Precinct Properties New Zealand Limited/Announcement

PCT 1H22 result and new investment partnership established

Half Year Results22 February 2022PCTReal Estate

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Precinct Properties New Zealand Limited (NS)
Results for announcement to the market
Reporting Period12 months to December 2021
Previous Reporting Period12 months to December 2020
Amount (000s)Percentage change
Revenue from ordinary
activities
96,900 NZD-0.2%
Profit (loss) from ordinary
activities after tax attributable to
security holders
40,700 NZD-75.8%
Net profit (loss) attributable to
security holders
40,700 NZD-75.8%
Interim/Final DividendAmount per securityImputed amount per security
Interim0.01675 NZD0 NZD
Record date11 March 2022
Dividend payment date25 March 2022
31 Dec 202031 Dec 2021
Net tangible assets per security
1.530 NZD1.520 NZD
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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 Generator, 30 Waring Taylor Street, 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 – 23 February 2022
PCT 1H22 result and new investment partnership established
Performance summary for the six months ended 31 December 2021
Financial summary
• Strong first half leasing momentum with Net Property Income (NPI) of $61.1 million, up
1.5% on previous comparable period (1H20: $60.2 million), contributing to net operating
income before tax of $45.5 million, up 6.3% (1H20: $42.8 million).
• Total comprehensive income after tax of $40.7 million compared to $167.9 million in
1H21 due to significant portfolio revaluation gain reported in the previous comparable
period.
• Adjusted funds from operations (AFFO) of 3.22 cps (1H21: 3.34cps).
• FY22 dividend guidance of 6.70 cps reaffirmed.
Establishment of new strategic investment partnership
• Precinct has conditionally agreed the formation of a new real estate investment
partnership with Singapore sovereign wealth fund GIC (“GIC”).
• The partnership will initially acquire five assets from Precinct’s existing portfolio in
Auckland and Wellington totalling around $590 million and has the ability to grow to
around $1.0 billion over time.
Operating performance
• Portfolio occupancy maintained at 98% with 7.5 year weighted average lease term
(WALT).
• Strengthening demand for well-located quality office space underpinned strong first
half leasing with over 21,000 square metres secured in the period.
• Wynyard Quarter Stage 3 project commenced targeting a 5.75% yield on cost.
• Completed redevelopment of 30 Waring Taylor Street, with successful launch as first
Generator Wellington shared workspace.
• A total of $1 billion in development projects underway which is 79% pre-leased,
targeting a blended yield on cost of 6% and a blended development margin of 20%.

Note: Further information can be found within the 2022 Interim Financial Statements and results presentation. You can find
these at http://www.precinct.co.nz/interim-reporting/2022-interim-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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for the
six months ended 31 December 2021 today.
Strong leasing performance has delivered a 1.5% increase in net property income (NPI) for the 6
months to 31 December 2021 or $61.1 million (December 2021: $60.2 million). This level of NPI is
after providing $5.5 million (equivalent to 25 bps to AFFO) in rental support for the retail and office
portfolios. This has contributed to net operating income before tax of $45.5 million, up 6.3% on the
previous comparable period (1H20: $42.8 million).
While sales performance at Commercial Bay retail has been improving since moving to the
COVID-19 Protection Framework at the beginning of December last year, overall pedestrian flows
are well below average levels. Lockdowns and prolonged restrictions have negatively impacted
several of Precinct’s retailers and hospitality venues. Covid related rental support provided to
retailers during the period totalled $4.2 million.
Total comprehensive income after tax of $40.7 million compares to $167.9 million for the same
period last year, with the difference due to the significant portfolio revaluation gain of $148.5
million reported in the previous comparable period. An internal review of the 30 June 2021
property valuations undertaken at 31 December 2021 indicated no material value movement in
the period for all the assets. Precinct’s current tax expense recorded a positive outcome of $3.3
million for the first half of FY22 (1H21: -$6.5 million).
Ensuring Precinct has sufficient balance sheet capacity means the business is well placed to
achieve the best results across our operational business into the future. Precinct’s gearing level
as measured under borrower covenants remains well under PCT’s borrower covenant level of
50%, at 31.8% (30 June 2021: 28.2%). Following the establishment of the investment partnership
gearing falls to around 20%. A new $300 million bank debt facility was secured during the period
following the maturity of the PCTHA and PCT010 notes.
Dividends attributable to shareholders for the six months ending 31 December 2021 totalled 3.35
cps representing an increase of 3.1% on the prior period (1H21: 3.25 cps). The 1H22 dividend
represents approximately 104% of Precinct’s Adjusted Funds From Operations (AFFO) for the first
half of the 2022 financial year of 3.22 cps.
Scott Pritchard, Precinct’s CEO, said “Precinct has demonstrated strong resilience in its operating
performance given the majority of the business was impacted by lockdowns during the first half
of the financial year”.

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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
“As we saw last year, prolonged lockdowns and various levels of restrictions have already had a
significant impact on our city centres, Auckland and Wellington. In particular, city centre based
retail and hospitality businesses have experienced severe financial impacts with business closures
for some during the period. The Omicron variant has unfortunately led to further financial pressure
on an already struggling sector, particularly in Auckland’s city centre which is being heavily
affected once again after just coming out of months in various lockdowns during 2021.
Fortunately for Precinct, due to the quality of our office portfolio and its occupiers, we are able
to offer assistance to those in our portfolio who need it”.
Establishment of new strategic investment partnership
Precinct has also today announced it has conditionally established a new strategic investment
partnership with Singapore sovereign wealth fund GIC. The partnership will initially acquire five
assets from Precinct’s existing portfolio totalling around $590 million, comprising 3 Wellington and
2 Auckland assets, with the ability to grow to around $1.0 billion. Precinct will own a minority 24.9%
interest in the partnership.
The establishment of the real estate investment partnership reflects a strategic next stage
following the internalisation of Precinct last year. Accessing third party capital supports the
advancement of Precinct’s long-term strategy, enabling Precinct to participate in a broader set
of opportunities, both on and off balance sheet. This strategic decision to establish this platform
increases Precinct’s liquidity and strengthens its balance sheet, provides diversification of capital
sources and is expected to enhance earnings to deliver further long-term value to Precinct’s
shareholders.
Scott Pritchard, Precinct’s CEO, said “Establishing a new collaborative and committed
partnership with a global investor of this scale and quality represents a strategic step forward for
our business. The partnership with GIC provides access to capital with an aligned partner and
fully supports the execution of Precinct’s future growth, further enhancing shareholder returns.
We are leveraging our well-located premium assets, experienced team and Precinct’s unique
market position. The newly established partnership will target stable, secure low risk returns
through investment in well-leased, premium grade real estate. We are very excited about this
investment opportunity and to be partnering with a globally recognised long-term strategic
partner like GIC”.
Precinct will be the investment manager of the partnership and there is a market fee
arrangement in place for the funds and property management of the assets. Proceeds from the

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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
asset sales of the seed portfolio will initially repay bank debt and provide funding for future
growth.
The disposals to the partnership remain conditional at this stage on the completion of due
diligence, Overseas Investment Office approval and certain subdivision consents in the initial
portfolio. We continue to progress these items and will provide a further update in due course.
Portfolio performance
Active leasing achieved in the period with 13,000 sqm leased across the investment portfolio. This
has contributed to Precinct maintaining a high portfolio occupancy of 98% and a weighted
average lease term of 7.5 years at 31 December 2021. In addition, 8,000 sqm of pre-leasing has
been completed within the development portfolio.
New leases were secured 10.9% above previous contract rents. Structured rent reviews were
completed across 74,000 sqm in the first half of FY22, resulting in an average annual uplift of 2.8%
on $43.5 million of contract rent. Market reviews were secured 4.3% above previous contract
rentals across 6,400 sqm or $2.9 million of contract rent.
In both Auckland and Wellington, there remains a clear preference for quality office space as
businesses continue to focus on attracting and retaining staff in a constrained labour market.
Whilst many organisations, particularly amongst larger corporate services are having staff working
from home again due to the recent rise in Omicron cases, Precinct’s clients have indicated a
definite intention to return to the office and wanting to be back working from their premises. This
is supported by what we are seeing first-hand - strong demand for prime inner city office space
in the markets we are invested in.
Development update
Auckland
We continue to observe strong leasing demand across our development assets. In Auckland,
One Queen Street is 91% committed with just two floors of private offices remaining to be leased.
The majority of the façade has now been removed and the installation of the new façade has
just commenced achieving a key milestone for the project.
At Wynyard Quarter, the development of Stage 3 is now well underway. We have commenced
discussions with potential occupiers and expect to achieve a high level of pre-leasing prior to

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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
completion. The decision to proceed on an uncommitted basis reflects the strong enquiry in the
market and the lack of available space within Precinct’s investment or development portfolios.
Wellington
In Wellington, despite the ongoing challenges we have faced with the supply chain and sourcing
materials, we are pleased with the progress we have made at Bowen Campus Stage 2 with the
project remaining on programme and budget.
Settling the two Wellington acquisitions, Bowen House and Freyberg Building during the period is
a pleasing result. We are progressing both these redevelopment opportunities as we look to take
advantage of the strong market conditions in Wellington which support these projects and offer
future value accretion.
Environmental, Social and Governance (ESG) progress
Our business continues to make good progress across our ESG performance. During the period,
Precinct achieved a 2021 Global Real Estate Sustainability Benchmark (GRESB) score of 82,
pleasingly this was well above the global average of 73. Precinct also received a public
disclosure level ‘A’ demonstrating its high level of public disclosure. In addition, Precinct also
improved its score to ‘B’ following its participation in the Carbon Disclosure Project (CDP). This
was higher than both the Oceania regional and global average of C and B-, respectively.
The recent establishment of a dedicated Board ESG Committee further reflects the importance
of ESG to Precinct and the long-term view we are taking in this area.
Dividend payment
Precinct shareholders will receive a second-quarter dividend of 1.675 cps. Due to Precinct’s
current tax position for the period, 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 11 March 2022
with payment to be made on 25 March 2022.

