Precinct Properties New Zealand Limited/Announcement

Strong portfolio performance and strategic growth progress

Full Year Results27 August 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 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 – 28 August 2024
Strong portfolio performance and strategic growth progress
Performance summary for the 12 months ended 30 June 2024
Financial summary
• Strong core office performance with net property income (NPI)
1
growing to $139.3 million (2023:
$130.2 million), up 5.8%
2
.
• Funds from operations (FFO) from directly held investment portfolio of $126.9 million, up 2.9%
(2023: $123.3 million), contributing to net operating income before tax of $103.6 million, up 1.5%
(2023: $102.1 million).
• Total comprehensive income after tax of ($30.1) million (2023: ($147.5) million) with an annual
revaluation which recorded a $105.2 million decline in FY24 (2023: $257.1 million), reflecting a
stabilising in vestment property market.
• Adjusted funds from operations (AFFO) of 6.69 cps (2023: 6.69 cps).
• Net Tangible Asset (NTA) per share of $1.29 (2023: $1.38).

Operating performance

•
Portfolio occupancy of 98% with 6.6 years (2023: 6.0 years) weighted average lease term (WALT)
•
Rental growth has been strong with new office lease deals up 15.9% and rent reviews achieving
a 3.4% increase

•
Full year leasing of 13,500 square metres secured in the portfolio across both Auckland and
Wellington.

•
Completed 44 Bowen Street with occupancy now 100%.
•
Completed redevelopment of Deloitte Centre at One Queen Street including the opening of
the new flagship hotel, InterContinental Auckland.

Advancing living strategy and future development opportunities with capital partners
• Reflecting strategic progress on Precinct’s living sector activities, a move to 100% ownership of
Precinct Properties Residential Limited (PPRL), the joint venture established with Tim and Andrew
Lamont in 2022.
• Entry into the purpose-built student accommodation (PBSA) sector.
- Acquisition of 256 Queen Street in Auckland with resource consent now lodged for a c.600
bed PBSA facility.
- Following strong interest from potential capital partners, Precinct is working exclusively with
a preferred capital partner to invest alongside Precinct, subject to certain conditions being
satisfied. Precinct will hold an interest of 20%.

1
Net property income excludes IFRS 16 rent expense allocation.
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 T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
- Further well-located PBSA site secured under option through to mid 2025 and advancing
under due diligence.
• Growth in Precinct’s residential Build-to -Sell pipeline.
- Commenced construction of three new build-to -sell apartment developments on behalf of
capital partners, with a total sales value of $431 million.
- Agreement to conditionally acquire a site at the junction of Dominion and Valley Road in
Mount Eden for a residential apartment development.
- Announcing today, entering into a conditional agreement with Orams Group to jointly
develop their significant waterfront site at Wynyard Quarter including a small scale
commercial development and large scale residential development site. The agreement is
conditional upon agreeing and finalising full-form transaction documentation and approval
from Auckland Council (as ground lessor).
- Precinct now has an active build-to -sell residential development pipeline of $431 million and
a total residential pipeline, excluding downtown carpark, of circa $970 million.
• Advancing the downtown carpark development.
- Unconditional agreement with Eke Panuku to acquire and redevelop the site, with resource
consent now lodged.
- Pre-leasing underway with exclusive negotiations with a major occupier for circa 40% of the
office space.
• 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.

Funding initiatives supporting continued execution of our strategy
• Capital recycling with the sale of Mason Bros. building located in Auckland for $50.3 million and
settlement of the sale of 40 Bowen Street and 44 Bowen Street in Wellington.
• $150 million of subordinated convertible notes issued during the period providing capital
management and strategic benefits.
• Secured Precinct's first green bank loan of $168 million which will be used to fund the 61
Molesworth Street development which is targeting a six star green star rating.
• Refinanced existing bank debt with new syndicated facilities totalling $700 million. These
facilities provide sufficient liquidity to repay Precinct’s bonds and USPP due to mature in
November and January, respectively.

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’s climate related disclosures will be published in October 2024 and available online at
Precinct’s website: www.precinct.co.nz

Note: Further information can be found within the 2024 Annual Report and results presentation. You can find these at
https://www.precinct.co.nz/investors/2024-annual-results

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct Properties Group (Precinct) (NZX: PCT) reported its financial results for the 12 months
ended 30 June 2024 today. Precinct’s core office performance has been strong with
increased leasing activity and rental growth achieved. This has resulted in Funds from
operations (FFO) from directly held investment portfolio of $126. 9 million, up 2. 9% (2023: $123.3
million). This has contributed to net operating income before tax of $103.6 million, reflecting
an increase of 1.5%
2
on the previous comparable period (2023: $102.1 million) with net
property income (NPI)
1
for the 12 months to 30 June 2024 of $139.3 million up 5. 8%
2
on the
previous comparable period (2023: $130.2 million).
Total comprehensive income after tax of ($30.1) million compares to ($147.5) million for the
same period last year, with the fair value of Precinct’s properties declining $105.2 million for
FY24. This compares to a $257.1 million devaluation recorded in FY23. While property
valuations have declined over the last 12 months as a result of elevated interest rates, it has
been particularly pleasing to see a stabilisation of property valuations in the second half of
the financial year with a lower interest rate environment expected over the near-term.
Precinct’s weighted average market capitalisation rate has softened on a like-for-like basis
from 5.6% to 5. 9% over the past twelve months.
Adjusted Funds from Operations (AFFO) adjusts for unrealised valuation movements and other
non-cash items. Precinct’s AFFO for the 2024 financial year was $106.2 million (June 2023:
$106.1 million) or 6.69 cps. Full year dividends paid to shareholders and attributed to the 2024
financial year totalled 6.75 cents per stapled security.
Gearing as measured under borrower covenant is 35 .2%, well under PCT borrower covenant
level of 50%. We are pleased with the resilience of our balance sheet through the downturn
in asset valuations over recent periods, which reflects a strategic approach to capital
management through the cycle. We will continue to proactively manage our capital

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 T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
including advancing capital partnerships and capital recycling to support Precinct’s strategic
growth opportunities.
As at 30 June 2024, Precinct’s funds under management includes Precinct’s directly owned
portfolio totalling $3.3 billion, and capital partnerships including commercial and residential
developments totalling $1.6 billion (on completion value). After including the conditional
deals announced today, this grows to $1.8 billion with a further $3 billion in growth pipeline
including Dominion & Valley, Orams residential, Downtown Car P ark and other opportunities
currently being advanced.
Further financial information can be found within the 2024 Annual Report at
https://www.precinct.co.nz/investors/2024-annual-results
.
Scott Pritchard Precinct CEO said, “Progressing further growth in the living sector during the
2024 financial year has reinforced our commitment to growing the platforms we have created
and participation in a market where we believe there is significant opportunity for our business
to outperform. Achieving strong performance across our core office portfolio, an established
capital partnering strategy and an improving investment environment is supporting Precinct
to deliver on our strategy.”
“Precinct’s entry into the student accommodation sector with the acquisition of 256 Queen
Street in Auckland to develop a PBSA facility is very exciting. E xtensive research is forecasting
strong demand and limited new supply in this sector in New Zealand and follows recognition
that this growth has delivered strong investment returns in cities with similar market dynamics
globally. We are leveraging our development expertise, city centre knowledge, residential
development experience and capital partnering platform to create new, best in class,
student accommodation. Working exclusively with a global capital partner to invest alongside
Precinct reflects the strong investment interest in the PBSA sector, Precinct’s track record and
reputation as a capable, professional and aligned capital partner.”
“We are also pleased with the growth in Precinct’s residential Build-to-Sell pipeline during the
period h aving secured the Dominion and Valley site for $13.25 million for a high-density
residential apartment development. Partnering with Orams Group to jointly develop their
large-scale residential site on one of Auckland’s best waterfront locations further
complements Precinct’s pipeline. Importantly, Precinct is leveraging its market position and

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
capabilities to secure this pipeline with a modest level of capital commitment, providing
optionality as the residential property market recovers.”
“Advancing the redevelopment of the Downtown Car Park site in Auckland with an
unconditional agreement during the period has also been a great result for our business. We
are very excited to be working in partnership with Ngāti Whātua Ōrākei and growing this
relationship to deliver a true mixed-use precinct encompassing office, residential, and
hospitality as well as new urban spaces for residents and the public. We are in exclusive
negotiations with a major occupier for approximately 40% of the office space. This
demonstrates the demand for businesses wanting to be located in high quality space located
on the waterfront and Precinct’s strong track record to deliver world-class transformational
outcomes.”
“We continue to see businesses investing in relocation to high quality buildings in premium
locations across Auckland’s city centre office sector.”
“With construction commencement expected to start in 2026, designs are now advancing
and planning for construction procurement has commenced. Early discussions with potential
capital partners to work alongside us on this transformational project are now underway.”
Operational performance
Our core portfolio continues to perform well with occupancy at 98% and a WALT of 6. 6 years
recorded as at 30 June 2024.
Leasing activity has been pleasing during the last 12 months. In total, 54 leasing transactions
were completed across 13,500 square metres of space. Including structured rent reviews,
Precinct completed a total of 149,550 square metres of reviews. Rental growth has been
strong with new office lease deals up 15. 9% and rent reviews achieving a 3.4% increase.
At 30 June 2024, Precinct’s portfolio is under-rented by 11.0% (June 2023: 10.6% under-rented).
Across our retail precincts, while occupancy levels remain robust, the impact of a slowing
economy has been evident with lower sales and trading performance recorded compared
to the previous comparable period. We do however expect to see an improvement in the
level of sales in the coming months with increased foot traffic and visitors over the holiday

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
period, together with growing consumer confidence in the view that interest rates have
peaked.
Development update
Precinct’s current active office development projects, the 61 Molesworth Street project in
Wellington and Wynyard Quarter Stage 3 in Auckland both remain on target for an expected
completion of Q3 2025 and Q1 2025, respectively.
Construction of FABRIC Stage 2 and the Domain Collection are progressing well and are on
schedule for completion in 2026. Outside the period, we are pleased to have entered into a
construction contract for York House in Parnell. In total, these three active residential
developments will deliver a total of 227 units and have a sales value of $431 million.
Dividend payment
Precinct shareholders will receive a fourth-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 fourth-quarter dividend for Precinct Properties
Investments Limited (“PPIL”) of 0.203799 cents per share, comprising cash of 0.190000 cents
per share, imputation credits of 0.009492 cents per share and a supplementary dividend of
0.004307 cents per share (see note 2).
The record date for both PPNZ and PPIL dividends above is 6 September 2024 and payment
will be made on 20 September 2024.
Outlook and guidance
Precinct’s core portfolio performance has delivered strong results over the last 12 months
reflecting the quality of our real estate. We are encouraged by the continued demand for
premium grade office space. This demand, combined with under renting of 11% should
underpin rental growth for our business.
In addition, our capital partnering platforms, growing relationships and attractive
development pipeline are all supporting Precinct’s long term strategic growth across our living

---

Annual Report 2024
Advancing
Strategic
Growth
precinct.co.nz

Contents
FY24 Year in Review08
Chair and
Management Reports
14
Sustainability Report68
Precinct Today04
FY24 Year in Review08
Highlights09
Chair and Management Reports14
FY24 Results Overview18
Financial Summary22
Leadership28
Corporate Governance34
Statutory Information48
Remuneration Report56
Sustainability Report68
The Numbers85
Directory138
Advancing Strategic Growth03
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
03

Precinct
Today
Precinct Properties Group04

How we have evolved
Our strategic transition continues as value-add opportunities
are explored and executed.
202120222023–2024
Internalised management
Third party capital strategy
identified
Investment partnerships
formed and residential
business established
Partnerships formed with
Singaporean sovereign wealth fund,
GIC and global private investment
firm, PAG
Established residential business
Stapled group structure
enabling participation in a
wider set of opportunities
New JV formed with Ngāti Whātua
Ōrākei/PAG
Downtown Carpark secured
Entry into the student accommodation
sector
Growth in Precinct’s residential Build-to-
Sell pipeline
A simplification of Precinct’s living
sector activities
Launched the refreshed Precinct brand
supporting Precinct’s strategic transition
and growth in the living sector
20102012–20202020
ANZO corporatised
Renamed to Precinct (PCT)
Investment portfolio
transformed
Over $1b development completed
reducing average age of portfolio
by 10 years
Completion of Commercial
Bay
PwC Tower and Commercial Bay
completed
Advancing Strategic Growth05
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
05

Precinct today
Funds under management (Completion value)
Capital Partnerships
$1.6 billion
Directly Owned
$3.3 billion
Direct Investment
Portfolio
Direct
Developments
Residential
Developments
Commercial
Partnerships
City centre specialists dedicated to enabling sustainable and
successful businesses.
What we do
Invest
$3.3 billion
directly-held portfolio
(on-completion value)
$1.6 billion
capital partnerships*
(on-completion value)
* As at 30 June 2024, Precinct’s capital partnerships total
$1.6 billion of which Precinct has invested in $1.1 billion, with the
balance being managed on behalf of third party capital partners.
Develop
~$1 billion
of active office and residential
developments
$2.4 billion
completed since 2017 across office,
retail, residential and hotel
Manage
Trusted managers
real estate, investment funds and
operating businesses
OfficeMixed UseLiving
Precinct Properties Group06

FY24 Year in
Review
Precinct Properties Group08

Highlights
Announced entry into the student accommodation sector
with the acquisition of 256 Queen Street in Auckland to develop
a Purpose-Built Student Accommodation facility.
Growth in Precinct’s residential Build-to-Sell pipeline
with the entry into an agreement with Eke Panuku Development
Auckland to conditionally acquire a site in Auckland for a high-
density residential apartment development.
Joint venture formed with Ngāti Whātua Ōrākei
to invest in the regeneration of the Te Tōangaroa precinct
in Auckland.
Unconditional agreement with Eke Panuku
Development Auckland
to acquire and redevelop the Downtown Car Park site
in Auckland.

Portfolio
occupancy
98.0%
At 30 June 2024
GRESB score
86/100
Well above Global Real Estate Sustainability
Benchmark (GRESB) global average of 75
Advancing Strategic Growth09
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Strategic progress
As our business transitions
its strategy, we have made
further progress during
the year and successfully
advanced several strategic
initiatives, in particular
strategic growth in the
living sector.
Precinct is well positioned
to participate in this sector,
with the combination of its
development expertise, city
centre knowledge, residential
development experience and
capital partnering platform.

Our people and partners
•Achieved first WELL Equity rating in Oceania for a real
estate company corporate office
•Continued to execute on capital partnership strategy
•Moved to 100% ownership of Precinct Properties
Residential Limited (PPRL)
•Supported community wellbeing and vitality through
various initiatives
Developing the future
•
Entry into the student accommodation sector with the
acquisition of 256 Queen Street to develop a Purpose-
Built Student Accommodation (PBSA) facility
•Commenced construction of two new build-to-
sell apartment developments on behalf of
capital partners
•Joint venture formed with Ngāti Whātua Ōrākei to
invest in the regeneration of the Te Tōangaroa
precinct in partnership with PAG.
•Agreement with Eke Panuku Development to
conditionally acquire a site at the junction
of Dominion Road & Valley Road in Mount
Eden, Auckland for a high-density residential
apartment development
•Entered into an unconditional agreement with Eke
Panuku to acquire and redevelop the Downtown
Carpark site
Operational excellence
•98% portfolio occupancy and WALT of 6.6 years
•Over 13,500 square metres of leasing secured
•GRESB score of 86 (global average 75)
•Deloitte Centre in Auckland completed
•InterContinental Auckland commenced operations
•Willis Lane F&B precinct in Wellington opened
•Sale of Mason Bros. building in Auckland and settled
the sale of 40 Bowen Street and 44 Bowen Street
in Wellington
•Toitū net carbonzero certification validated
•Continued to off-set embodied carbon at
development projects through carbon credits
Precinct Properties Group
10

Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
11

Strong capability in living sector
During the year, Precinct
acquired the remaining
50 per cent interest in
the residential development
management business joint
venture, PPRL.
PPRL was established in
2022 with the founders of
Auckland based real estate
developer Lamont & Co.
Moving to 100%
ownership strengthens
Precinct’s residential platform
and enhances our
market position.
Lamont & Co. has a proven track record
to support Precinct’s living strategy
•Established in 2014 as a real estate
developer with a focus on multi-unit
residential development and value-add
commercial projects
•Company is an origination and operating
partner management business
•Originated a diverse range of investment
and development with a completion value of
approx. $553 million
•Delivered 1,100+ units in high quality
residential and student accommodation
•Repositioned c.16,000 square metres of
commercial office space
The Onehunga
Mall Club (O.M.C.)
$92m
Build-to-sell apartment development
successfully completed under
Precinct's management
Precinct Properties Group12

Capital partnerships
Precinct has continued to
execute on its capital
partnership strategy, with a
focus on value–add and
residential sectors.
We are 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.
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
Precinct’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.
$1.6B
(on-completion value)
capital partnerships under
Precinct's management
Advancing Strategic Growth13
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
13

Chair and
Management
Reports
Precinct Properties Group
14

Chair’s report
On behalf of the Board &
Management Team, we are
pleased to present Precinct’s
2024 Annual Report.
Precinct has successfully
advanced a number of
strategic transactions for
our business which have
extended Precinct’s real
estate offering.
Anne Urlwin, Independent Director and Chair
FY24 performance
Precinct’s business performance over the last twelve
months has delivered a pleasing result with net
property income of $139.3 million achieved for FY24
(June 2023: $130.2 million). This has contributed to net
operating income before tax of $103.6 million, up 1.5%
on the previous year (June 2023: $102.1 million). Total
comprehensive income after tax was ($30.1) million, this
compared to ($147.5) million in the previous year. Adjusted
funds from operations (AFFO) is 6.69 cps (June 2023: 6.69
cps). Our full-year dividend to shareholders is 6.75 cents
per stapled security.
Board changes
During the period, Chris Meads was appointed as an
Independent Director and elected at the 2023 Annual
Meeting of Shareholders. Alana Barron joined Precinct
through the Future Director Programme in an observer
capacity in November 2023 for a one-year term. During
the period, my appointment as Chair of Precinct also took
effect. We believe our Board is composed of individuals
with a wide range of skills, experiences, and backgrounds
which ensure that we have a balanced representation to
guide our company effectively. This year, the People and
Performance Committee reviewed the skills of the Board
and a Directors' skills matrix is presented in the Corporate
Governance section of this report.
Sustainability
Our Sustainability strategy continues to focus on how we
can reduce our material negative impacts and scale our
positive impacts to maximise positive contributions to the
community and create long-term value for Precinct.
This year, in addition to including our impacts on people
and planet and how we are managing those impacts,
Precinct will present its climate-related disclosures in
accordance with the External Reporting Board's (XRB)
Aotearoa New Zealand Climate Standards.
Precinct’s climate related disclosures will be published in
October 2024 and will be available on Precinct’s website.
Dividend guidance
The Board expects total combined cash dividends for
Precinct Properties New Zealand Limited and Precinct
Properties Investments Limited for the 2025 financial year
to be 6.75 cents per stapled security.
On behalf of the Precinct Board, I would like to thank
the management team and all our people at Precinct
for their ongoing commitment. Precinct is made up of a
diverse group of individuals with a shared purpose and
intention to ensure that the spaces which are created
have a lasting impact on how people interact.
We look forward to the year ahead and delivering
long term value for all our stakeholders, including you,
our shareholders.

Anne Urlwin, Independent Director and Chair
Advancing Strategic Growth15
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Management report
From left to right: George Crawford (Deputy CEO), Scott Pritchard (CEO) and Richard Hilder (CFO).
Advancing Precinct's strategic growth in the living sector
demonstrates our commitment to further growth in this area.
During the year, Precinct advanced its strategic growth in
the living sector with:
•Precinct’s entry into PBSA with the acquisition of 256
Queen Street.
•Growth in Precinct’s residential Build-to-Sell pipeline,
with the entry into an agreement with Eke Panuku
Development Auckland to conditionally acquire a site
at the junction of Dominion Road & Valley Road for a
high-density residential apartment development; and
•Reflecting strategic progress on Precinct’s living sector
activities, a move to 100% ownership of Precinct
Properties Residential Limited, the joint venture
established with Tim and Andrew Lamont in 2022.
We are excited to be growing the platforms we have
created and participate in a market where we see
significant opportunity over the long term. Furthering
our investment and simplifying our business in the living
sector is highly consistent with our capital partnering
strategy, with strong investment appetite from capital
partners for high quality investment opportunities in
this sector.
With the strong progress in our living strategy over the
last 18 months, we have simplified this part of our business
through acquiring the remaining 50 per cent interest in
the residential development management business joint
venture, PPRL.
Precinct Properties Group
16

Capital partnerships
Precinct has continued to execute on its capital
partnership strategy, with a focus on value-add and
residential sectors.
Progress made during the period includes:
•In partnership with PAG, forming the $140 million joint
venture with Ngāti Whātua Ōrākei to invest in the
regeneration of Te Tōangaroa precinct.
•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.
•Advanced the Wynyard Quarter Stage 3 development
which is on track for completion in FY25. The project
will be completed by Precinct Pacific Investment
Limited Partnership, Precinct will continue to manage
the properties under the terms of an investment
management agreement and has a 24.9% ownership
interest in the Limited Partnership.
Post balance date, working exclusively with a preferred
capital partner to invest alongside Precinct’s PBSA
investment, subject to certain conditions being satisfied.
Precinct will hold an interest of 20%. This reflects the
strong investment interest in the PBSA sector, Precinct’s
track record and reputation as a capable, professional
and aligned capital partner.
Downtown Car Park site
Advancing the redevelopment of the Downtown Car
Park site in Auckland with an unconditional agreement
during the period has also been a great result for
our business. We are very excited to be working in
partnership with Ngāti Whātua Ōrākei and growing
this relationship to deliver a true mixed-use precinct
encompassing office, residential, and hospitality as well
as new urban spaces for residents and the public.
Post balance date, we are in exclusive negotiations
with a major occupier for circa 40% of the office
space. This demonstrates the demand for businesses
wanting to be located in high quality space located
on the waterfront and Precinct's strong track record
to deliver world-class transformational outcomes. With
construction commencement expected to start in 2026,
designs are now advancing and planning for construction
procurement has commenced. Early discussions with
potential capital partners to work alongside us on this
transformational project are now underway.
Residential development platform
Our strategy for our residential development
platform is to create a valuable, high quality
business in its own right. We are pleased with the
progress being made on key opportunities and
how we are growing our pipeline.
Further growth in Precinct’s residential Build-to-
Sell pipeline
Post balance date, Precinct has entered into a conditional
agreement with Orams Group to jointly develop their
significant waterfront site at Wynyard Quarter including
a small scale commercial development and large
scale residential development site. The agreement
is conditional upon agreeing and finalising full-form
transaction documentation and approval from Auckland
Council (as ground lessor).
Outlook
Precinct’s core portfolio performance has delivered
strong results over the last 12 months reflecting the
quality of our real estate. We are encouraged by the
continued demand for premium grade office space. This
demand, combined with under renting of 11% should
underpin rental growth for our business. In addition,
our capital partnering platforms, growing relationships
and attractive development pipeline are all supporting
Precinct’s long-term strategic growth across our living
sector opportunities. However, weak economic conditions
are leading to reduced consumer demand, which is
leading to lower sales across Precinct’s retail and
operating businesses. The legislative change to remove
tax depreciation on commercial properties will have
an impact on earnings. However, Precinct is well
positioned and remains confident in its mid-long term
earnings outlook. A growth pipeline totalling around
$3 billion across purpose built student accommodation,
residential and commercial development, combined with
a more certain interest rate environment provide Precinct
confidence in its earnings and dividend profile.
Scott Pritchard
CEO
George Crawford
Deputy CEO
Richard Hilder
CFO
Advancing Strategic Growth17
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FY24 Results
Overview
Precinct Properties Group18

