformance in that quarter) will be credited to the
Carrying Account and carried forward to the following
quarter. Any Initial Amount credited to the Carrying
Account which is not used up in paying performance fees
or in off-setting subsequent Deficits will effectively expire
two 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 two years after it is
debited against the Carrying Account.

56
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Management Services
Base management services
The base management services to be provided by the manager
include:
• Corporate and fund management services, being, in general,
those services which are necessary as part of the day-to-day
management of a major corporate enterprise including the
provision of support to the board, company secretarial
matters, reporting, engaging and dealing with advisers,
managing payments and accounts, financial management
and reporting, record keeping, Listing Rules and regulatory
compliance, capital management and research and
monitoring.
• Portfolio and asset management services, being, in general,
those services which are necessary as part of managing a
major property portfolio including identifying opportunities,
submitting proposals to the board, managing the
implementation of board approved proposals, performance
monitoring, budgeting, reporting, relationship management,
development and implementation of annual asset
management plans and documentation management.
The manager is permitted to sub-contract some or all of the base
management services, but only with the board’s consent (not to
be unreasonably withheld). The manager will continue to be
responsible for delivery of any sub-contracted services.
Additional services
In addition to the base management services, the manager is
also responsible for providing additional services to Precinct,
relating to property and facilities management, leasing,
development management, project management and delivery
and property acquisition and divestment services (additional
services).
The additional services may be provided by the manager or any
person approved by the manager, provided such party has
sufficient expertise and resources available to it to perform the
service. No person may be engaged to perform additional
services without board approval or authorisation under
delegated authorities approved by the board.
The additional services are not included within the base
management services fee payable under the Management
Agreement and are subject to a market review every two years.
The next market review is due in September 2020. The fees for
these services are payable by Precinct and are detailed within
the Remuneration Report.
Reimbursement of costs
The manager is also entitled to be reimbursed for specified items
of expenditure incurred on Precinct’s behalf (these costs are not
included within the fees payable under the Management
Agreement).
Resourcing
Other than in respect of the Generator business, Precinct does
not employ any staff, including senior executives. All personnel,
including Precinct’s Chief Executive Officer, Chief Operating
Officer and Chief Financial Officer, are provided by the
manager – which is responsible for providing access to, or
otherwise employing, all staff necessary to perform its obligations.
Although Precinct does not employ its own staff, the manager
must consult with the board regarding the appointment, removal
and remuneration of the Chief Executive Officer, Chief
Operating Officer and Chief Financial Officer. Furthermore, the
manager must:
• Ensure that certain key personnel are dedicated to, and work
exclusively in providing services to, Precinct, unless agreed
otherwise by the board.
• Ensure that the employment or secondment arrangements
relating to certain key personnel require them to act in the
best interests of, and for the benefit of, Precinct and its
subsidiaries.
Term and termination
The Management Agreement has no fixed term and may be
terminated in the following ways:
By either party if the other party commits or is or becomes
subject to a default event. The default events are insolvency
type situations and circumstances which lead to a party’s
unremedied material breach of the Management Agreement. In
the case of the manager, a material breach:
• is a breach or series of related breaches which in aggregate
have a material and adverse effect on Precinct’s financial
performance, business or assets and which is unremedied or
not compensated for within 30 business days following
delivery of a detailed notice to the manager by Precinct;
• is deemed to include fraud by the manager which has a
material adverse effect on Precinct which is incapable of
compensation; and
• is deemed to include a change of control which results in a
party (other than AMP Capital Investors (New Zealand)
Limited or Haumi Development Limited Partnership, or any of
their related parties) acquiring the power to exercise or
control the exercise of 75% or more of the voting securities of
the manager, without Precinct’s written consent. Provided
that in each case Precinct may only exercise this right of
termination if the termination has been approved by a
special resolution of Precinct's shareholders (not including the
manager or its "Associated Persons").
• by the manager on six months’ written notice to Precinct.
Precinct does not have a unilateral right to terminate the
Management Agreement at its discretion.