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PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION -Page 1
Precinct Properties
Interim Results
2022

PRECINCT PROPERTIES INTERIM RESULTS 2022 -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 update / Key themesPage 03
Section 1 –Financial results & capital managementPage 15
Section 2 –Our marketsPage 22
Section 3 –OperationsPage 26
Section 4 –DevelopmentsPage 29
Section 5 –OutlookPage 35

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 3
Highlights
Financial Performance
•NPI of $61.1m, up 1.5% on pcp
•Comprehensive income after tax of $40.7m(1H21: $167.9m)
•3.22 cps AFFO representing a payout ratio of 104%
•6.70 cps dividend guidance representing a 3.1% increase y-o-y
Capital Management
•Balance sheet capacity, gearing of 31.8%
oReduces to around 20% following establishment of partnership
•New $300m bank debt facility secured during the period
Operational Performance
•98%portfolio occupancy, WALT of 7.5 years
•Over 21,000m
2
leasing secured in the period
•Wynyard Quarter Stage 3 commenced
•Completed redevelopment of 30 Waring Taylor Street
Establishment of new Investment Partnership
•Partnership with Singapore sovereign wealth fund GIC
•Partnership will conditionally acquire five assets from Precinct’s
existing portfolio totalling around $590m, with the ability to grow
to around $1.0b

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 4
Next
stage in
Precinct’s
strategic
evolution
Enabling our business to grow:
oInternalisation of Precinct’s management last year
oAn internalised structure offers the opportunity to establish a
third party capital platform and diversify our capital sources
oCapital recycled will allow us to execute Precinct’s
development pipeline with the opportunity to extend
participation in more market opportunities
oBy utilising third party capital, Precinct can further leverage its
market position and capability and drive higher returns from its
capital

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 5
Evolution
Precinct’sstrategyhasevolvedfromapassive,externallymanagedtrusttoaninternally
managedrealestateinvestmentcompanyfocusedondevelopingandowningworld
classrealestateforitselfanditspartners.
AMP NZ Office Trust
(ANZO) listed on the
NZX
1997
ANZO corporatised
and renamed to
Precinct (PCT)
2010
New strategy
established –active
management focus
2012
PCT was internalised
2021
PCT wholly funded
developments
transforming
investment portfolio
2015-2020
$1b development
pipeline established
2014
Strategy review –Third
Party Capital
identified
2021
Investment
Partnership with GIC
established
2022
Drive higher returns
from our capital by
utilising partnerships
and PCT’s capabilities
2022+

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 6
Strategy progress
Operational excellence
•Strong demand for prime inner city office space (21,000m
2
)
•Precinct continues to demonstrate resilience in its operating
performance despite impact of prolonged lockdowns with active
leasing achieved in the first half
•Balance sheet capacity strengthened
•Precinct received a 2021 Global Real Estate Sustainability Benchmark
(GRESB) score of 82 (Global average: 73)
•Establishment of dedicated Board ESG Committee
Developing the future
•Opened Generator’s first Wellington site at 30 Waring Taylor Street
•Bowen Campus Stage 2 progressing well with 96% pre-leasing secured
•Deloitte Centre project advancing –91% committed
•Commenced first two buildings at Wynyard Quarter Stage 3
Empowering people
•Supporting our people through various levels of lockdowns in Auckland
and Wellington
•Generator becoming Rainbow Tick certified consistent with Precinct

Investment
Partnership

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 8
Investment Partnership
•The Partnership will initially acquire five assets from Precinct’s existing portfolio totalling around $590m
•Ability for the fund to grow to ~$1.0b
•The Partnership will target stable, secure low risk returns through investment in well-leased, premium
grade real estate
•Precinct Properties Management Limited (PPML), a new subsidiary of PPNZ, will act as investment
manager:
•Market fee arrangement in place for the funds and property management of the assets
•Proceeds from the asset sales of the seed portfolio will initially repay bank debt and provide
funding for future growth
•Precinct will retain an ongoing 24.9% minority interest in the partnership
Benefits
•Supports advancement of Precinct’s long-term strategy
•Enables Precinct to participate in a broader set of opportunities, both on and off balance
sheet
•Increases Precinct’s liquidity and strengthens its balance sheet, provides diversification of capital
sources
•Expected to enhance earnings to deliver further long-term value to Precinct’s shareholders
Overview

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 9
Investment Partnership
Precinct Investment Portfolio
Current PCT
Portfolio
Residual PCT
Portfolio
WALT 7.5 years 6.6 years
Occupancy98%98%
Portfolio weighting to Auckland (value)71%77%
NLA (m²)268,424 m²216,642 m²
Investment Portfolio Value ($m)$3,098.4m$2,665.0m
Portfolio Impacts
*Residual PCT portfolio includes Precinct’s cornerstone interest in PIP assets.
** The disposals to the partnership remain conditional at this stage on the completion of due
diligence, Overseas Investment Office approval and certain subdivision consents in the Initial
Portfolio. We continue to progress these items and will provide a further update in due course.
Impacts
•Initial proceeds from the partnership, net of Precinct’s cornerstone, will be used to repay ~$500m of
bank facility
•Gearing as at 31 December will reduce from 31.8% to ~20%
•Recycling capital from lower yielding assets and investing in opportunities that drive higher returns
•Investigating a stapled structure to provide flexibility for Precinct to execute its strategy while
retaining PIE status.
Initial Portfolio:
•12 Madden Street
•10 Madden Street
•Mayfair House
•Charles Ferguson Building
•Defence House

Key Themes

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 11
Key themes
Occupier trends
•Clear preference for quality office space in good
locations as occupiers continue to focus on attracting
and retaining staff
•Precinct clients have indicated a definite intention to
return to the office
•Strong demand remains for Precinct assets post-Covid
with elevated leasing activity over the past 12 months
Construction costs
•Supply chain constraints, material shortages and high
demand driving significant cost escalation
•Elevated programme and cost risk due to labour
shortages and disruptions (e.g. self-isolation)
•Quality of the main contractor and main subtrades is
critical
Inflation
•Current elevated inflation expected to put pressure
on interest rates and operating costs
•A passive management approach will be adversely
impacted through increase in costs
•Active management provides exposure to capturing
upside within an inflationary environment
City centres
•City centres expected to be impacted over the short
term due to government restrictions discouraging
occupiers from returning to office
•Remain confident city centres will continue to thrive
over the long-term

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 12
0 m²
20,000 m²
40,000 m²
60,000 m²
80,000 m²
100,000 m²
120,000 m²
20152016*20172018201920202021
Investments (AKL)Developments (AKL)
Investments (WLG)Developments (WLG)
Pre-Covid
average
Post-Covid
average
0%
20%
40%
60%
80%
100%
Apr-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21
Occupier trends
Work from office impacted
•Major corporates have directed staff to work
from home during Omicron
•Severe impact for retail and hospitality activity
during this time due to lack of footfall
•Expectation that office occupation will return
strongly
Leasing resilience despite pandemic impacts
•Leasing activity over the past 12 months is the
second highest in Precinct’s history
•Uplift in leasing during 2021 with occupiers
taking a long-term view and securing future
accommodation
•Office demand and growth in economic rents
bodes well for market rental growth once
market normalises
* Based on total waste as % of 2018-19 average (AON Centre / Jarden House)
PCT portfolio office leasing (new leases only)
Physical building occupancy*
* WAP2 Government bulk leasing

