Precinct Properties New Zealand Limited/Announcement

Strategic transition advanced and 1H24 result

Half Year Results21 February 2024PCTReal 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, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NZX announcement – 22 February 2024
Strategic transition advanced and 1H24 result
Performance summary for the six months ended 31 December 2023
Financial summary
• Funds from operations (FFO) from directly held investment portfolio of $63.5 million, up
4.3% (1H23: $60.9 million), contributing to net operating income before tax of $54.3
million, up 3.4%
2
(1H23: $51.3 million).
• Net property income (NPI)
1
of $68.3 million achieved for the first half, up 2.5%
2
(1H23:
$65.4 million).
• Total comprehensive income after tax of $12.9 million compared to $0.6 million in 1H23.
• Adjusted funds from operations (AFFO) of 3.26 cps (1H23: 3.42 cps, 2H23: 3.27 cps).
• FY24 dividend guidance remains at 6.75 cps.
Executing strategic initiatives with active capital management supporting growth
• Entered into conditional agreement with Eke Panuku to acquire and redevelop the
Downtown Car Park site in Auckland.
• Joint venture formed with Ngāti Whātua Ōrākei, to invest in the regeneration of the Te
Tōangaroa precinct in Auckland. Precinct’s investment is in partnership with PAG.
• Commenced construction of two new build-to-sell apartment developments on behalf
of capital partners.
• Sale of Mason Bros. building located in Auckland for $50.3 million with capital from the
sale supporting continued evolution and execution of our strategy.
• $150 million of subordinated convertible notes issued during the period providing
Precinct capital management and strategic benefits.
Operational performance
• Portfolio occupancy of 98% with 6.4 year weighted average lease term (WALT).
• First half leasing of 5, 585 square metres secured in the period with 16 .4% growth in
contract rents on new office leases.

1
Net property income excludes IFRS 16 rent expense elimination.
2
Net of straight line rent adjustments, following a change in calculation adopted in the period.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
• Completed redevelopment of Deloitte Centre at One Queen Street including the
opening of the new flagship hotel, InterContinental Auckland.
• Willis Lane in Wellington opened with foot traffic and sales performance now stabilised
and performing well over the first six months of trading.
Environmental, Social and Governance (ESG) update
• Precinct improved its Global Real Estate Sustainability Benchmark (GRESB) score to 86,
well above the current global average of 75 and maintained a public disclosure level
of ‘A’.

• Precinct voluntarily prepared interim climate-related disclosures in its 2023 Annual
Report with Precinct expecting to apply the full CS 1 standard in its upcoming FY24
Annual Report.
Board changes
• Precinct Independent Director, Anne Urlwin appointed as Chair, effective 14
November 2023.
• Appointment of Chris Meads as an Independent Director and Alana Barron as
Precinct's first Future Director for a one-year term.

Note: Further information can be found within the 2024 Interim Financial Statements and results presentation. You can find
these at http://www.precinct.co.nz/interim-reporting/2024-interim-results
Precinct Properties Group (Precinct) (NZX: PCT) reported its financial results for the six months
ended 31 December 2023 today. Funds from operations (FFO) from directly held investment
portfolio of $63.5 million, up 4.3% (1H23: $60.9 million) underpinned by strong base rental growth
in Auckland. This has contributed to net operating income before tax of $54.3 million, reflecting
an increase of 3.4%
2
on the previous comparable period (1H23: $51.3 million) with net property
income (NPI)
1
for the six months to 31 December 2023 of $68.3 million up 2.5%
2
on the previous
comparable period (1H23: $65.4 million).
Total comprehensive income after tax of $12.9 million compares to $0. 6 million for the same
period last year, with the difference mainly attributable to the fair value movement across the
value of Precinct’s properties of $53.6 million recorded in the previous comparable period.

1
Net property income excludes IFRS 16 rent expense elimination.

2
Net of straight line rent adjustments, following a change in calculation adopted in the period.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Independent valuations as at 31 December 2023 were completed across $0.7 billion of Precinct’s
partnership assets, and for the 61 Molesworth Street development in Wellington. Taking into
consideration the metrics assessed by the independent valuers, a corresponding internal
valuation review for Precinct's wholly owned assets showed the carrying value at 31 December
2023 reflected fair value of these assets, apart from the Freyberg Building in Wellington which
recorded a $6.3 million devaluation for the period.
Scott Pritchard, Precinct CEO said, “Over the first half of the 2024 financial year, the high quality
of our office portfolio has underpinned our business performance as premium assets continue to
outperform. We are delighted to have successfully progressed a number of strategic initiatives,
supported by an active capital management strategy with both the sale of the Mason Bros.
building and $150 million convertible notes issue completed during the period further positioning
us to execute on strategy. Precinct’s gearing as measured under borrower covenant, which
disregards subordinated debt remains around 32%, well under PCT borrower covenant level of
50%”.
“Moving to a stapled company structure on 1 July 2023, establishing our residential business and
sourcing new development and partnership opportunities is providing continued growth and
potential benefits for Precinct which are well aligned with the evolution of our strategy”.
“We are extremely pleased to have entered into a conditional agreement with Eke Panuku to
acquire and redevelop the Downtown Car Park site in Auckland. We are very excited about
securing this development offering and the opportunity to undertake this development alongside
capital partners, further supporting our continued approach to growing our capital partnerships.
We look forward to advancing the design of this project over the next 12 months in partnership
with Ngāti Whātua Ōrākei”.
“As we continue to develop our strategic pathway, we will leverage Precinct’s people and the
platforms we have established. On behalf of our capital partners, we have commenced two
new residential projects with a sales value of approximately $300 million and we are completing
one additional project currently. We are actively exploring additional value add opportunities
with potential capital partners which further extend our real estate offering and are expected to
provide strong returns on capital. Illustrating our strategic transition, in 2021 Precinct had a
development pipeline valued at $0.8 billion which was 100% owned by Precinct, whereas our
current development pipeline of $1 billion is around two thirds funded by capital partners. This
positions the business to drive higher returns on capital from development activity”.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Operational performance
Precinct’s occupancy continues to be strong achieving 98% and a WALT of 6.4 years recorded
as at 31 December 2023.
A total of 5,585 square metres of leasing transactions was recorded across our investment
portfolio in the first half of the financial year. While this reflects a lower level of leasing when
compared to the previous comparable period (1H23: 8,100 square metres), new office leases
were secured 16.4% above previous contract rents. Rent reviews were completed across 69,000
square metres during the period, resulting in an average annual uplift of 3.6%.
Demand for premium flexible spaces in desirable locations is a strong theme across the markets
in both cities we operate in. Across our Generator business, occupancy was 78% as at 31
December 2023. Pleasingly, the business achieved an increase of 17% in total membership
revenue and a 11% increase in Generators Events business revenue on previous periods.
At our Commercial Bay retail precinct, occupancy was 97% as at 31 December 2023. While the
retail centre recorded a weaker level of sales in the months of September and October, trading
performance was relatively strong in the later months of November and December 2023 with
sales being consistent with previous comparable periods.
Development update
Across our current active development projects, we continue to progress our two office projects
– the 61 Molesworth Street project in Wellington and Wynyard Quarter Stage 3 in Auckland. Both
of these developments remain on programme with target completions of Q3 2025 and Q1 2025,
respectively and have a combined total expected value on completion of circa $567 million.
With the completion of the Onehunga Mall Club apartments, there are three further
development projects underway. Two of these are in construction, FABRIC Stage 2 and the
Domain Collection, with York House procurement underway. The pipeline comprises a total of
224 units and a sales value of $431 million, with Precinct’s investment totalling $30 million currently.
Equity investment in the existing pipeline is currently provided by capital partners. Precinct
continues to consider participation in future opportunities, with a focus on building a pipeline of
further future projects.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Dividends payment
Precinct shareholders will receive a second-quarter dividend for Precinct Properties New Zealand
Limited (“PPNZ”) of 1.497500 cents per share in cash dividends. This dividend has no imputation
credits to attach for the quarter and therefore no supplementary dividend to be paid (see note
2).
Precinct shareholders will also receive a second-quarter dividend for Precinct Properties
Investments Limited (“PPIL”) of 0.234512 cents per share, comprising cash of 0.190000 cents per
share, imputation credits of 0.030618 cents per share and a supplementary dividend of 0.013894
cents per share (see note 2).
The record date for both PPNZ and PPIL dividends above is 8 March 2024 and payment will be
made on 22 March 2024.
Outlook and guidance
From a macroeconomic perspective, while there are short-term challenges at a local and global
level, the long-term outlook across the real estate markets is underpinned by a record level of
net migration which will be particularly felt in Auckland.
Precinct’s core business performance over the last six months has delivered pleasing results with
the strength of our office markets and the demand for premium-grade space in Auckland and
Wellington remaining robust. Our balance sheet is in a very good position, and we are committed
to maintaining this to enable the business to successfully execute on its strategy.
Precinct continues to transition to a capital partnering regime, focusing on meeting the demands
of its partners and targeting higher returns on capital. Consequently, we see a greater focus on
residential led developments over the next 24 months. While the residential build-to-sell market
remains subdued, these conditions provide significant opportunity to establish a long-term
development pipeline.
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.
Further information can be found within Precinct’s 2024 Interim Financial Statements and results
presentation. You can find this at:
http://www.precinct.co.nz/interim-reporting/2024-interim-results

---

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION -Page 1
FY24 INTERIM RESULTS
22 February 2024
Artist impression – York House

FY24 INTERIM RESULTS -PAGE 2
01
Highlights & key themes
Scott Pritchard, CEO
02
Financial results & capital
management
Richard Hilder, CFO
03
Capital partnering
George Crawford, Deputy CEO
04
Investment update
George Crawford, Deputy CEO
05
Development update
Scott Pritchard, CEO
06
Summary
Scott Pritchard, CEO
All figures provided in this presentation are as at 31 December 2023 unless otherwise stated. All dollar values are NZD.
Agenda

FY24 INTERIM RESULTS -PAGE 3
Strategic execution
•Entered into conditional agreement with Eke Panuku to acquire and redevelop the
Downtown Car Park site in Auckland.
•Commenced construction of two new build-to-sell apartment developments on
behalf of capital partners, with a total sales value of circa $300 million incl. GST.
•Joint venture formed with Ngāti Whātua Ōrākei to invest in Te Tōangaroa alongside
PAG.
•Sale of Mason Bros. building in Auckland’s Wynyard Quarter for $50.3 million with
capital from the sale supporting continued evolution and execution of our strategy.
Operational highlights
Operational excellence
•Portfolio occupancy remains high at 98% with a WALT of 6.4 years.
•Achieved 16.4% growth in contract rents on new office leases.
•Deloitte Centre completed in the period.
•InterContinental Auckland commenced operations on 30 January 2024.
•Willis Lane F&B precinct completed and opened successfully.
•Onehunga Mall Club ($92 million
2
build-to-sell apartment development) successfully
completed.
Financial performance
•Funds from operations (FFO) from directly held investment portfolio of $63.5 million,
up 4.3% on pcp.
•Operating profit before income tax of $54.3m, up 3.4% on pcp
1
.
•Adjusted funds from operations (AFFO) of 3.26cps (1H23: 3.42cps, 2H23: 3.27 cps).
•$150 million of subordinated convertible notes issued during the period providing
Precinct capital management and strategic benefits.
•FY24 dividend guidance remains at 6.75 cps.
Note 1: Net of straight line rent adjustments, following a change in calculation adopted in the period
Note 2: Gross development value including GST

FY24 INTERIM RESULTS -PAGE 4
Key themes
Capital partnerships
•Elevated investor demand being observed for residential and living sectors.
Strong underlying investment thematics of population growth and slowing
supply are leading to high rental growth and supply/demand imbalances.
•Global investor demand for office remains subdued as portfolios are
rebalanced, however liquidity remains for high quality assets.
•Interest in value-add strategies continues, however opportunities in local
markets are limited, with little distress observed to date.
•Preferences continue to evolve as global investors rebalance portfolios and
seek out sectors with best risk-adjusted returns.
•Precinct and its partners continue to explore further opportunities.
Investment market
•Higher interest rates continue to provide valuation headwinds, however
investor view that rates have peaked is improving sentiment.
•Continued demand exists where value is obvious.
•Transaction volumes remain subdued.
Construction market
•Construction costs remain elevated in nominal terms, albeit some signs of
easing are emerging.
•Replacement costs exceed market values which will limit supply and
support rental growth for existing stock, particularly for premium office
where vacancy remains low.