As at 30 June 2024, Precinct’s
portfolio was $3.2 billion
(30 June 2023: $3.4 billion)
and Precinct's net tangible
asset (NTA) per share was
$1.29 (30 June 2023: $1.38).
Precinct’s core office performance has been strong with
increased leasing activity and rental growth achieved.
This has resulted in Funds from operations (FFO) from
directly held investment portfolio of $126.9 million, up
2.9% (2023: $123.3 million). This has contributed to net
operating income before tax of $103.6 million, reflecting
an increase of 1.5% on the previous comparable period
(2023: $102.1 million) with net property income (NPI)
1
for
the 12 months to 30 June 2024 of $139.3 million up 5.8%
2
on
the previous comparable period (2023: $130.2 million).
Total comprehensive income after tax of ($30.1) million
compares to ($147.5) million for the same period last
year, with the fair value movement across the value of
Precinct’s properties declining $105.2 million for FY24. This
compares to a $257.1 million devaluation in FY23.
1 Net property income excludes IFRS 16 rent expense allocation
2 Net of straight line rent adjustments, following a change in calculation adopted in the period.
Adjusted Funds from Operations (AFFO)
FFO and AFFO are measures used by real estate
entities to describe the underlying performance
from their operations. Aligning dividends with
AFFO is generally considered to be best practice
for real estate entities. FFO and AFFO are defined
in more detail on page 25.
FFO for the year increased to $114.5 million (June
2023: $114.0 million) or 7.22 cps. AFFO for the year
was $106.2 million (June 2023: $106.1 million), or
6.69 cps.
Precinct's AFFO payout ratio over the past 5 years
has averaged 101%.
While property valuations have declined over the last
12 months as a result of an elevated interest rates, it
has been particularly pleasing to see a stabilisation of
property valuations in the second half of the financial
year and a lower interest rate environment expected
over the near-term. Precinct’s weighted average market
capitalisation rate has softened on a like-for-like basis
from 5.6% to 5.9% over the past twelve months.
Adjusted Funds from Operations (AFFO) adjusts statutory
net profit (under IFRS) for certain non-cash and other
items. Precinct’s AFFO for the 2024 financial year was
$106.2 million (June 2023: $106.1 million) or 6.69 cps.
Net operating
income
before tax
$103.6m
At 30 June 2024
Full
year dividends
6.75 cps
Relating to the 2024 financial year
Advancing Strategic Growth19
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FY24 Results Overview
Capital management
During the period, Precinct settled the sale of 40
Bowen Street and 44 Bowen Street in Wellington, sold
the Mason Bros. building in Auckland and issued a
$150 million subordinated convertible note. Net proceeds
were used to repay bank debt. We are pleased with
the capital management initiatives achieved during the
year. Looking ahead, a key priority will be to proactively
progress additional capital management initiatives
including capital recycling which will reduce gearing
and support Precinct’s strategic growth opportunities.
Another highlight for the period was securing Precinct's
first green bank facility, which will be used to fund the 61
Molesworth Street development. This project is targeting
a six star Green Star rating, and it is pleasing to have
secured an attractive facility at a margin below existing
syndicated facilities which reflects the quality of both the
asset and the underlying lease. Precinct also refinanced
existing bank debt with new syndicated facilities totalling
$700 million. These facilities provide sufficient liquidity
to repay Precinct’s bonds and USPP due to mature in
November and January, respectively.
At balance date Precinct’s total borrowings were
$1,320.0 million (30 June 2023: $1,246.7 million). Precinct's
gearing as measured under borrower covenants which
disregard subordinated debt is 35.2% against the
covenant of 50% (30 June 2023: 38.0%). Total debt
facilities of around $1.7 billion at 30 June 2024 and
Precinct was 99% hedged following de-gearing and
associated repayment of floating debt (June 2023:
72%). The weighted average interest rate including all fees
was 5.4% at 30 June 2024 (30 June 2023: 5.6%).
We are focused
on additional capital
management initiatives to
support Precinct's strategic
growth opportunities.
Richard Hilder, CFO
Capital management metrics
20242023
Debt drawn ($ millions)
1
1,3201,247
Gearing - banking covenant (%)35.238.0
Weighted average term to
expiry (years)
3.33.5
Weighted average debt cost (incl
fees) (%)
5.45.6
Percentage of debt hedged (%)99.272.2
Weighted average hedging (years)2.92.6
Interest coverage ratio2.01.9
Total debt facilities ($ millions)1,7041,386
1Excludes the USPP note fair value adjustment of $23.0 million
(June 2023: $16.9 million). Interest bearing liabilities are detailed in
Note 6.1 of the Financial Statements.
First green bank
facility secured
$168m
Green loan, which will be used to fund the
61 Molesworth Street development.
The project is targeting a six star Green
Star rating (artist's impression pictured to
the left).

Precinct Properties Group20

Operational update
Our core portfolio continues to perform well with
occupancy at 98% and a weighted average lease term
of 6.6 years at 30 June 2024. Leasing activity has been
pleasing during the last 12 months. In total, 54 leasing
transactions were completed across 13,500 square metres
of space. Including structured rent reviews, Precinct
completed a total of 149,550 square metres of reviews.
Rental growth has been strong with new office lease
deals up 15.9% and rent reviews achieving a 3.4% increase.
At 30 June 2024 Precinct’s portfolio is under-rented by
11.0% (June 2023: 10.6% under-rented).
FY25 key leasing events
Fixed review
Market review
Expiry
CPI
No event
Lease expiry profile
%

of

contracted

rent
Wellington
Auckland
Vacant2526272829> 29
10
20
30
40
50
60
We prioritise
our client
relationships and
delivering the
best spaces
in Wellington.
Jaime Davies
Asset Manager (Wellington)
Advancing Strategic Growth21
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Financial
Summary
Precinct Properties Group22

Key financial information
(Amounts in $ millions unless otherwise stated)
20242023
Change (%)
Rental revenue248.0224.310.6
Funds from operations (FFO)114.5114.00.4
Adjusted funds from operations (AFFO)
1
106.2106.10.1
Total comprehensive income after tax attributable to equity holders(30.1)(147.5)(79.6 )
Funds from operations (FFO) (cents per share)7.227.190.4
Adjusted funds from operations (AFFO) (cents per share)6.696.69
Gross distribution (cents per share)
2
6.856.702.3
Net distribution (cents per share)
2
6.756.700.7
AFFO Payout ratio (%)100.8100.10.7
Total assets3,518.93,642.8(3.4 )
Total liabilities1,471.61,459.70.8
Total equity2,047.32,183.1(6.2 )
Shares on issue (million shares)1,586.41,585.90.0
NTA (cents per share)129138(6.5 )
Gearing ratio at balance date (%)
3
35.238.0(7.4 )
1AFFO is an alternative performance measure which adjusts net profit after tax for a number of non-cash items. This alternative performance
measure is provided to assist investors in assessing Precinct's performance for the year.
2Dividend paid and proposed relating to financial year.
3For loan covenant purposes deferred tax losses, fair value of swaps and subordinated debt are not included in the calculation of gearing ratio.
Advancing Strategic Growth23
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5 Year Summary
(Amounts in $ millions unless otherwise stated)
20242023202220212020
Financial performance
Gross operating revenue248.0224.3200.3199.8151.8
Less direct operating expenses(91.8)(77.9)(70.9)(72.1)(46.0)
Less employment and
administration expenses
(5.7)(7.5)(6.0)(2.1)-
Operating profit before indirect expenses150.5138.9123.4125.6105.8
Net interest expense(41.1)(30.8)(23.9)(27.2)(5.0)
Corporate overhead expense(5.8)(6.0)(4.2)(15.4)(13.3)
Operating profit before income tax103.6102.195.383.087.5
Non operating income / (expense)
Unrealised net gain in value of
investment and development properties
(105.2)(257.1)19.4282.9(66.3)
Other non operating income(21.7)(9.7)14.6(219.9)12.0
Net profit before taxation(23.3)(164.7)129.3146.033.2
Current tax expense2.45.27.067.8(5.0)
Depreciation recovered on sale expense(1.2)(7.7)-(10.5)(1.4)
Deferred tax benefit / (expense)-14.1(26.3)(15.6)3.4
Total taxation (expense) / benefit1.211.6(19.3)41.7(3.0)
Net profit after taxation (NPAT)(22.1)(153.1)110.0187.730.2
Total other comprehensive
income / (expense)
(8.0)5.6(1.2)(7.8)4.9
Total comprehensive income after tax
attributable to equity holders
(30.1)(147.5)108.8179.935.1
Net dividend (cents)6.86.76.76.56.3
Reconciliation from NPAT to Adjusted
Funds From Operations (AFFO)
Net profit after taxation (NPAT)(22.1)(153.1)110.0187.730.2
Unrealised net (gain) / loss in value of
investment and development properties
105.2257.1(19.4)(282.9)66.3
Unrealised net (gain) / loss on
financial instruments
1.2(6.1)(33.1)(19.7)1.9
Depreciation - property, plant
and equipment
4.83.02.21.41.1
Deferred tax (benefit) / expense-(14.1)26.315.7(3.4)
IFRS 16 lease adjustments(0.5)(0.1)1.71.92.3
Share-based payments scheme1.21.41.2--
Amortisations14.813.714.713.87.9
Straight-line rental adjustments(3.7)(2.0)(3.8)(4.0)(0.5)
Adjust for equity-accounted investments0.73.2---
Net realised (gain) / loss on sale of
investment and development properties
10.62.00.22.42.5
Depreciation recovered on sale1.27.7-10.51.4
Precinct Properties Group24

(Amounts in $ millions unless otherwise stated)
20242023202220212020
Tax on revenue account property sales-0.5---
Termination of management services
agreement (net of tax)
---156.3-
Other one-off items
1
1.10.87.513.5(19.2)
Funds from operations (FFO)
2
114.5114.0107.596.690.5
Funds from operations (cents per share)7.227.196.897.346.89
Dividend payout ratio based on FFO (%)93.593.297.288.691.4
Adjusted funds from operations (AFFO)
Maintenance capex(3.3)(3.3)(2.3)(4.0)(5.0)
Incentives and leasing costs(5.0)(4.6)(3.7)(7.3)(2.8)
Adjusted funds from operations (AFFO)
3
106.2106.1101.585.382.7
Adjusted funds from operations (cents
per share)
6.696.696.516.486.29
Dividend payout ratio based on AFFO (%)100.9100.1102.9100.3100.0
1See relevant annual reports for full details of other items.
2Funds from operations (FFO) is the organisation’s underlying and recurring earnings from its operations. This is determined by adjusting
statutory net profit (under IFRS) for certain non-cash and other items. FFO has been determined based on guidelines established by the
Property Council of Australia and is intended as a supplementary measure of operating performance.
3Adjusted funds from operations (AFFO) is determined by adjusting FFO for other non-cash and other items which have not been adjusted in
determining FFO. A dividend payout ratio of 100% indicates a company is neither over or under paying dividend. AFFO is considered a measure
of operating cash flow generated from the business, after providing for all operating capital requirements including maintenance capital
expenditure, tenant improvement works, incentives and leasing costs. While AFFO overcomes the limitations of FFO by considering the impact
of capital requirements for operations, it can vary dramatically year over year, depending on the lease expiry profile and level of activity in any
one period.
Advancing Strategic Growth25
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Reconciliation of adjusted
funds from operations
(Amounts in $ millions)
20242023
Operating income before indirect expenses150.5138.9
Indirect expenses(46.9)(36.8)
Operating income before income tax103.6102.1
Current tax expense2.45.2
Operating profit after tax106.0107.3
Non operating income / (expenses)(126.9)(266.8)
Deferred tax and depreciation recovered on sale(1.2)6.4
Net profit / (loss) after taxation attributable to equity holders(22.1)(153.1)
Operating profit after tax adjusted for
IFRS 16 rent expense(8.6)(8.9)
Share of (loss)/profit in equity-accounted investments-1.2
Equity-accounted investments distributions attributable to period3.7-
Tax on revenue account property sales-0.5
One-off project costs1.10.8
Share-based payments scheme1.21.4
Amortisations14.813.7
Straight-line rent adjustments(3.7)(2.0)
FFO114.5114.0
Maintenance capex(3.3)(3.3)
Incentives and leasing costs(5.0)(4.6)
AFFO106.2106.1
Precinct Properties Group26

Leadership
Precinct Properties Group28

Board of Directors
From left to right: Christopher Judd, Graeme Wong, Alana Barron (Future Director Board Observer), Chris Meads, Anne Urlwin,
Mark Tume and Nicola Greer.
Anne Urlwin ONZM
Chair, Director, Independent, BCom, FCA, CFInstD,
MAICD, ACIS, FNZIM
Anne is a professional director with experience in a
range of sectors including construction, infrastructure,
telecommunications, renewable energy, health and
financial services. She is a director of Infratil Limited,
City Rail Link Limited, Ventia Services Group Limited and
Vector Limited.
Anne is a chartered accountant and is a former Chair
of national commercial construction group Naylor Love
and of the New Zealand Blood Service, and a former
director of Chorus Limited, Tilt Renewables Limited,
Summerset Group Holdings Limited and Queenstown
Airport Corporation Limited.
Anne was made an Officer of the New Zealand Order of
Merit for services to business in 2022.
Nicola Greer
Director, Independent, MCom (Hons)
Nicola is a professional company director. She has
extensive experience in New Zealand, Australia and the
UK in the banking and finance sectors, previously holding
a range of roles within financial markets and asset and
liability management at ANZ, Citibank and Goldman
Sachs. She has a significant background in the New
Zealand commercial property market, developing and
owning commercial property across a variety of sectors.
Nicola is currently a director of Fidelity Life Assurance
Ltd, South Port NZ, Vulcan Steel and New Zealand
Railways Corporation and is a member of the New
Zealand Markets Disciplinary Tribunal. She was previously
a director of Airways Corporation.
Advancing Strategic Growth
29
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Board of Directors
Christopher Judd
Director, Independent
Chris Judd has over 32 years’ experience in the property
industry including a 17 year association with property
and property funds in New Zealand in both public and
private markets. Chris has had various senior executive
leadership roles including Head of Real Estate Funds
Management for AMP Capital Australia with executive
and governance responsibilities in Australia and New
Zealand for a A$20b+ platform.
He is Executive Chairman of 151 Property Group, the
manager of Blackstone’s real estate investments in
Australia and New Zealand and is a non-executive
director of Hotel Property Investments. He is a
registered valuer being an Associate of the Australian
Property Institute. Chris was the inaugural Chairman
of the Property Council of Australia’s Unlisted Property
Roundtable and was a member of the International and
Capital Markets Division Committee.
Chris Meads
Director, Independent, BCA (Hons)
Educated at University of Auckland and Victoria University
of Wellington, Chris has over thirty years’ experience
working in the banking and finance sectors in New
Zealand and Hong Kong.
Chris has previously worked as an economist, investment
banker and was formerly the Chief Investment Officer
of Pantheon Ventures, which invests globally in private
equity, infrastructure & real assets, and private credit.
Mark Tume
Director, Independent, BBS, Dip Bkg Stud
Mark has governance experience with both public and
private companies across the infrastructure, energy, and
investment sectors in Australia and New Zealand.
He is the Chair of Te Atiawa Iwi Holdings and a director
of ANZ Bank New Zealand Limited and Booster Financial
Services. He was previously Chair of Ngai Tahu Holdings
Corporation and Infratil and a director of Retire Australia
Pty Limited.
Graeme Wong
Director, Independent, BCA (Hons) Bus Admin, INFINZ
(Fellow), CFinstD
Graeme Wong has a background in stock broking, capital
markets and investment. He was founder and executive
chairman of Southern Capital Limited which listed on the
NZX Main Board and evolved into Hirequip New Zealand
Limited. The business was sold to private equity interests
in 2006. Previous directorships include Tourism Holdings
Limited, New Zealand Farming Systems Uruguay Limited,
Sealord Group Limited, Tasman Agriculture Limited,
Magnum Corporation Limited and At Work Insurance
Limited and alternate director of Air New Zealand Limited.
Graeme is currently Chair of Harbour Asset Management
Limited and director of Southern Capital Partners
(NZ) Limited together with a number of other private
companies. He is also a member of the Trust Board of
Samuel Marsden Collegiate School.
Alana Barron (Board Observer)
Future Director
1
, BCom/LLB
Alana is a capital markets professional with 20 years'
experience in New Zealand, Australia, Hong Kong
and the United States. Alana is currently Head of
Private Wealth Clients at Alvarium NZ. Alana's previous
experience includes Head of Client Solutions and Director,
Institutional Equities at Jarden and extensive equity
research sales and equity capital markets experience at
Deutsche Bank in both Sydney and Hong Kong. Earlier
in her career, Alana was the Trade Commissioner and
Consul for New Zealand Trade & Enterprise in New York.
Alana Barron is a Board Observer (Future Director)
for Precinct, for a period of one year effective
13 November 2023.
1
Administered by the Institute of Directors, the Future Directors
Programme is designed to help identify and grow the next
generation of directors in New Zealand, including recognising
talented executives who are interested in developing governance
skills. Participants attend Board meetings where they contribute
to discussions in an observer capacity. Future Directors do not
have voting rights and are not involved in any decision making.
Precinct Properties Group30

Executive team
Scott Pritchard
Chief Executive Officer
Scott has led the Precinct team since 2010. In that
time Precinct has delivered over $1 billion of commercial
and mixed-use developments that have influenced and
shaped Auckland and Wellington. Having extensive
experience in property fund management, development
and asset management, alongside a genuine desire to
create vibrant city centres and communities. Scott also
has a role as National Chair of Property Council and the
Independent Chair of the City Centre Advisory Panel, as
well as a Trustee of the Tania Dalton Foundation.
Prior to joining Precinct, Scott held a variety of
property roles with NZX-listed entities Goodman Property
Trust, Auckland International Airport Limited and Urbus
Properties Limited. Scott holds a Master’s degree in
Management from Massey University.
George Crawford
Deputy Chief Executive Officer
George joined Precinct in 2010. Initially appointed as
Chief Financial Officer, George then held the role of Chief
Operating Officer for 5 years before taking on his current
role. George plays a pivotal role in not only establishing
Precinct’s strategy, but also establishing relationships and
capital partnerships that help deliver on this strategy.
Through a collaborative mindset, Precinct seeks to share
the mutual benefits of success with our clients, and
partners, forming valuable connections with those we
work alongside and for. George’s commitment to creating
brighter and more prosperous futures for our cities, also
translates to his role as Chair of Keystone Trust which
supports and mentors young people who have been
held back by inequality into property and construction
careers, with sponsorship from across the property and
construction industry. After gaining experience with a
large accountancy firm in the United Kingdom, George
moved to New Zealand, working for Fonterra and PwC
before joining Goodman Property Trust, where he was
Chief Financial Officer.
George has a Bachelor of Science (Honours) degree from
The University of Edinburgh and qualified as a Chartered
Accountant in the United Kingdom.
Richard Hilder
Chief Financial Officer
Richard has held the role of Chief Financial Officer
since 2017, following his initial appointment as General
Manager of Finance in 2015.
As CFO his role is to optimise Precinct’s investments and
financial management as well as maximising shareholder
value. Richard leads a team of financial professionals
and analysts, ensuring the business’ commercial decisions
are based on robust analysis. His leadership and vision
for sustainability across the property industry has taken
Precinct to its market-leading position.
Prior to joining Precinct, Richard held a number of
financial roles in property companies, such as Goodman
Property Trust, working across markets in New Zealand,
United Kingdom and Europe. Richard holds a Bachelor of
Commerce (Hons) (Finance and Economics) degree from
the University of Auckland.
Nicola McArthur
General Manager – Marketing, Communications
and Experience
In her role as General Manager of Marketing,
Communications and Experience, Nicola oversees all
external communications and marketing activities across
the entire Precinct portfolio, including retail, commercial
and residential. A key pillar of Precinct’s marketing
strategy is to create positive experiences and vibrancy
for not only Precinct clients, but the broader city centre
communities. The focus the team place on facilitating
experiences for human connection contributes to what
sets the Precinct portfolio apart.
Prior to joining Precinct in 2012, Nicola spent 10 years
working in a variety of marketing roles in the United
Kingdom and Australia. Nicola has a Master of Marketing
from Melbourne Business School, a Graduate Certificate
of Corporate Management from Deakin University and a
Bachelor of Arts from Auckland University.
Advancing Strategic Growth
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FY24 Results
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The Numbers
Directory

Executive team
Tim Woods
General Manager – Development
As General Manager – Development, Tim has
overall responsibility for Precinct’s development projects
including One Queen Street and Wynyard Quarter in
Auckland and Bowen Campus in Wellington. Tim also has
a shared responsibility for progressing new development
opportunities for Precinct.
Tim has worked in the property industry for the past 25
years in both the UK and New Zealand. Tim has been
with Precinct for over 5 years and previous roles include
leading the development arm of a large New Zealand
property consultancy firm. In the UK, Tim held senior roles
with a number of leading UK property companies across
consultancy and construction companies. Tim holds a
Bachelor of Engineering (Hons) (Structural & Civil) degree
and a Masters in Business Administration (Hons) from
Auckland University.
Anthony Randell
General Manager – Property
As the General Manager of Property, Anthony leads
the Auckland and Wellington property management
teams and has responsibility for the performance of the
Precinct portfolio.
Anthony and his team take great pride in providing
proactive client management – working collaboratively to
ensure current and future space requirements are met, as
well as being dedicated to operational excellence giving
clients peace of mind through the teams’ expert support
and management. Joining the business in 2010, Anthony
has held a number of roles which means he has a holistic
perspective of what is required for Precinct to deliver on
our strategy.
Anthony has a Bachelor of Business Studies (Valuation
and Property Management) from Massey University. He
is a Registered Valuer and began his career as a
commercial valuer, working at Colliers International for
4 years.
Emma de Vries
General Manager – People and Culture
As General Manager of People and Culture, Emma leads
the business’ People and Culture strategies that ensure
we can empower our people and provide them with
meaningful opportunities both on a daily basis and for
a long-term career in property. Through encouraging
diversity of thought and inclusion Emma assists in
contributing to the successful delivery of Precinct’s vision
and internal guiding beliefs.
Emma holds a Bachelor of Business from Auckland
University of Technology and a Post Graduate Diploma in
Business Administration from Auckland University. Prior to
joining Precinct in 2021, Emma worked in HR roles across
the media, construction and public service sectors.
Precinct Properties Group
32

Advancing Strategic Growth33
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Precinct
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FY24 Year in
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Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
33

