Precinct Properties New Zealand Limited/Announcement

Quality delivers resilience and strong FY21 annual results

Full Year Results11 August 2021PCTReal Estate

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Precinct Properties New Zealand Limited (NS)
Results for announcement to the market
Reporting Period12 months to June 2021
Previous Reporting Period12 months to June 2020
Amount (000s)Percentage change
Revenue from ordinary
activities
199,800 NZD+31.6%
Profit (loss) from ordinary
activities after tax attributable to
security holders
179,900 NZD+412.5%
Net profit (loss) attributable to
security holders
179,900 NZD+412.5%
Interim/Final DividendAmount per securityImputed amount per security
Final0.01625 NZD0.00000 NZD
Record date10 September 2021
Dividend payment date24 September 2021
30 Jun 202030 Jun 2021
Net tangible assets per security
1.440 NZD1.520 NZD
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$0.01625000
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
10/09/2021
9/09/2021
24/09/2021
$24,021,363
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
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+64 21 111 8898
hello@precinct.co.nz
12/08/2021
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
$0.01625000
Imputed component
Excluded component$0.01625000
$0.00000000

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Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NZX announcement – 12 August 2021
Quality delivers resilience and strong FY21 annual results
Performance summary for the 12 months ended 30 June 2021
Financial summary
• Net property income (NPI) increased 27.9% to $124.4 million (2020: $97.2 million).
• Total comprehensive income after tax of $179.9 million (2020: $35.1 million) following strong
revaluation gain of $282.9 million or 9.3% (2020: $66.3 million devaluation).
• Net Asset Value (NAV) per share of $1.52 (2020: $1.45).
• Adjusted Funds from Operations (AFFO) increased 3.0% to 6.48 cps (2020: 6.29 cps).

FY22 dividend guidance
• FY22 dividend guidance of 6.70 cps, representing a YoY increase of 3.1%.

Internalised Management
• In March 2021, the Independent Directors of Precinct reached an agreement with the
Manager, AMP Haumi Management Limited (AHML), to terminate the Management Services
Agreement and internalise the management of Precinct.
- Expected benefits for Precinct and its shareholders include cost savings, pro forma
accretion to AFFO, increased alignment of interests and retention of key management
personnel and staff.

Capital management
• $250 million raised via successful equity raise through an underwritten $220 million placement
and non-underwritten $30 million retail offer
.
• Issued a six year secured, fixed rate green bond offer of $150 million.
• Continued to progress capital recycling opportunities with the divestment of the remaining 50%
of the ANZ Centre in Auckland for $177 million.
• New $250 million bank facilities established.
• Strong balance sheet with gearing of 28.2% (2020: 28.8%), well under PCT borrower covenant
level of 50%.

Value-add development pipeline strengthened
• New developments commenced in the year with a total completed value of $0.8 billion and
90% leasing pre-commitment secured.
• Bowen House and Freyberg Building in Wellington purchased. Both settled post-balance date
in July 2021, following the equity raise noted above.
- Bowen House to undertake comprehensive redevelopment of the building including
seismic upgrade works to 100% NBS and on-floor refurbishments with completion
expected mid-2023.
- Freyberg building currently used as decant space for Government with holding income
pending redevelopment opportunity for the asset.

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
• Construction at Deloitte Centre (One Queen Street) well underway.
- Revised scheme remains fully integrated into the Commercial Bay retail precinct
- Post balance date, Deloitte lease secured across levels 15 to 20 totalling 7,500 square
metres for an initial lease term of 20 years.
- Expected total project cost of around $308 million with yield on cost of around 6.2%
once complete.

• Bowen Campus Stage Two continues to advance at 40 and 44 Bowen Street.
- 44 Bowen Street is 100% leased following lease to Waka Kotahi NZ Transport Agency
during the year.
- Only one and a half floors totalling 2,700 square metres now vacant at 40 Bowen Street
with good level of enquiry.
- Aggregate pre-committed leasing across second stage of Bowen Campus is 87%.
- Both projects tracking to programme and remain on budget.

• 30 Waring Taylor redevelopment expected to complete in November 2021 providing our first
Wellington-based Generator site.

Operating performance
• High occupancy level maintained at 98% (2020: 98%) and a weighted average lease term
(WALT) of 7.7 years (2020: 8.0 years).
• Strong leasing momentum with 30 leasing transactions completed, totalling 15,800 square
metres.
- Growth on contract rents was 7.0%.
• Precinct’s operating businesses (Generator and Commercial Bay Hospitality) and Commercial
Bay Retail income impacted by COVID-19 over the period.
- Trading performance at Commercial Bay retail centre particularly strong in the second
half of the 2021financial year providing positive impetus for FY22 period.
- Generator occupancy and booking levels continue to improve, with Generator
supporting portfolio leasing and Precinct's long-term strategic objectives.

Environmental, Social and Governance (ESG) risks and opportunities

• Precinct achieved a Global Real Estate Sustainability Benchmark (GRESB) score of 83 (last
year: 77. Current global average is 70).
• Toitū carbonzero certification validated for second year.
• Precinct published (on a voluntary basis) its own Climate-related Financial Disclosures
document based on the Taskforce on Climate-related Financial Disclosures (TCFD)
recommendations.
• Inclusion in the Bloomberg 2021 Gender-Equality Index (GEI).

Note: Further information can be found within the 2021 Annual Report and results presentation. You can find these at
https://www.precinct.co.nz/annual-reporting/2021-annual-results

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for
the 12 months ended 30 June 2021 today. The business has delivered a strong result for the
FY21 period illustrating the portfolio’s resilience in another year navigating the challenges from
COVID-19. Total comprehensive income after tax was $179.9 million compared with $35.1
million in the previous period with the movement attributable to a strong revaluation gain of
$282.9 million for the full year, offset by the termination payment of Precinct's management
services agreement.
Pleasingly, the business has continued to meet market guidance and deliver further growth
for our shareholders despite the unusual year with Adjusted Funds from Operations (AFFO),
which adjusts for several non-cash items, increasing by 3.1% to $85.3 million (June 2020: $82.7
million) or 6.48cps. This strong result reflects the demand for Precinct's premium grade
portfolio, maintaining high occupancy levels during the year and generating income from
high quality occupiers.
Full year dividends paid to shareholders and attributed to the 2021 financial year totalled 6.50
cps, representing a year on year increase of 3.2% and an AFFO dividend payout ratio of 100%.
Net property income increased 27.9% to $124.4 million (June 2020: $97.2 million) with the
increase primarily driven by the completion of several development projects, namely
Commercial Bay, during the year. After adjusting for developments and transactions, like for
like net property income growth was 1.2% higher than the previous comparable period.
While Commercial Bay Retail performance has been impacted over the period, foot traffic
and sales are showing significant improvement post the last lockdown in March with food &
beverage continuing to be the strongest performer, particularly Harbour Eats.
Generator was also impacted by COVID-19 with a reduction in events and lower occupancy
leading to a net operating income loss of $0. 9 million for the period. Occupancy and events
bookings are now showing a solid recovery with Generator continuing to support Precinct's
portfolio leasing and long term strategic objectives. The reduction in profitability has led to the
independent valuation of Generator recording an impairment of $9.8 million.
As at 30 June 2021 Precinct’s portfolio totalled $3.3 billion (June 2020: $3. 0 billion). Precinct’s
net asset value (NAV) per share at balance date was $1.52 (June 2020: $1.45).

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
Further financial information can be found within the 2021 Annual Report at
https://www.precinct.co.nz/annual-reporting/2021-annual-results
.
Scott Pritchard Precinct CEO said, “It has been an active year for Precinct. Consistent with our
strategy, our investment portfolio and development projects have further advanced in the
period and delivered good results. The high quality and resilient nature of our portfolio is driving
Precinct’s operating and financial performance.”
“Internalising the management of Precinct earlier this year and successfully raising $250 million
of equity through a Placement and Retail Offer in June 2021 has put our business in a strong
position to deliver on the next phase of its strategy. Despite the challenging backdrop of the
COVID-19 pandemic, we have been able to capitalise on strong office leasing demand and
secure around $800 million of new developments with 90% pre-leasing achieved. This strong
demand combined with our pipeline of opportunities and the quality of our portfolio position
our business well to continue to deliver growth in shareholder value.”
“Following the internalisation and considering the opportunities that Precinct has, it is
considering the potential of partnering with third party capital to deliver further shareholder
value. This strategic option is increasingly logical following the decision to internalise earlier
this year.”
Operational and leasing update
Precinct's portfolio continues to benefit from quality occupiers, a long weighted average
lease term (WALT), high occupancy levels, and lease review structures that will generate
earnings growth. At balance date, overall portfolio occupancy was 98% and Precinct's WALT
was 7.7 years.
Precinct has experienced strong leasing demand for well located, quality office buildings. In
total, 34 leasing transactions were completed across 35,270 sqm of space for a weighted
average lease term of 11.2 years, including post balance date transactions. In Auckland, key
leasing includes a 20 year lease to Deloitte over the Deloitte Centre (One Queen Street), and
a new 9-year lease to Aon over levels 20 and 21 at the Aon Centre (previously known as AMP
Centre). In Wellington, a new 15-year lease was agreed with KPMG at 44 Bowen Street, as
well as a 12 year lease with Waka Kotahi New Zealand Transport Agency. At 30 June 2021
Precinct's portfolio is under-rented by 5.9% (June 2020: 2.9% under-rented).

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
Development update
Deloitte Centre (One Queen Street)
Following the start of construction of our One Queen Street redevelopment project in May of
this year, the project is progressing well.
Leasing all the remaining high rise office space comprising levels 15 to 20 to Deloitte reflects
the strong demand for prime inner city office space. This is a significant lease to have
concluded ahead of project completion and demonstrates both the quality of the asset
and businesses valuing the benefits of being located in the Commercial Bay precinct. With
Deloitte also taking naming rights, One Queen Street will now be named Deloitte Centre.
This leaves just two low rise floor plates which are not committed, and Precinct anticipates
offering these floors as smaller premium office suites ranging in size from 200 to 250 square
metres.
Bowen Campus Stage Two
The projects at 40 and 44 Bowen Street continue to advance well. Both buildings at the Bowen
Campus Stage Two development are tracking to programme and are on budget. Practical
completion of 40 Bowen and 44 Bowen Street is expected in September 2022 and May 2023,
respectively. The total project cost for the development remains around $195 million with a
yield of 6.5% once fully leased.
Dividend payment
Precinct shareholders will receive a fourth-quarter dividend of 1.625 cps. Due to Precinct’s
current tax position, there are no imputation credits to attach for the quarter and therefore
no supplementary dividend to be paid (see note 2). The record date is 10 September 2021
and payment will be made on 24 September 2021.
Outlook and guidance
Precinct has demonstrated remarkable resilience during the 2021 financial year. Our business
continues to benefit from a well-established and clear strategy.
Our portfolio is well positioned benefiting from some of the highest quality occupiers in New
Zealand, a long weighted average lease term, very little expiry risk, and a high degree of
structured growth. We have successfully completed $1.5 billion of development projects over
the past 6 years. Across our developments, we have created significant shareholder value. It

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
is this track record in capability that we are now looking to leverage with future transactions.
These portfolio characteristics give us confidence in our earnings outlook and the potential
for further dividend growth.
The Board expects Precinct’s dividend for the 2022 financial year of 6.70 cps to be paid. This
represents 3.1% year-on-year growth in total cash dividends to shareholders.

Further information can be found within the 2021 Annual Report and results presentation. You
can find this at: https://www.precinct.co.nz/annual-reporting/2021-annual-results
.
Ends

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, Deloitte Centre, 204 Quay Street, Mason Bros. Building, 12 Madden
Street, 10 Madden Street, PwC Tower and Commercial Bay Retail; and Wellington’s AON Centre, NTT
Tower, Central on Midland Park, No. 1 and No. 3 The Terrace, Mayfair House, Charles Fergusson Building,
Defence House, Bowen House and Freyberg Building.
Precinct owns Generator NZ, New Zealand’s premier flexible office space provider. Generator currently
offers 13,600 square metres of space across eight locations in Auckland.

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1
Quality
delivers
resilience
ANNUAL REPORT 2021

PRECINCT PROPERTIES NEW ZEALAND LIMITED
04
Quality delivers
resilience.
06
Commercial Bay.
08
2021 highlights.
09
2021 summary.
10
Creating
sustainable value
from city centre
real estate.
12
Chair's report.
14
Management
report.
16
Our markets.
18
Generator.
20
Results overview.
24
Sustainability at
Precinct.
34
Board of
directors.
36
Executive team.
38
5 year summary.
40
GRI index.
43
Corporate
governance.
51
Investor
information.
60
Remuneration
report.
68
The numbers.
100
Directory.
Cover page image: Bernard Louw, Concierge at HSBC Tower.
More information can be found at www.precinct.co.nz

We are attracting and
retaining the highest-
quality clients as our
occupiers, including
the New Zealand
government and New
Zealand's best
corporate entities.

04
Quality delivers resilience.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Quality delivers resilience.
04
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct has benefited from the execution
of its long-term strategy and we have
successfully transformed the quality of our
business over the past 10 years.
Earlier this year, the management of
Precinct was internalised, positioning our
business for future growth that we expect to
provide significant benefits to our business
and our shareholders.

05
Quality delivers resilience.
ANNUAL REPORT 2021
Quality delivers resilience.
05
ANNUAL REPORT 2021
photo credit: Simon Devitt

06
Commercial Bay.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Commercial Bay.
06
PRECINCT PROPERTIES NEW ZEALAND LIMITED

07
Commercial Bay.
ANNUAL REPORT 2021
Commercial Bay.
07
ANNUAL REPORT 2021
Just over a year ago, Precinct
opened both the retail centre
and the PwC Tower at
Commercial Bay. This was a
significant milestone for our
business and Auckland’s city
centre with COVID-19 hugely
impacting the economy
during 2020.
A year on, we are encouraged by the
increased pedestrian levels which have
returned to the city. The retail centre has
delivered strong trading performance,
particularly in the second half of the 2021
financial year.
Commercial Bay continues to be an
important part of the ongoing revitalisation
of Auckland’s city centre. It also continues
to actively support the road to recovery in a
COVID-19 economy, locally. Commercial
Bay provides a quality offering in Auckland's
city centre.
99%
Commercial Bay occupancy
770,000
Pedestrian count during Matariki festival

08
2021 highlights.
2021 highlights.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INTERNALISED
MANAGEMENT
In March 2021, the Independent Directors of
Precinct reached an agreement with the Manager,
AMP Haumi Management Limited (AHML), to
terminate the Management Services Agreement
and internalise the management of Precinct.
Expected benefits for Precinct and its shareholders
include, cost savings, pro forma accretion to
adjusted funds from operations (AFFO), increased
alignment of interests and retention of key
management personnel and staff.
$250M
Equity raised
Through Placement and Retail Offer
$150M
Green Bond Issued
6 year
+3.2%
Increase in dividend
Year on year to shareholders
$179.9M
Total comprehensive income after tax
For the 12 months ended 30 June 2021
83/100
GRESB score
Global Real Estate Sustainability Benchmark result

09
2021 summary.
2021 summary.
ANNUAL REPORT 2021
Operational
excellence
• Achieved dividend of 6.50 cps
• 98% portfolio occupancy and WALT of 7.7 years
• Internalised the management of Precinct
• $250 million raised through successful equity issue
• $150 million 6 year Green Bond issued
• Completed sale of remaining 50% interest in ANZ
Centre
• New $250 million bank facility established
• Global Real Estate Sustainability Benchmark (GRESB)
score increased to 83 (last year: 77)
• Score of B- in the Carbon Disclosure Project (CDP)
• Toitū carbonzero certification validated for second
year
Developing
the future
• One Queen Street project construction started
• Fully leased at 44 Bowen Street
• Commitment to Bowen Campus Stage Two
• Acquisition and redevelopment announced for
Bowen House and Freyberg Building
• Development progress at 30 Waring Taylor Street
• Off-setting of embodied carbons at 40 Bowen Street
project with carbon credits for the project purchased
• Wynyard Stage Two completed
Our
people
and
partners
• Retained key management personnel following
Precinct internalisation agreement
• Continued investment in our people though staff
training and development
• Launch of CLUB Commercial Bay
• Matariki – Whānau Mārama at Commercial Bay
• Continued focus on health and wellbeing
• Supporting our retailers
• Client survey underway
• Staff survey completed
• Actively supporting communities in which we operate
in Auckland and Wellington

10
Creating sustainable value from city centre real estate.
Creating sustainable value
from city centre real estate.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct's premium-grade real
estate is delivering consistent
and sustainable results.
As our business continues to evolve, our
proactive management approach is
delivering a premium offering to our
stakeholders.
Our ownership of city centre precincts is
enabling us to create vibrant communities
and maximise returns.
Precinct's strategy focuses on three distinct
areas:
• Our people and partners
• Operational excellence
• Developing the future
We are committed to the long-term growth in
shareholder value while ensuring as a business we
continue to respond to our material Environmental, Social
and Governance issues, which are critical to the ongoing
success of Precinct.
Our primary objective is to create sustainable value from
city centre real estate.
This is achieved by:
• Investing in quality – portfolio, clients and staff
• Earnings security – stable and secure income
• Strong balance sheet
• Leveraging Precinct's strong development capability
• Creating vibrant environments
• Best practice corporate governance
• Supporting New Zealand’s pathway to zero carbon
$3.3B
Portfolio Value
photo credit: Simon Devitt
24
Photo Credit: Simon Devitt

11
Creating sustainable value from city centre real estate.
ANNUAL REPORT 2021

12
Chair's report.
Chair's report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
On behalf of the Board and Management team, we are pleased
to present Precinct’s 2021 Annual Report.
Internalising the management of Precinct positions our business to
deliver on the next phase of its strategy. We are committed to the
long-term success of Precinct.
FY21 performance
Precinct has delivered strong results during the 2021 financial year. While businesses and people continue to be impacted by
COVID-19, overall portfolio valuations have improved vastly since last year. Precinct’s full year revaluation recorded a significant gain
of $282.9 million or 9.3% for the period, reinforcing the strong investment demand for premium inner-city space.
Total comprehensive income after tax was $179.9 million. Pleasingly, and in line with guidance, adjusted funds from operations (AFFO)
increased 3.0% to 6.48 cents per share (cps). Our full-year dividend to shareholders is 6.50 cps, representing a 3.2% increase.
In May 2021, Precinct successfully issued a 6-year secured, fixed-rate green bond offer of $150 million. This includes oversubscriptions of
$50 million to institutional investors and New Zealand retail investors. The net proceeds of the offer are intended to be earmarked in
accordance with Precinct’s Sustainable Debt Framework dated 2020 to finance or refinance energy efficient buildings.

13
Chair's report.
ANNUAL REPORT 2021
Precinct Internalisation Agreement
In March 2021, the Independent Directors of Precinct reached
an agreement with the Manager, AMP Haumi Management
Limited, to terminate the Management Services Agreement and
internalise the management of Precinct. The internalisation is
expected to provide significant benefits to Precinct and its
shareholders. We expect cost savings from the transaction of
$14.6 million per annum and 6.0% accretion to adjusted funds
from operations per share on a pro forma basis. As the
Independent Directors needed to act quickly and with certainty
given competing interests, and to ensure Precinct was able to
secure all the benefits of internalising management, an NZX
waiver was obtained so that the transaction did not require a
shareholder vote.
The Independent Directors believe that internalisation will best
position Precinct for future growth and is an appropriate
progression considering the scale and breadth of Precinct’s
business. Importantly, Precinct has retained key management
personnel and the internalisation ensures the continuity of
Precinct’s successful strategy and ongoing stable shareholder
returns.
Board changes
As part of Precinct’s Board succession planning, we are
delighted to have appointed two capable and experienced
professional directors to our governance regime post balance
date. Nicola Greer has been appointed as an Independent
Director, effective 16 July 2021, and Mark Tume has been
appointed as an Independent Director, effective 11 August 2021.
Nicola has extensive experience in New Zealand, Australia and
the UK in the banking and finance sectors. She is currently a
director of Airways Corporation, Fidelity Life Assurance Ltd, South
Port NZ, New Zealand Railways Corporation, and is a Member of
the New Zealand Markets Disciplinary Tribunal.
Mark’s professional experience has been in New Zealand
banking and funds management. His current directorships
include being Chair of Infratil, Ngāi Tahu Holdings Corporation
and Te Atiawa Iwi Holdings. He is also a director of
RetireAustralia.
Both Nicola's and Mark’s skills and knowledge in the commercial
property sector are valuable attributes which further strengthen
Precinct’s Board effectiveness, ensuring best practice corporate
governance is maintained while transitioning responsibilities.
On behalf of my fellow Directors and the Management team,
we would also like to acknowledge the departures of both
Launa Inman and Robert Campbell from the Precinct Board who
retired on 31 July 2021 and 11 August 2021, respectively. We first
thank Launa for her contribution to the Company since 2015,
particularly in the retail and customer experince areas. We
would also like to thank Rob for his efforts. He has been an
integral part of the Board over the last 9 years and his
involvement and valued service has contributed to the success
of Precinct. We wish both Launa and Rob all the best for the
future.
Sustainability – ESG responses
Precinct continues to progress our Environmental, Social and
Governance (ESG) risks and opportunities. Our most recent
Global Real Estate Sustainability Benchmark (GRESB) score
demonstrates the good performance we are achieving across
our business. Precinct received a 2020 GRESB score of 83 during
FY21 (previously reported score was 77). We are again trending
ahead of the GRESB global average of 70 and we are
performing in line with our New Zealand and Australian peer
group. We are immensely proud of improving our GRESB scrore
over the last four consecutive years. Submissions for 2021 have
been made and results will be disclosed in our 2022 Annual
Report. During the year, Precinct also received a 2020 score of B-
following its participation in the Carbon Disclosure Project (CDP).
Pleasingly, this was higher than both the Oceania regional and
Global average of C. Management are currently working on its
2021 submission and are targeting 'A leadership and strategic
best practice'.
In September 2020, the New Zealand Government announced
the requirement for climate-related financial risk reporting for
listed corporates and major financial institutions. The new regime
will be on a comply-or-explain basis, based on the Task Force on
Climate-related Financial Disclosures (TCFD) framework, which is
widely acknowledged as international best practice. If passed
by Parliament, disclosures will be required for financial years
commencing in 2022, meaning that the first disclosures will be
made in 2023. Precinct is fully supportive of a low-carbon future
for Aotearoa New Zealand and while organisations like ours are
not yet required to make disclosures, we have published (on a
voluntary basis) our own Climate-related Financial Disclosures
document. This can be found on the Precinct website in our
sustainability section.
We are also pleased to announce the establishment of an ESG
committee at a Board level, reinforcing the high priority Precinct
places on our responses to our material ESG risks and
opportunites. We invite you to read more about Sustainability at
Precinct on pages 24 to 33.
Dividend guidance
The Board expects Precinct’s dividend for the 2022 financial year
of 6.70 cps to be paid. This represents 3.1% year-on-year growth
in total cash dividends to shareholders.
On behalf of the Precinct Board, Management and Precinct
team, we thank you, our shareholders, for your continued
investment in Precinct. We are committed to growing
sustainable value for Precinct's investors, as we successfully
deliver on our strategy.
Craig Stobo, Independent Director and Chair

14
Management report.
Management report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
It has been an active year for Precinct. Consistent with our
strategy, our investment portfolio and development projects have
further advanced over this period. The high quality and resilient
nature of our portfolio is driving Precinct’s operating and financial
performance .
From left to right: Richard Hilder (CFO), Scott Pritchard (CEO) and George Crawford (Deputy CEO).
Advancing Wellington opportunities
Successfully raising $250 million of equity through a Placement and Retail Offer in June 2021 has provided funding for the acquisition of
two Wellington office assets, Bowen House and the Freyberg Building. The proceeds from the equity raise also reduced Precinct’s
gearing providing additional funding capacity to assist with future development opportunities. Strategically located in the heart of the
government precinct, Bowen House and the Freyberg Building offer significant redevelopment opportunities which are now
progressing. Our business is extremely excited to further advance our Wellington offering.
We received strong investment demand from our institutional and retail investors. The Placement was fully subscribed and the retail
offer was oversubscibed receiving applications totalling approximately $58 million. The high level of support from both local and
offshore investors for this equity raising reinforces investor confidence for our business and Precinct’s long-term strategy. The offer
structure was designed to provide an equitable treatment to all our existing shareholders and we strongly believe this was achieved.

15
Management report.
ANNUAL REPORT 2021
Development projects update
Deloitte Centre (One Queen Street)
Following the start of construction of our One Queen Street
redevelopment project in May of this year, the project is
progressing well.
Post balance date, Deloitte have leased all the remaining high
rise office space comprising levels 15 to 20 within the One Queen
Street office building to now be named Deloitte Centre. This
leaves just two low rise floor plates which are not committed,
and Precinct anticipates offering these floors as smaller premium
office suites ranging in size from 200 to 250 square metres. This is a
significant lease to have concluded ahead of project
completion and demonstrates both the quality of the asset and
businesses valuing the benefits of being located in the
Commercial Bay precinct.
The total project cost is expected to be around $308 million with
an expected yield on cost of 6.2% once complete.
Bowen Campus Stage Two
The projects at 40 and 44 Bowen Street continue to advance
well. Both buildings at the Bowen Campus Stage Two
development are tracking to programme and are on budget.
During the period, Precinct secured a 12 year term lease with
Waka Kotahi NZ Transport Agency who will occupy 6 contiguous
floors across the ground and levels 1 to 5, totalling 8,660 sqm of
space at 44 Bowen Street. With Waka Kotahi NZ Transport
Agency secured the building will be 100% leased prior to
expected practical completion.
With only one and a half floors totalling 2,700 sqm remaining
vacant at 40 Bowen Street, the aggregate pre-committed
leasing across Stage Two now represents 87% of the combined
office space with a weighted average lease term of over 11
years. Practical completion of 40 Bowen and 44 Bowen Street is
expected in September 2022 and May 2023, respectively. The
total project cost for the development remains around
$195 million with a yield of 6.5% once fully leased.
30 Waring Taylor, Wellington
The 30 Waring Taylor Street project is expected to be complete
in November 2021. This will be Generator’s first Wellington-based
offering. The project is on programme and in-line with budget.
We continue to progress our current development projects and
we are confident of their successful delivery.
Proven track record
Our business continues to benefit from a well-established and
clear strategy. Precinct has a strong track record of developing
world-class real estate. Over the last 6 years, we have
developed $1.5 billion in premium-grade real estate. These
projects have led to a significant reduction in the age of our
portfolio and delivered value uplifts for our investors.
Importantly, across all of our developments to date, at the point
of commitment, our pre-leasing was 44%, however, by the time
we completed the projects, our leasing was 99%.
We have successfully
completed $1.5 billion of
development projects over
the past 6 years. It is this track
record in capability that we
are now looking to leverage
with future transactions. Across
our developments, we have
created significant shareholder
value.
S C O T T P R I T C H A R D , C E O
Outlook
Our business has demonstrated remarkable resilience during the
2021 financial year. Despite the challenging backdrop of the
COVID-19 pandemic, we have been able to capitalise on strong
office leasing demand and secure around $0.8 billion of new
developments with 90% pre-leasing achieved. This strong
demand combined with our pipeline of opportunities and the
quality of our portfolio position our business well to continue to
deliver growth in shareholder value.
Scott Pritchard,
CEO
George Crawford,
Deputy CEO
Richard Hilder,
CFO

16
Our markets.
Our markets.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Auckland city centre.
The Auckland city centre office market appears to be operating in a ‘two-tiered’ manner with a widening demand gap between
prime and secondary assets. During the year, JLL research reported an uptick in prime vacancy rates to 7.3% as at June 2021 (June
2020: 4.8%), driven by 44,600 sqm of new supply and refurbishments being completed during the period, while secondary vacancy
increased to 13.9% over the same period (June 2020: 11.2%). Vacancies are also unevenly spread across the city centre, with
occupiers showing a clear location bias towards waterfront locations, with improved amenities and newer assets. Notwithstanding,
some commentators reported a decrease in net effective rentals across the wider city centre office market in the September 2020
quarter, driven by increased competition from additional backfill arising from recently completed developments and sublease
availability in response to COVID-19. Similar to vacancy rates, the prime grade market rentals have proven comparatively resilient, with
JLL research reporting a 5.1% year-on-year decline as at June 2021 (June 2020: -0.1%) attributable wholly to a rise in market-wide
leasing incentives, compared to a 8.9% decline recorded in the secondary market over the same period.
Looking ahead, while the occupier market is under some pressure from current vacancies and headwinds from increasing flexible
working arrangements, a marked uplift in leasing enquiries in 2021 to date and a comparatively benign supply pipeline both point to
vacancies stabilising and the return of rental growth over the coming months.
Turning to the city centre retail market, retailers have remained under pressure from structural headwinds and on-going impact from
COVID-19 border closures and disruptions from major works including the CRL, with CBD retail vacancy increasing to 7.1% as at June
2021 (June 2020: 3.3%) according to JLL research. Pleasingly, service and hospitality retail performed well over the period, buoyed by
strong pent-up domestic demand. The resilience of these types of retailers has proven instrumental to Commercial Bay’s strong trading
performance in its first year of operation. Statistics New Zealand reported a 13.5% increase year-on-year in annualised electronic card
transaction spend for hospitality retail.