Financial results
& capital
management

FY24 INTERIM RESULTS -PAGE 6
Financial performance
+$17.1m
Increase in net profit after tax
$1.35
NTA per security
Unaudited six months ended
31 Dec 2331 Dec 22
D
Operating profit before indirect expenses$73.8 m $69.1 m +$4.7 m
Corporate overhead expense($2.7 m)($2.5 m)($0.2 m)
Net interest expense ($16.8 m)($15.3 m)($1.5 m)
Operating profit before income tax$54.3 m $51.3 m +$3.0 m
Net change in fair value of investment and
development properties
($5.5 m)($53.6 m)+$48.1 m
Net change in fair value of derivative financial
instruments
($11.1 m)$11.8 m ($22.9 m)
Net gain / (loss) on sale of investment properties($10.3 m)($10.3 m)
Share of profit / (loss) in equity-accounted investments($3.1 m)($0.4 m)($2.7 m)
Other non-operating expenses($6.6 m)($6.4 m)($0.2 m)
Net profit before taxation$17.7 m $2.7 m +$15.0 m
Current tax benefit / (expense)($0.8 m)$4.2 m ($5.0 m)
Depreciation recovered on sale($0.5 m)($5.4 m)+$4.9 m
Deferred tax expense / (benefit)($1.1 m)($3.3 m)+$2.2 m
Net profit after income tax attributable to equity holders$15.3 m ($1.8 m)+$17.1 m
Other comprehensive income / (expense)($2.4 m)$2.4 m ($4.8 m)
Total comprehensive income after tax attributable to equity
holders
$12.9 m $0.6 m +$12.3 m
Net tangible assets per security$1.35$1.50($0.15)
Interim valuations
•PPILP and BILP assets externally
valued as at 31 December 2023.
The assessed values were 0.5%
below Precinct’s carrying values for
those assets.
•Independent valuation was also
carried out on 61 Molesworth Street
following its addition to Precinct’s
mortgaged property pool.
•Consistent with policy, an internal
valuation review was undertaken
which concluded the book value
for the Precinct portfolio remains
materially consistent with fair value.

FY24 INTERIM RESULTS -PAGE 7
Operating income
•Auckland office FFO uplift
underpinned by strong base rental
growth in HSBC and PwC Towers,
plus make good income received
in the period.
•Commercial Bay variance reflects
evolving tenant mix as the centre
continues to build to a stabilised
position.
•Net property income of $68.3m, up
$1.6m (+2.5%)
1
.
•Operating income before indirect
expenses of $73.8m was up $3.4m
1

(+5.0%) for the period.
Operating income reconciliation
+4.3%
Increase in FFO from directly held
investment portfolio
+9.4%
Increase in Auckland office FFO
Note 1: Net of straight-line rent adjustment made
in the period following a change of calculation
Unaudited 6 months ended31 Dec 2331 Dec 22
D
%
Directly held property funds from operations (FFO)
Auckland office FFO$37.2 m$34.0 m+$3.2 m+9.4%
Wellington office FFO$17.3 m$17.5 m($0.2 m)(1.1%)
Commercial Bay retail FFO$7.7 m$8.4 m($0.7 m)(8.3%)
Other properties FFO$1.3 m$0.9 m+$0.4 m+44.4%
Investment portfolio FFO$63.5 m$60.9 m+$2.6 m+4.3%
Transactions and Developments FFO$8.7 m$10.2 m($1.5 m)(14.7%)
Directly held property FFO$72.2 m$71.1 m+$1.1 m+1.5%
Amortisations of incentives and leasing costs($6.4 m)($6.9 m)+$0.5 m(7.2%)
Straight-line rents$2.5 m$1.2 m+$1.3 m+108.3%
Net property income$68.3 m$65.4 m+$2.9 m+4.4%
Operating businesses$1.0 m$1.4 m($0.4 m)(28.6%)
Management fee income$4.1 m$1.6 m+$2.5 m+156.3%
Employment and admin expenses($4.2 m)($3.6 m)($0.6 m)+16.7%
IFRS 16 rent expense elimination$4.6 m$4.2 m+$0.4 m+9.5%
Operating profit before indirect expenses$73.8 m$69.1 m+$4.7 m+6.8%
$65 m
$67 m
$69 m
$71 m
$73 m
$75 m

FY24 INTERIM RESULTS -PAGE 8
•Funds from operations (FFO) of
$55.3m or 3.49 cents per weighted
security.
•AFFO of 3.26 cps down (4.6%)
primarily due to a positive tax
position in the prior period.
•Cornerstone distributions of $1.6m
providing positive contribution
•Management fee income up
$2.5m reducing net management
expense to $0.1m (HY23: $2.0m
and $4.2m at internalisation).
FFO and AFFO
+5.5%
Increase in underlying FFO
$4.1m
Management fee income from
partnerships and third parties
Unaudited six months ended31 Dec 2331 Dec 22
D
Directly held property FFO$72.2 m$71.1 m+$1.1 m
Cornerstone distributions$1.6 m$0.3 m+$1.3 m
Property investments FFO$73.8 m$71.4 m+$2.4 m
Operating businesses$1.0 m$1.4 m($0.4 m)
Net management expense($0.1 m)($2.0 m)+$1.9 m
Underlying FFO$74.7 m$70.8 m+$3.9 m
Net interest expense($16.8 m)($15.3 m)($1.5 m)
Current tax benefit / (expense)($0.8 m)$4.2 m($5.0 m)
Other indirect expenses & adjustments($1.8 m)($1.7 m)($0.1 m)
Funds From Operations (FFO)$55.3 m$58.0 m($2.7 m)
FFO per weighted security3.49 cps3.66 cps(0.17 cps)
Dividend payout ratio to FFO97%92%
Adjusted Funds From Operations-
Maintenance capex($1.9 m)($1.3 m)($0.6 m)
Investment portfolio -Incentives and leasing fees($1.7 m)($2.5 m)+$0.8 m
Adjusted Funds From Operations (AFFO)$51.7 m$54.2 m($2.5 m)
AFFO per weighted security3.26 cps3.42 cps(0.16 cps)
Dividend paid in financial year3.38 cps3.35 cps+0.03 cps
Dividend payout ratio to AFFO104%98%-
Retained earnings($1.8 m)$1.1 m($2.9 m)

FY24 INTERIM RESULTS -PAGE 9
Capital management
Active capital management continues to position
the balance sheet to execute on strategy through
growth in co-investment platform
Debt facility expiry profile
Key metrics
31 Dec 2330 Jun 23
Debt drawn ($m)1,1841,247
Gearing (Banking covenant: 50%)
1
31.638.0
Weighted average term to expiry (years)3.23.5
Weighted avg. debt cost (incl. fees) (%)5.35.6
Percentage of debt hedged (%)101.772.2
Interest coverage ratio
(Covenant: 1.75 times)
1.9 x1.9 x
Total debt facilities ($m)1,4541,386
•The $50.3 million sale of Mason Bros. and $150 million
subordinated convertible notes issuance has reduced
gearing to 31.6% and provides liquidity to progress
residential and third-party capital opportunities.
•Hedging has increased to ~100% at an average interest
rate of 5.3%, while ICR is forecast to improve in the near
term with the completion of One Queen Street.
•$168 million green loan secured for the 61 Molesworth
Street development at a margin below existing syndicated
facilities. Weighting to non-bank debt sources now at 57%.
•Near-term focus on refinancing upcoming maturities and
FY27 maturity profile.
$100 m
$200 m
$300 m
$400 m
$500 m
$600 m
$700 m
Jun 24Jun 25Jun 26Jun 27Jun 28>Jun 28
Debt Facility Expiry Profile
Year ending
Bank debtUSPPNZ BondsConvertible note
Hedging profile
0%
50%
100%
FY 24FY 25FY 26FY 27FY 28
Average hedging
Policy RangeAverage Hedging
H2
Note 1: Adjusted total liabilities to adjusted total assets

FY24 INTERIM RESULTS -PAGE 10
Earnings outlook and FY24 guidance
6.75 cps
FY24 dividend guidance reaffirmed
Note 1: Net of straight-line rent adjustment made in the period following a change of
calculation
Note 2: Peer set includes ARG, GMT, KPG, PFI, SPG & VHP. SPG returns are calculated
from FY17. Over 10 years, PCT’s cumulative dividend growth = 30.9% which continues
to rank above the peer set which ranges from -13.6% to 23.4% and excludes SPG.
Cumulative dividend growth from FY16 vs. peers
2
Dividend and AFFO guidance reaffirmed at 6.75 cps
•Headwinds for the sector due to higher interest rates and
tax depreciation changes.
Strategy driving earnings growth
•Precinct’s direct investments continue to be underpinned
by excellent fundamentals with well-located, quality
assets achieving sustained high occupancy (98%), solid
WALT (6.4 years), under-renting (11%), and high ratio of
income derived from government and professional
services sector tenants.
•With a stapled structure now in place Precinct can grow
capital partnering and the residential strategy without
putting PPNZ’s PIE status at risk.
•Management fee income from existing partnerships are
forecast to increase in coming years.
•The Downtown Carpark site provides an opportunity of
significant scale.
•Growth in residential development will see an increase in
management fee income, revenue from mezzanine loans
and realisable profit on sales.
•Precinct’s participation in residential development
management will likely lead to volatility in earnings which
will be further considered in Precinct’s dividend policy.
+9.9%
Gross rental income vs pcp
1
$1.6m
Distributions from co-investments
attributable to the period
24.1%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
FY16FY17FY18FY19FY20FY21FY22FY23
Peer set rangePCT
17.5%
-19.7%

Capital
Partnering

FY24 INTERIM RESULTS -PAGE 12
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
Target Equity Returns
0%
5%
10%
15%
20%
25%
Property
Passive
Active
Development
Residential
DirectCapital partnerships
Equity IRR

FY24 INTERIM RESULTS -PAGE 13
Capital partnerships
Precinct has continued to execute on its capital partnership strategy, with a focus on
value-add and residential sectors
•While demand for core office remains subdued, there is
liquidity for high quality assets. Interest in office value-add
strategies continues, however with limited distress, few
opportunities have emerged in local markets.
•Precinct and its partners continue to explore further
opportunities across multiple sectors and Precinct sees
increasing potential in the residential platform.
•Progress made during the period includes:
•In partnership with PAG, forming the ~$140m joint venture
with Ngāti Whātua Ōrākei to invest in the Te Tōangaroa
precinct.
•Commenced construction of two new residential
apartment developments with a total built-out value of
circa $300m (incl. GST).
•Advancing the Wynyard Stage 3 development, in
partnership with PPILP, on track for completion in FY25.
•Progress on securing additional development sites for
living strategy and additional investment capital.
•Precinct remains on track to have total capital partnerships
of between $4-5 billion over the medium term.
$ billions
Dec-23
value
Completion
value
PCT
Ownership
Precinct directly held$3.2 b$3.4 b100.0%
Capital partnerships
PPILP$0.5 b$0.7 b24.9%
BILP$0.3 b$0.3 b20.0%
Others (various)$0.2 b$0.3 b0-33%
Commercial partnerships$1.0 b$1.2 b
Residential
1
-$0.4 bNil
Total capital partnerships-$1.6 b
Total direct and indirect portfolios
Note 1: Residential completion value is presented exclusive of GST and
excludes Onehunga Mall Club which recently completed

