Precinct Properties New Zealand Limited/Announcement

Strategic execution and leasing drive 1H23 result

Half Year Results22 February 2023PCTReal Estate

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Precinct Properties New Zealand Limited (NS)
Results for announcement to the market
Reporting Period6 months to December 2022
Previous Reporting Period12 months to June 2022
Amount (000s)Percentage change
Revenue from ordinary
activities
110,200 NZD+13.7%
Profit (loss) from ordinary
activities after tax attributable to
security holders
600 NZD-98.5%
Net profit (loss) attributable to
security holders
600 NZD-98.5%
Interim/Final DividendAmount per securityImputed amount per security
Interim0.01675 NZD0 NZD
Record date10 March 2023
Dividend payment date24 March 2023
31 Dec 202131 Dec 2022
Net tangible assets per security
1.520 NZD1.500 NZD
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Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NZX announcement – 23 February 2023
Strategic execution and leasing drive 1H23 result
Performance summary for the six months ended 31 December 2022
Financial summary
• Strong first half leasing and market rental growth drive Net Property Income (NPI) of
$66.6 million, up 9. 0% on previous comparable period (1H22: $61.1 million), contributing
to net operating income before tax of $51.3 million, up 12.7% (1H22 : $45.5 million).
• Total comprehensive income after tax of $0.6 million (1H22: $40. 7 million) due to half
year valuation decline of $53.6 million.
• Adjusted funds from operations (AFFO) of 3.42 cps (1H22: 3.22cps) representing a 6.2%
increase.
• Consistent with earlier guidance, FY23 dividend of no less than 6.70 cps reaffirmed.
Focus on strategy execution
Securing development opportunities
• Unconditional agreement secured to acquire 61 Molesworth Street in Wellington,
together with a new 24,000 square metre fully pre-leased office development to be
undertaken on the site.
• Commitment to 117 Pakenham Street, the final building at the Wynyard Quarter
Innovation Precinct, following major pre-leasing secured.
• Selected as preferred development partner for Downtown Car park site in Auckland
with exclusive negotiations continuing.
Growth with well-aligned capital partners
• Advanced Precinct’s partnership with Singapore sovereign wealth fund GIC with
Wynyard Quarter Stage 3 development project to be acquired and completed by
Precinct Pacific Investment Limited Partnership (PPILP).
• Agreed a new investment partnership with global private investment firm, PAG. The
partnership will acquire 40 and 44 Bowen Street in Wellington on completion.
Entry into the multi-unit residential development market
• Established multi-unit residential development business with Auckland based private
equity real estate developer Lamont & Co. with a focus on the delivery of high-quality
multi-unit residential developments.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Solid operational performance
• Portfolio occupancy maintained at 98% with 6. 2 year weighted average lease term
(WALT).
• Strong first half leasing with over 43,100 square metres secured in the period.
• Strong market rental growth reflected in new leasing spreads and market reviews,
delivering an average uplift of 7.0% on June-22 valuation rents
• Generator operating business delivers record performance with gross operating
revenue of $11.1 million reflecting strong office demand (1H22: $7.0 million).
Environmental, Social and Governance (ESG) update
• Precinct achieved a Global Real Estate Sustainability Benchmark (GRESB) score of 82,
above the current global average of 74 and maintained a public disclosure level of
‘A’.

• Precinct became a signatory to the World Green Building Council Net Zero Carbon
Buildings Commitment.
Board change
• Craig Stobo, Chair and Independent Director of the Precinct Board stepping down at
the conclusion of his current term in November 2023. Precinct Independent Director,
Anne Urlwin has been appointed as Chair to replace Craig Stobo.

Note: Further information can be found within the 2023 Interim Financial Statements and results presentation. You can find
these at http://www.precinct.co.nz/interim-reporting/2023-interim-results

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for the
six months ended 31 December 2022 today. Strong leasing momentum and market rental growth
has underpinned an increase in net property income (NPI) of 9.0% for the 6 months to 31
December 2022 or $66.6 million (December 2021: $61.1 million). This has contributed to net
operating income before tax of $51.3 million, up 12.7% on the previous comparable period (1H22:
$45.5 million).
Total comprehensive income after tax of $0.6 million compares to $40.7 million for the same
period last year, with the difference mainly attributable to the fair value movement across the
value of Precinct’s p roperties of $53.6 million recorded in the current period.
An internal review of the 30 June 2022 property valuations undertaken at 31 December 2022
indicated no material value movement in the period for all assets apart from Commercial Bay

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Retail in Auckland and Defence House in Wellington. Accordingly, an independent valuation as
at 31 December 2022 was completed for both these assets.
The sales completed and contracted for in the period have further strengthened Precinct’s
balance sheet. Precinct’s pro forma gearing, including contracted sales, is around 30%, well
under its bank covenant of 50%.
Scott Pritchard, Precinct’s CEO, said “The occupier market for prime space continues to perform
extremely well with continued demand and strong market rental growth. We are seeing this first
hand in the significant demand for our assets and in the rental levels achieved”.
“Precinct has focused on the execution of its strategy, and we have completed a number of key
transactions in the first half of the 2023 financial year. Establishing a new investment partnership
with PAG and advancing further growth in our real estate investment partnership with Singapore
sovereign wealth fund GIC demonstrates the demand for joint investment into our high-quality
assets and large-scale development projects. These transactions have extended our real estate
offering and is supporting Precinct to achieve its growth aspiration to create long-term
sustainable value”.
“Precinct’s recent entry into the multi-unit residential development market in partnership with
Lamont & Co. further supports our core strategy focused on mixed-use precincts. It complements
the overall strategic direction of our business and represents a natural extension for Precinct”.
“During the last six months, we have also continued to work on the Downtown Car Park site
opportunity in Auckland. We are very excited about this project and very proud to have been
selected as the preferred development partner for this key strategic site. Precinct and Eke Panuku
remain in a period of commercial negotiations with the intent to agree and document final terms
in the coming months”.
Operational performance
Precinct’s operating performance has continued to deliver strong results for our business with
overall portfolio occupancy of 98% and a WALT of 6.2 years recorded at 31 December 2022.
Strong leasing and rental growth has continued to drive a significant uplift in our revenue during
the period. A total of more than 8,100 square metres of leasing transactions was recorded across
our investment portfolio with a further 35 ,000 square metres of pre-leasing completed within the
development portfolio. This leasing performance recorded in the first half of the financial year

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
demonstrates the strong demand from businesses wanting to occupy Precinct’s quality office
space offering.
New leases were secured 16.9% above previous contract rents. Structured rent reviews were
completed across 59,000 square metres in the first half of FY23, resulting in an average annual
uplift of 3.5%. Market reviews were secured 9.6% above previous contract rentals.
Despite the valuation movement in the period, Commercial Bay Retail had a solid level of sales
performance over the last 6 months, recording its strongest sale period since opening. Pedestrian
flows recorded at the centre are now well above average levels.
Pleasingly, the Generator operating business delivered a record first half result for FY23 with
occupancy across the portfolio averaging 78% during the period. Higher occupancy levels and
a continued recovery of the events business has led to Generators best 6 months performance
since Precinct took ownership. During the period the Generator business has remained active
launching a new events space ‘The Annex’ in Wynyard Quarter and recently opened a new site
at 40 Bowen Street in Wellington.
Development update
The development of the new 24,000 square metre project at 61 Molesworth Street is now
underway. Leasing all of the prime commercial office space at 61 Molesworth Street to the New
Zealand Ministry of Foreign Affairs and Trade (MFAT) on a long term lease reinforces the strong
demand for high quality office buildings in strategic locations like the Government precinct in
Wellington.
With works on 124 Halsey Street having just passed the first anniversary of the site start, the pre-
leasing to Beca during the period on a 12-year lease term over 14,000 square metres required
Precinct to commit to 117 Pakenham Street to provide enough space to meet the engineering
firm’s needs. The addition of 117 Pakenham which comprises 7 floors of commercial office space
increases the lettable area of the project by 8,600 square metres to 21,100 square metres.
Designed in accordance with the Wynyard Quarter Sustainability Standards, the buildings are
targeting a 6-star Green Star and 5-star NABERSNZ.
All three buildings, namely 124 Halsey Street, 117 Pakenham Street and the Flowers Building make
up Wynyard Quarter Stage 3 and is due to complete in 2025. Construction has been progressing
to programme with the basement excavation now complete and structural steel being erected.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Deloitte Centre at 1 Queen Street is now in advanced stages of construction with the façade
installation to the hotel levels completing at the end of last year. Following the high-rise office
floors being fully leased, we have also progressed leasing across the F&B tenancies with initial
terms agreed over the basement and rooftop bar and level 1 restaurant. The project is on
schedule to complete in late 2023.
In Wellington, following the completion of 40 Bowen Street at Bowen Campus in the period, 44
Bowen Street remains on schedule to open in mid-2023 resulting in the completion of the Bowen
Campus project.
Board change
Anne Urlwin is to replace Craig Stobo, who will retire at the conclusion of his current term in
November 2023, as Chair of the Precinct Board. Ensuring a seamless transition and handover, the
People and Performance Committee have considered Anne to be the best replacement for the
Chair of Precinct.
Graeme Wong, Precinct’s Chair of the People and Performance Committee, said “We strongly
believe Anne has the right skills and experience to take over from Craig. Since her appointment
to the Precinct Board in 2019, Anne has been Chair of the Audit and Risk Committee and has
made a significant contribution to Precinct’s governance regime”.
“On behalf of my Board colleagues and Management, I would also like to thank Craig for the
significant contribution he has made to Precinct during the time he has served on the Precinct
Board. He has been an integral part of Precinct’s evolution having led the then unit trust business
through its corporatisation in 2010, internalisation of the management of Precinct in 2021,
introduction of third party capital and advancement of our overall business strategy.”
Dividend payment
Precinct shareholders will receive a second-quarter dividend of 1.675 cps. Due to Precinct’s
current tax position for the period, there are no imputation credits to attach for the quarter and
therefore no supplementary dividend to be paid (see note 2). The record date is 10 March 2023
with payment to be made on 24 March 2023 .

