Precinct announces $284 million Revaluation Uplift

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 10 June 2021
Precinct announces $284 million Revaluation Uplift
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to report a
preliminary full year revaluation gain of $284 million (2020: $66.3 million devaluation) or 9.4%.
This includes $148.5 million revaluation gain which was recognised at 31 December 2020.
This expected gain will increase the value of Precinct’s portfolio to around $3.3 billion at 30
June 2021. The second half revaluation gain of $135.5 million will increase Precinct’s net asset
value per share by 10 cents or 7% (March 2021: $1.40).
Draft asset valuations at 30 June 2021 were carried out by independent valuers, are subject
to final independent audit, finalisation of year end book values and will be confirmed in
Precinct’s FY21 annual results, to be announced on 12 August 2021.
Scott Pritchard, Precinct’s CEO said, “The overall portfolio valuations have improved vastly
since this time last year where the adverse impacts of COVID-19 largely offset the positive
asset movements during FY20. Recording a significant revaluation gain in FY21 reinforces the
high quality of our assets and supports the increase in investor confidence we are seeing
across the sector. Investment demand for premium inner-city space remains strong, reflecting
increased confidence from solid underlying occupier demand.
We are pleased with the preliminary valuation result our Auckland and Wellington assets have
achieved with the Wellington market proving to be particularly resilient. We continue to
experience strong market rental growth and benefit from having secured long term leases to
Government/Crown entities, which have resulted in notable value increases across our
Wellington properties, where continued occupier market strength has been observed.”
On a like-for-like basis, Auckland asset valuations increased by around 6.5% and Wellington
assets recorded an uplift of 16.8%, compared with 30 June 2021 forecast book values.
Precinct’s weighted average capitalisation rate has firmed over the past twelve months from
5.3% to 4.8% at 30 June 2021.

Ends

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267


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

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

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


About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominantly in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s HSBC Tower, AMP Centre, Jarden House, One Queen Street, 204 Quay Street,
Mason Bros. Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and
Wellington’s AON Centre, NTT Tower, Central on Midland Park, No. 1 and No. 3 The Terrace,
Mayfair House, Charles Fergusson Building and Defence House.
Precinct owns Generator NZ, New Zealand’s premier flexible office space provider.
Generator currently offers 13,600 square metres of space across four locations in Auckland.