PCT Investor Presentation

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION - Page 1
Precinct Properties Group
Investor Day
5 June 2024

INVESTOR PRESENTATION June 2024 - PAGE 2
01
Business overview
Scott Pritchard, CEO
02
Capital partnering
George Crawford, Deputy CEO
03
Financial illustration
Richard Hilder, CFO
04
Living overview
Tim Lamont, PPRL Director
Andrew Lamont, PPRL Director
05
Construction market update
Tim Woods, GM Development
07
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
06
Investment portfolio
Anthony Randell, GM - Property

INVESTOR PRESENTATION June 2024 - PAGE 3
Precinct’s key milestones
Partnerships
formed with GIC
and PAG
Established
residential
business
New JV formed
with Ngāti
Whātua
Ōrākei/PAG
Downtown
Carpark secured
Renamed to
Precinct (PCT)
Third party
capital strategy
identified
PwC Tower and
Commercial Bay
completed
Over $1b
development
completed
reducing
average age of
portfolio by 10
years
20102012-20202020202120222023-2024
ANZO
corporatised
Investment portfolio
transformed
Completion of
Commercial Bay
Internalised
Management
Investment
partnerships formed
and residential
business established
Stapled group
structure enabling
participation in a
wider set of
opportunities

INVESTOR PRESENTATION June 2024 - PAGE 4
How we have evolved to Precinct today
Leveraging our market position | Building our in-house capability
Trusted managers of real estate, investment funds and operating business
Directly
owned
$3.4b
Managed
$1.6b
FUM (completion value)
Direct investment
portfolio
Direct
developments
Commercial
partnerships
Residential
developments
Our strategic transition continues as value-add opportunities are explored and executed
Owner | Manager| Developer
Partner
Office | Mixed Use| Living
City centre | City fringe| Urban
Portfolio selection | Proven development track record | Capital partnering
Leveraging our market position | Building our in-house capability
Trusted managers of real estate, capital partnerships and operating business

INVESTOR PRESENTATION June 2024 - PAGE 5
PCT has successfully evolved its development pipeline composition and ownership since 2021,
through internalisation, stapling and expansion of its investible universe
•Since committing to Commercial Bay in 2015, PCT has maintained an average development pipeline of around $1b
which peaked at circa $1.5b estimated completion value in FY19
•PCT’s development risk has materially reduced in recent years through major completions, notably Commercial Bay
and Bowen Campus Stages 1 & 2
•Capital requirement reduced through introduction of capital partners
$1.1 b
$1.5 b
$0.8 b
$0.3 b
$0.6 b
$0.0 b
$0.2 b
$0.4 b
$0.6 b
$0.8 b
$1.0 b
$1.2 b
$1.4 b
$1.6 b
FY16FY19FY21Current
Precinct exposureThird parties
Development pipeline & PCT exposure
FY16FY19FY21Current
PCT ownership
(weighted avg.)
100%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%
Evolving development risk profile
Development evolution

INVESTOR PRESENTATION June 2024 - PAGE 6
Directly
owned $3.4b
Managed
$1.6b
Directly
owned
$3.0b
Managed
$3.9b
Current - Capital allocation
Total:
$6.9bn
Target - Capital allocation
Target FUM
Current FUM
Total:
$2.9bn
Directly
owned
$2.8b
Managed
$0.1b
Total:
$2.9bn
1
Total:
$5.0bn
Optimal allocation of capital
Directly
owned
$2.4b
Managed
$0.5b
Note 1: Capital invested, total equity issued $1.6bn and current debt
Core5%
Core +4%
Dev. to sell5%
PBSA3%

INVESTOR PRESENTATION June 2024 - PAGE 7
Precinct advances living strategy
Further progress as Precinct advances its strategic growth in the living sector
with the announcement today of:
Precinct’s entry into the
student accommodation
sector
•Acquisition of 256 Queen Street, Auckland to develop a Purpose-
Built Student Accommodation (PBSA) facility.
Growth in Precinct’s
residential Build-to-Sell
pipeline
•Entry into a Development Agreement with Eke Panuku
Development Auckland for a site at 198-222 Dominion Road &
113-117 Valley Road in Mount Eden, Auckland for a high-density
residential apartment development.
A simplification of Precinct’s
living sector activities
•Acquisition of the remaining 50% of Precinct Properties Residential
Limited (PPRL), the joint venture established with Tim and Andrew
Lamont in 2022.

