Precinct Properties New Zealand Limited/Announcement

Strong leasing and strategy underpin PCT FY23 result

Full Year Results22 August 2023PCTReal Estate

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Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NZX announcement – 23 August 2023
Strong leasing performance and strategy underpin PCT FY23 result
Performance summary for the 12 months ended 30 June 2023
Financial summary
• Strong leasing momentum and market rental growth during the year has resulted in net property
income (NPI)
1
of $130.2 million (2022: $124.6 million), up 4.5%.
• Net operating income before tax of $102.1 million, up 7.1% (2022: $95.3 million).
• Total comprehensive income after tax of ($147.5) million (2022: $108.8 million) with the
movement largely attributable to the annual revaluation which recorded a $257.1 million
decline in FY23.
• Net Tangible Asset (NTA) per share of $1.38 (2022: $1.54).
• Adjusted Funds from Operations (AFFO) of 6.69 cps (2022: 6.51 cps), representing a year on year
increase of 2.8%.
Successful strategy execution
Strategic initiatives and strengthened balance sheet position
• Established partnerships with Singaporean sovereign wealth fund, GIC and global private asset
manager, PAG. Additional growth in the capital partnership with GIC following the sale of the
Wynyard Quarter Stage 3 development project during the period and conditional acquisition
agreed of 56 The Terrace, Wellington for $146 million (post balance date).
• Post balance date, Precinct announced it has formed a joint venture with Ngāti Whātua Ōrākei,
to invest in the regeneration of the Te Tōangaroa precinct in the Tāmaki Makaurau city centre.
Precinct’s investment will be in partnership with PAG.
• Launched a residential development business with Ti m and Andrew Lamont.
• Received shareholder approval for Precinct to move to a stapled company structure, effective
1 July 2023, supporting strategic direction.
• Significant business activity during the year with $680 million of asset disposals settled, including
40 and 44 Bowen Street (post balance date).
• Announcing today, Precinct NZ is considering an offer between $150-$200 million of
subordinated convertible notes, providing additional funding capacity for future projects.
Advancing development opportunities
• Secured the 61 Molesworth Street development opportunity in Wellington, with works now
commenced for a new 24,000 square metre fully pre-leased office development.
• Commitment to 117 Pakenham Street, the final building at the Wynyard Quarter Innovation
Precinct, following major pre-leasing secured.
• Preferred development partner for Downtown Carpark site in Auckland with exclusive
negotiations nearing completion.

1
Net property income excludes IFRS 16 rent expense elimination.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Operating performance
• Portfolio occupancy maintained at 99% with 6.0 year (2022: 7.1 years) weighted average lease
term (WALT) with over 53,000 square metres of leasing completed in the period.
• 13.8% growth in contract rents on new leases.
• Generator delivers gross operating revenue of $22.8 million during FY23, reflecting strong office
and event space demand (2022: $15.8 million).
• Successfully completed development project at 40 and 44 Bowen Street in Wellington.
• Post balance date, premier dining and entertainment precinct Willis Lane in Wellington officially
opened in July 2023.

Environmental, Social and Governance (ESG) update

• Global Real Estate Sustainability Benchmark (GRESB) score of 82, above the current global
average of 74 and maintained a public disclosure level of ‘A’.
• Committed to the World Green Building Council Net Zero Carbon Buildings Commitment.
• Prepared interim climate-related disclosures supporting transparency towards compliance with
the Aotearoa New Zealand Climate Standards in FY24.

Board succession update
• 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.
• Recruitment process for a new Independent Director underway with appointment expected at
this year's Annual General Meeting in November 2023.

Note: Further information can be found within the 2023 Annual Report and results presentation. You can find these at
https://www.precinct.co.nz/annual-reporting/2023-annual-results
Precinct Properties New Zealand Limited reported its financial results for the 12 months ended
30 June 2023 today. Precinct’s business has continued to perform well during the 2023
financial year with significant leasing and market rental growth achieved. This has resulted in
net property income (NPI) of $130.2 million for the year (June 2022: $124.6 million). On a like
for like basis, net property income was up 4.1% for the Auckland assets and 0.6% for the
Wellington assets. This has contributed to net operating income before tax of $102.1 million,
up 7.1% on the previous year (June 2022: $95.3 million). Total comprehensive income after tax
was ($147.5) million compared to $108.8 million in FY22 with the movement largely attributable
to the annual revaluation which recorded a $257.1 million devaluation in FY23.
The revaluation decline for the period was predominantly attributed to an expansion in
capitalisation rates, with a higher interest rate environment continuing to place increasing
pressure on investment returns and impact property valuations across all real estate sectors.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct’s weighted average market capitalisation rate has softened on a like-for-like basis
from 4.9% to 5.6% over the past twelve months.
More importantly, however, is Precinct’s Adjusted Funds from Operations (AFFO) which adjusts
for unrealised valuation movements and other non-cash items. Precinct’s AFFO for the 2023
financial year was $106.1 million (June 2022: $101.5 million) or 6.69 cents per share,
representing a year on year increase of 2.8%. Full year dividends paid to shareholders and
attributed to the 2023 financial year totalled 6.70 cents per share.
With $680 million of asset sales settled, including 40 and 44 Bowen Street (post balance date),
Precinct’s balance sheet is in a strong position.
Following the post balance date settlement of 40 and 44 Bowen Street, gearing as measured
under borrower covenant, which disregards subordinated debt is 34.9%, well under PCT
borrower covenant level of 50%.
As at 30 June 2023, Precinct’s portfolio, including assets held for sale, totalled $3.4 billion (30
June 2022: $3.7 billion), equating to a net tangible asset (NTA) per share of $1.38 at the
balance date (30 June 2022: $1.54).
Further financial information can be found within the 2023 Annual Report at
https://www.precinct.co.nz/annual-reporting/2023-annual-results
.
Scott Pritchard Precinct CEO said, “The 2023 financial year has seen Precinct successfully
advance a number of transactions which has further reinforced the quality of our business
and the leading position we hold in the markets that we operate in. This has included
establishing and growing our capital partnerships, sourcing new development opportunities,
being selected as the preferred development partner for the Downtown Car Park site in
Auckland and entering the multi-unit residential development market. In addition, we
received both Shareholder and Board approvals to move to a stapled company structure
earlier this year, demonstrating the support for Precinct to continue to execute its long-term
strategy.”
“Our core portfolio continues to perform well with occupancy at 99% and the evident rental
growth our assets are achieving. As a business, we continue to leverage our learnings over
the past several years. We are focused on ensuring that the spaces we create have a lasting
impact on our society, communities and how people interact.”

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Operational performance
Precinct’s operating performance has delivered a strong year end result with a high overall
portfolio occupancy of 99% and a WALT of 6.0 years recorded as at 30 June 2023.
Strong leasing momentum during the last 12 months and rental growth achieved has
underpinned the 9.3% uplift in rental revenue during the period with a total of 66 leasing
transactions completed across 53,123 square metres of space. Notably, rentals achieved on
new office leases were on average 10.4% higher than valuation rents at 30 June 2022.
Including structured rent reviews, Precinct completed a total of 151,342 square metres of
reviews at a 5.1% premium to previous contract rental. There were 26,381 square metres of
market rent reviews which were settled at a 7.0% premium to 30 June 2022 valuation rentals.
At 30 June 2023 Precinct’s portfolio is under-rented by 10.6% (June 2022: 6.3% under-rented).
While property valuations have been impacted by expanding capitalisation rates, demand
for Precinct’s assets has led to the portfolio benefiting from strong market rental growth being
achieved across our leasing transactions. This has partially offset the impact of the
capitalisation rate expansion on our asset valuations during the period.
Pleasingly, the Generator business delivered a record annual performance during FY23 with
occupancy across the portfolio averaging 74% during the period (FY22: 77%). Strong demand
for co-working and events has led to Generators record performance with the events business
revenue and ancillary revenue increasing by 142% and 130%, respectively compared to FY22.
We continue to see high levels of daily attendance on site aligning with the increasing trend
of working from the office and a number of large corporate and global companies also taking
office space at our Generator sites.
During the period the Generator business launched a new events space in Wynyard Quarter,
opened a new site at 40 Bowen Street in Wellington and committed to opening a further
mixed-use site at the Wynyard Quarter Stage 3 project, which is scheduled to open in 2025.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Development update
In Wellington, works have started at the development of the new 24,000 square metre project
at 61 Molesworth Street in Wellington and continue to progress well during the period.
Following the completion of 40 Bowen Street at Bowen Campus in the period, 44 Bowen Street
completed post balance date with both buildings sold to a capital partnership with PAG.
Precinct is the investment manager of the joint investment partnership and holds a 20%
ownership interest.
Post balance date, Willis Lane officially opened in July 2023 with over 40,000 visitors going
through in the opening week.
In Auckland, excavation is now complete and structural steel erection underway at Wynyard
Quarter Stage 3 and completion remains on track for 2025. A 12-year lease was secured from
Beca at Wynyard Quarter Stage 3 over 14,000 square metres which, together with Generator’s
commitment to over 1,800 square metres, increases pre-commitment to 74% and enabled the
commitment to 117 Pakenham Street during the period. This has been a pleasing result for the
development project. On completion of Wynyard Quarter Stage 3, Precinct will continue to
manage the properties under the terms of an investment management agreement with GIC
and has a 24.9% ownership interest in the Limited Partnership.
Deloitte Centre at One Queen Street continues to advance construction with the project on
schedule to complete later this year. The project is currently 92% pre-committed.
Precinct NZ considers subordinated convertible notes offer
Announcing today, Precinct Properties New Zealand Limited (Precinct NZ) is considering
making an offer between $150-$200 million in aggregate across two series of subordinated
convertible notes (the 2026 Notes and the 2027 Notes, and together the Notes), convertible
into ordinary shares of Precinct NZ (subject to a cash election, described in further detail
below).
If Precinct NZ issues shares on conversion, Precinct Properties Investments Limited (Precinct
Investments) must issue a corresponding number of fully paid ordinary shares for no
consideration. The Precinct NZ shares and Precinct Investments shares will be stapled under
the Stapling Deed (Stapled Shares).

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
For each series of Notes, the offer consists of a shareholder priority offer open to eligible New
Zealand resident retail shareholders, as well as a general offer to investors resident in New
Zealand and certain overseas institutional investors. The Notes are expected to be quoted on
the NZX Debt Market.
Precinct NZ continues to focus on an active capital management strategy. The proceeds of
the offer (net of issue costs) will be used to repay existing bank debt and for general corporate
purposes and is expected to reduce Precinct NZ’s gearing, as measured under its borrower
covenant, which disregards subordinated debt. This places Precinct NZ’s balance sheet in a
strong position to enable the business to execute on strategy and future opportunities while
also diversifying its funding sources.
On the relevant conversion date, all outstanding Notes in a series will convert and Stapled
Shares will be issued, subject to the cash election. The number of Stapled Shares to be issued
following conversion of each holding of Notes will be determined by dividing their principal
amount ($1.00 per Note) (together with any unpaid interest (including any interest thereon))
by the conversion price, which is the lesser of:
1. a conversion price cap (the “Conversion Price Cap”) (which is yet to be set); and
2. the 20-day volume weighted average price (“Market Price”).
Rather than converting a series of Notes, Precinct NZ may elect to instead pay a cash amount
to noteholders at the end of the relevant term. In this case, noteholders would be paid an
amount equal to the Market Price (as described above) of all the Stapled Shares that would
have otherwise been issued to them following conversion of their Notes, so that they receive
an equivalent value to those Stapled Shares (as determined under the terms of the Notes)
and will similarly benefit from any appreciation of the Stapled Shares price above the relevant
Conversion Price Cap prior to the conversion date.
It is expected that full details of the offer will be released in early September, when the offer
is expected to open.
Precinct NZ has appointed Jarden Securities Limited (Jarden) as Arranger and Craigs
Investment Partners Limited, Forsyth Barr Limited and Jarden as Joint Lead Managers for the
proposed offer. Investors can register their interest in the offer by contacting the Lead
Arranger, Joint Lead Managers, or their usual financial advisor. Indications of interest will not
constitute an obligation or commitment of any kind. No money is currently being sought and

---

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION -Page 1
FY23 ANNUAL RESULTS
23 August 2023

FY23 ANNUAL RESULTS -PAGE 2
Highlights & Key Themes
Scott Pritchard
CEO
Financial Performance
Richard Hilder
CFO
Capital Partnering
George Crawford
Deputy CEO
Investment Update
George Crawford
Deputy CEO
Development Update
Scott Pritchard
CEO
Summary
Scott Pritchard
CEO
All figures provided in this presentation are as at 30 June 2023 unless otherwise stated.
All dollar values are NZD.
Agenda

FY23 ANNUAL RESULTS -PAGE 3
Highlights – Strategic execution
Precinct has made significant progress on strategic initiatives with $1.8b of new capital partnerships
(completion value) secured over last 18 months
1
•Significant capital partnership activity with
growth in partnerships of $1.4 billion
1
during
the year
•Moved to a stapled company structure,
effective 1 July 2023, supporting strategic
direction
•Significant business activity during the year,
settling $680 million
2
of asset sales including
the sale of Wynyard Quarter Stage 3 and 40
& 44 Bowen Street
3
to GIC and PAG
partnerships respectively
•Entered into a 50:50 residential development
management business with Lamont & Co
•Further capital management initiative
announced today to support continued
strategy execution, with the consideration of
a subordinated convertible note issue
Artist impression – York House
Note 1 – Includes the gross realisation value (excl. GST) of residential opportunities in progress and near commencement
Note 2 – Wynyard Stage 3 sale price reflects book value
Note 3 – Settled post balance date on 15 August 2023

FY23 ANNUAL RESULTS -PAGE 4
Operational highlights
Development pipeline
•Secured development opportunity at 61 Molesworth Street, with 100% of the office
space leased by MFAT on a 20+ year lease
•Agreed a 12-year lease to Beca at Wynyard Quarter Stage 3, enabling
commitment to 117 Pakenham, the last remaining building
•Selected as preferred development partner for the Downtown Carpark with
exclusive negotiations with Eke PanukuDevelopment Auckland advanced
Operational excellence
•Portfolio occupancy maintained at 99% with a WALT of 6.0 years
•Over 53,000m
2
of leasing completed in the period including over 35,000m
2
of
development leasing
•Achieved 13.8% growth in contract rents on new leases
•Generator delivered gross operating revenue of $22.8m reflecting strong office and
event space demand (FY22: $15.8m)
Financial performance
•Net property income
1
of $130.2m, up 4.5% (FY22: $124.6m)
•Net operating income before tax of $102.1m, up 7.1% (FY22: $95.3m)
•6.69 cps AFFO representing 2.8% growth year-on-year
•6.70 cps dividend (FY22: 6.70 cps) equating to a payout ratio of 100% (FY22: 103%)
Note 1 – Net property income excludes IFRS 16 rent expense elimination

FY23 ANNUAL RESULTS -PAGE 5
Our business
Precinct is a central city real estate
investment business. It invests in
highquality strategically located real
estate with a focus on sustainability.
Strategy encompasses three key areas of outperformance:
1.Investment
❖Well-located prime assets have significantly outperformed lower
grade stock
❖Precinct’s market leading position and high performing team
continue to deliver asset management excellence
2.Development
❖Recycling and deploying capital into projects that generate
returns over and above stable investments
❖Combining the development strategy with the capital
partnering strategy enables the scale of development activity to
increase and provides a strong lever for Precinct to outperform
3.Capital Partnering
❖Partnering with direct investors expands the capital base and
enables Precinct to explore a broader set of opportunities
❖Enhances the return on invested capital through aligned
investment performance, maintaining access to high quality real
estate, and freeing up capital for future opportunities

FY23 ANNUAL RESULTS -PAGE 6
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Prime vacancy rate
Key themes
Occupier market
•Continued occupier demand for well-located, premium quality
office accommodation resulting in strong rental growth
•Flight-to-quality trend continuing with net absorption for prime grade
office space remaining elevated
•Auckland and Wellington city centre prime office markets currently
have the lowest vacancy rates of all major Australasian cities
Investment market
•Higher interest rates are providing valuation headwinds, with cost of
capital increasing and cap rates softening
•Transaction volumes declined through 2022 calendar year and
remain subdued through the first half of 2023
Construction market
•Construction costs continue to increase however the rate of growth is
now easing
•Greater competitive tension in the market is being observed with a
diminishing pipeline of vertical construction projects
•Increased appetite from main and subcontractors to bid for new
construction work
Capital partnerships
•Strong execution on strategy achieved to date with $1.8b of capital
partnerships (completion value) now established
•Preferences are evolving with increasing interest in value-add
strategies, while appetite for core investments is diminished
•Precinct and its partners continue to explore further opportunities
Jun-23 prime grade office vacancy rates (source: JLL)

Financial
Performance

FY23 ANNUAL RESULTS -PAGE 8
Financial performance
+$11.6m
Increase in operating income
+$5.4m
Management fee income
$1.38
NTA per security
For the 12 months ended
($m)
30 June 202330 June 2022
D
Operating income before indirect expenses$141.0 m $129.4 m + $11.6 m
Management fee income$5.4 m + $5.4 m
Other expenses ($13.5 m)($10.2 m)($3.3 m)
Net interest expense ($30.8 m)($23.9 m)($6.9 m)
Operating income before income tax$102.1 m $95.3 m + $6.8 m
Unrealised net gain / (loss) in value of
investment and development properties
($257.1 m)$19.4 m ($276.5 m)
Unrealised net gain / (loss) on financial
instruments
$6.1 m $33.1 m ($27.0 m)
Other non-operating expenses($15.8 m)($18.5 m)+ $2.7 m
Net profit before taxation($164.7 m)$129.3 m ($294.0 m)
Current tax expense$5.2 m $7.0 m ($1.8 m)
Depreciation recovered on sale($7.7 m)($7.7 m)
Deferred tax expense / (benefit)$14.1 m ($26.3 m)+ $40.4 m
Net profit after income tax attributable to
equity holders
($153.1 m)$110.0 m ($263.1 m)
Other comprehensive income / (expense)$5.6 m ($1.2 m)+ $6.8 m
Total comprehensive income after tax
attributable to equity holders
($147.5 m)$108.8 m ($256.3 m)
Net tangible assets per security$1.38$1.54($0.16)

FY23 ANNUAL RESULTS -PAGE 9
Operating
Income
$141.0m
•Operating income of $141.0m was up $11.6m
(+9.0%) for the period
•Net property income (NPI) of $130.2m, up $5.6m
(+4.5%) given Covid-19support provided in the
comparable period
•After normalising for Covid-19 support, NPI for the
Auckland office portfolio was up 5.1%
•Strong improvement in operating businesses
performance driven by uplift in demand for co-
working and event space
•Recognition of management fee income and
cornerstone operating income from the recently
established partnerships
Note 1 – IFRS 16 rent expense is eliminated from operating income as required by accounting standards
Operating income reconciliation
For the 12 months ended ($m)
30 June 202330 June 2022
D
Auckland $81.1 m$77.9 m$3.2 m
Wellington$33.7 m$33.5 m$0.2 m
Investment portfolio$114.8 m$111.4 m$3.4 m
Transactions and Developments$15.5 m$21.4 m($5.9 m)
Subtotal$130.2 m$132.8 m($2.6 m)
COVID-19 Impact($8.2 m)$8.2 m
Total net property income$130.2 m$124.6 m$5.6 m
Generator$2.0 m($0.7 m)$2.7 m
CBHL($0.2 m)($2.0 m)$1.8 m
IFRS 16 rent expense
1
$9.0 m$7.5 m$1.5 m
Operating income before indirect expenses $141.0 m$129.4 m$11.6 m
Cornerstone operating income before tax$1.2 m$1.2 m
Management fee income$5.4 m$5.4 m
Operating Income
$120 m
$125 m
$130 m
$135 m
$140 m
$145 m
30 June
2022
Invest.
Portfolio
Trans. &
Dev.
Covid
support
Operating
bus.
IFRS 1630 June
2023

FY23 ANNUAL RESULTS -PAGE 10
AFFO
6.69 cps
•Funds from operations (FFO) up $6.5 million
(+6.0%) on prior period
•AFFO per share up 2.8% on the prior period
and reflects a 100% AFFO pay-out ratio
•Management fee income and cornerstone
operating income contributing 42 basis
points per share to AFFO
•Delivered 12% dividend growth since 2019,
underpinned by the quality of the property
portfolio and execution of strategy
1 - Generator rent expense and ground leases at 204 Quay Street and Viaduct Carpark is excluded
from operating profit due to IFRS 16
2 – Stapling project costs (FY23) associated with corporate restructure to a stapled group. CBHL
(FY22) relates to the closure of Saxon & Parole and Liquorette.
3 – Tax on sale of properties relates to the sale of Wynyard Stage 3 to PPILP.
For the 12 months ended ($m)30 June 202330 June 2022
Operating income before indirect expenses (as per FS)$141.0 m $129.4 m
Management fee income$5.4 m -
Other expenses ($13.5 m)($10.2 m)
Net interest expense ($30.8 m)($23.9 m)
Operating profit before tax (as per FS)$102.1 m $95.3 m
Current tax expense$5.2 m $7.0 m
Operating profit after tax$107.3 m $102.3 m
Adjusted for:
Cornerstone operating income before tax$1.2 m -
IFRS 16 rent expense
1
($9.0 m)($7.6 m)
Share-based payments scheme$1.4 m $1.2 m
One off costs: FY23 stapling project costs; FY22 CBHL
2
$0.8 m $0.7 m
Amortisations of incentives and leasing costs$13.7 m $14.7 m
Straight-line rents($2.0 m)($3.7 m)
Tax on sale of properties
3
$0.5 m -
Funds from Operations (FFO)$114.0 m $107.5 m
FFO per weighted security7.19 cps6.89 cps
Dividend payout ratio to FFO93%97%
Adjusted Funds From Operations
Maintenance capex($3.3 m)($2.3 m)
Investment portfolio -Incentives and leasing fees($4.6 m)($3.7 m)
Adjusted Funds From Operations (AFFO)$106.1 m $101.5 m
AFFO per weighted security6.69 cps6.51 cps
Dividend paid in financial year6.70 cps6.70 cps
Dividend payout ratio to AFFO100%103%
Retained Earnings($0.2 m)($3.0 m)
FFO & AFFO

FY23 ANNUAL RESULTS -PAGE 11
-
$500 m
$1,000 m
$1,500 m
$2,000 m
$2,500 m
$3,000 m
$3,500 m
$4,000 m
30-Jun-22AcquisitionsNet additionsRevaluationsNet Disposals30-Jun-23
InvestmentsDevelopmentsOther / Held for Sale
Jun-22
Market Value
Additions /
Disposals
Jun-23
Book Value
Jun-23
Market Value
ΔΔ %
Jun-22
Cap Rate
Jun-23
Cap Rate
Δ Cap Rate
Auckland Investments$2,002.0 m$14.2 m$2,016.2 m$1,838.6 m($177.6 m)(8.8%)4.7%5.4%71 bps
Wellington Investments$706.4 m$36.9 m$743.3 m$696.8 m($46.5 m)(6.3%)5.4%6.0%58 bps
Subtotal - Investments$2,708.4 m$51.1 m$2,759.5 m$2,535.4 m($224.1 m)(8.1%)4.9%5.6%69 bps
One Queen Street$176.0 m$96.7 m$272.7 m$258.0 m($14.7 m)(5.4%)
Bowen House$122.2 m$37.9 m$160.1 m$160.1 m--
Freyberg Building$49.5 m$4.1 m$53.6 m$47.0 m($6.6 m)(12.3%)
Subtotal - Developments$347.7 m$138.7 m$486.4 m$465.1 m($21.3 m)(4.4%)
Other Properties$22.8 m$24.9 m$47.7 m$38.5 m($9.2 m)(19.3%)
61 Molesworth Street-$67.4 m$67.4 m$58.4 m($9.0 m)(13.4%)
Subtotal - Other$22.8 m$92.3 m$115.1 m$96.9 m($18.2 m)(15.8%)
Assets held for sale$580.4 m($348.5 m)$231.8 m$240.0 m$8.2 m3.5%
Total
1
$3,659.2 m($66.4 m)$3,592.8 m$3,337.4 m($255.4 m)(7.1%)
❖$255.4m or 7.1% reduction in
portfolio value to $3.3b excluding
right-of-use assets (FY22: $3.7b
including assets held for sale)
❖8.1% uplift in net valuation rents for
the stabilised office portfolio and
development profit release
partially offset a 69 bps softening in
cap rates to 5.6% (Jun-22: 4.9%)
❖NTA reduced to $1.38 per share
(Jun-22: $1.54)
Portfolio revaluation
Well-occupied premium grade portfolio proving to be resilient despite cap rate headwinds
Portfolio value bridge
Note 1 – Values exclude right of use assets of $30.8m at 30 June 2023 (Jun-22: $17.8m), which had
a revaluation loss of ($1.7m) for the period

FY23 ANNUAL RESULTS -PAGE 12
Bank debt
47%
USPP
20%
NZ Bonds
33%
Debt capital
markets
53%
Capital management
Further balance sheet positioning has occurred
throughout the year following significant business
activity
Debt facility expiry profile
3
Key metrics
30 June 202330 June 2022
Debt drawn ($m)1,2471,247
Gearing (Banking covenant: 50%) (%)38.0
2
34.3
Weighted average term to expiry (years)3.54.0
Weighted average debt cost (incl. fees) (%)5.6
2
4.0
Percentage of debt hedged (%)72.2
2
64.2
Interest coverage ratio (Covenant: 1.75 times) 1.9 x2.5 x
Total debt facilities ($m)1,3861,623
•Settled $680 million
1
of asset sales during the period
•Precinct has retained a cornerstone interest in all assets
divested during the period.
•Following settlement of 40 & 44 Bowen Street, pro forma
•Gearing reduces to 34.9%,
•Weighted average interest cost reduces to 5.3%, and
•Hedging increases to 85% at an average interest rate
of 3.2%
•ICR is forecast to improve in future periods
Funding diversity
3
Note 2 – On a pro-forma basis, following settlement of 40 & 44 Bowen Street, gearing
reduces to 34.9%, weighted average debt cost (incl. fees) reduces to 5.3% and
percentage of hedged debt increases to 85%
$100 m
$200 m
$300 m
$400 m
$500 m
$600 m
Jun 24Jun 25Jun 26Jun 27Jun 28>Jun 28
Debt Facility Expiry Profile
Year ending
Bank debtUSPPNZ Bonds
Note 3 – Excludes $100 million of bank facilities which were cancelled
post balance date following settlement of 40 & 44 Bowen Street
Note 1 – Includes 40 & 44 Bowen Street which settled post balance date.

FY23 ANNUAL RESULTS -PAGE 13
Precinct considering a convertible note offer
Precinct is considering making an offer of between $150m and $200m of fixed rate subordinated
convertible notes (SCN)
Strategic benefits
•Provides semi-permanent capital to help progress capital partnering strategy
and other opportunities such as Downtown Carpark
•Investment returns expected to exceed cost of issued capital
•Retains flexibility to convert or repay depending on capital partnering
progress, share price and utilisation of other funding levers
Capital management benefits
1
•Reduces gearing, as measured under borrower covenant, which disregards
subordinated debt. On a pro-forma basis, the SCN will reduce June 2023
gearing from 34.9% (post 40 & 44 Bowen Street sale) to approximately 29%
(covenant 50%)
•Increases tenor and diversity of funding sources, with weighting to non-bank
sources increasing to around 70%
Indicative terms
•The offer is expected to consist of a Priority Offer to New Zealand resident
Precinct retail shareholders, as well as a General Offer
•Two tranches split between three-year and four-year tenor
•Up to $150 million in aggregate across the two tranches (with the ability to
accept oversubscriptions of up to an additional $50 million).
•In addition to interest, noteholders will benefit from any appreciation of
Precinct’s share price above a fixed price to be set at a premium to the
current market price
$150-200m
indicative offer size
3 & 4 year
tranches being considered
JOINT LEAD MANAGERS
ARRANGER & JOINT LEAD MANAGER
Note 1 – Capital management metrics assume an issue size of $200 million

FY23 ANNUAL RESULTS -PAGE 14
Earnings quality and FY24 guidance
Long-term AFFO growth is expected to be driven by:
❖Strong contracted cashflows with 84% of the
portfolio subject to structured rent reviews
(average fixed increase 2.9% in FY24) and only 5%
of the portfolio (by income) subject to expiries over
the next 12 month
❖Positive rental reversion with the portfolio currently
10.6% under-rented and ~50% of the portfolio
subject to market events over the next ~4 years
❖Continued flight-to-quality and improving demand
for flexible space benefitting both Precinct’s core
assets and Generator
❖Growth in capital partnership platforms to provide
additional income streams post stapling
❖Participation in more active opportunities driving
higher returns for Precinct’s invested capital
6.75 cps
FY24 dividend guidance
Contributions of PPNZ and PPIL to FY24 dividend guidance
1
Note 1 – PPNZ = Precinct Properties New Zealand Limited, and PPIL =
Precinct Properties Investments Limited, which comprise the stapled group
Note 2 – Peer set includes ARG, GMT, KPG, PFI and SPG.
Cumulative dividend growth from FY16 vs. peers
2
24.1%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
FY16FY17FY18FY19FY20FY21FY22FY23
Peer set rangePCT
11.0%
-25.6%
6.75 cps
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
PPNZPPILCombined
Cents per share

FY23 ANNUAL RESULTS -PAGE 15
ESG progress
•$1.5b of green assets (excl. partnership assets)
•Committed to the World Green Building Council Net Zero Carbon Buildings
Commitment and a target that all assets be certified Green by 2030
•Offsetting development embodied emissions for several years
•Focus on preparing for XRB climate reporting, refining the pathway to net
zero carbon and social initiatives with a focus on future developments
ParticipationOverviewCurrent
1
Target
The overarching measure Precinct have chosen to use as its core ESG
performance benchmark is the Global Real Estate Sustainability Benchmark
(GRESB).
It is considered the global standard for ESG benchmarking and reporting for
real estate entities.
Score82
+ Global
Average 74
Public DisclosureA
+ Global
Average B
RankingTop 33%
Top 25%
Carbon Disclosure Project which is the gold standard for corporate environmental reporting and is fully
aligned with the TCFD recommendations.
B
A
NABERSNZ is a ratings scheme to measure and rate the energy performance of office buildings in New
Zealand.
57%
Portfolio:
>100% 4 star
by 2030
(Excellent)
Green Star is an internationally recognised, rating system for the sustainable design, construction and
operation of buildings, fitout and communities.
52%
Portfolio: >60%
5 Star
(Excellence)
Green Assets
Green
Development Assets
Non-Green Assets
Green assets
(4 star NABERSNZ or 5 Star Greenstar)
Note 1: GRESB and CDP metrics relate to 2022. The 2023 submission is
currently being assessed with scores available in November 23.
Our strategy includes the integration of sustainability across all areas of our business.

Capital
Partnering

FY23 ANNUAL RESULTS -PAGE 17
Capital partnerships – strategic approach
Development
Key benefits
❖Increases liquidity, diversifies capital sources, and
leverages partners’ access to capital
❖Less capital-intensive investment approach reduces
Precinct’s balance sheet pressure and enhances AFFO
accretion
❖Facilitates follow-on investments and take-outs
❖Improves return on equity for Precinct shareholders
❖Unlocks new management fee streams and continued
access to development profits
❖Expands investment universe through ability to
participate in a wider range of asset types, locations
and risk spectrum
Office
City centre
Retail
Direct ownership (strategic assets)
Hotel
Capital partnerships
Development
Investment management services
Investment –
passive and active
Equity Returns – Target and Breakeven
Variable cost of subordinated convertible note (SCN) assumes equity conversion at
$1.0 & $1.5
CAPM: RF: 4.5%, MRP: 7.5%, PCT Be: 0.74
0%
5%
10%
15%
20%
25%
PropertyPassiveActiveDevelopmentResidentialSCN Range @
$1.0-$1.50
Equity IRR / PCT cost of equity
Variable Cost of SCNTarget EIRR returnsPCT cost of equity breakeven

FY23 ANNUAL RESULTS -PAGE 18
Capital partnering –progress to date
Precinct has established strong relationships with capital partnersenabling continued execution of
strategy through more challenging investment market conditions
•Partnered with Singaporean sovereign wealth fund
GIC to establish initial portfolio of Precinct-developed
assets
•Initial portfolio comprising two Auckland and
two Wellington assets totalling $382 million
•Further investment during the year into the
development of Wynyard Stage 3 of around
$300 million (end value)
•Conditional acquisition agreed of 56 The
Terrace, Wellington for $146 million
•Established partnership with private asset manager
PAG to acquire 40 & 44 Bowen Street
1
•Partnered with PAG to form a Joint Venture with
Ngāti Whātua Ōrākei to invest in the regeneration of
the Te Tōangaroaprecinct in Tāmaki Makaurau
Artist impression – York House
Note 1 – Settled post balance date on 15 August 2023.
10 Madden St (GIC partnership)
40 & 44 Bowen (PAG partnership)

FY23 ANNUAL RESULTS -PAGE 19
Building momentum
Precinct is delivering on its strategy with $1.8 billion of capital partnerships formed since
FY22 (completion value)
1
. Value of direct portfolio and partnerships now $5.2billion.
General note – Values in chart may not add precisely due to rounding
Note 1 – Includes the gross realisation value (excl. GST) of residential projects in progress and near commencement.
$3.5 b
$1.3 b
$0.4 b
$3.7 b
$3.9 b
-$0.2 b
+$0.5 b
+$0.6 b
+$0.4 b$5.2 b
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
FY22FY23DisposalsAcquisitionsDevelopment
completions
Residential
partnerships
Total direct
and indirect
$ billions
Investment propertiesDevelopmentsHeld for saleCapital partnershipsResidential partnerships

FY23 ANNUAL RESULTS -PAGE 20
Partnership platforms positioned for growth
Te Tōangaroa PortfolioArtist impression – Onehunga Mall Club56 The Terrace
Precinct continues to explore opportunities to
scale its capital partnerships platform through:
1.Existing partnerships providing opportunities for further
growth where Precinct can leverage its dominant
market position, asset management expertise and track
record to take advantage of value-enhancing
opportunities in a more volatile market: ~$1.0b -$1.5b
(medium term)
2.The residential development platform established
through JV with Lamont & Co.: ~$0.2b - $0.4b (medium
term)
3.The Downtown Carpark site where Precinct is the
preferred development partner with Eke Panuku
Development Auckland: ~$1b - $1.2b (long term)
40 & 44 Bowen Street
$1.8b
$1.8b
+$1.0 - $1.5b
+$0.2 - $0.4b
+$1.0 - $1.2b
$4.0b - $4.9b
$1.0$2.0$3.0$4.0$5.0
Existing partnerships
+ Opportunities with
existing partners
+ Residential dev.
opportunities
+ Downtown Carpark
= Potential range
Partnership opportunities ($b)
CurrentOpportunities [lower range][upper range]

Investment
Update

FY23 ANNUAL RESULTS -PAGE 22
Investment portfolio
99%
Occupancy
(by NLA)
6.0 years
Weighted average
lease term
c. 53,123m²
Total leasing activity
(incl. developments)
8.1%
Valuation net
office market rent
growth in FY23
1
10.6%
Under-renting
(vs. market rents)
+13.8%
Growth in contract rentals on new
leases
+9.7%
Auckland
+18.7%
Wellington
+4.6% p.a.
CAGR growth on new leases
Key leasing update
Strong activity continues with circa 53,123m
2
of leasing activity completed
and solid leasing spread achieved in the period, confirming well-located
premium assets continue to attract strong interest from occupiers.
•13,055m
2
of new leasessecured with 13.8% achieved above previous
contract on average
•35,394m
2
of development leasingincluding Beca at Wynyard Quarter
Stage 3 and MFAT at 61 Molesworth Street
Note 1 – Valuation net office market rent growth across the stabilised office portfolio.