57
Corporate governance.
ANNUAL REPORT 2019
If requested by Precinct, the manager will provide
disengagement services to Precinct following termination in
certain circumstances to assist in the transition to a new
manager or self-management.
If the Management Agreement is terminated then the manager
will not be paid any fees upon termination (other than any
accrued and unpaid fees and costs up to the termination date).
Call option
(Transfer of manager’s interests in the Management Agreement)
Any person who acquires (or acquires the right or power to
exercise or control the votes attached to) 50% or more of the
voting securities of Precinct, has a six-week period to exercise an
option to purchase the manager’s interests in the Management
Agreement (subject to certain terms and conditions as set out in
the Management Agreement). If the consideration for the
assignment of the Management Agreement cannot be agreed,
it will be set by expert determination.
Board appointment rights
The manager is entitled to appoint up to two directors to the
board and to substitute or remove such directors by notice in
writing.
This director appointment right has been exercised and is subject
to the Listing Rules (and the requirements of any ruling granted
by the NZX from time to time). Further information on the
manager appointed directors is set out in the Corporate
Governance Section of this report (see Principle 2 – Board
Composition and Performance).
Takeover code exemptions
Introduction
This section contains information required by the Takeovers Code
(AMP NZ Office Limited) Exemption Notice 2010 which was
obtained when Precinct corporatised from a unit trust in 2010.
Unless otherwise stated, the information provided in this section
of the report is as at 30 June 2019.
Any term capitalised in this section but undefined has the
meaning given to it in the above 2010 Exemption Notice.
Pre-emptive acquisitions
AMP Capital Investors International Holdings Limited (AMPCI)
and Haumi Company Limited (as general partner of the Haumi
(NZ) Limited Partnership (HNZLP)) are the current parties to a
deed dated 27 September 2010, which records certain pre-
emptive rights arrangements in respect of Precinct voting
securities held by HNZLP and AMPCI (in its own right – not in its
capacity as manager of a fund) (the
Pre-emptive
Arrangements
). The Pre-emptive Arrangements are as follows:
• If HNZLP wishes to sell, transfer or dispose of all or any of its
Precinct voting securities (or any interest (whether legal or
beneficial) in them) to any third person, or AMPCI wishes to
sell, transfer or dispose of all or any of its Precinct voting
securities held by it in its own right, and not in its capacity as a
manager of a fund, (or any interest (whether legal or
beneficial) in them) to any third person, then HNZLP or AMPCI
must first offer to sell those Precinct voting securities to the
other party at a price specified by the offeror. The offeree has
15 working days to decide whether to accept the offer.
• If the other party does not accept the offer or give notice
within the 15 working day period, then the party wishing to
sell, transfer or otherwise dispose of its Precinct voting
securities can sell the relevant Precinct voting securities to a
third party within 90 working days, provided that such sale
must be for a price and on terms no more favourable than
those offered to AMPCI or HNZLP (as the case may be).
• In addition, in the event of a “change of control”, or if a
“relevant event” occurs in respect of either HNZLP or AMPCI,
then that party is deemed to have offered to sell its Precinct
shares to the other at either an agreed price, or, if no such
agreement can be reached, such amount, per Precinct
voting security, as is equal to the volume weighted average
price of Precinct voting securities traded on the NZX during
the period of five trading days immediately preceding the
date on which the relevant sale notice is given. In the case of
AMPCI, it will only be deemed to have offered to sell its
Precinct shares held by it in its own right, and not in its
capacity as manager of a fund.
• These Pre-emptive Arrangements cease to apply if AMP
Haumi Management Limited ceases to be manager of
Precinct.

58
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Information on the number of voting securities that have been
acquired by the Combined AMPCI Parties under the Pre-emptive
Acquisitions, the percentage of all voting securities on issue that
are held or controlled by the AMPCI Parties, and the maximum
number and percentages of voting securities after the Pre-
emptive Acquisitions is set out below. Further information on the
maximum number and percentages of voting securities that may
be held by the AMPCI Parties (and their Associates) after the
acquisition of voting securities under the Combined Transactions
is set out on the following page.
Funds management acquisitions
A reference in this section of the report to a Funds Management
Acquisition is any acquisition of Precinct voting securities by a
Managed Fund. A Managed Fund is any investment fund, entity
or scheme managed by AMPCI or any subsidiary of AMPCI in the
ordinary course of the funds management business of AMPCI (or
a subsidiary), and includes any manager, trustee, or custodian of
any such fund.
The persons whose increase in voting control results or may result
from any Fund Management Acquisition are:
• the AMPCI Parties;
• any trustee or custodian of a Managed Fund; and
• in certain circumstances, where a Managed Fund is operated
for the benefit of a single client, that client (as a result of
having the ability, under the investment management
arrangements with the relevant AMPCI Party, to direct the
exercise of voting rights controlled by the relevant AMPCI
Party in respect of that Managed Fund).
The percentage of Precinct voting securities at any time held or
controlled by the AMPCI Parties as a result of the Funds
Management Acquisitions has not exceeded 4.9% of the total
Precinct voting securities on issue.
Information on the maximum numbers and percentage of all
voting securities on issue that may be held or controlled by the
AMPCI Parties (and their Associates) after any Fund
Management Acquisition or after the acquisition of voting
securities under the Combined Transactions is set out on the
following page.
Employee share scheme acquisitions
The manager has established the AMP Haumi LTI Bonus Scheme
(
LTI Scheme
) as a long term incentive scheme for selected
employees of the manager (
Eligible Employees
) who are
engaged in operating Precinct’s business. The key terms of the
LTI Scheme are:
• Eligible Employees are invited to borrow an interest free
amount (Loan) from the manager. The Loan amount is
determined based on the agreed performance criteria for
the LTI Scheme (which is based on the performance of
Precinct and the manager).
• The Loan is advanced to AMP Haumi LTI Trustee Limited (the
Employee Share Scheme Administrator), who uses the Loan to
purchase Precinct shares on-market (the Employee Share
Scheme Acquisitions), and then holds those Precinct shares
on trust for the Eligible Employees in accordance with the
rules of the LTI Scheme.
• Participants who remain employed by the manager for the
duration of the Loan period receive a bonus equal to the
amount of the Loan, which may be used to repay the Loan.
The rules of the LTI Scheme contain a mechanism which
protects participants from changes in market value of the
Precinct shares.
• Participants are entitled to Precinct shares held for them by
the Employee Share Scheme Administrator only once they
have satisfied the vesting requirements of the LTI Scheme.
• Participants who cease to be employed by the manager
before satisfying the vesting requirements of the LTI Scheme
are not entitled to the Precinct shares held for them by the
Employee Share Scheme Administrator. Those participants are
required to repay their Loan when their employment
terminates, but the Employee Share Scheme Administrator will
sell the Precinct shares held for that participant and use the
sale proceeds towards repayment of the Loan.
Employee Share Scheme Acquisitions will or may result in the
Employee Share Scheme Administrator, the manager or the
Eligible Employees increasing their voting control of Precinct.
The percentage of voting securities at any time held or
controlled by the Employee Share Scheme Administrator and the
manager as a result of the Employee Share Scheme has not
exceeded 1% of the total voting securities on issue.
Information on the maximum percentages of voting securities
that may be held or controlled by the Employee Share Scheme
Administrator or the manager (and their Associates) after any
Employee Share Scheme Acquisition is set out on the following
page. Further information on the maximum percentage of voting
securities that may be held by the Employee Share Scheme
Administrator or the manager (and their Associates) after the
Combined Transactions is set out on the following page.