FY24 INTERIM RESULTS -PAGE 14
Strategy
•Platform is scaling up to create a valuable, high-
quality business in its own right.
•Progress being made on key opportunities and
pipeline is continuing to be identified.
•Long term target of delivering 150+ units per
annum, with a preference for Auckland including
city fringe locations (quality suburbs / unique sites).
•Primary focus is build-to-sell, with other living
opportunities under consideration.
Status
•Equity investment in existing pipeline currently
funded by existing partners.
•Precinct has invested in Fabric Stage 2 via a
mezzanine loan.
•Precinct may invest directly into future projects to
secure opportunities.
ProjectStatusCompletionUnits
Built-out value
(incl. GST)
Onehunga Mall Club
Completed &
selling down
Complete102$92 m
Fabric Stage 2
Construction2026118$125 m
Domain Collection
Construction202665$171 m
York House
Marketing &
procurement
TBC41$135 m
Total326$523 m
Active residential pipeline
Residential development platform

FY24 INTERIM RESULTS -PAGE 15
Long-term market fundamentals remain compelling
30
35
40
45
50
55
Dwellings per 100 people
Germany
UK
New Zealand
USA
Canada
Australia
France
New Zealand continues to build too few new houses...
•That NZ fails to deliver enough new houses to
keep pace with population growth is not
new information, but this chart highlights the
extent of undersupply in a global context.
•NZ’s dwelling density (people per dwelling)
increased through the 2010’s – as the rate of
home building failed to keep up with
population growth – when densities in other
Western countries improved.
...and a 27% y/y decrease in new dwelling consents will limit Auckland’s future supply
1.35
1.40
1.45
1.50
1.55
1.60
1.65
1.70
1.75
1.80
0
5,000
10,000
15,000
20,000
25,000
20132014201520162017201820192020202120222023
Population (m)
No. of dwellings
New dwellings consentedEstimated resident population (RHS)
Consent volumes
decreasing while
population rebounds
•Auckland’s population increased 2.8% in
2023 (June year-end), rebounding from a
decrease during Covid, and is now above
pre-pandemic levels.
•With currently-elevated levels of national net
migration, Auckland is expected to continue
to grow at an above average rate in the
short term.
•The number of new dwellings consented in
2023 (November year-end) fell 27% from the
year prior. Less dwellings consented will
lead to reduced housing supply over the
next 12-36 months.
Source: Jim Gleeson, PublicHouse
Source: Stats NZ, PCT analysis

Investment
Update

FY24 INTERIM RESULTS -PAGE 17
Investment portfolio
98%
Occupancy
(by NLA)
6.4 years
Weighted average
lease term
5,585m²
Total leasing activity
(excl. rent reviews)
1
2.5%
Office market
rent growth
2
since
30 June 2023
11.0%
Under-renting
(vs. market rents
2
)
+16.4%
Growth in contract rentals on new
office leases (all in Auckland)
3
Leasing and operations update
The portfolio remains well occupied with vacancy of just 2%. As a result of a
sustained high level of occupancy, the amount of new leasing completed in
the period is relatively limited, with circa 5,585m
2
of leasing deals concluded
1
.
Another solid leasing spread was achieved during this period, indicating the
enduring appeal of our assets, which continue to attract robust demand:
•2,124m
2
of new office leases secured with +16.4% spread achieved above
previous contract rents
3
.
•Over 69,000m
2
of rent reviews completed during the period with +3.6%
uplift achieved vs. previous contract rents.
Commercial Bay retail centre was 97% occupied as at 31 December 2023 with
the tenant mix continuing to evolve as the centre builds to a stabilised position.
Trading performance finished the year well in November and December,
following weaker sales in September and October. Overall, MAT was up 14%
on the prior year while foot traffic for the six months to December 2023 was up
22% on the pcp.
Note 1: Includes renewals, lease extensions, and short-term ‘held-for-development’ deals
Note 2: Based on internally assessed growth in market rentals across the stabilised office portfolio.
Note 3: New leases only, i.e. excluding renewals, lease extensions and ‘held-for-development’ deals
+3.6%
Growth in contract rentals from
rent reviews (office & retail)
+2.4%
Outperformance against
valuation market rents (office &
retail leasing)

FY24 INTERIM RESULTS -PAGE 18
•Continued bifurcation in demandwith prime grade
waterfront assets remaining nearly fully occupied (1.7%
vacancy compared to prime grade average of 6.8%)
according to Colliers data.
•Demand/supply imbalance driving prime rental
outperformance, underpinned by stronger growth in
Grade A rents relative to premium.
•Return to long-term average growthratesexpected with
all major research houses forecasting moderation in
market rental performance over the medium term.
Auckland city centre office
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%
202120222023202420252026
Annual change
Prime net effective rental growth (source: Colliers, CBRE, JLL)
ColliersJLLCBRE
Forecast
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0k
200k
400k
600k
800k
1,000k
1,200k
1,400k
1,600k
1,800k
2,000k
0304050607080910111213141516171819202122232425262728
Overall Vacancy Rate
Total Office Stock (m²)
Auckland CBD office stock & vacancy (source: Colliers)
Prime StockSecondary StockPrime VacancyOverall Vacancy
Forecast
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Prime vacancy rates by submarkets (source: Colliers, PCT analysis)
Wynyard/ViaductCBD WaterfrontCBD OtherAverage

FY24 INTERIM RESULTS -PAGE 19
0%
2%
4%
6%
8%
10%
12%
14%
202120222023202420252026
Annual change
Prime gross effective rental growth (source: Colliers, CBRE, JLL)
ColliersJLLCBRE
Forecast
•Temporary lift in market-wide vacancy driven by
significant negative absorption in the secondary grade
market (-38,414m
2
in the December 2023 half year) due
to prime grade completions resulting in backfill and
occupiers leaving temporary decant space.
•Upward pressure on market rentalsunderpinned by
limited leasing options and occupiers absorbing rising
operating expenses.
•Market conditions are expected to remain tight in the
short termdue to a reduced development pipeline,
further stock withdrawals for seismic remedials, and
unfulfilled demand for prime grade space.
Wellington city centre office
Note – Submarket vacancy rates provided by Colliers.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0k
200k
400k
600k
800k
1,000k
1,200k
1,400k
1,600k
1,800k
2,000k
0304050607080910111213141516171819202122232425262728
Overall Vacancy Rate
Total Office Stock (m²)
Wellington CBD office stock & vacancy (source: Colliers)
Prime StockSecondary StockPrime VacancyOverall Vacancy
Forecast
0%
1%
2%
3%
4%
Dec-19Jun-20Dec-21Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Prime vacancy rates by submarkets (source: Colliers, PCT analysis)
ThorndonCBD CoreAverage ex-CBD Fringe

Development
Update

FY24 INTERIM RESULTS -PAGE 21
Precinct has successfully transformed its development pipeline composition and ownership since 2021,
through internalisation, stapling and expansion of its investible universe, positioning the business for
higher returns on capital from development activities
•Precinct has maintained an average development pipeline of around $1b since committing to Commercial Bay in FY16.
•Pipeline peaked at circa $1.5b estimated value on completion in FY19.
•Development risk has reduced in recent years through major completions, notably Commercial Bay and Bowen Campus
Stages 1 & 2.
•Balance sheet risk further reduced through introduction of capital partners (PPILP and PPRL investors).
Development transformation
$0.0b
$0.2b
$0.4b
$0.6b
$0.8b
$1.0b
$1.2b
$1.4b
$1.6b
FY16
(Commercial Bay)
FY19
(Peak Pipeline)
FY21
(Internalisation)
Current
Development Value (adjusted for PCT ownership)
FY16FY19FY21Current
PCT ownership100%100%100%37%
Gross Development Value$1.1 b$1.5 b$0.8 b$0.9 b
PCT share of GDV$1.1 b$1.5 b$0.8 b$0.3 b
Office exposure
(% of GDV)
63%54%86%57%
Auckland exposure
(% of GDV)
80%100%45%72%

FY24 INTERIM RESULTS -PAGE 22
Completion Value
$275m
Timing
FY26
Status
Excavation fully
completed with
superstructure
progressing well.
Development overview
•Following the opening of Willis Lane in Wellington in
July 2023, Precinct successfully opened 1 Queen Street
(Deloitte Centre and InterContinental Auckland hotel)
in January 2024.
•Advanced long-term plans for Downtown Carpark
with a conditional Development Agreement executed
with Eke Panuku during the period.
•Immediate focus on completing remaining committed
projects and replenishing development pipeline
through both internal and market opportunities.
Completion Value
$292m
Timing
FY25
Status
Max height
reached for both
buildings. Façade
install underway.
61 Molesworth StreetWynyard Quarter Stage 3 (PPILP)
Development
PCT
Ownership
Completion
Date
% Pre-
commit
Expected
Value
1
61 Molesworth Street100.0%202597%$275 m
Wynyard Quarter Stage 324.9%202574%$292 m
Subtotal -Commercial61.3%85%$567m
Fabric Stage 2-2026-$109 m
Domain Collection-2026-$149 m
York House-Procurement-$117 m
Subtotal -Residential--$375 m
Total Pipeline36.9%$942 m
Note 1: All values shown exclusive of GST

FY24 INTERIM RESULTS -PAGE 23
Active residential pipeline
F-A-B-R-I-C
Stage 2
Completion
Value (incl. GST)
$125m
Units
118
Timing
2026
Status
Construction
underway.
New show suite
established.
The Onehunga
Mall Club
Completion
Value (incl. GST)
$92m
Units
102
Timing
Complete
Status
Practical
Completion
achieved.
Titles issued
February 2024.
York House

Completion
Value (incl. GST)
$135m
Units
41
Timing
In procurement
Status
Developed
design
complete.
Show suite
established.
The Domain
Collection
Completion
Value (incl. GST)
$171m
Units
65
Timing
2026
Status
Construction
underway.
New show suite
established.

FY24 INTERIM RESULTS -PAGE 24
Downtown Carpark
Conditional Development Agreement in
place to enable a future opportunity to
transform TāmakiMakaurau’s waterfront
•Intention to deliver transformational urban
design outcomes for the entire western edge
of the city centre to provide a seamless
transition from Britomart through to
Commercial Bay and the Viaduct Harbour.
•Concept Design progressing well, targeting
lodgement of a resource consent application
in mid-2024.
•Discussions with potential occupiers have
commenced to secure pre-leasing for the
commercial component.
•Design enables two distinct stages.
Artist Impression – Downtown Carpark

Summary

FY24 INTERIM RESULTS -PAGE 26
•Global uncertainty remains, however expectations that inflation is under control offers some
optimism.
•Headwinds for the sector exist due to higher interest rates and tax depreciation changes.
•Precinct’s directly held investment properties continue to be underpinned by excellent fundamentals
and are providing solid income growth.
•High replacement costs relative to market values support continued rental growth for existing stock.
•Precinct and its capital partners continue to explore further opportunities across multiple sectors and
Precinct sees increasing potential in the residential platform.
•Management fee income from existing partnerships are forecast to increase in coming years and the
Downtown Carpark site provides an opportunity of significant scale.
•In light of market dynamics, Precinct remains optimistic about its medium-term outlook as its evolving
strategy is expected to support growth.
Summary