17
Our markets.
ANNUAL REPORT 2021
Wellington city centre.
The Wellington city centre office market continues to outperform, driven by favourable tailwinds, including continued growth in the
public sector workforce and structural undersupply due to stock withdrawals as a result of seismic and environmentally sustainable
design (ESD) obsolescence. In particular, prime vacancy rates, reported by JLL research at 0.9% as at June 2021 (June 2020: 0.6%), are
continuing to hold well below the long-term average of circa 2%.
With occupiers competing for a limited pool of quality stock and new build pre-leasing opportunities, favourable market dynamics
have resulted in a significant increase in rentals with prime effective rentals increasing 3.9% year on year (June 2020: 1.4%), albeit some
of the rental growth may be eroded by continued increases in operating expenses.
Looking ahead, the recent themes of workforce expansion and flight to quality are anticipated to prevail and underpin low prime
vacancy rates over the short to medium term.
-
14,825sqm
CBD office stock year-on-year to June 2021 with stock withdrawals outpacing new construction and refurbishments
source: JLL research

18
Generator.
Generator.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Generator is New Zealand's
leading flexible workspace
provider with over 1,300
members. It continues to play
an important role in Precinct’s
strategy.
Generator continues to provide a differentiating component to
Precinct’s real estate offering by providing a flexible occupancy
option for businesses with growing needs. It also provides
enhanced levels of amenity and service for Precinct clients,
especially for those small to medium sized businesses looking for
shared facilities that they would not usually have access to.
The business now has an improved quality customer base who
recognise Generator as their core business accommodation,
valuing the flexibility and amenities that Generator provides.
Pleasingly, memberships continue to grow with good levels of
enquiry and sales.
Currently located across 8 locations totalling 13,600 sqm in
Auckland, Generator has a significant market share in
Auckland's city centre. This includes flexible space at Madden
Street (GridAKL), Britomart Place, Stanbeth & Excelsior (Stan Ex)
and the Mason Bros. building.
During the year, Generator opened its brand new meeting and
events suites located in the lobby of the HSBC Tower in
Auckland. This space caters for a wide range of business
meetings and events, including providing outstanding harbour
views and a spacious balcony. These added to the existing
meeting and event suites at the PwC Tower.
We are also excited to be opening the first Generator site in
Wellington at the end of 2021. 30 Waring Taylor will provide
private offices, coworking and event spaces to meet the needs
of increased demand for flexible space in Wellington. The 5-level
character building will be fully redeveloped and seismically
strengthened to 100% of the National Building Standard.
For more information on Generator, visit: https://
generatornz.com/
Generator continues to
provide a differentiating
component to Precinct’s real
estate offering. It supports
portfolio leasing and Precinct's
long-term strategic objectives.
G E O R G E C R A W F O R D , D E P U T Y C E O

19
Generator.
ANNUAL REPORT 2021

20
Results overview.
Results overview.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FY21 results
The business has delivered a strong result for the FY21 period
illustrating the portfolio’s resilience in another year navigating the
challenges from COVID-19. Total comprehensive income after
tax was $179.9 million compared with $35.1 million in the previous
period with the movement attributable to a strong revaluation
gain of $282.9 million for the full year, offset by the termination
payment of Precinct's Management Services Agreement.
Pleasingly, the business has continued to meet market guidance
and deliver further growth for our shareholders despite the
unusual year with Adjusted Funds from Operations (AFFO), which
adjusts for several non-cash items, increasing by 3.1% to
$85.3 million (June 2020: $82.7 million) or 6.48cps. This strong result
reflects the demand for Precinct's premium grade portfolio,
maintaining high occupancy levels during the year and
generating income from high quality occupiers. Full year
dividends paid to shareholders and attributed to the 2021
financial year totalled 6.50 cps, representing a year on year
increase of 3.2% and an AFFO dividend payout ratio of 100%.
Net property income increased 27.9% to $124.4 million (June
2020: $97.2 million) with the increase primarily driven by the
completion of several development projects, namely
Commercial Bay, during the year. After adjusting for
developments and transactions, like-for-like net property income
growth was 1.2% higher than the previous comparable period.
Precinct continues to support its clients impacted by COVID-19
through a range of measures including rental abatements which
for the financial year totalled $1.1 million
1.
. This compares to
abatements of $1.7 million for the year ended 30 June 2020.
Total interest expense was higher due to development spend
and higher debt levels. Following the completion of several
development projects in the period and the resulting reduction
in capitalised interest, net interest expense for the period was
$27.2 million (June 2020: $5.1 million).
Generator was also impacted by COVID-19 with a reduction in
events and lower occupancy leading to a net operating income
loss of $0.9 million for the period. Occupancy and events
bookings are now showing a solid recovery with Generator
continuing to support Precinct's portfolio leasing and long term
strategic objectives. The reduction in profitability has led to the
independent valuation of Generator recording an impairment of
$9.8 million.
During the period Precinct internalised its management function
with a one-off termination cost of $217.1 million, which has been
recognised in the financial statements. The expected benefits for
Precinct and its shareholders include cost savings, pro forma
accretion to AFFO, increased alignment of interests and
retention of key management personnel and staff. Precinct has
recorded a positive tax position for the financial year of
$67.8 million (June 2020: $5.0 million expense). The positive
position is due to the reintroduction of depreciation on building
structures, prior period contaminant expenditure, and the
payment relating to the termination of the management
contract being deductible for income tax purposes. As Precinct
continues to maintain a relatively substantial development
pipeline, it is anticipated that Precinct's tax position will remain
low over the near term. Interest rates remained low during the
financial year due to the ongoing economic uncertainties
resulting from COVID-19. However, recent inflation pressures
have seen forward interest rates increase. This has resulted in an
overall gain in financial instruments of $19.7 million as at 30 June
2021 (June 2020: $1.9 million loss).
Reconciliation of adjusted funds from operations
(Amounts in $ millions)20212020
Operating income before indirect
expenses
127.7
105.8
Indirect expenses
(44.7)
(18.3)
Operating income before income tax83.087.5
Current tax expense
67.8
(5.0)
Operating profit after tax150.882.5
Non operating income / (expenses)
63.0
(54.3)
Deferred tax and depreciation recovered
on sale
(26.1)
2.0
Net profit / (loss) after taxation attributable
to equity holders
187.730.2
Operating profit after tax adjusted for
Generator rent expense
(7.0)
(7.0)
Tax impact from MSA termination
payment and liquidated damages
(60.8)
7.5
Swap closeout
3.0
-
One off item - project initialisation costs
0.7
-
Amortisations
13.8
7.9
Straightline rents
(4.0)
(0.5)
FFO96.690.5
Maintenance capex
(4.0)
(5.0)
Incentives and leasing costs
(7.3)
(2.8)
AFFO85.382.7
Note: AFFO is an alternative performance measure which adjust net profit after
tax for a number of cash and non-cash items as detailed in the reconciliation
above. Precinct has transitioned to a dividend policy based on AFFO. AFFO is an
alternative performance measure provided to assist investors in assessing
Precinct’s performance for the year.
1. Note 8 of the 2021 financial statements provides more details on the impact of
COVID-19 on Precinct's business.

21
Results overview.
ANNUAL REPORT 2021
A full year revaluation gain of $282.9 million (2020: $66.3 million
devaluation) or 9.3% was recognised during the period. This
includes $148.5 million revaluation gain which was recognised at
31 December 2020. On a like-for-like basis, Auckland asset
valuations increased by around 6.5% and the Wellington market
proved to be particularly resilient with our Wellington asset
valuations recording an uplift of 16.6%. 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. Precinct’s weighted average capitalisation rate has
firmed over the past 12 months from 5.3% to 4.8% at 30 June
2021. As at 30 June 2021 Precinct’s portfolio totalled $3.3 billion
(June 2020: $3.0 billion). Precinct’s net asset value (NAV) per
share at balance date was $1.52 (June 2020: $1.45).
Adjusted Funds from Operations (AFFO)
FFO and AFFO are measures used by real estate entities
to describe the underlying performance from their
operations. Aligning dividends with AFFO is generally
considered to be best practice for real estate entities.
FFO and AFFO are defined in more detail on page 38.
FFO for the year increased to $96.6 million (June 2020:
$90.5 million) or 7.34 cps. AFFO for the year was
$85.3 million, or 6.48 cps, matching the dividend paid.
PRECINCT'S AFFO PAYOUT RATIO OVER THE
PAST 5 YEARS HAS AVERAGED 101%.
Key financial information
(Amounts in $ millions unless otherwise stated)20212020Change (%)
Rental revenue
199.8
151.831.6
Funds from operations (FFO)
96.6
90.56.7
Adjusted funds from operations (AFFO)
1
85.3
82.73.1
Total comprehensive income after tax attributable to equity holders
179.9
35.1412.5
Funds from operations (FFO) (cents per share)
7.34
6.896.5
Adjusted funds from operations (AFFO) (cents per share)
6.48
6.293.0
Gross distribution (cents per share)
2
6.50
6.92(6.0 )
Net distribution (cents per share)
2
6.50
6.303.2
AFFO Payout ratio (%)
100.3
100.10.2
Total assets
3,456.4
3,185.28.5
Total liabilities
1,235.8
1,276.8(3.2 )
Total equity
2,220.6
1,908.416.4
Shares on issue (million shares)
1,458.5
1,313.811.0
NTA (cents per share)
152
1445.6
NAV (cents per share)
152
1454.8
Gearing ratio at balance date (%)
3
28.2
28.8(2.1 )
The information set out above has been extracted from the financial statements set out on pages 70 to 96.
1 AFFO is an alternative performance measure which adjusts net profit after tax for a number of non-cash items. This alternative performance measure is provided to
assist investors in assessing Precinct's performance for the year.
2 Dividend paid and proposed relating to financial year.
3 For loan covenant purposes deferred tax losses, fair value of swaps and subordinated debt are not included in the calculation of gearing ratio.

22
Results overview.
Results overview. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Capital management
We have completed significant capital management initiatives
during the 2021 financial year, ensuring we are in a strong
financial position to achieve the best results across our
operational business.
During the year, Precinct raised $250 million through an
underwritten $220 million placement and non-underwritten
$30 million retail offer. It has provided sufficient funding for the
acquisition of 2 Wellington office assets, and also reduced
Precinct’s gearing, providing additional funding capacity to
assist with future development opportunities.
Recognising Precinct’s ongoing commitment to creating a more
sustainable environment, Precinct launched a Sustainable Debt
Programme in November 2020. The establishment of the
Sustainable Debt Framework is a natural extension of Precinct’s
sustainability strategy and the focus on sustainable business
outcomes. The Framework sets out the process by which Precinct
intends to issue and manage Sustainable Debt on an ongoing
basis to fund low carbon buildings within Precinct’s property
portfolio. The Programme was implemented with assistance from
ANZ acting as Green Bond coordinator with independent
assurance provided by EY.
In May 2021, Precinct successfully issued a 6-year secured, fixed
rate green bond of $150 million. The net proceeds of the offer
are intended to be earmarked in accordance with Precinct’s
Sustainable Debt Framework dated 2020 to finance or refinance
energy-efficient buildings.
Our balance sheet has been strengthened during the 2021
financial year. At balance date Precinct’s total borrowings
(including convertible notes) increased to $1,052.7 million
(30 June 2020: $951.7 million). Gearing as measured under
borrower covenants, which excludes the subordinated
convertible note, is 28.2% (30 June 2020: 28.8%). Similarly, total
assets at 30 June 2021 are $3.5 billion (30 June 2020: $3.2 billion).
Precinct remains within its borrowing covenants with total debt
facilities of around $1.6 billion at 30 June 2021. Precinct was 54%
hedged through the use of interest rate swaps at 30 June 2021
(June 2020: 56%). Average hedging for the 2022 financial year
will be around 55%. The weighted average interest rate including
all fees was 3.4% at 30 June 2021 (30 June 2020: 3.9%).
Precinct has continued to progress our capital recycling
opportunities. This includes the divestment of the remaining 50%
of the ANZ Centre in Auckland for $177 million in the period. The
proceeds from this sale were used to repay bank debt and
reduce leverage.
Capital management metrics
20212020
Debt drawn ($ millions)
1
1,052.7
951.7
Gearing - banking covenant (%)
28.2
28.8
Weighted average term to expiry (years)
3.5
3.9
Weighted average debt cost (incl fees) (%)
3.4
3.9
Percentage of debt hedged (%)
54.1
56.0
Weighted average hedging (years)
3.4
3.9
Interest coverage ratio (previous 12 months)
(covenant 1.75 times)
2.4
2.4
Total debt facilities ($ millions)
1,596
1,196
1 Excludes the USPP note fair value adjustment of $31.1 million (June 2020:
$69.3 million) and convertible note option valuation. Interest bearing liabilities
are detailed in Note 20 of the Financial Statements.
We have strengthened
Precinct's balance sheet
during the 2021 financial year
following the successful
completion of our capital
management initiatives. We
are ensuring we are in the best
financial position to take our
business forward.
R I C H A R D H I L D E R , C F O

23
Results overview.
ANNUAL REPORT 2021
Operational update
Precinct's portfolio continues to benefit from quality occupiers, a
long WALT, high occupancy levels, and lease review structures
that will generate earnings growth. At balance date, overall
portfolio occupancy was 98% (June 2020: 98%) and Precinct's
WALT was 7.7 years (June 2020: 8.0 years). In total, 30 leasing
transactions were completed across 15,800 sqm of space. This
includes welcoming several new clients to our portfolio as well as
retaining a number of existing clients. Rentals achieved on new
office leases were on average 2.7% higher than valuation rents
at 30 June 2020. In Auckland, key leasing includes a 6-year lease
to Generate KiwiSaver over level 9 of Jarden House, and a new
9-year lease to Aon over levels 20 and 21 at the Aon Centre
(previously known as AMP Centre). In addition, a new 11-year
lease to the Serious Fraud Office over Level 8 at the HSBC Tower
has also been secured. In Wellington, a new 4-year lease was
agreed with AWS at NTT Tower, as well as a 5-year extension with
Kathmandu on the ground floor of the Aon Centre. Including
structured rent reviews, Precinct completed a total of 117,207
sqm of reviews at a 2.4% premium to previous contract rental.
There were 12,500 sqm of market rent reviews which were settled
at a 4.4% premium to 30 June 2020 valuation rentals. At 30 June
2021 Precinct's portfolio is under-rented by 5.9% (June 2020: 2.9%
under-rented).
Operational metrics
Operational metrics
20212020
Precinct
Occupancy (%)
98
98
WALT (years)
7.7
8.0
NLA (sqm)
266,248
269,901
Under-renting (%)
5.9
2.9
Leasing
15,800
12,600
Generator
Occupancy (%)
71
89
Members
1,386
1,400
Sites
8
7
Sqm
13,600
13,900
Revenue ($m pa)
1
15.5
18.6
1 Includes intersegment revenue
FY22 key leasing events
Fixed review
Market review
Expiry
CPI
No event
Lease expiry profile by contracted revenue
Financial year
% of net lettable area
WellingtonAuckland
Generator - flexible
space
Vacant
22
23
24
25
26
> 26
0
20
40
60
80

24
Sustainability at Precinct.
Sustainability at Precinct.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct has publicly reported annually on sustainability
since 2015. Ensuring we are actively monitoring our
performance and providing clear and accurate
reporting underpins our managing of our ESG risks and
opportunities.
This Annual Report has been prepared in accordance
with the Global Reporting Initiative (GRI) Standards (core
option).
As the largest owner and developer of premium inner-city real
estate in Auckland and Wellington, we continue to focus on
understanding and responding to our material ESG issues. These
include our material issues (noted on the next page) which
provide a comprehensive response to all ESG factors material to
the business.
We are very proud of the results we have achieved over the last
year. They reflect the progress we are making through
advancement of certain initiatives. We again improved our
GRESB score from 77 to 83. We are trending well ahead of the
global average of 70 and we rate a public disclosure level B
against the global average C. Pleasingly, Precinct also received
a score of B- following our participation in the CDP.
Our proactive approach in responding to our ESG risks and
opportunities is strengthening how Precinct defines sustainability
and we strive to further improve on our material ESG issues.
The growing awareness of buildings’ environmental impacts,
developing carbon legislation, and clients’ increased
expectations, make the environmental performance of our
buildings a significant material issue. The risks and opportunities
related to climate impacts resulting from the transition to a low-
carbon economy can be divided into 2 major categories:
• Transition risks – risks related to the transition to a lower-carbon
economy
• Physical risks – risks related to the physical impacts of climate
change.
As part of Precinct’s approach to climate-related risks and
opportunities, we have identified both physical and transition
climate-related risks. Risks have been identified through
Precinct’s climate-related risk register as part of its overall Risk
Management Plan. We have evaluated risk based on the short
term (< 2 years), medium term (2 –10 years) and long term (10+
years). All of Precinct’s climate-related risks have been recorded
in Precinct’s Climate Risk Register. Risks are categorised by the
risk type, risk driver, time horizon and potential financial impact.
This register is reviewed at least annually. While the key transition
and physical risks identified to Precinct are not currently
impacting business growth, they must be monitored, evaluated,
and mitigated. Precinct has identified 13 specific climate
change risks. An overview of our highest rated physical and
transition climate-related risks is presented in our Taskforce on
Climate-related Financial Disclosures (TCFD) framework, which
can be found on our website.
Our Sustainability framework
Precinct's materiality matrix
1
1 Precinct’s materiality matrix presented above is based on the aggregation of Precinct’s material topics (on the next page) and an assessment of their relative
materiality and meets the requirements of the GRI Standards. It reflects Precinct's significant economic, environmental and social impacts where 'impact' refers to the
effect Precinct has on the economy, the environment and/or society.

25
Sustainability at Precinct.
ANNUAL REPORT 2021
Our material issues
Precinct’s material sustainability topics have remained relatively unchanged in 2021, as validated by a desktop review, and are
presented below. Our material sustainability topics considers a wide range of information sources, including the opinion of our key
stakeholders. Precinct’s key stakeholders include our people and partners, clients and people using our spaces and services,
contractors and service providers, funding providers, shareholders, industry bodies and government (central and local).
The following topics were determined to be material to Precinct:
Material topicTopic component
Client wellbeing
• Client wellbeing and productivity
• Quality space
• Client satisfaction
Health and safety
• Health and safety
Financial performance
• Occupancy rates/weighted average lease term
• Earnings outlook
• Commercial and investment returns
• Flexible financing for Green Building
• Investment due diligence
Partnerships and community
• Partnerships with Mana Whenua, local and central government, and council-controlled
organisations
• Sponsorships, financial and in-kind donations
• Strengthening communities
Sustainable design
• Efficient design
• Contributing to urban vibrancy/prosperity
Ethical business practice
• Code of ethical conduct
• Whistle-blower Policy
Diversity
• Diversity
Building environmental performance
• Carbon emissions
• Waste reduction
• Water use
• Greenstar/NABERSNZ ratings

26
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Client wellbeing.
Creating environments in which
our clients can thrive.
Our approach
Client wellbeing continues to be Precinct’s most highly material
topic measured by high stakeholder importance and high
significance of impacts. Client wellbeing is centred around
quality space – a healthy environment where positive social
outcomes and economic success is achieved. It is critical to the
long-term success of our business and we are seeing first-hand
the positive results in our leasing activity when attracting and
retaining clients within our portfolio.
We seek and record client feedback from independently run
client satisfaction surveys to help us understand and improve
client wellbeing. Conducted every 2 years, the most recent
survey is currently being undertaken. This year, we have
improved our client survey and extended our questions on:
• Relationship management
• Communication
• Overall interaction
• Amenity, service and experience
• Overall service provided by Precinct
In addition, we have also extended the number of people we
have sent the client survey to, we are including more staff of
each of our clients and members of Commercial Bay Club.
Preliminary results from our latest survey show that overall
satisfaction of working in a Precinct-owned or managed building
is 87%. Due to the survey still being finalised, we will share more
detail on our results in our next Annual Report.
HSBC Tower lobby redevelopment complete
As shared with you last year, Precinct undertook a full lobby
redevelopment at 188 Quay Street. The lobby re-opened in
September 2020. It now provides:
• A new full cafe offering in addition to Little Quay - the grab-
and-go offering on the eastern side of the lobby operated by
Mojo
• Brand new Commercial Bay Meeting and Event Suites -
operated by Generator, offering a premium event spaces
suitable for large board meetings, seminars and events
• Relocated in-house concierge service and increase of
greenery
• A seamless connection through to Commercial Bay’s food
and beverage space and retailers.
Performance
Measuring our progress against targets
Overall client satisfaction score
87%
Target ≥80% (FY20: 70%)
Portfolio composition
99%
Target ≥100% Investment portfolio of A Grade or
better (FY20: 100%)
Portfolio value of Green Assets
$1,938m
Eligible assets which meet the criteria as per the
Green Asset table on page 56 of this annual report
Mojo cafe, HSBC Tower lobby
Feedback on the improved amenities provided to
our clients has been very positive to date.

27
Sustainability at Precinct.
ANNUAL REPORT 2021
Financial performance.
Positive financial performance.
Disclosure of our financial performance can be found in the
results overview section on page 20 and in Precinct's financial
statements on pages 70 to 96.
Performance
Measuring our progress against targets
Occupancy and secure income stream
98%
Target ≥98% (FY20: 98%)
Annualised 5-year dividend growth
3.0%
Target long term sustainable returns to shareholders
Precinct received a rating of BBB (on a scale of AAA-CCC) in
MSCI ESG Ratings assessment. MSCI Ratings aim to measure a
company's resilience to long-term, financially relevant ESG risk.
Precinct has been a constituent of the FTSE EPRA Nareit Global
Real Estate Index and FTSE EPRA Nareit Green Indexes since
March 2020.
Sustainable design.
Creating built spaces which
deliver net positive
environmental, social and
economic value.
Our approach
By recognising the role we have in contributing to urban
vibrancy and the prosperity of a city centre, we define
sustainable design as the creation of built spaces which deliver
net positive environmental, social and economic value. Precinct
continues to focus its sustainability efforts on incorporating
sustainable design across our assets and improving our
operational performance. We are seeing the positive results from
our investment in sustainable design.
Precinct targets both a 5 Green Star Design and As-built rating
(Excellence) for new developments while targeting over 50% of
the portfolio having at least a best practice (4 star) Green Star
rating.
Performance
Measuring our progress against targets
5 Star design for new build projects
A description of our current ratings is included in the
Investor Information section on page 56.
Precinct’s overarching measure used as its core ESG indices
performance benchmark is the Global Real Estate Sustainability
Benchmark. GRESB assessments are guided by what investors
and the industry consider to be material issues in the sustainability
performance of real estate investments. It is considered the
global standard for ESG benchmarking and reporting for real
estate. Since Precinct’s first submission in 2017, we have
improved our score year on year. In addition, we rate a public
disclosure level B against the global average C. We continue to
target a score which is above both the GRESB global average
and the NZ/AUS peer average. The Australia and New Zealand
real estate sector continue to lead globally in ESG performance,
with Australia maintaining its top ranking. Submissions for 2021
have now been made with results to be disclosed in our 2022
Annual Report.

28
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Building environmental
performance.
Reducing carbon, energy use
and waste
.
Our approach
The environmental performance of our buildings includes the
energy they consume, the waste they generate and their
operational greenhouse gas (GHG) emissions. Precinct is
committed to minimising our environmental footprint in the built
environment with a conscious effort to help protect the natural
environment we are part of. Improving the environmental
performance across our buildings is therefore a key part of our
sustainability strategy.
Our facilities management team are responsible for maintaining,
assessing and upgrading our buildings’ plant and building
management systems on an ongoing basis. This ensure Precinct’s
buildings achieve their optimal environmental performance
levels.
Precinct also have an ongoing partnership with the New Zealand
Green Building Council (NZGBC) on current and future carbon
legislation (zero carbon) to promote and lead industry-wide
environmental practices. With New Zealand's built environment
said to account for approximately 20% of the country’s carbon
emissions, the building and construction sector has an important
role in achieving zero carbon. We know there is much work to be
done and this relies heavily on businesses, industry bodies and
Government working together.
Performance
Measuring our progress against targets
NABERSNZ
Currently 4 buildings in our portfolio have a 3.5 star or
above NABERSNZ™ rating with several ratings currently
underway
Target 100% of buildings ≥ 3 stars and above.
Carbon zero
Toitū carbonzero certification validated for second year
The Mason Bros. Building is the first project in the country to
receive a 6 Green Star As-built rating, the highest possible rating
for environmental impact, reflecting the building’s world-leading
sustainability credentials. It also has a 5.5 NABERSNZ Energy Base
Building rating.
Climate performance
As New Zealand transitions to a low-carbon economy, we
acknowledge that companies in the real estate sector along
with the building and construction sectors have an integral role
in adapting and seeking to mitigate the impacts of climate
change in the built environment. We recognise that to maximise
the benefits of our efforts in reducing our climate impacts, both
measuring and managing emissions is key. Precinct have chosen
to participate in the Carbon Disclosure Project (CDP) as the key
measure of climate (carbon) performance. CDP runs the global
environmental disclosure system and supports thousands of
companies on an annual basis to measure and manage their
risks and opportunities on climate change, water security and
deforestation. It scores companies and cities based on their
disclosure towards environmental leadership. Precinct received
a 2020 score of B-.
As part of the CDP process and in line with our focus on reducing
carbon, Precinct achieved Toitū carbonzero certification in 2020
and validated its Toitū carbonzero certification for a second year
in 2021. Precinct meets the requirements of Toitū carbonzero®
certification having measured its greenhouse gas emissions in
accordance with ISO 14064-1:2006. Toitū carbonzero certification
is accredited by the Joint Accreditation System of Australia and
New Zealand (JAS-ANZ). This provides assurance that our
certification meets international best practice. Precinct
continues to offset its unavoidable emissions from our operations
by allocating high-impact carbon credits from a Gold Standard-
certified international project.
NABERSNZ™ building energy efficiency
NABERSNZ™ is a system for rating the energy efficiency of office
buildings. For more information on NABERSNZ™ ratings see
https://www.nabersnz.govt.nz/about-nabersnz/types-of-ratings/
Currently 4 buildings in Precinct’s investment portfolio have a
certified NABERSNZ™ building energy efficiency rating. All
certified buildings have a rating of 3.5 stars or above. A 3-star
rating indicates a good performance and a 4-star rating
indicates an excellent performance.
Emissions (tCO2e)
Variance (change %)
Total
carbon
emissionsFY20FY19
FY17
(base)to FY19
to base
year
Verified
Yes
YesYes
Scope 1
1,974
2,0362,488(3.0)(20.7)
Scope 2
1,361
1,4081,808(3.3)(24.7)
Scope 3
578
57910(0.2)N/A
Total3,9134,0244,306(2.8)(9.1)
Carbon
emission
intensityEmissions (tCO2e)/sqm
Scope 1
8.9
10.110.4(11.1)(14.3)
Scope 2
6.4
6.77.7(3.5)(15.9)
Scope 3
1.8
1.90.0(1.8)N/A
Total17.218.618.1(7.5)(5.0)

29
Sustainability at Precinct.
ANNUAL REPORT 2021
Offsetting embodied carbon
Last year we shared that we would be offsetting the embodied
carbon from construction at our development project 40 Bowen
Street in Wellington. This is now underway and through Toitū
Envirocare, carbon credits for the 40 Bowen Street project have
been purchased. We are very proud of proactively progressing
this initiative throughout the year. Including the cost to offset the
embodied carbon within the project budget was a first for
Precinct. Post balance date, we are also pleased to share that
we have progressed this initiative further by also purchasing
carbon credits for the 44 Bowen Street project in Wellington, to
compensate for the tonnes of CO2 equivalent embodied in the
materials used and associated with construction to seek carbon
neutrality. Precinct consider the construction of a zero-carbon
building to currently be unfeasible both financially and physically
and consider carbon offsetting to be an appropriate tool. Going
forward, we plan to include the cost to offset embodied carbons
in all our development feasibilities for future development
projects, where feasible.
Ethical business practice.
Ensuring Precinct is governed
transparently and to the highest
of ethical standards.
Our approach
Disclosure on our ethical business practices, including our Code
of Ethics and Financial Products Dealing Policy is reported in the
corporate governance section of this report on page 43. Our
Code of Ethics includes a whistle-blowing clause for reporting
unethical or unlawful behaviour and the full code can be found
on our website at www.precinct.co.nz in the corporate
governance section, along with our Financial Product Dealing
Policy and other key governance documents.
Our performance
Measuring our progress against targets
Maintain best practice policies and culture of
ethical business practice
All of our employees have access to our code of ethics
and when new employees join it forms part of their
induction pack. Targeted staff training is delivered each
year including ethics-related topics. No ethics related
issues were reported via any whistle-blowing channels
during the last financial year.
Diversity.
Achieve a diverse and highly
inclusive workforce.
Our approach
Precinct recognises that diversity includes, but is not limited to,
gender, age, disability, ethnicity, marital or family status, socio-
economic background, religious or cultural background, sexual
orientation and gender identity. Our approach to managing
diversity is guided by our Diversity and Inclusion Policy (available
at www.precinct.co.nz in the corporate documents under the
corporate governance section).
Performance
Measuring our progress against targets
Improve gender diversity across the whole
business, position (employee level) and
Board
Our diversity performance is reported in the corporate
governance section of this report on page 44.
Monitor, measure and improve age, ethnicity
and flexible working arrangements and
parental leave by gender
Ongoing

30
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Partnerships and community.
Contributing, engaging with
and supporting the partnerships
and communities we invest in.
Our approach
Precinct have a strong belief that our properties need to
contribute to the life of a city. Our business is well-positioned to
strengthen communities in which we operate through positive
contributions, engagement and support. We want to create
environments in which people and businesses can thrive. In order
to achieve this, we are focused on building strong and long-
lasting relationships within our communities. This includes our
relationships with key partners such as iwi, local government,
council-controlled entities, industry bodies and community-
based organisations.
Performance
Measuring our progress against targets
Contribute positively to the city centre
environments and wider community where
we operate
During the last 12 months, we have continued our social
investments to Auckland and Wellington City Mission,
Keystone Trust and the Tania Dalton Foundation. Our
current annual memberships include NZ Green Building
Council, Property Council, GRESB, Council on Tall
Buildings & Urban Habitats, Heart of the City and Diversity
Works.
Engage with key stakeholders in our
investment approach
Precinct continues to engage regularly with all our key
stakeholders, ensuring all our key stakeholders are well
informed.
HomeGround update
Auckland City Mission’s HomeGround is nearing completion. Due
to open late in 2021, HomeGround will primarily be a place of
transformation and healing for Aucklanders in desperate need.
Built for, by and with Aucklanders, including the support of
Precinct, HomeGround will be Auckland’s new home.
It will be the hub of the City Mission, bringing together
permanent housing, expanded health and social services, state
of the art addiction withdrawal facilities and a comprehensive
programme of activities in a warm and welcoming space. The
building includes 80 permanent apartment homes for people
experiencing homelessness with a shared rooftop garden and
residents’ lounge, a community dining room, community spaces,
a multi-disciplinary health centre, a pharmacy and addiction
withdrawal services.
All of Auckland will be welcome to HomeGround once it opens,
with beautiful community spaces, a function room and retail
spaces. As the finishing touches are completed, the Mission
team is preparing for a safe and smooth transition into
HomeGround for service users, volunteers, staff and all visitors.
Precinct is committed to the ongoing support of the Auckland
City Mission and to working in partnership with the Mission to
deliver their HomeGround project, strengthening communities
where we operate and creating positive social value.
You can read more about HomeGround at:
https://www.aucklandcitymission.org.nz/homeground/

31
Sustainability at Precinct.
ANNUAL REPORT 2021
Matariki
Matariki signals the Māori New Year and this year was celebrated
between 19 June and 11 July. Precinct, and Commercial Bay,
are proud to have been able to support this festival. Commercial
Bay was able to connect with all people visiting the centre,
creating a positive experience that everyone was able to
engage with while acknowledging the land that we are now
custodians of.
Partnerships
Curated by visual artist, Jade Townsend,(Ngāti Kahungunu, Te
Ātihaunui-a-Pāpārangi) the exhibition,
Whānau Mārama
, saw an
unprecedented gathering of Māori artists and creatives to
showcase a multitude of works representing different
perspectives on Matariki, the Māori New Year. With over 16 artists
presenting works in partnership with a range of retailers,
Commercial Bay was transformed into a site for aspirational
experiences with Māori art, while showcasing the beauty and
architecture of the precinct itself.
Mō te wā tirotiro o Matariki i tēnei tau kua
whakaahuahia ngā whiringa toa hei wāhi mō
ngā kaitoi me ā rātou taonga.
For the Matariki observation period this year a group of
retail stores were reimagined as spaces for artists and
their taonga.

32
Sustainability at Precinct.
Sustainability at Precinct. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Health and safety.
Ensuring all workers go home
healthy and safe - zero harm.
Our approach
Health and safety is one of Precinct’s core corporate values.
We are committed to complying with all relevant legislation,
regulations and standards. Our business is actively embedding a
positive health and safety culture at Precinct and amongst all
workers under our control.
Performance
Measuring our progress against targets
Onsite audit score
99%
Target ≥90% One Queen Street
95%
Target ≥90% (FY20: Bowen Campus 95%)
Precinct's Total Recordable Injury Frequency
Rate (TRIFR)
During the year Precinct have engaged with our
contractors to help us better track and record accurately
on our reported frequency rates for all our fitout and
development projects. Precinct recorded 3.37 for its
health and safety TRIFR performance, an improvement
on the benchmark TRIFR of 4.66 from the Business Leaders'
Health and Safety Forum benchmarking initiative. More
details can be found at:
https://forum.org.nz/resources/benchmarking-project/
We recorded 281 health and safety incidents in the year
compared to 265 reported in FY20. Precinct's recorded incidents
include observations, near misses, first aid injuries, medical
treatment injuries and lost time injuries. We had one significant
incident resulting in serious injury on one of Precinct’s
development sites. This site is under the direct control of
Precinct’s appointed main contractor and the incident was
immediately reported to WorkSafe.
Approximately 18% of recorded incidents were classified as
minor (for example, rolled ankles, minor cuts and grazes). 6% of
our recorded incidents were reported as intoxicated incidents
within the Commercial Bay centre. While the type and number
of incidents are generally minor (and are to be expected given
the number of food and beverage outlets within the centre),
management have created a committee comprising food and
beverage retailers and Hospitality NZ to ensure that a
coordinated and best practice approach to managing alcohol
is being adopted. A total of 216 recorded incidents occurred on
our stabilised property portfolio. The remainder (65) of our
recorded incidents occurred on our development sites which are
under the direct control of a Precinct-appointed main
contractor. This ratio reflects the completion of Commercial Bay
and the fact that much of Precinct’s property portfolio has now
stabilised with the size of developments during the current
reporting period significantly less than the previous financial year.
Over 204 principal audit and monitoring inspections were
undertaken during FY21. These inspections are in addition to
regular internal contractor health and safety monitoring
practices and included internal and external principal audits
and inspections, Project Control Group health and safety
meetings and specific health and safety workshops. This included
34 external audits by Construct Health Limited, with audit scores
averaging 97% for 30 Waring Taylor, 98% for 1 Willis Street, 95% for
Bowen Campus stage 2 and 99% for 1 Queen Street during the
year. We continue to support Mates in Construction and Precinct
is part of the Private Sector Advisory Group for Construction
Health and Safety New Zealand (CHASNZ).
Focus on Wellbeing
As part of its wellbeing programme, Precinct has focussed on the
importance of mental health awareness, with a particular focus
on resilience. The Employee Assistance Programme is promoted
within the businesses and is used on a regular basis.
The Commercial Bay Club has been running a successful
wellness speakers’ series and has had guest speakers come in to
talk to both Precinct staff and clients about energising yourself
using food and movement. Precinct continues to prioritise staff
physical wellbeing by providing fresh fruit in the office, running
bootcamps in Auckland and offering gym memberships to
employees in the Wellington office.
A key focus in FY22 will be to ensure that Precinct's operating
businesses, Generator and Commercial Bay Hospitality, are also
enabled to support staff wellbeing and mental health.
Benchmarking our performance
Precinct have chosen to use the Business Leaders' Health and
Safety Forum Benchmarking initiative to report its Total
Recordable Injury Frequency Rate against. The Forum’s annual
Benchmarking project enables participating members to
compare their performance with that of peers and others
outside their industry. Construction is one of the sectors included.
In 2020, 74 members took part in the benchmarking. The intiative
uses OSHA definitions for injuries, and all frequency rates are
based on 200,000 hours worked. The Total Recordable Injury
Frequency Rate includes all recordable injurries/illnesses
(Medical Treatment Injury, Restricted Work Injury or Illness and
Lost Time Injury). In the absense of a readily available and
publicly reported benchmark for non-residential construction in
New Zealand, we believe the Business Leaders' Health and
Safety Forum Benchmarking initiative is an appropriate measure
to record Precinct's health and satety performance against and
track our progress.

