Precinct Properties New Zealand Limited/Announcement

Strong leasing performance supports PCT FY22 result

Full Year Results17 August 2022PCTReal Estate

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Precinct Properties New Zealand Limited (NS)
Results for announcement to the market
Reporting Period12 months to June 2022
Previous Reporting Period12 months to June 2021
Amount (000s)Percentage change
Revenue from ordinary
activities
200,300 NZD+0.3%
Profit (loss) from ordinary
activities after tax attributable to
security holders
108,800 NZD-39.5%
Net profit (loss) attributable to
security holders
108,800 NZD-39.5%
Interim/Final DividendAmount per securityImputed amount per security
Final0.01675 NZD0.00000 NZD
Record date09 September 2022
Dividend payment date23 September 2022
30 Jun 202130 Jun 2022
Net tangible assets per security
1.520 NZD1.540 NZD
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$0.01675000
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
9/09/2022
8/09/2022
23/09/2022
$26,561,881
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
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4
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+64 21 111 8898
hello@precinct.co.nz
18/08/2022
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

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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 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 – 18 August 2022
Strong leasing performance supports PCT FY22 result
Performance summary for the 12 months ended 30 June 2022
Financial summary
• Strong leasing completed achieves net property income (NPI) of $126.1 million ( 2021: $124.4
million), with $8.3 million rental support provided mainly to retailers due to lockdown impacts.
• Net operating profit before tax of $95.3 million, up 14.8% (2021: $83.0 million).
• Total comprehensive income after tax of $108.8 million (2021: $179.9 million).
• Net Asset Value (NAV) per share of $1.54 (2021: $1.52).
• Adjusted Funds from Operations (AFFO) of 6.51 cps (2021: 6.48 cps).

Repositioned balance sheet
• Accessing third party capital with the conditional establishment of a new strategic investment
partnership with Singapore sovereign wealth fund GIC announced in February 2022
- The sales to the partnership remain conditional on Overseas Investment Office approval
and certain consents in the Initial Portfolio.
- Defence House sale may not proceed due to the occupier’s consent not being
received.
- Alternative partnering opportunities are being explored with GIC.
• Gearing at 34.3% (2021: 28.2%), well under PCT borrower covenant level of 50%.

Strong operating performance
• High portfolio occupancy at 99% with 7.1 year ( 2021: 7.7 years) weighted average lease term
(WALT) following leasing success in the period.
• 34,600 square metres of leasing transactions completed.
• Wynyard Quarter Stage 3 project commenced during the year.
• 30 Waring Taylor Street redevelopment completed with first Generator Wellington site
performing well ahead of budget.
• Leveraging Precinct’s development capability with $854 million of value-add development
projects currently underway with 77% pre-leased to quality occupiers.

Environmental, Social and Governance (ESG) performance

• Global Real Estate Sustainability Benchmark (GRESB) score of 82, above global average of 73.
• Toitū carbonzero certification validated.
• B
ecoming signatory to Net Zero Carbon Buildings Commitment (post balance date), reinforcing
Precinct’s support to decarbonise the building and construction sector by 2050.

Note: Further information can be found within the 2022 Annual Report and results presentation. You can find these at
https://www.precinct.co.nz/annual-reporting/2022-annual-results

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for
the 12 months ended 30 June 2022 today. The performance of Precinct's core office portfolio
has been very robust, supported by our high quality occupiers and a resilient office market.
This has resulted in a pleasing full year result for the business during a challenging period. While
the first half of the financial period was impacted by lockdowns, n et property income (NPI) of
$126.1 million was achieved for the year. Notably, this level of NPI is after providing $8.3 million
of support predominantly through rental relief to our retailers and reflects the strong level of
leasing performance throughout the year. This has contributed to net operating income
before tax of $95.3 million, up 14.8% on the previous year (June 2021: $83.0 million).
Total comprehensive income after tax was $108.8 million compared to $179.9 million in the
previous year with the movement largely attributable to a significant revaluation gain
recognised in the 2021 financial year. Precinct recorded an annual revaluation gain in FY22
of $19.4 million (2021: $282.9 million), equating to a 0.5% increase on the year end book values,
driven mainly by development profit recognition. The revaluation gains for the period were
predominantly attributed to market rental growth and positive leasing activity but partially
offset by capitalisation rates remaining flat or slightly softening year-on-year. This outcome
reflects greater confidence in the office market but impacted by rising interest rates over
recent months.

Adjusted funds from operations (AFFO) was $101.5 million (June 2021: $85.3 million) or 6.51
cents per share (cps). Full year dividends paid to shareholders and attributed to the 2022
financial year totalled 6.70 cps, representing a 3.1% increase. The quality of our real estate is
enabling our business to grow and create further value for our shareholders and capital
partners.
As at 30 June 2022 Precinct’s portfolio totalled $3.7 billion (June 2021: $3.3 billion) including
assets held for sale. Precinct’s net asset value (NAV) per share at balance date was $1.54
(June 2021: $1.52).
Further financial information can be found within the 2022 Annual Report at
https://www.precinct.co.nz/annual-reporting/2022-annual-results
.
Scott Pritchard Precinct CEO said, “Precinct’s portfolio has continued to outperform in an
exceptionally challenging operating environment. Acknowledging the extent of rental
support provided to our retailers over the past 12 months, we are very pleased with our 2022

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 T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
financial year result and the resilience Precinct’s assets have demonstrated. Being able to
support not only those in our portfolio who are entitled to it, but also to those occupiers who
we believe needed financial assistance has been the right thing to do for our business.”
“Following the internalisation in 2021, we have considered how our strategy might evolve in a
way which is consistent with our focus on high quality assets and large scale developments.
We want to leverage our strengths and apply our learnings of the past 6 years. During the
year, we have successfully progressed our revised strategy with the formation of a strategic
investment partnership with GIC. Establishing a third party platform and diversifying our capital
sources is enabling our business to grow, providing flexibility for Precinct to take advantage of
future opportunities in the market as they arise.”
Operational and leasing update
Precinct's portfolio continues to perform well reflecting its quality occupiers, a long weighted
average lease term (WALT) and its high occupancy levels. At balance date, overall portfolio
occupancy was 99% and Precinct's WALT was 7.1 years.
Strong leasing momentum has been achieved during the period with a total of 60 leasing
transactions completed across 34,600 sqm of space. While many organisations are factoring
in ongoing flexible working arrangements, we continue to observe strong demand from
businesses wanting to have their workforce based in high quality space in both Auckland and
Wellington markets. New leases secured in the period totalled 10,645 square metres at 13.5%

above previous contract rents, equating to a compounded annual uplift of 5.0%.
With the majority of our corporate occupiers now back in office premises full time, it is
becoming increasingly important for our clients to have access to a high level of amenity to
attract and retain staff – spaces where people can connect and collaborate.
Including structured rent reviews, Precinct completed a total of 183,973 sqm of reviews at a
3.0% premium to previous contract rental. There were 17,441 square metres of market rent
reviews which were settled at a 5.9% premium to 30 June 2021 valuation rentals.
At 30 June 2022 Precinct's portfolio is under-rented by 6.3% (June 2021: 5.9% under-rented),
with the majority of under-renting occurring in Wellington and over 50% of upcoming reviews
subject to a market review within the next three years.

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 T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Development update
Auckland
Wynyard Quarter Stage 3
The development of 124 Halsey Street and the Flowers Building which commenced at the end
of 2021 are progressing well with the projects now well underway. Construction remains on
schedule with the building piling now complete. Leasing enquiry has been solid with ongoing
negotiations taking place with potential occupiers which we expect to complete well ahead
of completion of the buildings in late 2024.
The project has an expected total project cost of around $157 million and will generate a
yield on cost of circa 5.75% once the building is fully leased. Preparations are underway for
construction commencement of the final Wynyard Quarter Stage 3 building, subject to
continued leasing progress.
Deloitte Centre (One Queen Street)
Construction has advanced well. While an extended Alert Level 4 lockdown during the first
half of the year has caused disruptions on site, the project remains on track to complete in
late 2023. The project is currently 86% pre-committed with the high-rise office floors fully leased.
Wellington
Bowen Campus Stage Two
Both projects at 40 and 44 Bowen Street have continued to progress well despite the ongoing
challenges with supply chain and sourcing materials. Bowen Campus Stage Two remains on
programme and on budget. The project consists of around 20,000 square metres of office
space with a combined entry lobby and large low rise floor plates. Following further leasing to
high quality law firms in the period, we are now 96% leased across both buildings.
Dividend payment
Precinct shareholders will receive a fourth-quarter dividend of 1.675 cps. Due to Precinct’s
current tax position, there are no imputation credits to attach for the quarter and therefore
no supplementary dividend to be paid (see note 2). The record date is 9 September 2021 and
payment will be made on 23 September 2022.

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1
Enabling our
business to
grow
ANNUAL REPORT 2022

04
Revised strategy.
06
2022 highlights.
07
2022 summary.
10
Chair's report.
12
Management
report.
14
Our markets.
16
Results overview.
21
Sustainability
report.
34
Board of
directors.
36
Executive team.
38
5 year summary.
40
GRI content
index.
43
Corporate
governance.
52
Investor
information.
60
Remuneration
report.
68
The numbers.
100
Directory.
Cover page image: PwC Tower (photo credit: Simon Devitt).
More information can be found at www.precinct.co.nz
All portfolio metrics are as at 30 June 2022 and include assets held for sale,
unless otherwise stated.

The quality of our real estate is
enabling our business to grow and
create value for our shareholders
and partners.

04
Revised strategy.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Revised strategy.
04
PRECINCT PROPERTIES NEW ZEALAND LIMITED

05
Revised strategy.
ANNUAL REPORT 2022
Revised strategy.
05
ANNUAL REPORT 2022
We are focused on the next
stage in Precinct’s strategic
evolution, following the
internalisation of Precinct’s
management last year.
We have completed our 2020 vision and
delivered on our objectives. Our revised
strategy will see Precinct participate in more
opportunities and create value for our
shareholders and partners.
Establishing partnerships with third parties will
diversify our capital sources and enable our
business to grow and to take advantage of
future opportunities in the market as they
arise.
working
together.
capital
partnerships.

06
2022 highlights.
2022 highlights.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
GRESB
score
82/100
Global Real Estate Sustainability Benchmark
(GRESB) score of 82, above the global average of
73.
Precinct received a public disclosure level ‘A’
demonstrating its high level of public disclosure.
ESTABLISHMENT
OF NEW
STRATEGIC
INVESTMENT
PARTNERSHIP
In February 2022, Precinct announced the
conditional establishment of a new strategic
investment partnership with Singapore sovereign
wealth fund GIC.
+3.1%
Increase in dividend
Year on year to shareholders
$108.8M
Total comprehensive income after tax
For the 12 months ended 30 June 2022
$175M
Green Bond Issued
6 year secured and fixed rate

07
2022 summary.
2022 summary.
ANNUAL REPORT 2022
Operational
excellence
• Achieved dividend of 6.70 cps
• 99% portfolio occupancy and WALT of 7.1 years
• $175 million 6 year Green Bond issued
• New $300 million bank facility secured
• Global Real Estate Sustainability Benchmark (GRESB)
score of 82 (global average 73)
• Toitū carbonzero certification validated
$8.3M
Rental support provided to our clients in FY22
Luciano Cantisani, Concierge Manager
Developing
the future
• Wynyard Quarter Stage 3 in Auckland commenced
• One Queen Street in Auckland 86% committed
• Bowen Campus Stage Two in Wellington on
programme and on budget
• Settling the two Wellington acquisitions, Bowen House
and Freyberg Building with progress at both
redevelopment opportunities
• Completed redevelopment of 30 Waring Taylor Street
and opened Generator’s first Wellington site
• Continue to off-set embodied carbons at
development projects through carbon credits
Our
people
and
partners
• Established strategic partnership providing access to
capital with an aligned partner
• Establishment of dedicated Board ESG Committee
• Back to Business campaign activated in Auckland
and Wellington
• Support of LGBTQI+ community during Pride 2022
• Generator now Rainbow Tick certified
• Continued focus on health, safety and wellbeing
• Client and staff surveys completed
• Supporting communities in which we operate

08
2022 summary.
2022 summary. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Strategic
Partnership
WITH SINGAPORE
SOVEREIGN
WEALTH FUND
GIC
Overview
Ability for the fund to grow to:
~$1B
• 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 with a market fee arrangement in place for
the funds and property management of the assets
• Precinct will retain an ongoing 24.9% minority interest
in the partnership
Benefits
• Supports advancement of Precinct’s long-term
strategy and enables Precinct to participate in a
broader set of large scale 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

09
2022 summary.
ANNUAL REPORT 2022

10
Chair's report.
Chair's report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
On behalf of the Board and
management team, we are
pleased to present Precinct’s
2022 Annual Report.
Craig Stobo, Independent Director and
Chair
FY22 performance
Precinct has delivered another pleasing result for its 2022 financial year. While the first half of the financial period was impacted by
lockdowns, the performance of Precinct's core office portfolio has been very robust. This has been supported by our high quality
occupiers and a resilient office market.
Net property income of $126.1 million was achieved for the year. Notably, this level of NPI is after providing $8.3 million of support
predominantly through rental relief to our retailers and reflects the strong level of leasing performance throughout the year. This has
contributed to net operating profit before tax of $95.3 million, up 14.8% on the previous year (June 2021: $83.0 million).
Total comprehensive income after tax was $108.8 million compared to $179.9 million in the previous year with the movement largely
attributable to a significant revaluation gain recognised in the 2021 financial year. Precinct recorded an annual revaluation gain in
FY22 of $19.4 million. Acknowledging the extent of rental support provided to our retailers over the past 12 months, we are pleased with
Precinct's strong 2022 financial year result. Being able to support not only those in our portfolio who are entitled to it, but also to those
occupiers who we believe needed financial assistance has been the right thing to do for Precinct.
Adjusted funds from operations (AFFO) is 6.51 cents per share (cps). Our full-year dividend to shareholders is 6.70 cps, representing a
3.1% increase.
Establishment of new strategic investment partnership
Earlier this year in February 2022, Precinct announced the conditional establishment of a new strategic investment partnership with
Singapore sovereign wealth fund GIC. Precinct will own a minority 24.9% interest in the partnership. The sales to the partnership remain
conditional on Overseas Investment Office approval and certain consents in the Initial Portfolio.
Establishing a new collaborative and committed partnership with a global investor of this scale and quality represents a strategic step
forward for our business, following the internalisation of Precinct last year. The partnership provides access to capital with an aligned
partner and fully supports the execution of Precinct’s future growth. 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.

11
Chair's report.
ANNUAL REPORT 2022
Sustainability – ESG responses
Our business continues to focus on our ESG responses at Precinct.
Achieving another strong Global Real Estate Sustainability
Benchmark (GRESB) score demonstrates the good progress we
are making. During the period, Precinct achieved a 2021 GRESB
score of 82, this was well above the global average of
73. Importantly, Precinct has been recognised by GRESB as
having a high level of ESG public disclosure, receiving a public
disclosure level ‘A’. Our target for GRESB is to be in the top
quartile of global peers. 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 averages of C and B-, respectively. We continue to
target 'A leadership and strategic best practice'.
With the requirement for climate-related financial risk reporting
for listed corporates and major financial institutions having now
been passed by Parliament and the External Reporting Board
(XRB) aiming to issue its first climate standard at the end of this
year, Precinct has been actively monitoring this area of reporting
ahead of mandatory disclosure requirements.
While there is currently no legislation in New Zealand which
relates directly to modern slavery, in line with our broader
sustainability objectives, Precinct wants to engage only ethical
suppliers and expects our suppliers’ support in the identification
of modern slavery risks throughout our supply chain. Precinct is
committed to respecting and supporting the dignity, well-being
and human rights of our employees and all those who we
engage with and whose lives we impact through our supply
chain. Precinct has recently published a modern slavery policy. It
can be found on Precinct’s website.
This year, Precinct has prepared its 2022 Annual Report in
accordance with the updated GRI Universal Standards. We
welcome you to read our Sustainability Report on pages 21 to
33.
Precinct is fully supportive of a
low-carbon future for New
Zealand.
C R A I G S T O B O , P R E C I N C T C H A I R
Governance
We continue to ensure Precinct maintains best practice
governance structures and the highest ethical standards - this is
a key objective for Precinct and the Board. Since we
corporatised in 2011, we have significantly enhanced our
corporate governance.
In recent years, the regulatory landscape in which our company
operates has continued to change. Increased regulatory risk and
obligations have resulted in increased demand on Directors’
time and broadening their scope of responsibilities in monitoring
and assessing legal and regulatory compliance. This is
particularly true with respect to climate change and the
establishment of Precinct's green bond programme. Establishing
a dedicated Board Environmental, Social & Governance (ESG)
Committee reflects the increased importance of ESG to our
business and the long-term view we are taking in this area. We
are committed to delivering on our business objectives and key
priorities with a focus on improving our operational performance
further.
During the year, we have also improved our approach to
remuneration at Precinct since the internalisatiion. Additional
disclosures are included in our Remuneration Report, ensuring
that remuneration of both Directors and management personnel
is transparent, fair and reasonable.
Precinct benefits from a strong and stable governance regime.
We continue to focus on the Board’s succession planning to
ensure we have a Board of Directors comprising the right
balance of skills, knowledge and perspectives.
Dividend guidance
The Board expects Precinct’s dividend for the 2023 financial year
to be no less than 6.70 cps in total cash dividends to be paid to
shareholders.
Our business is in a strong position, and we are well placed to
outperform. By utilising third party capital, we are confident
Precinct can drive higher returns and create more value for our
shareholders and our partners.
On behalf of the Precinct Board, management and Precinct
team, we thank you, for your sustained investment in Precinct.
Craig Stobo, Independent Director and Chair

12
Management report.
Management report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
From left to right: Scott Pritchard (CEO),
Richard Hilder (CFO) and George Crawford
(Deputy CEO).
The high quality and resilient

nature of our portfolio is driving
Precinct’s operating and financial performance.
Establishing a third party platform and diversifying our capital
sources is enabling our business to grow, providing flexibility for
Precinct to take advantage of future opportunities in the market as
they arise.
Following the internalisation last year, we have considered how our strategy might evolve in a way which is consistent with our focus on
high quality assets and large scale developments. We want to leverage our strengths and apply our learnings of the past 6 years. We
have achieved significant progress on this strategy during the year with the formation of a strategic investment partnership.
Reviewing our strategy and sourcing partners and capital is enabling our business to grow. Utilising third party capital was a logical next
step in Precinct’s strategy. We now have alternate forms of capital that we can access in order to participate in a wider range of
market opportunities.

13
Management report.
ANNUAL REPORT 2022
Development projects update
Auckland
Wynyard Quarter Stage 3
At the end of 2021, Precinct commenced the development of
124 Halsey Street and the Flowers Building, the third stage of the
master-planned Wynyard Quarter Innovation Precinct. The
project has an expected total project cost of around $157 million
and will generate a yield on cost of circa 5.75% once the
building is fully leased.
Investment in sustainable design continues to follow the market
leading sustainability outcomes achieved in delivering
developments that reduce impacts on the environment and
create social and economic value. The buildings are targeting 6-
Star Green Star and 5-Star NABERSNZ ratings on completion. The
design for Wynyard Quarter Stage 3 showcases the latest in
sustainable timber construction innovation, a first for Precinct’s
development projects with the Flowers Building featuring a
timber-frame structure. The overall development will be carbon
neutral, with the remaining CO
2
emissions unable to be
eliminated in design offset through carbon credits.
The development will be undertaken by Precinct in partnership
with Eke Panuku Development Auckland. Market leading
construction firm, Hawkins have been appointed the main
contractor for this development which is expected to complete
in late 2024.
Deloitte Centre (One Queen Street)
Construction continues to advance well at One Queen Street.
While an extended Alert Level 4 lockdown during the first half of
the year has caused disruptions on site, the project remains on
track to complete in late 2023. The project is currently 86% pre-
committed.
Wellington
Bowen Campus Stage Two
Both projects at 40 and 44 Bowen Street have continued to
progress well. Pleasingly, Bowen Campus Stage Two remains on
programme and on budget.
The project consists of around 20,000 square metres of office
space with a combined entry lobby and large low rise floor
plates. Following further leasing in the period, Stage Two is now
96% leased across both buildings.
Bowen House and Freyberg Building
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.
30 Waring Taylor Street, Wellington
During the period, the redevelopment of 30 Waring Taylor Street
was completed, successfully launching Generator's first
Wellington shared workspace.
Through our partnerships we
will access alternate forms of
capital which will allow
Precinct to participate in more
market opportunities. We
continue to leverage our
market position and capability.
This is expected to result in
enhanced returns on our
capital invested.
S C O T T P R I T C H A R D , C E O
Outlook
Precinct has continued to be supported by the quality and
resilience of its portfolio and its people during 2022. Our strategy
is evolving but will continue to focus on our three key pillars, our
people and partners, operational excellence and developing
the future.
While the city centres are firmly in a recovery phase this is against
a backdrop of expectations for a slowing economy. Our view is
that it is critical to be adding value through this stage of the
economic cycle by maintaining portfolio occupancy, leveraging
our strong development capability, and partnering with direct
investors.
We remain encouraged by the occupier market and the
opportunities which are being presented to our business.
Precinct is well positioned to create further value for our
shareholders, and also our capital partners. We are committed
to owning, managing and developing a high quality portfolio of
assets.
Scott Pritchard,
CEO
George Crawford,
Deputy CEO
Richard Hilder,
CFO

14
Our markets.
Our markets.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Auckland city centre
After experiencing various lockdown restrictions over the past year, Aucklanders are now returning to the office. General sentiment
remains cautiously optimistic with SMEs and larger occupiers taking a long-term view on their future and advancing renewal and/or
relocation plans.
Office vacancies remain unevenly spread throughout the city centre on a building-by-building basis. However the dominant theme
remains ‘flight to quality’ with continued demand observed for assets located on the waterfront and in Wynyard Quarter, at the same
time as increased vacancy and rental declines recorded within precincts traditionally utilised by education or hospitality businesses.
This is clearly shown in the vacancy statistics reported by JLL Research, which indicated a decrease in prime vacancies to 6.6% as at
June 2022 (June 2021: 7.3%) while secondary vacancies increased to 16.6% (June 2021: 13.9%). The focus on quality is also
demonstrated through market rental performance, with prime grade rentals recording a 3.3% increase year-on-year, compared to a
2.9% decline in secondary grade rentals over the same period.
The future of the prime grade office occupier market remains strong albeit some challenges are present in the short term as the sector
deals with economic headwinds and navigates changes in workplace behaviour. While prevalence of remote working continues to
rise, effective hybrid workplace strategies are founded on best-in-class work environments with abundant amenities, providing
enduring demand for accommodation in high quality, well-located assets.

15
Our markets.
ANNUAL REPORT 2022
Wellington city centre
Similar to Auckland, the city centre has in recent months seen a rebound in activity levels with businesses and Government agencies
relaxing enforced work from home policies and encouraging staff to return to the office. Notwithstanding, some agencies are still
encouraging staff to partly work from home due to capacity issues in their current premises. With local and central Government
agencies accounting for approximately 40% of total occupied stock, their growth plans and accommodation mandates continue to
have significant impact on the occupier market.
JLL Research reported prime vacancy as at June 2022 of 1.3% (June 2021: 0.9%) albeit this was driven predominantly by new supply,
with some 14,800 square metres of new prime grade stock added during the past twelve months compared to net absorption of 13,258
square metres. Due to the low level of vacancies, market rentals have continued to grow with prime grade rentals notching a 2.9%
uplift year-on-year. Overall, occupier market fundamentals remain strong with new developments having a high level of pre-leasing
prior to completion and prevailing tailwinds from seismic obsolescence and focus on quality.

16
Results overview.
Results overview.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FY22 results
Precinct has performed well during the 2022 financial year. Our
business has continued to be impacted by lockdowns during the
first half of the financial year, particularly across our retailers,
hospitality venues and event spaces. Pleasingly, Precinct's core
office portfolio has delivered strong results, demonstrating the
high quality occupiers we have in our spaces and the demand
for Precinct's premium grade accommodation solutions.
Total comprehensive income after tax was $108.8 million
compared with $179.9 million in the previous year with the
movement largely attributable to a revaluation gain of
$282.9 million last year. Adjusted Funds from Operations (AFFO),
which adjusts for several non-cash items remains consistent at
$101.5 million (June 2021: $85.3 million) or 6.51cps. Full year
dividends paid to shareholders and attributed to the 2022
financial year totalled 6.70 cps, representing a year on year
increase of 3.1%.
Net property income was $126.1 million (June 2021:
$124.4 million). Notably, this level of NPI is after providing
$8.3 million
1.
of support predominantly through rental relief to our
retailers (including turnover based rental adjustments) and
reflects the solid level of leasing performance throughout the
year. This has contributed to net operating income before tax of
$95.3 million, up 14.8% on the previous year (June 2021:
$83.0 million).
Net interest expense for the period was lower during the period
at $23.9 million (June 2021: $27.2 million). Precinct has recorded
a positive tax position for the financial year of $7.0 million (June
2021: $67.8 million). The tax position for the FY22 year is largely
consistent to the prior period, after adjusting for the tax from the
MSA termination payment which totalled $60.8 million. The
overall gain in financial instruments was $33.1 million as at
30 June 2022 (June 2021: $19.7 million gain).
Reconciliation of adjusted funds from operations
(Amounts in $ millions)20222021
Operating income before indirect
expenses
129.4
127.7
Indirect expenses
(34.1)
(44.7)
Operating income before income tax95.383.0
Current tax expense
7.0
67.8
Operating profit after tax102.3150.8
Non operating income / (expenses)
34.0
63.0
Deferred tax and depreciation recovered
on sale
(26.3)
(26.1)
Net profit / (loss) after taxation attributable
to equity holders
110.0187.7
Operating profit after tax adjusted for
Generator rent expense
(7.6)
(7.0)
Tax impact from MSA termination
payment and liquidated damages
-
(60.8)
Swap closeout
-
3.0
One off item - project initialisation costs
0.7
0.7
Share-based payments scheme
1.2
-
Amortisations
14.7
13.8
Straightline rents
(3.8)
(4.0)
FFO107.596.6
Maintenance capex
(2.3)
(4.0)
Incentives and leasing costs
(3.7)
(7.3)
AFFO101.585.3
Note: AFFO is an alternative performance measure which adjust net profit after
tax for a number of cash and non-cash items as detailed in the reconciliation
above. Precinct has transitioned to a dividend policy based on AFFO. AFFO is an
alternative performance measure provided to assist investors in assessing
Precinct’s performance for the year.
Precinct’s annual revaluation recorded a gain of $19.4 million
(2021: $282.9 million or 9.3%), equating to a 0.5% increase on the
year end book values, driven mainly by development profit
recognition. On a like-for-like basis, Auckland asset valuations
increased by 0.6% while Wellington assets increased by 0.4%.
The revaluation gains for the period were predominantly
attributed to market rental growth and positive leasing activity
but partially offset by capitalisation rates remaining flat or slightly
softening year-on-year. This outcome reflects greater confidence
in the office market but is impacted by rising interest rates over
recent months. While the portfolio continues to experience
strong market rental growth driven by robust occupier demand,
investment market sentiments are comparatively muted versus
the prior period. Adjusted for assets held for sale, Precinct’s
weighted average market capitalisation rate has softened on a
like-for-like basis from 4.8% to 4.9% over the past twelve months.
As at 30 June 2022, Precinct’s portfolio, including assets held for
sale, totalled $3.7 billion (30 June 2021: $3.3 billion), equating to a
net asset value (NAV) per share of $1.54 at the balance date
(30 June 2021: $1.52).
1. Note 8 of the 2022 financial statements provides more details on the impact of
COVID-19 on Precinct's business.

17
Results overview.
ANNUAL REPORT 2022
Adjusted Funds from Operations (AFFO)
FFO and AFFO are measures used by real estate entities
to describe the underlying performance from their
operations. Aligning dividends with AFFO is generally
considered to be best practice for real estate entities.
FFO and AFFO are defined in more detail on page 39.
FFO for the year increased to $107.5 million (June 2021:
$96.6 million) or 6.89 cps. AFFO for the year was
$101.5 million, or 6.51 cps.
PRECINCT'S AFFO PAYOUT RATIO OVER THE
PAST 5 YEARS HAS AVERAGED 101%.
Key financial information
(Amounts in $ millions unless otherwise stated)20222021Change (%)
Rental revenue
200.3
199.80.3
Funds from operations (FFO)
107.5
96.611.3
Adjusted funds from operations (AFFO)
1
101.5
85.319.0
Total comprehensive income after tax attributable to equity holders
108.8
179.9(39.5 )
Funds from operations (FFO) (cents per share)
6.89
7.34(6.1 )
Adjusted funds from operations (AFFO) (cents per share)
6.51
6.480.5
Gross distribution (cents per share)
2
6.70
6.503.0
Net distribution (cents per share)
2
6.70
6.503.1
AFFO Payout ratio (%)
102.9
100.32.6
Total assets
3,839.2
3,456.411.1
Total liabilities
1,403.7
1,235.813.6
Total equity
2,435.5
2,220.69.7
Shares on issue (million shares)
1,585.4
1,458.58.7
NTA (cents per share)
154
1521.3
NAV (cents per share)
154
1521.3
Gearing ratio at balance date (%)
3
34.3
28.221.6
The information set out above has been extracted from the financial statements set out on pages 70 to 96.
1 AFFO is an alternative performance measure which adjusts net profit after tax for a number of non-cash items. This alternative performance measure is provided to
assist investors in assessing Precinct's performance for the year.
2 Dividend paid and proposed relating to financial year.
3 For loan covenant purposes deferred tax losses, fair value of swaps and subordinated debt are not included in the calculation of gearing ratio.