FY24 INTERIM RESULTS -PAGE 27
Appendices

FY24 INTERIM RESULTS -PAGE 28
A1: Operating income
Note 1 – Transactions and developments includes: Freyburg Building, Bowen House, One Queen Street, Mason Bros., Charles Fergusson Building, 40-44 Bowen Street,
Building 5a, 10 Madden Street, Mayfair House
Note 2 – IFRS 16 rent expense is eliminated from operating income as required by accounting standards
Unaudited
six months ended
Unaudited
six months ended
D
$ millions31 December 202331 December 2022
AON Centre –AKL$6.0 m$5.8 m+$0.2 m
HSBC Tower$12.6 m$10.0 m+$2.6 m
PWC Tower$13.7 m$12.8 m+$0.9 m
Jarden House$3.4 m$2.9 m+$0.5 m
Auckland office$35.7 m$31.4 m+$4.3 m
NTT Tower$3.5 m$3.8 m($0.3 m)
AON Centre -WGN$5.7 m$5.4 m+$0.3 m
Defence House$3.8 m$3.8 m
No 1 The Terrace$3.2 m$3.0 m+$0.2 m
Wellington office$16.3 m$16.0 m+$0.3 m
Commercial Bay retail$6.5 m$7.4 m($0.9 m)
Other properties$1.3 m$0.9 m+$0.4 m
Investment portfolio$59.7 m$55.6 m+$4.1 m
Transactions and developments
1
$8.6 m$9.8 m($1.2 m)
Total net property income$68.3 m$65.4 m+$2.9 m
Operating businesses$1.0 m$1.4 m($0.4 m)
Management fee income$4.1 m$1.6 m+$2.5 m
Employment and admin. expenses($4.2 m)($3.6 m)($0.6 m)
IFRS 16 rent expense elimination
2
$4.6 m$4.2 m+$0.4 m
Operating income before indirect expenses$73.8 m$69.1 m+$4.7 m

FY24 INTERIM RESULTS -PAGE 29
A2: FFO contribution from directly held property
Note 1 – Refer note 1 on prior page
Unaudited
six months ended
Unaudited
six months ended
D
$ millions31 December 202331 December 2022
AON Centre -AKL$6.1 m$6.3 m($0.2 m)
HSBC Tower$12.6 m$10.7 m+$1.9 m
PWC Tower$15.2 m$14.0 m+$1.2 m
Jarden House$3.3 m$3.1 m+$0.2 m
Auckland office FFO$37.2 m$34.0 m+$3.2 m
NTT Tower$4.0 m$4.2 m($0.2 m)
AON Centre –WGN$5.8 m$5.8 m-
Defence House$4.0 m$4.4 m($0.4 m)
No 1 The Terrace$3.5 m$3.2 m+$0.3 m
Wellington office FFO$17.3 m$17.5 m($0.2 m)
Commercial Bay retail FFO$7.7 m$8.4 m($0.7 m)
Other properties FFO$1.3 m$0.9 m+$0.4 m
Investment portfolio FFO$63.5 m$60.9 m+$2.6 m
Transactions and developments
1
$8.7 m$10.2 m($1.5 m)
Directly held property FFO$72.2 m$71.1 m+$1.1 m
Amortisations of incentives and leasing costs($6.4 m)($6.9 m)+$0.5 m
Straight-line rents$2.5 m$1.2 m+$1.3 m
Net property income$68.3 m$65.4 m+$2.9 m

FY24 INTERIM RESULTS -PAGE 30
A3: FFO & AFFO reconciliation to operating income
Unaudited six months ended
31 Dec 2331 Dec 22
Operating profit before indirect expenses$73.8 m $69.1 m
Corporate overhead expense($2.7 m)($2.5 m)
Net interest expense ($16.8 m)($15.3 m)
Operating profit before income tax$54.3 m $51.3 m
Current tax expense($0.8 m)$4.2 m
Operating profit after tax$53.5 m $55.5 m
Adjusted for:
Distributions attributable to the period$1.6 m $0.3 m
IFRS 16 rent expense($4.6 m)($4.2 m)
Share-based payments scheme$0.3 m $0.6 m
Amortisations$7.0 m $7.0 m
Straight-line rents($2.5 m)($1.2 m)
Funds from Operations (FFO)$55.3 m $58.0 m
FFO per weighted security3.49 cps3.66 cps
Dividend payout ratio to FFO97%92%
Adjusted Funds From Operations
Maintenance CAPEX($1.9 m)($1.3 m)
Investment portfolio -Incentives and leasing fees($1.7 m)($2.5 m)
Adjusted Funds From Operations (AFFO)$51.7 m $54.2 m
AFFO per weighted security3.26 cps3.42 cps
Dividend paid in financial year3.38 cps3.35 cps
Dividend payout ratio to AFFO104%98%
Retained earnings($1.8 m)$1.1 m

FY24 INTERIM RESULTS -PAGE 31
A4: Balance sheet
$ millions31 December 202330 June 2023
D
UnauditedAudited
Assets
Investment properties$2,722.8 m$2,604.7 m+$118.1 m
Development properties$455.8 m$523.5 m($67.7 m)
Investment properties held for sale-$240.0 m($240.0 m)
Investment in equity-accounted investments$114.4 m$59.3 m+$55.1 m
Property, plant and equipment$44.3 m$47.8 m($3.5 m)
Right-of-use assets$23.0 m$24.9 m($1.9 m)
Fair value of derivative financial instruments$36.8 m$55.1 m($18.3 m)
Loan receivables$22.4 m$33.0 m($10.6 m)
Intangible assets$1.5 m$1.6 m($0.1 m)
Other assets$54.7 m$52.9 m+$1.8 m
Total Assets$3,475.7 m$3,642.8 m($167.1 m)
Liabilities
Interest bearing liabilities$1,202.8 m$1,258.4 m($55.6 m)
Deferred tax liability$2.4 m$1.9 m+$0.5 m
Lease liabilities$60.9 m$63.2 m($2.3 m)
Fair value of derivative financial instruments$22.6 m$29.0 m($6.4 m)
Other$43.7 m$107.2 m($63.5 m)
Total Liabilities$1,332.4 m$1,459.7 m($127.3 m)
Equity$2,143.3 m$2,183.1 m($39.8 m)
NIBD to Total Assets34.1%34.2%-0.1%
Liabilities to Total Assets -Loan Covenants31.6%38.0%-6.4%
Shares on Issue (m)1,586.4 m 1,585.9 m +0.5 m
Net tangible assets per security $1.35 $1.38 ($0.03)
Net asset value per security $1.35 $1.38 ($0.03)

FY24 INTERIM RESULTS -PAGE 32
A5: ESG progress
•$1.9b 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
•First NZ landlord to commit to WELL at Scale through the International WELL
Building Institute
•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.
Score86
+ Global
Average 75
Public DisclosureA
+ Global
Average B
Forsyth Barr Carbon & ESG Ratings is an influential research and rating assessment specific to NZX
companies
A
Top 3
A
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.
56%
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.
47%
Portfolio: >60%
5 Star
(Excellence)
Green assets
(min. 4 star NABERSNZ or 5 Star Green Star)
Note 1: GRESB and CDP metrics relate to those received in 2023
Our strategy includes the integration of sustainability across all areas of our business.
Green Assets
Green Development
Assets
Non-Green Assets

FY24 INTERIM RESULTS -PAGE 33
A6: Investment portfolio overview
Investment
portfolio
including
cornerstone
1
Investment
portfolio
directly held
Auckland Wellington
WALT 6.5 yrs6.4 yrs5.4 yrs8.2 yrs
Occupancy97%98%98%97%
Investment portfolio value
2, 3
$2,892 m$2,723 m $1,847 m $875 m
Weighted average cap rate5.3%5.6%5.5%5.8%
NLA (m²)254 k 235 k 133 k 103 k
6.4 years
Weighted average lease term
98%
Portfolio occupancy
Occupancy
Key metrics
Portfolio metrics – directly held
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.
Note 2: Investment portfolio value excludes development properties.
Note 3: Portfolio values reported based on current carrying values including IFRS16 right-of-use assets (total $29.8m at 31 December 2023 for the directly held portfolio).
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

FY24 INTERIM RESULTS -PAGE 34
A7: Other city centre markets
Retail
•According to JLL research, city centre prime retail
vacancy remained at 7.3% as at December 2023 (June
2023: 7.3%), with a divergence in vacancies observed
between the waterfront (1.5%) and midtown (8.0%)
•Tailwinds such as return-to-office, tourism recovery and
international student arrivals led to a rebound in foot
traffic, underpinning occupier demand for prime space
•Premium brand leasing interest and activity has
increased, with a number of first-to-Auckland market
openings over the past few months
Visitor Arrivals (Rolling 3 months totals) as % of pre-pandemic levels
Source: CBRE, Statistics New Zealand
Hotel
•International visitation continue to recover with arrivals
now 18% below the pre-pandemic peak
•Room night demand has recovered to pre-pandemic
levels albeit occupancy rates remain below the
previous peak due to new supply added in recent years
•Average daily rates continue to track above pre-
pandemic levels, underpinned by strong travel demand
and the wider inflationary environment
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-23Dec-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)

FY24 INTERIM RESULTS -PAGE 35
Disclaimer
TheinformationandopinionsinthispresentationwerepreparedbyPrecinctPropertiesNewZealand
Limitedoroneofitssubsidiaries(Precinct).
Precinctmakesnorepresentationorwarrantyastotheaccuracyorcompletenessoftheinformation
inthispresentation.
Opinionsincludingestimatesandprojectionsinthispresentationconstitutethecurrentjudgmentof
Precinctasatthedateofthispresentationandaresubjecttochangewithoutnotice.Suchopinions
arenotguaranteesorpredictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondPrecinct’scontrol,andwhichmaycause
actualresultstodiffermateriallyfromthoseexpressedinthispresentation.
Precinctundertakesnoobligationtoupdateanyinformationoropinionswhetherasaresultofnew
information,futureeventsorotherwise.
Thispresentationisprovidedforinformationpurposesonly.
NocontractorotherlegalobligationsshallarisebetweenPrecinctandanyrecipientofthis
presentation.
NeitherPrecinct,noranyofitsBoardmembers,officers,employees,advisersorotherrepresentatives
willbeliable(incontractortort,includingnegligence,orotherwise)foranydirectorindirectdamage,
lossorcost(includinglegalcosts)incurredorsufferedbyanyrecipientofthispresentationorother
personinconnectionwiththispresentation.

---

01
The numbers
PRECINCT PROPERTIES GROUP
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
PRECINCT PROPERTIES GROUP

02
Precinct Properties Group
PRECINCT PROPERTIES GROUP
Interim financial statements
For the six months ended 31 December 2023
Signed on behalf of the Boards of Precinct Properties New Zealand Limited and Precinct Properties Investments Limited, who authorised
the issue of these financial statements on 21 February 2024.
ANNE URLWIN
CHAIR
MARK TUME
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated statement of comprehensive income
037 TAXATION21
Consolidated statement of changes in equity047.1 Income tax21
Consolidated statement of financial position05
Consolidated statement of cash flows068 OTHER22
8.1 Employment and administration expenses22
Notes to the financial statements8.2 Corporate overhead expenses22
8.3 Key management personnel22
1 GENERAL INFORMATION078.4 Debtors and other current assets22
1.1 Reporting entity078.5 Trade and other payables23
1.2 Basis of preparation078.6 Contingencies23
1.3 New standards, amendments and interpretations088.7 Events after balance date23
1.4 Changes to accounting policies and disclosure of
significant accounting policies
08
1.5 Fair value estimation08Independent review report24
1.6 Significant accounting judgements, estimates and
assumptions
08
1.7 Non-GAAP measures08
1.8 Significant events and transactions during the year09
2 OPERATING SEGMENTS10
2.1 Segment information10
2.2 Gross operating revenue11
3 PROPERTY12
3.1 Investment and development properties12
3.2 Capital commitments13
3.3 Leases13
4 GROUP STRUCTURE13
4.1 Equity-accounted investments13
4.2 Related party disclosures15
5 INVESTOR RETURNS16
5.1 Earnings per share16
5.2 Reconciliation of net profit after tax to adjusted funds
from operations (AFFO)
17
5.3 Dividends paid17
6 CAPITAL STRUCTURE AND FUNDING18
6.1 Interest bearing liabilities18
6.2 Net finance expense19
6.3 Derivative financial instruments19
6.4 Loan receivables20
6.5 Share capital20