33
Sustainability at Precinct.
ANNUAL REPORT 2021
Health and
Safety
Policy
Our Health and Safety Policy guides our
management approach and includes the
following requirements:
•
Training – All Precinct staff receive regular training
including external accreditation where relevant to
their role.
•
KPI's – All Precinct staff have health and safety
objectives included in their performance reviews.
•
Contractor pre-qualification – Each contractor
engaged by Precinct is required to be pre-qualified by
Workplace Safety Limited or Construct Health Limited.
•
Hazard and asbestos registers – Registers identify the
observed hazards at each site. These are live registers
subject to constant internal review and are reviewed
annually by independent experts.
•
Audit and monitoring – Precinct monitors live sites to
ensure oversight of health and safety matters.
Reporting process
Health and Safety Committee
►
Audit and Risk Committee
►
Precinct Board
On-line reporting – Precinct uses MangoLive, an online live reporting and incident management system to report all incidents and
observations on Precinct-controlled workplaces. This includes client fit out and development sites under the direct control of a Precinct
appointed contractor.
Pre-Qualification – All contractors are required to be prequalified with Prequal, an externally managed dedicated contractor pre-
qualification system.
Audit and monitoring – Precinct audits and monitors live sites both through management staff and third-party consultants Construct
Health Limited.
Internal review – Precinct's Health and Safety (H&S) Committee meets monthly and provides oversight on all health and safety matters.
The H&S Committee has representation from all parts of the business. Workplace Safety Limited, an independent third party consultant,
also sits on the H&S Committee to provide external input and advice.
Management and oversight – The H&S Committee reports directly to Precinct's Audit and Risk Committee and the Precinct Board.
External review – In addition to external audit and monitoring by Construct Health Limited, Precinct also instigates annual third party
reviews of its processes by Marsh and ICSafety Solutions. During 2021, Precinct commenced a comprehensive review of its Health and
Safety Policy and processes with Beca.

34
Board of directors.
Board of directors.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Craig Stobo
Chair, Director, Independent, BA (Hons) First Class Economics, CFInstD, Associate Member CFA Society NZ
Educated at the University of Otago and Wharton Business School, Craig Stobo has worked as a diplomat, economist, investment
banker, and as CEO. He has authored reports for the Government on “The Taxation of Investment Income”, chaired the Government’s
International Financial Services Development group in 2010, and chaired the Establishment Board of the Local Government Funding
Agency in 2011. Craig is a professional director and entrepreneur. In addition to chairing Precinct, he is chairman of the New Zealand
Local Government Funding Agency (LGFA) and director of AIG Insurance New Zealand Limited and a number of private companies
including Saturn Portfolio Management, Elevation Capital Management and Biomarine Limited.
Anne Urlwin
Director, Independent, BCom, FCA, CFInstD, MAICD, ACIS, FNZIM
Anne is a professional director with experience in a range of sectors including construction, infrastructure, telecommunications,
renewable energy, health and financial services.
She is a director of Summerset Group Holdings Ltd, Queenstown Airport Corporation Ltd, City Rail Link Ltd and Cigna Life Insurance New
Zealand Ltd.
Anne is a chartered accountant and is a former Chair of national commercial construction group Naylor Love and of the New Zealand
Blood Service, and a former director of Chorus Ltd and Tilt Renewables Ltd.
Graeme Wong
Director, Independent, BCA (HONS) Bus Admin, INFINZ (Fellow), CFinstD
Graeme Wong has a background in stock broking, capital markets and investment. He was founder and executive chairman of
Southern Capital Limited which listed on the NZX Main Board and evolved into Hirequip New Zealand Limited. The business was sold to
private equity interests in 2006.
Previous directorships include Tourism Holdings Limited, New Zealand Farming Systems Uruguay Limited, Sealord Group Limited, Tasman
Agriculture Limited, Magnum Corporation Limited and At Work Insurance Limited and alternate director of Air New Zealand Limited.
Graeme is currently Chair of Harbour Asset Management Limited, director of CMT Industries Limited, Areograph Limited, Southern
Capital Partners (NZ) Limited together with a number of other private companies. He is also a member of the Trust Board of Samuel
Marsden Collegiate School.
Nicola Greer
Director, Independent, MCom (Hons)
Nicola is a professional company director. She has extensive experience in New Zealand, Australia and the UK in the banking and
finance sectors, previously holding a range of roles within financial markets and asset and liability management at ANZ, Citibank and
Goldman Sachs. She has a significant background in the New Zealand commercial property market, developing and owning
commercial property across a variety of sectors. Nicola is currently a director of Airways Corporation, Fidelity Life Assurance Ltd, South
Port NZ, New Zealand Railways Corporation, and is a Member of the New Zealand Markets Disciplinary Tribunal.
Mark Tume
Director, Independent, BBS, Dip Bkg Stud
Mark has governance experience with both public and private companies across the infrastructure, energy, and investment sectors in
Australia and New Zealand. He is the Chair of Infratil, Ngai Tahu Holdings Corporation, Te Atiawa Iwi Holdings, and a director of Retire
Australia Pty.

35
Board of directors.
ANNUAL REPORT 2021
Christopher Judd
Director, Independent
Chris Judd has over 32 years’ experience in the property industry including a 17 year association with property and property funds in
New Zealand in both public and private markets. Chris has had various senior executive leadership roles including Head of Real Estate
Funds Management for AMP Capital Australia with executive and governance responsibilities in Australia and New Zealand for a A
$20b+ platform. More recently Chris consulted to Blackstone Real Estate Australia. He is a registered valuer being an Associate of the
Australian Property Institute. Chris was the inaugural chairman of the Property Council of Australia’s Unlisted Property Roundtable and
was a member of the International and Capital Markets Division Committee.
Mohammed Al Nuaimi
2.
Director, Shareholder Appointee, CFA
Mohammed Al Nuaimi has been appointed as a representative of Haumi Company Limited.
Mohammed is a Senior Investment Manager in the Real Estate and Infrastructure Department at Abu Dhabi Investment Authority
(ADIA). He joined ADIA in January 2008 and moved to the Real Estate department in early 2012. He is in the AsiaPacific investment
team covering Australia and New Zealand.
Mohammed has a Bachelor of IT Security from the United Arab Emirates University and he is a CFA charter holder since September
2011.
As Mohammed has been appointed under a provision in the constitution which allows a shareholder holding more than 15% of the
Company's shares to appoint one director, he is not required to retire in accordance with Rule 2.7.1.
Post balance date Precinct Director changes
Post balance date, Nicola Greer and Mark Tume were appointed as Independent Directors, effective 16 July 2021 and 11 August 2021,
respectively. Independent Director Launa Inman and Non-Executive Director Robert Campbell retired from the Board on 31 July 2021
and 11 August 2021 respectively.
2. Aditya Bhargava is the alternate Director for Mohammed Al Nuaimi.

36
Executive team.
Executive team.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Scott Pritchard
Chief Executive Officer
Scott has led the team since 2010 being responsible for the overall strategy and operations of Precinct. Scott has extensive experience
in property funds management, development and asset management.
His previous experience includes various property roles with NZX-listed entities Goodman Property Trust, Auckland International Airport
Limited and Urbus Properties Limited.
Scott holds a Master's degree in Management from Massey University. He is a member of the Property Council’s national council and a
trustee of the Keystone Property Trust and the Tania Dalton Foundation.
George Crawford
Deputy Chief Executive Officer
George joined Precinct in 2010. Initially appointed as Chief Financial Officer, George then held the role of Chief Operating Officer for 5
years before taking on his current role. George plays a leading role in setting Precinct’s strategy as well as development and major
projects and leads Precinct’s investment into shared workspace provider Generator. He has oversight of commercial transactions
across the business, as well as responsibility for business growth.
After gaining experience with a large accountancy firm in the United Kingdom, George moved to New Zealand, working for Fonterra
and PwC before joining Goodman Property Trust, where he was Chief Financial Officer.
George has a Bachelor of Science (Honours) degree from The University of Edinburgh and qualified as a Chartered Accountant in the
United Kingdom.

37
Executive team.
ANNUAL REPORT 2021
Richard Hilder
Chief Financial Officer
Richard was appointed Chief Financial Officer in 2017. Prior to this he held the role of General Manager of Finance. He is responsible for
investor relations, financial planning and analysis, the execution of capital management initiatives, and treasury management
alongside leadership of the finance and analyst teams. He has been instrumental in developing and implementing Precinct’s long-
term strategy. Richard is also the Chair of Precinct's Sustainability Committee which encompasses ESG topics material to Precinct.
Prior to joining Precinct in 2010, Richard worked in the United Kingdom for Goodman Group’s European Funds Management business
where he gained experience in capital structuring, fund management and developments in both continental Europe and the United
Kingdom. Richard has worked for Goodman Property Trust and Trust Investment Management Limited in New Zealand. Richard holds a
Bachelor of Commerce (Hons) (Finance and Economics) degree from University of Auckland.
Nicola McArthur
General Manager – Marketing, Communications and Experience
Nicola joined Precinct in 2012, returning to New Zealand after 10 years working in a variety of marketing roles in the United Kingdom
and Australia. Her role at Precinct is to lead the business’s marketing and communications strategies across Precinct's investment
portfolio, including Commercial Bay Retail and Generator, and Precinct's development portfolio. Nicola also leads Precinct’s brand
and communication strategies, ensuring there is a positive presence and understanding in the market. Maintaining optimum levels of
communication with our clients, key stakeholders and consumers is another key area for Nicola and her team. Nicola has a Master of
Marketing from Melbourne Business School, a Graduate Certificate of Corporate Management from Deakin University and a Bachelor
of Arts from Auckland University.
Tim Woods
General Manager – Development
As General Manager – Development Tim has overall responsibility for Precinct’s development projects including One Queen Street and
Wynyard Quarter in Auckland and Bowen Campus in Wellington. Tim also has a shared responsibility for progressing new development
opportunities for Precinct. Tim has worked in the property industry for the past 24 years in both the UK and New Zealand. Tim has been
with Precinct for 5 years, working on the Commercial Bay development and most recently as Project Director leading the
redevelopment of One Queen Street. Previous roles include leading the development arm of a large New Zealand property
consultancy firm. In the UK, Tim held senior roles with a number of leading UK property companies across consultancy and construction
companies.
Tim holds a Bachelor of Engineering (Hons) (Structural & Civil) degree and a Masters in Business Administration (Hons) from Auckland
University.
Anthony Randell
General Manager – Property
As the General Manager – Property, Anthony leads the Auckland, Wellington, and retail property teams and has responsibility for the
performance of the Precinct portfolio. Anthony joined Precinct in 2011 as an Investment and Development Analyst. In 2015, Anthony
transitioned to the development team being appointed as the Development Manager responsible for the delivery of Commercial
Bay's PwC office tower. Prior to being appointed to his current role, Anthony was the Auckland Portfolio Manager responsible for the
investment performance of the Auckland Portfolio.
Anthony has a Bachelor of Business Studies (Valuation and Property Management) from Massey University. He is a Registered Valuer
and began his career as a commercial valuer, working at Colliers International for 4 years.

38
5 year summary.
5 year summary.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
(Amounts in $ millions unless otherwise stated)20172018201920202021
Financial performance
Gross rental revenue126.2130.7135.7151.8
199.8
Less direct operating expenses(35.8)(35.4)(40.4)(46.0)
(72.1)
Operating profit before indirect expenses90.495.395.3105.8127.7
Net interest expense(3.4)(2.2)(1.7)(5.0)
(27.2)
Other expenses(9.8)(10.2)(15.8)(13.3)
(17.5)
Operating income before income tax77.282.977.887.583.0
Non operating income / (expense)
Unrealised net gain in value of investment and
development properties
77.5208.7161.7(66.3)
282.9
Other non operating income11.8(11.1)(37.7)12.0
(219.9)
Net profit before taxation166.5280.5201.833.2146.0
Current tax expense(2.5)(6.3)(0.1)(5.0)
67.8
Depreciation recovered on sale expense--(10.7)(1.4)
(10.5)
Deferred tax benefit / (expense)(1.9)(17.0)0.33.4
(15.6)
Total taxation (expense) / benefit(4.4)(23.3)(10.5)(3.0)41.7
Share of profit or (loss) of joint ventures-(2.3)(1.1)-
-
Net profit after taxation (NPAT)162.1254.9190.230.2187.7
Total other comprehensive income / (expense)
0.24.9(7.8)
Total comprehensive income after tax attributable to
equity holders
162.1254.9190.435.1179.9
Dividends
Net dividend (cents)5.605.806.006.306.50
Reconcilation from NPAT to Adjusted funds from
operations
Net profit after taxation (NPAT)162.1254.9190.230.2187.7
Unrealised net (gain) / loss in value of investment
and development properties
(77.5)(208.7)(161.7)66.3
(282.9)
Unrealised net (gain) / loss on financial instruments(11.8)11.144.31.9
(19.7)
Net realised loss on sale of investment properties--1.72.5
2.4
Termination of management services agreement----
217.1
Impairment of goodwill----
9.8
Net realised (gain) on disposal of investment in joint
venture
--(6.6)-
-
Depreciation - property, plant and equipment--0.31.1
1.4
Depreciation recovered on sale--10.71.4
10.5
Deferred tax (benefit) / expense1.917.0(0.3)(3.4)
15.7
IFRS 16 lease adjustments---2.3
1.9
Generator (profit) / loss-2.31.1-
-
Funds from operations (FFO)
Less: Liquidated damages revenue (net of tax)--(1.4)(19.2)
-
Tax from management services termination payment
(60.8)
Swap closeout relating to ANZ Centre Sale
3.0
One off item - project initialisation costs
0.7
Addback: Amortisations6.47.27.17.9
13.8
Straightline rents(0.2)(0.4)(0.3)(0.5)
(4.0)
Funds from operations80.983.485.190.596.6
Funds from operations (cents)6.686.886.826.89
7.34
Dividend payout ratio based on FFO (%)83.884.388.091.4
88.6
Adjusted funds from operations (AFFO)
Less: Maintenance capex(5.8)(4.9)(7.2)(5.0)
(4.0)

39
5 year summary.
ANNUAL REPORT 2021
(Amounts in $ millions unless otherwise stated)20172018201920202021
Less: Incentives and leasing costs(9.3)(8.3)(3.9)(2.8)
(7.3)
Adjusted funds from operations65.870.274.082.785.3
Adjusted funds from operations (cents)5.435.805.946.29
6.48
Dividend payout ratio based on AFFO (%)103.1100.0101.7100.0
100.3
(Amounts in $ millions unless otherwise stated)20172018201920202021
Financial position
Total investment assets1,535.41,678.81,870.52,800.1
3,076.4
Total development assets509.2838.1923.2190.6
232.4
Other assets34.644.897.7194.5
147.6
Total assets2,079.22,561.72,891.43,185.23,456.4
Interest bearing liabilities456.9761.7758.41,028.9
1,096.1
Other liabilities116.7109.3177.8247.9
139.7
Total liabilities573.6871.0936.21,276.81,235.8
Total equity1,505.61,690.71,955.21,908.4
2,220.6
Number of shares (m)1,211.11,211.11,313.81,313.8
1,458.5
Weighted average number of shares (m)1,211.11,211.11,246.71,313.8
1,316.5
Net tangible assets per share (cps)1.241.401.471.441.51
Net asset value per security (cps)1.241.401.491.451.52
Share price at 30 June ($)1.241.351.771.57
1.60
Covenants
Loan to value ratio (%)25.125.022.428.8
28.2
Interest coverage ratio3.92.42.02.4
2.4
Key portfolio metrics
Average portfolio cap rate (%)6.25.85.75.3
4.8
Weighted average lease term (years)8.78.7
1
9.08.0
7.7
Occupancy (% by NLA)100999998
98
Net lettable area (sqm)224,430221,513232,210269,901
266,248
Number of investment properties12121414
16
1 Includes developments.
Definition - Funds from operations (FFO) and Adjusted funds from operations (AFFO)
FFO and AFFO are a non-IFRS earnings measure developed for real estate entities.
Funds from operations (FFO)
FFO is the organisation’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit (under
IFRS) for certain non-cash and other items. FFO has been determined based on guidelines established by the Property Council of
Australia and is intended as a supplementary measure of operating performance.
Adjusted funds from operations (AFFO)
AFFO is determined by adjusting FFO for other non-cash and other items which have not been adjusted in determining FFO. A dividend
payout ratio of 100% indicates a company is neither over or under paying dividend.
AFFO is considered a measure of operating cash flow generated from the business, after providing for all operating capital
requirements including maintenance capital expenditure, tenant improvement works, incentives and leasing costs.
While AFFO overcomes the limitations of FFO by considering the impact of capital requirements for operations, it can vary dramatically
year over year, depending on the lease expiry profile and level of activity in any one period.
Precinct's updated dividend policy
To pay out approximately 100% of Adjusted Funds From Operations (“AFFO”) as dividends, with the retained earnings being used to
fund the capital expenditure required to maintain the quality of Precinct’s property portfolio. The payment of dividends is not
guaranteed by Precinct and Precinct’s dividend policy may change from time to time.

40
GRI index.
GRI index.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct has chosen to prepare its 2021 Annual Report in accordance with the Global Reporting Intiative (GRI) Standards (core
option). The GRI Standards are the world's most widely used sustainability reporting standard.
The GRI index below shows where in this report information can be found about the indicators that are relevant to our business
operations.
General disclosures
Disclosure TitleGRILocation or Reference
Name of the organisation 102 - 1 Precinct Properties New Zealand Limited
Activities, brands, products and services 102 - 2
Page 04 - 10
https://www.precinct.co.nz/about-us/
Location of headquarters 102 - 3 Page 100
Location of operations 102 - 4 Page 100
Ownership and legal form 102 - 5
Page 74, Limited Liability Company
registered in New Zealand
Markets served 102 - 6 Page 16
Scale of the organisation 102 - 7 Page 10
Information on employees and other workers 102 - 8 Page 43
Supply chain 102 - 9 Pages 32, 28, 48
Significant changes to the organisation and its supply chain 102 - 10 None
Precautionary principle approach 102 - 11
Precinct employs the precautionary principle
through its compliance with consents
obtained under the Resource Management
Act (RMA), in which the principle is
embedded
External initiatives 102 - 12 Page 30
Membership of associations 102 - 13 Page 30
Statements from senior decision-maker 102 - 14 Page 12 - 13, 14 - 15
Values, principles, standards, and norms of behaviour 102 - 16
https://www.precinct.co.nz/corporate-
governance
Governance and structure 102 - 18 Pages 43 - 45
List of stakeholder groups 102 - 40 Page 25
Collective bargaining agreements 102 - 41 None
Identifying and selecting stakeholders 102 - 42 Page 25
Approach to stakeholder engagement 102 - 43 Page 25
Key topics and concerns raised 102 - 44 Page 25
Entities included in the consolidated financial statements 102 - 45 Page 74
Defining content and topic Boundaries 102 - 46 Page 25
List of material topics 102 - 47 Page 25
Restatements of information 102 - 48 None
Changes in reporting 102 - 49 None
Reporting period 102 - 50 July 1, 2020 – June 30, 2021
Date of most recent report 102 - 51 2020 Annual Report (August 2020)
Reporting cycle 102 - 52 Annual
Contact point for questions regarding the report 102 - 53 hello@precinct.co.nz
Claims of reporting in accordance with the GRI Standards 102 - 54 GRI Standards (Core option)
GRI content index 102 - 55 Pages 40 and 41
External assurance 102 - 56 Yes (GHG only)

41
GRI index.
ANNUAL REPORT 2021
Topic specific disclosures
Disclosure TitleGRILocation or Reference
Energy
Disclosure on management approach 103 Pages 28 and 29
Energy intensity302-3 Page 28
Emissions
Disclosure on management approach 103 Page 28 and 29
GHG emissions intensity 305-4 Page 28
Occupational health & safety
Disclosure on management approach 103 Page 32 and 33
Types of injury and rates of injury, occupational diseases, lost days,
and absenteeism, and number of work-related fatalities
403-2 Page 32
Diversity and equal opportunity
Disclosure on management approach 103Page 29, 43 and 44
Diversity of governance bodies and employees 405-1 Page 44
Client wellbeing – non GRI
Disclosure on management approach 103 Page 26
Partnerships and community – non GRI
Disclosure on management approach 103 Page 30
Sustainable design – non GRI
Disclosure on management approach 103Page 27
Building environmental performance – non GRI
Disclosure on management approach 103 Page 28

42
Corporate governance.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

43
Corporate governance.
Corporate governance.
ANNUAL REPORT 2021
Introduction
The board of directors is responsible for the governance of
Precinct and is committed to ensuring Precinct maintains best
practice corporate governance structures with the highest
ethical standards and integrity.
Precinct's Corporate Governance Manual guides both the
directors and the representatives of Precinct. It includes a Code
of Ethics, Board and Committee Charters and Policies on
Securities Trading, Audit Independence, Diversity and Inclusion,
Continuous Disclosure, Takeover and Shareholder
Communications.
This section of the Annual Report reflects the company’s
compliance with the requirements of NZX Corporate
Governance Code. Precinct's Corporate Governance Manual is
available on Precinct’s website (www.precinct.co.nz) in the
News and Investor Information section together with a statement
of how Precinct's corporate governance policies, practices and
processes comply with the NZX Corporate Governance Code as
at 30 June 2021. If any investor would like a copy sent to them,
please contact Precinct investor relations.
Principle 1 – Ethical Standards
Directors set high standards of ethical behaviour, model this
behaviour and hold management accountable for these
standards being followed throughout the organisation.
Ensuring that Precinct is governed transparently and to the
highest of ethical standards and integrity is one of the key
priorities for the board. Precinct's Code of Ethics and Financial
Products Dealing Policy are set out in the Corporate
Governance Manual and are compliant in all respects with the
NZX Corporate Governance Code recommendations.
Code of Ethics – The purpose and intent of Precinct's Code of
Ethics is to guide directors, representatives and subsidiaries of
Precinct so that their business conduct is consistent with high
business standards. The Code is not intended to be an
exhaustive list of acceptable and non-acceptable behaviour,
rather it is intended to facilitate decisions that are consistent with
Precinct’s business standards, objectives and legal and policy
obligations. Precinct's Code of Ethics includes a whistle-blowing
clause for reporting unethical or unlawful behaviour.
Financial Product Dealing Policy – The Financial Product Dealing
Policy applies to all directors and officers of Precinct and
employees. No director, officer or employee may use their
position of knowledge of Precinct or its business to engage in
dealing with any Precinct listed financial products for personal
benefit or to provide benefit to any third party.
Principle 2 – Board Composition and Performance
There is a balance of independence, skills, knowledge,
experience and perspectives among directors to ensure an
effective board.
Precinct currently has seven directors, the majority of whom are
independent (as defined by the NZX Listing Rules). Precinct
undertakes a regular review of Board composition to ensure
Board membership comprises a range of appropriate skills and
experience so that it has a proper understanding of and
competence to deal with the current and emerging issues of the
business, can effectively review and challenge the performance
of management and can exercise independent judgement. The
Chair meets regularly with Directors of Precinct to discuss
individual performance of Directors. The Board regularly reviews
its performance as a whole. When considering the appointment
of the two new directors in 2021, the Board reviewed the skills of
each director and believes the individual expertise and
experience of all current directors as set out in the Board of
Directors section of this report meet the objectives of Precinct.
All Precinct directors are non-executive and the board
composition and performance is compliant in all respects with
the NZX Corporate Governance Code recommendations.
Precinct will notify the market of a reclassification of a non-
independent director to independent director (or vice versa).
Independent Directors – We are committed to ensuring that a
majority of directors are independent of Precinct, and do not
have any interests, positions, associations or relationships which
might interfere, or might be seen to interfere, with their ability to
bring independent judgement to the issues before the Board.
Having regard to the factors set out in the NZX Corporate
Governance Code, as at 30 June 2021, the Board determined
that the following persons were independent directors of
Precinct: Craig Stobo, Graeme Wong, Anne Urlwin and Launa
Inman. Each of these directors is subject to appointment by
Precinct shareholders and is required to retire by rotation. Post
balance date, Nicola Greer and Mark Tume were appointed as
Independent Directors, effective 16 July 2021 and 11 August
2021, respectively. Post balance date, the Board determined
that Chris Judd is also independent. Independent Director Launa
Inman retired from the Board on 31 July 2021.
Non-Independent Director – Mohammed Al Nuiami is non-
independent. Mohammed was appointed in 2013 as a director
by AMP Haumi Management Limited pursuant to a provision in
the constitution which grants the manager the right to appoint
up to two directors. Following the termination of the
management agreement in March 2021, Mohammed retained
his board position as a representative of Haumi Company
Limited under a provision in the constitution which allows a
shareholder holding more than 15% of the Company's shares to
appoint one director. Aditya Bhargava acts as alternate director
for Mohammed. Mohammed is not required by Precinct’s
constitution (or by rule 2.7.1 of the NZX Listing Rules) to retire by
rotation. Non-Executive Director Robert Campbell retired from
the Board on 11 August 2021.
Subsidiary Company Directors – The directors for each of
Precinct's subsidiary companies are all executive appointments
and as at 30 June 2021 are Scott Pritchard, George Crawford,
Richard Hilder and Edward Timmins.
Board Charter – Precinct's Corporate Governance Manual
includes the Board's Charter which sets out the roles and
responsibilities of the board and management.
Board Appointment – The People and Performance Committee
(previously Remuneration and Nomination Committee) assists the
board in planning its composition and is responsible for

44
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
managing the Board's succession requirements and for
nominating new director appointments. All directors enter into a
written agreement setting out the terms of their appointment.
Company Secretary – Precinct’s Company Secretary, who also
holds the role of General Counsel, has a direct line of
communication with the Chair, has unfettered access to the
Chair and Audit & Risk Commitee, and is considered to be
objective.
Diversity and Inclusion Policy – Precinct's Diversity and Inclusion
Policy is included in Precinct's Corporate Governance Manual
and includes measurable objectives which are assessed
annually. The board has developed this policy with
management to encourage a diverse and inclusive working
environment at all levels of the organisation to recruit and retain
the best talent from the widest pool of candidates and build a
culture where diversity of gender, age, ethnicity, orientation,
background, experience, skills, thought, ideas, styles and
perspective are leveraged and valued.
The gender composition of directors, officers and management
employees is as follows:
30 June 202130 June 2020
FemaleMaleFemaleMale
Directors
2 (29%)5 (71%)
2 (25%)6 (75%)
Officers
1 (17%)5 (83%)
2 (25%)6 (75%)
Management
employees
31 (48%)33 (52%)
32 (50%)32 (50%)
For the purposes of measuring and reporting gender diversity,
the term 'officers' is defined as the CEO and those who report to
the CEO.
Supporting the efforts to increase diversity across the
management team are secondary policies and practices
including the Equal Opportunities, Recruitment and Selection,
Study Assistance and Remuneration Policies together with a
Culture Charter and biennial anonymous staff surveys. To ensure
workplace diversity continues to evolve and be built upon a
matrix of key objectives and monitoring is undertaken on an on-
going basis.
Measurable objectives
30 June
2021
30 June
2020
30 Jun 201930 June 2018
Gender
% of female staff
48% (31)50% (32)
44% (25)43% (24)
Age range23 - 6521 - 64
22 - 6321 - 62
Board Performance – The Board regularly reviews its performance
including its collective skills, knowledge, experience and
perspectives to identify any shortcomings and ensure that it
effectively governs the company and monitors performance in
the interests of shareholders. This includes reviewing director
tenure to ensure the independence majority is maintained.
Directors undertake appropriate training to remain current on
how to best perform their duties.
Meetings – A schedule of directors and their board meeting
attendance record for the year to 30 June 2021 is set out below.
Board of directors and attendance
Director
Independent
directorStatusDate of appointment
Board
meetings
Audit and Risk
Com.
meetings
People and Perf
Com. meetings
Number of meetings948
Craig StoboYesBoard Chair4 May 2010948
Mohammed Al Nuaimi Director30 October 20133n/an/a
Anthony Bertoldi* Alternate Director for Mohammed Al
Nuaimi
12 August 2014-n/an/a
Aditya Bhargava**Alternate Director for Mohammed Al
Nuaimi
18 November 2020-n/an/a
Rob CampbellDirector2 April 2012946
Don Huse***YesAudit and Risk Committee Chair^1 November 201021n/a
Launa InmanYesDirector18 November 201584n/a
Chris JuddYesDirector29 April 20139n/a8
Anne UrlwinYesAudit and Risk Committee Chair^16 September
2019
948
Graeme WongYesPeople & Performance Committee
Chair
1 November 20109n/a8
* Anthony Bertoldi ceased to be Mohammed Al Nuaimi's
alternate with effect from 18 November 2020.
** Aditya Bhargava was appointed as Mohammed Al Nuaimi's
alternate with effect from 18 November 2020.
*** Don Huse retired from the board of directors with effect from
18 November 2020.
^ Upon Don Huse's retirement from the board of directors, Anne
Urlwin became the Chair of the Audit and Risk Committee.

