Precinct Properties New Zealand Limited/Announcement

Quality portfolio delivers strong first half result

Half Year Results24 February 2021PCTReal Estate

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5

Precinct Properties New Zealand Limited (NS)
Results for announcement to the market
Reporting Period12 months to December 2020
Previous Reporting Period12 months to December 2019
Amount (000s)Percentage change
Revenue from ordinary
activities
97,100 NZD+24.8%
Profit (loss) from ordinary
activities after tax attributable to
security holders
167,900 NZD+213.2%
Net profit (loss) attributable to
security holders
167,900 NZD+213.2%
Interim/Final DividendAmount per securityImputed amount per security
Interim0.01625 NZD0 NZD
Record date12 March 2021
Dividend payment date26 March 2021
31 Dec 201931 Dec 2020
Net tangible assets per security
1.480 NZD1.530 NZD
Comments

Powered by TCPDF (www.tcpdf.org)
1 / 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 PO Box 2, Wellington 6140, New Zealand
NZX announcement – 25 February 2020
Quality portfolio delivers strong first half result
Performance summary for the six months ended 31 December 2020
Financial summary
• Total comprehensive income after tax of $167.9 million, up 213% (1H20: $53.6 million).
• Strong portfolio revaluation gain of $148.5 million or 5.1% for the half year ended 31
December 2020 (June 2020: -$66.3 million).
• Active period of leasing and completion of developments contributing to a 15.7%
increase in operating income before indirect expenses to $62.5 million (1H20: $54.0
million).
• Increase in net asset value per security of 10 cps to $1.55 (June 2020: $1.45).
• Adjusted funds from operations (AFFO) of 3.34cps, a 7.4% uplift y-o-y (1H20: 3.11cps).
• FY21 dividend guidance of 6.50cps maintained.
Capital management
• Balance sheet remains in a strong position with gearing of 29.9% (June 2020: 28.8%).
• Entered into an agreement to divest the remaining 50% of the ANZ Centre for $177
million in the period. Sale will reduce gearing to around 26%.
Operating performance
• Occupancy levels maintained at 98% (June 2020: 98%) on a weighted average lease
term (WALT) of 7.7 years (June 2020: 8.0 years).
• Secure earnings track with just 4% of contract rent due to expire in 2021.
- ~55% of current contract rent subject to fixed reviews providing certain growth
on average of 3% per annum over next 12 months.
• Well located and premium portfolio continuing to secure leasing transactions with
11,300 sqm concluded in the period.
- 6,900 sqm of new office leasing completed 7.9% above previous contract rent.
• Generator performance impacted over the short term due to Covid however demand
is recovering strongly, and outlook is positive.
• Commercial Bay operating income lower for the first half due to timing impacts from
Covid following delays in opening. Trade performance continues to track in line with
expectations after adjusting for no international visitors.

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 PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for
the six months ended 31 December 2020 today. A strong half year portfolio revaluation of
$148.5 million has contributed to total comprehensive income increasing to $167.9 million
(+213%) compared to the prior period of $53.6 million. The solid performance was supported
by an uplift in operating income following completion of developments and a positive tax
outcome from the depreciation on structure and prior period contamination expenditure.
Operating income for the period increased 15.7% to $62.5 million (December 2019: $54
million). The investment portfolio remained relatively consistent with the previous comparable
period, a strong outcome given significant fitout works underway, with the increase primarily
attributable to transactions and developments. While a strong result, Covid has adversely
impacted operating income for the first half by around $6 million due to retailer support, timing
impacts caused by delayed occupation of Commercial Bay and the effects from Covid on
income at Generator and Commercial Bay Hospitality (CBHL).
Adjusted funds from operations (AFFO), which adjusts for several non-cash items increased
7.4% to $43.8 million or 3.34cps (December 2019: $40.9 million or 3.11 cps).
Scott Pritchard, Precinct’s CEO, said “We are pleased to announce another strong result with
the portfolio continuing to illustrate its resilience and performance in these uncertain times.
While market conditions remain challenging in 2021, we continue to see demand for high
quality, city centre office space with surrounding amenity. With a further 11,300sqm of leasing
transactions completed in the period, the portfolio continues to attract businesses who want
to occupy premium assets and be in highly attractive locations.”
“Whilst the debate around workplace strategies continues, pleasingly almost all of Precincts
clients were back and working from their premises prior to the 15
th
of February 72-hour
lockdown. Noticeably, some clients have increased their allowance for flexibility, however,
this varies dependent on the role and industry. With a portfolio that is 98% leased, and on floor
occupancy levels averaging between 85% and 90%, our clients are clearly recognising the
value of face to face working. Precinct’s buildings encapsulate these benefits given their city
centre location, premium quality, and surrounding amenity.”
Supporting this approach, Precinct has launched the Commercial Bay Club App, a loyalty
programme for its ~10,000 workers in the Commercial Bay Precinct. In the first 6 months the
app has attracted around 2,000 members and the variety of events and offers to date have
been well received.

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 PO Box 2, Wellington 6140, New Zealand
Interim results
Continued execution of strategy has provided a further uplift of 15.7% in operating income for
the 6 months to 31 December 2020 to $62.5 million. The increase has primarily been through
the completion of developments in the period with Commercial Bay and No.1 The Terrace
contributing an additional $15 million for the first half of 2021. Offsetting this was vacancy at
ANZ Centre following client migration and the decant of 1 Queen Street. 1 Queen is now fully
vacant in preparation for the future development of the asset.
Independent property valuations undertaken at 31 December 2020 indicated a $148.5 million
or 5.1% revaluation gain. The gain increases Precinct’s portfolio to around $3.3 billion,
providing an NTA uplift of 11 cents per share (June 2020: $1.44). On a like-for-like basis,
Auckland asset valuations increased by around 4.0% and Wellington assets recorded an uplift
of 8.0%, compared with the draft interim book values. The growth in portfolio values were
predominantly driven by a material compression in capitalisation rate, with PCT’s weighted
average capitalisation rate firming around 40 bps to 4.9% over the half year. Market rental
growth in Wellington and development progress at Bowen Campus Stage 2 also contributed
to the positive outcome.
The current tax expense recorded a positive outcome of $6.5 million for the half (1H20: -$7.6
million). The outcome is attributable to the reintroduction of depreciation on structure ($7.2
million) and expenditure related to testing, removal, and encapsulation of contaminants as
part of the demolition of building structure during 2016-2019 ($13.0m).
The fair value loss in financial instruments has increased to $22.4 million due to the convertible
note option fair value loss from the movement in Precincts share price. A $2.0 million loss was
recognised for the same period last year.
Generator recorded a lower gross operating revenue of $3.1 million for the period (1H20: $4.8
million). Membership revenue and occupancy remained stable for the first half. Events
revenue was impacted due to Covid however was recovering at a more accelerated rate
than anticipated post the August 2020 lockdown. Strong demand is being experienced at
the new meeting suites at Commercial Bay with utilisation ahead of expectations. New
meetings suites have also been completed post balance date at 188 Quay Street.

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 PO Box 2, Wellington 6140, New Zealand
Dividends attributable to shareholders for the six months ending 31 December 2020 totalled
3.25 cps representing an increase of 3.2% on the prior period (1H20: 3.15 cps). The 1H21
dividend represents approximately 98% of Precinct’s Adjusted Funds From Operations (AFFO)
for the first half of the 2021 financial year of 3.34 cps.
Investment portfolio performance
Positive leasing results in Auckland and Wellington have maintained Precinct’s high
occupancy of 98% and delivered a weighted average lease term of 7.7 years at 31
December 2020. The Auckland portfolio was very active during the period with over
37,000sqm of fitout undertaken, the majority of which is now complete and income producing
post balance date.
The portfolio continues to attract interest with an additional 18 leasing transactions completed
across 11,300 sqm. New leases in the investment portfolio accounted for around 6,900 sqm
which were secured 7.9% above previous contract rents.
Structured rent reviews were completed across 43,000 sqm in the first 6 months, resulting in an
average annual uplift of 2.1% on $21.6 million of contract rent. Market reviews were secured
3.5% above previous contract rentals across 8,000 sqm or $3.5 million of contract rent.
The Auckland prime office waterfront market conditions remain very resilient however
elevated sublease space availability in secondary locations has impacted those submarkets.
Notwithstanding, according to CBRE research much of the potential sublease space has not
translated into physical vacancy.
While there is a level of uncertainty, the strength and security of Precinct’s cashflow will
continue to deliver over the next 12 months with around 55% of the portfolio subject to a
structured review and less than 10% of contract rent expiring annually over the next 5 years.
Most of Precinct’s clients have also returned to their premises with on floor employee
occupancy levels averaging between 85% and 90%.
Capital management
Capital management position remains strong supporting Precinct’s long-term strategy with
gearing as measured under borrower covenants, which disregards subordinated debt, of
29.9% (30 June 2020: 28.8%).