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PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION -Page 1
Precinct Properties
Interim Results
2023

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 2
Agenda
Precinct Properties New Zealand Limited
Scott Pritchard, CEO
George Crawford, Deputy CEO
Richard Hilder, CFO
Note: All $ are in NZD
Highlights / Strategy update / Key themesPage 03
Section 1 –Financial results & capital managementPage 07
Section 2 –Our marketsPage 14
Section 3 –OperationsPage 18
Section 4 –Capital partneringPage 22
Section 5 –DevelopmentsPage 25
Section 6 –OutlookPage 32

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 3
Highlights
Financial Performance
•Net property income of $66.6m, up 9.0% on pcp
•Strong performance driven by continued leasing demand
•3.42 cps AFFO representing a payoutratio of 98%
•FY23 dividend of no less than 6.70 cps reaffirmed
Capital Partnerships
•Advanced growth of GIC partnership through acquisition of the Wynyard
Quarter Stage 3 development
•Agreed a new partnership with global private investment firm, PAG
•Established a multi-unit residential development business with Auckland-based
private equity real estate developer Lamont & Co
Capital Management
•$275m of sales to capital partnerships settled in the period
•Further ~$400m of transactions settling in the next 6 months
•Pro-forma 31 Dec 2022 gearing, including contracted sales, of around 30%
Operational Performance
•98%portfolio occupancy, WALT of 6.2 years
•Over 43,100m
2
of leasing secured in the half year period
•Unconditional agreement to acquire 61 Molesworth Street development
•Committed to 117 Pakenham Street following pre-leasing to Beca

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 4
Our people and partners
•New investment partnerships formed, with strong demand for further
joint investment into our high-quality assets and large-scale
development projects
•Continue to collaborate with our people and partners
•Actively responding to evolving changes in market conditions with a
view to retaining key talent
Operational excellence
•Improved balance sheet utilisation and capacity strengthened
•16.9% uplift in contract rents on new leasing transactions
•Precinct received a 2022 Global Real Estate Sustainability Benchmark
(GRESB) score of 82 (Global average: 74)
•Precinct became a signatory to the World Green Building Council Net
Zero Carbon Buildings Commitment
•Generator business continues to be active, with a new events space in
Wynyard Quarter and a new site at 40 Bowen Street in Wellington
Developing the future
•Completed 40 Bowen Street at Bowen Campus in the period
•Committed to 117 Pakenham Street and secured unconditional
agreement to acquire 61 Molesworth Street on completion
•Selected as preferred developer for Downtown Carpark and in
exclusive negotiations with Eke Panukuon binding documentation

Key Themes

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 6
Key themes
Occupier trends
•Clear preference for quality office space in good
locations as occupiers continue to focus on attracting
and retaining staff
•Physical occupancy returned to normalised levels
with WFH diminishing
Construction costs
•Disruptive market conditions in recent years have led
to changing contractor behaviours being observed
across the market
•Construction sector is under-resourced with high level
of staff turnover observed, resulting in loss of project-
specific knowledge and lower quality of work
•Required rebuild from recent weather events will
place further pressure on construction market
Interest rates
•Elevated interest rate environment putting pressure
on balance sheet (valuations) and earnings outlooks
•Extent of impact dependent on capital management
approach and hedging levels
•Prime quality stock expected to outperform as market
rental growth will mitigate some cap rate expansion
Capital partnerships
•Evident there is significant ongoing interest from
capital partners to invest in New Zealand
•Appetite primarily focused on either prime grade
stock or value add opportunities

Section 1
Financial results
& capital
management

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 8
Financial performance
$0.6m
Total comprehensive income after
tax with the difference relating to
the half-year revaluation
$1.6m
Management fee income
For the 6 months ended $m
Unaudited six
months ended
31 Dec 22
Unaudited six
months ended
31 Dec 21
D
Operating income before indirect expenses$71.1 m$62.0 m+$9.1 m
Management fee income$1.6 m -+$1.6 m
Other expenses ($6.1 m)($5.5 m)($0.6 m)
Net interest expense ($15.3 m)($11.0 m)($4.3 m)
Operating income before income tax$51.3 m $45.5 m +$5.8 m
Unrealised net gain / (loss) in value of
investment and development properties
($53.6 m)-($53.6 m)
Unrealised net gain / (loss) on financial
instruments
$11.8 m $8.9 m +$2.9 m
Other non-operating expenses($6.8 m)($4.7 m)($2.1 m)
Net profit before taxation$2.7 m$49.7 m ($47.0 m)
Current tax expense$4.2 m $3.3 m +$0.9 m
Depreciation recovered on sale($5.4 m)-($5.4 m)
Deferred tax (expense) / benefit($3.3 m)($10.8 m)+$7.5 m
Net profit after income tax attributable to equity
holders
($1.8 m)$42.2 m ($44.0 m)
Other comprehensive income / (expense)$2.4 m ($1.5 m)+$3.9 m
Total comprehensive income after tax attributable
to equity holders
$0.6 m $40.7 m ($40.1 m)
+$9.1m
Increase in operating income

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 9
Operating income
Strategic investment into active
income streams providing
enhanced performance for the
6-months to Dec-22
•Strong outperformance from
operating businesses with significant
uplift in demand
•Recognition of management fee
income from the recently
established partnerships
•Comparatively, significant uplift in
operating income as no Covid
support provided in the period
1 –Generator operating income of $4.4m excludes rent expense of $3.1m due to IFRS 16
resulting in an EBITDA profit of $1.3m (2021: ($0.8m)).
Operating income reconciliation
For the 6 months ended $m
Unaudited six
months ended
31 Dec 22
Unaudited six
months ended
31 Dec 21
D
Auckland $39.9 m$38.6 m+$1.3 m
Wellington$18.4 m$19.0 m($0.6 m)
Investment portfolio$58.3 m$57.6 m+$0.7 m
Transactions and Developments$8.3 m$9.0 m($0.8 m)
Subtotal$66.6 m$66.6 m-
COVID-19 Impact-($5.5 m)+$5.5 m
Total net property income$66.6 m$61.1 m+$5.5 m
Generator$4.4 m$2.2 m+$2.2 m
CBHL$0.1 m($1.3 m)+$1.4 m
Operating income before indirect expenses$71.1 m$62.0 m+$9.1 m
Management fee income$1.6 m-+$1.6 m
$50.0 m
$55.0 m
$60.0 m
$65.0 m
$70.0 m
$75.0 m
Dec-21Invest.
Portfolio
Trans. & Dev.Covid
support
Operating
bus.
Mgmt fee
income
Dec-22