59
Corporate governance.
ANNUAL REPORT 2019
Disclosure of numbers and percentages of voting securities
Pre-emptive arrangements
The number of voting securities that have been acquired by the AMPCI Parties under the Pre-emptive Arrangements as at 28 June
2019, the percentage of voting securities on issue that are held or controlled by the AMPCI Parties as at 28 June 2019, and the potential
maximum numbers and percentages of voting securities that could be held or controlled by the AMPCI Parties after the Pre-emptive
Acquisitions are as follows:
Exempted person
Number of voting
securities that have been
acquired under the Pre-
emptive Acquisitions
% of voting securities on
issue that are held or
controlled
% of all voting securities
on issue that are held or
controlled with Associates
Maximum % of all voting
securities on issue that
could be held or
controlled after the Pre-
emptive Acquisitions
Maximum % of all voting
securities on issue that
could be held or controlled
with Associates after the
Pre-emptive Acquisitions
AMPCI Parties Zero
1
2.08
2
17.51
2
21.3521.411
These figures are calculated on the basis that only the Corporatisation Transfer and the Pre-emptive Acquisitions occur, and that there is no change in the number of
voting securities on issue after 28 June 2019.
1 The figure is calculated on the basis that no voting securities in Precinct have been acquired under the Pre-emptive arrangements.
2 These figures are calculated on the basis of the total holdings of voting securities in Precinct by the AMPCI Parties (and their Associates, as applicable) as at 28 June
2019 and that there is no change in the number of voting securities on issue after 28 June 2019.
Fund management acquisitions
The potential maximum numbers and percentages of voting securities that could be held or controlled by the AMPCI Parties after the
Funds Management Acquisitions are as follows:
Exempted person
Maximum % of all voting securities on issue that could be
held or controlled as a result of Funds Management
Acquisitions
Maximum % of all voting securities on issue that could be
held or controlled with Associates as a result of Funds
Management Acquisitions
AMPCI Parties4.900024.961
The figures in this table are calculated on the basis that only the Corporatisation Transfer and the Fund Management Acquisitions occur, and that there is no change in
the number of voting securities on issue after 28 June 2019.
Employee share scheme acquisitions
The potential maximum numbers and percentages of voting securities that could be held or controlled by the manager and the
Employee Share Scheme Administrator as a result of the Employee Share Scheme Acquisitions are as follows:
Exempted person
Maximum % of all voting securities on issue that could be
held or controlled as a result of the Employee Share
Scheme Acquisitions
Maximum % of all voting securities on issue that could be
held or controlled with Associates as a result of the
Employee Share Scheme Acquisitions
Employee Share Scheme Administrator1.000022.35*
The manager1.000022.35*
Total1.000022.35
The figures in this table are calculated on the basis that only the Corporatisation Transfer and the Employee Share Scheme Acquisitions occur, and that there is no
change in the number of voting securities on issue after 16 August 2019. The figures marked * are made on the basis that the Employee Share Scheme Administrator and
the manager are not Associates of each other.
Combined transactions
The potential maximum numbers and percentages of voting securities that could be held or controlled by the AMPCI Parties, the
Employee Share Scheme Administrator, the manager and the Employee Share Scheme and the manager combined are as follows:
Exempted person
Maximum % of all voting securities on issue that could be
held or controlled as a result of all transactions
Maximum % of all voting securities on issue that could be
held or controlled with Associates as a result of all
transactions
AMPCI Parties24.900025.9000
Employee Share Scheme Administrator1.000025.9000*
The manager1.000025.9000*
Employee Share Scheme Administrator
and the manager (combined)
1.000025.9000
The figures marked * are made on the basis that the Employee Share Scheme Administrator and the manager are not Associates of each other.
The maximum % shown in the above tables are calculated on the basis of the Takeovers Code exemption including that there is no
change to the total number of voting securities on issue after 16 August 2019. Details of which can be fund in Precinct’s Corporation
Proposal Information Pack dated 5 October 2010.

