Precinct Properties New Zealand Limited/Announcement

PCT Achieves Strong 1H20 Result

Half Year Results19 February 2020PCTReal Estate

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Precinct Properties New Zealand Limited
Results for announcement to the market
Reporting Period12 months to December 2019
Previous Reporting Period12 months to December 2018
Amount (000s)Percentage change
Revenue from ordinary
activities
77,800 NZD+20.4%
Profit (loss) from ordinary
activities after tax attributable to
security holders
53,600 NZD+110.2%
Net profit (loss) attributable to
security holders
53,600 NZD+110.2%
Interim/Final DividendAmount per securityImputed amount per security
Interim0.01575 NZD0.00254873 NZD
Record date13 March 2020
Dividend payment date27 March 2020
31 Dec 201831 Dec 2019
Net tangible assets per security
1.390 NZD1.480 NZD
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Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 20 February 2020
PCT Achieves Strong 1H20 Result
Performance summary for the six months ended 31 December 2019
Financial summary
• Strong leasing drives uplift in net property income (NPI) by 4.0% to $49.2 million (1H19: $47.3
million), after adjusting for development projects and sales, like for like NPI was 7.5% higher than
the previous comparable period.
• Gross property income was $67.9 million, 5.1% higher than the previous year (1H19: $64.6 million).
• Net operating income
1
of $60.5 million (1H19: $37.7 million) or 4.61 cents per share (cps).
Adjusting for liquidated damages
2
, net operating income was $41.3 million which was $3.6
million or 9.5% higher than the comparable prior period.
• Total comprehensive income after tax of $53.6 million, up 110.2% (1H19: $25.5 million).
• Dividend guidance maintained at 6.30 cps representing a YoY increase of 5.0%.
Capital management
• Post balance date, refinanced $150 million bank debt facility due to expire in November 2020.
• Strong balance sheet position with gearing of 25.4% (30 June 2019: 22.4%).
• Conditional sale of Pastoral House in Wellington for $77.0 million.
- Settlement expected end of April 2020.
Investment portfolio continues to achieve strong operational performance in 1H20
• High occupancy level maintained at 99% (30 June 2019: 99%) and a weighted average lease
term (WALT) of 8.8 years (30 June 2019: 9.0 years).
• 21 leasing transactions, totalling 9,760 square metres secured over the period.
- New leasing completed 9.2% above previous contract rent.
• Generator operating business continues to perform well with 95% occupancy, 1H20 gross
operating revenue of $10.4 million (1H19: $7.6 million) and contribution to net operating income
for the period of $1.2 million.
- Announcing today, expansion of Generator's offering into Wellington following the
acquisition of the Dunbar Sloane Building.

1
Net operating income and Adjusted Funds from Operations (AFFO) are non-GAAP alternative performance measures which adjust net profit after
tax for a number of cash and non-cash items as detailed in the reconciliation below (Note 1). Precinct’s Dividend Policy is based on AFFO. These
alternative performance measures are provided to assist investors in assessing Precinct’s performance for the year.
2
Included within the Fletcher Construction Company Limited (FCC) construction contract for Commercial Bay is the right of Precinct to liquidated
damages if certain milestones are not met.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Commercial Bay update
• Commercial Bay nearing completion with key project outcomes secured:
- Retail to open fully leased (30 June 2019: 95%) with office 92% leased (30 June 2019:
82%).
- Good working relationship across construction team with no outstanding
disputes/claims, a collaborative focus on completion and quality; and with a high
degree of cost certainty.
- Anticipated opening dates of late March 2020 for the retail centre and April 2020 for the
new PwC Tower.
- Strong investment returns maintained.
• One Queen Street on schedule to commence construction mid-2020 following Commercial Bay
completion.
Other development progress
Wynyard Quarter
• Stage 2 progressing well with the office floors fully committed and on programme for
completion in 2020.
• Design and procurement advanced for Stages 3 and 4 with opportunity to capitalise on strong
occupier market conditions.
Wellington
• Bowen Campus Stage One successfully completed.
• Pastoral House and 1 The Terrace redevelopments successfully completed and new leases
commenced.
• Bowen Campus Stage 2 design completed and construction procurement in place. Advanced
negotiations continue with several occupiers to pre-commit the 21,400 square metre office
development.

Environmental, Social and Governance (ESG) risks and opportunities
• Currently working to reduce PCT’s carbon footprint through the measurement and
management of our emissions.
• Precinct received a 2019 Global Real Estate Sustainability Benchmark (GRESB) score of 77 in
1H20 (1H19: 69).
- Precinct is now trending ahead of the global average of 72.
• Rainbow Tick Certification received.
• Inclusion in the Bloomberg 2020 Gender-Equality Index (GEI).

Note: Further information can be found within the 2020 Interim Financial Statements and results presentation. You can find
these at http:// www.precinct.co.nz/interim-reporting/2020-interim-results

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for
the six months ended 31 December 2019 today. Total comprehensive income after tax has
increased by 110.2% to $53.6 million, this compares with $25.5 million for the same period last
year. The increase was mainly attributable to the higher operating income during the period,
the movement in financial instruments between comparable periods and the recognition of
liquidated damages received to offset the costs of delay in the completion of Commercial
Bay.
Net operating income, which adjusts for a number of non-cash items, of $60.5 million was also
up 60.5% (1H19: $37.7 million) or 4.61 cps. Adjusting for liquidated damages, net operating
income was $3.6 million or 9.5% higher than the comparable prior period with the uplift
primarily due to the completion of Bowen Campus.
Scott Pritchard, Precinct’s CEO, said “Achieving significant leasing and solid rental growth
across our assets has delivered another strong result for Precinct in the first half of the 2020
financial year. Both our portfolio and balance sheet are in a great position. The high
occupancy levels achieved across Precinct’s portfolio reflects the strong demand for city
centre office space in the markets we are invested in, Auckland and Wellington”.
“We continue to enhance the portfolio through the successful completion of our
development projects. The recently completed Bowen Campus Stage One in Wellington is a
great example of this. The upcoming completion and opening of our most significant
development project, Commercial Bay is a key focus for the business. We commenced this
transformational project in 2016 and we are truly looking forward to welcoming clients into
the building and Aucklanders into the retail and hospitality space”.
“As our active projects complete and we reduce Precinct’s risk profile, the business is now
looking ahead to activate our future development pipeline. The next phase of development
projects includes One Queen Street which will start this year, Stages Three and Four at
Wynyard Quarter in Auckland, together with Bowen Campus Stage Two in Wellington. We
have a strong balance sheet to pursue Precinct’s future opportunities and we hope to start
construction at Wynyard and Bowen soon”.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Interim results
Strong leasing resulting in high occupancy levels across the portfolio and the completion of
Bowen Campus Stage One have all contributed to the 4.0% increase in net property income
(NPI) of $49.2 million (1H19: $47.3 million). Notably, leasing achieved at both AMP Centre in
Auckland and AON Centre in Wellington have been significant contributors to the increase in
Precinct’s 1H20 NPI.
After adjusting for assets under development and asset sales, like for like NPI was 7.5% higher
than the previous comparable period. Across the Auckland portfolio, NPI was up 8.7% and
Wellington portfolio saw NPI increase by 5.1%, on a like for like basis.
As at 31 December 2019, Precinct has received $52.0 million of liquidated damages due to
delays in the completion of Commercial Bay. $26.7 million of this has been recognised in profit
and loss in the current period (30 June 2019: $2.0 million) with $23.3 million credited against
the Commercial Bay development project cost. Precinct and FCC are enjoying a good
working relationship focused on delivery of Commercial Bay to a high quality standard and
there are no outstanding commercial disputes/claims.
The fair value loss in financial instruments has decreased to $2.0 million. A $12.6 million loss was
recognised for the same period last year. The current tax expense increased due to
recognition of liquidated damages to $7.6 million (1H19: $0.4 million).
Dividends attributable to shareholders for the six months ending 31 December 2019 totalled
3.15 cps (31 December 2018: 3.00 cps) representing an increase of 5.0%. The 1H20 dividend
represented approximately 101% of Precinct’s Adjusted Funds From Operations (AFFO) for the
first half of the 2020 financial year of 3.11 cps. Precinct’s AFFO deducts liquidated damages
revenue which will be retained to offset costs of delay relating to the completion of
Commercial Bay.
Generator recorded gross operating revenue of $10.4 million (1H19: $7.6 million) with
contribution to net operating income of $1.2 million recorded for the period. The business has
continued to achieve high occupancy rates with all sites operating near full capacity.
An internal review of the 30 June 2019 property valuations undertaken at 31 December 2019
indicated no material value movement in the period. Net Asset Value (NAV) per share at