Capital Partnerships

INVESTOR PRESENTATION June 2024 - PAGE 9
Precinct is an attractive local partner to global capital with a strong track
record in execution and a growing reputation as a capable, professional and
aligned capital partner.
Expanding the investor base provides access to a vast pool of capital and
diverse perspective through global experience, enabling Precinct to explore a
broader set of opportunities.
Partnering with capital on passive assets enhances Precinct's return on capital
by generating management fees, while retaining exposure to high-quality
assets and freeing up capital for future investments.
Investing in value-add opportunities alongside capital partners leverages
Management’s expertise in repositioning, releasing, and realising value,
delivering a higher return on the invested capital through a moderate risk
profile.
Capital partnering on development assets enables Precinct to leverage its
core development capabilities without committing excessive capital to
development, while participating in enhanced returns through development
management and performance fees.
Capital
partnering

INVESTOR PRESENTATION June 2024 - PAGE 10
Capital partnerships
Precinct has continued to execute on its capital partnership strategy, with a focus on
value-add and residential sectors with $1.6 billion of partnerships established since FY22
$ billionsStrategyDec-23 valueEnd valuePCT stake
Precinct directly held$3.2 b$3.4 b100.0%
Capital partnerships
PPILP (GIC)Core$0.5 b$0.7 b24.9%
BILP (PAG)Core$0.3 b$0.3 b20.0%
Te Tõangaroa (PAG, NWO)Core+$0.2 b$0.3 b0- 33%
Commercial partnerships$1.0 b$1.2 b
Residential (various)
1
Build to sell-$0.4 bNil
Total capital partnerships-$1.6 b
Note 1: Residential completion value is presented exclusive of GST and excludes Onehunga Mall Club which recently completed
Existing partnerships

INVESTOR PRESENTATION June 2024 - PAGE 11
Capital partner investment preferences
•In a high cost of capital environment, core plus and value-add strategies preferred over core
•Office down-weight has largely worked through; appetite for office strategies has been low but is improving,
particularly in strong occupier markets
•Investors up-weighting in living sector with residential rental market supporting returns.
•Low initial yields mean BTR is challenging. PBSA is a higher yield way to participate
•Build-to-sell residential can deliver required returns, but challenging to achieve presales
•For Precinct, general preference to co-invest between 20-50%, subject to required returns being met
0%
5%
10%
15%
20%
Core OfficeCore Plus
Office
Build to
Rent
PBSA
(Develop)
Build to Sell
(Res)
Office
(Develop)
Invesment IRR (Today)PCT B/E Cost of Equity
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
10.0%25.0%50.0%75.0%100.0%
Equity IRR
Precinct Participation
PCT COE vs opportunity set
Office (development)Build to sell
Build to RentPrecinct Cost of Equity
Purpose built student accommodation
Equity returns - target and breakeven
Expected
participation

INVESTOR PRESENTATION June 2024 - PAGE 12
Capital partnerships opportunities and focus
Precinct remains on track to have $4-5 billion total capital partnerships over the
medium term
Core office investment demand is limited, however interest remains for
high-quality, well-located assets. Precinct is well positioned in the medium
term for core capital partnerships once interest rate cuts commence
Downtown Carpark development site provides an opportunity of
significant scale (c.92,000sqm net area) across office and living sectors
Residential build-to -sell strategy targets scaling up to deliver 150-200 units
per annum in medium term. Market conditions are good to build the
pipeline and secure new capital
Advancing the PBSA strategy is key near-term focus. With first site secured
and design and procurement underway, further sites are under
investigation. A capital partner will be secured prior to commencement
With an investor base including local NZ privates and some of Asia
Pacific’s largest investment funds, the platform provides Precinct access
to a diverse range of capital sources
Opportunities and focus
Bowen Campus