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 13
0%
20%
40%
60%
80%
100%
0%
2%
4%
6%
8%
10%
201620172018201920202021202220232024
CPI (LHS)Escalation (LHS)Cumulative (RHS)
Forecast
Construction costs
Construction market operating under pressure
•Supply chain disruptions, material shortages
and generally high demand culminated in
~9% cost escalation in 2021
•Current immigration policies significantly
reduces access to labour
•Both residential and non-residential activity
expected to remain strong into 2022
•Continued investment from public
(infrastructure / education) and private
(industrial / office) sectors
•Potential programme and cost risks persist due
to ongoing pandemic-related disruptions
Economic rents set to underpin market rent growth
•Cost escalation anticipated to track above CPI
over short to medium term
•Coupled with increasing holding costs,
high economic rents should serve to
reduce new supply and underpin market
rental growth for existing assets
Non-residential construction cost escalation
Source: Rider LevettBucknall, RBNZ. Westpac (CPI forecasts)
0
1,000
2,000
3,000
4,000
5,000
6,000
Wynyard
Stage 1
Wynyard
Stage 2
Wynyard
Stage 3
1 QueenBowen
Stage 1
Bowen
Stage 2
Tender / Final Account Rate2021 Rate (incl. Escalation)
Source: Rider LevettBucknall
Office construction cost benchmarking ($ psm)

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 14
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
Monthly ped count% pre-pandemic
City centres
Auckland –recovering post-Delta
•Delta variant lockdown led to similar fall in foot
count compared to the first lockdown in 2020
•Easing of restrictions from Alert Level 4 & 3 to
the Covid-19 Protection Framework traffic light
system led to early signs of footfall returning
•Waterfront footfall (as % of pre-pandemic
comparable period) rose from 25% in Nov-
21 to ~47% in Dec-21
•Omicron outbreak now impacting footfall
once again
Wellington –public service growth persists
•Public service sector grew by 2,113 FTE or 8.1%
over the last financial year (2020: 9.6%)
•Implied office demand
1
of circa 25,400m
2
to 33,800m
2
•Total growth of 38% in government
employees since 2017, equating to a CAGR
of 8.3% p.a.
Auckland CBD waterfront monthly pedestrian count
Source: Heart of the City
Source: Public Service Commission
1
Assumes density of between 1:12m
2
and 1:16m
2
Wellington public sector employment
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21
Estimated office footprint* (LHS)No. FTE (RHS)

Section 1
Financial results
& capital
management

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 16
Financial performance
$40.7m
Total comprehensive income after
tax with the difference relating to
the prior period revaluation
$3.5m
Reduction in management
expenses reflecting the benefit of
internalisation
For the 6 months ended
($m)
Unaudited six
months ended
31 December
2021
Unaudited six
months ended
31 December
2020
D
Operating income before indirect expenses$62.0 m$62.5 m($0.5 m)
Management expenses ($5.5 m)($9.0 m)$3.5 m
Net interest expense ($11.0 m)($10.7 m)($0.3 m)
Operating income before income tax$45.5 m$42.8 m$2.7 m
Unrealised net gain / (loss) in value of
investment and development properties
$148.5 m($148.5 m)
Unrealised net gain / (loss) on financial
instruments
$8.9 m($22.4 m)$31.3 m
Other non-operating expenses($4.7 m)($5.1 m)$0.4 m
Net profit before taxation$49.7 m$163.8 m($114.1 m)
Current tax expense$3.3 m$6.5 m($3.2 m)
Deferred tax (expense) / benefit($10.8 m)($7.1 m)($3.7 m)
Net profit after income tax attributable to equity
holders
$42.2 m$163.2 m($121.0 m)
Other comprehensive income / (expense)($1.5 m)$4.7 m($6.2 m)
Total comprehensive income after tax attributable
to equity holders
$40.7 m$167.9 m($127.2 m)

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 17
Operating income
•Positive growth in like-for-like net
property income (NPI) of 1.5% for
the period
•Strong outcome given the impacts
from Covid on the portfolio:
•Rental support provided to retailers
totalling $4.2m
•Contractual office rental
abatements totalling $1.3m
•Further disruption on the operating
businesses due to alert level
restrictions
•Support for retailers and hospitality
operators ongoing with these
industries continuing to be the most
affected by the current alert levels
•Adjusting for the impacts of Covid,
NPI was up 8.9%
1 –Generator operating income of $2.2m excludes rent expense of $3.0m due to IFRS 16
resulting in an EBITDA loss of ($0.8m) (2020: ($0.4m)).
Operating income reconciliation
For the 6 months ended
$m
Unaudited six
months ended 31
December 2021
Unaudited six
months ended 31
December 2020
D
Auckland $40.9$35.7$5.2
Wellington$19.0$18.7$0.3
Investment portfolio$59.9$54.4$5.5
Transactions and Developments$6.8$6.8($0.0)
Subtotal$66.7$61.2$5.5
COVID-19 Impact($5.5)($1.0)($4.5)
Total net property income$61.1$60.2$0.9
Generator
1
$2.2$3.1($0.9)
CBHL($1.3)($0.8)($0.5)
Operating income before indirect expenses$62.0$62.5($0.5)
$60.0 m
$62.0 m
$64.0 m
$66.0 m
$68.0 m
$70.0 m

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 18
AFFO
3.22 cps
•Operating performance
measured by funds from
operations (FFO) per share fell
by around 15%
•~104% AFFO pay-out ratio
•Lower level of incentive and
maintenance work reflecting
quality of the portfolio
FFO and AFFO
1 -Generator rent expense is excluded from operating profit due to IFRS 16
2 –CBHL relates to the closure of Saxon & Parole and Liqourette. Project initialisation (FY21) associated with unsuccessful
acquisition of 4-10 Mayoral drive
Unaudited six months
ended 31 December
2021
Unaudited six months
ended 31 December
2020
Operating income before indirect expenses (as per FS)$62.0 m$62.5 m
Management expenses ($5.5 m)($9.0 m)
Net interest expense ($11.0 m)($10.7 m)
Operating profit before tax (as per FS)$45.5 m$42.8 m
Current tax expense$3.3 m$6.5 m
Operating profit after tax$48.8 m$49.3 m
Adjusted for:
Amortisations of incentives and leasing costs$7.4 m$6.3 m
Straight-line rents($2.1 m)($1.7 m)
IFRS 16 rent expense
1
($3.0 m)($3.5 m)
Share-based payments scheme$0.6 m-
One off costs: CBHL and Project Initialisation (FY21)
2
$0.7 m$0.4 m
Funds from Operations (FFO)$52.3 m$50.8 m
FFO per weighted security3.41 cps3.87 cps
Dividend payout ratio to FFO98%84%
Adjusted Funds From Operations
Maintenance capex($0.9 m)($2.7 m)
Investment portfolio -Incentives and leasing fees($2.0 m)($4.3 m)
Adjusted Funds From Operations (AFFO)$49.4 m$43.8 m
AFFO per weighted security3.22 cps3.34 cps
Dividend paid in financial year3.35 cps3.25 cps
Dividend payout ratio to AFFO104%97%
Retained Earnings($2.0 m)$1.1 m

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 19
Capital management
Balance sheet repositioned
Debt facility expiry profile
Key metrics31 Dec 202130 Jun 2021
Debt drawn ($m)$1,102$1,053
Gearing -banking covenant (%)31.828.2
Weighted average term to expiry (years)3.93.5
Weighted average debt cost (incl. fees) (%)3.53.4
% of debt hedged (%)5454
Interest coverage ratio (previous 12 months) 2.5 x2.4 x
Total debt facilities ($m)$1,621$1,596
•New $300m bank debt facility secured
following maturity of PCTHA and PCT010 notes
•Providing liquidity of $500m
•Establishment of investment partnership:
•Reduces bank borrowings by ~$500m
•Reduces gearing from 31.8% to ~20%
•Provides significant funding capacity for
future opportunities
•Weighted average interest cost of 3.5%
•Hedging increasing to +80% post
establishment of investment partnership
$200 m
$400 m
$600 m
Jun 22Jun 23Jun 24Jun 25Jun 26Jun 27Jun 28Jun 29Jun 30>Jun 30
Debt Facility Expiry Profile
Year ending
BankUSPPBondBank - UndrawnConvertible Note
Bank
69%
USPP
16%
Bond
15%
Debt capital
markets
31%
Funding diversity

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 20
Last reported20202021
TCFD
Target
GRESB Score
Global Average
83
70
82
73
-
GRESB Public Disclosure
Global Average
B
C
A
C
-
GRESB Ranking
Top
25%
Top
33%
Top
25%
MSCI ESG ratingBBBBBB-
CDPB-BA
TCFD YesYes-
NABERSNZ93%92%
100% >
3 star
Green star52%53%
>50%
4 star
D
C
B
B
A
C
C
C
C
C
40
60
80
100
20172018201920202021
GRESB Score
GRESB Score and Disclosure Rating
PCTGlobal Average
ESG Progress
ESG update
Improved our key performance measures,
GRESB, to 82 (Global average: 73)
•GRESB is the most relevant ESG measure for
real estate entities
•$2.3b of green assets
•Establishment of dedicated Board ESG
Committee
•Development offsettingof embodied
carbon
•Intention to further improve targets following
sustainability success
Green office assets* as at Dec 2021
*Green assets defined as per sustainable debt
framework (minimum 5 star Greenstar or 4 star
NABERSNZ)
Green Development AssetsGreen AssetsNon-Green