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 PO Box 2, Wellington 6140, New Zealand
Announced in the period, Precinct entered into an agreement for the sale of its 50% interest
in the ANZ Centre in Auckland for $177 million. The sale price is consistent with the 30 June
2020 independent valuation. This capital recycling initiative will see proceeds from the sale
used to repay bank debt and reduce leverage. Post-sale gearing will reduce to around 26%.
Consideration for additional non-core asset sales remains as an option to continue to fund
Precinct’s long-term strategy.
Development update
40 and 44 Bowen Street
Stage 2 of Bowen Campus is well underway with the development progressing during the first
half. The project continues to track on programme and on budget. The project remains
round 50% pre-committed across both buildings with EY, Fujitsu and KPMG secured. Leasing
enquiry remains elevated for the remaining space from both corporate and government
occupiers with the development expected to be 100% leased prior to practical completion.
Wynyard Quarter Stage Two
The project has been progressing well with base build works completing at 10 Madden Street
towards the end of 2020. Client fitout works are now underway with occupation commencing
from March this year and the office floors 100% leased.
Future development projects
1 Queen Street remains the primary focus for the business over the next 6 months. Since the
decision to delay the project, a significant work stream has been underway in determining
the preferred scheme for the site. The composition of the building has been changed to
factor in the current market conditions and leverage off the surrounding amenity provided by
Commercial Bay. The current revised scheme is expected to offer ground floor retail
integrated into Commercial Bay, 3 levels of shared workspace, a reduced 139 room hotel
(previously 244), 2 levels of private office suites, 7 levels of premium grade office and a roof
top bar. Key stakeholders have engaged positively with the revised scheme and continue to
work closely with Precinct to determine the optimal outcome for all parties. Detailed design
and outstanding workstreams are still to be finalised but it is anticipated a decision will be
made on the development within the next 6 months.

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 PO Box 2, Wellington 6140, New Zealand
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 is no disadvantage to Precinct or our shareholders, and non-resident shareholders do not get a larger cash
dividend than an equivalent New Zealand resident shareholder.

Amount s in $millions unless ot herwise st at ed
Unaudited
Unaudit ed
Audited
six months ended
six mont hs ended
year ended
31 December 2020
31 December 2019
30 June 2020
Net profit after taxation
163.2
54.3
30.2
Unrealised net (gain) / loss in value of invest ment and development propert ies
(148.5)
-

66.3
Unrealised net (gain) / loss on financial inst rument s
22.4
2.0
1.9
Net realised (gain) / loss on sale of invest ment propert ies
-

-

2.5
Net realised loss / (gain) on disposal of invest ment in joint vent ure
-

-

-

Depreciat ion - propert y, plant and equipment
0.6
0.5
1.1
Depreciat ion recovered on sale
-

-

1.4
Deferred t ax (benefit ) / expense
7.1
2.5
(3.4)
I FRS 16 lease adjust ment s
1.0
1.2
2.3
Liquidat ed damages (net of t ax impact )
-

(19.2)
(19.2)
One off it em - project init ialisat ion cost s
0.4
-

-

Amort isat ion
6.3
4.0
7.9
St raight line rent
(1.7)
(0.4)
(0.5)
Funds from operations (FFO)
50.8
44.9
90.5
Funds from operations per share (cents)
3.87
3.42
6.89
Maint enance capex
(2.7)
(2.0)
(5.0)
I ncent ives and leasing cost s
(4.3)
(2.0)
(2.8)
Adjusted funds from operations (AFFO)
43.8
40.9
82.7
Weight ed average number of shares for net operat ing income per share (M)
1,313.7
1,313.7
1,313.7
Adjusted funds from operations per share (cents)
3.34
3.11
6.29

---

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION -Page 1
Precinct Properties
Interim Results
2021

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 2
Agenda
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, COO
Richard Hilder, CFO
Note: All $ are in NZD
Highlights / Strategy / Major themes
Pages 3
Section 1 –Financial results & capital management
Page 9
Section 2 –Our markets
Page 17
Section 3 –Operations
Page 23
Section 4 –Developments
Page 30
Section 5 –Outlook
Page 36

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 3
Highlights
Financial Performance
•NPI of $60.2 million, 22.3% higher than pcp
•Comprehensive income after tax of $167.9 million (1H20: $53.6
million)
•3.34 cps AFFO representing a payout ratio of 98%
•6.50 cps dividend guidance representing a 3.2% increase y-o-y
Operational Performance
•98%portfolio occupancy, WALT of 7.7 years
•Contract rent growth of 7.9% on new investment portfolio office leases
•Opening of Commercial Bay office tower
•Completion of 10 Madden Street on time and on budget
•Construction commenced at 40 and 44 Bowen Street
Capital Management
•$177 millionagreement for sale of 50% interest in ANZ Centre
oSettlement expected April 2021
•Strong balance sheet, gearing of 29.9%
oReducing to around 26% following sale of ANZ Centre

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 4
Our strategy
Precinct’s strategy incorporates the following:
Principles of success:
-Focusing on concentrated ownership in strategic
locations
-Maintain and grow great client relationships
-Investing in quality, both in assets and environments
-Maintaining a long-term view
Essential sustainability elements:
Empowering people
Opportunities to outperform:
1.Stock selection
2.Development activity
3.Operating activity
a)Commercial Bay Retail
b)Generator
c)Hospitality
Operational excellence
Developing the future

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 5
Strategy progress
Operational excellence
•Active management driving significant portfolio outperformance
with continued rental growth and limited vacancy
•Precinct received a 2020 Global Real Estate Sustainability
Benchmark (GRESB) score of 83 (Global average: 70)
•Office portfolio and Generator positioned well for occupier trends
driven by Covid-19
•Portfolio optimisation continuing with sale of 50% interest in ANZ
Centre
•Launched Sustainable debt programme and Climate-related
Financial Disclosure document
Developing the future
•10 Madden Street completed on time and on budget
•40 and 44 Bowen Street construction commenced and progressing
well
•1 Queen Street design advancing with revised composition
Empowering people
•Circa 200 FTE employees across Precinct, Generator and
Commercial Bay Hospitality businesses.
•Training and development in staff maintained
•TeKaasessions
•The Resilience Project

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 6
Major themes
Workplace trends
•WFH established as part of workplace strategies with agile
workforce increased from c.10% to c.20% with many
employees working 1-2 days from home
•Importance of working from office recognised for
collaboration, creativity and culture
•Businesses downsizing footprint are upgrading location,
amenity and fitout
Occupier market
•Remains resilient in certain sub-markets
•Higher quality sub-lease space is being absorbed by latent
demand and reduced new build options across Auckland
and Wellington
•WLG remains strong underpinned by the growth in public
sector workforce
•Well located Prime grade expected to outperform as
workplace trends improve affordability and increase
importance of location and building quality
Construction market
•Market becoming more active following 6-9 month period of
lower activity
•Construction costs expected to increase with significant
residential and public projects underway
City Centre
•City centre most impacted by Covid-19 with short term
lockdowns and ongoing loss of tourism market
•Long term drivers for city centre remain intact and
underpinned by workplace trends

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 7
Working from office
While working from home provides an effective
continuity strategy, the benefits of working from the
office are increasingly recognised
Benefits of working from the office
•Higher productivity/increased collaboration
•Enhanced culture, training/development and
mentoring of staff
•Base for meetings, collaboration and value-add
initiatives
•Health and Wellbeing benefits through a natural
separation of home and work activities and
increased social interaction
Benefits to Precinct occupiers
•Premium city centre locations with high levels of
amenity
•Best in market lobby and end of trip facilities
•Events and activations building a sense of
community
•Launch of Commercial Bay Club

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 8
Community
•Commercial Bay Club is exclusively available to
Precinct occupiers in the Auckland portfolio
•2,000+ Club sign ups
Club benefits
•Exclusive invites to corporate, health and wellness,
and social events including:
•Fitness & yoga classes
•Networking events
•Monthly speaker series (commencing April)
•Social activities in building lobbies
•E.g. BBQ, drinks and live music
•Special offers from Commercial Bay and Harbour
Eats retailers

Section 1
Financial results
& capital
management

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 10
Financial performance
$167.9 m
Total comprehensive income after
tax
For the 6 months ended
31 December
2020
31 December
2019
($m)UnauditedUnaudited
D
Operating income before indirect expenses$62.5 m $54.0 m + $8.5 m
Indirect expenses ($9.0 m)($6.6 m)($2.4 m)
Net interest expense ($10.7 m)($2.5 m)($8.2 m)
Operating income before income tax$42.8 m $44.9 m ($2.1 m)
Unrealised net gain in value of investment
and development properties
$148.5 m -+ $148.5 m
Unrealised net (loss) on financial instruments($22.4 m)($2.0 m)($20.4 m)
Other revenue-$26.7 m ($26.7 m)
Other non operating ($5.1 m)($5.2 m)+ $0.1 m
Net profit before taxation$163.8 m $64.4 m + $99.4 m
Current tax expense$6.5 m ($7.6 m)+ $14.1 m
Deferred tax (expense) / benefit($7.1 m)($2.5 m)($4.6 m)
Net profit after income tax attributable to equity
holders
$163.2 m $54.3 m + $108.9 m
Other comprehensive income / (expenses)$4.7 m ($0.7 m)+ $5.4 m
Total comprehensive income after tax
attributable to equity holders
$167.9 m $53.6 m + $114.3 m
•External valuations resulted
in a $148.5 million
revaluation gain
•Positive tax outcome
•Depreciation on structure
($7.2m)
•Expenditure relating to testing,
removal and encapsulation of
contaminants as part of the
demolition of building structure
$13m (2016-2019)
+15.7%
Increase in operating income before
indirect expenses