18
Results overview.
Results overview. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Capital management
During the year, we have continued to reposition and strengthen
Precinct's balance sheet, ensuring we are in a strong financial
position to take our business forward. The establishment of the
new investment partnership has improved our balance sheet
utilisation and the transaction has provided the business with
significant capital for future opportunities and growth.
At balance date Precinct’s total borrowings had increased to
$1,246.7 million (30 June 2021: $1,052.7 million). Gearing as
measured under borrower covenants, is 34.3% (30 June 2021:
28.2%). Similarly, total assets at 30 June 2022 are $3.8 billion
(30 June 2021: $3.5 billion).
During the 2022 financial year, we elected to convert all
subordinated convertible notes under the NZX ticker code
PCTHA issued by Precinct on 27 September 2017 to equity.
In December 2021, we committed to a new $300 million bank
debt facility. Precinct remains within its borrowing covenants with
total debt facilities of around $1.6 billion at 30 June 2022.
Precinct was 64% hedged through the use of interest rate swaps
at 30 June 2022 (June 2021: 54%). Average hedging for the 2023
financial year will be around 65%. The weighted average interest
rate including all fees was 4.0% at 30 June 2022 (30 June 2021:
3.4%).
In April 2022, Precinct successfully issued a six year secured, fixed
rate green bond of $175 million. The net proceeds of the offer
are intended to be earmarked in accordance with Precinct’s
Sustainable Debt Framework dated 2020 to finance or refinance
energy-efficient buildings.
The establishment of the new
strategic investment
partnership has further
repositioned Precinct's
balance sheet. This provides
our business with significant
capital for future opportunities
and growth.
R I C H A R D H I L D E R , C F O
Capital management metrics
20222021
Debt drawn ($ millions)
1
1,247
1,053
Gearing - banking covenant (%)
34.3
28.2
Weighted average term to expiry (years)
4.0
3.5
Weighted average debt cost (incl fees) (%)
4.0
3.4
Percentage of debt hedged (%)
64.2
54.1
Weighted average hedging (years)
3.5
3.4
Interest coverage ratio (previous 12 months)
(covenant 2.0 times)
2.5
2.4
Total debt facilities ($ millions)
1,623
1,596
1 Excludes the USPP note fair value adjustment of $35.9 million (June 2021:
$31.1 million) and convertible note option valuation (June 2022: $nil; June
2021: $17.8 million). Interest bearing liabilities are detailed in Note 19 of the
Financial Statements.

19
Results overview.
ANNUAL REPORT 2022
Operational update
Precinct's portfolio continues to perform well reflecting its quality
occupiers, a long WALT and its high occupancy levels.
At balance date, overall portfolio occupancy was 99% (June
2021: 98%) and Precinct's WALT was 7.1 years (June 2021: 7.7
years).
In total, 60 leasing transactions were completed across 34,600
square metres of space. This includes welcoming several new
clients to our portfolio as well as retaining a number of existing
clients. Rentals achieved on new office leases were on average
4.8% higher than valuation rents at 30 June 2021.
In Auckland, key leasing includes a 9 year lease to AJ Park over
levels 13 and 14 of the AON Centre and a 7 year extension to
Jones Lang LaSalle over level 16 of the HSBC Tower. In
Wellington, a new 9 year lease was agreed with the Electricity
Authority on level 7, as well as a 4 year renewal with Chorus over
levels 10 and 11 of the AON Centre.
Including structured rent reviews, Precinct completed a total of
183,973 square metres of reviews at a 3.0% premium to previous
contract rental. There were 17,441 square metres of market rent
reviews which were settled at a 5.9% premium to 30 June 2021
valuation rentals.
At 30 June 2022 Precinct's portfolio is under-rented by 6.3% (June
2021: 5.9% under-rented).
Operational metrics
20222021
Precinct
Occupancy (%)
99
98
WALT (years)
7.1
7.7
NLA (sqm)
268,102
266,248
Under-renting (%)
6.3
5.9
Leasing
34,600
15,800
Generator
Occupancy (%)
77
71
Members
1,734
1,386
Sites
9
8
Sqm
15,770
13,600
FY23 key leasing events
Fixed review
Market review
Expiry
CPI
No event
Lease expiry profile by contracted revenue
Financial year
% of net lettable area
WellingtonAuckland
Vacant
23
24
25
26
27
> 27
0
20
40
60
80

20
Sustainability report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

21
Sustainability report.
Sustainability report.
ANNUAL REPORT 2022
Message from the ESG Committee
Dear Shareholders,
On behalf of the ESG Committee, I am pleased to present you
with Precinct’s Sustainability Report for the financial year ended
30 June 2022. The ESG Committee has been established by the
Precinct Board to assist us in implementing and monitoring
Precinct’s strategic objectives in relation to ESG issues.
Our Committee is guided by the ESG Committee Charter
(available in Precinct's Corporate Goverance Manual on
Precinct's website). A majority of Committee members are
Independent Directors who have a range of skills and
experience. We continue to learn and deepen our knowledge
and understanding across the ESG landscape. Over the last
year, Precinct has undertaken a comprehensive ESG review. This
includes a review of Precinct’s material sustainability topics and
performance targets. We have lifted our targets around climate-
related disclosures (see our Task Force on Climate-Related
Financial Disclosures (TCFD) framework on Precinct's website),
with a focus on energy efficiency and meeting or exceeding
New Zealand’s excellence levels under NABERSNZ and Green
Star Ratings. We now have a clear pathway for improvement.
This year, Precinct has prepared its 2022 Annual Report in
accordance with the updated Global Reporting Initiative (GRI)
Standards 2021. As part of this process, Precinct engaged an
independent consultant to support us in undertaking a
materiality assessment to review Precinct’s ESG topics through
the lens of impact on people and planet. This materiality
assessment identified actual and potential impacts - both
positive and negative - and prioritised them based on their
relative significance for reporting.
This analysis considered our organisation’s local operating
environment, NZ legislation, industry standards, publicly available
reporting of our peers in New Zealand and Australia and the
opinions of sustainability experts. Our material ESG topics
consider a wide range of information sources, including the
opinion of our key stakeholders via interviews, research and
surveys. We also reviewed the relevance of our current topics as
well as potential gaps and new developments through several
workshops. All current ESG topics remain material for Precinct,
however some topics have been re-named and aggregated for
conciseness. There were three topics which emerged, namely,
depletion of natural resources and contribution to waste;
biodiversity loss; and contribution to water stress and reduced
water quality. The ESG Committee are responsible for reviewing
and approving the Sustainability Report, including Precinct's
material topics presented in this year’s report.
Responding to our material ESG topics is an area of long-term
strategic importance to Precinct. We are committed to enabling
sustainable and successful business.
Nicola Greer
Independent Director and Chair of the ESG Committee
Precinct's material topics capture the actual
and potential, positive and negative impacts
that Precinct has on people and the planet.
Post balance date, Precinct is pleased to
have become a signatory to the Net Zero
Carbon Buildings Commitment.
Read more: https://www.worldgbc.org/thecommitment
Nicola Greer, Independent Director and
Chair of Precinct ESG Committee

22
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Our sustainability frameworkPrecinct's material topics
1
1 Precinct’s material topics presented above (and outlined in more detail below) are based on the materiality assessment undertaken in 2022 and meets the
requirements of the updated GRI Standards 2021. The analysis considered a wide array of information sources, including the opinion of our key stakeholders.
The following topics were identified as material to Precinct. Looking ahead, we plan to further evaluate the various sustainability-
related impacts on Precinct’s activities and business relationships to better understand the risks and opportunities to our business.
Material topic
How Precinct impacts people and planetHow we are responding to our impacts on people and planet
Climate change
• Contributes to climate change through
embodied carbon (CO
2
emissions from
developing a building) and operational
carbon (CO
2
emissions from running a
building).
• Incorporating sustainable design into building developments
(improving energy efficiency, reducing construction waste,
employing low-carbon materials, evaluating HFC removals).
• Offsetting carbon.
Partnerships and
community
wellbeing and
vitality
• Helps to create desirable conditions for
community and business interaction.
• Contributes to city-centre cultural vibrancy.
• Strengthens city-centre communities.
• Maintaining and developing high-quality space.
• Initiatives that facilitate cultural celebration.
• Supporting community projects through sponsorships, financial
and in-kind donations.
• Partnering with Mana Whenua, local and central government,
and council-controlled organisations.
Depletion of
natural resources
and contribution
to waste
• Procurement of non-renewable raw
materials and finished goods via local and
international supply chains.
• Disposing of materials and goods to landfill.
• Evaluating procurement decisions against sustainability-related
criteria.
• Developing waste management infrastructure and systems that
increase material recycling and re-use.
Economic activity
and opportunity
• Helps to create local jobs.
• Generating financial wealth through
returns on investment.
• Contribution to GDP and paying tax.
• Fostering and maintaining good governance and ethical
business practices.
• Sustainable financing.
Client, worker
and staff
wellbeing
• Contributes to good health and wellbeing
of people in the immediate value chain.
• Fostering diversity through internal policies and practices.
• Maintaining and improving health and safety.
• Providing modern and high-quality physical spaces that
support people’s wellness.

23
Sustainability report.
ANNUAL REPORT 2022
Precinct takes an active approach to climate action, as well as Climate-related disclosures.
Since 2021, Precinct has reported climate-related financial disclosures that align with the recommendations of the Taskforce on
Climate-Related Financial Disclosures (TCFD). This prepares us to meet the incoming mandatory Aotearoa New Zealand
Climate Standards in subsequent reporting periods. Presently, we have identified physical and transition climate-related risks
and incorporated them into Precinct’s climate-related risk register, which is a component of the Risk Management Plan. Risks
are evaluated according to three time horizons: short term (<2 years); medium term (2-10 years); and long term (10+ year).
They include:
Physical risks: Rising sea levels, rising mean temperatures, and increased severity and frequency of extreme weather events.
Transition risks: Current and emerging regulation, changing customer behaviour, and lower-emissions product substitution.
While Precinct’s business growth remains strong, ongoing monitoring and evaluation of our climate-related risks are essential to
ensure Precinct remains resilient into the future.
Our full climate-related disclosures can be found here: www.precinct.co.nz/tcfd-framework
Performance and benchmarks
To assess and manage our impacts and effectively communicate our performance, Precinct have established long-term targets and
metrics, which involve a balanced approach to our ESG ambitions and are aligned with our material sustainability topics. Being able to
measure, review and evaluate Precinct’s ESG performance against industry peers and global benchmarks is key.
Participation inOverviewTargetCurrent performance
The overarching measure
Precinct have chosen to use as its
core ESG indices performance
benchmark is the Global Real
Estate Sustainability Benchmark
(GRESB). It is considered the
global standard for ESG
benchmarking and reporting for
real estate entities.
Target to be in the
top quartile of
reporting global
peers
82 (global average 73)
Public disclosure level A (global average C)
2021 Top 25%: No (30%)
2020 Top 25%: Yes (20%)
2019 Top 25%: No (43%)
Precinct have chosen to
participate in Carbon Disclosure
Project (CDP) which is the gold
standard for corporate
environmental reporting and is
fully aligned with the TCFD
recommendations.
CDP runs the global
environmental disclosure system
and supports thousands of
companies globally.
Target 'A leadership
and strategic best
practice'
B (oceania regional average C and global average B-)
2020: B -
2019: Not scored
2018: F
Morgan Stanley Capital
International (MSCI) ESG Rating
aims to measure a company's
resilience to long-term, financially
relevant ESG risk.
Target A or better
BBB (on a scale of AAA-CCC)
2021: BBB
2020: BBB
2019: A
Toitū carbonzero certifies Precinct
is a carbon neutral organisation in
accordance with internationally
recognised ISO 14064-1:2006
standards.
Carbonzero
certification
Achieved
2021: Achieved
2020: Achieved

24
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Climate change.
Our approach
We understand the impacts of climate change are felt globally
and emissions from building and construction are nationally
significant. Precinct recognise our role as a long-term owner and
developer of real estate and are taking an active approach to
climate action. Precinct’s greenhouse gas (GHG) emissions
include the embodied carbon from the development of a
building and the operational carbon from the energy a building
uses. We are focused on improving the environmental
performance across our buildings and incorporating sustainable
design across our assets.
Green assets
1
Green Assets
Green Development
Assets
Non-Green Assets
Hydrofluorocarbons (HFCs)
With many commercial air conditioning systems using HFCs
which have a high Global Warming Potential (GWP), New
Zealand is looking to phase-out use of the high GWP HFC
refrigerants and remove HFC’s under New Zealand’s
commitments to the Kigali Agreement of 2016 and the Paris
Agreement of 2015. Precinct is currently reviewing HFC use
across our portfolio and considering what alternatives can be
used. Precinct has committed to removing gas at Bowen House
which is targeting a 5-Star NABERSNZ rating.
Knowledge for future success:
Precinct continues to partner with the New Zealand
Green Building Council (NZGBC) on current and future
carbon legislation to promote and lead industry-wide
environmental practices. We see the value of engaging
at a local level to influence and align with climate-
related solutions.
We understand data collection is key. Precinct has
recently implemented the use of a new ESG data
management solution for commercial real estate entities,
improving the accuracy in measuring our greenhouse
gas emissions.
Toitū carbonzero certification
Since 2020, Precinct has achieved Toitū carbonzero certification.
Precinct meets the requirements of Toitū carbonzero®
certification having measured its greenhouse gas emissions in
accordance with ISO 14064-1:2006. Toitū carbonzero certification
is accredited by the Joint Accreditation System of Australia and
New Zealand (JAS-ANZ). This provides assurance that our
certification meets international best practice. Precinct
continues to offset its emissions from our operations by buying
high-impact carbon credits from a Gold Standard certified
international project. Recent contributions have been made to
the Gyapa Cook Stoves Project in Ghana and Amayo Phase II
Wind Power Project in Nicaragua.
Net Zero Carbon Commitment
Precinct has recently announced our commitment to the World
Green Building Council Net Zero Carbon Buildings Commitment.
Under the agreement, Precinct has committed to achieving net
zero carbon emissions for all buildings under its direct operational
control. And to maximise reductions of embodied carbon
emissions of new developments and major upgrades of existing
assets, compensating for any remaining residual upfront
embodied carbon emissions, by 2030.
Operational carbon
NABERSNZ
Target investment portfolio: 100% of buildings +4-Stars
Target development portfolio: 100% of projects +5-Stars
Development - embodied carbon
Green Star
Target: 5-Star Green Star rating for over 60% of the
portfolio
Target: 5-Star Green Star Design and As built rating for all
new projects
As buildings are becoming more operationally efficient,
there will be a greater weighting on the embodied
carbon of our assets. Embodied carbon is the emissions
emitted in the production of a buildings materials, their
transport and installation on site as well as their disposal
at end of life. Precinct is taking a whole of life cycle
assessment approach, and so far have measured and
offset the embodied carbon across 11,320 square metres
of projects.
We look forward to further development and disclosure
of our embodied carbon assessment during FY23.
1Green assets defined as per sustainable debt framework; as targeting or certified a minimum 5-Star Green Star Built
Rating or 4-Star NABERSNZ Rating. The graph above excludes assets held for sale.

25
Sustainability report.
ANNUAL REPORT 2022
Total carbon emission intensity - office portfolio
Emissions (kgCO2e)/sqmVariance (change %)
Office Portfolio Carbon emission
intensity*FY21FY20FY17 (base)to FY20to base year
Scope 1
9.18.9
10.42.2(12.5)
Scope 2
6.56.4
7.71.6(15.6)
Scope 3
1.51.8
0.0(16.7)N/A
Total Office17.117.218.1(0.6)(5.5)
*Carbon emission intensity data excludes buildings that were under development, were transacted or that had insufficient data during
the year.
Total operating carbon emissions
1
Scope 1
Scope 2
Scope 3
1
Total carbon emissions for FY21 totalled 4,767 tCO2e..Emissions data has been verified by Toitū Envirocare and reflects data up to FY21
due to the timing of the annual Toitu audit process and excludes developments assets.
Sustainable
timber
construction
Targeting 6-Star Green Star and 5-Star NABERSNZ
ratings on completion
The design for Wynyard Quarter Stage 3 showcases the
latest in sustainable timber construction innovation, a first
for Precinct’s development projects with the Flowers
Building featuring a timber-frame structure. The overall
development will be carbon neutral, with any remaining
CO
2
emissions offset through carbon credits. Precinct
continues to focus it's sustainability efforts on
incorporating sustainable design across our assets.

26
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Partnerships and community
wellbeing and vitality.
Our approach
Our business is well-positioned to strengthen communities in
which we operate through positive contributions, engagement
and support. There are a range of benefits to community
wellbeing that result from Precinct's activities and providing high
quality space where communities can interact. This includes the
positive effect on mental health and wellbeing. We want to
create environments in which people and businesses can thrive.
Performance
Creating Communities
Community is at the heart of Precinct. Creating
community is taking the form of wellness spaces, client
communication apps, partnerships, art shows, lobby
events, running clubs, retailer activations and more.
Feedback received on these initiatives have been
positive to date.
Contribute positively to the city centre
environments and wider community where
we operate
During the last 12 months, we have continued our social
investments to Auckland and Wellington City Mission,
Mates in Construction, Keystone Trust and the Tania
Dalton Foundation. Our current annual memberships
include NZ Green Building Council, Property Council,
GRESB, Council on Tall Buildings & Urban Habitats and
Diversity Works.
Engage with key stakeholders
Precinct continues to engage regularly with all our key
stakeholders which includes our people and partners,
clients and people using our spaces, contractors and
service providers, community based organisations,
shareholders, industry bodies and Government. Our
engagement process includes regular meetings, surveys
and consultations and updates to ensure stakeholders
are well informed. Recognising the importance of each
of our stakeholders and understanding their requirements,
expectations and opinions is important to us and to the
overall success of our business. We continuously review
the progress of our stakeholder engagement
performance to identify how we can improve.
Knowledge for future success:
As a significant commercial real estate owner in
Auckland and Wellington, the quality of our relationships
with key partners and our communities are critical to the
success of our business.
We are continually seeing the positive impact and
contribution Precinct is making to community wellbeing
through the creation of high quality spaces. Precinct aim
to proactively communicate, engage and support our
communities.
HomeGround
Since 2018, Precinct has been a significant partner of the
Auckland City Mission’s HomeGround project. Precinct has
donated $100,000 per annum with a total commitment of
$500,000 made to this project.
HomeGround, the new building of Auckland City Mission - Te
Tāpui Atawhai, opened its doors early this year in February 2022.
It is the new home of Tāmaki Makaurau - built for, by and with
Aucklanders. HomeGround brings together permanent housing,
expanded health and social services in a warm and welcoming
space and includes 80 permanent apartment homes for people
experiencing homelessness.
In partnership with the Auckland City Mission,
Precinct are proud to have been able to
support HomeGround from the beginning of
the project. This purpose-built space is a
thriving central city community hub and we
are seeing first-hand how HomeGround is
helping to strengthen our community.
HomeGround - Auckland

27
Sustainability report.
ANNUAL REPORT 2022
Back to Business
During May 2022, Precinct hosted over 25 events and activations
across our Auckland and Wellington portfolios for clients and
members of the public to enjoy as part of our Back to Business
campaign. It included mini golf on the PwC Sky Terrace,
giveaways, live music, Commercial Bay Retail & Hospitality offers,
bootcamps, pilates, art and tower tours and a pub quiz night.
Embracing Matariki
Precinct, and Commercial Bay, are proud to have been able to
support and celebrate Matariki, again this year.
Facilitated by artist Jade Townsend,
Whānau Mārama
celebrates
the mātauranga associated with Matariki throughout common
spaces and a selection of stores at Commercial Bay. Whānau
Mārama gathers together Māori artists and researchers under the
nine whetū of Matariki to deepen collective understanding of
the Māori new year. Presented throughout the Commercial Bay
precinct, the artworks reflect Indigenous ways of knowing and
being, remembering histories, documenting the present, and re-
imagining the world to come. As a cluster, as a map, the artists
and works guide us towards an Indigenous Future.
Learn about all the artists at matariki.commercialbay.co.nz.
Celebrating Pride
Precinct acknowledge, celebrate, and support the LGBTQI+
community in Tāmaki Makaurau and wider Aotearoa. During
Pride 2022, in collaboration with local LGBTQI+ artist, curator, and
activist Shannon Novak and input from the local LGBTQI+
community, a multi-site art project was created. It included
bright, bold, colourful interventions in public spaces. The project
was titled
Bridge Between Worlds
, aiming to positively connect
different communities in Auckland and beyond.

28
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Depletion of natural resources
and contribution to waste.
Our approach
Precinct acknowledges the development and operation of
buildings account for significant amounts of waste and material
usage. In New Zealand, construction is a significant contributor
to the build-up of waste so it is key for us to understand how we
can manage to minimise potential negative impacts. Precinct
contributes to the depletion of natural resources and the build-
up of waste through its procurement and contracting decisions,
as well as through how it manages waste infrastructure and
systems. Our business develops new buildings in addition to
undertaking significant refurbishment opportunities of existing
buildings and completing fit outs within its portfolio. We are
committed to managing our waste efficiently.
Sustainable procurement and waste minimalisation
In line with the Green Star guidance, Precinct will minimise waste
to landfill. Our design team will apply various waste minimisation
strategies that include:
• Dematerialisation – reduction in material use and recurrent
maintenance
• Modularisation – more efficient use of resources
• Prefabrication - reduction in construction waste
• Design for disassembly – reduction in end-of-life waste and
encouraging end-of-life re-use
• Low Damage Design (LDD) – identify earthquake damage
mitigation and resilience options
• Material selection for eco-preferred content (EPDs) and
reduced carbon footprint (local supply)
• Re-used or recycled material selection including cement,
aggregates, steel and timber
Knowledge for future success:
Precinct aims to reduce, reuse and recycle our waste
where feasible, minimising our contribution to landfill. This
is a key priority for our business and stakeholders. We are
extending our knowledge from the development projects
we have undertaken to improve our waste management
strategy and operational waste management plan for
our future developments and operations, where possible.
We are currently reviewing our waste management
strategy and will share more in due course.
Performance
CONSTRUCTION
AND DEMOLITION
WASTE
MINIMALISATION
IS A KEY PRIORITY
FOR ANY
PRECINCT
DEVELOPMENT
PROJECT
PwC Tower at Commercial Bay
A recent example of waste management practices was
to minimise the amount of construction and demolition
waste going to disposal at the PwC Tower at Commercial
Bay. This was a key feature incorporated to support the
targeted Green Star ratings and included a target of 80%
of waste by weight to be re-used or recycled during
demolition and construction.
Pleasingly, the project achieved a compliant percentage
of 79%, above the 70% compliance criteria.
Mason Bro. Building
Precinct’s Mason Bro. Building which achieved a 6-Star
Green rating had 90% of demolition waste recycled
during its construction. As well as setting a new
benchmark in sustainable design, the building has
delivered measurable environmental improvements and
social benefits. The Mason Bro. Building uses 70% less
water and 35% less energy than similar benchmark
buildings. In addition, the building occupiers benefit from
an 8% increase in occupant productivity and up to a 25%
reduction in absenteeism. Over its lifespan, the building
will reduce greenhouse gas emissions by over 3,000
tonnes when compared to an equivalent benchmark
building.

29
Sustainability report.
ANNUAL REPORT 2022
Economic activity and
opportunity.
Our approach
As the largest owner and developer of premium inner-city
business space in Auckland and Wellington, Precinct generates
economic activity and opportunity as a direct result of its
investment and management decisions. This includes the
contribution Precinct has on Gross Domestic Product (GDP),
local spending of investment capital (foreign and domestic),
employment in the labour market and contracting services
through Precinct’s day-to-day operations.
Disclosure of our financial performance can be found in the
results overview section on page 16 and in Precinct's financial
statements on pages 70 to 96.
Disclosure on our ethical business practices, including our Code
of Ethics and Financial Products Dealing Policy is reported in the
corporate governance section of this report. Our Code of Ethics
includes a whistle-blowing clause for reporting unethical or
unlawful behaviour and the full code can be found on our
website at www.precinct.co.nz in the corporate governance
section, along with our Financial Product Dealing Policy and
other key governance documents.
Knowledge for future success:
Precinct continues to learn from the investment and
management decisions it makes.
We are focused on improving our business practices and
disclosures. The Board of Precinct are responsible for
monitoring the effectiveness of the company’s
governance practices, making changes as needed and
ensuring that the company has appropriate policies and
procedures in place.
Performance
Economic Contribution:
Job creation for the local economy
Circa 150 FTE employees across Precinct, Generator and
Commercial Bay Hospitality businesses
Construction person-hours
850,000 contractor hours during FY22
Financial Contribution:
Occupancy and secure income stream
99%
Target ≥98% (FY21: 98%)
Annualised 5-year dividend growth
3.65%
Target long term sustainable returns to shareholders
Interest paid to Bondholders
Information on Precinct's website at:
https://www.precinct.co.nz/investors/bondholder-
information
MSCI rating
BBB
Target A or better
FTSE EPRA Nareit Indexes
Precinct is a constituent of the FTSE EPRA Nareit Global
Real Estate Index and FTSE EPRA Nareit Green Indexes,
which represent general trends in eligible real estate
equities worldwide.
Maintain best practice policies and culture of
ethical business practice
Precinct constantly strives to act ethically and honestly in
its business dealings and interactions. This is only possible
when its people including directors, employees,
contractors or consultants act in an ethical, fair and
honest way. All of our employees have access to our
code of ethics and when new employees join it forms
part of their induction pack. Staff training is also delivered
each year and includes ethics-related topics to promote
awareness to the ethical practices in the company and
ensure a positive culture at Precinct. No ethics related
issues were reported via any whistle-blowing channels
during the last financial year.

30
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Clients, workers and staff
wellbeing.
Our approach
Client, worker and staff wellbeing is centred around quality
space – a healthy environment where positive social outcomes
and economic success is achieved. Precinct contributes to the
wellbeing of its clients, clients’ workers and its own staff through
the design of its buildings and management of its relationships
with clients. Precinct is also directly linked to the wellbeing of
workers via procurement and contracting practices.
Health and safety is a key topic component here. It is one of
Precinct’s core corporate values. We are committed to
complying with all relevant legislation, regulations and standards.
Our business is actively embedding a positive health and safety
culture. Precinct is working collaboratively with our contractors
and stakeholders to implement market leading health and safety
measures across all Precinct sites and offices
Achieving a diverse and highly inclusive workforce is also a key
part of the overall wellbeing for our people. Precinct recognises
that diversity includes, but is not limited to, gender, age,
disability, ethnicity, marital or family status, socio-economic
background, religious or cultural background, sexual orientation
and gender identity. Our approach to managing diversity is
guided by our Diversity and Inclusion Policy (available at
www.precinct.co.nz in the corporate documents under the
corporate governance section).
Knowledge for future success:
Our key measures of client wellbeing include the things
we work to deliver to enhance client satisfaction, such as
amenities, service levels and location; and the things that
our clients tell us are important to their wellbeing. Based
on client feedback we are continuing to learn and
develop our understanding of the things our clients value.
With the ongoing effects of the Covid-19 pandemic
present, more sustainable buildings with better air quality
are attracting occupiers who are placing a greater
importance on the health and wellbeing of employees.
We are seeing first-hand the positive results of Precinct's
high quality space in our leasing activity when attracting
and retaining clients within our portfolio.
Throughout the Covid-19 pandemic, we have enhanced
our health, safety and wellbeing programme and
launched Precinct's Staff Health and Safety Program
during the year. We understand the importance of
supporting our people. This is a key focus for our business
going forward.
Performance
Overall client satisfaction score
87%
Target ≥80% (FY20: 70%)
Portfolio value of Green Assets
$1,699M
Eligible assets which meet the criteria as per the
Green Asset table on page 57 of this report.
Improve diversity across the whole business,
position (employee level) and Board, and
also monitor and improve age, ethnicity and
flexible working arrangements and parental
leave by gender
Our diversity performance is reported in the corporate
governance section of this report on page 42.
Client satisfaction survey
Client feedback from independently run client satisfaction
surveys helps us understand and improve client wellbeing.
Conducted every two years, the most recent survey was
undertaken in August 2021.
Results from our survey show that overall satisfaction of working in
a Precinct-owned and managed building is 87%, with the
majority of clients indicating they are very satisfied.
• The quality of light and air was rated the most valuable to
health and wellbeing, as well as access to end of trip
facilities.
• Motivation, collaboration and social interaction are the main
reasons why clients work in the office.
• 40% of clients think that being a low carbon emission
organisation is very important to their business.