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
interim balance date was $1.50 (30 June 2019: $1.49). Further financial information can be
found within the 2020 Interim Financial Statements.
You can find these at http:// www.precinct.co.nz/interim-reporting/2020-interim-results.
Investment portfolio performance
Positive leasing results in Auckland and Wellington have maintained Precinct’s high
occupancy of 99% and delivered a weighted average lease term of just under nine years at
31 December 2019. In addition to the 21 leasing transactions completed at 9.2% above
previous contract rent, market rent reviews completed in the period generated a 9.5% lift over
contract rents.
Generator expansion
Precinct is pleased to announce today that it will be opening its first Generator site in
Wellington in mid-2021. Centrally located at 30 Waring Taylor Street, the five-level character
building will be fully redeveloped and seismically strengthened to 100% NBS. The offering will
comprise private offices, coworking spaces and a meeting and event suite. Having owned
Generator for one year now, Precinct believe it is the right time to respond to the increased
demand for flexible space in Wellington. With a site purchased and designed specifically for
Generator, it will enable Generator to have direct input into the design and functionality of
the building. The property will be well-positioned to drive value from the growing Wellington
market. The total project cost is anticipated to be $25 million including building acquisition,
seismic strengthening and Generator fitout.
Capital management
Announced today, Precinct has refinanced its $150 million bank debt facility which was due
to expire in November 2020. The 5 year extension increases the tenor of the existing facilities,
reducing refinancing risk and improves the weighted average term to expiry out to 4.4 years.
Funding continues to be provided by Precinct’s existing lenders ANZ, BNZ, CBA, Westpac and
HSBC.
At balance date Precinct’s total borrowings (including convertible notes) increased to $874.2
million (30 June 2019: $710.4 million) reflecting the United States Private Placement issue
completed in July last year. Similarly, total assets at 31 December 2019 has increased to $3.1

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
billion (30 June 2019: $2.9 billion). Gearing as measured under borrower covenants, which
disregards subordinated debt, is 25.4% (30 June 2019: 22.4%).
Development update
Commercial Bay
With the retail centre at Commercial Bay nearing completion, we are pleased to be preparing
to open fully leased. This is a great outcome which reflects the strong demand from local and
international retailers to be part of the unique retail composition and mix at Commercial Bay.
While the retail centre will open fully leased, the centre may open without a small number of
retailers who are unable to complete their fitout due to a delay in the delivery of fitout
materials as a result of the COVID-19 outbreak.
Office commitments have also increased over the last six months to 92% with the remaining
vacancy consisting of one full floor and two part floors.
At One Queen Street, the detailed design phase is now complete. Construction is set to start
in mid-2020 once the building is vacated by its current occupiers.
Wynyard Quarter Stage Two
Construction of Stage Two at Wynyard Quarter has advanced significantly in the last few
months. This 8,290 square metre building is set to open later this year and will open fully leased
over the office space.
Future development projects
In Auckland, Stage’s Three and Four of Wynyard will provide a further 19,000 square metres of
space. We are encouraged by the success of 10 Madden Street and intend to commit to the
next phase of development at Wynyard in the coming months.
In Wellington, the remaining land at Bowen Campus will allow development of 21,400 square
metres of office space. We expect the additional stages at Bowen Campus to further
enhance this precinct and cater to the needs of both the corporate market and government
occupiers.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Note 1
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its
operations and is considered industry best practice for a REIT. This is determined by adjusting statutory net profit (under
IFRS) for certain non-cash and other items. AFFO has been determined based on guidelines established by the Property
Council of Australia and is intended as a supplementary measure of operating performance.
Reconciliation of net profit after tax to adjusted funds from operations (AFFO)

This additional performance measure is provided to assist shareholders in assessing their returns for the period.

Note 2
A supplementary dividend is paid to non-resident shareholders to offset the amount of non-resident withholding tax
(“NRWT”) that New Zealand companies are required to deduct from dividends paid to non-resident shareholders. A
supplementary dividend is paid to ensure equitable treatment between non-resident shareholders and resident
shareholders (whose dividends are not subject to NRWT).
There’s no disadvantage to Precinct or our shareholders, and non-resident shareholders don’t get a larger cash
dividend than an equivalent New Zealand resident shareholder.

Amounts in $millions unless otherwise statedUnaudited six months
ended 31 December
2019
Unaudited six months
ended 31 December
2018
Audited year ended 30
June 2019
Net profit after taxation
54.3
24.6
189.9
Unrealised net (gain) / loss in value of investment and development properties
-
-
(161.7)
Unrealised net (gain) / loss on financial instruments
2.0
12.6
44.3
Net realised (gain) / loss on sale of investment properties
-
1.9
1.7
Net realised loss / (gain) on disposal of investment in joint venture
-
-
(6.6)
Depreciation - property, plant and equipment
0.5
-
0.3
Depreciation recovered on sale
-
10.7
10.7
Deferred tax (benefit) / expense
2.5
(12.9)
(0.3)
IFRS 16 lease adjustments
1.2
-
-
Share of (profit) / loss of joint ventures
-
0.8
1.1
Net operating income 60.5
37.7
79.4
Addback: amortisations
4.0
3.4
7.1
Less: straightline rents
(0.4)
-
(0.3)
Funds from operations (FFO) 64.1
41.1
86.2
Less: maintenance capex
(2.0)
(2.9)
(7.2)
Less: liquidated damages (net of tax impact)
(19.2)
-
-
Less: incentives and leasing costs
(2.0)
(2.9)
(3.9)
Adjusted funds from operations (AFFO) 40.9
35.3
75.1
Weighted average number of shares for net operating income per share (millions)
1,313.8
1,211.1
1,246.7
Net operating income per share (cents) 4.61
3.11
6.37
Adjusted funds from operations per share (cents) 3.11
2.91
6.02

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01
The numbers
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED

02
Precinct Properties New Zealand Limited
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Interim financial statements
For the six months ended 31 December 2019
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on
19 February 2020.
CRAIG STOBO
CHAIRMAN
DON HUSE
CHAIRMAN AUDIT & RISK COMMITTEE
Contents
Consolidated statement of comprehensive income
03
Consolidated statement of changes in equity04
Consolidated statement of financial position05
Consolidated statement of cash flows06
Notes to the financial statements
1. Reporting entity07
2. Basis of preparation07
3. Fair value estimation07
4. Significant accounting judgements, estimates and assumptions07
5. Significant events and transactions during the period08
6. Investment and development properties08
7. Intangible assets09
8. Gross operating revenue09
9. Segment information09
10. Other expenses10
11. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)11
12. Earnings per share11
13. Other current liabilities12
14. Interest bearing liabilities12
15. Lease liabilities13
16. Derivative financial instruments13
17. Capital commitments14
18. Contingencies14
19. Related party transactions14
20. Events after balance date15
Independent review report16

03
Consolidated statement of comprehensive income
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise stated
Notes
Unaudited six
months ended
31 December 2019
Unaudited six
months ended
31 December 2018
Audited year
ended 30 June
2019
Revenue
Gross operating revenue
77.8
64.6
135.8
Less direct operating expenses
(23.8)
(17.3)
(40.8)
Operating income before indirect expenses54.0
47.3
95.0
Indirect expenses / (revenue)
Interest expense
2.5
1.8
2.5
Interest income
-
(0.3)
(0.7)
Other expenses
106.6
7.7
15.8
Total indirect expenses / (revenue)9.1
9.2
17.6
Operating income before income tax44.9
38.1
77.4
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and
development properties
6
-
-
161.7
Unrealised net gain / (loss) on financial instruments
(2.0)
(12.6)
(44.3)
Other revenue
1826.7
-
2.0
Depreciation - property, plant and equipment
(0.5)
-
(0.3)
Lease depreciation
(2.5)
-
-
Lease interest expense
(2.2)
-
-
Net realised gain / (loss) on sale of investment properties
6-
(1.9)
(1.7)
Net realised gain / (loss) on disposal of investment in joint
venture
-
-
6.6
Total non operating income / (expenses)19.5
(14.5)
124.0
Net profit before taxation64.4
23.6
201.4
Income tax expense / (benefit)
Current tax expense
7.6
0.4
-
Depreciation recovered on sale
-
10.7
10.7
Deferred tax expense / (benefit) - financial instruments
1.4
(2.5)
(5.9)
Deferred tax expense / (benefit) - depreciation
1.1
(10.4)
5.6
Total taxation expense / (benefit)10.1
(1.8)
10.4
Share of profit or (loss) of joint ventures-
(0.8)
(1.1)
Net profit after income tax attributable to equity holders54.3
24.6
189.9
Other comprehensive income / (expense)
Items that will not be reclassified to profit or loss
Credit risk adjustments on financial liabilities designated at fair
value through profit or loss
(0.9)
1.2
0.3
Tax on items transferred directly to/(from) equity
0.2
(0.3)
(0.1)
Total other comprehensive income / (expense)(0.7)
0.9
0.2
Total comprehensive income after tax attributable to equity
holders
53.6
25.5
190.1
Earnings per share (cents per share)
Basic and diluted earnings per share
124.13
2.03
15.23
Other amounts (cents per share)
Operating income before income tax per share
3.42
3.15
6.21
Net operating income per share
114.61
3.11
6.37
The accompanying notes on pages 07 to 15 form part of these Financial Statements

04
Consolidated statement of changes in equity
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise statedCents per shareShares (m)Ordinary sharesRetained earningsTotal equity
At 1 July 2018
1,211.11,046.7644.01,690.7
Profit after income tax for the period24.624.6
Other comprehensive income for the period0.90.9
Distributions
Q4 final (paid 28 Sep 2018)1.450(17.6)(17.6)
Q1 interim (paid 3 Dec 2018)1.500(18.2)(18.2)
At 31 December 2018
1,211.11,046.7633.71,680.4
Profit after income tax for the period165.3165.3
Other comprehensive income for the period(0.7)(0.7)
Issue of shares
Placement - 22 Feb 201987.8130.0130.0
Retail offer - 11 Mar 201914.821.921.9
Issue costs incurred(2.6)(2.6)
Distributions
Q2 interim (paid 27 Mar 2019)1.500(19.7)(19.7)
Q3 interim (paid 21 Jun 2019)1.500(19.7)(19.7)
At 30 June 2019
1,313.71,196.0758.91,954.9
Profit after income tax for the period
54.354.3
Other comprehensive income for the period
(0.7)(0.7)
Distributions
Q4 final (paid 27 Sep 2019)
1.500(19.7)(19.7)
Q1 interim (paid 12 Dec 2019)
1.575(20.7)(20.7)
At 31 December 20191,313.71,196.0772.11,968.1
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the terms of
the constitution.
The accompanying notes on pages 07 to 15 form part of these Financial Statements