FY23 ANNUAL RESULTS -PAGE 23
0%
3%
6%
9%
12%
15%
18%
21%
24%
-40K
-30K
-20K
-10K
-
10K
20K
30K
40K
6
-
monthly net absorption (sqm)
Auckland CBD net absorption vs. vacancy rates (source: JLL)
Prime net absorptionSecondary net absorption
Prime vacancy (RHS)Secondary vacancy (RHS)
Note – Submarket vacancy rates provided by Colliers. CBD Waterfront data reflects
vacancy within the Commercial Bay and Britomart precincts as analysed by PCT.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22Dec-22Jun-23
Prime vacancy rates by submarkets (source: Colliers, JLL, PCT analysis)
CBD WaterfrontCBD OtherPrime Avg. (JLL)
Auckland city centre office
Key themes
•Strong occupier demand despite economic headwinds
with four consecutive halves of positive net absorption
recorded for prime grade assets
•Strong demand for prime waterfront assets which
continue to enjoy below-market levels of vacancy
(1.8% vs. 4.2% prime grade average as at Jun-23)
•Flight to quality accelerating with the prime-secondary
gap widening over the past 24 months
•Prime grade assets recorded positive net absorption
totalling 41,893m
2
over this period compared to a
negative 19,467m
2
for secondary grade assets
•Prime grade net effective rents increased 9.8%
compared to only 0.5% for secondary grade
Prime office market indicators (source: JLL)
Jun-23Jun-2220Y avg.
Annual net absorption (m
2
)+19.2k+22.7k+12.4k
Annual net supply (m
2
)+3.9k+19.8k+23.0k
Vacancy rate (%)4.2%6.6%5.8%
Effective rent chg. (%)+6.3%+3.3%+2.2%

FY23 ANNUAL RESULTS -PAGE 24
0%
2%
4%
6%
8%
10%
12%
-60K
-40K
-20K
-
20K
40K
60K
6
-
monthly net absorption (sqm)
Wellington CBD office net absorption vs. vacancy rates (source: JLL)
Prime net absorptionSecondary net absorption
Prime vacancy (RHS)Secondary vacancy (RHS)
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22Dec-22Jun-23
Prime vacancy rates by submarkets (source: Colliers, JLL, PCT analysis)
ThorndonCBD CorePrime Avg. (JLL)
Wellington city centre office
Key themes
•Tightest city centre office market in Australasia despite
~32,900 m
2
of prime grade supply being added to the
market over the past 12 months
•Strong demand underpinned by government
occupation along with corporates seeking high
quality seismically resilient space
•Quality of existing stock remains low relative to other
major markets, providing opportunities to capture
growing demand for prime grade assets
•Continued stock withdrawals for seismic strengthening
and high level of leasing pre-commitments supporting
low vacancies and prime grade market rentals
•Precinct’s portfolio recorded 13.4% growth in gross
market rentals over the past 12 months, well above
JLL’s reported market growth over the same period
Prime office market indicators (source: JLL)
Jun-23Jun-2220Y avg.
Annual net absorption (m
2
)+21.4k+13.3k+9.2k
Annual net supply (m
2
)+32.9k+14.8k+9.5k
Vacancy rate (%)4.0%1.3%2.1%
Effective rent chg. (%)+0.7%+2.9%+3.0%

FY23 ANNUAL RESULTS -PAGE 25
Occupier market themes
Low vacancies provide relative affordability
•Clear relationship between vacancy rates and market
rentals adjusted for inflation, indicating relative
affordability at present compared to pre-COVID, pre-
GFC, and historic trend
•Implies potential rental upside with most of the recent
rental growth likely a response to high inflation
Obsolescence supporting tight market conditions
•Ongoing seismic and functional obsolescence is
underpinning demand for prime grade assets while at
the same time reducing overall supply through stock
withdrawals
•Prime vacancies anticipated to remain at low levels
despite economic headwinds and committed new
supply completing in the near term
Return to office and significant leasing transactions
•A return of workers to offices is being observed, as
evidenced in access card activity with most monitored
buildings near or above pre-COVID levels
•Continued strong demand for Precinct’s high quality
office space, with occupancy maintained at 99% and
over 79,000m
2
of development leasing secured in the
last three years
-150K
-100K
-50K
-
50K
100K
AKLWLGAKLWLGAKLWLGAKLWLGAKLWLGAKLWLGAKLWLGAKLWLGAKLWLG
Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23
NLA (sqm)
Annual supply change (source: JLL)
New BuildsRefurbsWithdrawals
96%
94%
109%
78%
0%
50%
100%
Access card usage relative to pre-pandemic
1
HSBC TowerAON Centre Auckland
Jarden House12 Madden St
60
65
70
75
80
85
90
95
100
105
0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%
Inflation
-
adj. Prime NER
index (Base: 2008 = 100)
Prime Vacancy
Inflation-adjusted market rents relative to vacancy rates
GFC
Current
Covid
Note 1: Represents rolling four-week card usage relative to usage in the
month prior to the first NZ lockdown.
Source: JLL data, Precinct analysis
Source: Precinct analysis

FY23 ANNUAL RESULTS -PAGE 26
0%
10%
20%
30%
40%
50%
Vacant23242526272829303132>32
% of NLA
Financial Year
Precinct lease expiry profile
AucklandWellington
Economic rents expected to restrict new supply
•Rising development costs, combined with easing cap
rates, are driving a material uplift in economic rents
•New stock unlikely to eventuate except in premium
locations where new rental benchmarks could be set
•A reduction in supply will benefit existing prime grade
assets, supporting continued market rental growth
Low vacancy rates supportive of market rental growth
•Strong occupier demand and low vacancy rates offer
opportunity for rental growth
•JLL forecasting prime vacancies in both office markets
to remain around current levels over the next 3-4 years
•Correlation between market rent growth and vacancy
rates supports thesis for continued market rental growth
-10%
-5%
0%
5%
10%
15%
0.0%2.0%4.0%6.0%8.0%10.0%
Y/Y net market rent growth
Vacancy rate
Auckland prime office market rent growth vs. vacancy rate (source: JLL, PCT analysis)
Jun-23
$250
$350
$450
$550
$650
$750
$850
'02'03'04'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22'23
Net Mkt RentCPI-adj. PC rentCPI-adj. Peak rentEcon. Rent
188 Quay St average tower net rent $/sqm (source: PCT analysis)
Under-renting and net leases underpin income growth
•Portfolio under-renting (10.6%), combined with shorter
leases, allows rents to revert more quickly to market
•Net leases, fixed growth and indexation (3.3% forecast
rental growth in FY24) provide protection from inflation
•50% of the portfolio is expected to revert to market over
the next 3-4 years through expiries and market reviews
Occupier market themes

Development
Update
Artist Impression – Wynyard Quarter Stage 3

FY23 ANNUAL RESULTS -PAGE 28
Artist Impression – 117 Pakenham
Development overview
❖Current work in progress total
~53,300m
2
with a total project cost
of $0.7b
❖Total of $1.8b of development
completions since 2017, with Bowen
Campus Stage 2 and Willis Lane
opened in the period
❖Recent completions and committed
projects are de-risked through fixed
pricing, secured pre-leasing and
funding from capital partners
❖Development pipeline replenished
in the period through commitment
to Wynyard Quarter Stage 3 and 61
Molesworth, and entry into the multi-
unit residential development market
❖Precinct remains in exclusive
negotiations with Eke Panuku for
Downtown Carpark, with binding
documentation expected to be
concluded soon
Development WIPPCT InterestArea% pre-let
Secured
WALT
Deloitte Centre
1
100.0%
15,000 m²
(plus hotel)
92%
(incl. hotel)
19 years
Bowen House100.0%14,300 m²100%15 years
61 Molesworth Street100.0%24,000 m
2
97%21 years
Subtotal - Precinct53,300 m
2
96%19 years
Wynyard Quarter Stage 324.9%21,100 m²74%12 years
Subtotal - Capital partners (ex Residential JV)21,100 m
2
74%12 years
Total74,400 m² 90%17 years
Note 1 – Metrics for Deloitte Centre include the InterContinental Auckland hotel where applicable
Artist Impression – 61 Molesworth Street

FY23 ANNUAL RESULTS -PAGE 29
Development progress
Completion Value
$358m (stabilised)
Completion Timing
FY24
Status
Construction nearing
completion with client
fitouts well underway.
Pre-opening activities
underway with hotel
opening anticipated
in early 2024.
Completion Value
$282m
Completion Timing
FY26
Status
Piling works complete
and excavation now
underway.
Completion Value
$167m
Completion Timing
FY25 (client fitout)
Status
Seismic strengthening
completed with client
integrated fitout now
underway.
Rental start achieved
in the period; new 15-
year lease to start on
completion of fitout.
Completion Value
Circa $300m
Completion Timing
FY25
Status
Superstructure works
well-advanced to
both buildings.
One Queen StreetBowen House
61 Molesworth StreetWynyard Quarter Stage 3 (PPILP)
Artist Impression – 61 Molesworth Street

FY23 ANNUAL RESULTS -PAGE 30
Downtown Carpark update
Redevelopment of Downtown Carpark will provide a remarkable, once-in-a-generation opportunity to
reimagine the city centre of Tāmaki Makaurau
Current Status
•Exclusive negotiations with Eke Panuku and other stakeholders nearing completion
•Core consultant team appointed with Concept Design underway
•Design led by Warren & Mahoney in collaboration with Norwegian architectural firm Snøhetta
•Consultant team consists of highly regarded organisations who Precinct have regularly used
•Masterplanned scheme to be seamlessly integrated with wider waterfront precinct
•Mix of civic, commercial, retail, hotel and residential uses contemplated
Next Steps
•Resource consent application targeted in FY24
•Intend to gauge interest from capital partner(s) over the next 24 months

FY23 ANNUAL RESULTS -PAGE 31
Strategy
•Multi-unit residential developments are a natural
extension to Precinct’s core strategy, providing
competitive and diversification benefits to future
investment opportunities
•Aim to scale the platform to create a valuable,
high-quality business in its own right
•Long term target of delivering 150+ units per
annum, with a preference for Auckland including
city fringe locations (quality suburbs / unique sites)
Status
•Equity investment in existing pipeline currently
funded by Lamont & Co’s existing partners
•No capital committed by Precinct to date but
anticipate participating in future opportunities
Artist impression – The Domain Collection
Artist impression – FABRIC Stage 2
ProjectStatusCompletionNo. Units
Onehunga Mall ClubConstruction2023102
Fabric Stage 2
Procurement2026118
Domain Collection
Procurement202665
York House
Planning202641
Total326
Existing Pipeline
Residential development platform

Summary

FY23 ANNUAL RESULTS -PAGE 33
•High interest rate environment is impacting property values and transaction
volumes
•Global economy remains uncertain with NZ exposed to certain risks
•Prime office occupier market remains very strong with low vacancy rates across
Precinct’s submarkets
•Work from office now clearly preferred as flight to quality trend continues
•Development pipeline remains robust and now includes exposure to multi-unit
residential market
•Capital partnering growth expected to continue, albeit requiring higher returns,
and with greater appetite for value-add opportunities
•Precinct is well placed with strong balance sheet and aligned capital partners
Summary

FY23 ANNUAL RESULTS -PAGE 34
Appendices

FY23 ANNUAL RESULTS -PAGE 35
A1: Operating income
Note 1 – Other transactions and developments includes: 30 Waring Taylor Street, Amora, Charles Fergusson Building, Building 5A, 10 Madden Street, 124 Halsey Street (Flowers
building), Mayfair House, Bowen House, Freyburg Building, 1 Queen Street
Note 2 – IFRS 16 rent expense is eliminated from operating income as required by accounting standards
For the 12 months ended
30 June 202330 June 2022
D
($m)
AON Centre - AKL$11.4 m$11.1 m$0.3 m
HSBC Tower$20.7 m$18.2 m$2.5 m
PWC Tower$25.4 m$24.8 m$0.6 m
Commercial Bay Retail$14.3 m$14.4 m($0.1 m)
Jarden House$5.7 m$6.0 m($0.3 m)
Mason Brothers$2.3 m$2.4 m($0.1 m)
204 Quay Street$1.2 m$1.1 m$0.1 m
Auckland total$81.1 m$77.9 m$3.2 m
NTT Tower$8.4 m$7.9 m$0.5 m
AON Centre - WGN$10.9 m$11.2 m($0.3 m)
Defence House$7.9 m$8.0 m($0.1 m)
No 1 The Terrace$6.5 m$6.3 m$0.2 m
Wellington total$33.7 m$33.5 m$0.2 m
Investment portfolio$114.8 m$111.4 m$3.4 m
Transactions and Developments
Viaduct Carpark$0.6 m$0.6 m
40-44 Bowen Street$3.6 m$0.4 m$3.2 m
Other transactions and developments
1
$11.3 m$21.0 m($9.8 m)
Subtotal$130.2 m$132.8 m($2.6 m)
COVID-19 Impact($8.2 m)$8.2 m
Total net property income$130.2 m$124.6 m$5.6 m
Generator$2.0 m($0.7 m)$2.7 m
CBHL($0.2 m)($2.0 m)$1.8 m
IFRS 16 rent expense
2
$9.0 m$7.5 m$1.5 m
Operating income before indirect expenses$141.0 m$129.4 m$11.6 m
Cornerstone operating income before tax$1.2 m$1.2 m
Management fee income$5.4 m$5.4 m

FY23 ANNUAL RESULTS -PAGE 36
A2: Balance sheet
Financial Position as at 30 June 202330 June 2022
D
($m) AuditedAudited
Assets
Development properties$523.5 m$544.0 m($20.5 m)
Investment properties$2,604.7 m$2,549.0 m$55.7 m
Investment properties held for sale$240.0 m$577.2 m($337.2 m)
Deferred tax asset$1.6 m$1.9 m($0.3 m)
Right-of-use assets$24.9 m$28.9 m($4.0 m)
Other$193.0 m$86.5 m$106.5 m
Total Assets$3,642.8 m$3,839.2 m($196.4 m)
Liabilities
Interest bearing liabilities$1,258.4 m$1,275.8 m($17.4 m)
Deferred tax liability$1.9 m$11.4 m($9.5 m)
Lease liabilities$63.2 m$52.7 m$10.5 m
Fair value of derivative financial instruments$29.0 m$20.5 m$8.5 m
Other$107.2 m$43.3 m$63.9 m
Total Liabilities$1,459.7 m$1,403.7 m$56.0 m
Equity$2,183.1 m$2,435.5 m($252.4 m)
NIBD to Total Assets34.2%32.5%+ 1.8%
Liabilities to Total Assets - Loan Covenants38.0%34.3%+ 3.8%
Shares on Issue (m)1,585.9 m 1,585.4 m + 0.5 m
Net tangible assets per security $1.38 $1.54 ($0.16)
Net asset value per security $1.38 $1.54 ($0.16)

FY23 ANNUAL RESULTS -PAGE 37
A3: Investment portfolio overview
Investment
portfolio
including
cornerstone
1
Investment
portfolio
directly held
Auckland Wellington
WALT
6.2 years
6.0 yrs5.5 yrs7.3 yrs
Occupancy
98%
99%98%99%
Investment portfolio value
2

$2,716 m
$2,574 m $1,877 m $697 m
Weighted average cap rate
5.6%
5.6%5.4%6.0%
NLA (m²)
288 k
223 k 138 k 85 k
6.0 years
Weighted average lease term
99%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics – directly held
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington
Note 1 – Investment portfolio metrics including Precinct cornerstone are weighted based on Precinct’s ownership interest except for NLA which reflects total unweighted
lettable area. Cornerstone portfolio includes 40 & 44 Bowen Street which settled post balance date on 15 August 2023.
Note 2 – Values exclude right of use assets of $30.8m at 30 June 2023

FY23 ANNUAL RESULTS -PAGE 38
A4: Other city centre markets
Retail
•City centre retail trading conditions continue to improve
with tailwinds from return of office workers and increase
in tourist arrivals
•Retailers are now positioning to take advantage of
upcoming completions of new demand drivers
including the City Rail Link, resulting in increased leasing
activities and vacancy rate falling to 7.3% according to
JLL research (Jun-22: 8.6%)
Auckland Hotel Room Rates as % of pre-pandemic levels
Source: CBRE, STR Global
0%
3%
6%
9%
12%
15%
18%
-10,000
-5,000
0
5,000
10,000
15,000
20,000
Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23
6
-
monthly net abssorption (sqm)
Auckland retail net absorption vs. vacancy rates (source: JLL)
CBD net absorptionSuburban net absorption
CBD vacancy (RHS)Suburban vacancy (RHS)
Hotel
•International flight capacity and visitor arrivals continue
to gradually recover with arrivals now only 31% below
the pre-pandemic peak per CBRE analysis
•Room night demand have largely recovered to peak
levels however occupancy rates remain below peak
due to new supply added since 2019 (albeit high
development costs will impede additional new supply)
•Room rates have benefited from recovering travel
demand and are tracking over 20% above pre-
pandemic levels per CBRE analysis

FY23 ANNUAL RESULTS -PAGE 39
Disclaimer
The information and opinions in this presentation were prepared by Precinct Properties New Zealand
Limited or one of its subsidiaries (Precinct).
Precinct makes no representation or warranty as to the accuracy or completeness of the information
in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of
Precinct as at the date of this presentation and are subject to change without notice. Such opinions
are not guarantees or predictions of future performance, and involve known and unknown risks,
uncertainties and other factors, many of which are beyond Precinct’s control, and which may cause
actual results to differ materially from those expressed in this presentation.
Precinct undertakes no obligation to update any information or opinions whether as a result of new
information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Precinct and any recipient of this
presentation.
Neither Precinct, nor any of its Board members, officers, employees, advisers or other representatives
will be liable (in contract or tort, including negligence, or otherwise) for any direct or indirect damage,
loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other
person in connection with this presentation.

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearXQuarterly
Half yearSpecial
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
23/08/2023
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 be withheld.
$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
8/09/2023
7/09/2023
22/09/2023
$26,569,892

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023

Results for announcement to the market
Name of issuer Precinct Properties and Precinct Properties Investment Ltd
Reporting Period 12 months to 30 June 2023
Previous Reporting Period 12 months to 30 June 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$218,900 9.3%
Total Revenue $218,900 9.3%
Net profit/(loss) from
continuing operations
-$147,500 -235.6%
Total net profit/(loss) -$147,500 -235.6%
Final Dividend
Amount per Quoted Equity
Security
$0.01675
Imputed amount per Quoted
Equity Security
$0.000
Record Date 8 September 2023
Dividend Payment Date 22 September 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.38 $1.54
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement is extracted from PCT’s audited annual
financial statements as at and for the year ended 30 June 2023.
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Hilder
Contact person for this
announcement
Steph How
Contact phone number 021 1118898
Contact email address hello@precinct.co.nz
Date of release through MAP

23/08/2023

Audited financial statements accompany this announcement.

---

1
Delivering on
strategy
ANNUAL REPORT 2023

04
Advancing our
strategy.
06
2023 highlights.
07
2023 summary.
08
Our strategy
10
Chair's report.
12
Management
report.
14
Our markets.
16
Results overview.
21
Sustainability
report.
41
Board of
directors.
42
Executive team.
44
5 year summary.
46
GRI content
index.
49
Corporate
governance.
59
Investor
information.
67
Remuneration
report.
76
The numbers.
109
Directory.
Cover page image: One Queen Street, Commercial Bay, Auckland.
More information can be found at www.precinct.co.nz
All portfolio metrics are as at 30 June 2023 and reflect
Precinct's direct ownership in assets and exclude
PPILP and BILP assets, unless otherwise stated.

Successfully extended our real
estate offering, supporting Precinct
to achieve its growth aspirations and
create long-term sustainable value.

04
Advancing our strategy.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Advancing our strategy.
04
PRECINCT PROPERTIES NEW ZEALAND LIMITED

05
Advancing our strategy.
ANNUAL REPORT 2023
Advancing our strategy.
05
ANNUAL REPORT 2023
As we continue to work with
our partners and consider
future opportunities, the active
management of Precinct’s
high-quality portfolio is
supporting both the evolution
and execution of our strategy.
The 2023 financial year has seen Precinct
successfully advance a number of
transactions which has further reinforced the
quality of our business and the leading
position we hold in our markets.
Post balance date, on 1 July 2023, Precinct
effected a restructuring to create a stapled
group structure. A stapled structure,
combined with strategy execution, is
expected to provide significant long-term
benefits to Precinct and its investors.
$1.8
B
capital partnerships established.
99.92%
of votes received in favour of the special resolution to
move to a stapled company structure.

06
2023 highlights.
2023 highlights.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
GRESB
score
82/100
Global Real Estate Sustainability Benchmark
(GRESB) score above the global average of 74.
Precinct maintained a public disclosure level ‘A’ .
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.
99%
Portfolio occupancy
At 30 June 2023
$102.1M
Operating income before income tax
For the 12 months ended 30 June 2023
$130.2M
Net property income
For the 12 months ended 30 June 2023

07
2023 summary.
2023 summary.
ANNUAL REPORT 2023
Operational
excellence
• Dividend of 6.70 cps paid to shareholders
• 99% portfolio occupancy and WALT of 6.0 years
• Over 53,000 square metres of leasing secured
• Global Real Estate Sustainability Benchmark (GRESB)
score of 82 (global average 74)
• Became a signatory to the World Green Building
Council Net Zero Carbon Buildings Commitment
• Toitū carbonzero certification validated
Our
people
and
partners
• Established Precinct Pacific Investment Limited
Partnership (PPILP) with Singaporean sovereign wealth
fund GIC
• Advanced growth with Wynyard Quarter Stage 3
development sold to PPILP
• Established Bowen Investment Limited Partnership
(BILP) with global private investment firm, PAG
• Residential development business established with
Lamont & Co.
• Continue to support community wellbeing and vitality
• Client and staff surveys completed
• Registered with the NZ Parental Leave Register
Paul Singleton, National Operations
Manager
Developing
the future
• Committed to 117 Pakenham Street in Auckland
• Unconditional agreement to acquire 61 Molesworth
Street development in Wellington
• Successfully completed 40 & 44 Bowen Street in
Wellington
• Selected as the preferred development partner for
the Downtown Carpark in Auckland
• Continue to off-set embodied carbon at
development projects through carbon credits

08
Our strategy
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Our
Strategy
Precinct is a central city real estate investment
business. We invest in high quality strategically
located real estate with a focus on sustainability.
Our core strategy is well established with the
portfolio developed by Precinct over the past 10
years.
Principles of Success
• Focusing on concentrated ownership in strategic
locations
• Maintain and grow occupier relationships
• Investing in quality, both in assets and environments
• Maintain a long-term view
• Leveraging Precinct’s people and its platform to
attract third party capital
• Identify, cultivate, and maintain strong long term
capital partnerships
Strategy continues to evolve as value-add
opportunities are explored and executed
As we continue to work with our partners and consider
future opportunities, the active management of
Precinct’s high-quality portfolio is supporting both the
evolution and execution of our strategy.
Successful execution:
• Established Precinct Pacific Investment Limited
Partnership (PPILP) with Singaporean sovereign wealth
fund GIC
• Advanced growth with Wynyard Quarter Stage 3
development sold to PPILP
• Established Bowen Investment Limited Partnership
(BILP) with global private investment firm, PAG
• Residential development business established with
Lamont & Co.
• Selected as the preferred development partner for
the Downtown Carpark site in Auckland
• Received shareholder approval to move to a stapled
structure, supporting our strategic direction to allow
flexibility for Precinct to continue to execute its
strategy whilst retaining Portfolio Investment Entity (PIE)
status.

09
Our strategy
ANNUAL REPORT 2023

10
Chair's report.
Chair's report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Craig Stobo, Independent Director and
Chair
On behalf of the Board and
management team, we are
pleased to present Precinct’s
2023 Annual Report.
We are pleased to have
advanced our strategy in the
period and extended our
capital partnerships.
FY23 performance
Precinct's 2023 financial year result has been underpinned by strong leasing momentum and market rental growth during the year. This
has resulted in net property income of $130.2 million achieved for the year and contributed to net operating income before tax of
$102.1 million, up 7.1% on the previous year (June 2022: $95.3 million).
Total comprehensive income after tax was ($147.5) million compared to $108.8 million in the previous year with the movement largely
attributable to the annual revaluation which recorded a $257.1 million devaluation in FY23.
Adjusted funds from operations (AFFO) is 6.69 cents per share (cps). Our full-year dividend to shareholders is 6.70 cps.
Stapled company structure
As previously announced in our interim results earlier this year, we had been considering the option of moving to a stapled structure for
some time. Given Precinct’s strategic direction, future participation in a wider set of opportunities and growth in our capital
partnerships, a stapled structure ensures the most robust company structure to allow flexibility for Precinct to continue to execute its
strategy whilst retaining Portfolio Investment Entity (PIE) status.
Precinct held a special shareholder meeting on 11 May 2023 to consider moving to a stapled company structure. Voting was
conducted by poll and shareholders passed the special resolution with 99.92% of votes received in favour.
Following the special meeting of shareholders of Precinct, Board approval was given in June 2023 by each of Precinct Properties New
Zealand Limited and Precinct Properties Investments Limited for Precinct to move to a stapled structure. The Board and management
of Precinct believe a stapled structure, combined with strategy execution, is expected to provide significant long-term benefits to
Precinct and its investors.
The effective date of Stapling was 1 July 2023 and the Stapled Securities commenced trading on the NZX Main Board on 3 July 2023.
Supporting strategic growth
As announced with our annual results, we are considering making an offer between $150-$200 million of subordinated convertible
notes. Precinct continues to focus on an active capital management strategy. Post issue, the proceeds of the offer (net of issue costs)
will be used to repay existing bank debt and for general corporate purposes and is expected to reduce Precinct’s gearing, as
measured under borrower covenant, which disregards subordinated debt. This places Precinct's balance sheet in a strong position to
enable the business to execute on strategy and future opportunities while also diversifying its funding sources.

11
Chair's report.
ANNUAL REPORT 2023
Sustainability – ESG responses
Sustainable development is an imperative for New Zealand and
remains central to Precinct's business. Our ability to operate
depends on the availability of resilient natural and social
capitals, and our business benefits when it contributes to the
maintenance and growth of those capitals. Our ESG strategy
focusses on how we can reduce our material negative impacts
and scale our positive impacts in a way that creates long-term
value for Precinct. During the year, Precinct is proud to have
become a signatory to the World Green Building Council Net
Zero Carbon Buildings Commitment. This commitment is to
minimise total emissions, both operational and embodied, over
an asset lifecycle. Precinct has offset emissions relating to
construction for several years now, however this commitment
goes further and will see the business focus on more sustainable
design and products to minimise upfront emissions by 2030.
Since 2021, Precinct has reported climate-related financial
disclosures that align with the recommendations of the Taskforce
on Climate-Related Financial Disclosures (TCFD). This year, in
addition to including our impacts on people and planet and
how we are managing those impacts, Precinct has prepared
interim climate-related disclosures, which supports transparency
towards compliance with the External Reporting Board's (XRB)
Aotearoa New Zealand Climate Standards in FY24. Precinct will
apply the full CS 1 standard in its FY24 Annual Report.
Our overarching measure of Precinct’s ESG performance
continues to be the Global Real Estate Sustainability Benchmark
(GRESB) which remains a global standard for ESG benchmarking
and reporting for real estate entities. During the period, we
received a 2022 GRESB score of 82, above the current global
average of 74. Precinct also maintained a public disclosure level
of ‘A’ demonstrating the high level of ESG public disclosures we
make. We are also pleased to report Precinct improved its MSCI
ESG Ratings to ‘A’ from ‘BBB’.
In line with our broader sustainability objectives, Precinct actively
seeks to engage and collaborate with suppliers who share our
commitment and approach to conducting business. We expect
our suppliers to be transparent about their social, environmental
and economic sustainability practices and to actively
participate in Precinct’s sustainability initiatives. Precinct has
recently published a Supplier Code of Conduct which supports
our commitment to advance social and environmental
responsibility beyond our own operations to our supply chain. We
continue to take a proactive approach and expect Precinct
Suppliers to meet the minimum standards defined by this Code
and comply fully with all applicable laws and regulations when
providing goods or services to Precinct. Suppliers must make any
subcontractors they employ aware of Precinct’s Supplier Code
of Conduct. It should be read together with Precinct’s
commitments in respect of Health & Safety, Diversity & Inclusion,
Sustainability, Modern Slavery and Mental Health and Wellbeing,
all of which can be found on Precinct’s website.
Precinct’s 2023 Annual Report has been
prepared in accordance with GRI Standards
for sustainability reporting.
Over the last 12 months, Precinct has
continued to advance several ESG initiatives
and we welcome you to read our
Sustainability Report which includes Precinct's
interim climate-related disclosures on pages
21 to 39.
Board changes
We are delighted to have announced in February this year that
Anne Urlwin will replace me 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 have considered 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.
We have also commenced a recruitment process during the
year for a new Independent Director as part of the Board’s
succession planning to ensure a strong and stable governance
regime is maintained. We expect to be in a position to propose
the new Independent Director for election by shareholders at
the Annual Shareholder Meeting (ASM) in November and look
forward to introducing the Future Director to shareholders at that
meeting.
Dividend guidance
The quality of our real estate is enabling our business to grow and
create further value for our shareholders and capital partners.
The Board expects Precinct’s dividend for the 2024 financial year
to be 6.75 cps in total cash dividends to be paid to shareholders.
As this will be my last annual report as Chair of Precinct, I would
like to take the opportunity to personally and sincerely thank
you, our shareholders for your ongoing support. It has truly been
a pleasure to be Chair of the Precinct Board over the years and I
am confident Anne will continue to contribute to the success of
Precinct well into the future.
On behalf of the Precinct Board, management and Precinct
team, we again thank you for your continued investment in
Precinct.
Craig Stobo, Independent Director and Chair

12
Management report.
Management report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
From left to right: George Crawford (Deputy
CEO), Scott Pritchard (CEO) and Richard
Hilder (CFO).
The opportunity to partner with direct investors on our assets and
on our projects is exciting and allows Precinct the opportunity to
participate in a wider set of opportunities.
During the year, we are pleased to have advanced Precinct’s partnership with Singaporean sovereign wealth fund GIC with the sale
of the Wynyard Quarter Stage 3 development project to Precinct Pacific Investment Limited Partnership (PPILP). Agreeing a new
investment partnership with global private investment firm, PAG has been another key transaction during the 2023 financial year. These
investment partnerships continue to demonstrate the strong demand for joint investment into our high-quality assets and large-scale
development projects. Announcing the establishment of Precinct’s residential platform in partnership with Lamont & Co. is another
transaction which has extended our real estate offering and is supporting Precinct’s core strategy focused on mixed-use precincts. This
platform is a joint venture which has complemented the overall strategic direction of our business and represents a natural extension
for Precinct.
Post balance date, Precinct announced it has formed a joint venture with Ngāti Whātua Ōrākei, to invest in the regeneration of the Te
Tōangaroa precinct in the Tāmaki Makaurau city centre. Precinct’s investment will be in partnership with global private investor, PAG.
The Te Tōangaroa portfolio comprises two low-rise commercial buildings situated at 8 Tangihua Street and 30 Mahuhu Crescent,
totalling approximately 22,000 square metres.

13
Management report.
ANNUAL REPORT 2023
Development projects update
Auckland
Wynyard Quarter Stage 3
Secured a 12-year lease from Beca at Wynyard Stage 3 over
14,000 square metres which, together with Generator’s
commitment to over 1,800 square metres, increases
precommitment to 74% and resulted in the commitment to 117
Pakenham, the last remaining building.
Excavation is now complete and structural steel erection
underway. Completion is expected in 2025.
On completion of Wynyard Quarter Stage 3 Precinct will
continue to manage the properties under the terms of an
investment management agreement with GIC and has a 24.9%
ownership interest.
Deloitte Centre (One Queen Street)
Deloitte Centre at One Queen Street continues to advance
construction and remains on track to complete in late 2023. The
project is currently 92% pre-committed.
Downtown Carpark project
During the year, Precinct was selected as the preferred
development partner for the Downtown Carpark. We have
made significant progress in negotiating the development
agreement with Eke Panuku Development Auckland, with
discussions nearing completion.
Wellington
Bowen Campus Stage Two
Successfully completed 40 and 44 Bowen Street. Following further
leasing in the period, Stage Two is now 98% leased across both
buildings.
Post balance date, 40 and 44 Bowen Street were sold to a
capital partnership with PAG. Precinct is the investment manager
of the joint investment partnership with PAG and holds a 20%
ownership interest.
Bowen House
Completed strengthening works at Bowen House.
61 Molesworth Street
Secured the 61 Molesworth Street development opportunity, with
works commenced during the period for a new 24,000 square
metre office which is fully pre-leased.
Willis Lane
Post balance date, Willis Lane officially opened in July 2023 with
over 40,000 visitors going through in the opening week. Willis
Lane is located in the underground heart of Wellington’s Golden
Mile. Constructed beneath the iconic AON Centre tower, Willis
Lane is set to be a premier dining and entertainment precinct
occupying a network of tunnels and walkways in Wellington's city
centre.
Outlook
The 2023 financial year has seen Precinct successfully advance a
number of transactions which has further reinforced the quality
of our business and the leading position we hold in the markets
that we operate in.
Our core portfolio continues to perform well with occupancy at
99% and the evident rental growth our assets are achieving.
Receiving both shareholder and Board approvals to move to a
stapled structure earlier this year demonstrates the support for
Precinct to continue to execute its long-term strategy.
As a business, we continue to leverage our learnings over the
past several years. We are focused on ensuring that the spaces
we create have a lasting impact on our society, communities
and how people interact.
There remains considerable uncertainty in regards to the New
Zealand and global economy. Higher inflation and rising interest
costs will place further pressure on valuations. Despite these
concerns, the prime grade office occupier market remains
strong with workers now back to the office and businesses
seeking higher quality premises.
On behalf of Precinct's Management team, we would like to
again thank our outgoing Chair Craig Stobo for the significant
contribution he has made to Precinct during the time he has
served on the Precinct Board. Craig has been instrumental in the
direction of the business. He led the corporatisation in 2010 and
internalisation of our management function for the business in
2021 allowing growth in our capital partnerships, and advocated
for Precinct's support of the Auckland City Mission's
HomeGround. We wish Craig all the very best.
Precinct’s active approach to asset management and capital
management, as well as its focus on capital partnerships is
expected to support its AFFO forecast.
Scott Pritchard,
CEO
George Crawford,
Deputy CEO
Richard Hilder,
CFO

14
Our markets.
Our markets.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Auckland city centre
The Auckland city centre office market continues to perform well, despite recent economic headwinds, with a number of large
corporates committing to their long-term accommodation plans. The flight-to-quality thematic continues to be a dominant force in the
occupier market and continues to accelerate resulting in a further widening of the prime-secondary spread.
According to JLL Research, prime grade assets recorded 19,233 square metres of positive net absorption for the twelve months ended
30 June 2023 compared to -3,822 square metres of negative net absorption observed for secondary grade assets over the same
period. Over the period, prime vacancy decreased by 244 bps to 4.2% as at June 2023 (June 2022: 6.6%) while secondary vacancy
increased 227 bps to 18.8% (June 2022: 16.6%). Location remains a key focus for occupiers, with vacancies unevenly spread throughout
the city and well-located assets on the waterfront enjoying above average occupancy rates with the prime vacancy rate for
Commercial Bay and Britomart waterfront assets analysed to average approximately 1.8% (June 2022: 2.2%) compared to the 4.2%
market average. Competition for prime grade stock also translated to strong rental performance, with prime grade assets
experiencing average net effective rental growth of 6.3% during the last twelve months (June 2022: 3.3%).
Looking ahead, while economic conditions may impact both vacancies and rental growth over the near term, quality is expected to
continue to outperform as occupiers focus on talent attraction and enhanced productivity provided by ‘work-from-work’ from
premium workspaces, and as new premium grade stock complete over the next twelve months we expect to see a lifting in the ceiling
for market rentals.
1.8% Auckland waterfront prime office vacancy
compared to market prime office vacancy of 4.2%

15
Our markets.
ANNUAL REPORT 2023
Wellington city centre
The Wellington city centre office market has been one of the best-performing CBD office markets in New Zealand and Australia with
strong demand, underpinned by the government sector and bolstered by corporate occupiers seeking higher quality space, generally
outpacing available prime grade stock. Traditionally a key influence in the market has been central and local Government agencies
remaining active as evidenced by MFAT's commitment to the 61 Molesworth Street development on a long term lease.
Office supply received a significant boost in 2023 with the completion of several major projects and refurbishments delivering
approximately 32,942 square metres of prime grade stock into the market for the 12 months ended 30 June 2023 according to data
from JLL Research. While high levels of leasing pre-commitment resulted in strong net absorption of 21,375 square metres over the
period, the additional supply and resultant backfill and uncommitted space have resulted in an uplift in prime vacancy to 4.0% as at
June 2023 (June 2022: 1.3%). The recent uplift in prime vacancy is anticipated to be short lived with continued stock withdrawals, due
to seismic and functional obsolescence, limited new supply and flight-to-quality supporting low prime vacancy rates over the medium
term.
Tight market conditions and introduction of new premium and A Grade supply amidst an inflationary environment have led to rentals
rising throughout the market. According to JLL Research, average prime gross effective rentals increased 0.7% per annum over the
past twelve months (June 2022: 2.9%) albeit we have observed much stronger re-leasing spreads and market rental uplift within our
portfolio due to its modernity and quality.
+21,375 sqm Wellington prime grade assets net absorption
compared to -32,490 sqm Wellington secondary grade assets net absorption

16
Results overview.
Results overview.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
FY23 results
Precinct’s business has continued to perform well during the 2023
financial year. The core office portfolio has again delivered a
strong result reflecting the demand for well-located, high quality
office space in both the Auckland and Wellington markets.
Operating income before indirect expenses was $141.0 million,
up 9.0% on the previous year (June 2022: $129.4 million). While
indirect expenses increased by $10.2 million to $44.3 million (June
2022: $34.1 million) largely due to higher interest expenses as a
result of rising interest rates, net operating income before tax was
up 7.1% on the previous year to $102.1 million (June 2022:
$95.3 million). Net property income was $130.2 million (June 2022:
$124.6 million). On a like for like basis, net property income was
up 4.1% for the Auckland assets and 0.6% for the Wellington
assets.
While Precinct recorded a net loss after tax of $153.1 million
(June 2022: $110.0 profit), the result is due to an unrealised net
revaluation loss of $257.1 million (June 2022: $19.4 million
gain). More importantly, however, is Precinct’s Adjusted Funds
from Operations (AFFO) which adjusts for unrealised valuation
movements and other non-cash items. Precinct’s AFFO for the
2023 financial year was $106.1 million (June 2022: $101.5 million)
or 6.69 cents per share, representing a year on year increase of
2.8%. Full year dividends paid to shareholders and attributed to
the 2023 financial year totalled 6.70 cents per share.
As noted above, Precinct’s annual revaluation recorded a
devaluation of $257.1 million (2022: $19.4 million gain), equating
to a 7.1% decrease on the year end book values for the
investment portfolio. The decrease across the property portfolio
was mainly attributable to an expansion in capitalisation rates.
On a like-for-like basis, Auckland asset valuations decreased by
8.8% while Wellington assets decreased by 6.3.% (excluding
developments and assets held for sale).
Precinct’s weighted average market capitalisation rate has
softened on a like-for-like basis from 4.9% to 5.6% over the past
twelve months.
However, while property valuations are being impacted by
expanding capitalisation rates, Precinct continues to observe
significant demand for its assets. Precinct’s portfolio is benefiting
from strong market rental growth being achieved across our
leasing transactions which has partially offset the impact of the
capitalisation rate expansion on our asset valuations during the
period.
As at 30 June 2023, Precinct’s portfolio, including assets held for
sale, totalled $3.4 billion (30 June 2022: $3.7 billion). Precinct's net
tangible asset (NTA) per share is $1.38 at the balance date
(30 June 2022: $1.54).
Reconciliation of adjusted funds from operations
(Amounts in $ millions)20232022
Operating income before indirect
expenses
141.0
129.4
Management fee income
1
5.4
-
Indirect expenses
(44.3)
(34.1)
Operating income before income tax102.195.3
Current tax expense
5.2
7.0
Operating profit after tax107.3102.3
Non operating income / (expenses)
(266.8)
34.0
Deferred tax and depreciation recovered
on sale
6.4
(26.3)
Net profit / (loss) after taxation attributable
to equity holders
(153.1)110.0
Operating profit after tax adjusted for
IFRS 16 rent expense
(8.9)
(7.6)
Share of (loss)/profit in equity-accounted
investments
(2.0)
Unrealised (gains)/losses on JV - Property
Revaluations
3.2
-
Tax on revenue account property sales
0.5
-
One-off project costs
0.8
0.7
Share-based payments scheme
1.4
1.2
Amortisations
13.7
14.7
Straightline rents
(2.0)
(3.8)
FFO114.0107.5
Maintenance capex
(3.3)
(2.3)
Incentives and leasing costs
(4.6)
(3.7)
AFFO106.1101.5
Note: AFFO is an alternative performance measure which adjust net profit after
tax for a number of cash and non-cash items as detailed in the reconciliation
above. Precinct has transitioned to a dividend policy based on AFFO. AFFO is an
alternative performance measure provided to assist investors in assessing
Precinct’s performance for the year.
1 Management fee income is fees generated through the provision of
investment and development management services to other entities.