INVESTOR PRESENTATION June 2024 - PAGE 13
Building the pipeline
The transactions announced today secure the pipeline of opportunities and simplify
the platform for delivery
Acquisition for $9 million will settle later this month
Design, consenting and procurement underway, with
construction commencement currently anticipated Q2 2025
Dominion & Valley
Conditional acquisition for $13.25 million
Design and consenting underway targeting mid 2025 construction
Precinct Properties Residential Limited (PPRL)
Established in 2022, the joint venture established with Tim &
Andrew Lamont p rovided Precinct an effective entry into the
residential market with existing investor base and project pipeline
Moving to 100% ownership strengthens Precinct’s residential
platform and enhances and simplifies its market position and
proposition to capital partners
Tim and Andrew Lamont have committed to Precinct for a further
five years
256 Queen Street acquisition
Bowen Campus

INVESTOR PRESENTATION June 2024 - PAGE 14
Targeted growth and prioritised focus
Residential and PBSA will be a key growth area supported by strong market fundamentals
and investor interest
Strong relationships have been
established with our partners to-date.
The established platform provides a
strong base to grow existing
relationships and attract new capital
partners.
Precinct is underway with securing a
capital partner for Student
Accommodation strategy
Growing the pipeline for Build-to-Sell
Residential as well as the capital base
is a priority
Securing capital partners for
Downtown Carpark is fundamental to
execution on that opportunity
Growth areaInvestor appetiteAbility to meet hurdle
Core OfficeLimited levelsAsset specific
Core+ OfficeGood levelsChallenging
Build-to-Sell
Residential
Strong levelsAble to meet
Student
Accommodation
Strong levelsAble to meet

Financial
Illustration

INVESTOR PRESENTATION June 2024 - PAGE 16
Key
Precinct equity
Investor equity
Senior loans
Option to participate in mezzanine loan
Directly
owned
$3.0b
Managed
$3.9b
Capital requirement
•Introduction of third-party investors reduces the
capital requirement for Precinct
•Allows for scalability and the ability to access a
greater set of opportunities from the same
amount of capital
•Build to sell office, hotel or PBSA usually fund-
through or 100% sale
•Build to sell residential will typically be off-
balance sheet with cost and sales risk
proportionate to ownership
•Opportunity to invest through mezzanine loans,
assessed on a case-by-case basis
Indicative $100m project
On balance
sheet
Off balance sheet
Participation
Participation
+ Mezz
Fund
through
structure
Development typeBTS or BTHBTSBTS
BTH & or BTS
PCT Ownership








Project cost exposure





+M


Value change exposure





+M

Leverage
35%60%~70%60%
Mezz participation
--~50%-
Indicative Precinct capital
$65 m$10 m~$13m$10 m
Key:  100%  Proportionate to ownership
On Balance
sheet
Project Funding for $100m project
Off Balance sheet
Partnership structures and resulting capital requirements
$10m
$65m
Total:
$6.9bn
Target FUM and capital required
~$500m