05
Consolidated statement of financial position
As at 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2019
Current assets
Cash
13.8
6.9
Debtors and other current assets
14.7
17.5
Total current assets28.5
24.4
Investment properties held for sale672.8
-
Non current assets
Fair value of derivative financial instruments
1645.0
42.1
Other assets
6.0
2.1
Development properties
61,013.1
923.2
Investment properties
61,848.4
1,870.5
Property, plant and equipment
10.0
10.0
Right-of-use assets
40.6
-
Intangible assets
21.0
21.1
Total non current assets2,984.1
2,869.0
Total assets3,085.4
2,893.4
Current liabilities
Interest bearing liabilities
1422.0
-
Fair value of derivative financial instruments
160.2
1.2
Provision for tax
5.1
5.7
Lease liabilities
152.9
-
Accrued development capital expenditure
11.0
18.1
Other current liabilities
1319.6
50.7
Total current liabilities60.8
75.7
Non current liabilities
Interest bearing liabilities
14911.3
758.4
Fair value of derivative financial instruments
1660.7
64.1
Lease liabilities
1541.9
-
Other non-current liabilities
2.0
2.0
Deferred tax liability
40.6
38.3
Total non current liabilities1,056.5
862.8
Total liabilities1,117.3
938.5
Total equity1,968.1
1,954.9
Total liabilities and equity3,085.4
2,893.4
The accompanying notes on pages 07 to 15 form part of these Financial Statements

06
Consolidated statement of cash flows
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millionsUnaudited six
months ended
31 December 2019
Unaudited six
months ended
31 December 2018
Audited year
ended 30 June
2019
Cash flows from operating activities
Gross rental income per statement of comprehensive income
77.8
64.6
135.8
Less: Current year incentives
(1.3)
(1.2)
(1.0)
Add: Amortisation of incentives and intangibles
2.1
2.0
4.0
Add: Depreciation of property, plant and equipment
0.5
-
0.3
Add: Working capital movements
1.4
(2.5)
(6.0)
Cash flow from gross rental income80.5
62.9
133.1
Interest income
-
0.3
0.3
Property expenses
(15.1)
(17.9)
(48.4)
Other expenses
(8.3)
(7.8)
(13.3)
Interest expense
(2.1)
(1.8)
(1.2)
Income tax
(8.1)
(4.2)
(6.4)
Net cash inflow / (outflow) from operating activities46.9
31.5
64.1
Cash flows from investing activities
Capital expenditure on investment properties
(32.2)
(36.0)
(29.9)
Capital expenditure on development properties
(97.6)
(84.4)
(202.7)
Capital expenditure on other assets
(4.1)
(0.1)
(1.1)
Acquistion of development properties
(5.4)
-
-
Investment in and advances to joint ventures
-
(0.5)
(1.0)
Acquisition of a subsidiary
(0.6)
-
(7.4)
Generator expenditure on property, plant and equipment
(1.4)
-
(0.3)
Disposal of investment properties
-
188.1
188.2
Capitalised interest on investment properties
(2.3)
(0.7)
(3.2)
Capitalised interest on development properties
(18.6)
(18.7)
(36.1)
Net cash inflow / (outflow) from investing activities(162.2)
47.7
(93.5)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
133.9
120.4
233.7
Loan facility drawings to fund acquisitions
5.4
-
-
Other loan facility drawings / (repayments)
1
24.5
(161.4)
(124.5)
Repayment of leasing liabilities
(1.3)
-
-
Loan facility cancellations
-
-
(150.0)
Issue of new shares
2
-
-
149.3
Distributions paid to share holders
(40.4)
(35.7)
(75.1)
Net cash inflow / (outflow) from financing activities122.1
(76.7)
33.4
Net increase / (decrease) in cash held6.8
2.5
4.0
Cash at the beginning of the period
6.9
2.9
2.9
Cash at the end of the period13.7
5.4
6.9
1 Loan facility drawings are net of repayments made throughout the period.
2 Issue of new shares are net of issue costs.
The accompanying notes on pages 07 to 15 form part of these Financial Statements

07
Notes to the financial statements
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
1. Reporting entity
Precinct Properties New Zealand Limited (Precinct) is incorporated in New Zealand and is registered under the New Zealand
Companies Act 1993.
Precinct is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
These interim financial statements are those of Precinct and its wholly-owned subsidiaries (the Group).
The Group's principal activity is investment in predominantly prime CBD properties in New Zealand. Precinct is managed by AMP Haumi
Management Limited (the manager).
2. Basis of preparation
The interim financial statements have been prepared in accordance with NZ IAS 34 and IAS 34 Interim Financial Reporting.
The financial statements have been prepared:
• On a historical basis except for financial instruments, US private placement notes, investment and development properties which
are measured at fair value.
• Using the New Zealand Dollar functional and reporting currency.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
Precinct has elected to include additional comparative periods to assist users of the financial statements.
These interim financial statements should be read in conjunction with the financial statements and related notes included in Precinct's
Annual Report for the year ended 30 June 2019.
From 1 July 2019 Precinct has adopted NZ IFRS 16 - Leases which is effective for annual reporting periods beginning on or after
1 January 2019.
This standard replaces NZ IAS 17. NZ IFRS 16 requires a lessee to recognise a lease liability reflecting future lease payments and a 'right-
of-use' asset for virtually all lease contracts. Lessor accounting remains largely unchanged from NZ IAS 17.
While the majority of Precinct's investment and development properties are freehold, Precinct is a lessee under an occupational
ground lease in relation to the basement walkway at AON Centre and prepaid ground leases at Wynyard Quarter (10 and 12 Madden
Street and Mason Bros. Building).
Under NZ IFRS 16 Precinct recognises 'right-of-use' assets and lease liabilities for all leases that Generator New Zealand Limited has
entered as a lessee.
NZ IFRS 16 has no impact on the accounting for the ground leases at Wynyard Quarter due to the prepaid nature of these leases.
Precinct has elected to apply the modified retrospective approach in adopting NZ IFRS 16 with the effect of adoption being
recognised at the transition date with no adjustment to the prior period presented. The lease liabilities recognised on 1 July 2019 of
$46.1 million were measured as the present value of the remaining cash flows discounted at the transition date 'incremental borrowing
rate' based on Precinct and Generator's individual weighted average cost of borrowing. The cash flows relating to the non prepaid
ground lease are included in the fair value of the investment properties and therefore a gross up for the lease liability is recognised in
the investment property balance at the amount equal to the lease liability. As at 31 December 2019, the lease liabilities have reduced
to $44.8 million.
3. Fair value estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
• Level 1 - Quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (by price)
or indirectly (derived from prices).
• Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
4. Significant accounting judgements, estimates and assumptions
In preparing Precinct’s interim financial statements, management continually make judgements, estimates and assumptions based on
experience and other factors, including expectations of future events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to management. Actual results may differ from the judgements, estimates and assumptions made by management.
The significant judgements, estimates and assumptions made in the preparation of these interim financial statements are in relation to:
i. Investment and development properties
ii. Deferred tax assets and deferred tax liabilities
iii. Cross currency interest rate swaps and USPP notes
iv. Impairment test of intangible assets and goodwill

08
Notes to the financial statements (Continued)
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
The same accounting policies and methods of computation are followed in the interim financial statements as compared with the
most recent annual financial statements.
5. Significant events and transactions during the period
Precinct's financial position and performance was affected by the following events and transactions that occurred during the
reporting period:
i. United States private placement
On 16 July 2019 Precinct issued US$110 million of notes in the United States private placement market. To substantially remove the
currency risk, Precinct entered a cross currency swap to fully swap back proceeds to New Zealand dollars. Refer to note 14 for further
details.
6. Investment and development properties
Market value (fair value) - amounts in $millions
Valuer
1
Valuation
30 June 2019
Capitalised
incentives
Additions /
disposals
2
Revaluation
gain / (loss)
Book value
31 December
2019
Investment properties
3
Auckland
AMP CentreColliers
205.0
0.31.5-
206.8
ANZ Centre (50%)Colliers
187.5
(0.3)0.1-
187.3
HSBC HouseJLL
106.0
(0.2)8.9-
114.7
PwC TowerJLL
400.0
(0.6)3.8-
403.2
Zurich HouseJLL
114.3
(0.4)0.2-
114.1
Mason Bros.
4
CBRE
45.5
(0.1)0.0-
45.4
12 Madden Street
4
CBRE
82.3
-0.2-
82.5
Wellington
NTT Tower
5
Colliers
122.5
0.11.4-
124.0
Mayfair HouseBayleys
47.3
(0.1)0.3-
47.5
No.1 and 3 The TerraceBayleys
86.5
0.07.8-
94.3
No. 3 The Terrace
6
Bayleys
12.7
---
12.7
Pastoral House
7
Colliers
59.8
0.0(59.8)-
-
AON CentreColliers
161.5
(0.0)3.6
8
-
165.1
Bowen CampusCBRE
239.6
0.211.0-
250.8
Investment properties1,870.5
(1.0)(20.9)-
1,848.4
Properties held for sale
3
Pastoral House
7
Colliers
-
0.072.8-
72.8
Properties held for sale-
0.072.8-
72.8
Development properties
3
Commercial Bay
9
JLL
890.0
-64.3-
954.3
Bowen Campus Stage TwoCBRE
15.5
-3.3-
18.8
10 Madden StreetN/A
17.7
-16.0-
33.7
30 Waring Taylor Street
10
N/A
-
-6.3-
6.3
Development properties923.2
-89.8-
1,013.1
1 30 June 2018 valuer.
2 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at period-end
and transfers to other categories of property.
3 All properties are categorised as level 3 in the fair value hierarchy. All properties are CBD office properties with the exception of Commercial Bay, Bowen Campus
(Bowen State Building and Stage Two) and 10 Madden Street which are under development.
4 Mason Bros. and 12 Madden Street are both subject to a pre-paid ground lease for 125 years.
5 This property was previously known as Dimension Data House.
6 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
7 On 15 August 2019, Precinct entered into an agreement to sell Pastoral House for $77.0 million (price subject to adjustment relating to final measurement of net
lettable area). The sale transaction remains conditional and is expected to settle on 30 April 2020.
8 Includes a gross up for the lease liability (December 2019: $3.0 million).
9 Includes completed H&M store which has an assessed value of $54.5 million.
10 On 30 August 2019 Precinct acquired 30 Waring Taylor Street for $5.2 million and will undertake a full redevelopment of the building.

