Quarterly Report December 2023

01
Precinct Quarterly Update
December 2023
Precinct Quarterly Update
Welcome to the December
edition of our quarterly update.
Annual Meetings of Shareholders
Precinct held its annual general meetings of shareholders of
Precinct Properties New Zealand Limited and Precinct Properties
Investments Limited on 14 November 2023. It was a hybrid format
so in addition to the in-person meeting held at Generator
Commercial Bay Meeting & Event Suites, attendance was also
available online via a live webcast.
Voting was conducted by poll and shareholders passed all six
resolutions, including resolutions 4 and 6 as special resolutions.
We welcome any feedback from shareholders in advance of the
2024 annual general meetings.
Board Update
Following this years annual meetings of shareholders, we said
farewell to Craig Stobo who stepped down as Chair and
Independent Director of Precinct. As mentioned at our annual
meetings, Craig has been instrumental in the direction of
Precinct over the last 13 years and has made a significant
contribution to the business. We wish him all the very best in the
future.
It is a privilege to be considered the best replacement for my
predecessor Craig Stobo by the People and Performance
Committee. I would like to express my sincere appreciation for
the trust and confidence my fellow Board of Directors and
Management of Precinct have placed in me to take on the role
as Chair of Precinct. And of course, I also thank you, our
shareholders for entrusting me with this important responsibility.
During the quarter, we are delighted to have appointed Chris
Meads as an Independent Director. Chris is an experienced
professional and has worked in banking and funds management
across Asia Pacific. We also welcomed Alana Barron as
Precinct's first Future Director for a one-year term. Alana is a
capital markets professional with 20 years’ experience in New
Zealand, Australia, Hong Kong and the United States.
Outlook
Consistent with earlier guidance provided, the Board expects
total combined cash dividends for Precinct Properties New
Zealand Limited and Precinct Properties Investment Limited for
the 2024 financial year to be 6.75 cents per stapled security to
be paid to shareholders.
Wishing you all a joyful and safe festive season.
Yours faithfully,
Anne Urlwin, Independent Director and Chair
Dividends
Precinct Properties New Zealand Limited
Payment date15 December 2023
Excluded dividend (cents per share)1.497500 cps
Fully imputed dividend (cents per share)0 cps
Cash dividend (cents per share)1.497500 cps
Imputation credits (cents per share)0 cps
Precinct Properties Investments Limited
Payment date15 December 2023
Cash dividend (cents per share)0.190000 cps
Imputation credits (cents per share)0.031924 cps
Supplementary dividend (cents per share)0.014487 cps
Indicative dividends payment dates
2nd Quarter 2024 financial year22 March 2024
3rd Quarter 2024 financial year7 June 2024
These dates represent the current expectation of Precinct (PCT) as at the date of
publication, are subject to PCT board approval, may change without notice and
are not a guarantee or warranty as to the payment of a dividend or the actual
payment dates.
Key metrics as at 30 September 2023
Portfolio value
$3.1 billion
Overall occupancy98%
Weighted average lease term6.1 years
Market capitalisation$1.8 billion
Weighted average cap rate5.6%
Weighting to Auckland (by value)73%
All portfolio metrics are as at 30 September 2023 and reflect Precinct's direct
ownership in assets and exclude joint investment partnerships assets, unless
otherwise stated.
Financial Summary as at 30 September 2023
Balance sheet
Unaudited
30 Sept 23
Audited
30 June 23
Total assets$3,531.5 m$3,642.8 m
Net equity$2,190.4 m$2,183.1 m
Number of shares on issue1,586.4 m1,585.9 m
Net asset value per share$1.38$1.38
Bank covenant gearing31.1%38.0%
Shareholder returns
September Quarter
1 Yr3 Yr5 Yr
Precinct (NZX: PCT)
(9.6%)(6.6%)(21.7%)(1.2%)
Listed Property
(5.7%)(4.5%)(14.1%)10.7%
Returns are based on close price for the quarter, and assume reinvestment of
dividend (returns exclude imputation credits). Listed property is the S&P/NZX All
Real Estate Gross index. Source IRESS
Precinct’s FY24 interim results are scheduled to be announced
on 22 February 2024.