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 11
Operating income
Material increase due to completion of
developments
Active period with 37,000m
2
of fitouts
completed in Auckland
1 Queen St decanting complete
COVID negatively impacted operating
income by ~$6.2m due to:
1.Temporary timing differences
•Delays in the occupation of Commercial
Bay resulted in lower than anticipated
income ($5m)
•Partly offset by higher income at
HSBC Tower, 1 Queen Street & ANZ
Centre (+$2.3m)
2.Other impacts
•$1m of retail support
•Lower Generator income ($1.7m)
•August lockdown & opening delays
resulted in a CBHL loss of $0.8m
•No further rent relief on core office
portfolio
1 –Generator operating income of $3.1m excludes rent expense of $3.5m due
to IFRS 16 resulting in an EBITDA of ($0.4m) (2019: $1.3m).
For the 6 months ended
$m (unaudited)
31 December
2020
31 December
2019
D
Auckland$20.8 $21.1 ($0.3)
Wellington$17.2 $17.2 ($0.0)
Investment portfolio$38.0 $38.3 ($0.3)
Transactions and Developments$23.2 $10.9 + $12.3
Subtotal$61.2 $49.2 + $12.0
COVID-19 Impact($1.0)-($1.0)
Total net property income$60.2 $49.2 + $11.0
Generator$3.1 $4.8 ($1.7)
CBHL($0.8)-($0.8)
Operating income before indirect
expenses
$62.5 $54.0 $8.5
$50.0 m
$55.0 m
$60.0 m
$65.0 m
$70.0 m
H1FY20Com BayPortfolio1 Queen StDisposalCOVID
support
Generator
/ CBHL
H1FY21
Operating income reconciliation

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 12
AFFO
3.34 cps
+7.4% y-o-y
•98% pay-out ratio of AFFO
•Funds from operations (FFO)
were 13% higher
•Increased maintenance
and incentives reflecting
portfolio activity in the
period
Adjusted funds from operations
For the 6 months ended
31 December
2020
31 December
2019
Movement
Operating income before indirect expenses $62.5 m $54.0 m + $8.5 m
Indirect expenses ($9.0 m)($6.6 m)($2.4 m)
Net interest expense ($10.7 m)($2.5 m)($8.2 m)
Operating profit before tax $42.8 m $44.9 m ($2.1 m)
Current tax expense$6.5 m ($7.6 m)+ $14.1 m
Operating profit after tax$49.3 m $37.3 m + $12.0 m
Adjusted for:
Generator rent expense (IFRS 16)¹($3.5 m)($3.5 m)($0.1 m)
Amortisations of incentives and leasing costs$6.3 m $4.0 m + $2.3 m
Liquidated damages tax impact-$7.5 m ($7.5 m)
One off item Project Initialisation Costs²$0.4 m -+ $0.4 m
Straight-line rents($1.7 m)($0.4 m)($1.3 m)
Funds from Operations (FFO)$50.8 m $44.9 m + $5.9 m
FFO per weighted security3.87 cps3.42 cps
Dividend payoutratio to FFO84%92%
Adjusted Funds From Operations
Maintenance capex($2.7 m)($2.0 m)($0.7 m)
Investment portfolio -Incentives and leasing
fees
($4.3 m)($2.0 m)($2.3 m)
Adjusted Funds From Operations (AFFO)$43.8 m $40.9 m + $2.8 m
AFFO per weighted security3.34 cps3.11 cps
Dividend paid in financial year3.25 cps3.15 cps
Dividend payoutratio to AFFO98%101%
1-Generator rent expense is excluded from operating profit due to IFRS 16
2-Project initiation costs associated with the unsuccessful acquisition of 4-10 Mayoral drive, Auckland
from Auckland Council

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 13
Revaluations
•Revaluation gain of $148.5 m or 5.1% attributable
primarily to cap rate compression
•NAV per share of $1.55 (Jun-20: $1.45)
•Wellington saw the biggest % change YoY with
~60 bps of yield compression
•+7.7% investment Wellington portfolio
•+4.5% investment Auckland portfolio
•+1.4% development portfolio
Portfolio valuation
120.0
140.0
160.0
Jun-2020
Revaulation
Interest rate
swap
movement
AFFO
Net
Distribution
Dec-2020
NTA per share
NTA movement
Value MovementCap Rates %*
30 Jun 2020
Market Value
Additions /
Disposals
31 Dec 2020
Book Value
Revaluation
30 Jun 2020
Market Value
Revaluation
%
30 Jun 202031 Dec 2020Change
Investment Properties
Wellington$746.7 m$14.5 m$761.2 m$58.5 m$819.7 m7.7%6.06%5.45%(61 bps)
Auckland$1,875.6 m$40.9 m$1,916.5 m$86.6 m$2,003.1 m4.5%4.93%4.64%(29 bps)
Subtotal –Investment Properties$2,622.3 m$55.4 m$2,677.7 m$145.1 m$2,822.8 m5.4%5.29%4.90%(39 bps)
Development Properties
Bowen Campus Stage 2$28.6 m$15.4 m$44.0 m$6.6 m$50.6 m15.1%---
30 Waring Taylor Street$6.9 m$3.7 m$10.6 m-$10.6 m----
10 Madden Street$53.1 m$27.2 m$80.3 m$2.2 m$82.5 m2.8%5.63%5.38%(25 bps)
1 Queen Street$102.0 m$9.5 m$111.5 m-$5.5 m$106.0 m-4.9%5.13%5.00%(13 bps)
Subtotal –Development Properties$190.6 m$55.7 m$246.3 m$3.4 m$249.7 m1.4%n/an/an/a
Total excl. Asset(s) Held for Sale$2,812.9 m$111.0 m$2,924.0 m$148.5 m$3,072.5 m5.1%5.29%4.90%(39 bps)
Asset(s) Held for Sale
ANZ Centre (50%)$177.8 m$0.4 m$178.2 m-$178.2 m--5.25%-
Total$2,990.7 m$111.4 m$3,102.1 m$148.5 m$3,250.6 m4.8%5.29%4.90%(39 bps)
* Portfolio blended capitalisation rate excludes Commercial Bay Retail, Mayfair House, Development Properties and Asset(s) Held for Sale

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 14
Capital management
Capital management position remains
strong supporting our long term strategy
Debt facility expiry profile
Key metrics
December
2020
June
2020
Debt drawn ($ millions)
1
1,097.6951.7
Gearing -banking covenant (%)29.928.8
Weighted average term to expiry (years)3.4 yrs3.9 yrs
Weighted average debt cost (incl fees)3.7%3.9%
% of debt hedged (%)57.056.0
Interest coverage ratio (previous 12 months) 2.1 x2.4 x
Total debt facilities ($ millions)1,1961,196
1 Excludes the USPP note fair value adjustment of $69.3m (June 2019:
$28.0 m). Interest bearing liabilities are detailed in Note 21 of the Financial
Statements.
Funding diversity
Bank debt
51%
USPP
22%
Convertibl
e Note
12%
NZ Bonds
15%
Debt capital
markets
49%
$100 m
$200 m
$300 m
$400 m
Jun 21Jun 22Jun 23Jun 24Jun 25Jun 26Jun 27Jun 28Jun 29>Jun
30
Debt Facility Expiry Profile
Year ending
Bank debtUSPPNZ BondsConvertible Note
•Gearing as measured under banking
covenants is 29.9%
•~26% following ANZ Centre sale
•Consideration for additional non-core
asset sales
•Ex convertible note, average term to
expiry of 3.8 years
•Weighted average interest cost of 3.7%

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 15
ESG Progress
Sustainability at Precinct
Improved our key performance measure,
GRESB, to 83 (Global average: 70)
•Disclosed Climate-related Financial
Disclosures document (TCFD)
•Launched sustainable debt programme
against $1.7bn of green assets
•Precinct to benefit from occupier shift to
green assets
•Government NABERSNZ requirement
20192020
GRESB 7783
MSCI ESG ratingABBB
CDPN/AB-
Environmental performance (number of buildings)
(most recent reported rating)
NABERSNZ rating 3 or greater48
Green Star greater than 455
Green Star Rated Assets by Portfolio Value
Not Rated4 Star5 Star6 Star