45
Corporate governance.
ANNUAL REPORT 2021
Principle 3 – Board Committees
The Board uses committees where this enhances effectiveness in
key areas while still retaining board responsibility.
For the year to 30 June 2021 there were two standing
committees of the Board, being the Audit and Risk Committee
and the People and Performance Committee (previously
Remuneration and Nominations Committee). In May 2021, the
Board established the Environmental, Social and Governance
Committee. Our board committees are compliant in all respects
with the NZX Corporate Governance Code recommendations.
The charters that exist for each committee can be found in the
Precinct Governance Manual together with Precinct's Takeover
Policy.
The Audit and Risk Committee at balance date comprised Anne
Urlwin as Chair, Craig Stobo, Rob Campbell and Launa Inman.
Since balance date Rob Campbell and Launa Inman have
retired from the board and therefore also from the Audit and Risk
Committee. It now comprises Anne Urlwin as Chair, Craig Stobo,
Nicola Greer and Mark Tume. The committee has a majority of
independent directors and complies with recommendation 3.1.
The committee was established to assist the board in discharging
its duties with respect to financial reporting, compliance and risk
management. Employees may attend Audit and Risk Committee
meetings at the invitation of the Audit and Risk Committee. The
Audit and Risk Committee supervises the financial information
flows of Precinct to ensure accuracy and objectivity of financial
summaries.
The Environment, Social and Governance Committee was
established in May 2021 and at balance date comprised Rob
Campbell as Chair, Craig Stobo, Graeme Wong and Chris Judd.
The initial Chair, Rob Campbell, has retired from the board since
balance date and therefore has also retired from the
Environment, Social and Governance Committee. It now
comprises Nicola Greer as Chair, Craig Stobo, Graeme Wong
and Chris Judd. The committee has a majority of independent
directors and complies with recommendation 3.5.
The People and Performance Committee (previously the
Remuneration and Nomination Committee) at balance date
comprised Graeme Wong as Chair, Craig Stobo, Chris Judd,
Anne Urlwin and Rob Campbell. Since the balance date Rob
Campbell has retired from the board and therefore also from the
People and Performance Committee. It now comprises Graeme
Wong as Chair, Craig Stobo, Chris Judd and Anne Urlwin. The
committee has a majority of independent directors and
complies with recommendation 3.3 and 3.4. The committee's
purpose is to:
• provide guidance to the board when approving the
remuneration of directors and key management personnel;
• assist the board in planning the board’s composition,
evaluating competencies required of prospective directors
and to make relevant recommendations to the board; and
• oversee the company’s people policies, practices and
procedures.
Management only attend meetings of the committee by
invitation.
The Due Diligence Committee
is an ad hoc committee that is
established by the board from time to time to provide guidance
and recommendations to the Board on the due diligence for
any transaction of a significant size and/or complexity. A Due
Diligence Process Memorandum is agreed each time the
Committee is established setting out its duties, responsibilities and
scope.
Three separate Due Dilgence Committees were established
during the year: one to consider the internalisation of the
management contract; the second to consider matters relating
to the capital raising; and the third to consider the Senior Green
Bond issue.
The Due Diligence Committee for the internalisation of the
management agreement met 11 times and comprised
exclusively of independent directors, namely Craig Stobo, Anne
Urlwin, Launa Inman and Graeme Wong.
The Due Diligence Committee for the capital raising met three
times during the year and comprised Anne Urlwin, Craig Stobo,
Graeme Wong and Chris Judd. The Due Diligence Committee
for the green bond issue met three times during the year and
comprised Anne Urlwin, Craig Stobo, Graeme Wong and Rob
Campbell.
Principle 4 – Reporting and Disclosures
The Board demands integrity in financial and non-financial
reporting and in the timeliness and balance of corporate
disclosures.
The Board is committed to ensuring the highest standards are
maintained in financial and non-financial reporting and
disclosure of all relevant information and is compliant in all
respects with the NZX Corporate Governance Code
recommendations. A copy of Precinct's Continuous Disclosure
Policy can be found in the Precinct Governance Manual.
The Audit and Risk Committee oversees the quality and
timeliness of all financial reports, including all disclosure
documents issued by the company or any of its subsidiaries.
Precinct has moved toward integrated reporting and the annual
report includes information on Precinct's;
• Business model
• Strategy and key performance indicators
• Risk management, and
• Sustainability framework.
Precinct reports against the Global Reporting Initiative (GRI)
Standards, shown in the Sustainability Section.
Precinct manage and oversee risks internally within our
organisation based on the Task Force on Climate related
Financial Disclosure (TCFD) recommendations. An overview of
our highest rated physical and transition climate related risks are
presented in our Taskforce on Climate-related Financial
Disclosures (TCFD) framework which can be found on our
website. Climate-related risks are included in Precinct’s Risk
Register which forms part of the Audit & Risk papers, ensuring
that Precinct’s climate risks are appropriately reviewed and

46
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
assessed and receive regular oversight via the Audit and Risk
Committee.
Principle 5 – Remuneration
The remuneration of directors and executives is transparent, fair
and reasonable.
This year, additional disclosures have been made in our
Remuneration Report to ensure that remuneration of both
Directors and Management Personnel is transparent, fair and
reasonable by aligning it with interests of the company and its
shareholders, following the internalisation of the management of
Precinct in 2021.
The company's director remuneration structure was updated
during FY19 to provide further transparency to shareholders by
setting aside the existing director pool fee cap and instead
putting any proposed increase in director remuneration to
shareholders for approval. Such approval would apply to both
directors' base fees and additional committee fees and allow
the board to recruit new directors during the year if appropriate
for succession planning. Director remuneration was last
approved by shareholders at the company's AGM in November
2018. Director remuneration has been reviewed this year by
independent advisors, PwC. Shareholder approval will be sought
for any adjustments to Director remuneration at the upcoming
Annual General Meeting of shareholders.
Our remuneration practices are compliant with the NZX
Corporate Governance Code recommendations.
More information on remuneration of directors and executives
can be found within the Remuneration report.
Principle 6 – Risk Management
The Board has a sound understanding of the material risks faced
by the business and how to manage them. The Board regularly
verifies that the company has appropriate processes that identify
and manage potential and material risks.
The Board has a risk management and reporting framework in
place that identifies and manages risk that may impact the
business and complies with the NZX Governance Code
recommendations in all respects.
Risk Register – A Risk Register is maintained which identifies key
risks (including climate risks) to the business, records the likelihood
and impact of each risk and steps to mitigate the same. The
Audit and Risk Committee oversees the risk register and reviews it
regularly with management to track existing risks and the
emergence of new risks. The results of each review are reported
to and reviewed by the Board. The Risk Register is further
reviewed when required in the event the Due Diligence
Committee is formed.
Financial Risk Management Policy – Our Financial Risk
Management Policy details our approach to managing financial
risks and the policies and controls that are required to mitigate
the likelihood of financial risks resulting in an adverse outcome.
This policy is reviewed by the Board annually.
Insurance – Insurance cover is in place for insurable liability and
general business risk. The primary objective of our annual
insurance programme is to protect shareholders from material
loss in the value of assets as a result of events such as fire, natural
disaster or accidental damage. This approach protects creditors
and bondholders as well.
Audit – Ernst & Young are engaged during the year to audit and
review our financial statements.
Health and Safety – Health and safety policies are embedded
throughout the business and overseen by Management's Health
and Safety Committee. Reporting and escalation processes are
in place to the Audit and Risk Committee and the Board.
More detail on how Precinct manages its key business risks can
be found under Risk Management in this section.
Principle 7 – Auditors
The Board ensures the quality and independence of the external
audit process.
Oversight of Precinct’s external audit arrangements is the
responsibility of the Audit and Risk Committee. We do not have a
dedicated internal audit resource but we do maintain an annual
audit programme, which is overseen by the CFO and draws on
the expertise of consultants and employees. Ensuring that
external audit independence is maintained is one of the key
aspects in discharging this responsibility. The Policy on Audit
Independence, detailed in the Corporate Governance Manual,
has been adopted by the committee. This policy is compliant
with the NZX Corporate Governance Code and covers the
following areas:
• Provision of related assurance services by Precinct’s external
auditors;
• Auditor rotation; and
• Relationships between the auditor and Precinct.
The Audit and Risk Committee shall only approve a firm to be
auditor if that firm would be regarded by a reasonable investor
with full knowledge of all relevant facts and circumstances as
capable of exercising objective and impartial judgement on all
issues encompassed within the auditor’s engagement.
The continued appointment of Precinct’s external auditors is to
be confirmed annually by the Audit and Risk Committee.
Rotation of Precinct’s client service partner and the lead and
concurring audit partners of Precinct and its subsidiaries will be
required every five years with suitable succession planning to
ensure consistency.
The external auditors shall annually confirm their compliance with
professional standards and ethical guidelines of Chartered
Accountants Australia and New Zealand (CAANZ) to evidence
their competence, as well as attend Precinct's annual meeting
to answer questions from shareholders in relation to the audit.
Precinct's audit firm EY also provided other assurance services
which include agreed upon procedures in respect of review of
performance fee calculation, operating expense statement
review and green bond assurance.
The first year of appointment of audit firm EY is 1997 and the first
year of appointment of the current engagement partner, Emma
Winsloe (EY) is 2018. Potential conflicts are resolved on a case by

47
Corporate governance.
ANNUAL REPORT 2021
case basis between auditing and other accounting services
provided by EY. Former partners of EY will not be appointed as
directors of Precinct so long as EY continues to audit Precinct.
Principle 8 – Shareholder rights and relations
The Board respects the rights of shareholders and fosters
constructive relationships with shareholders that encourage them
to engage with the company.
The Board is committed to achieving best practice investor
relations. Financial and operational information and key
corporate governance information (including Precinct's
Shareholder Communications Policy) can be accessed at
www.precinct.co.nz.
An annual investor relations plan has been established and is
reviewed annually. This plan details the investor relations
approach to e-communications, roadshows, investor briefings,
site visits, blackout periods, financial reporting and other items.
Enquiries from shareholders can be voiced at the Annual
General Meeting, or emailed through using the contact details
on our website. A key objective of the plan is to ensure accurate
continuous disclosure to the NZX.
Precinct shareholder approval of major decisions which may
change the nature of Precinct is sought. In 2020 Precinct posted
a copy of its notice of annual meeting on its website at least 20
working days prior to its annual meeting of shareholders.
Precinct designed its $250m placement and retail offer to
provide equitable treatment of shareholders by seeking to
maintain pro rata shareholdings for existing shareholders, where
possible.
The 2021 Annual General Meeting of
shareholders is scheduled for 4 November
2021
Similar to last year, it will be a hybrid (physical and virtual)
Shareholder Meeting. More details on the meeting will be
provided in the coming months.
NZX Rulings and Waivers
During the year to 30 June 2021, Precinct relied on the following
waivers from the NZX Listing Rules:
Waiver relating to management internalisation
On 24 March 2021, NZ RegCo granted Precinct a waiver from
Listing Rule 5.2.1. The effect of the waiver was to waive the
requirement for Precinct to obtain an ordinary resolution of
shareholders to terminate its management agreement with its
manager, AMP Haumi Management Limited. The waiver was
provided on conditions specified in paragraph 2 of the waiver
decision, including that the directors of Precinct who were not
“Associated Persons” of the manager certified that the terms of
the transaction had been entered into and negotiated on an
arm’s length basis, that entry into the transaction was in the best
interests of Precinct, and was fair and reasonable to Precinct
and its shareholders who were not related to, or “Associated
Persons” of, the manager. The independent directors of Precinct
provided this certification.
Waivers relating to director appointments
During the year to 30 June 2021, Precinct relied on two waivers
relating to the appointment of directors of Precinct. These
waivers were originally granted on 21 October 2010 and were re-
documented by NZ RegCo on 18 May 2020.
• A waiver from Listing Rule 2.7.1, to the extent necessary to
allow the manager to elect two directors to the board of
Precinct who are not required to retire in accordance with Rule
2.7.1. The waiver was provided on conditions specified in
paragraph 9 of the waiver decision. Following the internalisation
of Precinct’s management function on 31 March 2021, Precinct
no longer relies on this waiver.
• A waiver from Listing Rule 2.4.1, to allow Precinct to give 15% +
shareholders the right to appoint a director to the board of
Precinct. The waiver was provided on conditions specified in
paragraph 6 of the waiver decision.
Copies of these waivers are available at: www.nzx.com/
companies/PCT/announcements.
Non-standard Designation
Precinct’s constitution currently contains a limited number of
provisions not ordinarily contained in the constitution of an NZX
listed company, arising from its previous external management
structure. For the year to 30 June 2021, Precinct had a non-
standard designation by NZ RegCo due to the inclusion of these
provisions in its constitution. Precinct has asked NZ RegCo to
remove this designation.

48
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Risk Management
Our Approach
Precinct has carried out a robust risk assessment process and is committed to providing a clear risk management and reporting
framework for the business to operate under to achieve its objectives, whilst ensuring all risks are understood and managed.
Reporting Framework
Responsible groupDescription of responsibility
Precinct Board
• Determine the nature and extent of the risks it is willing to take to
achieve the business strategy
• Establish the parameters for each risk
Audit and Risk
Committee
• Delegated authority in assessing effectiveness of internal controls
and risk management processes
• Delegated authority to regularly oversee and review the Risk
Register
Executive
• Input into Board's process for setting risk parameters
• Lead management's approach to risk
• Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health and safety
committee
• Implement and maintain risk management policies
• Create an environment that embraces risk management
• Audit and monitor all live sites
ContractorsEmployeesOther
• Day-to-day responsibility of managing risk
• Report and maintain internal risk and hazard registers
Key Business Risks
External
Risks and impactsHow we manage the riskMovement in the period
Economy and property market
Market risk arises from adverse changes
in the New Zealand economic
environment, regulatory environment
and the broader investment market.
Changes may result in an impact in
property values and amount of income
generated by them.
Maintain a proactive and strategic
approach to manage property risks it
can influence.
Providing quality premises matched by
high service levels and building strong
relationships.
Undertake annual business planning
process to review the portfolio and
help mitigate these risks.
▲
The New Zealand economy has been
disrupted over the past 12 months due
to COVID-19 however the path to
recovery is becoming clearer as the
economy expects moderate growth in
the near term.
The property markets Precinct operates
in remain robust. It is evident that a
two-tiered market is operating in both
Auckland and Wellington with
occupiers continuing to favour
premium grade, well located assets
surrounded by amenity.
Occupier market and client default
A weakening occupier market through
lack of business activity and investment,
as well as unanticipated client default,
can directly impact the income and
value of each individual asset.
Insurance risk
The risk of being unable to continue to
obtain insurance cover, or following an
event, not having sufficient cover in
place to repay creditors. This could
result in significant business interruption.
Engage directly with a wide range of
local and international insurers.
Ensure the insurance market has a
good understanding of the portfolio
and its risks.
►
Precinct continues to proactively
engage with the insurance market on
renewals and continues to secure
coverage.

49
Corporate governance.
ANNUAL REPORT 2021
Risks and impactsHow we manage the riskMovement in the period
Climate risk
Climate risk includes physical risks
(acute and chronic) and transitional
risks.
Physical risks could include events such
as flooding, severity and frequency of
storms and sea level rise. These risks
could reduce revenue, increase
maintenance capex and reduce asset
values.
Transitional risks include risks of
transitioning to a low carbon economy
including regulatory change. These risks
could reduce the demand for Precincts
products or increase compliance costs.
Precinct’s Sustainability Committee
acts as the custodian for Precinct’s
sustainability strategy and comprises
representatives from various parts of
our business. The committee meets
frequently during the year. It is
responsible for assessing, actioning
and driving ESG issues, reviewing
performance and considering
Precinct’s long-term strategy on
sustainable activities across the
business and reporting on its progress.
An update is included in the Board
papers on an ongoing basis including
Precinct's climate risk register.
▲
Precinct recognises sustainability and
climate risk is an important part of the
ongoing operation of our business
activities. Sustainability initiatives
continued in the period with the
business remaining focused on ongoing
disclosure, reporting and improvement
within this area.
Internal
Risks and impactsHow we manage the riskChangeMovement in the period
Development
Development risk
Development projects are inherently
subject to uncertainties. They are
entered into on the basis of assumed
future costs, values and income levels.
An increased level of development risk
has the potential to make meeting
covenant obligations and overall
solvency challenging.
Ensure expected returns from
developments adequately
compensate Precinct for the level of
risk undertaken before approval.
Through due diligence, Precinct
understands the project risks before
commitment.
Before commitment, ensure funding is
in place and committed gearing stays
within acceptable levels.
Establishing a procurement plan and
engaging contractors early to mitigate
cost escalation or contractor default.
Undertake substantial pre-leasing prior
to commencement of development.
▼
As Precinct has grown in size following
the completion of several
developments. the level of
development risk has significantly
decreased.
An appropriate level of development
activity is underway however the risk
has been reduced through high levels
of pre-commit leasing secured and
fixed price contract agreements in
place.
Financial
Interest rate management
Interest rate risk arises through changes
in interest rate market conditions
leading to earnings volatility or breach
of interest cover covenant levels.
Manage by aligning the interest rate
re-pricing profile with the re-pricing
profile of Precinct's gross rental
income.
Establish interest rate swaps to
manage exposure within a band
reviewed by the Board annually and
monitored by the Audit and Risk
Committee and board quarterly.
▲
Interest rates remained low for majority
of the 2021 financial year. The
expectation is for interest rates to
steadily increase in the near term due
to the current economic conditions.

50
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Risks and impactsHow we manage the riskChangeMovement in the period
Refinancing risk (liquidity)
Having insufficient funds to refinance
debt when it falls due and sustain the
ongoing operations of the business.
Implemented a Financial Risk
Management Policy in 2011 which is
reviewed annually providing a clear
framework in which to operate under
whilst ensuring risks are managed and
understood.
Diversified funding away from sole
reliance on bank funding through
alternative sources.
Staggering the maturity profile of
facilities providing adequate time to
pursue alternatives to refinancing.
▼
Precinct undertook several capital
initiatives in the period with a
combined value of +$800m significantly
reducing any refinance risk.
Precinct continues to maintain
sufficient funding capacity to deliver
our committed developments.
Gearing levels
An increase in gearing levels outside
suitable industry standards could
increase the risk of breaching financing
covenants and may increase
borrowing costs.
Precincts Financial Risk Management
Policy is reviewed annually.
Ensure no capital commitment is
entered into without funding in place.
Maintain adequate headroom in
relation to gearing covenants to
withstand portfolio devaluations which
may be anticipated through the
property cycle.
▼
Gearing levels remain within internal
policy parameters due to Precinct's
proactive funding strategy.
People
Staff
Staff are critical to ongoing success
and execution of strategy. Failure to
maintain a high level of experience
and skill could impact business
performance.
Ensure a strong focus on team
engagement and enhancement.
Maintain ongoing succession planning
and retention structures within the
company.
Regularly review performance
appraisals of employees and directors
and benchmark remuneration
packages with the wider market.
▲
The local employment market is
experiencing a significant skills shortage
primarily driven by border closures.
Staff remain a key focus for the business
at it continues to execute on strategic
objectives.
Health and safety
Unsafe work environments may lead to
accidents (employees, clients,
contractors and visitors) resulting in
harm to people, financial loss and/or
business continuity.
Provide ongoing individual, group and
industry training.
Maintain a hazard register that
identifies hazards where contractors
are required to take precaution.
Registers are subject to annual review.
Monitor any live sites to ensure
oversight of Health and Safety matters.
Ensure contractor pre-qualification.
Provide training and KPIs for all
Precinct staff.
▲
Appropriate monitoring and reporting
continue to be implemented and
refined to mitigate any potential risk.
Further information on Health and
Safety is included in the Sustainability
section.

51
Investor information.
As at 30 June 2021
Investor information.
ANNUAL REPORT 2021
Shareholder information
Twenty largest shareholders
RankShareholderNumber of shares% of shares
1.HSBC NOMINEES (NEW ZEALAND) LIMITED322,352,30022.10
2.CITIBANK NOMINEES (NEW ZEALAND) LIMITED81,635,9825.60
3.ACCIDENT COMPENSATION CORPORATION75,436,8825.17
4.FNZ CUSTODIANS LIMITED69,618,8584.77
5.HSBC NOMINEES (NEW ZEALAND) LIMITED60,053,7774.12
6.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND57,269,6203.93
7.FORSYTH BARR CUSTODIANS LIMITED46,007,7153.15
8.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS41,126,2982.82
9.NATIONAL NOMINEES LIMITED39,342,8692.70
10.BNP PARIBAS NOMINEES (NZ) LIMITED34,866,4042.39
11.NEW ZEALAND DEPOSITORY NOMINEE LIMITED33,917,4052.33
12.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED33,079,2272.27
13.
HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED -
NZCSD
27,062,5191.86
14.CUSTODIAL SERVICES LIMITED24,713,8341.69
15.INVESTMENT CUSTODIAL SERVICES LIMITED23,385,4371.60
16.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT22,394,7531.54
17.BNP PARIBAS NOMINEES (NZ) LIMITED22,172,2141.52
18.CUSTODIAL SERVICES LIMITED21,121,5501.45
19.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD19,799,8401.36
20.HOBSON WEALTH CUSTODIAN LIMITED19,418,9461.33
Total Top 20 holders of Ordinary Shares1,074,776,43073.69
Source: Computershare
Shareholder distribution
RangeTotal holdersShares% of issued capital
1 - 49910223,7690.00
500 - 99914695,2880.01
1,000 - 1,999249340,9650.02
2,000 - 4,9998352,772,6750.19
5,000 - 9,9991,43210,031,3030.69
10,000 - 49,9993,73483,197,2465.70
50,000 - 99,99963642,566,4192.92
100,000 - 499,99932659,022,9104.05
500,000 - 999,9992616,018,8151.10
1,000,000 and over491,244,431,50185.32
Total7,5351,458,500,891100.00
Source: Computershare

52
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Substantial Financial Product Holders
Quoted financial product holder
Number of
ordinary shares
held at date of
notice
%Date of notice
Haumi Company Limited237,889,41916.31124.06.2021
Accident Compensation Corporation (ACC)75,536,8825.17928.06.2021
Jarden Securities Limited and Harbour Asset Management Limited75,290,0055.16225.06.2021
ANZ New Zealand Investments Limited98,562,0037.5026.04.2020
ANZ Bank New Zealand Limited30,803,5322.3456.04.2020
ANZ Custodial Services New Zealand Limited31,161,6852.3726.04.2020
Note the number of shares above are according to notices filed only if the total number of a shareholder changes by 1% or more since the last notice filed.
Source: NZX Substantial holding notices
Quoted financial product holder
$ amount of
convertible notes
held at date of
notice
%Date of notice
Forsyth Barr Investment Management Limited9,796,3346.5322.03.21
Jarden Securities Limited and Harbour Asset Management Limited7,525,1725.0221.05.21
Source: NZX Substantial holding notices
The total number of ordinary shares on issue as at 30 June 2021 was 1,458,500,891. The total principal amount of convertible notes on
issue as at 30 June 2021 was $150,000,000.
Donations
The Group made donations of $110,000 during the year to 30 June 2021 to Auckland City Mission and Wellington City Mission.
No political donations have been made during the year to 30 June 2021.

53
Investor information.
ANNUAL REPORT 2021
Bondholder information
Twenty largest PCT010 bondholders
RankBondholderNumber of bonds% of total
1.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD9,013,00012.02
2.HOBSON WEALTH CUSTODIAN LIMITED8,976,00011.97
3.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD8,810,00011.75
4.ACCIDENT COMPENSATION CORPORATION - NZCSD6,000,0008.00
5.FNZ CUSTODIANS LIMITED5,511,0007.35
6.FORSYTH BARR CUSTODIANS LIMITED5,136,0006.85
7.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED3,062,0004.08
8.MINT NOMINEES LIMITED - NZCSD2,757,0003.68
9.CUSTODIAL SERVICES LIMITED2,635,0003.51
10.CUSTODIAL SERVICES LIMITED2,118,0002.82
11.INVESTMENT CUSTODIAL SERVICES LIMITED1,659,0002.21
12.FNZ CUSTODIANS LIMITED1,636,0002.18
13.CUSTODIAL SERVICES LIMITED1,468,0001.96
14.JBWERE (NZ) NOMINEES LIMITED1,130,0001.51
15.CUSTODIAL SERVICES LIMITED1,110,0001.48
16.CUSTODIAL SERVICES LIMITED1,025,0001.37
17.ADMINIS CUSTODIAL NOMINEES LIMITED1,000,0001.33
18.MMC LIMITED - NZCSD900,0001.20
19.JBWERE (NZ) NOMINEES LIMITED600,0000.80
20.THEAN SENG CHOW & KIM KEAT LIM450,0000.60
Total Top 20 holders of PCT010 bonds64,996,00086.66
Source: Computershare
Bondholder distribution - PCT010
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99934187,0000.25
10,000 - 49,9991673,084,0004.11
50,000 - 99,999321,797,0002.40
100,000 - 499,999285,386,0007.18
500,000 - 999,99921,500,0002.00
1,000,000 and over1763,046,00084.06
Total28075,000,000100.00
Source: Computershare

54
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Twenty largest PCT020 bondholders
RankBondholderNumber of bonds% of total
1.FNZ CUSTODIANS LIMITED20,002,00020.00
2.FORSYTH BARR CUSTODIANS LIMITED15,254,00015.25
3.HOBSON WEALTH CUSTODIAN LIMITED11,070,00011.07
4.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD6,316,0006.32
5.CUSTODIAL SERVICES LIMITED5,193,0005.19
6.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD4,250,0004.25
7.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD3,000,0003.00
8.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED2,965,0002.97
9.CUSTODIAL SERVICES LIMITED2,694,0002.69
10.CUSTODIAL SERVICES LIMITED2,359,0002.36
11.FORSYTH BARR CUSTODIANS LIMITED2,317,0002.32
12.INVESTMENT CUSTODIAL SERVICES LIMITED1,785,0001.79
13.CUSTODIAL SERVICES LIMITED1,536,0001.54
14.CUSTODIAL SERVICES LIMITED1,205,0001.21
15.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD1,000,0001.00
16.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD1,000,0001.00
17.JBWERE (NZ) NOMINEES LIMITED870,0000.87
18.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD810,0000.81
19.FNZ CUSTODIANS LIMITED768,0000.77
20.FALSTAFF INVESTMENTS LIMITED500,0000.50
20.INVESTMENT CUSTODIAL SERVICES LIMITED500,0000.50
Total Top 20 holders of PCT020 bonds85,394,00085.39
Source: Computershare
Bondholder distribution - PCT020
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99944251,0000.25
10,000 - 49,9992945,929,0005.93
50,000 - 99,999512,922,0002.92
100,000 - 499,999335,504,0005.50
500,000 - 999,99953,448,0003.45
1,000,000 and over1681,946,00081.95
Total443100,000,000100.00
Source: Computershare

55
Investor information.
ANNUAL REPORT 2021
Bondholder distribution - PCT030
RankBondholderNumber of bonds% of total
1.ANZ FIXED INTEREST FUND - NZCSD21,200,00014.13
2.FORSYTH BARR CUSTODIANS LIMITED19,663,00013.11
3.FNZ CUSTODIANS LIMITED15,326,00010.22
4.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED13,605,0009.07
5.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD9,300,0006.20
6.CUSTODIAL SERVICES LIMITED7,192,0004.79
7.HOBSON WEALTH CUSTODIAN LIMITED6,940,0004.63
8.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD5,740,0003.83
9.MINT NOMINEES LIMITED - NZCSD4,000,0002.67
10.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD3,700,0002.47
11.NATIONAL NOMINEES LIMITED - NZCSD3,700,0002.47
12.CUSTODIAL SERVICES LIMITED3,498,0002.33
13.FORSYTH BARR CUSTODIANS LIMITED3,237,0002.16
14.CUSTODIAL SERVICES LIMITED2,749,0001.83
15.PIN TWENTY LIMITED2,400,0001.60
16.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,000,0001.33
17.QUEEN STREET NOMINEES ACF PIE FUNDS - NZCSD1,900,0001.27
18.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD1,845,0001.23
19.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD1,600,0001.07
20.CUSTODIAL SERVICES LIMITED1,337,0000.89
Total Top 20 holders of PCT030 bonds130,932,00087.29
Bondholder distribution - PCT030
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99983620,0000.41
10,000 - 49,9992775,925,0003.95
50,000 - 99,999301,882,0001.25
100,000 - 499,999265,455,0003.64
500,000 - 999,99963,858,0002.57
1,000,000 Over21132,260,00088.17
Total443150,000,000100.00

56
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Green Assets
AddressCityBuilding NameUseLast
Assurance
NABERSNZ RatingGreen Star RatingAsset
Value
2
(NZ
$m)
Allocation of
proceeds per
eligible asset
(NZ$m)
21 Queen StreetAucklandJarden HouseOffice9 Nov 20
Targeting 4 Star
Base Build
Rating
5 Star Office Built
(v1) Rating (+d)$140.0$23.5
139 Pakenham
StreetAucklandMason BrothersOffice9 Nov 20
5.5 Star Base
Build Rating
6 star custom
built rating$56.4$9.5
12 Madden StreetAuckland12 Madden StreetOffice9 Nov 20
5 Star Base Build
Rating
5 star custom
built rating$100.0$16.8
10 Madden StreetAuckland10 Madden StreetOffice9 Nov 20Targeting 4 Star
Targeting 5 Star
(design and as
built) Rating$86.0$14.4
15 Customs StreetAuckland
Commercial Bay
TowerOffice9 Nov 20Targeting 4 Star
Targeting 5 Star
(design and as
built) Rating$665.0$111.5
38 Bowen StreetWellington
Charles Fergusson
BuildingOffice9 Nov 20
4.5 Star Base
Build Rating
4 Green Star
Office Built V3$104.5$17.5
34 Bowen StreetWellingtonDefence HouseOffice9 Nov 20
Underway,
Targeting 4 star
4 Green Star
Office Built V3$200.0$33.5
44 The TerraceWellingtonMayfair HouseOfficeN/ATargeting 4 StarN/A$86.7$14.5
Total existing green assets$1,438.6$241.2
Committed Green Development Assets
AddressCityBuilding NameUseLast
Assurance
NABERSNZ RatingGreen Star RatingTotal
project
cost (NZ
$m)
Allocation of
proceeds per
eligible asset
(NZ$m)
40 Bowen StreetWellington40 Bowen StreetOffice9 Nov 20Targeting 4 Star
Targeting 5 Star
(design and as
built) Rating$90.2$15.1
44 Bowen StreetWellington44 Bowen StreetOfficeN/ATargeting 4 Star
Targeting 5 Star
(design and as
built) Rating$104.8$17.6
1 Queen StreetAuckland1 Queen StreetOfficeN/ATargeting 4 Star
Targeting 5 Star
(design and as
built) Rating$305.0$51.1
Total committed green development assets$500.0$83.8
Total value of eligible assets
1
- Based on last assurance$1,585.6
Total value of eligible assets - As at 30 June 2021$1,938.6$325.0
1. Eligible assets must have a mimimum (or target) 5-star NZGBC Green Star Built rating or a minimum (or target) 4-Star NABERSNZ Energy
Base Building Rating
2. Fair value as at 30 June 2021

57
Investor information.
ANNUAL REPORT 2021
Convertible Noteholder Information
Twenty largest noteholders
RankNoteholderNumber of notes% of total
1.ACCIDENT COMPENSATION CORPORATION - NZCSD42,297,45728.20
2.FORSYTH BARR CUSTODIANS LIMITED13,791,6429.19
3.NATIONAL NOMINEES LIMITED - NZCSD10,155,0006.77
4.PUBLIC TRUST - NZCSD7,089,9284.73
5.FNZ CUSTODIANS LIMITED6,846,2434.56
6.JARDEN SECURITIES LIMITED4,307,5002.87
7.CUSTODIAL SERVICES LIMITED3,736,6582.49
8.CUSTODIAL SERVICES LIMITED3,118,0002.08
9.CUSTODIAL SERVICES LIMITED2,680,4621.79
10.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND - NZCSD2,662,9011.78
11.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD2,608,0001.74
12.FORSYTH BARR CUSTODIANS LIMITED2,514,4001.68
13.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD2,086,8291.39
14.ARDEN CAPITAL LIMITED1,702,0001.13
15.MINT NOMINEES LIMITED - NZCSD1,500,0001.00
16.CUSTODIAL SERVICES LIMITED1,449,7080.97
17.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD1,325,0000.88
18.INVESTMENT CUSTODIAL SERVICES LIMITED1,274,0000.85
19.JBWERE (NZ) NOMINEES LIMITED1,180,0000.79
20.HOBSON WEALTH CUSTODIAN LIMITED1,006,0000.67
Total Top 20 holders of Notes113,331,72875.55
Source: Computershare
Noteholder distribution - PCTHA
RangeTotal holdersNumber of notes% of total
1,000 - 1,99956,0000.00
2,000 - 4,9992164,6130.04
5,000 - 9,999130742,6000.50
10,000 - 49,99959812,394,2988.26
50,000 - 99,9991287,412,0004.94
100,000 - 499,999598,973,8225.98
500,000 - 999,999117,074,9394.72
1,000,000 and over20113,331,72875.55
Total972150,000,000100.00
Source: Computershare

58
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Director Interests
Details of Director interests in Precinct shares (as at 30 June 2021)
2021
1
2020
DirectorNo. of sharesNo. of shares
Robert Campbell
457,002
457,002
Graeme Wong
69,642
69,642
Launa Inman
39,100
39,100
Anne Urlwin
24,486
24,486
1 At 30 June 2021. Details of Director participation in the retail offer of the equity raise post balance date is shown in the notes below.
The following director interests were recorded since the last report.
Rob Campbell*
Appointed as the Chancellor of Auckland University of Technology
Appointed as a Trustee of the He Toutou Mo Te Ahika Trust
Appointed as the Chair of Ara Ake Limited
Chris Judd
Ceased to be Chair and a director of AMP Haumi Management
Limited
Craig Stobo – None
Anne Urlwin
Appointed as a director of Queenstown Airport Corporation Limited
Appointed as a director of Tilt Renewables Insurance Limited
Ceased to be a director of Steel & Tube Holdings Limited
Acquired 1,642 Precinct ordinary shares in Retail Offer
Ceased to be a director of Tilt Renewables Limited, and subsidiary
companies Tilt Renewables Insurance Limited, Tararua Wind Power
Limited, Waverley Wind Farm Limited, Waverley Wind Farm (NZ)
Holding Limited
Nicola Greer*
Director of New Zealand Railways Corporation
Director of Fidelity Life Assurance Company Limited
Director of Awarua Holdings Limited
Director of South Port New Zealand Limited
Director of Airways International Limited
Director of Airways Corporation of New Zealand Limited
Director & Shareholder of Mike Greer Homes Pegasus Town Limited
Director & Shareholder of Pegasus Preschools Limited
Director & Shareholder of Progressive Commercial Limited
Director & Shareholder of Progressive Preschool Limited
Director & Shareholder of 26 Belfast Road Limited
Director & Shareholder of Longhurst Commercial Limited
Member of NZ Markets Disciplinary Tribunal
Shareholder in Birmingham Dr Developments Limited
Shareholder in Waikare Avenue Preschool Limited
Shareholder in Judsons Road Preschool Limited
Shareholder in Penny Lane Preschool Limited
Shareholder in Peter Street Preschool Limited
Aditya Bhargava
Director of AMP Haumi Management Limited
Director of HIP Company Limited
Director of Haumi Development Auckland Limited
Director of Haumi Company Limited
Launa Inman*
Acquired 6,422 Precinct ordinary shares in Retail Offer
Mohammed Al Nuaimi – None
Graeme Wong
Appointed as a director of Southern Hops Limited
Appointed as a director of Freestyle South Limited
Ceased to be a director of Glaisnock Limited
Ceased to be a director of Radius Lint Limited
Acquired 10,000 Precinct ordinary shares in Retail Offer
Mark Tume*
Chair of Infratil Limited
Director of various Infratil wholly owned companies
Director of Yeo Family Trustee Limited
Director of Long Board Limited
Director of Welltest Limited
Director of Koau Capital Partners Limited
Director of RetireAustralia Pty Limited
Director of Blink Pay Global Group Limited
Chair of Te Atiawa Iwi Holdings Limited Partnership
Chair of Ngai Tahu Holdings Corporation Limited
*Post balance date, Nicola Greer and Mark Tume were
appointed as Independent Directors, effective 16 July 2021 and
11 August 2021, respectively. Independent Director Launa Inman
and Non-Executive Director Robert Campbell retired from the
Board on 31 July 2021 and 11 August 2021, respectively.