Corporate
Governance
Precinct Properties Group34

Introduction
The Board of Directors is responsible for the governance
of Precinct and is committed to ensuring Precinct
maintains best practice corporate governance with
the highest ethical standards and integrity. Precinct's
Corporate Governance Manual guides both the directors
and the representatives of Precinct. It includes a Code
of Ethics, Board and Committee Charters and Policies
on Securities Trading, Audit Independence, Diversity
and Inclusion, Continuous Disclosure, Takeover and
Shareholder Communications.
This section of the Annual Report reflects Precinct’s
compliance with the requirements of the NZX Corporate
Governance Code revised on 1 April 2023. Precinct's
Corporate Governance Manual is available on Precinct’s
website (www.precinct.co.nz) in the News and Investor
Information section together with a statement of how
Precinct's corporate governance policies, practices and
processes comply with the NZX Corporate Governance
Code as at
30 June 2024. If any investor would like a copy
sent to them, please contact Precinct investor relations.
Principle 1 – Ethical Standards
Directors set high standards of ethical behaviour, model
this behaviour and hold management accountable
for these standards being followed throughout
the organisation.
Ensuring that Precinct is governed transparently and to
the highest of ethical standards and integrity is one
of the key priorities for the Board. Precinct's Code of
Ethics and Financial Products Dealing Policy are set out
in the Corporate Governance Manual and are compliant
in all respects with the NZX Corporate Governance
Code recommendations.
Code of Ethics – The purpose and intent of Precinct's
Code of Ethics is to guide directors, representatives and
subsidiaries of Precinct so that their business conduct is
consistent with high business standards. The Code is not
intended to be an exhaustive list of acceptable and non-
acceptable behaviour, rather it is intended to facilitate
decisions that are consistent with Precinct’s business
standards, objectives and legal and policy obligations.
All persons are encouraged to report of any breaches of
the Code, which will be dealt with appropriately. Precinct
ensures Code of Ethics training is provided to all staff at
least every three years and all new starters are provided
with an induction that includes training on Precinct's
Code of Ethics. The Code of Ethics is reviewed annually
by the Precinct Boards.
Whistleblower Policy – Precinct's Corporate Governance
Manual (which is available on Precinct's website) includes
a whistle-blowing policy for reporting unethical or
unlawful behaviour. Precinct is currently considering the
appointment of a third-party agency to operate a 'speak
up' channel to support Precinct's whistle-blowing policy.
Financial Product Dealing Policy – The Financial Product
Dealing Policy applies to all directors and officers of
Precinct and employees. No director, officer or employee
may use their position of knowledge of Precinct or its
business to engage in dealing with any Precinct listed
financial products for personal benefit or to provide
benefit to any third party.
Principle 2 – Board Composition
and Performance
There is a balance of independence, skills, knowledge,
experience and perspectives among directors to ensure
an effective Board.
Precinct currently has six directors, all of whom
are independent (as defined by the NZX Listing
Rules). Precinct undertakes a regular review of Board
composition to ensure Board membership comprises a
range of appropriate skills and experience so that it
has a proper understanding of and competence to deal
with the current and emerging issues of the business,
can effectively review and challenge the performance of
management and can exercise independent judgement.
The Chair meets regularly with directors of Precinct to
discuss individual performance of directors. The Boards
regularly review their performance as a whole. When
considering the appointment of Chris Meads in 2023, the
Boards reviewed the skills of each director and believe the
individual expertise and experience of all current directors
as set out in the Board of Directors section of this report
meet the objectives of Precinct. Precinct's Directors Skills
Matrix is set out on page 38.
Given Graeme Wong's upcoming retirement from the
Boards at Precinct's annual shareholder meeting in
November, the People and Performance Committee is
currently undertaking a recruitment process for a new
director to fill that vacancy. Precinct expects to be in
a position to propose the new independent director
for election by shareholders at the annual meeting of
shareholders in November. Precinct has also committed
to appoint a Future Director as part of the Institute of
Advancing Strategic Growth
35
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Directors programme and was delighted to appoint our
first Future Director (Alana Barron) in November 2023.
All Precinct directors are non-executive and the
Board composition and performance is compliant in
all respects with the NZX Corporate Governance
Code recommendations.
Precinct will notify the market of a reclassification of
a non-independent director to independent director (or
vice versa).
Directors are encouraged to own shares in Precinct. In
the case of Independent Directors, the Precinct Boards
have resolved that Independent Directors are expected to
generally hold, as a minimum, shares equal in value to
50% of one year's director base fees (before tax), and to
accumulate this holding over the first three years in office.
Independent Chair – Precinct's Chair - Anne Urlwin - is an
independent director, having regard to the factors set out
in the NZX Corporate Governance Code. Anne Urlwin is
independent of the Company's CEO.
Independent Directors – We are committed to ensuring
that a majority of directors are independent of Precinct,
and do not have any interests, positions, associations
or relationships which might interfere, or might be
seen to interfere, with their ability to bring independent
judgement to the issues before the Boards. Having regard
to the factors set out in the NZX Corporate Governance
Code, as at 30 June 2024, the Board determined that the
following persons were independent directors of Precinct:
Anne Urlwin (Chair), Graeme Wong, Chris Meads, Nicola
Greer, Mark Tume and Chris Judd. Each of these directors
is subject to appointment by Precinct shareholders and is
required to retire by rotation.
Subsidiary Company Directors – The directors for each
of Precinct's subsidiary companies are all executive
appointments and as at 30 June 2024 are Scott Pritchard,
George Crawford, Richard Hilder and Louise Rooney.
Board Charter – Precinct's Corporate Governance Manual
includes the Board's Charter which sets out the roles and
responsibilities of the Board and management.
Board Appointment – The People and Performance
Committee assists the Boards in planning their
composition and is responsible for managing the Boards'
succession requirements and for nominating new director
appointments. All directors enter into a written agreement
setting out the terms of their appointment.
Independent Advice
– Each director has access to
independent advice from specialists and/or executives
within Precinct, as a means of receiving assurance
information and the entire Executive Team attends Board
meetings in order to provide information directly to the
Board. The CFO, Company Secretary and other relevant
Precinct staff members have unfettered access to Board
members at any time and without reference to the CEO.
Diversity and Inclusion Policy – Precinct's Diversity and
Inclusion Policy is included in Precinct's Corporate
Governance Manual and includes measurable objectives
which are assessed annually. The Boards have developed
this policy with management to encourage a diverse
and inclusive working environment at all levels of the
organisation to recruit and retain the best talent from
the widest pool of candidates and build a culture
where diversity of gender, age, ethnicity, orientation,
background, experience, skills, thought, ideas, styles and
perspective are leveraged and valued.
The gender composition of directors, officers and
management employees is as follows:
30 June 202430 June 2023
FemaleMale
Gender
diverse
FemaleMale
Gender
diverse
Directors
2
(33%)
4
(67%)
-
2
(33%)
4
(67%)
-
Officers
1
2
(29%)
5
(71%)
-
2
(29%)
5
(71%)
-
Management
employees
45
(53%)
40
(47%)
-
46
(53%)
40
(47%)
-
1For the purposes of measuring and reporting gender diversity, the
term 'officers' is defined as the CEO and those who are in the
Executive team and report to the CEO.
Supporting the efforts to increase diversity across the
management team are secondary policies and practices
including the Equal Opportunities, Recruitment and
Selection, Study Assistance and Remuneration Policies
together with a Culture Charter and biennial anonymous
staff surveys. To ensure workplace diversity continues
to evolve and be enhanced, a matrix of key objectives
and monitoring is undertaken on an on-going basis.
During the year, Precinct engaged PwC to assist Precinct
to understand its gender pay gap. Following the 2023
annual salary review, a gender pay gap analysis was
completed across the business, key findings can be found
in the Remuneration Report. The Board believes that for
FY24, Precinct has continued to make progress towards
achieving its measurable objectives and goals against its
Precinct Properties Group
36

Diversity and Inclusion Policy, and will continue to focus
on diversity targets for FY25.
Measurable
objectives
30 June
2024
30 June
2023
30 June
2022
30 Jun
2021
Gender
% of female
staff
56%
(68)
53%
(46)
54%
(39)
48% (31)
Age range19-6820- 6719- 6623 - 65
Additional employee disclosures under the GRI Standards
is provided in the table to the right. The numbers reported
are by head count at the end of the reporting period
(as at 30 June 2024). Precinct does not have any non-
guaranteed hours employees and temporary employees
are employees who are on fixed term agreements.
30 June 202430 June 2023
FemaleMaleFemaleMale
Management
employees (full-
time, Auckland)
33343735
Management
employees (full-
time, Wellington)
7664
Management
employees (part-
time, Auckland)
4131
Management
employees (part-
time, Welington)
0000
Board performance and meetings schedule
Board Performance – The Board regularly reviews its performance including its collective skills, knowledge, experience and
perspectives to identify any shortcomings and ensure that it effectively governs Precinct and monitors performance in
the interests of shareholders. This includes reviewing director tenure to ensure the independence majority is maintained.
Directors undertake appropriate training to remain current on how to best perform their duties. During FY25, the Board will
engage an external evaluation of the Board's performance.
Meetings – A schedule of directors and their Board meeting attendance record for the year to 30 June 2024 is set out below.
Board of directors and attendance
Director
Independent
directorStatusDate of appointment
Board
meetings
Audit and
Risk Com.
meetings
People and
Perf Com.
meetings
Environment,
Social and
Governance
Com.
meetings
Number of meetings9452
Craig Stobo*YesBoard Chair4 May 20104221
Anne UrlwinYes
Board Chair*
Audit and Risk
Committee Chair*
16 September
2019
9452
Nicola GreerYes
Environmental, Social
and Governance
Committee Chair
16 July 202194n/a2
Chris JuddYesDirector29 April 20139n/a52
Chris Meads^YesDirector1 October 2023633n/a
Mark TumeYes
Audit and Risk
Committee Chair*
11 August 202194n/an/a
Graeme
Wong
Yes
People & Performance
Committee Chair
1 November
2010
9n/a52
* Craig Stobo retired from the Board of Directors with effect from 14 November 2023. Anne Urlwin was appointed Board Chair and retired as Audit and Risk Committee Chair, both with effect from 14 November 2023.
Mark Tume was appointed Audit and Risk Committee Chair with effect from 14 November 2023.
^ Chris Meads was appointed as an Independent Director with effect from 1 October 2023.
Advancing Strategic Growth
37
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Directors' skills matrix
The Board has developed the following Directors' skills
matrix to ensure the Board has the appropriate skills,
knowledge and experience among directors to ensure an
effective Board. The People & Performance Committee
regularly assesses these skills when recruiting new
directors and evaluating Board performance. The matrix
to the right reflects the director attributes which the Board
considers are required to oversee Precinct’s strategic
business objectives. Precinct believes assessing the level
of skills and experience collectively, rather than on an
individual basis, is the most appropriate means to
demonstrate Board effectiveness and reflects the benefits
of diversity of director experience. The allocations in the
matrix reflect each Director's assessment of the current
skills he or she believes they bring to the Board and
highlights the different attributes held collectively by the
Precinct Board of Directors.
Capability
Detail
Strategic Growth &
Adding Value
Experience and expertise in decision making and consideration for investment decisions, with
particular focus on appropriately considering risk and return metrics. Executive background with
investment credentials. Excellent at strategic growth and prioritisation including investing in people
and talent, understanding of workplace insight / trends, measuring progress, identifying priorities
and determining actions and accountability for implementation.
Funds Management/
Capital Partnering
Awareness of and experience in real estate funds management. Particular expertise in working
with sovereign wealth funds superannuation/pension funds and other large scale private investors.
Property SectorProven track record in property industry, with extensive experience in NZ property market
knowledge and asset management experience and valuation. This includes office, industrial, retail
and/or residential.
Construction
& Development
In-depth understanding of development within the building industry. Deep expertise in risk
including health and safety.
Financial &
Commercial Acumen
Financial expertise and foundational skills to add value to key financial drivers (occupancy
rates / weighted average lease term, earnings outlook, commercial and investment returns,
flexible financing for Green Building, investment due diligence). In depth understanding of
capital management and property investment with NZ, spanning multiple sectors including office,
industrial, retail and other specialised sectors.
Stakeholders
& Customers
Proven track record in engagement strategies / partnerships with key stakeholder groups.
Brings customer credibility and local and central government knowledge and gravitas.
Experienced in building communities and fostering connections with Mana Whenua and council-
controlled organisations.
International
Perspective
Exposure and experience in international real estate markets, providing expertise and insights into
emerging trends from other jurisdictions.
GovernanceProven track record in governance roles across listed companies. Experience in setting strategy
and driving best practice international business and corporate governance, with an understanding
of legal liabilities and director responsibilities.
SustainabilityExpertise in embedding environmental, social and corporate responsibility through business
operations and to create sustainable positive value for the community and stakeholder ecosystem.
People & CultureExperience in relation to setting and executing people strategies, including managing people and
influencing organisational culture, and designing and implementing remuneration strategies that
align employees with company culture and performance
Precinct Properties Group38

Principle 3 – Board Committees
The Board uses committees where this enhances
effectiveness in key areas while still retaining
Board responsibility.
For the year to 30 June 2024, there were three standing
committees of the Board, being the Audit and Risk
Committee, the People and Performance Committee and
the Environmental, Social and Governance Committee.
Our Board committees are compliant in all respects with
the NZX Corporate Governance Code recommendations.
The charters that exist for each committee can be
found in the Precinct Governance Manual together with
Precinct's Takeover Policy.
As outlined in each Board committee charter, the Chair
of each meeting of each Board committee is required to
report back to the Board on key points of discussion and
present the recommendations of the Board committee at
the next scheduled meeting of the Board, not being less
than once a year. The Board continually evaluates the
performance and work of each Board committee with the
Chair of the relevant Board committee in regular contact
with all Board members between meetings as part of its
evaluation process. As part of this process, the Board shall
undertake an annual review of each Board committee’s
objectives and activities in terms of its responsibilities as
set out in the relevant Board committee charter.
The Audit and Risk Committee at balance date comprised
Mark Tume as Chair, Anne Urlwin, Nicola Greer and Chris
Meads. The committee has a majority of independent
directors and complies with recommendation 3.1. None
of the committee members are executive directors.
The committee assists the Board in discharging its
duties with respect to financial reporting, compliance
and risk management. Employees may attend Audit
and Risk Committee meetings at the invitation of the
committee. The Audit and Risk Committee supervises the
financial reporting, climate related disclosures reporting,
compliance and risk management practices of Precinct to
ensure accuracy and objectivity.
The Environment, Social and Governance ("ESG")
Committee was established in May 2021 and at balance
date comprised Nicola Greer as Chair, Anne Urlwin,
Graeme Wong and Chris Judd. The committee has a
majority of independent directors and complies with
recommendation 3.5.
During FY24 the ESG Committee held two committee
meetings. Precinct’s CEO, Deputy CEO, CFO, Head of
Sustainability and other key representatives across the
business also attend the meetings to set objectives,
review Precinct’s Climate Risk register, track updates
and discuss and approve current and future strategic
initiatives which help manage Precinct’s impacts on the
economy, environment and people.
The People and Performance Committee at balance
date comprised Graeme Wong as Chair, Anne Urlwin,
Chris Judd and Chris Meads. The committee has a
majority of independent directors and complies with
recommendation 3.3 and 3.4. The committee's purpose
is to:
•provide guidance to the Board when approving
the remuneration of directors and key
management personnel;
•assist the Board in planning the Board’s composition,
evaluating competencies required of prospective
directors and to make relevant recommendations to
the Board; and
•oversee Precinct’s people policies, practices
and procedures.
The People and Performance Committee has a strong
focus on Board succession planning. Management only
attend meetings of the committee by invitation.
The Due Diligence Committee is an ad hoc committee
that is established by the Board from time to time to
provide guidance and recommendations to the Board on
the due diligence for any transaction of a significant size
and/or complexity. A Due Diligence Process Memorandum
is agreed each time the Committee is established
setting out its duties, responsibilities and scope. One Due
Diligence Committee was established during the year to
consider the convertible note issue. The Due Diligence
Committee for the convertible note issue met three times
during the year and comprised Anne Urlwin as Chair,
Craig Stobo, Graeme Wong and Nicola Greer.
Advancing Strategic Growth
39
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Principle 4 – Reporting and Disclosures
The Board demands integrity in financial and non-
financial reporting and in the timeliness and balance of
corporate disclosures.
The Board is committed to ensuring the highest
standards are maintained in financial and non-financial
reporting and disclosure of all relevant information and
is compliant in all respects with the NZX Corporate
Governance Code recommendations. A copy of Precinct's
Continuous Disclosure Policy can be found in the Precinct
Governance Manual.
The Audit and Risk Committee oversees the quality and
timeliness of all financial reports, including all disclosure
documents issued by Precinct or any of its subsidiaries.
Precinct has moved toward integrated reporting and the
annual report includes information on Precinct's:
•Business model
•Strategy and key performance indicators
•Risk management
•Sustainability framework, and
•Remuneration framework.
Precinct reports in accordance with GRI Standards, shown
in the Sustainability Report.
Precinct reports its climate-related risks and
opportunities in accordance with the Aotearoa New
Zealand Climate Standards. These will be available
at Precinct’s website in October 2024 as well
as alongside our peers on the public registry
located here: https://www.companiesoffice.govt.nz/all-
registers/climate-related-disclosures/.
Climate-related risks are included in Precinct’s Risk
Register which forms part of the Audit & Risk papers,
ensuring that Precinct’s climate risks are appropriately
reviewed and assessed and receive regular oversight via
the Audit and Risk Committee.
Principle 5 – Remuneration
The remuneration of directors and executives is
transparent, fair and reasonable.
Following the internalisation of the management of
Precinct in 2021, additional disclosures have been made in
our Remuneration Report to ensure that remuneration of
both directors and management personnel is transparent,
fair and reasonable by aligning it with interests of the
Company and its shareholders.
Director remuneration was reviewed during 2023 by
independent advisers, PwC. At Precinct's ASM in
November 2023, shareholders approved an increase
in Independent Director fees (other than the Chair's
fee) to reflect increased regulatory risk and obligations
increasing demand on Directors’ time and broadening
their scope of responsibilities. The increase in fees
also reflected the growing complexity of Precinct's
business and strategic approach. When assessed across
total director fees, the average increase approved by
shareholders was approximately 10%.
Precinct's policy is to engage an external review
of director remuneration every two years. Precinct
makes a summary report of any independent director
remuneration review available on its website.
Our remuneration practices are compliant with the NZX
Corporate Governance Code recommendations.
More information on remuneration of directors and
executives can be found within the Remuneration Report.
Precinct Properties Group
40

Principle 6 – Risk Management
The Board has a sound understanding of the material
risks faced by the business and how to manage them.
The Board regularly verifies that the Company has
appropriate processes that identify and manage potential
and material risks.
The Board has a risk management and reporting
framework in place that identifies and manages risk that
may impact the business and complies with the NZX
Governance Code recommendations in all respects.
Risk Register – A Risk Register is maintained which
identifies key risks to the business, records the likelihood
and impact of each risk and steps to mitigate the same.
The Audit and Risk Committee oversees the risk register
and reviews it regularly with management to track
existing risks and the emergence of new risks. The results
of each review are reported to and reviewed by the
Board. The Risk Register is further reviewed when required
in the event the Due Diligence Committee is formed.
Financial Risk Management Policy – Our Financial Risk
Management Policy details our approach to managing
financial risks and the policies and controls that are
required to mitigate the likelihood of financial risks
resulting in an adverse outcome. This policy is reviewed
by the Board annually.
Insurance – Insurance cover is in place for insurable
liability and general business risk. The primary objective
of our annual insurance programme is to protect
shareholders from material loss in the value of assets
as a result of events such as fire, natural disaster or
accidental damage. This approach protects creditors and
bondholders as well.
Audit – Ernst & Young (EY) are engaged during the year
to audit and review our financial statements. Precinct
also regularly undertakes internal audit progammes to
ensure continuous improvement of Precinct's systems
and processes.
Health and Safety – Health and safety policies are
embedded throughout the business and overseen by
Management's Health and Safety Committee. Reporting
and escalation processes are in place to the Audit and
Risk Committee and the Board.
More detail on how Precinct manages its key business
risks can be found under Risk Management in this section.
Principle 7 – Auditors
The Board ensures the quality and independence of the
external audit process.
Oversight of Precinct’s external audit arrangements is
the responsibility of the Audit and Risk Committee. We
do not have a dedicated internal audit resource but
we do maintain an annual internal audit programme,
which is overseen by the CFO and draws on the
expertise of consultants and employees. Ensuring that
external audit independence is maintained is one of
the key aspects in discharging this responsibility. The
Policy on Audit Independence, detailed in the Corporate
Governance Manual, has been adopted by the Audit
and Risk Committee. This policy is compliant with
the NZX Corporate Governance Code and covers the
following areas:
•Provision of related assurance services by Precinct’s
external auditors;
•Rotation of key external audit personnel; and
•Relationships between the auditor and Precinct.
The Board shall only approve a firm to be auditor if that
firm would be regarded by a reasonable investor with
full knowledge of all relevant facts and circumstances
as capable of exercising objective and impartial
judgement on all issues encompassed within the auditor’s
engagement. The continued appointment of Precinct’s
external auditors is confirmed annually by the Audit
and Risk Committee following the committees review of
the external auditors performance and independence.
Rotation of Precinct’s client service partner and the
lead and concurring audit partners of Precinct and its
subsidiaries is required every five years with suitable
succession planning.
The external auditors annually confirm their compliance
with professional standards and ethical guidelines of
Chartered Accountants Australia and New Zealand
(CAANZ) to evidence their competence, as well as attend
Precinct's annual meeting to answer questions from
shareholders in relation to the audit. Precinct's audit firm
EY also provided other assurance services which include
agreed upon procedures in respect of operating expense
statement review and green bond assurance. The first
year of appointment of audit firm EY was 1997 and the
first date of appointment of the current engagement
partner, Susan Jones (EY) was 1 July 2022. Potential
conflicts are resolved on a case by case basis between
auditing and other accounting services provided by EY.
Former partners of EY will not be appointed as directors of
Precinct for so long as EY continues to audit Precinct.
Advancing Strategic Growth
41
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Principle 8 – Shareholder rights and relations
The Board respects the rights of shareholders and
fosters constructive relationships with shareholders that
encourage them to engage with the Company.
The Board is committed to achieving best practice
investor relations. Financial and operational information
and key corporate governance information (including
Precinct's Shareholder Communications Policy) can be
accessed at
www.precinct.co.nz.
An annual investor relations plan has been established
and is reviewed annually. This plan details the investor
relations approach to e-communications, roadshows,
investor briefings, site visits, blackout periods, financial
reporting and other items. Enquiries from shareholders
can be voiced at the Annual Shareholder Meeting,
or emailed through using the contact details on our
website. A key objective of the plan is to ensure accurate
continuous disclosure to the NZX.
Precinct shareholder approval of major decisions which
may change the nature of Precinct is sought. In 2023
Precinct lodged a copy of its notice of annual meeting
on its website at least 20 working days prior to its annual
shareholder meeting and published a virtual meeting
guide ahead of that meeting. Where practicable, Precinct
endeavours to hold its shareholder meetings as hybrid
meetings but may from time to time hold a virtual-only
meeting where Precinct believes the physical meeting
will be poorly attended (such as the special shareholder
meeting to approve the stapling proposal).
The 2024 Annual Meeting of
Shareholders (ASM) is scheduled for:
15 November 2024
It will be a hybrid (physical and virtual)
Shareholder Meeting with more details on the
meeting to be provided in the coming months.
Precinct Properties Group42

NZ RegCo Rulings and Waivers
During the year to 30 June 2024, Precinct relied on the NZ
RegCo Rulings and Waivers described below.
Stapling and non-standard designation
On 1 July 2023, the shares of Precinct Properties
New Zealand Limited (Precinct) were stapled together
with shares of Precinct Properties Investments Limited
(Precinct Investments) in accordance with a Stapling
Deed dated 7 June 2023 between Precinct and Precinct
Investments (Stapling). The stapled shares of Precinct
and Precinct Investments have traded since 3 July 2023
under the ticker code ‘PCT’. The implications of Stapling
are further described in a notice of special meeting of
shareholders dated 18 April 2023.
NZX has granted Precinct and Precinct Investments a
non-standard designation, due to the complexity of the
Stapling arrangements.
NZX Listing Rule waivers and rulings relating to Stapling
On 18 April 2023, NZ RegCo agreed to grant certain
waivers and rulings in connection with the Stapling,
subject to certain conditions, as follows:
•A ruling that the Directors do not have a “Disqualifying
Relationship” as a consequence of their appointment
as directors of Precinct Investments under Precinct
Properties Group structure, in order to allow the
Independent Directors of Precinct Investments to also
be Independent Directors of Precinct, as required by
the Listing Rules;
•A waiver from Listing Rules 2.2 to 2.5 and 2.7 to 2.8
to permit:
–the Precinct board and Precinct Investments
board to be made up of the same people;
–the Precinct board to be deemed to be
appointed (or removed) if appointed to
(or removed from) Precinct Investments
board; and
–the Precinct board members to retire from the
Precinct board by rotation at the same time as
they retire from Precinct Investments board;
•A waiver from Listing Rule 2.10.1 to permit the directors
of one stapled entity to vote on matters in which they
are “interested” due to being a director of the other
stapled entity. Directors will not be permitted to vote
on matters in which they are “interested” by virtue of a
relationship or interest other than their directorship of
the stapled entities;
•A waiver from Listing Rule 2.11 to permit the pooling
of director remuneration for Precinct Properties Group,
and the approval of director remuneration by way of
single resolution of shareholders;
•A waiver from Listing Rules 2.14.1, 2.14.2, 7.8 and
7.9 to permit Precinct Properties Group to provide
consolidated notices of meetings to shareholders;
•A waiver from Listing Rules 3.13, 3.14 and 3.15 to permit
the stapled entities to announce, via NZX, issues,
acquisitions, conversions or redemptions of securities
on a consolidated basis;
•A ruling under Listing Rule 4.6.1 to enable Stapled
Shares to be issued to any employee of the Precinct
Properties Group;
•A ruling that, for the purposes of paragraph (f) of the
definition of “Related Party” in the Listing Rules the
word “Issuer” be interpreted as a reference to either
Precinct or Precinct Investments;
•A ruling that, for the purposes of the Listing Rules
in respect of Precinct Properties Group, “Material
Information” means information in respect of Precinct
Properties Group;
•A waiver from Listing Rules 3.5, 3.6, 3.7 and 3.8
to permit Precinct Properties Group to provide
the information required in annual reports and
annual and half-yearly results announcements on a
consolidated basis;
•A waiver from Listing Rule 8.3 to permit Precinct
Properties Group to provide consolidated statements
of shareholdings to shareholders which shows their
Precinct Properties Group holdings; and
•A ruling that, for the purposes of the Listing Rules in
respect of Precinct Properties Group, the “Average
Market Capitalisation” and “Average Market Price”,
where used in the Listing Rules refers to the combined
“Average Market Capitalisation” and “Average Market
Price” of Precinct Properties Group respectively.
A full copy of the NZ RegCo waiver and ruling
decision dated 18 April 2023 is available from https://
www.nzx.com/companies/PCT/documents.
Advancing Strategic Growth
43
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Risk Management
Our Approach
Precinct has a robust risk assessment process and is committed to providing a clear risk management and reporting
framework for the business to operate under to achieve its objectives, whilst ensuring all risks are understood and managed.
Reporting Framework
Responsible groupDescription of responsibility
Precinct Board
•Determine the nature and extent of the risks it is willing to
take to achieve the business strategy
•Establish the parameters for each risk
Audit and Risk Committee
•Delegated authority in assessing effectiveness of internal
controls and risk management processes
•Delegated authority to regularly oversee and review the
Risk Register
Executive
•Input into Board's process for setting risk parameters
•Lead and execute Precinct's approach to risk
•Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health and
safety
committee
•Implement and maintain risk management policies
•Create an environment that embraces risk management
•Audit and monitor all development sites
ContractorsEmployeesOther
•Day-to-day responsibility of managing risk
•Report and maintain internal risk and hazard registers
Key Business Risks
External
Risks and impactsHow we manage the riskChangeMovement in the period
Economy and property market
Market risk arises from adverse
changes in the New Zealand
economic environment, regulatory
environment and the broader
investment market. Changes may
result in an impact in property
values and amount of income
generated by them.
Maintain a proactive and
strategic approach to manage
property risks it can influence.
Providing quality premises
matched by high service
levels and building
strong relationships.
Undertake annual business
planning process to review the
portfolio and help mitigate
these risks.
▲
The conditions in the New Zealand
economy are changing with domestic
inflation continuing to decline and
expected to return to targeted range
over the medium-term.
While property valuations have
declined over the last 12 months as
a result of elevated interest rates, it
has been particularly pleasing to see
a stabilisation of property valuations in
the second half of the financial year
with a lower interest rate environment
expected over the near-term.
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.
Occupier market and client default
A weakening occupier market
through lack of business activity
and investment, as well as
unanticipated client default, can
directly impact the income and
value of each individual asset.
Precinct Properties Group44