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 16
Completion of developments and sale of non-core assets will underpin a stable and
strengthening earnings profile
AFFO and dividend expected to grow due to:
•Around 55% of the portfolio benefiting from structured reviews at an average of 3.0% p.a.
•98% occupied and 7.7 year WALT providing lower leasing costs and incentives with no significant
expiries in the medium term
•Revenue sourced from Government and high quality corporate occupiers
•Development pipeline providing an average yield on cost of 6.4% vs 5 year debt funding of sub 3%
•High quality modern portfolio reducing recurring capex requirement
Short term AFFO outlook presents some uncertainty due to potential for further lockdowns. However, high
quality clients, structured rent reviews, and a long term WALT will support AFFO growth
6.50 cps
FY21 AFFO and dividend
guidance
4.00 cps
4.50 cps
5.00 cps
5.50 cps
6.00 cps
6.50 cps
7.00 cps
201620172018201920202021F
Adjusted funds from operationsDividend (cps)
Historical AFFO and Dividend
+20%
FY21 guidance

Section 2
Our markets

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 18
City centres
+27%
Increase in Wellington public
service FTEs (2017 to 2020)
+84,000m
2
Implied increase in demand from
change in Govt. FTEs (15.2m
2
per FTE)
Wellington -Labour force underpinned by growth in Crown employment
Auckland –Return to the city
69%
Average AKL waterfront pedestrian
counts Oct –Dec 2020 to comparable
pre Covid-19 period
70%
Average AKL Metro weekly patronage
increase Oct -Dec to comparable prior
period
Notably, these figures exclude International tourists
0.0
0.5
1.0
1.5
2.0
2.5
Millions
Auckland Metro Weekly Patronage
Bus PatronageTrain PatronageFerry PatronagePrior Year BusPrior Year TrainPrior Year Ferry
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Millions
Wellington Bus Patronage
Current yearPrevious year

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 19
Our city centre markets
Prime office (Auckland CBD)
•Auckland waterfront market conditions remain resilient however elevated
sublease space availability in secondary locations have impacted the
traditional submarkets
•Occupiers are continuing to commit to new leases, albeit leasing
decisions are taking longer and effective rentals are in some instances
challenged by elevated incentives
Prime retail
•Vacancies continue to rise in fringe retail locations from decreased
footfall and continued pressure from e-commerce and shift to omni-
channel retailing
•Market rentals holding for key tenancies albeit market uncertainty has
resulted in protracted lease up periods
Prime office (Wellington CBD)
•Prime vacancy rates in Wellington remain near recent year lows with
positive net absorption counterbalancing newly completed stock
•Demand driven by significant interest from both Government and
corporate occupiers as is evident by leasing progress at Bowen Campus
Stage 2
Flexible space
•Temporary reduction in occupancy rates due to COVID-19 disruptions
•Demand forecast to increase over the medium to long term with
occupiers adopting increasingly flexible working arrangements and tenure

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 20
Auckland CBD office
•Waterfront prime vacancy estimated at 2.9%
despite 45,000m
2
of stock added since Dec-19
•Reaffirms waterfront drift with occupiers
attracted to improved amenities and
public transport links
•Increase in vacancy rate in traditional
submarkets (Core / Midtown)
•PCT waterfront assets remain well-positioned
•Blended WALT of 7.3 years with no
material expiries over the medium term
•Prime yields have continued to firm in
Auckland with steady level of competition for
assets backed by secure long-term income
Auckland CBD office vacancy
Source: Colliers International, Precinct Properties
0%2%4%6%8%10%12%14%16%
Britomart
PCT Waterfront
Western Corridor
Core
Midtown
Total Prime
Total Secondary
Overall Vacancy
Dec-19Change to Dec-20
0%
10%
20%
30%
40%
50%
Vacant21222324252627282930>30
% of NLA
Financial Year
Largest 3 clients
Lease expiry profile (PCT waterfront assets)
Source: Precinct Properties
North of Customs Street

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 21
0%
10%
20%
30%
40%
50%
60%
Vacant21222324252627282930>30
% of NLA
Financial Year
Largest 3 clients
0%
1%
2%
3%
4%
5%
20202021202220232024
CBREJLLColliersLong-term Average
Wellington CBD office
•Prime vacancy rates continue to remain
below long term average despite new
supply
•Sublease availability in new builds
expected to be absorbed relatively
quickly
•Robust occupier demand driving rental
growth
•Prime gross effective rentals up
0.9% over six month period ended
Dec-20
•Material firming of prime yields following
sale of 20 Customhouse Quay
Forecast prime vacancy
Source: CBRE, Colliers International, JLL
Lease expiry profile (PCT Wellington assets)
-2%
0%
2%
4%
6%
8%
10%
12%
'00'01'02'03'04'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20
Wellington Prime OfficeWellington Prime LT Average
10-year Swap Rate10-year Real Interest Rate
Wellington prime yield vs. interest rates
Source: Precinct Properties

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 22
Broader market
•Impact of subleasing post Covid-19 has been more prominent in secondary
and fringe locations
•According to CBRE research much of the potential sublease space has not
translated into physical vacancy
•Good quality sublease space is meeting strong demand and being
absorbed
Precinct occupiers
•Occupiers increasing focus on flexibility however most believe they will
largely retain current premises footprint
•Only 1 out of 161 office occupiers has sublet premises post Covid-19, which
was facilitated by Precinct. Exiting party has maintained city centre office
premises with reduced footprint.
•Client employee occupancy levels confirm workplace strategies continue
to prioritise work from office
•~85% of client employees are back in the office
Sublease market

Section 3
Operations

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 24
Key leasing update
•Strong leasing activity continues with 11,300
sqm completed and solid rental growth
achieved
•New 9-yearlease to Aon New Zealand over
2,200m² on levels 20, 21 and naming rights
at AMP Centre
•Core office portfolio remains well occupied
and with solid interest in future available
space
7.7 years
Weighted average lease term
7.9%
Growth in contract rentals on
new office leases
8.7%
Auckland growth
4.3%
Wellington leasing growth
98%
Portfolio Occupancy
11,300 m²
Total leasing (including
developments)
Portfolio activity

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 25
Earnings quality
Precinct’s well located buildings, high
occupancy, quality client base, and long WALT
gives confidence that our strategy will continue
to deliver.
•Just 4%of portfolio by income is subject to
expiry over the next 12 months
•Precinct portfolio’s exposure to structured
rent reviews provides secure cashflow
•73%of portfolio subject to review event
in 2021 of which 10%comprised market
rent review
30%
15%
31%
8%
16%
Office revenue by industry
Government (Local and
Central)
Legal
Financial Services, Banking,
and Insurance
Information Technology
Other
5%
11%
5%
71%
7%
Gross revenue by asset class
Carpark
Retail
Food & Beverage
Office
Generator
Office lease expiry profile
0%
5%
10%
15%
20%
25%
30%
35%
% of Income
Financial Year
AucklandWellington

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 26
Commercial Bay -
retail
•Disruption due to Covid-19
lockdowns, city centre
workforce patterns and major
streetscape works make read
through to underlying
performance difficult
•Food & beverage has been the
strongest performer, particularly
HarbourEats. International
fashion has also been strong
with mixed performance from
NZ fashion retailers
•Strong Christmas trading
through November and
December
•The new centrehas shifted
peak attendance from mid
week to Friday to Sunday
•Underlying performance
estimated to sit 15-20% below
pre-covidexpectations

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 27
Commercial Bay -retail
Centre composition
All retailers are now open, and the centre is fully leased. With
a carefully blended retailer composition, Commercial Bay is
positioned to be the destination at the heart of the city.
•International retailers: H&M, COS, Scotch and Soda,
Hugo Boss, Tommy Hilfiger, Calvin Klein
•Local retailers: Just Another Fisherman, Edmund Hillary,
Wynn Hamlyn, Aotea Made
•Food & beverage: Saxon & Parole, Poni Room, Ahi,
Public, GoChu, Reign & Pour, the Lodge Bar
0%
20%
40%
60%
80%
100%
Centre Composition
Centre composition by NLA
Mini-Majors
Major
Food & Beverage
Specialty
1,000 m²
2,000 m²
3,000 m²
4,000 m²
5,000 m²
WALT
MajorMini-MajorsFood & BeverageSpecialty

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 28
Operating businesses
•Commercial Bay Hospitality
achieved successful openings
however impact of lockdowns led to
$800k loss for the half
•Venues continue to adapt to
create operational efficiencies
•Generator performed well with result
inline with expectations despite
second lockdown
•Event sales significantly
outperformed expectations,
with the introduction of the
Commercial Bay meeting suites
•December event revenue was
up 19% from the previous year,
excluding the Commercial Bay
meeting suites.