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 21
FY22 guidance
Focus shifted towards the next stage in Precinct’s strategic evolution
AFFO and dividend expected to grow due to:
•Premium quality investment portfolio benefitting from high occupancy levels, long
WALT, quality occupiers and exposure to structured reviews
•Ability to participate in opportunities to drive higher returns from our capital by
accessing third party capital
•Active development pipeline with further commitments available driving growth with
an average yield on cost of 6.0%
•Investment Partnership initially earnings neutral and accretive when re-invested
6.70 cps
FY22 dividend guidance
Historical AFFO and Dividend
4.00
4.50
5.00
5.50
6.00
6.50
7.00
2016201720182019202020212022F
(cps)
Reported AFFOReported DividendDividend Guidance

Section 2
Our markets

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 23
Our city centre markets
Prime retail
•The Auckland city centre retail sector was, and continues to be,
impacted by the Aug-21 lockdown and the subsequent, prolonged
restricted trading conditions caused by the Delta and Omicron
outbreaks
•Notwithstanding, interest remains from multi-national retailers, most
notably in high profile sites nearest to the waterfront
Prime office (Wellington)
•Prevailing imbalance between persistent lack of stock and ongoing
demand for quality space from both corporate and Government
occupiers
•Upward pressure on office rentals underpinned by strong demand
and high economic rentals
•Flex space performance very strong with Generator’s first
Wellington site trading ahead of expectations
Prime office (Auckland)
•Sentiment remains positive with occupiers taking a long-term view
and progressing renewal and/or relocation plans despite on-going
pandemic-related restrictions
•Flight to quality continues to be a prevailing theme with diverging
vacancy and rental performance between grades and locations
•Flex space enquiries remain strong, indicating long-term demand
outweighing short-term impacts

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 24
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
$0
$100
$200
$300
$400
$500
$600
$700
$800
Rent range (LHS)Change (6mma, RHS)
Avg. face rent (LHS)Avg. effective rent (LHS)
Auckland city centre office
•Sentiment remains positive
with occupiers taking a long
term view and securing their
future premises
•+11,000m
2
prime grade
net absorption in the half
year to Dec-21 (Jun-21:
-4,800m
2
)
•Flight to quality remains a
prevailing trend
•Vacancies continue to be
unevenly spread through
building grades/location
•CBD waterfront* prime
vacancy estimated at
3.0% (Jun-21: 3.8%)
•+1.0% uplift in prime
rentals in the half year to
Dec-21 vs. a -2.9% fall in
secondary rentals
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Dec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25Dec-26
PrimeLT Average
Forecast
Auckland prime vacancy
Prime net rental range and growth
Source: JLL Real Estate Intelligence Service
Source: JLL Real Estate Intelligence Service
* Estimate based on Commercial Bay and
Britomart precinct vacancy data

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 25
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
$0
$100
$200
$300
$400
$500
$600
$700
$800
Rent range (LHS)Change (6mma, RHS)
Avg. face rent (LHS)Avg. effective rent (LHS)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Dec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25Dec-26
PrimeLT Average
Forecast
Wellington city centre office
•Wellington continues to
outperform, underpinned by
demand/supply imbalances
•Prime vacancy rates
continue to be, and
forecast to remain, below
long-term average
•Government precinct
remains fully occupied
with zero prime vacancy
reported for Thorndon
•Upward pressure on rentals
expected to continue
•Prime rentals increased
2.1% in the half year to
Dec-21 resulting in a y-o-y
increase of 5.1%
Wellington prime vacancy
Prime gross rental range and growth
Source: JLL Real Estate Intelligence Service
Source: JLL Real Estate Intelligence Service

Section 3
Operations

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 27
Portfolio activity
Key leasing update
•Strong activity continues with over 21,000m
2
leasing completed and solid rental growth
achieved in the period
•5,500m
2
of new leases secured in the period.
Achieved average contract rents 10.9%
above previous contract
•7,500m
2
of extensions and renewals
completed 5.6%up on previous contract
rents
•8,000m
2
of development leasing
•Evident that premium quality, well-located
assets continue to attract strong interest from
the occupier market
7.5 years
Weighted average lease term
10.9%
Growth in contract rentals on
new leases
12.8%
Auckland growth
7.2%
Wellington leasing growth
98%
Portfolio Occupancy
+21,000m²
Total leasing (including
developments)

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 28
0%
10%
20%
30%
40%
50%
% of Income
Financial Year
AucklandWellington
Earnings quality
Precinct’s well-located buildings, high occupancy,
quality client base, and long WALT gives confidence
that our strategy will continue to deliver
•Just 3.7%of portfolio by income is subject to expiry
over the next 12 months
•Precinct portfolio’s exposure to structured rent
reviews provides secure cashflow
•75%of portfolio subject to review event in 2022
of which 5%are market rent reviews
Office lease expiry profile
5%
11%
5%
72%
7%
Gross revenue by asset class
Carpark
Retail
Food and Beverage
Office
Generator
30%
15%
25%
9%
21%
Government (Local and
Central)
Legal
Financial Services, Banking,
and Insurance
Information Technology
Other
Office Revenue by Industry

Section 4
Developments

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 30
DevelopmentTPCNLA% LetWALT (Let)Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24
40 Bowen$90 m9,800 m² 91%10 years
44 Bowen$106 m11,500 m² 100%13 years
Willis Lane (Retail)$34 m2,800 m
2
72%10 years
Bowen House$155 m14,300 m² 100%15 years
Deloitte Centre$312 m
14,200 m²
(plus hotel)
91%19 years*
124 Halsey$157 m11,400 m² --
Total$854 m64,000 m² 79%16 years*
Committed developments
6.0%
Forecast blended
yield on cost (fully let)
20%
Forecast blended
return on cost
79%
Pre-committed
(incl. 124 Halsey)
$1.0b
Total value on
completion
Artist Impression -124 Halsey & Flowers Building
* Based on committed leasing and includes contribution from 20-year hotel management
agreement at 1 Queen Street

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 31
40 & 44 Bowen (Bowen Campus Stage 2)
•Significant progress to date with minimal disruptions despite August
2021 Delta variant outbreak
•40 Bowen–superstructure complete with façade install nearing
completion and services installation underway on all floors
•44 Bowen–superstructure advancing with steel frame installed
to Level 7 and façade install to commence in the second half
•Leasing activity nearing completion with only two part floors
remaining at 40 Bowen Street (96% pre-committed overall)
30%
Forecast return on cost
6.5%
Forecast yield on cost
Artist Impression -Atrium Lobby

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 32
Deloitte Centre (1 Queen Street)
•Construction continues to progress well and remains on track to
complete in 2023 despite the extended Alert Level 4 lockdown during
the first half
•Commercial –14,200m
2
premium grade office (including two
levels of private office suites) and supporting F&B/retail
amenities to complete Q4-2023
•Hotel–139-room InterContinental hotel to complete in Q3-2023
with opening targeted for the summer trade
22%
Forecast return on cost
(stabilised)
6.2%
Forecast yield on cost
(stabilised)
Artist Impression -Rooftop Bar

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 33
Wynyard Stage 3
•Final stage of the Wynyard Quarter Innovation Precinct masterplan
(total ~20,000m
2
across three buildings)
•Committed to 124 Halsey and Flowers Building (combined
~11,400m
2
) in Dec-21 with FPLS contract awarded to Hawkins
•Decision to proceed with remaining building (117 Pakenham)
dependent on leasing progress
•Ground works commenced Jan-22 with construction programmed to
complete late 2024
15%
Forecast return on cost
~5.75%
Forecast yield on cost

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 34
Other developments
Bowen House (committed)
•LT McGuinness advancing
refurbishment and seismic
upgrade works
•ATL in place to Parliamentary
Service with a new 15-year
term on completion of works
in mid 2023
Freyberg Building (uncommitted)
•Repositioning opportunity
(~15,000m
2
NLA) adjacent to
the new National Archives
building on Aitken Street
•Design underway and
anticipated to complete end
of 2022
Willis Lane (committed)
•Major refurbishment of the
former Taste on Willis foodcourt
(basement of AON Centre –
Wellington)
•Secured ATL with a major
anchor tenant for ~2,000m
2
•Leasing of remaining tenancies
to commence in the next half

Section 5
Outlook

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 36
Outlook
•Despite uncertainty ahead due to Omicron variant, Precinct portfolio
remains in a strong position
•98% portfolio occupancy with structured rent reviews and long WALT
•Continue to leverage the quality and resilience of our portfolio and our people
•Clear preference for quality real estate in the markets we invest in
•Establishing a third party platform and diversifying capital sources will
enable continued growth and take advantage of future opportunities in
the market as they arise
•Look to further extend our participation in opportunities and drive higher
returns from capital
No change to Precinct’s full year FY22 dividend guidance of 6.70 cps to be
paid, representing a 3.1% year-on-year growth to our shareholders
FY22 may see our dividend payoutratio modestly exceed 100% of AFFO due
to the support that Precinct has offered to those occupiers who need it