09
PRECINCT PROPERTIES NEW ZEALAND LIMITED
7. Intangible assets
Amounts in $ millionsCustomer
relationshipsBrandsGoodwillTotal
Cost
Balance at 30 June 20192.00.818.4
21.2
Acquisition through business combination---
-
Balance at 31 December 20192.00.818.4
21.2
Accumulated amortisation
Balance at 30 June 20190.1--
0.1
Amortisation0.1--
0.1
Impairment loss---
-
Balance at 31 December 20190.2--
0.2
Carrying amounts at 31 December 2019
1.80.818.4
21.0
The amortisation of customer relationships is included in other expenses.
Accounting policy - impairment test of intangible assets and goodwill
Intangible assets with indefinite lives and goodwill are tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired.
8. Gross operating revenue
Amounts in $ millionsUnaudited six
months ended
31 December 2019
Unaudited six
months ended
31 December 2018
Audited year
ended 30 June
2019
Gross property income from rentals
57.7
52.8
108.0
Gross property income from expense recoveries
12.3
13.8
26.1
Straight line rental adjustments
0.4
-
0.3
Amortisation of capitalised lease incentives
(2.5)
(2.0)
(4.3)
Generator operating revenue
9.9
-
5.7
Total gross operating revenue77.8
64.6
135.8
9. Segment information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker has been identified as the Board of Directors.
The Group has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segment
Operations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared space

10
Notes to the financial statements (Continued)
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance
because management believes that this information is the most relevant in evaluating the results of the respective segments relative to
other entities that operate in the same industries.
There are varying levels of integration between the investment properties and co-working segments. This integration includes occupied
space, future leasing and events. Inter segment pricing is determined on an arm's length basis.
Amounts in $ millionsUnaudited six months ended 31 December 2019Audited year ended 30 June 2019
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Revenue
Gross operating revenue67.99.9
77.8
130.15.7
135.8
Intersegment revenue(0.5)0.5
-
(0.3)0.3
-
Less direct operating
expenses(18.2)(5.6)
(23.8)
(34.5)(6.3)
(40.8)
Operating income before
indirect expenses
49.24.8
54.0
95.3(0.3)
95.0
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millionsUnaudited six
months ended
31 December 2019
Audited year
ended 30 June
2019
Segment operating income before indirect expenses54.0
95.0
Interest expense
(2.5)
(2.5)
Interest income
-
0.7
Other expenses
(6.6)
(15.8)
Unrealised net gain / (loss) in value of investment and development properties
-
161.7
Unrealised net gain / (loss) on financial instruments
(2.0)
(44.3)
Other revenue
26.7
2.0
Depreciation - property, plant and equipment
(0.5)
(0.3)
Lease depreciation
(2.5)
-
Lease interest expense
(2.2)
-
Net realised gain / (loss) on sale of investment properties
-
(1.7)
Net realised gain / (loss) on disposal of investment in joint venture
-
6.6
Net profit before taxation64.4
201.4
10. Other expenses
Amounts in $millionsUnaudited six
months ended
31 December 2019
Unaudited six
months ended
31 December 2018
Audited year
ended 30 June
2019
Other expenses
Audit fees
0.1
0.1
0.2
Directors' fees and expenses
0.3
0.4
0.7
Manager's base fees
4.9
4.1
8.6
Manager's performance fees
-
2.1
4.4
Amortisation of intangible assets
0.1
-
0.1
Other
1
1.2
1.0
1.8
Total other expenses6.6
7.7
15.8
1 Other expenses includes valuation fees, share registry costs and annual report design and publication.

11
PRECINCT PROPERTIES NEW ZEALAND LIMITED
11. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations and is
considered industry best practice for a REIT. This is determined by adjusting statutory net profit (under IFRS) for certain non-cash and
other items. AFFO has been determined based on guidelines established by the Property Council of Australia and is intended as a
supplementary measure of operating performance.
Amounts in $millions unless otherwise statedUnaudited six
months ended
31 December 2019
Unaudited six
months ended
31 December 2018
Audited year
ended 30 June
2019
Net profit after taxation
54.3
24.6
189.9
Unrealised net (gain) / loss in value of investment and development properties
-
-
(161.7)
Unrealised net (gain) / loss on financial instruments
2.0
12.6
44.3
Net realised (gain) / loss on sale of investment properties
-
1.9
1.7
Net realised loss / (gain) on disposal of investment in joint venture
-
-
(6.6)
Depreciation - property, plant and equipment
0.5
-
0.3
Depreciation recovered on sale
-
10.7
10.7
Deferred tax (benefit) / expense
2.5
(12.9)
(0.3)
IFRS 16 lease adjustments
1.2
-
-
Share of (profit) / loss of joint ventures
-
0.8
1.1
Net operating income60.5
37.7
79.4
Addback: amortisations
4.0
3.4
7.1
Less: straightline rents
(0.4)
-
(0.3)
Funds from operations (FFO)64.1
41.1
86.2
Less: maintenance capex
(2.0)
(2.9)
(7.2)
Less: liquidated damages (net of tax impact)
(19.2)
-
-
Less: incentives and leasing costs
(2.0)
(2.9)
(3.9)
Adjusted funds from operations (AFFO)40.9
35.3
75.1
Weighted average number of shares for net operating income per share
(millions)
1,313.8
1,211.1
1,246.7
Net operating income per share (cents)4.61
3.11
6.37
Adjusted funds from operations per share (cents)3.11
2.91
6.02
This additional performance measure is provided to assist shareholders in assessing their returns for the period.
Dividend policy
Precinct's dividend policy is to pay out approximately 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 propert portfolio. The
payment of dividends is not guaranteed by Precinct and Precinct's dividend policy may change from time to time.
12. Earnings per share
Amounts in $millionsUnaudited six
months ended
31 December 2019
Unaudited six
months ended
31 December 2018
Audited year
ended 30 June
2019
Net profit after tax for basic and diluted earnings per share ($millions)
54.3
24.6
189.9
Weighted average number of shares for basic and diluted earnings per share
(millions)
1,313.8
1,211.1
1,246.7
There have been no new shares issued subsequent to balance date that would affect the above calculations.

12
Notes to the financial statements (Continued)
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
13. Other current liabilities
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2019
Other current liabilities
Trade creditors
6.1
6.5
Liquidated damages
18-
34.4
Generator deferred consideration obligation
0.5
1.0
Accrued expenses
13.5
8.8
Total other current liabilities20.1
50.7
14. Interest bearing liabilities
Amounts in $millions31 December 201930 June 2019
Interest bearing liabilities
Bank loans
288.5
287.5
US private placement
260.7
97.9
NZ senior secured bond
175.0
175.0
Convertible note
150.0
150.0
Total drawn debt874.2
710.4
US private placement - fair value adjustments
31.3
28.0
Convertible note - embedded financial derivative adjustment
33.1
25.6
Capitalised borrowing costs
(5.3)
(5.6)
Net interest bearing liabilities933.3
758.4
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
31 December 201930 June 2019
Bank loans
2
Amortised costNov-20150.0Floating
3
22.0
145.0
Bank loansAmortised costJul-22260.0Floating
3
260.0
142.5
Bank loansAmortised costJul-23200.0Floating
3
6.5
-
NZ senior secured bond (PCT010)Amortised costDec-2175.05.54%
75.0
75.0
NZ senior secured bond (PCT020)Amortised costNov-24100.04.42%
100.0
100.0
Convertible note (PCTHA)Amortised costSep-21150.04.80%
150.0
150.0
US private placementFair valueJan-2565.34.13%
65.3
65.3
US private placementFair valueJan-2732.64.23%
32.6
32.6
US private placementFair valueJul-29118.44.28%
118.4
-
US private placementFair valueJul-3144.44.38%
44.4
-
Total
1,195.7
874.2
710.4
Weighted average term to maturity
3.9 years
4.4 years
Weighted average interest rate before swaps (including funding costs)
3.40%
3.86%
1 As at 31 December 2019
2 Precinct completed a bank refinance on 19 February 2020 with the maturity date extended to February 2025 for the same facility value.
3 Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility fees.
Precinct has committed funding of $1,195.7 million (June 2019: $1,1195.7 million) including the NZ senior secured bonds, convertible
note and US private placements.
All lenders have the benefit of security over certain assets of the Group. The Group has given a negative pledge which provides that it
will not permit any security interest in favour of a party other than the lenders to exist over more than 15% of the value of its properties.
To substantially remove currency risk, US private placement future cash flows have been fully swapped back to New Zealand dollars.