31
Sustainability report.
ANNUAL REPORT 2022

32
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Health and safety
In addition to regular external audit and monitoring by health
and safety specialists Construct Health Limited, Precinct also
engages third party reviews of its health and safety processes
every two years. During 2021, Precinct undertook a
comprehensive review of its health and safety policy and
processes with Beca and has implemented all of the high priority
recommendations that were identified. This included recruiting a
dedicated senior H&S professional, expanding the participation
of Precinct employees through a programme of quarterly H&S
informal check-ins and developing a three pillar strategy for an
annual staff campaign.
In 2022 we engaged an external consultant, Pillar Consulting, to
undertake a gap analysis of the Generator health and safety
systems with a view to aligning them with Precinct. The
recommendations from that review have now been received
and we are working through the implementation of the high-
priority actions.
Incident monitoring and reporting
We recorded 342 health and safety incidents in the year
compared to 281 reported in FY21. This is an approximately 22%
increase in reported incidents. Precinct's recorded incidents
include observations, near misses, first aid injuries, medical
treatment injuries and lost time injuries. Recorded incidents also
include security and property damage incidents.
Two incidents met the threshold of WorkSafe notifiable incidents.
The two incidents occurred at the 40 Bowen Street and One
Queen Street development sites. These incidents were both
immediately reported to WorkSafe by Precinct’s appointed main
contractor who has primary responsibility for the sites and
WorkSafe has decided not to investigate further.
A total of 72 (21%) recorded incidents occurred on our stabilised
property portfolio (office portfolio). Our development sites, which
are managed by the Precinct-appointed main contractor
recorded 156 incidents (46%). The rise in the development site
incidents indicates the increased workflow in the construction
phase of One Queen Street and Bowen Campus (Stage 2), in
addition to Wynyard Quarter (Stage 3) and Bowen
House starting significant construction work.
The Commercial Bay Retail precinct has recorded 103 (30%)
incidents in this period. The majority of these retail incidents
comprise security incidents (36%), property damage (27%) and
observations (15%). The others are made up of minor incidents
like near miss and first aid. Precinct continues to work with our
retail stakeholders to mitigate any new risks and collaborates
closely with authorities, our security provider and neighbouring
business precincts (Britomart and Viaduct Harbour) to provide a
safe and enjoyable experience in Commercial Bay.
Generator and Precinct staff recorded 11 incidents during the
year. Over the next year Precinct will focus on creating
awareness among staff to recognise and report near miss
incidents, hazards and any early report of pain and discomfort.
We continue to support Mates
in Construction and Precinct is
part of the Private Sector
Advisory Group for Construction
Health and Safety New Zealand
(CHASNZ).
Benchmarking our performance
Precinct's Total Recordable Injury Frequency
Rate (TRIFR)
During the year Precinct has engaged with our
contractors to achieve safer workplaces and safer
methods of undertaking various tasks. As a part of that
engagement, we worked with our contractors to record
accurately and improve tracking of our frequency rates
for all our fitout and development projects. For the year
ended 30 June 2022, Precinct recorded 3.63 for its health
and safety TRIFR performance, an improvement on the
benchmark TRIFR of 4.51 from the Business Leaders' Health
and Safety Forum benchmarking initiative. More details
can be found at:
https://forum.org.nz/resources/benchmarking-project/
Precinct has chosen to use the Business Leaders' Health and
Safety Forum Benchmarking initiative to report its TRIFR against.
The Forum’s annual Benchmarking project enables participating
members to compare their performance with that of peers and
others outside their industry. Construction is one of the sectors
included. In 2021, 79 members took part in the benchmarking
compared with 74 in 2020. The hours worked (sample size) was
199 million hours worked for employees and 45 million hours
worked for contractors.
The initiative uses internationally-recognised definitions
developed by the US Occupational Safety and Health
Administration (OSHA) for injuries, and all frequency rates are
based on 200,000 hours worked. The TRIFR includes all recordable
injuries/illnesses (Medical Treatment Injury, Restricted Work Injury
or Illness and Lost Time Injury). In the absence of a readily
available and publicly reported benchmark for non-residential
construction in New Zealand, we believe the Business Leaders'
Health and Safety Forum Benchmarking initiative is an
appropriate measure to record Precinct's health and safety
performance against and track our progress.

33
Sustainability report.
ANNUAL REPORT 2022
Onsite audit score
98% One Queen Street
Target ≥90% (FY21: 99%)
96% Bowen Campus (Stage 2)
Target ≥90% (FY21: 95%)
97% Bowen House
Target ≥90% (FY21: N/A)
97% Wynyard Quarter (Stage 3)
Target ≥90% (FY21: N/A)
Over 80 principal audit and monitoring inspections were
undertaken by Construct Health during FY22. All development
sites scored over 95%. Any corrective actions identified in the
audits were promptly rectified.
Precinct staff health and safety program
Earlier this year, Precinct launched its Staff Health and Safety
Program. The program aims to provide a work environment that
prioritises health and wellbeing with training, workshops and
resources to make everyone in our offices feel connected and
supported. This year these areas of focus are COVID, physical
safety and mental wellbeing.
This is an extension to the monthly Health and Safety Committee
meetings which are another opportunity to engage and hear
from all our people in our business on the topic of health, safety
and wellbeing. To encourage staff to actively engage on health
and safety initiatives, we have also established a series of
quarterly informal H&S catch-ups with all teams in the Generator
and Precinct offices in both Auckland and Wellington. These
sessions are a platform to discuss and develop initiatives that will
have a significant impact on the quality of staff engagement
with Precinct.
Precinct's Health and Safety Policy can be
found on Precinct's website in the corporate
governance section.
https://www.precinct.co.nz/corporate-governance
Focus on physical safety
We are increasing our focus on the physical wellbeing of our
office staff to prevent and/or reduce incidents of
musculoskeletal disorder due to excessive seating or repetitive
tasks. Precinct has partnered with EAP to provide additional
knowledge and workstation assessments to improve employee
comfort.
Focus on mental wellbeing
A series of mental wellbeing initiatives have been planned to
encourage and support meaningful connection between
colleagues including the "Take a break, Take a mate" campaign
where all staff were given a voucher for two hot drinks. This was
to encourage staff to take a breather and enjoy a coffee with
their colleagues.
Given the current rising cost of living, Precinct is
exploring strategies to support staff by bringing in experts to
provide guidance on budgeting, investments and general
financial health.
Precinct continues to prioritise staff wellbeing by providing fresh
fruit in the office, running bootcamps in Auckland and offering
gym memberships to employees in the Wellington office.
To integrate wellbeing into all levels of Precinct operations, we
have created a Wellbeing Policy that will provide guidance to
develop strategic interventions to enhance the current suite of
initiatives.
The Employee Assistance Programme ("EAP") is promoted within
the businesses and is used on a regular basis. A review of the EAP
annual data suggests that, of the 17 staff that availed the
services, 22% reported work issues causing concern and 78%
reported personal issues causing concern.
The Commercial Bay Club design their programmes with a focus
on: wellbeing; professional networking; social activities;
and services (such as retail discounts). All Precinct and
Generator staff in Auckland are entitled to join the Commercial
Bay Club at no cost, as are all workers in the Commercial Bay
precinct (including HSBC Tower and AON Centre).
Some of the activities that fall under these different focus areas
include weekly fitness, yoga, pilates classes, meditation and
speakers with expertise in resilience. Professional networking
opportunities included speakers such as Rob Campbell, Theresa
Gattung and Dr. Michelle Dickinson.

34
Board of directors.
Board of directors.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
From left to right: Chris Judd, Graeme Wong, Nicola Greer, Mark Tume and Craig Stobo. Absent from image: Anne Urlwin and Mohammed Al Nuaimi.
Craig Stobo
Chair, Director, Independent, BA (Hons) First Class Economics, CFInstD, Associate Member CFA Society NZ
Educated at the University of Otago and Wharton Business School, Craig Stobo has worked as a diplomat, economist, investment
banker, and as CEO. He has authored reports for the Government on “The Taxation of Investment Income”, chaired the Government’s
International Financial Services Development group in 2010, and chaired the Establishment Board of the Local Government Funding
Agency in 2011. Craig is a professional director and entrepreneur. In addition to chairing Precinct, he is chairman of the New Zealand
Local Government Funding Agency (LGFA) and NZ Windfarms Limited and a director of a number of private companies including
Saturn Portfolio Management, Elevation Capital Management and Biomarine Limited. He was formerly a director of AIG Insurance New
Zealand Limited. He was formerly a director of Fliway Group.
Anne Urlwin
Director, Independent, BCom, FCA, CFInstD, MAICD, ACIS, FNZIM
Anne is a professional director with experience in a range of sectors including construction, infrastructure, telecommunications,
renewable energy, health and financial services.
She is a director of Summerset Group Holdings Limited, Queenstown Airport Corporation Limited, City Rail Link Limited, Ventia Services
Group Limited and Vector Limited.
Anne is a chartered accountant and is a former Chair of national commercial construction group Naylor Love and of the New Zealand
Blood Service, and a former director of Chorus Limited and Tilt Renewables Limited.

35
Board of directors.
ANNUAL REPORT 2022
Graeme Wong
Director, Independent, BCA (HONS) Bus Admin, INFINZ (Fellow), CFinstD
Graeme Wong has a background in stock broking, capital markets and investment. He was founder and executive chairman of
Southern Capital Limited which listed on the NZX Main Board and evolved into Hirequip New Zealand Limited. The business was sold to
private equity interests in 2006.
Previous directorships include Tourism Holdings Limited, New Zealand Farming Systems Uruguay Limited, Sealord Group Limited, Tasman
Agriculture Limited, Magnum Corporation Limited and At Work Insurance Limited and alternate director of Air New Zealand Limited.
Graeme is currently Chair of Harbour Asset Management Limited and director of Southern Capital Partners (NZ) Limited together with a
number of other private companies. He is also a member of the Trust Board of Samuel Marsden Collegiate School.
Nicola Greer
Director, Independent, MCom (Hons)
Nicola is a professional company director. She has extensive experience in New Zealand, Australia and the UK in the banking and
finance sectors, previously holding a range of roles within financial markets and asset and liability management at ANZ, Citibank and
Goldman Sachs. She has a significant background in the New Zealand commercial property market, developing and owning
commercial property across a variety of sectors. Nicola is currently a director of Airways Corporation, Fidelity Life Assurance Ltd, South
Port NZ, New Zealand Railways Corporation, and is a member of the New Zealand Markets Disciplinary Tribunal.
Mark Tume
Director, Independent, BBS, Dip Bkg Stud
Mark has governance experience with both public and private companies across the infrastructure, energy, and investment sectors in
Australia and New Zealand. He is the Chair of Te Atiawa Iwi Holdings, and a director of Infratil and Retire Australia Pty. He was
previously Chair of Ngai Tahu Holdings Corporation and Infratil.
Christopher Judd
Director, Independent
Chris Judd has over 32 years’ experience in the property industry including a 17 year association with property and property funds in
New Zealand in both public and private markets. Chris has had various senior executive leadership roles including Head of Real Estate
Funds Management for AMP Capital Australia with executive and governance responsibilities in Australia and New Zealand for a
A$20b+ platform. More recently Chris consulted to Blackstone Real Estate Australia. He is a registered valuer being an Associate of the
Australian Property Institute. Chris was the inaugural chairman of the Property Council of Australia’s Unlisted Property Roundtable and
was a member of the International and Capital Markets Division Committee.
Mohammed Al Nuaimi
2.
Director, Shareholder Appointee, CFA
Mohammed Al Nuaimi has been appointed as a representative of Haumi Company Limited.
Mohammed is a Senior Investment Manager in the Real Estate and Infrastructure Department at Abu Dhabi Investment Authority
(ADIA). He joined ADIA in January 2008 and moved to the Real Estate department in early 2012. He is in the AsiaPacific investment
team covering Australia and New Zealand.
Mohammed has a Bachelor of IT Security from the United Arab Emirates University and he is a CFA charter holder since September
2011.
As Mohammed has been appointed under a provision in the constitution which allows a shareholder holding more than 15% of the
Company's shares to appoint one director, he is not required to retire in accordance with Rule 2.7.1.
2. Aditya Bhargava is the alternate Director for Mohammed Al Nuaimi.

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

37
Executive team.
ANNUAL REPORT 2022
Richard Hilder
Chief Financial Officer
Richard was appointed Chief Financial Officer in 2017. Prior to this he held the role of General Manager of Finance. He is responsible for
investor relations, financial planning and analysis, the execution of capital management initiatives, and treasury management
alongside leadership of the finance and analyst teams. He has been instrumental in developing and implementing Precinct’s long-
term strategy. Richard is also the Chair of Precinct's Sustainability Committee which encompasses ESG topics material to Precinct.
Prior to joining Precinct in 2010, Richard worked in the United Kingdom for Goodman Group’s European Funds Management business
where he gained experience in capital structuring, fund management and developments in both continental Europe and the United
Kingdom. Richard has worked for Goodman Property Trust and Trust Investment Management Limited in New Zealand. Richard holds a
Bachelor of Commerce (Hons) (Finance and Economics) degree from University of Auckland.
Nicola McArthur
General Manager – Marketing, Communications and Experience
Nicola joined Precinct in 2012, returning to New Zealand after 10 years working in a variety of marketing roles in the United Kingdom
and Australia. Her role at Precinct is to lead the business’s marketing and communications strategies across Precinct's investment
portfolio, including Commercial Bay Retail and Generator, and Precinct's development portfolio. Nicola also leads Precinct’s brand
and communication strategies, ensuring there is a positive presence and understanding in the market. Maintaining optimum levels of
communication with our clients, key stakeholders and consumers is another key area for Nicola and her team. Nicola has a Master of
Marketing from Melbourne Business School, a Graduate Certificate of Corporate Management from Deakin University and a Bachelor
of Arts from Auckland University.
Tim Woods
General Manager – Development
As General Manager – Development Tim has overall responsibility for Precinct’s development projects including One Queen Street and
Wynyard Quarter in Auckland and Bowen Campus in Wellington. Tim also has a shared responsibility for progressing new development
opportunities for Precinct. Tim has worked in the property industry for the past 25 years in both the UK and New Zealand. Tim has been
with Precinct for over 5 years and previous roles include leading the development arm of a large New Zealand property consultancy
firm. In the UK, Tim held senior roles with a number of leading UK property companies across consultancy and construction companies.
Tim holds a Bachelor of Engineering (Hons) (Structural & Civil) degree and a Masters in Business Administration (Hons) from Auckland
University.
Anthony Randell
General Manager – Property
As the General Manager – Property, Anthony leads the Auckland, Wellington, and retail property teams and has responsibility for the
performance of the Precinct portfolio. Anthony joined Precinct in 2011 as an Investment and Development Analyst. In 2015, Anthony
transitioned to the development team being appointed as the Development Manager responsible for the delivery of Commercial
Bay's PwC office tower. Prior to being appointed to his current role, Anthony was the Auckland Portfolio Manager responsible for the
investment performance of the Auckland Portfolio.
Anthony has a Bachelor of Business Studies (Valuation and Property Management) from Massey University. He is a Registered Valuer
and began his career as a commercial valuer, working at Colliers International for 4 years.
Emma de Vries
General Manager – People and Culture
Emma joined Precinct Properties in July 2021 as the People and Culture Manager and was appointed the General Manager - People
and Culture in July 2022. Emma has previously held HR positions in the media, construction, and the public service sectors.
Emma is responsible for developing and executing Precinct’s people and culture strategy, with a particular focus on building culture,
performance and development, diversity and inclusion and employee wellbeing.
Emma holds a Bachelor of Business from Auckland University of Technology and a Post Graduate Diploma in Business Administration
from Auckland University.

38
5 year summary.
5 year summary.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
(Amounts in $ millions unless otherwise stated)20182019202020212022
Financial performance
Gross rental revenue130.7135.7151.8199.8
200.3
Less direct operating expenses(35.4)(40.4)(46.0)(72.1)
(70.9)
Operating profit before indirect expenses95.395.3105.8127.7129.4
Net interest expense(2.2)(1.7)(5.0)(27.2)
(23.9)
Other expenses(10.2)(15.8)(13.3)(17.5)
(10.2)
Operating income before income tax82.977.887.583.095.3
Non operating income / (expense)
Unrealised net gain in value of investment and
development properties
208.7161.7(66.3)282.9
19.4
Other non operating income(11.1)(37.7)12.0(219.9)
14.6
Net profit before taxation280.5201.833.2146.0129.3
Current tax expense(6.3)(0.1)(5.0)67.8
7.0
Depreciation recovered on sale expense-(10.7)(1.4)(10.5)
-
Deferred tax benefit / (expense)(17.0)0.33.4(15.6)
(26.3)
Total taxation (expense) / benefit(23.3)(10.5)(3.0)41.7(19.3)
Share of profit or (loss) of joint ventures(2.3)(1.1)--
-
Net profit after taxation (NPAT)254.9190.230.2187.7110.0
Total other comprehensive income / (expense)
0.24.9(7.8)(1.2)
Total comprehensive income after tax attributable to
equity holders
254.9190.435.1179.9108.8
Dividends
Net dividend (cents)5.806.006.306.506.70
Reconcilation from NPAT to Adjusted funds from
operations
Net profit after taxation (NPAT)254.9190.230.2187.7110.0
Unrealised net (gain) / loss in value of investment
and development properties
(208.7)(161.7)66.3(282.9)
(19.4)
Unrealised net (gain) / loss on financial instruments11.144.31.9(19.7)
(33.1)
Net realised loss on sale of investment properties-1.72.52.4
0.2
Termination of management services agreement---217.1
-
Impairment of goodwill---9.8
6.8
Net realised (gain) on disposal of investment in joint
venture
-(6.6)--
-
Depreciation - property, plant and equipment-0.31.11.4
2.2
Depreciation recovered on sale-10.71.410.5
-
Deferred tax (benefit) / expense17.0(0.3)(3.4)15.7
26.3
IFRS 16 lease adjustments--2.31.9
1.7
Share-based payments scheme----
1.2
Generator (profit) / loss2.31.1--
-
Funds from operations (FFO)
Less: Liquidated damages revenue (net of tax)-(1.4)(19.2)-
-
Tax from management services termination payment(60.8)
-
Swap closeout relating to ANZ Centre Sale3.0
-
One off item - project initialisation costs0.7
0.7
Addback: Amortisations7.27.17.913.8
14.7
Straightline rents(0.4)(0.3)(0.5)(4.0)
(3.8)
Funds from operations83.485.190.596.6107.5
Funds from operations (cents)6.886.826.897.34
6.89
Dividend payout ratio based on FFO (%)84.388.091.488.6
97.2
Adjusted funds from operations (AFFO)

39
5 year summary.
ANNUAL REPORT 2022
(Amounts in $ millions unless otherwise stated)20182019202020212022
Less: Maintenance capex(4.9)(7.2)(5.0)(4.0)
(2.3)
Less: Incentives and leasing costs(8.3)(3.9)(2.8)(7.3)
(3.7)
Adjusted funds from operations70.274.082.785.3101.5
Adjusted funds from operations (cents)5.805.946.296.48
6.51
Dividend payout ratio based on AFFO (%)100.0101.0100.0100.3
102.9
(Amounts in $ millions unless otherwise stated)20182019202020212022
Financial position
Total investment assets1,678.81,870.52,800.13,076.4
3,126.2
Total development assets838.1923.2190.6232.4
544.0
Other assets44.897.7194.5147.6
169.0
Total assets2,561.72,891.43,185.23,456.43,839.2
Interest bearing liabilities761.7758.41,028.91,096.1
1,275.8
Other liabilities109.3177.8247.9139.7
127.9
Total liabilities871.0936.21,276.81,235.81,403.7
Total equity1,690.71,955.21,908.42,220.6
2,435.5
Number of shares (m)1,211.11,313.81,313.81,458.5
1,585.4
Weighted average number of shares (m)1,211.11,246.71,313.81,316.5
1,559.2
Net tangible assets per share (cps)1.401.471.441.521.54
Net asset value per security (cps)1.401.491.451.521.54
Share price at 30 June ($)1.351.771.571.60
1.37
Covenants
Loan to value ratio (%)25.022.428.828.2
34.3
Interest coverage ratio2.42.02.42.4
2.5
Key portfolio metrics
Average portfolio cap rate (%)5.85.75.34.8
4.9
Weighted average lease term (years)8.7
1
9.08.07.7
7.1
Occupancy (% by NLA)99999898
99
Net lettable area (sqm)221,513232,210269,901266,248
268,102
Number of investment properties12141416
16
1 Includes developments.
Definition - Funds from operations (FFO) and Adjusted funds from operations (AFFO) are a non-IFRS earnings measure developed for
real estate entities.
Funds from operations (FFO) is the organisation’s underlying and recurring earnings from its operations. This is determined by adjusting
statutory net profit (under IFRS) for certain non-cash and other items. FFO has been determined based on guidelines established by the
Property Council of Australia and is intended as a supplementary measure of operating performance.
Adjusted funds from operations (AFFO) is determined by adjusting FFO for other non-cash and other items which have not been
adjusted in determining FFO. A dividend payout ratio of 100% indicates a company is neither over or under paying dividend. AFFO is
considered a measure of operating cash flow generated from the business, after providing for all operating capital requirements
including maintenance capital expenditure, tenant improvement works, incentives and leasing costs. While AFFO overcomes the
limitations of FFO by considering the impact of capital requirements for operations, it can vary dramatically year over year, depending
on the lease expiry profile and level of activity in any one period.
Precinct's dividend policy
To pay out approximately 100% of Adjusted Funds From Operations (“AFFO”) as dividends, with the retained earnings being used to
fund the capital expenditure required to maintain the quality of Precinct’s property portfolio. The payment of dividends is not
guaranteed by Precinct and Precinct’s dividend policy may change from time to time.

40
GRI content index.
GRI content index.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
General disclosures
Disclosures TitleGRI No.Location/Reference or Information
Organisational details2-1Directory, P100
Entities included in the organisation’s sustainability
reporting
2-2Precinct Properties New Zealand Limited
Reporting period, frequency and contact point2-3
Precinct reports on sustainability annually along with its financial
reporting. This report covers the period 1 July 2021 – 30 June 2022.
This report was published on18 August 2022 . Questions about this
report can be directed to: hello@precinct.co.nz
Restatements of information2-4None
External assurance2-5
External assurance is sought only for Precinct’s GHG inventory on
P25.
The ESG Committee is responsible for advising the Board on
questions of assurance pertaining to sustainability-related
information.
Activities, value chain and other business
relationships
2-6https://www.precinct.co.nz/about-us
Employees2-7Corporate Governance, P44
Workers who are not employees2-8Information unavailable (not held).
Governance structure and composition2-9Corporate Governance, P46; Sustainability Report, P21
Nomination and selection of the highest governance
body
2-10
https://www.precinct.co.nz/web/assets/general/PCT-Corporate-
Governance-Manual-2021.pdf
Chair of the highest governance body2-11Corporate Governance, P46
Role of the highest governance body in overseeing
the management of impacts
2-12
Sustainability Report, P21; Corporate Governance, P46
https://www.precinct.co.nz/web/assets/general/PCT-Corporate-
Governance-Manual-2022.pdf
(ESG Committee Charter)
Delegation of responsibility for impacts2-13
Sustainability Report, P21; Corporate Governance, P46
https://www.precinct.co.nz/web/assets/general/PCT-Corporate-
Governance-Manual-2022.pdf
(ESG Committee Charter)
Role of highest governance body in sustainability
reporting
2-14
Sustainability Report, P21https://www.precinct.co.nz/web/assets/
general/PCT-Corporate-Governance-Manual-2022.pdf
(ESG Committee Charter)
Conflicts of interest2-15
https://www.precinct.co.nz/web/assets/general/PCT-Corporate-
Governance-Manual-2022.pdf
Communication of critical concerns2-16Corporate Governance, P46
Collective knowledge of the highest governance
body
2-17Message from the ESG Committee, P21
Evaluation of the performance of the highest
governance body
2-18Corporate Governance, P46
Remuneration policies2-19Remuneration Report, P58
Process to determine remuneration2-20Remuneration Report, P58
Annual total compensation ratio2-21Remuneration Report, P65
Statement on sustainable development strategy2-22Message from the ESG Committee, P21
Policy commitments2-23
Chair’s Report, P11; Corporate Governance, P43;
Modern Slavery Policy: https://www.precinct.co.nz/web/assets/
general/Modern-Slavery-policy-May-2022.pdf
Embedding policy commitments2-24Corporate Governance, P43-P45
Processes to remediate negative impacts2-25
Impact remediation and grievance processes not developed.
Intention to review and develop within 2-3 years.
Mechanisms for seeking advice and raising concerns2-26
Whistleblower Policy available at: https://
www.precinct.co.nz/web/assets/general/PCT-Corporate-
Governance-Manual-2022.pdf
Compliance with laws and regulations2-27
Precinct had no instances of compliance breaches or fines in the
reporting year.
Membership associations2-28Sustainability Report, P26
Approach to stakeholder engagement2-29Sustainability Report, P21, P26
Collective bargaining agreements2-30
Inline with New Zealand legislation, Precinct’s employees are not
covered by collective bargaining agreements, and employee
working conditions and terms of employment are not based on
collective bargaining agreements.

41
GRI content index.
ANNUAL REPORT 2022
Material Topics
Disclosures TitleGRI No.Location/Reference or Information
Process to determine material topics3-1Message from the ESG Committee, P21
List of material topics3-2Sustainability Report, P22
Climate Change
Management of material topics3-3Climate Change, P24
Direct (Scope 1) GHG emissions305-1Climate Change, P25
Energy indirect (Scope 2) GHG emissions305-2Climate Change, P25
Other indirect (Scope 3) GHG emissions305-3Climate Change, 25
GHG emissions intensity305-4Climate Change, P25
Partnerships, Community Wellbeing and Vitality
Management of material topics3-3Partnerships, Community Wellbeing and Vitality, P26
Operations with local community engagement,
impacts assessments, and development programs
413-1Partnerships, Community Wellbeing and Vitality, P26, P27
Depletion of natural resources and contribution to
waste
Management of material topics3-3Depletion of natural resources and contribution to waste, P28
Waste generation and significant waste-related
impacts
306-1Depletion of natural resources and contribution to waste, P28
Economic activity and opportunity
Management of material topics3-3Economic activity and opportunity, P29
Significant indirect economic impacts203-2Economic activity and opportunity, P29
Client, worker and staff wellbeing
Management of material topics3-3Client, worker and staff wellbeing, P30
Occupational health and safety management
system
403-1Client, worker and staff wellbeing, P30, P32. P33
Work-related injuries403-9Client, worker and staff wellbeing, P32, P33
Precinct has chosen to prepare its 2021 Annual Report in accordance with the updated Global Reporting Intiative (GRI) Standards
2021. The GRI Standards are the world's most widely used sustainability reporting standard.
The GRI index above shows where in this report information can be found about the indicators that are relevant to our business
operations.

42
Corporate governance.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

43
Corporate governance.
Corporate governance.
ANNUAL REPORT 2022
Introduction
The Board of directors is responsible for the governance of
Precinct and is committed to ensuring Precinct maintains best
practice corporate governance structures with the highest
ethical standards and integrity.
Precinct's Corporate Governance Manual guides both the
directors and the representatives of Precinct. It includes a Code
of Ethics, Board and Committee Charters and Policies on
Securities Trading, Audit Independence, Diversity and Inclusion,
Continuous Disclosure, Takeover and Shareholder
Communications.
This section of the Annual Report reflects the company’s
compliance with the requirements of NZX Corporate
Governance Code. Precinct's Corporate Governance Manual is
available on Precinct’s website (www.precinct.co.nz) in the
News and Investor Information section together with a statement
of how Precinct's corporate governance policies, practices and
processes comply with the NZX Corporate Governance Code as
at 30 June 2022. If any investor would like a copy sent to them,
please contact Precinct investor relations.
Principle 1 – Ethical Standards
Directors set high standards of ethical behaviour, model this
behaviour and hold management accountable for these
standards being followed throughout the organisation.
Ensuring that Precinct is governed transparently and to the
highest of ethical standards and integrity is one of the key
priorities for the Board. Precinct's Code of Ethics and Financial
Products Dealing Policy are set out in the Corporate
Governance Manual and are compliant in all respects with the
NZX Corporate Governance Code recommendations.
Code of Ethics – The purpose and intent of Precinct's Code of
Ethics is to guide directors, representatives and subsidiaries of
Precinct so that their business conduct is consistent with high
business standards. The Code is not intended to be an
exhaustive list of acceptable and non-acceptable behaviour,
rather it is intended to facilitate decisions that are consistent with
Precinct’s business standards, objectives and legal and policy
obligations.
Whistleblower Policy – Precinct's Corporate Governance Manual
(which is available on Precinct's website) includes a whistle-
blowing policy for reporting unethical or unlawful behaviour.
Financial Product Dealing Policy – The Financial Product Dealing
Policy applies to all directors and officers of Precinct and
employees. No director, officer or employee may use their
position of knowledge of Precinct or its business to engage in
dealing with any Precinct listed financial products for personal
benefit or to provide benefit to any third party.
Principle 2 – Board Composition and Performance
There is a balance of independence, skills, knowledge,
experience and perspectives among directors to ensure an
effective Board.
Precinct currently has seven directors, the majority of whom are
independent (as defined by the NZX Listing Rules). Precinct
undertakes a regular review of Board composition to ensure
Board membership comprises a range of appropriate skills and
experience so that it has a proper understanding of and
competence to deal with the current and emerging issues of the
business, can effectively review and challenge the performance
of management and can exercise independent judgement. The
Chair meets regularly with directors of Precinct to discuss
individual performance of directors. The Board regularly reviews
its performance as a whole. When considering the appointment
of the two new directors in 2021, the Board reviewed the skills of
each director and believes the individual expertise and
experience of all current directors as set out in the Board of
directors section of this report meet the objectives of Precinct.
All Precinct directors are non-executive and the Board
composition and performance is compliant in all respects with
the NZX Corporate Governance Code recommendations.
Precinct will notify the market of a reclassification of a non-
independent director to independent director (or vice versa).
Independent Directors – We are committed to ensuring that a
majority of directors are independent of Precinct, and do not
have any interests, positions, associations or relationships which
might interfere, or might be seen to interfere, with their ability to
bring independent judgement to the issues before the Board.
Having regard to the factors set out in the NZX Corporate
Governance Code, as at 30 June 2022, the Board determined
that the following persons were independent directors of
Precinct: Craig Stobo, Graeme Wong, Anne Urlwin, Nicola Greer,
Mark Tume and Chris Judd. Each of these directors is subject to
appointment by Precinct shareholders and is required to retire by
rotation. Independent director Launa Inman retired from the
Board on 31 July 2021.
Non-Independent Director – Mohammed Al Nuiami is non-
independent. Mohammed was appointed in 2013 as a director
by AMP Haumi Management Limited pursuant to a provision in
the constitution which grants the manager the right to appoint
up to two directors. Following the termination of the
management agreement in March 2021, Mohammed retained
his Board position as a representative of Haumi Company Limited
under a provision in the constitution which allows a shareholder
holding more than 15% of the Company's shares to appoint one
director. Aditya Bhargava acts as alternate director for
Mohammed. Mohammed is not required by Precinct’s
constitution (or by rule 2.7.1 of the NZX Listing Rules) to retire by
rotation.
Subsidiary Company Directors – The directors for each of
Precinct's subsidiary companies are all executive appointments
and as at 30 June 2022 are Scott Pritchard, George Crawford,
Richard Hilder and Louise Rooney.