60
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
NZX Rulings and Waivers
This section contains information required by NZX Markets
Supervision Waiver Decisions.
2010 Corporatisation
This section contains information required by NZX Markets
Supervision Waiver Decisions.
NZX granted, subject to a number of conditions, waivers from,
and made rulings in respect of, the following (previosuly
applicable) Listing Rules in respect of Precinct:
A waiver from Listing Rule 9.2, for any requirement for any
acquisition of the manager’s interest in the Management
Agreement pursuant to the right of any person (under the
Management Agreement) who acquires more than 50% of
Precinct shares, to be approved by an ordinary resolution of
shareholders under Listing Rule 9.2.1. This waiver is conditional on:
• the terms and conditions of the Management Services
Agreement not being materially altered as part of the
transaction, (unless such alterations are approved by an
ordinary resolution of shareholders under Listing Rule 9.2 or
otherwise made in accordance with any waiver granted by
NZX) and;
• the effects and conditions of the waiver, being set out in
each annual report, offer document or prospectus of
Precinct. It was also conditional on those details being set out
in the offer document for the proposal to corporatise ANZO,
and on the new management agreement being approved
by unit holders of ANZO.
A waiver from Listing Rule 3.3, to the extent required, to permit:
• the manager to appoint up to two directors, and those
directors to be excluded from the obligation to retire pursuant
to Listing Rule 3.3.11;
• to permit any shareholder holding more than 15% of Precinct
shares (15%+ Shareholder) to appoint one director, even if
that shareholder is an associate of the manager, and any
such director to be excluded from the obligation to retire
pursuant to Listing Rule 3.3.11;
• any director appointed by the manager to be excluded from
the number of directors upon which is based the calculation
of the number of directors required to retire under Listing Rule
3.3.11.
This waiver is conditional on the following:
• the ability of the manager to appoint two directors being
approved by unit holders of ANZO (at the meeting to
approve the trust converting to a corporate structure);
• Precinct’s constitution containing certain provisions, and
these remaining in effect and materially unaltered. These
included provisions to the effect that:
a. a majority of the directors must be independent of the
manager and persons who control the manager;
b. if a 15%+ Shareholder appoints a director, the board must
have a minimum of seven directors;
c. no 15%+ Shareholder who has exercised a right to appoint
a director shall have the right to vote on the election of
other directors (which was itself a separate condition);
d. any director appointed by a 15%+ Shareholder must be
included in the number of directors upon which is based
the calculation of the number of directors required to retire
under Listing Rule 3.3.11.
• the waiver, its effects and conditions are set out in each
annual report and offer document of Precinct;
• each director appointed by the manager is identified in
Precinct’s annual report as having been so appointed, and
as not being subject to retirement by rotation;
• if the manager elects not to appoint two directors (and
removes, or procures the resignation of, any directors
appointed by it), the conditions as to election of directors
independent of the manager shall not apply.
Precinct has applied to NZX to apply these waivers to the
equivalent provisions of the NZX Listing Rules dated 1 January
2019, to which the company transitioned on 13 February 2019,
until which time Precinct will rely on the class ruling issued by the
NZX that carries over existing waivers until 30 June 2020.
Non-standard Designation
Pursuant to these waivers, Precinct’s constitution contains certain
provisions which are not ordinarily contained in the constitution
of a company listed on the NZX, including provisions allowing for
the appointment of directors by the manager and by any
shareholder holding more than 15% of Precinct shares. Precinct
has been given a non-standard designation by NZX due to the
inclusion of these provisions in its constitution.

61
Investor information.
As at 30 June 2019
Investor information.
ANNUAL REPORT 2019
Shareholder information
Twenty largest shareholders
RankShareholderNumber of shares% of shares
1.HSBC NOMINEES (NEW ZEALAND) LIMITED307,344,66223.39
2.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND71,571,7525.45
3.ACCIDENT COMPENSATION CORPORATION68,153,2995.19
4.CITIBANK NOMINEES (NEW ZEALAND) LIMITED67,982,1945.17
5.FORSYTH BARR CUSTODIANS LIMITED62,916,9204.79
6.FNZ CUSTODIANS LIMITED57,239,5434.36
7.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET42,009,7853.20
8.INVESTMENT CUSTODIAL SERVICES LIMITED38,032,2462.89
9.BNP PARIBAS NOMINEES (NZ) LIMITED36,375,0942.77
10.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED35,073,5282.67
11.NATIONAL NOMINEES NEW ZEALAND LIMITED34,897,5192.66
12.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT29,444,6242.24
13.CUSTODIAL SERVICES LIMITED24,094,1111.83
14.ANZ WHOLESALE PROPERTY SECURITIES21,563,7511.64
15.BNP PARIBAS NOMINEES (NZ) LIMITED19,112,9161.45
16.CUSTODIAL SERVICES LIMITED17,549,7731.34
17.MFL MUTUAL FUND LIMITED14,056,8151.07
18.CUSTODIAL SERVICES LIMITED13,189,8991.00
19.NEW ZEALAND DEPOSITORY NOMINEE LIMITED12,067,1180.92
20.JBWERE (NZ) NOMINEES LIMITED11,950,7870.91
Total Top 20 holders of Ordinary Shares984,626,33674.95
Source: Computershare
Shareholder distribution
RangeTotal holdersShares% of issued capital
1 - 992820.00
100 - 19922350.00
200 - 4994613,1010.00
500 - 9999965,6840.00
1,000 - 1,999188252,3840.02
2,000 - 4,9996792,309,1200.18
5,000 - 9,9991,3409,602,0080.73
10,000 - 49,9993,97389,371,4426.80
50,000 - 99,99972748,696,7983.71
100,000 - 499,99937166,028,2095.03
500,000 - 999,9992617,926,0181.36
1,000,000 and over461,079,498,96882.17
Total7,4991,313,764,049100.00
Source: Computershare