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 37
Appendices

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 38
App 1: Operating income
For the 6 months ended
$m
Unaudited six months ended
31 December 2021
Unaudited six months ended
31 December 2020
D
AON Centre -AKL$5.3 $5.7 ($0.4)
HSBC Tower$8.6 $9.0 ($0.4)
PWC Tower$12.8 $7.7 $5.2
Commercial Bay Retail$7.8 $7.2 $0.5
Jarden House$2.9 $2.7 $0.2
Mason Brothers$1.2 $1.2 $0.0
12 Madden Street$2.3 $2.3 $0.0
Auckland total$40.9 $35.7 $5.2
NTT Tower$3.9 $3.4 $0.5
AON Centre -WGN$5.6 $5.3 $0.3
Bowen Campus$6.4 $6.9 ($0.5)
No.1 The Terrace$3.1 $3.1 ($0.0)
Wellington total$19.0 $18.7 $0.3
Investment portfolio$59.9 $54.4 $5.5
Transactions and Developments
1 Queen Street$0.0 $1.3 ($1.3)
Mayfair House$1.9 $1.6 $0.3
Bowen Annex$0.4 -$0.4
204 Quay Street$0.7 -$0.7
10 Madden Street$2.5 $0.0 $2.5
ANZ Centre-$3.9 ($3.9)
30 Waring Taylor$0.1 $0.0 $0.1
Freyberg Building$1.2 -$1.2
Subtotal$66.7 $61.2 $5.5
COVID-19 Impact($5.5)($1.0)($4.5)
Total net property income$61.1 $60.2 $0.9
Generator$2.2$3.1 ($0.9)
CBHL($1.3)($0.8)($0.5)
Operating income before indirect expenses$62.0$62.5 ($0.5)

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 39
App 2: Balance sheet
Financial Position as at 31 December 202130 June 2021
($m) UnauditedAudited
D
Assets
Development properties$438.2 $232.4 $205.8
Investment properties$3,086.8 $3,076.4 $10.4
Intangible assets$8.8 $9.0 ($0.2)
Deferred tax asset$0.5 $7.4 ($6.9)
Fair value of derivative financial instruments$32.4 $34.5 ($2.1)
Right-of-use assets$30.1 $33.2 ($3.1)
Other$60.8 $63.5 ($2.7)
Total Assets$3,657.6 $3,456.4 $201.2
Liabilities
Interest bearing liabilities$1,129.4 $1,096.1 $33.3
Lease liabilities$37.8 $40.3 ($2.5)
Fair value of derivative financial instruments$28.6 $50.9 ($22.3)
Other$41.8 $48.5 ($6.7)
Total Liabilities$1,237.6 $1,235.8 $1.8
Equity$2,420.0 $2,220.6 $199.4
NIBD to Total Assets30.1%30.5%(0.3%)
Liabilities to Total Assets -Loan Covenants31.8%28.2%3.6%
Shares on Issue (m)1,585.4 m 1,458.5 m 126.9 m
Net tangible assets per security$1.52 $1.52 0.00
Net asset value per security$1.53 $1.52 0.00

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 40
App 3: Investment portfolio overview
Investment
portfolio
Auckland Wellington
WALT
7.5 years
6.8 years8.8 years
Occupancy
98%
97%100%
Investment Portfolio Value ($m)
$3,098m
$2,185m$911m
Weighted Average Market Cap Rate
4.9%
4.7%5.3%
NLA (m²)
268,424 m²
153,691 m²114,732 m²
7.5 years
Weighted average lease term
98%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

PRECINCT PROPERTIES INTERIM RESULTS 2022 -PAGE 41
Disclaimer
TheinformationandopinionsinthispresentationwerepreparedbyPrecinctPropertiesNewZealand
Limitedoroneofitssubsidiaries(Precinct).
Precinctmakesnorepresentationorwarrantyastotheaccuracyorcompletenessoftheinformation
inthispresentation.
Opinionsincludingestimatesandprojectionsinthispresentationconstitutethecurrentjudgmentof
Precinctasatthedateofthispresentationandaresubjecttochangewithoutnotice.Suchopinions
arenotguaranteesorpredictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondPrecinct’scontrol,andwhichmaycause
actualresultstodiffermateriallyfromthoseexpressedinthispresentation.
Precinctundertakesnoobligationtoupdateanyinformationoropinionswhetherasaresultofnew
information,futureeventsorotherwise.
Thispresentationisprovidedforinformationpurposesonly.
NocontractorotherlegalobligationsshallarisebetweenPrecinctandanyrecipientofthis
presentation.
NeitherPrecinct,noranyofitsBoardmembers,officers,employees,advisersorotherrepresentatives
willbeliable(incontractortort,includingnegligence,orotherwise)foranydirectorindirectdamage,
lossorcost(includinglegalcosts)incurredorsufferedbyanyrecipientofthispresentationorother
personinconnectionwiththispresentation.

---

01
The numbers
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED

02
Precinct Properties New Zealand Limited
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Interim financial statements
For the six months ended 31 December 2021
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on 22
February 2022.
CRAIG STOBO
CHAIR
ANNE URLWIN
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated statement of comprehensive income
03
Consolidated statement of changes in equity04
Consolidated statement of financial position05
Consolidated statement of cash flows06
Notes to the financial statements
1. Reporting entity07
2. Basis of preparation07
3. Fair value estimation07
4. Significant accounting judgements, estimates and assumptions07
5. Significant events and transactions during the period07
6. Investment and development properties09
7. Intangible assets10
8. Gross operating revenue10
9. Segment information10
10. Management expenses11
11. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)12
12. Earnings per share12
13. Other current liabilities13
14. Interest bearing liabilities13
15. Lease liabilities14
16. Derivative financial instruments14
17. Capital commitments15
18. Contingencies15
19. Related party transactions15
20. Key management personnel15
21. Events after balance date15
Independent review report16

03
Consolidated statement of comprehensive income
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise stated
Notes
Unaudited six
months ended
31 December 2021
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2021
Revenue
Gross operating revenue
896.9
97.1
199.8
Less direct operating expenses
(34.9)
(34.6)
(72.1)
Operating income before indirect expenses62.0
62.5
127.7
Indirect expenses / (revenue)
Interest expense
11.0
10.7
27.2
Other expenses
105.5
9.0
17.5
Total indirect expenses / (revenue)16.5
19.7
44.7
Operating income before income tax45.5
42.8
83.0
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and
development properties
6
-
148.5
282.9
Unrealised net gain / (loss) on financial instruments
8.9
(22.4)
19.7
Depreciation - property, plant and equipment
(0.9)
(0.6)
(1.4)
Lease depreciation
(2.0)
(2.5)
(5.0)
Lease interest expense
(1.6)
(2.0)
(3.9)
Net realised gain / (loss) on sale of investment properties
(0.2)
-
(2.4)
Impairment of goodwill
-
-
(9.8)
Termination of management services agreement
-
-
(217.1)
Total non operating income / (expenses)4.2
121.0
63.0
Net profit before taxation49.7
163.8
146.0
Income tax expense / (benefit)
Current tax expense
(3.3)
(6.5)
(67.8)
Depreciation recovered on sale
-
-
10.5
Deferred tax expense / (benefit) - financial instruments
5.6
(1.6)
6.6
Deferred tax expense / (benefit) - depreciation
5.2
8.7
9.1
Deferred tax expense / (benefit) - other
-
-
(0.1)
Total taxation expense / (benefit)7.5
0.6
(41.7)
Net profit after income tax attributable to equity holders42.2
163.2
187.7
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
(2.1)
6.6
(10.8)
Tax on items transferred directly to/(from) equity
0.6
(1.9)
3.0
Total other comprehensive income / (expense)(1.5)
4.7
(7.8)
Total comprehensive income after tax attributable to equity
holders
40.7
167.9
179.9
Earnings per share (cents per share)
Basic and diluted earnings per share
122.75
12.42
14.26
Other amounts (cents per share)
Funds from operations (FFO)
113.41
3.87
7.34
Adjusted funds from operations (AFFO)
113.22
3.34
6.48
The accompanying notes on pages 07 to 15 form part of these Financial Statements

04
Consolidated statement of changes in equity
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise statedCents per shareShares (m)Ordinary sharesShare-based
payments reserve
Retained earningsTotal equity
At 1 July 2020
1,313.71,195.9712.51,908.4
Profit after income tax for the period163.2163.2
Other comprehensive income for
the period
4.74.7
Distributions
Q4 final (paid 25 Sep 2020)1.575(20.7)(20.7)
Q1 interim (paid 10 Dec 2020)1.625(21.3)(21.3)
Total distributions paid3.200---(42.0)(42.0)
At 31 December 2020
1,313.71,195.9-838.42,034.3
Profit after income tax for the period24.524.5
Other comprehensive income for
the period
(12.5)(12.5)
Issue of new shares
Placement144.7220.0220.0
Issue costs incurred(3.4)(3.4)
Distributions
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 paid3.250---(42.6)(42.6)
Long-term incentive scheme0.30.3
At 30 June 2021
1,458.41,412.50.3807.82,220.6
Profit after income tax for the period
42.242.2
Other comprehensive income for
the period
(1.5)(1.5)
Issue of new shares
Retail offer
19.730.030.0
Issue costs incurred
(0.6)(0.6)
PCTHA convertible note conversion
107.1179.3179.3
Distributions
Q4 final (paid 24 Sep 2021)
1.625(24.0)(24.0)
Q1 interim (paid 10 Dec 2021)
1.675(26.6)(26.6)
Total distributions paid
3.300---(50.6)(26.6)
Long-term incentive scheme
0.60.6
At 31 December 20211,585.31,621.20.9797.92,420.0
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the terms of
the constitution.
The accompanying notes on pages 07 to 15 form part of these Financial Statements