Risks and impactsHow we manage the riskChangeMovement in the period
Insurance risk
The risk of being unable to
continue to obtain insurance cover,
or following an event, not having
sufficient cover in place to repay
creditors. This could result in
significant business interruption.
Engage directly with a
wide range of local and
international insurers.
Ensure the insurance market has
a good understanding of the
portfolio and its risks.
►
Following a period of high insurance
premiums, there has been a slight
reduction in the period, particularly
in Wellington.
Precinct continues to proactively
engage with the insurance market
on renewals and continues to
secure coverage.
Climate risk
Climate risk includes physical
risks (acute and chronic) and
transitional risks.
Physical risks could include events
such as flooding, severity and
frequency of storms and sea level
rise. These risks could reduce
revenue, increase maintenance
capex and reduce asset values.
Transitional risks include risks
of transitioning to a low
carbon economy including
regulatory change. These risks
could reduce the demand for
Precinct's products or increase
compliance costs.
Precinct’s Sustainability
Committee acts as the
custodian for Precinct’s
sustainability strategy and
comprises representatives from
various parts of our business.
Precinct also has a Board
ESG Committee.
Both committees meet
frequently during the year and
are responsible for assessing,
actioning and driving ESG
issues, reviewing performance
and considering Precinct’s long-
term strategy on sustainable
activities across the business
and reporting on its progress.
An update is included in the
Board papers on an ongoing
basis including Precinct's
climate risk register.
►
Precinct recognises climate risk is an
important part of the ongoing operation
of our business activities.
Precinct continues to assess our
impacts on people and planet and how
we are managing those impacts.
Precinct will present its climate-
related disclosures in accordance
with the External Reporting Board's
(XRB) Aotearoa New Zealand
Climate Standards.
Precinct’s climate related disclosures
will be published in October 2024
and will be available online at
Precinct's website.
Internal
Risks and impactsHow we manage the riskChangeMovement in the period
Development
Development risk
Development projects
are inherently subject
to uncertainties. They
are entered into on
the basis of assumed
future costs, values
and income levels.
An increased level
of development risk
has the potential
to make meeting
covenant obligations
and overall
solvency challenging.
Ensure expected returns from
developments adequately compensate
Precinct for the level of risk undertaken
before approval. Through due diligence,
Precinct understands the project risks
before commitment. Before commitment,
ensure funding is in place and committed
gearing stays within acceptable levels.
Establishing a procurement plan and
engaging contractors early to mitigate
cost escalation or contractor default.
Undertake substantial pre-leasing prior to
commencement of development.
▼
An appropriate level of development
activity is underway however the risk has
been reduced through major completions,
high levels of pre-commit leasing secured
and fixed price contract agreements
in place.
Capital requirement has also reduced
through introduction of capital partners.
Advancing Strategic Growth45
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Risks and impactsHow we manage the riskChangeMovement in the period
Financial
Interest
rate management
Interest rate risk arises
through changes in
interest rate market
conditions leading to
earnings volatility or
breach of interest
cover covenant levels.
Manage by aligning the interest rate re-
pricing profile with the re-pricing profile of
Precinct's gross rental income.
Establish interest rate swaps to manage
exposure within a band reviewed by
the Board annually and monitored by
the Audit and Risk Committee and
Board quarterly.
▼
As inflation moderates the RBNZ is
forecasting a reduction in interest rates.
Precinct was 99% hedged through the use
of interest rate swaps at 30 June 2024
(June 2023: 72%).
Refinancing
risk (liquidity)
Having insufficient
funds to refinance
debt when it falls
due and sustain the
ongoing operations of
the business.
Implemented a Financial Risk
Management Policy in 2011 which is
reviewed annually providing a clear
framework ensuring risks are managed
and understood. Diversified funding away
from sole reliance on bank funding
through alternative sources. Staggering
the maturity profile of facilities providing
adequate time to pursue alternatives
to refinancing.
▼
During the period, Precinct refinanced
existing bank debt with new syndicated
facilities totalling $700 million. These
facilities provide sufficient liquidity to
repay Precinct’s bonds and USPP
due to mature in November and
January, respectively.
Precinct continues to maintain sufficient
funding capacity to deliver our
committed developments.
Gearing levels
An increase in
gearing levels
outside suitable
industry standards
could increase the
risk of breaching
financing covenants
and may increase
borrowing costs.
Precinct's Financial Risk Management
Policy is reviewed annually.
Ensure no capital commitment is entered
into without funding in place. Maintain
adequate headroom in relation to
gearing covenants to withstand portfolio
devaluations which may be anticipated
through the property cycle.
►
Gearing levels remain within internal
policy parameters due to Precinct's
proactive capital management strategy.
People
Staff
Staff are critical to
ongoing success and
execution of strategy.
Failure to maintain a
high level of
experience and skill
could impact
business
performance.
Ensure a strong focus on team
engagement and enhancement. Maintain
ongoing succession planning and
retention structures within the Company.
Regularly review performance appraisals
of employees and directors and
benchmark remuneration packages with
the wider market.
►
Our staff remain a key focus for the
business with a number of promotions,
training and development occurring
during the year.
Precinct's "Three Pillars" Health, Safety &
Wellbeing strategy focus on the delivery
of the wellbeing programs under Physical,
Mental and Financial pillars.
Precinct Properties Group46

Risks and impactsHow we manage the riskChangeMovement in the period
Health and safety
Unsafe work
environments may
lead to accidents
(employees, clients,
contractors and
visitors) resulting in
harm to people,
financial loss and/or
business continuity.
Provide ongoing individual, group and
industry training. Maintain a hazard
register that identifies hazards where
contractors are required to take
precaution. Registers are subject to
annual review. Monitor any live sites
to ensure oversight of Health and
Safety matters. Ensure contractor pre-
qualification. Provide training and KPIs for
all Precinct staff. Dedicated Senior Health
& Safety Adviser employed by Precinct.
►
Appropriate monitoring and reporting
continue to be implemented and refined
to mitigate any potential risk.
Further information on Health and Safety
is included on Precinct's website.
Modern Slavery
Precinct is committed
to respecting and
supporting the
human rights of our
employees and all
those whose lives we
impact through our
supply chain. Given
the complexity of the
construction industry
supply chain, Precinct
may unknowingly be
complicit in human
rights abuses through
the purchase of
products or services.
Identifying areas with potential risk
for forms of modern slavery in our
supply chain.
Engaging highly-reputable contractors
with New Zealand-domiciled
management teams.
►
Precinct has a Supplier Code of
Conduct which supports our commitment
to advance social and environmental
responsibility beyond our own operations
to our supply chain.
It should be read together with Precinct’s
commitments in respect of Health &
Safety, Diversity & Inclusion, Sustainability,
Modern Slavery and Mental Health and
Wellbeing, all of which can be found on
Precinct's website.
Advancing Strategic Growth47
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Statutory
Information
Precinct Properties Group48

Shareholder information
As at 30 June 2024
Twenty largest shareholders
RankShareholder
Number of shares% of total shares
1.HSBC NOMINEES (NEW ZEALAND) LIMITED211,252,66413.32
2.ACCIDENT COMPENSATION CORPORATION142,498,3278.98
3.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD129,244,8938.15
4.FORSYTH BARR CUSTODIANS LIMITED92,907,5125.86
5.CUSTODIAL SERVICES LIMITED87,682,2595.53
6.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND65,614,1414.14
7.HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED - NZCSD63,605,9424.01
8.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT58,790,9663.71
9.CITIBANK NOMINEES (NEW ZEALAND) LIMITED57,170,0293.60
10.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT55,778,3803.52
11.FNZ CUSTODIANS LIMITED53,917,5303.40
12.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED52,917,6153.34
13.NEW ZEALAND DEPOSITORY NOMINEE LIMITED48,855,2303.08
14.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET - NZCSD40,705,7022.57
15.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED28,135,3581.77
16.PT (BOOSTER INVESTMENTS) NOMINEES LIMITED21,952,1541.38
17.JBWERE (NZ) NOMINEES LIMITED19,345,4071.22
18.ADMINIS CUSTODIAL NOMINEES LIMITED16,326,7641.03
19.SIMPLICITY NOMINEES LIMITED - NZCSD16,192,8141.02
20.INVESTMENT CUSTODIAL SERVICES LIMITED15,374,4770.97
Total Top 20 holders of Ordinary Shares1,278,268,16480.58
Source: Computershare. The information above includes Shares held in custody by New Zealand Central Securities
Depository Limited.
Shareholder distribution
Range
Total holdersNumber of shares% of total shares
1 - 49911424,8110.00
500 - 99911876,9930.00
1,000 - 1,999205276,5120.02
2,000 - 4,9997442,481,5610.16
5,000 - 9,9991,2348,741,2430.55
10,000 - 49,9993,26273,048,4864.60
50,000 - 99,99958039,142,8032.47
100,000 - 499,99931955,917,7143.52
500,000 - 999,9992617,759,0171.12
1,000,000 and over421,388,883,40287.55
Total6,6441,586,352,542100.00
Source: Computershare
Advancing Strategic Growth
49
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Shareholder information
As at 30 June 2024
Substantial Financial Product Holders
Quoted financial product holder
Number of quoted ordinary
shares held at date of notice
%Date of notice
Accident Compensation Corporation (ACC)146,065,0289.2081.03.2024
FirstCape Group Limited111,577,1597.0301.05.2024
ANZ New Zealand Investments Limited109,076,3796.8761.03.2024
Milford Asset Management Limited93,807,8205.9134.03.2024
Harbour Asset Management Limited62,599,7323.9465.03.2024
ANZ Custodial Services New Zealand Limited26,234,0501.6541.03.2024
ANZ Bank New Zealand Limited26,234,0501.6541.03.2024
Jarden Securities Limited111,6660.0071.05.2024
Haumi Company Limited--4.03.2024
Jarden Partners Limited--5.03.2024
Note the number of shares above are according to notices filed only if the total number of a shareholder changes by 1% or more
since the last notice filed.
Source: NZX Substantial product holding notices. The percentages have been calculated based on the quoted voting products
on issue on 30 June 2024 (as discussed below).
As at 30 June 2024, Precinct had 1,586,352,542 quoted voting products on issue.
Quoted financial product holder
$ amount of convertible notes
held at date of notice
%Date of notice
Forsyth Barr Investment Management Limited31,372,00036.90010.10.23
ANZ New Zealand Investments Limited10,000,00011.76516.10.23
Source: NZX Substantial product holding notices.
The total principal amount of PCTHC convertible notes on issue as at 30 June 2024 was $85,000,000.
Quoted financial product holder
$ amount of convertible notes
held at date of notice
%Date of notice
ANZ New Zealand Investments Limited12,600,00019.38516.10.23
Forsyth Barr Investment Management Limited3,349,0005.15203.04.24
ANZ Bank New Zealand Limited15,0000.02316.10.23
Source: NZX Substantial product holding notices.
The total principal amount of PCTHB convertible notes on issue as at
30 June 2024 was $65,000,000.
Donations
The Group made donations of $63,250 during the year to 30 June 2024. No political donations have been made during the
year to 30 June 2024.
Credit Rating
As at the date of this Annual Report, Precinct does not have a public credit rating.
Precinct Properties Group
50

Bondholder information
As at 30 June 2024
Twenty largest PCT020 bondholders
RankBondholder
Number of bonds% of total
1.FORSYTH BARR CUSTODIANS LIMITED21,434,00021.43
2.CUSTODIAL SERVICES LIMITED16,970,00016.97
3.FNZ CUSTODIANS LIMITED15,916,00015.92
4.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD6,269,0006.27
5.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD4,319,0004.32
6.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD4,250,0004.25
7.COMMONWEALTH BANK OF AUSTRALIA - NZCSD3,698,0003.70
8.FORSYTH BARR CUSTODIANS LIMITED3,655,0003.66
9.INVESTMENT CUSTODIAL SERVICES LIMITED1,788,0001.79
10.PUBLIC TRUST - NZCSD1,771,0001.77
11.JBWERE (NZ) NOMINEES LIMITED1,387,0001.39
12.FNZ CUSTODIANS LIMITED1,106,0001.11
13.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD1,000,0001.00
14.FORSYTH BARR CUSTODIANS LIMITED815,0000.82
15.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD810,0000.81
15.JBWERE (NZ) NOMINEES LIMITED745,0000.75
17.SANDORE LIMITED700,0000.70
18.INVESTMENT CUSTODIAL SERVICES LIMITED500,0000.50
19.FNZ CUSTODIANS LIMITED365,0000.37
20.MMC LIMITED - NZCSD325,0000.33
Total Top 20 holders of PCT020 bonds87,823,00087.82
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT020
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99937203,0000.20
10,000 - 49,9992655,075,0005.08
50,000 - 99,999462,669,0002.67
100,000 - 499,999284,920,0004.92
500,000 - 999,99953,570,0003.57
1,000,000 and over1383,563,00083.56
Total394100,000,000100.00
Source: Computershare
Advancing Strategic Growth
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Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Bondholder information
Twenty largest PCT030 bondholders
RankBondholder
Number of bonds% of total
1.FORSYTH BARR CUSTODIANS LIMITED24,721,00016.48
2.CUSTODIAL SERVICES LIMITED19,764,00013.18
3.FNZ CUSTODIANS LIMITED15,365,00010.24
4.ANZ FIXED INTEREST FUND - NZCSD14,000,0009.33
5.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED - NZCSD13,077,0008.72
6.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD9,700,0006.47
7.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD6,072,0004.05
8.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD5,300,0003.53
9.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD4,000,0002.67
10.FORSYTH BARR CUSTODIANS LIMITED3,582,0002.39
11.INVESTMENT CUSTODIAL SERVICES LIMITED2,909,0001.94
12.PIN TWENTY LIMITED2,400,0001.60
13.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD2,199,0001.47
14.FORSYTH BARR CUSTODIANS LIMITED2,119,0001.41
15.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,000,0001.33
16.COMMONWEALTH BANK OF AUSTRALIA - NZCSD1,577,0001.05
17.JBWERE (NZ) NOMINEES LIMITED1,445,0000.96
18.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD1,273,0000.85
19.FNZ CUSTODIANS LIMITED1,219,0000.81
20.MINT NOMINEES LIMITED - NZCSD1,218,0000.81
Total Top 20 holders of PCT030 bonds133,940,00089.29
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT030
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99975551,0000.37
10,000 - 49,9992805,990,0003.99
50,000 - 99,999311,961,0001.31
100,000 - 499,999254,480,0002.99
500,000 - 999,99943,078,0002.05
1,000,000 Over20133,940,00089.29
Total435150,000,000100.00
Source: Computershare
Precinct Properties Group
52

Bondholder distribution - PCT040
RankBondholder
Number of bonds% of total
1.CUSTODIAL SERVICES LIMITED46,936,00026.82
2.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD46,765,00026.72
3.FORSYTH BARR CUSTODIANS LIMITED24,824,00014.19
4.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED - NZCSD8,406,0004.80
5.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD7,151,0004.09
6.FNZ CUSTODIANS LIMITED5,961,0003.41
7.ANZ FIXED INTEREST FUND - NZCSD3,000,0001.71
8.INVESTMENT CUSTODIAL SERVICES LIMITED2,706,0001.55
9.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,550,0001.46
10.FORSYTH BARR CUSTODIANS LIMITED2,312,0001.32
11.JBWERE (NZ) NOMINEES LIMITED1,422,0000.81
12.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD1,001,0000.57
13.PATHFINDER CARESAVER - NZCSD740,0000.42
14.I J INVESTMENTS LIMITED700,0000.40
15.NZX WT NOMINEES LIMITED681,0000.39
16.PIN TWENTY LIMITED547,0000.31
17.FORSYTH BARR CUSTODIANS LIMITED475,0000.27
18.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD456,0000.26
19.FNZ CUSTODIANS LIMITED420,0000.24
20.JBWERE (NZ) NOMINEES LIMITED350,0000.20
Total Top 20 holders of PCT040 bonds157,403,00089.94
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT040
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99975439,0000.25
10,000 - 49,9993697,784,0004.45
50,000 - 99,999673,914,0002.24
100,000 - 499,999407,161,0004.09
500,000 - 999,99942,668,0001.52
1,000,000 Over12153,034,00087.45
Total567175,000,000100.00
Source: Computershare
Advancing Strategic Growth
53
Contents
Precinct
Today
FY24 Year in
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FY24 Results
Overview
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Summary
Leadership
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Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Green Assets
Building NameCityAddressUseStatusLast AssuranceNABERSNZ
Rating
1
Green
Star
Rating
Asset
Value
2
(NZ$m)
Allocation
of proceeds
per eligible
asset
(NZ$m)
Jarden HouseAuckland21 Queen
Street
OfficeOperational11-Aug-23Refer to
footnote
below
1
5 Star
Office
As-Built
$130.0$33.2
PwC TowerAuckland15 Customs
Street
OfficeOperational11-Aug-235 Star
Base
Build
Rating
5 Star
Office
As-Built
$605.0$154.6
Aon CentreAuckland21 Customs
Street
OfficeOperational11-Aug-234 Star
Base
Base
Rating
n/a$223.0$57.0
Defence
House
Wellington34 Bowen
Street
OfficeOperational11-Aug-235 Star
Base
Build
Rating
4 Star
Office
Built
$190.0$48.6
Deloitte
Centre
Auckland1 Queen
Street
OfficeOperational11-Aug-23Targeting
4 Star
Base
Building
Rating
Targeting
6 Star
Design/
As Built
$360.0$92.0
Bowen HouseWellington1 Bowen
Street
OfficeDevelopment11-Aug-23Targeting
5 Star
Base
Building
Rating
Targeting
5 Star
Design/
As Built
$155.0$39.6
Total existing green assets for bonds$1,663.0$425.0
61 Molesworth
Street
Wellington61 Molesworth
Street
OfficeDevelopment-Targeting
5 Star
Base
Building
Rating
Targeting
6 Star
Design/
As Built
$275.0$59.3
Total existing green assets for green loan$275.0$59.3
Total value of eligible assets
3
$1,938.0$484.3
1.NABERSNZ rating targets are listed on the basis of Precinct's commitment to the World Green Building Council Net
Zero Carbon Buildings Commitment and meeting or exceeding New Zealand’s excellence levels under NABERSNZ with
a target to have 100% of our investment portfolio to be +4-Stars, under our direct operational control by 2030. Noting
Jarden House is currently rated as 2 Stars
2.Fair value as at 30 June 2024
3.Eligible assets must have a minimum (or target) 5-star NZGBC Green Star Built rating or a minimum (or target) 4-Star
NABERSNZ Energy Base Building Rating. Green bond assurance and Green loan assurance dated 19 August 2024.
Precinct Properties Group
54

Directors’ interests
As at 30 June 2024
Details of Director interests in Precinct Stapled Securities and Bonds
2024202320242023
DirectorNumber of sharesNumber of sharesNumber of bondsNumber of bonds
Graeme Wong118,498
1
118,498--
Anne Urlwin81,128
2
61,12825,000
3
25,000
Chris Meads50,000
4
---
Nicola Greer10,000
5
---
Mark Tume20,261
6
20,261--
1Relevant interest in beneficial ownership of 108,213 stapled securities held by Jaguar Nominees Limited; legal and beneficial ownership of 10,285
stapled securities.
2Relevant interest in beneficial ownership of 81,128 stapled securities held by Clifton Creek Limited.
3Relevant interest in beneficial ownership of 25,000 PCT020 bonds held by Clifton Creek Limited.
4Legal and beneficial ownership of 50,000 stapled securities.
5Relevant interest in beneficial ownership of 10,000 stapled securities held by Greer Seeto No. 2 Trust.
6Relevant interest in beneficial ownership of 20,261 stapled securities held by Tume Family Trust.
Set out in the table below are disclosures made by Directors in respect of changes in shareholdings in Precinct Stapled
Securities during the period 1 July 2023 to 30 June 2024 for the purposes of section 148(2) of the Companies Act:
Name of directorDate of transactionNature of transaction
Number and class
of sharesNature of interest
Consideration paid
or received
Nicola Greer26 April 2024
Acquisition of shares on-
market
5,000
stapled securities
Beneficial owner$5,800.00
Nicola Greer29 April 2024
Acquisition of shares on-
market
5,000
stapled securities
Beneficial owner$5,800.00
Anne Urlwin21 June 2024
Acquisition of shares on-
market
20,00
stapled securities
Beneficial owner$23,000.00
Chris Meads24 June 2024
Acquisition of shares on-
market
37,077
stapled securities
Legal and
beneficial owner
$42,108.70
Chris Meads25 June 2024
Acquisition of shares on-
market
12,923
stapled securities
Legal and
beneficial owner
$14,640.16
The following director interests were recorded since the last report.
Nicola Greer
Acquired 10,000 Precinct Stapled Securities on market
Appointed as a director of Vulcan Steel Limited
Ceased to be a director of Fidelity Insurance Limited
Ceased to be a shareholder in Waikare Avenue Preschool
Limited, Judsons Road Preschool Limited, Penny Lane
Preschool Limited and Peter Street Preschool Limited
Chris Meads*
Acquired 50,000 Precinct Stapled Securities on market
Shareholder in Waihopai Pastoral Limited Partnership
Shareholder in Waihopai Farm Management Limited
Shareholder in Southern Hops Limited
* Chris Meads was appointed as Independent Director,
effective 1 October 2023.
Mark Tume
Appointed as a director of Mariu Limited
Appointed as a director Bluecurrent Holdings (Australia) Pty
Limited, Bluecurrent Holdings NZ Limited and subsidiaries

Anne Urlwin
Acquired 20,00 Precinct Stapled Securities on market
Ceased to be a director and shareholder of Maigold
Holdings Limited
Graeme Wong
Ceased to be a director of Areograph Holdings Limited,
Areograph Limited, Areograph Nominee Limited and Areograph
Simulation Limited
Chris Judd
Appointed as a non-executive director of Hotel
Property Investments
Advancing Strategic Growth
55
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Today
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FY24 Results
Overview
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Remuneration
Report
Precinct Properties Group56

On behalf of the People
and Performance Committee,
I am pleased to present
Precinct’s Remuneration
Report for the financial year
ended 30 June 2024.
Remuneration continues to
be a key focus to ensure
that we attract and
retain the best talent in
the business. We believe
Precinct's approach to
remuneration aligns with
the interests of Precinct
and its shareholders while
also supporting Precinct's
strategic objectives.
Graeme Wong, Independent Director and Chair of Precinct
People and Performance Committee
This Remuneration Report provides additional disclosures
to ensure that remuneration of both Directors
and management personnel is transparent, fair
and reasonable.
During the year, the People and Performance Committee
has ensured the appropriate policies, procedures and
practices have been in place to attract, retain and
develop a skilled, diverse and inclusive workforce for
Precinct. Following the establishment of an Employee
Share Scheme (Scheme or ESS) for its employees
last year, the ESS continues to be well received
by Precinct employees. The Scheme recognises the
important contribution employees make to Precinct's
overall success. As noted in last year's report, Precinct
engaged with PwC to assist Precinct to understand
its gender pay gap with a view to publicly reporting
Precinct's gender pay gap in this year's financial
reporting. Following the 2023 annual salary review, a
gender pay gap analysis was completed across the
business and showed:
•A median pay gap for fixed annual remuneration
(FAR) of 21% across the business (excluding the two
most senior roles in the business (CEO and Deputy
CEO) which are both currently held by men).
The analysis showed that two of the drivers of the current
pay gap were similar to other organisations in the New
Zealand market, namely:
•A higher incidence of men of senior executive
level; and
•Similarly, a higher proportion of men holding specialist
and/or industry specific roles, which attract a
market premium.
Assessing the gender representation across the
organisation and by reporting line, Precinct meets the
gender diversity target of 40:40:20 at the majority of the
levels of the business i.e. a minimum of 40% female and
40% male, with the balance being any gender. Planning
for the next financial year includes the establishment
of gender pay gap reduction objectives and related
initiatives, against which Precinct will track our progress
and performance to ensure Precinct is paying people
equitably. As I will be retiring from the Board in November
2024, this will be my last annual report addressing
shareholders as Chair of the People and Performance
Committee. I would like to take the opportunity to thank
the management team and Precinct Board for entrusting
me with this role. I am confident Precinct's remuneration
will continue to align with the interests of Precinct and
you, our shareholders.
Graeme Wong
Independent Director and Chair of the People and
Performance Committee
Advancing Strategic Growth57
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Our remuneration framework
is designed to support the
performance of Precinct’s
business and its strategy.