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 29
Generator performance
•Business exceeding expectations despite unforeseen impact from COVID-19 lockdown and on track for full
year breakeven
•Year-end occupancy 65% across all sites with tight cost control mitigating lost revenue
•Events revenue has grown back to pre-Covid levels
•Membership revenue was impacted by membership downsizing but has now returned to growth
•Medium term outlook remains strong with businesses increasingly valuing flexibility and new businesses
choosing Generator over traditional leases
•Increased relationship benefit, with Precinct clients utilising the meeting suites
H1FY21H1FY20
Revenue
1
$7.5m$10.4m
EBITDA($0.4m)$1.3m
Revenue sources
Occupancy
1
Note: Generator performance includes intersegment revenue
80%
20%
Membership Revenue
Events & Hospitality
Revenue
0%
20%
40%
60%
80%
100%
CoworkingPrivate OfficesTotal

Section 4
Developments

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 31
Development summary
•Developments currently underway:
•10 Madden Street, Auckland (base build PC Oct-20)
•40 Bowen Street, Wellington (PC Sep-22)
•44 Bowen Street, Wellington (PC May-23)
•Total office NLA of 29,250m
2
on completion
•60% pre-committed to date with a c. 11 year WALT
•Forecast blended ROC c. 23%and blended YOC c. 6.4%
•~32,800m
2
additional prime office NLA
•One Queen Street (c. 14,300m
2
)
•Wynyard Quarter Stage 3 (c. 18,400m
2
)
•Target pipeline returns
•Return on cost c. 15%+
•Yield on cost c. 6%+
Current commitments
Pipeline

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 32
Wynyard Quarter stage 2 –10 Madden
•Base build practical completion achieved Oct-20 in line with
programme
•Income producing in March following completion of
client fitout works
•Office floors pre-committed between Media Design School
(4,946m
2
) and a global tech company (2,600m
2
)
•Ground floor leasing underway
•336m
2
office suite
•296m
2
laneway retail
~15%
Forecast return on cost
~7.0%
Forecast fully leased yield
on cost

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 33
BowenCampus stage 2 –40 & 44 Bowen
•Committed to 44 Bowen during the half period with
construction progressing well
•Superstructure underway at 40 Bowen
•Piling and ground anchors underway at 44 Bowen
•On programme to deliver practical completion in Sep-22 (40
Bowen) and May-23 (44 Bowen)
•Occupier pre-commitment secured from EY, Fujitsu, Generator
and KPMG
•72% pre-committed at 40 Bowen
•25% pre-committed at 44 Bowen with ~30,000m
2
active
enquiries
~25%
Forecast return on cost
6.6%
Forecast fully leased yield
on cost

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 34
One Queen Street
•Redevelopment of One Queen Street
currently on hold due to market uncertainty
and to evaluate long-term optimal use post-
COVID
•Anticipate to commit and re-
commence development works in 2021
calendar year
•Scheme now revised to provide circa
14,300m
2
of premium grade office space
together with a 139-room InterContinental
branded hotel and supporting F&B and retail
amenities
•Pre-commit client Bell Gully remains
committed to the development
•Positive market engagement with
respect to balance of office space
•Remain confident a hotel in One Queen
Street’s prime waterfront location will
outperform over the medium/long term
and provide complimentary amenity
and income diversity to the wider
Commercial Bay precinct

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 35
One Queen Street
Previous schemeRevised scheme
7
2
6
3
7
11

Section 5
Outlook

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 37
Outlook
Uncertainty remains
•Health (COVID-19) and economic crisis
•Workplace strategies
However, Precinct’s outlook remains robust with growth expected due to:
•High occupancy levels and a 7.7-year WALT providing lower leasing costs
and incentives
•~55% of the portfolio benefiting from structured reviews,
•Revenue sourced from Government and high-quality occupiers,
•Development pipeline providing accretion to current low cost of debt, and
•Low recurring capex requirements due to premium portfolio quality and
asset age.
Precinct expects its full year normalised results to be consistent with earlier
guidance provided. Full year FY21 AFFO and dividend remain at 6.50 cps,
representing a 3.2% y-o-y increase to shareholders.

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 38
Appendices

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 39
App 1: Operating income
For the 12 months ended
$m
Unaudited six months
ended 31 December 2020
Unaudited six months
ended 31 December 2019
D
AMP Centre$5.7 $6.1 ($0.4)
HSBC Tower$9.0 $9.0 $0.0
Jarden House$2.7 $2.7 $0.0
Mason Brothers$1.2 $1.1 $0.0
12 Madden Street$2.3 $2.2 $0.0
Auckland total$20.8 $21.13 ($0.3)
No 1 The Terrace
NTT Tower$3.4 $3.6 ($0.2)
AON Centre$5.3 $5.1 $0.2
Mayfair House$1.6 $1.7 ($0.1)
Bowen Campus$6.9 $6.8 $0.1
Wellington total$17.2 $17.18 ($0.0)
Investment portfolio$38.0 $38.31 ($0.3)
Transactions and Developments
1 Queen Street$1.3 $2.1 ($0.7)
ANZ Centre$3.9 $4.6 ($0.7)
PWC Tower$7.7 $7.7
Commercial Bay Retail$7.2 $1.5 $5.7
10 Madden Street$0.0 $0.0 $0.0
Pastoral House($0.0)$0.8 ($0.8)
No 1 The Terrace$3.1 $2.0 $1.1
30 Waring Taylor$0.0 $0.0 $0.0
Subtotal$61.2 $49.24 $12.0
COVID-19 Impact($1.0)($1.0)
Total net property income$60.2 $49.24 $11.0
Generator$3.1 $4.8 ($1.7)
CBHL($0.8)($0.8)
Operating income before indirect expenses$62.5 $54.00 $8.5

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 40
App 2: Balance sheet
Financial Position as at 31 December 202030 June 2020
($m) UnauditedAuditedMovement
Assets
Development properties$249.7 $190.6 + $59.1
Investment properties$2,822.8 $2,800.1 + $22.7
Investment properties held for sale$178.2 + $178.2
Intangible assets$18.8 $18.9 ($0.1)
Fair value of derivative financial instruments$35.5 $95.2 ($59.7)
Right-of-use assets$35.6 $38.1 ($2.5)
Other$52.9 $42.3 + $10.6
Total Assets$3,393.5 $3,185.2 + $208.3
Liabilities
Interest bearing liabilities$1,147.8 $1,028.9 + $118.9
Deferred tax liability$45.6 $36.5 + $9.1
Lease liabilities$41.8 $43.4 ($1.6)
Fair value of derivative financial instruments$76.1 $86.2 ($10.1)
Other$47.9 $81.8 ($33.9)
Total Liabilities$1,359.2 $1,276.8 + $82.4
Equity$2,034.3 $1,908.4 + $125.9
NIBD to Total Assets32.4%29.9%2.5%
Liabilities to Total Assets -Loan Covenants29.9%28.8%1.1%
Shares on Issue (m)1,313.8 m 1,313.8 m
Net tangible assets per security $1.53 $1.44 0.10
Net asset value per security $1.55 $1.45 0.10

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 41
App 3: Asset level valuations
Value MovementCap Rates %*
30 Jun 2020
Market Value
Additions /
Disposals
31 Dec 2020
Book Value
Revaluation
30 Jun 2020
Market Value
Revaluation
%
30 Jun 202031 Dec 2020Change
Investment Properties
NTT Tower$124.0 m-$0.2 m$123.8 m$21.2 m$145.0 m17.2%6.38%5.50%(88 bps)
AON Centre$172.9 m$1.7 m$174.6 m$11.3 m$185.9 m6.5%6.63%5.63%(100 bps)
No. 1 The Terrace$107.5 m$0.4 m$107.9 m$7.1 m$115.0 m6.6%5.88%5.63%(25 bps)
No. 3 The Terrace$14.0 m-$14.0 m-$14.0 m----
Mayfair House$60.2 m$10.9 m$71.1 m$5.9 m$77.0 m8.2%6.13%5.75%(38 bps)
Bowen Campus Stage 1$268.1 m$1.7 m$269.8 m$13.0 m$282.8 m4.8%5.63%5.25%(38 bps)
Subtotal –Wellington$746.7 m$14.5 m$761.2 m$58.5 m$819.7 m7.7%6.06%5.45%(61 bps)
PwC Tower$580.0 m$11.4 m$591.4 m$33.6 m$625.0 m5.7%4.88%4.63%(25 bps)
HSBC Tower$409.0 m$14.8 m$423.8 m$26.2 m$450.0 m6.2%5.50%5.13%(38 bps)
AMP Centre$205.0 m$0.7 m$205.7 m$15.8 m$221.5 m7.7%5.25%4.88%(38 bps)
Jarden House$124.0 m$4.3 m$128.3 m$9.7 m$138.0 m7.6%4.63%4.38%(25 bps)
12 Madden Street$46.6 m-$0.1 m$46.5 m$3.8 m$50.3 m8.2%5.13%4.75%(38 bps)
Mason Brothers Building$86.0 m$0.9 m$86.9 m$8.4 m$95.3 m9.7%5.25%4.88%(38 bps)
Commercial Bay Retail$425.0 m$8.8 m$433.8 m-$10.8 m$423.0 m-2.5%5.25%5.25%-
Subtotal –Auckland$1,875.6 m$40.9 m$1,916.5 m$86.6 m$2,003.1 m4.5%4.93%4.64%(29 bps)
Subtotal –Investment Properties$2,622.3 m$55.4 m$2,677.7 m$145.1 m$2,822.8 m5.4%5.29%4.90%(39 bps)
Development Properties
Bowen Campus Stage 2$28.6 m$15.4 m$44.0 m$6.6 m$50.6 m15.1%---
30 Waring Taylor Street$6.9 m$3.7 m$10.6 m-$10.6 m----
10 Madden Street$53.1 m$27.2 m$80.3 m$2.2 m$82.5 m2.8%5.63%5.38%(25 bps)
1 Queen Street$102.0 m$9.5 m$111.5 m-$5.5 m$106.0 m-4.9%5.13%5.00%(13 bps)
Subtotal –Development Properties$190.6 m$55.7 m$246.3 m$3.4 m$249.7 m1.4%n/an/an/a
Total excl. Asset(s) Held for Sale$2,812.9 m$111.0 m$2,924.0 m$148.5 m$3,072.5 m5.1%5.29%4.90%(39 bps)
Asset(s) Held for Sale
ANZ Centre (50%)$177.8 m$0.4 m$178.2 m-$178.2 m--5.25%-
Total$2,990.7 m$111.4 m$3,102.1 m$148.5 m$3,250.6 m4.8%5.29%4.90%(39 bps)
* Portfolio blended capitalisation rate excludes Commercial Bay Retail, Mayfair House, Development Properties and Asset(s) Held for Sale