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 10
AFFO
3.42 cps
•Operating performance measured
by funds from operations (FFO) per
share increased by around 11%
•~98% AFFO pay-out ratio
•Performance for the 6 months
attributable to the uplift in
operating income and a positive
tax outcome
FFO and AFFO
1 -Generator rent expense and the ground rent at 204 Quay and Viaduct Carpark is excluded from operating profit
due to IFRS 16
2 –CBHL relates to the closure of Saxon & Parole and Liqourette.
Unaudited six months
ended 31 Dec 22
Unaudited six months
ended 31 Dec 21
Operating income before indirect expenses
(as per Financial Statements)
$71.1 m $62.0 m
Management fee income$1.6 m -
Other expenses($6.1 m)($5.5 m)
Net interest expense ($15.3 m)($11.0 m)
Operating profit before tax (as per FS)$51.3 m $45.5 m
Current tax expense$4.2 m $3.3 m
Operating profit after tax$55.5 m $48.8 m
Adjusted for:
Cornerstone operating income before tax$0.3 m -
IFRS 16 rent expense
1
($4.2 m)($3.0 m)
Share-based payments scheme$0.6 m $0.6 m
One off CBHL costs
2
-$0.7 m
Amortisations of incentives and leasing costs$7.0 m $7.4 m
Straight-line rents($1.2 m)($2.1 m)
Funds from Operations (FFO)$58.0 m $52.3 m
FFO per weighted security3.66 cps3.41 cps
Dividend payout ratio to FFO92%98%
Adjusted Funds From Operations
Maintenance capex($1.3 m)($0.9 m)
Investment portfolio -Incentives and leasing
fees
($2.5 m)($2.0 m)
Adjusted Funds From Operations (AFFO)$54.2 m $49.4 m
AFFO per weighted security3.42 cps3.22 cps
Dividend paid in financial year3.35 cps3.35 cps
Dividend payout ratio to AFFO98.1%104%
Retained Earnings$1.0 m ($2.0 m)

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 11
Interim revaluations
•Consistent with policy, an internal review was
undertaken at half year which indicated
portfolio cap rate expansion of ~27 bps in the
half year period (Jun-22: 10 bps)
•The internal review identified external
valuations were required for Defence House
and Commercial Bay Retail due to potential
fair value movements of greater than 5%
•Revaluation loss of $53.6m for those two assets
attributable to cap rate expansion and OPEX
headwinds impacting NPI
•Value movements for the balance of the
portfolio were largely mitigated by strong
market rental growth which partially offset the
indicative cap rate expansion
•Value gap continues to widen between quality
and location
$1.50
NTA per share
Office Capital Value change June 22 –Dec 22
(Colliers Research Feb 23)
-10.0%
-5.0%
0.0%
5.0%
10.0%
AKL -
Premium
AKL - A
Grade
WEL -
Premium
WEL - A
Grade
Capital Value (% Change)
7.0%
FY23 leasing events settled above
30 June 22 valuation rentals

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 12
Capital management
Debt facility expiry profile
Key metrics31 Dec 2230 Jun 22
Debt drawn ($m)1,2381,247
Gearing -banking covenant (%)34.434.3
Weighted average term to expiry (years)3.84.0
Weighted average debt cost (incl. fees) (%)4.94.0
% of debt hedged (%)6164.2
Interest coverage ratio (previous 12 months) 2.2 x2.5 x
Total debt facilities ($m)$1,4861,623
•$275m of disposals settled in the period
•~$400m of transactions settling in the next 6
months will reduce borrowings and will also
reduce capital commitments by $220m
(Wynyard Stage 3)
•Pro-forma gearing, including contract sales,
of circa 30%as at 31 December 2022
•Further cancellation of bank borrowings
expected reducing overall reliance on bank
funding and increasing tenor
•60% of Precinct’s borrowings are hedged at
a rate of 2.45%
•Further de-gearing will see average hedging
levels increasing to 75% until the end of FY25
$200 m
$400 m
$600 m
Jun 23Jun 24Jun 25Jun 26Jun 27Jun 28Jun 29Jun 30Jun 31>Jun 31
Year ending
BankUSPPBondBank - Undrawn

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 13
Last reported20212022
TCFD
Target
GRESB Score
Global Average
82
73
82
74
-
GRESB Public Disclosure
Global Average
A
C
A
B
-
GRESB Ranking
Top
33%
Top
33%
Top
25%
CDPBBA
TCFD YesYes-
ESG Progress
ESG update
Maintained our key performance measure,
GRESB, 82 (Global average: 74)
•$1.9b of green assets(excl. partnership assets)
•Offsetting of embodied carbon for all developments
•Improved targets following commitment to the
World Green Building Council Net Zero Carbon
Buildings Commitment
•>60% of portfolio 5-star Green Star or greater
•100% of portfolio 4-star NABERSNZ or greater
•Focus on preparing for XRB climate reporting and on
social initiatives
Green office assets* as at Dec 2022
*Green assets defined as per sustainable debt
framework (minimum 5 star Greenstar or 4 star
NABERSNZ)
D
C
B
B
AA
C
C
C
C
C
B
40
60
80
100
201720182019202020212022
GRESB Score
GRESB Score and Disclosure Rating
PCTGlobal Average
Green Assets Green Development Assets Non-Green Assets

Our markets

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 15
Our city centre markets
Prime retail
•Reopening of international borders and resumption of cruise ships have
created a long awaited recovery in retailer activity
•Notwithstanding, consumer spending is under pressure due to high
inflation and interest rates impacting household disposable income
Prime office (Wellington)
•Low vacancy levels sustained by limited pipeline of new supply and
ongoing flight to quality by both Government and corporates
•Upward pressure on market rentals for well-located, prime assets
underpinned by strong demand and high economic rentals
•OPEX headwinds remain, with inflation and recent weather events
expected to drive increases, resulting in net rentals rising at a slower rate
Prime office (Auckland)
•Continued demand for prime space despite recent economic
headwinds, supporting low vacancy and strong rental growth
•Vacancies remain unevenly spread across building grades and location,
albeit the quality gap continues to widen
•Potential for some secondary and fringe Grade A assets to be converted
to alternative uses due to inability to lease up

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 16
Auckland city centre office
Flight to quality remains a dominant theme
•Prime CBD waterfront assets continue to
outperform with vacancy estimated at 2.2% as
at Dec-22 (Jun-22: 2.0%) compared to the
prime grade average of 5.4%
•According to Colliers research, prime market
rentals grew 2.8% in the half year period,
however a wide range of rental rates are
being achieved depending on quality and
location
Prime net market rental $ psm
Source: Colliers Research
Source: Colliers Research
Prime vacancy rates by submarkets
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22Dec-22
CBD WaterfrontCBD OtherWynyard
Source: Colliers Research
Note -CBD Waterfront data reflects vacancy within the Commercial Bay and
Britomart precincts
Auckland prime

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 17
Wellington city centre office
Strong demand continues to drive performance
•Prime vacancy rates remain stable and are
forecast to remain below long-term averages
due to a limited supply pipeline
•According to Colliers research, prime market
rentals grew 2.0% in the half year period,
driven by a shortage of prime grade leasing
options and new high-quality assets
Wellington prime vacancy
Prime gross market rental $ psm
Source: Colliers Research
Source: Colliers ResearchSource: Colliers Research
Prime vacancy rates by submarkets
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22Dec-22
CBD CoreFringe / Te AroThorndon

Section 3
Operations

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 19
Precinct portfolio benefiting from
current occupier trends
•Portfolio leasing activity in the period confirms
strong demand for quality, well-located stock in
close proximity to amenities
•Physical occupancy rates in the investment
portfolio have largely returned back to normal
•Generator saw a significant increase in
demand for its offering, highlighting a
strengthening SME market and ‘return to office’
for many businesses
•Demand for events space has reached record
levels
Occupier
trends

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 20
Portfolio activity
Key leasing update
•Strong leasing activity continues with over
43,100m
2
of total leasing completedand solid
rental growth achieved in the period
•8,100m
2
of new leases, extensions and
renewalssecured in the period. Achieved
average contract rents on new leases 16.9%
above previous contract
•Market rent reviewssettled on average
9.6% higher than previous contract rents
•35,000m
2
of development leasing(including
new leasing to Beca at Wynyard Quarter
Stage 3 and MFAT at 61 Molesworth Street)
•Premium quality, well-located assets continue
to attract strong interest from occupiers
+16.9%
Growth in contract rentals on
new leases
+15.5%
Auckland growth
+18.9%
Wellington leasing growth
+43,100m²
Total leasing completed
(including developments)
+6.6% p.a.
CAGR growth on new
contract rents

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 21
Precinct’s earnings underpinned by well-located assets,
high occupancy, high quality client base, and long WALT
•Precinct’s investment portfolio remains well-occupied
with occupancy of 98%and a WALT of 6.2 years
•Precinct portfolio’s exposure to structured rent reviews
provides secure cashflow with 72%of the portfolio (by
income) subject to a fixed review in the next 12 months
•Only 6.1%of the portfolio (by income) is subject to
expiry over the next 12 months
•Lease expiries and other market events provide
opportunities to realise positive reversion with the
investment portfolio internally assessed at circa 10%
under-rented as at 31 December 2022
5%
14%
6%
75%
Gross Revenue by Asset Class
Carpark
Retail
Food & Beverage
Office
0%
10%
20%
30%
40%
50%
Vacant23242526272829303132>32
% of Income
Financial Year
Office lease expiry profile
AucklandWellington
23%
20%
24%
11%
21%
Office Revenue by Industry
Government
Legal
Financial Services, Banking,
and Insurance
Information Technology
Other
Earnings quality