44
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Board Charter – Precinct's Corporate Governance Manual
includes the Board's Charter which sets out the roles and
responsibilities of the Board and management.
Board Appointment – The People and Performance Committee
(previously Remuneration and Nomination Committee) assists the
Board in planning its composition and is responsible for
managing the Board's succession requirements and for
nominating new director appointments. All directors enter into a
written agreement setting out the terms of their appointment.
Independent Advice – Each director has access to independent
advice from specialists and/or executives within Precinct, as a
means of receiving assurance information and the entire
Executive Team attends board meetings in order to provide
information directly to the board. The CFO, Company Secretary
and other relevant Precinct staff members have unfettered
access to Board members at any time and without reference to
the CEO.
Diversity and Inclusion Policy – Precinct's Diversity and Inclusion
Policy is included in Precinct's Corporate Governance Manual
and includes measurable objectives which are assessed
annually. The Board has developed this policy with management
to encourage a diverse and inclusive working environment at all
levels of the organisation to recruit and retain the best talent
from the widest pool of candidates and build a culture where
diversity of gender, age, ethnicity, orientation, background,
experience, skills, thought, ideas, styles and perspective are
leveraged and valued.
The gender composition of directors, officers and management
employees is as follows:
30 June 2022
30 June 2021
FemaleMaleFemaleMale
Directors
2 (29%)5 (71%)
2 (29%)5 (71%)
Officers*
1 (17%)5 (83%)
1(17%)5 (83%)
Management
employees
39 (52%)36 (48%)
31 (48%)33 (52%)
* For the purposes of measuring and reporting gender diversity,
the term 'officers' is defined as the CEO and those who report to
the CEO. Post balance date, Emma de Vries became a direct
report of the CEO and, as at 1 July 2022, the proportion of
female officers is now 2 (29%) to 5 (71%) male officers.
Supporting the efforts to increase diversity across the
management team are secondary policies and practices
including the Equal Opportunities, Recruitment and Selection,
Study Assistance and Remuneration Policies together with a
Culture Charter and biennial anonymous staff surveys. To ensure
workplace diversity continues to evolve and be built upon a
matrix of key objectives and monitoring is undertaken on an on-
going basis.
Measurable objectives
30 June
2022
30 June
2021
30 Jun 202030 June 2019
Gender
% of female staff
54% (39)48% (31)
50% (32)44% (25)
Age range19- 6623 - 65
21 - 6422 - 63
Additional employee disclosures under the new GRI Standards
2021 is provided in the table below. The numbers reported are by
head count at the end of the reporting period (as at 30 June
2022). Precinct does not have any non-guaranteed hours
employees and temporary employees are employees who are
on fixed term agreements.
30 June 2022
FemaleMale
Management employees
(Auckland)
3531
Management employees
(Wellington)
45
Management employees
(permanent, Auckland)
3430
Management employees
(permanent, Wellington)
45
Management employees
(temporary, Auckland)
11
Management employees
(temporary, Wellington)
00
Management employees
(full- time, Auckland)
2930
Management employees
(full- time, Wellington)
35
Management employees
(part- time, Auckland)
50
Management employees
(part- time, Welington)
10

45
Corporate governance.
ANNUAL REPORT 2022
Board Performance – The Board regularly reviews its performance including its collective skills, knowledge, experience and perspectives
to identify any shortcomings and ensure that it effectively governs the company and monitors performance in the interests of
shareholders. This includes reviewing director tenure to ensure the independence majority is maintained. Directors undertake
appropriate training to remain current on how to best perform their duties.
Meetings – A schedule of directors and their Board meeting attendance record for the year to 30 June 2022 is set out below.
Board of directors and attendance
DirectorIndependent
director
StatusDate of appointmentBoard
meetings
Audit and Risk
Com.
meetings
People and
Perf Com.
meetings
Environment,
Social and
Governance
Com. meetings
Number of meetings6452
Craig StoboYesBoard Chair4 May 20106441
Mohammed Al Nuaimi# Director30 October 20132n/an/an/a
Aditya BhargavaAlternate Director for
Mohammed Al
Nuaimi
18 November 20200n/an/an/a
Rob Campbell*YesDirector2 April 20121000
Nicola GreerYesEnvironmental, Social
and Governance
Committee Chair
16 July 202164n/a2
Launa Inman**YesDirector18 November 2015n/an/an/an/a
Chris JuddYesDirector29 April 20136n/a52
Mark TumeYesDirector11 August 202164n/an/a
Anne UrlwinYesAudit and Risk
Committee Chair
16 September
2019
545n/a
Graeme WongYesPeople &
Performance
Committee Chair
1 November 20106n/a52
#Mohammed Al Nuaimi has been appointed as a representative of Haumi Company Limited. Haumi Company Limited has also
nominated Declan Walsh as an observer to attend Precinct Board meetings. Declan Walsh attended two Board meetings as an
observer.
*Rob Campbell retired from the Board of directors with effect from 11 August 2021.
**Launa Inman retired from the Board of directors with effect from 31 July 2021.

46
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Principle 3 – Board Committees
The Board uses committees where this enhances effectiveness in
key areas while still retaining Board responsibility.
For the year to 30 June 2022 there were three standing
committees of the Board, being the Audit and Risk Committee,
the People and Performance Committee (previously
Remuneration and Nominations Committee) and the
Environmental, Social and Governance Committee. Our Board
committees are compliant in all respects with the NZX Corporate
Governance Code recommendations. The charters that exist for
each committee can be found in the Precinct Governance
Manual together with Precinct's Takeover Policy.
The Audit and Risk Committee at balance date comprised Anne
Urlwin as Chair, Craig Stobo, Nicola Greer and Mark Tume. The
committee has a majority of independent directors and
complies with recommendation 3.1. The committee was
established to assist the Board in discharging its duties with
respect to financial reporting, compliance and risk
management. Employees may attend Audit and Risk Committee
meetings at the invitation of the Audit and Risk Committee. The
Audit and Risk Committee supervises the financial information
flows of Precinct to ensure accuracy and objectivity of financial
summaries.
The Environment, Social and Governance ("ESG") Committee was
established in May 2021 and at balance date comprised Nicola
Greer as Chair, Craig Stobo, Graeme Wong and Chris Judd. The
committee has a majority of independent directors and
complies with recommendation 3.5.
During FY22 the ESG Committee held two committee meetings.
Precinct’s CEO, Deputy CEO, CFO, and other key representatives
across the business also attend the meetings to set objectives,
review Precinct’s Climate Risk register, track updates and discuss
and approve current and future strategic initiatives which help
manage Precinct’s impacts on the economy, environment and
people.
As outlined in the ESG Committee Charter, the Chair of each
meeting of the ESG Committee is required to report back to the
Board on key points of discussion and present the
recommendations of the ESG Committee at the next scheduled
meeting of the Board, not being less than once a year. The
Board continually evaluates the performance and work of the
ESG Committee with the Chair of the ESG Board in regular
contact with all Board members between meetings as part of its
evaluation process. As part of this process, the Board shall
undertake an annual review of the Environmental, Social and
Governance Committee’s objectives and activities in terms of its
responsibilities as set out in the ESG Committee Charter.
Precinct’s CFO is the Chair of Precinct's Sustainability Committee.
The Sustainability Committee acts as custodian for Precinct’s
sustainability strategy and comprises representatives from across
the business. The Committee is responsible for assessing,
actioning and driving ESG issues, reviewing performance and
considering Precinct’s long-term strategy on sustainable activities
across the business and reporting on its progress. Precinct’s CFO
will report any material matters or critical concerns arising to the
CEO and Deputy CEO which in turn will be reported back to the
Board ESG Committee. There were no critical concerns
communicated to the ESG Committee during the reporting
period.
The People and Performance Committee (previously the
Remuneration and Nomination Committee) at balance date
comprised Graeme Wong as Chair, Craig Stobo, Chris Judd and
Anne Urlwin. The committee has a majority of independent
directors and complies with recommendation 3.3 and 3.4. The
committee's purpose is to:
• provide guidance to the Board when approving the
remuneration of directors and key management personnel;
• assist the Board in planning the Board’s composition,
evaluating competencies required of prospective directors
and to make relevant recommendations to the Board; and
• oversee the company’s people policies, practices and
procedures.
Management only attend meetings of the committee by
invitation.
The Due Diligence Committee is an ad hoc committee that is
established by the Board from time to time to provide guidance
and recommendations to the Board on the due diligence for
any transaction of a significant size and/or complexity. A Due
Diligence Process Memorandum is agreed each time the
Committee is established setting out its duties, responsibilities and
scope.
One Due Dilgence Committee was established during the year
to consider the Senior Green Bond issue (PCT040). The Due
Diligence Committee for the green bond issue met once during
the year and comprised Anne Urlwin as Chair, Nicola Greer,
Craig Stobo and Graeme Wong.
Principle 4 – Reporting and Disclosures
The Board demands integrity in financial and non-financial
reporting and in the timeliness and balance of corporate
disclosures.
The Board is committed to ensuring the highest standards are
maintained in financial and non-financial reporting and
disclosure of all relevant information and is compliant in all
respects with the NZX Corporate Governance Code
recommendations. A copy of Precinct's Continuous Disclosure
Policy can be found in the Precinct Governance Manual.
The Audit and Risk Committee oversees the quality and
timeliness of all financial reports, including all disclosure
documents issued by the company or any of its subsidiaries.
Precinct has moved toward integrated reporting and the annual
report includes information on Precinct's;
• Business model
• Strategy and key performance indicators
• Risk management
• Sustainability framework, and
• Remuneration framework.

47
Corporate governance.
ANNUAL REPORT 2022
Precinct reports against the updated Global Reporting Initiative
(GRI) Standards 2021, shown in the Sustainability Report.
Precinct manages and oversees risks internally within our
organisation based on the Task Force on Climate-related
Financial Disclosure (TCFD) recommendations. An overview of
our highest rated physical and transition climate related risks are
presented in our Taskforce on Climate-related Financial
Disclosures (TCFD) framework which can be found on our
website. Climate-related risks are included in Precinct’s Risk
Register which forms part of the Audit & Risk papers, ensuring
that Precinct’s climate risks are appropriately reviewed and
assessed and receive regular oversight via the Audit and Risk
Committee.
Principle 5 – Remuneration
The remuneration of directors and executives is transparent, fair
and reasonable.
Following the internalisation of the management of Precinct in
2021, additional disclosures have been made in our
Remuneration Report to ensure that remuneration of both
directors and management personnel is transparent, fair and
reasonable by aligning it with interests of the company and its
shareholders.
Director remuneration was reviewed during 2021 by
independent advisors, PwC. At the Company's AGM in
November 2021, shareholders approved an increase in the
People and Performance Committee fees to align these to the
approved fees for the Audit and Risk Committee. Following the
establishment of the Environment, Social & Governance
Committee in 2021, the shareholders also approved Chair and
Member fees for the Environmental, Social & Governance
Committee consistent with the Audit and Risk and People and
Performance Committee fees. In accordance with best
practice, the Company also introduced at the 2021 AGM a cap
on the aggregate ad hoc fees that can be paid in respect of
Due Diligence Committees in any one year. Any Due Diligence
Committee fees in excess of the proposed annual cap must be
put to shareholders for approval.
Our remuneration practices are compliant with the NZX
Corporate Governance Code recommendations.
More information on remuneration of directors and executives
can be found within the Remuneration report.
Principle 6 – Risk Management
The Board has a sound understanding of the material risks faced
by the business and how to manage them. The Board regularly
verifies that the company has appropriate processes that identify
and manage potential and material risks.
The Board has a risk management and reporting framework in
place that identifies and manages risk that may impact the
business and complies with the NZX Governance Code
recommendations in all respects.
Risk Register – A Risk Register is maintained which identifies key
risks to the business, records the likelihood and impact of each
risk and steps to mitigate the same. The Audit and Risk
Committee oversees the risk register and reviews it regularly with
management to track existing risks and the emergence of new
risks. The results of each review are reported to and reviewed by
the Board. The Risk Register is further reviewed when required in
the event the Due Diligence Committee is formed.
Financial Risk Management Policy – Our Financial Risk
Management Policy details our approach to managing financial
risks and the policies and controls that are required to mitigate
the likelihood of financial risks resulting in an adverse outcome.
This policy is reviewed by the Board annually.
Insurance – Insurance cover is in place for insurable liability and
general business risk. The primary objective of our annual
insurance programme is to protect shareholders from material
loss in the value of assets as a result of events such as fire, natural
disaster or accidental damage. This approach protects creditors
and bondholders as well.
Audit – Ernst & Young (EY) are engaged during the year to audit
and review our financial statements.
Health and Safety – Health and safety policies are embedded
throughout the business and overseen by Management's Health
and Safety Committee. Reporting and escalation processes are
in place to the Audit and Risk Committee and the Board.
More detail on how Precinct manages its key business risks can
be found under Risk Management in this section.
Principle 7 – Auditors
The Board ensures the quality and independence of the external
audit process.
Oversight of Precinct’s external audit arrangements is the
responsibility of the Audit and Risk Committee. We do not have a
dedicated internal audit resource but we do maintain an annual
audit programme, which is overseen by the CFO and draws on
the expertise of consultants and employees. Ensuring that
external audit independence is maintained is one of the key
aspects in discharging this responsibility. The Policy on Audit
Independence, detailed in the Corporate Governance Manual,
has been adopted by the committee. This policy is compliant
with the NZX Corporate Governance Code and covers the
following areas:
• Provision of related assurance services by Precinct’s external
auditors;
• Auditor rotation; and
• Relationships between the auditor and Precinct.
The Audit and Risk Committee shall only approve a firm to be
auditor if that firm would be regarded by a reasonable investor
with full knowledge of all relevant facts and circumstances as
capable of exercising objective and impartial judgement on all
issues encompassed within the auditor’s engagement.
The continued appointment of Precinct’s external auditors is to
be confirmed annually by the Audit and Risk Committee.
Rotation of Precinct’s client service partner and the lead and
concurring audit partners of Precinct and its subsidiaries will be
required every five years with suitable succession planning to
ensure consistency.

48
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
The external auditors shall annually confirm their compliance with
professional standards and ethical guidelines of Chartered
Accountants Australia and New Zealand (CAANZ) to evidence
their competence, as well as attend Precinct's annual meeting
to answer questions from shareholders in relation to the audit.
Precinct's audit firm EY also provided other assurance services
which include agreed upon procedures in respect of operating
expense statement review and green bond assurance.
The first year of appointment of audit firm EY was 1997 and the
first year of appointment of the current engagement partner,
Emma Winsloe (EY), was 2018. Susan Jones (EY) will take over as
engagement partner from 1 July 2022. Potential conflicts are
resolved on a case by case basis between auditing and other
accounting services provided by EY. Former partners of EY will
not be appointed as directors of Precinct so long as EY continues
to audit Precinct.
Principle 8 – Shareholder rights and relations
The Board respects the rights of shareholders and fosters
constructive relationships with shareholders that encourage them
to engage with the company.
The Board is committed to achieving best practice investor
relations. Financial and operational information and key
corporate governance information (including Precinct's
Shareholder Communications Policy) can be accessed at
www.precinct.co.nz.
An annual investor relations plan has been established and is
reviewed annually. This plan details the investor relations
approach to e-communications, roadshows, investor briefings,
site visits, blackout periods, financial reporting and other items.
Enquiries from shareholders can be voiced at the Annual
General Meeting, or emailed through using the contact details
on our website. A key objective of the plan is to ensure accurate
continuous disclosure to the NZX.
Precinct shareholder approval of major decisions which may
change the nature of Precinct is sought. In 2021 Precinct lodged
a copy of its notice of annual meeting on its website at least 20
working days prior to its annual meeting of shareholders.
The 2022 Annual General Meeting (AGM) of
shareholders is scheduled for:
3 November 2022
It will be a hybrid (physical and virtual) Shareholder
Meeting with more details on the meeting to be provided
in the coming months.
NZ RegCo Rulings and Waivers
Precinct did not rely on any NZ RegCo Rulings or Waivers during
the year to 30 June 2022.
Non-standard Designation
Precinct’s constitution previously contained a limited number of
provisions not ordinarily contained in the constitution of an NZX
listed company, arising from its previous external management
structure. For the year to 30 June 2022, Precinct had a non-
standard designation by NZ RegCo due to the inclusion of these
provisions in its constitution. These non-standard provisions were
removed in the revised constitution approved by shareholders at
the 2021 AGM and Precinct has now asked NZ RegCo to remove
this designation.

49
Corporate governance.
ANNUAL REPORT 2022
Risk Management
Our Approach
Precinct has carried out a robust risk assessment process and is committed to providing a clear risk management and reporting
framework for the business to operate under to achieve its objectives, whilst ensuring all risks are understood and managed.
Reporting Framework
Responsible groupDescription of responsibility
Precinct Board
• Determine the nature and extent of the risks it is willing to take to
achieve the business strategy
• Establish the parameters for each risk
Audit and Risk
Committee
• Delegated authority in assessing effectiveness of internal controls
and risk management processes
• Delegated authority to regularly oversee and review the Risk
Register
Executive
• Input into Board's process for setting risk parameters
• Lead management's approach to risk
• Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health and safety
committee
• Implement and maintain risk management policies
• Create an environment that embraces risk management
• Audit and monitor all live sites
ContractorsEmployeesOther
• Day-to-day responsibility of managing risk
• Report and maintain internal risk and hazard registers
Key Business Risks
External
Risks and impactsHow we manage the riskChangeMovement in the period
Economy and property market
Market risk arises from adverse
changes in the New Zealand
economic environment,
regulatory environment and the
broader investment market.
Changes may result in an impact
in property values and amount of
income generated by them.
Maintain a proactive and strategic
approach to manage property risks it
can influence.
Providing quality premises matched by
high service levels and building strong
relationships.
Undertake annual business planning
process to review the portfolio and
help mitigate these risks.
▲
The New Zealand economy has continued to
be impacted by COVID-19 disruptions over the
past 12 months, with the expectation the
economy will slow down over the medium
term.
Rising interest rates has resulted in market
capitalisation rates remaining flat or softening
during the year. While interest rate volatility has
resulted in movements in the property sector,
both the Auckland and Wellington property
markets where Precinct operate in remain
robust.
Demand continues to be strong for
accommodation in high quality, well-located
assets.
Occupier market and client
default
A weakening occupier market
through lack of business activity
and investment, as well as
unanticipated client default, can
directly impact the income and
value of each individual asset.

50
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Risks and impactsHow we manage the riskChangeMovement in the period
Insurance risk
The risk of being unable to
continue to obtain insurance
cover, or following an event, not
having sufficient cover in place to
repay creditors. This could result in
significant business interruption.
Engage directly with a wide range of
local and international insurers.
Ensure the insurance market has a
good understanding of the portfolio
and its risks.
►
Precinct continues to proactively engage with
the insurance market on renewals and
continues to secure coverage.
Climate risk
Climate risk includes physical risks
(acute and chronic) and
transitional risks.
Physical risks could include events
such as flooding, severity and
frequency of storms and sea level
rise. These risks could reduce
revenue, increase maintenance
capex and reduce asset values.
Transitional risks include risks of
transitioning to a low carbon
economy including regulatory
change. These risks could reduce
the demand for Precincts
products or increase compliance
costs.
Precinct’s Sustainability Committee
acts as the custodian for Precinct’s
sustainability strategy and comprises
representatives from various parts of
our business. Precinct also has a Board
ESG Committee.
Both committees meets frequently
during the year and are responsible for
assessing, actioning and driving ESG
issues, reviewing performance and
considering Precinct’s long-term
strategy on sustainable activities
across the business and reporting on its
progress. An update is included in the
Board papers on an ongoing basis
including Precinct's climate risk
register.
▲
Precinct recognises sustainability and climate
risk is an important part of the ongoing
operation of our business activities. We have
continued to progress a number of
sustainability initiatives during the period with a
focus on improving Precinct's operational
performance. The business also remains
focused on its ongoing disclosure of its ESG
topics material to Precinct.
Internal
Risks and impactsHow we manage the riskChangeMovement in the period
Development
Development risk
Development projects
are inherently subject to
uncertainties. They are
entered into on the basis
of assumed future costs,
values and income levels.
An increased level of
development risk has the
potential to make
meeting covenant
obligations and overall
solvency challenging.
Ensure expected returns from developments
adequately compensate Precinct for the level
of risk undertaken before approval. Through
due diligence, Precinct understands the
project risks before commitment. Before
commitment, ensure funding is in place and
committed gearing stays within acceptable
levels. Establishing a procurement plan and
engaging contractors early to mitigate cost
escalation or contractor default. Undertake
substantial pre-leasing prior to
commencement of development.
▲
An appropriate level of development activity is
underway however the risk has been reduced
through high levels of pre-commit leasing
secured and fixed price contract agreements
in place.
Supply chain constraints, material shortages
and high demand continues to drivie significant
cost escalation.
Financial
Interest rate management
Interest rate risk arises
through changes in
interest rate market
conditions leading to
earnings volatility or
breach of interest cover
covenant levels.
Manage by aligning the interest rate re-pricing
profile with the re-pricing profile of Precinct's
gross rental income.
Establish interest rate swaps to manage
exposure within a band reviewed by the Board
annually and monitored by the Audit and Risk
Committee and Board quarterly.
▲
Interest rates have remained relatively low for
the first half of the 2022 financial year with
interest rates increasing more recently. The
RBNZ has reaffirmed that they are planning to
continue to raise the cash rate to a level where
they are confident that inflation will settle within
the 1% to 3% target range due to the current
economic conditions.

51
Corporate governance.
ANNUAL REPORT 2022
Risks and impactsHow we manage the riskChangeMovement in the period
Refinancing risk (liquidity)
Having insufficient funds
to refinance debt when it
falls due and sustain the
ongoing operations of the
business.
Implemented a Financial Risk Management
Policy in 2011 which is reviewed annually
providing a clear framework ensuring risks are
managed and understood. Diversified funding
away from sole reliance on bank funding
through alternative sources. Staggering the
maturity profile of facilities providing adequate
time to pursue alternatives to refinancing.
▼
Precinct committed to a new $300 million bank
debt facility during the period and continues to
maintain sufficient funding capacity to deliver
our committed developments.
Gearing levels
An increase in gearing
levels outside suitable
industry standards could
increase the risk of
breaching financing
covenants and may
increase borrowing costs.
Precincts Financial Risk Management Policy is
reviewed annually.
Ensure no capital commitment is entered into
without funding in place. Maintain adequate
headroom in relation to gearing covenants to
withstand portfolio devaluations which may be
anticipated through the property cycle.
►
Gearing levels remain within internal policy
parameters due to Precinct's proactive funding
strategy.
People
Staff
Staff are critical to
ongoing success and
execution of strategy.
Failure to maintain a high
level of experience and
skill could impact business
performance.
Ensure a strong focus on team engagement
and enhancement. Maintain ongoing
succession planning and retention structures
within the company. Regularly review
performance appraisals of employees and
directors and benchmark remuneration
packages with the wider market.
▲
As borders have opened, the New Zealand
employment market is now experiencing a high
movement of skills abroad with the COVID-19
pandemic seeming to have accelerated the
movement.
Our staff remain a key focus for the business
with a number of promotions, training and
development occuring during the year.
Health and safety
Unsafe work environments
may lead to accidents
(employees, clients,
contractors and visitors)
resulting in harm to
people, financial loss
and/or business
continuity.
Provide ongoing individual, group and industry
training. Maintain a hazard register that
identifies hazards where contractors are
required to take precaution. Registers are
subject to annual review. Monitor any live sites
to ensure oversight of Health and Safety
matters. Ensure contractor pre-qualification.
Provide training and KPIs for all Precinct staff.
Dedicated Senior Health & Safety Adviser
employed by Precinct.
▲
Appropriate monitoring and reporting continue
to be implemented and refined to mitigate any
potential risk.
Further information on Health and Safety is
included in the Sustainability Report.
Modern Slavery
Precinct is committed to
respecting and
supporting the human
rights of our employees
and all those whose lives
we impact through our
supply chain.Given the
complexity of the
construction industry
supply chain, Precinct
may unknowingly be
complicit in human rights
abuses through the
purchase of products or
services.
Identifying areas with potential risk for forms of
modern slavery in our supply chain.
Engaging highly-reputable contractors with
New Zealand-domiciled management teams.
►
Published our Modern Slavery Policy in May
2022.
Developing a supplier code of coduct to
clearly communicate Precinct's expectations to
all suppliers.

52
Investor information.
As at 30 June 2022
Investor information.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Shareholder information
Twenty largest shareholders
RankShareholderNumber of shares% of shares
1.HSBC NOMINEES (NEW ZEALAND) LIMITED316,215,76919.95
2.ACCIDENT COMPENSATION CORPORATION107,412,7716.78
3.CUSTODIAL SERVICES LIMITED92,597,7335.84
4.CITIBANK NOMINEES (NEW ZEALAND) LIMITED89,733,0325.66
5.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET - NZCSD68,110,1044.30
6.FNZ CUSTODIANS LIMITED66,541,8384.20
7.FORSYTH BARR CUSTODIANS LIMITED57,201,2163.61
8.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT55,627,2513.51
9.NATIONAL NOMINEES LIMITED52,793,8843.33
10.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND48,453,0193.06
11.BNP PARIBAS NOMINEES (NZ) LIMITED41,615,3022.62
12.NEW ZEALAND DEPOSITORY NOMINEE LIMITED39,250,8662.48
13.
HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED -
NZCSD
37,609,1622.37
14.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED31,448,7521.98
15.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT29,533,8261.86
16.HOBSON WEALTH CUSTODIAN LIMITED22,903,1181.44
17.JBWERE (NZ) NOMINEES LIMITED20,315,1551.28
18.ANZ WHOLESALE PROPERTY SECURITIES - NZCSD17,264,6281.09
19.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD15,653,6480.99
20.MINT NOMINEES LIMITED - NZCSD14,294,0360.90
Total Top 20 holders of Ordinary Shares1,224,575,11077.24
Source: Computershare
Shareholder distribution
RangeTotal holdersShares% of issued capital
1 - 49910825,0110.00
500 - 99912983,5860.01
1,000 - 1,999236325,1360.02
2,000 - 4,9998172,723,2890.17
5,000 - 9,9991,4209,997,3840.63
10,000 - 49,9993,80285,968,1075.42
50,000 - 99,99965443,966,8202.77
100,000 - 499,99938367,066,7984.23
500,000 - 999,9992818,466,1911.16
1,000,000 and over441,356,757,80085.58
Total7,6211,585,380,122100.00
Source: Computershare

53
Investor information.
ANNUAL REPORT 2022
Substantial Financial Product Holders
Quoted financial product holder
Number of
ordinary shares
held at date of
notice
%Date of notice
Jarden Securities Limited40,215,7112.53714.10.2021
Habour Asset Management Limited38,344,9392.41814.10.2021
AMP Capital Investors (New Zealand) Limited236,071,20114.8928.09.2021
ANZ New Zealand Investments Limited100,836,7956.36028.09.2021
ANZ Bank New Zealand Limited32,221,5682.03228.09.2021
ANZ Custodial Services New Zealand Limited32,954,2442.07928.09.2021
Accident Compensation Corporation107,626,5066.78928.09.2021
Note the number of shares above are according to notices filed only if the total number of a shareholder changes by 1% or more since the last notice filed.
Source: NZX Substantial holding notices
Donations
The Group made donations of $110,000 during the year to 30 June 2022 to Auckland City Mission and Wellington City Mission.
No political donations have been made during the year to 30 June 2022.