Our approach to remuneration governance
Precinct’s remuneration governance framework is
overseen by Precinct’s People and Performance
Committee which comprises a majority of independent
directors at 30 June 2024. The People and Performance
Committee’s role is to assist the Board in establishing
remuneration policies and practices.
The People and Performance Committee is guided
by Precinct’s Remuneration Policy. This Remuneration
Policy aims to ensure that people are rewarded for
performance that contributes to the achievement of
Precinct’s business goals. In addition, the People and
Performance Committee follows a charter which is
intended to guide Committee members in fulfilling their
responsibilities to the Board.
On a regular basis, the People and Performance
Committee will review performance objectives and
remuneration packages of both Directors and key
management personnel of Precinct. This includes
monitoring performance that outlines the relative
weightings of remuneration components and relevant
performance criteria. They also consider remuneration
benchmarking and succession planning.
Further information relating to the People and
Performance Committee including meeting details is
set out in Corporate Governance, Principle 3 -
Board Committees.
External advisors
Remuneration benchmarking of Directors and key
management personnel (such as CEO, Deputy CEO and
CFO) is undertaken regularly by external advisors. The
determination of Precinct’s performance hurdles and
vesting of LTI rights is calculated by a recognised
independent party that the Board reasonably considers
has the expertise, experience and access to the necessary
data to carry out the calculation.

Purpose and direct link to Precinct’s strategyDirect link to performance measures
Fixed remuneration
This includes fixed based
salary which is benchmarked
annually and includes
superannuation contribution
•Attract and retain Precinct’s Key Management
Personnel to deliver on its strategy
Benchmarked against NZX-
listed property entities and
NZX50 peers
Short term incentive (STI)
Discretionary annual payment
•Compensates for achieving short term (annual
targets) which are aligned to the delivery of
Precinct’s strategy
Key operational
objectives including
•Earnings (AFFO)
•Occupancy and WALT
•Leasing
•Strategic goals
•Capital management
•ESG goals
Long term incentive (LTI)
Long term share grant where
a share is received in the
future subject to meeting certain
performance hurdles or, in the
case of Restricted Share Rights,
continued employment.
•Drive longer-term performance and ensure the
alignment of incentives of key employees with the
interests of Precinct’s shareholders
•Promote long term decision making and
the creation of sustainable value for
Precinct’s shareholders
•Promote the retention of key employees; and
•Facilitate and encourage employee
share ownership.
Performance hurdles for
Performance Share Rights:
•Absolute TSR Target
•Relative TSR Target
•FFO Growth Target
Precinct Properties Group58

Short term incentive (STI)
Precinct operates a short term incentive (STI) bonus scheme for eligible employees. The objective of the scheme is to
compensate employees for achieving short term business strategy, high levels of performance and financial success over
the financial year. In addition employees have individual performance goals which are considered when determining
variable short term incentives. Annually, the Board sets the annual STI performance goals for the CEO, Deputy CEO and
CFO for that financial year.
FeatureDescription
PurposeTo compensate individuals for achieving annual targets which are aligned to the delivery of
Precinct’s strategy.
Business
objectives and
performance
measures
Individual STI awards are dependent on achieving various business objectives including overall staff
management. Individuals will have Key Performance Indicators (KPIs) which are set annually and aligned
to the delivery of Precinct's strategy and key priorities for the financial year.
Performance measures include:
•Precinct earnings target (AFFO)
•Precinct portfolio metrics i.e. occupancy, WALT
•Successful completion of treasury and capital management initiatives
•Delivery of major leasing and development projects
•Advancing key strategic objectives, including ESG objectives
Performance
assessment
The Board takes a robust approach to determining executive remuneration outcomes. The performance
STI scheme is intended to reflect the performance of the business, and reward for achieving targets.
Assessment of performance for a STI takes place in the form of an assessment of achievement against
the objectives and targets.
CEO, Deputy CEO and CFO STI awards are endorsed by the People and Performance Committee and
approved by the Board at its absolute discretion.
STI awardedThis discretionary annual payment is 100% awarded in cash and rewards the CEO, Deputy CEO, CFO
and other individuals for achieving short term annual company and individual performance targets,
encouraging accountability for results.
Payment of a STI/performance bonus is not guaranteed and will remain subject to Board approval at
its discretion.
Advancing Strategic Growth59
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Long term incentive (LTI)
Precinct operates a long-term incentive scheme (‘scheme’) for key management personnel and senior executives. The
scheme is designed to align the reward for senior management personnel and senior executives with the enhancement of
shareholder value over a multi-year period.
Precinct has a number of schemes in place and the sections below summarises the key details of each scheme.
Restricted Share Rights (RSR)
Precinct's Restricted Share Right scheme entitles a Participant to receive a Share in the future depending on whether Service
Conditions are achieved. The participant is entitled to receive one share upon the valid exercise of each vested share right
they hold.
Purpose
To secure the CEO, Deputy CEO, CFO and other key management personnel on a long term basis,
noting that share rights don't vest for three or four years (as applicable).
Vesting tranches30 June 2024, 30 June 2025 and 31 March 2027
Conditions
Restricted Share Rights (RSRs) will vest provided the participant remains employed by Precinct for
the duration of the relevant vesting period. The current RSR plan is made up of 3 tranches with
different vesting periods.
There are no performance hurdles and provided each vesting period is satisfied, the RSRs will vest.
Precinct Properties Group60

Performance Share Rights (PSR)
Precinct's Performance Share Right scheme entitles a Participant to receive a Share in the future depending on the degree
to which certain Vesting Conditions are achieved or exceeded during the Assessment Period. The participant is entitled to
receive one share upon the valid exercise of each vested share right they hold.
FeatureDescription
PurposeAlignment of interests between the CEO, Deputy CEO, CFO and other key management personnel, and the
long term returns to Precinct shareholders, which drives long term performance to deliver Precinct's strategy
while also providing an incentive for Key Management Personnel to remain in employment with Precinct
prior to vesting.
Performance
period
A grant vests at the end of the performance period which is over a three year period. Due to the completion
of the internalisation of Precinct's management taking place on 31 March 2021, the initial performance
period is between
1 April 2021 and 30 June 2024. All rights issued after the original tranche vest over a period
of 36 months. A share right vests on the vesting date subject to the participant's continuing employment
with Precinct and performance hurdles being met.
The vesting of the Performance share rights are endorsed by the People and Performance Committee
and approved by the Board subject to the Board determining that the performance hurdles set out have
been met.
Performance
hurdles
Performance measureLTI WeightingDescription
Total
Shareholder
Return (TSR)
TSR measures the total return received by shareholders from the increase
in the market price of a share of Precinct. The TSR will be calculated
using the volume weighted average sale price of a Precinct share on the
NZX over the 20 trading days prior to the vesting date.
Absolute TSR
Target
33%
The Absolute TSR Rights will vest in full if Precinct’s TSR exceeds the
cost of equity for the subject performance rights as calculated by
independent advisors, PwC. The cost of equity will be recalculated on
an annual basis.
Relative TSR
Target33%
The Relative TSR Rights will vest in accordance with a progressive
vesting scale, provided that Precinct's TSR over the performance period is
greater than the median TSR of the TSR peer group.
Funds from
operations (FFO)
Growth Target
33%
The FFO Growth Rights will vest in accordance with a progressive vesting
scale, provided that Precinct’s FFO growth per share is greater than or
equal to 75% of CPI growth over the performance period.
FFO is used to define the cash flow from operations and is a measure of operating performance over the
performance period.
Vesting
conditions
Precinct TSR over the
performance period
% of Relative TSR Rights that
would vest
Precinct FFO Growth
Per Share over the
performance period
% of FFO Growth Rights that
would vest
< TSR Peer Group Median TSR0%< 75% of CPI Growth0%
Equal to the TSR Peer Group
Median TSR
50%Equal to 75% of
CPI Growth
50%
> TSR Peer Group Median TSR,
but < TSR of the 75th percentile
of the TSR Peer Group
51% - 99% pro-rata
vesting on a straight-
line progression
> 75% of CPI Growth,
but < 125% of
CPI Growth
51% - 99% pro-rata
vesting on a straight-
line progression
Equal to or > TSR of the
75th percentile of the TSR
Peer Group
100%Equal to or greater
than 125% of
CPI Growth
100%
Advancing Strategic Growth61
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Remuneration Report
CEO Remuneration
Scott Pritchard was appointed Chief Executive Officer in
September 2010. The figure to the right illustrates the
expected remuneration mix of Precinct’s CEO. We believe
the remuneration mix provides strong alignment between
remuneration and company performance to deliver on
Precinct’s strategy.
Details of the nature and amount of each element of the
remuneration of the CEO is set out below.
Scott Pritchard's remuneration for the year ended 30 June 2024 comprises:
•A fixed base salary which is benchmarked annually;
•A discretionary short-term incentive payment; and
•Shares vested under the long-term incentive scheme.
•Participation in the Precinct Employee Share Scheme
PwC was appointed by the Precinct Board as a recognised independent party in order to undertake remuneration
benchmarking in respect to the CEO and other senior executive roles.
The CEO's remuneration is endorsed by the People and Performance Committee and approved by the Board.
Short term remuneration for the year ended 30 June
Long term remuneration as at
30 June
Year
Base
salary
Other
1
STISuperTotal paid
Maximum
achievable
GrantedVested
2024799,500166,707790,97252,7151,809,8941,951,577545,000209,832
2023780,00093,7551,040,00057,4131,971,1671,971,1671,287,200245,714
1Annual leave payments made in accordance with NZ legislation.
Performance and Restricted Share Rights that have been granted to Scott Pritchard as at 30 June 2024 are detailed in the
table below.
Granted during yearVested and exercised
Grant date
Measurement
date
Balance as
at 30 June
2023NumberValue $NumberValue $Lapsed
Balance as
at 30 June
2024
Scheme: Performance
share right
1-4-202130-6-2024730,272--188,190209,832542,082-
1-7-202230-6-20251,047,614-----1,047,614
1-7-202330-6-2026-1,305,175545,000---1,305,175
Scheme: Restricted
share right
14-4-202331-3-2027474,103--474,103
2,251,9891,305,175545,000188,190209,832542,0822,826,892
Precinct Properties Group62

Employee remuneration
Employee remuneration comprises base salary, STI payments, LTI payments relating to vesting grants and employer
contributions to superannuation.
During the year ended 30 June 2024, the number of employees (including the CEO) who received remuneration with a
combined total value exceeding $100,000 is set out on the following table. Employer superannuation contributions are at the
same rate for all employees.
The ratio of the amount of annual total compensation of the CEO to the median annual total compensation for all
employees (excluding the CEO) is 18.9:1.
The ratio of the amount of annual fixed base salary of the CEO to the median annual fixed base salary for all employees
(excluding the CEO) is 9.4:1.
Remuneration range# employees
$2,010,000 - $2,019,9991
$1,290,000 - $1,299,9991
$720,000 - $729,9991
$480,000 - $489,9991
$450,000 - $459,9991
$360,000 - $369,9991
$340,000 - $349,9991
$320,000 - $329,9991
$310,000 - $319,9991
$300,000 - $309,9991
$290,000 - $299,9991
$280,000 - $289,9992
$260,000 - $269,9993
$250,000 - $259,9993
$240,000 - $249,9993
$210,000 - $219,9991
$200,000 - $209,9991
$180,000 - $189,9991
$170,000 - $179,9992
$160,000 - $169,9994
$150,000 - $159,9992
$140,000 - $149,9993
$130,000 - $139,9994
$120,000 - $129,9995
$110,000 - $119,9999
$100,000 - $109,9994
Total58
Advancing Strategic Growth63
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Remuneration Report
Employee share scheme
In August 2022 Precinct established an Employee Share Scheme (Scheme or ESS) for employees of Precinct Properties New
Zealand Limited (Precinct). The ESS enables employees to acquire shares in Precinct (under the current NZ tax legislation).
The Scheme recognises the important contribution that the Company's employees make to it future. The People and
Performance Committee and the Board of Precinct considers the ESS aligns the interests of the employees with those of the
Company and its shareholders and aims to assist the Company in retaining and motivating employees.
Long term incentive scheme
Performance and restricted share rights that have been granted to key management personnel (excluding CEO) as at
30 June 2024 are detailed in the following table.
Granted during yearVested and exercised
Grant date
Measurement
date
Balance as
at 30 June
2023NumberValue $NumberValue $Lapsed
Balance as
at 30 June
2024
Scheme: Performance
share right
1-4-202130-6-20241,224,921--315,662351,963909,259-
1-7-202230-6-20251,490,754-----1,490,754
1-7-202330-6-2026-1,616,501675,000---1,616,501
1-4-202130-6-202473,260--73,26081,685--
Scheme: Restricted
share right
1-7-202230-6-2025120,302-----120,302
14-4-202331-3-20271,310,754-----1,310,754
1-7-202330-6-2026-159,027200,000---159,027
Total4,219,9911,775,528875,000388,922433,648909,2594,697,338
Precinct Properties Group64

Director remuneration
The current director fee rate is as follows:
Position$ per annum (plus GST, if any)
Chair182,340
Independent Director98,800
Audit and Risk Committee Chair20,000
People and Performance Committee Chair17,500
Environment, Social & Governance Committee Chair17,500
Audit and Risk Committee Member11,900
People and Performance Committee Member10,000
Environment, Social & Governance Committee Member10,000
Due Diligence Committee Chair (ad hoc hourly rate)380/hr
Due Diligence Committee Member (ad hoc hourly rate)350/hr
Annual Cap for Due Diligence Committee Fees$100,000
Precinct does not utilise a director fee pool and instead sets fees based on the role of each director, which was approved
by shareholders in 2018. Following a director remuneration review by PwC, at the 2023 Annual Shareholder Meeting, the
shareholders approved an increase in the Independent Director fees (other than the Chair's fee) to reflect increased
regulatory risk and obligations increasing demand on Directors’ time and broadening their scope of responsibilities. The
increase in fees also reflected the growing complexity of Precinct's business and strategic approach. When assessed across
total director fees, the average increase approved by shareholders was approximately 10%.
Role30 June 2024
Due
Diligence
committee
Board
committeeBoardTotal
Craig StoboBoard Chair
1
6,3008,37567,87182,546
Anne UrlwinBoard Chair
2
6,84028,401148,405183,646
Graeme Wong
People and Performance
Committee Chair6,30025,63995,960127,899
Chris JuddIndependent Director-18,13995,960114,099
Nicola GreerESG Committee Chair6,30026,83295,960129,092
Mark TumeAudit and Risk Committee Chair
3
-15,34795,960111,307
Chris MeadsIndependent Director
4
-13,74873,16786,916
Total25,740136,481673,283835,504
1Craig Stobo retired from the boards of Precinct on 13 November 2023.
2Anne Urlwin commenced as Board Chair from 14 November 2023.
3Mark Tume commenced as Audit and Risk Committee Chair on 14 November 2023.
4Chris Meads was appointed as a Director by the Board with effect from 1 October 2023. He was consequently elected as a Director at the
Annual Meeting of Shareholders on 14 November 2023.
Advancing Strategic Growth65
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From time to time, the Board may establish further subcommittees to consider specific issues or transactions. Membership of
these committees may result in additional fees being payable at the rates in the table above. During the year ended 30 June
2024, $25,740 in committee fees were paid to the Due Diligence Committee (30 June 2023: $22,140). One Due Diligence
Committee was established in relation to the proposal for Precinct to issue convertible notes. No other remuneration or
benefit was provided by the Group during the period to any director or former director of any Group member. Precinct does
not offer share incentives or share options to directors.
Insurance and indemnity
As permitted by the constitution and the Companies Act 1993, Precinct has indemnified its directors and officers, and the
directors of its subsidiaries against potential liabilities and costs they may incur for acts or omissions in their capacity as
directors. During the financial year, Precinct paid insurance premiums in respect of directors’ and officers’ liability insurance
which covers risks normally covered by such policies arising out of acts or omissions of directors and officers in their capacity
as such. Insurance is not provided for criminal liability or liability or costs in respect of which an indemnity is prohibited
by law.
Management expense ratio
Amounts in $ millions (unless otherwise stated)
20242023
Management expenses5.77.5
Audit and Directors1.91.7
Other expenses3.14.0
Total management expenses10.713.2
Average total property value3,278.43,519.2
Management expense ratio - excluding performance fee33 bps38 bps
Management expense ratio33 bps38 bps
Management expenses comprise the costs of managing Precinct as a corporate entity and exclude direct property expenses
and capital expenditure

Precinct Properties Group
66

Sustainability
Report
Precinct Properties Group68

On behalf of the ESG
Committee, we present
Precinct’s Sustainability
Report for the financial
year ended 30 June
2024. It has been
prepared in accordance
with the GRI Standards for
sustainability reporting.
As a business, we continue
to identify and reduce
our material impacts
across ESG aspects of
Precinct’s operations.
Nicola Greer, Independent Director and Chair of Precinct
ESG Committee
The following section provides an overview of
sustainability at Precinct, including our impacts on people
and planet and how we are managing these while
focused on future performance. With the future in mind,
during the year, we have been building on Precinct’s
interim climate-related disclosures published in 2023 to
meet the Aotearoa New Zealand Climate Standards (NZ
CS1, 2 and 3 requirements).
We look forward to sharing Precinct’s 2024 climate-
related disclosures later in the year. These will be
available at
Precinct’s website in October 2024 as
well as alongside our peers on the public registry
located here: https://www.companiesoffice.govt.nz/all-
registers/climate-related-disclosures/.
In FY24, a number of sustainability initiatives have been
undertaken, these include:
•Achieving an increased Global Real Estate
Sustainability Benchmark (GRESB) survey score in
2023 of 86/100 (global average: 75);
•Being one of the first real estate companies
in New Zealand to commit to company-wide
emission reductions in line with the Science Based
Targets initiative;
•Continuing to certify the energy performance of
our buildings through NABERSNZ and using this
benchmark to progress Precinct’s capital expenditure
plan to support our Net Zero 2030 commitments;
•Enrolling and certifying all eligible assets within our
Portfolio to Green Star Performance;
•Verifying and disclosing our carbon emissions across
our investment portfolio and business activities
through Toitū net carbonzero certification with
validation across FY23 covering Scope 1 & 2 as well
as broadening our Scope 3 emissions;
•Being the first New Zealand based real estate
company to enrol our Portfolio in the WELL at Scale
program and achieving the first WELL Equity rating in
Oceania for a real estate company corporate office;
•Continuing to partner with our electricity supplier,
Meridian Energy, to supply RE100 compliant
Renewable Energy Certificates for 100% of electricity
purchased across the portfolio;
•Progressing workstreams related to our Climate
Related Disclosure risks and opportunities; and
•Submitting voluntary first year reporting as signatory
to the World Green Building Council (WGBC) Net Zero
Carbon Buildings Commitment.
As Precinct executes on our sustainability strategy,
we remain focused on working in partnership with
our people and partners to progress our shared ESG
commitments including positive social procurement and
environmental outcomes.

Nicola Greer,
Independent Director and Chair of the ESG Committee
Advancing Strategic Growth69
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Report
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Sustainability Report
Sustainability highlights
86/100
GRESB score
22,614
MWh renewable energy
certificates purchased
399,200
Total sqm of WELL at
Scale enrolled spaces
13
Commercial Office Buildings
with a 4 star, 5 star or 6 star
Green Star Built rating

We commend
Precinct Properties
for its leadership
on equity and are
thrilled to have
them join the
growing WELL at
scale community.
Rachel Hodgdon, President and CEO, IWBI
$1.9 b
Eligible assets which meet the criteria as per
the Green Asset table in this report.
Precinct Properties Group70

Performance - Ratings and Benchmarks
Participation
in
OverviewTargetCurrent performance
The overarching measure Precinct have
chosen to use as its core ESG indices
performance benchmark is the Global Real
Estate Sustainability Benchmark (GRESB).
It is considered the global standard for
ESG benchmarking and reporting for real
estate entities.
Achieve >4 star rating
or achieve over
85/100 points
86 (global average 75)
Public disclosure level A
(global average B)

The Net Zero Carbon Buildings Commitment
is developed to recognise and promote
advanced climate leadership action
from businesses, organisations, cities and
subnational governments in decarbonising
the built environment, to inspire others to
take similar action and remove barriers
to implementation.
Achieving net zero
carbon emissions for
all buildings under our
direct operational control
by 2030
Voluntary reporting completed
and disclosed in 2023
Mandatory reporting period
in 2024
Green Star is an internationally-recognised
rating system for the sustainable design,
construction and operation of buildings, fitout
and communities.
Portfolio: >60% 5 Star
(NZ Excellence)
Development: 5 Star
Design and As-Built
rating (Excellence)
Portfolio: 45%
Development: 100% Note:
Excludes assets held by
third parties and includes
targeted ratings
NABERSNZ is a ratings scheme to measure
and rate the energy performance of office
buildings in New Zealand.
Portfolio: 100% of
portfolio +4 star by
2030 (Excellence)
Development: All
Development +5 star
Portfolio: 54%
Development: 100% Note:
Excludes assets held by
third parties and includes
targeted ratings
Morgan Stanley Capital International (MSCI)
ESG Rating aims to measure a company's
resilience to long-term, financially relevant
ESG risk.
Target A or better
A (on a scale of AAA-CCC)
2023: A
2022: BBB
WELL at Scale is administered by the
International WELL Building Institute (IWBI)
and provides a prescriptive measure of health
and wellbeing initiatives benchmarked and
progressed at a Portfolio level.
>40 points by 20252023: 36 points
Toitū carbonzero certifies Precinct is a carbon
neutral organisation in accordance with
internationally recognised ISO 14064-1:2006
standards. Toitū use the ISO 14064-1:2018
standard, which aligns with the Greenhouse
Gas Protocol, A Corporate Accounting and
Reporting Standard (Revised Edition).
Carbonzero certification
Achieved
2020-2023: Achieved

Note: Precinct discloses annual
Scope 1, 2 and 3 greenhouse
gas emissions within its
annual report.
Advancing Strategic Growth71
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Sustainability Report
Precinct's material topics
Precinct's material topics
1
Our impact
We recognise and acknowledge the impact
our operations have on the environment. This
understanding guides and influences our future
activities to minimise our environmental footprint.
Our future focus
We acknowledge our role in shaping the
communities we operate in. Through our activities
and long-term commitments, we work towards
achieving sustainable outcomes and making a
positive impact.
Our values
Our core values drive our commitment to
sustainability and business success. We prioritise
connecting people and creating positive experiences,
ensuring that our actions align with these values to
foster a sustainable and thriving environment.
1. Precinct’s material topics remain unchanged since 2022. Following a desktop review of Precinct’s
significant impacts on people and planet, the material topics presented above were revalidated
internally this year and meet the requirements of the GRI Standards. The analysis considered a wide
array of information sources, including the opinion of our key stakeholders. We continue to monitor
those topics under Precinct’s reporting threshold, in particular biodiversity loss in relation to depletion
of natural resources.
How we determine our material topics
1.Review our sustainability context
Recognise our value chain and consider: the full range of activities associated with our business model; the various
relationships we have with businesses, government agencies, NGOs, communities, cultural groups and workers; the
economic, environmental and societal challenges related to our sector and locations of operation; and, the domestic
and international standards and the intergovernmental instruments linked to our sector.
2.Identify actual and potential impacts on the economy, environment and people
Actual and potential impacts are identified in several ways: through intermittent informal discussions, group meetings
and surveys with relevant stakeholder groups; through our own internal assessments of our activities; with guidance from
sector-based impact reports, standards and articles; and, through engagement with subject matter experts.
3.Assess the significance of impacts
Using information obtained in step 2, the relative significance is determined by evaluating the gravity of the impact (the
scale), how widespread it is (the scope), and how hard it is counteract the harm (irremediable character). This process is
typically facilitated by an independent sustainability consultant.
4.Prioritise the most significant impacts for reporting
Based on mostly qualitative analysis, numeric values are used to rank the relative significance of impacts, which are
grouped into topics. A reporting threshold is set by considering the needs of information users and other stakeholders.
Precinct Properties Group
72