Capital
Partnering

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 23
•Partnerships established with well-aligned
investors
•Capital partnerships now approaching $1
billion, including build out of committed
developments
•Further interest for co-investment in Precinct’s
existing pipeline and market opportunities such
as Downtown Carpark
Progress to date
Direct Capital Partnerships
On Balance sheetGIC JV (PPILP)PAG JV (BILP)
StatusCurrentCurrentCurrent
Investment TypeActivePassivePassive
Total Value (post
transactions)
$3,200 m $700 m*$240 m
PCT Investment
100%24.9%20.0%
12 Madden Street (GIC JV)
40 & 44 Bowen Street (PAG JV)
*Assumes on completion value of developments

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 24
•Development origination and delivery JV
established with experienced developers
Tim and Andrew Lamont (Lamont & Co.)
•Adding multi-unit residential capability is a
natural extension to Precinct’s core strategy
and will provide a competitive advantage
on future opportunities
•The JV will grow a high-quality multi-unit
residential development business to take
advantage of current market opportunities,
noting the existing business comprises:
•Pipeline of 225 units across four
projects with 100 units under
construction
•Investment/value-add portfolio
totalling circa $120m
•Fully funded from external investors
•Precinct has no capital committed to the
existing pipeline but expects to participate
in future opportunities
Residential development platform
Artist impression –The Domain Collection
Artist impression –FABRIC Stage 2

Section 4
Developments

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 26
•Successfully completed 40
Bowen Street in the period on
time and under budget
•Expanded development
pipeline with commitment to
117 Pakenham and acquisition
of 61 Molesworth Street
•Current developments total
~93,000m
2
with a total project
cost of $1.1b and a blended
yield of 5.7%
•De-risked committed projects
through high levels of fixed
pricing, secured pre-leasing
and forward sale(s) to third
party capital partners
•Precinct selected as preferred
developer for Downtown
Carpark and in exclusive
negotiations with Eke Panuku
on binding documentation
Developments update
DevelopmentNLA% pre-letSecured WALT
44 Bowen11,600 m²100%13 years
Willis Lane2,700 m
2
79%9 years
Bowen House14,300 m²100%15 years
Deloitte Centre
15,000 m²
(plus hotel)
86%
(incl. hotel)
19 years
Wynyard Stage 321,100 m²65%12 years
61 Molesworth St24,000 m
2
97%21 years
Total97,600 m² 87%17 years
Note 1 –Forecast metrics for the Deloitte Centre include the InterContinental Auckland hotel where applicable
Artist Impression –Deloitte CentreArtist Impression –117 Pakenham

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 27
•40 Bowen Street successfully completed during
the period on time and under budget
•Construction progressing well on 44 Bowen
Street with façade and mechanical plant
install complete, and MCHF works well-
advanced to all floors
•Development de-risked with a forward sale to
the new PAG investment partnership secured
during the period
21,800m
2
NLA across all buildings
98%
Pre-leased by area
(blended)
12years
Secured WALE
(blended)
Bowen Campus Stage 2
Generator @ 40 Bowen Street
44 Bowen Street

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 28
Artist impression
•Unconditionally acquired development site in
Wellington with settlement to occur on
practical completion in Q3 2025
•Precinct has full development management
authority and secured MFAT pre-commitment
to all office floors during the period
•Construction contract awarded to LT
McGuinness who are now established on site
undertaking early works
61 Molesworth Street
24,000m
2
Office & retail
97%
Pre-leased by area
21years
Secured WALE

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 29
•Construction on site progressed well during the
period albeit the site has been impacted by
the recent weather events
•Continued strong interest in the remaining
space with key terms agreed for all hospitality
venues and negotiations progressing well on
the low-rise office suites
•Pre-opening plans for the 139-room
InterContinental Auckland hotel now
established with recruitment of key hotel staff
now underway
15,000m
2
Office & retail NLA
86%
Pre-leased by area
(including hotel)
19years
Secured WALE
(including hotel)
Deloitte Centre (1 Queen Street)

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 30
•Significant leasing progress during the period
with Beca committing to circa 14,000m
2
across
both 124 Halsey and 117 Pakenham
•Excavation has been completed with works
now moving to steel erection. Completion
now forecast in 2025 to allow for integration of
Beca’s fitout works
•Sale to GIC partnership expected to settle in
March 2023 with Precinct to manage
construction delivery thereafter
21,100m
2
NLA across all buildings
65%
Pre-leased by area
(blended)
12years
Secured WALE
(blended)
Wynyard Quarter Stage 3

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 31
Other developments
Bowen House
(committed)
•New 15-year Crown lease to
commence on completion
of works
•Works continue to advance
well; expect to achieve rent
start in mid-2023
Freyberg Building
(uncommitted)
•Investigations into preferred
redevelopment scheme
remains ongoing
•Considering office scheme or
residential conversion
Willis Lane
(committed)
•Hospitality leasing continues
•On track to complete in mid-
2023
Artist ImpressionArtist Impression

Outlook

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 33
Outlook
•Encouraged by the ongoing strength in demand for high quality, well located real
estate
•Acknowledge that the macroeconomic environment will remain challenging with
pressures from a heightened interest rate and inflationary environment contributing to
continued economic uncertainty
•Precinct’s portfolio remains in a strong position with 98% portfolio occupancy, a strong
rental growth outlook and a long WALT
•Establishment of capital partnerships over the past 6 months continues to support
growth and provide enhanced returns for shareholders
No change to Precinct’s full year FY23 dividend guidance of no less than 6.70 cps in total
cash dividends to shareholders

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 34
Appendices

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 35
App 1: Operating income
For the 6 months ended ($m)
Unaudited six months ended 31
December 2022
Unaudited six months ended 31
December 2021
D
AON Centre -AKL$5.8 $5.3 $0.4
HSBC Tower$10.0 $8.6 $1.4
PWC Tower$12.8 $12.8 ($0.0)
Commercial Bay Retail$7.4 $7.8 ($0.4)
Jarden House$2.9 $2.9 $0.0
Mason Brothers$1.1 $1.2 ($0.1)
Auckland total$39.9 $38.6 $1.3
NTT Tower$3.8 $3.9 ($0.1)
AON Centre -WGN$5.5 $5.6 ($0.1)
Bowen Campus$6.1 $6.4 ($0.3)
No 1 The Terrace$3.0 $3.1 ($0.1)
Wellington total$18.4 $19.0 ($0.6)
Investment portfolio$58.3 $57.6 $0.7
Transactions and Developments
Viaduct Carpark$0.6 $0.6
12 Madden Street$1.4 $2.3 ($0.9)
10 Madden Street$1.6 $2.5 ($0.9)
Bowen Stage 2$0.9 $0.4$0.5
Mayfair House$1.1 $1.9 ($0.8)
30 Waring Taylor$0.1 ($0.1)
Freyberg Building$1.5 $1.2 $0.3
204 Quay Street$1.4 $0.7 $0.8
Subtotal$66.6 $66.6 ($0.0)
COVID-19 Impact($5.5)$5.5
Total net property income$66.6 $61.1 $5.5
Generator$4.4 $2.2 $2.2
CBHL$0.1 ($1.3)$1.4
Operating income before indirect expenses$71.1 $62.0 $9.1
Management fee income$1.6 $1.6
Note –Generator rent expense and the ground rent at 204 Quay and Viaduct Carpark is excluded from operating profit due to IFRS16

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 36
App 2: Balance sheet
Financial Position as at 31 December 202230 June 2022
($m) UnauditedAuditedMovement
Assets
Development properties$418.2$544.0($125.8)
Investment properties$2,746.0$2,549.0+ $197.0
Investment properties held for sale$364.1$577.2($213.1)
Intangible assets$1.8$1.9($0.1)
Investment properties deposit paid$38.1-+ $38.1
Equity-accounted investments$41.2-+ $41.2
Deferred tax asset---
Fair value of derivative financial instruments$56.0$51.7+ $4.3
Right-of-use assets$26.9$28.9($2.0)
Other$83.5$86.5($3.0)
Total Assets$3,775.8$3,839.2($63.4)
Liabilities
Interest bearing liabilities$1,244.7$1,275.8($31.1)
Deferred tax liability$16.8$11.4+ $5.4
Lease liabilities$60.2$52.7+ $7.5
Fair value of derivative financial instruments$32.5$20.5 + $12.0
Other$37.8$43.3($5.5)
Total Liabilities$1,392.0$1,403.7($11.7)
Equity$2,383.8$2,435.5($51.7)
NIBD to Total Assets32.8%32.5%0.3%
Liabilities to Total Assets -Loan Covenants34.4%34.3%0.1%
Shares on Issue (m)1,585.9 m1,585.4 m 0.5 m
Net tangible assets per security $1.50$1.54 -0.03
Net asset value per security $1.50$1.54 -0.04