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 42
App 4: Investment portfolio overview
Investment
portfolio
Auckland Wellington
WALT
7.7 years
7.1 years9.1 years
Occupancy
98%
96%99%
Investment Portfolio Value ($m)
$3,001.0m
$2181.3m$819.7m
Weighted average market cap rate
5.0%
4.8%5.5%
NLA (m²)
269,901 m²
155,822 m²114, 078 m²
7.7 years
Weighted average lease term
98%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

PRECINCT PROPERTIES FY21 INTERIM RESULTS -PAGE 43
Disclaimer
TheinformationandopinionsinthispresentationwerepreparedbyPrecinctPropertiesNewZealand
Limitedoroneofitssubsidiaries(Precinct).
Precinctmakesnorepresentationorwarrantyastotheaccuracyorcompletenessoftheinformation
inthispresentation.
Opinionsincludingestimatesandprojectionsinthispresentationconstitutethecurrentjudgmentof
Precinctasatthedateofthispresentationandaresubjecttochangewithoutnotice.Suchopinions
arenotguaranteesorpredictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondPrecinct’scontrol,andwhichmaycause
actualresultstodiffermateriallyfromthoseexpressedinthispresentation.
Precinctundertakesnoobligationtoupdateanyinformationoropinionswhetherasaresultofnew
information,futureeventsorotherwise.
Thispresentationisprovidedforinformationpurposesonly.
NocontractorotherlegalobligationsshallarisebetweenPrecinctandanyrecipientofthis
presentation.
NeitherPrecinct,noranyofitsBoardmembers,officers,employees,advisers(includingAMPHaumi
ManagementLimited)orotherrepresentativeswillbeliable(incontractortort,includingnegligence,
orotherwise)foranydirectorindirectdamage,lossorcost(includinglegalcosts)incurredorsuffered
byanyrecipientofthispresentationorotherpersoninconnectionwiththispresentation.

---

01
The numbers
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
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 2020
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on 24
February 2021.
CRAIG STOBO
CHAIR
ANNE URLWIN
CHAIR 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 period07
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 liabilities11
14. Interest bearing liabilities12
15. Lease liabilities13
16. Derivative financial instruments13
17. Capital commitments13
18. Contingencies13
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 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise stated
Notes
Unaudited six
months ended
31 December 2020
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2020
Revenue
Gross operating revenue
897.1
77.8
151.8
Less direct operating expenses
(34.6)
(23.8)
(46.0)
Operating income before indirect expenses62.5
54.0
105.8
Indirect expenses / (revenue)
Interest expense
10.7
2.5
5.1
Interest income
-
-
(0.1)
Other expenses
109.0
6.6
13.3
Total indirect expenses / (revenue)19.7
9.1
18.3
Operating income before income tax42.8
44.9
87.5
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and
development properties
6
148.5
-
(66.3)
Unrealised net gain / (loss) on financial instruments
(22.4)
(2.0)
(1.9)
Other revenue
-
26.7
26.7
Depreciation - property, plant and equipment
(0.6)
(0.5)
(1.1)
Lease depreciation
(2.5)
(2.5)
(5.0)
Lease interest expense
(2.0)
(2.2)
(4.2)
Net realised gain / (loss) on sale of investment properties
-
-
(2.5)
Total non operating income / (expenses)121.0
19.5
(54.3)
Net profit before taxation163.8
64.4
33.2
Income tax expense / (benefit)
Current tax expense
(6.5)
7.6
5.0
Depreciation recovered on sale
-
-
1.4
Deferred tax expense / (benefit) - financial instruments
(1.6)
1.4
(4.4)
Deferred tax expense / (benefit) - depreciation
8.7
1.1
1.0
Total taxation expense / (benefit)0.6
10.1
3.0
Net profit after income tax attributable to equity holders163.2
54.3
30.2
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
6.6
(0.9)
6.8
Tax on items transferred directly to/(from) equity
(1.9)
0.2
(1.9)
Total other comprehensive income / (expense)4.7
(0.7)
4.9
Total comprehensive income after tax attributable to equity
holders
167.9
53.6
35.1
Earnings per share (cents per share)
Basic and diluted earnings per share
1212.42
4.13
2.30
Other amounts (cents per share)
Funds from operations (FFO)
113.87
3.42
6.89
Adjusted funds from operations (AFFO)
113.34
3.11
6.29
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 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise statedCents per shareShares (m)Ordinary sharesRetained earningsTotal equity
At 1 July 2019
1,313.71,196.0759.21,955.2
Profit after income tax for the period54.354.3
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 2019
1,313.71,196.0772.41,968.4
Profit after income tax for the period(24.1)(24.1)
Other comprehensive income for the period5.65.6
Issue of shares
Issue costs incurred-(0.1)(0.1)
Distributions
Q2 interim (paid 27 Mar 2020)1.575(20.7)(20.7)
Q3 interim (paid 12 Jun 2020)1.575(20.7)(20.7)
At 30 June 2020
1,313.71,195.9712.51,908.4
Profit after income tax for the period
163.2163.2
Other comprehensive income for the period
4.74.7
Distributions
Q4 final (paid 25 Sep 2020)
1.575(20.7)(20.7)
Q1 interim (paid 10 Dec 2020)
1.625(21.3)(21.3)
At 31 December 20201,313.71,195.9838.42,034.3
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 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2020
Current assets
Cash
9.2
7.8
Fair value of derivative financial instruments
165.3
-
Debtors and other current assets
11.9
16.1
Provision for tax
5.7
-
Total current assets32.1
23.9
Investment properties held for sale6178.2
-
Non current assets
Fair value of derivative financial instruments
1635.5
95.2
Other assets
11.3
8.8
Development properties
6249.7
190.6
Investment properties
62,822.8
2,800.1
Property, plant and equipment
9.5
9.6
Right-of-use assets
35.6
38.1
Intangible assets
718.8
18.9
Total non current assets3,183.2
3,161.3
Total assets3,393.5
3,185.2
Current liabilities
Interest bearing liabilities
14225.0
-
Fair value of derivative financial instruments
160.4
1.7
Provision for tax
-
1.6
Lease liabilities
153.0
3.0
Accrued development capital expenditure
24.3
55.4
Other current liabilities
1323.6
24.8
Total current liabilities276.3
86.5
Non current liabilities
Interest bearing liabilities
14922.8
1,028.9
Fair value of derivative financial instruments
1675.7
84.5
Lease liabilities
1538.8
40.4
Deferred tax liability
45.6
36.5
Total non current liabilities1,082.9
1,190.3
Total liabilities1,359.2
1,276.8
Total equity2,034.3
1,908.4
Total liabilities and equity3,393.5
3,185.2
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 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millionsUnaudited six
months ended
31 December 2020
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2020
Cash flows from operating activities
Gross rental income per statement of comprehensive income
97.1
77.8
151.8
Less: Current year incentives
(1.1)
(1.3)
(1.8)
Add: Amortisation of incentives and intangibles
3.3
2.1
4.3
Add: Depreciation of property, plant and equipment
0.6
0.5
1.1
Add: Working capital movements
(5.6)
1.4
(2.4)
Cash flow from gross rental income94.3
80.5
153.0
Interest income
-
-
0.1
Property expenses
(28.7)
(15.1)
(37.3)
Other expenses
(8.8)
(8.3)
(15.3)
Interest expense
(11.2)
(2.1)
(7.2)
Income tax
(0.8)
(8.1)
(10.6)
Net cash inflow / (outflow) from operating activities44.8
46.9
82.7
Cash flows from investing activities
Capital expenditure on investment properties
(34.4)
(32.2)
(47.5)
Capital expenditure on development properties
(99.7)
(97.6)
(206.9)
Capital expenditure on other assets
(2.3)
(4.1)
(6.1)
Acquistion of development properties
-
(5.4)
(5.4)
Acquisition of a subsidiary
-
(0.6)
(1.1)
Generator expenditure on property, plant and equipment
(0.4)
(1.4)
(1.5)
Disposal of investment properties
-
-
72.7
Capitalised interest on investment properties
(0.5)
(2.3)
(1.7)
Capitalised interest on development properties
(8.0)
(18.6)
(41.0)
Net cash inflow / (outflow) from investing activities(145.5)
(162.2)
(238.5)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
136.4
133.9
260.5
Loan facility drawings to fund acquisitions
-
5.4
5.4
Loan facility repayments from disposal of investment properties
-
-
(72.7)
Other loan facility drawings / (repayments)
1
9.2
24.5
48.1
Repayment of leasing liabilities
(1.5)
(1.3)
(2.7)
Issue of new shares
-
-
(0.1)
Distributions paid to share holders
(42.0)
(40.4)
(81.8)
Net cash inflow / (outflow) from financing activities102.1
122.1
156.7
Net increase / (decrease) in cash held1.4
6.8
0.9
Cash at the beginning of the period
7.8
6.9
6.9
Cash at the end of the period9.2
13.7
7.8
1 Loan facility drawings are net of repayments made throughout the period.
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 2020
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 2020.
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
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. Bowen Campus Stage Two Development
On 18 November 2020 Precinct committed to 44 Bowen Street, the second building of the Bowen Campus Stage Two development.