Our approach
Material
topic
How Precinct
impacts people
and planet
How we are responding to our
impacts on people and planet
Knowledge for
future success
Climate
change

•Contributes
to climate
change through
embodied carbon
(CO
2
emissions
from developing
a building)
and operational
carbon (CO
2
emissions
from running
a building).
•WGBC Net Zero Carbon Buildings
Commitment including 100% of the directly
owned Portfolio targeting a minimum 4
star NABERSNZ Certified Rating.
•Centering the reduction of carbon as part
of our sustainable design strategy.
•Offsetting carbon through high quality
verified offset units.
•Matching our annual electricity
consumption with certified 100%
renewable energy generated by
Meridian Energy.
•Valuing engagement to
influence and align with
climate-related solutions
•Partnering with NZGBC and
PCNZ to promote and lead
industry-wide practices.
•Leading industry first
research studies into
mitigating our embodied
carbon and operational
carbon impacts
Partnerships
and
community
wellbeing
and vitality
•Helps to create
desirable
conditions for
community and
business
interaction.
•Contributes
to city-centre
cultural vibrancy.
•Strengthens city-
centre
communities.
•Maintaining and developing high-quality
space supporting initiatives that facilitate
community, wellbeing and vitality.
•Supporting community projects
through sponsorships, financial and in-
kind donations.
•Partnering with Mana Whenua, local
and central government, and council-
controlled organisations.
•Formalising our commitment
through our first Social
Value policy
•Continually seek feedback
from our stakeholders.
•Proactive communication
and engagement.
Depletion
of natural
resources
and
contribution
to waste
•Procurement of
non-renewable
raw materials
and finished
goods via local
and international
supply chains.
•Disposing of
materials and
goods to landfill.
•Evaluating procurement against
sustainability-related criteria.
•Developing waste management
infrastructure and systems that increase
material recycling and re-use.
•Reuse of existing structure for new
development projects, where feasible.
•Extending knowledge and
learnings from the projects
we have undertaken
to improve our waste
management strategy
•Progress Portfolio wide waste
management strategies to
leverage partnerships
Economic
activity
and
opportunity
•Contribution to
GDP, employment
in the labour
market and
contracting
services
•Fostering and maintaining
good governance and ethical
business practices.
•Sustainable financing.
•Sustainable Procurement Framework.
•Leverage Precinct's market
position and build our in-
house capability.
•Progressing our
memberships with diverse
supplier directories
including Amotai
Client,
worker and
staff
wellbeing
•Contributes to
health, safety
and wellbeing
of people by
providing positive
social outcomes
•Becoming the first real estate organisation
in NZ to enrol in WELL at Scale to
benchmark and improve social impact
•Achieving the first WELL Equity rating for a
real estate Corporate office in Oceania
•Providing modern and high-quality
physical spaces that support and improve
people’s wellness, health and safety.
•Fostering diversity through policies,
procurement and hiring practices.
•Enhance client satisfaction
and core operations
provided by Precinct.
Advancing Strategic Growth73
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Sustainability Report
Carbon emissions - our Greenhouse Gas inventory
Total carbon emission intensity - office portfolio
1
Emissions (kgCO2e)/sqm
Variance
(change%)
Office Portfolio Emission IntensityFY23FY22FY21FY20FY19FY18
FY17
(base)
to
FY21
to
base
year
Scope 15.96.19.18.910.18.810.4(3.3)(43.3)
Scope 23.07.06.56.46.76.97.5(57.1)(60.0)
Scope 36.81.21.51.81.90.10466.7N/A
Total15.814.317.117.218.615.717.9(16.4)(20.1)
1Carbon emission intensity data excludes buildings that were under development or were transacted during the year.
GHG Emissions
Precinct's GHG emissions have been measured since 2017
using an 'operational control' approach to consolidating
emissions. The source of the emissions factors used in our
measurements at the time of this report (FY23) include:
•The Ministry for the Environment's Detailed Guide to
Measuring Emissions
•ISO 14064-1:2006 Specification with Guidance at the
Organisation Level for Quantification and Reporting of
Greenhouse Gas Emissions and Removals
•Greenhouse Gas Protocol: A Corporate Accounting and
Reporting Standard (2004)
Sources of emissions excluded from our GHG emissions
profile include:
•Scope items less than 1% of total footprint have been
excluded in line with reporting protocols
•Scope items which are not under Precinct's direct
operational control during the reporting period i.e. GHG
emissions from development projects
Precinct is a reporting entity in line with the Aotearoa New
Zealand Climate Standards and this requires full value
chain reporting across Scope 1, 2 and 3 emissions for FY24
data (with exemptions). Precinct will publish this data within
our Climate Statement in October 2024.
Total operating carbon emissions
1
Scope 1
Scope 2
Scope 3
1Total carbon emissions for FY23 totalled 6,711 tCO2e (FY22
totalled 4,197 tCO2). Emissions data has been verified by Toitū
Envirocare to ISO 14064-1:2018 requirements and has been
verified through audit in accordance with ISO 14064-3:2019. The
figures presented reflects data up to FY23 due to the timing of
the annual Toitu audit process and excludes development assets.
In preparation of full value chain Scope 3 emissions required from
FY24, Precinct included select additional categories within the
FY23 inventory. Whilst emissions have risen since FY22, these are
attributed to a rise in indirect emissions from Scope 3 and an
increase in transparency of a broader inventory of this category.
Precinct Properties Group74

Climate change
Toitū net carbonzero certification
Since 2020, Precinct has achieved Toitū net carbonzero
certification. Precinct meets the requirements of Toitū
net carbonzero® certification having measured its
greenhouse gas emissions in accordance with ISO
14064-1:2018. Toitū net carbonzero certification is
accredited by the Joint Accreditation System of Australia
and New Zealand (JAS-ANZ). This provides assurance
that our certification meets international best practice.
Precinct continues to offset its unavoidable emissions
from our operations by buying high-impact carbon credits
from Gold Standard certified international projects.
Green assets
1
Green Assets
Green
Development
Assets
Non-Green
Assets
1Green assets defined as per sustainable debt framework; as
targeting or certified a minimum 5-Star Green Star Built Rating
or 4-Star NABERSNZ Rating.
Embodied carbon
Precinct continues to assess and report on embodied
carbon from the development of a new building and
the operational carbon emitted from building usage.
Adaptive reuse projects remain a key strategy and this
approach continues to deliver impressive results from an
embodied carbon and cost saving perspective. During the
reporting period, 1 Queen Street achieved an impressive
67% reduction against 'business as usual' for embodied
carbon resulting in 264 kgCO2eq/m2.
In line with Green Star Design and As Built criteria,
Precinct targets 5-Star Green Star Design and As
Built rating for all new projects. As embodied carbon
performance is a key aspect to this rating system, our
holistic commitment to Green Star as a metric reflects our
commitment to reducing the embodied carbon footprint
of our development pipeline.
As part of this process, a life cycle assessment (LCA)
is undertaken as early in the project as possible to
determine areas of influence that will support the
project team to reduce embodied carbon emissions for
each new development project. Then on completion,
Precinct voluntarily purchases Toitu endorsed units to
offset the impact in line with our Net Zero 2030
commitment. An LCA is conducted by third party
consultants, demonstrating independence in relation to
this practice and best practice ahead of an industry
endorsed benchmark. We utilise an internal carbon price
to drive innovation by our project teams to ensure we're
keeping discussions related to carbon front and centre at
the right stage of project delivery.

Advancing Strategic Growth
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Sustainability Report
Operational excellence at PwC Tower
In addition to obtaining a 5 Star ‘NZ Excellence’ Green Star Design & As-Built rating post completion in 2021, PwC
Tower has also demonstrated exceptional performance by achieving a 5 Star NABERSNZ Energy Efficiency rating in
operation in 2023.
The transition from design excellence to operational success is a significant achievement.
Maintaining performance during operation requires effective management and continuous improvement. Precinct’s
property and facilities management team has demonstrated exceptional commitment through:

•Ongoing building tuning: The ongoing building tuning at the Commercial Bay Precinct involves working closely
with contractors and consultants to optimise the building systems. This process ensures that systems operate at
their highest efficiency levels and utilise the various operating profiles offered to fine-tune the performance of
the building.
•Continuous monitoring and improvement: The use of advanced metering and monitoring systems enables the
management team to identify and address inefficiencies promptly.
•Sustainability initiatives: Ongoing efforts to engage occupants and promote sustainable practices have
contributed to the building's operational performance, particularly through the success of the Commercial
Bay Club.

In addition, PWC Tower incorporates several advanced building systems that contribute to its high performance
and sustainability including highly efficient HVAC systems, energy and water management including water metering
and electrical sub-metering, predicted GHG emissions and high efficiency LED lighting with controls. Precinct also
voluntarily procures RE100 compliant renewable energy certificates (RECs).
Undertaking
planned
preventative
maintenance is
supporting and
enhancing the
efficiency of
our buildings.
Paul Singleton
National Operations Manager
Precinct Properties Group76

Partnerships and community wellbeing and vitality
Creating communities
Community is at the heart of Precinct. The quality of
Precinct’s interactions, relationships and spaces continue
to drive the positive social value and contribution Precinct
is making. Creating community takes the form of wellness
spaces, client communication apps, partnerships, art
shows, lobby events, fitness clubs, retailer activations and
more. We want to create environments in which people
and businesses can thrive.
Precinct's client quarterly ESG data sharing
During the year, Precinct has continued to engage
and collaborate with our people and partners. This
includes launching Precinct's client quarterly ESG data
sharing initiative. As part of this initiative, Precinct has
proactively shared transparent and informative ESG
data to inform our Clients on the performance of
the building they occupy. This data includes energy
(electricity and gas) and water consumption, as well
as waste generation rates for the building they
occupy. To guide discussions on interpreting this data,
Precinct led organised workshops with our clients to
facilitate estimating their first NABERSNZ Tenancy ratings
to benchmark energy performance. This programme
reinforces Precinct's commitment to supporting our clients
on their sustainability efforts.
Inclusive Stakeholder Engagement
Precinct continues to engage regularly with all of
our key stakeholders which includes our people and
partners, clients and people using our spaces, contractors
and service providers, community based organisations,
shareholders, industry bodies and Government. Our
engagement process includes regular meetings, surveys
and consultations and updates to ensure stakeholders are
well informed.
Precinct recognises the unique role of Māori as Tangata
Whenua and embraces Te Tiriti o Waitangi recognising
Māori as tino rangitiratanga of Aotearoa/New Zealand.
This reflects the three guiding principles of the Treaty
– partnership, participation and protection. We will
endeavour to implement policies and practices that
incorporate and value Māori cultural concepts, values
and practices.
Social Investment
During the last 12 months, we have continued our social
investments with donations to Mates in Construction,
Keystone Trust and the Tania Dalton Foundation.
6,000+
Club memberships.
The Commercial Bay Club continues to
have increased engagement in professional
networks. This includes Sustainability
Meetup which fosters client collaboration
on sustainability initiatives and Rainbow
Connect (members and allies of rainbow
communities - pictured to the right).
The Club also prioritises social procurement
and community engagement through
partnering with a number of charities.
Advancing Strategic Growth
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Sustainability Report
Depletion of natural resources and contribution to waste.
Precinct contributes to the depletion of natural
resources and the accumulation of waste through its
procurement and contracting practices, as well as in
the management of waste infrastructure and systems.
As a business that develops new buildings, undertakes
significant refurbishments, and completes fit-outs within
its portfolio, Precinct actively seeks opportunities to
minimise waste production. This is achieved through
design efficiency, maximising recycling and reuse of
demolition, construction, and operational waste, and
promoting on-site reuse of existing structures and non-
landfill organic waste. Additionally, Precinct encourages
occupier participation in both fit-outs and ongoing
operations to further support waste reduction efforts.
Globally and in New Zealand, the construction sector
remains a significant contributor to discarded waste to
landfill and we acknowledge the contribution we are
making to this through the development and operation
of our own buildings. In exploring our full value chain
of Scope 3 reporting, Precinct are including Construction
& Demolition waste in our carbon inventory from FY24.
This will allow our team to understand the full impact
our construction activities have on the environment and
benchmark to improve for future years.
We plan to report our Operational Waste Management
plans and waste data through the New Zealand
Green Building Council (NZGBC) Green Star Performance
framework to ensure best practice standards are
implemented during the operational phase of our assets.
In addition, we commenced quarterly data sharing with
our Clients during FY24 to encourage open discussions
related to ESG metrics including operational waste. This
decision has led to an increase in awareness with our
Clients on their contribution to waste and how we can
work together to improve performance in the long term.
Operational Waste Innovation at
Commercial Bay
Following staged developments over the past 5
years, the Commercial Bay Precinct was finalised
with One Queen Street achieving practical
completion at the end of 2023.
A key sustainability element introduced during
this final stage was establishing a best
practice operational waste management plan
to coordinate the thriving Commercial Bay
retail centre, world class restaurants, new
Intercontinental Hotel and premium office spaces
from the one collection point.
The result of this masterplan is a space that
supports Precinct in separating a minimum of 8
waste streams including food waste, co-mingled,
paper/cardboard, glass, polystyrene, soft plastics,
electronic waste, and general waste.

Precinct Properties Group
78

Economic activity and opportunity.
Disclosure of our financial performance can be found in
the results overview section on page 19 and in Precinct's
financial statements on pages
87 to 129. Disclosure on
our ethical business practices, including our Code of
Ethics and Financial Products Dealing Policy is reported in
the corporate governance section of this report. Our Code
of Ethics includes a whistle-blowing clause for reporting
unethical or unlawful behaviour and the full code can be
found on our website , along with our Financial Product
Dealing Policy and other key governance documents.
Sustainable Debt Programme
Precinct's Sustainable Debt Framework (the “Framework”)
can be found on Precinct's website and sets out the
process by which Precinct intends to issue and manage
Sustainable Debt on an ongoing basis to fund low carbon
buildings within Precinct’s property portfolio. Proceeds
from the issuance of Green Bonds or Loans will be used
wholly or in part to finance or refinance existing and/or
planned Eligible assets. Eligible assets which meet the
criteria as per the Green Asset table in this report.
Amotai Membership
Precinct acknowledge the importance of Mana Whenua
of Māori and Pasifika peoples and centering their
influence in key business operations. Key to this
acknowledgement is economic activity and opportunity.
Precinct are proud of our joint venture partnership
with Ngāti Whātua Ōrākei alongside PAG for the Te
Tōangaroa precinct and look forward to progressing our
diverse supplier engagement through our recent Autere
membership to the Amotai Directory.
Maintain best practice policies and culture of ethical
business practice
Precinct constantly strives to act ethically and honestly
in its business dealings and interactions. This is only
possible when its people including directors, employees,
contractors and consultants act in an ethical, fair and
honest way. All of our employees have access to our
code of ethics and when new employees join it forms
part of their induction pack. Staff training is also delivered
each year and includes ethics-related topics to promote
awareness to the ethical practices in the Company and
ensure a positive culture at Precinct. No ethics related
issues were reported via any whistle-blowing channels
during the last financial year.
Economic Contribution:
Job creation for the local economy
Circa 150 FTE employees across
Precinct, Generator and Commercial Bay
Hospitality businesses
Construction person-hours
1,250,000 contractor hours during FY24
Financial Contribution:
Occupancy and secure income stream
98%
Target ≥98%
Dividend payout ratio to AFFO
101%
Target long term sustainable returns
to shareholders
MSCI rating
A
Target A or better
FTSE EPRA Nareit Indexes
Precinct is a constituent of the FTSE EPRA Nareit
Global Real Estate Index and FTSE EPRA Nareit
Green Indexes, which represent general trends in
eligible real estate equities worldwide.
Advancing Strategic Growth
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Sustainability Report
Clients, workers and staff wellbeing.
Precinct contributes to the wellbeing of its clients,
clients’ workers and its own staff through the design
of its buildings and management of its relationships
with clients. Precinct also directly impacts the
wellbeing of workers via procurement and contracting
practices. Conducted every two years, our most recent
independently run client satisfaction survey (undertaken
in March 2023) results showed that overall satisfaction of
working in a Precinct-owned and managed building is 91%
(2021: 87%, target of ≥80%).
We are proud to be the first real estate company in
Aotearoa New Zealand to enrol almost 400,000 square
metres NLA in the WELL at Scale program. This program
will support us in benchmarking and improving health
and wellbeing outcomes across the majority of our assets
to the benefit of our people, clients and community. In
our first cycle of assessment we achieved the first WELL
Equity rated corporate office for a real estate company in
Oceania. This result means we are in line with the global
standard for Equity in real estate, and that Precinct's
policies and initiatives are leading the way for diversity
and inclusion in the workplace. Achieving a diverse and
highly inclusive workforce is a key part of the overall
wellbeing for our people. Our approach to managing
diversity is guided by our Diversity and Inclusion Policy
available at www.precinct.co.nz.
Health and safety
Health and safety is a key topic component
and one of Precinct’s core corporate values. We
are committed to complying with all relevant
legislation, regulations and standards and work
hard to exceed them. Our business actively
embeds a positive health and safety culture.
Precinct works collaboratively with our staff,
contractors and stakeholders to implement
market leading health and safety measures
across all Precinct sites and offices.
In addition to regular external audits and
monitoring by health and safety specialists
Construct Health Limited, Precinct also regularly
engages third-party reviews of its health and
safety processes.
Precinct's Health and Safety Policy and more
on key FY24 initiatives and performance can be
found on the next page and on Precinct's website
Precinct worker engagement
Precinct’s Health & Safety Committee
comprises the Executive team, the
Senior Health & Safety Adviser, General
Counsel, Development Managers, Facilities
Managers and includes representation
from Generator and Intercontinental Hotel.
The Committee meets once a month.
We have expanded the participation
and engagement of workers with the
establishment of quarterly informal H&S
catch-ups with all Precinct and Generator
staff. These sessions have been very well
received and have seen high levels of
engagement with staff. Feedback received
from staff in these sessions has resulted
in our "Three Pillars" Health, Safety
& Wellbeing strategy being continued
for FY25.
Precinct Properties Group
80

Health and Safety
Benchmarking our performance
For the year ended 30 June 2024, Precinct recorded 5.15
for its health and safety TRIFR performance, compared to
8.25 in 2023. This is an improvement of 37.5%. In addition
to improved site safety management, three development
projects have been completed in FY24.
The TRIFR rate includes all recordable injuries/illnesses in
the categories of: Medical Treatment Injury; Restricted
Work Injury or Illness; and Lost Time Injury. Precinct
has previously chosen to report its TRIFR against the
Business Leaders' Health and Safety Forum Benchmarking
initiative. However, this Forum has discontinued the TRIFR
benchmarking as overseas evidence indicates that TRIFR
is not a complete reflection of the state of safety within
projects. Precinct will continue to focus on improving
contractor engagement and reduce injury severity. We
continue to engage with relevant industry bodies to
develop meaningful benchmarking for safety.
A total of 81 independent inspections were undertaken
across all development and stabilised portfolio sites by
Construct Health. All development sites have a target
rate of 95%. One Queen Street scored an average of
94.5% (FY23:97%); Bowen House 97% (FY23:97%), Wynyard
Quarter 95% (FY23:96%) and 61 Molesworth Street 98%
(FY23:98%). Any corrective actions identified in the audits
were promptly rectified.
WorkSafe Notifications
Five incidents met the threshold of WorkSafe notifiable
incidents. Each of these incidents was investigated
in detail and corrective actions were developed and
completed. In respect of all these incidents, WorkSafe did
not consider it necessary to investigate further.
Incident monitoring and reporting
We recorded 294 health and safety incidents in the
year compared to 433 reported in FY23. This is an
approximately 32% decrease from the previous year.
Much of this decrease can be attributed to the
completion of three major development projects (1
Queen Street, 40 and 44 Bowen Street). Events reported
include observations, near misses, first aid injuries,
medical treatment injuries and lost time injuries. Recorded
incidents also include security and property damage
incidents. There were 18 (FY23:50) Lost time Injuries (5.6%),
26 (FY23:31) Medical Treatment injuries (10.9%) and 50
(FY:82) First Aid incidents (17%). A total of 40 (FY23:96)
(13%) incidents occurred in our stabilised property
portfolio (office portfolio) in Auckland and Wellington. Our
development sites, which are managed by the Precinct-
appointed main contractor recorded 124 (FY23:176)
incidents (42%). Two new residential development projects
have commenced, Domain and FABRIC 2. Precinct is
working with contractors and the third party consultant
to align residential development to Precinct’s high H&S
expectations on our commercial developments.
Commercial Bay Retail and Willis Lane accounted for
114 (39%) incidents. The majority of these incidents
were security incidents 37 (32%), property damage 30
(26%) and observations 23 (20%). Commercial Bay had
11 Medical Treatment incidents (9.6%). The others
are made up of minor incidents like near miss and
first aid. Compared to last year, Commercial Bay
Retail incidents have decreased by 25% .This can be
attributed to some extent to the return of tourists
and office workers to central Auckland, together with
improved security measures. Precinct continues to work
with our retail stakeholders to mitigate new risks and
collaborates closely with authorities, our security provider
and neighbouring precincts (Britomart and Viaduct
Harbour) to provide a safe and enjoyable experience in
Commercial Bay.
Generator, Precinct and Commercial Bay Hospitality
venue staff recorded 16 (FY23:27) incidents during the
year, an approximately 40% reduction.
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GRI content index
Disclosures TitleGRI No.Location/Reference or Information
Organisational details2-1Directory, P138; Precinct Today, P4-P7
Entities included in the organisation’s
sustainability reporting
2-2Precinct Properties New Zealand Limited
Reporting period, frequency and contact point2-3Precinct reports on sustainability annually along with its
financial reporting. This report covers the period 1 July
2023 – 30 June 2024. This report was published on
28 August 2024 . Questions about this report can be directed
to: hello@precinct.co.nz
Restatements of information2-4None
External assurance2-5External assurance is sought only for Precinct’s GHG inventory
on P74
Toitu's assurance statement can
be found here: https://www.toitu.co.nz/
__data/assets/pdf_file/0004/229270/Disclosure_2223_Precinct-
Properties-New-Zealand-Limited_Net-CZ_Org.pdf
The ESG Committee is responsible for advising the Board
on questions of assurance pertaining to sustainability-
related information.
Activities, value chain and other
business relationships
2-6Precinct Today, P4-P7, Capital partnerships P13
https://www.precinct.co.nz
Employees2-7Corporate Governance, P36-P37
Workers who are not employees2-8Information unavailable (not held).
Governance structure and composition2-9Corporate Governance, P35-P39
Nomination and selection of the highest
governance body
2-10PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Chair of the highest governance body2-11Corporate Governance, P37
Role of the highest governance body in
overseeing the management of impacts
2-12Sustainability Report, P69, P73; Corporate Governance, P37
PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Delegation of responsibility for impacts2-13Sustainability Report, P69, P73; Corporate Governance, P37
PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Role of highest governance body in
sustainability reporting
2-14Sustainability Report, P69, P73; Corporate Governance, P37
PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Conflicts of interest2-15PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Communication of critical concerns2-16Corporate Governance, P39
Collective knowledge of the highest
governance body
2-17PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Evaluation of the performance of the highest
governance body
2-18Corporate Governance, P39
Remuneration policies2-19Remuneration Report, P58
Process to determine remuneration2-20Remuneration Report, P58
Precinct Properties Group82