17
Results overview.
ANNUAL REPORT 2023
Adjusted Funds from Operations (AFFO)
FFO and AFFO are measures used by real estate entities
to describe the underlying performance from their
operations. Aligning dividends with AFFO is generally
considered to be best practice for real estate entities.
FFO and AFFO are defined in more detail on page 45.
FFO for the year increased to $114.0 million (June 2022:
$107.5 million) or 7.19 cps. AFFO for the year was
$106.1 million (June 2022: $101.5 million), or 6.69 cps.
PRECINCT'S AFFO PAYOUT RATIO OVER THE
PAST 5 YEARS HAS AVERAGED 101%.
Key financial information
(Amounts in $ millions unless otherwise stated)20232022Change (%)
Rental revenue
218.9
200.39.3
Funds from operations (FFO)
114.0
107.56.0
Adjusted funds from operations (AFFO)
1
106.1
101.54.5
Total comprehensive income after tax attributable to equity holders
(147.5)
108.8(235.6 )
Funds from operations (FFO) (cents per share)
7.19
6.894.4
Adjusted funds from operations (AFFO) (cents per share)
6.69
6.512.8
Gross distribution (cents per share)
2
6.70
6.700.0
Net distribution (cents per share)
2
6.70
6.700.0
AFFO Payout ratio (%)
100.1
102.9(2.7 )
Total assets
3,642.8
3,839.2(5.1 )
Total liabilities
1,459.7
1,403.74.0
Total equity
2,183.1
2,435.5(10.4 )
Shares on issue (million shares)
1,585.9
1,585.40.0
NTA (cents per share)
138
154(10.4 )
NAV (cents per share)
138
154(10.4 )
Gearing ratio at balance date (%)
3
38.0
34.310.8
The information set out above has been extracted from the financial statements set out on pages 78 to 105.
1 AFFO is an alternative performance measure which adjusts net profit after tax for a number of non-cash items. This alternative performance measure is provided to
assist investors in assessing Precinct's performance for the year.
2 Dividend paid and proposed relating to financial year.
3 For loan covenant purposes deferred tax losses, fair value of swaps and subordinated debt are not included in the calculation of gearing ratio.

18
Results overview.
Results overview. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Capital management
Significant business activity during the year has led to further
balance sheet repositioning. During the period, Precinct has
settled $680 million of asset sales, including 40 and 44 Bowen
Street (post balance date). Net proceeds were used to repay
bank debt, noting Precinct has retained a cornerstone interest in
all the disposed assets together with its capital partners.
At balance date Precinct’s total borrowings was $1,246.7 million
which is consistent with the prior period (30 June 2022:
$1,246.7 million). Precinct's gearing as measured under borrower
covenants, is 38.0% (30 June 2022: 34.3%). Following the post
balance date settlement of 40 and 44 Bowen Street, Precinct’s
total borrowings reduce to approximately $1,067 million and
gearing as measured under borrower covenants reduces to
34.9%.
Overall, Precinct is in a strong liquidity position and remains within
its borrowing covenants with total debt facilities of around
$1.4 billion at 30 June 2023. Precinct was 72% hedged through
the use of interest rate swaps at 30 June 2023 (June 2022: 64%).
Following settlement of 40 & 44 Bowen Street and repayment of
bank debt, hedging increases to 85%. The weighted average
interest rate including all fees was 5.6% at 30 June 2023 (30 June
2022: 4.0%).
Artist's impression of One Queen Street, Auckland
Artist's impression of 61 Molesworths Street, Wellington
Precinct continues to focus on
an active capital
management strategy. The
transactions completed during
the year have led to further
successful balance sheet
repositioning for our business.
R I C H A R D H I L D E R , C F O
Capital management metrics
20232022
Debt drawn ($ millions)
1
1,247
1,247
Gearing - banking covenant (%)
38.0
34.3
Weighted average term to expiry (years)
3.5
4.0
Weighted average debt cost (incl fees) (%)
5.6
4.0
Percentage of debt hedged (%)
72.2
64.2
Weighted average hedging (years)
2.6
3.5
Interest coverage ratio
1.9
2.5
Total debt facilities ($ millions)
1,386
1,623
1 Excludes the USPP note fair value adjustment of $16.9 million (June 2022:
$35.9 million). Interest bearing liabilities are detailed in Note 19 of the Financial
Statements.
Precinct continues to focus on an active capital management
strategy. Post balance date, we are considering making an offer
between $150-$200 million of subordinated convertible notes.
Post issue, the proceeds of the offer (net of issue costs) will be
used to repay existing bank debt and for general corporate
purposes and is expected to reduce Precinct’s gearing, as
measured under borrower covenant, which disregards
subordinated debt.

19
Results overview.
ANNUAL REPORT 2023
Operational update
At balance date, Precinct's portfolio achieved an overall
portfolio occupancy of 99% (June 2022: 99%) and a WALT of 6.0
years (June 2022: 7.1 years).
In total, 66 leasing transactions were completed across 53,123
square metres of space. This includes welcoming several new
clients to our portfolio as well as retaining a number of existing
clients. Rentals achieved on new office leases were on average
10.4% higher than valuation rents at 30 June 2022. In Auckland,
key leasing includes a nine year lease to Oceania Healthcare
over level 26 of the HSBC Tower and a six year lease to Wotton +
Kearney over level eight of the Jarden House. Across the
Wellington portfolio, significant leasing has also been secured,
including a new nine year lease with Russell McVeagh over three
floors at the NTT Tower, and a nine year lease with the Climate
Change Commission over level 21 of the AON Centre.
Including structured rent reviews, Precinct completed a total of
151,342 square metres of reviews at a 5.1% premium to previous
contract rental. There were 26,381 square metres of market rent
reviews which were settled at a 7.0% premium to 30 June 2022
valuation rentals. At 30 June 2023 Precinct's portfolio is under-
rented by 10.6% (June 2022: 6.3% under-rented).
FY24 key leasing events
Fixed review
Market review
Expiry
CPI
No event
Lease expiry profile by contracted revenue
Financial year
% of net lettable area
WellingtonAuckland
Vacant
24
25
26
27
28
> 28
0
20
40
60
80
Operational metrics
20232022
Precinct
Occupancy (%)
99
99
WALT (years)
6.0
7.1
NLA (sqm)
223,021
268,102
Under-renting (%)
10.6
6.3
Leasing (sqm)
53,123
34,600
Rent reviews settled (sqm)
151,342
183,973
Generator
Occupancy (%)
74
77
Members
1,729
1,734
Sites
10
9
40 and 44 Bowen Street, Wellington

20
Sustainability report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

21
Sustainability report.
Sustainability report.
ANNUAL REPORT 2023
Message from the ESG Committee
Nicola Greer, Independent Director and
Chair of Precinct ESG Committee
This report has been prepared in accordance with the
GRI Standards for sustainability reporting.
Dear Shareholders,
On behalf of the ESG Committee, I am pleased to present you
with Precinct’s Sustainability Report for the financial year ended
30 June 2023. This Report has two sections: an overview of
sustainability at Precinct, including our impacts on people and
planet and how we are managing those impacts; and, our
interim climate-related disclosures, which supports transparency
towards compliance with the Aotearoa New Zealand Climate
Standards (NZ CS1) in FY24.
In FY22, with the support of an independent consultant, we
comprehensively reviewed Precinct’s significant impacts on
people and planet. The resulting material topics were re-
validated internally this year and are presented on the following
page. In FY23 we have focussed our attention on progressing
strategies to reduce our negative impacts and scale positive
impacts informed by our material topics. In particular, climate
change. In August 2022, Precinct became a signatory to the
World Green Building Council Net Zero Carbon Buildings
Commitment. This commitment will see us achieve net-zero
carbon emissions for all buildings under our direct operational
control by 2030. Precinct has offset construction-related
emissions for several years now and will continue to procure high
quality verified offsets to help us meet our net-zero targets.
However, we acknowledge that the priority must be on
decarbonising our activities through the sustainable design of
buildings, products, processes and supply chains.
In line with this, we are now targeting a minimum 4-Star base
build NABERSNZ rating for 100% of buildings we directly own.
During the year, the Sustainability Committee and wider Precinct
team progressed a number of key initiatives supporting planned
preventative maintenance. This included an identification of
plant and equipment that will need to be replaced or
upgraded, such as natural gas powered appliances where the
electrical capacity on site supports electrification, or inefficient
HVAC systems or those that use refrigerant gases with a very high
global warming potential. Precinct will continue to certify the
energy performance of all our buildings through NABERSNZ and
verify and disclose our carbon emissions across our investment
portfolio.
Preparing Precinct for compliance with NZ CS1 has also been a
key focus for the ESG Committee over the last 12 months.
Precinct has reported on a voluntary basis against the
recommendations of the Taskforce on Climate-related Financial
Disclosures (TCFD) for the last three years. While NZ CS1 is
founded upon the TCFD recommendations, we are not viewing
the disclosure requirements as a pure compliance exercise.
Rather, we are focused on building our internal capabilities to
better understand the resilience of our business model and
strategy to navigate physical and transitional risks and
opportunities from climate change.
At the core of strategic planning for climate change is scenario
analysis, which is being led at the sectoral level for the property
and construction industry by the New Zealand Green Building
Council (NZGBC). Alongside a number of our industry peers,
Precinct collaborated with the NZGBC to develop three
potential scenarios upon which sector participants can develop
their own strategies using a consistent methodology. We have
also engaged independent advisors to support us with the
technical assessments required to increase our understanding of
climate-related risk exposure.
In this report we have disclosed our interim climate-related
disclosures, which build upon our TCFD reporting and prepare us
for compliance with NZ CS1 in FY24.
Beyond managing our impacts on climate change and
developing strategies for adapting to climate change, we
continue to reflect on how the design and functioning of our
buildings and spaces can foster community vitality; how we can
integrate the principles of a circular economy into our processes
to mitigate natural resource depletion and waste; how our
activities can generate positive economic outcomes for our
stakeholders; and how the wellbeing of people in our value
chain can be promoted.
Nicola Greer
Independent Director and Chair of the ESG Committee

22
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Sustainability at Precinct.
The following section provides an overview of each of Precinct's
material topics.
Our sustainability frameworkPrecinct's material topics
1
1 Precinct’s material topics remain unchanged since 2022, as validated by a desktop review and meeting the requirements of the GRI Standards. The analysis
considered a wide array of information sources, including the opinion of our key stakeholders. We continue to monitor those topics under Precinct’s reporting
threshold, in particular biodiversity loss in relation to depletion of natural resources.
How we determine our material topics
1.
Review our sustainability context
Recognise our value chain and consider: the full range of activities associated with our business model; the various relationships we
have with businesses, government agencies, NGOs, communities, cultural groups and workers; the economic, environmental and
societal challenges related to our sector and locations of operation; and, the domestic and international standards and the
intergovernmental instruments linked to our sector.
2.
Identify actual and potential impacts on the economy, environment and people
Actual and potential impacts are identified in several ways: through intermittent informal discussions, group meetings and surveys
with relevant stakeholder groups; through our own internal assessments of our activities; with guidance from sector-based impact
reports, standards and articles; and, through engagement with subject matter experts.
3.
Assess the significance of impacts
Using information obtained in step 2, the relative significance is determined by evaluating the gravity of the impact (the scale), how
widespread it is (the scope), and how hard it is counteract the harm (irremediable character). This process is typically facilitated by
an independent sustainability consultant.
4.
Prioritise the most significant impacts for reporting
Based on mostly qualitative analysis, numeric values are used to rank the relative significance of impacts, which are grouped into
topics. A reporting threshold is set by considering the needs of information users and other stakeholders.

23
Sustainability report.
ANNUAL REPORT 2023
Material topicHow Precinct impacts people and planetHow we are responding to our impacts on people and planet
Climate
change
• Contributes to climate change through
embodied carbon (CO
2
emissions from
developing a building) and operational
carbon (CO
2
emissions from running a
building).
• WGBC Net Zero Carbon Buildings Commitment including 100% of
the directly owned Portfolio targeting a minimum 4 star NABERSNZ
Certified Rating.
• Incorporating sustainable design across our portfolio and into
building developments, where feasible.
• Offsetting carbon through high quality verified offset units.
• Matching our annual electricity consumption with certified 100%
renewable energy generated by Meridian Energy.
Partnerships
and
community
wellbeing and
vitality
• Helps to create desirable conditions for
community and business interaction.
• Contributes to city-centre cultural vibrancy.
• Strengthens city-centre communities.
• Maintaining and developing high-quality space supporting
initiatives that facilitate community, wellbeing and vitality.
• Supporting community projects through sponsorships, financial
and in-kind donations.
• Partnering with Mana Whenua, local and central government,
and council-controlled organisations.
• Dedicated personnel employed to foster health & wellbeing
within key precincts.
Depletion of
natural
resources and
contribution to
waste
• Procurement of non-renewable raw
materials and finished goods via local and
international supply chains.
• Disposing of materials and goods to landfill.
• Evaluating procurement against sustainability-related criteria.
• Developing waste management infrastructure and systems that
increase material recycling and re-use.
• Reuse of existing structure for new development projects, where
feasible.
Economic
activity and
opportunity
• Helps to create local jobs and contribution
to GDP.
• Generating financial wealth through returns
on investment.
• Fostering and maintaining good governance and ethical business
practices.
• Sustainable financing.
• Sustainable Procurement Framework.
Client, worker
and staff
wellbeing
• Contributes to good health and wellbeing
of people in the immediate value chain.
• Providing modern and high-quality physical spaces that support
and improve people’s wellness, health and safety.
• Fostering diversity through internal policies and practices.
WGBC NET ZERO
CARBON
BUILDINGS
COMMITMENT
Becoming a signatory to the Net Zero Carbon Buildings
Commitment.
Read more: https://www.worldgbc.org/thecommitment
PARTNERING
WITH MERIDIAN
In addition to our energy efficiency target of minimum 4
star NABERSNZ Certified Ratings, Precinct has partnered
with our electricity supplier, Meridian Energy, to purchase
and retire renewable energy certificates for every mega
watt hour consumed through our Portfolio. By matching
our annual electricity consumption with certified 100%
renewable energy generated by Meridian Energy,
Precinct is contributing to the demand for renewable
energy within the grid by ensuring like for like emissions
are purchased from renewable sources.

24
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Climate change.
Our approach
Precinct recognises our role as a long-term owner and developer
of real estate and continues to take an active approach to
climate action. Precinct’s greenhouse gas (GHG) emissions
include the embodied carbon from the development of a
building and the operational carbon emitted from building
usage. We are focused on improving the environmental
performance across our buildings and adapting through
improved design, construction and ongoing management.
Becoming a signatory to the World Green Building Council Net
Zero Carbon Buildings Commitment reinforces our commitment
to achieving net zero carbon emissions for all buildings under our
direct operational control. Under the agreement, Precinct will
also maximise reductions of embodied carbon emissions of new
developments and major upgrades of existing assets,
compensating for any remaining residual upfront embodied
carbon emissions, by 2030.
Green assets
1
Green Assets
Green Development
Assets
Non-Green Assets
Knowledge for future success:
Valuing engagement to influence and align with climate-
related solutions, Precinct continues to partner with the
NZGBC and PCNZ sustainability roundtable on carbon
legislation to promote and lead industry-wide practices.
Toitū carbonzero certification
Since 2020, Precinct has achieved Toitū carbonzero certification.
Precinct meets the requirements of Toitū carbonzero®
certification having measured its greenhouse gas emissions in
accordance with ISO 14064-1:2018. Toitū carbonzero certification
is accredited by the Joint Accreditation System of Australia and
New Zealand (JAS-ANZ). This provides assurance that our
certification meets international best practice. Precinct
continues to offset its unavoidable emissions from our operations
by buying high-impact carbon credits from Gold Standard
certified international projects.
Embodied carbon
Precinct is committed to assessing and reporting on embodied
carbon across all new development projects. As part of this
process we:
• Understand the key material impacts of a project in order to
propose alternative products and materials for high impact
elements.
• Review opportunities to reduce embodied carbon by
retaining a variety of elements related to the existing structure
and in turn reducing construction costs by applying an
internal carbon price to improve ROI.
• Support industry and capacity building in New Zealand to
work towards a greater understanding around the impact of
material and equipment selections as well as reusing existing
structural elements.
Following the completion of a life cycle assessment (LCA) to
determine embodied carbon emissions for each new
development project, Precinct purchases Toitu endorsed units to
offset the impact in line with our Net Zero 2030 commitment.
Precinct understands the importance of maintaining a strong
focus on reducing the embodied carbon footprint of our
development pipeline. In line with Green Star Design and As Built
criteria, LCA’s conducted by third party consultants are used,
demonstrating best practice ahead of an industry endorsed
benchmark.
Operational carbon - Efficiency Benchmark
NABERSNZ
Target investment portfolio: 100% of buildings +4-Stars
Target development portfolio: 100% of projects +5-Stars
Development - embodied carbon
Green Star
Target: 5-Star Green Star rating for over 60% of the
portfolio
Target: 5-Star Green Star Design and As Built rating for all
new projects
As buildings are becoming more operationally efficient,
there will be a greater weighting on the embodied
carbon of our assets. Embodied carbon is the emissions
generated in the production of a buildings materials, their
transport and installation on site as well as their disposal
at end of life. Precinct is taking a whole of life cycle
assessment approach, and so far have measured and
offset the embodied carbon across 45,320 square metres
of projects.
1Green assets defined as per sustainable debt framework; as targeting or certified a minimum 5-Star Green Star Built
Rating or 4-Star NABERSNZ Rating. The graph above excludes assets held for sale.

25
Sustainability report.
ANNUAL REPORT 2023
One
Queen
Street
Sustainability and adaptive reuse
Purchased in 2012, Precinct launched the
redevelopment of One Queen Street in August 2018, the
second stage of the Commercial Bay project. While it
was initially assumed that the building would be
demolished and rebuilt, Precinct took a longer-term view.
Inline with Precinct's business strategy and wider
sustainability strategy, a comprehensive review was
undertaken to determine and understand a number of
considerations for this project. This included the
associated CO2 emissions of a project of this scale. The
following parameters were considered to compare a
new build versus refurbishment option:
• Space analysis
• Building specification
• Seismic standard
• Project programme delivery
• Carbon
A full Life Cycle Analysis (LCA) was undertaken to
establish both the embodied and operational carbon for
a new build versus a refurbishment. As a result, it was
evident that the adaptive reuse would offer a
significantly lower carbon intensity outcome while
providing Precinct with the opportunity to undertake a
premium grade mixed use redevelopment on a
compressed timescale with a lower total project cost. The
LCA analysis provided insight into not only where the
material impacts of carbon are in a building, but how
adaptive reuse offers a viable option when looking at
development schemes. This follows market leading
sustainability outcomes that reduce impacts on the
environment and create social and economic value.
65%
Embodied carbon retained from the existing
building by retaining the superstructure and
substructure of the building

26
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Partnerships and community
wellbeing and vitality.
Our approach
Our business continues to focus on the creation of positive social
value through the interactions with our people which include
Precinct’s employees, clients, suppliers, key partners and
communities. The quality of Precinct’s interactions, relationships
and spaces continue to drive the positive impact and
contribution Precinct is making. We want to create environments
in which people and businesses can thrive.
Performance
Creating Communities
Community is at the heart of Precinct. Creating
community is taking the form of wellness spaces, client
communication apps, partnerships, art shows, lobby
events, running clubs, retailer activations and more.
Feedback received on these initiatives continues to be
positive.
Social Investment
During the last 12 months, we have continued our social
investments with Auckland City Mission, Mates in
Construction, Keystone Trust and the Tania Dalton
Foundation. Our current annual memberships include NZ
Green Building Council, Property Council New Zealand,
GRESB, Council on Tall Buildings and Toitu.
Inclusive Stakeholder Engagement
Precinct continues to engage regularly with all of our key
stakeholders which includes our people and partners,
clients and people using our spaces, contractors and
service providers, community based organisations,
shareholders, industry bodies and Government. Our
engagement process includes regular meetings, surveys
and consultations and updates to ensure stakeholders
are well informed. Recognising the importance of each
of our stakeholders and understanding their requirements,
expectations and opinions is important to us and to the
overall success of our business. We continuously review
the progress of our stakeholder engagement
performance to identify how we can improve.
Commercial Bay Club
Commercial Bay Club continues to focus on delivering
exceptional experiences for our clients. This includes fitness,
yoga, Pilates classes and a lunch and learn series in the following
categories: Mental Wellbeing, Nutrition, and Financial Wellbeing,
which our own clients in the financial industry are invited to
speak at.
In addition to the many events and activations organised by the
Club, the following networks have recently been established to
share strategies and initiatives with our clients across the
portfolio:
• Sustainability Network
• EA/PA/Office Manager Network
• Rainbow Connect
Feedback on the Club from the Precinct bi-annual Customer
satisfaction survey was extremely positive.
+ 5,000
Club
members
Sustainability network events at Commercial Bay
during the year included:
• Recycling Week - client sponsored discounts with the
use of a reusable containers at selected food retailers
• Style and Swap party – in partnership with Dress for
Success, our client hosted a Stylist run workshop
evening
Knowledge for future success:
As a significant commercial real estate owner in
Auckland and Wellington, the quality of our relationships
with key partners and our communities are critical to the
success of our business. We are continually seeking
feedback from Precinct’s employees, clients, suppliers,
key partners and communities to help us improve both
the quality of Precinct’s relationships and spaces.
Precinct continues to proactively communicate, engage
and support our communities throughout the year.

27
Sustainability report.
ANNUAL REPORT 2023
HomeGround - a year on
Precinct is proud to have been a supporting partner of the
Auckland City Mission’s HomeGround project and is delighted to
provide an update a year on from its opening. HomeGround
brings together permanent housing, expanded health and social
services, state of the art addiction withdrawal service facilities
and a comprehensive programme of activities in a warm and
welcoming space. Over last 12 months:
• 75 people who did not otherwise have a safe, warm and
welcoming place to call home now live at HomeGround.
• Tenants began developing a thriving community with the
rooftop garden flourishing, shared lunches, computer classes,
cooking classes, a reading club and many other life-enriching
activities.
• More than 70,000 nutritious morning meals served in the
community dining room, Haeata, where people also gather
for connection and company.
• Women experiencing homelessness and trauma gather for a
regular wāhine dinner where entertainment and laughter
abound in the safe and uplifting space of Haeata.
• More than 14,000 medical consultations at the Calder Health
Centre providing medical and health support.
• First Christmas featured community festivities held for the
tenants.
HomeGround - Auckland (photo credit:
Mark Smith)
Pride 2023
Precinct continues to acknowledge, celebrate, and support the
LGBTQI+ community. In collaboration with local LGBTQI+ artist,
curator, and activist Shannon Novak and input from the local
LGBTQI+ community, a multi-site art project was created
throughout the portfolio.
This year the project is called
Brightly Connected
which
celebrates Pride 2023 and beyond with the installation of bright
and colourful artworks in selected sites managed by Precinct
and Generator in both Auckland and Wellington. We are
delighted to be able to collaborate again with Shannon
Novak and see the impact of Shannon's artwork as it has been
shared with our communities.
Developed by Shannon in collaboration with
local LGBTQI+ communities
The 2023 artworks are an abstract representation of
rainbow communities and the light these communities
bring to the world. Interwoven shapes represent
individuals and groups within rainbow communities that
are closely connected to each other. These shapes use
the colours from the original rainbow flag and its
iterations as well as colours from many other flags used by
rainbow communities.

28
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Depletion of natural resources
and contribution to waste.
Our approach
Precinct contributes to the depletion of natural resources and
the build-up of waste through its procurement and contracting
decisions, as well as through how it manages waste infrastructure
and systems. Our business develops new buildings in addition to
undertaking significant refurbishments of existing buildings and
completing fit outs within its portfolio.
Therefore, opportunities are sought to minimise waste production
through design efficiency, by maximising recycling and reuse of
demolition, construction, and operational waste and by
promoting on-site re-use including existing structures and non-
landfill organic waste. We also encourage occupier
participation for fitouts and in operation.
Globally and in New Zealand, the construction sector remains a
significant contributor to discarded waste to landfill and we
acknowledge the contribution we are making to this through the
development and operation of our own buildings. Precinct
continue to explore opportunities to minimise waste and reduce
the depletion of natural resources and are looking at the entire
supply chain to develop opportunities that offer more efficient
use of materials and less amounts of waste with a clear focus on
circularity.
Waste minimisation
In line with Green Star guidance, Precinct continues to
minimise waste to landfill. Our design team will apply
various waste minimisation and diversion strategies that
include:
• Adaptive reuse of existing building materials and
equipment – reduce offsite transfer of construction
and demolition waste
• Dematerialisation – reduction in material use and
recurrent maintenance
• Prefabrication - reduction in construction waste
through smart design and fabrication
• Design for disassembly – reduction in end-of-life waste
and encouraging end-of-life re-use
• Low Damage Design (LDD) – identify earthquake
damage mitigation and resilience options
• Material selection for eco-preferred content (EPDs)
and reduced carbon footprint (local supply)
• Re-used or recycled material selection including
cement, aggregates, steel and timber
Performance
CONSTRUCTION
AND DEMOLITION
WASTE
MINIMISATION AT
10 MADDEN
STREET
A recent example of a waste management initiative was
to minimise the amount of construction and demolition
waste going to landfill from 10 Madden Street. This was a
key feature incorporated to support the targeted Green
Star ratings and included a target of 80% of waste by
weight to be re-used or recycled during demolition and
construction. By working closely with our waste sub-
contractor, we agreed not only a removal, sort and
recycle opportunity, but also a number of key on site
initiatives by way of toolbox education and on floor
waste management.
Pleasingly, the project achieved a compliant percentage
of 79%, above the 70% compliance criteria.
Knowledge for future success:
Precinct aims to reduce, reuse and recycle our waste
where feasible, minimising our contribution to landfill. This
is a key priority for our business and stakeholders. We are
extending our knowledge from the development projects
we have undertaken to improve our waste management
strategy and operational waste management plan for
our future developments and operations, where possible.
In line with Green Star, we are specifying durable
products and services made of secondary, non-toxic,
sustainably sourced, or renewable, reusable, or
recyclable material. These materials are also selected on
the basis of their longevity, resilience, ease of
maintenance and reparability. Design includes (where
possible) the opportunity to disassemble, reuse or recycle
embedded materials, components and systems. Building
Information Modeling (BIM) will allow detailed information
and models to be held for future requirements.

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Sustainability report.
ANNUAL REPORT 2023
Economic activity and
opportunity.
Our approach
As the largest owner and developer of premium inner-city
business space in Auckland and Wellington, Precinct generates
economic activity and opportunity as a direct result of its
investment and management decisions. This includes the
contribution Precinct has to Gross Domestic Product (GDP), local
spending of investment capital (foreign and domestic),
employment in the labour market and contracting services
through Precinct’s day-to-day operations.
Disclosure of our financial performance can be found in the
results overview section on page 16 and in Precinct's financial
statements on pages 78 to 105.
Disclosure on our ethical business practices, including our Code
of Ethics and Financial Products Dealing Policy is reported in the
corporate governance section of this report. Our Code of Ethics
includes a whistle-blowing clause for reporting unethical or
unlawful behaviour and the full code can be found on our
website at www.precinct.co.nz in the corporate governance
section, along with our Financial Product Dealing Policy and
other key governance documents.
Knowledge for future success:
Precinct continues to learn from the investment and
management decisions it makes and leverages off
Precinct's asset management expertise, market
relationships and capital partnerships.
We continue to improve both our business practices and
disclosures. The Board of Precinct is responsible for
monitoring the effectiveness of the Company’s
governance practices, making changes as needed and
ensuring that the Company has appropriate policies and
procedures in place.
Sustainable Debt Programme
Precinct's Sustainable Debt Framework (the “Framework”) is a
natural extension of Precinct’s sustainability strategy and the
focus on sustainable business outcomes. The Framework can be
found on Precinct's website and sets out the process by which
Precinct intends to issue and manage Sustainable Debt on an
ongoing basis to fund low carbon buildings within Precinct’s
property portfolio. Proceeds from the issuance of Green Bonds or
Loans will be used wholly or in part to finance or refinance
existing and/or planned Eligible assets. Eligible assets which meet
the criteria as per the Green Asset table on page 64 of this
report.
Performance
Economic Contribution:
Job creation for the local economy
Circa 140 FTE employees across Precinct, Generator and
Commercial Bay Hospitality businesses
Construction person-hours
1,650,000 contractor hours during FY23
Financial Contribution:
Occupancy and secure income stream
99%
Target ≥98% (FY22: 99%)
Annualised 5-year dividend growth
2.9%
Target long term sustainable returns to shareholders
Interest paid to Bondholders
Information on Precinct's website at:
https://www.precinct.co.nz/investors/bondholder-
information
MSCI rating
A
Target A or better
FTSE EPRA Nareit Indexes
Precinct is a constituent of the FTSE EPRA Nareit Global
Real Estate Index and FTSE EPRA Nareit Green Indexes,
which represent general trends in eligible real estate
equities worldwide.
Maintain best practice policies and culture of
ethical business practice
Precinct constantly strives to act ethically and honestly in
its business dealings and interactions. This is only possible
when its people including directors, employees,
contractors and consultants act in an ethical, fair and
honest way.
All of our employees have access to our code of ethics
and when new employees join it forms part of their
induction pack. Staff training is also delivered each year
and includes ethics-related topics to promote awareness
to the ethical practices in the Company and ensure a
positive culture at Precinct.
No ethics related issues were reported via any whistle-
blowing channels during the last financial year.

30
Sustainability report.
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PRECINCT PROPERTIES NEW ZEALAND LIMITED
Clients, workers and staff
wellbeing.
Our approach
Client, worker and staff wellbeing is centred around quality
space – a healthy environment where positive social outcomes
and economic success is achieved. Precinct contributes to the
wellbeing of its clients, clients’ workers and its own staff through
the design of its buildings and management of its relationships
with clients. Precinct is also directly linked to the wellbeing of
workers via procurement and contracting practices.
Health and safety is a key topic component here. It is one of
Precinct’s core corporate values. We are committed to
complying with all relevant legislation, regulations and standards
and work hard to exceed them. Our business is actively
embedding a positive health and safety culture. Precinct is
working collaboratively with our contractors and stakeholders to
implement market leading health and safety measures across all
Precinct sites and offices
Achieving a diverse and highly inclusive workforce is also a key
part of the overall wellbeing for our people. Our approach to
managing diversity is guided by our Diversity and Inclusion Policy
(available at www.precinct.co.nz in the corporate documents
under the corporate governance section).
Knowledge for future success:
Our key measures of client wellbeing include the things
we work to deliver to enhance client satisfaction, such as
amenities, service levels and location; and the things that
our clients tell us are important to their wellbeing. We
continue to measure current customer service
experience and evaluate core operations provided by
Precinct to further improve service capability. Precinct
communication metrics have seen improvement since
the previous study, particularly for listening to client needs
and prompt communication on progress of requests.
We understand the importance of supporting our people
and we continue to run activities, initiatives and
information sessions that link to Precinct's own Health,
Safety and Wellbeing programme which was launched in
May 2022. This remains a key focus for our business going
forward.
We are proud to share the full detail of Precinct’s
parental leave policy on The New Zealand Parental
Leave Register. This is the first register globally to have this
level of verified parental leave information.
Performance
Overall client satisfaction score
91%
Target ≥80% (2021: 87%)
Portfolio value of Green Assets
$1,463M
Eligible assets which meet the criteria as per the
Green Asset table on page 64 of this report.
Improve diversity across the whole business,
position (employee level) and Board, and
also monitor and improve age, ethnicity and
flexible working arrangements and parental
leave by gender
Our diversity performance is reported in the corporate
governance section of this report on page 50.
Client satisfaction survey
Client feedback from independently run client satisfaction
surveys help us understand and improve client wellbeing.
Conducted every two years, the most recent survey was
undertaken in March 2023.
Results from our 2023 survey show that overall satisfaction of
working in a Precinct-owned and managed building is 91%, with
the majority of clients indicating they are very satisfied. Results
showed staff wellbeing is the most important ESG issue followed
by health and safety and building environmental performance.
Health and wellbeing
Focus on Indoor Environmental Quality aspects within the design:
• Air quality – enhanced outdoor air flow rates
• Air quality – material selection to minimise Volatile Organic
Compounds (VOCs) and elimination of hazardous materials
• Occupant visual amenity – access to natural light and views
to outside as well as glare control, and artificial lighting levels
and control
• Occupant comfort – design of indoor environmental control
systems to support occupant thermal comfort including
through passive façade design, air conditioning systems
temperature control and air distribution.

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Sustainability report.
ANNUAL REPORT 2023
Health and safety
In addition to regular external audit and monitoring by health
and safety specialists Construct Health Limited, Precinct also
engages third party reviews of its health and safety processes on
a regular basis. Following the comprehensive review of
Generator’s Health and Safety systems in May 2022, the Precinct
Health & Safety committee requested we undertake a similar
review of the Commercial Bay Hospitality venues - Poni and
Ghost Donkey. In October 2022 we engaged Pillar Consulting to
undertake a gap analysis of Commercial Bay Hospitality’s health
and safety systems with a view to aligning them with Precinct’s
systems. The recommendations from that review have been
received and we are working through the implementation of the
high priority actions.
Benchmarking our performance
During the year Precinct has engaged with our contractors to
achieve safer workplaces and safer methods of undertaking
various tasks. As a part of that engagement, we worked with our
contractors to accurately record and improve tracking of our
frequency rates for all our fitout and development projects. For
the year ended 30 June 2023, Precinct recorded 8.25 for its
health and safety TRIFR performance, compared against the
benchmark TRIFR of 3.58 from the Business Leaders' Health and
Safety Forum benchmarking initiative. More details can be found
at: https://forum.org.nz/resources/benchmarking-project/.
The TRIFR rate includes all recordable injuries/illnesses in the
categories of: Medical Treatment Injury; Restricted Work Injury or
Illness; and Lost Time Injury. Precinct has chosen to use the
Business Leaders' Health and Safety Forum Benchmarking
initiative to report its TRIFR against. The latest benchmark figure
on the forum’s website is dated December 2022. While Precinct’s
TRIFR has recorded a significant increase from 3.63 (FY22) to the
current 8.25, there has been no corresponding increase in the
number of severe incidents.
A total of 134 independent inspections were undertaken across
all development and stabilised portfolio sites by Construct
Health. All development sites scored over our target rate of 95%.
One Queen Street scored an average of 97% (FY22:98%); Bowen
Campus Stage 2 scored 97% (FY22:96%); Bowen House 97%
(FY22:97%), Wynyard Quarter 96% (FY22:97%) and 61 Molesworth
Street 98% (FY22:N/A). Any corrective actions identified in the
audits were promptly rectified.
WorkSafe Notifications
Five incidents met the threshold of WorkSafe notifiable incidents.
Each of these incidents was investigated in detail and corrective
actions were developed and completed. In respect of all these
incidents, WorkSafe were satisfied with the level of investigation
and mitigation of risk.
One major incident occurred in August 2022 at the Wynyard
Quarter development site, which is managed by Hawkins as
Precinct's appointed main contractor. A gas explosion occurred
on site, resulting in five workers being injured and hospitalized. All
five have subsequently been discharged from hospital. WorkSafe
has completed its investigation of this incident and has decided
not to take any further action. For the purposes of calculating
LTIFR and TRIFR, this incident has been counted as one event.
One Queen Street Armed Offender Incident
After the balance date, on 20 July 2023, an armed offender
incident took place at Precinct's development site at 1 Queen
Street. The incident resulted in three fatalities and multiple
injuries. As at the date of this report, the NZ Police and WorkSafe
investigations remain ongoing. Precinct's deepest condolences
are with the families of the victims of this tragic incident and we
continue to offer support to those impacted.
Incident monitoring and reporting
We recorded 433 health and safety incidents in the year
compared to 342 reported in FY22. This is an approximately 27%
increase year-on-year. Much of this increase can be attributed
to a growth in development activity, a return to normal trading
levels following Covid-19 restrictions and improved levels of
reporting. Events reported include observations, near misses, first
aid injuries, medical treatment injuries and lost time injuries.
Recorded incidents also include security and property damage
incidents. There were 50 Lost time Injuries (11.5%), 31 Medical
Treatment injuries (7%) and 82 First Aid incidents (19%). A total of
96 (22%) incidents occurred in our stabilised property portfolio
(office portfolio) in Auckland and Wellington. Our development
sites, which are managed by the Precinct-appointed main
contractor recorded 176 incidents (41%).
Commercial Bay Retail has recorded 134 (31%) incidents in this
period. The majority of these incidents were security incidents
(52%), property damage (17%) and observations (13%). The
others are made up of minor incidents like near miss and first aid.
Commercial Bay Retail incidents have risen by 30% year on year,
however over the last six months this number has trended
downwards. This can be attributed to some extent to the return
of tourists and office workers to central Auckland, together with
improved security measures. Precinct continues to work with our
retail stakeholders to mitigate new risks and collaborates closely
with authorities, our security provider and neighbouring precincts
(Britomart and Viaduct Harbour) to provide a safe and
enjoyable experience in Commercial Bay.
Generator, Precinct and Commercial Bay Hospitality venue staff
recorded 27 incidents during the year compared to 11 last year.
Following the two external reviews and the corrective actions
implemented, this year noted improved reporting from the
hospitality venues and Generator. Over the next year Precinct
will continue to build awareness among staff to recognise and
report near miss incidents, hazards and early reports of pain and
discomfort.