INVESTOR PRESENTATION June 2024 - PAGE 17
Project timeline and recycling of capital
•Intention to warehouse opportunities on balance sheet while progressing planning, design
and consenting; derisking the project for potential investors
•Provides development optionality with minimal capital outlay
•Beyond initial acquisition no additional capital should be required
•Recycling of capital provides for greater return on invested capital
•Strong interest from lenders to participate in opportunities
Indicative only
OwnershipPrecinct invested capital
Project timeline
PCT
balance sheet
Partnership
Change in
capital
Total
On Balance sheet (0-12 months)
Due diligence$0.2 m-$0.2 m$0.2 m
Acquisition $9.8 m-$9.8 m$10.0 m
Planning, design and resource
consent
$5.0 m-$5.0 m$15.0 m
Sold to partnership (12-30 months)
Partnership acquires project-$15.0 m($11.3 m)$3.8 m
Sales / design / marketing-$5.0 m-$3.8 m
Construction-$80.0 m$6.3 m$10.0 m
Total at completion
-
$100.0 m-$10.0 m
BTS example: Project timeline and Precinct capital
Assumptions: Participation at 25% and gearing of 60%
Acquisition
on B/S
Design and
consenting
Sold to
partnership
Build
Practical
completion
Recycling of capital

INVESTOR PRESENTATION June 2024 - PAGE 18
Share of realised profit
expected to grow through the
execution of strategy
Earnings contribution
Realised profitUnrealised profit
Project profitMezzanine Loan participation
Development management Fee
Developments completions since 2017
•$2.3 billion of development completions delivered
aggregate return on cost of 24%
•The NTA uplift has been ~25cps
•Lower earnings or cashflow benefit due to build to hold
Indicative $100m fund through build to hold (@25%) development
2/3 realised
or cash profit
Development management fees: Calculated as a % of
total Project cost excluding land and finance.
Recognised during the life of the project.
Development profit: Generally recognised at project
completion however for fund through structures
expected to recognise during the life of the project.
Mezzanine loan: Third party capital structure provides the
opportunity for Precinct to participate in this form of
investment. Provides Precinct an alternative investment
opportunity and return profile.
Unrealised profit:
Nil for build to
sell projects
Profit breakdown

PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION - Page 19
Artist impression – York House
Artist impression – York House
Living

INVESTOR PRESENTATION June 2024 - PAGE 20
Strong capability in living sector
Lamont & Co. have a proven track record to support PCT’s living strategy
•Established in 2014 as a real estate private equity developer with
a focus on multi-unit residential development and value-add
commercial projects
•Company is an origination & operating partner management
business
•Lamont & Co. has originated a diverse range of investment &
development with a completion value of approx. $553 million
Mixed-use urban renewal projects
SKHY | Fabric of Onehunga |
The Onehunga Mall Club (O.M.C.)
Two student accommodation
developments comprising 830
total beds
Delivered 1,100+
units in high quality residential
and student accommodation
Repositioned
c.16,000m
2
of commercial office space
The Onehunga Mall Club

INVESTOR PRESENTATION June 2024 - PAGE 21
SKHY

INVESTOR PRESENTATION June 2024 - PAGE 22
F- A- B-R-I-C of Onehunga

INVESTOR PRESENTATION June 2024 - PAGE 23
Key themes - Residential
1.
Provision of high-
density apartment-
dwellings materially
below comparable
global cities.
4.
Positive net migration
will lead to a
continued demand
for different housing
typologies and
greater intensification
in cities.
2.
Apartment
developmentmarket
consists of smaller
scale, private capital
with little institutional
participation.
3.
Unitary plan has
provided a
permissive
framework to enable
high density living.
5.
Demand expected
to grow for mid to
upper market
apartment product
in good central
locations and
neighbourhoods,
particularly for
downsizers.
8.
Construction cost
escalation has eased
with more
competitive
construction pricing
evident in market for
new builds.
6.
Due to capital
constraints of existing
developers, pipeline
of new development
stock has decreased
significantly since
2023 with limited
new supply forecast.
7.
Softer market
conditions
presenting good
long-term
opportunities.