54
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Bondholder information
Twenty largest PCT020 bondholders
RankBondholderNumber of bonds% of total
1.FNZ CUSTODIANS LIMITED19,840,00019.84
2.CUSTODIAL SERVICES LIMITED16,082,00016.08
3.FORSYTH BARR CUSTODIANS LIMITED15,047,00015.05
4.HOBSON WEALTH CUSTODIAN LIMITED10,622,00010.62
5.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD6,316,0006.32
6.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD4,250,0004.25
7.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD3,000,0003.00
8.FORSYTH BARR CUSTODIANS LIMITED2,436,0002.44
9.WESTPAC BANKING CORPORATE NZ FINANCIAL MARKETS GROUP -NZCSD2,283,0002.28
10.INVESTMENT CUSTODIAL SERVICES LIMITED2,026,0002.03
11.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD1,118,0001.12
12.FNZ CUSTODIANS LIMITED1,043,0001.04
13.JBWERE (NZ) NOMINEES LIMITED980,0000.98
14.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD810,0000.81
15.FALSTAFF INVESTMENTS LIMITED500,0000.50
15.INVESTMENT CUSTODIAL SERVICES LIMITED500,0000.50
17.HOBSON WEALTH CUSTODIAN LIMITED357,0000.36
18.HOBSON WEALTH CUSTODIAN LIMITED355,0000.36
19.FORSYTH BARR CUSTODIANS LIMITED350,0000.35
20.JBWERE (NZ) NOMINEES LIMITED300,0000.30
20.KIWIGOLD.CO.NZ LIMITED300,0000.30
20.LILI WANG300,0000.30
Total Top 20 holders of PCT020 bonds88,815,00088.82
Source: Computershare
Bondholder distribution - PCT020
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99940225,0000.23
10,000 - 49,9992795,516,0005.52
50,000 - 99,999472,682,0002.68
100,000 - 499,999264,724,0004.72
500,000 - 999,99942,790,0002.79
1,000,000 and over1284,063,00084.06
Total408100,000,000100.00
Source: Computershare

55
Investor information.
ANNUAL REPORT 2022
Twenty largest PCT030 bondholders
RankBondholderNumber of bonds% of total
1.ANZ FIXED INTEREST FUND - NZCSD19,806,00013.20
2.FORSYTH BARR CUSTODIANS LIMITED19,125,00012.75
3.CUSTODIAL SERVICES LIMITED19,001,00012.67
4.FNZ CUSTODIANS LIMITED15,671,00010.45
5.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED13,605,0009.07
6.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD9,300,0006.20
7.HOBSON WEALTH CUSTODIAN LIMITED7,182,0004.79
8.MINT NOMINEES LIMITED - NZCSD4,415,0002.94
9.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD3,700,0002.47
10.NATIONAL NOMINEES LIMITED - NZCSD3,700,0002.47
11.FORSYTH BARR CUSTODIANS LIMITED3,189,0002.13
12.ANZ BANK NEW ZEALAND LIMITED - NZCSD2,746,0001.83
13.PIN TWENTY LIMITED2,400,0001.60
14.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,000,0001.33
15.QUEEN STREET NOMINEES ACF PIE FUNDS - NZCSD1,900,0001.27
16.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD1,600,0001.07
17.INVESTMENT CUSTODIAL SERVICES LIMITED1,561,0001.04
18.FNZ CUSTODIANS LIMITED1,127,0000.75
19.UNIVERSITY OF OTAGO FOUNDATION TRUST1,000,0000.67
20.JBWERE (NZ) NOMINEES LIMITED875,0000.58
Total Top 20 holders of PCT030 bonds133,903,00089.27
Source: Computershare
Bondholder distribution - PCT030
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99982613,0000.41
10,000 - 49,9992856,065,0004.04
50,000 - 99,999301,871,0001.25
100,000 - 499,999244,266,0002.84
500,000 - 999,99964,157,0002.77
1,000,000 Over19133,028,00088.69
Total446150,000,000100.00
Source: Computershare

56
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Bondholder distribution - PCT040
RankBondholderNumber of bonds% of total
1.CUSTODIAL SERVICES LIMITED44,875,00025.64
2.NATIONAL NOMINEES LIMITED - NZCSD42,000,00024.00
3.FORSYTH BARR CUSTODIANS LIMITED22,634,00012.93
4.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED12,970,0007.41
5.FNZ CUSTODIANS LIMITED4,951,0002.83
6.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD4,800,0002.74
7.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD3,745,0002.14
8.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD3,400,0001.94
9.ANZ FIXED INTEREST FUND - NZCSD3,000,0001.71
10.HOBSON WEALTH CUSTODIAN LIMITED2,986,0001.71
11.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,550,0001.46
12.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD2,450,0001.40
13.INVESTMENT CUSTODIAL SERVICES LIMITED2,167,0001.24
14.JBWERE (NZ) NOMINEES LIMITED2,077,0001.19
15.FORSYTH BARR CUSTODIANS LIMITED1,887,0001.08
16.PATHFINDER CARESAVER - NZCSD740,0000.42
17.I J INVESTMENTS LIMITED700,0000.40
18.PIN TWENTY LIMITED495,0000.28
19.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD477,0000.27
20.FNZ CUSTODIANS LIMITED347,0000.20
Total Top 20 holders of PCT040 bonds159,251,00091.00
Source: Computershare
Bondholder distribution - PCT040
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99977443,0000.25
10,000 - 49,9993647,715,0004.41
50,000 - 99,999633,698,0002.11
100,000 - 499,999305,212,0002.98
500,000 - 999,99921,440,0000.82
1,000,000 Over15156,492,00089.42
Total551175,000,000100.00
Source: Computershare

57
Investor information.
ANNUAL REPORT 2022
Green Assets
Building NameCityAddressUseLast
Assurance
NABERSNZ RatingGreen Star RatingAsset
Value
2
(NZ$m)
Allocation
of proceeds
per eligible
asset
(NZ$m)
Jarden HouseAuckland21 Queen StreetOffice22 Jul 21Targeting 4 Star
Base Building
Rating
5 Star Office As-
Built
$143.0$35.8
Mason BrothersAuckland139 Pakenham
Street
Office22 Jul 215.5 Star Base Build
Rating
6 star Office
Built rating
$61.0$15.3
PwC TowerAuckland15 Customs StreetOffice22 Jul 21Targeting 4 Star
Base Building
Rating
5 Star Office As-
Built
$675.0$168.8
Total existing green assets$879.0$219.9
Committed Green Development Assets
Building NameCityAddressUseLast
Assurance
NABERSNZ RatingGreen Star RatingTotal
project
cost
(NZ$m)
Allocation
of proceeds
per eligible
asset
(NZ$m)
40 & 44 Bowen
Street
Wellington40 & 44 Bowen
Street
Office22 Jul 21Targeting 4 Star
Base Building
Rating
Targeting 5 Star
Design/As Built
$196.0$49.0
1 Queen StreetAuckland1 Queen StreetOffice22 Jul 21Targeting 4 Star
Base Building
Rating
Targeting 6 Star
Design/As Built
$312.0$78.0
Halsey & FlowersAucklandWynyard Stage 3OfficeN/ATargeting 5 Star
Base Building
Rating
Targeting 6 Star
Design/As Built
$157.0$39.3
Bowen HouseWellington1 Bowen StreetOfficeN/ATargeting 5 Star
Base Building
Rating
Targeting 5 Star
Design/As Built
$155.0$38.8
Total committed green development assets$820.0$205.1
Total value of eligible assets
1
- based on last assurance$1,938.6
Total value of eligible assets - As at 30 June 2022$1,699.0$425.0
1. Eligible assets must have a mimimum (or target) 5-star NZGBC Green Star Built rating or a minimum (or target) 4-Star NABERSNZ Energy
Base Building Rating
2. Fair value as at 30 June 2022

58
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Director Interests
Details of Director interests in Precinct shares (as at 30 June 2022)
20222021
DirectorNo. of sharesNo. of shares
Robert Campbell*
-
457,002
Graeme Wong
118,498
69,642
Launa Inman*
45,522
39,100
Anne Urlwin
61,128
24,486
The following director interests were recorded since the last report.
Chris Judd - None
Craig Stobo
Appointed as a director of NZ Windfarms Limited
Shareholder in Millennium & Copthorne Hotels NZ Limited
Ceased to be a director of AIG Insurance New Zealand Limited
Anne Urlwin
Appointed as a director of Ventia Services Group Limited
Acquired 10,000 Precinct ordinary shares upon the conversion
of 14,000 PCTHA convertible Notes
Appointed as a director of Vector Limited
Acquired 25,000 Precinct ordinary shares on market
Ceased to be a director of Cigna Life Insurance New Zealand
Limited
Ceased to be a director of Southern Response Earthquake
Services Limited
Nicola Greer
Appointed as a director of Fidelity Insurance Limited
Aditya Bhargava - None
Mohammed Al Nuaimi – None
Graeme Wong
Acquired 28,571 Precinct ordinary shares upon the conversion of
40,000 PCTHA convertible Notes
Ceased to be a Member of the Management Board of The Bible
Society Development (New Zealand) Incorporated
Mark Tume
Ceased to be Chair of Ngai Tahu Holdings Corporate Limited
*Director Launa Inman and Non-Executive Director Robert Campbell
retired from the Board on 31 July 2021 and 11 August 2021,
respectively.

59
Remuneration report.
ANNUAL REPORT 2022

60
Remuneration report.
Remuneration report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Message from the People and Performance
Committee
Dear Shareholders,
On behalf of the People and Performance Committee, I am
pleased to present you with Precinct’s Remuneration Report for
the financial year ended 30 June 2022. We continue to include
additional disclosures in our Remuneration Report to ensure that
remuneration of both Directors and management personnel is
transparent, fair and reasonable. Aligning remuneration with the
interests of the company and its shareholders remains a priority.
We hope this year’s report is informative to stakeholders.
During the year, we sought approval for Director remuneration
adjustments at our last Annual General Meeting of shareholders
in November 2021. The resolution put forward to shareholders
was that the directors be authorised to fix the remuneration of
the independent directors of the Company on the terms set out
in the Notice of Meeting. Voting was conducted by poll and
shareholders passed the resolution relating to director
remuneration, with 99.69% of shareholders voting in favour.
We continue to provide full transparency of director fees
including committee memberships. Importantly, the Company
engaged independent advisors PwC to provide New Zealand
listed company benchmark data in considering the proposed
rates at last year's Annual General Meeting. In particular, PwC
was requested to provide benchmark data for the newly
established Environmental, Social & Governance Committee.
The non-executive directors’ fees benchmarking report can be
found on Precinct's website.
Post balance date, Precinct established an Employee Share
Scheme (Scheme or ESS) for employees of Precinct Properties
New Zealand Limited (Precinct NZ). The ESS enables employees
to acquire shares in Precinct (under the current NZ tax
legislation). The Scheme recognises the important contribution
that the Company’s employees make to its future. The People
and Performance Committee and the Board of Precinct
considers the ESS aligns the interests of the employees with those
of the Company and its shareholders and aims to assist the
Company in retaining and motivating employees.
We continue to improve diversity and inclusion at all levels of our
business by continuing to apply a diversity and inclusion lens
when making hiring, promotion and advancement, training and
development, retention and remuneration decisions.
Graeme Wong
Independent Director and Chair of the People and Performance
Committee
Our approach to remuneration governance
Precinct’s remuneration governance framework is overseen by
Precinct’s People and Performance Committee which comprises
a majority of independent directors at 30 June 2022. The People
and Performance Committee’s role is to assist the Board in
establishing remuneration policies and practices.
The People and Performance Committee is guided by Precinct’s
Remuneration Policy. This Remuneration Policy aims to ensure
that people are rewarded for performance that contributes to
the achievement of Precinct’s business goals. In addition, the
People and Performance Committee follow a charter which is
intended to guide Committee members in fulfilling their
responsibilities to the Board.
On a regular basis, the People and Performance Committee will
review performance objectives and remuneration packages of
both Directors and key management personnel of Precinct. This
includes monitoring performance that outlines the relative
weightings of remuneration components and relevant
performance criteria. They also consider remuneration
benchmarking and succession planning.
External advisors
Remuneration benchmarking of Directors and key management
personnel (such as CEO, Deputy CEO and CFO) is undertaken
regularly by external advisors.
With regards to Precinct’s performance hurdles, the Total
Shareholder Return (TSR) achieved by Precinct, and the
members of the TSR Peer Group will be calculated by a
recognised independent party, being an investment bank, firm
of chartered accountants or other person or body that the
Board reasonably considers has the expertise, experience and
access to the necessary data to carry out the calculation.
Graeme Wong, Independent Director and
Chair of Precinct People and Performance
Committee

61
Remuneration report.
ANNUAL REPORT 2022
Remuneration framework
Our remuneration framework is designed to support the
performance of Precinct’s business and its strategy.
Our objective is to create sustainable value from city
centre real estate, delivering exceptional spaces for our
clients and communities, in which they can thrive, while
maximising returns to our shareholders.
At the heart of Precinct is a business model
that is designed to generate, and regenerate
sustainable value. This results from the
seamless interplay between three essential
elements.
Purpose and direct link
to Precinct’s strategy
Direct link to performance
measures
Fixed remuneration
This includes fixed based salary which is
benchmarked annually and includes
superannuation contribution
• Attract and retain Precinct’s Key Management Personnel to
deliver on its strategy
Benchmarked against
NZX-listed property entities
and NZX50 peers
Short term incentive (STI)
Discretionary annual payment
• Compensates for achieving short term (annual targets) which
are aligned to the delivery of Precinct’s strategy
Various key operational
objectives including
• Earnings (AFFO)
• Occupancy and WALT
• Leasing
• Strategic goals
• Capital management
Long term incentive (LTI)
Long term share grant where a share is
received in the future subject to
meeting certain performance hurdles.
• Drive longer-term performance and ensures the alignment of
incentives of key employees with the interests of the
Company’s shareholders
• Promote long term decision making and the creation of
sustainable value for the Company’s shareholders
• Promote the retention of key employees; and
• Facilitate and encourage employee share ownership.
Performance hurdles:
• Absolute TSR Target
• Relative TSR Target
• FFO Growth Target

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

63
Remuneration report.
ANNUAL REPORT 2022
Performance Share Rights (PSR)
Precinct's Performance Share Right scheme entitles a Participant to receive a Share in the future depending on the degree to which
certain Vesting Conditions are achieved or exceeded during the Assessment Period. The participant is entilted to receive one share
upon the valid exercise of each vested share right they hold.
FeatureDescription
Purpose
Alignment of interests between the CEO, Deputy CEO, CFO and other key management personnel, and the long term
returns to Precinct shareholders, which drives long term performance to deliver Precincts strategy while also providing an
incentive for Key Management Personnel to remain in employment with Precinct prior to vesting.
Performance
period
A grant vests at the end of the performance period which is over a three year period. Due to the completion of the
internalisation of Precinct's management taking place on 31 March 2021, the initial performance period is between
1April 2021 and 30 June 2024. A share right vests on the vesting date subject to the participant's continuing employment
with Precinct and performance hurdles being met.
The vesting of the Performance share rights are endorsed by the People and Performance Committee and approved
by the Board subject to the board determining that the performance hurdles set out have been met.
Performance
hurdles
Performance
measure
LTI WeightingDescription
Total Shareholder
Return (TSR)
TSR measures the total return received by shareholders from the increase in
the market price of a share of Precinct and assumes reinvestment of cash
dividends.
The TSR will be calculated using the volume weighted average sale price of a
Precinct share on the NZX over the 20 trading days prior to the vesting date.
Absolute TSR Target
33%The Absolute TSR Rights will vest in full if Precinct’s TSR exceeds the cost of
equity for the subject performance rights as calculated by independent
advisors, PwC. The cost of equity will be recalculated on an annual basis.
Relative TSR Target
33%The Relative TSR Rights will vest in accordance with a progressive vesting scale,
provided that Precinct's TSR over the performance period is greater than the
median TSR of the TSR peer group.
Funds From
Operation (FFO)
FFO is used to define the cash flow from operations and is a measure of
operating performance over the performance period.
Funds from
operations (FFO)
Growth Target
33%The FFO Growth Rights will vest in accordance with a progressive vesting scale,
provided that Precinct’s FFO growth per share is greater than or equal to 75%
of CPI growth over the performance period.
Vesting
conditions
Precinct TSR over the performance
period
% of Relative TSR Rights
that would vest
Precinct FFO Growth Per
Share over the
performance period
% of FFO Growth Rights
that would vest
< TSR Peer Group Median TSR0%< 75% of CPI Growth0%
Equal to the TSR Peer Group Median TSR50%Equal to 75% of CPI
Growth
50%
> TSR Peer Group Median TSR, but < TSR
of the 75th percentile of the TSR Peer
Group
51% - 99% pro-rata
vesting on a straight-line
progression
> 75% of CPI Growth, but <
125% of CPI Growth
51% - 99% pro-rata
vesting on a straight-line
progression
Equal to or > TSR of the 75th percentile
of the TSR Peer Group
100%Equal to or greater than
125% of CPI Growth
100%

64
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
CEO Remuneration
Scott Pritchard was appointed Chief Executive Officer in September 2010. On 1 April 2021, he was retained as CEO, under a new
employment agreement with Precinct post the internalisation of the management of Precinct.
The following illustrates the expected remuneration mix of Precinct’s CEO. We believe the remuneration mix now provides strong
alignment between remuneration and company performance to deliver on Precinct’s strategy.
Details of the nature and amount of each element of the remuneration of the CEO is set out below.
Scott Pritchard was appointed Chief Executive Officer in September 2010. His remuneration for the year ended 30 June 2022 comprises:
• A fixed base salary which is benchmarked annually;
• A discretionary short-term incentive payment; and
• Shares vested under the long-term incentive scheme.
All remuneration between 1 July 2020 and 31 March 2021, including the legacy long-term incentive was paid by AMP Haumi
Management Limited (the Manager "AHML"), not Precinct. As a result of internalisation PwC was appointed by the Precinct Board as a
recognised independent party in order to undertake remuneration benchmarking in respect to the CEO and other senior executive
roles.
The CEO's remuneration is endorsed by the People and Performance Committee and approved by the Board.
Short term remuneration for the year ended 30 JuneLong term remuneration as at 30 June
Legacy schemePost internalisation
Year
Base salarySTISuperTotal paid
Maximum
achievable
GrantedVestedGrantedVested
2022780,000576,87540,7061,397,581
1,606,800
---260,952
2021619,840720,180190,5581,530,579
N/A
-1,922,0701,092,000-
Performance and Restricted Share Rights that have been granted to Scott Pritchard as at 30 June 2022 are detailed in the table below.
Granted during yearVested and exercised
SchemeGrant date
Measuremen
t date
Balance
as at
30 June
2021NumberValue $NumberValue $Lapsed
Balance as at
30 June 2022
Performance share right
1-4-202130-6-2024
730,272
-----
730,272
Restricted share right
1-4-202130-6-2022
190,476
--190,476260,952-
-
Restricted share right
1-4-202130-6-2023
190,476
-----
190,476
Total1,111,22400190,476260,9520920,748

65
Remuneration report.
ANNUAL REPORT 2022
Employee remuneration
Employee remuneration comprises base salary, STI payments, LTI payments relating to internalisation and employer contributions to
superannuation.
During the year ended 30 June 2022, the number of employees (including the CEO) who received remuneration with a combined total
value exceeding $100,000 is set out on the following table. Employer superannuation contributions are at the same rate for all
employees.
The annual total compensation of the CEO to the median annual total compensation for all employees (excluding the CEO) is 14.8:1.
The annual fixed base salary of the CEO to the median annual fixed base salary for all employees (excluding the CEO) is 7.2:1.
Remuneration range# employees
$1,650,000 - $1,660,000
1
$1,250,000 - $1,260,000
1
$700,000 - $710,000
1
$400,000 - $410,000
1
$340,000 - $350,000
1
$330,000 - $340,000
2
$280,000 - $290,000
1
$270,000 - $280,000
1
$260,000 - $270,000
1
$220,000 - $230,000
1
$210,000 - $220,000
1
$200,000 - $210,000
2
$190,000 - $200,000
1
$180,000 - $190,000
3
$160,000 - $170,000
1
$140,000 - $150,000
1
$130,000 - $140,000
2
$120,000 - $130,000
2
$110,000 - $120,000
2
$100,000 - $110,000
7
Total33
Long term incentive scheme
Performance and restricted share rights that have been granted to key management personnel (excluding CEO) as at 30 June 2022
are detailed in the following table.
Granted during yearVested and exercised
SchemeGrant date
Measurem
ent date
Balance as at
30 June 2020NumberValue $NumberValue $Lapsed
Balance as at 30 June
2021
Performance
share right
1-4-202130-6-2024
1,224,921
-----
1,224,921
Restricted
share right
1-4-202130-6-2022
213,370
--213,370292,317-
-
Restricted
share right
1-4-202130-6-2023
213,370
-----
213,370
Restricted
share right
1-4-202130-6-2024
73,260
-----
73,260
Total1,724,92100213,370292,31701,511,551

66
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Director remuneration
The current director fee rate is as follows:
Position$ per annum (plus GST, if any)
Chair
182,340
Independent Director
91,170
Audit and Risk Committee Chair
15,000
People and Performance Committee Chair
15,000
Environment, Social & Governance Committee Chair
15,000
Audit and Risk Committee Member
7,500
People and Performance Committee Member
7,500
Environment, Social & Governance Committee Member
7,500
Due Diligence Committee Chair (ad hoc hourly rate)
380/hr
Due Diligence Committee Member (ad hoc hourly rate)
350/hr
Annual Cap for Due Dligence Committee Fees
$100,000
Following a director remuneration review by PwC, at the 2021 Annual General Meeting the shareholders approved an increase in the
People and Performance Committee fees to align these to the approved fees for the Audit and Risk Committee. Following the
establishment of the Environment, Social & Governance Committee in 2021, the shareholders also approved Chair and Member fees
for the Environmental, Social & Governance Committee consistent with the Audit and Risk and People and Performance Committee
fees.
Role30 June 202230 June 2021
Due
Diligence
committee
Board
committeeBoard
Due
Diligence
committee
Board
committeeBoard
Craig StoboBoard Chair
3,50019,083182,340
79,08312,500182,340
Don HuseAudit and Risk Committee Chair
1
---
-5,37534,949
Anne UrlwinAudit and Risk Committee Chair
2
3,80021,64691,170
32,06517,50091,170
Graeme Wong
People and Performance
Committee Chair
3,50018,22991,170
42,26310,00091,170
Launa InmanIndependent Director
3
-6257,598
23,8007,50091,170
Chris JuddIndependent Director
-11,58391,170
4,9881,25022,793
Nicola GreerESG Committee Chair
3,50017,07387,494
---
Mark TumeIndependent Director
-6,67381,122
---
Robert
CampbellNon-Executive Director
4
-1,41110,293
2,6253,12522,793
Total14,30096,324642,356184,82357,250536,384
1 Don Huse retired as Audit and Risk Committee Chair on 31 October 2020 and from the Precinct board on 18 November 2020.
2 Anne Urlwin commenced as Audit and Risk Committee Chair from 1 November 2020.
3 Launa Inman retired from the Board on 31 July 2021.
4 Robert Campbell retired from the Board on 11 August 2021.
From time to time the board may establish further subcommittees to consider specific issues or transactions. Membership of these
committees may result in additional fees being payable at the rates in the table above. During the year ended 30 June 2022, $14,300
in committee fees were paid to the due diligence committee (30 June 2021: $184,823). One due diligence committee was established
in relation to the issuance of the Green retail bond PCT040. No other remuneration or benefit was provided by the group during the
period to any director or former director of any group member.

67
Remuneration report.
ANNUAL REPORT 2022
Insurance and indemnity
As permitted by the constitution and the Companies Act 1993, Precinct has indemnified its directors and officers, and the directors of
its subsidiaries against potential liabilities and costs they may incur for acts or omissions in their capacity as directors. During the
financial year, Precinct paid insurance premiums in respect of directors’ and officers’ liability insurance which covers risks normally
covered by such policies arising out of acts or omissions of directors and officers in their capacity as such. Insurance is not provided for
criminal liability or liability or costs in respect of which an indemnity is prohibited by law.
Management expense ratio
Amounts in $ millions (unless otherwise stated)20222021
Base Management Fee-10.2
Management expenses6.02.1
Audit and Directors1.51.2
Other expenses2.53.7
Total management expenses10.017.2
Average total property value3,489.53,149.8
Management expense ratio - excluding performance fee29 bps55 bps
Management expense ratio29 bps55 bps
Management expenses comprise the costs of managing Precinct as a corporate entity and exclude direct property expenses and capital expenditure.
This annual report of Precinct Properties New Zealand Limited is
dated 17 August 2022 and is signed on behalf of the board by:
CRAIG STOBO
CHAIR AND INDEPENDENT
DIRECTOR
ANNE URLWIN
CHAIR AUDIT AND RISK
COMMITTEE AND INDEPENDENT
DIRECTOR

68
The Numbers.
PRECINCT PROPERTIES
NEW ZEALAND LIMITED
FINANCIAL STATEMENTS 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED

69
Precinct Properties New Zealand Limited
ANNUAL REPORT 2022
Annual financial statements
For the year ended 30 June 2022
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on
17 August 2022.
CRAIG STOBO
CHAIR
ANNE URLWIN
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated Statement of Comprehensive Income
70
Consolidated Statement of Changes in Equity71
Consolidated Statement of Financial Position72
Consolidated Statement of Cash Flows73
Notes to the Financial Statements
1. Reporting Entity74
2. Basis of Preparation74
3. Basis of Consolidation74
4. New Standards, Amendments and Interpretations74
5. Changes to Accounting Policies and Disclosure of Significant Accounting Policies74
6. Fair Value Estimation74
7. Significant Accounting Judgements, Estimates and Assumptions74
8. Significant Events and Transactions During the Year75
9. Investment and Development Properties76
10. Intangible Assets82
11. Gross Operating Revenue83
12. Segment Information84
13. Management Expenses85
14. Taxation86
15. Reconciliation of Net Profit after Tax to Adjusted Funds From Operations (AFFO)87
16. Earnings per Share87
17. Other Current Liabilities88
18. Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities88
19. Interest Bearing Liabilities88
20. Leases90
21. Derivative Financial Instruments91
22. Capital Commitments92
23. Operating Lease Commitments92
24. Contingencies92
25. Share-Based Payments92
26. Related Party Transactions94
27. Key Management Personnel95
28. Capital Management95
29. Financial Risk Management95
30. Events After Balance Date96
Independent Auditors Report97

70
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions
Notes
30 June 202230 June 2021
Revenue
Gross operating revenue
11200.3
199.8
Less direct operating expenses
(70.9)
(72.1)
Operating income before indirect expenses129.4
127.7
Indirect expenses / (revenue)
Interest expense
23.9
27.2
Other expenses
1310.2
17.5
Total indirect expenses / (revenue)34.1
44.7
Operating income before income tax95.3
83.0
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and development properties
919.4
282.9
Unrealised net gain / (loss) on financial instruments
2133.1
19.7
Depreciation - property, plant and equipment
(2.2)
(1.4)
Lease depreciation
(5.1)
(5.0)
Lease interest expense
(4.2)
(3.9)
Net realised gain / (loss) on sale of investment properties
(0.2)
(2.4)
Impairment of goodwill
10(6.8)
(9.8)
Termination of management services agreement
-
(217.1)
Total non operating income / (expenses)34.0
63.0
Net profit / (loss) before taxation129.3
146.0
Income tax expense / (benefit)
Current tax expense
14(7.0)
(67.8)
Depreciation recovered on sale
14-
10.5
Deferred tax expense / (benefit) - financial instruments
1412.4
6.6
Deferred tax expense / (benefit) - depreciation
1414.2
9.1
Deferred tax expense / (benefit) - other
14(0.3)
(0.1)
Total taxation expense / (benefit)19.3
(41.7)
Net profit / (loss) after taxation attributable to equity holders15,18110.0
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
21
(1.7)
(10.8)
Deferred tax on items transferred directly to / (from) equity
0.5
3.0
Total other comprehensive income / (expense)(1.2)
(7.8)
Total comprehensive income after tax attributable to equity holders108.8
179.9
Earnings per share (cents per share)
Basic and diluted earnings per share
167.06
14.26
Other amounts (cents per share)
Funds from operations (FFO)
156.89
7.34
Adjusted funds from operations (AFFO)
156.51
6.48
The accompanying notes on pages 74 to 96 form part of these Financial Statements

71
Consolidated Statement of Changes in Equity
For the year ended 30 June 2022
ANNUAL REPORT 2022
Amounts in $ millions unless otherwise stated
Notes
Cents
per share
Shares (m)Ordinary
shares
Share-based
payments
reserve
Retained
earnings
Total
equity
At 1 July 20201,313.71,195.9-712.51,908.4
Profit after income tax for the year187.7187.7
Other comprehensive income for the
year(7.8)(7.8)
Issue of shares
Placement
144.7220.0220.0
Issue costs incurred
(3.4)(3.4)
Distributions
Q4 final (paid 25 Sep 2020)1.575(20.7)(20.7)
Q1 interim (paid 10 Dec 2020)1.625(21.3)(21.3)
Q2 interim (paid 26 Mar 2021)1.625(21.3)(21.3)
Q3 interim (paid 11 Jun 2021)1.625(21.3)(21.3)
Total distributions paid6.450(84.6)(84.6)
Long-term incentive scheme
25
0.30.3
At 30 June 20211,458.41,412.50.3807.82,220.6
Profit / (loss) after income tax for the
year
110.0110.0
Other comprehensive income for the
year
(1.2)(1.2)
Issue of shares
Retail offer
19.830.030.0
Issue costs incurred
(0.6)(0.6)
PCTHA Convertible Note conversion
8107.2179.3179.3
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)
Q2 interim (paid 25 Mar 2022)
1.675(26.6)(26.6)
Q3 interim (paid 10 Jun 2022)
1.675(26.6)(26.6)
Total distributions paid
6.650(103.8)(103.8)
Long-term incentive scheme
251.21.2
At 30 June 20221,585.41,621.21.5812.82,435.5
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the terms of
the constitution.
The accompanying notes on pages 74 to 96 form part of these Financial Statements