32
Sustainability report.
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PRECINCT PROPERTIES NEW ZEALAND LIMITED
Precinct worker engagement
Precinct’s Health & Safety Committee comprises of the Executive
team, the Senior Health & Safety Adviser, General Counsel,
Development Managers, Facilities Managers and includes
representation from Generator. The Committee meets once a
month. To expand the participation and engagement of
workers, we have established quarterly informal H&S catch-ups
with all Precinct and Generator staff in both Auckland and
Wellington. These sessions include an open discussion around
new initiatives, safety concerns and upcoming staff wellbeing
activities. These sessions have been very well received and have
seen high levels of engagement with staff. Feedback received
from staff in these sessions has formed the basis for Precinct's
"Three Pillars" Health, Safety & Wellbeing strategy for FY24.
For FY24, the strategy will focus on the delivery of the wellbeing
programs under Physical, Mental and Financial pillars. These
initiatives have been developed by focusing on challenges that
were highlighted by staff during the quarterly check in meetings.
These include: health information; nutritional improvement;
financial wellbeing; mindfulness; dealing with stress; and
disconnecting from devices.
Focus on physical wellbeing
In FY23, we arranged for an ergonomic workstation presentation
by Habit Health. The speaker provided information on “tools of
the trade” for office staff and undertook individual assessments
where requested, including a walk through the Precinct office
and made spot changes to workstations. Ergonomic assessments
will continue to be available across Precinct.
For FY24, the concept of physical safety has been expanded to
include physical wellbeing. A number of informational sessions
have been planned to deliver nutritional improvements and
physical health sessions focusing on gut, prostate and breast
health.
Focus on mental wellbeing
A series of mental wellbeing initiatives were undertaken in FY23
to encourage and support meaningful connection between
colleagues including the popular "Take a break, Take a mate"
campaign where all staff were given a voucher for two hot
drinks. This was to encourage staff to take a breather and enjoy
a coffee with their colleagues. Precinct along with The
Commercial Bay Club, ran a series of mental wellbeing sessions
through a professional speaker series. Commercial Bay Club
design their programmes with a focus on wellbeing; professional
networking; social activities; and services (such as retail
discounts). All Precinct and Generator staff in Auckland are
entitled to join the Commercial Bay Club at no cost, as are all
workers in the Commercial Bay precinct (including HSBC Tower
and AON Centre). Some of the activities that fall under these
different focus areas include group fitness sessions, yoga, Pilates
classes, meditation and speakers with expertise in resilience.
Professional networking opportunities included speakers such as
Abbie O‘Rourke, Rosy Harper Duff, Precious Clark and financial
experts like Generate, Findex and Max Tweedie from Auckland
Pride to celebrate Pride Month in February.
Precinct continues to support Mates in Construction and Precinct
is part of the Private Sector Advisory Group for Construction
Health and Safety New Zealand (CHASNZ). We encourage staff
to undergo Connector training to improve their own
understanding of mental health issues and give them
confidence to support anyone struggling with mental health
issues. All members of the Precinct Health & Safety committee
were provided with training on Mental Health First Aid. This was
received positively and is now open to all managers and people
leaders within both Precinct and Generator. Precinct continues
to prioritise staff wellbeing by providing fresh fruit in the office,
running bootcamps in Auckland and offering gym memberships
to employees in the Wellington office. The Employee Assistance
Programme ("EAP") is promoted within the businesses and is used
on a regular basis. A review of the EAP annual data suggests
that, of the 14 staff that availed the services, 46% reported work
issues causing concern and 54% reported personal issues causing
concern.
Focus on financial wellbeing
Acknowledging the ongoing pressure on staff from high inflation
and interest rates, Precinct has delivered three sessions on
financial wellbeing focussed on budgeting. The series was
presented by Auckland Central Budgeting Consultants and was
available to Precinct and Generator staff in Auckland and
Wellington. In FY24, there will be additional sessions to assist staff
to maximise their KiwiSaver contributions and advice on paying
off their mortgages more quickly. Precinct has also offered all
staff a paid subscription to the financial budgeting app
“PocketSmith” and 12 staff have taken up the opportunity.
Precinct's Health and Safety Policy can be found on
Precinct's website in the corporate governance section.
https://www.precinct.co.nz/corporate-governance

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Sustainability report.
ANNUAL REPORT 2023
Climate-Related Disclosures
This section is designed to
support transparency but is not
intended to comply with the
Aotearoa New Zealand
Climate Standards. Precinct will
build on these interim climate-
related disclosures to meet the
NZ CS1 requirements in FY24.
Governance
For clarity, this section supplants Precinct’s reporting
based on the recommendations of the Taskforce on
Climate-related Financial Disclosures (TCFD). Going
forward, our reporting of climate-related risks and
opportunities will be directed by the Aotearoa New
Zealand Climate Standards.
Precinct’s business growth is strong but the risks from
climate change are real and significant. Our
competitiveness and resilience depend on our ability to
effectively identify, monitor, and manage risks and
opportunities posed by climate change. While we have
reported in line with the recommendations of the TCFD
since 2021, it is essential that we continue to develop our
internal climate-related risk management capabilities to
ensure our growth into the future. We are well-prepared
to comply with the Aotearoa New Zealand Climate
Standards (NZ CS1) in FY24.

34
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Board of Directors
Precinct’s Board of Directors established an ESG Committee to assist with implementing and monitoring the Company’s strategic
objectives in relation to ESG issues - including climate-related risks and opportunities. However, the Board retains ultimate oversight of
climate-related risks and opportunities. The Board is required to review the functioning and structure of the ESG Committee at least
annually.
The People and Performance Committee is responsible for optimising Precinct’s people and processes to deliver on its long-term
strategies and goals. This includes evaluating the competencies required of Directors and setting performance-based metrics that link
executive remuneration to Precinct’s climate-related targets as part of the annual remuneration process.
The ESG Committee, in assisting the Board to manage climate- related risks and opportunities, can seek independent professional
advice and secure the attendance of expert third parties at meetings to ensure the relevant experience and expertise is available. The
Board itself also holds responsibilities under the Board Charter to undertake appropriate training to remain current on how to best
perform their duties.
ESG Committee
The ESG Committee is the primary intermediary of information concerning climate-related risks and opportunities between the Board
and other functions at Precinct. The Committee is guided by the ESG Committee Charter (available in Precinct's Corporate
Governance Manual on Precinct's website), which requires the Committee to, among other things:
• Review and recommend for Board approval the ESG strategy, framework and initiatives;
• Oversee the implementation of Precinct’s Sustainability Policy and practices;
• Assess and recommend to the Board on Precinct’s climate change risk management; and
• Assist in the review of other key internal policies to ensure ESG issues are fully considered.
Practically, the ESG Committee will recommend significant strategic climate-related metrics and targets to the Board. Metrics and
targets that are operational in nature do not require Board approval. Once approved, the Board delegates responsibility for
monitoring performance against climate-related targets to the ESG Committee, the Sustainability Committee and Management. The
ESG Committee reports to the Board at least annually on the progress toward strategic climate-related targets and the efficacy of
associated performance metrics.
Audit and Risk Committee
The Audit and Risk Committee assists the Board in overseeing Precinct’s climate-related risks. The Committee oversees Precinct’s risk
register and reviews it at least annually with management to track existing risks and the emergence of new risks. Climate-related risks
identified as actual in nature must be included in the Company’s risk register and reported to the Board along with an evaluation of
the strategic ramifications of the risk.
Executive and Senior Management
Precinct’s management is primarily informed about climate- related risks and opportunities through updates from the Sustainability
Committee, which is comprised of several Executive and Management positions. Updates may be formalised, however information on
climate aspects is regularly disseminated through day-to-day interactions. Both the Sustainability Committee and Management are
responsible for operationalising Precinct’s response and monitoring performance towards strategic targets. Decisions of significant
strategic importance require oversight from the ESG Committee and Head of Sustainability. Precinct’s CFO is the Chair of Precinct’s
Sustainability Committee and is responsible for Precinct’s overall Sustainability Strategy and Emissions and Reduction Plan.
Sustainability Committee
Precinct’s Sustainability Committee acts as custodian for Precinct’s Sustainability Strategy and comprises representatives from various
parts of our business including Sustainability, Operations, Development and People & Culture. The Committee meets frequently during
the year, at least quarterly. It is responsible for assessing, actioning and driving ESG issues, reviewing performance and considering
Precinct’s long-term strategy on sustainable activities across the business and reporting on its progress to both Management and the
ESG Committee, on an ongoing basis.

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Sustainability report.
ANNUAL REPORT 2023
Strategy
Current Climate-related Impacts
We are currently in the process of refining Precinct’s approach to identifying and reporting on the impacts of climate change that are
affecting our business. It is highly likely that we are experiencing impacts from climate change, yet establishing a robust and consistent
methodology for identifying causal links is not straightforward. For example, potential impacts upon Precinct are likely to include things
like:
• Fluctuations in the price of upstream raw materials, goods and services. The increasing frequency of extreme weather events, such
as heatwaves affecting labour conditions or storms disrupting production, is likely to be a driver here.
• Changes in the demand profile for our offices and retail spaces. Localised extreme weather can impact both the frequency with
which people decide to travel to our spaces, and the means by which they are able to travel. The sustainability performance of our
buildings is also likely to impact demand as preferences pivot towards more environmentally responsible and more socially desirable
spaces.
• The development costs of new builds and renovations, and the operational costs of maintaining existing assets. Climate change will
impact the cost of inputs, like energy and water, and are susceptible to regulatory responses to climate adaptation.
We are engaging with sustainability consultants, technical risk specialists, industry peers, ratings agencies, and industry bodies to
develop a robust process to both identify present impacts and quantify their value with a reliable degree of accuracy.
Scenario Analysis
The External Reporting Board (XRB) defines a climate scenario as:
“A plausible, challenging description of how the future may develop
based on a coherent and internally consistent set of assumptions about key driving forces and relationships covering both physical and
transition risks in an integrated manner.”
The following three climate scenarios for the Construction and Property sector were recently published by engineering firm, BECA, and
the New Zealand Green Building Council with collaborative support from us here at Precinct and other industry peers:
Summary of the three Construction and Property sector scenarios
Scenario 1Scenario 2Scenario 3
An ‘Orderly’ 1.5°C scenario where
decarbonisation policies are enacted
immediately and smoothly (globally, in
Aotearoa New Zealand, and within the
sector). Whole of life carbon emissions
reduction requirements for buildings is at 90%
by 2050.
A ‘Disorderly’ scenario where significant
decarbonisation is delayed until 2030
(globally, within New Zealand, and within
the sector). This leads to global warming
being limited to <2°C by 2100. The sector
faces high transition risk after 2030 as
entities rush to decarbonise.
A ‘Hot House World’ scenario where global
warming reaches >3°C above pre-industrial
levels by 2100. No further decarbonisation
policies are enacted (globally, within New
Zealand, or within the sector). Emissions
continue to rise. The sector faces limited
transition risks but extreme physical climate
risks, particularly towards the end of the
century.

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Sustainability report.
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PRECINCT PROPERTIES NEW ZEALAND LIMITED
Climate-related Risks and Opportunities
Over the next 12 months, we will build upon the Climate Scenarios for the Construction and Property Sector to conduct scenario
analysis for Precinct. This analysis will form the basis for a comprehensive review of the climate-related risks and opportunities facing
Precinct over the short, medium, and long-term.
Initial risks that were identified as part of our reporting against the TCFD recommendations include:
Physical risks
Risk typeChronic physicalAcute physical
Risk driver/
Physical
change
Rising sea levelsRising mean temperatures
Increased severity and frequency of
extreme weather events such as cyclones
and floods
Magnitude of
impact
HighMedium-lowMedium-low
Time horizon
Long termMedium termMedium term
Primary
potential
financial
impact
• Decreased asset values or asset
useful life leading to write-offs,
asset impairment or early
retirement of existing assets
• Increased indirect
(operating) costs
• Increased capital
expenditures
• Increased capital expenditures
• Increased indirect (operating) costs
Description
• Risk of asset impairment due to
coastal-storm inundation resulting
from long term sea level rises.
• Indirect impacts for instance loss of
infrastructure and public transport
• Risk of higher temperatures
putting additional load on
building HVAC systems
leading to increased
operating and maintenance
costs and increased energy
consumption.
• Risk of extreme weather events causing
property damage, impacting buildings
occupation and ability to access
appropriate insurance.
• Risk of higher operating expenses and
capital costs in order to repair buildings
following extreme events or improve
resilience in order to withstand future
events.
Transition risks
Risk typeRegulationMarketTechnology
Risk driver/
change
Current and emerging regulation
Changing customer
behaviour
Substitution of existing products and
services with lower emissions options
Magnitude of
impact
MediumMediumMedium-low
Time horizon
Medium termShort termMedium term
Primary
potential
impact
• Increased operating costs
• Decreased revenues due to reduced
production capacity
• Decreased revenues
due to reduced
demand for products
and services
• Increased capital expenditures
• Higher operating costs
Description
• Risk of amendments to local and
government level regulations impacting
future developments
• Risk of carbon pricing mechanisms on the
operational performance of existing
buildings
• Risk of carbon pricing mechanisms on the
embodied carbon of new developments
• Changing customer
behaviour leading to
lower demand for office
space
• Risk of unsuccessful investment
decisions leading to accelerated fit
for purpose challenges
• Risk of increased costs (direct and
indirect) from the transition to lower
emissions technology
Transition Planning
As the global and domestic economy transitions towards a low-emissions, climate-resilient future state, we will be paying close
attention to the aspects of Precinct’s business model that may need to adapt too. Over the next 12-24 months, we will develop and
refine our processes for evaluating long-term structural and strategic changes. The ultimate output will be a transition plan, informed by
our scenario analysis, that will aid our long-term business planning.

37
Sustainability report.
ANNUAL REPORT 2023
Risk Management
Identifying Risks
The Audit and Risk Committee is tasked with reviewing Precinct’s Risk Register, which includes climate-related risks and captures all
identified potential and actual climate-related risks that may impact the Company, at least annually.
Potential risks may be identified by the Sustainability Committee, ESG Committee, senior and executive management, or other staff at
Precinct. Potential risks are submitted to the Audit and Risk Committee for evaluation. The process of identifying risks, as well as
assessing them, has reference to several external sources, including:
• The Global Real Estate Sustainability Benchmark (GRESB) Climate Risk & Resilience Scorecard, which provides location specific
intelligence on climate change and environmental exposure
• Reports commissioned from analytics providers such as S&P and MSCI
• Guidance and commentary from industry organisations, like the New Zealand Green Building Council (NZGBC)
• Discussions with stakeholders along the value chain, like suppliers, clients, contractors, and councils
• Engagement with external engineering and sustainability consultants
Climate change is a unique risk category in particular because no part of the value chain is immune from its impacts. However, some
parts are more susceptible than others. An important workstream for us is to refine the boundaries of our value chain for the purpose of
climate risk analysis and identify areas or relationships of vulnerability.
Managing Risks
The outcomes of our review of climate-related risk identification and assessment at Precinct will have a significant bearing on our
approach to managing those risks. Precinct's climate risk management approach is part of our wider risk management process.
Precinct includes climate risk (physical risks and transitional risks) as a key business risk. An update is included in the Board papers on an
ongoing basis including Precinct's climate risk register which ensures all risks are understood and managed.
Assessing Risks
Where a risk is considered ‘actual’ in nature, it must be included on the Company's Risk Register for evaluation by the Board. Refining
and strengthening our approach to assessing climate-related risks is a key focus for Precinct in FY24. This will include:
• reviewing the quantitative and qualitative thresholds for elevating a potential risk to an actual risk,
• developing processes for assessing the potential impacts of risks, including financial impacts,
• reviewing the time horizons - and their duration - employed for risk assessment in light of the recently published Construction and
Property Sector Climate Scenarios, and
• further integrating climate-related considerations into Precinct’s general risk management framework, including a tightening of how
climate-related risks are weighted against other risks.
We acknowledge that climate-related risk and impact assessments inherently include significant uncertainty. Precinct therefore
monitors the range of tools and methods in development that may become available to improve our understanding of the scope, size,
timing and impact of various climate-related risks.

38
Sustainability report.
Sustainability report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Metrics and Targets
Metrics and targets in this interim climate-related disclosures report are limited to our GHG emissions. A significant workstream is
underway to develop metrics and targets related to transition risks, physical risks, climate-related opportunities, capital deployment,
internal emissions pricing, and remuneration. Precinct will report on these in FY24.
Precinct’s industry-specific metrics and targets are outlined at the end of this section.
GHG Emissions
Precinct's GHG emissions have been measured since 2017 using an 'operational control' approach to consolidating emissions. The
source of the emissions factors used in our measurements at the time of this report (FY22) include:
• The Ministry for the Environment's Detailed Guide to Measuring Emissions
• ISO 14064-1:2006 Specification with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas
Emissions and Removals
• Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004)
Sources of emissions excluded from our GHG emissions profile include:
• Scope items under <1% of total footprint have been excluded in line with reporting protocols
• Scope items which are not under Precinct's direct operational control during the reporting period i.e. GHG emissions from
development projects and operational waste streams controlled directly by tenants
Total carbon emission intensity - office portfolio
Emissions (kgCO2e)/sqmVariance (change %)
Office Portfolio
Carbon emission
intensity*FY22FY21FY20FY19FY18FY17 (base)to FY21
to base
year
Scope 1
6.19.1
8.910.18.810.4(33.2)(41.6)
Scope 2
7.06.5
6.46.76.97.57.4(6.9)
Scope 3
1.21.5
1.81.90.10.0(19.0)N/A
Total Office14.317.117.218.615.717.9(16.5)(20.3)
*Carbon emission intensity data excludes buildings that were under development or were transacted during the year.
Total operating carbon emissions
1
Scope 1
Scope 2
Scope 3
1
Total carbon emissions for FY22 totalled 4,197 tCO2e (FY21 totalled 4,767 tCO2). Emissions data has been verified by Toitū Envirocare
and reflects data up to FY22 due to the timing of the annual Toitu audit process and excludes developments assets.

39
Sustainability report.
ANNUAL REPORT 2023
Participation inOverviewTargetCurrent performance
The overarching measure
Precinct have chosen to use as its
core ESG indices performance
benchmark is the Global Real
Estate Sustainability Benchmark
(GRESB). It is considered the
global standard for ESG
benchmarking and reporting for
real estate entities.
Target to be in the
top quartile of
reporting global
peers
82 (global average 74)
Public disclosure level A (global average B)
2022 Top 25%: No (29%)
2021 Top 25%: No (30%)
2020 Top 25%: Yes (20%)
2019 Top 25%: No (43%)
The World Green Building
Council’s Net Zero Carbon
Buildings Commitment calls on
the building and construction
sector to take action to
decarbonise the built
environment, inspire others to act
and remove barriers to
implementation.
More information on the Net Zero
Carbon Buildings Commitment
and emissions target can be
found on the World Green
Building Council website.
Achieving net zero
carbon emissions for
all buildings under
our direct
operational control
by 2030, and to
maximise reductions
of embodied carbon
emissions at new
developments and
major upgrades of
existing assets,
compensating for
any remaining
residual upfront
embodied carbon
emissions, by 2030.
Management continue to focus on its pathway for
improvement across its operational portfolio.
Utilising the NABERSNZ ratings, Precinct has undertaken a
decarbonisation review.
Green Star is an internationally-
recognised rating system for the
sustainable design, construction
and operation of buildings, fitout
and communities.
Portfolio: >60% 5 Star
(NZ Excellence)
Development: 5 Star
Design and As-Built
rating (Excellence)
Portfolio: 52%
Development: 100%
Note: Excludes assets held by third parties and includes
targeted ratings
NABERSNZ is a ratings scheme to
measure and rate the energy
performance of office buildings in
New Zealand.
Portfolio: 100% of
portfolio +4 star by
2030 (Excellence)
Development: All
Development +5 star
Portfolio: 57%
Development: 61%
Note: Excludes assets held by third parties and includes
targeted ratings
Precinct has chosen to
participate in Carbon Disclosure
Project (CDP) which is the gold
standard for corporate
environmental reporting and is
fully aligned with the TCFD
recommendations.
CDP runs the global
environmental disclosure system
and supports thousands of
companies globally.
Target 'A leadership
and strategic best
practice'
B (oceania regional average C and global average C)
2021: B
2020: B -
2019: Not scored
2018: F
Morgan Stanley Capital
International (MSCI) ESG Rating
aims to measure a company's
resilience to long-term, financially
relevant ESG risk.
Target A or better
A (on a scale of AAA-CCC)
2022: BBB
2021: BBB
2020: BBB
2019: A
Toitū carbonzero certifies Precinct
is a carbon neutral organisation in
accordance with internationally
recognised ISO 14064-1:2006
standards. Toitū use the ISO
14064-1:2018 standard, which
aligns with the Greenhouse Gas
Protocol, A Corporate
Accounting and Reporting
Standard (Revised Edition).
Carbonzero
certification
Achieved
2022: Achieved
2021: Achieved
2020: Achieved
Note: Precinct discloses annual Scope 1, 2 and 3
greenhouse gas emissions within its annual report.

40
Board of directors.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

41
Board of directors.
Board of directors.
ANNUAL REPORT 2023
Craig Stobo
Chair, Director, Independent, BA (Hons) First Class
Economics, CFInstD, Associate Member CFA Society NZ
Educated at the University of Otago and Wharton Business
School, Craig Stobo has worked as a diplomat, economist,
investment banker, and as CEO. He has authored reports for the
Government on “The Taxation of Investment Income”, chaired
the Government’s International Financial Services Development
group in 2010, and chaired the Establishment Board of the Local
Government Funding Agency in 2011.
Craig is a professional director and entrepreneur. In addition to
chairing Precinct, he is chairman of the New Zealand Local
Government Funding Agency (LGFA) and NZ Windfarms Limited
and a director of a number of private companies including
Saturn Portfolio Management, Elevation Capital Management
and Biomarine Limited. He was formerly a director of AIG
Insurance New Zealand Limited and of Fliway Group.
Anne Urlwin
Director, Independent, BCom, FCA, CFInstD, MAICD, ACIS,
FNZIM
Anne is a professional director with experience in a range of
sectors including construction, infrastructure,
telecommunications, renewable energy, health and financial
services. She is a director of Infratil Limited, City Rail Link Limited,
Ventia Services Group Limited and Vector Limited.
Anne is a chartered accountant and is a former Chair of
national commercial construction group Naylor Love and of the
New Zealand Blood Service, and a former director of Chorus
Limited, Tilt Renewables Limited, Summerset Group Holdings
Limited and Queenstown Airport Corporation Limited.
Graeme Wong
Director, Independent, BCA (HONS) Bus Admin, INFINZ
(Fellow), CFinstD
Graeme Wong has a background in stock broking, capital
markets and investment. He was founder and executive
chairman of Southern Capital Limited which listed on the NZX
Main Board and evolved into Hirequip New Zealand Limited. The
business was sold to private equity interests in 2006. Previous
directorships include Tourism Holdings Limited, New Zealand
Farming Systems Uruguay Limited, Sealord Group Limited,
Tasman Agriculture Limited, Magnum Corporation Limited and At
Work Insurance Limited and alternate director of Air New
Zealand Limited.
Graeme is currently Chair of Harbour Asset Management Limited
and director of Southern Capital Partners (NZ) Limited together
with a number of other private companies. He is also a member
of the Trust Board of Samuel Marsden Collegiate School.
Nicola Greer
Director, Independent, MCom (Hons)
Nicola is a professional company director. She has extensive
experience in New Zealand, Australia and the UK in the banking
and finance sectors, previously holding a range of roles within
financial markets and asset and liability management at ANZ,
Citibank and Goldman Sachs. She has a significant background
in the New Zealand commercial property market, developing
and owning commercial property across a variety of sectors.
Nicola is currently a director of Fidelity Life Assurance Ltd, South
Port NZ and New Zealand Railways Corporation and is a member
of the New Zealand Markets Disciplinary Tribunal. She was
previously a director of Airways Corporation.
Mark Tume
Director, Independent, BBS, Dip Bkg Stud
Mark has governance experience with both public and private
companies across the infrastructure, energy, and investment
sectors in Australia and New Zealand.
He is the Chair of Te Atiawa Iwi Holdings and a director of ANZ
Bank New Zealand Limited and Booster Financial Services. He
was previously Chair of Ngai Tahu Holdings Corporation and
Infratil and a director of Retire Australia Pty Limited.
Christopher Judd
Director, Independent
Chris Judd has over 32 years’ experience in the property industry
including a 17 year association with property and property funds
in New Zealand in both public and private markets. Chris has
had various senior executive leadership roles including Head of
Real Estate Funds Management for AMP Capital Australia with
executive and governance responsibilities in Australia and New
Zealand for a A$20b+ platform.
He is Executive Chairman of 151 Property Group, the manager of
Blackstone’s real estate investments in Australia and New
Zealand. He is a registered valuer being an Associate of the
Australian Property Institute. Chris was the inaugural Chairman of
the Property Council of Australia’s Unlisted Property Roundtable
and was a member of the International and Capital Markets
Division Committee.

42
Executive team.
Executive team.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
From left to right: Richard Hilder, Anthony Randell, Tim Woods, Scott Pritchard, George Crawford and Nicola McArthur. Absent from image: Emma de Vries.
Scott Pritchard
Chief Executive Officer
Scott has led the team since 2010 being responsible for the overall strategy and operations of Precinct. Scott has extensive experience
in property funds management, development and asset management.
His previous experience includes various property roles with NZX-listed entities Goodman Property Trust, Auckland International Airport
Limited and Urbus Properties Limited.
Scott holds a Master's degree in Management from Massey University. He is National Chair of Property Council New Zealand and a
Trustee of the Tania Dalton Foundation.
George Crawford
Deputy Chief Executive Officer
George joined Precinct in 2010. Initially appointed as Chief Financial Officer, George then held the role of Chief Operating Officer for 5
years before taking on his current role. George plays a leading role in setting Precinct’s strategy as well as development and major
projects and leads Precinct’s investment into shared workspace provider Generator. He has oversight of commercial transactions
across the business, as well as responsibility for business growth.
After gaining experience with a large accountancy firm in the United Kingdom, George moved to New Zealand, working for Fonterra
and PwC before joining Goodman Property Trust, where he was Chief Financial Officer.
George has a Bachelor of Science (Honours) degree from The University of Edinburgh and qualified as a Chartered Accountant in the
United Kingdom. He is Chair of Keystone Trust.

43
Executive team.
ANNUAL REPORT 2023
Richard Hilder
Chief Financial Officer
Richard was appointed Chief Financial Officer in 2017. Prior to this he held the role of General Manager of Finance. He is responsible for
investor relations, financial planning and analysis, the execution of capital management initiatives, and treasury management
alongside leadership of the finance and analyst teams. He has been instrumental in developing and implementing Precinct’s long-
term strategy. Richard is also the Chair of Precinct's Sustainability Committee which encompasses ESG topics material to Precinct.
Prior to joining Precinct in 2010, Richard worked in the United Kingdom for Goodman Group’s European Funds Management business
where he gained experience in capital structuring, fund management and developments in both continental Europe and the United
Kingdom. Richard has worked for Goodman Property Trust and Trust Investment Management Limited in New Zealand. Richard holds a
Bachelor of Commerce (Hons) (Finance and Economics) degree from University of Auckland.
Nicola McArthur
General Manager – Marketing, Communications and Experience
Nicola joined Precinct in 2012, returning to New Zealand after 10 years working in a variety of marketing roles in the United Kingdom
and Australia. Her role at Precinct is to lead the business’s marketing and communications strategies across Precinct's investment
portfolio, including Commercial Bay Retail and Generator, and Precinct's development portfolio. Nicola also leads Precinct’s brand
and communication strategies, ensuring there is a positive presence and understanding in the market. Maintaining optimum levels of
communication with our clients, key stakeholders and consumers is another key area for Nicola and her team. Nicola has a Master of
Marketing from Melbourne Business School, a Graduate Certificate of Corporate Management from Deakin University and a Bachelor
of Arts from Auckland University.
Tim Woods
General Manager – Development
As General Manager – Development Tim has overall responsibility for Precinct’s development projects including One Queen Street and
Wynyard Quarter in Auckland and Bowen Campus in Wellington. Tim also has a shared responsibility for progressing new development
opportunities for Precinct. Tim has worked in the property industry for the past 25 years in both the UK and New Zealand. Tim has been
with Precinct for over 5 years and previous roles include leading the development arm of a large New Zealand property consultancy
firm. In the UK, Tim held senior roles with a number of leading UK property companies across consultancy and construction companies.
Tim holds a Bachelor of Engineering (Hons) (Structural & Civil) degree and a Masters in Business Administration (Hons) from Auckland
University.
Anthony Randell
General Manager – Property
As the General Manager – Property, Anthony leads the Auckland, Wellington, and retail property teams and has responsibility for the
performance of the Precinct portfolio. Anthony joined Precinct in 2011 as an Investment and Development Analyst. In 2015, Anthony
transitioned to the development team being appointed as the Development Manager responsible for the delivery of Commercial
Bay's PwC office tower. Prior to being appointed to his current role, Anthony was the Auckland Portfolio Manager responsible for the
investment performance of the Auckland Portfolio.
Anthony has a Bachelor of Business Studies (Valuation and Property Management) from Massey University. He is a Registered Valuer
and began his career as a commercial valuer, working at Colliers International for 4 years.
Emma de Vries
General Manager – People and Culture
Emma joined Precinct Properties in July 2021 as the People and Culture Manager and was appointed the General Manager - People
and Culture in July 2022. Emma has previously held HR positions in the media, construction, and the public service sectors.
Emma is responsible for developing and executing Precinct’s people and culture strategy, with a particular focus on building culture,
performance and development, diversity and inclusion and employee wellbeing.
Emma holds a Bachelor of Business from Auckland University of Technology and a Post Graduate Diploma in Business Administration
from Auckland University.

44
5 year summary.
5 year summary.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
(Amounts in $ millions unless otherwise stated)20192020202120222023
Financial performance
Gross rental revenue135.7151.8199.8200.3
218.9
Less direct operating expenses(40.4)(46.0)(72.1)(70.9)
(77.9)
Operating profit before indirect expenses95.3105.8127.7129.4141.0
Management fee income
0.00.00.00.05.4
Net interest expense(1.7)(5.0)(27.2)(23.9)
(30.8)
Other expenses(15.8)(13.3)(17.5)(10.2)
(13.5)
Operating income before income tax77.887.583.095.3102.1
Non operating income / (expense)
Unrealised net gain in value of investment and
development properties
161.7(66.3)282.919.4
(257.1)
Other non operating income(38.8)12.0(219.9)14.6
(9.7)
Net profit before taxation200.733.2146.0129.3(164.7)
Current tax expense(0.1)(5.0)67.87.0
5.2
Depreciation recovered on sale expense(10.7)(1.4)(10.5)-
(7.7)
Deferred tax benefit / (expense)0.33.4(15.6)(26.3)
14.1
Total taxation (expense) / benefit(10.5)(3.0)41.7(19.3)11.6
Net profit after taxation (NPAT)190.230.2187.7110.0(153.1)
Total other comprehensive income / (expense)
0.24.9(7.8)(1.2)5.6
Total comprehensive income after tax attributable to
equity holders
190.435.1179.9108.8(147.5)
Dividends
Net dividend (cents)6.006.306.506.706.70
Reconciliation from NPAT to Adjusted funds from
operations
Net profit after taxation (NPAT)190.230.2187.7110.0(153.1)
Unrealised net (gain) / loss in value of investment
and development properties
(161.7)66.3(282.9)(19.4)
257.1
Unrealised (gains)/losses on JV - Property
Revaluations
----
3.2
Unrealised net (gain) / loss on financial instruments44.31.9(19.7)(33.1)
(6.1)
Net realised loss on sale of investment properties1.72.52.40.2
2.0
Termination of management services agreement--217.1-
-
One-off project costs
0.8
Impairment of goodwill--9.86.8
-
Net realised (gain) on disposal of investment in joint
venture
(6.6)---
-
Depreciation - property, plant and equipment0.31.11.42.2
3.0
Depreciation recovered on sale10.71.410.5-
7.7
Deferred tax (benefit) / expense(0.3)(3.4)15.726.3
(14.1)
IFRS 16 lease adjustments-2.31.91.7
(0.1)
Share-based payments scheme---1.2
1.4
Generator (profit) / loss1.1---
-
Funds from operations (FFO)
Less: Liquidated damages revenue (net of tax)(1.4)(19.2)--
-
Tax from management services termination payment(60.8)-
-
Tax on revenue account property sales
0.5
Swap closeout relating to ANZ Centre Sale3.0-
-
One off item - project initialisation costs0.70.7
-
Addback: Amortisations7.17.913.814.7
13.7
Straightline rents(0.3)(0.5)(4.0)(3.8)
(2.0)

45
5 year summary.
ANNUAL REPORT 2023
(Amounts in $ millions unless otherwise stated)20192020202120222023
Funds from operations
1
85.190.596.6107.5114.0
Funds from operations (cents)6.826.897.346.89
7.19
Dividend payout ratio based on FFO (%)88.091.488.697.2
93.2
Adjusted funds from operations (AFFO)
Less: Maintenance capex(7.2)(5.0)(4.0)(2.3)
(3.3)
Less: Incentives and leasing costs(3.9)(2.8)(7.3)(3.7)
(4.6)
Adjusted funds from operations
2
74.082.785.3101.5106.1
Adjusted funds from operations (cents)5.946.296.486.51
6.69
Dividend payout ratio based on AFFO (%)101.0100.0100.3102.9
100.1
1 Funds from operations (FFO) is the organisation’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit (under IFRS)
for certain non-cash and other items. FFO has been determined based on guidelines established by the Property Council of Australia and is intended as a
supplementary measure of operating performance.
2 Adjusted funds from operations (AFFO) is determined by adjusting FFO for other non-cash and other items which have not been adjusted in determining FFO. A
dividend payout ratio of 100% indicates a company is neither over or under paying dividend. AFFO is considered a measure of operating cash flow generated from
the business, after providing for all operating capital requirements including maintenance capital expenditure, tenant improvement works, incentives and leasing
costs. While AFFO overcomes the limitations of FFO by considering the impact of capital requirements for operations, it can vary dramatically year over year,
depending on the lease expiry profile and level of activity in any one period.
(Amounts in $ millions unless otherwise stated)20192020202120222023
Financial position
Total investment assets1,870.52,800.13,076.43,126.2
2,844.7
Total development assets923.2190.6232.4544.0
523.5
Other assets97.7194.5147.6169.0
274.6
Total assets2,891.43,185.23,456.43,839.23,642.8
Interest bearing liabilities758.41,028.91,096.11,275.8
1,258.4
Other liabilities177.8247.9139.7127.9
201.3
Total liabilities936.21,276.81,235.81,403.71,459.7
Total equity1,955.21,908.42,220.62,435.5
2,183.1
Number of shares (m)1,313.81,313.81,458.51,585.4
1,585.9
Weighted average number of shares (m)1,246.71,313.81,316.51,559.2
1,585.8
Net tangible assets per share (cps)1.471.441.521.541.38
Net asset value per security (cps)1.491.451.521.541.38
Share price at 30 June ($)1.771.571.601.37
1.29
Covenants
Loan to value ratio (%)22.428.828.234.3
38.0
Interest coverage ratio2.02.42.42.5
1.9
Management expense ratio (bps)59445529
38
Key portfolio metrics
Average portfolio cap rate (%)5.75.34.84.9
5.6
Weighted average lease term (years)9.0
1
8.07.77.1
6.0
Occupancy (% by NLA)99989899
99
Net lettable area (sqm)232,210269,901266,248268,102
223,021
Number of investment properties14141616
12
1 Includes developments.
Precinct's dividend policy
To pay out approximately 100% of Adjusted Funds From Operations (“AFFO”) as dividends, with the retained earnings being used to
fund the capital expenditure required to maintain the quality of Precinct’s property portfolio. The payment of dividends is not
guaranteed by Precinct and Precinct’s dividend policy may change from time to time.