Disclosures TitleGRI No.Location/Reference or Information
Annual total compensation ratio2-21Remuneration Report, P63
Statement on sustainable
development strategy
2-22Chair’s Report, P15
Policy commitments2-23Chair’s Report, P15; Corporate Governance, P37;
Modern Slavery Policy can be found at:
https://www.precinct.co.nz
Embedding policy commitments2-24Corporate Governance, P39;
PCT Corporate Governance Manual found at:
https://www.precinct.co.nz
Processes to remediate negative impacts2-25Precinct's modern slavery policy, social value policy and supplier
code of conduct can be found at: https://www.precinct.co.nz
Mechanisms for seeking advice and
raising concerns
2-26PCT Corporate Governance Manual (Whistle blower Policy)
found at: https://www.precinct.co.nz
Compliance with laws and regulations2-27Precinct had no instances of compliance breaches or fines in
the reporting year.
Membership associations2-28https://www.precinct.co.nz
Approach to stakeholder engagement2-29Sustainability Report, P77
Collective bargaining agreements2-30In line with New Zealand legislation, Precinct’s employees are
not covered by collective bargaining agreements, and employee
working conditions and terms of employment are not based on
collective bargaining agreements.
Process to determine material topics3-1Sustainability Report, P72
List of material topics3-2Sustainability Report, P72-P73
Climate Change
Management of material topics3-3Sustainability Report, Climate Change, P73
Precinct's waste management plan has now commenced and
will be completed during FY25.
Direct (Scope 1) GHG emissions305-1Sustainability Report P74
Information on 305-1 (b) is omitted because it was unavailable
at the time of reporting. We expect to include this in the FY24
reporting cycle.
Energy indirect (Scope 2) GHG emissions305-2Sustainability Report P74
Information on 305-2 (c) is omitted because it was unavailable
at the time of reporting. We expect to include this in the FY24
reporting cycle.
Other indirect (Scope 3) GHG emissions305-3Sustainability Report P74
Information on 305-3 (b) and (d) is omitted because it was
unavailable at the time of reporting. We expect to include this in
the FY24 reporting cycle.
GHG emissions intensity305-4Sustainability Report P74
Partnerships, Community Wellbeing and Vitality
Advancing Strategic Growth83
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GRI content index
Disclosures TitleGRI No.Location/Reference or Information
Management of material topics3-3Sustainability Report, Partnerships, Community Wellbeing and
Vitality, P73;
Information on 3-3 (e)i.-iv. is omitted because the management
approach is under development. We expect to disclose this
information consistently within 2-3 years.
Operations with local community
engagement, impacts assessments, and
development programs
413-1Sustainability Report, Partnerships, Community Wellbeing and
Vitality, P77;
Disclosure 413-1 (a)iv. is omitted because we have not developed
an approach to quantifying the percentage of our operations
with community development programs. We expect to develop
this within 2-3 years
Depletion of natural resources and contribution to waste
Management of material topics3-3Sustainability Report, Depletion of natural resources and
contribution to waste, P73;
PCT Corporate Governance Manual (Supplier Code of Conduct)
found at: https://www.precinct.co.nz
Waste generation and significant waste-
related impacts
306-1Sustainability Report, Depletion of natural resources and
contribution to waste, P78
Economic activity and opportunity
Management of material topics3-3Sustainability Report, Economic activity and opportunity, P73
Significant indirect economic impacts203-2Sustainability Report, Economic activity and opportunity, P79
Client, worker and staff wellbeing
Management of material topics3-3Sustainability Report, Client, worker and staff wellbeing, P73
Occupational health and safety
management system
403-1Sustainability Report, Client, worker and staff wellbeing, P81
Work-related injuries403-9Sustainability Report, Client, worker and staff wellbeing, P81
Precinct has chosen to prepare its 2024 Annual Report in accordance with the Global Reporting Initiative (GRI) Standards.
The GRI Standards are the world's most widely used sustainability reporting standard.
The GRI index above shows where information can be found in this report and on Precinct's website about the indicators
that are relevant to our business operations.
This annual report of Precinct Properties New Zealand Limited and Precinct Properties Investments Limited (Precinct
Properties Group) is dated 27 August 2024 and is signed on behalf of the Boards by:

Anne Urlwin
Mark Tume
Chair and Independent DirectorChair Audit and Risk Committee and Independent Director
Precinct Properties Group84

The Numbers
Advancing Strategic Growth85
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Financial Statements
For the year ended 30 June 2024
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 27 August 2024.
ANNE URLWIN
Chair
MARK TUME
Chair Audit & Risk Committee
Contents
Consolidated Statement of Comprehensive Income87
Consolidated Statement of Changes in Equity88
Consolidated Statement of Financial Position89
Consolidated Statement of Cash Flows90
Notes to the Financial Statements91
1. GENERAL INFORMATION91
1.1 Reporting entity91
1.2 Basis of preparation91
1.3 New standards, amendments and
interpretations
92
1.4 Changes to accounting policies and disclosure
of significant accounting policies
93
1.5 Fair value estimation93
1.6 Significant accounting judgements, estimates
and assumptions
93
1.7 Non-GAAP measures94
1.8 Significant events and transactions during the
year
94
2. OPERATING SEGMENTS96
2.1 Segment information96
2.2 Gross operating revenue98
3. INVESTMENT AND DEVELOPMENT PROPERTIES100
3.1 Investment and development properties100
3.2 Capital commitments107
3.3 Leases107
3.4 Operating lease commitments109
4. GROUP STRUCTURE110
4.1 Equity-accounted investments110
4.2 Related party disclosures114
5. INVESTOR RETURNS116
5.1 Earnings per share116
5.2 Reconciliation of net profit after tax to adjusted
funds from operations (AFFO)
117
5.3 Dividends paid118
6. CAPITAL STRUCTURE AND FUNDING118
6.1 Interest bearing liabilities118
6.2 Net finance expense120
6.3 Derivative financial instruments121
6.4 Loan receivables122
6.5 Share capital122
6.6 Reserves123
6.7 Capital management124
6.8 Financial risk management124
7. TAXATION127
7.1 Income tax127
7.2 Deferred tax128
8. OTHER129
8.1 Employment and administration expenses129
8.2 Corporate overhead expenses129
8.3 Key management personnel130
8.4 Share-based payments130
8.5 Reconciliation of Net Profit after Taxation with
Cash Inflow from Operating Activities
133
8.6 Debtors and other current assets133
8.7 Trade and other payables134
8.8 Contingencies134
8.9 Events after balance date134
Independent Auditor's report135
Precinct Properties Group86

Consolidated Statement of Comprehensive Income
For the year ended 30 June 2024
Amounts in $ millionsNotes30 June 202430 June 2023
Gross operating revenue2.2248.0224.3
Operating expenses
Direct operating expenses(91.8)(77.9)
Employment and administration expenses8.1
(5.7)(7.5)
Total operating expenses(97.5)(85.4)
Operating profit before net finance expense, other income/(expenses) and
income tax150.5138.9
Corporate overhead expense8.2(5.8)(6.0)
Interest income6.25.01.3
Interest expense6.2(46.1)(32.1)
Operating profit before income tax103.6102.1
Other income / (expenses)
Net change in fair value of investment and development properties3.1(105.2)(257.1)
Share of profit / (loss) in equity-accounted investments4.13.0(2.0)
Net change in fair value of derivative financial instruments6.3(1.2)6.1
Net gain / (loss) on sale of investment properties(10.6)(2.0)
Depreciation - property, plant and equipment(4.8)(3.0)
Lease depreciation3.3(3.9)(3.9)
Lease interest3.3
(4.2)(4.9)
Total other income / (expenses)(126.9)(266.8)
Net profit / (loss) before income tax(23.3)(164.7)
Income tax benefit / (expense)7.11.211.6
Net profit / (loss) after income tax attributable to equity holders of stapled entity(22.1)(153.1)
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(9.4)7.8
Deferred tax on items transferred directly to / (from) equity
1.4(2.2)
Total other comprehensive income / (expense)(8.0)5.6
Total comprehensive income after tax attributable to equity holders of
stapled entity(30.1)(147.5)
Total comprehensive income after tax attributable to equity holders of:
Precinct Properties NZ Limited ("PPNZ")(31.7)(147.5)
Precinct Properties Investments Limited ("PPIL")1.6-
Total comprehensive income after tax attributable to equity holders of
stapled entity(30.1)(147.5)
Earnings per share (cents per share)
Basic earnings per share5.1(1.39)(9.65)
Diluted earnings per share5.1(1.39)(9.65)
Other amounts (cents per share)
Funds from operations (FFO)5.27.227.19
Adjusted funds from operations (AFFO)5.26.696.69
The accompanying notes on pages 91-134 form part of these Financial Statements.
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Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Amounts in $ millionsNotes
Attributable to the equity holders of the parent
Number of
shares (m)
Share
capital
Retained
earnings
Reserves
PPNZ
equity
PPIL
equity
PPG total
equity
Balance at 1 July 20221,585.41,621.2816.6(2.3)2,435.5-2,435.5
Profit after income tax for the period-(153.1)-(153.1)-(153.1)
Other comprehensive income for
the period
--5.65.6-5.6
Total comprehensive income-(153.1)5.6(147.5)-(147.5)
Distributions5.3--(106.4)-(106.4)-(106.4)
Long-term incentive scheme8.40.40.7-0.71.4-1.4
Employee share scheme
0.10.1--0.1-0.1
Total transactions0.50.8(106.4)0.7(104.9)-(104.9)
Balance at 30 June 20231,585.91,622.0557.14.02,183.1-2,183.1
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-(23.7)-(23.7)1.6(22.1)
Other comprehensive income for
the period
--(8.0)(8.0)-(8.0)
Total comprehensive income-(23.7)(8.0)(31.7)1.6(30.1)
Distributions5.3--(98.0)-(98.0)(9.0)(107.0)
Long-term incentive scheme8.40.40.7-0.51.2-1.2
Employee share scheme
0.1----0.10.1
Total transactions0.50.7(98.0)0.5(96.8)(8.9)(105.7)
Balance at 30 June 20241,586.41,622.7455.0(3.5)2,074.2(26.9)2,047.3
1Net liabilities of Non-PIE entities transferred from PPNZ to PPIL as part of stapling transaction.
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the
terms of the constitution.
The accompanying notes on pages 91-134 form part of these Financial Statements.
Precinct Properties Group
88

Consolidated Statement of Financial Position
For the year ended 30 June 2024
Amounts in $ millionsNotes30 June 202430 June 2023
Current assets
Cash22.116.6
Fair value of derivative financial instruments6.310.15.3
Debtors and other current assets8.6
38.442.1
70.664.0
Investment properties held for sale3.1
-240.0
Total current assets
70.6304.0
Non-current assets
Investment properties3.12,987.42,604.7
Development properties3.1201.2523.5
Investment in equity-accounted investments4.1131.159.3
Property, plant and equipment42.747.8
Right-of-use assets3.321.024.9
Fair value of derivative financial instruments6.334.049.8
Loan receivables6.426.433.0
Deferred tax asset7.22.5-
Other assets0.70.7
Intangible assets
1.31.6
Total non-current assets3,448.33,345.3
Total assets3,518.93,649.3
Current liabilities
Interest bearing liabilities6.1165.3-
Provision for tax7.21.5-
Lease liabilities3.35.14.7
Trade and other payables8.754.985.6
Fair value of derivative financial instruments6.3
1.4-
Total current liabilities
228.290.3
Non-current liabilities
Interest bearing liabilities6.11,169.31,258.4
Lease liabilities3.350.158.5
Other-non current liabilities-28.1
Fair value of derivative financial instruments6.324.029.0
Deferred tax liability7.2
-1.9
Total non-current liabilities1,243.41,375.9
Total liabilities1,471.61,466.2
Net assets2,047.32,183.1
Equity
Share capital6.51,622.71,622.0
Retained earnings455.0557.1
Other reserves6.6
(3.5)4.0
Total equity - PPNZ
2,074.22,183.1
PPIL equity (non-controlling interest)(26.9)-
Total equity2,047.32,183.1
The accompanying notes on pages 91-134 form part of these Financial Statements.
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Consolidated Statement of Cash Flows
For the year ended 30 June 2024
Amounts in $ millions
Notes30 June 202430 June 2023
Cash flows from operating activities
Operating revenue received235.9227.2
Interest income received4.31.3
Property expenses paid(96.4)(62.1)
Other expenses paid(4.8)(13.7)
Interest expense paid(54.2)(31.0)
Employment and administration expenses paid(4.9)(3.6)
Income tax paid(0.3)-
Net cash inflow / (outflow) from operating activities8.579.6118.1
Cash flows from investing activities
Capital expenditure on investment and development properties(176.2)(257.7)
Capital expenditure on other assets--
Acquisition of investment and development properties(64.9)(59.1)
Investment in equity-accounted investments(66.4)(61.3)
Mezzanine loan facilities advanced(27.2)(33.0)
Mezzanine loan facilities repaid34.5-
Expenditure on property, plant and equipment(1.0)(6.4)
Net proceeds from disposal of investment properties288.9447.1
Capitalised interest on investment and development properties(23.7)(32.2)
Net cash inflow / (outflow) from investing activities(36.0)(2.6)
Cash flows from financing activities
Loan facility drawings863.0447.1
Loan facility repayments(939.7)(447.1)
Repayment of leasing liabilities3.3(4.4)(4.1)
Distributions paid to share holders(107.0)(106.3)
Net proceeds from debt instrument issuance150.0-
Net cash inflow / (outflow) from financing activities(38.1)(110.4)
Net increase / (decrease) in cash held5.55.1
Cash at the beginning of the year16.611.5
Cash as the end of the year22.116.6
The accompanying notes on pages 91-134 form part of these Financial Statements.
Precinct Properties Group
90

Notes to the Financial Statements
For the year ended 30 June 2024
1. GENERAL INFORMATION
1.1 Reporting entity
The 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 or the Group).
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 1993 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 financial statements have been prepared in accordance with NZ GAAP. For the purposes of complying with NZ
GAAP the Group is a for-profit entity. The financial statements comply with New Zealand equivalents to International
Financial Reporting Standards (’NZ IFRS’). The financial statements also comply with International Financial Reporting
Standards (‘IFRS’).
The financial statements were prepared in accordance with the Financial Markets Conduct (Precinct Properties Group)
Exemption Notice 2024 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 exemption notice and waivers (respectively), to prepare financial statements
in respect of Precinct in place of separate financial statements of each Stapled Entity. Precinct notes that the Financial
Markets Conduct (Precinct Properties Group) Exemption Notice 2024 came into force on 16 February 2024 and applies to
Precinct's accounting period ended 30 June 2024 and subsequent accounting periods, up to and including 30 June 2028.
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.
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Notes to the Financial Statements
For the year ended 30 June 2024
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 year, 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 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 Consolidated Statement of Comprehensive Income, net assets
in the Consolidated Statement of Financial Position, or the net increase/(decrease) in cash presented in the Consolidated
Statement of Cash Flows.
1.3
New standards, amendments and interpretations
In December 2022, the External Reporting Board (XRB) issued the following standards:
•Aotearoa New Zealand Climate Standard 1 Climate-related Disclosures (NZ CS 1);
•Aotearoa New Zealand Climate Standard 2 Adoption of Aotearoa New Zealand Climate Standards (NZ CS 2); and
•Aotearoa New Zealand Climate Standard 3 General Requirements for Climate-related Disclosures (NZ CS 3).
NZ CS 1 contains the climate-related disclosure requirements for each of the four thematic areas (Governance, Strategy, Risk
Management and Metrics and Targets) and the assurance requirements for greenhouse gas emissions disclosures. NZ CS 2
provides optional adoption provisions. NZ CS 3 contains the principles, the underlying concepts such as materiality, and the
general requirements.
PPNZ and PPIL are climate reporting entities and are each required under Part 7A of the FMCA to prepare climate-related
disclosures. The entities have been granted an exemption from certain provisions of Part 7A of the FMCA by the Financial
Markets Authority to permit PPNZ and PPIL, as stapled entities, to prepare a single document comprising consolidated
climate-related disclosures in respect of Precinct. Precinct is releasing its first climate-related disclosures as required by Part
7A of the FMCA and in compliance with the standards described above in October 2024.
In May 2024, the XRB introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) (effective for
annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1 Presentation of Financial
Statements (NZ IAS 1) and primarily introduces a defined structure for the statement of comprehensive income, disclosure of
management-defined performance measures (a subset of non-GAAP measures) in a single note together with reconciliation
requirements. Precinct has not early adopted this standard and is yet to assess its impacts.
Amendments to IAS 12: Income Tax narrow the scope of the initial recognition exception for deferred tax related to assets
and liabilities arising from a single transaction, so that it no longer applies to transactions that give rise to equal taxable and
deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the
values in the Group's consolidated financial statements but the deferred tax on right-of-use assets and lease liabilities has
been separately disclosed in Note 7.2.
Precinct Properties Group
92

Precinct has early adopted the amendment to NZ IFRS 44 Disclosure of fees for audit firms' services. See Note 8.2.
1.4 Changes to accounting policies and disclosure of significant accounting policies
No changes to accounting policies have been made during the year and the policies have been consistently applied to all
years presented.
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.
Material accounting policies have been included throughout the notes to the financial statements within the specific note to
which it applies.
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 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.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
The significant judgements, estimates and assumptions made in the preparation of these financial statements are in
relation to:
i.Stapling – refer note 1.8
ii.Investment and development properties – refer note 3.1
iii.Investment in associates and joint ventures – refer note 4.1
iv.Lease liabilities – refer note 3.3
v.Derivative financial instruments – refer note 6.3
vi.Deferred tax assets and deferred tax liabilities – refer note 7.2
vii.Share-based payment scheme – refer note 8.4
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Notes to the Financial Statements
For the year ended 30 June 2024
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 an 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 NZ IFRS 16 Leases. 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.
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 year:

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 market value in exchange for shares in PPIL. These shares in PPIL were
then distributed to PPNZ shareholders on 1 July 2023 on a one for one basis, such that all shareholders now hold an equal
number of shares in PPNZ and PPIL.

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. For more detail see Note 4.1.

iii.Investment Partnership – Te Tōangaroa
On 14 August 2023, Precinct announced the formation of a Joint Venture with Ngāti Whātua Ōrākei 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. For more details see note 4.1.

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. The agreement went unconditional on 24 June
2024 with the deposit payment of $6.1 million made on 1 July 2024.

Precinct Properties Group
94

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.

viii.Purchase of 256 Queen Street, Auckland
On 27 June 2024, Precinct purchased 256 Queen Street for $9.0 million to develop a Purpose-Built Student
Accommodation (PBSA) facility.

ix.Purchase of 198-222 Dominion Road & 113-117 Valley Road, Mount Eden, Auckland
On 5 June 2024 Precinct entered a conditional agreement with Eke Panuku to acquire the 5,250 square metre residential
and commercial site of 198-222 Dominion Road & 113-117 Valley Road in Mount Eden, Auckland for $13.3 million to
redevelop and further grow Precinct's residential Build-to-Sell pipeline. Settlement is expected in December 2025.

x.Move to 100% ownership of Precinct Properties Residential Limited (PPRL)
On 5 June 2024, Precinct entered an agreement to acquire the remaining 50 per cent interest in the residential
development management business joint venture, PPRL for $5.0 million with settlement completing on 1 July 2024.
Advancing Strategic Growth
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Notes to the Financial Statements
For the year ended 30 June 2024
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
Hotel and hospitalityOperating of hotel and 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, flexible space, hotel and hospitality 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 $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
2024 Total
Gross operating revenue207.124.38.77.9248.0
Inter-segment revenue eliminations3.2(2.0)(0.3)(0.9)-
Direct operating expenses(68.7)(14.1)(9.0)-(91.8)
Employment and
administration expenses---(5.7)(5.7)
Operating profit before net finance
expense and income tax141.68.2(0.6)1.3150.5
Add back rent eliminated in application
of IFRS 16(2.3)(6.3)--(8.6)
Adjusted operating profit before net
finance expense and income tax
1
139.31.9(0.6)1.3141.9
1See Note 1.7 for further details of this measure.
Precinct Properties Group96

Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
2023 Total
Gross operating revenue191.522.84.65.4224.3
Inter-segment revenue eliminations3.0(2.6)(0.4)-(0.0)
Direct operating expenses(61.5)(12.0)(4.4)-(77.9)
Employment and
administration expenses---(7.5)(7.5)
Operating profit before net finance
expense and income tax133.08.2(0.2)(2.1)138.9
Add back rent eliminated in application
of IFRS 16(2.8)(6.2)--(9.0)
Adjusted operating profit before net
finance expense and income tax
1
130.22.0(0.2)(2.1)129.9
1See Note 1.7 for further details of this measure.
Reconciliation to net profit / (loss) before income tax
Amounts in $ millions
30 June 202430 June 2023
Operating profit before net finance expense and income tax150.5138.9
Interest income5.01.3
Interest expense(46.1)(32.1)
Corporate overhead expense(5.8)(6.0)
Net change in fair value of investment and development properties(105.2)(257.1)
Share of profit / (loss) in equity-accounted investments3.0(2.0)
Net change in fair value of derivative financial instruments(1.2)6.1
Net gain / (loss) on sale of investment properties(10.6)(2.0)
Depreciation - property, plant and equipment(4.8)(3.0)
Lease depreciation(3.9)(3.9)
Lease interest(4.2)(4.9)
Net profit / (loss) before income tax(23.3)(164.7)
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Notes to the Financial Statements
For the year ended 30 June 2024
2.2 Gross operating revenue
Amounts in $ millions30 June 202430 June 2023
Revenue
Gross property income from rentals168.3161.6
Straight-line rental adjustments3.72.0
Amortisation of capitalised lease incentives(8.7)(9.0)
Revenue from contracts with customers
Gross property income from expense recoveries43.836.9
Generator operating revenue24.322.8
Commercial Bay Hospitality operating revenue3.54.6
Hotel operating revenue5.2-
Management fee income7.95.4
Total gross operating revenue248.0224.3
Accounting policies
Recognition of revenue from investment properties
Rental income from investment property leased to clients under operating leases is recognised in the Consolidated
Statement of Comprehensive Income on a straight-line basis over the term of the lease to the extent that future
rental increases are known with certainty. Fixed rental adjustments are accounted for to achieve straight-line
revenue recognition.
Precinct capitalises lease incentives provided to clients to the respective investment or development property in the
Consolidated Statement of Financial Position and amortises them on a straight-line basis over the term certain life of
the lease.
The share of property operating expenses which are recoverable from clients is recognised as gross property income
from expense recoveries. This is associated with the provision of services relating to the operations of Precinct’s
buildings (eg, cleaning, repairs and maintenance, utilities). Precinct have assessed the performance obligations
associated with these as being satisfied each month as the services are undertaken within each building. Revenue
from clients for the recovery of operating expenses is billed monthly and recognised in the Financial Statements in
the same manner reflecting that recovery revenue from clients is received at the same time that the performance
obligation is satisfied.
Precinct Properties Group
98