INVESTOR PRESENTATION June 2024 - PAGE 24
The residential sector will be a key area of
growth for Precinct
•Elevated investor demand being observed,
supported by strong underlying medium term
market fundamentals
•Total consents down 28% y-o-y (5-yr low) and
apartment consents down 58% y-o-y (10-yr low)
in Auckland.
•Limited apartment pipeline beyond 2024
•Auckland’s population has increased 2.8% in
2023 (June year-end), now above pre-
pandemic levels
•Elevated levels of national net migration with
Auckland expected to continue to grow at an
above average rate in the short term
•Mortgage rates are around peak levels.
0
1,000
2,000
3,000
4,000
5,000
0
5,000
10,000
15,000
20,000
25,000
20142015201620172018201920202021202220232024
Apartment dwellings consented
Total dwellings consented
Year ending March
TotalApartments
Limited supply pipeline beyond 2024 (Source: CBRE Research)
Total Auckland residential consents at 5-yr low (Source: Stats NZ)
Residential market themes (cont.)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
CBDFringe
Central suburbsPipeline - Under Construction
Pipeline - Marketing/BC Issued

INVESTOR PRESENTATION June 2024 - PAGE 25
Growing downsizer market
•Precinct anticipates increasing demand from
the downsizer market seeking high quality, low-
maintenance options within or near their
existing (primarily fringe and suburban)
locations of residence.
•The number of people aged 65+ doubled
between 1994 and 2020 and this is projected
by Stats NZ to double again by 2063.
•By 2028, it is expected that 19–20 percent of
New Zealanders will be aged 65+, compared
with 16 percent in 2022. By 2048, this proportion
is expected to reach 21–25 percent, according
to Stats NZ.
•The downsizer market is less impacted by
interest rates and income-related affordability
constraints.
0.0
0.5
1.0
1.5
2.0
2.5
195319591965197119771983198919952001200720132019202520312037204320492055206120672073
Population (millions)
Year
0-14 years15-39 years40-64 years65+ years
Projection
Population by broad age group (median projection)
Source: Stats NZ

INVESTOR PRESENTATION June 2024 - PAGE 26
•Platform is scaling up to create a
valuable, high-quality business
•Progress being made on current
projectsand pipeline is continuing to be
identified
•Good sites in established city and city
fringe locations with existing amenity,
good transport links and outlooks
•Long term target of delivering 150+ units
per annum, with a preference for
Auckland
•Primary focus is build-to-sell, investor led
on BTR
•Residential strategy will include partnering
with third party capital for BTS projects
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
202741$135 m
Total active pipeline
326$523 m
198-222 Dominion Road
& 113-117 Valley Road
140$160 m
Total residential pipeline 466$683 m
Residential development platform
Current WIP
Strategy

INVESTOR PRESENTATION June 2024 - PAGE 27
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
44
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.

INVESTOR PRESENTATION June 2024 - PAGE 28
Dominion & Valley
Dominion & Valley | Completion Value (incl. GST) $160m | Units 140| Timing 2027 | Status Planning

INVESTOR PRESENTATION June 2024 - PAGE 29
Key themes – Student Accommodation
1.
Auckland PBSA market,
characterised by an
undersupply of beds, robust
student demand growth,
and strong market rental
growth.
3.
Current PBSA demand has
significantly outstripped
supply, with Auckland
University’s accommodation
nearly 2x oversubscribed.
2.
Auckland has the highest
demand for student
accommodation in New
Zealand, underpinned by
Auckland University’s position
as a top 100 international
university.
4.
Demand driven by both the
domestic and international
student market. International
student numbers are
expected to return to pre
covid levels by 2024/2025.
6.
Demand pressure and
competition has underpinned
strong rental growth (6Y
CAGR: 4.2%) while still
remaining ~40% cheaper than
Sydney and Melbourne.
5.
Supply is running substantially
below demand, with only
6,600 beds (committed
supply) servicing an
estimated demand of 11,500
to 15,000 beds.