03
Consolidated statement of comprehensive income
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
Amounts in $ millions
Notes
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Gross operating revenue2.2121.0
111.8
Operating expenses
Direct operating expenses
(43.0)
(39.1)
Employment and administration expenses
8.1(4.2)
(3.6)
Total operating expenses(47.2)
(42.7)
Operating profit before net finance expense, other income/(expenses) and
income tax73.8
69.1
Corporate overhead expense
(2.7)
(2.5)
Interest income
6.22.6
0.1
Interest expense
6.2(19.4)
(15.4)
Operating profit before income tax54.3
51.3
Other income / (expenses)
Net change in fair value of investment and development properties
3.1(5.5)
(53.6)
Share of profit / (loss) in equity-accounted investments
4.1(3.1)
(0.4)
Net change in fair value of derivative financial instruments
6.3(11.1)
11.8
Net gain / (loss) on sale of investment properties
(10.3)
-
Depreciation - property, plant and equipment
(2.3)
(1.5)
Lease depreciation
(2.0)
(2.6)
Lease interest
(2.3)
(2.3)
Total other income / (expenses)(36.6)
(48.6)
Net profit / (loss) before income tax17.7
2.7
Income tax benefit / (expense)
7.1(2.4)
(4.5)
Net profit / (loss) after income tax attributable to equity holders of stapled entity15.3
(1.8)
Other comprehensive income / (expense)
Items that will not be reclassified to profit or loss
Credit risk adjustments on financial liabilities designated at fair value through
profit or loss
(3.3)
3.4
Deferred tax on items transferred directly to / (from) equity
0.9
(1.0)
Total other comprehensive income / (expense)(2.4)
2.4
Total comprehensive income after tax attributable to equity holders of stapled
entity12.9
0.6
Total comprehensive income after tax attributable to equity holders of:
Precinct Properties NZ Limited ("PPNZ")
14.3
0.6
Precinct Properties Investments Limited ("PPIL")
(1.4)
-
Total comprehensive income after tax attributable to equity holders of stapled
entity12.9
0.6
Earnings per share (cents per share)
Basic earnings per share
5.10.96
(0.11)
Diluted earnings per share
5.10.96
(0.11)
Other amounts (cents per share)
Funds from operations (FFO)
5.23.48
3.66
Adjusted funds from operations (AFFO)
5.23.26
3.42
The accompanying notes on pages 07 to 23 form part of these Financial Statements

04
Consolidated statement of changes in equity
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
Amounts in $ millionsNotesAttributable to the equity holders of the parent
Number of
shares (m)
Share
capital
Retained
earningsReserves
PPNZ
equity
PPIL
equity
PPG total
equity
Balance at 1 July 2022
1,585.31,621.2816.6(2.3)2,435.5-2,435.5
Profit after income tax for the period-(1.8)-(1.8)-(1.8)
Other comprehensive income for the period--2.42.4-2.4
Total comprehensive income
-(1.8)2.40.6-0.6
Distributions
5.3
--(53.2)-(53.2)-(53.2)
Long-term incentive scheme0.40.7--0.7-0.7
Employee share scheme0.10.1--0.1-0.1
Total transactions
0.50.8(53.2)-(52.4)-(52.4)
Balance at 31 December 2022 (unaudited)1,585.81,622.0761.60.12,383.7-2,383.7
Profit after income tax for the period-(151.3)-(151.3)-(151.3)
Other comprehensive income for the period--3.23.2-3.2
Total comprehensive income
-(151.3)3.2(148.1)-(148.1)
Distributions
5.3
--(53.2)-(53.2)-(53.2)
Long-term incentive scheme---0.70.7-0.7
Employee share scheme-------
Total transactions
--(53.2)0.7(52.5)-(52.5)
Balance at 30 June 2023 (audited)1,585.81,622.0557.14.02,183.1-2,183.1
Non-controlling interest recognised in stapling
transaction on 1 July 2023
1
-19.6-19.6(19.6)-
Profit after income tax for the period
-16.7-16.7(1.4)15.3
Other comprehensive income for the period
--(2.4)(2.4)-(2.4)
Total comprehensive income-16.7(2.4)14.3(1.4)12.9
Distributions
5.3--(50.3)-(50.3)(3.0)(53.3)
Long-term incentive scheme
0.40.7-(0.3)0.4-0.4
Employee share scheme
0.10.1--0.10.10.2
Total transactions0.50.8(50.3)(0.3)(49.8)(2.9)(52.7)
Balance at 31 December 2023 (unaudited)1,586.31,622.8543.11.32,167.2(23.9)2,143.3
1 Net liabilities of Non-PIE entities transferred from PPNZ to PPIL as part of stapling transaction.
The accompanying notes on pages 07 to 23 form part of these Financial Statements

05
Consolidated statement of financial position
As at 31 December 2023
PRECINCT PROPERTIES GROUP
Amounts in $ millions
Notes
Unaudited as at
31 December 2023
Audited as at
30 June 2023
Current assets
Cash
20.0
16.6
Fair value of derivative financial instruments
6.311.8
5.3
Debtors and other current assets
8.434.0
35.6
65.8
57.5
Investment properties held for sale
-
240.0
Total current assets65.8
297.5
Non-current assets
Investment properties
3.12,722.8
2,604.7
Development properties
3.1455.8
523.5
Investment in equity-accounted investments
4.1114.4
59.3
Property, plant and equipment
44.3
47.8
Right-of-use assets
3.323.0
24.9
Fair value of derivative financial instruments
6.325.0
49.8
Loan receivables
6.422.4
33.0
Other assets
0.7
0.7
Intangible assets
1.5
1.6
Total non-current assets3,409.9
3,345.3
Total assets3,475.7
3,642.8
Current liabilities
Interest bearing liabilities
6.1100.0
-
Provision for tax
0.4
-
Lease liabilities
3.35.1
4.7
Trade and other payables
8.542.8
79.1
Fair value of derivative financial instruments
6.32.4
-
Total current liabilities150.7
83.8
Non-current liabilities
Interest bearing liabilities
6.11,102.8
1,258.4
Lease liabilities
3.355.8
58.5
Other-non current liabilities
-
28.1
Fair value of derivative financial instruments
6.320.2
29.0
Deferred tax liability
7.12.9
1.9
Total non-current liabilities1,181.7
1,375.9
Total liabilities1,332.4
1,459.7
Net assets2,143.3
2,183.1
Equity
Share capital
1,622.8
1,622.0
Retained earnings
543.1
557.1
Other reserves
1.3
4.0
Total equity - PPNZ2,167.2
2,183.1
PPIL equity (non-controlling interest)
(23.9)
-
Total equity2,143.3
2,183.1
The accompanying notes on pages 07 to 23 form part of these Financial Statements

06
Consolidated statement of cash flows
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
Amounts in $ millionsUnaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Cash flows from operating activities
Operating revenue received
116.1
115.8
Interest income received
2.6
0.1
Property expenses paid
(48.1)
(29.8)
Other expenses paid
(1.4)
(3.7)
Interest expense paid
(23.4)
(14.1)
Employment and administration expenses paid
(6.0)
(3.2)
Income tax paid
-
-
Net cash inflow / (outflow) from operating activities39.8
65.1
Cash flows from investing activities
Capital expenditure on investment and development properties
(89.9)
(147.4)
Capital expenditure on other assets
(7.7)
(0.9)
Acquisition of investment and development properties
(55.0)
(59.5)
Investment in equity-accounted investments
(55.8)
(41.6)
Mezzanine loan facilities advanced
(24.0)
-
Mezzanine loan facilities repaid
34.5
-
Expenditure on property, plant and equipment
-
(5.3)
Net proceeds from disposal of investment properties
289.3
273.1
Capitalised interest on investment and development properties
(15.2)
(14.6)
Net cash inflow / (outflow) from investing activities76.2
3.8
Cash flows from financing activities
Loan facility drawings
195.0
264.3
Loan facility repayments
(402.0)
(273.1)
Repayment of leasing liabilities
(2.3)
(1.9)
Distributions paid to share holders
(53.3)
(53.1)
Net proceeds from debt instrument issuance
150.0
-
Net cash inflow / (outflow) from financing activities(112.6)
(63.8)
Net increase / (decrease in cash held3.4
5.1
Cash at the beginning of the year
16.6
11.5
Cash as the end of the year20.0
16.6
The accompanying notes on pages 07 to 23 form part of these Financial Statements

07
Notes to the financial statements
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
1. GENERAL INFORMATION
1.1. Reporting entity
The interim financial statements presented are those of Precinct Properties New Zealand Limited and its wholly-owned subsidiaries
(PPNZ) and Precinct Properties Investments Limited and its wholly-owned subsidiaries (PPIL), each of PPNZ and PPIL being a "Stapled
Entity", and together the Precinct Properties Group (Precinct).
For accounting purposes, stapling gives rise to the combination of the Stapled Entities into a consolidated group. For the purposes of
financial reporting, one of the combining entities is required to be identified as the parent entity of the consolidated group. In the case
of Precinct, PPNZ has been identified as the parent for the purposes of preparing the financial statements and consequently PPIL's
equity is presented as the non-controlling interest in the financial statements.
PPNZ and PPIL are both incorporated in New Zealand and registered under the New Zealand Companies Act 19993 and are both FMC
reporting entities for the purposes of the Financial Markets Conduct Act 2013.
PPIL was incorporated on 14 December 2022 as a wholly-owned subsidiary of PPNZ. On 1 July 2023, PPIL acquired Precinct's real estate
investment management business. PPIL also acquired other non real estate investment entities from PPNZ to separate Precinct's
management services and operational business from its property ownership business.
PPNZ's principal activity is investment in predominantly prime CBD properties in New Zealand. The principal activity of PPIL is the
management of real estate investment entities in New Zealand.
Shares of PPNZ and PPIL are stapled and therefore cannot be traded separately and can only be traded as stapled securities. They are
quoted on the Main Board equity securities market of NZX under the ticker code PCT.
1.2. Basis of preparation
The interim financial statements were prepared in accordance with Generally Accepted Accounting Principles in New Zealand
(GAAP), For the purposes of complying with NZ GAAP Precinct is a for-profit entity.
NZ IAS 34 and IAS 34 Interim Financial Reporting and waivers granted to Precinct from certain NZX Listing Rules on 18 April 2023, which
each permit PPNZ and PPIL, subject to the conditions of the waivers, to prepare interim financial statements in respect of Precinct in
place of separate interim financial statements of each stapled entity.
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.
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.
Re-presentations - simplification of Financial Statements
To improve disclosure effectiveness and focus on the most relevant and material information, Precinct has made a number of
simplifications to the Financial Statements in the current period, and expanded disclosure for areas of interest.
The Consolidated Statement of Comprehensive income has been re-presented with the following changes:
• Management fee income has been included within gross operating revenue
• Addition of a new subtotal being operating profit before net finance expense, other income/(expenses) and income tax
• Corporate overhead expenses have been disclosed separately from employment and administration expenses
• Current tax benefit/(expense), depreciation recovered on sale and deferred tax benefit/(expense) have been grouped together
as income tax benefit/(expense) with an additional note added to show full breakdown
• All figures changed to consistently reflect income as a positive number and expenses as negative.
The Consolidated Statement of Changes in Equity has been re-presented in a simplified form with all distributions to equity holders have
been consolidated into a single line for each reporting period with an additional note added to show details of each individual
distribution.
The Consolidated Statement of Financial Position has been re-presented to show Net Assets as a separate subtotal.
The simplification has also resulted in a number of aggregations and amendments where line items are not material, and affected
comparatives have been re-presented for consistency. These re-presentations have not had an impact on the Profit after tax or Total
Comprehensive Income in the Statement of Profit or Loss and Other Comprehensive Income, Net Assets in the Statement of Financial
Position, or the Net Increase/(decrease) in cash presented in the Statement of Cash Flows.