13
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Accounting policy - interest bearing liabilities
Bank loans and the NZ senior secured bonds are recognised initially at fair value less any attributable transaction costs. Subsequent
to initial recognition, these liabilities are stated at amortised cost using the effective interest method. The US private placement is
recognised at fair value including translation to NZD with any gains or losses recognised in the profit or loss as they arise. This fair
value is determined using swap models and present value techniques with observable inputs such as interest rate and cross-
currency curves. This measurement falls into level 2 of the fair value hierarchy.
The convertible note embedded financial derivative is recognised at fair value with any gains or losses recognised in the profit or
loss as they arise. This fair value is determined using the black-scholes model with observable inputs such as Precinct's share price
and it's historic standard deviation, the convertible note strike price and the risk free rate. The movement in fair value attributable to
changes in Precinct's own credit risk is calculated by determining the changes in credit spreads above observable market interest
rates and is recognised in other comprehensive income. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the
cost of that asset.
15. Lease liabilities
Amounts in $ millionsUnaudited six months ended 31 December 2019
Investment propertiesFlexible spaceTotal
Current-2.9
2.9
Non-current3.038.9
41.9
Total lease liabilities
3.041.8
44.8
16. Derivative financial instruments
Amounts in $millions31 December 201930 June 2019
Current assets
-
-
Non-current assets
1
45.0
42.1
Current liabilities
(0.2)
(1.2)
Non-current liabilities
(60.7)
(64.1)
Total fair value of derivative financial instruments(15.9)
(23.2)
Notional contract cover (fixed payer)
870.0
930.0
Notional contract cover (fixed receiver)
325.0
325.0
Notional contract cover (cross currency swaps - fixed receiver)
260.7
260.7
Percentage of net drawn borrowings fixed
77.8%
101.4%
Weighted average term to maturity (fixed payer)
3.98 years
4.22 years
Weighted average interest rate after swaps (including funding costs)
5.11%
5.67%
1 This includes the cross currency interest rate swap valuation of $30.3 million (June 2019: $25.7 million) and a net debit value adjustment of $0.4 million (June 2019:
$0.2 million).
Accounting policy - derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage its exposure to interest rate and
foreign exchange risks arising from operational, financing and investment activities. Derivative financial instruments are recognised
initially at fair value and subsequently re-measured and carried at fair value. They are carried as assets when the fair value is
positive and liabilities when the fair value is negative. The gain or loss on re-measurement to fair value is recognised directly in profit
or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap at the balance date, taking into
account current rates and creditworthiness of the swap counterparties. This is determined using swap models and present value
techniques with observable inputs such as interest rate and cross-currency curves. The fair value of derivatives fall into level 2 of the
fair value hierarchy.

14
Notes to the financial statements (Continued)
For the six months ended 31 December 2019
PRECINCT PROPERTIES NEW ZEALAND LIMITED
17. Capital commitments
Precinct has $ 201.8 million of capital commitments as at 31 December 2019 (June 2019: $268.7 million; December 2018: $361.4 million)
relating to construction contracts.
18. Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2019 (June 2019: $nil; December 2018: $nil).
b) Contingent assets
Included within the Fletcher Construction Company Limited (FCC) construction contract for Commercial Bay is the right of Precinct to
liquidated damages if certain milestones are not met. As at 31 December 2019 Precinct has witheld $52.0 million of liquidated
damages (June 2019: $36.4 million) All liquidated damages have been assessed as being virtually certain at 31 December 2019 (June
2019: $2.0 million), with $26.7 million of this being recognised in profit and loss in the current period (June 2019: $2.0 million) and
$23.3 million credited against the development project cost.
There are no other significant contingencies as at 31 December 2019 (June 2019: $nil; December 2018: $nil).
19. Related party transactions
Fees charged by and owing to the manager:
Amounts in $ millions31 December 201931 December 201830 June 2019
Fees chargedOwing at
31 December
Fees chargedOwing at
31 December
Fees chargedOwing at
30 June
Base management services
fee
4.71.6
4.10.7
8.60.7
Performance fee
--
2.1-
4.42.4
Leasing fees
0.3-
2.8-
4.70.6
Development manager fees
2.0-
3.4-
7.6-
Acquisition and disposal fees
0.1-
--
--
Generator management fee
0.20.1
--
0.1-
Recoverable services fee
1.8-
1.9-
4.1-
Total9.11.7
14.30.7
29.53.7
a) Base management services fee
The base management services fee structure is as follows:
• 0.55% of the value of the investment properties to the extent that the value of the investment properties is less than or equal to
$1 billion; plus
• 0.45% of the value of the investment properties to the extent that the value of the investment properties is between $1 billion and
$1.5 billion; plus
• 0.35% of the value of the investment properties to the extent that the value of the investment properties exceeds $1.5 billion.
These fees are expensed through indirect other expenses in the year in which they arise.
b) Performance fee
The performance fee is based on Precinct's quarterly adjusted equity total returns relative to its peers in the NZ listed property sector as
measured by the NZX listed property index. The performance fee is calculated as 10% of Precinct's quarterly performance in excess of
a benchmark index, subject to an outperformance cap of 1.25% per quarter and after taking into account any brought forward
surpluses or deficits from prior quarters.
Any Initial Amount credited to the Carrying Account which is not used up in paying Performance Fees or in offsetting subsequent
Deficits will effectively expire 2 years after it is credited to the Carrying Account. Similarly, any Deficit debited against the Carrying
Account which is not used up in off-setting subsequent Initial Amounts will also effectively expire 2 years after it is debited against the
Carrying Account.
No performance fee is payable in quarters where equity total returns are negative. As at 31 December 2019 there is a notional
performance fee deficit of $ 4,431,743 to be carried forward to the calculation of performance fees in future quarters (June 2019: $nil;
December 2018: $1,965,171 deficit).
These fees are expensed through indirect other expenses in the year in which they arise.
c) Leasing fees
Precinct pays the Manager leasing fees where the manager has negotiated leases instead of or alongside a real estate agent.
Leasing fees are capitalised to the respective investment or development property in the Statement of Financial Position and
amortised over the term certain life of the lease.

15
PRECINCT PROPERTIES NEW ZEALAND LIMITED
d) Development manager fees
Precinct pays development manager fees where the manager acts as development manager on Precinct developments.
These fees are capitalised to the respective investment or development property in the Statement of Financial Position.
e) Acquisition and disposal fees
Precinct pays fees to the manager for managing the sale or purchase of properties instead of or alongside a real estate agent.
Acquisition fees are capitalised to the respective investment or development property in the Statement of Financial Position.
Disposal fees are expensed through net realised gain or loss on sale of investement properties in the year in which they arise.
f) Recoverable services fee
Precinct pays a property and facilities management fee as well as the cost of legal and marketing services on a cost recovery basis to
the manager.
These fees are expensed through direct operating expenses in the year in which they arise.
g) Generator management fee
As agreed between the boards of Precinct and AHML, a management fee of $400,000 per year will be charged for the provision of
management services to Precinct relating to its investment in Generator, with this amount subject to annual review.
These fees are expensed through indirect other expenses in the year in which they arise.
h) Other transactions with the manager
Other than in respect to the Generator business, Precinct does not employ personnel in its own right. Under the terms of the
Management Services Agreement, the manager is appointed to manage and administer Precinct. The manager is responsible for the
remuneration of personnel providing management services to Precinct. Precinct's Directors are considered to be the key management
personnel and received Directors' fees for the period ended 31 December 2019 of $ 279,204 (June 2019: $482,473; December 2018:
$232,048).
Precinct received rental income from AMP Haumi Management Limited, AMP Capital Investors (New Zealand) Limited and AMP
Services (NZ) Limited, being the manager or companies related to the manager for premises leased in PWC Tower, AMP Centre and
NTT Tower. Total rent received by Precinct from these parties during the period ended 31 December 2019 was $ 1,739,012 (June 2019:
$3,522,597; December 2018 $1,759,562). As at 31 December 2019 an amount of $ 7,498 was owing from Precinct to these related
parties (June 2019: $1,452 amounts owing to Precinct from these related parties; December 2018: $10,834 amounts owing from Precinct
from these related parties).
i) Related party debts
No related party debts have been written off or forgiven during the period (June 2018: $nil; December 2017: $nil).
20. Events after balance date
On 19 February 2020 the Board approved the financial statements for issue and approved the payment of a dividend of $ 20,691,784
(1.575 cents per share) to be paid on 27 March 2020.
Precinct refinanced the November 2020 bank facility on 19 February 2020. The maturity date has been extended to February 2025 for
the same facility value.