46
GRI content index.
GRI content index.
PRECINCT PROPERTIES NEW ZEALAND LIMITED
General disclosures
Disclosures TitleGRI No.Location/Reference or Information
Organisational details2-1Directory, P109; Our Markets, P14
Entities included in the organisation’s sustainability
reporting
2-2Precinct Properties New Zealand Limited
Reporting period, frequency and contact point2-3
Precinct reports on sustainability annually along with its financial
reporting. This report covers the period 1 July 2022 – 30 June 2023. This
report was published on 23 August 2023 . Questions about this report
can be directed to: hello@precinct.co.nz
Restatements of information2-4None
External assurance2-5
External assurance is sought only for Precinct’s GHG inventory on P38
The ESG Committee is responsible for advising the Board on questions
of assurance pertaining to sustainability-related information.
Activities, value chain and other business
relationships
2-6https://www.precinct.co.nz/about-us
Employees2-7Corporate Governance, P50
Workers who are not employees2-8Information unavailable (not held).
Governance structure and composition2-9Corporate Governance, P51; Sustainability Report, P33-P34
Nomination and selection of the highest governance
body
2-10
PCT Corporate Goverance Manual (ESG Committee Charter) found
at: https://www.precinct.co.nz/corporate-governance
Chair of the highest governance body2-11Corporate Governance, P51
Role of the highest governance body in overseeing
the management of impacts
2-12
Sustainability Report, P21, P33-P34; Corporate Governance, P51
PCT Corporate Goverance Manual (ESG Committee Charter) found
at: https://www.precinct.co.nz/corporate-governance
Delegation of responsibility for impacts2-13
Sustainability Report, P21, P33-P34; Corporate Governance, P51
PCT Corporate Goverance Manual (ESG Committee Charter) found
at: https://www.precinct.co.nz/corporate-governance
Role of highest governance body in sustainability
reporting
2-14
Sustainability Report, P21; Corporate Governance, P51
PCT Corporate Goverance Manual (ESG Committee Charter) found
at: https://www.precinct.co.nz/corporate-governance
Conflicts of interest2-15
PCT Corporate Goverance Manual (ESG Committee Charter) found
at: https://www.precinct.co.nz/corporate-governance
Communication of critical concerns2-16Corporate Governance, P51
Collective knowledge of the highest governance
body
2-17
PCT Corporate Goverance Manual (ESG Committee Charter) found
at: https://www.precinct.co.nz/corporate-governance
Evaluation of the performance of the highest
governance body
2-18Corporate Governance, P51
Remuneration policies2-19Remuneration Report, P67
Process to determine remuneration2-20Remuneration Report, P67
Annual total compensation ratio2-21Remuneration Report, P72
Statement on sustainable development strategy2-22Chair’s Report, P11
Policy commitments2-23
Chair’s Report, P11; Corporate Governance, P51;
Modern Slavery Policyn foind at: https://www.precinct.co.nz/
corporate-governance
Embedding policy commitments2-24
Corporate Governance, P51-P52;
PCT Corporate Goverance Manual found at: https://
www.precinct.co.nz/corporate-governance
Processes to remediate negative impacts2-25
Information unavailable. Impact remediation and grievance
processes not developed. Intention to review and develop within 2-3
years.
Mechanisms for seeking advice and raising concerns2-26
PCT Corporate Goverance Manual (Whistle blower Policy) found at:
https://www.precinct.co.nz/corporate-governance
Compliance with laws and regulations2-27
Precinct had no instances of compliance breaches or fines in the
reporting year.
Membership associations2-28
Sustainability Report, Partnerships, Community Wellbeing and Vitality,
P26
Approach to stakeholder engagement2-29Sustainability Report, P26
Collective bargaining agreements2-30
In line with New Zealand legislation, Precinct’s employees are not
covered by collective bargaining agreements, and employee working
conditions and terms of employment are not based on collective
bargaining agreements.

47
GRI content index.
ANNUAL REPORT 2023
Material Topics
Disclosures TitleGRI No.Location/Reference or Information
Process to determine material topics3-1Sustainability Report, P22
List of material topics3-2Sustainability Report, P23
Climate Change
Management of material topics3-3Sustainability Report, Climate Change, P24
Direct (Scope 1) GHG emissions305-1
Sustainability Report, Climate-related disclosures, P38;
Information on 305-1 (b) is ommitted because it was unavailable at the
time of reporting. We expect to include this in the FY24 reporting cycle.
Energy indirect (Scope 2) GHG emissions305-2
Sustainability Report, Climate-related disclosures, P38;
Information on 305-2 (c) is ommitted because it was unavailable at the
time of reporting. We expect to include this in the FY24 reporting cycle.
Other indirect (Scope 3) GHG emissions305-3
Sustainability Report, Climate-related disclosures, P38;
Information on 305-3 (b) and (d) is ommitted because it was
unavailable at the time of reporting. We expect to include this in the
FY24 reporting cycle.
GHG emissions intensity305-4Sustainability Report, Climate-related disclosures, P38
Partnerships, Community Wellbeing and Vitality
Management of material topics3-3
Sustainability Report, Partnerships, Community Wellbeing and Vitality,
P26;
Information on 3-3 (e)i.-iv. is ommitted because the management
approach is under development. We expect to disclose this
information consistently within 2-3 years.
Operations with local community engagement,
impacts assessments, and development programs
413-1
Sustainability Report, Partnerships, Community Wellbeing and Vitality,
P26;
Disclosure 413-1 (a)iv. is ommitted because we have not developed
an approach to quantifying the percentage of our operations with
community development programs. We expect to develop this within
2-3 years
Depletion of natural resources and contribution to
waste
Management of material topics3-3
Sustainability Report, Depletion of natural resources and contribution
to waste, P28;
PCT Corporate Goverance Manual (Supplier Code of Conduct) found
at: https://www.precinct.co.nz/corporate-governance
Waste generation and significant waste-related
impacts
306-1
Sustainability Report, Depletion of natural resources and contribution
to waste, P28
Economic activity and opportunity
Management of material topics3-3Sustainability Report, Economic activity and opportunity, P29
Significant indirect economic impacts203-2Sustainability Report, Economic activity and opportunity, P29
Client, worker and staff wellbeing
Management of material topics3-3Sustainability Report, Client, worker and staff wellbeing, P30
Occupational health and safety management
system
403-1Sustainability Report, Client, worker and staff wellbeing, P31
Work-related injuries403-9Sustainability Report, Client, worker and staff wellbeing, P31
Precinct has chosen to prepare its 2023 Annual Report in accordance with the Global Reporting Initiative (GRI) Standards.
The GRI Standards are the world's most widely used sustainability reporting standard.
The GRI index above shows where information can be found in this report and on Precinct's website about the indicators that are
relevant to our business operations.

48
Corporate governance.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

49
Corporate governance.
Corporate governance.
ANNUAL REPORT 2023
Introduction
The Board of Directors is responsible for the governance of
Precinct and is committed to ensuring Precinct maintains best
practice corporate governance with the highest ethical
standards and integrity. Precinct's Corporate Governance
Manual guides both the directors and the representatives of
Precinct. It includes a Code of Ethics, Board and Committee
Charters and Policies on Securities Trading, Audit Independence,
Diversity and Inclusion, Continuous Disclosure, Takeover and
Shareholder Communications.
This section of the Annual Report reflects the Company’s
compliance with the requirements of the NZX Corporate
Governance Code. Precinct has elected to voluntarily report
against the version of the NZX Corporate Governance Code
revised on 1 April 2023. Precinct's Corporate Governance
Manual is available on Precinct’s website (www.precinct.co.nz)
in the News and Investor Information section together with a
statement of how Precinct's corporate governance policies,
practices and processes comply with the NZX Corporate
Governance Code as at 30 June 2023. If any investor would like
a copy sent to them, please contact Precinct investor relations.
Principle 1 – Ethical Standards
Directors set high standards of ethical behaviour, model this
behaviour and hold management accountable for these
standards being followed throughout the organisation.
Ensuring that Precinct is governed transparently and to the
highest of ethical standards and integrity is one of the key
priorities for the Board. Precinct's Code of Ethics and Financial
Products Dealing Policy are set out in the Corporate
Governance Manual and are compliant in all respects with the
NZX Corporate Governance Code recommendations.
Code of Ethics – The purpose and intent of Precinct's Code of
Ethics is to guide directors, representatives and subsidiaries of
Precinct so that their business conduct is consistent with high
business standards. The Code is not intended to be an
exhaustive list of acceptable and non-acceptable behaviour,
rather it is intended to facilitate decisions that are consistent with
Precinct’s business standards, objectives and legal and policy
obligations. Precinct ensures Code of Ethics training is provided
to all staff at least every three years and all new starters are
provided with an induction that includes training on Precinct's
Code of Ethics.
Whistleblower Policy – Precinct's Corporate Governance Manual
(which is available on Precinct's website) includes a whistle-
blowing policy for reporting unethical or unlawful behaviour.
Precinct is currently considering the appointment of a third-party
agency to operate a 'speak up' channel to support Precinct's
whistle-blowing policy.
Financial Product Dealing Policy – The Financial Product Dealing
Policy applies to all directors and officers of Precinct and
employees. No director, officer or employee may use their
position of knowledge of Precinct or its business to engage in
dealing with any Precinct listed financial products for personal
benefit or to provide benefit to any third party.
Principle 2 – Board Composition and Performance
There is a balance of independence, skills, knowledge,
experience and perspectives among directors to ensure an
effective Board.
Precinct currently has six directors, all of whom are independent
(as defined by the NZX Listing Rules). Precinct undertakes a
regular review of Board composition to ensure Board
membership comprises a range of appropriate skills and
experience so that it has a proper understanding of and
competence to deal with the current and emerging issues of the
business, can effectively review and challenge the performance
of management and can exercise independent judgement. The
Chair meets regularly with directors of Precinct to discuss
individual performance of directors. The Board regularly reviews
its performance as a whole. When considering the appointment
of the two new directors in 2021, the Board reviewed the skills of
each director and believes the individual expertise and
experience of all current directors as set out in the Board of
Directors section of this report meet the objectives of Precinct.
Given Craig Stobo's upcoming retirement from the Board at
Precinct's annual shareholder meeting in November, the People
and Performance Committee is currently undertaking a
recruitment process for a new director to fill that vacancy.
Precinct has also committed to appoint a Future Director and is
undertaking a recruitment process for that role with the Institute
of Directors. Precinct expects to be in a position to propose the
new independent director for election by shareholders at the
annual meeting of shareholders in November and looks forward
to introducing the Future Director to shareholders at that
meeting.
All Precinct directors are non-executive and the Board
composition and performance is compliant in all respects with
the NZX Corporate Governance Code recommendations.
Precinct will notify the market of a reclassification of a non-
independent director to independent director (or vice versa).
Independent Chair – Both Precinct's current chair (Craig Stobo)
and his incoming successor (Anne Urlwin) are independent
directors, having regard to the factors set out in the NZX
Corporate Governance Code. Both Craig Stobo and Anne
Urlwin are independent of the Company's CEO.
Independent Directors – We are committed to ensuring that a
majority of directors are independent of Precinct, and do not
have any interests, positions, associations or relationships which
might interfere, or might be seen to interfere, with their ability to
bring independent judgement to the issues before the Board.
Having regard to the factors set out in the NZX Corporate
Governance Code, as at 30 June 2023, the Board determined
that the following persons were independent directors of
Precinct: Craig Stobo, Graeme Wong, Anne Urlwin, Nicola Greer,
Mark Tume and Chris Judd. Each of these directors is subject to
appointment by Precinct shareholders and is required to retire by
rotation.
Non-Independent Director – Mohammed Al Nuiami was non-
independent and retired from the Board with effect from 3 Nov
2022.

50
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Subsidiary Company Directors – The directors for each of
Precinct's subsidiary companies are all executive appointments
and as at 30 June 2023 are Scott Pritchard, George Crawford,
Richard Hilder and Louise Rooney.
Board Charter – Precinct's Corporate Governance Manual
includes the Board's Charter which sets out the roles and
responsibilities of the Board and management.
Board Appointment – The People and Performance Committee
assists the Board in planning its composition and is responsible for
managing the Board's succession requirements and for
nominating new director appointments. All directors enter into a
written agreement setting out the terms of their appointment.
Independent Advice – Each director has access to independent
advice from specialists and/or executives within Precinct, as a
means of receiving assurance information and the entire
Executive Team attends Board meetings in order to provide
information directly to the Board. The CFO, Company Secretary
and other relevant Precinct staff members have unfettered
access to Board members at any time and without reference to
the CEO.
Diversity and Inclusion Policy – Precinct's Diversity and Inclusion
Policy is included in Precinct's Corporate Governance Manual
and includes measurable objectives which are assessed
annually. The Board has developed this policy with management
to encourage a diverse and inclusive working environment at all
levels of the organisation to recruit and retain the best talent
from the widest pool of candidates and build a culture where
diversity of gender, age, ethnicity, orientation, background,
experience, skills, thought, ideas, styles and perspective are
leveraged and valued.
The gender composition of directors, officers and management
employees is as follows:
30 June 2023
30 June 2022
FemaleMaleFemaleMale
Directors
2 (33%)4 (67%)
2 (29%)5 (71%)
Officers*
2 (29%)5 (71%)
1(17%)5 (83%)
Management
employees
46 (53%)40 (47%)
39 (52%)36 (48%)
* For the purposes of measuring and reporting gender diversity,
the term 'officers' is defined as the CEO and those who are in the
Executive team and report to the CEO.
Supporting the efforts to increase diversity across the
management team are secondary policies and practices
including the Equal Opportunities, Recruitment and Selection,
Study Assistance and Remuneration Policies together with a
Culture Charter and biennial anonymous staff surveys. To ensure
workplace diversity continues to evolve and be built upon a
matrix of key objectives and monitoring is undertaken on an on-
going basis. Precinct has engaged PwC to assist Precinct to
understand its gender pay gap with a view to publicly reporting
Precinct's gender pay gap with next year's financial reporting.
Measurable
objectives
30 June 202330 June 202230 Jun 202130 June 2020
Gender
% of female
staff
53% (46)
54% (39)48% (31)50% (32)
Age range20- 67
19- 6623 - 6521 - 64
Additional employee disclosures under the GRI Standards is
provided in the table below. The numbers reported are by head
count at the end of the reporting period (as at 30 June 2023).
Precinct does not have any non-guaranteed hours employees
and temporary employees are employees who are on fixed term
agreements.
30 June 202330 June 2022
FemaleMale
FemaleMale
Management employees
(Auckland)
4036
3531
Management employees
(Wellington)
64
45
Management employees
(permanent, Auckland)
3936
3430
Management employees
(permanent, Wellington)
64
45
Management employees
(temporary, Auckland)
00
11
Management employees
(temporary, Wellington)
00
00
Management employees
(full-time, Auckland)
3735
2930
Management employees
(full-time, Wellington)
64
35
Management employees
(part-time, Auckland)
31
50
Management employees
(part-time, Welington)
00
10

51
Corporate governance.
ANNUAL REPORT 2023
Board Performance – The Board regularly reviews its performance including its collective skills, knowledge, experience and perspectives
to identify any shortcomings and ensure that it effectively governs the Company and monitors performance in the interests of
shareholders. This includes reviewing director tenure to ensure the independence majority is maintained. Directors undertake
appropriate training to remain current on how to best perform their duties.
Meetings – A schedule of directors and their Board meeting attendance record for the year to 30 June 2023 is set out below.
Board of directors and attendance
DirectorIndependent
director
StatusDate of appointmentBoard
meetings
Audit and Risk
Com.
meetings
People and
Perf Com.
meetings
Environment,
Social and
Governance
Com. meetings
Number of meetings7462
Craig StoboYesBoard Chair4 May 20107462
Mohammed Al Nuaimi* Director30 October 20130n/an/an/a
Aditya Bhargava*Alternate Director for
Mohammed Al
Nuaimi
18 November 20200n/an/an/a
Nicola GreerYesEnvironmental, Social
and Governance
Committee Chair
16 July 202174n/a2
Chris JuddYesDirector29 April 20137n/a62
Mark TumeYesDirector11 August 202164n/an/a
Anne UrlwinYesAudit and Risk
Committee Chair
16 September
2019
746n/a
Graeme WongYesPeople &
Performance
Committee Chair
1 November 20107n/a62
*Mohammed Al Nuaimi retired from the Board of Directors with effect from 3 Nov 2022 and his alternate director Aditya Bhargava was
thereby removed with effect from the same date.
Principle 3 – Board Committees
The Board uses committees where this enhances effectiveness in
key areas while still retaining Board responsibility.
For the year to 30 June 2023 there were three standing
committees of the Board, being the Audit and Risk Committee,
the People and Performance Committee (previously
Remuneration and Nominations Committee) and the
Environmental, Social and Governance Committee. Our Board
committees are compliant in all respects with the NZX Corporate
Governance Code recommendations. The charters that exist for
each committee can be found in the Precinct Governance
Manual together with Precinct's Takeover Policy.
The Audit and Risk Committee at balance date comprised Anne
Urlwin as Chair, Craig Stobo, Nicola Greer and Mark Tume. The
committee has a majority of independent directors and
complies with recommendation 3.1. None of the committee
members are executive directors. The committee was
established to assist the Board in discharging its duties with
respect to financial reporting, compliance and risk
management. Employees may attend Audit and Risk Committee
meetings at the invitation of the Audit and Risk Committee. The
Audit and Risk Committee supervises the financial information
flows of Precinct to ensure accuracy and objectivity of financial
summaries.
The Environment, Social and Governance ("ESG") Committee was
established in May 2021 and at balance date comprised Nicola
Greer as Chair, Craig Stobo, Graeme Wong and Chris Judd. The
committee has a majority of independent directors and
complies with recommendation 3.5.
During FY23 the ESG Committee held two committee meetings.
Precinct’s CEO, Deputy CEO, CFO, and other key representatives
across the business also attend the meetings to set objectives,
review Precinct’s Climate Risk register, track updates and discuss
and approve current and future strategic initiatives which help
manage Precinct’s impacts on the economy, environment and
people.
As outlined in the ESG Committee Charter, the Chair of each
meeting of the ESG Committee is required to report back to the
Board on key points of discussion and present the
recommendations of the ESG Committee at the next scheduled
meeting of the Board, not being less than once a year. The
Board continually evaluates the performance and work of the
ESG Committee with the Chair of the ESG Committee in regular
contact with all Board members between meetings as part of its
evaluation process. As part of this process, the Board shall
undertake an annual review of the Environmental, Social and
Governance Committee’s objectives and activities in terms of its
responsibilities as set out in the ESG Committee Charter.
Precinct’s CFO is the Chair of Precinct's Sustainability Committee.
The Sustainability Committee acts as custodian for Precinct’s
sustainability strategy and comprises representatives from across
the business. The Committee is responsible for assessing,

52
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
actioning and driving ESG issues, reviewing performance and
considering Precinct’s long-term strategy on sustainable activities
across the business and reporting on its progress. Precinct’s CFO
will report any material matters or critical concerns arising to the
CEO and Deputy CEO which in turn will be reported back to the
ESG Committee. There were no critical concerns communicated
to the ESG Committee during the reporting period.
The People and Performance Committee at balance date
comprised Graeme Wong as Chair, Craig Stobo, Chris Judd and
Anne Urlwin. The committee has a majority of independent
directors and complies with recommendation 3.3 and 3.4. The
committee's purpose is to:
• provide guidance to the Board when approving the
remuneration of directors and key management personnel;
• assist the Board in planning the Board’s composition,
evaluating competencies required of prospective directors
and to make relevant recommendations to the Board; and
• oversee the Company’s people policies, practices and
procedures.
The People and Performance Committee has a strong focus on
Board succession planning. Management only attend meetings
of the committee by invitation.
The Due Diligence Committee is an ad hoc committee that is
established by the Board from time to time to provide guidance
and recommendations to the Board on the due diligence for
any transaction of a significant size and/or complexity. A Due
Diligence Process Memorandum is agreed each time the
Committee is established setting out its duties, responsibilities and
scope.
One Due Diligence Committee was established during the year
to consider the stapling proposal. The Due Diligence Committee
for the stapling proposal met five times during the year and
comprised Anne Urlwin as Chair, Craig Stobo and Chris Judd.
Principle 4 – Reporting and Disclosures
The Board demands integrity in financial and non-financial
reporting and in the timeliness and balance of corporate
disclosures.
The Board is committed to ensuring the highest standards are
maintained in financial and non-financial reporting and
disclosure of all relevant information and is compliant in all
respects with the NZX Corporate Governance Code
recommendations. A copy of Precinct's Continuous Disclosure
Policy can be found in the Precinct Governance Manual.
The Audit and Risk Committee oversees the quality and
timeliness of all financial reports, including all disclosure
documents issued by the Company or any of its subsidiaries.
Precinct has moved toward integrated reporting and the annual
report includes information on Precinct's:
• Business model
• Strategy and key performance indicators
• Risk management
• Sustainability framework, and
• Remuneration framework.
Precinct reports in accordance with GRI Standards, shown in the
Sustainability Report.
Precinct manages and oversees risks internally within our
organisation based on the Task Force on Climate-related
Financial Disclosure (TCFD) recommendations. Going forward,
our reporting of climate-related risks and opportunities will be
directed by the Aotearoa New Zealand Climate Standards.
Precinct has prepared interim climate-related disclosures to
meet the NZ CS1 requirements in FY24. These can be found on
pages 33 to 39. An overview of our highest rated physical and
transition climate related risks are presented on page 36.
Climate-related risks are included in Precinct’s Risk Register which
forms part of the Audit & Risk papers, ensuring that Precinct’s
climate risks are appropriately reviewed and assessed and
receive regular oversight via the Audit and Risk Committee.
Principle 5 – Remuneration
The remuneration of directors and executives is transparent, fair
and reasonable.
Following the internalisation of the management of Precinct in
2021, additional disclosures have been made in our
Remuneration Report to ensure that remuneration of both
directors and management personnel is transparent, fair and
reasonable by aligning it with interests of the Company and its
shareholders.
Director remuneration was reviewed during 2021 by
independent advisors, PwC. At the Company's ASM in November
2021, shareholders approved an increase in the People and
Performance Committee fees to align these to the approved
fees for the Audit and Risk Committee. Following the
establishment of the Environment, Social & Governance
Committee in 2021, the shareholders also approved Chair and
Member fees for the Environmental, Social & Governance
Committee consistent with the Audit and Risk and People and
Performance Committee fees. In accordance with best
practice, the Company also introduced at the 2021 ASM a cap
on the aggregate ad hoc fees that can be paid in respect of
Due Diligence Committees in any one year. Any Due Diligence
Committee fees in excess of the proposed annual cap must be
put to shareholders for approval.
The Company has engaged PwC to undertake an updated
review of director remuneration and the results of that review will
be presented to shareholders at the Company's ASM later this
year. Precinct makes a summary report of any independent
director remuneration review available on its website.
Our remuneration practices are compliant with the NZX
Corporate Governance Code recommendations.
More information on remuneration of directors and executives
can be found within the Remuneration report.

53
Corporate governance.
ANNUAL REPORT 2023
Principle 6 – Risk Management
The Board has a sound understanding of the material risks faced
by the business and how to manage them. The Board regularly
verifies that the Company has appropriate processes that
identify and manage potential and material risks.
The Board has a risk management and reporting framework in
place that identifies and manages risk that may impact the
business and complies with the NZX Governance Code
recommendations in all respects.
Risk Register – A Risk Register is maintained which identifies key
risks to the business, records the likelihood and impact of each
risk and steps to mitigate the same. The Audit and Risk
Committee oversees the risk register and reviews it regularly with
management to track existing risks and the emergence of new
risks. The results of each review are reported to and reviewed by
the Board. The Risk Register is further reviewed when required in
the event the Due Diligence Committee is formed.
Financial Risk Management Policy – Our Financial Risk
Management Policy details our approach to managing financial
risks and the policies and controls that are required to mitigate
the likelihood of financial risks resulting in an adverse outcome.
This policy is reviewed by the Board annually.
Insurance – Insurance cover is in place for insurable liability and
general business risk. The primary objective of our annual
insurance programme is to protect shareholders from material
loss in the value of assets as a result of events such as fire, natural
disaster or accidental damage. This approach protects creditors
and bondholders as well.
Audit – Ernst & Young (EY) are engaged during the year to audit
and review our financial statements.
Health and Safety – Health and safety policies are embedded
throughout the business and overseen by Management's Health
and Safety Committee. Reporting and escalation processes are
in place to the Audit and Risk Committee and the Board.
More detail on how Precinct manages its key business risks can
be found under Risk Management in this section.
Principle 7 – Auditors
The Board ensures the quality and independence of the external
audit process.
Oversight of Precinct’s external audit arrangements is the
responsibility of the Audit and Risk Committee. We do not have a
dedicated internal audit resource but we do maintain an annual
audit programme, which is overseen by the CFO and draws on
the expertise of consultants and employees. Ensuring that
external audit independence is maintained is one of the key
aspects in discharging this responsibility. The Policy on Audit
Independence, detailed in the Corporate Governance Manual,
has been adopted by the committee. This policy is compliant
with the NZX Corporate Governance Code and covers the
following areas:
• Provision of related assurance services by Precinct’s external
auditors;
• Auditor rotation; and
• Relationships between the auditor and Precinct.
The Board shall only approve a firm to be auditor if that firm
would be regarded by a reasonable investor with full knowledge
of all relevant facts and circumstances as capable of exercising
objective and impartial judgement on all issues encompassed
within the auditor’s engagement.
The continued appointment of Precinct’s external auditors is
confirmed annually by the Audit and Risk Committee. Rotation of
Precinct’s client service partner and the lead and concurring
audit partners of Precinct and its subsidiaries is required every five
years with suitable succession planning to ensure consistency.
The external auditors shall annually confirm their compliance with
professional standards and ethical guidelines of Chartered
Accountants Australia and New Zealand (CAANZ) to evidence
their competence, as well as attend Precinct's annual meeting
to answer questions from shareholders in relation to the audit.
Precinct's audit firm EY also provided other assurance services
which include agreed upon procedures in respect of operating
expense statement review and green bond assurance.
The first year of appointment of audit firm EY was 1997 and the
first date of appointment of the current engagement partner,
Susan Jones (EY) was 1 July 2022 when she took over from Emma
Winsloe (EY). Potential conflicts are resolved on a case by case
basis between auditing and other accounting services provided
by EY. Former partners of EY will not be appointed as directors of
Precinct for so long as EY continues to audit Precinct.
Principle 8 – Shareholder rights and relations
The Board respects the rights of shareholders and fosters
constructive relationships with shareholders that encourage them
to engage with the Company.
The Board is committed to achieving best practice investor
relations. Financial and operational information and key
corporate governance information (including Precinct's
Shareholder Communications Policy) can be accessed at
www.precinct.co.nz.
An annual investor relations plan has been established and is
reviewed annually. This plan details the investor relations
approach to e-communications, roadshows, investor briefings,
site visits, blackout periods, financial reporting and other items.
Enquiries from shareholders can be voiced at the Annual
Shareholder Meeting, or emailed through using the contact
details on our website. A key objective of the plan is to ensure
accurate continuous disclosure to the NZX.
Precinct shareholder approval of major decisions which may
change the nature of Precinct is sought. In 2022 Precinct lodged
a copy of its notice of annual meeting on its website at least 20
working days prior to its annual shareholder meeting and
published a virtual meeting guide ahead of that meeting. Where
practicable, Precinct endeavours to hold its shareholder
meetings as hybrid meetings but may from time to time hold a
virtual only meeting where the Company believes the physical
meeting will be poorly attended (such as the special shareholder
meeting to approve the stapling proposal).

54
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
The 2023 Annual Meeting of Shareholders
(ASM) is scheduled for:
14 November 2023
It will be a hybrid (physical and virtual) Shareholder
Meeting with more details on the meeting to be provided
in the coming months.
NZ RegCo Rulings and Waivers
Precinct did not rely on any NZ RegCo Rulings or Waivers during
the year to 30 June 2023.
Stapling and non-standard designation
On 1 July 2023 the shares of Precinct Properties New Zealand
Limited (Precinct) were stapled together with shares of Precinct
Properties Investments Limited (Precinct Investments) in
accordance with a Stapling Deed dated 7 June 2023 between
Precinct and Precinct Investments (Stapling). The stapled shares
of Precinct and Precinct Investments have traded since 3 July
2023 under the ticker code ‘PCT’. The implications of Stapling
are further described in a notice of special meeting of
shareholders dated 18 April 2023.
NZX has granted Precinct and Precinct Investments a non-
standard designation, due to the complexity of the Stapling
arrangements.
NZX Listing Rule waivers and rulings relating to Stapling
On 18 April 2023, NZ RegCo agreed to grant certain waivers and
rulings in connection with the Stapling, subject to certain
conditions, as follows:
• A ruling that the Directors do not have a “Disqualifying
Relationship” as a consequence of their appointment as
directors of Precinct Investments under Precinct Properties
Group structure, in order to allow the Independent Directors
of Precinct Investments to also be Independent Directors of
Precinct, as required by the Listing Rules;
• A waiver from Listing Rules 2.2 to 2.5 and 2.7 to 2.8 to permit:
– the Precinct board and Precinct Investments board to be
made up of the same people;
– the Precinct board to be deemed to be appointed (or
removed) if appointed to (or removed from) Precinct
Investments board; and
– the Precinct board members to retire from the Precinct
board by rotation at the same time as they retire from
Precinct Investments board;
• A waiver from Listing Rule 2.10.1 to permit the directors of one
stapled entity to vote on matters in which they are
“interested” due to being a director of the other stapled
entity. Directors will not be permitted to vote on matters in
which they are “interested” by virtue of a relationship or
interest other than their directorship of the stapled entities;
• A waiver from Listing Rule 2.11 to permit the pooling of
director remuneration for Precinct Properties Group, and the
approval of director remuneration by way of single resolution
of shareholders;
• A waiver from Listing Rules 2.14.1, 2.14.2, 7.8 and 7.9 to permit
Precinct Properties Group to provide consolidated notices of
meetings to shareholders;
• A waiver from Listing Rules 3.13, 3.14 and 3.15 to permit the
stapled entities to announce, via NZX, issues, acquisitions,
conversions or redemptions of securities on a consolidated
basis;
• A ruling under Listing Rule 4.6.1 to enable Stapled Shares to
be issued to any employee of the Precinct Properties Group;
• A ruling that, for the purposes of paragraph (f) of the
definition of “Related Party” in the Listing Rules the word
“Issuer” be interpreted as a reference to either Precinct or
Precinct Investments;
• A ruling that, for the purposes of the Listing Rules in respect of
Precinct Properties Group, “Material Information” means
information in respect of Precinct Properties Group;
• A waiver from Listing Rules 3.5, 3.6, 3.7 and 3.8 to permit
Precinct Properties Group to provide the information required
in annual reports and annual and half-yearly results
announcements on a consolidated basis;
• A waiver from Listing Rule 8.3 to permit Precinct Properties
Group to provide consolidated statements of shareholdings
to shareholders which shows their Precinct Properties Group
holdings; and
• A ruling that, for the purposes of the Listing Rules in respect of
Precinct Properties Group, the “Average Market
Capitalisation” and “Average Market Price”, where used in
the Listing Rules refers to the combined “Average Market
Capitalisation” and “Average Market Price” of Precinct
Properties Group respectively.
A full copy of the NZ RegCo waiver and ruling decision dated
18 April 2023 is available from https://www.nzx.com/
companies/PCT/documents.

55
Corporate governance.
ANNUAL REPORT 2023
Risk Management
Our Approach
Precinct has a robust risk assessment process and is committed to providing a clear risk management and reporting framework for the
business to operate under to achieve its objectives, whilst ensuring all risks are understood and managed.
Reporting Framework
Responsible groupDescription of responsibility
Precinct Board
• Determine the nature and extent of the risks it is willing to take to
achieve the business strategy
• Establish the parameters for each risk
Audit and Risk
Committee
• Delegated authority in assessing effectiveness of internal controls
and risk management processes
• Delegated authority to regularly oversee and review the Risk
Register
Executive
• Input into Board's process for setting risk parameters
• Lead and execute the business's approach to risk
• Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health and safety
committee
• Implement and maintain risk management policies
• Create an environment that embraces risk management
• Audit and monitor all live sites
ContractorsEmployeesOther
• Day-to-day responsibility of managing risk
• Report and maintain internal risk and hazard registers
Key Business Risks
External
Risks and impactsHow we manage the riskChangeMovement in the period
Economy and property market
Market risk arises from adverse changes
in the New Zealand economic
environment, regulatory environment
and the broader investment market.
Changes may result in an impact in
property values and amount of income
generated by them.
Maintain a proactive and strategic
approach to manage property risks
it can influence.
Providing quality premises matched
by high service levels and building
strong relationships.
Undertake annual business planning
process to review the portfolio and
help mitigate these risks.
▲
The conditions in the New Zealand economy
continue to change with the impacts of high
levels of inflation and higher interest rates
flowing through the economy. The rising
interest rate environment has placed
increasing pressure on investment returns
and impacted property valuations across all
real estate sectors.
Recovery in tourism to date has been
encouraging. The number of international
visitors has increased rapidly since the border
reopened, with visitor numbers now up to
around two-thirds of pre-COVID levels.
Demand continues to be strong for high
quality office buildings in in strategic
locations.
Occupier market and client default
A weakening occupier market through
lack of business activity and investment,
as well as unanticipated client default,
can directly impact the income and
value of each individual asset.
Insurance risk
The risk of being unable to continue to
obtain insurance cover, or following an
event, not having sufficient cover in
place to repay creditors. This could
result in significant business interruption.
Engage directly with a wide range
of local and international insurers.
Ensure the insurance market has a
good understanding of the portfolio
and its risks.
▲
Insurance premiums in both Auckland and
Wellington have significantly increased, as
perceived risk in the market remains high.
Precinct continues to proactively engage
with the insurance market on renewals and
continues to secure coverage.

56
Corporate governance.
Corporate governance. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Risks and impactsHow we manage the riskChangeMovement in the period
Climate risk
Climate risk includes physical risks
(acute and chronic) and transitional
risks.
Physical risks could include events such
as flooding, severity and frequency of
storms and sea level rise. These risks
could reduce revenue, increase
maintenance capex and reduce asset
values.
Transitional risks include risks of
transitioning to a low carbon economy
including regulatory change. These risks
could reduce the demand for Precincts
products or increase compliance costs.
Precinct’s Sustainability Committee
acts as the custodian for Precinct’s
sustainability strategy and
comprises representatives from
various parts of our business.
Precinct also has a Board ESG
Committee.
Both committees meet frequently
during the year and are responsible
for assessing, actioning and driving
ESG issues, reviewing performance
and considering Precinct’s long-
term strategy on sustainable
activities across the business and
reporting on its progress. An update
is included in the Board papers on
an ongoing basis including
Precinct's climate risk register.
▲
Precinct recognises climate risk is an
important part of the ongoing operation of
our business activities.
Precinct continues to assess our impacts on
people and planet and how we are
managing those impacts. During the year,
we have also prepared our interim climate-
related disclosures, which supports
transparency towards compliance with the
Aotearoa New Zealand Climate Standards
(NZ CS1) in FY24. This can be found on pages
33-39 of this report.
We are currently in the process of refining
Precinct’s approach to identifying and
reporting on the impacts of climate change
that are currently affecting our business.
Internal
Risks and impactsHow we manage the riskChangeMovement in the period
Development
Development risk
Development projects
are inherently subject to
uncertainties. They are
entered into on the basis
of assumed future costs,
values and income levels.
An increased level of
development risk has the
potential to make
meeting covenant
obligations and overall
solvency challenging.
Ensure expected returns from developments
adequately compensate Precinct for the level
of risk undertaken before approval. Through
due diligence, Precinct understands the
project risks before commitment. Before
commitment, ensure funding is in place and
committed gearing stays within acceptable
levels. Establishing a procurement plan and
engaging contractors early to mitigate cost
escalation or contractor default. Undertake
substantial pre-leasing prior to
commencement of development.
►
An appropriate level of development activity is
underway however the risk has been reduced
through high levels of pre-commit leasing
secured and fixed price contract agreements
in place.
Supply chain conditions are settling with
shipping becoming more predictable with
some material shortages resolving during the
year.
Financial
Interest rate management
Interest rate risk arises
through changes in
interest rate market
conditions leading to
earnings volatility or
breach of interest cover
covenant levels.
Manage by aligning the interest rate re-pricing
profile with the re-pricing profile of Precinct's
gross rental income.
Establish interest rate swaps to manage
exposure within a band reviewed by the Board
annually and monitored by the Audit and Risk
Committee and Board quarterly.
▲
Interest rates have continued to rise over the
last 12 months with the RBNZ reaffirming the
Official Cash Rate (OCR) is expected to remain
at a restrictive level for the foreseeable future,
to ensure that consumer price inflation returns
to the 1% to 3% annual target range, while
supporting maximum sustainable employment.
Precinct was 72% hedged through the use of
interest rate swaps at 30 June 2023 (June 2022:
64%).