62
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Substantial Financial Product Holders
Quoted financial product holder
Number of
ordinary shares
held at date of
notice
%Date of notice
AMP Capital Investors International Holdings Limited (ACIIHL)
1
257,079,95519.7927.02.2019
ANZ New Zealand Investments Limited121,573,5469.25412.03.2019
ANZ Bank New Zealand Limited35,213,2932.6812.03.2019
ANZ Custodial Services New Zealand Limited35,593,1672.70912.03.2019
Accident Compensation Corporation60,647,2015.00816.04.2018
Note the number of shares above are according to notices filed only if the total number of a shareholder changes by 1% or more since the last notice filed.
Source: NZX Substantial shareholder notices
1 AMP Capital Investors International Holdings Limited substantial security holder notice includes the Precinct shares of Haumi Company Limited (consisting 230,394,666
ordinary shares or 17.737%).
Quoted financial product holder
$ amount of
convertible notes
held at date of
notice
%Date of notice
Forsyth Barr Investment Management Limited23,044,81315.36321.03.19
Source: NZX Substantial shareholder notices
The total number of ordinary shares on issue as at 30 June 2019 was 1,313,764,049. The total principal amount of convertible notes on
issue as at 30 June 2019 was $150,000,000.
Donations
The Group made donations of $110,000 during the year to 30 June 2019 to Auckland City Mission and Wellington City Mission.
Bondholder information
Twenty largest PCT010 bondholders
RankBondholderNumber of bonds% of total
1.ACCIDENT COMPENSATION CORPORATION9,000,00012.00
2.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT8,012,00010.68
3.INVESTMENT CUSTODIAL SERVICES LIMITED6,652,0008.87
4.FNZ CUSTODIANS LIMITED4,373,0005.83
5.CITIBANK NOMINEES (NEW ZEALAND) LIMITED4,250,0005.67
6.FORSYTH BARR CUSTODIANS LIMITED4,235,0005.65
7.CUSTODIAL SERVICES LIMITED2,988,0003.98
8.ANZ BANK NEW ZEALAND LIMITED2,193,0002.92
9.MINT NOMINEES LIMITED2,112,0002.82
10.CUSTODIAL SERVICES LIMITED1,732,0002.31
11.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED1,560,0002.08
12.FNZ CUSTODIANS LIMITED1,530,0002.04
13.CUSTODIAL SERVICES LIMITED1,421,0001.89
14.CUSTODIAL SERVICES LIMITED1,095,0001.46
15.CUSTODIAL SERVICES LIMITED1,030,0001.37
16.NEW ZEALAND METHODIST TRUST ASSOCIATION1,000,0001.33
17.INVESTMENT CUSTODIAL SERVICES LIMITED500,0000.67
18.WESTPAC BANKING CORPORATE NZ FINANCIAL MARKETS GROUP485,0000.65
19.INVESTMENT CUSTODIAL SERVICES LIMITED480,0000.64
20.THEAN SENG CHOW & KIM KEAT LIM450,0000.60
Total Top 20 holders of PCT010 bonds55,098,00073.46
Source: Computershare

63
Investor information.
ANNUAL REPORT 2019
Bondholder distribution - PCT010
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99935190,0000.25
10,000 - 49,9992444,990,0006.65
50,000 - 99,999613,630,0004.84
100,000 - 499,9996712,507,00016.68
500,000 - 999,9991500,0000.67
1,000,000 and over1653,183,00070.91
Total42475,000,000100.00
Source: Computershare
Twenty largest PCT020 bondholders
RankBondholderNumber of bonds% of total
1.FORSYTH BARR CUSTODIANS LIMITED16,336,00016.34
2.FNZ CUSTODIANS LIMITED14,130,00014.13
3.NATIONAL NOMINEES NEW ZEALAND LIMITED10,984,00010.98
4.INVESTMENT CUSTODIAL SERVICES LIMITED7,830,0007.83
5.CITIBANK NOMINEES (NEW ZEALAND) LIMITED6,500,0006.50
6.HSBC NOMINEES (NEW ZEALAND) LIMITED4,250,0004.25
7.CUSTODIAL SERVICES LIMITED3,372,0003.37
8.FORSYTH BARR CUSTODIANS LIMITED3,011,0003.01
9.CUSTODIAL SERVICES LIMITED2,458,0002.46
10.CUSTODIAL SERVICES LIMITED1,723,0001.72
11.CUSTODIAL SERVICES LIMITED1,070,0001.07
12.BNP PARIBAS NOMINEES (NZ) LIMITED1,000,0001.00
13.TEA CUSTODIANS LIMITED1,000,0001.00
14.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED810,0000.81
15.INVESTMENT CUSTODIAL SERVICES LIMITED800,0000.80
16.CUSTODIAL SERVICES LIMITED764,0000.76
17.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED650,0000.65
18.INVESTMENT CUSTODIAL SERVICES LIMITED510,0000.51
19.INVESTMENT CUSTODIAL SERVICES LIMITED500,0000.50
20.JPMORGAN CHASE BANK500,0000.50
Total Top 20 holders of PCT020 bonds78,198,00078.20
Source: Computershare
Bondholder distribution - PCT020
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99945266,0000.27
10,000 - 49,9994188,926,0008.93
50,000 - 99,999854,974,0004.97
100,000 - 499,999487,636,0007.64
500,000 - 999,99974,534,0004.53
1,000,000 and over1373,664,00073.66
Total616100,000,000100.00
Source: Computershare