59
Remuneration report.
ANNUAL REPORT 2021

60
Remuneration report.
Remuneration report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Message from the People and Performance Committee
Dear Shareholders,
On behalf of the Board, I am pleased to present you with
Precinct’s Remuneration Report for the financial year ended
30 June 2021. This year, we are including additional disclosures in
our Remuneration Report. Our goal is to ensure that remuneration
of both Directors and Management Personnel is transparent, fair
and reasonable by aligning it with interests of the company and
its shareholders.
Director remuneration is currently being peer reviewed by
independent advisors. Shareholder approval will be sought for
any adjustments to Director remuneration at the upcoming
Annual General Meeting of shareholders. All new Directors joining
Precinct during the upcoming year will be paid in line with current
rates. The company's director remuneration structure was
updated during FY19 to provide further transparency to
shareholders by setting aside the existing director pool fee cap
and instead putting any proposed increase in director
remuneration to shareholders for approval. Director remuneration was last approved by shareholders at the company's AGM in
November 2018.
While we continue to make good progress across Precinct’s diversity practices, we are committed to improving diversity and inclusion
at all levels of our business. From FY22 onwards, we intend to undertake Remuneration Equality Studies annually to help us better
understand the difference between women's and men’s earnings and ensure fairness.
We hope this year’s report is informative to stakeholders and that we have explained to you, our shareholders, how our people at
Precinct are remunerated in the short and long term, and how this directly links back to our strategy and the performance of our
business.
Graeme Wong
Independent Director and Chair of the People and Performance Committee
Graeme Wong, Independent Director and Chair of the People and Performance
Committee
Our approach to remuneration governance
Precinct’s remuneration governance framework is overseen by Precinct’s People and Performance Committee (previously the
Remuneration and Nomination Committee) which comprises a majority of independent directors at 30 June 2021. The People and
Performance Committee’s role is to assist the Board in establishing remuneration policies and practices.
The People and Performance Committee is guided by Precinct’s Remuneration Policy. This Remuneration Policy aims to ensure that
people are rewarded for performance that contributes to the achievement of Precinct’s business goals. In addition, the People and
Performance Committee follow a charter which is intended to guide Committee members in fulfilling their responsibilities to the Board.
On a regular basis, the People and Performance Committee will review performance objectives and remuneration packages of both
Directors and key management personnel of Precinct. This includes monitoring performance that outlines the relative weightings of
remuneration components and relevant performance criteria. They also consider remuneration benchmarking and succession
planning.
External advisors
Remuneration benchmarking of Directors and key management personnel (such as CEO, Deputy CEO and CFO) is undertaken,
annually by external advisors.
With regards to Precinct’s performance hurdles, the Total Shareholder Return (TSR) achieved by Precinct, and the members of the TSR
Peer Group will be calculated by a recognised independent party, being an investment bank, firm of chartered accountants or other
person or body that the Board reasonably considers has the expertise, experience and access to the necessary data to carry out the
calculation.

61
Remuneration report.
ANNUAL REPORT 2021
Remuneration framework
Our remuneration framework is designed to support the
performance of Precinct’s business and its strategy.
Our objective is to create sustainable value from city
centre real estate, delivering exceptional spaces for our
clients and communities, in which they can thrive, while
maximising returns to our shareholders.
At the heart of Precinct is a business model
that is designed to generate, and regenerate
sustainable value. This results from the
seamless interplay between three essential
elements.
Purpose and direct link
to Precinct’s strategy
Direct link to performance
measures
Fixed remuneration
This includes fixed based salary which is
benchmarked annually and includes
superannuation contribution
• Attract and retain Precinct’s Key Management Personnel to
deliver on its strategy
Benchmarked against
NZX-listed property entities
and NZX50 peers
Short term incentive (STI)
Discretionary annual payment
• Compensates for achieving short term (annual targets) which
are aligned to the delivery of Precinct’s strategy
Various key operational
objectives including
• Earnings, AFFO
• Occupancy & WALT
• Leasing
• Strategic goals
• Capital management
Long term incentive (LTI)
Long term share grant where a share is
received in the future subject to
meeting certain performance hurdles.
• Drive longer-term performance and ensures the alignment of
incentives of key employees with the interests of the
Company’s shareholders
• Promote long term decision making and the creation of
sustainable value for the Company’s shareholders
• Promote the retention of key employees; and
• Facilitate and encourage employee share ownership.
Performance hurdles:
• Absolute TSR Target
• Relative TSR Target
• FFO Growth Target

62
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Short term incentive (STI)
Precinct operates a short term incentive (STI) bonus scheme for eligible employees. The objective of the scheme is to compensate
employees for achieving short term business strategy, high levels of performance and financial success over the financial year. In
addition employees have individual performance goals which are considered when determining variable short term incentives. In June
of each year the board will set annual goals for the CEO, Deputy CEO and CFO.
FeatureDescription
Purpose
To compensate individuals for achieving annual targets which are aligned to the delivery of Precinct’s strategy.
Business
objectives and
performance
measures
Individual STI awards are dependent on achieving various business objectives including overall staff management.
Individuals will have Key Performance Indicators (KPIs) which are set annually and aligned to the delivery of
Precinct's strategy and key priorities for the financial year.
Performance measures include:
• Precinct earnings target, AFFO
• Precinct portfolio metrics i.e. Occupancy, WALT
• Successful completion of treasury and capital management initiatives
• Delivery of major leasing and development projects
• Advancing key strategic objectives
Performance
assessment
The Board takes a robust approach to determining executive remuneration outcomes. The performance STI scheme
is intended to reflect the performance of the business, and reward for achieving targets. Assessment of
performance for a STI takes place in the form of an assessment of achievement against the objectives and targets.
CEO, Deputy CEO and CFO STI awards are endorsed by the People and Performance Committee and approved
by the Board at its absolute discretion.
STI awarded
This discretionary annual payment is 100% awarded in cash and rewards the CEO, Deputy CEO, CFO and other
individuals for achieving short term annual company and individual performance targets, encouraging
accountability for results.
Payment of a STI/performance bonus is not guaranteed and will remain subject to Board approval at its discretion.
Long term incentive (LTI)
Legacy LTI Scheme
Prior to Precinct's management internalisation, the Manager (AMP Haumi Management Limited) operated a long term incentive bonus
scheme for eligible employees which included the CEO, Deputy CEO, CFO and other senior executives. Due to the termination of the
managment services agreement, employees' employment contracts with the manager were terminated, resulting in previously
granted shares vesting. Following management internalisation a new LTI scheme has been establised and is set out below.
Restricted Share Rights (RSR)
Precinct's Restricted Share Right scheme entitles a Participant to receive a Share in the future depending on whether Service
Conditions are achieved. The participant is entitled to receive one share upon the valid exercise of each vested share right they hold.
Purpose
To secure the CEO, Deputy CEO, CFO and other key management personnel for a transitional period following the
internalisation of Precinct's management.
Service
commencement
1 April 2021
Vesting tranches
30 June 2022, 30 June 2023 and 30 June 2024
Conditions
Restricted Share Rights (RSRs) will vest provided the participant remains employed by Precinct for the duration of
the relevant vesting period. The RSR plan is made up of 3 tranches with different vesting periods from service
commencement .
There are no performance hurdles and provided each vesting period is satisfied, the RSRs will vest.

63
Remuneration report.
ANNUAL REPORT 2021
Performance Share Rights (PSR)
Precinct's Performance Share Right scheme entitles a Participant to receive a Share in the future depending on the degree to which
certain Vesting Conditions are achieved or exceeded during the Assessment Period. The participant is entilted to receive one share
upon the valid exercise of each vested share right they hold.
FeatureDescription
Purpose
Alignment of interests between the CEO, Deputy CEO, CFO and other key management personnel, and the long term
returns to Precinct shareholders, which drives long term performance to deliver Precincts strategy while also providing
an incentive for Key Management Personnel to remain in employment with Precinct prior to vesting.
Performance
period
A grant vests at the end of the performance period which is over a three year period. Due to the completion of the
internalisation of Precinct's management taking place on 31 March 2021, the initial performance period is between
1April 2021 and 30 June 2024. A share right vests on the vesting date subject to the participant's continuing employment
with Precinct and performance hurdles being met.
The vesting of the Performance share rights are endorsed by the People and Performance Committee and approved
by the Board subject to the board determining that the performance hurdles set out have been met.
Performance
hurdles
Performance
measure
LTI WeightingDescription
Total Shareholder
Return (TSR)
TSR measures the total return received by shareholders from the increase in
the market price of a share of Precinct and assumes reinvestment of cash
dividends.
The TSR will be calculated using the volume weighted average sale price of a
Precinct share on the NZX over the 20 trading days prior to the vesting date.
Funds From
Operation (FFO)
FFO is used to define the cash flow from operations and is a measure of
operating performance over the performance period.
Absolute TSR Target
33%The Absolute TSR Rights will vest in full if Precinct’s TSR exceeds an annualised
and compounding rate of 6.8%
1
, over the performance period.
Relative TSR Target
33%The Relative TSR Rights will vest in accordance with a progressive vesting
scale, provided that Precinct's TSR over the performance period is greater
than the median TSR of the TSR peer group.
Funds from
operations (FFO)
Growth Target
33%The FFO Growth Rights will vest in accordance with a progressive vesting
scale, provided that Precinct’s FFO growth per share is greater than or equal
to 75% of CPI growth over the performance period.
Vesting
conditions
Precinct TSR over the performance
period
% of Relative TSR Rights
that would vest
Precinct FFO Growth Per
Share over the
performance period
% of FFO Growth Rights
that would vest
< TSR Peer Group Median TSR0%< 75% of CPI Growth0%
Equal to the TSR Peer Group Median TSR50%Equal to 75% of CPI
Growth
50%
> TSR Peer Group Median TSR, but < TSR
of the 75th percentile of the TSR Peer
Group
51% - 99% pro-rata
vesting on a straight-
line progression
> 75% of CPI Growth, but
< 125% of CPI Growth
51% - 99% pro-rata
vesting on a straight-
line progression
Equal to or > TSR of the 75th percentile
of the TSR Peer Group
100%Equal to or greater than
125% of CPI Growth
100%
1 This is the current cost of equity for the 2021 performance rights as calculated by independent advisors, PwC, and will be recalculated on an annual basis.

64
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
CEO Remuneration
Scott Pritchard was appointed Chief Executive Officer in September 2010. On 1 April 2021, he was retained as CEO, under a new
employment agreement with Precinct post the internalisation of the management of Precinct.
The following illustrates the new remuneration mix of Precinct’s CEO. We believe the remuneration mix now provides strong alignment
between remuneration and company performance to deliver on Precinct’s strategy.
Details of the nature and amount of each element of the remuneration of the CEO is set out below.
Scott Pritchard was appointed Chief Executive Officer in September 2010. His remuneration for the year ended 30 June 2021 comprises:
• A fixed base salary which is benchmarked annually;
• A discretionary short-term incentive payment; and
• A legacy long-term incentive payment resulting from the termination of the management contract.
All remuneration between 1 July 2020 and 31 March 2021, including the legacy long-term incentive was paid by AMP Haumi
Management Limited (the Manager "AHML"), not Precinct. As a result of internalisation PwC was appointed by the Precinct Board as a
recognised independent party in order to undertake remuneration benchmarking in respect to the CEO and other senior executive
roles.
From 1 April 2021 the CEO's remuneration will be endorsed by the People and Performance Committee and approved by the Board.
The CEO base salary from 1 April 2021 has been approved at $780,000.
Short term remuneration for the year ended 30 JuneLong term remuneration as at 30 June
Legacy scheme
Post
internalisatio
n
Year
Base salarySTISuperTotal paid
Maximum
achievable
GrantedVestedGranted
2021619,840720,180190,5581,530,579
N/A
-1,922,0701,092,000
2020540,000540,000118,8001,198,800
1,198,800
650,000630,000
Performance and Restricted Share Rights that have been granted to Scott Pritchard as at 30 June 2021 are detailed in the table below.
Granted during yearVested and exercised
SchemeGrant date
Measuremen
t date
Balanc
e as at
30 June
2020NumberValue $NumberValue $Lapsed
Balance as at
30 June 2021
Performance share right
1-4-202130-6-2024
0
730,272468,000000
730,272
Restricted share right
1-4-202130-6-2022
0
190,476312,000000
190,476
Restricted share right
1-4-202130-6-2023
0
190,476312,000000
190,476
Total01,111,2241,092,0000001,111,224

65
Remuneration report.
ANNUAL REPORT 2021
Employee remuneration
Employee remuneration comprises base salary, STI payments, LTI payments relating to internalisation and employer contributions to
superannuation.
During the year ended 30 June 2021, the number of employees (including the CEO) who received remuneration from AHML for the
period to 31 March 2021 and Precinct thereafter, with a combined total value exceeding $100,000 is set out on the following table.
Employer superannuation contributions are at the same rate for all employees.
Remuneration range# employees
$3,450,000 - $3,460,000
1
$2,450,000 - $2,460,000
1
$1,220,000 - $1,230,000
1
$690,000 - $700,000
1
$550,000 - $560,000
1
$450,000 - $460,000
1
$400,000 - $410,000
1
$350,000 - $360,000
2
$300,000 - $310,000
1
$290,000 - $300,000
1
$280,000 - $290,000
1
$250,000 - $260,000
1
$220,000 - $230,000
3
$210,000 - $220,000
1
$190,000 - $200,000
1
$170,000 - $180,000
1
$160,000 - $170,000
2
$140,000 - $150,000
2
$130,000 - $140,000
3
$110,000 - $120,000
3
$100,000 - $110,000
6
Total35

66
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Long term incentive scheme
Performance and restricted share rights that have been granted to key management personnel (excluding CEO) as at 30 June 2021
are detailed in the following table.
Granted during yearVested and exercised
SchemeGrant date
Measurem
ent date
Balance as at
30 June 2020NumberValue $NumberValue $Lapsed
Balance as at 30 June
2021
Performance
share right
1-4-202130-6-2024
0
1,224,921785,000000
1,224,921
Restricted
share right
1-4-202130-6-2022
0
213,370349,500000
213,370
Restricted
share right
1-4-202130-6-2023
0
213,370349,500000
213,370
Restricted
share right
1-4-202130-6-2024
0
73,260120,000000
73,260
Total01,724,9211,604,0000001,724,921
Director remuneration
The current director fee rate is as follows:
Position$ per annum (plus GST, if any)
Chair
182,340
Independent Director
91,170
Audit and Risk Committee Chair
15,000
People and Performance Committee Chair
10,000
Audit and Risk Committee Member
7,500
People and Performance Committee Member
5,000
Due Diligence Committee Chair (ad hoc hourly rate)
380/hr
Due Diligence Committee Member (ad hoc hourly rate)
350/hr
The Board has not increased director remuneration in the reporting period. A director remuneration review is currently underway.
Role30 June 202130 June 2020
Sub
committee
Board
committeeBoard
Sub
committee
Board
committeeBoard
Craig StoboBoard Chair
79,08312,500182,340
012,500182,340
Don HuseAudit and Risk Committee Chair
1
05,37534,949
015,00091,170
Anne UrlwinAudit and Risk Committee Chair
2
32,06517,50091,170
07,76272,176
Graeme WongIndependent Director
42,26310,00091,170
010,00091,170
Launa InmanIndependent Director
23,8007,50091,170
07,50091,170
Chris JuddNon-Executive Director
4,9881,25022,793
000
Robert
CampbellNon-Executive Director
2,6253,12522,793
000
Total184,82357,250536,384052,762528,026
1 Don Huse retired as Audit and Risk Committee Chair on 31 October 2020 and from the Precinct board on 18 November 2020.
2 Anne Urlwin commenced as Audit and Risk Committee Chair from 1 November 2020.
From time to time the board may establish further subcommittees to consider specific issues or transactions. Membership of these
committees may result in additional fees being payable at the rates in the table above. During the year ended 30 June 2021, $184,823
in committee fees were paid to the due diligence committee (30 June 2020: $nil). Due diligence committees were established in
relation to the internalisation of management, issuance of retail bond PCT030 and the capital raising.
No other remuneration or benefit was provided by the group during the period to any director or former director of any group
member.
Insurance and indemnity
As permitted by the constitution and the Companies Act 1993, Precinct has indemnified its directors and officers, and the directors of
its subsidiaries against potential liabilities and costs they may incur for acts or omissions in their capacity as directors. During the

67
Remuneration report.
ANNUAL REPORT 2021
financial year, Precinct paid insurance premiums in respect of directors’ and officers’ liability insurance which covers risks normally
covered by such policies arising out of acts or omissions of directors and officers in their capacity as such. Insurance is not provided for
criminal liability or liability or costs in respect of which an indemnity is prohibited by law.
Management expense ratio
Amounts in $ millions (unless otherwise stated)20212020
Base Management Fee10.29.5
Performance Fee--
Management expenses2.1-
Audit and Directors1.21.0
Other expenses3.72.1
Total management expenses17.212.6
Average total property value3,500.02,892.2
Management expense ratio - excluding performance fee49 bps44 bps
Management expense ratio49 bps44 bps
Management expenses comprise the costs of managing Precinct as a corporate entity and exclude direct property expenses and capital expenditure.
This annual report of Precinct Properties New Zealand Limited is dated 11 August 2021 and is signed on behalf of the board by:
CRAIG STOBO
CHAIR AND INDEPENDENT
DIRECTOR
ANNE URLWIN
CHAIR AUDIT AND RISK
COMMITTEE AND INDEPENDENT
DIRECTOR

68
The Numbers.
PRECINCT PROPERTIES
NEW ZEALAND LIMITED
FINANCIAL STATEMENTS 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED

69
Precinct Properties New Zealand Limited
ANNUAL REPORT 2021
Annual financial statements
For the year ended 30 June 2021
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on 11
August 2021.
CRAIG STOBO
CHAIR
ANNE URLWIN
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated Statement of Comprehensive Income
70
Consolidated Statement of Changes in Equity71
Consolidated Statement of Financial Position72
Consolidated Statement of Cash Flows73
Notes to the Financial Statements
1. Reporting Entity74
2. Basis of Preparation74
3. Basis of Consolidation74
4. New Standards, Amendments and Interpretations74
5. Changes to Accounting Policies and Disclosure of Significant Accounting Policies74
6. Fair Value Estimation74
7. Significant Accounting Judgements, Estimates and Assumptions74
8. Significant Events and Transactions During the Year75
9. Investment and Development Properties76
10. Internalisation of Management82
11. Intangible Assets82
12. Gross Operating Revenue83
13. Segment Information84
14. Management Expenses85
15. Taxation86
16. Reconciliation of Net Profit after Tax to Adjusted Funds From Operations (AFFO)87
17. Earnings per Share87
18. Other Current Liabilities88
19. Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities88
20. Interest Bearing Liabilities88
21. Lease Liabilities90
22. Derivative Financial Instruments91
23. Capital Commitments91
24. Operating Lease Commitments92
25. Contingencies92
26. Share-Based Payments92
27. Related Party Transactions93
28. Key Management Personnel94
29. Capital Management95
30. Financial Risk Management95
31. Events After Balance Date96
Independent Auditors Report97

70
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions
Notes
30 June 202130 June 2020
Revenue
Gross operating revenue
12199.8
151.8
Less direct operating expenses
(72.1)
(46.0)
Operating income before indirect expenses127.7
105.8
Indirect expenses / (revenue)
Interest expense
27.2
5.1
Interest income
-
(0.1)
Other expenses
1417.5
13.3
Total indirect expenses / (revenue)44.7
18.3
Operating income before income tax83.0
87.5
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and development properties
9282.9
(66.3)
Unrealised net gain / (loss) on financial instruments
2219.7
(1.9)
Other revenue
-
26.7
Depreciation - property, plant and equipment
(1.4)
(1.1)
Lease depreciation
(5.0)
(5.0)
Lease interest expense
(3.9)
(4.2)
Net realised gain / (loss) on sale of investment properties
(2.4)
(2.5)
Impairment of goodwill
11(9.8)
-
Termination of management services agreement
10(217.1)
-
Total non operating income / (expenses)63.0
(54.3)
Net profit / (loss) before taxation146.0
33.2
Income tax expense / (benefit)
Current tax expense
15(67.8)
5.0
Depreciation recovered on sale
1510.5
1.4
Deferred tax expense / (benefit) - financial instruments
156.6
(4.4)
Deferred tax expense / (benefit) - depreciation
159.1
1.0
Deferred tax expense / (benefit) - other
15(0.1)
-
Total taxation expense / (benefit)(41.7)
3.0
Net profit / (loss) after taxation attributable to equity holders16,19187.7
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
(10.8)
6.8
Deferred tax on items transferred directly to / (from) equity
3.0
(1.9)
Total other comprehensive income / (expense)(7.8)
4.9
Total comprehensive income after tax attributable to equity holders179.9
35.1
Earnings per share (cents per share)
Basic and diluted earnings per share
1714.26
2.30
Other amounts (cents per share)
Funds from operations (FFO)
167.34
6.89
Adjusted funds from operations (AFFO)
166.48
6.29
The accompanying notes on pages 74 to 96 form part of these Financial Statements

71
Consolidated Statement of Changes in Equity
For the year ended 30 June 2021
ANNUAL REPORT 2021
Amounts in $ millions unless otherwise stated
Notes
Cents
per share
Shares (m)Ordinary
shares
Share-based
payments
reserve
Retained
earnings
Total
equity
At 1 July 20191,313.71,196.0-759.21,955.2
Profit after income tax for the year30.230.2
Other comprehensive income for the
year4.94.9
Issue of shares
Issue costs incurred
(0.1)(0.1)
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)
Q2 interim (paid 27 Mar 2020)1.575(20.7)(20.7)
Q3 interim (paid 12 Jun 2020)1.575(20.7)(20.7)
Total distributions paid6.225(81.8)(81.8)
At 30 June 20201,313.71,195.9-712.51,908.4
Profit / (loss) after income tax for the
year
187.7187.7
Other comprehensive income for the
year
(7.8)(7.8)
Issue of shares
Placement
144.7220.0220.0
Issue costs incurred
(3.4)(3.4)
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)
Q2 interim (paid 26 Mar 2021)
1.625(21.3)(21.3)
Q3 interim (paid 11 Jun 2021)
1.625(21.3)(21.3)
Total distributions paid
6.450(84.6)(84.6)
Long-term incentive scheme
260.30.3
At 30 June 20211,458.41,412.50.3807.82,220.6
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 74 to 96 form part of these Financial Statements

72
Consolidated Statement of Financial Position
As at 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions
Notes
30 June 202130 June 2020
Current assets
Cash
8.3
7.8
Fair value of derivative financial instruments
222.2
-
Debtors and other current assets
25.1
16.1
Total current assets35.6
23.9
Non-current assets
Fair value of derivative financial instruments
2232.3
95.2
Other assets
14.4
8.8
Development properties
9232.4
190.6
Investment properties
93,076.4
2,800.1
Property, plant and equipment
15.7
9.6
Right-of-use assets
33.2
38.1
Deferred tax asset
157.4
-
Intangible assets
119.0
18.9
Total non-current assets3,420.8
3,161.3
Total assets3,456.4
3,185.2
Current liabilities
Fair value of derivative financial instruments
22-
1.7
Provision for tax
-
1.6
Interest bearing liabilities
20225.0
-
Lease liabilities
213.2
3.0
Accrued development capital expenditure
17.5
55.4
Other current liabilities
1831.0
24.8
Total current liabilities276.7
86.5
Non-current liabilities
Interest bearing liabilities
20871.1
1,028.9
Fair value of derivative financial instruments
2250.9
84.5
Lease liabilities
2137.1
40.4
Deferred tax liability
15-
36.5
Total non-current liabilities959.1
1,190.3
Total liabilities1,235.8
1,276.8
Total equity2,220.6
1,908.4
Total liabilities and equity3,456.4
3,185.2

The accompanying notes on pages 74 to 96 form part of these Financial Statements

73
Consolidated Statement of Cash Flows
For the year ended 30 June 2021
ANNUAL REPORT 2021
Amounts in $ millions
Notes
30 June 202130 June 2020
Cash flows from operating activities
Gross rental income per statement of comprehensive income
199.8
151.8
Less: Current year incentives
(9.9)
(1.8)
Add: Amortisation of incentives and intangibles
7.7
4.3
Add: Depreciation of property, plant and equipment
1.4
1.1
Add: Working capital movements
(4.1)
(2.4)
Cash flow from gross rental income194.9
153.0
Interest income
-
0.1
Property expenses
(64.1)
(37.3)
Other expenses
(14.6)
(15.3)
Interest expense
(30.9)
(7.2)
Employment and administration expenses
(3.4)
-
Termination of management services agreement
10(217.1)
-
Income tax
(0.8)
(10.6)
Net cash inflow / (outflow) from operating activities19(136.0)
82.7
Cash flows from investing activities
Capital expenditure on investment properties
(56.3)
(47.5)
Capital expenditure on development properties
(155.5)
(206.9)
Capital expenditure on other assets
(5.9)
(6.1)
Acquisition of investment properties
(20.3)
-
Acquisition of development properties
(9.2)
(5.4)
Acquisition of a subsidiary
-
(1.1)
Expenditure on property, plant and equipment
(7.4)
(1.5)
Disposal of investment properties
176.7
72.7
Capitalised interest on investment properties
(1.1)
(1.7)
Capitalised interest on development properties
(14.2)
(41.0)
Net cash inflow / (outflow) from investing activities(93.2)
(238.5)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
233.0
260.5
Loan facility drawings to fund acquisitions
29.5
5.4
Loan facility drawings to fund management services termination
10217.1
-
Loan facility repayments from disposal of investment properties
(176.7)
(72.7)
Loan facility repayments from issue of senior secured bonds
(150.0)
-
Loan facility repayments from issue of new shares
(216.6)
-
Other loan facility drawings / (repayments)
1
14.5
48.1
Repayment of leasing liabilities
(3.0)
(2.7)
Issue of senior secured bonds
150.0
-
Issue of new shares
2
216.6
(0.1)
Distributions paid to share holders
(84.7)
(81.8)
Net cash inflow / (outflow) from financing activities229.7
156.7
Net increase / (decrease) in cash held0.5
0.9
Cash at the beginning of the year
7.8
6.9
Cash at the end of the year8.3
7.8
1 Loan facility drawings are net of repayments made throughout year.
2 Issue of new shares are net of issue costs.
The accompanying notes on pages 74 to 96 form part of these Financial Statements

74
Notes to the Financial Statements
For the year ended 30 June 2021
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 audited 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. Prior to 31 March 2021 Precinct was
managed by AMP Haumi Management Limited (the manager). See Note 10 for further information on the management internalisation.
2. Basis of Preparation
The financial statements have been prepared in accordance with NZ GAAP. For the purposes of complying with NZ GAAP the Group is
a for-profit entity. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (’NZ
IFRS’). The financial statements also comply with International Financial Reporting Standards (‘IFRS’).
The financial statements have been prepared:
• On a historical basis except for financial instruments, 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.
3. Basis of Consolidation
The consolidated financial statements comprise Precinct and its subsidiary companies.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit or
losses resulting from intra-group transactions have been eliminated in full.
4. New Standards, Amendments and Interpretations
There were no new accounting standards impacting the consolidated financial statements for the year ended 30 June 2021.
5. Changes to Accounting Policies and Disclosure of Significant Accounting Policies
No changes to accounting policy have been made during the year and policies have been consistently applied to all years
presented.
Significant accounting policies have been included throughout the notes to the financial statements.
6. 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).
7. Significant Accounting Judgements, Estimates and Assumptions
In preparing Precinct’s financial statements, management continually makes 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 financial statements are in relation to:
i. Investment and development properties - refer note 9
ii. Deferred tax assets and deferred tax liabilities - refer note 15
iii. Impairment test of intangible assets and goodwill - refer note 11
iv. Business combination - internalisation of management - refer note 10
v. Share-based payment scheme - refer note 26

75
ANNUAL REPORT 2021
8. Significant Events and Transactions During the Year
Precinct's financial position and performance was affected by the following events and transactions that occurred during the
reporting year:
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.
ii. COVID-19 global pandemic
In response to the on-gong COVID-19 global pandemic Auckland experienced Alert Level 3 lockdowns in August 2020, February 2021
and March 2021 during which the operation of some of Precinct's clients were restricted to varying degrees. Precinct provided
additional support to clients that have been impacted through a range of assistance measures including rent abatements ($1.1 million;
June 2020: $1.7 million), rent deferrals ($0.4 million; June 2020: $1.3 million) and lease restructures.
Independent valuers have carried out the 30 June 2021 property valuations by applying assumptions regarding the reasonably possible
impacts of COVID-19 based on information available as at 30 June 2021. The valuation methodologies and inputs are described in
Note 9. Due to the on-going COVID-19 pandemic the property valuation for Commercial Bay Retail as at 30 June 2021 continues to
include a ‘material valuation uncertainty’ clause. The valuers have therefore advised that less certainty should be attached to the
property value than would normally be the case.
An independent valuer was appointed to assess the value the Generator business at 30 June 2021 in order to assess whether there had
been any impairment to the value of goodwill that arose on the acquisition of Generator. The valuer has considered the impacts of
Covid-19 on Generators operations in the assumptions used in the valuation. For further details refer to Note 11.
Precinct and its manager (AHML) did not claim any of the Government wage subsidy. Commercial Bay Hospitality claimed a further
$0.6 million during the year to enable hospitality staff to be retained. Generator repaid $0.3 million of wage subsidy previously claimed.
iii. Sale of ANZ Centre (50%)
On 12 May 2021 Precinct's remaining 50% interest in the ANZ Centre was sold for $177.0 million resulting in a loss on sale of $2.2 million.
iv. Internalisation of management
On 31 March 2021 Precinct internalised its management. See Note 10 for further details.
v. One Queen Street
On 24 May 2021 Precinct announced that following completion of a comprehensive re-design, construction of the One Queen Street
redevelopment was about to commence. The total project cost is expected to be around $305 million with completion due in late
2023.
vi. Capital raising
Following a placement in June 2021 Precinct issued 144,736,842 shares at $1.52 per share. Refer to the consolidated statement of
changes in equity for details.
A retail offer opened on 22 June 2021 and closed on 6 July 2021. See Note 31 for details.
vii. Purchase of Bowen House
On 18 June 2021 Precinct entered an unconditional agreement to purchase Bowen House for $92.0 million and will undertake a
comprehensive redevelopment of the building at an estimated cost of around $57.0 million. A deposit of $9.2 million was paid in June
2021 and is included in debtors and other current assets. The purchase was settled on 23 July 2021.

