Quarterly Report December 2021

01
Precinct Quarterly Update
December 2021
Precinct Quarterly Update
Welcome to the December
edition of our quarterly update.
COVID-19 impact and support
The impacts of COVID-19 have been felt across New Zealand
with the country experiencing prolonged lockdowns and various
levels of restrictions over the last three months. Many businesses,
particularly those in Auckland have suffered heavy financial
impacts and sadly, business closures for some. Precinct engaged
with our occupiers early on with an approach of providing
support to those who are suffering significant losses and facing
financial hardship. While support has mainly been provided to
our retailers and hospitality food and beverage operators,
Precinct will continue to support all occupiers in our portfolio who
need it. Precinct acknowledge how stressful the immediate
impacts have been and for many, are still being felt. Precinct
have provided support through a range of relief packages
including rental abatements. Since the pandemic started, this
has totalled financial support of around $10 million.
Annual General Meeting (AGM)
Precinct held its AGM on 4 November 2021. Attendance was
online only due to the COVID-19 situation. Voting was
conducted by poll and shareholders passed all seven resolutions,
including resolution seven as a special resolution. We hope to be
able to hold an in-person meeting next year with our
shareholders and welcome any feedback you have.
Outlook
Our business has demonstrated remarkable resilience over the
last 18+ months. While there is much uncertainty with regards to
COVID-19, we are encouraged by the increase in New Zealand’s
vaccination rate and move into the traffic light framework. While
our AFFO, which adjusts for several non-cash items, has been
impacted by the lockdowns resulting from COVID-19, Precinct is
committed to maintaining a FY22 dividend to our shareholders of
6.70 cents per share despite this. This represents an expected
year on year growth of 3.1%.
On behalf of my Board colleagues, Management and wider
Precinct team, I would like to thank you, our shareholders for your
continued support in Precinct. It has been another unique and
challenging year and I hope you have a good and safe break
over the Christmas and New Year period.
Yours faithfully,
Craig Stobo, Independent Director and Chair
Dividend
Payment date10 December 2021
Excluded dividend per share1.675 cents per share (cps)
Fully imputed dividend per share0 cps
Cash dividend per share1.675 cps
Imputation credits0 cps
Indicative dividend payment dates
2nd Quarter 2022 financial year25 March 2022
3rd Quarter 2022 financial year10 June 2022
These dates represent the current expectation of Precinct(PCT) as at the date of
publication, are subject to PCT board approval, may change without notice and
are not a guarantee or warranty as to the payment of a dividend or the actual
payment dates.
Key metrics at 30 September 2021
Portfolio value
$3.1 billion
Overall occupancy98%
Weighted average lease term7.5 years
Market capitalisation$2.7 billion
Weighted average cap rate4.9%
Weighting to Auckland (by value)71%
Financial Summary
as at 30 September 2021
Year to date (Unaudited)
Dividends declared1.675 cps
Full year forecast dividend per share6.70 cps
Balance sheet
Unaudited
30 Sept 21
Audited
30 June 21
Total assets$3,589.8 m$3,456.4 m
Net equity$2,422.9 m$2,220.6 m
Number of shares on issue1,585.4 m1,458.5 m
Net asset value per share$1.53$1.52
Bank covenant gearing30.5%28.2%
Shareholder returns
Shareholder returns
September Quarter1 Yr3 Yr5 Yr
Precinct (NZX: PCT)
6.0%3.4%30.6%58.0%
Listed Property
3.2%9.6%41.2%60.2%
Returns are based on close price for the quarter, and assume reinvestment of
dividend (returns exclude imputation credits). Listed property is the S&P/NZX All
Real Estate Gross index. Source IRESS
FY22 Interim Results
Precinct’s FY22 interim results are scheduled to be announced
on 23 February 2022.

02
Precinct Quarterly Update
Precinct Quarterly Update (Continued)
Focus on ESG at Precinct
Reflecting the high priority Precinct places on our material
Environmental, Social & Governance (ESG) risks and
opportunities, Precinct recently established a dedicated Board
ESG Committee. This reinforces the importance our business
places on Sustainability and the long-term view we are taking.
Nicola Greer has been appointed Chair of this committee.
Ensuring Precinct is continuously aligned with international best
practice sustainability governance, management practices and
disclosure enables Precinct to review and evaluate its
performance against industry peers and global benchmarks.
The Global Real Estate Sustainability Benchmark (GRESB) is
considered the global standard for ESG benchmarking and
reporting for real estate and remains our core ESG indices
performance benchmark. During the quarter, Precinct received
its most recent 2021 GRESB results which were published globally
in October. Precinct achieved a score of 82, again placing us
above the current global average of 73. Precinct has also been
recognised for its high level of public disclosure. This has
improved from a GRESB ‘B’ to an ‘A’ level which is well above
the global average of ‘C’, further reflecting the improvements
our business has made.
As we continue to deliver on our business objectives and key
priorities for FY22 and beyond, we are focused on improving our
operational performance further. The requirement for climate-
related financial risk reporting for listed corporates and major
financial institutions has now been passed by Parliament and,
once it comes into force, will further support a low-carbon future
for Aotearoa New Zealand, something Precinct is fully supportive
of.
A comprehensive response to all Precinct’s ESG factors material
to our business can be found in Precinct’s 2021 annual report.
PwC Tower, Auckland
30 Waring Taylor Street opens
30 Waring Taylor Street, Wellington
During the quarter we are pleased to have opened Generator’s
first Wellington-based offering, on 8 November 2021.
30 Waring Taylor Street is centrally located where the Lambton
Quay shopping district meets the parliamentary precinct. The
five-level character building has been fully redeveloped and
seismically strengthened to 100% of the National Building
Standard. The offering comprises private offices, coworking, cafe
and event spaces. It also includes the new Wellington Precinct
Head Office.
The Precinct and Generator teams are proud of the successful
delivery of this project and the transformation the building has
undertaken since May 2019. The project was on programme and
in-line with budget.
Disclaimer: The information and opinions in this report were prepared by Precinct Properties New Zealand Limited
(PCT). PCT makes no representation or warranty as to the accuracy or completeness of the information in this
report. Opinions including estimates and projections in this report constitute the current judgement of PCT as at the
date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of
future performance. This report is provided for information purposes only and does not constitute investment
advice. Neither PCT, nor any of its Board members, officers, employees, advisers (including Precinct Properties
Holdings Limited) or other representatives will be liable for any damage, loss or cost incurred by any recipient of this
report or other person in connection with this report.
Please contact our registrar, Computershare:
• To change investment details such as name, postal
address or method of payment, and
• For questions on your dividend and shareholding
Registrar:
Computershare Investor Services Limited
T +64-9-488-8777
Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us at
hello@precinct.co.nz