57
Corporate governance.
ANNUAL REPORT 2023
Risks and impactsHow we manage the riskChangeMovement in the period
Refinancing risk (liquidity)
Having insufficient funds
to refinance debt when it
falls due and sustain the
ongoing operations of the
business.
Implemented a Financial Risk Management
Policy in 2011 which is reviewed annually
providing a clear framework ensuring risks are
managed and understood. Diversified funding
away from sole reliance on bank funding
through alternative sources. Staggering the
maturity profile of facilities providing adequate
time to pursue alternatives to refinancing.
▼
During the period, Precinct has disposed of
$680 million of assets, including 40 and 44
Bowen Street which settled post balance date.
Net proceeds were used to repay bank debt.
Precinct continues to maintain sufficient
funding capacity to deliver our committed
developments.
Gearing levels
An increase in gearing
levels outside suitable
industry standards could
increase the risk of
breaching financing
covenants and may
increase borrowing costs.
Precinct's Financial Risk Management Policy is
reviewed annually.
Ensure no capital commitment is entered into
without funding in place. Maintain adequate
headroom in relation to gearing covenants to
withstand portfolio devaluations which may be
anticipated through the property cycle.
►
Gearing levels remain within internal policy
parameters due to Precinct's proactive funding
strategy.
People
Staff
Staff are critical to
ongoing success and
execution of strategy.
Failure to maintain a high
level of experience and
skill could impact business
performance.
Ensure a strong focus on team engagement
and enhancement. Maintain ongoing
succession planning and retention structures
within the Company. Regularly review
performance appraisals of employees and
directors and benchmark remuneration
packages with the wider market.
►
Our staff remain a key focus for the business
with a number of promotions, training and
development occurring during the year.
Precinct's "Three Pillars" Health, Safety &
Wellbeing strategy focus on the delivery of the
wellbeing programs under Physical, Mental and
Financial pillars.
Health and safety
Unsafe work environments
may lead to accidents
(employees, clients,
contractors and visitors)
resulting in harm to
people, financial loss
and/or business
continuity.
Provide ongoing individual, group and industry
training. Maintain a hazard register that
identifies hazards where contractors are
required to take precaution. Registers are
subject to annual review. Monitor any live sites
to ensure oversight of Health and Safety
matters. Ensure contractor pre-qualification.
Provide training and KPIs for all Precinct staff.
Dedicated Senior Health & Safety Adviser
employed by Precinct.
►
Appropriate monitoring and reporting continue
to be implemented and refined to mitigate any
potential risk.
Further information on Health and Safety is
included in the Sustainability Report.
Modern Slavery
Precinct is committed to
respecting and
supporting the human
rights of our employees
and all those whose lives
we impact through our
supply chain. Given the
complexity of the
construction industry
supply chain, Precinct
may unknowingly be
complicit in human rights
abuses through the
purchase of products or
services.
Identifying areas with potential risk for forms of
modern slavery in our supply chain.
Engaging highly-reputable contractors with
New Zealand-domiciled management teams.
►
Precinct has recently published a Supplier
Code of Conduct which supports our
commitment to advance social and
environmental responsibility beyond our own
operations to our supply chain.
It should be read together with Precinct’s
commitments in respect of Health & Safety,
Diversity & Inclusion, Sustainability, Modern
Slavery and Mental Health and Wellbeing, all of
which can be found on Precinct’s website.

58
Investor information.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

59
Investor information.
As at 30 June 2023
Investor information.
ANNUAL REPORT 2023
Shareholder information
Twenty largest shareholders
RankShareholderNumber of shares% of shares
1.HSBC NOMINEES (NEW ZEALAND) LIMITED326,986,48220.62
2.ACCIDENT COMPENSATION CORPORATION121,903,1877.69
3.CUSTODIAL SERVICES LIMITED89,458,3915.64
4.BNP PARIBAS NOMINEES (NZ) LIMITED75,617,6364.77
5.FNZ CUSTODIANS LIMITED64,450,4244.06
6.FORSYTH BARR CUSTODIANS LIMITED59,366,3183.74
7.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD57,068,9093.60
8.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND50,847,2313.21
9.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT50,471,3443.18
10.NATIONAL NOMINEES LIMITED49,663,9643.13
11.NEW ZEALAND DEPOSITORY NOMINEE LIMITED45,575,3382.87
12.HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED44,418,5232.80
13.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET - NZCSD42,513,6062.68
14.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT32,672,0242.06
15.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED29,658,6161.87
16.HOBSON WEALTH CUSTODIAN LIMITED23,253,9201.47
17.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITE22,070,8521.39
18.JBWERE (NZ) NOMINEES LIMITED19,766,8431.25
19.PT (BOOSTER INVESTMENTS) NOMINEES LIMITED16,169,9031.02
20.ANZ WHOLESALE PROPERTY SECURITIES - NZCSD15,647,4280.99
Total Top 20 holders of Ordinary Shares1,237,580,93978.04
Source: Computershare. The information above includes Shares held in custody by New Zealand Central Securities Depository Limited.
Shareholder distribution
RangeTotal holdersShares% of issued capital
1 - 49910825,5140.00
500 - 99913084,0350.01
1,000 - 1,999223304,0090.02
2,000 - 4,9997862,628,7510.17
5,000 - 9,9991,3399,433,3930.59
10,000 - 49,9993,50678,965,9844.98
50,000 - 99,99960841,076,5162.59
100,000 - 499,99934760,839,8463.84
500,000 - 999,9993221,360,0941.35
1,000,000 and over431,371,140,22686.46
Total7,1221,585,858,368100.00
Source: Computershare

60
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Substantial Financial Product Holders
Quoted financial product holder
Number of quoted
ordinary shares
held at date of
notice
%Date of notice
Accident Compensation Corporation (ACC)125,543,3037.9161.06.2023
ANZ New Zealand Investments Limited86,196,2135.43529.09.2022
ANZ Bank New Zealand Limited30,538,7941.92629.09.2022
ANZ Custodial Services New Zealand Limited31,215,2401.96829.09.2022
Haumi Company Limited237,889,41915.00024.06.2021
Note the number of shares above are according to notices filed only if the total number of a shareholder changes by 1% or more since the last notice filed.
Source: NZX Substantial product holding notices. The percentages have been calculated based on the quoted voting products on issue on 30 June 2023 (as discussed
below).
As at 30 June 2023, Precinct had 1,585,858,368 quoted voting products on issue.
Donations
The Group made donations of $150,000 during the year to 30 June 2023.
No political donations have been made during the year to 30 June 2023.

61
Investor information.
ANNUAL REPORT 2023
Bondholder information
Twenty largest PCT020 bondholders
RankBondholderNumber of bonds% of total
1.FNZ CUSTODIANS LIMITED19,560,00019.56
2.CUSTODIAL SERVICES LIMITED18,011,00018.01
3.FORSYTH BARR CUSTODIANS LIMITED15,034,00015.03
4.HOBSON WEALTH CUSTODIAN LIMITED10,108,00010.11
5.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD4,500,0004.50
6.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD4,250,0004.25
7.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD3,236,0003.24
8.INVESTMENT CUSTODIAL SERVICES LIMITED2,247,0002.25
9.FORSYTH BARR CUSTODIANS LIMITED2,132,0002.13
10.WESTPAC BANKING CORPORATE NZ FINANCIAL MARKETS GROUP -NZCSD1,609,0001.61
11.FNZ CUSTODIANS LIMITED1,225,0001.23
12.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD1,000,0001.00
13.JBWERE (NZ) NOMINEES LIMITED989,0000.99
14.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD810,0000.81
15.FALSTAFF INVESTMENTS LIMITED500,0000.50
15.INVESTMENT CUSTODIAL SERVICES LIMITED500,0000.50
17.FORSYTH BARR CUSTODIANS LIMITED440,0000.44
18.HOBSON WEALTH CUSTODIAN LIMITED430,0000.43
19.SANDORE LIMITED400,0000.40
20.MMC LIMITED - NZCSD325,0000.33
Total Top 20 holders of PCT020 bonds87,306,00087.31
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities Depository Limited.
Bondholder distribution - PCT020
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99938211,0000.21
10,000 - 49,9992815,432,0005.43
50,000 - 99,999492,840,0002.84
100,000 - 499,999305,806,0005.81
500,000 - 999,99942,799,0002.80
1,000,000 and over1282,912,00082.91
Total414100,000,000100.00
Source: Computershare

62
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Twenty largest PCT030 bondholders
RankBondholderNumber of bonds% of total
1.CUSTODIAL SERVICES LIMITED18,985,00012.66
2.FORSYTH BARR CUSTODIANS LIMITED17,870,00011.91
3.FNZ CUSTODIANS LIMITED16,656,00011.10
4.ANZ FIXED INTEREST FUND - NZCSD14,000,0009.33
5.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED - NZCSD13,077,0008.72
6.HOBSON WEALTH CUSTODIAN LIMITED8,633,0005.76
7.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD6,000,0004.00
8.WESTPAC BANKING CORPORATE NZ FINANCIAL MARKETS GROUP -NZCSD5,674,0003.78
9.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD4,075,0002.72
10.MINT NOMINEES LIMITED - NZCSD3,942,0002.63
11.NATIONAL NOMINEES LIMITED - NZCSD3,700,0002.47
12.FORSYTH BARR CUSTODIANS LIMITED3,144,0002.10
13.PIN TWENTY LIMITED2,400,0001.60
14.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD2,334,0001.56
15.INVESTMENT CUSTODIAL SERVICES LIMITED2,002,0001.33
16.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,000,0001.33
17.FNZ CUSTODIANS LIMITED1,409,0000.94
18.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD1,400,0000.93
19.QUEEN STREET NOMINEES ACF PIE FUNDS - NZCSD1,325,0000.88
20.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD1,300,0000.87
Total Top 20 holders of PCT030 bonds129,926,00086.62
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities Depository Limited.
Bondholder distribution - PCT030
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99977575,0000.38
10,000 - 49,9992816,039,0004.03
50,000 - 99,999311,889,0001.26
100,000 - 499,999316,123,0004.08
500,000 - 999,99943,175,0002.12
1,000,000 Over22132,199,00088.13
Total446150,000,000100.00
Source: Computershare

63
Investor information.
ANNUAL REPORT 2023
Bondholder distribution - PCT040
RankBondholderNumber of bonds% of total
1.CUSTODIAL SERVICES LIMITED47,600,00027.20
2.NATIONAL NOMINEES LIMITED - NZCSD41,965,00023.98
3.FORSYTH BARR CUSTODIANS LIMITED22,079,00012.62
4.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED - NZCSD8,498,0004.86
5.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD7,151,0004.09
6.FNZ CUSTODIANS LIMITED6,024,0003.44
7.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD4,800,0002.74
8.HOBSON WEALTH CUSTODIAN LIMITED3,733,0002.13
9.ANZ FIXED INTEREST FUND - NZCSD3,000,0001.71
10.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,550,0001.46
11.INVESTMENT CUSTODIAL SERVICES LIMITED2,490,0001.42
12.FORSYTH BARR CUSTODIANS LIMITED1,867,0001.07
13.JBWERE (NZ) NOMINEES LIMITED1,492,0000.85
14.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD1,001,0000.57
15.PATHFINDER CARESAVER - NZCSD740,0000.42
16.I J INVESTMENTS LIMITED700,0000.40
17.PIN TWENTY LIMITED547,0000.31
18.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD474,0000.27
19.FNZ CUSTODIANS LIMITED382,0000.22
20.JBWERE (NZ) NOMINEES LIMITED350,0000.20
Total Top 20 holders of PCT040 bonds157,443,00089.97
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities Depository Limited.
Bondholder distribution - PCT040
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99979453,0000.26
10,000 - 49,9993727,866,0004.49
50,000 - 99,999623,601,0002.06
100,000 - 499,999416,843,0003.91
500,000 - 999,99931,987,0001.14
1,000,000 Over14154,250,00088.14
Total571175,000,000100.00
Source: Computershare

64
Investor information.
Investor information. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Green Assets
Building NameCityAddressUseLast AssuranceNABERSNZ RatingGreen Star RatingAsset
Value
2
(NZ$m)
Allocation
of proceeds
per eligible
asset
(NZ$m)
Jarden HouseAuckland21 Queen StreetOffice4-Aug-22Refer to footnote
below
1
5 Star Office As-
Built
$135.0$39.2
Mason BrothersAuckland139 Pakenham
Street
Office4-Aug-22Targeting 5.5 Star
Base Build Rating
6 Star Office
Built
$58.0$16.8
PwC TowerAuckland15 Customs StreetOffice4-Aug-22Targeting 4 Star
Base Building
Rating
5 Star Office As-
Built
$610.0$177.2
Defence
House
Wellington34 Bowen StreetOffice22-Jul-215 Star Base Build
Rating
4 Star Office
Built
$187.0$54.3
Total existing green Assets$990.0$287.6
Committed Green Development Assets
Building NameCityAddressUseLast AssuranceNABERSNZ RatingGreen Star RatingTotal
project
cost
(NZ$m)
Allocation
of proceeds
per eligible
asset
(NZ$m)
1 Queen StreetAuckland1 Queen StreetOffice4-Aug-22Targeting 4 Star
Base Building
Rating
Targeting 6 Star
Design/As Built
$316.0$91.8
Bowen HouseWellington1 Bowen StreetOffice4-Aug-22Targeting 5 Star
Base Building
Rating
Targeting 5 Star
Design/As Built
$157.0$45.6
Total Committed green development assets$473.0$137.4
Total value of eligible assets
3
- based on last assurance$1,699.0
Total value of eligible assets - As at 30 June 2023$1,463.0$425.0
1. NABERS NZ rating targets are listed on the basis of Precinct's commitment to the World Green Building Council Net Zero Carbon
Buildings Commitment and meeting or exceeding New Zealand’s excellence levels under NABERSNZ with a target to have 100% of our
investment portfolio to be +4-Stars, under our direct operational control by 2030. Noting post balance date, Jarden House is currently
being assessed with a likely initial 3 Star Base Building Rating to be achieved
2. Fair value as at 30 June 2023
3. Eligible assets must have a minimum (or target) 5-star NZGBC Green Star Built rating or a minimum (or target) 4-Star NABERSNZ Energy
Base Building Rating

65
Investor information.
ANNUAL REPORT 2023
Director Interests
Details of Director interests in Precinct shares (as at 30 June 2023)
20232022
DirectorNo. of sharesNo. of shares
Graeme Wong
118,498
118,498
Mark Tume
20,261
-
Anne Urlwin
61,128
61,128
The following director interests were recorded since the last report.
Chris Judd
Appointed as Executive Chairman of 151 Property Group
Craig Stobo
None
Anne Urlwin
Appointed as a director of Infratil Limited
Ceased to be a director of Queenstown Airport Corporation
Limited
Ceased to be a director of Summerset Group Holdings Limited
Nicola Greer
Ceased to be a director of Airways Corporation of New Zealand
Limited
Ceased to be a director of Airways International Limited
Graeme Wong
Ceased to be a director of CMT Industries Limited
Mark Tume
Acquired 20,261 Precinct ordinary shares on market
Ceased to be a director of RetireAustralia Pty Limited
Appointed as a director of ANZ Bank New Zealand Limited
Appointed as a director of Booster Financial Services Limited
Shareholder in Booster Financial Services Limited
Ceased to be Chair of Infratil Limited and a director of its related
companies

66
Remuneration report.
PRECINCT PROPERTIES NEW ZEALAND LIMITED

67
Remuneration report.
Remuneration report.
ANNUAL REPORT 2023
Message from the People and Performance
Committee
Graeme Wong, Independent Director and
Chair of Precinct People and Performance
Committee
Dear Shareholders,
On behalf of the People and Performance Committee, I am
pleased to present you with Precinct’s Remuneration Report for
the financial year ended 30 June 2023. We continue to make
good progress across Precinct’s diversity practices. Having
appropriate policies, procedures and practices that facilitate
the attraction, retention and development ensures a skilled,
diverse and inclusive workforce for Precinct.
During the year, Precinct established an Employee Share
Scheme (Scheme or ESS) for its employees. The Scheme
recognises the important contribution that the Company’s
employees make to its future. The ESS has been well received by
Precinct employees. It recognises our people and the key role
they have in the delivery of our business strategy and overall
success Precinct.
Director remuneration is currently being benchmark reviewed by
independent advisors PwC. Shareholder approval will be sought
for any adjustments to Director remuneration at the upcoming
Annual Shareholder Meeting. The Company's director
remuneration was last reviewed in 2021 and approved by
shareholders at the Company's ASM in November 2021.
The People and Performance Committee is committed to
ensuring full transparency of remuneration at Precinct.
Graeme Wong
Independent Director and Chair of the People and Performance
Committee
Our approach to remuneration governance
Precinct’s remuneration governance framework is
overseen by Precinct’s People and Performance
Committee which comprises a majority of independent
directors at 30 June 2023. The People and Performance
Committee’s role is to assist the Board in establishing
remuneration policies and practices.
The People and Performance Committee is guided by
Precinct’s Remuneration Policy. This Remuneration Policy
aims to ensure that people are rewarded for
performance that contributes to the achievement of
Precinct’s business goals. In addition, the People and
Performance Committee follow a charter which is
intended to guide Committee members in fulfilling their
responsibilities to the Board.
On a regular basis, the People and Performance
Committee will review performance objectives and
remuneration packages of both Directors and key
management personnel of Precinct. This includes
monitoring performance that outlines the relative
weightings of remuneration components and relevant
performance criteria. They also consider remuneration
benchmarking and succession planning.
External advisors
Remuneration benchmarking of Directors and key
management personnel (such as CEO, Deputy CEO and
CFO) is undertaken regularly by external advisors.
With regards to Precinct’s performance hurdles, the Total
Shareholder Return (TSR) achieved by Precinct, and the
members of the TSR Peer Group will be calculated by a
recognised independent party, being an investment
bank, firm of chartered accountants or other person or
body that the Board reasonably considers has the
expertise, experience and access to the necessary data
to carry out the calculation.
This Remuneration Report includes additional
disclosures to ensure that remuneration of
both Directors and management personnel is
transparent, fair and reasonable.
Ensuring we align remuneration with the interests of the
Company and its shareholders continues to be key
priority of the People and Performance Committee.

68
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Remuneration framework
Our remuneration framework is designed to support the
performance of Precinct’s business and its strategy.
Our objective is to create sustainable value from city
centre real estate, delivering exceptional spaces for our
clients and communities, in which they can thrive, while
maximising returns to our shareholders.
At the heart of Precinct is a business model
that is designed to generate, and regenerate
sustainable value. This results from the
seamless interplay between three essential
elements.
Purpose and direct link
to Precinct’s strategy
Direct link to performance
measures
Fixed remuneration
This includes fixed based salary which is
benchmarked annually and includes
superannuation contribution
• Attract and retain Precinct’s Key Management Personnel to
deliver on its strategy
Benchmarked against
NZX-listed property entities
and NZX50 peers
Short term incentive (STI)
Discretionary annual payment
• Compensates for achieving short term (annual targets) which
are aligned to the delivery of Precinct’s strategy
Key operational
objectives including
• Earnings (AFFO)
• Occupancy and WALT
• Leasing
• Strategic goals
• Capital management
• ESG goals
Long term incentive (LTI)
Long term share grant where a share is
received in the future subject to
meeting certain performance hurdles
or, in the case of Restricted Share
Rights, continued employment.
• Drive longer-term performance and ensures the alignment of
incentives of key employees with the interests of the
Company’s shareholders
• Promote long term decision making and the creation of
sustainable value for the Company’s shareholders
• Promote the retention of key employees; and
• Facilitate and encourage employee share ownership.
Performance hurdles for
Performance Share
Rights:
• Absolute TSR Target
• Relative TSR Target
• FFO Growth Target

69
Remuneration report.
ANNUAL REPORT 2023
Short term incentive (STI)
Precinct operates a short term incentive (STI) bonus scheme for eligible employees. The objective of the scheme is to compensate
employees for achieving short term business strategy, high levels of performance and financial success over the financial year. In
addition employees have individual performance goals which are considered when determining variable short term incentives.
Annually the Board sets the annual STI performance goals for the CEO, Deputy CEO and CFO for that financial year.
FeatureDescription
Purpose
To compensate individuals for achieving annual targets which are aligned to the delivery of Precinct’s strategy.
Business
objectives and
performance
measures
Individual STI awards are dependent on achieving various business objectives including overall staff management.
Individuals will have Key Performance Indicators (KPIs) which are set annually and aligned to the delivery of
Precinct's strategy and key priorities for the financial year.
Performance measures include:
• Precinct earnings target (AFFO)
• Precinct portfolio metrics i.e. occupancy, WALT
• Successful completion of treasury and capital management initiatives
• Delivery of major leasing and development projects
• Advancing key strategic objectives, including ESG objectives
Performance
assessment
The Board takes a robust approach to determining executive remuneration outcomes. The performance STI scheme
is intended to reflect the performance of the business, and reward for achieving targets. Assessment of performance
for a STI takes place in the form of an assessment of achievement against the objectives and targets.
CEO, Deputy CEO and CFO STI awards are endorsed by the People and Performance Committee and approved by
the Board at its absolute discretion.
STI awarded
This discretionary annual payment is 100% awarded in cash and rewards the CEO, Deputy CEO, CFO and other
individuals for achieving short term annual company and individual performance targets, encouraging
accountability for results.
Payment of a STI/performance bonus is not guaranteed and will remain subject to Board approval at its discretion.
Long term incentive (LTI)
Precinct operates a long-term incentive scheme (‘scheme’) for key management personnel and senior executives. The scheme is
designed to align the reward for senior management personnel and senior executives with the enhancement of shareholder value
over a multi-year period.
Precinct has a number of schemes in place and the sections below summarises the key details of each scheme.
Restricted Share Rights (RSR)
Precinct's Restricted Share Right scheme entitles a Participant to receive a Share in the future depending on whether Service
Conditions are achieved. The participant is entitled to receive one share upon the valid exercise of each vested share right they hold.
Purpose
To secure the CEO, Deputy CEO, CFO and other key management personnel on a long term basis, noting that share
rights don't vest for three or four years (as applicable).
Vesting
tranches
30 June 2024, 30 June 2025 and 31 March 2027
Conditions
Restricted Share Rights (RSRs) will vest provided the participant remains employed by Precinct for the duration of the
relevant vesting period. The current RSR plan is made up of 3 tranches with different vesting periods.
There are no performance hurdles and provided each vesting period is satisfied, the RSRs will vest.

70
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Performance Share Rights (PSR)
Precinct's Performance Share Right scheme entitles a Participant to receive a Share in the future depending on the degree to which
certain Vesting Conditions are achieved or exceeded during the Assessment Period. The participant is entitled to receive one share
upon the valid exercise of each vested share right they hold.
FeatureDescription
Purpose
Alignment of interests between the CEO, Deputy CEO, CFO and other key management personnel, and the long term
returns to Precinct shareholders, which drives long term performance to deliver Precincts strategy while also providing an
incentive for Key Management Personnel to remain in employment with Precinct prior to vesting.
Performance
period
A grant vests at the end of the performance period which is over a three year period. Due to the completion of the
internalisation of Precinct's management taking place on 31 March 2021, the initial performance period is between
1April 2021 and 30 June 2024. All rights issued after the original tranche vest over a period of 36 months. A share right
vests on the vesting date subject to the participant's continuing employment with Precinct and performance hurdles
being met.
The vesting of the Performance share rights are endorsed by the People and Performance Committee and approved by
the Board subject to the Board determining that the performance hurdles set out have been met.
Performance
hurdles
Performance
measure
LTI WeightingDescription
Total Shareholder
Return (TSR)
TSR measures the total return received by shareholders from the increase in
the market price of a share of Precinct and assumes reinvestment of cash
dividends.
The TSR will be calculated using the volume weighted average sale price of a
Precinct share on the NZX over the 20 trading days prior to the vesting date.
Absolute TSR Target
33%The Absolute TSR Rights will vest in full if Precinct’s TSR exceeds the cost of
equity for the subject performance rights as calculated by independent
advisors, PwC. The cost of equity will be recalculated on an annual basis.
Relative TSR Target
33%The Relative TSR Rights will vest in accordance with a progressive vesting
scale, provided that Precinct's TSR over the performance period is greater
than the median TSR of the TSR peer group.
Funds from
operations (FFO)
Growth Target
33%The FFO Growth Rights will vest in accordance with a progressive vesting
scale, provided that Precinct’s FFO growth per share is greater than or equal
to 75% of CPI growth over the performance period.
FFO is used to define the cash flow from operations and is a measure of operating performance over the performance
period.
Vesting
conditions
Precinct TSR over the performance
period
% of Relative TSR Rights
that would vest
Precinct FFO Growth Per
Share over the
performance period
% of FFO Growth Rights
that would vest
< TSR Peer Group Median TSR0%< 75% of CPI Growth0%
Equal to the TSR Peer Group Median TSR50%Equal to 75% of CPI
Growth
50%
> TSR Peer Group Median TSR, but < TSR
of the 75th percentile of the TSR Peer
Group
51% - 99% pro-rata
vesting on a straight-
line progression
> 75% of CPI Growth, but
< 125% of CPI Growth
51% - 99% pro-rata
vesting on a straight-
line progression
Equal to or > TSR of the 75th percentile of
the TSR Peer Group
100%Equal to or greater than
125% of CPI Growth
100%

71
Remuneration report.
ANNUAL REPORT 2023
CEO Remuneration
Scott Pritchard was appointed Chief Executive Officer in September 2010. On 1 April 2021, he was retained as CEO, under a new
employment agreement with Precinct post the internalisation of the management of Precinct.
The following illustrates the expected remuneration mix of Precinct’s CEO. We believe the remuneration mix now provides strong
alignment between remuneration and company performance to deliver on Precinct’s strategy.
Details of the nature and amount of each element of the remuneration of the CEO is set out below.
Scott Pritchard was appointed Chief Executive Officer in September 2010. His remuneration for the year ended 30 June 2023 comprises:
• A fixed base salary which is benchmarked annually;
• A discretionary short-term incentive payment; and
• Shares vested under the long-term incentive scheme.
• Participation in the Precinct Employee Share Scheme
All remuneration between 1 July 2020 and 31 March 2021, including the legacy long-term incentive was paid by AMP Haumi
Management Limited (the Manager "AHML"), not Precinct. As a result of internalisation PwC was appointed by the Precinct Board as a
recognised independent party in order to undertake remuneration benchmarking in respect to the CEO and other senior executive
roles.
The CEO's remuneration is endorsed by the People and Performance Committee and approved by the Board.
Short term remuneration for the year ended 30 JuneLong term remuneration as at 30 June
Year
Base salaryOtherSTISuperTotal paid
Maximum
achievable
GrantedVested
2023780,00093,7551,040,00057,4131,971,1671,971,1671,287,200245,714
2022780,000-576,87540,7061,397,5811,606,800-260,952
Performance and Restricted Share Rights that have been granted to Scott Pritchard as at 30 June 2023 are detailed in the table below.
Granted during yearVested and exercised
SchemeGrant date
Measuremen
t date
Balance
as at
30 June
2022NumberValue $NumberValue $Lapsed
Balance as at
30 June 2023
Performance share right
1-4-202130-6-2024
730,272730,272
Performance share right
1-7-202230-6-2025
-
1,047,614692,200
1,047,614
Restricted share right
1-4-202130-6-2023
190,476
190,476245,714
-
Restricted share right
14-4-202331-3-2027
-
474,103595,000
474,103
Total920,7481,521,7171,287,200190,476245,71402,251,989

72
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Employee remuneration
Employee remuneration comprises base salary, STI payments, LTI payments relating to vesting grants and employer contributions to
superannuation.
During the year ended 30 June 2023, the number of employees (including the CEO) who received remuneration with a combined total
value exceeding $100,000 is set out on the following table. Employer superannuation contributions are at the same rate for all
employees.
The annual total compensation of the CEO to the median annual total compensation for all employees (excluding the CEO) is 19.9:1.
The annual fixed base salary of the CEO to the median annual fixed base salary for all employees (excluding the CEO) is 8.2:1.
Remuneration range# employees
$2,210,000 - $2,219,999
1
$1,490,000 - $1,499,999
1
$860,000 - $869,999
1
$470,000 - $479,999
1
$410,000 - $419,999
1
$370,000 - $379,999
1
$360,000 - $369,999
1
$340,000 - $349,999
1
$310,000 - $319,999
1
$300,000 - $309,999
1
$290,000 - $299,999
1
$260,000 - $269,999
1
$240,000 - $249,999
4
$230,000 - $239,999
1
$220,000 - $229,999
2
$190,000 - $190,999
1
$170,000 - $179,999
1
$160,000 - $169,999
2
$150,000 - $159,999
1
$140,000 - $149,999
2
$130,000 - $139,999
4
$110,000 - $119,999
5
$100,000 - $109,999
8
Total43
Employee share scheme
In August 2022 Precinct established an Employee Share Scheme (Scheme or ESS) for employees of Precinct Properties New Zealand
Limited (Precinct). The ESS enables employees to acquire shares in Precinct (under the current NZ tax legislation). The Scheme
recognises the important contribution that the Company's employees make to it future. The People and Performance Committee and
the Board of Precinct considers the ESS aligns the interests of the employees with those of the Company and its shareholders and aims
to assist the Company in retaining and motivating employees.
Long term incentive scheme
Performance and restricted share rights that have been granted to key management personnel (excluding CEO) as at 30 June 2023
are detailed in the following table.

73
Remuneration report.
ANNUAL REPORT 2023
Granted during yearVested and exercised
SchemeGrant date
Measurem
ent date
Balance as at
30 June 2022NumberValue $NumberValue $Lapsed
Balance as at 30 June
2023
Performance
share right
1-4-202130-6-2024
1,224,9211,224,921
Performance
share right
1-7-202230-6-2025
-
1,490,754985,000
1,490,754
Restricted
share right
1-4-202130-6-2023
213,370
213,370275,247
-
Restricted
share right
1-4-202130-6-2024
73,26073,260
Restricted
share right
1-7-202230-6-2025
-
120,302160,000
120,302
Restricted
share right
14-4-202331-3-2027
-
1,310,7541,645,000
1,310,754
Total1,511,5512,921,8102,790,000213,370275,24704,219,991

74
Remuneration report.
Remuneration report. (Continued)
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Director remuneration
The current director fee rate is as follows:
Position$ per annum (plus GST, if any)
Chair
182,340
Independent Director
91,170
Audit and Risk Committee Chair
15,000
People and Performance Committee Chair
15,000
Environment, Social & Governance Committee Chair
15,000
Audit and Risk Committee Member
7,500
People and Performance Committee Member
7,500
Environment, Social & Governance Committee Member
7,500
Due Diligence Committee Chair (ad hoc hourly rate)
380/hr
Due Diligence Committee Member (ad hoc hourly rate)
350/hr
Annual Cap for Due Diligence Committee Fees
$100,000
Following a director remuneration review by PwC, at the 2021 Annual Shareholder Meeting, the shareholders approved an increase in
the People and Performance Committee fees to align these to the approved fees for the Audit and Risk Committee. Following the
establishment of the Environment, Social & Governance Committee in 2021, the shareholders also approved Chair and Member fees
for the Environmental, Social & Governance Committee consistent with the Audit and Risk and People and Performance Committee
fees.
Role30 June 202330 June 2022
Due
Diligence
committee
Board
committeeBoard
Due
Diligence
committee
Board
committeeBoard
Craig StoboBoard Chair
7,17522,500182,340
3,50019,083182,340
Anne UrlwinAudit and Risk Committee Chair
7,79022,50091,170
3,80021,64691,170
Graeme Wong
People and Performance
Committee Chair
-22,50091,170
3,50018,22991,170
Launa InmanIndependent Director
1
---
-6257,598
Chris JuddIndependent Director
7,17515,00091,170
-11,58391,170
Nicola GreerESG Committee Chair
-22,50091,170
-6,67381,122
Mark TumeIndependent Director
-7,50091,170
3,50017,07387,494
Robert
CampbellNon-Executive Director
2
---
-1,41110,293
Total22,140112,500638,19014,30096,324642,356
1 Launa Inman retired from the Board on 31 July 2021.
2 Robert Campbell retired from the Board on 11 August 2021.
From time to time the Board may establish further subcommittees to consider specific issues or transactions. Membership of these
committees may result in additional fees being payable at the rates in the table above. During the year ended 30 June 2023, $22,140
in committee fees were paid to the Due Diligence Committee (30 June 2022: $14,300). One Due Diligence Committee was established
in relation to the proposal for Precinct to move to a stapled structure. No other remuneration or benefit was provided by the Group
during the period to any director or former director of any Group member.