64
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Convertible Noteholder Information
Twenty largest noteholders
RankNoteholderNumber of notes% of total
1.FORSYTH BARR CUSTODIANS LIMITED31,818,49921.21
2.ACCIDENT COMPENSATION CORPORATION15,948,50910.63
3.CITIBANK NOMINEES (NEW ZEALAND) LIMITED13,980,0339.32
4.NATIONAL NOMINEES NEW ZEALAND LIMITED10,000,0006.67
5.FNZ CUSTODIANS LIMITED7,745,0005.16
6.NEW ZEALAND PERMANENT TRUSTEES LIMITED3,800,0002.53
7.CUSTODIAL SERVICES LIMITED3,592,0002.39
8.CUSTODIAL SERVICES LIMITED3,408,7582.27
9.CUSTODIAL SERVICES LIMITED3,083,1122.06
10.FORSYTH BARR CUSTODIANS LIMITED2,731,2001.82
11.BNP PARIBAS NOMINEES (NZ) LIMITED2,568,0001.71
12.INVESTMENT CUSTODIAL SERVICES LIMITED1,973,0001.32
13.HUGH MCCRACKEN ENSOR1,750,0001.17
14.ARDEN CAPITAL LIMITED1,702,0001.13
15.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT1,600,0001.07
16.MINT NOMINEES LIMITED - NZCSD1,500,0001.00
17.CUSTODIAL SERVICES LIMITED1,341,0000.89
18.JML CAPITAL LIMITED1,200,0000.80
19.LEVERAGED EQUITIES FINANCE LIMITED885,0000.59
20.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT800,0000.53
Total Top 20 holders of Notes111,426,11174.28
Source: Computershare
Noteholder distribution - PCTHA
RangeTotal holdersNumber of notes% of total
1,000 - 1,99956,0000.00
2,000 - 4,9991957,3000.04
5,000 - 9,999133757,1000.50
10,000 - 49,99966414,031,5009.35
50,000 - 99,9991468,294,0005.53
100,000 - 499,9996710,296,3226.86
500,000 - 999,999106,816,6674.54
1,000,000 and over18109,741,11173.16
Total1,062150,000,000100.00
Source: Computershare

65
Investor information.
ANNUAL REPORT 2019
Director Interests
Details of Director interests in Precinct shares (as at 30 June 2019)
20192018
DirectorNo. of sharesNo. of shares
Robert Campbell
457,002
957,002
Don Huse
600,000
571,428
Graeme Wong
67,427
67,427
Launa Inman
39,100
39,100
The following director interests were recorded in the interests register for the year to 30 June 2019.
Rob CampbellDon Huse
Appointed a member of the Capital Markets Taskforce 2029
Sold 500,000 ordinary Precinct shares
Purchased 28,572 ordinary Precinct shares
Graeme WongCraig Stobo
Appointed as a director of SCP Health Limited and Healthcare
Group NZ Limited
Retired as a director of Henry Wong Limited, Kaihiku Rural Properties
Limited, Clyde Court Limited, Paretai Dairy Farm Limited, Totara
Island Farms Limited, and Wong & Company Limited
Ceased to be a shareholder in Henry Wong Limited
Retired as a director of Bureau Limited
Chris JuddAnthony Bertoldi
NoneNone
Launa Inman
Appointed and then subsequently retired as a director of Jaxsta
Limited

66
Remuneration report.
Remuneration report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Remuneration of Precinct directors
At the Precinct AGM in November 2018, shareholders approved a change in the structure of director remuneration from an aggregate
fee cap to an accumulative per director rate. Under this revised structure, any proposal to increase the fees paid to directors will
require shareholder approval. The current director fee rate is as follows:
Position$ per annum (plus GST, if any)
Chair
182,340
Independent Director
91,170
Audit and Risk Committee Chair
15,000
Remuneration and Nomination Committee Chair
10,000
Audit and Risk Committee Member
7,500
Remuneration and Nomination Committee Member
5,000
Due Diligence Committee Chair (ad hoc hourly rate)
380/hr
Due Diligence Committee Member (ad hoc hourly rate)
350/hr
The Board has determined not to increase the director remuneration this year.
Only independent directors have received board remuneration from the company for their services as directors. Rob Campbell was
paid $ 7,975 for his services on sub committees during the year.
Role30 June 201930 June 2018
Sub committeeBoardSub committeeBoard
Craig StoboBoard Chair
8,515183,920
3,698162,080
Don HuseAudit and Risk Committee Chair
8,535104,547
4,208101,300
Graeme WongIndependent Director
4,06097,837
3,69891,170
Launa InmanIndependent Director
4,06096,170
-91,170
Robert CampbellDirector
7,975-
3,698-
Total33,145482,47315,300445,720
From time to time the board may establish further subcommittees to consider specific issues or transactions. Membership of these
committees may result in additional fees being payable at the rates in the table above. During the year ended 30 June 2019, $ 33,145
in committee fees were paid to the due diligence committee (30 June 2018: $15,300).
No other remuneration or benefit was provided by the group during the period to any director or former director of any group
member.
Remuneration of the manager
The roles, responsibilities and remuneration of the manager are determined by the Management Services Agreement between
Precinct and the manager as outlined in the Additional Services section of this report. All additional services fees are approved by
independent directors on a fair and reasonable basis. The table below sets out these various services provided by the manager and
details the fees paid for those services in the period. A copy of the Management Services Agreement is available on the Precinct
website (www.precinct.co.nz).