05
Consolidated statement of financial position
As at 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2021
Current assets
Cash
8.7
8.3
Fair value of derivative financial instruments
160.2
2.2
Debtors and other current assets
10.5
25.1
Provision for tax
(0.1)
-
Total current assets19.3
35.6
Non current assets
Fair value of derivative financial instruments
1632.2
32.3
Other assets
0.6
14.4
Development properties
6438.2
232.4
Investment properties
63,086.8
3,076.4
Property, plant and equipment
41.1
15.7
Right-of-use assets
30.1
33.2
Deferred tax asset
0.5
7.4
Intangible assets
78.8
9.0
Total non current assets3,638.3
3,420.8
Total assets3,657.6
3,456.4
Current liabilities
Interest bearing liabilities
14210.0
225.0
Fair value of derivative financial instruments
160.3
-
Lease liabilities
152.6
3.2
Accrued development capital expenditure
15.2
17.5
Other current liabilities
1326.6
31.0
Total current liabilities254.7
276.7
Non current liabilities
Interest bearing liabilities
14919.4
871.1
Fair value of derivative financial instruments
1628.3
50.9
Lease liabilities
1535.2
37.1
Deferred tax liability
-
-
Total non current liabilities982.9
959.1
Total liabilities1,237.6
1,235.8
Total equity2,420.0
2,220.6
Total liabilities and equity3,657.6
3,456.4
The accompanying notes on pages 07 to 15 form part of these Financial Statements

06
Consolidated statement of cash flows
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millionsUnaudited six
months ended
31 December 2021
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2021
Cash flows from operating activities
Gross rental income per statement of comprehensive income
96.9
97.1
199.8
Less: Current year incentives
(0.9)
(1.1)
(9.9)
Add: Amortisation of incentives and intangibles
4.4
3.3
7.7
Add: Depreciation of property, plant and equipment
0.9
0.6
1.4
Add: Working capital movements
(1.8)
(5.6)
(4.1)
Cash flow from gross rental income99.5
94.3
194.9
Property expenses
(32.5)
(28.7)
(64.1)
Other expenses
(3.1)
(8.8)
(14.6)
Interest expense
(11.6)
(11.2)
(30.9)
Employment and administration expenses
(1.6)
-
(3.4)
Termination of management services agreement
(0.0)
-
(217.1)
Income tax
-
(0.8)
(0.8)
Net cash inflow / (outflow) from operating activities50.7
44.8
(136.0)
Cash flows from investing activities
Capital expenditure on investment properties
(15.5)
(34.4)
(56.3)
Capital expenditure on development properties
(64.8)
(99.7)
(155.5)
Capital expenditure on other assets
-
(2.3)
(5.9)
Acquisition of investment properties
-
-
(20.3)
Acquistion of development properties
(132.8)
-
(9.2)
Expenditure on property, plant and equipment
(4.3)
(0.4)
(7.4)
Disposal of investment properties
(0.2)
-
176.7
Capitalised interest on investment properties
(0.7)
(0.5)
(1.1)
Capitalised interest on development properties
(8.3)
(8.0)
(14.2)
Net cash inflow / (outflow) from investing activities(226.6)
(145.5)
(93.2)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
80.3
136.4
233.0
Loan facility drawings to fund acquisitions
132.8
-
29.5
Loan facility drawings to fund management services termination
0.0
-
217.1
Loan facility drawings to fund repayment of senior secured bonds
75.0
-
-
Loan facility repayments from disposal of investment properties
-
-
(176.7)
Loan facility repayments from issue of senior secured bonds
-
-
(150.0)
Loan facility repayments from issue of new shares
(29.4)
-
(216.6)
Other loan facility drawings / (repayments)
1
15.3
9.2
14.5
Repayment of leasing liabilities
(1.5)
(1.5)
(3.0)
Repayment of senior secured bonds
(75.0)
-
-
Issue of senior secured bonds
-
-
150.0
Issue of new shares
2
29.4
-
216.6
Distributions paid to share holders
(50.6)
(42.0)
(84.7)
Net cash inflow / (outflow) from financing activities176.3
102.1
229.7
Net increase / (decrease) in cash held0.4
1.4
0.5
Cash at the beginning of the period
8.3
7.8
7.8
Cash at the end of the period8.7
9.2
8.3
1 Loan facility drawings are net of repayments made throughout the period.
2 Issue of new shares are net of issue costs.
The accompanying notes on pages 07 to 15 form part of these Financial Statements

07
Notes to the financial statements
For the six months ended 31 December 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 interim financial statements are those of Precinct and its wholly-owned subsidiaries (the Group).
The Group's principal activity is investment in predominantly prime CBD properties in New Zealand.
2. Basis of preparation
The interim financial statements have been prepared in accordance with NZ IAS 34 and IAS 34 Interim Financial Reporting.
The financial statements have been prepared:
• On a historical basis except for financial instruments, US private placement notes, investment and development properties which
are measured at fair value.
• Using the New Zealand Dollar functional and reporting currency.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
Precinct has elected to include additional comparative periods to assist users of the financial statements.
These interim financial statements should be read in conjunction with the financial statements and related notes included in Precinct's
Annual Report for the year ended 30 June 2021.
3. Fair value estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
• Level 1 - Quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (by price)
or indirectly (derived from prices).
• Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
4. Significant accounting judgements, estimates and assumptions
In preparing Precinct’s interim financial statements, management continually make judgements, estimates and assumptions based on
experience and other factors, including expectations of future events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to management. Actual results may differ from the judgements, estimates and assumptions made by management.
The significant judgements, estimates and assumptions made in the preparation of these interim financial statements are in relation to:
i. Investment and development properties
ii. Deferred tax assets and deferred tax liabilities
iii. Cross currency interest rate swaps and USPP notes
iv. Impairment test of intangible assets and goodwill
v. Share-based payment scheme
The same accounting policies and methods of computation are followed in the interim financial statements as compared with the
most recent annual financial statements.
5. Significant events and transactions during the period
Precinct's financial position and performance was affected by the following events and transactions that occurred during the
reporting period:
i. Capital Raising
Following a retail offer in July 2021 Precinct issued 19,736,842 shares at $1.52 per share. Refer to the consolidated statement of changes
in equity for details.
ii. Purchase of Freyberg Building
On 15 July 2021 Precinct purchased Freyberg Building for $49.0 million.
iii. Purchase of Bowen House
On 23 July 2021 Precinct purchased Bowen House for $92.0 million
iv. COVID-19 global pandemic
In response to the on-going COVID-19 global pandemic Auckland was in Alert Level 4 and 3 lockdown from 17 August 2021 before
moving to the Red setting of the COVID protection framework on 3 December 2021. During this period the operation of some of

08
Notes to the financial statements (Continued)
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
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 ($4.1 million; June 2021: $1.1 million), rent deferrals ($0.1 million; June 2021:
$0.4 million) and lease restructures.
Precinct did not claim any of the Government wage subsidy. Commercial Bay Hospitality claimed a further $0.5 million of subsidy
during the period to enable hospitality staff to be retained. Generator did not claim any further subsidy.
v. Conversion of PCTHA Convertible Notes
On 27 September 2021 PCTHA Convertible Notes of $150.0 million were converted into 107,142,389 ordinary shares at $1.40 per share.
Refer to the consolidated statement of changes in equity for details.
vi. PCT010 Maturity
On 17 December 2021 PCT010 senior secured fixed rate bonds matured.
vii. Wynyard Quarter Stage Three Development
On 21 December 2021 Precinct committed to the Wynyard Quarter Stage Three (124 Halsey Street and the Flowers Building)
development.