08
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
1.3. New standards, amendments and interpretations
There have been no new accounting standards that are applicable to these financial statements.
The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (FSCD) has established a climate-related
disclosure framework for New Zealand and makes climate-related disclosures mandatory for climate reporting entities. Precinct
qualifies as a climate reporting entity under this framework.
The FSCD provided the mandate for the External Reporting Board (XRB) to issue a climate-related disclosure framework. On
31 December 2022 the XRB issued climate standards and guidance documents. Precinct will be required to make climate-related
disclosures at the end of the accounting period commencing 1 July 2023.
1.4. Changes to accounting policies and disclosure of significant accounting policies
The same accounting policies and methods of computation are followed in the interim financial statements as compared with the
most recent annual financial statements.
To improve disclosure effectiveness and focus on the most relevant and material information, Precinct has made a number of
simplifications to the Financial Statements in the current period, and expanded disclosure for areas of interest. See Note 1.2 for more
detail.
These interim financial statements should be read in conjunction with the financial statements and related notes included in Precinct's
Annual Report for the year ended 30 June 2023.
1.5. 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).
1.6. Significant accounting judgements, estimates and assumptions
In preparing Precinct’s interim financial statements, the boards and management continually make judgements, estimates and
assumptions based on experience and other factors, including expectations of future events that may have an impact on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to the boards and management. Actual results may differ from the judgements, estimates and assumptions made by the
boards and management.
The significant judgements, estimates and assumptions made in the preparation of these interim financial statements are in relation to:
i.
Investment and development properties - refer Note 3.1
ii.
Investment in associates and joint ventures - refer Note 4.1
iii.
Lease liabilities - refer Note 3.3
iv.
Derivative financial instruments - refer Note 6.3
v.
Stapling - refer Note 1.8
1.7. Non-GAAP measures
Precinct has chosen to present the following non-GAAP measures to assist investors in understanding the different aspects of Precinct's
financial performance.
The consolidated statement of comprehensive income includes the non-GAAP measure of operating profit before net finance
expense, other income/(expenses)and income tax.
Note 2.1 shows adjusted operating profit before net finance expense, other income/(expenses) and income tax. This measure adds
back the rent expenses eliminated through the application of IFRS 16. This measure is shown as all internal reporting for operating
segments is provided to the boards of PPNZ and PPIL at a pre IFRS 16 level.
Note 5.2 sets out Precinct's calculation of Adjusted Funds From Operations (AFFO) which is an industry best practice measure for a REIT
to show the organisation's underlying and recurring earnings from its operations.

09
PRECINCT PROPERTIES GROUP
1.8. 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 period:
i. Stapling
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.
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 book 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.
ii. Investment Partnership - Bowen Investment Limited Partnership ("BILP")
The sale of 40 and 44 Bowen Street to BILP for $240.0 million settled on 15 August 2023.
iii. Investment Partnership - Te Tōangaroa
On 14 August 2023 Precinct announced the formation of a Joint Venture with Ngāti Whātua Ōrakei and PAG to invest in the
regeneration of the Te Tōangaroa precinct. Precinct and PAG have created two Limited Partnerships (Mahuhu Investment Limited
Partnership (MILP) and Tangihua Investment Limited Partnership (TILP)) through which they have invested in the Joint Venture. Precinct's
look-through investment in the Joint Venture through MILP is 16.8% and TILP is 19.0%.
Settlement of the purchase of 30 Mahuhu Crescent and 8 Tangihua Street by the partnership occurred on 31 August 2023.
iv. Convertible Note
On 21 September 2023, Precinct raised $150 million through a subordinated convertible note issue. See note 6.1 for details.
v. Downtown Car Park site
On 23 November 2023 Precinct entered a conditional agreement with Eke Panuku Development Auckland to acquire the Downtown
Car Park Site for $122.0 million, payable at the end of 2025.
vi. Purchase of 61 Molesworth Street, Wellington
On 18 December 2023 Precinct settled on the purchase of 61 Molesworth Street. As part of the settlement, the vendor repaid the
mezzanine loan facility borrowings and the facility agreement was cancelled.
vii. Sale of Mason Bros., Auckland
On 20 December 2023 Precinct sold Mason Bros. Building, Auckland for $50.3 million.

10
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
2. OPERATING SEGMENTS
2.1. 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 respective board of each of PPNZ and PPIL as each makes all key
strategic resource allocation decisions.
Precinct 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 segmentOperations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared office and event space
HospitalityOperating of hospitality venues
Investment managementManagement of real estate investments
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, co-working and investment management segments. This
integration includes occupied space, future leasing and events. Inter segment pricing is determined on an arm's length basis.
The following is an analysis of Precinct's results, by reportable segments.
Operating profit before net finance expense and income tax
Amounts in $ millions
Investment
properties
Flexible spaceHospitalityInvestment
management
Unaudited six
months ended
31 December 2023
Gross operating revenue
102.212.72.04.1121.0
Intersegment revenue eliminations
1.6(1.4)(0.2)-0.0
Direct operating expenses
(34.0)(7.1)(1.9)-(43.0)
Employment and administration expenses
---(4.2)(4.2)
Operating profit before net finance expense
and income tax69.84.2(0.1)(0.1)73.8
Add back rent eliminated in application of
IFRS 16
(1.5)(3.1)--(4.6)
Adjusted operating profit before net finance
expense and income tax
1
68.31.1(0.1)(0.1)69.2
1 See Note 1.7 for further details of this measure.
Amounts in $ millions
Investment
properties
Flexible spaceHospitalityInvestment
management
Unaudited six
months ended
31 December 2022
Gross operating revenue96.511.12.61.6111.8
Intersegment revenue eliminations1.0(0.8)(0.2)--
Direct operating expenses(30.9)(5.9)(2.3)-(39.1)
Employment and administration expenses---(3.6)(3.6)
Operating profit before net finance expense
and income tax66.64.40.1(2.0)69.1
Add back rent eliminated in application of
IFRS 16(1.2)(3.1)--(4.3)
Adjusted operating profit before net finance
expense and income tax
1
65.41.30.1(2.0)64.8
1 See Note 1.7 for further details of this measure.

11
PRECINCT PROPERTIES GROUP
Reconciliation to net profit / (loss) before income tax
Amounts in $ millionsUnaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Operating profit before net finance expense and income tax
73.8
69.0
Interest income
2.6
-
Interest expense
(19.4)
(15.3)
Corporate overhead expense
(2.7)
(2.4)
Net change in fair value of investment and development properties
(5.5)
(53.6)
Share of profit / (loss) in equity-accounted investments
(3.1)
(0.4)
Net change in fair value of derivative financial instruments
(11.1)
11.8
Net gain / (loss) on sale of investment properties
(10.3)
-
Depreciation - property, plant and equipment
(2.3)
(1.5)
Lease depreciation
(2.0)
(2.6)
Lease interest
(2.3)
(2.3)
Net profit / (loss) before income tax
17.7
2.7
2.2. Gross operating revenue
Amounts in $ millionsUnaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Revenue
Gross property income from rentals
81.9
81.6
Straightline rental adjustments
2.5
1.2
Amortisation of capitalised lease incentives
(4.2)
(4.6)
Revenue from contracts with customers
Gross property income from expense recoveries
22.0
18.3
Generator operating revenue
12.7
11.1
Commercial Bay Hospitality operating revenue
2.0
2.6
Management fee income
4.1
1.6
Total gross operating revenue121.0
111.8

12
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
3. PROPERTY
3.1. Investment and development properties
Amounts in $ millions
Valuer
1
Capitalisation
rate
2
Valuation
30 June 2023
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Book value
31 December
2023
Investment properties
5
Auckland
AON Centre - AkldJLL5.8%
237.5
(0.1)1.1--
238.5
HSBC TowerCBRE5.4%
445.0
0.21.3--
446.5
Jarden HouseColliers5.5%
135.0
0.20.3--
135.5
Mason Bros.
6
JLLN/A
58.0
-(58.0)--
-
Commercial Bay RetailColliers5.9%
353.0
(1.2)0.8--
352.6
PwC Tower (Commercial Bay)CBRE5.0%
610.1
(1.6)0.2--
608.7
Wellington
NTT TowerBayleys6.4%
140.7
0.21.4--
142.3
No. 1 and 3 The TerraceColliers5.6%
137.5
(0.1)---
137.4
No. 3 The Terrace
7
ColliersN/A
13.5
----
13.5
AON Centre - WgtnCBRE6.6%
218.1
0.25.3--
223.6
Defence HouseColliers5.4%
187.0
0.1(0.1)--
187.0
Bowen House
8
Colliers5.0%
-
--168.8-
168.8
Other investment properties
9
Various7.7%
38.5
-0.1--
38.6
Right-of-use assets
10
30.8
---(1.0)
29.8
Market value (fair value) of
investment properties
5.6%
2,604.7
(2.1)(47.6)168.8(1.0)
2,722.8
Investment properties held for sale
5
Bowen Campus Stage 2
11
N/AN/A
240.0
-(240.0)--
-
Market value (fair value) of
investment properties held for sale
0.0%
240.0
-(240.0)--
-
Development properties
5
Auckland
One Queen StreetCBREN/A
258.0
-62.3--
320.3
Wellington
Freyberg BuildingColliersN/A
47.0
(0.1)2.4-(6.3)
43.0
Bowen House
8
ColliersN/A
160.1
0.68.1(168.8)-
(0.0)
61 Molesworth StreetColliersN/A
58.4
-32.3-1.8
92.5
Market value (fair value) of
development properties
0.0%
523.5
0.5105.1(168.8)(4.5)
455.8
1 61 Molesworth Street externally valued at 31 December 2023. All other assets held at 30 June 2023 valuation.
2 Total weighted average by market value.
3 Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $16.6 million of capitalised interest. 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 On 20 December 2023 Precinct sold Mason Bros. for $50.3 million.
7 No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
8 With the redevelopment project substantially complete the value was transferred from development properties to investment properties.
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 On 15 August 2023 Precinct sold 40 & 44 Bowen Street to Bowen Investment Limited Partnership for $240.0 million.

13
PRECINCT PROPERTIES GROUP
3.2. Capital commitments
Precinct has $172.9 million of capital commitments as at 31 December 2023 (30 June 2023: $172.5 million) relating to construction
contracts and undrawn mezzanine loan facilities provided.
3.3. 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 48 years (June 2023: one and 49 years). Generator property leases have remaining non-
cancellable lease terms of between one and 9 years (June 2023: one and 10 years).
Amounts in $ millions
Investment
properties
Flexible spaceUnaudited six
months ended
31 December 2023
Investment
properties
Flexible SpaceAudited as at
30 June 2023
Current
1.43.75.1
1.33.44.7
Non-current
29.826.055.8
30.627.958.5
Total lease liabilities31.229.760.9
31.931.363.2
b) Right-of-use assets
Amounts in $ millions
Investment
properties
Flexible spaceUnaudited six
months ended
31 December 2023
Investment
properties
Flexible SpaceAudited as at
30 June 2023
Total right-of-use assets
29.823.052.8
30.824.955.7
4. GROUP STRUCTURE
4.1. Equity-accounted investments
Set out below are the associates and joint ventures of Precinct as at 31 December 2023. For those which, in the opinion of the directors,
are material to Precinct the key financial information has been disclosed. For associates or joint ventures which, in the opinion of the
directors, are individually immaterial to Precinct the key financial information has been aggregated for disclosure.
a) Ownership structures
Amounts in $ millions
Country of
incorporation
OwnershipOwnership
interest
Nature of
relationship
Measurement
method
Material equity-accounted investments
Precinct Pacific Investment Limited Partnership ("PPILP")
1
New ZealandUnits24.9%AssociateEquity
Bowen Investment Limited Partnership ("BILP")
2
New ZealandUnits20.0%AssociateEquity
Individually immaterial equity-accounted investments
Mahuhu Investment Limited Partnership ("MILP")
2
New ZealandUnits33.3%AssociateEquity
Tangihua Investment Limited Partnership ("TILP")
2
New ZealandUnits33.3%AssociateEquity
Precinct Properties Residential Limited ("PPRL")
1
New ZealandShares50.0%Joint VentureEquity
1 There has been no change in ownership interests during the period.
2 Partnership commenced during the period. See Note 1.8 for further details.