67
Remuneration report.
ANNUAL REPORT 2019
FeeFee basisService provided
June 2019
($m)
June 2018
($m)
Base management
services fee
In accordance with clause 9.2 of the
MSA:
Overall management of Precinct to
deliver on the Board approved
business plans, budgets and strategies.
8.567.97
0.55% on the Value of Investment
Property to $1 billion.
0.45% on the Value of Investment
Property between $1 billion and
$1.5 billion.
0.35% on the Value of Investment
Property above $1.5 billion.
Development properties, including
land, are excluded from the Value of
Investment Property.
Performance fee
In accordance with clause 9.4c of the
MSA:
10% of quarterly outperformance of
Precinct against the NZX/S&P Property
Index (excluding Precinct). Limited to
a cap of 0.125% of Precinct's opening
market capitalisation.
Investment outperformance.
The performance fee provides strong
alignment between the interests of
Precinct shareholders and the
manager by rewarding superior
performance and linking the returns of
the manager and Precinct
shareholders.
4.42Nil
Generator management
fee
A fee of $0.4 million per year.
Provision of management services to
Precinct relating to its investment in
Generator.
0.110.00
Surrender fees
In accordance with Clause 4 of
Schedule 3 of the MSA:
A fee of up to 10% of the surrender
payments.
Surrender fee payments made during
the period totalling $0.04 million (2018:
$0.01m).
0.040.01
Development
management fees
In accordance with Clause 6 of
Schedule 3 of the MSA.
A fee of 3% of the total development
cost excluding land cost, incentives,
marketing, and finance costs.
A maximum fee (balance fee) of 1% of
the total development cost excluding
land cost, incentives, marketing and
finance costs for successful delivery of
a project.
Development management fees paid
in the period relate to the
development of Commercial Bay,
Bowen Campus (Stages One and
Two), No 1 The Terrace, Pastoral
House, Wynyard Quarter Stage Two
and No 1 Queen Street.
As detailed in Part C of Schedule 3 of
the MSA, overall management of the
development includes making
recommendations covering the
development and redevelopment of
property, consultant management,
co-ordination of design, procurement
of consents, development financing,
co-ordination and cost management,
construction contract tendering,
management of risks and ongoing
monitoring and reporting of the
project.
7.57
3.36

68
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FeeFee basisService provided
June 2019
($m)
June 2018
($m)
Acquisition and sale of
properties
In accordance with Clause 5 of
Schedule 3 of the MSA.
Managing the sale or purchase
including negotiation of the
commercial terms with the vendor or
purchaser, instruction of agents,
valuers and lawyers, financing and
coordination and conduct of due
diligence.
0.000.54
Where no external agent has been
engaged, a fee of up to 1% of the
purchase price or other consideration
to be provided by the purchaser.
Where an external agent has been
engaged, the amount of the fee will
be reflective of the manager's
contribution and the external agent's
scale of fees provided that the total
fee payable will not exceed 1% of the
purchase price or other consideration.
Recoverable services
In accordance with Property and
Facilities Management Services
Agreement.
The manager provided property and
facilities management, legal and
marketing services on a cost recovery
basis.
4.073.04
Leasing fees – new leases
In accordance with Clause 1 of
Schedule 3 of the MSA:
a) A minimum fee of $2,500 per
lease.
b) For leases with a term of less than
3 years, 11% of the annual rental.
c) For leases with a 3 year term, 12%
of the rental.
d) For leases with a term exceeding
three years, 12% of the annual rental
plus 1% for each year or part thereof ,
up to a maximum of 20% of annual
rental.
Leasing of vacant space comprising
annual rental of $14.9 million (2018:
$24.9 million) for a weighted average
term of 10.5 years (2018: 12.3 years).
Precinct engages the manager and
external agents to lease vacant
space.
The scale of leasing fees paid to the
manager is below the scale of leasing
fees paid to external agents. Fees
paid by Precinct to external agents
during the year totalled $1.5 million
(2018: $1.9 million).
Where both the manager and an
external agent are involved, the
manager's contribution is paid
according to the manager's agreed
scale of fees and the total fee paid by
Precinct is no greater than the external
agent's scale of fees.
If the fee payable to an external
agent is equal to or exceeds the
manager scale of fees, no fee is
payable to the Manager.
4.33
2.04