02
Precinct Quarterly Update
Precinct Quarterly Update (Continued)
Precinct secures Downtown Car park site for
transformational development
On 24 November 2023, Precinct announced that it has entered
into a conditional agreement with Eke Panuku Development
Auckland to acquire and redevelop the Downtown Car Park site.
Precinct will partner with Ngāti Whātua Ōrākei to redevelop the
site located on the corner of Customs and Lower Albert Street.
Precinct was selected as the preferred development partner in
October 2022 and has since been progressing commercial
negotiations.
This is an incredible, once in a generation, opportunity to
enhance the vibrancy of Auckland’s city centre, and to create a
seamless connection along the waterfront.
Initial designs for the 6,442 square metre site are for a centralised
podium sitting beneath two high-rise towers. There will be a retail
and hospitality offer as well as new public spaces. Precinct is
proud of delivering world-class transformational outcomes in
partnership with the city, as seen with Commercial Bay and
Wynyard Quarter. Precinct’s existing connections and interests
provide a unique opportunity to create a public East-West
connection, from Britomart to the Viaduct and beyond, which
delivers on the Auckland Council’s long-term masterplan for the
City Centre.
In line with Precinct’s sustainability strategy and wider ESG
commitments, a whole-of-life approach will be taken with this
redevelopment. This aligns with both Auckland Council’s
sustainability approach and Eke Panuku’s vision to develop the
site underpinned by sustainable urban transformation and
renewal. Precinct will commit to a social procurement strategy,
which aims to provide quality employment opportunities to
underemployed and minority groups, with a key focus on
increasing access for Māori and Pasifika owned businesses.
The Downtown Car Park site purchase price is $122 million,
payable at the end of 2025 with Auckland Transport to continue
to operate the carpark until then. Demolition cannot commence
before 30 April 2025. While design is underway, development
timing will be dependent on a number of factors, including
demand, feasibility and consenting processes.
Joint Venture formed to acquire Te Tōangaroa
portfolio
Precinct formed a joint venture with Ngāti Whātua Ōrākei, to
invest in the regeneration of the Te Tōangaroa precinct in
Auckland 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.
The joint venture will focus on the repositioning of both assets
and enhancing the Te Tōangaroa precinct, where Ngāti Whātua
Ōrākei owns approximately 20 hectares of land. The acquisition
of the Te Tōangaroa portfolio settled on 1 September 2023.
Sustainability
Precinct has continued to progress strategies to reduce our
negative impacts and scale positive impacts informed by our
material topics. During the quarter, Precinct received our 2023
GRESB result. Precinct improved its score to 86 which is well
above the current global average of 75. This is a great result and
reflects the continued progress Precinct is making across our ESG
targets.
Preparing Precinct for compliance with the External Reporting
Board's (XRB) Aotearoa New Zealand Climate Standards in FY24
has been a key priority. Precinct has voluntarily prepared interim
climate-related disclosures in this year’s Annual Report to support
transparency towards compliance with XRB’s NZ CS1 Standards.
This can be be found here: www.precinct.co.nz/annual-
reporting/2023-annual-results
Precinct will apply the full CS 1 standard in its FY24 Annual
Report. We look forward to sharing this with you.
Disclaimer: The information and opinions in this report were prepared by Precinct Properties New Zealand Limited
(PCT). PCT makes no representation or warranty as to the accuracy or completeness of the information in this
report. Opinions including estimates and projections in this report constitute the current judgement of PCT as at the
date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of
future performance. This report is provided for information purposes only and does not constitute investment
advice. Neither PCT, nor any of its Board members, officers, employees, advisers (including Precinct Properties
Holdings Limited) or other representatives will be liable for any damage, loss or cost incurred by any recipient of this
report or other person in connection with this report.
Please contact our registrar, Computershare:
• To change investment details such as name, postal
address or method of payment, and
• For questions on your dividends and shareholdings
Registrar:
Computershare Investor Services Limited
T +64-9-488-8777
Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us at
hello@precinct.co.nz