16
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INDEPENDENT REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT PROPERTIES NEW ZEALAND LIMITED
We have reviewed the interim financial statements of Precinct Properties New Zealand Limited ("the company") and its subsidiaries
(together "the group") on pages 03 to 15, which comprise the statement of financial position of the group as at 31 December 2019,
and the statement of comprehensive income, statement of changes in equity and statement of cash flows of the group for the six
month period ended on that date, and a summary of significant accounting policies and other explanatory information.
This report is made solely to the company's shareholders, as a body. Our review has been undertaken so that we might state to the
company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
shareholders as a body, for our review work, for this report, or for our findings.
Directors' Responsibilities
The directors are responsible for the preparation and fair presentation of interim financial statements which comply with New Zealand
Equivalent to International Accounting Standard 34:
Interim Financial Reporting
and for such internal control as the directors determine
is necessary to enable the preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Reviewer's Responsibilities
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted our review in
accordance with NZ SRE 2410
Review of Financial Statements Performed by the Independent Auditor of the Entity
. NZ SRE 2410 requires
us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole,
are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim
Financial Reporting
. As the auditor of the group, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the
audit of the annual financial statements.
Basis of Statement
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those financial statements.
Ernst & Young provides other assurance services to the group including the statutory audit of the group's year-end financial statements
and audit of individual property operating expense statements. We provide an agreed upon procedures engagement recalculating
the performance fee paid or payable to the group's manager. We also provide reporting to the trustee of the group's secured fixed
rate bonds and convertible notes in relation to our audit. Other than the provision of those services and in our capacity as auditor we
have no relationship with, or interest in, the company or any of its subsidiaries. Ernst & Young and the group have entered an
agreement in respect of our proposed occupancy of a group property. Partners and employees of our firm may deal with the group
on normal terms within the ordinary course of trading activities of the business of the group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the accompanying interim financial statements,
set out on pages 03 to 15, do not present fairly, in all material respects, the financial position of the group as at 31 December 2018 and
its financial performance and cash flows for the six month period ended on that date in accordance with New Zealand Equivalent to
International Accounting Standard 34:
Interim Financial Reporting
.
Our review was completed on 19 February 2020 and our findings are expressed as at that date.
Chartered Accountants
Auckland

17
Directory.
Directory.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct Properties New Zealand LimitedDirectors of Precinct
Registered Office of Precinct
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
T:+64-9-927-1647
E: hello@precinct.co.nz
W: www.precinct.co.nz
Craig Stobo – Chairman, Independent Director
Don Huse – Independent Director
Launa Inman – Independent Director
Graeme Wong – Independent Director
Anne Urlwin - Independent Director
Chris Judd – Director
Mohammed Al Nuaimi – Director
Robert Campbell – Director
Officers of PrecinctManager
Scott Pritchard, Chief Executive Officer
George Crawford, Chief Operating Officer
Richard Hilder, Chief Financial Officer
Edward Timmins, General Counsel and Company Secretary
AMP Haumi Management Limited
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
BankersAuditor
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
The Hong Kong and Shanghai Banking Corporation
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond TrusteeSecurity Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
T: +64-9-488-8700
E: enquiry@computershare.co.nz
W: www.computershare.co.nz
F: +64-9-488-8787
Please contact our registrar;
• To change investment details such as name, postal address or method of payment.
• For queries on dividends and interest payments.
• To elect to receive electronic communication.

---

Precinct Properties New Zealand Limited
Interim Results
February 2020

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 2
Agenda
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, COO
Richard Hilder, CFO
Note: All $ are in NZD
Highlights & Strategy Progress
Page 03
Section 1 –Financial Results & Capital Management
Page 05
Section 2 –Market & Operations
Page 10
Section 3 –Developments
Page 18
Section 4 –Conclusion & Outlook
Page 28

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 3
Highlights
Financial Performance
•NPI of $49.2 million, 4.0% higher than pcp (7.5% higher like for like)
•Comprehensive income after tax of $53.6 million (1H19: $25.5
million)
•3.11 cps AFFO (excluding LD’s) representing a payout ratio of 101%
•6.30 cps dividend guidance maintained representing a 5% increase
y-o-y
Operational Performance
•99%portfolio occupancy, WALT of 8.8 years
•Contract rent growth of 9.2% from leasing activity
•Generator business 95% occupancy with 1H20 gross operating
revenue of $10.4 million
oExpansion of Generator offering into Wellington
Capital Management
•$150 million bank debt facility refinanced
•$77 million conditional sale of Pastoral House progressing well
oSettlement expected end of April 2020
•Strong balance sheet, gearing of 25.4%
oReducing to 23.5% following sale of Pastoral House

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 4
Strategy Progress
Operational Excellence
•Active management driving significant portfolio outperformance with continued strong rental
growth
•Precinct received a 2019 Global Real Estate Sustainability Benchmark (GRESB) score of 77
oNow trending ahead of the global average of 72
•Asset recycling progressing
•Generator operating business performing well with 95% occupancy
•Currently working to reduce PCT’s carbon footprint through the measurement and management of
our emissions
Developing the Future
•Commercial Bay completion dates remain unchanged
oKey project outcomes achieved
•One Queen Street on schedule to commence mid-2020
•Wynyard Quarter Stage 2 office space now 100% committed
•Bowen Campus Stage 1 successfully completed
Empowering People
•Rainbow Tick Certification received
•Included in the Bloomberg 2020 Gender-Equality index

Section 1
Financial
Results &
Capital
Management

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 6
Interim Results
$53.6 m
Total comprehensive income after tax
6.30 cps
Full year dividend guidance maintained
+5% y-o-y
Appendices reference:
App 3: P&L
App 4: AFFO reconciliation
App 5: Balance sheet
Key metricsDec 2019Dec 2018
Total comprehensive income after tax$53.6 m$25.5 m
Net operating income after tax$60.5 m$37.7 m
Net operating income after tax per share4.61 cps3.11 cps
FFO4.88 cps3.40 cps
AFFO3.11 cps2.91 cps
Dividend attributable to the period3.15 cps3.00 cps
AFFO payout ratio101%103%
NAV$1.50$1.49
•Adjusting for liquidated damages, net operating income was $3.6 m higher than the
comparable prior period
•Generator contributed $1.2 m to net operating income
•AFFO of 3.11 cps was 6.9% higher than comparable prior period
•AFFO deducts liquidated damages revenue which will be retained to offset costs of
delay to Commercial Bay
•NAV per share at $1.50 (June 19: $1.49)
101%
AFFO payout ratio, adjusted for
liquidated damages

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 7
$40.0 m
$45.0 m
$50.0 m
$55.0 m
$60.0 m
Net Property
Income (NPI)
Overall NPI growth of 4.0%
driven by:
•Strong leasing and high
occupancy levels
•8.7% uplift in AKL
•5.1% uplift in WLG
•Development and asset
sales offset by Bowen
Campus Stage 1 now
income producing
$49.2 m
6 months ended 31 December 2019
Reconciliation of movement in net property income
Amounts in $ millions
Dec 2019Dec 2018D
Auckland $22.6 $20.8 $1.9
Wellington$10.4 $9.9 $0.4
Investment portfolio$33.0 $30.7 $2.3
Transactions and Developments$16.2 $16.6 ($0.4)
Total net property income$49.2 $47.3 $1.9
Appendices reference:
App 1: Net property income

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 8
Interim Results
A number of new items shown in the statements:
1.Generatorconsolidated into group accounts
Appendices reference:
App 2: IFRS 16 impact
App 3: P&L
App 5: Balance sheet
2.IFRS 16 adopted with leases brought on to balance
sheet
•Lessee rent expense replaced by depreciation
and lease interest expense
•Impact of standard increases EBITDA however
reduces NPAT by $1.2 m
•Precinct to calculate AFFO on a pre IFRS 16
basis
3.$50m of liquidated damages recognised in the
period
•Allocated between revenue and capital
compensating Precinct for lost revenue and
prolongation costs
•Resulting in higher tax expense for the period
Profit impact
Operating income before indirect expenses
+ $3.5 m
Non-operating income / (expenses)
($4.7 m)
Net profit before taxation
($1.2 m)
Balance sheet impact as at 31 December
Right of use asset
$40.6 m
Lease liability
$44.8 m
+$4.8 m
Generator operating income before
indirect expenses consolidated in the half
$26.7 m
Released to P&L ($2.0 m at 30 June 2019)
$23.3 m
Credited against Commercial Bay project costs

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 9
Capital Management
Strong balance sheet position with gearing of
25.4%
•Second USPP settled in period improving
funding diversity
•Post balance date, extended the $150 m
facility, due to expire in November 2020
•5 year extension
•Improves weighted average term to
expiry to 4.4 years
•Conditional sale of Pastoral House for $77 m
settlement expected end of April 2020
Debt facility expiry profile
Key metricsDec 2019June 2019
Debt drawn ($ millions)
1
$874 m$710 m
Gearing -banking covenant (%)25.4%
22.4%
Weighted average term to expiry (years)4.4
34.4
Weighted average debt cost (incl fees)5.1%
5.7%
% of debt hedged (%)78%
101%
Interest coverage ratio (previous 12 months) 2.5 times
2.0 times
Total debt facilities ($ millions)1,196
1,196
1 Excludes the USPP note fair value adjustment. Interest bearing liabilities are detailed
in Note 14 of the Financial Statements.
Funding diversity
Bank debt
51%
USPP
22%
Convertible
Note
12%
NZ Bonds
15%
Debt capital
markets
49%