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 37
App 3: Investment portfolio overview
Investment
portfolio
Auckland Wellington
WALT 6.2 years5.8 years7.2 years
Occupancy98%98%99%
Investment Portfolio Value$2,731 m$2,025 m$706 m
NLA (m²)223,193 m²137,249 m²85,944 m²
6.2 years
Weighted average lease term
98%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

PRECINCT PROPERTIES INTERIM RESULTS 2023 -PAGE 38
Disclaimer
TheinformationandopinionsinthispresentationwerepreparedbyPrecinctPropertiesNewZealand
Limitedoroneofitssubsidiaries(Precinct).
Precinctmakesnorepresentationorwarrantyastotheaccuracyorcompletenessoftheinformation
inthispresentation.
Opinionsincludingestimatesandprojectionsinthispresentationconstitutethecurrentjudgmentof
Precinctasatthedateofthispresentationandaresubjecttochangewithoutnotice.Suchopinions
arenotguaranteesorpredictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondPrecinct’scontrol,andwhichmaycause
actualresultstodiffermateriallyfromthoseexpressedinthispresentation.
Precinctundertakesnoobligationtoupdateanyinformationoropinionswhetherasaresultofnew
information,futureeventsorotherwise.
Thispresentationisprovidedforinformationpurposesonly.
NocontractorotherlegalobligationsshallarisebetweenPrecinctandanyrecipientofthis
presentation.
NeitherPrecinct,noranyofitsBoardmembers,officers,employees,advisersorotherrepresentatives
willbeliable(incontractortort,includingnegligence,orotherwise)foranydirectorindirectdamage,
lossorcost(includinglegalcosts)incurredorsufferedbyanyrecipientofthispresentationorother
personinconnectionwiththispresentation.

---

01
The numbers
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED

02
Precinct Properties New Zealand Limited
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Interim financial statements
For the six months ended 31 December 2022
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on
22 February 2023.
CRAIG STOBO
CHAIR
ANNE URLWIN
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated statement of comprehensive income
03
Consolidated statement of changes in equity04
Consolidated statement of financial position05
Consolidated statement of cash flows06
Notes to the financial statements
1. Reporting entity07
2. Basis of preparation07
3. Fair value estimation07
4. New standards, amendments and interpretations07
5. Significant accounting judgements, estimates and assumptions07
6. Significant events and transactions during the period08
7. Investment and development properties09
8. Intangible assets10
9. Gross operating revenue10
10. Segment information10
11. Other expenses11
12. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)12
13. Earnings per share12
14. Other current liabilities12
15. Interest bearing liabilities13
16. Lease liabilities14
17. Derivative financial instruments14
18. Capital commitments14
19. Contingencies14
20. Related party transactions15
21. Key management personnel15
22. Events after balance date15
Independent review report16

03
Consolidated statement of comprehensive income
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise stated
Notes
Unaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2022
Revenue
Gross operating revenue
9110.2
96.9
200.3
Less direct operating expenses
(39.1)
(34.9)
(70.9)
Operating income before indirect expenses71.1
62.0
129.4
Management fee income201.6
-
-
Indirect expenses / (revenue)
Interest expense
15.3
11.0
23.9
Other expenses
116.1
5.5
10.2
Total indirect expenses / (revenue)21.4
16.5
34.1
Operating income before income tax51.3
45.5
95.3
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and
development properties
7
(53.6)
-
19.4
Unrealised net gain / (loss) on financial instruments
11.8
8.9
33.1
Share of (loss)/profit in equity-accounted investments
(0.4)
-
-
Depreciation - property, plant and equipment
(1.5)
(0.9)
(2.2)
Lease depreciation
(2.6)
(2.0)
(5.1)
Lease interest expense
(2.3)
(1.6)
(4.2)
Net realised gain / (loss) on sale of investment properties
-
(0.2)
(0.2)
Impairment of goodwill
-
-
(6.8)
Total non operating income / (expenses)(48.6)
4.2
34.0
Net profit before taxation2.7
49.7
129.3
Income tax expense / (benefit)
Current tax expense
(4.2)
(3.3)
(7.0)
Depreciation recovered on sale
5.4
-
-
Deferred tax expense / (benefit) - financial instruments
3.3
5.6
12.4
Deferred tax expense / (benefit) - depreciation
-
5.2
14.2
Deferred tax expense / (benefit) - other
-
-
(0.3)
Total taxation expense / (benefit)4.5
7.5
19.3
Net profit after income tax attributable to equity holders(1.8)
42.2
110.0
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
3.4
(2.1)
(1.7)
Tax on items transferred directly to/(from) equity
(1.0)
0.6
0.5
Total other comprehensive income / (expense)2.4
(1.5)
(1.2)
Total comprehensive income after tax attributable to equity
holders
0.6
40.7
108.8
Earnings per share (cents per share)
Basic and diluted earnings per share
13(0.11)
2.75
7.06
Other amounts (cents per share)
Funds from operations (FFO)
123.66
3.41
6.89
Adjusted funds from operations (AFFO)
123.42
3.22
6.51
The accompanying notes on pages 07 to 15 form part of these Financial Statements

04
Consolidated statement of changes in equity
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions unless otherwise statedCents per shareShares (m)Ordinary sharesShare-based
payments reserve
Retained earningsTotal equity
At 1 July 2021
1,458.41,412.50.3807.82,220.6
Profit after income tax for the period42.242.2
Other comprehensive income for
the period
(1.5)(1.5)
Issue of new shares
Retail offer19.830.030.0
Issue costs incurred(0.6)(0.6)
PCTHA convertible note conversion107.1179.3179.3
Distributions
Q4 final (paid 24 Sep 2021)1.625(24.0)(24.0)
Q1 interim (paid 10 Dec 2021)1.675(26.6)(26.6)
Total distributions paid3.300---(50.6)(50.6)
Long-term incentive scheme0.60.6
At 31 December 2021
1,585.31,621.20.9797.92,420.0
Profit after income tax for the period67.867.8
Other comprehensive income for
the period
0.30.3
Distributions
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 paid3.350---(53.2)(53.2)
Long-term incentive scheme0.60.6
At 30 June 2022
1,585.31,621.21.5812.82,435.5
Profit after income tax for the period
(1.8)(1.8)
Other comprehensive income for
the period
2.42.4
Distributions
Q4 final (paid 24 Sep 2022)
1.675(26.6)(26.6)
Q1 interim (paid 16 Dec 2022)
1.675(26.6)(26.6)
Total distributions paid
3.350---(53.2)(26.6)
Long-term incentive scheme
--0.70.7
Long-term incentive scheme vesting
0.40.7(0.7)-
Employee share scheme
0.10.10.1
At 31 December 20221,585.81,622.01.5760.22,383.7
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the terms of
the constitution.
The accompanying notes on pages 07 to 15 form part of these Financial Statements

05
Consolidated statement of financial position
As at 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2022
Audited year
ended 30 June
2022
Current assets
Cash
16.4
11.5
Fair value of derivative financial instruments
174.6
3.5
Debtors and other current assets
17.2
23.1
Total current assets38.2
38.1
Investment properties held for sale7364.1
577.2
Non current assets
Fair value of derivative financial instruments
1751.4
48.2
Other assets
1.7
7.5
Investment properties deposit paid
638.1
-
Equity-accounted investments
641.2
-
Development properties
7418.2
544.0
Investment properties
72,746.0
2,549.0
Property, plant and equipment
48.2
44.4
Right-of-use assets
26.9
28.9
Intangible assets
81.8
1.9
Total non current assets3,373.5
3,223.9
Total assets3,775.8
3,839.2
Current liabilities
Lease liabilities
164.2
3.6
Accrued development capital expenditure
7.5
12.3
Other current liabilities
1430.3
31.0
Total current liabilities42.0
46.9
Non current liabilities
Interest bearing liabilities
151,244.7
1,275.8
Fair value of derivative financial instruments
1732.5
20.5
Lease liabilities
1656.0
49.1
Deferred tax liability
16.8
11.4
Total non current liabilities1,350.0
1,356.8
Total liabilities1,392.0
1,403.7
Total equity2,383.7
2,435.5
Total liabilities and equity3,775.7
3,839.2
The accompanying notes on pages 07 to 15 form part of these Financial Statements