72
Consolidated Statement of Financial Position
As at 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions
Notes
30 June 202230 June 2021
Current assets
Cash
11.5
8.3
Fair value of derivative financial instruments
213.5
2.2
Debtors and other current assets
23.1
25.1
Total current assets38.1
35.6
Investment properties held for sale9577.2
-
Non-current assets
Fair value of derivative financial instruments
2148.2
32.3
Other assets
7.5
14.4
Development properties
9544.0
232.4
Investment properties
92,549.0
3,076.4
Property, plant and equipment
44.4
15.7
Right-of-use assets
2028.9
33.2
Deferred tax asset
14-
7.4
Intangible assets
101.9
9.0
Total non-current assets3,223.9
3,420.8
Total assets3,839.2
3,456.4
Current liabilities
Interest bearing liabilities
19-
225.0
Lease liabilities
203.6
3.2
Accrued development capital expenditure
12.3
17.5
Other current liabilities
1731.0
31.0
Total current liabilities46.9
276.7
Non-current liabilities
Interest bearing liabilities
191,275.8
871.1
Fair value of derivative financial instruments
2120.5
50.9
Lease liabilities
2049.1
37.1
Deferred tax liability
1411.4
-
Total non-current liabilities1,356.8
959.1
Total liabilities1,403.7
1,235.8
Total equity2,435.5
2,220.6
Total liabilities and equity3,839.2
3,456.4

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

73
Consolidated Statement of Cash Flows
For the year ended 30 June 2022
ANNUAL REPORT 2022
Amounts in $ millions
Notes
30 June 202230 June 2021
Cash flows from operating activities
Gross rental income per statement of comprehensive income
200.3
199.8
Less: Current year incentives
(5.8)
(9.9)
Add: Amortisation of incentives and intangibles
8.7
7.7
Add: Depreciation of property, plant and equipment
2.2
1.4
Add: Working capital movements
(5.1)
(4.1)
Cash flow from gross rental income200.3
194.9
Property expenses
(73.5)
(64.1)
Other expenses
(9.7)
(14.6)
Interest expense
(26.4)
(30.9)
Employment and administration expenses
(2.8)
(3.4)
Termination of management services agreement
-
(217.1)
Income tax
-
(0.8)
Net cash inflow / (outflow) from operating activities1887.9
(136.0)
Cash flows from investing activities
Capital expenditure on investment properties
(52.9)
(56.3)
Capital expenditure on development properties
(130.4)
(155.5)
Capital expenditure on other assets
(5.4)
(5.9)
Acquisition of investment properties
-
(20.3)
Acquisition of development properties
(132.8)
(9.2)
Expenditure on property, plant and equipment
(10.2)
(7.4)
Disposal of investment properties
(0.2)
176.7
Capitalised interest on investment properties
8.0
(1.1)
Capitalised interest on development properties
(27.0)
(14.2)
Net cash inflow / (outflow) from investing activities(350.9)
(93.2)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
207.7
233.0
Loan facility drawings to fund acquisitions
132.8
29.5
Loan facility drawings to fund management services termination
-
217.1
Loan facility drawings to fund repayment of senior secured bonds
75.0
-
Loan facility repayments from disposal of investment properties
0.2
(176.7)
Loan facility repayments from issue of senior secured bonds
(175.0)
(150.0)
Loan facility repayments from issue of new shares
(208.7)
(216.6)
Other loan facility drawings / (repayments)
1
32.6
14.5
Repayment of senior secured bonds
(75.0)
-
Repayment of leasing liabilities
(3.4)
(3.0)
Issue of senior secured bonds
175.0
150.0
Issue of new shares
2
208.7
216.6
Distributions paid to share holders
(103.7)
(84.7)
Net cash inflow / (outflow) from financing activities266.2
229.7
Net increase / (decrease) in cash held3.2
0.5
Cash at the beginning of the year
8.3
7.8
Cash at the end of the year11.5
8.3
1 Loan facility drawings are net of repayments made throughout year.
2 Issue of new shares are net of issue costs.
The accompanying notes on pages 74 to 96 form part of these Financial Statements

74
Notes to the Financial Statements
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
1. Reporting Entity
Precinct Properties New Zealand Limited (Precinct) is incorporated in New Zealand and is registered under the New Zealand
Companies Act 1993.
Precinct is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
These audited financial statements are those of Precinct and its wholly-owned subsidiaries (the Group).
The Group's principal activity is investment in predominantly prime CBD properties in New Zealand.
2. Basis of Preparation
The financial statements have been prepared in accordance with NZ GAAP. For the purposes of complying with NZ GAAP the Group is
a for-profit entity. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (’NZ
IFRS’). The financial statements also comply with International Financial Reporting Standards (‘IFRS’).
The financial statements have been prepared:
• On a historical basis except for financial instruments, investment and development properties which are measured at fair value.
• Using the New Zealand Dollar functional and reporting currency.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
3. Basis of Consolidation
The consolidated financial statements comprise Precinct and its subsidiary companies.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit or
losses resulting from intra-group transactions have been eliminated in full.
4. New Standards, Amendments and Interpretations
There were no new accounting standards impacting the consolidated financial statements for the year ended 30 June 2022.
5. Changes to Accounting Policies and Disclosure of Significant Accounting Policies
No changes to accounting policy have been made during the year and policies have been consistently applied to all years
presented.
Significant accounting policies have been included throughout the notes to the financial statements.
6. Fair Value Estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
• Level 1 - Quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (by price)
or indirectly (derived from prices).
• Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
7. Significant Accounting Judgements, Estimates and Assumptions
In preparing Precinct’s financial statements, management continually makes judgements, estimates and assumptions based on
experience and other factors, including expectations of future events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to management. Actual results may differ from the judgements, estimates and assumptions made by management.
The significant judgements, estimates and assumptions made in the preparation of these financial statements are in relation to:
i. Investment and development properties - refer note 9
ii. Impairment test of intangible assets and goodwill - refer note 10
iii. Deferred tax assets and deferred tax liabilities - refer note 14
iv. Share-based payment scheme - refer note 25

75
ANNUAL REPORT 2022
8. Significant Events and Transactions During the Year
Precinct's financial position and performance was affected by the following events and transactions that occurred during the
reporting year:
i. 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 $49.5 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
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 ($5.7 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 (June 2021: $0.6 million) to enable hospitality staff to be retained. Generator did not claim any further subsidy.
v. Conversion of PCTHA Convertible Note
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.
viii. Investment Partnership
On 23 February 2022 Precinct announced the formation of a new investment partnership (Precinct Pacific Investment Limited
Partnership ("PPILP")) with Singaporean sovereign wealth fund GIC. The partnership, in which Precinct will retain an ongoing 24.9%
minority interest, will initially acquire five assets from Precinct's existing portfolio. The transaction remains subject to Overseas Investment
Office approval and other consents.
ix. Retail bond
On 9 May 2022, Precinct raised $175.0 million through a New Zealand public bond issue. Refer note 19.

76
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
9. Investment and Development Properties
30 June 2022
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2021
Capitalised incentivesAdditions / disposals /
transfers
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AON Centre - Akld
5
JLL25,3545.3%5.0%98%4.6234.0(0.3)0.7
8.6243.0
HSBC TowerCBRE31,5904.3%4.6%97%5.5476.0(0.5)6.2
(1.7)480.0
Jarden HouseSavills13,7624.2%4.9%93%4.2140.00.21.1
1.7143.0
Mason Bros.
6
JLL4,7044.4%4.5%100%3.356.4(0.3)0.3
4.661.0
204 Quay Street
7
JLL5,4566.1%
8
7.0%85%6.122.7-16.6
(1.5)37.8
Commercial Bay RetailColliers16,8305.0%5.3%100%4.9405.0(1.3)3.6
(7.3)400.0
PwC Tower (Commercial Bay)CBRE39,5504.3%4.3%100%9.4665.0(0.9)2.9
8.0675.0
Wellington
NTT TowerBayleys16,6335.5%5.6%100%2.9151.0(0.4)0.7
0.2151.5
No.1 and 3 The TerraceColliers18,6134.0%5.1%100%8.1142.0(0.2)0.5
0.7143.0
No.3 The Terrace
9
ColliersN/AN/AN/AN/A36.214.2--
-14.2
AON Centre - Wgtn
10
CBRE24,7695.7%
8
5.9%100%4.3192.9(0.7)16.3
(8.0)200.5
Market value (fair value) of investment properties
4.7%4.9%98%7.12,499.2(4.4)48.9
5.32,549.0
Investment properties held for sale
11
12 Madden Street
6
N/A8,202N/AN/AN/AN/A100.0(0.2)0.9
(0.7)100.0
10 Madden Street
6
N/A8,238N/AN/AN/AN/A86.01.60.7
(2.3)86.0
Mayfair HouseN/A12,259N/AN/AN/AN/A86.7-0.2
(0.2)86.7
Bowen CampusN/A39,971N/AN/AN/AN/A304.5(0.3)0.4
(0.1)304.5
Market value (fair value) of investment properties held for sale
577.21.12.2
(3.3)577.2
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A96.5-66.8
11.0174.3
One Queen StreetCBREN/AN/AN/AN/AN/A116.5(0.4)53.0
6.9176.0
30 Waring Taylor Street
12
N/AN/AN/AN/AN/AN/A19.4-(19.4)
--
Freyberg Building
13
ColliersN/AN/AN/AN/AN/A-0.353.7
(4.5)49.5
Bowen House
14
ColliersN/AN/AN/AN/AN/A--116.6
5.6122.2
Wynyard Quarter Stage 3
15
ColliersN/AN/AN/AN/AN/A--23.6
(1.6)22.0
Market value (fair value) of development properties
232.4(0.1)294.3
17.4544.0
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
Transfers occur when a property is transferred to another category 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, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease for 125 years.
7 Includes a gross up for the right-of-use asset (June 2022: $15.0 million, June 2021: $nil). See Note 20 for more detail.
8 Initial yields adjusted to remove right-of-use asset from the carrying value.
9 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
10 Includes a gross up for the right-of-use asset (June 2022: $2.8 million; June 2021: $2.9 million). See Note 20 for more detail.
11 All properties are categorised as level 3 in the fair value hierarchy.
On 23 February 2022 Precinct announced the formation of a new investment partnership with Singaporean sovereign wealth fund GIC. The partnership, in which
Precinct will retain an ongoing 24.9% minority interest, will initially acquire five assets from Precinct's existing portfolio and these assets have been transferred to
investment properties held for sale.
12 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.
13 On 15 July 2021 Precinct acquired Freyberg Building for $49.5 million.
14 On 23 July 2021 Precinct acquired Bowen House for $92.0 million.
15 On 21 December 2021 Precinct committed to the Wynyard Quarter Stage 3 (124 Halsey Street and the Flowers Building) development and costs were transferred from
other assets to development properties. Mason Bros., 12 Madden Street, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease
for 125 years.
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition investment
properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are included in
profit or loss in the year in which they arise.
Development properties
Investment properties that are being constructed or developed for future use are classified as development properties. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Subsequent to initial recognition development properties are stated at fair value. Gains or losses arising from changes in the fair
value of development properties are included in profit or loss in the year in which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value Precinct’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.

77
ANNUAL REPORT 2022
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2021
Capitalised incentivesAdditions / disposals /
transfers
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AON Centre - Akld
5
JLL25,3545.3%5.0%98%4.6234.0(0.3)0.7
8.6243.0
HSBC TowerCBRE31,5904.3%4.6%97%5.5476.0(0.5)6.2
(1.7)480.0
Jarden HouseSavills13,7624.2%4.9%93%4.2140.00.21.1
1.7143.0
Mason Bros.
6
JLL4,7044.4%4.5%100%3.356.4(0.3)0.3
4.661.0
204 Quay Street
7
JLL5,4566.1%
8
7.0%85%6.122.7-16.6
(1.5)37.8
Commercial Bay RetailColliers16,8305.0%5.3%100%4.9405.0(1.3)3.6
(7.3)400.0
PwC Tower (Commercial Bay)CBRE39,5504.3%4.3%100%9.4665.0(0.9)2.9
8.0675.0
Wellington
NTT TowerBayleys16,6335.5%5.6%100%2.9151.0(0.4)0.7
0.2151.5
No.1 and 3 The TerraceColliers18,6134.0%5.1%100%8.1142.0(0.2)0.5
0.7143.0
No.3 The Terrace
9
ColliersN/AN/AN/AN/A36.214.2--
-14.2
AON Centre - Wgtn
10
CBRE24,7695.7%
8
5.9%100%4.3192.9(0.7)16.3
(8.0)200.5
Market value (fair value) of investment properties
4.7%4.9%98%7.12,499.2(4.4)48.9
5.32,549.0
Investment properties held for sale
11
12 Madden Street
6
N/A8,202N/AN/AN/AN/A100.0(0.2)0.9
(0.7)100.0
10 Madden Street
6
N/A8,238N/AN/AN/AN/A86.01.60.7
(2.3)86.0
Mayfair HouseN/A12,259N/AN/AN/AN/A86.7-0.2
(0.2)86.7
Bowen CampusN/A39,971N/AN/AN/AN/A304.5(0.3)0.4
(0.1)304.5
Market value (fair value) of investment properties held for sale
577.21.12.2
(3.3)577.2
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A96.5-66.8
11.0174.3
One Queen StreetCBREN/AN/AN/AN/AN/A116.5(0.4)53.0
6.9176.0
30 Waring Taylor Street
12
N/AN/AN/AN/AN/AN/A19.4-(19.4)
--
Freyberg Building
13
ColliersN/AN/AN/AN/AN/A-0.353.7
(4.5)49.5
Bowen House
14
ColliersN/AN/AN/AN/AN/A--116.6
5.6122.2
Wynyard Quarter Stage 3
15
ColliersN/AN/AN/AN/AN/A--23.6
(1.6)22.0
Market value (fair value) of development properties
232.4(0.1)294.3
17.4544.0
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
Transfers occur when a property is transferred to another category 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, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease for 125 years.
7 Includes a gross up for the right-of-use asset (June 2022: $15.0 million, June 2021: $nil). See Note 20 for more detail.
8 Initial yields adjusted to remove right-of-use asset from the carrying value.
9 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
10 Includes a gross up for the right-of-use asset (June 2022: $2.8 million; June 2021: $2.9 million). See Note 20 for more detail.
11 All properties are categorised as level 3 in the fair value hierarchy.
On 23 February 2022 Precinct announced the formation of a new investment partnership with Singaporean sovereign wealth fund GIC. The partnership, in which
Precinct will retain an ongoing 24.9% minority interest, will initially acquire five assets from Precinct's existing portfolio and these assets have been transferred to
investment properties held for sale.
12 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.
13 On 15 July 2021 Precinct acquired Freyberg Building for $49.5 million.
14 On 23 July 2021 Precinct acquired Bowen House for $92.0 million.
15 On 21 December 2021 Precinct committed to the Wynyard Quarter Stage 3 (124 Halsey Street and the Flowers Building) development and costs were transferred from
other assets to development properties. Mason Bros., 12 Madden Street, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease
for 125 years.
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition investment
properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are included in
profit or loss in the year in which they arise.
Development properties
Investment properties that are being constructed or developed for future use are classified as development properties. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Subsequent to initial recognition development properties are stated at fair value. Gains or losses arising from changes in the fair
value of development properties are included in profit or loss in the year in which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value Precinct’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.

78
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
30 June 2021
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2020
Capitalised incentivesAdditions / disposals /
transfers
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AMP CentreJLL25,3534.8%5.0%95%4.7205.01.30.627.1234.0
ANZ Centre (50%)
5
N/AN/AN/AN/AN/AN/A177.8-(177.8)--
HSBC Tower
6
JLL31,5784.3%4.5%98%5.8409.02.821.342.9476.0
Jarden HouseSavills13,7624.6%4.9%96%4.2124.00.85.99.3140.0
Mason Bros.
7
JLL4,6844.7%4.5%100%4.246.6(0.3)1.48.756.4
12 Madden Street
7
JLL8,1944.6%4.8%97%8.086.0(0.1)1.113.0100.0
10 Madden Street
7
Colliers8,2384.8%5.1%92%12.8-1.077.77.386.0
204 Quay Street
8
JLL5,4696.8%6.8%100%5.9--20.22.522.7
Commercial Bay RetailJLL16,8634.8%5.3%99%5.8425.00.412.1(32.5)405.0
PwC Tower (Commercial Bay)CBRE39,5504.0%4.1%98%10.5580.0(0.2)19.465.8665.0
Wellington
NTT TowerBayleys16,6555.3%5.5%100%3.1124.0(0.4)0.427.0151.0
Mayfair HouseBayleys12,5484.7%5.4%100%14.960.2(0.1)18.38.386.7
No.1 and 3 The TerraceColliers18,6124.3%5.1%100%8.9107.5(0.1)0.833.8142.0
No.3 The Terrace
9
ColliersN/AN/AN/AN/A37.214.0--0.214.2
Aon Centre
10
Colliers24,7705.8%5.6%100%4.0172.9(1.0)5.315.7192.9
Bowen CampusCBRE39,9714.5%5.0%100%14.4268.10.82.533.1304.5
Market value (fair value) of investment properties
4.6%4.8%98%7.72,800.14.99.2262.23,076.4
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A28.6(0.1)44.723.396.5
10 Madden Street
7
N/AN/AN/AN/AN/AN/A53.1-(53.1)--
One Queen Street
11
CBREN/AN/AN/AN/AN/A102.0(0.2)19.1(4.4)116.5
30 Waring Taylor StreetColliersN/AN/AN/AN/AN/A6.9-10.71.819.4
Market value (fair value) of development properties
190.6(0.3)21.420.7232.4
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
Transfers occur when a property is transferred to another category of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 On 12 May 2021 Precinct sold their 50% share in ANZ Centre for $177.0 million resulting in a loss on sale of $2.2 million.
6 This property was previously known as 188 Quay Street.
7 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
8 On 17 February 2021 Precinct acquired 204 Quay Street for $20.0 million.
9 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
10 Includes a gross up for the lease liability (June 2021: $2.9 million; June 2020: $2.9 million).
11 This property was previously known as HSBC House.
Accounting policies (continued)
Investment property held for sale
In accordance with IFRS 5, if the Group decides to dispose of an asset or group of assets, it should be classified as held for sale if:
- the asset or group of assets is available for immediate sale in its present condition subject only to terms that are usual and
customary for sales of such assets;
- it is highly likely to be sold within one year.
Consequently, this asset or group of assets is shown separately as "assets held for sale" on the balance sheet.
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is permanently
withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the derecognition of an investment
property are recognised in profit or loss in the year of derecognition.
Owner-occupied properties
Where a property becomes owner-occupied the property is transferred from investment or development properties to property,
plant and equipment. The cost for subsequent accounting for owner-occupied property is the property's fair value at the date of
change in use.

79
ANNUAL REPORT 2022
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2020
Capitalised incentivesAdditions / disposals /
transfers
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AMP CentreJLL25,3534.8%5.0%95%4.7205.01.30.627.1234.0
ANZ Centre (50%)
5
N/AN/AN/AN/AN/AN/A177.8-(177.8)--
HSBC Tower
6
JLL31,5784.3%4.5%98%5.8409.02.821.342.9476.0
Jarden HouseSavills13,7624.6%4.9%96%4.2124.00.85.99.3140.0
Mason Bros.
7
JLL4,6844.7%4.5%100%4.246.6(0.3)1.48.756.4
12 Madden Street
7
JLL8,1944.6%4.8%97%8.086.0(0.1)1.113.0100.0
10 Madden Street
7
Colliers8,2384.8%5.1%92%12.8-1.077.77.386.0
204 Quay Street
8
JLL5,4696.8%6.8%100%5.9--20.22.522.7
Commercial Bay RetailJLL16,8634.8%5.3%99%5.8425.00.412.1(32.5)405.0
PwC Tower (Commercial Bay)CBRE39,5504.0%4.1%98%10.5580.0(0.2)19.465.8665.0
Wellington
NTT TowerBayleys16,6555.3%5.5%100%3.1124.0(0.4)0.427.0151.0
Mayfair HouseBayleys12,5484.7%5.4%100%14.960.2(0.1)18.38.386.7
No.1 and 3 The TerraceColliers18,6124.3%5.1%100%8.9107.5(0.1)0.833.8142.0
No.3 The Terrace
9
ColliersN/AN/AN/AN/A37.214.0--0.214.2
Aon Centre
10
Colliers24,7705.8%5.6%100%4.0172.9(1.0)5.315.7192.9
Bowen CampusCBRE39,9714.5%5.0%100%14.4268.10.82.533.1304.5
Market value (fair value) of investment properties
4.6%4.8%98%7.72,800.14.99.2262.23,076.4
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A28.6(0.1)44.723.396.5
10 Madden Street
7
N/AN/AN/AN/AN/AN/A53.1-(53.1)--
One Queen Street
11
CBREN/AN/AN/AN/AN/A102.0(0.2)19.1(4.4)116.5
30 Waring Taylor StreetColliersN/AN/AN/AN/AN/A6.9-10.71.819.4
Market value (fair value) of development properties
190.6(0.3)21.420.7232.4
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
Transfers occur when a property is transferred to another category of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 On 12 May 2021 Precinct sold their 50% share in ANZ Centre for $177.0 million resulting in a loss on sale of $2.2 million.
6 This property was previously known as 188 Quay Street.
7 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
8 On 17 February 2021 Precinct acquired 204 Quay Street for $20.0 million.
9 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
10 Includes a gross up for the lease liability (June 2021: $2.9 million; June 2020: $2.9 million).
11 This property was previously known as HSBC House.
Accounting policies (continued)
Investment property held for sale
In accordance with IFRS 5, if the Group decides to dispose of an asset or group of assets, it should be classified as held for sale if:
- the asset or group of assets is available for immediate sale in its present condition subject only to terms that are usual and
customary for sales of such assets;
- it is highly likely to be sold within one year.
Consequently, this asset or group of assets is shown separately as "assets held for sale" on the balance sheet.
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is permanently
withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the derecognition of an investment
property are recognised in profit or loss in the year of derecognition.
Owner-occupied properties
Where a property becomes owner-occupied the property is transferred from investment or development properties to property,
plant and equipment. The cost for subsequent accounting for owner-occupied property is the property's fair value at the date of
change in use.

80
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Fair value measurement, valuation techniques and inputs
Precinct’s properties were valued as at 30 June 2022 by independent registered valuers Colliers International, Bayleys, JLL, CBRE and
Savills.
As at 30 June 2021, due to COVID-19, the valuers included a 'material valuation uncertainty' clause within the Commercial Bay Retail
valuation. This clause was removed from the 30 June 2022 valuation.
During the year there were no transfers of investment or development properties between levels of the fair value hierarchy. The
valuation techniques used in measuring the fair value of investment property, as well as the significant unobservable inputs used are as
follows:
Class of property
Valuation techniques usedInputs used to measure fair value
CBD office and retailIncome capitalisation approach, discounted
cash flow analysis and residual approach
- Office gross market rent per sqm
- Retail gross market rent per sqm
- Core capitalisation rate
- Discount rate
- Terminal capitalisation rate
- Rental growth rate per annum
- Profit and risk allowance
- Forecast development costs
Significant inputs used together with the impact on fair value of a change in inputs:
Range of significant unobservable inputs:Fair value measurement sensitivity:
Inputs used to measure fair value30 June 202230 June 2021to increase in inputto decrease in input
Office gross market rent per sqm
$472 - $1,101
$427 - $1,081IncreaseDecrease
Retail gross market rent per sqm
$300 - $5,300
$411 - $7,175IncreaseDecrease
Core capitalisation rate
4.3% - 7.0%
4.1% - 6.8%DecreaseIncrease
Discount rate
5.6% - 8.0%
5.5% - 7.4%DecreaseIncrease
Terminal capitalisation rate
4.6% - 7.3%
4.5% - 7.0%DecreaseIncrease
Rental growth rate per annum
2.4% - 2.9%
1.9% - 3.4%IncreaseDecrease
Profit and risk allowance
5% - 15%
10% - 13%DecreaseIncrease
Valuations reflect, where appropriate:
• The type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting
vacant accommodation, and the market’s general perception of their creditworthiness;
• The allocation of maintenance and insurance responsibilities between Precinct and the lessee; and
• The remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary
increases or decreases, it is assumed that all notices and where appropriate counter-notices have been served validly and within
the appropriate time.

81
ANNUAL REPORT 2022
Valuation methodologies
Income capitalisation approachDetermines fair value by capitalising the net income at a
capitalisation rate reflecting the nature, location and tenancy
profile of the asset. Subsequent near term capital adjustments
are then made which typically include letting-up allowances for
vacancy and pending expiries, capital expenditure allowances
and under/over renting reversions.
Discounted cash flow analysisA financial modelling methodology assessing the long-term return
that is likely to be derived from an asset. Explicit assumptions are
required for rental income growth, leasing up metrics on expiries
along with terminal value at the end of the cash flow period,
typically a 10 year horizon. A market-derived discount rate is then
applied to the assessed cash flows and discounted to a present
value to determine fair value.
Sales comparison approachFair value is determined by applying positive and negative
adjustments to recently transacted assets of a similar nature.
Residual approachA methodology normally used for property which is undergoing,
or is expected to undergo, redevelopment. Fair value is
determined by firstly calculating a gross realisation which
forecasts what a property is worth on completion and deducts all
costs associated with the development of the property. These
costs typically include letting and sale costs, a market required
profit and risk margin, construction costs and finance costs.
Unobservable inputs within the income capitalisation approach
Gross market rentThe estimated rental amount which a tenancy within a property
is expected to achieve under a new arm’s length transaction
including a share of the property operating expenses.
Core capitalisation rateThe income return produced by an investment expressed as a
percentage of the capital value. The capitalisation rate which is
applied to a property’s net market income is determined through
analysis of comparable sales transactions.
Unobservable inputs within the discounted cash flow analysis
Discount rateThe rate of return used to convert a property’s future cash flows
to present value. The discount rate is determined through analysis
of comparable sales.
Terminal capitalisation rateThe rate used to convert income into an indication of the
anticipated value of the property at the end of the cash flow
period.
Rental growth rateThe growth rate applied to the market rental over the cash flow
period.
Additional unobservable inputs within the residual approach
Profit and risk allowanceThe market level of return for a typical developer to receive on
their outlay in order to undertake the respective development
having regard to the relative risks (e.g. leasing progress, fixed
price contract, programme/staging) of the project at that point
in time.
Forecast development costsAll costs associated with the development of the property. These
costs typically include letting and sale costs, construction costs
and finance costs.

82
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
10. Intangible Assets
a) Reconciliation of carrying amount
Amounts in $ millionsCustomer
relationshipsBrandsGoodwillTotal
Cost
Balance at 1 July 20212.00.816.5
19.3
Acquisition through business combination---
-
Balance at 30 June 20222.00.816.5
19.3
Accumulated amortisation
Balance at 1 July 20210.7-9.7
10.4
Amortisation0.2--
0.2
Impairment loss--6.8
6.8
Balance at 30 June 20220.9-16.5
17.4
Carrying amounts at 30 June 2022
1.10.8-
1.9
b) Amortisation
The amortisation of customer relationships is included in other expenses.
c) Impairment testing
For the purposes of impairment testing, goodwill has been fully allocated to the Flexible Space operating segment (Generator).
Generator's operations involve the operation of co-working and shared space.
The recoverable amount of Generator was based on its value in use, determined by discounting the future cash flows to be generated
from the continuing operation of Generator. Due to impacts of COVID-19 on the operations of Generator the carrying amount of
Generator was determined to be higher than its recoverable amount of $22.0 million and an impairment loss of $6.8 million was
recognised (June 2021: recoverable amount $22.2 million; impairment loss $9.7 million). The impairment loss was fully allocated to
goodwill.
The key assumptions used in the estimation of value in use were as follows:
Amounts in $ millions30 June 202230 June 2021
Average annual discount rate (%)
11.5
11.3
Terminal value growth rate (%)
2.5
2.0
Membership revenue CAGR (%)
1
2.8
2.8
Terminal annual events revenue ($ million)
6.4
7.6
1 CAGR: compound annual growth rate
The discounted cash flow model included 10 years of cash flows.