75
Remuneration report.
ANNUAL REPORT 2023
Insurance and indemnity
As permitted by the constitution and the Companies Act 1993, Precinct has indemnified its directors and officers, and the directors of
its subsidiaries against potential liabilities and costs they may incur for acts or omissions in their capacity as directors. During the
financial year, Precinct paid insurance premiums in respect of directors’ and officers’ liability insurance which covers risks normally
covered by such policies arising out of acts or omissions of directors and officers in their capacity as such. Insurance is not provided for
criminal liability or liability or costs in respect of which an indemnity is prohibited by law.
Management expense ratio
Amounts in $ millions (unless otherwise stated)20232022
Management expenses7.56.0
Audit and Directors1.71.5
Other expenses4.02.5
Total management expenses13.210.0
Average total property value3,519.23,489.5
Management expense ratio - excluding performance fee38 bps29 bps
Management expense ratio38 bps29 bps
Management expenses comprise the costs of managing Precinct as a corporate entity and exclude direct property expenses and capital expenditure.
This annual report of Precinct Properties New Zealand Limited is dated 22 August 2023 and is signed on behalf of the Board by:
CRAIG STOBO
CHAIR AND INDEPENDENT
DIRECTOR
ANNE URLWIN
CHAIR AUDIT AND RISK
COMMITTEE AND INDEPENDENT
DIRECTOR

76
The Numbers.
PRECINCT PROPERTIES
NEW ZEALAND LIMITED
FINANCIAL STATEMENTS 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED

77
Precinct Properties New Zealand Limited
ANNUAL REPORT 2023
Annual financial statements
For the year ended 30 June 2023
Signed on behalf of the Board of Precinct Properties New Zealand Limited, who authorised the issue of these financial statements on
22 August 2023.
CRAIG STOBO
CHAIR
ANNE URLWIN
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated Statement of Comprehensive Income
78
Consolidated Statement of Changes in Equity79
Consolidated Statement of Financial Position80
Consolidated Statement of Cash Flows81
Notes to the Financial Statements
1. Reporting Entity82
2. Basis of Preparation82
3. Basis of Consolidation82
4. New Standards, Amendments and Interpretations82
5. Changes to Accounting Policies and Disclosure of Significant Accounting Policies82
6. Fair Value Estimation82
7. Significant Accounting Judgements, Estimates and Assumptions83
8. Significant Events and Transactions During the Year83
9. Investment and Development Properties84
10. Gross Operating Revenue90
11. Segment Information90
12. Management Expenses91
13. Taxation92
14. Reconciliation of Net Profit after Tax to Adjusted Funds From Operations (AFFO)93
15. Earnings per Share94
16. Other Current Liabilities94
17. Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities94
18. Interest Bearing Liabilities95
19. Leases96
20. Derivative Financial Instruments97
21. Capital Commitments98
22. Operating Lease Commitments98
23. Contingencies98
24. Share-Based Payments99
25. Interests in Associates and Joint Ventures101
26. Key Management Personnel103
27. Capital Management103
28. Financial Risk Management103
29. Events After Balance Date105
Independent Auditors Report106

78
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millionsNotes30 June 202330 June 2022
Revenue
Gross operating revenue
10218.9
200.3
Less direct operating expenses
(77.9)
(70.9)
Operating income before indirect expenses141.0
129.4
Management fee income105.4
-
Indirect expenses / (revenue)
Net interest expense
30.8
23.9
Other expenses
1213.5
10.2
Total indirect expenses / (revenue)44.3
34.1
Operating income before income tax102.1
95.3
Non operating income / (expenses)
Unrealised net gain / (loss) in value of investment and development properties
9(257.1)
19.4
Unrealised net gain / (loss) on financial instruments
206.1
33.1
Share of (loss)/profit in equity-accounted investments
25(2.0)
-
Depreciation - property, plant and equipment
(3.0)
(2.2)
Lease depreciation
(3.9)
(5.1)
Lease interest expense
(4.9)
(4.2)
Net realised gain / (loss) on sale of investment properties
(2.0)
(0.2)
Impairment of goodwill
-
(6.8)
Total non operating income / (expenses)(266.8)
34.0
Net profit / (loss) before taxation(164.7)
129.3
Income tax expense / (benefit)
Current tax expense
13(5.2)
(7.0)
Depreciation recovered on sale
137.7
-
Deferred tax expense / (benefit)
13(14.1)
26.3
Total taxation expense / (benefit)(11.6)
19.3
Net profit / (loss) after taxation attributable to equity holders14,17(153.1)
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
20
7.8
(1.7)
Deferred tax on items transferred directly to / (from) equity
(2.2)
0.5
Total other comprehensive income / (expense)5.6
(1.2)
Total comprehensive income after tax attributable to equity holders(147.5)
108.8
Earnings per share (cents per share)
Basic earnings per share
15(9.65)
7.06
Diluted earnings per share
15(9.65)
7.04
Other amounts (cents per share)
Funds from operations (FFO)
147.19
6.89
Adjusted funds from operations (AFFO)
146.69
6.51
The accompanying notes on pages 82 to 105 form part of these Financial Statements

79
Consolidated Statement of Changes in Equity
For the year ended 30 June 2023
ANNUAL REPORT 2023
Amounts in $ millions unless otherwise statedNotesCents
per share
Shares (m)Ordinary
shares
Other reservesRetained
earnings
Total
equity
At 1 July 20211,458.41,412.50.3807.82,220.6
Profit after income tax for the year110.0110.0
Other comprehensive income for the
year(1.2)(1.2)
Issue of shares
Placement19.830.030.0
Issue costs incurred(0.6)(0.6)
PCTHA Convertible Note conversion107.2179.3179.3
Distributions
Q4 final (paid 24 Sep 2021)1.625(24.0)(24.0)
Q1 interim (paid 10 Dec 2021)1.675(26.6)(26.6)
Q2 interim (paid 25 Mar 2022)1.675(26.6)(26.6)
Q3 interim (paid 10 Jun 2022)1.675(26.6)(26.6)
Total distributions paid6.650(103.8)(103.8)
Long-term incentive scheme
24
1.21.2
At 30 June 20221,585.41,621.20.3814.02,435.5
Profit / (loss) after income tax for the
year
(153.1)(153.1)
Other comprehensive income for the
year
5.65.6
Distributions
Q4 final (paid 23 Sep 2022)
1.675(26.6)(26.6)
Q1 interim (paid 8 Dec 2022)
1.675(26.6)(26.6)
Q2 interim (paid 24 Mar 2023)
1.675(26.6)(26.6)
Q3 interim (paid 9 Jun 2023)
1.675(26.6)(26.6)
Total distributions paid
6.700(106.4)(106.4)
Long-term incentive scheme
24-1.41.4
Long-term incentive scheme vesting
240.40.7(0.7)-
Employee share scheme
0.10.1-0.1
At 30 June 20231,585.91,622.06.6554.52,183.1
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 82 to 105 form part of these Financial Statements

80
Consolidated Statement of Financial Position
As at 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millionsNotes30 June 202330 June 2022
Current assets
Cash
16.6
11.5
Fair value of derivative financial instruments
205.3
3.5
Debtors and other current assets
35.6
23.1
Total current assets57.5
38.1
Investment properties held for sale9240.0
577.2
Non-current assets
Fair value of derivative financial instruments
2049.8
48.2
Other assets
0.7
7.5
Loan receivables
833.0
-
Investment in equity-accounted investments
2559.3
-
Development properties
9523.5
544.0
Investment properties
92,604.7
2,549.0
Property, plant and equipment
47.8
44.4
Right-of-use assets
1924.9
28.9
Intangible assets
1.6
1.9
Total non-current assets3,345.3
3,223.9
Total assets3,642.8
3,839.2
Current liabilities
Lease liabilities
194.7
3.6
Accrued development capital expenditure
50.2
12.3
Other current liabilities
1628.9
31.0
Total current liabilities83.8
46.9
Non-current liabilities
Interest bearing liabilities
181,258.4
1,275.8
Fair value of derivative financial instruments
2029.0
20.5
Lease liabilities
1958.5
49.1
Other non-current liabilities
28.1
-
Deferred tax liability
131.9
11.4
Total non-current liabilities1,375.9
1,356.8
Total liabilities1,459.7
1,403.7
Total equity2,183.1
2,435.5
Total liabilities and equity3,642.8
3,839.2

The accompanying notes on pages 82 to 105 form part of these Financial Statements

81
Consolidated Statement of Cash Flows
For the year ended 30 June 2023
ANNUAL REPORT 2023
Amounts in $ millionsNotes30 June 202330 June 2022
Cash flows from operating activities
Gross rental income per statement of comprehensive income
218.9
200.3
Less: Current year incentives
(1.3)
(5.8)
Add: Amortisation of incentives and intangibles
12.6
8.7
Add: Depreciation of property, plant and equipment
3.0
2.2
Less: Working capital movements
(11.4)
(5.1)
Cash flow from gross rental income221.8
200.3
Interest income
1.3
-
Management fee income
5.4
-
Property expenses
(62.1)
(73.5)
Other expenses
(13.7)
(9.7)
Interest expense
(31.0)
(26.4)
Employment and administration expenses
(3.6)
(2.8)
Net cash inflow / (outflow) from operating activities17118.1
87.9
Cash flows from investing activities
Capital expenditure on investment properties
(61.3)
(52.9)
Capital expenditure on development properties
(196.4)
(130.4)
Capital expenditure on other assets
-
(5.4)
Acquisition of investment properties
(21.4)
-
Acquisition of development properties
(37.7)
(132.8)
Investment in equity-accounted investments
(61.3)
-
Loan facilities advanced
(33.0)
-
Expenditure on property, plant and equipment
(6.4)
(10.2)
Disposal of investment properties
447.1
(0.2)
Capitalised interest on investment properties
(1.6)
8.0
Capitalised interest on development properties
(30.6)
(27.0)
Net cash inflow / (outflow) from investing activities(2.6)
(350.9)
Cash flows from financing activities
Loan facility drawings to fund capital expenditure
257.7
207.7
Loan facility drawings to fund acquisitions
59.1
132.8
Loan facility drawings to fund repayment of senior secured bonds
-
75.0
Loan facility repayments from disposal of investment properties
(447.1)
0.2
Loan facility repayments from issue of senior secured bonds
-
(175.0)
Loan facility repayments from issue of new shares
-
(208.7)
Loan facility drawings to fund equity-accounted investments
61.3
-
Other loan facility drawings / (repayments)
1
69.0
32.6
Repayment of senior secured bonds
-
(75.0)
Repayment of leasing liabilities
(4.1)
(3.4)
Issue of senior secured bonds
-
175.0
Issue of new shares
2
-
208.7
Distributions paid to share holders
(106.3)
(103.7)
Net cash inflow / (outflow) from financing activities(110.4)
266.2
Net increase / (decrease) in cash held5.1
3.2
Cash at the beginning of the year
11.5
8.3
Cash at the end of the year16.6
11.5
1 Loan facility drawings are net of repayments made throughout year.
2 Issue of new shares are net of issue costs.
The accompanying notes on pages 82 to 105 form part of these Financial Statements

82
Notes to the Financial Statements
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
1. Reporting Entity
Precinct Properties New Zealand Limited (Precinct) is incorporated in New Zealand and is registered under the New Zealand
Companies Act 1993.
Precinct is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
These audited financial statements are those of Precinct and its wholly-owned subsidiaries (the Group).
The Group's principal activity is investment in predominantly prime CBD properties in New Zealand.
2. Basis of Preparation
The financial statements have been prepared in accordance with NZ GAAP. For the purposes of complying with NZ GAAP the Group is
a for-profit entity. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (’NZ
IFRS’). The financial statements also comply with International Financial Reporting Standards (‘IFRS’).
The financial statements have been prepared:
• On a historical basis except for financial instruments, investment and development properties which are measured at fair value.
• Using the New Zealand Dollar functional and reporting currency.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
3. Basis of Consolidation
The consolidated financial statements comprise Precinct and its subsidiary companies.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit or
losses resulting from intra-group transactions have been eliminated in full.
4. New Standards, Amendments and Interpretations
There were no new accounting standards impacting the consolidated financial statements for the year ended 30 June 2023.
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. Changes to Accounting Policies and Disclosure of Significant Accounting Policies
No changes to accounting policy have been made during the year and policies have been consistently applied to all years
presented.
Significant accounting policies have been included throughout the notes to the financial statements.
6. Fair Value Estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
• Level 1 - Quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (by price)
or indirectly (derived from prices).
• Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

83
ANNUAL REPORT 2023
7. Significant Accounting Judgements, Estimates and Assumptions
In preparing Precinct’s financial statements, management continually makes judgements, estimates and assumptions based on
experience and other factors, including expectations of future events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to management. Actual results may differ from the judgements, estimates and assumptions made by management.
The significant judgements, estimates and assumptions made in the preparation of these financial statements are in relation to:
i. Investment and development properties - refer note 9
ii. Deferred tax assets and deferred tax liabilities - refer note 13
iii. Share-based payment scheme - refer note 24
8. Significant Events and Transactions During the Year
Precinct's financial position and performance was affected by the following events and transactions that occurred during the
reporting year:
i. Purchase of Viaduct Car Park
On 29 July 2022 Precinct purchased Viaduct Carpark for $23.6 million.
ii. Investment Partnership - Precinct Pacific Investment Limited Partnership ("PPILP")
On 23rd February 2022 Precinct announced the formation of a new investment partnership (Precinct Pacific Investment Limited
Partnership ("PPILP") with Singaporean sovereign wealth fund GIC. Precinct has retained an ongoing 24.9% minority interest in the
investment Partnership and Precinct Properties Management Limited holds the investment management agreement for this
partnership. For more detail see Note 25.
On 13 October 2022 Precinct sold Mayfair House, 10 Madden Street & 12 Madden Street for $272.7 million to PPILP.
On 16 March 2023 Precinct sold Wynyard Quarter Stage 3 for $67.4 million to PPILP. The agreement included certain variable
consideration elements relating to the sale of the property that are dependent on performance criteria such as leasing, programme
and budget being met. As at 30 June 2023, the value of this variable consideration is expected to be $nil. PPILP also benefits from a put
option to protect against material programme delays and it has been assessed at 30 June 2023 that based on probabilities the
likelihood of the option being exercised is nil.
On 13 June 2023 Precinct sold Charles Fergusson Building for $107.4 million to PPILP.
iii. Investment Partnership - Bowen Investment Limited Partnership ("BILP")
Precinct entered into an agreement on 29th November 2022 to dispose of 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. Settlement of this deal occurred on 15 August 2023.
iv. Investment in residential development partnership
On 1 February 2023 Precinct and Lamont & Co created a new partnership (Precinct Properties Residential Limited) focusing on the
multi-unit residential development market. Precinct has a 50% holding of Precinct Properties Residential Limited. For more detail see
Note 25.
v. 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
was paid on 13th December 2022. While settlement on this purchase has not completed, under the purchase agreements Precinct
controls the asset and have therefore treated this asset in a similar manner to other development properties and included the costs of
development.
Precinct has provided the vendor with a mezzanine loan facility of $49.5 million to facilitate the development. As at 30 June 2023
$33.0 million of the facility has been drawn.
vi. Stapling
During the year Precinct undertook a comprehensive review of Precinct's corporate structure to ensure the most robust company
structure to allow flexibility for Precinct to continue to execute its strategy whilst retaining Portfolio Investment Entity (PIE) status. It was
decided that a stapled company structure would be in the best interests of Precinct's shareholders and at a Special Meeting on
11 May 2023 shareholders passed a Special Resolution in favour of moving to a stapled structure. Following the Special Meeting of
shareholders of Precinct, board approval was given in June 2023 by each of Precinct Properties New Zealand Limited and Precinct
Properties Investments Limited for Precinct to move to a stapled structure. See Note 29 for more details.

84
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
9. Investment and Development Properties
30 June 2023
Amounts in $ millions
ValuerNet lettable area
sqm
Initial yield %
1
Capitalisation
rate %
1
Occupancy %WALT years
2
Valuation
30 June 2022
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation gain /
(loss)
Carrying value
Investment properties
5
Auckland
AON Centre - AkldJLL25,3545.4%5.8%96%3.9243.0(0.4)6.9-
(12.0)237.5
HSBC TowerCBRE31,5925.3%5.4%100%4.9480.0(0.8)6.7-
(40.9)445.0
Jarden HouseColliers13,7625.0%5.5%94%4.4143.00.10.9-
(9.0)135.0
Mason Bros.
6
JLL4,7045.1%5.1%100%2.561.0(0.3)0.1-
(2.8)58.0
Commercial Bay RetailColliers16,8155.6%5.9%97%4.0400.0(1.6)2.3-
(47.7)353.0
PwC Tower (Commercial Bay)CBRE39,3754.8%5.0%100%8.3675.0(2.5)2.8-
(65.2)610.1
Wellington
-
NTT TowerBayleys16,6336.5%6.4%98%5.1151.50.11.0-
(11.9)140.7
No.1 and 3 The TerraceColliers18,6134.6%5.6%100%7.0143.0(0.2)0.3-
(5.6)137.5
No.3 The Terrace
7
ColliersN/AN/AN/AN/A35.214.2---
(0.7)13.5
AON Centre - WgtnCBRE24,2576.2%
8
6.6%98%4.2197.7(0.3)36.3-
(15.6)218.1
Defence HouseColliers25,9294.3%5.4%100%13.5-(0.3)-200.0
(12.7)187.0
Other investment properties
9
Various5,9876.2%7.7%100%6.422.80.424.5-
(9.2)38.5
Right-of-use assets
10
17.8-14.7-
(1.7)30.8
Market value (fair value) of investment properties
5.3%5.6%99%6.02,549.0(5.8)96.5200.0
(235.0)2,604.7
Investment properties held for sale
5
12 Madden Street
11
N/A8,313N/AN/AN/AN/A100.0-(100.0)-
--
10 Madden Street
11
N/A8,238N/AN/AN/AN/A86.0-(86.0)-
--
Mayfair House
11
N/A12,259N/AN/AN/AN/A86.7-(86.7)-
--
Bowen Campus
12
N/A39,971N/AN/AN/AN/A304.5--(304.5)
--
Charles Fergusson Building
11
N/A14,042N/AN/AN/AN/A--(104.5)104.5
--
Bowen Campus Stage Two
13
N/A-N/AN/AN/AN/A---231.8
8.2240.0
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A--(67.4)67.4
--
Market value (fair value) of investment properties held for sale
577.2-(444.6)99.2
8.2240.0
Development properties
5
Bowen Campus Stage Two
13
N/AN/AN/AN/AN/AN/A174.31.855.7(231.8)
--
One Queen StreetCBREN/AN/AN/AN/AN/A176.0-96.7-
(14.7)258.0
Freyberg BuildingColliersN/AN/AN/AN/AN/A49.5(0.1)4.2-
(6.6)47.0
Bowen HouseColliersN/AN/AN/AN/AN/A122.2-37.9-
-160.1
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A22.0-45.4(67.4)
--
61 Molesworth StreetN/A--67.4-
(9.0)58.4
Market value (fair value) of development properties
544.01.7307.3(299.2)
(30.3)523.5
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
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 Mason Bros. is subject to a pre-paid ground lease for 125 years.
7 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
8 Initial yields adjusted to remove right-of-use asset from the carrying value.
9 Other investment properties are small value properties held for strategic purposes.
10 Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
11 Precinct made the following sales to Precinct Pacific Investment Limited Partnership during the year:
- On 13 October 2022 Precinct sold Mayfair House, 10 Madden Street & 12 Madden Street for $272.7 million.
- On 16 March 2023 Precinct sold Wynyard Quarter Stage 3 for $67.4 million.
- On 13 June 2023 Precinct sold Charles Fergusson Building for $107.4 million.
12 Bowen Campus split between Defence House ($200.0 million) and Charles Fergusson Building ($104.5 milllion). Defence House was removed from the PPILP initial
portfolio sale transaction and transferred back to Investment Properties.
13 Precinct entered into an agreement on 29th November 2022 to dispose of 40 & 44 Bowen Street into a new joint investment partnership with global investment firm,
PAG. Settlement of this deal is expected in August 2023.
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition investment
properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are included in
profit or loss in the year in which they arise.
Development properties
Investment properties that are being constructed or developed for future use are classified as development properties. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Subsequent to initial recognition development properties are stated at fair value. Gains or losses arising from changes in the fair
value of development properties are included in profit or loss in the year in which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value Precinct’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.

85
ANNUAL REPORT 2023
Amounts in $ millions
ValuerNet lettable area
sqm
Initial yield %
1
Capitalisation
rate %
1
Occupancy %WALT years
2
Valuation
30 June 2022
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation gain /
(loss)
Carrying value
Investment properties
5
Auckland
AON Centre - AkldJLL25,3545.4%5.8%96%3.9243.0(0.4)6.9-
(12.0)237.5
HSBC TowerCBRE31,5925.3%5.4%100%4.9480.0(0.8)6.7-
(40.9)445.0
Jarden HouseColliers13,7625.0%5.5%94%4.4143.00.10.9-
(9.0)135.0
Mason Bros.
6
JLL4,7045.1%5.1%100%2.561.0(0.3)0.1-
(2.8)58.0
Commercial Bay RetailColliers16,8155.6%5.9%97%4.0400.0(1.6)2.3-
(47.7)353.0
PwC Tower (Commercial Bay)CBRE39,3754.8%5.0%100%8.3675.0(2.5)2.8-
(65.2)610.1
Wellington
-
NTT TowerBayleys16,6336.5%6.4%98%5.1151.50.11.0-
(11.9)140.7
No.1 and 3 The TerraceColliers18,6134.6%5.6%100%7.0143.0(0.2)0.3-
(5.6)137.5
No.3 The Terrace
7
ColliersN/AN/AN/AN/A35.214.2---
(0.7)13.5
AON Centre - WgtnCBRE24,2576.2%
8
6.6%98%4.2197.7(0.3)36.3-
(15.6)218.1
Defence HouseColliers25,9294.3%5.4%100%13.5-(0.3)-200.0
(12.7)187.0
Other investment properties
9
Various5,9876.2%7.7%100%6.422.80.424.5-
(9.2)38.5
Right-of-use assets
10
17.8-14.7-
(1.7)30.8
Market value (fair value) of investment properties
5.3%5.6%99%6.02,549.0(5.8)96.5200.0
(235.0)2,604.7
Investment properties held for sale
5
12 Madden Street
11
N/A8,313N/AN/AN/AN/A100.0-(100.0)-
--
10 Madden Street
11
N/A8,238N/AN/AN/AN/A86.0-(86.0)-
--
Mayfair House
11
N/A12,259N/AN/AN/AN/A86.7-(86.7)-
--
Bowen Campus
12
N/A39,971N/AN/AN/AN/A304.5--(304.5)
--
Charles Fergusson Building
11
N/A14,042N/AN/AN/AN/A--(104.5)104.5
--
Bowen Campus Stage Two
13
N/A-N/AN/AN/AN/A---231.8
8.2240.0
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A--(67.4)67.4
--
Market value (fair value) of investment properties held for sale
577.2-(444.6)99.2
8.2240.0
Development properties
5
Bowen Campus Stage Two
13
N/AN/AN/AN/AN/AN/A174.31.855.7(231.8)
--
One Queen StreetCBREN/AN/AN/AN/AN/A176.0-96.7-
(14.7)258.0
Freyberg BuildingColliersN/AN/AN/AN/AN/A49.5(0.1)4.2-
(6.6)47.0
Bowen HouseColliersN/AN/AN/AN/AN/A122.2-37.9-
-160.1
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A22.0-45.4(67.4)
--
61 Molesworth StreetN/A--67.4-
(9.0)58.4
Market value (fair value) of development properties
544.01.7307.3(299.2)
(30.3)523.5
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
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 Mason Bros. is subject to a pre-paid ground lease for 125 years.
7 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
8 Initial yields adjusted to remove right-of-use asset from the carrying value.
9 Other investment properties are small value properties held for strategic purposes.
10 Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
11 Precinct made the following sales to Precinct Pacific Investment Limited Partnership during the year:
- On 13 October 2022 Precinct sold Mayfair House, 10 Madden Street & 12 Madden Street for $272.7 million.
- On 16 March 2023 Precinct sold Wynyard Quarter Stage 3 for $67.4 million.
- On 13 June 2023 Precinct sold Charles Fergusson Building for $107.4 million.
12 Bowen Campus split between Defence House ($200.0 million) and Charles Fergusson Building ($104.5 milllion). Defence House was removed from the PPILP initial
portfolio sale transaction and transferred back to Investment Properties.
13 Precinct entered into an agreement on 29th November 2022 to dispose of 40 & 44 Bowen Street into a new joint investment partnership with global investment firm,
PAG. Settlement of this deal is expected in August 2023.
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition investment
properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are included in
profit or loss in the year in which they arise.
Development properties
Investment properties that are being constructed or developed for future use are classified as development properties. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Subsequent to initial recognition development properties are stated at fair value. Gains or losses arising from changes in the fair
value of development properties are included in profit or loss in the year in which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value Precinct’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.

86
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
30 June 2022
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2021
Capitalised incentivesAdditions / disposals /
transfers
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AON Centre - Akld
5
JLL25,3545.3%5.0%98%4.6234.0(0.3)0.78.6243.0
HSBC TowerCBRE31,5904.3%4.6%97%5.5476.0(0.5)6.2(1.7)480.0
Jarden HouseSavills13,7624.2%4.9%93%4.2140.00.21.11.7143.0
Mason Bros.
6
JLL4,7044.4%4.5%100%3.356.4(0.3)0.34.661.0
204 Quay Street
7
JLL5,4566.1%7.0%85%6.122.7-16.6(1.5)37.8
Commercial Bay RetailColliers16,8305.0%5.3%100%4.9405.0(1.3)3.6(7.3)400.0
PwC Tower (Commercial Bay)CBRE39,5504.3%4.3%100%9.4665.0(0.9)2.98.0675.0
Wellington
NTT TowerBayleys16,6335.5%5.6%100%2.9151.0(0.4)0.70.2151.5
No.1 and 3 The TerraceColliers18,6134.0%5.1%100%8.1142.0(0.2)0.50.7143.0
No.3 The Terrace
8
ColliersN/AN/AN/AN/A36.214.2---14.2
AON Centre - Wgtn
9
CBRE24,7695.7%5.9%100%4.3192.9(0.7)16.3(8.0)200.5
Market value (fair value) of investment properties
4.7%4.9%98%7.12,499.2(4.4)48.95.32,549.0
Investment properties held for sale
10
12 Madden Street
6
N/A8,202N/AN/AN/AN/A100.0(0.2)0.9(0.7)100.0
10 Madden Street
6
N/A8,238N/AN/AN/AN/A86.01.60.7(2.3)86.0
Mayfair HouseN/A12,259N/AN/AN/AN/A86.7-0.2(0.2)86.7
Bowen CampusN/A39,971N/AN/AN/AN/A304.5(0.3)0.4(0.1)304.5
Market value (fair value) of investment properties
held for sale
577.21.12.2(3.3)577.2
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A96.5-66.811.0174.3
One Queen StreetCBREN/AN/AN/AN/AN/A116.5(0.4)53.06.9176.0
30 Waring Taylor Street
11
N/AN/AN/AN/AN/AN/A19.4-(19.4)--
Freyberg Building
12
ColliersN/AN/AN/AN/AN/A-0.353.7(4.5)49.5
Bowen House
13
ColliersN/AN/AN/AN/AN/A--116.65.6122.2
Wynyard Quarter Stage 3
14
ColliersN/AN/AN/AN/AN/A--23.6(1.6)22.0
Market value (fair value) of development properties
232.4(0.1)294.317.4544.0
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
Transfers occur when a property is transferred to another category of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 This property was previously known as AMP Centre.
6 Mason Bros., 12 Madden Street, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease for 125 years.
7 Includes a gross up for the right-of-use asset (June 2022 $15.0 million; June 2021: $nil). See Note 20 for more detail.
8 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9 Includes a gross up for the right-of-use asset (June 2022: $2.8 million; June 2021: $2.9 million). See Note 20 for more detail.
10 All properties are categorised as level 3 in the fair value hierarchy.
On 23 February 2022 Precinct announced the formation of a new investment partnership with Singaporean sovereign wealth fund GIC. The partnership, in which
Precinct will retain an ongoing 24.9% minority interest, will initially acquire five assets from Precinct's existing portfolio and these assets have been transferred to
investment properties held for sale.
11 On completion of the project the value was transferred from development properties to property, plant and equipment as the building is fully leased to Generator.
12 On 15 July 2021 Precinct acquired Freyberg Building for $49.5 million.
13 On 23 July 2021 Precinct acquired Bowen House for $92.0 million.
14 On 21 December 2021 Precinct committed to the Wynyard Quarter Stage 3 (124 Halsey Street and the Flowers Building) development and costs were transferred from
other assets to development properties. Mason Bros., 12 Madden Street, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease
for 125 years.
Accounting policies (continued)
Right-of-use assets
For leases where Precinct is a lessee, a right-of-use asset is recognised at the commencement date of the lease, being the date the
underlying asset is available for use. Investment property is defined to include both owned investment property and investment
property held by a lessee as a right-of-use asset. Precinct therefore measures all investment property using the same measurement
basis, being the fair value model. The value of the right-of-use assets represents the fair value of a freehold interest in the land
subject to ground lease interests held by Precinct. Investment property is adjusted for cashflows relating to lease liabilities already
recognised separately in the consolidated statement of financial postion and also reflected in the investment property valuations.
Investment property held for sale
In accordance with IFRS 5, if the Group decides to dispose of an asset or group of assets, it should be classified as held for sale if:
- the asset or group of assets is available for immediate sale in its present condition subject only to terms that are usual and
customary for sales of such assets;
- it is highly likely to be sold within one year.
Consequently, this asset or group of assets is shown separately as "assets held for sale" on the balance sheet. Investment properties
held for sale continue to be measured at fair value with assessment made as to whether the agreed selling price reflects fair value.

87
ANNUAL REPORT 2023
Amounts in $ millions
ValuerNet lettable area sqmInitial yield %
1
Capitalisation rate %
1
Occupancy %WALT years
2
Valuation
30 June 2021
Capitalised incentivesAdditions / disposals /
transfers
3
Revaluation gain / (loss)Carrying value
Investment properties
4
Auckland
AON Centre - Akld
5
JLL25,3545.3%5.0%98%4.6234.0(0.3)0.78.6243.0
HSBC TowerCBRE31,5904.3%4.6%97%5.5476.0(0.5)6.2(1.7)480.0
Jarden HouseSavills13,7624.2%4.9%93%4.2140.00.21.11.7143.0
Mason Bros.
6
JLL4,7044.4%4.5%100%3.356.4(0.3)0.34.661.0
204 Quay Street
7
JLL5,4566.1%7.0%85%6.122.7-16.6(1.5)37.8
Commercial Bay RetailColliers16,8305.0%5.3%100%4.9405.0(1.3)3.6(7.3)400.0
PwC Tower (Commercial Bay)CBRE39,5504.3%4.3%100%9.4665.0(0.9)2.98.0675.0
Wellington
NTT TowerBayleys16,6335.5%5.6%100%2.9151.0(0.4)0.70.2151.5
No.1 and 3 The TerraceColliers18,6134.0%5.1%100%8.1142.0(0.2)0.50.7143.0
No.3 The Terrace
8
ColliersN/AN/AN/AN/A36.214.2---14.2
AON Centre - Wgtn
9
CBRE24,7695.7%5.9%100%4.3192.9(0.7)16.3(8.0)200.5
Market value (fair value) of investment properties
4.7%4.9%98%7.12,499.2(4.4)48.95.32,549.0
Investment properties held for sale
10
12 Madden Street
6
N/A8,202N/AN/AN/AN/A100.0(0.2)0.9(0.7)100.0
10 Madden Street
6
N/A8,238N/AN/AN/AN/A86.01.60.7(2.3)86.0
Mayfair HouseN/A12,259N/AN/AN/AN/A86.7-0.2(0.2)86.7
Bowen CampusN/A39,971N/AN/AN/AN/A304.5(0.3)0.4(0.1)304.5
Market value (fair value) of investment properties
held for sale
577.21.12.2(3.3)577.2
Development properties
4
Bowen Campus Stage TwoCBREN/AN/AN/AN/AN/A96.5-66.811.0174.3
One Queen StreetCBREN/AN/AN/AN/AN/A116.5(0.4)53.06.9176.0
30 Waring Taylor Street
11
N/AN/AN/AN/AN/AN/A19.4-(19.4)--
Freyberg Building
12
ColliersN/AN/AN/AN/AN/A-0.353.7(4.5)49.5
Bowen House
13
ColliersN/AN/AN/AN/AN/A--116.65.6122.2
Wynyard Quarter Stage 3
14
ColliersN/AN/AN/AN/AN/A--23.6(1.6)22.0
Market value (fair value) of development properties
232.4(0.1)294.317.4544.0
1 Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2 Total weighted average lease term is weighted by income.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Disposals relate to completed sales and unconditional contracts for sale at year-end.
Transfers occur when a property is transferred to another category of property.
4 All properties are categorised as level 3 in the fair value hierarchy.
5 This property was previously known as AMP Centre.
6 Mason Bros., 12 Madden Street, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease for 125 years.
7 Includes a gross up for the right-of-use asset (June 2022 $15.0 million; June 2021: $nil). See Note 20 for more detail.
8 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9 Includes a gross up for the right-of-use asset (June 2022: $2.8 million; June 2021: $2.9 million). See Note 20 for more detail.
10 All properties are categorised as level 3 in the fair value hierarchy.
On 23 February 2022 Precinct announced the formation of a new investment partnership with Singaporean sovereign wealth fund GIC. The partnership, in which
Precinct will retain an ongoing 24.9% minority interest, will initially acquire five assets from Precinct's existing portfolio and these assets have been transferred to
investment properties held for sale.
11 On completion of the project the value was transferred from development properties to property, plant and equipment as the building is fully leased to Generator.
12 On 15 July 2021 Precinct acquired Freyberg Building for $49.5 million.
13 On 23 July 2021 Precinct acquired Bowen House for $92.0 million.
14 On 21 December 2021 Precinct committed to the Wynyard Quarter Stage 3 (124 Halsey Street and the Flowers Building) development and costs were transferred from
other assets to development properties. Mason Bros., 12 Madden Street, 10 Madden Street and Wynyard Quarter Stage 3 are all subject to a pre-paid ground lease
for 125 years.
Accounting policies (continued)
Right-of-use assets
For leases where Precinct is a lessee, a right-of-use asset is recognised at the commencement date of the lease, being the date the
underlying asset is available for use. Investment property is defined to include both owned investment property and investment
property held by a lessee as a right-of-use asset. Precinct therefore measures all investment property using the same measurement
basis, being the fair value model. The value of the right-of-use assets represents the fair value of a freehold interest in the land
subject to ground lease interests held by Precinct. Investment property is adjusted for cashflows relating to lease liabilities already
recognised separately in the consolidated statement of financial postion and also reflected in the investment property valuations.
Investment property held for sale
In accordance with IFRS 5, if the Group decides to dispose of an asset or group of assets, it should be classified as held for sale if:
- the asset or group of assets is available for immediate sale in its present condition subject only to terms that are usual and
customary for sales of such assets;
- it is highly likely to be sold within one year.
Consequently, this asset or group of assets is shown separately as "assets held for sale" on the balance sheet. Investment properties
held for sale continue to be measured at fair value with assessment made as to whether the agreed selling price reflects fair value.

88
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Accounting policies (continued)
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is permanently
withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the derecognition of an investment
property are recognised in profit or loss in the year of derecognition.
Owner-occupied properties
Where a property becomes owner-occupied the property is transferred from investment or development properties to property,
plant and equipment. The cost for subsequent accounting for owner-occupied property is the property's fair value at the date of
change in use.
Fair value measurement, valuation techniques and inputs
Precinct’s properties were valued as at 30 June 2023 by independent registered valuers Colliers International, Bayleys, JLL and CBRE.
During the year there were no transfers of investment or development properties between levels of the fair value hierarchy. The
valuation techniques used in measuring the fair value of investment property, as well as the significant unobservable inputs used are as
follows:
Class of property
Valuation techniques usedInputs used to measure fair value
CBD office and retailIncome capitalisation approach, discounted
cash flow analysis and residual approach
- Office gross market rent per sqm
- Retail gross market rent per sqm
- Core capitalisation rate
- Discount rate
- Terminal capitalisation rate
- Rental growth rate per annum
- Profit and risk allowance
- Forecast development costs
Significant inputs used together with the impact on fair value of a change in inputs:
Range of significant unobservable inputs:Fair value measurement sensitivity:
Inputs used to measure fair value30 June 202330 June 2022to increase in inputto decrease in input
Office gross market rent per sqm
$285 - $1,235
$472 - $1,101IncreaseDecrease
Retail gross market rent per sqm
$325 - $6,000
$300 - $5,300IncreaseDecrease
Core capitalisation rate
5.0% - 8.3%
4.3% - 7.0%DecreaseIncrease
Discount rate
6.5% - 9.5%
5.6% - 8.0%DecreaseIncrease
Terminal capitalisation rate
5.4% - 8.5%
4.6% - 7.3%DecreaseIncrease
Rental growth rate per annum
2.2% - 3.0%
2.4% - 2.9%IncreaseDecrease
Profit and risk allowance
1.0% - 6.3%
5% - 15%DecreaseIncrease
Valuations reflect, where appropriate:
• The type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting
vacant accommodation, and the market’s general perception of their creditworthiness;
• The allocation of maintenance and insurance responsibilities between Precinct and the lessee; and
• The remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary
increases or decreases, it is assumed that all notices and where appropriate counter-notices have been served validly and within
the appropriate time.

89
ANNUAL REPORT 2023
Valuation methodologies
Income capitalisation approachDetermines fair value by capitalising the net income at a
capitalisation rate reflecting the nature, location and tenancy
profile of the asset. Subsequent near term capital adjustments
are then made which typically include letting-up allowances for
vacancy and pending expiries, capital expenditure allowances
and under/over renting reversions.
Discounted cash flow analysisA financial modelling methodology assessing the long-term return
that is likely to be derived from an asset. Explicit assumptions are
required for rental income growth, leasing up metrics on expiries
along with terminal value at the end of the cash flow period,
typically a 10 year horizon. A market-derived discount rate is then
applied to the assessed cash flows and discounted to a present
value to determine fair value.
Sales comparison approachFair value is determined by applying positive and negative
adjustments to recently transacted assets of a similar nature.
Residual approachA methodology normally used for property which is undergoing,
or is expected to undergo, redevelopment. Fair value is
determined by firstly calculating a gross realisation which
forecasts what a property is worth on completion and deducts all
costs associated with the development of the property. These
costs typically include letting and sale costs, a market required
profit and risk margin, construction costs and finance costs.
Unobservable inputs within the income capitalisation approach
Gross market rentThe estimated rental amount which a tenancy within a property
is expected to achieve under a new arm’s length transaction
including a share of the property operating expenses.
Core capitalisation rateThe income return produced by an investment expressed as a
percentage of the capital value. The capitalisation rate which is
applied to a property’s net market income is determined through
analysis of comparable sales transactions.
Unobservable inputs within the discounted cash flow analysis
Discount rateThe rate of return used to convert a property’s future cash flows
to present value. The discount rate is determined through analysis
of comparable sales.
Terminal capitalisation rateThe rate used to convert income into an indication of the
anticipated value of the property at the end of the cash flow
period.
Rental growth rateThe growth rate applied to the market rental over the cash flow
period.
Additional unobservable inputs within the residual approach
Profit and risk allowanceThe market level of return for a typical developer to receive on
their outlay in order to undertake the respective development
having regard to the relative risks (e.g. leasing progress, fixed
price contract, programme/staging) of the project at that point
in time.
Forecast development costsAll costs associated with the development of the property. These
costs typically include letting and sale costs, construction costs
and finance costs.

90
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
10. Gross Operating Revenue
Amounts in $ millions30 June 202330 June 2022
Gross property income from rentals
161.6
152.7
Gross property income from expense recoveries
36.9
34.5
Straight line rental adjustments
2.0
3.8
Amortisation of capitalised lease incentives
(9.0)
(9.8)
Generator operating revenue
22.8
15.8
Commercial Bay Hospitality operating revenue
4.6
3.3
Total gross operating revenue218.9
200.3
Accounting policies
Recognition of revenue from investment properties
Rental income from investment property leased to clients under operating leases is recognised in the statement of consolidated
income on a straight-line basis over the term of the lease to the extent that future rental increases are known with certainty. Fixed
rental adjustments are accounted for to achieve straight line revenue recognition.
Rental abatements provided to clients as additional support during the COVID-19 pandemic have been recognised as a reduction
to revenue in the statement of consolidated income in the period in which the abatement was provided.
Precinct capitalises lease incentives provided to clients to the respective investment or development property in the statement of
financial position and amortises them on a straight-line basis over the term certain life of the lease.
The share of property operating expenses which are recoverable from clients is recognised as gross property income from expense
recoveries. This is associated with the provision of services relating to the operations of Precinct’s buildings (eg, cleaning, repairs and
maintenance, utilities). Precinct have assessed the performance obligations associated with these as being satisfied each month as
the services are undertaken within each building. Revenue from our clients for the recovery of operating expenses is billed monthly
and recognised in the financial statements in the same manner reflecting that recovery revenue from clients is received at the
same time that the performance obligation is satisfied.
Recognition of revenue from operating segments
Operating revenue from Generator is recognised when it transfers services to a member. It is measured based on the consideration
specified in a contract with the member.
Operating revenue from Commercial Bay Hospitality venues is recognised at the point of sale, measured at the fair value of the
consideration received.
Recognition of management fee income
Management fee income is fees generated through the provision of investment and development management services to other
entities. This income is recognised in the statement of consolidated income in the period in which the services are rendered.
11. Segment Information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker has been identified as the Board of Directors.
The Group has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segment
Operations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared space
HospitalityOperating of hospitality venues
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance
because management believes that this information is the most relevant in evaluating the results of the respective segments relative to
other entities that operate in the same industries.
There are varying levels of integration between the investment properties and co-working segments. This integration includes occupied
space, future leasing and events. Inter segment pricing is determined on an arm's length basis.