76
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
9. Investment and Development Properties
30 June 2021
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2020
Capitalised incentivesAdditions / disposals
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AMP CentreJLL25,3534.8%5.0%95%4.7205.01.30.6
27.1234.0
ANZ Centre (50%)
5
N/AN/AN/AN/AN/AN/A177.8-(177.8)
--
HSBC Tower
6
JLL31,5784.3%4.5%98%5.8409.02.821.3
42.9476.0
Jarden HouseSavills13,7624.6%4.9%96%4.2124.00.85.9
9.3140.0
Mason Bros.
7
JLL4,6844.7%4.5%100%4.246.6(0.3)1.4
8.756.4
12 Madden Street
7
JLL8,1944.6%4.8%97%8.086.0(0.1)1.1
13.0100.0
10 Madden Street
7
Colliers8,2384.8%5.1%92%12.8-1.077.7
7.386.0
204 Quay Street
8
JLL5,4696.8%6.8%100%5.9--20.2
2.522.7
Commercial Bay RetailJLL16,8634.8%5.3%99%5.8425.00.412.1
(32.5)405.0
PwC Tower (Commercial Bay)CBRE39,5504.0%4.1%98%10.5580.0(0.2)19.4
65.8665.0
Wellington
NTT TowerBayleys16,6555.3%5.5%100%3.1124.0(0.4)0.4
27.0151.0
Mayfair HouseBayleys12,5484.7%5.4%100%14.960.2(0.1)18.3
8.386.7
No.1 and 3 The TerraceColliers18,6124.3%5.1%100%8.9107.5(0.1)0.8
33.8142.0
No.3 The Terrace
9
ColliersN/AN/AN/AN/A37.214.0--
0.214.2
Aon Centre
10
Colliers24,7705.8%5.6%100%4.0172.9(1.0)5.3
15.7192.9
Bowen CampusCBRE39,9714.5%5.0%100%14.4268.10.82.5
33.1304.5
Market value (fair value) of investment properties
4.6%4.8%98%7.72,800.14.99.2
262.23,076.4
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A28.6(0.1)44.7
23.396.5
10 Madden Street
7
N/AN/AN/AN/AN/AN/A53.1-(53.1)
--
One Queen Street
11
CBREN/AN/AN/AN/AN/A102.0(0.2)19.1
(4.4)116.5
30 Waring Taylor StreetColliersN/AN/AN/AN/AN/A6.9-10.7
1.819.4
Market value (fair value) of development properties
190.6(0.3)21.4
20.7232.4
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at year-end and
transfers to other categories of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 On 12 May 2021 Precinct sold their 50% share in ANZ Centre for $177.0 million resulting in a loss on sale of $2.2 million.
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 On 17 February 2021 Precinct acquired 204 Quay Street for $20.0 million.
9 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
10 Includes a gross up for the lease liability (June 2021: $2.9 million; June 2020: $2.9 million).
11 This property was previously known as HSBC House.
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition investment
properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are included in
profit or loss in the year in which they arise.
Development properties
Investment properties that are being constructed or developed for future use are classified as development properties. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Subsequent to initial recognition development properties are stated at fair value. Gains or losses arising from changes in the fair
value of development properties are included in profit or loss in the year in which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value Precinct’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.

77
ANNUAL REPORT 2021
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2020
Capitalised incentivesAdditions / disposals
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AMP CentreJLL25,3534.8%5.0%95%4.7205.01.30.6
27.1234.0
ANZ Centre (50%)
5
N/AN/AN/AN/AN/AN/A177.8-(177.8)
--
HSBC Tower
6
JLL31,5784.3%4.5%98%5.8409.02.821.3
42.9476.0
Jarden HouseSavills13,7624.6%4.9%96%4.2124.00.85.9
9.3140.0
Mason Bros.
7
JLL4,6844.7%4.5%100%4.246.6(0.3)1.4
8.756.4
12 Madden Street
7
JLL8,1944.6%4.8%97%8.086.0(0.1)1.1
13.0100.0
10 Madden Street
7
Colliers8,2384.8%5.1%92%12.8-1.077.7
7.386.0
204 Quay Street
8
JLL5,4696.8%6.8%100%5.9--20.2
2.522.7
Commercial Bay RetailJLL16,8634.8%5.3%99%5.8425.00.412.1
(32.5)405.0
PwC Tower (Commercial Bay)CBRE39,5504.0%4.1%98%10.5580.0(0.2)19.4
65.8665.0
Wellington
NTT TowerBayleys16,6555.3%5.5%100%3.1124.0(0.4)0.4
27.0151.0
Mayfair HouseBayleys12,5484.7%5.4%100%14.960.2(0.1)18.3
8.386.7
No.1 and 3 The TerraceColliers18,6124.3%5.1%100%8.9107.5(0.1)0.8
33.8142.0
No.3 The Terrace
9
ColliersN/AN/AN/AN/A37.214.0--
0.214.2
Aon Centre
10
Colliers24,7705.8%5.6%100%4.0172.9(1.0)5.3
15.7192.9
Bowen CampusCBRE39,9714.5%5.0%100%14.4268.10.82.5
33.1304.5
Market value (fair value) of investment properties
4.6%4.8%98%7.72,800.14.99.2
262.23,076.4
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A28.6(0.1)44.7
23.396.5
10 Madden Street
7
N/AN/AN/AN/AN/AN/A53.1-(53.1)
--
One Queen Street
11
CBREN/AN/AN/AN/AN/A102.0(0.2)19.1
(4.4)116.5
30 Waring Taylor StreetColliersN/AN/AN/AN/AN/A6.9-10.7
1.819.4
Market value (fair value) of development properties
190.6(0.3)21.4
20.7232.4
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at year-end and
transfers to other categories of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 On 12 May 2021 Precinct sold their 50% share in ANZ Centre for $177.0 million resulting in a loss on sale of $2.2 million.
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 On 17 February 2021 Precinct acquired 204 Quay Street for $20.0 million.
9 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
10 Includes a gross up for the lease liability (June 2021: $2.9 million; June 2020: $2.9 million).
11 This property was previously known as HSBC House.
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition investment
properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are included in
profit or loss in the year in which they arise.
Development properties
Investment properties that are being constructed or developed for future use are classified as development properties. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Subsequent to initial recognition development properties are stated at fair value. Gains or losses arising from changes in the fair
value of development properties are included in profit or loss in the year in which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value Precinct’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.

78
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
30 June 2020
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2019
Capitalised incentivesAdditions / disposals
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AMP CentreColliers25,3515.8%5.5%99%4.8205.00.84.8(5.6)205.0
ANZ Centre (50%)Colliers33,5744.9%5.3%100%6.3187.5(0.6)0.4(9.5)177.8
HSBC House
5
CBREN/AN/AN/AN/AN/A106.0-(106.0)--
188 Quay Street
6
JLL31,3714.7%4.9%98%5.7400.0(0.2)11.6(2.4)409.0
Jarden House
7
JLL13,7724.8%5.3%100%4.1114.3(0.4)0.49.7124.0
Mason Bros.
8
CBRE4,6695.5%5.1%100%4.945.5(0.2)-1.346.6
12 Madden Street
8
CBRE7,9855.4%5.3%100%8.882.3-0.33.486.0
Commercial Bay Retail
9
JLL16,5605.0%5.3%100%6.8--496.4(71.4)425.0
PwC Tower (Commercial Bay)
10
JLL39,3284.3%4.6%97%11.5--589.2(9.2)580.0
Wellington
NTT Tower
11
Colliers16,6636.0%6.4%91%3.3122.5(0.3)2.8(1.0)124.0
Mayfair HouseBayleys12,4157.2%6.1%100%15.447.3(0.2)8.54.660.2
No.1 and 3 The TerraceBayleys18,7255.4%5.9%98%9.986.50.59.211.3107.5
No.3 The Terrace
12
BayleysN/AN/AN/AN/AN/A12.7--1.314.0
Pastoral House
13
N/AN/AN/AN/AN/AN/A59.8-(59.8)-(0.0)
AON Centre
14
Colliers26,3056.7%6.6%100%4.3161.5(0.1)4.07.5172.9
Bowen CampusCBRE39,9725.3%5.6%99%15.5239.60.410.717.4268.1
Market value (fair value) of investment properties
5.1%5.3%98%7.61,870.5(0.3)972.5(42.6)2,800.1
Development properties
4
Commercial BayN/AN/AN/AN/AN/AN/A890.0-(890.0)--
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A15.50.110.12.928.6
10 Madden Street
8
ColliersN/AN/A5.6%N/AN/A17.7-32.62.853.1
HSBC House
5
CBREN/AN/A5.1%N/AN/A--130.4(28.4)102.0
30 Waring Taylor Street
15
ColliersN/AN/AN/AN/AN/A--7.8(0.9)6.9
Market value (fair value) of development properties
923.20.1(709.1)(23.6)190.6
1 Total weighted average by market value. Capitalisation rate reflects new long term lease commitments to those assets subject to the Government RFP.
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at year-end and
transfers to other categories of property.
4 All properties are categorised as level 3 in the fair value hierarchy. All properties are CBD office properties with the exception of Commercial Bay and Bowen Campus
which are under development.
5 The value of HSBC House has been transferred from investment properties to development properties on the basis that the property is now positioned for
redevelopment. The redevelopment project is referred to as One Queen Street.
6 This property was previously known as PwC Tower.
7 This property was previously known as Zurich House.
8 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
9 Subsequent to Commercial Bay retail centre opening (11 June 2020) the value was transferred from development properties to investment properties.
10 Subsequent to handover of the PwC Tower from the main contractor to Precinct on 30 June 2020 the value was transferred from development properties to
investment properties.
11 This property was previously known as Dimension Data House.
12 No.3 The Terrace relates to the freehold title in respect to Precinct’s leasehold interest.
13 On 30 April 2020 Pastoral House was sold for $76.7 million resulting in a loss on sale of $2.5 million.
14 Includes a gross up for the lease liability (June 2020: $2.9 million).
15 On 30 August 2019 Precinct acquired 30 Waring Taylor Street for $5.2 million and will undertake a full redevelopment of the building.
Accounting policies (continued)
Investment property held for sale
Investment property is transferred to investment property held for sale when it is expected that the carrying amount will be
recovered principally through sale rather than from continuing use. The property is held at the realisable value.
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is permanently
withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the derecognition of an investment
property are recognised in profit or loss in the year of derecognition.

79
ANNUAL REPORT 2021
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2019
Capitalised incentivesAdditions / disposals
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AMP CentreColliers25,3515.8%5.5%99%4.8205.00.84.8(5.6)205.0
ANZ Centre (50%)Colliers33,5744.9%5.3%100%6.3187.5(0.6)0.4(9.5)177.8
HSBC House
5
CBREN/AN/AN/AN/AN/A106.0-(106.0)--
188 Quay Street
6
JLL31,3714.7%4.9%98%5.7400.0(0.2)11.6(2.4)409.0
Jarden House
7
JLL13,7724.8%5.3%100%4.1114.3(0.4)0.49.7124.0
Mason Bros.
8
CBRE4,6695.5%5.1%100%4.945.5(0.2)-1.346.6
12 Madden Street
8
CBRE7,9855.4%5.3%100%8.882.3-0.33.486.0
Commercial Bay Retail
9
JLL16,5605.0%5.3%100%6.8--496.4(71.4)425.0
PwC Tower (Commercial Bay)
10
JLL39,3284.3%4.6%97%11.5--589.2(9.2)580.0
Wellington
NTT Tower
11
Colliers16,6636.0%6.4%91%3.3122.5(0.3)2.8(1.0)124.0
Mayfair HouseBayleys12,4157.2%6.1%100%15.447.3(0.2)8.54.660.2
No.1 and 3 The TerraceBayleys18,7255.4%5.9%98%9.986.50.59.211.3107.5
No.3 The Terrace
12
BayleysN/AN/AN/AN/AN/A12.7--1.314.0
Pastoral House
13
N/AN/AN/AN/AN/AN/A59.8-(59.8)-(0.0)
AON Centre
14
Colliers26,3056.7%6.6%100%4.3161.5(0.1)4.07.5172.9
Bowen CampusCBRE39,9725.3%5.6%99%15.5239.60.410.717.4268.1
Market value (fair value) of investment properties
5.1%5.3%98%7.61,870.5(0.3)972.5(42.6)2,800.1
Development properties
4
Commercial BayN/AN/AN/AN/AN/AN/A890.0-(890.0)--
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A15.50.110.12.928.6
10 Madden Street
8
ColliersN/AN/A5.6%N/AN/A17.7-32.62.853.1
HSBC House
5
CBREN/AN/A5.1%N/AN/A--130.4(28.4)102.0
30 Waring Taylor Street
15
ColliersN/AN/AN/AN/AN/A--7.8(0.9)6.9
Market value (fair value) of development properties
923.20.1(709.1)(23.6)190.6
1 Total weighted average by market value. Capitalisation rate reflects new long term lease commitments to those assets subject to the Government RFP.
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at year-end and
transfers to other categories of property.
4 All properties are categorised as level 3 in the fair value hierarchy. All properties are CBD office properties with the exception of Commercial Bay and Bowen Campus
which are under development.
5 The value of HSBC House has been transferred from investment properties to development properties on the basis that the property is now positioned for
redevelopment. The redevelopment project is referred to as One Queen Street.
6 This property was previously known as PwC Tower.
7 This property was previously known as Zurich House.
8 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
9 Subsequent to Commercial Bay retail centre opening (11 June 2020) the value was transferred from development properties to investment properties.
10 Subsequent to handover of the PwC Tower from the main contractor to Precinct on 30 June 2020 the value was transferred from development properties to
investment properties.
11 This property was previously known as Dimension Data House.
12 No.3 The Terrace relates to the freehold title in respect to Precinct’s leasehold interest.
13 On 30 April 2020 Pastoral House was sold for $76.7 million resulting in a loss on sale of $2.5 million.
14 Includes a gross up for the lease liability (June 2020: $2.9 million).
15 On 30 August 2019 Precinct acquired 30 Waring Taylor Street for $5.2 million and will undertake a full redevelopment of the building.
Accounting policies (continued)
Investment property held for sale
Investment property is transferred to investment property held for sale when it is expected that the carrying amount will be
recovered principally through sale rather than from continuing use. The property is held at the realisable value.
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is permanently
withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the derecognition of an investment
property are recognised in profit or loss in the year of derecognition.

80
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Fair value measurement, valuation techniques and inputs
Precinct’s properties were valued as at 30 June 2021 by independent registered valuers Colliers International, Bayleys, JLL, CBRE and
Savills.
Due to COVID-19, as at 30 June 2021, the valuers included a 'material valuation uncertainty' clause within the Commercial Bay Retail
valuation. See note 8(ii) for more information.
During the year there were no transfers of investment or development properties between levels of the fair value hierarchy. The
valuation techniques used in measuring the fair value of investment property, as well as the significant unobservable inputs used are as
follows:
Class of property
Valuation techniques usedInputs used to measure fair value
CBD office and retailIncome capitalisation approach, discounted
cash flow analysis and residual approach
- Office gross market rent per sqm
- Retail gross market rent per sqm
- Core capitalisation rate
- Discount rate
- Terminal capitalisation rate
- Rental growth rate per annum
- Profit and risk allowance
- Forecast development costs
Significant inputs used together with the impact on fair value of a change in inputs:
Range of significant unobservable inputs:Fair value measurement sensitivity:
Inputs used to measure fair value30 June 202130 June 2020to increase in inputto decrease in input
Office gross market rent per sqm
$427 - $1,081
$423 - $1,033IncreaseDecrease
Retail gross market rent per sqm
$411 - $7,175
$280 - $4,850IncreaseDecrease
Core capitalisation rate
4.1% - 6.8%
4.6% - 6.6%DecreaseIncrease
Discount rate
5.5% - 7.4%
6.5% - 8.5%DecreaseIncrease
Terminal capitalisation rate
4.5% - 7.0%
4.8% - 7.0%DecreaseIncrease
Rental growth rate per annum
1.9% - 3.4%
1.9% - 3.4%IncreaseDecrease
Profit and risk allowance
10% - 13%
13% - 15%DecreaseIncrease
Valuations reflect, where appropriate:
• The type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting
vacant accommodation, and the market’s general perception of their creditworthiness;
• The allocation of maintenance and insurance responsibilities between Precinct and the lessee; and
• The remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary
increases or decreases, it is assumed that all notices and where appropriate counter-notices have been served validly and within
the appropriate time.

81
ANNUAL REPORT 2021
Valuation methodologies
Income capitalisation approachDetermines fair value by capitalising the net income at a
capitalisation rate reflecting the nature, location and tenancy
profile of the asset. Subsequent near term capital adjustments
are then made which typically include letting-up allowances for
vacancy and pending expiries, capital expenditure allowances
and under/over renting reversions.
Discounted cash flow analysisA financial modelling methodology assessing the long-term return
that is likely to be derived from an asset. Explicit assumptions are
required for rental income growth, leasing up metrics on expiries
along with terminal value at the end of the cash flow period,
typically a 10 year horizon. A market-derived discount rate is then
applied to the assessed cash flows and discounted to a present
value to determine fair value.
Sales comparison approachFair value is determined by applying positive and negative
adjustments to recently transacted assets of a similar nature.
Residual approachA methodology normally used for property which is undergoing,
or is expected to undergo, redevelopment. Fair value is
determined by firstly calculating a gross realisation which
forecasts what a property is worth on completion and deducts all
costs associated with the development of the property. These
costs typically include letting and sale costs, a market required
profit and risk margin, construction costs and finance costs.
Unobservable inputs within the income capitalisation approach
Gross market rentThe estimated rental amount which a tenancy within a property
is expected to achieve under a new arm’s length transaction
including a share of the property operating expenses.
Core capitalisation rateThe income return produced by an investment expressed as a
percentage of the capital value. The capitalisation rate which is
applied to a property’s net market income is determined through
analysis of comparable sales transactions.
Unobservable inputs within the discounted cash flow analysis
Discount rateThe rate of return used to convert a property’s future cash flows
to present value. The discount rate is determined through analysis
of comparable sales.
Terminal capitalisation rateThe rate used to convert income into an indication of the
anticipated value of the property at the end of the cash flow
period.
Rental growth rateThe growth rate applied to the market rental over the cash flow
period.
Additional unobservable inputs within the residual approach
Profit and risk allowanceThe market level of return for a typical developer to receive on
their outlay in order to undertake the respective development
having regard to the relative risks (e.g. leasing progress, fixed
price contract, programme/staging) of the project at that point
in time.
Forecast development costsAll costs associated with the development of the property. These
costs typically include letting and sale costs, construction costs
and finance costs.

82
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
10. Internalisation of Management
On 31 March 2021 Precinct terminated the Management Services Agreement with AMP Haumi Management Ltd ("AHML").
Precinct paid AHML $213.9 million for the termination of the Management Services Agreement. In addition, Precinct acquired certain
assets of AHML (comprising $1.1 million, for which a payment of $1.1 million was paid by Precinct). Accordingly the net consideration
paid for the termination of the Management Services Agreement and purchase of certain assets was $215.0 million. The previous
employees of AHML are now directly employed by Precinct.
Judgement was involved in determining whether these transactions met the definition of a business combination in accordance with
NZ IFRS 3 Business Combinations. It has been determined that this transaction was a business combination. A business consists of inputs
and processes applied to those inputs that have the ability to create outputs. In making this assessment, the key consideration was
whether processes were being acquired. The inputs included the fixed assets and the employees of AHML. The conclusion is that the
processes were being acquired in the form of the knowledge, skills and experience of the workforce in carrying out the property
management processes.
The cancellation of the Management Services Agreement terminates the pre-existing relationships between Precinct and AHML.
$213.9 million of the consideration transferred has been attributed to the extinguishment of the pre-existing relationships and has been
included in the Consolidated Statement of Comprehensive Income. These arrangements did not contain any substantive settlement
provisions that were reasonably available to Precinct. It was also determined that there were no favourable or unfavourable terms in
the arrangements when compared with terms for current market transactions for similar arrangements. Accordingly, no settlement gain
or loss arose from the settlement of the pre-existing relationships. Costs of $3.1 million relating to the internalisation are also recognised
in the Consolidated Statement of Comprehensive Income for the period.
Identifiable assets acquired
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date of acquisition:
Amounts in $ millions31 March 2021
Property, plant & equipment1.1
Total identifiable net assets acquired
1.1
No goodwill arose as a result of this transaction.
11. Intangible Assets
a) Reconciliation of carrying amount
Amounts in $ millionsCustomer
relationshipsBrandsGoodwillTotal
Cost
Balance at 1 July 20202.00.816.5
19.3
Acquisition through business combination---
-
Balance at 30 June 20212.00.816.5
19.3
Accumulated amortisation
Balance at 1 July 20200.4--
0.4
Amortisation0.3--
0.3
Impairment loss--9.7
9.7
Balance at 30 June 20210.7-9.7
10.4
Carrying amounts at 30 June 2021
1.30.86.8
8.9
b) Amortisation
The amortisation of customer relationships is included in other expenses.

83
ANNUAL REPORT 2021
c) Impairment testing
For the purposes of impairment testing, goodwill has been fully allocated to the Flexible Space operating segment (Generator).
Generator's operations involve the operation of co-working and shared space.
The recoverable amount of Generator was based on its value in use, determined by discounting the future cash flows to be generated
from the continuing operation of Generator. Due to impacts of COVID-19 on the operations of Generator the carrying amount of
Generator was determined to be higher than its recoverable amount of $22.2 million and an impairment loss of $9.7 million was
recognised. The impairment loss was fully allocated to goodwill.
The key assumptions used in the estimation of value in use were as follows:
Amounts in $ millions30 June 202130 June 2020
Average annual discount rate (%)
11.3
14.6
Terminal value growth rate (%)
2.0
2.0
Membership revenue CAGR (%)
1
2.8
6.0
Terminal annual events revenue ($ million)
7.6
8.2
1 CAGR: compound annual growth rate
The discounted cash flow model included 10 years of cash flows. The 30 June 2020 valuation used 6 years of cash flows.
Accounting policies
Recognition and measurement
Customer relationships and brands acquired in a business combination that qualify for separate recognition are recognised as
intangible assets at their fair value. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated
impairment losses.
Impairment testing
External, independent valuers, having appropriate recognised professional qualifications and experience, value the Generator
business at least every 12 months. This independent valuation is used to assess whether there has been any impairment to the value
of goodwill recognised in Precinct's accounts.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as it
is incurred.
Amortisation
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method
over their estimated useful lives, and is generally recognised in profit or loss.
The estimated useful lives for current and comparative periods are as follows:
Intangible assets
Useful life
Customer relationships7 years
BrandsIndefinite
GoodwillIndefinite
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
12. Gross Operating Revenue
Amounts in $ millions
30 June 202130 June 2020
Gross property income from rentals
148.4
114.9
Gross property income from expense recoveries
31.7
23.7
Straight line rental adjustments
4.0
0.5
Amortisation of capitalised lease incentives
(8.6)
(5.1)
Generator operating revenue
14.7
17.8
Commercial Bay Hospitality operating revenue
9.6
0.0
Total gross operating revenue199.8
151.8

84
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Accounting policies
Recognition of revenue from investment properties
Rental income from investment property leased to clients under operating leases is recognised in the statement of consolidated
income on a straight-line basis over the term of the lease to the extent that future rental increases are known with certainty. Fixed
rental adjustments are accounted for to achieve straight line revenue recognition.
Precinct capitalises lease incentives provided to clients to the respective investment or development property in the statement of
financial position and amortises them on a straight-line basis over the term certain life of the lease.
The share of property operating expenses which are recoverable from clients is recognised as gross property income from expense
recoveries. This is associated with the provision of services relating to the operations of Precinct’s buildings (eg, cleaning, repairs and
maintenance, utilities). Precinct have assessed the performance obligations associated with these as being satisfied each month as
the services are undertaken within each building. Revenue from our clients for the recovery of operating expenses is billed monthly
and recognised in the financial statements in the same manner reflecting that recovery revenue from clients is received at the
same time that the performance obligation is satisfied.
Recognition of revenue from operating segments
Operating revenue from Generator is recognised when it transfers services to a member. It is measured based on the consideration
specified in a contract with the member.
Operating revenue from Commercial Bay Hospitality venues is recognised at the point of sale, measured at the fair value of the
consideration received.
13. 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
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 $ millions30 June 202130 June 2020
Investment
properties
Flexible
spaceHospitalityTotal
Investment
properties
Flexible
spaceHospitalityTotal
Revenue
Gross operating revenue
175.514.79.6199.8
134.017.8-
151.8
Intersegment revenue
1.8-(1.8)-
(0.8)0.8-
-
Less direct operating
expenses
(52.9)(8.6)(10.6)(72.1)
(36.0)(10.0)-
(46.0)
Operating income before
indirect expenses124.46.1(2.8)127.7
97.28.6-
105.8

85
ANNUAL REPORT 2021
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millions30 June 202130 June 2020
Segment operating income before indirect expenses127.7105.8
Interest expense
(27.2)(5.1)
Interest income
-0.1
Other expenses
(17.5)(13.3)
Unrealised net gain / (loss) in value of investment and development properties
282.9(66.3)
Unrealised net gain / (loss) on financial instruments
19.7(1.9)
Other revenue
-26.7
Depreciation - property, plant and equipment
(1.4)(1.1)
Lease depreciation
(5.0)(5.0)
Lease interest expense
(3.9)(4.2)
Net realised gain / (loss) on sale of investment properties
(2.4)(2.5)
Impairment of goodwill
(9.8)-
Termination of management services agreement
(217.1)-
Net profit before taxation146.033.2
14. Management Expenses
Amounts in $ millions30 June 202130 June 2020
Management expenses
Audit fees
1
0.3
0.2
Directors' fees and expenses
0.9
0.8
Manager's base fees
10.2
9.9
Management expenses
2
3.8
-
Less: those recognised in direct operating expenses
(1.2)
-
Less: capitalised to properties being developed
(0.5)
-
Amortisation of intangible assets
0.3
0.3
Other
3
3.7
2.1
Total other expenses17.5
13.3
1 Fees paid or payable to the Group's auditor comprise $234,000 for audit and review of financial statements (2020: $202,000) and $51,000 for other assurance services
(2020: $42,000). Other assurance services include agreed upon procedures in respect of review of performance fee calculation ($10,000), operating expense
statement review ($22,000) and green bond assurance ($19,000).
2 Management expenses includes employee remuneration, share-based payments expense, travel, training and occupancy costs.
3 Other includes valuation fees, NZX listing fees, share registry costs, annual and interim report publication and property investigations and feasibility costs.

86
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
15. Taxation
Amounts in $ millions30 June 202130 June 2020
Net profit before taxation146.0
33.2
At the statutory income tax rate of 28.0%40.9
9.3
Unrealised (gain) on value of investment and development properties
(79.2)
18.6
Unrealised (gain) / loss on financial instruments
(5.5)
1.9
Impairment of goodwill
2.8
0.0
Disposal of depreciable assets
(0.2)
(0.5)
Capitalised interest
(4.5)
(12.0)
Prior period adjustments
(3.8)
(2.9)
Other adjustments
(2.4)
(2.6)
Depreciation
(15.9)
(6.1)
Deductible capital expenditure
-
(0.7)
Current tax expense / (benefit)(67.8)
5.0
Depreciation recovered on sale of depreciable assets10.5
1.4
Fair value of financial instruments
6.6
(4.4)
Depreciation - current year
9.1
1.0
Deferred tax - other
(0.1)
0.0
Total deferred tax expense / (benefit)15.6
(3.4)
Total taxation expense(41.7)
3.0
Effective tax rate-29%
9%
Precinct holds its properties on capital account for income tax purposes.
The group has tax losses of $212.2 million available to carry forward as at 30 June 2021 (2020: $10.2 million)
In April 2021 Precinct applied to IRD for a binding ruling to confirm that that payment for the termination of the management services
agreement is deductible for tax purposes. On 30 June 2021 Precinct received a draft response from IRD confirming the deductibility
and are still waiting for the final response to be received. For the purposes of the 30 June 2021 tax calculation Precinct has assumed
the draft ruling position. See Note 31 for further information.
Amounts in $ millions30 June 202130 June 2020
Deferred tax asset - tax losses
(59.4)
(2.8)
Deferred tax asset - fair value of financial instruments
(13.3)
(16.8)
Deferred tax liability - intangible assets on acquisition
0.6
0.7
Deferred tax liability - depreciation
64.8
55.4
Net deferred tax (asset) / liability(7.4)
36.5
Deferred tax assets
Precinct has recognised deferred tax assets relating to the fair value of financial instruments, share-based payments and accumulated
tax losses of the group.
Deferred tax liabilities
Precinct has recognised deferred tax liabilities relating to the depreciation claw-back which would arise on the sale of investment
properties at carrying value.
In estimating this deferred tax liability, Precinct has relied on independent valuers' assessments of the market value of the land and
improvements. For 30 June 2021, Precinct has then relied on insurance replacement cost reports to split the value of improvements
(being the building structure and the fixtures and fittings), identified in the independent valuer's assessments.
Imputation credit account
Imputation credits available for use as at 30 June 2021 are $nil (2020: $1,633,369).

87
ANNUAL REPORT 2021
Accounting policy
Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that
it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at
the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the carrying amounts of
investment property will be recovered through sale.
16. Reconciliation of Net Profit after Tax to Adjusted Funds From Operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations and is
considered industry best practice for a REIT. This is determined by adjusting statutory net profit (under IFRS) for certain non-cash and
other items. AFFO has been determined based on guidelines established by the Property Council of Australia and is intended as a
supplementary measure of operating performance.
Amounts in $ millions30 June 202130 June 2020
Net profit after taxation
187.7
30.2
Unrealised net (gain) / loss in value of investment and development properties
(282.9)
66.3
Unrealised net (gain) / loss on financial instruments
(19.7)
1.9
Net realised loss / (gain) on sale of investment properties
2.4
2.5
Termination of management services agreement
217.1
-
Impairment of goodwill
9.8
-
Depreciation - property, plant and equipment
1.4
1.1
Depreciation recovered on sale
10.5
1.4
Deferred tax (benefit) / expense
15.7
(3.4)
IFRS 16 lease adjustments
1.9
2.3
Liquidated damages (net of tax impact)
-
(19.2)
Tax from management services termination payment
(60.8)
-
Swap closeout
3.0
-
One off item - project initialisation costs
0.7
-
Amortisations
13.8
7.9
Straightline rents
(4.0)
(0.5)
Funds from operations (FFO)96.6
90.5
Maintenance capex
(4.0)
(5.0)
Incentives and leasing costs
(7.3)
(2.8)
Adjusted funds from operations (AFFO)85.3
82.7
Weighted average number of shares for net operating income per share (millions)
1,316.5
1,313.8
Adjusted funds from operations per share (cents)6.48
6.29
This additional performance measure is provided to assist shareholders in assessing their returns for the year.
17. Earnings per Share
Amounts in $ millions
30 June 202130 June 2020
Net profit after tax for basic and diluted earnings per share ($millions)
187.7
30.2
Weighted average number of shares for basic and diluted earnings per share (millions)
1,316.5
1,313.8
Basic and diluted earnings per share (cents)14.26
2.30
There have been no new shares issued subsequent to balance date that would affect the above calculations.

88
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
18. Other Current Liabilities
Amounts in $ millions30 June 202130 June 2020
Trade creditors
6.1
6.9
Accrued expenses
24.9
17.9
Total other current liabilities31.0
24.8
19. Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities
Amounts in $ millions30 June 202130 June 2020
Net profit after taxation187.7
30.2
Add / (less) non-cash items and non operating items
Unrealised net (gain) / loss in value of investment and development properties
(282.9)
66.3
Unrealised net (gain) / loss on financial instruments
(19.7)
1.9
Net realised (gain) / loss on sale of investment properties
2.4
2.5
Deferred tax (benefit) / expense
15.7
(3.4)
Amortisation of leasing costs and incentives
12.4
6.7
Deferred tax expense
(56.2)
-
Impairment of goodwill
9.9
-
Movement in working capital
Increase / (decrease) in creditors
(1.6)
(11.4)
Income tax payable
(0.8)
(10.6)
(Increase) / decrease in debtors
(2.9)
0.5
Net cash inflow / (outflow) from operating activities(136.0)
82.7
20. Interest Bearing Liabilities
Amounts in $ millions30 June 202130 June 2020
Interest bearing liabilities
Bank loans
317.0
366.0
US private placement
260.7
260.7
NZ senior secured bond
325.0
175.0
Convertible note
150.0
150.0
Total drawn debt1,052.7
951.7
US private placement - fair value adjustments
31.1
69.3
Convertible note - embedded financial derivative and amortisation adjustment
17.8
12.7
Capitalised borrowing costs
(5.5)
(4.8)
Net interest bearing liabilities1,096.1
1,028.9

89
ANNUAL REPORT 2021
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
30 June 202130 June 2020
Bank loansAmortised costFeb-25150.0Floating
2
-
-
Bank loansAmortised costJul-22260.0Floating
2
210.0
260.0
Bank loansAmortised costJul-23200.0Floating
2
-
106.0
Bank loansAmortised costMar-26250.0Floating
107.0
-
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
NZ senior secured bond (PCT030)Amortised costMay-27150.02.85%
150.0
-
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
1,595.7
1,052.7
951.7
Weighted average term to maturity
3.5 years
3.9 years
Weighted average interest rate
before swaps (including funding
costs)
2.43%
2.50%
1 As at 30 June 2021.
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 $1,595.7 million (2020: $1,195.7 million) including the NZ retail bonds, convertible note and US private
placements.
All lenders (excluding convertible noteholders) 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.
The convertible note is subordinated to all secured debt and will convert into ordinary shares of Precinct subject to a Cash Election. The
cash election allows Precinct to elect to instead pay a cash amount to Noteholders at the end of the term. The number of shares into
which each holding of notes converts will be determined by dividing the Principal Amount ($1.00 per note) by the Conversion Price,
which is the lesser of:
1. the Conversion Price Cap of $1.40; and
2. a 2% discount to the Market Price.
To substantially remove currency risk, US private placement proceeds have been fully swapped back to New Zealand dollars.
Accounting policy
Interest bearing liabilities
Bank loans and the NZ retail bond 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 placements are 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. 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.
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 historic standard deviation, the convertible note strike price and the risk free rate . 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.