09
PRECINCT PROPERTIES NEW ZEALAND LIMITED
6. Investment and development properties
Amounts in $millions
Valuer
1
Capitalisation
rate
2
Valuation
30 June 2021
Capitalised
incentives
Additions /
disposals
3
Revaluation
gain / (loss)
Book value
31 December
2021
Investment properties
4
Auckland
AON Centre - Akld
5
JLL5.0%
234.0
(0.2)0.2-
234.0
HSBC TowerJLL4.5%
476.0
0.13.1-
479.2
Jarden HouseSavills4.9%
140.0
-0.1-
140.1
Mason Bros.
6
JLL4.5%
56.4
(0.1)0.1-
56.4
12 Madden Street
6
JLL4.8%
100.0
(0.1)0.2-
100.1
10 Madden Street
6
Colliers5.1%
86.0
0.9(0.1)-
86.8
204 Quay StreetJLL6.8%
22.7
-0.1-
22.8
Commercial Bay RetailJLL5.3%
405.0
(0.6)1.5-
405.9
PwC Tower (Commercial Bay)CBRE4.1%
665.0
0.30.6-
665.9
Wellington
NTT TowerBayleys5.5%
151.0
(0.3)0.2-
150.9
Mayfair HouseBayleys5.4%
86.7
-(0.1)-
86.6
No.1 and 3 The TerraceColliers5.1%
142.0
(0.1)0.1-
142.0
No. 3 The Terrace
7
Colliers0.0%
14.2
---
14.2
AON Centre - Wgtn
8
Colliers5.6%
192.9
(0.4)5.0-
197.5
Bowen CampusCBRE5.0%
304.5
(0.1)--
304.4
Market value (fair value) of investment properties
4.8%
3,076.4
(0.6)11.0-
3,086.8
Development properties
4
Bowen Campus Stage TwoCBREN/A
96.5
-33.6-
130.1
One Queen StreetCBREN/A
116.5
(0.4)22.3-
138.4
30 Waring Taylor Street
9
ColliersN/A
19.4
-(19.4)-
-
Freyberg Building
10
N/AN/A
-
0.351.6-
51.9
Bowen House
11
N/AN/A
-
-102.0-
102.0
Wynyard Quarter Stage 3
12
N/AN/A
-
-15.8-
15.8
Market value (fair value) of development properties232.4
(0.1)205.9-
438.2
1 30 June 2021 valuer.
2 Total weighted average by market value.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at period-end
and transfers to other categories of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 This property was previously known as AMP Centre.
6 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
7 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
8 Includes a gross up for the lease liability (December 2021: $2.9 million; June 2021: $2.9 million)
9 On completion of the project the value was transferred from development properties to property, plant and equipment as the building is fully leased to Generator.
10 On 15 July 2021 Precinct acquired Freyberg Building for $49.5 million.
11 On 23 July 2021 Precinct acquired Bowen House for $92.0 million.
12 On 21 December 2021 Precinct committed to the Wynyard Quarter Stage Three (124 Halsey Street and the Flowers Building) development and costs were transferred
from other assets to development properties.

10
Notes to the financial statements (Continued)
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
7. Intangible assets
Amounts in $ millionsCustomer
relationshipsBrandsGoodwillTotal
Cost
Balance at 30 June 20212.00.816.5
19.3
Acquisition through business combination---
-
Balance at 31 December 20212.00.816.5
19.3
Accumulated amortisation
Balance at 30 June 20210.7-9.7
10.4
Amortisation0.1--
0.1
Impairment loss---
-
Balance at 31 December 20210.8-9.7
10.5
Carrying amounts at 31 December 2021
1.20.86.8
8.8
The amortisation of customer relationships is included in other expenses.
Accounting policy - impairment test of intangible assets and goodwill
Intangible assets with indefinite lives and goodwill are tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired.
8. Gross operating revenue
Amounts in $ millionsUnaudited six
months ended
31 December 2021
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2021
Gross property income from rentals
74.6
71.4
148.4
Gross property income from expense recoveries
16.2
15.3
31.7
Straight line rental adjustments
2.1
1.7
4.0
Amortisation of capitalised lease incentives
(4.9)
(3.7)
(8.6)
Generator operating revenue
7.0
7.2
14.7
Commercial Bay Hospitality operating revenue
1.9
5.2
9.6
Total gross operating revenue96.9
97.1
199.8
9. Segment information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker has been identified as the Board of Directors.
The Group has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segment
Operations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared space
HospitalityOperating of hospitality venues

11
PRECINCT PROPERTIES NEW ZEALAND LIMITED
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance
because management believes that this information is the most relevant in evaluating the results of the respective segments relative to
other entities that operate in the same industries.
There are varying levels of integration between the investment properties and co-working segments. This integration includes occupied
space, future leasing and events. Inter segment pricing is determined on an arm's length basis.
Amounts in $ millionsUnaudited six months ended 31 December 2021Unaudited six months ended 31 December 2020
Investment
properties
Flexible
spaceHospitalityTotal
Investment
properties
Flexible
spaceHospitalityTotal
Revenue
Gross operating revenue88.07.01.9
96.9
84.77.25.2
97.1
Intersegment revenue1.3(0.9)(0.4)
-
0.50.3(0.8)
-
Less direct operating
expenses(28.2)(3.9)(2.8)
(34.9)
(25.0)(4.4)(5.2)
(34.6)
Operating income before
indirect expenses
61.12.2(1.3)
62.0
60.23.1(0.8)
62.5
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millionsUnaudited six
months ended
31 December 2021
Audited year
ended 30 June
2021
Segment operating income before indirect expenses62.0
127.7
Interest expense
(11.0)
(27.2)
Other expenses
(5.5)
(17.5)
Unrealised net gain / (loss) in value of investment and development properties
-
282.9
Unrealised net gain / (loss) on financial instruments
8.9
19.7
Depreciation - property, plant and equipment
(0.9)
(1.4)
Lease depreciation
(2.0)
(5.0)
Lease interest expense
(1.6)
(3.9)
Net realised gain / (loss) on sale of investment properties
(0.2)
(2.4)
Impairment of goodwill
-
(9.8)
Termination of management services agreement
-
(217.1)
Net profit before taxation49.7
146.0
10. Management expenses
Amounts in $millionsUnaudited six
months ended
31 December 2021
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2021
Other expenses
Audit fees
0.2
0.1
0.3
Directors' fees and expenses
0.6
0.4
0.9
Manager's base fees
-
6.6
10.2
Management expenses
1
7.5
-
3.8
Less: those recognised in direct operating expenses
(2.8)
-
(1.2)
Less: capitalised to properties being developed
(1.4)
-
(0.5)
Amortisation of intangible assets
0.1
0.1
0.3
Other
2
1.3
1.8
3.7
Total other expenses5.5
9.0
17.5
1 Management expenses includes employee remuneration, share-based payments expense, travel, training and occupancy costs.
2 Other expenses includes valuation fees, NZX listing fees, share registry costs, annual and interim report publication and property investigations and project initialisation
costs.

12
Notes to the financial statements (Continued)
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
11. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations and is
considered industry best practice for a real estate investment entity. This is determined by adjusting net profit determined under IFRS for
certain non-cash and other items. AFFO has been determined based on guidelines established by the Property Council of Australia
and is intended as a supplementary measure of operating performance.
Amounts in $millions unless otherwise statedUnaudited six
months ended
31 December 2021
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2021
Net profit after taxation
42.2
163.2
187.7
Unrealised net (gain) / loss in value of investment and development properties
-
(148.5)
(282.9)
Unrealised net (gain) / loss on financial instruments
(8.9)
22.4
(19.7)
Net realised (gain) / loss on sale of investment properties
0.2
-
2.4
Termination of management services agreement
-
-
217.1
Impairment of goodwill
-
-
9.8
Depreciation - property, plant and equipment
0.9
0.6
1.4
Depreciation recovered on sale
-
-
10.5
Deferred tax (benefit) / expense
10.8
7.1
15.7
NZ IFRS 16 lease adjustments
0.5
1.0
1.9
Tax from management services termination payment
-
-
(60.8)
Swap closeout
-
0.4
3.0
One off items
0.7
-
0.7
Share-based payments scheme
0.6
-
-
Amortisation
7.4
6.3
13.8
Straightline rent
(2.1)
(1.7)
(4.0)
Funds from operations (FFO)52.3
50.8
96.6
Funds from operations per share (cents)3.41
3.87
7.34
Maintenance capex
(0.9)
(2.7)
(4.0)
Incentives and leasing costs
(2.0)
(4.3)
(7.3)
Adjusted funds from operations (AFFO)49.4
43.8
85.3
Weighted average number of shares for net operating income per share
(millions)
1,533.4
1,313.7
1,316.5
Adjusted funds from operations per share (cents)3.22
3.34
6.48
This additional performance measure is provided to assist shareholders in assessing their returns for the period.
Dividend policy
Precinct's dividend policy is to pay out approximately 100% of Adjusted Funds From Operations ("AFFO") as dividends, with the
retained earnings being used to fund the capital expenditure required to maintain the quality of Precinct's propert portfolio. The
payment of dividends is not guaranteed by Precinct and Precinct's dividend policy may change from time to time.
12. Earnings per share
Amounts in $millionsUnaudited six
months ended
31 December 2021
Unaudited six
months ended
31 December 2020
Audited year
ended 30 June
2021
Net profit after tax for basic and diluted earnings per share ($millions)
42.2
163.2
187.7
Weighted average number of shares for basic and diluted earnings per share
(millions)
1,533.4
1,313.7
1,316.5
Basic and diluted earnings per share (cents)
2.75
12.42
14.26
There have been no new shares issued subsequent to balance date that would affect the above calculations.

