44 Bowen Street Committed and PCT First Quarter Dividend

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 19 November 2020
44 Bowen Street Committed and Precinct First Quarter Dividend

Precinct Properties New Zealand (Precinct) (NZX:PCT) is pleased to announce today it will be
committing to 44 Bowen Street, the second office building of the Bowen Campus Stage Two
development in Wellington. The project will be undertaken on a pre-committed basis with
leasing to KPMG secured across two floors or 25% of office space on a 15-year term. Taking
into account the existing pre-commitments from EY, Fujitsu and Generator at 40 Bowen Street,
the aggregate pre-commit across Bowen Campus Stage 2 totals 10,000sqm, around 50% of
the combined office space.
44 Bowen Street will occupy the western portion of the site on land formerly occupied by the
Charles Fergusson Annex building which was demolished during the redevelopment of Bowen
Campus Stage 1. The new building will provide for eight levels of office accommodation
totalling approximately 11,549m2 of office NLA including the ground floor. Including 40 Bowen
Street, the development provides a total of around 21,000sqm of office space. In addition to
office accommodation, both buildings will provide a small amount of retail/F&B as well as
storage, end of trip facilities and bike parks. Both buildings will be 5 Star Green Star rated and
will share a common entrance lobby and basement facilities including carparking. The total
project cost for 40 & 44 Bowen Street is expected to be around $195m and is expected to
yield 6.6% once fully leased.
Scott Pritchard, Precinct’s Chief Executive said, “We are very pleased to be welcoming KPMG
into Precinct’s portfolio and commencing 44 Bowen Street. Securing another high-quality
corporate occupier reinforces the demand for this location and for quality office space in the
Wellington City Centre. With leasing enquiry remaining elevated in the Wellington market we
expect both buildings to be fully leased prior to completion.”
Precinct notes that there has been considerable commentary around the impact on the
demand for city centre office space from COVID and working from home. Across the
Auckland and Wellington portfolios Precinct has continued to experience solid demand with
10,000sqm of leasing transactions concluded across both markets since 30 June. No further

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
clients have notified Precinct of an intent to reduce floor space and the majority of occupiers
have now returned to their offices.
Precinct is also pleased to advise that shareholders will receive a first-quarter dividend of 1.625
cents per share plus imputation credits of 0.003223 cents per share. Offshore investors will
receive an additional supplementary dividend of 0.001463 cents per share to offset non-
resident withholding tax (see Note 1). The record date is 26 November 2020 and payment will
be made on 10 December 2020. See Note 2 for Inland Revenue Department (IRD) change in
relation to listed PIE income.
In addition, and despite the high level of uncertainty within the New Zealand economy,
Precinct remains confident its strategy, supported by high occupancy levels, a long weighted
average lease term and high quality clients, will continue to deliver returns for shareholders
and reaffirms its dividend guidance of 6.50cps for FY21 reflecting an increase of 3.2% over the
FY20 period.
Ends

For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Chief Operating Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

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
About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s PwC Tower, AMP Centre, ANZ Centre (50%), Jarden House, HSBC House, Mason
Bros. Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and Wellington’s
AON Centre, NTT Tower, No. 1 and No. 3 The Terrace, Mayfair House and Bowen Campus.
Precinct owns Generator NZ, New Zealand’s premier flexible office space provider. Generator
currently offers 13,600 square metres of space across four locations in Auckland.
Note 1
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.
Note 2
As listed PIEs are taxed at 28%, any investor who has a resident withholding tax (“RWT”) rate lower than this will
have to manually add this PIE income to their annual tax returns. All other investment income will be automatically
provided to the IRD. You are required to include the Gross dividend in your income tax return (and claim a credit
for the imputation credits) unless you are an individual or trustee investor. If you are an individual or trustee investor
you can choose whether to include this amount in your income tax return. Individual or trustee investors on lower
than the 30% marginal tax rate may choose to do so to gain the benefit of the imputation credits attached. The
excluded income should not be included in your tax return. All shareholders should seek independent advice if
you have any queries regarding the tax treatment of your payment.

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Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearXQuarterly
Half yearSpecial
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
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 be withheld.
$0.00011511
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
$0.01628223
$0.00001463
Section 3: Imputation credits and Resident Withholding Tax
5
26/11/2020
25/11/2020
10/12/2020
$21,348,666
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00003223
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
Total cash distribution
4
Total cash distribution
+64 21 111 8898
hello@precinct.co.nz
19/11/2020
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
$0.01625000
Imputed component
Excluded component$0.01616712
$0.00008288