90
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
21. Lease Liabilities
Precinct has entered into ground leases (as lessee) and property leases (Generator as lessee). Ground leases have remaining non-
cancellable lease terms of between one and 51 years. Generator property leases have remaining non-cancellable lease terms of
between one and 12 years.
Amounts in $ millions30 June 202130 June 2020
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Current
-3.23.2-3.03.0
Non-current
3.034.137.13.037.440.4
Total lease liabilities3.037.340.33.040.443.4
Accounting policy
Leases
At contract inception Precinct assesses whether a contract is, or contains, a lease. Where a contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration it is considered a lease.
Precinct as a lessee
Precinct applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets where IFRS 16 recognition exemptions are applied. Precinct recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
Right-of-use assets
Precinct recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of the lease liabilities recognised, initial direct
costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right-of-use
assets are depreciated on a straight-line basis over the term certain life of the lease.
Lease liabilities
At the commencement date of the lease Precinct recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by Precinct and payments of penalties for terminating the lease if the lease term reflects Precinct exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments Precinct uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amounts of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g.,
changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in
the assessment of an option to purchase the underlying asset.

91
ANNUAL REPORT 2021
22. Derivative Financial Instruments
Amounts in $ millions30 June 202130 June 2020
Fair value of derivative financial instruments
Current assets
2.2
-
Non-current assets
1
32.3
95.2
Current liabilities
-
(1.7)
Non-current liabilities
(50.9)
(84.5)
Total(16.4)
9.0
Notional contract cover (fixed payer)
905.0
945.0
Notional contract cover (fixed receiver)
475.0
325.0
Notional contract cover (cross currency swaps - fixed receiver)
260.7
260.7
Percentage of net drawn borrowings fixed
54.1%
55.7%
Weighted average term to maturity (fixed payer)
4.0 years
3.9 years
Weighted average interest rate after swaps (including funding costs)
3.38%
3.88%
1 This includes the cross currency interest rate swap valuation of $25.1 million (June 2020: $76.0 million) and a net debit value adjustment of $1.0 million (June 2020:
$0.8 million credit).
Amounts in $ millions30 June 202130 June 2020
Unrealised net gain / (loss) on financial instruments
Interest rate swaps
23.8
(17.1)
US private placement
1
(0.1)
1.2
Convertible note option
(4.0)
14.0
Subtotal unrealised net gain / (loss) on financial instruments19.7
(1.9)
Credit risk adjustments on financial liabilities designated at fair value through profit or loss
(10.8)
6.8
Total unrealised net gain / (loss) on financial instruments8.9
4.9
1 This is the net impact, excluding the credit risk adjustment, of the movement in value of the cross currency interest rate swap and the US private placement notes.
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.
23. Capital Commitments
Precinct has $260.1 million of capital commitments as at 30 June 2021 (2020: $103.7 million) relating to construction contracts.

92
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
24. Operating Lease Commitments
Precinct has entered into investment property leases (as lessor) which have remaining non-cancellable lease terms of between one
and 38 years.
Future minimum rentals receivable under non-cancellable operating leases are as follows:
Commitments as lessor (receivable)
Amounts in $ millions30 June 202130 June 2020
Within one year
185.0
180.5
After one year but not more than five years
657.0
609.2
More than five years
763.4
681.1
Total1,605.4
1,470.8
The commitments above are calculated based on contract rates using the term certain expiry dates of lease contracts. Actual rental
amounts in future may differ due to rent review provisions within the lease agreements.
25. Contingencies
a. Contingent liabilities
There are no contingent liabilities as at 30 June 2021 (June 2020: $nil).
b. Contingent assets
There are no contingent assets as at 30 June 2021 (June 2020: $nil).
26. Share-Based Payments
a) Description of share-based payment arrangements
On 1 April 2021, Precinct introduced a long-term incentive scheme (‘scheme’) for key management personnel and senior executives.
Under this scheme, share rights were issued which entitles participants to receive ordinary shares in Precinct within the period of 15-39
months. Vesting of share rights are subject to achieving service and/or performance conditions and is classified as equity-settled. These
are at-risk payments designed to align the reward for senior management personnel and senior executives with the enhancement of
shareholder value over a multi-year period.
The key terms and conditions related to the grants under this scheme are as follows:
Restricted share rights
(granted to senior
management personnel
and senior executives)
Vest over service periods of 15, 27 and 39 months provided the participant remains employed by
Precinct.
Performance share rights
(granted to senior
executives)
Vest over 39 months (assessment period) if the related performance hurdle is met and participant
remains employed by Precinct. These will vest as follows:
Absolute TSR rights (one-third of performance share rights)
If Precinct's TSR exceeds a specified annualised compounding rate.
Relative TSR rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's TSR relative to the TSR of
property group comprising other listed property issuers.
FFO growth rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's FFO growth per share
relative to CPI growth rate.
TSR - Total shareholder's return; FFO - Funds from operations
On vesting date, subject to meeting the service and performance conditions as above, each share right converts to one ordinary
share. Key management personnel and senior executives are liable for tax on the shares received at this point.
b) Reconciliation of outstanding share rights
Number of share
rights
30 June 2021
Outstanding at 1 July 2020
-
Exercised during the year
-
Granted during the year
2,836,145
Outstanding at 30 June 2021
2,836,145

93
ANNUAL REPORT 2021
c) Fair value measurement of share rights
The fair value of the employee share rights awarded has been measured using a binomial model and Monte Carlo simulation. Service
and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value.
The inputs used in the measurement of fair values at grant date of the award share rights were as follows:
2021 scheme
Restricted share
rights 1
Restricted share
rights 2
Restricted share
rights 3
Absolute TSR
rights
Relative TSR
rights
FFO growth
Fair value ($)1.6381.6381.6380.5100.6301.410
Share price ($)1.6301.6301.6301.6301.6301.630
Expected volatility (%)N/AN/AN/A19.7019.7019.70
Expected life1 yr 3 mths2 yrs 3 mths3 yrs 3 mths3 yrs 3 mths3 yrs 3 mths3 yrs 3 mths
Risk free rate (%)N/AN/AN/A0.570.570.57
Expected volatility has been based on an evaluation of the historical volatility of the Precinct’s share price, particularly over the
historical period commensurate with the expected term. The expected term of the share rights has been based on historical
experience and general option holder behaviour. The risk-free rate reflects the interpolated rate for the period of 3 years and 3 months
based on data sourced from the Reserve Bank of New Zealand.
The management expense relating to the LTI scheme for the year ended 30 June 2021 is $0.3 million with a corresponding increase in
the share-based payments reserve. The unamortised fair value of the remaining share rights at 30 June 2021 is $2.4 million.
Accounting Policy
Recognition and measurement
The grant-date fair value of share-based payment arrangements granted to employees is generally recognised as an expense, with
a corresponding increase in equity, over the vesting periods of the awards. The amount recognised as an expense is adjusted to
reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such
that the amount ultimately recognised is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair
value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected
and actual outcomes.
Key estimates and assumptions
It has been assumed that the key management personnel and senior executives will remain employed with Precinct on each of the
vesting dates and that the non-market performance conditions will be met.
27. Related Party Transactions
As outlined in Note 10, Precinct internalised its management on 31 March 2021. From this date no further fees were payable to the
manager. Instead the costs of managing Precinct have been incurred directly. The information below relates to fees paid to the former
manager prior to internalisation.
Amounts in $ millions30 June 202130 June 2020
Fees chargedOwing at
30 June
Fees chargedOwing at
30 June
Base management services fee
9.9-
9.50.9
Leasing fees
1.3-
1.0-
Development manager fees
5.8-
11.36.8
Acquisition and disposal fees
0.2-
0.4-
Generator management fee
0.3-
0.4-
Recoverable services fee
4.4-
4.20.0
Total21.9-
26.87.7
a) Base management services fee
The base management services fee structure was 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 were expensed through indirect other expenses in the year in which they arise.

94
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
b) Performance fee
The performance fee was 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 was 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. No performance fee was payable in quarters where equity total returns were negative.
These fees were expensed through indirect other expenses in the year in which they arise.
c) Leasing fees
Precinct paid the Manager leasing fees where the manager had negotiated leases instead of or alongside a real estate agent.
Leasing fees were 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 paid development manager fees where the manager acted as development manager on Precinct developments.
These fees were capitalised to the respective investment or development property in the Statement of Financial Position.
e) Acquisition and disposal fees
Precinct paid fees to the manager for managing the sale or purchase of properties instead of or alongside a real estate agent.
Acquisition fees were capitalised to the respective investment or development property in the Statement of Financial Position.
Disposal fees were expensed through net realised gain or loss on sale of investment properties in the year in which they arise.
f) Recoverable services fee
Precinct paid 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 were 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 was charged for the provision of
management services to Precinct relating to its investment in Generator.
These fees were expensed through indirect other expenses in the year in which they arise.
h) Other transactions with the manager
Prior to internalisation, other than in respect of the Generator and Commercial Bay Hospitality businesses, Precinct did not employ
personnel in its own right. Under the terms of the Management Services Agreement, the manager was appointed to manage and
administer Precinct. The manager was responsible for the remuneration of personnel providing management services to Precinct until
31 March 2021.
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 year was $3,615,866 (2020: $3,529,457). As at 30 June 2021 an
amount of $2,267 was owing to Precinct from AMP Capital Investors (New Zealand) Limited(2020: $4,208 owing from Precinct).
i) Related party debts
No related party debts have been written off or forgiven during the year (2020: $nil).
28. Key Management Personnel
Amounts in $ millions30 June 202130 June 2020
Directors' fees
0.8
0.6
Executive team remuneration
1
0.7
-
Total1.5
0.6
1 Remuneration of the executive team post internalisation of management.

95
ANNUAL REPORT 2021
29. Capital Management
The Group's capital includes ordinary shares, retained earnings and interest bearing liabilities. When managing capital, management's
objective is to ensure Precinct continues as a going concern as well as to maintain optimal returns to share holders and benefits for
other creditors. Management also aims to maintain a capital structure that ensures the lowest cost of capital is available to Precinct.
Precinct meets its objectives for managing capital through its investment decisions on the acquisition and disposal of assets,
developments, dividend policy, share buy backs and issuance of new shares.
Precinct’s banking covenants require total liabilities (excluding deferred tax, derivative financial instruments and sub-ordinated debt
liability) to not exceed 50% of total assets. Precinct has complied with this requirement during this year and the previous year.
Precinct’s policy in respect of capital management is reviewed regularly.
30. Financial Risk Management
In the normal course of business through the use of financial instruments, Precinct is exposed to interest rate risk, credit risk and liquidity
risk. The Board agrees and reviews policies for managing each of these risks.
Financial instruments held:
Amounts in $ millions30 June 202130 June 2020
At amortised
cost
Fair value
through profit or
lossTotal
At amortised
cost
Fair value
through profit
or lossTotal
Financial assets
Cash
8.3-8.3
7.8-7.8
Debtors
6.4-6.4
7.2-7.2
Derivative financial
instruments
-36.736.7
-95.295.2
Total14.736.751.4
15.095.2110.2
Financial liabilities
Other current liabilities
31.0-31.0
24.8-24.8
Interest bearing liabilities
792.0291.81,083.8
691.0330.01,021.0
Derivative financial
instruments
-50.950.9
-86.286.2
Total823.0342.71,165.7
715.8416.21,132.0
a) Interest rate risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance, future cash flows or the fair value
of its financial instruments.
Precinct’s policy is to manage its interest rates using a mix of fixed and variable rate debt. Precinct’s policy is to keep at least 60%
(based on a one year horizon) of its interest bearing liabilities at fixed rates of interest. To manage this mix Precinct enters into interest
rate swaps, in which Precinct agrees to exchange, at specified intervals, the difference between fixed and variable rates for interest
calculated by reference to an agreed-upon notional principal amount. These swaps are designed to economically hedge underlying
debt obligations.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on interest bearing liabilities, after the
impact of hedging with all other variables held constant.
Amounts in $ millions30 June 202130 June 2020
Effect on profit
or equity
Effect on profit
or equity
25 basis point increase
(1.2)
(1.1)
25 basis point decrease
1.2
1.1
b) Credit risk
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause the Group
to incur a financial loss. Financial instruments which subject Precinct to credit risk principally consist of cash, debtors and derivative
financial instruments in an asset position. Precinct’s exposure to credit risk is equal to the carrying value of the financial instruments.
Precinct conducts credit assessments to determine credit worthiness prior to entering into lease agreements. In addition, debtor
balances are monitored on an ongoing basis with the result that Precinct’s exposure to bad debts is not significant.
There is no significant concentration of credit risk as financial assets are spread amongst a number of counterparties.

96
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
c) Liquidity risk
Liquidity risk is the risk that Precinct will experience difficulty in either realising assets or otherwise raising sufficient funds to satisfy
commitments associated with financial liabilities.
Precinct monitors and evaluates liquidity requirements on an ongoing basis and generates sufficient cash flows from its operating
activities to meet its obligations arising from its financial liabilities and has bank facilities available to cover potential shortfalls. The
Group’s approach to managing liquidity risk is to ensure it will always have sufficient liquidity to meet its obligations when they fall due
under both normal and stress conditions. The Group manages liquidity by maintaining adequate committed credit facilities and
spreading maturities in accordance with internal policy.
The tables below analyse Precinct’s financial liabilities (principal and interest) and net cash flows of derivative financial instruments into
relevant contracted maturity periods.
Amounts in $ millionsCarrying amount0 - 1 yr1-2 yrs2-5 yrs>5 yrsTotal contractual
cash flows
30 June 2021
Interest bearing liabilities
1,083.8255.0234.8328.9374.21,192.9
Net derivative financial
instruments
16.45.87.218.410.541.9
Other current liabilities
31.031.0---31.0
Total1,131.2291.8242.0347.3384.71,265.8
30 June 2020
Interest bearing liabilities1,021.027.0249.8579.5228.51,084.8
Net derivative financial
instruments(9.0)11.710.021.414.157.2
Other current liabilities24.824.8---24.8
Total1,036.863.5259.8600.9242.61,166.8
Accounting policy
Derecognition of financial instruments
Financial assets are derecognised when the right to receive cash flows from the financial asset has expired or when the entity
transfers substantially all the risks and rewards of the financial asset. If the entity neither retains nor transfers substantially all of the risks
and rewards, it derecognises the asset if it has transferred control of the asset. Financial liabilities are derecognised when the
obligation has expired or been transferred.
31. Events After Balance Date
Following a retail offer, on 8 July 2021 Precinct issued 19,736,842 shares at $1.52 per share.
On 14 July 2021 Precinct cancelled $50.0 million of the bank loan facility due to mature in July 2022.
On 15 July 2021 Precinct purchased Freyberg House for $49.0 million.
On 28 July 2021 Precinct received a final binding ruling from IRD confirming deductibility of the management services termination
payment.
On 11 August 2021 the Board approved the financial statements for issue and approved the payment of a dividend of $24,021,363
(1.625 cents per share) to be paid on 24 September 2021.

97
ANNUAL REPORT 2021
Independent auditor's report to the Shareholders of Precinct Properties New Zealand Limited
Opinion
We have audited the financial statements of Precinct Properties New Zealand Limited (“the company”) and its subsidiaries (together
“the group”) on pages 70 to 96, which comprise the consolidated statement of financial position of the group as at 30 June 2021, and
the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the year then ended of the group, and the notes to the financial statements including a summary of significant
accounting policies.
In our opinion, the consolidated financial statements on pages 70 to 96 present fairly, in all material respects, the financial position of
the group as at 30 June 2021 and its consolidated financial performance and consolidated cash flows for the year then ended in
accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards.
This report is made solely to the company's shareholders, as a body. Our audit has been undertaken so that we might state to the
company's shareholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the
Auditor’s responsibilities for the audit of the financial statements
section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1
International

Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand)
issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the financial statements
section of the
audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
A member firm of Ernst & Young Global Limited

98
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Investment and Development Property Valuations
Why significantHow our audit addressed the key audit matter
The Group’s investment and development properties have an
assessed fair value of $3,076.4 million and $232.4 million
respectively, and account for 96% of the Group’s total assets.
The Group engaged third party registered valuers to determine
the fair value of each property at 30 June 2021.
The property valuations require the use of judgments specific to
the properties, as well as consideration of the prevailing market
conditions. Significant assumptions used in the valuations are
inherently subjective and a small difference in any one of the key
assumptions, when aggregated, could result in a significant
change to the valuation of a property.
Given the market conditions at balance date, some of the third
party valuers have commented there remains some uncertainty
in relation to the adopted market assumptions given the impacts
of Covid-19 on the property market, indicating there may be a
greater range around their opinion of “market values” than would
normally be the case and/or that values and incomes may
change more rapidly and significantly than during standard
market conditions. The third party valuer of Commercial Bay
Retail reported on the basis of ‘material valuation uncertainty’,
noting that less certainty and higher degree of caution should be
attached to the valuation than would normally be the case. The
disclosures in the financial statements provide important
information about the assumptions made in the property
valuations at 30 June 2021. As a result, we consider the property
valuations and the related disclosures in the financial statements
to be significant to our audit.
For investment properties key assumptions are made in respect of:
• market rent; and
• estimated capitalisation or discount rates.
For development properties additional key assumptions are made
in respect of:
• forecast development costs; and
• profit and risk allowance.
Disclosures relating to investment and development properties
and the associated significant judgments are included in Note 9
‘Investment and Development Properties’ to the consolidated
financial statements. Disclosures in relation to the impact of
Covid-19 on the property valuations are included in Note 8ii to the
consolidated financial statements.
Our audit procedures included the following:
• Held discussions with management to understand:
– changes in the condition of each property; and
– the impact market conditions, including Covid-19, had on
the Group’s investment and development properties.
• Evaluated the Group’s internal review of the third party
valuation reports.
• Held discussions with the third party valuers to gain an
understanding of the assumptions and estimates used and the
valuation methodologies applied. This included consideration
of the impact, if any, of market conditions on key assumptions
such as market rent, capitalisation rates, discount rates,
forecast development costs and profit and risk allowances.
• Involved our real estate valuation specialists to assist with our
assessment of whether significant valuation assumptions fell
within reasonable ranges and the valuation methodologies
adopted were appropriate.
• Assessed key inputs supplied to the third party valuers by the
Group, including comparing the tenancy schedule and
specific provisions in the lease agreements to the underlying
records held by the Group.
• Assessed the significant assumptions applied by the third party
valuers for reasonableness compared to previous period
assumptions, the changing state of the properties and other
market changes.
• Assessed the competence, qualifications and objectivity of
the third party valuers.
• Considered the adequacy of the disclosures in Notes 8ii and 9,
including disclosure of the uncertainties arising from the
Covid-19 pandemic.
A member firm of Ernst & Young Global Limited

99
ANNUAL REPORT 2021
Information other than the financial statements and auditor's report
The Directors of the Company are responsible for the Annual Report, which includes information other than the consolidated financial
statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Directors' responsibilities for the financial statements
The Directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing on behalf of the entity the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the group or cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing
(New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at External Reporting Board’s
website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1. This description forms
part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Emma Winsloe.
Chartered Accountants
Auckland
11 August 2021
A member firm of Ernst & Young Global Limited

100
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 – Chair, Independent Director
Anne Urlwin – Independent Director
Graeme Wong – Independent Director
Nicola Greer – Independent Director
Mark Tume – Independent Director
Chris Judd – Independent Director
Mohammed Al Nuaimi – Director
Officers of PrecinctManager
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
Precinct Properties Holdings 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
Telephone:+64-9-488-8700
Email:enquiry@computershare.co.nz
Website:www.computershare.co.nz
Fax:+64-9-488-8787
Please contact our registrar:
• To change investment details such as name, postal address or method of payment.
• For queries on dividends and interest payments.
• To elect to receive electronic communication.

---

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION - Page 1
Precinct Properties
30 June 2021
Results
Photo Credit: Simon Devitt

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 2
Agenda
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, Deputy CEO
Richard Hilder, CFO
Note: All $ are in NZD
Highlights / Strategy / Key themes
Pages 3
Section 1 –Financial results & capital management
Page 11
Section 2 –Our markets
Page 20
Section 3 –Operations
Page 25
Section 4 –Developments
Page 33
Section 5 –Outlook
Page 39

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 3
Highlights
Financial Performance
•+20.7% uplift in operating income before indirect expenses
•Comprehensive income after tax of $179.9 million (2020: $35.1 million)
•6.48 cps AFFO representing a pay-out ratio of 100%
•6.50 cps dividend
•6.70 cps FY22 dividend guidance representing a 3.1% increase
Operational Performance
•98%portfolio occupancy, WALT of 7.7 years
•Contract rent growth of 7.0% on investment portfolio office leases
•Completion of 10 Madden Street on time and on budget
•GRESB score improved to 83(Global average: 70)
Capital Management
•$177 million saleof 50% interest in ANZ Centre
•$250 million of new bank facilities established
•$150 million green bonds successfully issued
•$250 million equity issue to fund acquisitions
•Strong balance sheet, gearing of 28%

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 4
Internalisation
•Precinct internalised its Management function in March 2021
•Overall net cost to Precinct of ~$145 million
•Provides significant benefits to Precinct and its shareholders
•Positions the business to deliver on the next phase of its strategy
Pro forma
AFFO
Accretion
Increased
alignment
of
interests
Management
fee savings
Retention of
Management
staff

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 5
Our Strategy
Precinct is a specialist city centre real estate investment company. It invests in
highquality strategically located city centre real estate with a focus on
sustainability.
•Following management internalisation, strategic options remain under
review including:
•Third party capital
•Passive: Funds Management
•Active: Development partnerships, particularly for large scale or non-core projects
•City-centre residential development
20142021
Size$1.75 b$3.3 b
Age26 yrs12 yrs
Maint. Capex0.60-0.80% p.a0.30% p.a
AKL Weighting60%71%
QualityA-gradePremium
Portfolio transformation
4.00 cps
4.50 cps
5.00 cps
5.50 cps
6.00 cps
6.50 cps
7.00 cps
2016201720182019202020212022F
Adjusted funds from operationsDividend (cps)
AFFO and Dividend per share growth

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 6
Strategy progress
Operational excellence
•Business has demonstrated significant resilience with quality occupier
base and solid demand for new developments
•Precinct received a 2020 Global Real Estate Sustainability Benchmark
(GRESB) score of 83 (Global average: 70)
•Office portfolio positioned well for occupier trends driven by Covid-19
with flight to quality accelerating
•Balance sheet strengthened to enable funding for growth
opportunities
•Launched Sustainable debt programme and published 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 with leasing 87% complete
•Deloitte Centre construction commenced and leasing materially
advanced
Empowering people
•Internalisation and retention of management now ensures greater
alignment
•Circa 200 FTE employees across Precinct, Generator and Commercial
Bay Hospitality businesses

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 7
Key themes
City Centres
•City centre continuing to recover with public
transport usage at 80% of pre-covid levels
•Demand for city centre real estate remains
•Pedestrian count has recovered significantly in
past 6 months
Occupier Market
•Two-tier occupier market with clear location
and quality bias
•PCT portfolio over 90% of physical occupation
•Workplace strategies are changing for the
better
Construction costs
•Supply chain pressures presenting risk to
project programmes
•Labour shortage driving increased costs
•Quality of the main contractor is critical
Inflation
•Costs expected to rise driven by the increase
in the cost of labour
•PCT portfolio presents a good hedge to
inflation with ~70% of lease events subject to
structured reviews

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 8
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 –Crown employment continues
to dominate
Auckland –Return to the city accelerating
79%
AKL waterfront pedestrian counts Jun-21
(rolling 3 months average) vs. pre-pandemic
pcp (Dec-20: 69%)
73%
AKL Metro weekly patronage Jun-21
(rolling 3 months average) vs. pre-
pandemic pcp (Dec-20: 67%)
Notably, these figures exclude International tourists
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
Auckland Waterfront Pedestrian Count
Ped Count% pre-pandemic
15,000
20,000
25,000
30,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
FY12FY13FY14FY15FY16FY17FY18FY19FY20
Wellington Public Service Sector FTE
Est. office footprint* (LHS)No. FTE (RHS)
* Range assumes density between 1:12m
2
to 1:16m
2

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 9
0%
20%
40%
60%
80%
100%
Apr-20Q2-20Q3-20Q4-20H1-21
% of 2018/19 average
PCT occupier trends
Work from office remains a priority
•Client survey completed in Feb-21 confirmed
PCT client workplace strategies continue to
prioritise working from office
•~85% of client employees have
returned to the office
•Supported by consumption data
which confirms steady recovery in
physical occupancy over the past
twelve months
PCT occupiers operating at capacity
•Client survey indicate 95% of PCT clients
require the same or more space to operate
•Increase in area requirement despite
65% of respondents allowing WFH for
up to 3 days per week
•Growth in Generator leasing enquiry over
past 12 months reflects business confidence
and focus on evolving workplace strategies
As measured by comparing actual total waste vs the average for 2018 & 2019
(AON Centre and Jarden House )
Generator quarterly enquiry
0
50
100
150
200
Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21
Physical building occupancy

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 10
Key PCT occupier considerations
Location and asset quality remain key themes
•28,200m
2
development pre-commitment
secured post-Covid totalling circa $250m of
operating lease commitments
•Survey of key pre-commit clients indicated:
•Asset quality and location equally
ranked as most important factor when
committing to new premises
•Employee productivity and cross-team
collaboration considered to be most
important benefit provided by premises
•Respondents indicated workplace
design will feature more collaboration
space than their current premises
Asset quality
Top 3 considerations
Location
Talent attraction
“Employee productivity”
Perceived benefits
“Cross-team collaboration”
“Company culture and talent
attraction”
16%
43%
TechnologyProfessional ServicesGovernmentCorporateOther
Composition of post-Covid development pre-commitment

Section 1
Financial results
& capital
management

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 12
Financial performance
$179.9 m
Total comprehensive income after
tax
+20.7%
Increase in operating income
before indirect expenses
$282.9 m
Full year revaluation gain
For the 12 months ended30 June 202130 June 2020
($m)AuditedAuditedMovement
Operating income before indirect expenses$127.7 m$105.8 m+$21.9 m
Indirect expenses ($17.5 m)($13.3 m)($4.2 m)
Net interest expense ($27.2 m)($5.0 m)($22.2 m)
Operating income before income tax$83.0 m$87.5 m($4.5 m)
Unrealised net gain / (loss) in value of investment and
development properties
$282.9 m($66.3 m)+$349.2 m
Unrealised net gain / (loss) on financial instruments$19.7 m($1.9 m)+$21.6 m
Termination of management services agreement($217.1 m)($217.1 m)
Other non-operating expenses($22.5 m)$13.9 m($36.4 m)
Net profit before taxation$146.0 m$33.2 m+$112.8 m
Current tax expense$67.8 m($5.0 m)+$72.8 m
Deferred tax (expense) / benefit & deprecation recovered($26.1 m)$2.0 m ($28.1 m)
Net profit after income tax attributable to equity holders$187.7 m$30.2 m+$157.5 m
Other comprehensive income / (expense)($7.8 m)$4.9 m($12.7 m)
Total comprehensive income after tax attributable to equity
holders
$179.9 m$35.1 m+$144.8 m

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 13
Operating income
•Like-for-like net property income (NPI) rose
1.2%, with Wellington increasing 2.2%
•Following the completion of Mayfair
House, Commercial Bay and 10 Madden
Street overall NPI rose $27.2m
Covid impacts to operating income
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. Retail
•$1.1m of retail support
•GOC caps for tourism related retailers
resulted in lower Commercial bay retail
income
3. Operating businesses
•Disruptive period impacted by
lockdowns and opening delays for both
businesses
1 – Generator operating income of $6.1m excludes rent expense of $6.9m due
to IFRS 16 resulting in an EBITDA loss of ($0.8m) (2019: $1.8m).
For the 12 months ended
$m (Audited)
30 June 202130 June 2020
∆
Auckland$41.8 m$41.6 m+$0.2 m
Wellington$31.6 m$30.9 m+$0.7 m
Investment portfolio$73.4 m$72.5 m+$0.9 m
Transactions and Developments$52.1 m$26.5 m+$25.7 m
Subtotal$125.5 m$98.9 m+$26.6 m
COVID-19 Impact($1.1 m)($1.7 m)+$0.6 m
Total net property income$124.4 m$97.2 m+$27.2 m
Generator$6.1 m$8.6 m($2.5 m)
CBHL($2.8 m)-($2.8 m)
Operating income before indirect expenses$127.7 m$105.8 m+$21.9 m
Operating income reconciliation
$90.0 m
$100.0 m
$110.0 m
$120.0 m
$130.0 m
$140.0 m

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 14
AFFO
6.48 cps
+3.0% y-o-y
•Operating performance
measured by funds from
operations (FFO) per share
grew by 6.5%
•Adjusted FFO (AFFO), a
measure of dividend paying
capacity grew by 3.0%
•~100% AFFO pay-out ratio
•Increased incentives reflecting
leasing transactions at HSBC
Tower and AON Centre
FFO and AFFO
For the 12 months ended30 June 202130 June 2020Movement
Operating income before indirect expenses $127.7 m $105.8 m +$21.9 m
Indirect expenses ($17.5 m)($13.3 m)($4.2 m)
Net interest expense ($27.2 m)($5.0 m)($22.2 m)
Operating profit before tax $83.0 m $87.5 m ($4.5 m)
Current tax expense$67.8 m ($5.0 m)+$72.8 m
Operating profit after tax$150.8 m $82.5 m +$68.3 m
Adjusted for:
Generator rent expense (IFRS 16)¹($7.0 m)($7.0 m)($0.0 m)
Tax impact from MSA termination and liquidated damages($60.8 m)$7.5 m ($68.3 m)
Swap closeout $3.0 m -+$3.0 m
One off item Project Initialisation Costs²$0.7 m -+$0.7 m
Amortisations of incentives and leasing costs$13.8 m $7.9 m +$5.9 m
Straight-line rents($4.0 m)($0.5 m)($3.5 m)
Funds from Operations (FFO)$96.6 m $90.5 m +$6.1 m
FFO per weighted security7.34 cps6.89 cps
Dividend pay out ratio to FFO89%92%
Adjusted Funds From Operations
Maintenance capex($4.0 m)($5.0 m)+$1.0 m
Investment portfolio - Incentives and leasing fees($7.3 m)($2.8 m)($4.5 m)
Adjusted Funds From Operations (AFFO)$85.3 m $82.7 m +$2.6 m
AFFO per weighted security6.48 cps6.29 cps
Dividend paid in financial year6.50 cps6.30 cps
Dividend pay out ratio to AFFO100%100%
1- Generator rent expense is excluded from operating profit due to IFRS 16
2- Project initiation costs primarily associated with the unsuccessful acquisition of 4-10 Mayoral Drive,
Auckland from Auckland Council

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 15
Tax overview
•Tax loss in the period resulted in a
tax benefit of $67.8 million
•Deferred tax asset (DTA) related to
tax losses carried forward
Outcome due to:
•The reintroduction of depreciation
on structure;
•Expenditure relating to testing,
removal and encapsulation of
contaminants as part of the
demolition of building structure
$13m (2016 - 2019); and
•The IRD confirming the deductibility
of the termination payment
Future financial periods
•Precinct will continue to recognise
a tax expense, however no tax
payments will be required until the
DTA has been fully utilised
•As a result, no imputation credits will
be available for distribution
For the 12 months ended $m
30 June 202130 June 2020
Net profit before taxation$146.0 m$33.2 m
At the statutory income tax rate of 28.0% $40.9 m$9.3 m
Unrealised (gain) on value of investment and
development properties
($79.2 m)$18.6 m
Unrealised (gain) / loss on financial instruments($5.5 m)$1.9 m
Impairment of goodwill$2.8 m$0.0 m
Disposal of depreciable assets($0.2 m)($0.5 m)
Capitalised interest($4.5 m)($12.0 m)
Prior period adjustments($3.8 m)($2.9 m)
Other adjustments ($2.4 m)($2.6 m)
Depreciation($15.9 m)($6.1 m)
Deductible capital expenditure-($0.7 m)
Current tax expense / (benefit) ($67.8 m)$5.0 m
FY22 tax expense expected to remain low due
to depreciation and disposal of depreciable
assets at 1 Queen Street