14
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
b) Equity-accounted investments
Amounts in $ millionsUnaudited as at
31 December 2023
Audited as at
30 June 2023
Precinct Pacific Investment Limited Partnership ("PPILP")
48.6
55.2
Bowen Investment Limited Partnership ("BILP")
50.7
-
Individually immaterial equity-accounted investments
15.1
4.1
Total equity-accounted investments114.4
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.
Bowen Investment Limited Partnership ("BILP")
Given the extent of Precinct's equity investment as at balance date of 20.0%, the appointment of Precinct Properties Management
Limited ("PPML") as manager, and that two of Precinct's current executives are directors of the BILP General Partnership, the Precinct
board has concluded that Precinct has "significant influence" over BILP. As such, Precinct's interest in BILP has been treated as an
interest in an associate.
Mahuhu Investment Limited Partnership ("MILP"), Tangihua Investment Limited Partnership ("TILP") and the Te Tōangaroa Joint Venture
("Te Tōangaroa")
Te Tōangaroa is a Joint Venture between Precinct, PAG and Ngāti Whātua Ōrākei to invest in the regeneration of the Te Tōangaroa
precinct in the Tāmaki Makaurau city centre. Precinct and PAG have invested in the Joint Venture through MILP and TILP and Precinct's
look-through investment in the Joint Venture through MILP is 16.8% and TILP is 19.0%.
Given the extent of Precinct's equity investment in MILP and TILP as at balance date of 33.3% respectively, the appointment of Precinct
Properties Management Limited ("PPML") as manager of MILP, TILP and Te Tōangaroa, and that two of Precinct's current executives are
directors of the MILP and TILP General Partnerships, the Precinct board has concluded that Precinct has "significant influence" over
MILP and TILP. As such, Precinct's interest in both MILP and TILP 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-unit residential developments.
c) 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 $ millions
Unaudited six months ended
31 December 2023
Unaudited six months ended
31 December 2022
PPILPBILPOtherPPILPBILPOther
Net operating income
8.95.12.5
3.1--
Finance income
-0.2-
---
Finance expense
(5.8)-(0.9)
(1.8)--
Other income / (expense)
(1.1)(0.3)(0.9)
(0.3)--
Net change in fair value of investment and development properties
(31.0)9.0-
---
Net change in fair value of derivative financial instruments
(5.2)-(0.5)
---
Income tax expense
--(0.1)
---
Profit / (loss)(34.2)14.00.1
1.0--
Other comprehensive income
---
(2.4)--
Total comprehensive profit / (loss)(34.2)14.00.1
(1.4)--

15
PRECINCT PROPERTIES GROUP
Summarised statement of financial position
Amounts in $ millions
Unaudited as at 31 December
2023
Audited as at 30 June 2023
PPILPBILPOtherPPILPBILPOther
Assets
Current assets
2.95.52.1
4.8-0.3
Investment properties
485.8248.160.9
464.7--
Other non-current assets
--0.4
1.9--
Total assets488.7253.663.4
471.4-0.3
Liabilities
Current liabilities
9.5-2.6
1.0-1.9
Borrowings - non-current
280.8-28.8
238.5--
Other non-current liabilities
3.3-0.5
---
Total liabilities293.6-31.9
239.5-1.9
Net assets195.1253.631.5
231.9-(1.6)
4.2. Related party disclosures
Precinct Properties Management Limited ("PPML", subsidiary of PPIL), earns revenue streams from the management of real estate
investments including PILP, BILP and Te Tōangaroa. Under the various management agreements PPML is entitled to receive
mangement fees for services performed including: asset management, building management, development management and
transaction fees.
The table below sets out transactions with a related party that took place:
Unaudited six months ended 31 December 2023
Amounts in $ millions
Fees charged during periodAmounts owing at period end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Asset management fee income
0.9-0.9---
Development management fee income
1.1-1.1---
Building management fee income
0.4-0.4---
Leasing fee income
------
Acquisition and disposal fees
0.3-0.3---
Total management fee income2.7-2.7---
Rent paid
(1.0)-(1.0)---
Unaudited six months ended 31 December 2022
Amounts in $ millions
Fees charged during periodAmounts owing at period end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Asset management fee income0.2-0.20.1-0.1
Development management fee income------
Building management fee income0.1-0.1---
Leasing fee income------
Acquisition and disposal fees1.3-1.3---
Total management fee income
1.6-1.60.1-0.1
Rent paid------

16
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
The following table details the transactions between PPNZ and other Precinct entities, which are eliminated on consolidation.
Amounts in $ millions
Amounts charged during periodAmounts owing at period end
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Charged from PPIL to PPNZ
Asset management fee
6.0
-
-
-
Development management fee
3.2
-
-
-
Building management fee
2.4
-
-
-
Leasing fee
-
-
-
-
Acquisition and disposal fees
-
-
-
-
Total management fee income
11.6
-
-
-
Charged from PPNZ to PPIL
Rental income
2.1
-
3.0
-
Interest income
1.6
-
11.1
-
Total charges
3.7
-
14.1
-
Interest bearing loans exist between PPNZ and other Precinct entities. At 31 December 2023, interest bearing loans of $59.1 million
(30 June 2023: $49.2 million) were receivable by PPNZ from other Precinct entities. Loans to related Precinct entities bear interest at
PPNZ's weighted average cost of capital. Loans are repayable on demand.
5. INVESTOR RETURNS
5.1. Earnings per share
Amounts in $ millions unless otherwise stated
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Weighted average number of shares for both PPNZ and PPIL
Weighted average number of shares for basic earnings per share (millions)
1,586.3
1,585.8
Weighted average number of shares for diluted earnings per share (millions)
1,595.7
1,585.8
PPNZ
Net profit after tax for basic and diluted earnings per share - PPNZ
16.7
(1.8)
Basic earnings per share (cents) - PPNZ
1.05
(0.11)
Diluted earnings per share (cents) - PPNZ
1.05
(0.11)
PPIL
Net profit after tax for basic and diluted earnings per share - PPIL
(1.4)
-
Basic earnings per share (cents) - PPIL
(0.09)
-
Diluted earnings per share (cents) - PPIL
(0.09)
-
Stapled entity
Net profit after tax for basic and diluted earnings per share - stapled entity
15.3
(1.8)
Basic earnings per share (cents) - stapled entity
0.96
(0.11)
Diluted earnings per share (cents) - stapled entity
0.96
(0.11)
The calculations of diluted earnings per share have 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 have been adjusted for 9,552,683 rights issued under Precinct's Long
Term Incentive Scheme as at 31 December 2023. This adjustment has been calculated using the treasury share method.

17
PRECINCT PROPERTIES GROUP
5.2. 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 $ millions unless otherwise stated
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Net profit after taxation
15.3
(1.8)
Adjust for non-cash items
Unrealised net (gain) / loss in value of investment and development properties
5.5
53.6
Unrealised net (gain) / loss on financial instruments
11.1
(11.8)
Depreciation - property, plant and equipment
2.3
1.5
Deferred tax (benefit) / expense
1.1
3.3
IFRS 16 lease adjustments
(0.3)
0.7
Share-based payments scheme
0.3
0.7
Amortisations
7.0
6.9
Straightline rents
(2.5)
(1.2)
Adjust for equity-accounted investments
Share of (profit) / loss in equity-accounted investments
3.1
0.7
Distributions attributable to the period
1.6
-
Adjust for disposals and acquisitions
Net realised (gain) / loss on sale of investment and development properties
10.3
-
Depreciation recovered on sale
0.5
5.4
Funds from operations (FFO)55.3
58.0
Funds from operations per share (cents)3.48
3.66
Maintenance capex
(1.9)
(1.3)
Incentives and leasing costs
(1.7)
(2.5)
Adjusted funds from operations (AFFO)51.7
54.2
Weighted average number of shares for net operating income per share (millions)
1,586.3
1,585.8
Adjusted funds from operations per share (cents)3.26
3.42
5.3. Dividends paid
Amounts in $ millions unless otherwise stated
Unaudited six months ended
31 December 2023
Unaudited six months ended
31 December 2022
Payment
Date
Cents per
share
TotalPayment
Date
Cents per
share
Total
The following dividends were declared and paid by PPNZ during
the period:
Q4 final dividend
22-Sep-231.675026.6
24-Sep-221.675026.6
Q1 interim dividend
15-Dec-231.497523.7
16-Dec-221.675026.6
Total dividends paid - PPNZ3.172550.3
3.350053.2
The following dividends were declared and paid by PPIL during the
period:
Q4 final dividend
N/AN/A
N/AN/A
Q1 interim dividend
15-Dec-230.19003.0
N/AN/A
Total dividends paid - PPIL0.19003.0
N/AN/A
Total dividends paid - Precinct3.362553.3
3.350053.2
Supplementary dividends of $29,231 were paid to PPIL shareholders not resident in New Zealand for which PPIL received a foreign
investor tax credit entitlement.

18
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
6. CAPITAL STRUCTURE AND FUNDING
6.1. Interest bearing liabilities
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Audited as at
30 June 2023
Bank loans
354.0
561.0
US private placement
260.7
260.7
NZ senior secured bonds
425.0
425.0
Convertible note
150.0
-
Total drawn debt1,189.7
1,246.7
US private placement - fair value adjustment
14.8
16.9
Convertible note - embedded financial derivative and amortisation adjustment
5.0
-
Capitalised borrowing costs
(6.7)
(5.2)
Net interest bearing liabilities1,202.8
1,258.4
Breakdown of borrowings:
Amounts in $ millions
Held atMaturity
1
FacilityCoupon
1
Unaudited six
months ended
31 December
2023
Audited as at
30 June 2023
Bank loansAmortised costFloating
2
-
22.0
Bank loansAmortised costMar-26250.0Floating
2
172.0
250.0
Bank loansAmortised costDec-26200.0Floating
2
182.0
289.0
Bank loansAmortised costDec-26168.0Floating
2
-
-
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
Convertible note (PCTHB)Amortised costSep-2665.07.65%
65.0
-
Convertible note (PCTHC)Amortised costSep-2785.07.53%
85.0
-
US private placementFair valueJan-2565.24.13%
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 drawn debt1,453.6
1,189.7
1,246.7
Weighted average term to maturity
3.2 years
3.5 years
Weighted average interest rate before swaps
(including funding costs)
7.30%
7.40%
1 As at 31 December 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 $1,453.6 million (June 2023: $1,385.7 million) including the NZ retail bonds, US private placements
and convertible notes.
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.
The convertible notes are subordinated to all secured debt and will convert into ordinary shares of Precinct subject to a Cash Election.
The cash election allows Precinct to elect to instead pay a cash amount to noteholders at the end of the term.
The number of shares into which each holding of notes converts will be determined by dividing the Principal Amount ($1.00 per note)
by the Conversion Price, which is the lesser of:
1. the Conversion Price Cap of $1.36 for PCTHB notes and $1.40 for PCTHC notes; and
2. the Market Price.