06
Consolidated statement of cash flows
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $millionsUnaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2022
Cash flows from operating activities
Gross rental income per statement of comprehensive income
110.2
96.9
200.3
Less: Current year incentives
(0.4)
(0.9)
(5.8)
Add: Amortisation of incentives and intangibles
4.9
4.4
8.7
Add: Depreciation of property, plant and equipment
1.5
0.9
2.2
Add: Working capital movements
(2.0)
(1.8)
(5.1)
Cash flow from gross rental income114.2
99.5
200.3
Interest income
0.1
-
-
Management fee income
1.6
-
-
Property expenses
(29.8)
(32.5)
(73.5)
Other expenses
(4.6)
(3.1)
(9.7)
Interest expense
(14.1)
(11.6)
(26.4)
Employment and administration expenses
(3.2)
(1.6)
(2.8)
Net cash inflow / (outflow) from operating activities64.2
50.7
87.9
Cash flows from investing activities
Capital expenditure on investment properties
(28.0)
(15.5)
(52.9)
Capital expenditure on development properties
(119.4)
(64.8)
(130.4)
Investment properties deposit paid
(38.1)
-
(5.4)
Acquisition of investment properties
(21.4)
-
-
Acquistion of development properties
-
(132.8)
(132.8)
Investment in and advances to equity-accounted investments
(41.6)
-
-
Expenditure on property, plant and equipment
(5.3)
(4.3)
(10.2)
Disposal of investment properties
273.1
(0.2)
(0.2)
Capitalised interest on investment properties
(0.7)
(0.7)
8.0
Capitalised interest on development properties
(13.9)
(8.3)
(27.0)
Net cash inflow / (outflow) from investing activities4.7
(226.6)
(350.9)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
185.5
80.3
207.7
Loan facility drawings to fund acquisitions
21.4
132.8
132.8
Loan facility drawings to fund equity-accounted investments
41.6
0.0
-
Loan facility drawings to fund repayment of senior secured bonds
-
75.0
75.0
Loan facility repayments from disposal of investment properties
(273.1)
-
0.2
Loan facility repayments from issue of senior secured bonds
-
-
(175.0)
Loan facility repayments from issue of new shares
-
(29.4)
(208.7)
Other loan facility drawings / (repayments)
1
15.7
15.3
32.6
Repayment of leasing liabilities
(1.9)
(1.5)
-
Repayment of senior secured bonds
-
(75.0)
(3.4)
Issue of senior secured bonds
-
-
175.0
Issue of new shares
2
-
29.4
208.7
Distributions paid to share holders
(53.1)
(50.6)
(103.7)
Net cash inflow / (outflow) from financing activities(63.9)
176.3
341.2
Net increase / (decrease) in cash held5.0
0.4
78.2
Cash at the beginning of the period
11.5
8.3
8.3
Cash at the end of the period16.5
8.7
86.5
1 Loan facility drawings are net of repayments made throughout the period.
2 Issue of new shares are net of issue costs.
The accompanying notes on pages 07 to 15 form part of these Financial Statements

07
Notes to the financial statements
For the six months ended 31 December 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 interim financial statements are those of Precinct and its wholly-owned subsidiaries (the Group) and its equity-accounted
investments. Precinct's investment in Precinct Pacific Investment Limited Partnership (PPILP) is accounted for using the equity method.
The Group's principal activity is investment in predominantly prime CBD properties in New Zealand.
2. Basis of preparation
The interim financial statements have been prepared in accordance with NZ IAS 34 and IAS 34 Interim Financial Reporting.
The financial statements have been prepared:
• On a historical basis except for financial instruments, US private placement notes, investment and development properties, and
properties held for sale, which are measured at fair value.
• Using the New Zealand Dollar functional and reporting currency.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
Precinct has elected to include additional comparative periods to assist users of the financial statements.
These interim financial statements should be read in conjunction with the financial statements and related notes included in Precinct's
Annual Report for the year ended 30 June 2022.
3. Fair value estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
• Level 1 - Quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (by price)
or indirectly (derived from prices).
• Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
4. New standards, amendments and interpretations
There have been no new accounting standards that are applicable to these financial statements.
The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (FSCD) has established a climate-related
disclosure framework for New Zealand and makes climate-related disclosures mandatory for climate reporting entities. Precinct
qualifies as a climate reporting entity under this framework.
The FSCD provided the mandate for the External Reporting Board (XRB) to issue a climate-related disclosure framework. On
31 December 2022 the XRB issued climate standards and guidance documents. Precinct will be required to make climate-related
disclosures in the annual report for the accounting period commencing 1 July 2023.
5. Significant accounting judgements, estimates and assumptions
In preparing Precinct’s interim financial statements, management continually make judgements, estimates and assumptions based on
experience and other factors, including expectations of future events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to management. Actual results may differ from the judgements, estimates and assumptions made by management.
The significant judgements, estimates and assumptions made in the preparation of these interim financial statements are in relation to:
i. Investment and development properties
ii. Deferred tax assets and deferred tax liabilities
iii. Cross currency interest rate swaps and USPP notes
iv. Impairment test of intangible assets and goodwill
v. Share-based payment scheme
The same accounting policies and methods of computation are followed in the interim financial statements as compared with the
most recent annual financial statements.

08
Notes to the financial statements (Continued)
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
6. Significant events and transactions during the period
Precinct's financial position and performance was affected by the following events and transactions that occurred during the
reporting period:
i. Purchase of Viaduct Carpark
On 29th July 2022, Precinct purchased Viaduct Car Park for $23.6 million.
ii. Sale of Mayfair House, 10 Madden Street and 12 Madden Street
On 13th October 2022, Precinct sold Mayfair House, 10 Madden Street and 12 Madden Street for $272.7 million to Precinct Pacific
Investment Limited Partnership. Precinct has a 24.9% cornerstone holding of Precinct Pacific Investment Limited Partnership.
iii. Held for Sale - Charles Fergusson Building
Charles Fergusson Building is being held for sale, and will be sold to Precinct Pacific Investment Limited Partnership for $104.5 million, this
sale is pending subdivision approval from Wellington Council.
iv. Held for sale of 40 and 44 Bowen Street
Precinct entered into an agreement on 29th November to sell 40 & 44 Bowen Street into a new joint investment partnership with global
investment firm, PAG. Precinct will have a 20% investment in the new investment partnership with PAG and hold the investment
management agreement for this partnership.
v. Held for sale of Wynard Quarter Stage 3
On 28th November 2022 Precinct entered into an agreement with Precinct Pacific Investment Limited Partnership to sell Wynyard
Quarter Stage 3. Precinct has a 24.9% cornerstone holding of Precinct Pacific Investment Limited Partnership.
vi. Investment in residential development partnership
On 20th December 2022 Precinct entered into an agreement with Lamont & Co to create a new partnership focusing on multi-unit
residential development market. Precinct will have a 50% holding of Precinct Properties Residential Limited.
vii. Purchase of 61 Molesworth Street
On 30th November 2022 Precinct entered into an agreement to purchase 61 Molesworth Street, Wellington. A deposit of $33 million has
been paid on 13th December 2022.
viii.Investment Partnership
On 23rd February 2022 Precinct announced the formation of a new investment partnerhship (Precinct Pacific Investment Limited
Partnership ("PPILP") with Singaporean sovereign wealth fund GIC. The partnership, in which Precinct has retained an ongoing 24.9%
minority interest, has acquired three assets, 10 Madden Street, 12 Madden Street and Mayfair House on the 13th October 2022. As at
31 December 2022 Precinct's equity share of PPILP is $41.2 million.