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 16
Revaluations
•Revaluation gain of $282.9m or 9.3%, attributable
primarily to cap rate compression
•NAV per share of $1.52 (Jun-20: $1.45)
•Accretion from revaluation partly offset by
net termination payment
•Wellington saw the biggest % change YoY with
~78 bps of yield compression
•+15.3% investment Wellington portfolio
•+7.1% investment Auckland portfolio
•+9.8% development portfolio
Portfolio valuation
NTA movement
Value MovementCap Rates %*
30 Jun 2020
Market Value
Additions /
Disposals
30 Jun 2021
Book Value
30 Jun 2021
Market Value
Revaluation
Revaluation
%
20202021Change
Investment Properties
Wellington$746.7 m $26.5 m $773.2 m $891.3 m $118.1 m 15.3%6.1%5.3%(78 bps)
Auckland$1,928.7 m$112.2 m$2,040.9 m$2,185.2 m$144.2 m7.1%4.9%4.5%(43 bps)
Subtotal – Investment Properties$2,675.4 m$138.8 m$2,814.2 m$3,076.4 m$262.2 m
9.3%5.3%4.8%
(55 bps)
Development Properties
Bowen Campus Stage Two$28.6 m$44.6 m$73.2 m$96.5 m $23.3 m 31.8%---
30 Waring Taylor Street$6.9 m$10.7 m$17.6 m$19.4 m $1.8 m 10.2%---
One Queen Street$102.0 m$18.9 m$120.9 m$116.5 m ($4.4 m)(3.6%)---
Subtotal – Development Properties$137.5 m$74.2 m$211.7 m$232.4 m$20.7 m9.8%
n/an/an/a
Total$2,812.9 m$212.9 m$3,025.9 m$3,308.8 m$282.9 m
9.3%5.3%4.8%
(55 bps)
120.0
140.0
160.0
180.0
Jun-2020Equity issueRevaluationTermination
of MSA
Other
(rounding)
Jun-2021
NTA per share

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 17
Bank debt
54%
USPP
16%
Convertible
Note
10%
NZ Bonds
20%
Capital management
Supporting our long term strategy
Debt facility expiry profile
Key metricsJune 2021June 2020
Debt drawn ($m)$1,052.7$951.7
Gearing - banking covenant (%)28.228.8
Weighted average term to expiry (years)3.53.9
Weighted average debt cost (incl fees) (%)3.43.9
% of debt hedged (%)5456
Interest coverage ratio (previous 12 months) 2.4 x2.4 x
Total debt facilities ($m)$1,596$1,196
Funding diversity
Debt capital
markets
46%
•Multiple capital management initiatives including
selling the ANZ Centre, $400m of new debt
facilities and $250m of new equity
•Gearing as measured under banking covenants is
28.2%
•Intention remains to convert convertible note to
equity and refinance PCT010
•Weighted average interest cost of 3.4% and
hedging of 54% (63% ex PCTHA)
•Consideration for further capital recycling
$100 m
$200 m
$300 m
$400 m
Jun 22Jun 23Jun 24Jun 25Jun 26Jun 27Jun 28Jun 29Jun 30>Jun
31
Debt Facility Expiry Profile
Year ending
Bank debtUSPPNZ BondsConvertible Note

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 18
ESG Progress
Sustainability at Precinct
Improved our key performance measure, GRESB,
to 83 (Global average: 70)
•GRESB is the most relevant ESG measure for real
estate entities
•Demonstrated by 73 Australian participants
(12 listed & 61 unlisted)
•57% of AREITS considered ‘global leaders’
•Launched sustainable debt programme against
$1.9b of green assets
•Development offsetting of embodied carbon
programme established
Last reported20192020
GRESB (Global Average)7783 (70)
TCFD -Yes
MSCI ESG ratingABBB
CDPN/AB-
Green office assets by June 2021 book value*
Project MeasuredOffset tonnes CO2e
40 Bowen StreetYesYes5,959
44 Bowen StreetYesYes5,719
1 Queen Street (Structure)YesSaved9,356
1 Queen StreetYesTBC3,938
Total24,972
Embodied emissions
Green Development assetsGreen AssetsNon-Green
Green assets defined as per sustainable debt framework
(minimum 5 star Greenstar or 4 star NABERSNZ)

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 19
4.00 cps
4.50 cps
5.00 cps
5.50 cps
6.00 cps
6.50 cps
7.00 cps
2016201720182019202020212022F
Adjusted funds from operationsDividend (cps)
A $0.8b development pipeline benefiting from 90% pre-leasing will underpin a stable and
strengthening earnings profile
AFFO and dividend expected to grow due to:
•Portfolio benefiting from structured reviews
•98% occupied and 7.7 year WALT
•Revenue sourced from Government and high quality corporate occupiers
•Development activities will drive growth in quality and AFFO with average yield of ~6.1%
•High quality modern portfolio reducing recurring capex requirement
Short term AFFO outlook may be impacted if New Zealand has further lockdowns due to
Covid-19
6.70 cps
FY22 dividend guidance
Historical AFFO and Dividend
FY22 guidance

Photo Credit: Simon Devitt
Section 2
Our markets

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 21
Our city centre markets
Prime office (Auckland city centre)
•Two-tier occupier market conditions with clear location and quality bias
•Prime vacancies increased to 7.3% at Jun-21 (Jun-20: 4.8%) albeit this
vacancy is unevenly spread throughout the market
•Prime rentals were relatively stable, however assets with material vacancies
remain under pressure with increasing levels of incentives being offered
CBD Prime retail
•Waterfront retail precinct remains resilient while traditional retail submarkets
(Queen Street/High Street) have experienced some declines in occupancy
•CBD retail rentals continue to face headwinds but are expected to stabilise
as foot traffic, from both office workers and tourists, recover over time
Prime office (Wellington city centre)
•Prime vacancies remain unchanged at 0.9% as at Jun-21 (Jun-20: 0.6%),
with occupiers moving up grade curve or extending existing leases
•Demand continues to be driven by a healthy mix of public and private
sector occupiers
•Further material increase in prime rentals over the period with further
growth expected
Flexible space
•Level of membership enquiries and occupancy increasing, particularly in
past six months, as demand for flexible workspace rebounds
•Demand from technology and pharmaceutical companies increasing

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 22
0%3%6%9%12%15%
Prime (Total)
Wynyard
CBD Other
CBD Waterfront
Jun-20Jun-21
-4%
-2%
0%
2%
4%
6%
8%
10%
$0
$100
$200
$300
$400
$500
$600
$700
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Rent range (LHS)Change (6mma, RHS)
Avg. face rent (LHS)Avg. effective rent (LHS)
Auckland city centre office
•Strengthening overall demand on the back of
robust business confidence underpinned by strong
GDP growth and low unemployment
•Two-tiered market with occupier demand widening
between prime and secondary
•Increase in prime vacancies over FY21 driven by
assets experiencing extensive backfill
•JLL 2Q-21 research notes ~50% of current
prime grade vacancies can be attributed to
five buildings alone
•While sublease space continues to present
some headwinds, much of the available
space is unlikely to be let due to difficulties in
tenancy subdivision and/or short tenure
•Waterfront locations continue to outperform
despite significant new supply since 2019
•~3,900m
2
increase in vacant NLA compared
to ~64,400m
2
increase in prime stock over the
same period
•Space within core PCT portfolio remains sought-
after with comparatively lower level of incentives
offered versus market average
•For six months period to Jun-21, PCT average
incentives 5.3% (~5,100m
2
new leasing) versus
14.6% market incentives reported by JLL
Prime vacancy by location
Source: Colliers, Precinct Properties
Prime net rental range and growth
Source: JLL

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 23
0%1%2%3%4%5%
Prime (Total)
Thorndon
Fringe / Te Aro
CBD Core
Jun-20Jun-21
-4%
-2%
0%
2%
4%
6%
8%
10%
$0
$100
$200
$300
$400
$500
$600
$700
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Rent range (LHS)Change (6mma, RHS)
Avg. face rent (LHS)Avg. effective rent (LHS)
Wellington city centre office
•Demand remains underpinned by Government
growth, flight to quality and seismic obsolescence
•Low prime vacancy rates reported in
Thorndon and parts of the CBD Core where
many agencies are located
•Corporates continuing to move up the grade
curve where quality space becomes
available
•Prime rentals continue to trend upwards due to
benign demand/supply dynamic
•Gross effective rentals up 3.9% y-o-y to Jun-21
(Jun-20: 1.4%) with a CAGR of 4.0% p.a. to
date compared to pre-Kaikoura market
rentals
•Net rentals remain under some pressure due
to OPEX increases
•Economic rents expected to support growth in
rents as additional supply is required to meet
demand
Prime vacancy by location
Source: JLL
Prime gross rental range and growth
Source: JLL

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 24
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
010203040506070809101112131415161718192021222324
10-Yr SwapAKLAKL LT Avg.WLGWLG LT Avg.
Consensus
Forecast
Under
valued
Fair
value
Over
valued
Prime yields
•Material firming in yields in the second half, with
defensive assets, e.g.prime industrial, prime office
and LFR, attracting strong bids
•Abundant liquidity expected to underpin yields
•Despite concerns around inflation and
central bank rate hikes, cost of capital
continues to remain near historic lows
•Current valuation forecasts suggests further yield
firming remains likely
•Prime yields, particularly in Wellington,
remains attractive on a relative basis
•Negative real rates providing tailwind for
further capital inflows to tangible assets
0%
1%
2%
3%
4%
5%
6%
7%
8%
4%
5%
6%
7%
8%
9%
10%
11%
12%
010203040506070809101112131415161718192021
10-year Swap (RHS)WLG Prime Office
AKL Prime OfficeAKL Prime Industrial
Key sector yield vs. 10-year swap
Source: JLL, RBNZ
Prime office yield spreads to 10-year swap rate (actual / forecast*)
Source: Colliers, CBRE, JLL, RBNZ
* Consensus forecast based on average of Colliers, CBRE and JLL projections
+280bps
Auckland prime yield
spread
+436bps
Wellington prime yield
spread

Photo Credit: Simon Devitt
Section 3
Operations

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 26
Through FY21 Precinct has experiencedstrong
leasing demand from high quality occupiers
underpinned by robust business confidence and a
shift to quality
Key investment portfolio and development
leasing summary
•12-year lease to Waka Kotahi NZ Transport
Agency over8,660m
2
at 44 Bowen Street
•15-year lease to KPMGover 2 floors at 44
Bowen Street
•20-year lease to Deloitteover 7,500m
2
at 1
Queen Street
•9-year lease to Aonover Levels 20 & 21 at
the Aon Centre Auckland
(previously AMP
Centre)
11.2 years
Weighted average lease term
(on new leasing including developments)
7.0%
Growth in contract rentals on
new office leases
35,270m
2
Leasing transactions (including
development leasing)
Leasing activity
4.7 years
Weighted average lease term
Investment portfolio leasing
15.5 years
Weighted average lease term
Development portfolio leasing

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 27
Supporting our strategy
•Adapting offering to cater for evolving occupier demands
•Occupiers working differently and valuing flexibility and innovation
•Wider range of offering and optionality now available
•Corporate real estate strategies increasingly span the office space spectrum
•Precinct response has been to continue to broaden our offering
•Generator and Private office product has allowed for expansion of Precinct’s offering
•Strategy enables greater cross-sell and growth pipeline across the business

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 28
Earnings quality
Our portfolio benefits from high quality
occupiers, a long weighted average lease
term, low expiry risk and a high degree of
structured growth
•Circa 6%of portfolio by income is subject to
expiry over the next 12 months
•Precinct portfolio’s exposure to structured
rent reviews provides secure cashflow
•77%of portfolio by income subject to
review event in FY22 of which 6%
comprised market rent review
Office lease expiry profile (by income)
29%
15%
25%
9%
21%
Office Revenue by Industry
Government (Local and
Central)
Legal
Financial Services,
Banking, and Insurance
Information Technology
Other
FY22 Key leasing events (by NLA)
0%
5%
10%
15%
20%
25%
30%
35%
40%
% of Income
Financial Year
AucklandWellington
6%
7%
63%
7%
16%
Market
CPI
Fixed
Next Expiry
No event

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 29
Commercial Bay Retail
•Foot traffic and sales showing
significant improvement post the last
lockdown in March
•Food & beverage continues to be the
strongest performer, particularly
Harbour Eats
•Streetscape improvement continues
with the opening of TeKomititangaand
TeWānanga
•Lower Albert Street bus terminal re-
opened on the 25
th
of April, increasing
commuter exposure to the centre
•July 2021 saw the highest level of foot
traffic since centre opening, up 42% on
April 2021
•Second half NPI impacted by GOC
washups for the full year

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 30
Commercial Bay Retail
Centre composition
•The centre has shown strategic resilience in its first
year of operation considering the context of a
global pandemic
•Foot traffic has built strongly through 2021 to date
and is translating to sales growth
•Commercial Bay Hospitality achieved successful
openings, however impact of lockdowns led to
$2.8m loss for the year
0%
25%
50%
75%
100%
-
300,000
600,000
900,000
1,200,000
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
% of month in alert levels 2
-4
Foot Traffic
Retail Centre Monthly Foot Traffic
Alert Levels 3 & 4Alert Level 2Foot Traffic

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 31
Generator performance
Resilient business performance given impacts of Covid-19
•Occupancy recovering strongly with active cost control mitigating lost revenue
•Events revenue impacted by lockdowns but grown back to pre-C
ovid levels and benefitting from new
meeting suites at PWC Tower and HSBC Tower
•Growth in revenue from global tech and pharmaceutical companies
•Medium term outlook remains positive with strong increase in enquiry
•Precinct/Generator strategy continues to prove valuable with cross business sales increasing
•Strong interest in Generator Wellington ahead of November opening
FY21FY20
Revenue
1
$15.5m$18.6m
EBITDA
($0.8m)$1.
8m
Revenue sources
Occupancy
1
Note: Generator performance includes intersegment revenue
79%
21%
Membership Revenue Events & Hospitality Revenue
71%
65%
89%
0%
20%
40%
60%
80%
100%
30-Jun-2131-Dec-2030-Jun-20

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 32
Transactions and opportunities
Wellington acquisitions support business strategy
•Leverage government asset redevelopment experience, market position and strong
Wellington market to generate value accretion
Further value-add opportunities under investigation
•Precinct to participate in the market process for the sale of the Downtown Carpark
•Further Wellington opportunities identified
•Third-party capital partnerships considered to optimise shareholder returns
Bowen House -Key metrics
Net lettable area14,000 m
2
Yield on cost5.25%
Value on completion$164 m
Freyberg Building - Key metrics
Net lettable area14,800 m
2
Holding yield~4-5%
Targeted return on cost15%+

Section 4
Developments

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 34
FY22FY23FY24
DevelopmentTPCOffice NLA% LetWALT (Let)Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24
30 Waring Taylor$27 m1,800 m² 100%10.0 years
40 Bowen$90 m9,800 m² 72%9.7 years
44 Bowen$105 m11,500 m² 100%12.8 years
Bowen House$148 m14,000 m² 100%15.0 years
Deloitte Centre$308 m14,300 m² 87%14.9 years
Total$678 m51,400 m² 90%13.7 years
Committed developments
6.1%
Forecast blended
yield on cost (fully let)
22%
Forecast blended
return on cost
19,500m
2
Leased during the
period
$0.8b
Total value on
completion

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 35
40 & 44 Bowen (BowenCampus Stage 2)
•Pleasing progress to date despite tight construction market
•40 Bowen– superstructure nearing completion, 1
st
fix
services and façade install progressing
•44 Bowen– groundworks complete, superstructure to
commence in Aug-21
•44 Bowen now 100% pre-committed (by NLA) with ~21
months remaining in construction programme
•40 Bowen remains 72% pre-committed (by NLA) with strong
on-going occupier engagement for remaining 1.5 floors
30%
Forecast return on cost
6.5%
Forecast yield on cost

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 36
Deloitte Centre (1 Queen Street)
•Construction commenced in Jun-21 and remains on
programme to complete all works in 2H-23
•Commercial – 14,300m
2
premium grade office and
supporting F&B/retail amenities to complete Aug-23
•Hotel– target opening of 139-room InterContinental
hotel in late 2023
•Advanced pre-commitment to 87% (incl. hotel) by NLA
following 7,500m
2
commitment from Deloitte
21%
Forecast return on cost
(stabilised)
6.2%
Forecast yield on cost
(stabilised)

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 37
Other committed developments
30 Waring Taylor
•Works remain on programme to
complete Oct-21
•Generator opening its first Wellington
site in early Nov-21 with good levels of
enquiry to date
Bowen House
•Refurbishment and seismic upgrade
works commenced on 2 August 2021
•Building is leased by The Parliamentary
Service with a new 15-year term on
completion of works in mid-2023

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 38
Uncommitted pipeline
•Current internal development pipeline totalling ~34,800m
2
forecast to be delivered by FY24/25
•Wynyard Quarter Stage 3 – final stage of the Wynyard
Quarter Innovation Precinct (20,000m
2
prime NLA)
•Freyberg Building– repositioning opportunity (14,800m
2
prime NLA) located adjacent to the proposed new
National Archives building in the Government precinct
•Wynyard Quarter Stage 3 fully designed. Expect to commit
to one or more buildings in FY22
~15%
Target return on cost
~5.5%-6%
Target yield on cost

Section 5
Outlook

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 40
Outlook
•Precinct demonstrated significant resilience over the past 18 months and is
well placed for the future
•Following internalisation, Precinct is considering its strategic options in order
to optimise returns for shareholders
•Workplace strategies are evolving and this is likely to support Precinct’s
performance with elevated enquiry levels for PCT buildings
•Broader economic drivers expected to support Precinct given its portfolio,
markets and low funding costs. Structured reviews expected to mitigate risk
of inflation
•Dividend and AFFO guidance of 6.70cps for the FY22 year maintained

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 41
Appendices

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 42
Financial Summary
(Amounts in $ millions unless otherwise stated)20212020
Change (%)
Rental revenue199.8151.831.6
Funds from operations (FFO)96.690.56.7
Adjusted funds from operations (AFFO)85.382.73.1
Total comprehensive income after tax attributable to equity holders179.935.1412.5
Funds from operations (FFO) (cents per share)7.346.896.5
Adjusted funds from operations (AFFO) (cents per share)6.486.293.0
Gross distribution (cents per share)6.506.92(6.0 )
Net distribution (cents per share)6.506.303.2
AFFO Payout ratio (%)100.3100.1 0.2
Total assets3,456.43,185.28.5
Total liabilities1,235.81,276.8(3.2)
Total equity2,220.61,908.416.4
Shares on issue (million shares)1,458.51,313.811.0
NTA (cents per share)1521445.6
NAV (cents per share)1521454.8
Gearing ratio at balance date (%)28.228.8(2.1)

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 43
Operating income
For the 12 months ended
$m
30 June 202130 June 2020
∆
AMP Centre$11.5 $11.4 $0.0
HSBC Tower$17.8 $17.8 $0.1
Zurich House$5.6 $5.6 $0.0
Mason Brothers$2.4 $2.3 $0.1
12 Madden Street$4.5 $4.5 ($0.0)
Auckland total$41.8 $41.6 $0.2
NTT Tower$7.2 $7.1 $0.1
AON Centre$10.5 $10.5 $0.0
Bowen Campus$13.8 $13.3 $0.5
Wellington total$31.6 $30.9 $0.7
Investment portfolio$73.4 $72.5 $0.9
Transactions and Developments
1 Queen Street$0.8 $3.6 ($2.7)
PWC Tower$18.3 $18.3
Commercial Bay Retail$13.2 $3.7 $9.5
Mayfair House$4.1 $2.2 $1.9
204 Quay Street$0.5 $0.5
No 1 The Terrace$6.4 $5.2 $1.2
10 Madden Street$2.1 $0.0 $2.1
Pastoral House$0.0 $2.4 ($2.4)
ANZ Centre$6.7 $9.2 ($2.6)
Subtotal$125.5 $98.9 $26.6
COVID-19 Impact($1.1)($1.7)$0.6
Total net property income$124.4 $97.2 $27.2
Generator$6.1 $8.6 ($2.5)
CBHL($2.8)($2.8)
Operating income before indirect expenses$127.7 $105.8 $21.9

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 44
Balance sheet
Financial Position as at 30 June 202130 June 2020
($m) AuditedAuditedMovement
Assets
Development properties$232.4 $190.6 + $41.8
Investment properties$3,076.4 $2,800.1 + $276.3
Investment properties held for sale---
Intangible assets$9.0 $18.9 ($9.9)
Deferred tax asset$7.4 -+ $7.4
Fair value of derivative financial instruments$34.5 $95.2 ($60.7)
Right-of-use assets$33.2 $38.1 ($4.9)
Other$63.5 $42.3 + $21.2
Total Assets$3,456.4 $3,185.2 + $271.2
Liabilities
Interest bearing liabilities$1,096.1 $1,028.9 + $67.2
Deferred tax liability-$36.5 ($36.5)
Lease liabilities$40.3 $43.4 ($3.1)
Fair value of derivative financial instruments$50.9 $86.2 ($35.3)
Other$48.5 $81.8 ($33.3)
Total Liabilities$1,235.8 $1,276.8 ($41.0)
Equity$2,220.60 $1,908.4 + $312.2
NIBD to Total Assets30.5%29.9%0.6%
Liabilities to Total Assets - Loan Covenants28.2%28.8%-0.5%
Shares on Issue (m)1,458.5 m 1,313.8 m 144.7 m
Net tangible assets per security $1.52 $1.44 0.08
Net asset value per security $1.52 $1.45 0.1

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 45
Asset level valuations
Value MovementCap Rates %*
30 Jun 2020
Market Value
Additions /
Disposals
30 Jun 2021
Book Value
Revaluation
30 Jun 2021
Market Value
Revaluation
%
30 Jun 202030 Jun 2021Change
Investment Properties
NTT Tower$124.0 m$0.0 m$124.0 m$27.0 m$151.0 m21.7%6.38%5.50%(88 bps)
AON Centre$172.9 m$4.3 m$177.2 m$15.7 m$192.9 m8.8%6.63%5.63%(100 bps)
No. 1 The Terrace$107.5 m$0.7 m$108.2 m$33.8 m$142.0 m31.3%5.88%5.13%(75 bps)
No. 3 The Terrace$14.0 m-$14.0 m$0.2 m$14.2 m1.1%---
Mayfair House$60.2 m$18.2 m$78.4 m$8.3 m$86.7 m10.5%6.13%5.38%(75 bps)
Bowen Campus Stage 1$268.1 m$3.3 m$271.4 m$33.1 m$304.5 m12.2%5.63%5.00%(63 bps)
Subtotal – Wellington$746.7 m$26.6 m$773.3 m$118.0 m$891.3 m15.3%6.07%5.28%(78 bps)
PwC Tower$580.0 m$19.2 m$599.2 m$65.8 m$665.0 m11.0%4.63%4.13%(50 bps)
HSBC Tower$409.0 m$24.1 m$433.1 m$42.9 m$476.0 m9.9%4.88%4.50%(38 bps)
AMP Centre$205.0 m$1.9 m$206.9 m$27.1 m$234.0 m13.1%5.50%5.00%(50 bps)
Jarden House$124.0 m$6.6 m$130.6 m$9.4 m$140.0 m7.2%5.25%4.88%(38 bps)
12 Madden Street$86.0 m$1.0 m$87.0 m$13.0 m$100.0 m14.9%5.25%4.75%(50 bps)
Mason Brothers Building$46.6 m$1.0 m$47.6 m$8.8 m$56.4 m18.5%5.13%4.50%(63 bps)
10 Madden Street$53.1 m$25.6 m
$78.7 m$7.3 m$86.0 m9.3%5.63%5.13%(50 bps)
204 Quay Street-$20.3 m$20.3 m$2.5 m$22.8 m12.3%-6.75%-
Commercial Bay Retail$425.0 m$12.5 m$437.5 m-$32.5 m$405.0 m(7.4%)5.25%5.25%-
Subtotal – Auckland$1,928.7 m$112.2 m$2,040.9 m$144.2 m$2,185.2 m7.1%4.93%4.50%(43 bps)
Subtotal – Investment Properties$2,675.4 m$138.8 m$2,814.2 m$262.2 m$3,076.4 m9.3%5.31%4.76%(55 bps)
Development Properties
Bowen Campus Stage 2$28.6 m$44.6 m$73.2 m$23.3 m$96.5 m31.9%---
30 Waring Taylor Street$6.9 m$10.7 m$17.6 m$1.8 m$19.4 m10.4%---
1 Queen Street$102.0 m$18.9 m$120.9 m-$4.4 m$116.5 m(3.7%)---
Subtotal – Development Properties$137.5 m$74.2 m$211.7 m$20.7 m$232.4 m9.8%n/an/an/a
Total excl. Asset(s) Sold$2,812.9 m$212.9 m$3,025.9 m$282.9 m$3,308.8 m9.3%5.31%4.76%(55 bps)
Asset(s) Sold
ANZ Centre (50%)$177.8 m-$177.8 m------
Total$2,990.7 m$35.2 m$3,025.9 m$282.9 m$3,308.8 m9.3%5.31%4.76%(55 bps)
* Portfolio blended capitalisation rate excludes retail assets (Commercial Bay Retail and 204 Quay Street), Development Properti es and Asset(s) Sold

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 46
Reconciliation from NPAT to AFFO
(Amounts in $ millions unless otherwise stated)
20172018201920202021
Dividends
Net dividend (cents) 5.605.806.006.306.50
Reconcilationfrom NPAT to Adjusted funds from operations
Net profit after taxation (NPAT)
162.1254.9190.230.2187.7
Unrealised net (gain) / loss in value of investment and development properties
(77.5)(208.7)(161.7)66.3(282.9)
Unrealised net (gain) / loss on financial instruments
(11.8)11.144.31.9(19.7)
Net realised loss on sale of investment properties
--1.72.52.4
Termination of management services agreement
----217.1
Impairment of goodwill
----9.8
Net realised (gain) on disposal of investment in joint venture
--(6.6)--
Depreciation - property, plant and equipment
--0.31.11.4
Depreciation recovered on sale
--10.71.410.5
Deferred tax (benefit) / expense
1.917.0(0.3)(3.4)15.7
IFRS 16 lease adjustments
---2.31.9
Generator (profit) / loss
-2.31.1--
Funds from operations (FFO)
Less: Liquidated damages revenue (net of tax)
--(1.4)(19.2)-
Tax from management services termination payment
(60.8)
Swap closeout relating to ANZ Centre Sale
3.0
One off item - project initialisation costs
0.7
Addback: Amortisations6.47.27.17.913.8
Straightline rents(0.2)(0.4)(0.3)(0.5)(4.0)
Funds from operations
80.983.485.190.596.6
Funds from operations (cents)6.686.886.826.897.34
DividendpayoutratiobasedonFFO(%)83.884.388.091.488.6
Adjusted funds from operations (AFFO)
Less: Maintenance capex(5.8)(4.9)(7.2)(5.0)(4.0)
Less: Incentives and leasing costs (9.3)(8.3)(3.9)(2.8)(7.3)
Adjusted funds from operations
65.870.274.082.785.3
Adjusted funds from operations (cents)5.435.805.946.296.48
DividendpayoutratiobasedonAFFO(%)103.1100.0101.7100.0100.3

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 47
5- year income summary
(Amounts in $ millions unless otherwise stated)
20172018201920202021
Financial performance
Gross rental revenue
126.2130.7135.7151.8199.8
Less direct operating expenses
(35.8)(35.4)(40.4)(46.0)(72.1)
Operating profit before indirect expenses
90.495.395.3105.8127.7
Net interest expense
(3.4)(2.2)(1.7)(5.0)(27.2)
Other expenses
(9.8)(10.2)(15.8)(13.3)(17.5)
Operating income before income tax
77.282.977.887.583.0
Non operating income / (expense)
Unrealised net gain in value of investment and development properties
77.5208.7161.7(66.3)282.9
Other non operating income
11.8(11.1)(37.7)12.0(219.9)
Net profit before taxation
166.5280.5201.833.2146.0
Current tax expense
(2.5)(6.3)(0.1)(5.0)67.8
Depreciation recovered on sale expense
--(10.7)(1.4)(10.5)
Deferred tax benefit / (expense)
(1.9)(17.0)0.33.4(15.6)
Total taxation (expense) / benefit
(4.4)(23.3)(10.5)(3.0)41.7
Share of profit or (loss) of joint ventures
-(2.3)(1.1)--
Net profit after taxation (NPAT)
162.1254.9190.230.2187.7
Total other comprehensive income / (expense)
0.24.9(7.8)
Total comprehensive income after tax attributable to equity holders
162.1254.9190.435.1179.9

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 48
5- year balance sheet
(Amounts in $ millions unless otherwise stated)
20172018201920202021
Financial position
Total investment assets
1,535.41,678.81,870.52,800.13,076.4
Total development assets
509.2838.1923.2190.6232.4
Other assets
34.644.897.7194.5147.6
Total assets
2,079.22,561.72,891.43,185.23,456.4
Interest bearing liabilities
456.9761.7758.41,028.91,096.1
Other liabilities
116.7109.3177.8247.9139.7
Total liabilities
573.6871.0936.21,276.81,235.8
Total equity
1,505.61,690.71,955.21,908.42,220.6
Number of shares (m)
1,211.11,211.11,313.81,313.81,458.5
Weighted average number of shares (m)
1,211.11,211.11,246.71,313.81,316.5
Net tangible assets per share (cps)
1.241.401.471.441.51
Net asset value per security (cps)
1.241.401.491.451.52
Share price at30 June ($)
1.241.351.771.571.60
Covenants
Loan to value ratio (%)
25.125.022.428.828.2
Interest coverage ratio
3.92.42.02.42.4
Key portfolio metrics
Average portfolio cap rate (%)
6.25.85.75.34.8
Weighted average lease term (years)
8.78.79.08.07.7
Occupancy (% by NLA)
10099999898
Net lettable area (sqm)
224,430 221,513 232,210 269,901 266,248
Number of investment properties
1212141416

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 49
Investment portfolio overview
Total portfolioAuckland Wellington
WALT
7.7 years
7.1 years8.8 years
Occupancy (%)
98%
97%100%
Investment Portfolio Value ($m)
$3,076 m
$2,185m$891m
Weighted average market cap rate
4.8%
4.7%*5.3%
NLA (m²)
266,248 m²
153,691 m²112,557 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
* Auckland weighted cap rate of 4.5% excluding retail assets (Commercial Bay Retail and 204 Quay Street)

PRECINCT PROPERTIES FY21 ANNUAL RESULTS - PAGE 50
Disclaimer
TheinformationandopinionsinthispresentationwerepreparedbyPrecinctPropertiesNewZealand
Limitedoroneofitssubsidiaries(Precinct).
Precinctmakesnorepresentationorwarrantyastotheaccuracyorcompletenessoftheinformation
in thispresentation.
Opinionsincludingestimatesandprojectionsinthispresentationconstitutethecurrentjudgmentof
Precinctasatthedateofthispresentationandaresubjecttochangewithoutnotice. Suchopinions
arenotguaranteesorpredictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondPrecinct’scontrol,andwhichmaycause
actualresultstodiffermateriallyfromthoseexpressedin thispresentation.
Precinctundertakesnoobligationtoupdateanyinformationoropinionswhetherasa resultofnew
information,futureeventsorotherwise.
Thispresentationis providedforinformationpurposesonly.
NocontractorotherlegalobligationsshallarisebetweenPrecinctandanyrecipientofthis
presentation.
NeitherPrecinct,noranyofitsBoardmembers,officers,employees,advisersorotherrepresentatives
willbeliable(incontractortort,includingnegligence,orotherwise)foranydirectorindirectdamage,
lossorcost(includinglegalcosts)incurredorsufferedbyanyrecipientofthispresentationorother
personin connectionwiththispresentation.

Deloitte lease One Queen Street Initial Disclosure Notice – Mark Tume

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

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