83
ANNUAL REPORT 2022
Accounting policies
Recognition and measurement
Customer relationships and brands acquired in a business combination that qualify for separate recognition are recognised as
intangible assets at their fair value. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated
impairment losses.
Impairment testing
External, independent valuers, having appropriate recognised professional qualifications and experience, value the Generator
business at least every 12 months. This independent valuation is used to assess whether there has been any impairment to the value
of goodwill recognised in Precinct's accounts.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which
it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as it
is incurred.
Amortisation
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method
over their estimated useful lives, and is generally recognised in profit or loss.
The estimated useful lives for current and comparative periods are as follows:
Intangible assets
Useful life
Customer relationships7 years
BrandsIndefinite
GoodwillIndefinite
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
11. Gross Operating Revenue
Amounts in $ millions30 June 202230 June 2021
Gross property income from rentals
152.7
148.4
Gross property income from expense recoveries
34.5
31.7
Straight line rental adjustments
3.8
4.0
Amortisation of capitalised lease incentives
(9.8)
(8.6)
Generator operating revenue
15.8
14.7
Commercial Bay Hospitality operating revenue
3.3
9.6
Total gross operating revenue200.3
199.8

84
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Accounting policies
Recognition of revenue from investment properties
Rental income from investment property leased to clients under operating leases is recognised in the statement of consolidated
income on a straight-line basis over the term of the lease to the extent that future rental increases are known with certainty. Fixed
rental adjustments are accounted for to achieve straight line revenue recognition.
Rental abatements provided to clients as additional support during the COVID-19 pandemic have been recognised as a reduction
to revenue in the statement of consolidated income in the period in which the abatement was provided.
Precinct capitalises lease incentives provided to clients to the respective investment or development property in the statement of
financial position and amortises them on a straight-line basis over the term certain life of the lease.
The share of property operating expenses which are recoverable from clients is recognised as gross property income from expense
recoveries. This is associated with the provision of services relating to the operations of Precinct’s buildings (eg, cleaning, repairs and
maintenance, utilities). Precinct have assessed the performance obligations associated with these as being satisfied each month as
the services are undertaken within each building. Revenue from our clients for the recovery of operating expenses is billed monthly
and recognised in the financial statements in the same manner reflecting that recovery revenue from clients is received at the
same time that the performance obligation is satisfied.
Recognition of revenue from operating segments
Operating revenue from Generator is recognised when it transfers services to a member. It is measured based on the consideration
specified in a contract with the member.
Operating revenue from Commercial Bay Hospitality venues is recognised at the point of sale, measured at the fair value of the
consideration received.
12. Segment Information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker has been identified as the Board of Directors.
The Group has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segment
Operations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared space
HospitalityOperating of hospitality venues
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance
because management believes that this information is the most relevant in evaluating the results of the respective segments relative to
other entities that operate in the same industries.
There are varying levels of integration between the investment properties and co-working segments. This integration includes occupied
space, future leasing and events. Inter segment pricing is determined on an arm's length basis.
Amounts in $ millions30 June 202230 June 2021
Investment
properties
Flexible
spaceHospitalityTotal
Investment
properties
Flexible
spaceHospitalityTotal
Revenue
Gross operating revenue
181.215.83.3200.3
175.514.79.6
199.8
Intersegment revenue
2.8(2.3)(0.5)-
1.8-(1.8)
-
Less direct operating
expenses
(57.9)(8.2)(4.8)(70.9)
(52.9)(8.6)(10.6)
(72.1)
Operating income before
indirect expenses126.15.3(2.0)129.4
124.46.1(2.8)
127.7

85
ANNUAL REPORT 2022
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millions30 June 202230 June 2021
Segment operating income before indirect expenses129.4127.7
Interest expense
(23.9)(27.2)
Interest income
--
Other expenses
(10.2)(17.5)
Unrealised net gain / (loss) in value of investment and development properties
19.4282.9
Unrealised net gain / (loss) on financial instruments
33.119.7
Other revenue
--
Depreciation - property, plant and equipment
(2.2)(1.4)
Lease depreciation
(5.1)(5.0)
Lease interest expense
(4.2)(3.9)
Net realised gain / (loss) on sale of investment properties
(0.2)(2.4)
Impairment of goodwill
(6.8)(9.8)
Termination of management services agreement
-(217.1)
Net profit before taxation129.3146.0
13. Management Expenses
Amounts in $ millions30 June 202230 June 2021
Management expenses
Audit fees
1
0.3
0.3
Directors' fees and expenses
1.2
0.9
Manager's base fees
-
10.2
Management expenses
2
15.7
3.8
Less: those recognised in direct operating expenses
(5.6)
(1.2)
Less: capitalised to properties being developed
(4.1)
(0.5)
Amortisation of intangible assets
0.2
0.3
Other
3
2.5
3.7
Total other expenses10.2
17.5
1 Fees paid or payable to the Group's auditor comprise $272,800 for audit and review of financial statements (2021: $234,000) and $53,200 for other assurance services
(2021: $51,000). Other assurance services include operating expense statement audit (2022: $25,200; 2021: $22,000) and green bond assurance (2022: $28,000; 2021:
$19,000). In 2021 other assurance services also included $10,000 for agreed upon procedures in respect of review of performance fee calculation.
2 Management expenses includes employee remuneration, share-based payments expense, travel, training and occupancy costs.
3 Other includes valuation fees, NZX listing fees, share registry costs, annual and interim report publication and property investigations and feasibility costs.

86
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
14. Taxation
Amounts in $ millions30 June 202230 June 2021
Net profit before taxation129.3
146.0
At the statutory income tax rate of 28.0%36.2
40.9
Unrealised (gain) on value of investment and development properties
(5.4)
(79.2)
Unrealised (gain) / loss on financial instruments
(9.3)
(5.5)
Impairment of goodwill
1.9
2.8
Disposal of depreciable assets
(5.0)
(0.2)
Capitalised interest
(5.4)
(4.5)
Prior period adjustments
(1.0)
(3.8)
Other adjustments
(2.7)
(2.4)
Depreciation
(16.3)
(15.9)
Deductible capital expenditure
-
-
Current tax expense / (benefit)(7.0)
(67.8)
Depreciation recovered on sale of depreciable assets0.0
10.5
Fair value of financial instruments
12.4
6.6
Depreciation - current year
14.2
9.1
Deferred tax - other
(0.3)
(0.1)
Total deferred tax expense / (benefit)26.3
15.6
Total taxation expense19.3
(41.7)
Effective tax rate15%
-29%
Precinct holds its properties on capital account for income tax purposes.
The group has tax losses of $237.3 million available to carry forward as at 30 June 2022 (2021: $212.2 million)
Amounts in $ millions30 June 202230 June 2021
Deferred tax asset - tax losses
(66.4)
(59.4)
Deferred tax asset - fair value of financial instruments
(1.3)
(13.3)
Deferred tax asset - share based payments
(0.4)
(0.1)
Deferred tax liability - intangible assets on acquisition
0.5
0.6
Deferred tax liability - depreciation
79.0
64.8
Net deferred tax (asset) / liability11.4
(7.4)
Deferred tax assets
Precinct has recognised deferred tax assets relating to the fair value of financial instruments, share-based payments and accumulated
tax losses of the group.
Deferred tax liabilities
Precinct has recognised deferred tax liabilities relating to the depreciation claw-back which would arise on the sale of investment
properties at carrying value.
In estimating this deferred tax liability, Precinct has relied on independent valuers' assessments of the market value of the land and
improvements. For 30 June 2022, Precinct has then relied on insurance replacement cost reports to split the value of improvements
(being the building structure and the fixtures and fittings), identified in the independent valuer's assessments.
Imputation credit account
Imputation credits available for use as at 30 June 2022 are $nil (2021: $nil).

87
ANNUAL REPORT 2022
Accounting policy
Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that
it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at
the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the carrying amounts of
investment property will be recovered through sale.
15. Reconciliation of Net Profit after Tax to Adjusted Funds From Operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations and is
considered industry best practice for a REIT. This is determined by adjusting statutory net profit (under IFRS) for certain non-cash and
other items. AFFO has been determined based on guidelines established by the Property Council of Australia and is intended as a
supplementary measure of operating performance.
Amounts in $ millions30 June 202230 June 2021
Net profit after taxation
110.0
187.7
Unrealised net (gain) / loss in value of investment and development properties
(19.4)
(282.9)
Unrealised net (gain) / loss on financial instruments
(33.1)
(19.7)
Net realised loss / (gain) on sale of investment properties
0.2
2.4
Termination of management services agreement
-
217.1
Impairment of goodwill
6.8
9.8
Depreciation - property, plant and equipment
2.2
1.4
Depreciation recovered on sale
-
10.5
Deferred tax (benefit) / expense
26.3
15.7
IFRS 16 lease adjustments
1.7
1.9
Share-based payments scheme
1.2
-
Tax from management services termination payment
-
(60.8)
Swap closeout
-
3.0
One off item - project initialisation costs
0.7
0.7
Amortisations
14.7
13.8
Straightline rents
(3.8)
(4.0)
Funds from operations (FFO)107.5
96.6
Maintenance capex
(2.3)
(4.0)
Incentives and leasing costs
(3.7)
(7.3)
Adjusted funds from operations (AFFO)101.5
85.3
Weighted average number of shares for net operating income per share (millions)
1,559.2
1,316.5
Adjusted funds from operations per share (cents)6.51
6.48
This additional performance measure is provided to assist shareholders in assessing their returns for the year.
16. Earnings per Share
Amounts in $ millions
30 June 202230 June 2021
Net profit after tax for basic and diluted earnings per share ($millions)
110.0
187.7
Weighted average number of shares for basic and diluted earnings per share (millions)
1,559.2
1,316.5
Basic and diluted earnings per share (cents)7.06
14.26
There were 403,846 shares issued on 1 July 2022 in relation to share based payments scheme grants vesting on 30 June 2022 that would
affect the above calculations (June 2021: nil).

88
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
17. Other Current Liabilities
Amounts in $ millions30 June 202230 June 2021
Trade creditors
3.7
6.1
Accrued expenses
27.3
24.9
Total other current liabilities31.0
31.0
18. Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities
Amounts in $ millions30 June 202230 June 2021
Net profit after taxation110.0
187.7
Add / (less) non-cash items and non operating items
Unrealised net (gain) / loss in value of investment and development properties
(19.4)
(282.9)
Unrealised net (gain) / loss on financial instruments
(33.1)
(19.7)
Net realised (gain) / loss on sale of investment properties
0.2
2.4
Deferred tax (benefit) / expense
26.3
15.7
Amortisation of leasing costs and incentives
13.3
12.4
Deferred tax expense
(7.4)
(56.2)
Impairment of goodwill
6.8
9.9
Movement in working capital
Increase / (decrease) in creditors
(9.1)
(1.6)
Income tax payable
-
(0.8)
(Increase) / decrease in debtors
0.3
(2.9)
Net cash inflow / (outflow) from operating activities87.9
(136.0)
19. Interest Bearing Liabilities
Amounts in $ millions30 June 202230 June 2021
Interest bearing liabilities
Bank loans
561.0
317.0
US private placement
260.7
260.7
NZ senior secured bond
425.0
325.0
Convertible note
-
150.0
Total drawn debt1,246.7
1,052.7
US private placement - fair value adjustments
35.9
31.1
Convertible note - embedded financial derivative and amortisation adjustment
-
17.8
Capitalised borrowing costs
(6.8)
(5.5)
Net interest bearing liabilities1,275.8
1,096.1

89
ANNUAL REPORT 2022
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
30 June 202230 June 2021
Bank loansAmortised costFeb-25150.0Floating
2
150.0
-
Bank loansAmortised costJul-2237.0Floating
2
-
210.0
Bank loansAmortised costJul-23200.0Floating
2
82.0
-
Bank loansAmortised costMar-26250.0Floating
237.0
107.0
Bank loansAmortised costDec-26300.0Floating
92.0
-
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
NZ senior secured bond (PCT040)Amortised costMay-28175.05.25%
175.0
-
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
1,622.7
1,246.7
1,052.7
Weighted average term to maturity
4.0 years
3.5 years
Weighted average interest rate before swaps (including funding costs)
4.01%
2.43%
1 As at 30 June 2022.
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 $1,622.7 million (2021: $1,595.7 million) including the NZ retail bonds and US private placements.
All lenders (excluding convertible noteholders) have the benefit of security over certain assets of the Group. The Group has given a
negative pledge which provides that it will not permit any security interest in favour of a party other than the lenders to exist over more
than 15% of the value of its properties.
To substantially remove currency risk, US private placement proceeds have been fully swapped back to New Zealand dollars.
Accounting policy
Interest bearing liabilities
Bank loans and the NZ retail bond are recognised initially at fair value less any attributable transaction costs. Subsequent to initial
recognition, these liabilities are stated at amortised cost using the effective interest method.
The US private placements are recognised at fair value including translation to NZD with any gains or losses recognised in the profit
or loss as they arise. This fair value is determined using swap models and present value techniques with observable inputs such as
interest rate and cross-currency curves. The movement in fair value attributable to changes in Precinct's own credit risk is calculated
by determining the changes in credit spreads above observable market interest rates and is recognised in other comprehensive
income. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the
cost of that asset.

90
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
20. Leases
a) Lease liabilities
Precinct has entered into ground leases (as lessee) and property leases (Generator as lessee). Ground leases have remaining non-
cancellable lease terms of between one and 51 years. Generator property leases have remaining non-cancellable lease terms of
between one and 12 years.
Amounts in $ millions30 June 202230 June 2021
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Current
0.72.93.6
-3.23.2
Non-current
17.831.349.1
3.034.137.1
Total lease liabilities18.534.252.7
3.037.340.3
Set out below are the movements in the carrying values of the lease liabilities during the period.
Amounts in $ millions
Investment
propertiesFlexible spaceTotal
Balance at 1 July 20203.040.443.4
Additions---
Disposals---
Accretion of interest0.13.83.9
Payments(0.1)(6.9)(7.0)
Balance at 30 June 20213.037.340.3
Balance at 1 July 2021
3.037.340.3
Additions
16.20.716.9
Disposals
-(1.1)(1.1)
Accretion of interest
0.93.34.2
Payments
(1.6)(6.0)(7.6)
Balance at 30 June 2022
18.534.252.7
b) Right-of-use assets
Amounts in $ millions
30 June 202230 June 2021
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Total right-of-use assets17.9
1
28.946.8
2.933.236.1
1 Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of Financial Position.
Set out below are the movements in carrying amounts of right-of-use assets during the period.
Amounts in $ millions
Investment
propertiesFlexible spaceTotal
Balance at 1 July 20203.038.141.1
Additions---
Depreciation expense(0.1)(4.9)(5.0)
Disposals---
Balance at 30 June 20212.933.236.1
Balance at 1 July 2021
2.933.236.1
Additions
16.20.716.9
Depreciation expense
(1.2)(3.9)(5.1)
Disposals
-(1.1)(1.1)
Balance at 30 June 2022
17.9
1
28.946.8
1 Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of Financial Position.

91
ANNUAL REPORT 2022
Accounting policy
Leases
At contract inception Precinct assesses whether a contract is, or contains, a lease. Where a contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration it is considered a lease.
Precinct as a lessee
Precinct applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets where IFRS 16 recognition exemptions are applied. Precinct recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
Right-of-use assets
Precinct recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of the lease liabilities recognised, initial direct
costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right-of-use
assets are depreciated on a straight-line basis over the term certain life of the lease.
Lease liabilities
At the commencement date of the lease Precinct recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by Precinct and payments of penalties for terminating the lease if the lease term reflects Precinct exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments Precinct uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amounts of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g.,
changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in
the assessment of an option to purchase the underlying asset.
21. Derivative Financial Instruments
Amounts in $ millions30 June 202230 June 2021
Fair value of derivative financial instruments
Current assets
3.5
2.2
Non-current assets
1
48.2
32.3
Current liabilities
-
-
Non-current liabilities
(20.5)
(50.9)
Total31.2
(16.4)
Notional contract cover (fixed payer)
900.0
905.0
Notional contract cover (fixed receiver)
425.0
475.0
Notional contract cover (cross currency swaps - fixed receiver)
260.7
260.7
Percentage of net drawn borrowings fixed
64.2%
54.1%
Weighted average term to maturity (fixed payer)
3.5 years
4.0 years
Weighted average interest rate after swaps (including funding costs)
4.02%
3.38%
1 This includes the cross currency interest rate swap valuation of $25.1 million (June 2021: $25.1 million) and a net credit value adjustment of $0.9 million (June 2021:
$1.0 million debit).

92
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions30 June 202230 June 2021
Unrealised net gain / (loss) on financial instruments
Interest rate swaps
42.9
23.8
US private placement
1
1.4
(0.1)
Convertible note option
(11.2)
(4.0)
Subtotal unrealised net gain / (loss) on financial instruments33.1
19.7
Credit risk adjustments on financial liabilities designated at fair value through profit or loss
(1.7)
(10.8)
Total unrealised net gain / (loss) on financial instruments31.4
8.9
1 This is the net impact, excluding the credit risk adjustment, of the movement in value of the cross currency interest rate swap and the US private placement notes.
Accounting policy
Derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage its exposure to interest rate and
foreign exchange risks arising from operational, financing and investment activities.
Derivative financial instruments are recognised initially at fair value and subsequently re-measured and carried at fair value. They
are carried as assets when the fair value is positive and liabilities when the fair value is negative. The gain or loss on re-measurement
to fair value is recognised directly in profit or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap at the balance date, taking into
account current rates and creditworthiness of the swap counterparties. This is determined using swap models and present value
techniques with observable inputs such as interest rate and cross-currency curves. The fair value of derivatives fall into level 2 of the
fair value hierarchy.
22. Capital Commitments
Precinct has $298.0 million of capital commitments as at 30 June 2022 (2021: $260.1 million) relating to construction contracts.
23. Operating Lease Commitments
Precinct has entered into investment property leases (as lessor) which have remaining non-cancellable lease terms of between one
and 36 years.
Future minimum rentals receivable under non-cancellable operating leases are as follows:
Commitments as lessor (receivable)
Amounts in $ millions
30 June 202230 June 2021
Within one year
186.6
179.7
After one year but not more than five years
611.2
611.6
More than five years
530.8
629.2
Total1,328.6
1,420.5
The commitments above are calculated based on contract rates using the term certain expiry dates of lease contracts. Actual rental
amounts in future may differ due to rent review provisions within the lease agreements.
24. Contingencies
a. Contingent liabilities
There are no contingent liabilities as at 30 June 2022 (June 2021: $nil).
b. Contingent assets
There are no contingent assets as at 30 June 2022 (June 2021: $nil).
25. Share-Based Payments
a) Description of share-based payment arrangements
On 1 April 2021, Precinct introduced a long-term incentive scheme (‘scheme’) for key management personnel and senior executives.
Under this scheme, share rights were issued which entitles participants to receive ordinary shares in Precinct. The original tranche of
rights vest within the period of 15-39 months from 1 April 2021. All rights issued after the original tranche vest over a period of 36 months.
Vesting of share rights are subject to achieving service and/or performance conditions and is classified as equity-settled. These are at-
risk payments designed to align the reward for senior management personnel and senior executives with the enhancement of
shareholder value over a multi-year period.

93
ANNUAL REPORT 2022
The key terms and conditions related to the grants under this scheme are as follows:
Restricted share rights
(granted to senior
management personnel
and senior executives)
Vest over service periods of 36 months provided the participant remains employed by Precinct.
Performance share rights
(granted to senior
executives)
Vest over 36 months (assessment period) if the related performance hurdle is met and participant remains
employed by Precinct. These will vest as follows:
Absolute TSR rights (one-third of performance share rights)
If Precinct's TSR exceeds a specified annualised compounding rate.
Relative TSR rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's TSR relative to the TSR of
property group comprising other listed property issuers.
FFO growth rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's FFO growth per share
relative to CPI growth rate.
TSR - Total shareholder's return; FFO - Funds from operations
On vesting date, subject to meeting the service and performance conditions as above, each share right converts to one ordinary
share. Key management personnel and senior executives are liable for tax on the shares received at this point.
b) Reconciliation of outstanding share rights
30 June 202230 June 2021
NumberWAEPNumberWAEP
Outstanding at 1 July
2,836,145$0.95
--
Exercised during the year
1
(403,846)$1.37
--
Granted during the year
--
2,836,145$0.95
Outstanding at 30 June
2,432,299$0.88
2,836,145$0.95
1 Share rights vested 30 June 2022 with shares issued on 1 July 2022.

94
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
c) Fair value measurement of share rights
The fair value of the employee share rights awarded has been measured using a binomial model and Monte Carlo simulation. Service
and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value.
The inputs used in the measurement of fair values at grant date of the award share rights were as follows:
Grant date 1 April 2021
Restricted share
rights 1
Restricted share
rights 2
Restricted share
rights 3
Absolute TSR
rights
Relative TSR
rights
FFO growth
Fair value ($)1.6381.6381.6380.5100.6301.410
Share price ($)1.6301.6301.6301.6301.6301.630
Expected volatility (%)N/AN/AN/A19.7019.7019.70
Expected life1 yr 3 mths2 yrs 3 mths3 yrs 3 mths3 yrs 3 mths3 yrs 3 mths3 yrs 3 mths
Risk free rate (%)N/AN/AN/A0.570.570.57
There were no share rights granted during the year ended 30 June 2022.
Expected volatility has been based on an evaluation of the historical volatility of the Precinct’s share price, particularly over the
historical period commensurate with the expected term. The expected term of the share rights has been based on historical
experience and general option holder behaviour. The risk-free rate reflects the interpolated rate for the period of 3 years and 3 months
based on data sourced from the Reserve Bank of New Zealand.
The management expense relating to the LTI scheme for the year ended 30 June 2022 is $1.2 million (2021: $0.3 million) with a
corresponding increase in the share-based payments reserve. The unamortised fair value of the remaining share rights at 30 June 2022
is $1.1 million (2021: $2.4 million).
Accounting Policy
Recognition and measurement
The grant-date fair value of share-based payment arrangements granted to employees is generally recognised as an expense, with
a corresponding increase in equity, over the vesting periods of the awards. The amount recognised as an expense is adjusted to
reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such
that the amount ultimately recognised is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair
value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected
and actual outcomes.
Key estimates and assumptions
It has been assumed that the key management personnel and senior executives will remain employed with Precinct on each of the
vesting dates and that the non-market performance conditions will be met.
26. Related Party Transactions
Precinct internalised its management on 31 March 2021. From this date no further fees were payable to the manager. Instead the costs
of managing Precinct have been incurred directly. The information below relates to fees paid to the former manager prior to
internalisation.
Amounts in $ millions30 June 202230 June 2021
Fees chargedOwing at
30 June
Fees chargedOwing at
30 June
Base management services fee
--
9.9-
Leasing fees
--
1.3-
Development manager fees
--
5.8-
Acquisition and disposal fees
--
0.2-
Generator management fee
--
0.3-
Recoverable services fee
--
4.40.0
Total--
21.9-

95
ANNUAL REPORT 2022
27. Key Management Personnel
Amounts in $ millions30 June 202230 June 2021
Directors' fees
1
0.8
0.8
Executive team remuneration
2
4.7
0.7
3
Total5.5
1.5
1 Includes due diligence committee (DDC) fees that may be capitalised depending on the nature of the DDC.
2 Total remuneration comprising base salary, STI payments, market value of LTI shares vesting and employer contributions to superannuation.
3 Remuneration of the executive team post internalisation of management on 31 March 2021.
28. Capital Management
The Group's capital includes ordinary shares, retained earnings and interest bearing liabilities. When managing capital, management's
objective is to ensure Precinct continues as a going concern as well as to maintain optimal returns to shareholders and benefits for
other creditors. Management also aims to maintain a capital structure that ensures the lowest cost of capital is available to Precinct.
Precinct meets its objectives for managing capital through its investment decisions on the acquisition and disposal of assets,
developments, dividend policy, share buy backs and issuance of new shares.
Precinct’s banking covenants require total liabilities (excluding deferred tax, derivative financial instruments and sub-ordinated debt
liability) to not exceed 50% of total assets. Precinct has complied with this requirement during this year and the previous year.
Precinct’s policy in respect of capital management is reviewed regularly.
29. Financial Risk Management
In the normal course of business through the use of financial instruments, Precinct is exposed to interest rate risk, credit risk and liquidity
risk. The Board agrees and reviews policies for managing each of these risks.
Financial instruments held:
Amounts in $ millions30 June 202230 June 2021
At amortised
cost
Fair value
through profit or
lossTotal
At amortised
cost
Fair value
through profit
or lossTotal
Financial assets
Cash
11.5-11.5
8.3-8.3
Debtors
6.9-6.9
6.4-6.4
Derivative financial
instruments
-51.751.7
-36.736.7
Total18.451.770.1
14.736.751.4
Financial liabilities
Other current liabilities
31.0-31.0
31.0-31.0
Interest bearing liabilities
986.0296.61,282.6
792.0291.81,083.8
Derivative financial
instruments
-20.520.5
-50.950.9
Total1,017.0317.11,334.1
823.0342.71,165.7
a) Interest rate risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance, future cash flows or the fair value
of its financial instruments.
Precinct’s policy is to manage its interest rates using a mix of fixed and variable rate debt. Precinct’s policy is to keep at least 60%
(based on a one year horizon) of its interest bearing liabilities at fixed rates of interest. To manage this mix Precinct enters into interest
rate swaps, in which Precinct agrees to exchange, at specified intervals, the difference between fixed and variable rates for interest
calculated by reference to an agreed-upon notional principal amount. These swaps are designed to economically hedge underlying
debt obligations.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on interest bearing liabilities, after the
impact of hedging with all other variables held constant.

96
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions30 June 202230 June 2021
Effect on profit
or equity
Effect on profit
or equity
25 basis point increase
(1.1)
(1.2)
25 basis point decrease
1.1
1.2
b) Credit risk
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause the Group
to incur a financial loss. Financial instruments which subject Precinct to credit risk principally consist of cash, debtors and derivative
financial instruments in an asset position. Precinct’s exposure to credit risk is equal to the carrying value of the financial instruments.
Precinct conducts credit assessments to determine credit worthiness prior to entering into lease agreements. In addition, debtor
balances are monitored on an ongoing basis with the result that Precinct’s exposure to bad debts is not significant.
There is no significant concentration of credit risk as financial assets are spread amongst a number of counterparties.
c) Liquidity risk
Liquidity risk is the risk that Precinct will experience difficulty in either realising assets or otherwise raising sufficient funds to satisfy
commitments associated with financial liabilities.
Precinct monitors and evaluates liquidity requirements on an ongoing basis and generates sufficient cash flows from its operating
activities to meet its obligations arising from its financial liabilities and has bank facilities available to cover potential shortfalls. The
Group’s approach to managing liquidity risk is to ensure it will always have sufficient liquidity to meet its obligations when they fall due
under both normal and stress conditions. The Group manages liquidity by maintaining adequate committed credit facilities and
spreading maturities in accordance with internal policy.
The tables below analyse Precinct’s financial liabilities (principal and interest) and net cash flows of derivative financial instruments into
relevant contracted maturity periods.
Amounts in $ millionsCarrying amount0 - 1 yr1-2 yrs2-5 yrs>5 yrsTotal contractual
cash flows
30 June 2022
Interest bearing liabilities
1,282.630.7110.8881.1355.21,377.8
Net derivative financial
instruments
(31.2)11.914.333.613.473.2
Other current liabilities
31.031.0---31.0
Total1,282.473.6125.1914.7368.61,482.0
30 June 2021
Interest bearing liabilities1,083.8255.0234.8328.9374.21,192.9
Net derivative financial
instruments16.45.87.218.410.541.9
Other current liabilities31.031.0---31.0
Total1,131.2291.8242.0347.3384.71,265.8
Accounting policy
Derecognition of financial instruments
Financial assets are derecognised when the right to receive cash flows from the financial asset has expired or when the entity
transfers substantially all the risks and rewards of the financial asset. If the entity neither retains nor transfers substantially all of the risks
and rewards, it derecognises the asset if it has transferred control of the asset. Financial liabilities are derecognised when the
obligation has expired or been transferred.
30. Events After Balance Date
On 29 July 2022 Precinct purchased the Viaduct Car Park, Auckland for $23.6 million.
Post balance date, Precinct established an Employee Share Scheme (Scheme or ESS) for employees of Precinct Properties New
Zealand Limited (Precinct NZ).
On 17 August 2022 the Board approved the financial statements for issue and approved the payment of a dividend of 1.675 cents per
share to be paid on 23 September 2022.

97
ANNUAL REPORT 2022
Independent auditor's report to the Shareholders of Precinct Properties New Zealand Limited
Opinion
We have audited the financial statements of Precinct Properties New Zealand Limited (“the company”) and its subsidiaries (together
“the group”) on pages 70 to 96, which comprise the consolidated statement of financial position of the group as at 30 June 2022, and
the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the year then ended of the group, and the notes to the financial statements including a summary of significant
accounting policies.
In our opinion, the consolidated financial statements on pages 70 to 96 present fairly, in all material respects, the financial position of
the group as at 30 June 2022 and its consolidated financial performance and consolidated cash flows for the year then ended in
accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards.
This report is made solely to the company's shareholders, as a body. Our audit has been undertaken so that we might state to the
company's shareholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the
Auditor’s responsibilities for the audit of the financial statements
section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1
International

Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand)
issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Ernst & Young provides other assurance related services to the group. Ernst & Young and the group have entered an agreement in
respect of our future occupancy of a group property. Partners and employees of our firm may deal with the group on normal terms
within the ordinary course of trading activities of the business of the group. We have no other relationship with, or interest in, the group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the financial statements
section of the
audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
A member firm of Ernst & Young Global Limited

98
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Investment and Development Property Valuations
Why significantHow our audit addressed the key audit matter
The group’s investment and development properties have an
assessed fair value of $2,549 million and $544 million respectively,
and account for 81% of the group’s total assets.
The group engaged third-party registered valuers to determine
the fair value of each investment and development property at
30 June 2022.
The property valuations require the use of judgments specific to
the properties, as well as consideration of the prevailing market
conditions. Significant assumptions used in the valuations are
inherently subjective and a small difference in any one of the key
assumptions, when aggregated, could result in a significant
change to the property valuations. As a result, we consider the
valuation of investment and development properties and the
related disclosures in the financial statements to be significant to
our audit.
For investment properties key assumptions are made in respect of:
• market rent; and
• estimated capitalisation or discount rates.
For development properties additional key assumptions are made
in respect of:
• forecast development costs; and
• profit and risk allowance.
Disclosures relating to investment and development properties
and the associated significant judgments are included in Note 9
‘Investment and Development Properties’ to the consolidated
financial statements.
Our audit procedures included the following:
• Held discussions with management to understand:
– changes in the condition of each property; and
– the impact market conditions had on the group’s
investment and development properties.
• Evaluated the group’s internal review of the third-party
valuation reports.
• Involved our real estate valuation specialists to assist with our
assessment of whether significant valuation assumptions fell
within reasonable ranges and the valuation methodologies
adopted were appropriate.
• Assessed key inputs supplied to the third-party valuers by the
group, including comparing the tenancy schedule and
specific provisions in the lease agreements to the underlying
records held by the group.
• Assessed the significant assumptions applied by the third-party
valuers for reasonableness compared to previous period
assumptions, the changing state of the properties and other
market changes.
• Assessed the competence, qualifications and objectivity of
the third party-valuers.
• Agreed the carrying value of each proptery to the relevant
third-party valuation report.
• Considered the adequacy of the disclosures in relation to
investment and development property.
A member firm of Ernst & Young Global Limited

99
ANNUAL REPORT 2022
Information other than the financial statements and auditor's report
The Directors of the company are responsible for the Annual Report, which includes information other than the consolidated financial
statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Directors' responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the group or cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing
(New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at External Reporting Board’s
website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1. This description forms
part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Emma Winsloe.
Chartered Accountants
Auckland
17 August 2022
A member firm of Ernst & Young Global Limited

100
Directory.
Directory.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct Properties New Zealand LimitedDirectors of Precinct
Registered Office of Precinct
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
T: +64-9-927-1647
E: hello@precinct.co.nz
W: www.precinct.co.nz
Craig Stobo – Chair, Independent Director
Anne Urlwin – Independent Director
Graeme Wong – Independent Director
Nicola Greer – Independent Director
Mark Tume – Independent Director
Chris Judd – Independent Director
Mohammed Al Nuaimi – Director
Officers of PrecinctManager
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
Precinct Properties Holdings Limited
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
BankersAuditor
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
The Hong Kong and Shanghai Banking Corporation
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond TrusteeSecurity Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
Telephone:+64-9-488-8700
Email:enquiry@computershare.co.nz
Website:www.computershare.co.nz
Fax:+64-9-488-8787
Please contact our registrar:
• To change investment details such as name, postal address or method of payment.
• For queries on dividends and interest payments.
• To elect to receive electronic communication.