08
Notes to the financial statements (Continued)
For the six months ended 31 December 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
6. Investment and development properties
Amounts in $millions
Valuer
1
Capitalisation
rate
2
Valuation
30 June 2020
Capitalised
incentives
Additions /
disposals
3
Revaluation
gain / (loss)
Book value
31 December
2020
Investment properties
4
Auckland
AMP CentreColliers5.1%
205.0
0.50.215.8
221.5
ANZ Centre (50%)
5
ColliersN/A
177.8
-(177.8)-
-
HSBC Tower
6
JLL4.6%
409.0
1.513.326.2
450.0
Jarden HouseJLL4.9%
124.0
0.63.79.7
138.0
Mason Bros.
7
CBRE4.8%
46.6
(0.1)-3.8
50.3
12 Madden Street
7
CBRE4.9%
86.0
(0.0)0.98.4
95.3
Commercial Bay RetailJLL5.3%
425.0
0.97.9(10.8)
423.0
PwC Tower (Commercial Bay)JLL4.4%
580.0
2.49.033.6
625.0
Wellington
NTT TowerColliers5.5%
124.0
(0.1)(0.1)21.2
145.0
Mayfair HouseBayleys5.8%
60.2
(0.1)11.05.9
77.0
No.1 and 3 The TerraceBayleys5.6%
107.5
(0.0)0.47.1
115.0
No. 3 The Terrace
8
BayleysN/A
14.0
---
14.0
AON Centre
9
Colliers5.6%
172.9
(0.4)2.111.3
185.9
Bowen CampusCBRE5.3%
268.1
0.21.413.1
282.8
Market value (fair value) of investment properties
5.0%
2,800.1
5.4(128.1)145.1
2,822.8
Properties held for sale
4
ANZ Centre (50%)
5
Colliers5.3%
-
-178.2-
178.2
Market value (fair value) of properties held for sale-
-178.2-
178.2
Development properties
4
Bowen Campus Stage TwoCBREN/A
28.6
(0.1)15.56.6
50.6
10 Madden Street
7
Colliers5.4%
53.1
-27.22.2
82.5
One Queen Street
10
CBRE5.0%
102.0
(0.1)9.6(5.5)
106.0
30 Waring Taylor StreetColliersN/A
6.9
-3.7-
10.6
Market value (fair value) of development properties190.6
(0.1)56.03.4
249.7
1 31 December 2020 valuer. No. 3 The Terrace and 30 Waring Taylor Street weren't revalued at 31 December 2020 so valuer shown is as at 30 June 2020.
2 Total weighted average by market value.
3 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.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 On 5 February 2021 Precinct entered a conditional agreement to sell their 50% share of ANZ Centre. This sale is subject to regulatory approval.
6 This property was previously known as 188 Quay Street.
7 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
8 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9 Includes a gross up for the lease liability (December 2020: $2.9 million; June 2020: $2.9 million)
10 This property was previously known as HSBC House.

09
PRECINCT PROPERTIES NEW ZEALAND LIMITED
7. Intangible assets
Amounts in $ millionsCustomer
relationshipsBrandsGoodwillTotal
Cost
Balance at 30 June 20202.00.816.5
19.3
Acquisition through business combination---
-
Balance at 31 December 20202.00.816.5
19.3
Accumulated amortisation
Balance at 30 June 20200.4--
0.4
Amortisation0.1--
0.1
Impairment loss---
-
Balance at 31 December 20200.5--
0.5
Carrying amounts at 31 December 2020
1.50.816.5
18.8
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 2020
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2020
Gross property income from rentals
71.4
57.7
114.9
Gross property income from expense recoveries
15.3
12.3
23.7
Straight line rental adjustments
1.7
0.4
0.5
Amortisation of capitalised lease incentives
(3.7)
(2.5)
(5.1)
Generator operating revenue
7.2
9.9
17.8
Commercial Bay Hospitality operating revenue
5.2
-
-
Total gross operating revenue97.1
77.8
151.8
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
HospitalityOperating of hospitality venues

10
Notes to the financial statements (Continued)
For the six months ended 31 December 2020
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 2020Unaudited six months ended 31 December 2019
Investment
properties
Flexible
spaceHospitalityTotal
Investment
properties
Flexible
spaceHospitalityTotal
Revenue
Gross operating revenue84.77.25.2
97.1
67.99.9-
77.8
Intersegment revenue0.50.3(0.8)
-
(0.5)0.5-
-
Less direct operating
expenses(25.0)(4.4)(5.2)
(34.6)
(18.2)(5.6)-
(23.8)
Operating income before
indirect expenses
60.23.1(0.8)
62.5
49.24.8-
54.0
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millionsUnaudited six
months ended
31 December 2020
Audited year
ended 30 June
2020
Segment operating income before indirect expenses62.5
105.8
Interest expense
(10.7)
(5.1)
Interest income
-
0.1
Other expenses
(9.0)
(13.3)
Unrealised net gain / (loss) in value of investment and development properties
148.5
(66.3)
Unrealised net gain / (loss) on financial instruments
(22.4)
(1.9)
Other revenue
-
26.7
Depreciation - property, plant and equipment
(0.6)
(1.1)
Lease depreciation
(2.5)
(5.0)
Lease interest expense
(2.0)
(4.2)
Net realised gain / (loss) on sale of investment properties
-
(2.5)
Net profit before taxation163.8
33.2
10. Other expenses
Amounts in $millionsUnaudited six
months ended
31 December 2020
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2020
Other expenses
Audit fees
0.1
0.1
0.2
Directors' fees and expenses
0.4
0.3
0.8
Manager's base fees
6.6
4.9
9.9
Manager's performance fees
-
-
-
Amortisation of intangible assets
0.1
0.1
0.3
Other
1
1.8
1.2
2.1
Total other expenses9.0
6.6
13.3
1 Other expenses includes valuation fees, NZX listing fees, share registry costs, annual and interim report publication and property investigations and project initialisation
costs.

