Quarterly Report June 2023

01
Precinct Quarterly Update
June 2023
Precinct Quarterly Update
Welcome to the June edition of
our quarterly update.
Special Meeting
Precinct held a Special Meeting on 11 May 2023 to consider
moving to a stapled company structure.
In order to give effect to the stapling proposal, amendments to
Precinct’s constitution required the approval of Shareholders by
Special Resolution. The effect of the amendments to the
constitution is that Precinct Shares and Precinct Investments
Shares is able to be stapled together, meaning they can only be
transferred or dealt with together. Noting the underlying assets of
the stapled group are the same as immediately prior to stapling.
Voting was conducted by poll and Shareholders passed the
Special Resolution with 99.92% of votes received in favour.
Given Precinct’s strategic direction, future participation in a
wider set of opportunities and growth in our capital partnerships,
a stapled structure will ensure the most robust company structure
to allow flexibility for Precinct to continue to execute its strategy
whilst retaining Portfolio Investment Entity (PIE) status.
Having the support of you, our Shareholders is an integral part of
achieving Precinct’s long-term strategy. A stapled structure,
combined with strategy execution, is expected to provide
significant long-term benefits to Precinct and its investors.
Board Update
We are delighted to have announced early this year in February
that Anne Urlwin will replace myself as Chair of the Precinct
Board at the conclusion of my current term in November 2023.
Ensuring a seamless transition and handover, the People and
Performance Committee consider Anne to be the best
replacement for the Chair of Precinct and strongly believe Anne
has the right skills and experience. 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.
Outlook
Consistent with earlier guidance provided, the Board expects no
change to Precinct’s full year FY23 dividend of 6.70 cps to be
paid in total cash dividends to shareholders.
Yours faithfully,
Craig Stobo, Independent Director and Chair
Dividend
Payment date9 June 2023
Excluded dividend per share1.675 cents per share (cps)
Fully imputed dividend per share0 cps
Cash dividend per share1.675 cps
Imputation credits0 cps
Indicative dividend payment dates
4th Quarter 2023 financial year22 September 2023
1st Quarter 2024 financial year15 December 2023
These dates represent the current expectation of Precinct (PCT) as at the date of
publication, are subject to PCT board approval, may change without notice and
are not a guarantee or warranty as to the payment of a dividend or the actual
payment dates.
Key metrics at 31 March 2023
Portfolio value
$3.2 billion
Overall occupancy98%
Weighted average lease term6.5 years
Market capitalisation$2.0 billion
Weighted average cap rate4.8%
Weighting to Auckland (by value)71%
All portfolio metrics are as at 31 March 2023 and include Precinct’s ownership in
assets of joint investment partnerships which have settled, unless otherwise stated.
Financial Summary
as at 31 March 2023
Year to date (Unaudited)
Dividends declared5.025 cps
Full year forecast dividend per share6.70 cps
Balance sheet
Unaudited
31 March 23
Audited
30 June 22
Total assets$3,820.7 m$3,839.2 m
Net equity$2,379.7 m$2,435.5 m
Number of shares on issue1,585.9 m1,585.4 m
Net asset value per share$1.50$1.54
Bank covenant gearing34.9%34.3%
Shareholder returns
Shareholder returns
March Quarter1 Yr3 Yr5 Yr
Precinct (NZX: PCT)
1.7%(14.9%)(15.1%)21.9%
Listed Property
1.8%(15.7%)6.7%27.4%
Returns are based on close price for the quarter, and assume reinvestment of
dividend (returns exclude imputation credits). Listed property is the S&P/NZX All
Real Estate Gross index. Source IRESS
FY23 Annual Results
Precinct’s FY23 annual results are scheduled to be announced
on 23 August 2023.

02
Precinct Quarterly Update
Precinct Quarterly Update (Continued)
Investment Partnerships
During the quarter, we have continued to advance Precinct’s
partnership with Singapore sovereign wealth fund GIC with
Precinct announcing the settlement of the sale of Wynyard
Quarter Stage 3 to Precinct Pacific Investment Limited
Partnership (PPILP).
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. Precinct will continue to
manage delivery of the development under the terms of a
development management agreement.
In addition to the Wynyard Quarter Stage 3 development project
to be completed by PPILP, Precinct will continue to manage the
initial portfolio of properties which comprises Mayfair House, 10
Madden Street, 12 Madden Street and Charles Fergusson
Building under the terms of an investment management
agreement and has a 24.9% ownership interest in the Limited
Partnership.
Further to the announcement on 13 October 2022, the sale of
Charles Fergusson Building to PPILP is expected to settle on
13 June 2023.
Artist impression - 117 Pakenham Street, Auckland
Sustainability
Precinct continue to take 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.
Our full climate-related disclosures can be found here:
www.precinct.co.nz/tcfd-framework
We remain focused on energy efficiency and meeting or
exceeding New Zealand’s excellence levels under NABERSNZ
and Green Star Ratings.
We look forward to sharing more with you in our upcoming
Annual Report as we continue to advance our ESG initiatives.
Disclaimer: The information and opinions in this report were prepared by Precinct Properties New Zealand Limited
(PCT). PCT makes no representation or warranty as to the accuracy or completeness of the information in this
report. Opinions including estimates and projections in this report constitute the current judgement of PCT as at the
date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of
future performance. This report is provided for information purposes only and does not constitute investment
advice. Neither PCT, nor any of its Board members, officers, employees, advisers (including Precinct Properties
Holdings Limited) or other representatives will be liable for any damage, loss or cost incurred by any recipient of this
report or other person in connection with this report.
Please contact our registrar, Computershare:
• To change investment details such as name, postal
address or method of payment, and
• For questions on your dividend and shareholding
Registrar:
Computershare Investor Services Limited
T +64-9-488-8777
Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us at
hello@precinct.co.nz