09
PRECINCT PROPERTIES NEW ZEALAND LIMITED
7. Investment and development properties
Amounts in $millions
Valuer
1
Capitalisation
rate
2
Valuation
30 June 2022
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Book value
31 December
2022
Investment properties
5
Auckland
AON Centre - Akld
6
JLL5.0%
243.0
(0.1)1.0--
243.9
HSBC TowerCBRE4.5%
480.0
(0.5)0.7--
480.2
Jarden HouseSavills4.9%
143.0
0.20.3--
143.5
Mason Bros.
7
JLL4.5%
61.0
(0.1)---
60.9
204 Quay Street
8
JLL6.8%
37.8
0.3(0.2)--
37.9
Commercial Bay RetailColliers5.6%
400.0
(0.7)1.4-(34.7)
366.0
PwC Tower (Commercial
Bay)
CBRE4.1%
675.0
(1.4)1.8--
675.4
Viaduct Car Park
9
N/AN/A
-
-32.9--
32.9
Wellington
NTT TowerBayleys5.5%
151.5
(0.2)0.2--
151.5
No.1 and 3 The TerraceColliers5.1%
143.0
(0.1)---
142.9
No. 3 The Terrace
10
ColliersN/A
14.2
----
14.2
AON Centre - Wgtn
11
CBRE5.6%
200.5
(0.2)15.3--
215.6
Defence HouseCBRE5.6%
-
--200.0(18.9)
181.1
Market value (fair value) of investment
properties
4.8%
2,549.0
(2.8)53.4200.0(53.6)
2,746.0
Properties held for sale
5
12 Madden StreetN/AN/A
100.0
-(100.0)--
-
10 Madden StreetN/AN/A
86.0
-(86.0)--
-
Mayfair HouseN/AN/A
86.7
-(86.7)--
-
Bowen Campus
12
N/AN/A
304.5
--(304.5)-
-
Charles Fergusson
Building
N/AN/A
-
--104.5-
104.5
Bowen Campus Stage
Two
CBREN/A
-
-26.5174.3-
200.8
Wynyard Quarter Stage 3N/AN/A
-
-36.822.0-
58.8
Market value (fair value) of properties
held for sale
577.2
-(209.4)(3.7)-
364.1
Development properties
5
Bowen Campus Stage
Two
CBREN/A
174.3
--(174.3)-
-
One Queen StreetCBREN/A
176.0
-49.6--
225.6
Wynyard Quarter Stage 3N/AN/A
22.0
--(22.0)-
-
Freyberg BuildingColliersN/A
49.5
-2.2--
51.7
Bowen HouseColliersN/A
122.2
-18.7--
140.9
Market value (fair value) of
development properties
544.0
-70.5(196.3)-
418.2
1 Defence House & Commercial Bay Retail externally valued at 31 Decemeber 2022. All other assets are held at 30 June 2022 valuation.
2 Total weighted average by market value.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales, unconditional contracts for sale at period-end
and transfers to other categories of property.
4 Transfers occur when a property is transferred to another category of property.
5 All properties are categorised as level 3 in the fair value hierarchy.
6 This property was previously known as AMP Centre.
7 Mason Bros., 12 Madden Street and 10 Madden Street are all subject to a pre-paid ground lease for 125 years.
8 Includes a gross up for the lease liability (December 2022: $14.7 million; June 2022: $15.0 million)
9 Includes a gross up for the lease liability (December 2022: $9.1 million; June 2022 $nil)
10 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
11 Includes a gross up for the lease liability (December 2022: $2.8 million; June 2022: $2.8 million)
12 Bowen Campus split between Defence House $200.0 million and Charles Fergusson Building $104.5 million.

10
Notes to the financial statements (Continued)
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
8. Intangible assets
Amounts in $ millionsCustomer
relationshipsBrandsGoodwillTotal
Cost
Balance at 30 June 20222.00.816.5
19.3
Acquisition through business combination---
-
Balance at 31 December 20222.00.816.5
19.3
Accumulated amortisation
Balance at 30 June 20220.9-16.5
17.4
Amortisation0.1--
0.1
Balance at 31 December 20221.0-16.5
17.5
Carrying amounts at 31 December 2022
1.00.8-
1.8
The amortisation of customer relationships is included in other expenses.
Accounting policy - impairment test of intangible assets and goodwill
Intangible assets with indefinite lives and goodwill are tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired.
9. Gross operating revenue
Amounts in $ millionsUnaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2022
Gross property income from rentals
81.6
74.6
152.7
Gross property income from expense recoveries
18.3
16.2
34.5
Straight line rental adjustments
1.2
2.1
3.8
Amortisation of capitalised lease incentives
(4.6)
(4.9)
(9.8)
Generator operating revenue
11.1
7.0
15.8
Commercial Bay Hospitality operating revenue
2.6
1.9
3.3
Total gross operating revenue110.2
96.9
200.3
10. Segment information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker has been identified as the Board of Directors.
The Group has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segment
Operations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared space
HospitalityOperating of hospitality venues

11
PRECINCT PROPERTIES NEW ZEALAND LIMITED
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance
because management believes that this information is the most relevant in evaluating the results of the respective segments relative to
other entities that operate in the same industries.
There are varying levels of integration between the investment properties and co-working segments. This integration includes occupied
space, future leasing and events. Inter segment pricing is determined on an arm's length basis.
Amounts in $ millionsUnaudited six months ended 31 December 2022Unaudited six months ended 31 December 2021
Investment
properties
Flexible
spaceHospitalityTotal
Investment
properties
Flexible
spaceHospitalityTotal
Revenue
Gross operating revenue96.511.12.6
110.2
88.07.01.9
96.9
Intersegment revenue1.0(0.8)(0.2)
-
1.3(0.9)(0.4)
-
Less direct operating
expenses(30.9)(5.9)(2.3)
(39.1)
(28.2)(3.9)(2.8)
(34.9)
Operating income before
indirect expenses
66.64.40.1
71.1
61.12.2(1.3)
62.0
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millionsUnaudited six
months ended
31 December 2022
Audited year
ended 30 June
2022
Segment operating income before indirect expenses71.1
129.4
Interest expense
(15.4)
(23.9)
Interest income
0.1
-
Other expenses
(6.1)
(10.2)
Unrealised net gain / (loss) in value of investment and development properties
(53.6)
19.4
Unrealised net gain / (loss) on financial instruments
11.8
33.1
Management fee income
1.6
-
Depreciation - property, plant and equipment
(1.5)
(2.2)
Lease depreciation
(2.6)
(5.1)
Lease interest expense
(2.3)
(4.2)
Net realised gain / (loss) on sale of investment properties
-
(0.2)
Share of (loss)/profit in equity-accounted investments
(0.4)
-
Impairment of goodwill
-
(6.8)
Net profit before taxation2.7
129.3
11. Other expenses
Amounts in $millionsUnaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2022
Audit fees
0.1
0.2
0.3
Directors' fees and expenses
0.6
0.6
1.2
Management expenses
1
9.6
7.5
15.7
Less: those recognised in direct operating expenses
(3.4)
(2.8)
(5.6)
Less: capitalised to properties being developed
(2.6)
(1.4)
(4.1)
Amortisation of intangible assets
0.1
0.1
0.2
Other
2
1.7
1.3
2.5
Total other expenses6.1
5.5
10.2
1 Management expenses includes employee remuneration, share-based payments expense, travel, training and occupancy costs.
2 Other expenses includes valuation fees, NZX listing fees, share registry costs, annual and interim report publication and property investigations and project initialisation
costs.

12
Notes to the financial statements (Continued)
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
12. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations and is
considered industry best practice for a real estate investment entity. This is determined by adjusting net profit determined under IFRS for
certain non-cash and other items. AFFO has been determined based on guidelines established by the Property Council of Australia
and is intended as a supplementary measure of operating performance.
Amounts in $millions unless otherwise statedUnaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2022
Net profit after taxation
(1.8)
42.2
110.0
Unrealised net (gain) / loss in value of investment and development properties
53.6
-
(19.4)
Unrealised net (gain) / loss in value of JV investment and development properties
0.7
-
-
Unrealised net (gain) / loss on financial instruments
(11.8)
(8.9)
(33.1)
Net realised (gain) / loss on sale of investment properties
-
0.2
0.2
Impairment of goodwill
-
-
6.8
Depreciation - property, plant and equipment
1.5
0.9
2.2
Depreciation recovered on sale
5.4
-
-
Deferred tax (benefit) / expense
3.3
10.8
26.3
NZ IFRS 16 lease adjustments
0.7
0.5
1.7
One off items
-
0.7
0.7
Share-based payments scheme
0.7
0.6
1.2
Amortisation
6.9
7.4
14.7
Straightline rent
(1.2)
(2.1)
(3.8)
Funds from operations (FFO)58.0
52.3
107.5
Funds from operations per share (cents)3.66
3.41
6.89
Maintenance capex
(1.3)
(0.9)
(2.3)
Incentives and leasing costs
(2.5)
(2.0)
(3.7)
Adjusted funds from operations (AFFO)54.2
49.4
101.5
Weighted average number of shares for net operating income per share
(millions)
1,585.8
1,533.4
1,559.2
Adjusted funds from operations per share (cents)3.42
3.22
6.51
This additional performance measure is provided to assist shareholders in assessing their returns for the period.
Dividend policy
Precinct's dividend policy is to pay out approximately 100% of Adjusted Funds From Operations ("AFFO") as dividends, with the
retained earnings being used to fund the capital expenditure required to maintain the quality of Precinct's propert portfolio. The
payment of dividends is not guaranteed by Precinct and Precinct's dividend policy may change from time to time.
13. Earnings per share
Amounts in $millionsUnaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2021
Audited year
ended 30 June
2022
Net profit after tax for basic and diluted earnings per share ($millions)
(1.8)
42.2
110.0
Weighted average number of shares for basic and diluted earnings per share
(millions)
1,585.8
1,533.4
1,559.2
Basic and diluted earnings per share (cents)
(0.11)
2.75
7.05
There have been no new shares issued subsequent to balance date that would affect the above calculations.
14. Other current liabilities
Amounts in $millions
Notes
Unaudited six
months ended
31 December 2022
Audited year
ended 30 June
2022
Other current liabilities
Trade creditors
4.2
3.7
Accrued expenses
26.1
27.3
Total other current liabilities30.3
31.0