Section 2
Market &
Operations

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 11
Our City Centre Markets
Prime office
•Strong demand persists for well-located prime grade stock with occupiers continuing
to move up the quality grades when space becomes available
•New supply forecast to remain limited over the medium term however potential for
one or two new city centre projects to commence
•Continued growth in city centre based employment underpinned by significant
investments in Auckland transport infrastructure, streetscapes and public spaces
Hotel
•Short-term headwinds anticipated due to supply mismatch with delayed delivery of
the NZICC and travel disruptions caused by the COVID-19 outbreak
•Market conditions forecast to recover over the medium term once new demand
drivers come online
Flexible space
•Continued growth observed with increasing requirements from enterprise users
•New supply expected in Auckland over the next one to two years will aid in
developing the market
•While the flexible space market will benefit from greater awareness, new supply will
moderate growth in desk rates
Prime retail
•In contrast to the notably higher vacancy rates in suburban retail centres from
significant new supply, retail vacancy rates have fallen in the CBD due to
heightened demand and continued competition for prime CBD sites
•Well-located assets are expected to outperform however scope for rental growth
may be limited due to challenging conditions in the wider retail sector

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 12
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
20192020202120222023
Forecast NER Growth p.a.
AKL prime net effective (CBRE)AKL prime net effective (JLL)
WLG prime gross effective (CBRE)WLG prime gross effective (JLL)
CBD Office Markets
Auckland
•Well-located prime stock continues to
outperform with prime vacancy
decreasing to 3.7%(Jun-19: 4.7%)
•Limited available options driving rental
growth with average prime net effective
rent up 1.0%since Jun-19 (1.1% y-o-y)
•Precinct portfolio outperformed with
leasing and reviews driving 2.6% uplift
on 30 June 19 valuation rents
Wellington
•Prime vacancy remains materially
unchanged at 0.7%as at Dec-19 (Jun-
19: 0.7%) despite addition of circa
22,400m
2
•Prime gross effective rentsstable during
past six months but have improved 2.4%
y-o-ydue to continued demand for
high-NBS assets
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
20192020202120222023
Vacancy Rate
AKL prime vacancy (CBRE)AKL prime vacancy (JLL)
WLG prime vacancy (CBRE)WLG prime vacancy (JLL)
Forecast prime vacancyForecast prime effective rents (AKL –net; WLG –gross)
Source: JLL Real Estate Intelligence Service (December 2019), CBRE Market Outlook Report December 2019

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 13
8.8 years
Weighted average lease term
Including developments
99%
Portfolio occupancy
9.2%
Growth in contract rentals on
new leasing transactions
10.5%
Auckland growth
6.0%
Wellington growth
9.5%
Lift in rentals on market reviews
Portfolio
Activity

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 14
Key Leasing Update
•Robust demand in the period
•3,838m
2
of Commercial Bay office
leasing completed across two full floors,
two-part floors and two private office
suites
•Wynyard Quarter Stage 2 office fully
committed
•Continued strong leasing at AMP
Centre with 2,019m
2
concluded
•First backfill lease completed at ANZ
Centre
•Strong portfolio performance with new
leasing and rent reviews driving rental uplifts
•$1.4 m (30%) increase in NPIagainst
prior comparison period at AMP Centre
due to rental growth from new leasing
transactions and improved occupancy
•AON Centrehas delivered $0.7 m (16%)
increasein NPI, mainly due to lettable
area increases
13,401m
2
New leasing
17,487m
2
Total leasing including
extensions/RORs
5,670m
2
Investment portfolio
7,731m
2
Developments
40%
New leasing attributed to tech
companies

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 15
Improved Client Amenity
Completion of end of trip facilities at AMP Centre and PwC Tower
Commenced PwC Tower Lobby Upgrade Project
PwC Tower end of tripAMP Centre end of trip

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 16
Mature operations driving performance
•Strong occupancy recorded across all sites
•37% growth on H1 FY19 revenue driving profitability
•The Generator and Precinct businesses are highly
complementary with many cross-selling
opportunities
•Most major leasing RFPs in the market seek
provision of a flexible space element
Enhancing Precinct amenities
•New meeting suites at Commercial Bay and 188
Quay Street, managed by Generator, will provide
space for meetings, events and build a meeting
space network
Generator Update
Revenue sources
H1
FY20
H1
FY19
Gross operating
revenue
$10.4m$7.6m
Operating profit
after tax
$1.2m($0.8m)
Membership
Revenue
Events &
Hospitality
Revenue

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 17
Wellington Expansion
Development
•$5.9m acquisition of an iconic Central Wellington
heritage building
•$19.3m incremental spend resulting in over 2,000m
2
across 5 Levels, strengthened to 100% NBS
Offering
•Full Generator offering including private offices,
resident desks, hot-desks and meeting and event
spaces.
•Opening mid-2021
•Centrally located at 30 Waring Taylor Street by
Central on Midland Park for both government and
corporate precincts
•Opportunity to provide value in terms of the offer
to Precinct clients and Generator members, as
seen in Auckland
•Bowen Campus Stage 2 under consideration due
to leasing enquiry

Section 3
Developments

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 19
0%
5%
10%
15%
20%
25%
30%
35%
40%
20,000 m²
40,000 m²
60,000 m²
80,000 m²
100,000 m²
120,000 m²
140,000 m²
Portfolio Development Exposure
Development NLA% Portfolio (RHS)
Development Summary
•Remain on track to achieve blended ROC of 30%+and
blended YOC of 7.0%+
•Leasing risk (office NLA) decreasing
•Commercial Bay –92%
•Wynyard Quarter Stage 2 –100%
•One Queen Street –50%
•+39,500m
2
additional office NLA
•Bowen Campus Stage 2 (21,400m
2
)
•Wynyard Quarter Stage 3 (18,100m
2
)
•Target pipeline returns
•Return on cost –15.0%
•Yield on cost –6.5%
Key development metrics
Total NLA73,300 m
2
Total Office NLA55,500 m
2
Office NLA leased to date47,900 m
2
% of total NLA leased88%
Committed WALT11.0 years
Value on completion$1.5 b
Weighting to Auckland100%
Current commitments
Pipeline
Note:‘Pipeline’ column assumes Commercial Bay and
Wynyard Stage 2 complete and One Queen in progress

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 20
Commercial Bay Development Update
Nearing completion with key project outcomes secured
•Anticipated opening dates remain:
•Retail –late March 2020
•Office –April 2020
•Maintain a focus on completion and quality
•Main contractor Fletcher Construction adopting a highly collaborative approach
•All claims and counter-claims have now been resolved
•Strong investment returns maintained
•Recognised remaining liquidated damages totalling $50.0m (Jun-19: $2.0m)
•$26.7m recognised through P&L
•$23.3m credited against the development project cost

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 21
Commercial Bay Retail Leasing
Preparing to open fully leased
•Leasing has progressed highlighting
strong demand from local and
international retailers
•Recently announced retailers include:
•COS
•Calvin Klein
•Tommy Hilfiger
•Kookai
•R.M. Williams
•Scotch & Soda
•Some retailers impacted by COVID-19
outbreak with potential delays to
delivery of fitout materials
•Achieved WALT of 7.3 years

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 22
Commitments increased to 92%
•Leased during period:
•Levels 38 & 39 –RocketWerkz
•Level 19 (Part) –Confidential
•Level 12 –Confidential
•Suites 2 & 3, Level 36
•Remaining vacancy expected to be
leased in the coming months:
•Level 30 –1,390m
2
•Level 13 (Part) –665m
2
•Level 9 (Part) –795m
2
•Achieved WALT of 11.8 years
Commercial Bay Office Leasing

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 23
One Queen Street
•Construction due to commence mid-
2020post completion of Commercial
Bay and resultant tenant migration
•Leasing commitment remains at 78%
including hotel
•Generator management
undertaking spatial planning for
the balance space
•Marketing of signature rooftop
hospitality venue to commence soon
•Short-term hotel sector headwinds
(NZICC fire, COVID-19 outbreak)
expected however remain confident in
One Queen’s location/timing

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 24
Wynyard Quarter Stage 2
Construction
•Façade install nearing completion
•Base build services install underway
•On track for practical completion late-2020
Leasing
•Office floors fully committed with formal lease
documents due to be executed for the top
two floors
•Ground floor F&B leasing underway
Financials
•Feasibility metrics remain within approved
provisions
•Forecast yield on costof7%+
•Forecast return on costof 15%

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 25
Future Developments

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 26
Bowen Campus Stage 2
•Leasing advancing with terms agreed
for close to half of the office space
(total 21,400m
2
)
•Occupiers drawn to IL2 Low Damage
design, large floorplate and attractive
price point
•Enabling works underway in preparation
for works commencement in mid-2020
•Incremental spend circa $170m

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 27
Wynyard Quarter Stages 3 & 4
•Developed Design nearing completion
•Stage 3 –117 Pakenham (8,400m
2
)
•Stage 4 –124 Halsey (9,300m
2
)
•Flowers Building (1,700m
2
)
•Total office NLA of 18,100m
2
plus 1,300m
2
of ground floor retail/F&B
•Continue to target commitment to at least one building in 2020
•Incremental spend circa $200m

Section 4
Conclusions &
Outlook

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 29
Conclusion
•Precinct benefits from a clear strategy and supportive markets
•Active management delivering world class real estate and exceptional returns
•Strong growth in AFFO supporting 5.0% dividend growth
•Strategy of being a city centre specialist enhancing returns as city centres outperform
globally (higher GDP contribution)
•Occupier demand remains strong driven by activity levels in Auckland
Outlook
•Global uncertainty remains
•COVID-19outbreak
•Geopoliticalrisks remain unresolved
•Interestratestoremain below long termaveragesforasustained period of time
•New Zealand economy supported by
•Lowinterestrates
•Infrastructure spend
•Housing market
Conclusion & Outlook