19
PRECINCT PROPERTIES GROUP
Accounting Policies
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.
The convertible note embedded financial derivatives are recognised at fair value with any gains or losses recognised in the profit or
loss as they arise. This fair value is determined using the black-scholes model with observable inputs such as Precinct's share price
and it historic standard deviation, the convertible note strike price and the risk free rate . 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.
6.2. Net finance expense
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Finance income
Bank interest income
0.5
0.1
Interest income on loan receivables
2.1
-
2.6
0.1
Finance expense
Interest bearing liabilities interest expense
(36.0)
(30.4)
Capitalised interest
16.6
15.0
(19.4)
(15.4)
Net finance expense(16.8)
(15.3)
6.3. Derivative financial instruments
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Audited as at
30 June 2023
Financial derivative assets
Current
11.8
5.3
Non current
1
25.0
49.8
36.8
55.1
Financial derivative liabilities
Current
(2.4)
-
Non current
(20.2)
(29.0)
(22.6)
(29.0)
Total fair value of derivative financial instruments14.2
26.1
Notional contract cover (fixed payer)1,960.01,735.0
Notional contract cover (fixed receiver)425.0425.0
Notional contract cover (cross currency swaps - fixed receiver)260.7260.7
Percentage of net drawn borrowings fixed101.7%72.2%
Weighted average term to maturity (fixed payer)2.6 years2.6 years
Weighted average interest rate after swaps (including funding costs)5.33%5.61%
1 This includes the cross currency interest rate swap valuation of $15.1 million (June 2023: $22.7 million) and a net debit value adjustment of $0.0 million (June 2023:
$0.7 million credit).

20
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
Accounting Policies
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.
6.4. Loan receivables
Amounts in $ millions
Held atMaturity
1
FacilityCouponUnaudited six
months ended
31 December
2023
Audited as at
30 June 2023
Mezzanine loanAmortised costFloating
2
-
18.0
Sale and lease back property
3
Amortised costFeb-2615.05.00%
15.0
15.0
Mezzanine loanAmortised costApr-2630.014.00%
7.4
-
Total loan receivables45.0
22.4
33.0
1 As at 31 December 2023.
2 Interest rate is at the 90-day benchmark borrowing rate (BKBM) plus a margin.
3 Precinct has legal title of the asset but due to sell back provision for accounting purposes this is treated as a loan receivable.
6.5. Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are fully paid, carry full
voting rights, have no redemption rights, have no par value and are subject to the terms of the constitution. PPNZ and PPIL shares are
"stapled" and jointly listed on the NZX (Stapled Securities). Each of PPNZ and PPIL has 1,586,352,542 shares on issue as at 31 December
2023.
Stapling of shares is a contractual and constitutional arrangement between the two Stapled Entities whereby each Stapled Entity's
equity securities are combined with (or stapled to) the equity securities issued by the other Stapled Entity. The Stapled Entities have the
same shareholders, and their shares cannot be traded or transferred independently of one another. The Stapled Securities are traded
as a single economic unit with a single quoted price.
The following table provides details of movements in Precinct's issued shares:
Amounts in $ millions unless otherwise stated
Unaudited six months ended
31 December 2023
Audited as at 30 June 2023
Number (m)AmountNumber (m)Amount
Balance at the beginning of the period1,585.81,622.0
1,585.31,621.2
Issue of shares:
Long term incentive plan - shares vested
0.40.7
0.40.7
Employee share scheme - shares issued
0.10.1
0.10.1
Balance at the end of the period1,586.31,622.8
1,585.81,622.0
Share capital is recognised at the fair value of the consideration received by Precinct. Costs relating to the issue of new shares have
been deducted from the proceeds received.

21
PRECINCT PROPERTIES GROUP
7. TAXATION
7.1. Income tax
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Current tax benefit / (expense)
(0.8)
4.2
Depreciation recovered on sale
(0.5)
(5.4)
Deferred tax benefit / (expense)
(1.1)
(3.3)
Income tax benefit / (expense) as per consolidated statement of comprehensive income
(2.4)
(4.5)
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Net profit / (loss) before taxation17.7
2.7
Tax benefit / (expense) at the statutory income tax rate of 28.0%(5.0)
(0.8)
(Increase) / decrease in income tax due to:
Unrealised (gain) / loss on value of investment and development properties
(1.3)
(15.0)
Net realised (gain) / loss on sale of investment & development properties
(2.9)
-
Unrealised (gain) / loss on financial instruments
(3.1)
3.3
Capitalised interest
4.6
4.2
Prior period adjustments
-
1.7
Other adjustments
0.5
3.8
Depreciation
6.4
7.0
Current tax benefit / (expense)(0.8)
4.2
Depreciation recovered on sale of depreciable assets(0.5)
(5.4)
Deferred tax charged to profit or loss:
Fair value of financial instruments
1.7
(3.3)
Investment property depreciation
(2.8)
-
Total deferred tax benefit / (expense)(1.1)
(3.3)
Total income tax benefit / (expense)(2.4)
(4.5)
Effective tax rate14%
167%
Precinct holds its properties on capital account for income tax purposes.
PPNZ has tax losses of $227.7 million available to carry forward as at 31 December 2023 (June 2023: $228.5 million).
Imputation credits available for use as at 31 December 2023 are $nil (2023: $nil).
Accounting Policies
Income tax
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.

22
Notes to the financial statements (Continued)
For the six months ended 31 December 2023
PRECINCT PROPERTIES GROUP
8. OTHER
8.1. Employment and administration expenses
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Salaries and other short-term benefits
7.9
6.9
Share-based payments expense
0.3
0.7
Less: management expenses recognised in direct operating expenses
(2.4)
(3.4)
Less: management expenses capitalised to properties being developed
(3.2)
(2.6)
Other employment and administration expenses
1.6
2.0
Total employment and administration expenses4.2
3.6
8.2. Corporate overhead expenses
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Audit fees
0.2
0.1
Directors' fees and expenses
0.7
0.6
Amortisation of intangible assets
0.1
0.1
Other
1
1.7
1.7
Total corporate overhead expenses2.7
2.5
1 Other includes valuation fees, NZX listing fees, share registry costs, annual report publication and property investigations and feasbility costs.
8.3. Key management personnel
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Unaudited six
months ended
31 December 2022
Directors' fees
1
0.4
0.4
Executive team remuneration
2
1.8
1.6
Total key management personnel expenses2.2
2.0
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.
8.4. Debtors and other current assets
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Audited as at
30 June 2023
Trade receivables
5.0
7.7
Less Allowance for expected credit losses on trade receivables
(0.8)
(0.7)
Net trade receivables
4.2
7.0
Receivables from related parties
3.5
3.1
Other receivables
3.4
3.4
Total debtor and other receivables (excluding prepayments)
11.1
13.5
Prepayments
22.9
22.1
Total debtor and other receivables
34.0
35.6

23
PRECINCT PROPERTIES GROUP
8.5. Trade and other payables
Amounts in $ millions
Unaudited six
months ended
31 December 2023
Audited as at
30 June 2023
Trade creditors
4.2
4.0
Accrued capital expenditure
6.1
22.1
Retention accruals
5.9
6.1
Accrued other expenses
10.9
31.0
Accrued interest
10.1
10.6
Rent received in advance
5.6
5.3
Total other accruals and payables
42.8
79.1
8.6. Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2023 (June 2023: $nil)
b) Contingent assets
There are no contingent assets as at 31 December 2023 (June 2023: $nil)
8.7. Events after balance date
On 21 February 2024 the PPNZ and PPIL Boards approved the financial statements for issue.
On 21 February 2024 the Board of PPNZ approved the payment of a dividend of 1.4975 cents per share to be paid on 22 March 2024.
On 21 February 2024 the Board of PPIL approved the payment of a dividend of 0.1900 cents per share to be paid on 22 March 2024.

24
PRECINCT PROPERTIES GROUP
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE SHAREHOLDERS OF PRECINCT
PROPERTIES NEW ZEALAND LIMITED AND PRECINCT PROPERTIES INVESTMENTS LIMITED
Conclusion
We have reviewed the interim financial statements of Precinct Properties New Zealand Limited ("PPNZ") and its subsidiaries and Precinct
Properties Investments Limited ("PPIL") and its subsidiaries (together "the Group"), which comprise the consolidated statement of
financial position as at 31 December 2023 and the consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the six months ended on that date, and a summary of significant
accounting policies and other explanatory information. Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim financial statements of the Group do not present fairly, in all material respects, the financial
position of the Group as at 31 December 2023, and its financial performance and its cash flows for the six months ended on that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting
and International
Accounting Standard 34:
Interim Financial Reporting
.
This report is made solely to the shareholders of PPNZ and PPIL, as a body. Our review has been undertaken so that we might state to
the shareholders of PPNZ and PPIL, as a body those matters we are required to state to them in a review report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PPNZ, PPIL and their
shareholders, as a body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent
Auditor of the Entity
. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial Statements
section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical
requirements.
Ernst & Young provides other assurance services to the Group. Ernst & Young leases office premises from the Group. Partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business of the
Group. We have no other relationship with, or interest in, the Group.
Directors' responsibilities for the interim financial statements
The directors of PPNZ and PPIL are responsible, on behalf of the Group, for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Susan Jones.
Chartered Accountants
Auckland
21 February 2024
A member firm of Ernst & Young Global Limited

25
Directory.
Directory.
PRECINCT PROPERTIES GROUP
Precinct Properties GroupDirectors of each of Precinct Properties New Zealand Limited and
Precinct Properties Investments Limited
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
Anne Urlwin - Chair, Independent Director
Graeme Wong – Independent Director
Chris Judd - Independent Director
Nicola Greer - Independent Director
Mark Tume - Independent Director
Chris Meads - Independent Director
Officers of Precinct
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
BankersAuditor
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
The Hong Kong and Shanghai Banking Corporation
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond TrusteeSecurity Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
T: +64-9-488-8700
E: enquiry@computershare.co.nz
W: www.computershare.co.nz
F: +64-9-488-8787
Please contact our registrar;
• To change investment details such as name, postal address or method of payment.
• For queries on dividends and interest payments.
• To elect to receive electronic communication.

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearX Special
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
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
$0.01497500
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
8/03/2024
7/03/2024
22/03/2024
$23,755,629
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
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
+64 21 111 8898
hello@precinct.co.nz
22/02/2024
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
$0.01497500
Imputed component
Excluded component$0.01497500
$0.00000000

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearXSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
13.88%
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
3. "Gross taxable amount" is the gross distribution minus any excluded income.
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.
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

6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Steph How
+64 21 111 8898
hello@precinct.co.nz
22/02/2024
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.
Richard Hilder
$0.00030618
$0.00042186
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
N/A
N/A
N/A
N/A
Section 5: Authority for this announcement
$0.00013894
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
Section 2: Distribution amounts per financial product
$0.00220618
$0.00220618
Total cash distribution
4
Excluded component$0.00000000
Imputed component$0.00190000
Total cash distribution$0.00190000
NZD
Section 1: Issuer information
Precinct Properties Investments Limited
Precinct Properties Investments Limited Shares
PCT
NZAPTE0001S3
Type of distribution
8/03/2024
7/03/2024
22/03/2024
$3,014,070
Retained earnings

---

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 NZ & Precinct Properties Investment Ltd
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD (New Zealand Dollar)
Amount (000s) Percentage change
Revenue from continuing
operations
$121,000 8.2%
Total Revenue $121,000 8.2%
Net profit/(loss) from
continuing operations
$12,900 2050%
Total net profit/(loss) $12,900 2050%
Interim Dividend – Precinct Properties New Zealand Limited
Amount per Quoted Equity
Security
$0.01497500
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 8 March 2024
Dividend Payment Date 22 March 2024
Interim Dividend – Precinct Properties Investments Limited
Amount per Quoted Equity
Security
$0.00190000
Imputed amount per Quoted
Equity Security
$0.00030618
Record Date 8 March 2024
Dividend Payment Date 22 March 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.35 $1.50
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement is extracted from PCT’s interim financial
statements as at and for the period ended 31 December 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

22 February 2024

The interim financial statements reviewed by the independent auditor in accordance with NZ
SRE 2410 (Revised) accompany this announcement.

Precinct FY24 Interim Results and Webcast Details SPH Notice – Jarden & Harbour Asset Managemnent

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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