13
PRECINCT PROPERTIES NEW ZEALAND LIMITED
13. Other current liabilities
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2021
Other current liabilities
Trade creditors
2.7
6.1
Accrued expenses
23.9
24.9
Total other current liabilities26.6
31.0
14. Interest bearing liabilities
Amounts in $millions31 December 202130 June 2021
Interest bearing liabilities
Bank loans
591.0
317.0
US private placement
260.7
260.7
NZ senior secured bond
250.0
325.0
Convertible note
-
150.0
Total drawn debt1,101.7
1052.7
US private placement - fair value adjustments
33.2
31.1
Convertible note - embedded financial derivative adjustment
-
17.8
Capitalised borrowing costs
(5.6)
(5.5)
Net interest bearing liabilities1,129.4
1,096.1
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
31 December 202130 June 2021
Bank loansAmortised costJul-22210.0Floating
2
210.0
210.0
Bank loansAmortised costJul-23200.0Floating
2
-
-
Bank loansAmortised costFeb-25150.0Floating
2
131.0
-
Bank loansAmortised costMar-26250.0Floating
2
250.0
107.0
Bank loansAmortised costDec-26300.0Floating
-
-
NZ senior secured bond (PCT010)Amortised costDec-21-
-
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
150.0
Convertible note (PCTHA)Amortised costSep-21-
-
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
1,620.7
1,101.7
1,052.7
Weighted average term to maturity
3.9 years
3.5 years
Weighted average interest rate before swaps (including funding costs)
2.60%
2.43%
1 As at 31 December 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 $1,620.7 million (June 2021: $1,595.7 million) including the NZ senior secured bonds and US private
placements.
All lenders have the benefit of security over certain assets of the Group. The Group has given a negative pledge which provides that it
will not permit any security interest in favour of a party other than the lenders to exist over more than 15% of the value of its properties.
To substantially remove currency risk, US private placement future cash flows have been fully swapped back to New Zealand dollars.

14
Notes to the financial statements (Continued)
For the six months ended 31 December 2021
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Accounting policy - interest bearing liabilities
Bank loans and the NZ senior secured bonds are recognised initially at fair value less any attributable transaction costs. Subsequent
to initial recognition, these liabilities are stated at amortised cost using the effective interest method. The US private placement is
recognised at fair value including translation to NZD with any gains or losses recognised in the profit or loss as they arise. This fair
value is determined using swap models and present value techniques with observable inputs such as interest rate and cross-
currency curves. This measurement falls into level 2 of the fair value hierarchy.
The convertible note embedded financial derivative is recognised at fair value with any gains or losses recognised in the profit or
loss as they arise. This fair value is determined using the black-scholes model with observable inputs such as Precinct's share price
and it's historic standard deviation, the convertible note strike price and the risk free rate. The movement in fair value attributable to
changes in Precinct's own credit risk is calculated by determining the changes in credit spreads above observable market interest
rates and is recognised in other comprehensive income. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the
cost of that asset.
15. Lease liabilities
Amounts in $ millionsUnaudited six months ended 31 December 2021Audited year ended 30 June 2021
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Current-2.6
2.6
-3.2
3.2
Non-current2.932.3
35.2
3.034.1
37.1
Total lease liabilities
2.934.9
37.8
3.037.3
40.3
16. Derivative financial instruments
Amounts in $millions31 December 202130 June 2021
Current assets
0.2
2.2
Non-current assets
1
32.2
32.3
Current liabilities
(0.3)
-
Non-current liabilities
(28.3)
(50.9)
Total fair value of derivative financial instruments3.8
(16.4)
Notional contract cover (fixed payer)
855.0
905.0
Notional contract cover (fixed receiver)
250.0
475.0
Notional contract cover (cross currency swaps - fixed receiver)
260.7
260.7
Percentage of net drawn borrowings fixed
54.0%
54.1%
Weighted average term to maturity (fixed payer)
3.68 years
3.98 years
Weighted average interest rate after swaps (including funding costs)
3.46%
3.38%
1 This includes the cross currency interest rate swap valuation of $29.5 million (June 2021: $25.1 million) and a net credit value adjustment of $0.03 million (June 2021:
$1.0 million debit).
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.

15
PRECINCT PROPERTIES NEW ZEALAND LIMITED
17. Capital commitments
Precinct has $343.1 million of capital commitments as at 31 December 2021 (June 2021: $260.1 million; December 2020: $133.0 million)
relating to construction contracts.
18. Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2021 (June 2021: $nil; December 2020: $nil).
b) Contingent assets
There are no contingent assets as at 31 December 2021 (June 2021: $nil; December 2020: $nil).
19. Related party transactions
Precinct internalised its management on 31 March 2021 and from this date no further fees were payable to the Manager (AMP Haumi
Management Limited). 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 $ millions31 December 202131 December 202030 June 2021
Fees chargedOwing at
31 December
Fees chargedOwing at
31 December
Fees chargedOwing at
30 June
Base management services
fee
--
6.41.1
9.9-
Leasing fees
--
1.10.2
1.3-
Development manager fees
--
1.20.5
5.8-
Acquisition and disposal fees
--
--
0.2-
Generator management fee
--
0.2-
0.3-
Recoverable services fee
--
2.4-
4.4-
Total--
11.31.8
21.9-
For details of the historical fee structure please see the 30 June 2021 annual financial statements.
20. Key management personnel
Amounts in $ millions31 December 202131 December 202030 June 2021
Directors' fees
0.4
0.3
0.8
Executive team remuneration
1.4
-
0.7
Total1.8
0.3
1.5
21. Events after balance date
On 22 February 2022 the Board approved the financial statements for issue and approved the payment of a dividend of $26,555,117
(1.675 cents per share) to be paid on 25 March 2022.
On 22 February 2022 the Board approved the conditional establishment of a new strategic investment partnership with Singapore
sovereign wealth fund GIC. The partnership will initially acquire five assets from Precinct's existing portfolio totalling around $590 million.
Precinct will own a minority 24.9% interest in the partnership. The disposals to the partnership remain conditional at this stage on the
completion of due diligence, Overseas Investment Office approval and certain subdivision consents in the initial portfolio.

16
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT PROPERTIES NEW ZEALAND LIMITED
Conclusion
We have reviewed the interim financial statements of Precinct Properties New Zealand Limited ("the Company") and its subsidiaries
(together "the Group") on pages 03 to 15, which comprise the consolidated statement of financial position as at 31 December 2021
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the period ended on that date, and a summary of significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements
of the Group do not present fairly, in all material respects, the financial position of the Group as at 31 December 2021, and its financial
performance and its cash flows for the period ended on that date, in accordance with New Zealand Equivalent to International
Accounting Standard 34:
Interim Financial Reporting
.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent
Auditor of the Entity
. Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the Financial Statements
section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical
requirements.
Ernst & Young provides other assurance services to the Group. Ernst & Young and the Group have entered an agreement in respect of
our future occupancy of a Group property. Partners and employees of our firm may deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. We have no other relationship with, or interest in, the Group.
Directors' Responsibilities for the Interim Financial Statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair presentation of the interim
financial statements in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
and for such internal control as the Directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Emma Winsloe.
Chartered Accountants
Auckland
22 February 2022
A member firm of Ernst & Young Global Limited

17
Directory.
Directory.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct Properties New Zealand LimitedDirectors of Precinct
Registered Office of Precinct
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
T:+64-9-927-1647
E: hello@precinct.co.nz
W: www.precinct.co.nz
Craig Stobo – Chairman, Independent Director
Anne Urlwin - Independent Director
Graeme Wong – Independent Director
Chris Judd - Independent Director
Nicola Greer - Independent Director
Mohammed Al Nuaimi – Director
Mark Tume - Independent Director
Officers of Precinct
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
BankersAuditor
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
The Hong Kong and Shanghai Banking Corporation
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond TrusteeSecurity Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
T: +64-9-488-8700
E: enquiry@computershare.co.nz
W: www.computershare.co.nz
F: +64-9-488-8787
Please contact our registrar;
• To change investment details such as name, postal address or method of payment.
• For queries on dividends and interest payments.
• To elect to receive electronic communication.

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearXSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
0.00%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
Start date and end date for determining market price for DRP
Date strike price to be announced (if not available at this
time)
Specify source of financial products to be issued under DRP
programme (new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation notice for this distribution in
accordance with DRP participation terms
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
3. "Gross taxable amount" is the gross distribution minus any excluded income.
5. The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the
imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT needs to

$0.00000000
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Type of distribution
1. Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2. “Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product.
4. “Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include any
excluded amounts, where applicable to listed PIEs.
Section 2: Distribution amounts per financial product
$0.01675000
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
11/03/2022
10/03/2022
25/03/2022
$26,555,117
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00000000
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
Total cash distribution
4
Total cash distribution
+64 21 111 8898
hello@precinct.co.nz
23/02/2022
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
$0.01675000
Imputed component
Excluded component$0.01675000
$0.00000000

Precinct FY22 Interim Results and Webcast Details Precinct considers retail green bond offer

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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