Quarterly Report June 2024

01
Precinct Quarterly Update
June 2024
Precinct Quarterly Update
Welcome to the June edition of
our quarterly update.
Artists impression of Downtown redevelopment in Auckland
During the quarter, we are pleased to have advanced the
design of the Downtown redevelopment. We look forward to
sharing more of our plans for this site as we progress this
transformational project for the western edge of Auckland city.
We are excited to deliver a true mixed-use precinct
encompassing office, residential, and hospitality as well as new
urban spaces for residents and the public.
As previously announced, Graeme Wong, Independent Director
will step down at the conclusion of this current term in November
2024. A director search has commenced and we will give an
update on the new appointment in the coming months.
Outlook
Consistent with earlier guidance provided, the Board expects no
change to the total combined cash dividends for Precinct
Properties New Zealand Limited and Precinct Properties
Investment Limited for the 2024 financial year of 6.75 cents per
stapled security to be paid to shareholders.
As a business we remain focused on leveraging our market
position, the capabilities of our people, and our proven
development track record. Precinct continues to progress its
strategic pathway and we will take advantage of opportunities
to drive shareholder returns through development and
investment activities.
Yours faithfully,
Anne Urlwin, Independent Director and Chair
Dividends
Precinct Properties New Zealand Limited
Payment date7 June 2024
Excluded dividend (cents per share)1.497500 cps
Fully imputed dividend (cents per share)0 cps
Cash dividend (cents per share)1.497500 cps
Imputation credits (cents per share)0 cps
Precinct Properties Investments Limited
Payment date7 June 2024
Cash dividend (cents per share)0.190000 cps
Imputation credits (cents per share)0.030618 cps
Supplementary dividend (cents per share)0.013894 cps
Indicative dividends payment dates
4th Quarter 2024 financial year20 September 2024
1st Quarter 2025 financial year13 December 2024
These dates represent the current expectation of Precinct (PCT) as at the date of
publication, are subject to PCT board approval, may change without notice and
are not a guarantee or warranty as to the payment of a dividend or the actual
payment dates.
Key metrics as at 31 March 2024
Portfolio value
$3.2 billion
Overall occupancy97%
Weighted average lease term6.7 years
Market capitalisation$1.9 billion
Weighted average cap rate5.6%
Weighting to Auckland (by value)71%
All portfolio metrics are as at 31 March 2024 and reflect Precinct's direct
ownership in assets and exclude joint investment partnerships assets, unless
otherwise stated.
Financial Summary as at 31 March 2024
Balance sheet
Unaudited
31 March 24
Audited
30 June 23
Total assets$3,559.0 m$3,642.8 m
Net equity$2,140.0 m$2,183.1 m
Number of shares on issue1,585.9 m1,585.9 m
Net asset value per share$1.35$1.38
Bank covenant gearing32.6%38.0%
Shareholder returns
March Quarter
1 Yr3 Yr5 Yr
Precinct (NZX: PCT)
(2.6%)1.3%(13.5%)(2.8%)
Listed Property
0.0%3.6%(12.0%)6.5%
Returns are based on close price for the quarter, and assume reinvestment of
dividend (returns exclude imputation credits). Listed property is the S&P/NZX All
Real Estate Gross index. Source IRESS
Precinct’s FY24 annual results are scheduled to be announced
on 28 August 2024.

02
Precinct Quarterly Update
Precinct Quarterly Update (Continued)
One Queen Street
Following the completion of the redevelopment of Deloitte
Centre at One Queen Street, the new flagship hotel,
InterContinental Auckland is now operating. This was launched
together with the hotel restaurant, Advieh which is led by
renowned chef Gareth Stewart.
More recently in May 2024, we opened the new roof top
restaurant and bar on level 21 of One Queen Street. A significant
part of level 21 is the green roof, with a sculpture by artist Chris
Bailey as its centrepiece.
We are extemely proud of this premium grade mixed use
redevelopment, the second stage of the Commercial Bay
project. We look forward to opening the other hospitalty venues
in the coming months.
Sustainability
Precinct has continued to progress several of its ESG objectives
with a focus on decarbonising our activities through the
sustainable design of buildings, products, processes and supply
chains.
During the quarter, Precinct received annual Toitu Carbonzero
certification across our Scope 1, 2 & 3 inventory over our FY23
data. Precinct has reduced it’s overall Category 1 & 2 emissions
by 56% since our baseline year. This is a great result and reflects
the continued progress Precinct is making across our ESG targets.
We continue to prepare Precinct for compliance with the
External Reporting Board's (XRB) Aotearoa New Zealand Climate
Standards. Precinct has voluntarily prepared interim climate
related disclosures in its 2023 Annual Report to support
transparency towards compliance. This can be found here:
www.precinct.co.nz/annualreporting/2023-annual-results
As a reporting entity, Precinct will present our first Climate
Statement in line with mandatory reporting criteria and we look
forward to sharing this with you later in 2024.
Science Based Targets Initiative
In March 2024, Precinct committed to Science Based
Targets alongside 38 other NZ companies.
Precinct has commited to setting a formal Net Zero
target and is the first NZ company in the Real Estate
designation to commit to this.
Disclaimer: The information and opinions in this report were prepared by Precinct Properties New Zealand Limited
(PCT). PCT makes no representation or warranty as to the accuracy or completeness of the information in this
report. Opinions including estimates and projections in this report constitute the current judgement of PCT as at the
date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of
future performance. This report is provided for information purposes only and does not constitute investment
advice. Neither PCT, nor any of its Board members, officers, employees, advisers (including Precinct Properties
Holdings Limited) or other representatives will be liable for any damage, loss or cost incurred by any recipient of this
report or other person in connection with this report.
Please contact our registrar, Computershare:
• To change investment details such as name, postal
address or method of payment, and
• For questions on your dividends and shareholdings
Registrar:
Computershare Investor Services Limited
T +64-9-488-8777
Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us at
hello@precinct.co.nz