69
Remuneration report.
ANNUAL REPORT 2019
FeeFee basisService provided
June 2019
($m)
June 2018
($m)
Leasing fees – renewals
In accordance with Clause 2 of
Schedule 3 of the MSA.
A fee of 25% to 75% of the leasing fee
for new leases on the following basis:
a) 25%: where the lessee exercises a
renewal with no material engagement
from the manager.
b) 50%: where a lessee exercises a
right of renewal and the rental
outcome is negotiated between the
parties.
c) 75%: where a lessee seeks market
responses and the manager secures
the lessee to renew.
Lease renewals were secured over
space comprising annual rental of
$2.2 million (2018: $8.7 million) for a
weighted average term of 2.9 years
(2018: 1.9 years).
0.250.44
Rent review fees
In accordance with Clause 3 of
Schedule 3 of the MSA.
a) For structured (non-market)
reviews and for any market review
which does not result in a rental
increase an administration fee of
$1,000 will be payable.
b) Open market reviews: 10% of the
rental increase achieved in Year 1 of
the review, subject to a minimum fee
of $1,000.
The manager managed the rent
review process for reviews totalling
annual rental of $1.4 million (2018:
$4.8 million). The balance of rent
reviews were managed by external
agents.
0.070.13
Total fees paid to
manager
29.4217.53
Insurance and indemnity
As permitted by the constitution and the Companies Act 1993, Precinct has indemnified its directors and officers, and the directors of
its subsidiaries against potential liabilities and costs they may incur for acts or omissions in their capacity as directors. During the
financial year, Precinct paid insurance premiums in respect of directors’ and officers’ liability insurance which covers risks normally
covered by such policies arising out of acts or omissions of directors and officers in their capacity as such. Insurance is not provided for
criminal liability or liability or costs in respect of which an indemnity is prohibited by law.

70
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Management expense ratio
Amounts in $ millions (unless otherwise stated)20192018
Base management fee8.68.0
Performance fee4.4-
Audit and Directors0.90.7
Other expenses1.81.5
Total management expenses15.710.2
Average total property value2,655.32,280.8
Management expense ratio - excluding performance fee43 bps45 bps
Management expense ratio59 bps45 bps
Management expenses comprise the costs of managing Precinct as a corporate entity and exclude direct property expenses and capital expenditure.
Management remuneration
Management remuneration is not an expense of Precinct as management are engaged by the manager and paid out of the fees
paid by Precinct described above. However, the board of Precinct believes that it is important for shareholders to understand the
structure of management remuneration as it is an important determinant of management retention, motivation and alignment
between management and shareholders. The disclosures set out below have therefore been made by the manager on a voluntary
basis in the interests of providing maximum transparency for Precinct shareholders.
Under the MSA, the board of Precinct must be consulted on management remuneration.
Remuneration of the CEO, COO and CFO comprises base salary, short term incentive payments (“STI”) and long term incentive
payments (“LTI”).
CEO Remuneration
Scott Pritchard was appointed Chief Executive Officer in September 2010. His remuneration for the year ended 30 June 2019 comprises:
• A fixed base salary which is benchmarked annually;
• A discretionary short-term incentive payment which was made in accordance with the description below under the heading short
term remuneration; and
• A long-term incentive payment (where vested) which is outlined in further detail on the following page.
The CEO's remuneration is approved by the Management Company Board and is paid in line with The Employee Remuneration Policy.
PwC was appointed by the Management Company Board in 2016 as a recognised independent party in order to undertake
remuneration benchmarking in respect to the CEO and other senior executive roles.
All remuneration is paid by AMP Haumi Management Limited (the Manager "AHML"), not Precinct. The CEO and AHML have agreed to
disclose the CEO’s remuneration to shareholders in the interest of best practice. Details of the nature and amount of each element of
the remuneration of the CEO is set out below. All amounts are in New Zealand dollars.
Short term remuneration 30 June
Long term remuneration
30 June
RemunerationBase salarySTISuperTotal paid
Maximum
achievable
GrantedVested
Scott Pritchard, CEO2019
540,000482,000112,4201,134,420
1,198,800
650,000510,000
2018510,000375,00097,350982,350
1,132,200
680,000306,000

71
Remuneration report.
ANNUAL REPORT 2019
Short term remuneration
Short term remuneration comprises base salary, STI and contributions to superannuation.
STI payments are payable at the discretion of the board of the manager and are based on management achieving certain
operational objectives including, but not limited to: Precinct shareholder returns, Precinct earnings targets; portfolio objectives of
occupancy and WALT; treasury and capital management; major leasing initiatives; client satisfaction; manager earnings targets, major
development management and staff management objectives.
During the year ended 30 June 2019, the number of employees of the manager (including the CEO, COO, CFO and the Generator
business) who received short term remuneration with a combined total value exceeding $100,000 is set out on the following table. The
amounts in this table do not include the value of shares granted under the LTI scheme.
The ratio of CEO's remuneration compared with the average pay for employees of the manager for the year ending 30 June 2019 is
4.6:1.
Remuneration range# employees
$1,100,001 - $1,150,000
1
$800,001 - $850,000
1
$500,001 - $550,000
1
$400,001 - $450,000
2
$350,001 - $400,000
1
$300,001 - $350,000
2
$250,001 - $300,000
5
$200,001 - $250,000
3
$150,001 - $200,000
8
$100,001 - $150,000
19
Total43