---

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION -Page 1
Precinct Properties
Annual Results
30 June 2022
Artist Impression –124 Halsey rooftop terrace

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 2
Agenda
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, Deputy CEO
Richard Hilder, CFO
Note: All $ are in NZD
Highlights / Key themesPage 03
Section 1 –Financial results & capital managementPage 07
Section 2 –Our marketsPage 15
Section 3 –OperationsPage 20
Section 4 –DevelopmentsPage 23
Section 5 –OutlookPage 30

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 3
Highlights
Financial performance
•Net operating income of $95.3m(FY21: $83.0m)
•Comprehensive income after tax of $108.8m(FY21: $179.9m)
•6.51 cps AFFO equating to a payout ratio of 103% (FY21: 100%)
•6.70 cps dividend(FY21: 6.50 cps)
Development pipeline
•30 Waring Taylor Street successfully completed. Bowen Campus Stage 2
on track to complete during FY23
•Wynyard Quarter Stage 3 commenced and further Auckland and
Wellington opportunities being advanced
•Potential to partner on development opportunities
Operational performance
•Portfolio occupancy of 99%with a WALT of 7.1 years
•Circa 34,600 sqm leasing completed in the period
Strategic initiatives
•Established investment partnership with Singapore sovereign wealth fund
GIC
•Partnership will initially acquire assets from Precinct’s existing portfolio and
expect to grow to around $1.0b

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 4
Our people and partners
•Investment partnership with GIC secured
•Further direct investment opportunities being explored
•Staff retention and remuneration a priority in tight labour
market
Operational excellence
•Location and quality driving significant demand for
Precinct’s portfolio
•Strong portfolio performance with 99% occupancy and 14%
uplift in new contracted rentals
•Commitment to sustainable debt programme
•Industry leadership through WGBC Net Zero Carbon
Buildings commitment
Developing the future
•Around $1b of developments underway
•30 Waring Taylor Street completed with elevated
occupancy
•Bowen Campus Stage 2 nearing completion in line with
programme and budget
•Exploring further internal and external opportunities

Key Themes

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 6
Key themes
Capital partners
•Establishing a base of partners to invest alongside Precinct
•Offers Precinct the opportunity to participate more widely in
the market
Interest rates
•Rising inflation leading to increased interest rates
•Rising interest rates expected to impact cap rates.
Valuation impact dependent on rental growth outlook
Occupier market
•Two-tier market continues to be the dominant theme with
the prime-secondary spread widening over the period
•Occupiers remain focused on progressing renewal and/or
relocation plans to secure high-quality long-term premises
Construction market
•Market conditions remain challenging with cost escalation
and supply chain constraints forecast to persist into 2023
•Notwithstanding, housing market headwinds likely to
provide some relief through freeing up subtrade capacity
City centres
•City centre economy have remained resilient despite
extended Covid disruptions over the past 24 month
•Expect to receive boost over the short term driven by
anticipated return of tourists and international students as
well as continued return to office by CBD workers

Section 1
Financial results
& capital
management

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 8
Financial performance
$108.8m
Total comprehensive income after tax
$10.1m
Reduction in expensesreflecting benefit
of internalisation
For the 12 months ended
($m)
30 June 202230 June 2021
D
Operating income before indirect expenses$129.4 m $127.7 m + $1.7 m
Indirect expenses ($10.2 m)($17.5 m)+ $7.3 m
Net interest expense ($23.9 m)($27.2 m)+ $3.3 m
Operating income before income tax$95.3 m $83.0 m + $12.3 m
Unrealised net gain / (loss) in value of
investment and development properties
$19.4 m $282.9 m ($263.5 m)
Unrealised net gain / (loss) on financial
instruments
$33.1 m $19.7 m + $13.4 m
Termination of management services
agreement
-($217.1 m)+ $217.1 m
Other non-operating expenses($18.5 m)($22.5 m)+ $4.0 m
Net profit before taxation$129.3 m $146.0 m ($16.7 m)
Current tax expense$7.0 m $67.8 m ($60.8 m)
Depreciation recovered on sale-($10.5 m)+ $10.5 m
Deferred tax (expense) / benefit($26.3 m)($15.6 m)($10.7 m)
Net profit after income tax attributable to
equity holders
$110.0 m $187.7 m ($77.7 m)
Other comprehensive income / (expense)($1.2 m)($7.8 m)+ $6.6 m
Total comprehensive income after tax
attributable to equity holders
$108.8 m $179.9 m ($71.1 m)
Net tangible assets per security$1.54$1.52+0.02
145.0
150.0
155.0
160.0
NTA per share
NTA movement

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 9
For the 12 months ended
($m)
30 June 202230 June 2021
D
Auckland $81.4 m$73.4 m$8.0 m
Wellington$42.0 m$42.1 m($0.1 m)
Investment portfolio$123.4 m$115.4 m$8.0 m
Transactions and Developments$10.9 m$10.1 m$0.8 m
Subtotal$134.3 m$125.5 m$8.8 m
Covid-19 Impact($8.2 m)($1.1 m)($7.1 m)
Total net property income$126.1 m$124.4 m$1.7 m
Generator
1
$5.3 m$6.1 m($0.8 m)
CBHL($2.0 m)($2.8 m)$0.8 m
Operating income before indirect
expenses
$129.4 m$127.7 m$1.7 m
Operating income
•Adjusting for the impacts of
lockdowns, NPI was up 7.0%
•Strong outcome given the
impacts from Covid on the
portfolio
•Rental support provided to
retailers totalling $4.4m
•Contractual rental
abatements totalling $3.9m
•Hospitality and events
businesses significantly
impacted by lock downs,
restrictive alert levels and
Omicron wave
•These disruptions reduced
operating income by
~$2.5m
1 –Generator operating income of $5.3m excludes rent expense of $6.0m due to IFRS 16
resulting in an EBITDA loss of ($0.7m) (2021: $0.8m).
Operating income reconciliation
$120.0 m
$125.0 m
$130.0 m
$135.0 m
$140.0 m
Jun-21Invest.
Portfolio
Trans. & Dev.Covid supportOperating
bus.
Jun-22

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 10
AFFO
6.51 cps
•AFFO per share was in line with the
prior period and reflected a 103%
AFFO pay-out ratio
•Normalising for contractual
abatements and Covid support,
AFFO was strong at 6.89 cps
•Lower level of leasing incentives
and maintenance work reflecting
quality of the portfolio
FFO and AFFO
1 -Generator rent expense and the ground lease at 204 Quay Street is excluded from operating profit due
to IFRS 16
2 –CBHL relates to the closure of Saxon & Parole and Liquorette. Project initialisation (FY21) associated with
unsuccessful acquisition of 4-10 Mayoral drive
For the 12 months ended
($m)
30 June 202230 June 2021
Operating income before indirect expenses (as per FS)$129.4 m $127.7 m
Indirect expenses ($3.4 m)($5.2 m)
Employment and administration expenses($6.8 m)($12.3 m)
Net interest expense ($23.9 m)($27.2 m)
Operating profit before tax (as per FS)$95.3 m $83.0 m
Current tax expense$7.0 m $67.8 m
Operating profit after tax$102.3 m $150.8 m
Adjusted for:
Tax impact from MSA termination($60.8 m)
Amortisations of incentives and leasing costs$14.7 m $13.8 m
Straight-line rents($3.8 m)($4.0 m)
IFRS 16 rent expense (Generator & PCT) (IFRS 16)¹($7.6 m)($7.0 m)
Share-based payments scheme$1.2 m
One off costs: FY22 CBHL / FY21 Project Initialisation and
swap close out
$0.7 m $3.7 m
Funds from Operations (FFO)$107.5 m $96.6 m
FFO per weighted security6.89 cps7.34 cps
Dividend payout ratio to FFO97%89%
Adjusted Funds From Operations
Maintenance capex($2.3 m)($4.0 m)
Investment portfolio -Incentives and leasing fees($3.7 m)($7.3 m)
Adjusted Funds From Operations (AFFO)$101.5 m $85.3 m
AFFO per weighted security6.51 cps6.48 cps
Covid abatements and support$8.3 m $1.1 m
AFFO per weighted security (normalised for Covid)6.89 cps6.54 cps
Dividend paid in financial year6.70 cps6.50 cps
Dividend payout ratio to AFFO103%100%

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 11
Tax overview
•Tax loss in the period resulted in a
tax benefit of $7.0 million
Outcome due to:
•Disposal of depreciable assets at
One Queen Street
•Expenditure relating to testing,
removal and encapsulation of
contaminants as part of the
demolition of building structure
•Mayfair House
•One Queen Street
•30 Waring Taylor Street
•Due to no tax being paid in the
period there are no imputation
credits available for distribution
For the 12 months ended
$m
30 June 202230 June 2021
Net profit before taxation
$129.3 m
$146.0 m
At the statutory income tax rate of 28.0%
$36.2 m
$40.9 m
Unrealised (gain) on value of investment and
development properties
($5.4 m)
($79.2 m)
Unrealised (gain) / loss on financial
instruments
($9.3 m)
($5.5 m)
Impairment of goodwill
$1.9 m
$2.8 m
Disposal of depreciable assets
($5.0 m)
($0.2 m)
Capitalised interest
($5.4 m)
($4.5 m)
Prior period adjustments
($1.0 m)
($3.8 m)
Other adjustments
($2.7 m)
($2.4 m)
Depreciation
($16.3 m)
($15.9 m)
Current tax expense / (benefit)
($7.0 m)
($67.8 m)
FY23 tax expense expected to remain low due
to deductible capex and disposal of
depreciable assets at 1 Willis Street

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 12
Bank debt
58%
USPP
16%
NZ Bonds
26%
Capital management
Balance sheet repositioned
Debt facility expiry profile
Key metrics30 June 202230 Jun 2021
Debt drawn ($m)1,2471,053
Gearing -banking covenant (%)34.328.2
Weighted average term to expiry (years)4.03.5
Weighted average debt cost (incl. fees) (%)4.03.4
% of debt hedged (%)64.254
Interest coverage ratio (previous 12 months) 2.5 x2.4 x
Total debt facilities ($m)1,6231,596
•Secured a new $300m bank debt facility and
issued a $175m green bond
•The investment partnership will reduce
borrowings and gearing, providing significant
funding capacity
•Future partnership opportunities should see
funding requirements move off balance
sheet
•FY23 hedging forecast to be around 65%,
excluding the sale of Defence House
•Weighted average interest cost has
increased to 4.0%
Debt capital
markets
42%
Funding diversity
$100 m
$200 m
$300 m
$400 m
$500 m
$600 m
Jun 23Jun 24Jun 25Jun 26Jun 27>Jun 27
Debt Facility Expiry Profile
Year ending
Bank debtUSPPNZ Bonds
0%
50%
100%
FY 23FY 24FY 25
Average hedging
Policy RangeAverage Hedging
Hedging profile

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 13
Green Assets Green Development Assets Non-Green Assets
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-
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
Commitment to the World Green Building
Council Net Zero Carbon Buildings Commitment
•Maintained our GRESB score, Precinct’s key
ESG measure, above the global average
•$1.7b of green assets (excl. assets held for sale)
•Dedicated Board ESG Committee
•Development offsettingof embodiedcarbon
•Improved targets following sustainability
success
•>60% of portfolio 5-star Green Star or greater
•100% of portfolio 4-star NABERSNZ or greater
Green office assets* as at June 2022
*Green assets defined as per sustainable debt framework
(minimum 5 star Greenstar or 4 star NABERSNZ)
Excludes assets held for sale

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 14
FY23 guidance
FY23 dividend to be no less than 6.70 cps with higher forecast interest rates impacting on
guidance.
AFFO and dividend expected to grow over the long term due to:
•Strong demand for well-located assets generating good growth in contracted rents
•An improving operating environment for Generator, hospitality and retail turnover
•Anticipated growth in the third party capital platform and ability to participate in more
active opportunities driving higher returns from our capital
•Investment Partnership remains focused on increasing scale to ~$1bn
•Development pipeline driving growth with an average yield on cost of 6.0%
6.70 cps
FY23 minimum dividend
4.00 cps
4.50 cps
5.00 cps
5.50 cps
6.00 cps
6.50 cps
7.00 cps
20162017201820192020202120222023
AFFO (cps)Dividend (cps)Dividend Guidance
Historical AFFO and Dividend

Section 2
Our markets

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 16
Our city centre markets
Prime retail
•City centre retail is showing signs of recovery despite vacancy
increasing to 8.6% as at Jun-22 (Jun-21: 7.1%)
•The retail sector is anticipated to gain momentum over the coming
months following borders reopening and as city centre workers
continue to return to the office
Prime office (Wellington)
•Strong demand for high quality, seismically resilient assets continues
to underpin CBD prime vacancies which remain largely
unchanged at 1.3% as at Jun-22 (Jun-21: 0.9%) despite 14,800m
2
of
new stock added during the period
•Continued upward pressure on prime rentals driven by demand
and increasing input costs
Prime office (Auckland)
•Prime-secondary spread continues to widen with prime vacancies
falling to 6.6% as at Jun-22 (Jun-21: 7.3%) while secondary
vacancies rose from 13.9% to 16.6% over the same period
•Occupiers remain focused on progressing renewal and/or
relocation plans to secure high-quality long-term premises despite
economic uncertainties
Simon Devitt

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 17
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
$0
$100
$200
$300
$400
$500
$600
$700
$800
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Rent range (LHS)Change (6mma, RHS)
Avg. face rent (LHS)Avg. effective rent (LHS)
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
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-25
PrimeLT Average
Forecast
Auckland city centre office
Flight to quality contributing to further widening in
prime-secondary spread
•Vacancies continue to be unevenly spread
through building grades/location with prime
vacancy on the CBD waterfront estimated at
2.0%* as at Jun-22 (Jun-21: 3.8%)
•Demand for quality resulting in +3.3% increase
in prime market rentals in the 12 months to
Jun-22, driven by upper end of the market,
compared to a -2.9% decline in market rentals
for secondary grade assets
Auckland prime vacancy
Prime net market rental range and growth
Source: JLL Research
Source: JLL Research
* Analysis based on vacancy data for the
Commercial Bay and Britomart precincts
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22
CBD WaterfrontCBD OtherWynyard
Prime vacancy rates by submarkets

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 18
0%
1%
2%
3%
4%
5%
6%
7%
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-25
PrimeLT Average
Forecast
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
$0
$100
$200
$300
$400
$500
$600
$700
$800
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Rent range (LHS)Change (6mma, RHS)
Avg. face rent (LHS)Avg. effective rent (LHS)
Wellington city centre office
Continued outperformance driven by demand
and supply imbalances
•Availability of high-quality prime grade remain
scarce and below long-term average. The
Government precinct remains fully occupied
•Strong demand driving +2.9% uplift in prime
market rentals in the 12 months to Jun-22 (Jun-
21: 3.9%) with increases observed evenly
throughout the market
Auckland prime vacancy
Prime gross market rental range and growth
Source: JLL Research
Source: JLL Research
0%
1%
1%
2%
2%
3%
3%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22
CBD CoreFringe / Te AroThorndon
Source: Colliers
Prime vacancy rates by submarkets

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 19
Revaluations
•Revaluation gain of $19.4mor 0.5%
•Driven primarily by development profit recognition
•Auckland benefitted from increased market rentals which offset headwinds from
softening capitalisation rates
•NAV per share of $1.54 (Jun-21: $1.52)
•Portfolio cap rates softened by 10bps to 4.9%
Portfolio valuation
30 June 2021 30 June 2022 Capitalisation Rate
ValuationAdditionsBook ValueValuation
D
$m
D
% 30 Jun 2021 30 Jun 2022
D
Investment Properties
Wellington$500.1 m$16.2 m$516.3 m$509.2 m($7.1 m)(1.4%)5.4%5.6%+ 14 bps
Auckland$1,999.1 m$28.3 m$2,027.4 m$2,039.8 m$12.4 m+ 0.6%4.6%4.7%+ 9 bps
Subtotal$2,499.2 m$44.6 m$2,543.8 m$2,549.0 m$5.3 m+ 0.2%4.8%4.9%
+ 10 bps
Development Properties
Bowen Campus Stage Two$96.5 m$66.8 m$163.3 m$174.3 m$11.0 m+ 6.7%N/AN/A-
One Queen Street$116.5 m$52.6 m$169.1 m$176.0 m$6.9 m+ 4.1%N/AN/A-
30 Waring Taylor Street$19.4 m($19.4 m)----N/AN/A-
Freyberg Building-$54.0 m$54.0 m$49.5 m($4.5 m)(8.3%)N/AN/A-
Bowen House-$116.6 m$116.6 m$122.2 m$5.6 m+ 4.8%N/AN/A-
Wynyard Quarter Stage 3-$23.6 m$23.6 m$22.0 m($1.6 m)(6.8%)N/AN/A-
Subtotal$232.4 m$294.2 m$526.6 m$544.0 m$17.4 m+ 3.3%N/AN/A
N/A
Total excl. held for sale$2,731.6 m$338.8 m$3,070.4 m$3,093.0 m$22.6 m+ 0.7%4.8%4.9%
+ 10 bps
Assets held for sale
12 Madden Street$100.0 m$0.7 m$100.7 m$100.0 m($0.7 m)
10 Madden Street$86.0 m$2.3 m$88.3 m$86.0 m($2.3 m)
Mayfair House$86.7 m$0.2 m$86.9 m$86.7 m($0.2 m)
Bowen Campus$304.5 m$0.1 m$304.6 m$304.5 m($0.1 m)
Total properties$3,308.8 m$342.1 m$3,650.9 m$3,670.2 m$19.4 m+ 0.5%

Section 3
Operations

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 21
Portfolio activity
•Portfolio continues to perform well reflecting a
long weighted average lease term of 7.1 years
and occupancy of 99%
Key leasing update
•Strong activity continues with circa 34,600m
2
leasing completed and solid leasing spread
achieved in the period
•10,645m
2
of new leases secured with new
contract rents achieved 13.5%above
previous contract on average
•10,915m
2
of extensions and renewals
completed with new contract rents 5.1%
above passing
•13,000m
2
of development leasing
•Evident that premium quality, well-located
assets continue to attract strong interest from
the occupier market
+13.5%
Growth in contract rentals
on new leases
+17.1%
Auckland
+8.0%
Wellington
c. 34,600m²
Total leasing (including
developments)
*Investment portfolio statistics include assets held for sale
+5.0% p.a.
CAGR growth on new
contract rents

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 22
Earnings quality
Precinct’s well-located assets, high
occupancy, quality client base, and long
WALT gives confidence that our strategy will
continue to deliver
•Just 5.1%of portfolio by income is subject
to expiry over the next 12 months
•Precinct portfolio’s exposure to structured
rent reviews provides secure cashflow
•98%of portfolio subject to review
event in 2022 of which 12%are
market rent reviews
Office lease expiry profile
5%
11%
5%
71%
8%
Gross revenue by asset class
Carpark
Retail
Food and Beverage
Office
Generator
30%
16%
26%
10%
19%
Government (Local and
Central)
Legal
Financial Services, Banking,
and Insurance
Information Technology
Other
Office Revenue by Industry
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
% of Income
AucklandWellington
The investment portfolio statistics include assets held for sale

Section 4
Developments
Artist Impression –1 Queen Street rooftop terrace

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 24
Key highlights
c. 6.0%
Forecast blended
yield on cost (fully let)
c. 20%
Forecast blended
return on cost
$1.0b
Total value on
completion
$854m
Total project cost
54%
Weighted to
Auckland
c.64,000m
2
Total NLA on
completion
c. 16years
Secured WALT
1
c. 77%
Pre-committed
Note 1 –Based on committed leasing and includes contribution from 20-year hotel
management agreement at 1 Queen Street
Site progress –Deloitte Centre

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 25
•30 Waring Taylor successfully
completed and opened in
FY22 with occupancy to date
ahead of expectation
•Committed developments
currently total ~64,000m
2
across six sites with a total
project cost of $854m and a
blended yield on cost of 6.0%
•Current developments benefit
from significant levels of pre-
leasing secured to date.
Leasing discussions advancing
well for 124 Halsey
•Anticipate to complete four
sites in Wellington over the
next twelve months
•Uncommitted opportunities
total $257m of which $114m
(117 Pakenham) is expected
to be committed during the
next period
Development update
DevelopmentTPCNLA% pre-let
Secured
WALT
Completion
40 Bowen$90 m9,800 m²95%10 yearsQ2-FY23
44 Bowen$106 m11,500 m²100%13 yearsQ4-FY23
Willis Lane (Retail)$34 m2,800 m
2
71%10 yearsQ4-FY23
Bowen House$155 m14,300 m²100%15 yearsQ4-FY23
Deloitte Centre$312 m
14,200 m²
(plus hotel)
86%19 years*Q2-FY24
124 Halsey$157 m11,400 m²--Q2-FY25
Total$854 m64,000 m² 77%16 years*
Note 1 –Based on committed leasing and includes contribution from 20-year hotel management agreement at 1 Queen Street
Artist Impression –Deloitte CentreArtist Impression –117 Pakenham

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 26
Bowen Campus Stage 2
•96% pre-committed overall with only one part floor tenancy
remaining available for lease
•Construction progressing well on both sites
•40 Bowen–atrium glazing and fitouts nearing
completion. Building due to open 6 October 2022
•44 Bowen–superstructure advancing with façade
install and first-fix services underway to Level 5.
Practical Completion on track for June 2023
c. 32%
Forecast return on cost
c. 6.6%
Forecast yield on cost

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 27
Deloitte Centre (1 Queen Street)
•Façade installation to hotel floors nearing completion. Works
remain on track to complete in 2023 despite extended Covid
disruptions during the period
•Commercial –14,200m
2
premium grade office (incl. two
levels of private office suites) and 800m
2
of F&B and
retail amenities
•Hotel–139-room InterContinental hotel to complete in
Q3-2023 in advance of the peak summer trading period
c. 22%
Forecast return on cost
(stabilised)
c. 6.2%
Forecast yield on cost
(stabilised)
Artist Impression

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 28
Wynyard Quarter Stage 3
•Committed to 124 Halsey and the Flowers Building in Dec-21
(combined 11,400m
2
)
•Ground works progressing well with excavation nearing
completion. Completion remains targeted for late 2024
•Leasing discussions advancing well. With significant leasing
interest in premium grade, new waterfront assets
c. 15%
Forecast return on cost
c. 5.7%
Forecast yield on cost
Artist Impression

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 29
Other developments
Bowen House
(committed)
•Refurbishment and
seismic upgrade works
advancing
•ATL in place to
Parliamentary Service
with a new 15-year term
on completion of works
Freyberg Building
(uncommitted)
•Preliminary Design
completed for ~15,000m
2
NLA scheme adjacent to
the new National
Archives on Aitken Street
•Pre-leasing to commence
in the next period
Willis Lane
(committed)
•Entertainment anchor
(71% of NLA) secured
during the period with a
further 7% of NLA subject
to key terms agreed
•Due to complete mid-2023
Artist ImpressionArtist Impression

Section 5
Outlook

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 31
Outlook
•Economy slowing due to higher interest rates and a constrained
labour market
•Rising interest rates placing pressure on valuations
•Extent of impact will depend on:
•quality and location of portfolio
•whether rental growth can be achieved to offset impact
•Precinct well placed through this phase due to:
•ability to create value through development active management
•investing alongside capital partners

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 32
Appendices

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 33
App 1: Operating income
For the 12 months ended
$m
30 June 202230 June 2021
D
AON Centre -AKL$11.1 m$11.5 m($0.4 m)
HSBC Tower$18.2 m$17.8 m+ $0.4 m
PWC Tower$24.8 m $18.3 m+ $6.5 m
Commercial Bay Retail$14.4 m$13.2 m+ $1.2 m
Jarden House$6.0 m$5.6 m+ $0.4 m
Mason Brothers$2.4 m$2.4 m+ $0.0 m
12 Madden Street$4.5 m$4.5 m+ $0.0 m
Auckland total$81.4 m$73.4 m+ $8.0 m
NTT Tower$7.9 m$7.2 m+ $0.7 m
AON Centre -WGN$11.2 m$10.5 m+ $0.7 m
Bowen Campus$12.8 m$13.8 m($1.0 m)
No 1 The Terrace$6.3 m$6.4 m($0.1 m)
Mayfair House$3.8 m$4.1 m($0.3 m)
Wellington total$42.0 m$42.1 m($0.1 m)
Investment portfolio$123.4 m $115.4 m+ $8.0 m
Transactions and Developments
204 Quay Street$2.7 m$0.5 m+ $2.2 m
10 Madden Street$4.7 m$2.1 m+ $2.6 m
Transactions, Developments & Other
1
$3.6 m$7.5 m($3.9 m)
Subtotal$134.3 m $125.5 m+ $8.8 m
Covid-19 Impact($8.2 m)($1.1 m)($7.1 m)
Total net property income$126.1 m$124.4 m+ $1.7 m
Generator$5.3 m$6.1 m($0.8 m)
CBHL($2.0 m)($2.8 m)+ $0.8 m
Operating income before indirect expenses$129.4 m$127.7 m+ $1.7 m
Note 1 –Transactions, Developments & Other comprises 1 Queen Street, Bowen Campus Stage 2, 30 Waring Taylor Street, Bowen House, Freyberg Building
and 50% interest in ANZ Centre (sold in prior period)

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 34
App 2: Balance sheet
Financial Position as at 30 June 202230 June 2021
($m) AuditedAudited
D
Assets
Development properties$544.0 m$232.4 m+ $311.6 m
Investment properties$2,549.0 m$3,076.4 m($527.4 m)
Investment properties held for sale$577.2 m-+ $577.2 m
Deferred tax asset-$7.4 m($7.4 m)
Right-of-use assets$28.9 m$33.2 m($4.3 m)
Total Assets$3,839.1 m$3,456.4 m+ $382.7 m
Liabilities
Interest bearing liabilities$1,275.8 m$1,096.1 m+ $179.7 m
Deferred tax liability$11.4 m-+ $11.4 m
Lease liabilities$52.7 m$40.3 m + $12.4 m
Fair value of derivative financial instruments$20.5 m$50.9 m($30.4 m)
Other$43.3 m$48.5 m($5.2 m)
Total Liabilities$1,403.7 m$1,235.8 m+ $167.9 m
Equity$2,435.4 m$2,220.6 m+ $214.8 m
NIBD to Total Assets32.5%30.5%+ 2.0%
Liabilities to Total Assets -Loan Covenants34.3%28.2%+ 6.1%
Shares on Issue (m)1,585.4 m 1,458.5 m + 126.9 m
Net tangible assets per security $1.54 $1.52 + 0.02
Net asset value per security $1.54 $1.52 + 0.02

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 35
App 3: Investment portfolio overview
Investment
portfolio
Auckland Wellington
WALT
7.1 years
6.4 years8.4 years
Occupancy
99%
98%100%
Investment Portfolio Value ($m)
$3,130m
$2,211m$919m
Weighted Average Market Cap Rate
4.9%
4.7%5.4%
NLA (m²)
268,102 m²
153,687 m²114,415 m²
7.1 years
Weighted average lease term
99%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics
The investment portfolio statistics include assets held for sale
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

PRECINCT PROPERTIES FY22 ANNUAL RESULTS -PAGE 36
Disclaimer
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Limitedoroneofitssubsidiaries(Precinct).
Precinctmakesnorepresentationorwarrantyastotheaccuracyorcompletenessoftheinformation
inthispresentation.
Opinionsincludingestimatesandprojectionsinthispresentationconstitutethecurrentjudgmentof
Precinctasatthedateofthispresentationandaresubjecttochangewithoutnotice.Suchopinions
arenotguaranteesorpredictionsoffutureperformance,andinvolveknownandunknownrisks,
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actualresultstodiffermateriallyfromthoseexpressedinthispresentation.
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Precinct FY22 Annual Results and Webcast Details Defence House Removed from Investment Partnership

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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