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 30
Appendices

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 31
App 1: Net property income
For the 6 months ended
$m
Unaudited six months
ended 31 December 2019
Unaudited six months
ended 31 December 2018
D
AMP Centre$6.1 $4.7 $1.4
PwC Tower$9.0 $8.9 $0.0
Commercia Bay$1.5 $1.1 $0.4
Zurich House$2.7 $2.7 ($0.0)
Mason Brothers$1.2 $1.2 $0.0
12 Madden Street$2.2 $2.2 $0.1
Auckland total$22.6$20.8 $1.9
NTT Tower (157 Lambton Quay)$3.6 $3.9 ($0.3)
AON Centre$5.1 $4.4 $0.7
Mayfair House$1.7 $1.6 $0.0
Wellington total$10.4 $9.9 $0.4
Investment portfolio$33.0 $30.7 $2.3
Transactions and Developments
HSBC House$2.1 $3.1 ($1.1)
Bowen Campus$6.8 $1.6 $5.2
10 Brandon Street-$0.2 ($0.2)
No 1 The Terrace$2.0 $2.0 $0.0
10 Madden Street$0.0 -$0.0
Pastoral House$0.8 $2.2 ($1.4)
ANZ Centre$4.6 $7.5 ($2.9)
Total$49. 2$47.3 $1.9

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 32
App 2: IFRS 16 impact
•Generator leases fall in scope
of IFRS 16
Income statement
•IFRS 16 replaces rent expense
with a lease depreciation and
lease interest expense
•Operating income before
income tax increases
•The inclusion of lease
depreciation and lease interest
expense reduces net profit
before tax by $1.2m. The
impact will reverse over the
lease term
Balance sheet
•Creation of a right of use asset
and lease liability on 1 July 2019
for $46m
•Both are excluded in the
calculation of gearing
Other
•No change in Precincts
definition of operating income
and will be excluded for AFFO
•Dividend will not be impacted
•No impact to cashflow
For the 6 months ended
IAS 17
(illustrative)
IFRS 16
($m)UnauditedUnauditedMovement
Investment portfolio$67.9 m $67.9 m
Generator operating income$9.9 m $9.9 m
Gross operating revenue$77.8 m $77.8 m
Less direct operating expenses($27.3 m)($23.8 m)+ $3.5 m
Operating income before indirect expenses$50.5 m $54.0 m + $3.5 m
Indirect expenses / (revenue)
Other revenue$26.7 m $26.7 m
Other expenses($6.6 m)($6.6 m)
Net interest expense ($2.5 m)($2.5 m)
Operating income before income tax$68.1 m $71.6 m + $3.5 m
Non operating income / (expenses)
Depreciation -property, plant and equipment($0.5 m)($0.5 m)
Lease depreciation($2.5 m)($2.5 m)
Lease interest expense($2.2 m)($2.2 m)
Unrealised net gain / (loss) on financial instruments($2.0 m)($2.0 m)
Net profit before taxation$65.6 m $64.4 m ($1.2 m)
Net profit after income tax attributable to equity holders$55.5 m $54.3 m ($1.2 m)
Total comprehensive income after tax attributable to
equity holders
$54.8 m $53.6 m ($1.2 m)

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 33
App 3: P&L
Note 1:
•Operating income is
calculated on a pre
IFRS 16 basis as this
provides a more
accurate measure of
operational
performance.
•IFRS 16 replaces rent
expense with a lease
depreciation and lease
interest expense
Unaudited for the 6 months ended
31 December
2019
31 December
2018
Net property income$49.2 m $47.3 m
Generator operating income$4.8 m -
Operating income before indirect expenses$54.0 m $47.3 m
Other revenue$26.7 m -
Lessee rent expense
1
($3.5 m)-
Other expenses($6.6 m)($7.7 m)
Net interest expense ($2.5 m)($1.5 m)
Operating profit before income tax $68.1 m $38.1 m
Current tax expense($7.6 m)($0.4 m)
Operating profit after tax (pre IFRS 16)$60.5 m $37.7 m
Deferred tax (expense) / benefit($2.3 m)$12.6 m
Share of profit or (loss) of joint ventures-($0.8 m)
Depreciation recovered on sale-($10.7 m)
Depreciation -property, plant and equipment($0.5 m)-
IFRS 16 Adjustment to lessee rent expense($1.2 m)-
Net realised gain / (loss) on sale of investment properties-($1.9 m)
Unrealised net gain / (loss) on financial instruments($2.9 m)($11.4 m)
Total comprehensive income after tax attributable to
equity holders
$53.6 m $25.5 m

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 34
App 4: AFFO reconciliation
Unaudited six months
ended 31 December 2019
Total comprehensive income after tax attributable to equity holders$53.6 m
Unrealised net gain / (loss) on financial instruments$2.9 m
Deferred Tax
Deferred tax (expense) / benefit$2.3 m
Depreciation -property, plant and equipment$0.5 m
IFRS 16 lease adjustments$1.2 m
Net operating income after tax$60.5 m
Net operating income after tax4.61 cps
Amortisation of incentives and leasing costs$4.0 m
Straight-line rents($0.4 m)
Funds from Operations (FFO)$64.1 m
FFO per weighted security4.88 cps
Dividend payout ratio to FFO65%
Adjusted Funds From Operations
Maintenance capex($2.0 m)
Liquidated damages (net of tax impact)($19.2 m)
Investment portfolio -Incentives and leasing fees($2.0 m)
Adjusted Funds From Operations (AFFO)$40.9 m
AFFO per weighted security3.11 cps
Dividend payout ratio to AFFO101%
Dividend paid in financial year3.15 cps
AFFO calculation is based on the best practice guidelines provided for by the Property Council of Australia.

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 35
App 5: Balance sheet
Financial Position as at 31 December 201930 June 2019
($m) UnauditedAuditedMovement
Assets
Development properties$1,013.1 $923.2 + $89.9
Investment properties$1,848.4 $1,870.5 ($22.1)
Investment properties held for sale$72.8 -+ $72.8
Intangible assets$21.0 $21.1 ($0.1)
Fair value of derivative financial instruments$45.0 $42.1 + $2.9
Right-of-use assets$40.6 -+ $40.6
Other$44.5 $36.5 + $8.0
Total Assets$3,085.4 $2,893.4 + $192.0
Liabilities
Interest bearing liabilities$933.3 $758.4 + $174.9
Deferred tax liability$40.6 $38.3 + $2.3
Lease liabilities$44.8 -+ $44.8
Fair value of derivative financial instruments$60.9 $65.3 ($4.4)
Other$37.7 $76.5 ($38.8)
Total Liabilities$1,117.3 $938.5 + $178.8
Equity$1,968.1 $1,954.9 + $13.2
NIBD to Total Assets28.3%24.6%3.8%
Liabilities to Total Assets -Loan Covenants25.4%24.3%1.1%
Shares on Issue (m)1,313.8 m 1,313.8 m
Net tangible assets per security $1.48 $1.47 0.0
Net asset value per security $1.50 $1.49 0.0

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 36
App 6: Investment portfolio overview
Investment
portfolio
Auckland Wellington
WALT
1
8.8 years
7.9 years10.3 years
Occupancy
99%
99%98%
Investment Portfolio Value ($m)
$1,861m
$1,094m$767m
Weighted average market cap rate
5.7%
5.2%6.4%
NLA (m²)
234,827 m²
104,445 m²130,381 m²
8.8 years
Weighted average lease term
99%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics
1
Includes development leasing
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

PRECINCT PROPERTIES, FY20 INTERIM RESULTS PRESENTATION -Page 37
Disclaimer
The information and opinions in this presentation were prepared by Precinct Properties
New Zealand Limited or one of its subsidiaries (Precinct).
Precinct makes no representation or warranty as to the accuracy or completeness of
the information in this presentation.
Opinions including estimates and projections in this presentation constitute the current
judgment of Precinct as at the date of this presentation and are subject to change
without notice. Such opinions are not guarantees or predictions of future performance,
and involve known and unknown risks, uncertainties and other factors, many of which
are beyond Precinct’s control, and which may cause actual results to differ materially
from those expressed in this presentation.
Precinct undertakes no obligation to update any information or opinions whether as a
result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Precinct and any recipient of
this presentation.
Neither Precinct, nor any of its Board members, officers, employees, advisers (including
AMP Haumi Management Limited) or other representatives will be liable (in contract or
tort, including negligence, or otherwise) for any direct or indirect damage, loss or cost
(including legal costs) incurred or suffered by any recipient of this presentation or other
person in connection with this presentation.

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearXSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
28.00%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
Start date and end date for determining market price for DRP
Date strike price to be announced (if not available at this
time)
Specify source of financial products to be issued under DRP
programme (new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation notice for this distribution
in accordance with DRP participation terms
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
$0.01575000
Imputed component
Excluded component$0.00919612
$0.00655388
+64 21 111 8898
hello@precinct.co.nz
20/02/2020
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00254873
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
Total cash distribution
4
Total cash distribution
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
3. "Gross taxable amount" is the gross distribution minus any excluded income.
5. The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the
imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT needs to

$0.00910261
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Type of distribution
1. Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2. “Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product.
4. “Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include any
excluded amounts, where applicable to listed PIEs.
Section 2: Distribution amounts per financial product
$0.01829873
$0.00115657
Section 3: Imputation credits and Resident Withholding Tax
5
13/03/2020
12/03/2020
27/03/2020
$20,691,784

SPH Notice – Accident Compensation Corporation (ACC)Precinct added to Global Real Estate Index.

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

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