INVESTOR PRESENTATION June 2024 - PAGE 30
Completed PBSA
Te Tirohanga o
te Tōangaroa
128 Anzac Avenue,
Auckland CBD
Overview
488 rooms
Managed by UniLodge
Timeframe
2016 – 2020
55 Symonds
Street
Auckland CBD
Overview
343 rooms
Managed by UniLodge
Timeframe
2015 – 2017

Construction
Market Update

INVESTOR PRESENTATION June 2024 - PAGE 32
Key themes – Construction Market
1.
Declining construction
pipeline over the short term
with construction activity
remaining weak.
3.
Realised escalation to date
with non-residential
construction cost inflation
continuing to ease on an
annual basis over 2023,
reflecting the easing capacity
pressures within the sector.
2.
Building sector firms continue
to reduce pricing with
compressed margins being
observed.
4.
RLB are forecasting annual
cost escalation to normalise
toaround 2.5% to 3.0% p.a.,
however recent
tenderscompleted by PCT
are tracking ~10% below QS
estimateswhich suggest
costs are now reducing.
6.
Softer demand and increased
labour supply are expected to
contribute to further easing in
costs throughout 2024.
5.
Infrastructure sector resilient
for now with further
infrastructure pipeline
remaining dependent on
Government spending
appetite.

INVESTOR PRESENTATION June 2024 - PAGE 33
Evolving procurement and delivery strategy
with changing development pipeline
•Multiple smaller, simpler development
projects procured via Design & Build
contracts providing better cost certainty
and reducing design risk
•Domain Collection and Fabric procured
recently under Design & Build+ 2 further
projects in negotiation
Living sector pipeline focus
•Transfer of internal skillsetto residential
and PBSA developments
•Better access to tier 2 contractor market
and morecompetitive market pricing
Maintaining established relationships with
trusted partners
•History of delivering success with over
$2.9b of projectsdelivered
•Trusted relationships with key consultants
and builders
Delivering on strategy

Investment
Portfolio

INVESTOR PRESENTATION June 2024 - PAGE 35
0%
2%
4%
6%
8%
10%
12%
14%
202120222023202420252026
Annual change
Prime net effective rental growth (source: Colliers, CBRE, JLL)
ColliersJLLCBRE
Forecast
•Flight-to -quality trend continues, with +28,000sqm of prime
grade net absorption in 2023, compared to (14,100)sqm in
the secondary market
•Prime vacancy rates in Auckland (Dec-23: 6.8%) continue
to remain broadly in line with historic long-term average
levels (5.9%)
•Well-located submarkets continue to outperform with
Auckland CBD’s waterfront precinct (Commercial Bay /
Britomart) recording prime vacancy of ~2%
•Rising development costs, combined with easing cap
rates, have led to an uplift in economic rents.
•Rental growth expected to remain positive over the
medium-term albeit at more moderate levels relative to
recent years.
Auckland city centre office occupier market
Prime vacancy & rent growth
* PCT Y/Y valuation rental growth shown is for June year-end while market rates
are for December year end
PCT valuation rent
growth*
0%
5%
10%
15%
20%
-100K
-50K
0K
50K
100K
Auckland CBD net absorption vs. vacancy rates (source: Colliers)
Prime net absorptionSecondary net absorption
Prime vacancy (RHS)Secondary vacancy (RHS)
Forecast

INVESTOR PRESENTATION June 2024 - PAGE 36
•Prime vacancy rates in Wellington (Dec-23: 2.0%; Jun-23:
1.7%) remain firmly below historic long-term average
levels (3.8%)
•Government precinct in Wellington continues to enjoy
near zero prime vacancy
•Slight decrease in total stock in 2023 with secondary
stock withdrawals outpacing completion of new prime
grade supply
•New product is set to slow with only 61 Molesworth and
the Archives Building, both fully pre-committed,
forecasted for completion in the short term
•Net rental growth has been maintained despite upward
pressure on operating expenses via material increases in
rates and insurance premiums in particular
•Government cost cutting initiatives likely to weigh on
demand in the short to medium term but overall market
conditions expected to remain tight as functional and
seismic obsolesce remain key features of the market
Wellington city centre office occupier market
Prime vacancy & rent growth
0%
2%
4%
6%
8%
10%
12%
14%
202120222023202420252026
Annual change
Prime gross effective rental growth (source: Colliers, CBRE, JLL)
ColliersJLLCBRE
Forecast
PCT valuation rent
growth*
* PCT Y/Y valuation rental growth shown is for June year-end while market rates
are for December year end
0%
5%
10%
15%
20%
-100K
-50K
0K
50K
100K
Wellington CBD net absorption vs. vacancy rates (source: Colliers)
Prime net absorptionSecondary net absorption
Prime vacancy (RHS)Secondary vacancy (RHS)
Forecast