91
ANNUAL REPORT 2023
Amounts in $ millions30 June 202330 June 2022
Investment
properties
Flexible
spaceHospitalityTotal
Investment
properties
Flexible
spaceHospitalityTotal
Revenue
Gross operating revenue
191.522.84.6218.9
181.215.83.3
200.3
Intersegment revenue
3.0(2.6)(0.4)-
2.8(2.3)(0.5)
-
Less direct operating
expenses
(61.5)(12.0)(4.4)(77.9)
(57.9)(8.2)(4.8)
(70.9)
Operating income before
indirect expenses133.08.2(0.2)141.0
126.15.3(2.0)
129.4
c) Reconciliations of information on reportable segments to NZ IFRS measurements
Amounts in $ millions30 June 202330 June 2022
Segment operating income before indirect expenses141.0129.4
Net interest expense
(30.8)(23.9)
Other expenses
(13.5)(10.2)
Management fee
5.4-
Unrealised net gain / (loss) in value of investment and development properties
(257.1)19.4
Unrealised net gain / (loss) on financial instruments
6.133.1
Share of (loss)/profit in equity-accounted investments
(2.0)-
Depreciation - property, plant and equipment
(3.0)(2.2)
Lease depreciation
(3.9)(5.1)
Lease interest expense
(4.9)(4.2)
Net realised gain / (loss) on sale of investment properties
(2.0)(0.2)
Impairment of goodwill
-(6.8)
Net profit before taxation(164.7)129.3
12. Management Expenses
Amounts in $ millions30 June 202330 June 2022
Management expenses
Audit fees
1
0.4
0.3
Directors' fees and expenses
1.3
1.2
Management expenses
2
20.2
15.7
Less: those recognised in direct operating expenses
(6.5)
(5.6)
Less: capitalised to properties being developed
(6.2)
(4.1)
Amortisation of intangible assets
0.3
0.2
Other
3
4.0
2.5
Total other expenses13.5
10.2
1 Fees paid or payable to the Group's auditor comprise $321,170 for audit and review of financial statements (2022: $272,800) and $54,490 for other assurance services
(2022: $53,200). Other assurance services include operating expense statement audit (2023: $25,090; 2022: $25,200) and green bond assurance (2023: $29,400; 2022:
$28,000).
2 Management expenses includes employee remuneration (2023: $14.9 million; 2022: $11.5 million), share-based payments expense, travel, training and occupancy
costs.
3 Other includes valuation fees, NZX listing fees, share registry costs, annual and interim report publication and property investigations and feasibility costs. At 30 June
2023 other also includes $0.8 million of project costs associated with the change to a stapled structure.

92
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
13. Taxation
Amounts in $ millions30 June 202330 June 2022
Net profit before taxation(164.7)
129.3
At the statutory income tax rate of 28.0%(46.1)
36.2
Unrealised (gain) on value of investment and development properties
72.2
(5.4)
Unrealised (gain) / loss on financial instruments
(1.9)
(9.3)
Impairment of goodwill
-
1.9
Disposal of depreciable assets
-
(5.0)
Capitalised interest
(9.4)
(5.4)
Prior period adjustments
(1.7)
(1.0)
Other adjustments
(3.5)
(2.7)
Depreciation
(14.0)
(16.3)
Deductible capital expenditure
(0.7)
-
Current tax expense / (benefit)(5.1)
(7.0)
Depreciation recovered on sale of depreciable assets7.7
-
Fair value of financial instruments
1.9
12.4
Depreciation - current year
(4.8)
14.2
Deferred tax - other
(11.2)
(0.3)
Total deferred tax expense / (benefit)(14.1)
26.3
Total taxation expense / (benefit)(11.5)
19.3
Effective tax rate7%
15%
Precinct holds its properties on capital account for income tax purposes.
The group has tax losses of $228.5 million available to carry forward as at 30 June 2023 (2022: $237.3 million)
Amounts in $ millions30 June 202330 June 2022
Deferred tax asset - tax losses
(64.0)
(66.4)
Deferred tax (asset) / liability - fair value of financial instruments
2.7
(1.3)
Deferred tax asset - share based payments
(0.8)
(0.4)
Deferred tax liability - intangible assets on acquisition
0.5
0.5
Deferred tax asset - lease liabilities
(10.8)
-
Deferred tax liability - depreciation
74.3
79.0
Net deferred tax (asset) / liability1.9
11.4
Deferred tax assets
Precinct has recognised deferred tax assets relating to the fair value of financial instruments, share-based payments, accumulated tax
losses of the group and lease liabilities.
Deferred tax liabilities
Precinct has recognised deferred tax liabilities relating to the depreciation claw-back which would arise on the sale of investment
properties at carrying value.
In estimating this deferred tax liability, Precinct has relied on independent valuers' assessments of the market value of the land and
improvements. For 30 June 2023, Precinct has then relied on insurance replacement cost reports to split the value of improvements
(being the building structure and the fixtures and fittings), identified in the independent valuer's assessments.
Imputation credit account
Imputation credits available for use as at 30 June 2023 are $nil (2022: $nil).

93
ANNUAL REPORT 2023
Accounting policy
Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that
it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at
the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the carrying amounts of
investment property will be recovered through sale.
14. Reconciliation of Net Profit after Tax to Adjusted Funds From Operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations and is
considered industry best practice for a REIT. This is determined by adjusting statutory net profit (under IFRS) for certain non-cash and
other items. AFFO has been determined based on guidelines established by the Property Council of Australia and is intended as a
supplementary measure of operating performance.
Amounts in $ millions30 June 202330 June 2022
Net profit after taxation
(153.1)
110.0
Adjust for non-cash items
Unrealised net (gain) / loss in value of investment and development properties
257.1
(19.4)
Unrealised (gains)/losses on JV - Property Revaluations
3.2
-
Unrealised net (gain) / loss on financial instruments
(6.1)
(33.1)
Impairment of goodwill
-
6.8
Depreciation - property, plant and equipment
3.0
2.2
Deferred tax (benefit) / expense
(14.1)
26.3
IFRS 16 lease adjustments
(0.1)
1.7
Share-based payments scheme
1.4
1.2
Amortisations
13.7
14.7
Straightline rents
(2.0)
(3.8)
Adjust for additions and disposals
Net realised loss / (gain) on sale of investment and development properties
2.0
0.2
Tax on revenue account sales of investment and development properties
0.5
-
Depreciation recovered on sale
7.7
-
Adjust for one-off items
Stapling project costs
0.8
-
Project initialisation costs
-
0.7
Funds from operations (FFO)114.0
107.5
Maintenance capex
(3.3)
(2.3)
Incentives and leasing costs
(4.6)
(3.7)
Adjusted funds from operations (AFFO)106.1
101.5
Weighted average number of shares for net operating income per share (millions)
1,585.8
1,559.2
Adjusted funds from operations per share (cents)6.69
6.51
This additional performance measure is provided to assist shareholders in assessing their returns for the year.

94
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
15. Earnings per Share
Amounts in $ millions30 June 202330 June 2022
Net profit after tax for basic earnings per share ($millions)
(153.1)
110.0
Weighted average number of shares for basic earnings per share (millions)
1,585.8
1,559.2
Basic earnings per share (cents)(9.65)
7.06
Net profit after tax for diluted earnings per share ($millions)
(153.1)
110.0
Weighted average number of shares for diluted earnings per share (millions)
1,590.9
1,562.0
Diluted earnings per share (cents)(9.65)
7.04
The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and weighted
average number of ordinary shares outstanding after the adjustment for all dilutive potential ordinary shares. Weighted average
number of shares for the purpose of diluted earnings per share has been adjusted for 6,471,980 rights issued under Precinct's Long Term
Incentive Scheme as at 30 June 2023 (2022: 2,432,299). This adjustment is not dilutive for 30 June 2023. This adjustment has been
calculated using the treasury share method. Refer to Note 24 for further details.
16. Other Current Liabilities
Amounts in $ millions30 June 202330 June 2022
Trade creditors
4.0
3.7
Accrued expenses
24.9
27.3
Total other current liabilities28.9
31.0
17. Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities
Amounts in $ millions30 June 202330 June 2022
Net profit after taxation(153.1)
110.0
Add / (less) non-cash items and non operating items
Unrealised net (gain) / loss in value of investment and development properties
257.1
(19.4)
Unrealised net (gain) / loss on financial instruments
(6.1)
(33.1)
Net realised (gain) / loss on sale of investment properties
2.0
0.2
Deferred tax (benefit) / expense
(14.1)
26.3
Amortisation of leasing costs and incentives
15.1
13.3
Share of (loss)/profit in equity-accounted investments
2.0
-
Deferred tax expense
5.5
(7.4)
Impairment of goodwill
-
6.8
Movement in working capital
Increase / (decrease) in creditors
9.3
(9.1)
(Increase) / decrease in debtors
0.4
0.3
Net cash inflow / (outflow) from operating activities118.1
87.9

95
ANNUAL REPORT 2023
18. Interest Bearing Liabilities
Amounts in $ millions30 June 202330 June 2022
Interest bearing liabilities
Bank loans
561.0
561.0
US private placement
260.7
260.7
NZ senior secured bond
425.0
425.0
Total drawn debt1,246.7
1,246.7
US private placement - fair value adjustments
16.9
35.9
Capitalised borrowing costs
(5.2)
(6.8)
Net interest bearing liabilities1,258.4
1,275.8
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
30 June 202330 June 2022
Bank loansAmortised costFeb-25150.0Floating
2
22.0
150.0
Bank loansAmortised cost-Floating
2
-
82.0
Bank loansAmortised costMar-26250.0Floating
2
250.0
237.0
Bank loansAmortised costDec-26300.0Floating
2
289.0
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
1,385.7
1,246.7
1,246.7
Weighted average term to maturity
3.5 years
4.0 years
Weighted average interest rate before swaps (including funding costs)
7.40%
4.01%
1 As at 30 June 2023.
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 $1,385.7 million (2022: $1,622.7 million) including the NZ retail bonds and US private placements.
All lenders (excluding convertible noteholders) have the benefit of security over certain assets of the Group. The Group has given a
negative pledge which provides that it will not permit any security interest in favour of a party other than the lenders to exist over more
than 15% of the value of its properties.
To substantially remove currency risk, US private placement proceeds have been fully swapped back to New Zealand dollars.
Accounting policy
Interest bearing liabilities
Bank loans and the NZ retail bond are recognised initially at fair value less any attributable transaction costs. Subsequent to initial
recognition, these liabilities are stated at amortised cost using the effective interest method.
The US private placements are recognised at fair value including translation to NZD with any gains or losses recognised in the profit
or loss as they arise. This fair value is determined using swap models and present value techniques with observable inputs such as
interest rate and cross-currency curves. The movement in fair value attributable to changes in Precinct's own credit risk is calculated
by determining the changes in credit spreads above observable market interest rates and is recognised in other comprehensive
income. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the
cost of that asset.

96
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
19. Leases
a) Lease liabilities
Precinct has entered into ground leases (as lessee) and property leases (Generator as lessee). Ground leases have remaining non-
cancellable lease terms of between one and 49 years (2022: one and 51 years). Generator property leases have remaining non-
cancellable lease terms of between one and 10 years (2022: one and 12 years)
Amounts in $ millions30 June 202330 June 2022
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Current
1.33.44.7
0.72.93.6
Non-current
30.627.958.5
17.831.349.1
Total lease liabilities31.931.363.2
18.534.252.7
Set out below are the movements in the carrying values of the lease liabilities during the period.
Amounts in $ millions
Investment
propertiesFlexible spaceTotal
Balance at 1 July 20213.037.340.3
Additions16.20.716.9
Disposals-(1.1)(1.1)
Accretion of interest0.93.34.2
Payments(1.6)(6.0)(7.6)
Balance at 30 June 202218.534.252.7
Balance at 1 July 2022
18.534.252.7
Additions
14.5-14.5
Disposals
---
Accretion of interest
1.73.24.9
Payments
(2.8)(6.1)(8.9)
Balance at 30 June 2023
31.931.363.2
b) Right-of-use assets
Amounts in $ millions
30 June 202330 June 2022
Investment
propertiesFlexible spaceTotal
Investment
propertiesFlexible spaceTotal
Total right-of-use assets30.7
1
24.955.6
17.928.946.8
1 Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of Financial Position.
Set out below are the movements in carrying amounts of right-of-use assets during the period.
Amounts in $ millions
Investment
properties
1
Flexible space
2
Total
Balance at 1 July 20212.933.236.1
Additions16.20.716.9
Depreciation expense(1.2)(3.9)(5.1)
Disposals-(1.1)(1.1)
Balance at 30 June 202217.928.946.8
Balance at 1 July 2022
17.928.946.8
Additions
14.5-14.5
Depreciation expense
-(3.9)(3.9)
Fair value movement
(1.7)-(1.7)
Disposals
-(0.1)(0.1)
Balance at 30 June 2023
30.7
3
24.955.6
1 Held at fair value.
2 Held at depreciated cost.
3 Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of Financial Position.

97
ANNUAL REPORT 2023
Accounting policy
Leases
At contract inception Precinct assesses whether a contract is, or contains, a lease. Where a contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration it is considered a lease.
Precinct as a lessee
Precinct applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets where IFRS 16 recognition exemptions are applied. Precinct recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
Right-of-use assets
Precinct recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of the lease liabilities recognised, initial direct
costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right-of-use
assets are depreciated on a straight-line basis over the term certain life of the lease.
Lease liabilities
At the commencement date of the lease Precinct recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by Precinct and payments of penalties for terminating the lease if the lease term reflects Precinct exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments Precinct uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amounts of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g.,
changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in
the assessment of an option to purchase the underlying asset.
20. Derivative Financial Instruments
Amounts in $ millions30 June 202330 June 2022
Fair value of derivative financial instruments
Current assets
5.3
3.5
Non-current assets
1
49.8
48.2
Current liabilities
-
-
Non-current liabilities
(29.0)
(20.5)
Total26.1
31.2
Notional contract cover (fixed payer)
900.0
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
72.2%
64.2%
Weighted average term to maturity (fixed payer)
2.6 years
3.5 years
Weighted average interest rate after swaps (including funding costs)
5.61%
4.02%
1 This includes the cross currency interest rate swap valuation of $22.7 million (June 2022: $25.1 million) and a net credit value adjustment of $0.7 million (June 2022:
$0.9 million credit).

98
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions30 June 202330 June 2022
Unrealised net gain / (loss) on financial instruments
Interest rate swaps
3.7
42.9
US private placement
1
2.5
1.4
Convertible note option
-
(11.2)
Subtotal unrealised net gain / (loss) on financial instruments6.2
33.1
Credit risk adjustments on financial liabilities designated at fair value through profit or loss
7.8
(1.7)
Total unrealised net gain / (loss) on financial instruments14.0
31.4
1 This is the net impact, excluding the credit risk adjustment, of the movement in value of the cross currency interest rate swap and the US private placement notes.
Accounting policy
Derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage its exposure to interest rate and
foreign exchange risks arising from operational, financing and investment activities.
Derivative financial instruments are recognised initially at fair value and subsequently re-measured and carried at fair value. They
are carried as assets when the fair value is positive and liabilities when the fair value is negative. The gain or loss on re-measurement
to fair value is recognised directly in profit or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap at the balance date, taking into
account current rates and creditworthiness of the swap counterparties. This is determined using swap models and present value
techniques with observable inputs such as interest rate and cross-currency curves. The fair value of derivatives fall into level 2 of the
fair value hierarchy.
21. Capital Commitments
Precinct has $172.5 million of capital commitments as at 30 June 2023 (2022: $298.0 million) relating to construction contracts and
property purchases still to be settled.
22. Operating Lease Commitments
Precinct has entered into investment property leases (as lessor) which have remaining non-cancellable lease terms of between one
and 17 years.
Future minimum rentals receivable under non-cancellable operating leases are as follows:
Commitments as lessor (receivable)
Amounts in $ millions
30 June 202330 June 2022
Within one year
167.6
186.6
After one year but not more than five years
515.7
611.2
More than five years
342.3
530.8
Total1,025.6
1,328.6
The commitments above are calculated based on contract rates using the term certain expiry dates of lease contracts. Actual rental
amounts in future may differ due to rent review provisions within the lease agreements.
23. Contingencies
a. Contingent liabilities
There are no contingent liabilities as at 30 June 2023 (June 2022: $nil).
b. Contingent assets
There are no contingent assets as at 30 June 2023 (June 2022: $nil).

99
ANNUAL REPORT 2023
24. Share-Based Payments
a) Description of share-based payment arrangements
On 1 April 2021, Precinct introduced a long-term incentive scheme (‘scheme’) for key management personnel and senior executives.
Under this scheme, share rights were issued which entitles participants to receive ordinary shares in Precinct. The original tranche of
rights vest within the period of 15-39 months from 1 April 2021. All rights issued after the original tranche generally vest over a period of
36 months. Vesting of share rights are subject to achieving service and/or performance conditions and is classified as equity-settled.
These are at-risk payments designed to align the reward for senior management personnel and senior executives with the
enhancement of shareholder value over a multi-year period.
The key terms and conditions related to the grants under this scheme are as follows:
Restricted share rights
(granted to senior
management personnel
and senior executives)
Vest over service periods of 36-48 months provided the participant remains employed by Precinct.
Performance share rights
(granted to senior
executives)
Vest over 36-39 months (assessment period) if the related performance hurdle is met and participant
remains employed by Precinct. These will vest as follows:
Absolute TSR rights (one-third of performance share rights)
If Precinct's TSR exceeds a specified annualised compounding rate.
Relative TSR rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's TSR relative to the TSR of
property group comprising other listed property issuers.
FFO growth rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's FFO growth per share
relative to CPI growth rate.
TSR - Total shareholder's return; FFO - Funds from operations
On vesting date, subject to meeting the service and performance conditions as above, each share right converts to one ordinary
share. Key management personnel and senior executives are liable for tax on the shares received at this point.
b) Reconciliation of outstanding share rights
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, all share options during
the year.
30 June 202330 June 2022
Number in millions
NumberWAEP
1
NumberWAEP
1
Outstanding at 1 July
2.4$0.88
2.8$0.95
Exercised during the year
(0.4)
2
$1.29
(0.4)
3
$1.37
Granted during the year
4.4$0.92
--
Outstanding at 30 June
6.4$0.88
2.4$0.88
1 Weighted average exercise price is the average exercise price for the group of share rights transactions weighted by the shares in each transaction.
2 Share rights vested 30 June 2023 with shares issued on 3 July 2023.
3 Share rights vested 30 June 2022 with shares issued on 1 July 2022.
The weighted average remaining contractual life of share rights outstanding at 30 June 2023 is 2.2 years.

100
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
c) Fair value measurement of share rights
The fair value of the employee share rights awarded has been measured using a binomial model and Monte Carlo simulation. Service
and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value.
The inputs used in the measurement of fair values at grant date of the award share rights were as follows:
Grant date 1 April 2021
Restricted share
rights 1
Restricted share
rights 2
Restricted share
rights 3
Absolute TSR rightsRelative TSR rightsFFO growth
Fair value ($)1.6381.6381.6380.5100.6301.410
Share price ($)1.6301.6301.6301.6301.6301.630
Expected volatility (%)N/AN/AN/A19.7019.7019.70
Expected life1 yr 3 mths2 yrs 3 mths3 yrs 3 mths3 yrs 3 mths3 yrs 3 mths3 yrs 3 mths
Risk free rate (%)N/AN/AN/A0.570.570.57
Grant date 1 July 2022
Restricted share
rights 1
Absolute TSR rightsRelative TSR rightsFFO growth
Fair value ($)1.3300.5100.6500.961
Share price ($)1.3301.3301.3301.330
Expected volatility (%)N/A19.9019.9019.90
Expected life3 yrs3 yrs3 yrs3 yrs
Risk free rate (%)N/A3.453.453.45
Grant date 14 April 2023
Restricted share rights 1
Fair value ($)1.255
Share price ($)1.280
Expected volatility (%)N/A
Expected life4 yrs
Risk free rate (%)N/A
Expected volatility has been based on an evaluation of the historical volatility of the Precinct’s share price, particularly over the
historical period commensurate with the expected term. The expected term of the share rights has been based on historical
experience and general option holder behaviour. The risk-free rate reflects the interpolated rate for the period of 3 years and 3 months
based on data sourced from the Reserve Bank of New Zealand.
The management expense relating to the LTI scheme for the year ended 30 June 2023 is $1.4 million (2022: $1.2 million) with a
corresponding increase in the share-based payments reserve. The unamortised fair value of the remaining share rights at 30 June 2023
is $3.8 million (2022: $1.1 million).
Accounting Policy
Recognition and measurement
The grant-date fair value of share-based payment arrangements granted to employees is generally recognised as an expense, with
a corresponding increase in equity, over the vesting periods of the awards. The amount recognised as an expense is adjusted to
reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such
that the amount ultimately recognised is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair
value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected
and actual outcomes.
Key estimates and assumptions
It has been assumed that the key management personnel and senior executives will remain employed with Precinct on each of the
vesting dates and that the non-market performance conditions will be met.

101
ANNUAL REPORT 2023
25. Interests in Associates and Joint Ventures
Set out below are the associates and joint ventures of Precinct as at 30 June 2023 which, in the opinion of the directors, are material to
Precinct.
Amounts in $ millionsCountry of
incorporation
OwnershipOwnership
interest
Nature of
relationship
Measurement
method
Precinct Pacific Investment Limited Partnership ("PPILP")New ZealandUnits24.9%AssociateEquity
Precinct Properties Residential Limited ("PPRL")New ZealandShares50.0%Joint VentureEquity
Amounts in $ millions30 June 202330 June 2022
Precinct Pacific Investment Limited Partnership ("PPILP")
55.2
-
Precinct Properties Residential Limited ("PPRL")
4.1
-
59.3
-
Precinct Pacific Investment Limited Partnership ("PPILP")
Given the extent of Precinct's equity investment as at balance date of 24.9%, the appointment of Precinct Properties Management
Limited ("PPML") as manager, and that two of Precinct's current executives are directors of the PPILP General Partnership, the Precinct
Board has concluded that Precinct has "significant influence" over PPILP. As such, Precinct's interest in PPILP has been treated as an
interest in an associate.
Precinct Properties Residential Limited ("PPRL")
Precinct Properties Residential Limited ("PPRL") is a multi-unit residential development business jointly owned by Precinct and Lamont &
Co. and if focussed on the delivery of high-quality multi-until residential developments.
Summarised financial information for associates and joint ventures
The following tables provide summarised financial information for the associates and joint ventures of Precinct and reflect the amounts
presented in the financial statements of the relevant entities, not Precinct's share of those amounts.
Summarised statement of comprehensive income
Amounts in $ millionsPPILPPPRL
30 June 202330 June 2023
Net rental income
10.20.6
Corporate expenses
(0.8)(0.3)
Finance income
--
Finance expense
(6.4)-
Other (expense) / income
(1.2)-
Income tax expense
-(0.1)
Profit / (loss)1.80.2
Other comprehensive income
--
Total comprehensive profit / (loss)1.80.2
Summarised statement of financial position
Amounts in $ millionsPPILPPPRL
30 June 202330 June 2023
Assets
Current assets
4.80.3
Investment properties
464.7-
Other non-current assets
1.9-
471.40.3
Liabilities
Current liabilities
1.01.9
Borrowings - non-current
238.5-
Other non-current liabilities
--
239.51.9
Net assets231.9(1.6)

102
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Reconciliation to carrying amounts
Amounts in $ millionsPPILPPPRL
30 June 202330 June 2023
Opening net assets--
Partners' contribution
231.9-
Issue of shares
-7.9
Acquisition of Lamont
-(9.7)
Profit / (loss)
1.70.2
Tax credits allocated to partners
--
Other comprehensive income
--
Distribution paid
(1.7)-
Closing net assets231.9(1.6)
Amounts in $ millionsTotalPPILPPPRL
Precinct's share in %
24.9%50.0%
Share of net assets at carrying percentage56.957.7(0.8)
Goodwill
(4.9)
Closing carrying amount4.1
Opening carrying amount---
Partners' contribution/Issue of Shares
61.757.74.0
Profit / (loss)
(2.0)(2.1)0.1
Other comprehensive income
---
Distribution paid
(0.4)(0.4)-
Closing carrying amount59.455.24.1
Accounting policy
Interests in associates and joint ventures
Interests in associates and joint ventures are accounted for using the equity method and are stated in the consolidated statement
of financial position at cost, adjusted for the movement in Precinct's share of their net assets and liabilities. Under this method,
Precinct's share of the profits and losses after tax of associates and profit and loss before tax of the joint ventures are included in
Precinct profit before taxation. Adjustments to the carrying amount are also made for Precinct's share of changes in the associates'
and the joint venture's other comprehensive income. When there has been a change recognised directly in the equity of the
associate or joint venture, Precinct recognises its share of any changes, when applicable, in the statement of changes in equity.
Under the equity method, gain or loss resulting from the transfer of investment properties to associates or joint ventures in exchange
for cash or shares is recognised only to the extent of the other investors' interest in the associates or joint ventures, however when
cash and shares are received, the portion of the gain or loss relating to cash is recognised in full.
At each reporting date, Precinct assesses its equity-accounted investments to determine whether there is any indication of
impairment. If any such indication exists, then the investments' recoverable amount is estimated as a single asset by comparing its
recoverable amount with its carrying amount.
The recoverable amount is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the
estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset or cash generating unit. Fair value less costs of disposal is the price that
would be received to sell an asset in an orderly transaction between market participants at the measurement date, less the costs of
disposal and includes a strategic premium that is associated with collectively owning more than the sum of the individual shares.
If the carrying amount of an equity-accounted investment exceeds its recoverable amount, an impairment loss is recognised in
profit or loss and is applied to the carrying amount of the equity-accounted investment. Such impairment loss is not allocated to the
underlying assets that make up the carrying amount of the equity-accounted investment. Impairment loss is subsequently reversed
only to the extent that the recoverable amount of the investment subsequently increases.

103
ANNUAL REPORT 2023
26. Key Management Personnel
Amounts in $ millions30 June 202330 June 2022
Directors' fees
1
0.8
0.8
Executive team remuneration
2
6.0
4.7
Total6.8
5.5
1 Includes due diligence committee (DDC) fees that may be capitalised depending on the nature of the DDC.
2 Total remuneration comprising base salary, STI payments, market value of LTI shares vesting and employer contributions to superannuation.
27. Capital Management
The Group's capital includes ordinary shares, retained earnings and interest bearing liabilities. When managing capital, management's
objective is to ensure Precinct continues as a going concern as well as to maintain optimal returns to shareholders and benefits for
other creditors. Management also aims to maintain a capital structure that ensures the lowest cost of capital is available to Precinct.
Precinct meets its objectives for managing capital through its investment decisions on the acquisition and disposal of assets,
developments, dividend policy, share buy backs and issuance of new shares.
Precinct’s banking covenants require total liabilities (excluding deferred tax, derivative financial instruments and sub-ordinated debt
liability) to not exceed 50% of total assets. Precinct has complied with this requirement during this year and the previous year.
Precinct’s policy in respect of capital management is reviewed regularly.
28. Financial Risk Management
In the normal course of business through the use of financial instruments, Precinct is exposed to interest rate risk, credit risk and liquidity
risk. The Board agrees and reviews policies for managing each of these risks.
Financial instruments held:
Amounts in $ millions30 June 202330 June 2022
At amortised
cost
Fair value
through profit or
lossTotal
At amortised
cost
Fair value
through profit
or lossTotal
Financial assets
Cash
16.6-16.6
11.5-11.5
Debtors
10.1-10.1
6.9-6.9
Loan receivables
33.0-33.0
---
Derivative financial
instruments
-55.155.1
-51.751.7
Total59.755.1114.8
18.451.770.1
Financial liabilities
Other current liabilities
28.9-28.9
31.0-31.0
Interest bearing liabilities
986.0277.61,263.6
986.0296.61,282.6
Derivative financial
instruments
-29.029.0
-20.520.5
Total1,014.9306.61,321.5
1,017.0317.11,334.1
a) Interest rate risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance, future cash flows or the fair value
of its financial instruments.
Precinct’s policy is to manage its interest rates using a mix of fixed and variable rate debt. Precinct’s policy is to keep at least 60%
(based on a one year horizon) of its interest bearing liabilities at fixed rates of interest. To manage this mix Precinct enters into interest
rate swaps, in which Precinct agrees to exchange, at specified intervals, the difference between fixed and variable rates for interest
calculated by reference to an agreed-upon notional principal amount. These swaps are designed to economically hedge underlying
debt obligations.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on interest bearing liabilities, after the
impact of hedging with all other variables held constant.

104
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Amounts in $ millions30 June 202330 June 2022
Effect on profit
or equity
Effect on profit
or equity
25 basis point increase
(0.9)
(1.1)
25 basis point decrease
0.9
1.1
b) Credit risk
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause the Group
to incur a financial loss. Financial instruments which subject Precinct to credit risk principally consist of cash, debtors, loan receivables
and derivative financial instruments in an asset position. Precinct’s exposure to credit risk is equal to the carrying value of the financial
instruments.
Precinct conducts credit assessments to determine credit worthiness prior to entering into lease agreements. In addition, debtor and
loan balances are monitored on an ongoing basis with the result that Precinct’s exposure to bad debts is not significant. No loan
balances are past due.
There is no significant concentration of credit risk as financial assets are spread amongst a number of counterparties.
c) Liquidity risk
Liquidity risk is the risk that Precinct will experience difficulty in either realising assets or otherwise raising sufficient funds to satisfy
commitments associated with financial liabilities.
Precinct monitors and evaluates liquidity requirements on an ongoing basis and generates sufficient cash flows from its operating
activities to meet its obligations arising from its financial liabilities and has bank facilities available to cover potential shortfalls. The
Group’s approach to managing liquidity risk is to ensure it will always have sufficient liquidity to meet its obligations when they fall due
under both normal and stress conditions. The Group manages liquidity by maintaining adequate committed credit facilities and
spreading maturities in accordance with internal policy.
The tables below analyse Precinct’s financial liabilities (principal and interest) and net cash flows of derivative financial instruments into
relevant contracted maturity periods.
Amounts in $ millionsCarrying amount0 - 1 yr1-2 yrs2-5 yrs>5 yrsTotal contractual
cash flows
30 June 2023
Interest bearing liabilities
1,263.639.8222.6965.6174.91,402.9
Net derivative financial
instruments
(26.1)16.013.838.94.573.2
Other current liabilities
28.928.9---28.9
Total1,266.484.7236.41,004.5179.41,505.0
30 June 2022
Interest bearing liabilities1,282.630.7110.8881.1355.21,377.8
Net derivative financial
instruments(31.2)11.914.333.613.473.2
Other current liabilities31.031.0---31.0
Total1,282.473.6125.1914.7368.61,482.0
Accounting policy
Derecognition of financial instruments
Financial assets are derecognised when the right to receive cash flows from the financial asset has expired or when the entity
transfers substantially all the risks and rewards of the financial asset. If the entity neither retains nor transfers substantially all of the risks
and rewards, it derecognises the asset if it has transferred control of the asset. Financial liabilities are derecognised when the
obligation has expired or been transferred.

105
ANNUAL REPORT 2023
29. Events After Balance Date
Precinct completed the corporate restructuring of the Precinct group of companies into a stapled group effective 1 July 2023. Precinct
Properties Group comprises the stapling of Precinct Properties New Zealand Limited (PPNZ) shares to Precinct Properties Investments
Limited (PPIL) shares on a one for one basis and commenced trading on the NZX Main Board on 3 July 2023. The ticker code for the
stapled shares remains PCT.
Precinct was granted waivers from the NZX Main Board Listing Rules 3.5 to 3.8 to permit Precinct Properties Group to provide the
information required in annual reports and half-yearly results announcements on a consolidated basis, rather than for PPNZ and PPIL
groups separately. This exemption will be used in preparing the consolidated financial statements for the year ending 30 June 2024 and
the half year period ending 31 December 2023.
PPNZ incorporated PPIL as a wholly-owned subsidiary on 14 December 2022 with the purpose of being the holding company of the
PPNZ Non Portfolio Investment Entities (non-PIE). Immediately prior to year end, PPNZ transferred its shareholding in all the non-PIE
entities to PPIL at market value in exchange for shares in PPIL. These shares in PPIL were then distributed to PPNZ shareholders on 1 July
2023 on a one for one basis, such that all shareholders now hold an equal number of shares in PPNZ and PPIL.
As of the date of these financial statements, the purchase price allocation is incomplete as the business combination took place
immediately after year end. Management is in the process of determining fair values for the assets acquired and liabilities assumed.
The net assets acquired relate to the PPNZ management business and non-PIE group companies, including their employees, tangible
assets, assumed employee liabilities and systems.
PPNZ will principally invest in prime CBD properties in New Zealand while PPIL will focus on property management services and
operational businesses. Both entities are domiciled in New Zealand and are registered under the Companies Act 1993.
Further information relating to the stapling transaction will be circulated to shareholders during the course of the 2024 financial year.
The sale of 40 and 44 Bowen Street to BILP settled on 15 August 2023. The proceeds from the sale were applied to the repayment and
cancellation of $100 million of the bank facility due to mature in February 2025.
On 22 August 2023 the Board approved the financial statements for issue and approved the payment of a dividend of 1.675 cents per
share to be paid on 22 September 2023.

106
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Independent auditor's report to the Shareholders of Precinct Properties New Zealand Limited
Opinion
We have audited the financial statements of Precinct Properties New Zealand Limited (“the Company”) and its subsidiaries (together
“the Group”) on pages 78 to 105, which comprise the consolidated statement of financial position of the Group as at 30 June 2023,
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended of the Group, and the notes to the financial statements including a summary of significant
accounting policies.
In our opinion, the consolidated financial statements on pages 78 to 105 present fairly, in all material respects, the financial position of
the Group as at 30 June 2023 and its consolidated financial performance and consolidated cash flows for the year then ended in
accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards.
This report is made solely to the Company's shareholders, as a body. Our audit has been undertaken so that we might state to the
Company's shareholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the
Auditor’s responsibilities for the audit of the financial statements
section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1
International

Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand)
issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Ernst & Young provides other assurance related services to the group. Ernst & Young 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.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the financial statements
section of the
audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
A member firm of Ernst & Young Global Limited

107
ANNUAL REPORT 2023
Investment and Development Property Valuations
Why significantHow our audit addressed the key audit matter
The Group’s investment and development properties have
assessed fair values of $2,605 million and $524 million respectively,
and account for 80% of the group’s total assets.
The Group engaged third-party registered valuers to determine
the fair value of each investment and development property at
30 June 2023.
The property valuations require the use of judgments specific to
the properties, as well as consideration of the prevailing market
conditions. Significant assumptions used in the valuations are
inherently subjective and a small difference in any one of the key
assumptions, when aggregated, could result in a significant
change to the property valuations. As a result, we consider the
valuation of investment and development properties and the
related disclosures in the financial statements to be significant to
our audit.
For investment and development properties key assumptions are
made in respect of:
• Forecast market rent and rental growth rates; and
• estimated capitalisation or discount rates.
For development properties, which are valued using the residual
approach, additional key assumptions are made in respect of:
• forecast development costs; and
• profit and risk allowance.
Disclosures relating to investment and development properties
and the associated significant judgments are included in Note 9
‘Investment and Development Properties’ to the consolidated
financial statements.
Our audit procedures included the following:
• Held discussions with management to understand:
– changes in the condition of each property; and
– the impact market conditions had on the Group’s
investment and development properties.
• On a sample basis we:
– Evaluated the Group’s internal review of the third-party
valuation reports.
– Involved our real estate valuation specialists to assist with our
assessment of whether significant valuation assumptions fell
within reasonable ranges and the valuation methodologies
adopted were appropriate.
– Assessed key inputs supplied to the third-party valuers by the
Group, including comparing the tenancy schedule and
specific provisions in the lease agreements to the underlying
records held by the Group.
– Assessed the significant assumptions applied by the third-
party valuers for reasonableness compared to previous
period assumptions, the changing state of the properties
and other market changes.
– Assessed the competence, qualifications and objectivity of
the third party-valuers.
– Agreed the carrying value of each property to the relevant
third-party valuation report.
• Considered the adequacy of the disclosures in relation to
investment and development properties.
A member firm of Ernst & Young Global Limited

108
PRECINCT PROPERTIES NEW ZEALAND LIMITED
Information other than the financial statements and auditor's report
The directors of the Company are responsible for the annual report, which includes information other than the consolidated financial
statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Directors' responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing
(New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at External Reporting Board’s
website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/. This description forms
part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Susan Jones.
Chartered Accountants
Auckland
22 August 2023
A member firm of Ernst & Young Global Limited

109
Directory.
Directory.
ANNUAL REPORT 2023
Precinct Properties New Zealand LimitedDirectors of Precinct
Registered Office of Precinct
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
T: +64-9-927-1647
E: hello@precinct.co.nz
W: www.precinct.co.nz
Craig Stobo – Chair, Independent Director
Anne Urlwin – Independent Director
Graeme Wong – Independent Director
Nicola Greer – Independent Director
Mark Tume – Independent Director
Chris Judd – Independent Director
Officers of PrecinctManager
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
Precinct Properties Management Limited
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
BankersAuditor
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
The Hong Kong and Shanghai Banking Corporation
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond TrusteeSecurity Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
Telephone:+64-9-488-8700
Email:enquiry@computershare.co.nz
Website:www.computershare.co.nz
Fax:+64-9-488-8787
Please contact our registrar:
• To change investment details such as name, postal address or method of payment.
• For queries on dividends and interest payments.
• To elect to receive electronic communication.

Settlement of 44 & 44 Bowen Street to BILP Precinct NZ lodges PDS for offer of convertible notes

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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