13
PRECINCT PROPERTIES NEW ZEALAND LIMITED
15. Interest bearing liabilities
Amounts in $millions31 December 202230 June 2022
Interest bearing liabilities
Bank loans
552.0
561.0
US private placement
260.7
260.7
NZ senior secured bond
425.0
425.0
Total drawn debt1,237.7
1246.7
US private placement - fair value adjustments
13.0
35.9
Capitalised borrowing costs
(6.0)
(6.8)
Net interest bearing liabilities1,244.7
1,275.8
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
31 December 202230 June 2022
Bank loansAmortised costJul-22-Floating
2
-
150.0
Bank loansAmortised costJul-23100.0Floating
2
-
-
Bank loansAmortised costFeb-25150.0Floating
2
125.0
82.0
Bank loansAmortised costMar-26250.0Floating
2
154.0
237.0
Bank loansAmortised costDec-26300.0Floating
273.0
92.0
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
175.0
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
1,485.7
1,237.7
1,246.7
Weighted average term to maturity
3.8 years
4.0 years
Weighted average interest rate before swaps (including funding costs)
6.05%
4.01%
1 As at 31 December 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 $1,485.7 million (June 2022: $1,622.7 million) including the NZ senior secured bonds and US private
placements.
All lenders have the benefit of security over certain assets of the Group. The Group has given a negative pledge which provides that it
will not permit any security interest in favour of a party other than the lenders to exist over more than 15% of the value of its properties.
To substantially remove currency risk, US private placement future cash flows have been fully swapped back to New Zealand dollars.
Accounting policy - interest bearing liabilities
Bank loans and the NZ senior secured bonds are recognised initially at fair value less any attributable transaction costs. Subsequent
to initial recognition, these liabilities are stated at amortised cost using the effective interest method. The US private placement is
recognised at fair value including translation to NZD with any gains or losses recognised in the profit or loss as they arise. This fair
value is determined using swap models and present value techniques with observable inputs such as interest rate and cross-
currency curves. This measurement falls into level 2 of the fair value hierarchy.
The convertible note embedded financial derivative is recognised at fair value with any gains or losses recognised in the profit or
loss as they arise. This fair value is determined using the black-scholes model with observable inputs such as Precinct's share price
and it's historic standard deviation, the convertible note strike price and the risk free rate. The movement in fair value attributable to
changes in Precinct's own credit risk is calculated by determining the changes in credit spreads above observable market interest
rates and is recognised in other comprehensive income. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the
cost of that asset.

14
Notes to the financial statements (Continued)
For the six months ended 31 December 2022
PRECINCT PROPERTIES NEW ZEALAND LIMITED
16. Lease liabilities
Amounts in $ millionsUnaudited six months ended 31 December 2022Audited year ended 30 June 2022
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Current1.13.1
4.2
0.72.9
3.6
Non-current26.329.7
56.0
17.831.3
49.1
Total lease liabilities
27.432.8
60.2
18.534.2
52.7
17. Derivative financial instruments
Amounts in $millions31 December 202230 June 2022
Current assets
4.6
3.5
Non-current assets
1
51.4
48.2
Non-current liabilities
(32.5)
(20.5)
Total fair value of derivative financial instruments23.5
31.2
Notional contract cover (fixed payer)
1,200.0
900.0
Notional contract cover (fixed receiver)
425.0
425.0
Notional contract cover (cross currency swaps - fixed receiver)
260.7
260.7
Percentage of net drawn borrowings fixed
60.6%
64.2%
Weighted average term to maturity (fixed payer)
3.25 years
3.54 years
Weighted average interest rate after swaps (including funding costs)
4.94%
4.02%
1 This includes the cross currency interest rate swap valuation of $13.9 million (June 2022: $25.1 million) and a net debit value adjustment of $0.2 million (June 2022:
$0.9 million credit).
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.
18. Capital commitments
Precinct has $250.6 million of capital commitments as at 31 December 2022 (June 2022: $298.0 million; December 2021: $343.1 million)
relating to construction contracts.
19. Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2022 (June 2022: $nil; December 2021: $nil).
b) Contingent assets
There are no contingent assets as at 31 December 2022 (June 2022: $nil; December 2022: $nil).

15
PRECINCT PROPERTIES NEW ZEALAND LIMITED
20. Related party transactions
Preinct has entered management agreements with the third-party capital investment funds it invests in and earns management fee
income from these. This income includes transaction fees, base management fees, property and facilities management fees and
additional services fees.
Amounts in $ millions31 December 202231 December 202130-Jun-22
Fees charged
Owing at
31 December
Fees charged
Owing at
31 December
Fees charged
Precinct Properties Investments Limited
Partnership (PPILP)
1.60.1---
Total1.60.1---
21. Key management personnel
Amounts in $ millions31 December 202231 December 202130-Jun-22
Directors' fees
0.4
0.4
0.8
Executive team remuneration
1.6
1.4
4.7
Total2.0
1.8
5.5
22. Events after balance date
On 22 February 2023 the Board approved the financial statements for issue and approved the payment of a dividend of $26,563,128
(1.675 cents per share) to be paid on 24 March 2023.
The sale of Wynyard Quarter Stage 3 to Precinct Property Investment Limited Partnership has been deemed unconditional as at 15th
February 2023, with full settlement contracted to occur by 15th March 2023.

16
PRECINCT PROPERTIES NEW ZEALAND LIMITED
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT
PROPERTIES NEW ZEALAND LIMITED
Conclusion
We have reviewed the interim financial statements of Precinct Properties New Zealand Limited ("the Company") and its subsidiaries
(together "the Group") which comprise the consolidated statement of financial position as at 31 December 2022 and the consolidated
statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the
period ended on that date, and a summary of significant accounting policies and other explanatory information. Based on our review,
nothing has come to our attention that causes us to believe that the accompanying interim financial statements of the Group do not
present fairly, in all material respects, the financial position of the Group as at 31 December 2022, and its financial performance and its
cash flows for the period ended on that date, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
.
This report is made solely to the Company's shareholders, as a body. Our review has been undertaken so that we might state to the
Company's shareholders those matters we are required to state to them in a review 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 review procedures, for this report, or for the conclusion we have formed.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent
Auditor of the Entity
. Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the Financial Statements
section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical
requirements.
Ernst & Young provides other assurance services to the Group. Ernst & Young leases office space from the Group. Partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business of the
Group. We have no other relationship with, or interest in, the Group.
Directors' Responsibilities for the Interim Financial Statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair presentation of the interim
financial statements in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
and for such internal control as the Directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Susan Jones.
Chartered Accountants
Auckland
22 February 2023
A member firm of Ernst & Young Global Limited

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

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearXSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
0.00%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
Start date and end date for determining market price for DRP
Date strike price to be announced (if not available at this
time)
Specify source of financial products to be issued under DRP
programme (new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation notice for this distribution
in accordance with DRP participation terms
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
$0.01675000
Imputed component
Excluded component$0.01675000
$0.00000000
+64 21 111 8898
hello@precinct.co.nz
23/02/2023
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00000000
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
Total cash distribution
4
Total cash distribution
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
3. "Gross taxable amount" is the gross distribution minus any excluded income.
5. The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the
imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT needs to

$0.00000000
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Type of distribution
1. Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2. “Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product.
4. “Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include any
excluded amounts, where applicable to listed PIEs.
Section 2: Distribution amounts per financial product
$0.01675000
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
10/03/2023
9/03/2023
24/03/2023
$26,563,128

Wynyard Quarter Stage 3 now unconditional Precinct announces settlement of Wynyard Quarter Stage 3

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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