PRECINCT PROPERTIES FY20 ANNUAL RESULTS - Page 37
Other city centre markets
•City centre retail trading conditions
continue to improve, albeit
modestly, in line with return of
office workers and tourist arrivals,
resulting in an increase in leasing
activity and vacancy rate falling
to 7.3% according to JLL research
•Waterfront precinct experiencing
fewer vacancies compared to
midtown
•Luxury retail and premium spaces
are attracting the strongest
demand and have driven the
upper end of prime rents to
$4,000psm
•Discretionary spend continues to
be impacted by economic
conditions and cost of living
pressures
Auckland retail
•Room night demand in Auckland is
broadly in line with pre-Covid
levels, although overall
occupancy is lower due to new
supply
•Solid revenue and ADR growth has
occurred over the last ~18 months
•Auckland RevPAR currently
marginally below pre-Covid levels,
due to lower occupancy from new
supply
•Auckland Airport passenger
numbers currently around 11%
below pre-Covid levels on rolling 6-
month basis, although continue to
slowly trend upwards
Auckland hotelFlex office
•Increased competition is placing
pressure on occupancy but desk
rate growth continues to be
achieved
•Easing in meetings and events
demand as customers are
becoming increasingly sensitive to
cost, in line with broader
economic conditions
•Demand still growing for managed
suite offers which appeal to
capital constrained businesses

Conclusion

INVESTOR PRESENTATION June 2024 - PAGE 39
Summary and outlook
While global uncertainty remains, domestic inflation continues to decline and is expected to return
to targeted range over the medium-term.
Headwinds for the sector exist due to interest rate reversion and tax depreciation changes.
Supplementing Precinct’s prime grade portfolio of assets with a well considered third-party capital
strategy is considered an optimal approach to provide high quality risk adjusted returns.
Over time Precinct anticipates allocating between 15-20% of its capital to its third-party capital
initiatives.
Precinct’s directly held investment properties continue to perform well with the strength of our office
markets and the demand for premium-grade space in Auckland and Wellington remaining robust.
Capital partnering strategy now well-established providing platform for growth through ongoing
participation in the residential sector and entry into the PBSA sector.
Management fee income from existing partnerships are forecast to increase in coming years and the
Downtown Carpark site provides an opportunity of significant scale.
Precinct remains encouraged by its strategic transition and is focused on meeting the demands of its
partners, targeting higher returns on capital and advancing its living strategy to support growth.

INVESTOR PRESENTATION June 2024 - PAGE 40
Disclaimer
The information and opinions in this presentation were prepared by Precinct Properties Group or one of
its subsidiaries (Precinct).
Precinct makes no representation or warranty as to the accuracy or completeness of the information
in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of
Precinct as at the date of this presentation and are subject to change without notice. Such opinions
are not guarantees or predictions of future performance, and involve known and unknown risks,
uncertainties and other factors, many of which are beyond Precinct’s control, and which may cause
actual results to differ materially from those expressed in this presentation.
Precinct undertakes no obligation to update any information or opinions whether as a result of new
information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Precinct and any recipient of this
presentation.
Neither Precinct, nor any of its Board members, officers, employees, advisers or other representatives
will be liable (in contract or tort, including negligence, or otherwise) for any direct or indirect damage,
loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other
person in connection with this presentation.