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 real estate investment entity. This is determined by adjusting net profit determined 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 2020
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2020
Net profit after taxation
163.2
54.3
30.2
Unrealised net (gain) / loss in value of investment and development properties
(148.5)
-
66.3
Unrealised net (gain) / loss on financial instruments
22.4
2.0
1.9
Net realised (gain) / loss on sale of investment properties
-
-
2.5
Depreciation - property, plant and equipment
0.6
0.5
1.1
Depreciation recovered on sale
-
-
1.4
Deferred tax (benefit) / expense
7.1
2.5
(3.4)
NZ IFRS 16 lease adjustments
1.0
1.2
2.3
Liquidated damages (net of tax impact)
-
(19.2)
(19.2)
One off item - project initialisation costs
0.4
-
-
Amortisation
6.3
4.0
7.9
Straightline rent
(1.7)
(0.4)
(0.5)
Funds from operations (FFO)50.8
44.9
90.5
Funds from operations per share (cents)3.87
3.42
6.89
Maintenance capex
(2.7)
(2.0)
(5.0)
Incentives and leasing costs
(4.3)
(2.0)
(2.8)
Adjusted funds from operations (AFFO)43.8
40.9
82.7
Weighted average number of shares for net operating income per share
(millions)
1,313.7
1,313.7
1,313.7
Adjusted funds from operations per share (cents)3.34
3.11
6.29
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 $millionsUnaudited six
months ended
31 December 2020
Unaudited six
months ended
31 December 2019
Audited year
ended 30 June
2020
Net profit after tax for basic and diluted earnings per share ($millions)
163.2
54.3
30.2
Weighted average number of shares for basic and diluted earnings per share
(millions)
1,313.7
1,313.7
1,313.7
Basic and diluted earnings per share (cents)
12.42
4.13
2.30
There have been no new shares issued subsequent to balance date that would affect the above calculations.
13. Other current liabilities
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2020
Other current liabilities
Trade creditors
9.3
6.9
Accrued expenses
14.3
17.9
Total other current liabilities23.6
24.8

12
Notes to the financial statements (Continued)
For the six months ended 31 December 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
14. Interest bearing liabilities
Amounts in $millions31 December 202030 June 2020
Interest bearing liabilities
Bank loans
511.9
366.0
US private placement
260.7
260.7
NZ senior secured bond
175.0
175.0
Convertible note
150.0
150.0
Total drawn debt1,097.6
951.7
US private placement - fair value adjustments
24.0
69.3
Convertible note - embedded financial derivative adjustment
30.2
12.7
Capitalised borrowing costs
(4.0)
(4.8)
Net interest bearing liabilities1,147.8
1,028.9
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
31 December 202030 June 2020
Bank loansAmortised costFeb-25150.0Floating
2
65.5
-
Bank loansAmortised costJul-22260.0Floating
2
258.4
260.0
Bank loansAmortised costJul-23200.0Floating
2
188.0
106.0
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
118.4
US private placementFair valueJul-3144.44.38%
44.4
44.4
Total
1,195.7
1,097.6
951.7
Weighted average term to maturity
3.4 years
3.9 years
Weighted average interest rate before swaps (including funding costs)
2.38%
2.50%
1 As at 31 December 2020
2 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 2020: $1,195.7 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.
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.

13
PRECINCT PROPERTIES NEW ZEALAND LIMITED
15. Lease liabilities
Amounts in $ millionsUnaudited six months ended 31 December 2020Audited year ended 30 June 2020
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Current-3.0
3.0
-3.0
3.0
Non-current3.035.8
38.8
3.037.4
40.4
Total lease liabilities
3.038.8
41.8
3.040.4
43.4
16. Derivative financial instruments
Amounts in $millions31 December 202030 June 2020
Current assets
5.3
-
Non-current assets
1
35.5
95.2
Current liabilities
(0.4)
(1.7)
Non-current liabilities
(75.7)
(84.5)
Total fair value of derivative financial instruments(35.3)
9.0
Notional contract cover (fixed payer)
825.0
945.0
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
57.4%
55.7%
Weighted average term to maturity (fixed payer)
3.96 years
3.90 years
Weighted average interest rate after swaps (including funding costs)
3.72%
3.88%
1 This includes the cross currency interest rate swap valuation of $24.4 million (June 2020: $76.0 million) and a net debit value adjustment of $1.4 million (June 2020:
$0.8 million credit).
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.
17. Capital commitments
Precinct has $ 133.0 million of capital commitments as at 31 December 2020 (June 2020: $103.7 million; December 2019: $201.8 million)
relating to construction contracts.
18. Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2020 (June 2020: $nil; December 2019: $nil).
b) Contingent assets
There are no contingent assets as at 31 December 2020 (June 2020: $nil; December 2019: $nil).

14
Notes to the financial statements (Continued)
For the six months ended 31 December 2020
PRECINCT PROPERTIES NEW ZEALAND LIMITED
19. Related party transactions
Fees charged by and owing to the manager:
Amounts in $ millions31 December 202031 December 201930 June 2020
Fees chargedOwing at
31 December
Fees chargedOwing at
31 December
Fees chargedOwing at
30 June
Base management services
fee
6.41.1
4.71.6
9.50.9
Performance fee
--
--
--
Leasing fees
1.10.2
0.3-
1.0-
Development manager fees
1.20.5
2.0-
11.36.8
Acquisition and disposal fees
--
0.1-
0.4-
Generator management fee
0.2-
0.20.1
0.4-
Recoverable services fee
2.4-
1.8-
4.2-
Total11.31.8
9.11.7
26.87.7
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 2020 there is a notional
performance fee deficit of $ 25,950,036 to be carried forward to the calculation of performance fees in future quarters (June 2020:
$2,574,841 surplus; December 2019: $4,431,743 deficit).
These fees are expensed through indirect other expenses in the year in which they arise.
c) Leasing fees
Precinct pays the Manager leasing fees where the manager has negotiated leases instead of or alongside a real estate agent.
Leasing fees are capitalised to the respective investment or development property in the Statement of Financial Position and
amortised over the term certain life of the lease.
d) Development manager fees
Precinct pays development manager fees where the manager acts as development manager on Precinct developments.
These fees are capitalised to the respective investment or development property in the Statement of Financial Position.
e) Acquisition and disposal fees
Precinct pays fees to the manager for managing the sale or purchase of properties instead of or alongside a real estate agent.
Acquisition fees are capitalised to the respective investment or development property in the Statement of Financial Position.
Disposal fees are expensed through net realised gain or loss on sale of investment 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.

15
PRECINCT PROPERTIES NEW ZEALAND LIMITED
h) Other transactions with the manager
Other than in respect to the Generator and Commercial Bay Hospitality businesses, 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 2020 of $ 290,749
(June 2020: $580,788; December 2019: $279,204).
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 HSBC Tower, AMP Centre and
NTT Tower. Total rent received by Precinct from these parties during the period ended 31 December 2020 was $ 1,890,990 (June 2020:
$3,529,457; December 2019 $1,739,012). As at 31 December 2020 an amount of $ 3,806 was owing to Precinct from these related
parties (June 2020: $4,208 amounts owing from Precinct; December 2019: $7,498 amounts owing from Precinct).
i) Related party debts
No related party debts have been written off or forgiven during the period (June 2020: $nil; December 2019: $nil).
20. Events after balance date
On 24 February 2021 the Board approved the financial statements for issue and approved the payment of a dividend of $ 21,348,666
(1.625 cents per share) to be paid on 26 March 2021.

16
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT PROPERTIES NEW ZEALAND LIMITED
Conclusion
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 consolidated statement of financial position of the group as at
31 December 2020 and the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the period ended on that date, and a summary of significant accounting policies and other
explanatory information. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements of the Group do not present fairly, in all material respects, the financial position of the Group as at
31 December 2020, and its financial performance and cash flows for the period ended on that date, in accordance with New Zealand
Equivalent to International Accounting Standard 34:
Interim Financial Reporting
.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Statements
section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical
requirements.
Ernst & Young provides other assurance related and agreed-upon-procedures services to the Group. Ernst & Young and the Group
have entered an agreement in respect of our future 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. We have no other
relationship with, or interest in, the Group.
Directors' Responsibilities for the Interim Financial Statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair presentation of the interim
financial statements in accordance 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.
Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the interim 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.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, 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) and consequently do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Emma Winsloe.
Chartered Accountants
Auckland
24 February 2021

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
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.

---

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
$0.01625000
Imputed component
Excluded component$0.01625000
$0.00000000
+64 21 111 8898
hello@precinct.co.nz
25/02/2021
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
$0.00000000
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 be withheld.
$0.00000000
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
$0.01625000
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
12/03/2021
11/03/2021
26/03/2021
$21,348,666

Portfolio revaluation and ANZ Centre disposal Updated Corporate Action Notice

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.

Other issuers discussed similar conditions around this time

Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.

NZX — NZX Limited: NZX Full Year 2020 Results & Annual Report Published
2021-02-16
“Results announcement 17 February 2021 Results for announcement to the market Name of issuer NZX Limited Reporting Period 12 months to 31 December 2020 Previous Reporting Period 12 months to 31 December 2019 Currency NZD Amount (000s) Percentage change Revenue fro…”
PFI — Property for Industry Limited: PFI Announces Robust Annual Results
2021-02-21
“Section 4: Distribution re-investment plan (if applicable) DRP % discount (if any) 2% Start date and end date for determining market price for DRP 1 March 2021 5 March 2021 Date strike price to be announced (if not available at this time) 8 March 2021…”
PFI — Property for Industry Limited: Wiri Acquisition, Q1 Dividend, Guidance Upgrade
2021-05-06
“NZX and media announcement — 6 May 2021 Page 2 80% to 90% of Funds From Operations 1 (FFO) earnings and 95% to 100% of Adjusted Funds From Operations (AFFO) earnings, in line with the Company’s dividend policy. Results for the year to date, combined w…”