Recognition of revenue from operating segments
Operating revenue from Generator is recognised when it transfers services to a member. It is measured based on
the consideration specified in a contract with the member.
Operating revenue from Commercial Bay Hospitality venues is recognised at the point of sale, measured at the fair
value of the consideration received.
Operating revenue from the InterContinental hotel includes revenues from the rental of rooms, food and
beverage sales and other service revenue. Revenue is recognised when rooms are occupied and services have
been performed.
Recognition of management fee income
Management fee income is fees generated through the provision of investment and development management
services to other entities. This income is recognised in the Consolidated Statement of Comprehensive Income in the
period in which the services are rendered.
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FY24 Year in
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FY24 Results
Overview
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Leadership
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Information
Remuneration
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Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2024
3. INVESTMENT AND DEVELOPMENT PROPERTIES
3.1 Investment and development properties
30 June 2024
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2023
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2024
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.3%6.1%87%3.5237.5(0.5)5.5-(19.5)223.0
HSBC TowerCBRE31,5925.4%5.6%99%5.3445.01.93.4-(10.3)440.0
Jarden HouseCBRE13,6815.8%5.9%100%3.3135.00.70.8-(6.5)130.0
Mason Bros.
6
N/AN/AN/AN/AN/AN/A58.0-(58.0)---
Commercial Bay RetailJLL17,2815.5%6.0%95%3.4353.0(1.4)1.8-(13.4)340.0
PwC Tower (Commercial Bay)JLL39,2365.1%5.4%100%7.4610.1(3.5)0.9-(2.4)605.1
Deloitte Centre
7
JLL14,5894.1%5.5%93%15.0---343.416.6360.0
Wellington
NTT TowerCBRE16,6266.0%6.8%97%3.9140.70.35.0-(12.2)133.8
No. 1 and 3 The TerraceBayleys18,6134.7%6.0%99%8.0137.5(0.3)--(9.2)128.0
No. 3 The Terrace
8
BayleysN/A6.1%0.0%0%0.013.5---(1.1)12.4
AON Centre - WgtnBayleys27,7276.3%6.5%95%4.7218.10.17.5-(17.5)208.2
Defence HouseColliers23,2554.3%5.5%100%12.5187.0(0.1)(0.1)-3.3190.1
Bowen House
9
Colliers14,2755.2%5.4%100%14.0---171.5(16.5)155.0
Other investment properties
10
Colliers6,0608.0%0.0%0%0.038.5(0.1)0.2-(2.6)36.0
Right-of-use assets
11
N/AN/AN/AN/AN/AN/A30.8-(3.5)-(1.5)25.8
Market value (fair value) of investment properties248,2895.3%5.8%97%6.62,604.7(2.9)(36.5)514.9(92.8)2,987.4
Investment properties held for sale
5
Bowen Campus Stage 2
12
N/AN/AN/AN/AN/AN/A240.0-(240.0)---
Market value (fair value) of investment properties held for sale240.0-(240.0)---
Development properties
5
Auckland
One Queen StreetJLLN/AN/AN/AN/AN/A258.025.759.7(343.4)--
256 Queen Street
13
N/AN/AN/AN/AN/AN/A--9.8--9.8
Downtown Car Park
14
N/AN/AN/AN/AN/AN/A--18.6--18.6
Wellington
Freyberg BuildingColliersN/AN/AN/AN/AN/A47.0(0.2)5.6-(16.4)36.0
Bowen House
9
N/AN/AN/AN/AN/AN/A160.11.210.2(171.5)--
61 Molesworth StreetColliersN/AN/AN/AN/AN/A58.4-74.4-4.0136.8
Market value (fair value) of development properties523.526.7178.3(514.9)(12.4)201.2
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $25.1 million of capitalised interest. Disposals
relate to completed sales and unconditional contracts for sale at year-end.
4Transfers occur when a property is transferred to another category of property.
5All properties are categorised as level 3 in the fair value hierarchy.
6On 20 December 2023 Precinct sold Mason Bros. for $50.3 million.
7Previously known as One Queen Street.
8No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9With the redevelopment project substantially complete the value was transferred from development properties to investment properties.
10Other investment properties are small value properties held for strategic purposes.
11Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
12On 15 August 2023 Precinct sold 40 & 44 Bowen Street to Bowen Investment Limited Partnership for $240.0 million.
13On 5 June 2024 Precinct purchased 256 Queen Street for $9.0 million to develop a Purpose-Built Student Accommodation (PBSA) facility.
14On 24 June 2024 Precinct's contract to purchase Downtown Car Park, Auckland went unconditional. See Note 1.8 for more details.
Precinct Properties Group100

Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2023
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2024
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.3%6.1%87%3.5237.5(0.5)5.5-(19.5)223.0
HSBC TowerCBRE31,5925.4%5.6%99%5.3445.01.93.4-(10.3)440.0
Jarden HouseCBRE13,6815.8%5.9%100%3.3135.00.70.8-(6.5)130.0
Mason Bros.
6
N/AN/AN/AN/AN/AN/A58.0-(58.0)---
Commercial Bay RetailJLL17,2815.5%6.0%95%3.4353.0(1.4)1.8-(13.4)340.0
PwC Tower (Commercial Bay)JLL39,2365.1%5.4%100%7.4610.1(3.5)0.9-(2.4)605.1
Deloitte Centre
7
JLL14,5894.1%5.5%93%15.0---343.416.6360.0
Wellington
NTT TowerCBRE16,6266.0%6.8%97%3.9140.70.35.0-(12.2)133.8
No. 1 and 3 The TerraceBayleys18,6134.7%6.0%99%8.0137.5(0.3)--(9.2)128.0
No. 3 The Terrace
8
BayleysN/A6.1%0.0%0%0.013.5---(1.1)12.4
AON Centre - WgtnBayleys27,7276.3%6.5%95%4.7218.10.17.5-(17.5)208.2
Defence HouseColliers23,2554.3%5.5%100%12.5187.0(0.1)(0.1)-3.3190.1
Bowen House
9
Colliers14,2755.2%5.4%100%14.0---171.5(16.5)155.0
Other investment properties
10
Colliers6,0608.0%0.0%0%0.038.5(0.1)0.2-(2.6)36.0
Right-of-use assets
11
N/AN/AN/AN/AN/AN/A30.8-(3.5)-(1.5)25.8
Market value (fair value) of investment properties248,2895.3%5.8%97%6.62,604.7(2.9)(36.5)514.9(92.8)2,987.4
Investment properties held for sale
5
Bowen Campus Stage 2
12
N/AN/AN/AN/AN/AN/A240.0-(240.0)---
Market value (fair value) of investment properties held for sale240.0-(240.0)---
Development properties
5
Auckland
One Queen StreetJLLN/AN/AN/AN/AN/A258.025.759.7(343.4)--
256 Queen Street
13
N/AN/AN/AN/AN/AN/A--9.8--9.8
Downtown Car Park
14
N/AN/AN/AN/AN/AN/A--18.6--18.6
Wellington
Freyberg BuildingColliersN/AN/AN/AN/AN/A47.0(0.2)5.6-(16.4)36.0
Bowen House
9
N/AN/AN/AN/AN/AN/A160.11.210.2(171.5)--
61 Molesworth StreetColliersN/AN/AN/AN/AN/A58.4-74.4-4.0136.8
Market value (fair value) of development properties523.526.7178.3(514.9)(12.4)201.2
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $25.1 million of capitalised interest. Disposals
relate to completed sales and unconditional contracts for sale at year-end.
4Transfers occur when a property is transferred to another category of property.
5All properties are categorised as level 3 in the fair value hierarchy.
6On 20 December 2023 Precinct sold Mason Bros. for $50.3 million.
7Previously known as One Queen Street.
8No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9With the redevelopment project substantially complete the value was transferred from development properties to investment properties.
10Other investment properties are small value properties held for strategic purposes.
11Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
12On 15 August 2023 Precinct sold 40 & 44 Bowen Street to Bowen Investment Limited Partnership for $240.0 million.
13On 5 June 2024 Precinct purchased 256 Queen Street for $9.0 million to develop a Purpose-Built Student Accommodation (PBSA) facility.
14On 24 June 2024 Precinct's contract to purchase Downtown Car Park, Auckland went unconditional. See Note 1.8 for more details.
Advancing Strategic Growth101
Contents
Precinct
Today
FY24 Year in
Review
Chair and
Mgmt Reports
FY24 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2024
30 June 2023
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2022
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2023
Investment properties
5
Auckland
AON Centre - AkldJLL25,3545.4%5.8%96%3.9243.0(0.4)6.9-(12.0)237.5
HSBC TowerCBRE31,5925.3%5.4%100%4.9480.0(0.8)6.7-(40.9)445.0
Jarden HouseColliers13,7625.0%5.5%94%4.4143.00.10.9-(9.0)135.0
Mason Bros.
6
JLL4,7045.1%5.1%100%2.561.0(0.3)0.1-(2.8)58.0
Commercial Bay RetailColliers16,8155.6%5.9%97%4.0400.0(1.6)2.3-(47.7)353.0
PwC Tower (Commercial Bay)CBRE39,3754.8%5.0%100%8.3675.0(2.5)2.8-(65.2)610.1
Wellington
NTT TowerBayleys16,6336.5%6.4%98%5.1151.50.11.0-(11.9)140.7
No. 1 and 3 The TerraceColliers18,6134.6%5.6%100%7.0143.0(0.2)0.3-(5.6)137.5
No. 3 The Terrace
7
ColliersN/AN/AN/AN/A35.214.2---(0.7)13.5
AON Centre - WgtnCBRE24,2576.2%
8
6.6%98%4.2197.7(0.3)36.3-(15.6)218.1
Defence HouseColliers25,9294.3%5.4%100%13.5-(0.3)-200.0(12.7)187.0
Other investment properties
9
Various5,9876.2%7.7%100%6.422.80.424.5-(9.2)38.5
Right-of-use assets
10
N/AN/AN/AN/AN/AN/A17.8-14.7-(1.7)30.8
Market value (fair value) of investment properties223,0215.3%5.6%99%6.02,549.0(5.8)96.5200.0(235.0)2,604.7
Investment properties held for sale
5
12 Madden Street
11
N/A8,313N/AN/AN/AN/A100.0-(100.0)---
10 Madden Street
11
N/A8,238N/AN/AN/AN/A86.0-(86.0)---
Mayfair House
11
N/A12,259N/AN/AN/AN/A86.7-(86.7)---
Bowen Campus
12
N/A39,971N/AN/AN/AN/A304.5--(304.5)--
Charles Fergusson Building
11
N/A14,042N/AN/AN/AN/A--(104.5)104.5--
Bowen Campus Stage Two
13
N/AN/AN/AN/AN/AN/A---231.88.2240.0
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A--(67.4)67.4--
Market value (fair value) of investment properties held for sale577.2-(444.6)99.28.2240.0
Development properties
5
One Queen StreetCBREN/AN/AN/AN/AN/A176.0-96.7-(14.7)258.0
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A22.0-45.4(67.4)--
Bowen Campus Stage Two
13
N/AN/AN/AN/AN/AN/A174.31.855.7(231.8)--
Freyberg BuildingColliersN/AN/AN/AN/AN/A49.5(0.1)4.2-(6.6)47.0
Bowen HouseColliersN/AN/AN/AN/AN/A122.2-37.9--160.1
61 Molesworth StreetN/AN/AN/AN/AN/AN/A--67.4-(9.0)58.4
Market value (fair value) of development properties544.01.7307.3(299.2)(30.3)523.5
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions 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.
4Transfers occur when a property is transferred to another category of property.
5All properties are categorised as level 3 in the fair value hierarchy.
6Mason Bros. is subject to a pre-paid ground lease for 125 years.
7No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
8Initial yields adjusted to remove right-of-use asset from the carrying value.
9Other investment properties are small value properties held for strategic purposes.
10Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
11Precinct made the following sales to Precinct Pacific Investment Limited Partnership during the year:
- On 13 October 2022 Precinct sold Mayfair House, 10 Madden Street & 12 Madden Street for $272.7 million.
- On 16 March 2023 Precinct sold Wynyard Quarter Stage 3 for $67.4 million.
- On 13 June 2023 Precinct sold Charles Fergusson Building for $107.4 million.
12Bowen Campus split between Defence House ($200.0 million) and Charles Fergusson Building ($104.5 milllion). Defence House was removed
from the PPILP initial portfolio sale transaction and transferred back to Investment Properties.
13Precinct entered into an agreement on 29th November 2022 to dispose of 40 & 44 Bowen Street into a new joint investment partnership with
global investment firm, PAG. Settlement of this deal is expected in August 2023.
Precinct Properties Group
102

30 June 2023
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2022
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2023
Investment properties
5
Auckland
AON Centre - AkldJLL25,3545.4%5.8%96%3.9243.0(0.4)6.9-(12.0)237.5
HSBC TowerCBRE31,5925.3%5.4%100%4.9480.0(0.8)6.7-(40.9)445.0
Jarden HouseColliers13,7625.0%5.5%94%4.4143.00.10.9-(9.0)135.0
Mason Bros.
6
JLL4,7045.1%5.1%100%2.561.0(0.3)0.1-(2.8)58.0
Commercial Bay RetailColliers16,8155.6%5.9%97%4.0400.0(1.6)2.3-(47.7)353.0
PwC Tower (Commercial Bay)CBRE39,3754.8%5.0%100%8.3675.0(2.5)2.8-(65.2)610.1
Wellington
NTT TowerBayleys16,6336.5%6.4%98%5.1151.50.11.0-(11.9)140.7
No. 1 and 3 The TerraceColliers18,6134.6%5.6%100%7.0143.0(0.2)0.3-(5.6)137.5
No. 3 The Terrace
7
ColliersN/AN/AN/AN/A35.214.2---(0.7)13.5
AON Centre - WgtnCBRE24,2576.2%
8
6.6%98%4.2197.7(0.3)36.3-(15.6)218.1
Defence HouseColliers25,9294.3%5.4%100%13.5-(0.3)-200.0(12.7)187.0
Other investment properties
9
Various5,9876.2%7.7%100%6.422.80.424.5-(9.2)38.5
Right-of-use assets
10
N/AN/AN/AN/AN/AN/A17.8-14.7-(1.7)30.8
Market value (fair value) of investment properties223,0215.3%5.6%99%6.02,549.0(5.8)96.5200.0(235.0)2,604.7
Investment properties held for sale
5
12 Madden Street
11
N/A8,313N/AN/AN/AN/A100.0-(100.0)---
10 Madden Street
11
N/A8,238N/AN/AN/AN/A86.0-(86.0)---
Mayfair House
11
N/A12,259N/AN/AN/AN/A86.7-(86.7)---
Bowen Campus
12
N/A39,971N/AN/AN/AN/A304.5--(304.5)--
Charles Fergusson Building
11
N/A14,042N/AN/AN/AN/A--(104.5)104.5--
Bowen Campus Stage Two
13
N/AN/AN/AN/AN/AN/A---231.88.2240.0
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A--(67.4)67.4--
Market value (fair value) of investment properties held for sale577.2-(444.6)99.28.2240.0
Development properties
5
One Queen StreetCBREN/AN/AN/AN/AN/A176.0-96.7-(14.7)258.0
Wynyard Quarter Stage 3
11
N/AN/AN/AN/AN/AN/A22.0-45.4(67.4)--
Bowen Campus Stage Two
13
N/AN/AN/AN/AN/AN/A174.31.855.7(231.8)--
Freyberg BuildingColliersN/AN/AN/AN/AN/A49.5(0.1)4.2-(6.6)47.0
Bowen HouseColliersN/AN/AN/AN/AN/A122.2-37.9--160.1
61 Molesworth StreetN/AN/AN/AN/AN/AN/A--67.4-(9.0)58.4
Market value (fair value) of development properties544.01.7307.3(299.2)(30.3)523.5
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions 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.
4Transfers occur when a property is transferred to another category of property.
5All properties are categorised as level 3 in the fair value hierarchy.
6Mason Bros. is subject to a pre-paid ground lease for 125 years.
7No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
8Initial yields adjusted to remove right-of-use asset from the carrying value.
9Other investment properties are small value properties held for strategic purposes.
10Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
11Precinct made the following sales to Precinct Pacific Investment Limited Partnership during the year:
- On 13 October 2022 Precinct sold Mayfair House, 10 Madden Street & 12 Madden Street for $272.7 million.
- On 16 March 2023 Precinct sold Wynyard Quarter Stage 3 for $67.4 million.
- On 13 June 2023 Precinct sold Charles Fergusson Building for $107.4 million.
12Bowen Campus split between Defence House ($200.0 million) and Charles Fergusson Building ($104.5 milllion). Defence House was removed
from the PPILP initial portfolio sale transaction and transferred back to Investment Properties.
13Precinct entered into an agreement on 29th November 2022 to dispose of 40 & 44 Bowen Street into a new joint investment partnership with
global investment firm, PAG. Settlement of this deal is expected in August 2023.
Advancing Strategic Growth
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Notes to the Financial Statements
For the year ended 30 June 2024
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition
investment properties are stated at fair value. Gains or losses arising from changes in the fair values of investment
properties are included in profit or loss in the year in which they arise.
Investment property held for sale
In accordance with NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, if the Group decides to
dispose of an asset or group of assets, it should be classified as held for sale if:
•the asset or group of assets is available for immediate sale in its present condition subject only to terms that are
usual and customary for sales of such assets;
•it is highly likely to be sold within one year.
Consequently, this asset or group of assets is shown separately as "assets held for sale" on the Consolidated
Statement of Financial Position. Investment properties held for sale continue to be measured at fair value with
assessment made as to whether the agreed selling price reflects fair value.
Development properties
Investment properties that are being constructed or developed for future use are classified as development
properties. All costs directly associated with the purchase and construction of a property and all subsequent capital
expenditure is capitalised. Subsequent to initial recognition development properties are stated at fair value. Gains
or losses arising from changes in the fair value of development properties are included in profit or loss in the year in
which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in
the location and category of the property being valued, value Precinct’s investment property portfolio at least every
12 months. The fair values are based on market values, being the estimated amount for which a property could be
exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Right-of-use assets
For leases where Precinct is a lessee, a right-of-use asset is recognised at the commencement date of the lease,
being the date the underlying asset is available for use. Investment property is defined to include both owned
investment property and investment property held by a lessee as a right-of-use asset. Precinct therefore measures
all investment property using the same measurement basis, being the fair value model. The value of the right-of-
use assets represents the fair value of a freehold interest in the land subject to ground lease interests held by
Precinct. Investment property is adjusted for cashflows relating to lease liabilities already recognised separately in
the Consolidated Statement of Financial Position and also reflected in the investment property valuations.
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is
permanently withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the
derecognition of an investment property are recognised in profit or loss in the year of derecognition.
Owner-occupied properties
Where a property becomes owner-occupied the property is transferred from investment or development properties
to property, plant and equipment. The cost for subsequent accounting for owner-occupied property is the property's
fair value at the date of change in use.
Precinct Properties Group
104

Fair value measurement, valuation techniques and inputs
Precinct’s properties were valued as at 30 June 2024 by independent registered valuers Colliers International, Bayleys, JLL
and CBRE.
The valuations are reviewed by Precinct and adopted as the carrying value in the financial statements. As part of this
process, Precinct's management verifies all major inputs to the valuations, assesses valuation movements since the previous
period and holds discussions with the independent valuers to assess the reasonableness of the valuations. Ultimately, PPNZ's
directors are responsible for reviewing and approving the investment property valuations.
During the year there were no transfers of investment or development properties between levels of the fair value hierarchy.
The valuation techniques used in measuring the fair value of investment property, as well as the significant unobservable
inputs used are as follows:
Class of propertyValuation techniques usedInputs used to measure fair value
CBD office and retailIncome capitalisation approach,
discounted cash flow analysis and
residual approach
- Office gross market rent per sqm
- Retail gross market rent per sqm
- Core capitalisation rate
- Discount rate
- Terminal capitalisation rate
- Rental growth rate per annum
- Profit and risk allowance
- Forecast development costs
A valuation is determined based on a range of unobservable inputs. These are unobservable as they are not freely
available or explicit in the marketplace but rather analysed from transactional data that has taken place in similar market
circumstances to that prevailing at the date of valuation.
Key unobservable inputs are the capitalisation rate, discount rate, gross market rental, rental growth rates, terminal
capitalisation rate and profit and risk allowance.
The table below sets out these key unobservable inputs and the ranges adopted by the valuers across Precinct's properties
together with the impact on fair value of a change in inputs.
Input used to measure fair value30 June 202430 June 2023Fair value movement sensitivity
Core capitalisation rate5.4% - 8.0%5.0% - 8.3%
The higher that capitalisation rates
and discount rate, the lower the
fair value.
Discount rate6.9% - 9.8%6.5% - 9.5%
Termination capitalisation rate5.6% - 8.3%5.4% - 8.5%
Profit and risk allowance8.0%1.0% - 6.3%
Office gross market rent per sqm$280 - $1,375$285 - $1,235
The higher the market rent and growth
rate, the higher the fair value.
Retail gross market rent per sqm$425 - $7,000$325 - $6,000
Rental growth rate per annum1.9% - 3.2%2.2% - 3.0%
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Notes to the Financial Statements
For the year ended 30 June 2024
Valuations reflect, where appropriate:
•The type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation
after letting vacant accommodation, and the market’s general perception of their creditworthiness;
•The allocation of maintenance and insurance responsibilities between Precinct and the lessee; and
•The remaining economic life of the property.
•When rent reviews or lease renewals are pending with anticipated reversionary increases or decreases, it is assumed
that all notices and where appropriate counter-notices have been served validly and within the appropriate time.
The following table explains the key inputs used to measure fair value for investment properties.
Valuation methodologies
Income
capitalisation approach
Determines fair value by capitalising the net income at a capitalisation rate reflecting
the nature, location and tenancy profile of the asset. Subsequent near term capital
adjustments are then made which typically include letting-up allowances for vacancy and
pending expiries, capital expenditure allowances and under/over renting reversions.
Discounted cash flow analysisA financial modelling methodology assessing the long-term return that is likely to be
derived from an asset. Explicit assumptions are required for rental income growth, leasing
up metrics on expiries along with terminal value at the end of the cash flow period, typically
a 10 year horizon. A market-derived discount rate is then applied to the assessed cash flows
and discounted to a present value to determine fair value.
Sales comparison approachFair value is determined by applying positive and negative adjustments to recently
transacted assets of a similar nature.
Residual approachA methodology normally used for property which is undergoing, or is expected to undergo,
redevelopment. Fair value is determined by firstly calculating a gross realisation which
forecasts what a property is worth on completion and deducts all costs associated with the
development of the property. These costs typically include letting and sale costs, a market
required profit and risk margin, construction costs and finance costs.
Unobservable inputs within the income capitalisation approach
Gross market rentThe estimated rental amount which a tenancy within a property is expected to achieve
under a new arm’s length transaction including a share of the property operating expenses.
Core capitalisation rateThe income return produced by an investment expressed as a percentage of the capital
value. The capitalisation rate which is applied to a property’s net market income is
determined through analysis of comparable sales transactions.
Unobservable inputs within the discounted cash flow analysis
Discount rateThe rate of return used to convert a property’s future cash flows to present value. The
discount rate is determined through analysis of comparable sales.
Terminal capitalisation rateThe rate used to convert income into an indication of the anticipated value of the property
at the end of the cash flow period.
Rental growth rateThe growth rate applied to the market rental over the cash flow period.
Additional unobservable inputs within the residual approach
Profit and risk allowanceThe market level of return for a typical developer to receive on their outlay in order to
undertake the respective development having regard to the relative risks (e.g. leasing
progress, fixed price contract, programme/staging) of the project at that point in time.
Forecast development costsAll costs associated with the development of the property. These costs typically include
letting and sale costs, construction costs and finance costs.
Precinct Properties Group106

3.2 Capital commitments
Precinct has $228.4 million of capital commitments as at 30 June 2024 (2023: $156.0 million) relating to construction
contracts and property purchases still to be settled.
Precinct has $8.2 million of capital commitments as at 30 June 2024 (2023: $16.5 million) relating to undrawn mezzanine loan
facilities provided. See Note 6.4 for more details.
3.3 Leases
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 34 years (2023: one and 35 years). Generator property leases have
remaining non-cancellable lease terms of between one and 9 years (2023: one and 10 years). A maturity of lease liabilities is
included in Note 6.8.
Amounts in $ millionsInvestment
properties
Flexible space2024 TotalInvestment
properties
Flexible Space2023 Total
Current1.23.95.11.33.44.7
Non-current26.124.050.130.627.958.5
Total lease liabilities27.327.955.231.931.363.2

Amounts in $ millionsInvestment
properties
Flexible spaceTotal
Balance at 1 July 202218.534.252.7
Additions14.5-14.5
Disposals---
Accretion of interest1.73.24.9
Payments(2.8)(6.1)(8.9)
Balance at 30 June 202331.931.363.2
Balance 1 July 202331.931.363.2
Additions---
Disposals(3.6)-(3.6)
Accretion of interest1.32.94.2
Payments(2.3)(6.3)(8.6)
Balance at 30 June 202427.327.955.2
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Notes to the Financial Statements
For the year ended 30 June 2024
Right-of-use assets
Amounts in $ millionsInvestment
properties
Flexible space2024 TotalInvestment
properties
Flexible Space2023 Total
Total right-of-use assets25.8
1
21.046.830.824.955.7
1Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of
Financial Position.

Amounts in $ millionsInvestment
properties
Flexible spaceTotal
Balance at 1 July 202217.928.946.8
Additions14.6-14.6
Depreciation expense-(3.9)(3.9)
Fair value movement(1.7)-(1.7)
Disposals-(0.1)(0.1)
Balance at 30 June 202330.824.955.7
Balance 1 July 202330.824.955.7
Additions---
Depreciation expense-(3.9)(3.9)
Fair value movement(1.5)-(1.5)
Disposals(3.5)-(3.5)
Balance at 30 June 202425.821.046.8
Accounting policies
Leases
At contract inception Precinct assesses whether a contract is, or contains, a lease. Where a contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration it is considered
a lease.
Precinct as a lessee
Precinct applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets where IFRS 16 recognition exemptions are applied. Precinct recognises lease liabilities to
make lease payments and right-of-use assets representing the right to use the underlying assets.
Precinct Properties Group108

Right-of-use assets
Precinct recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of the lease liabilities recognised, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis
over the term certain life of the lease.
Lease liabilities
At the commencement date of the lease Precinct recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and
amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price
of a purchase option reasonably certain to be exercised by Precinct and payments of penalties for terminating the
lease if the lease term reflects Precinct exercising the option to terminate. Variable lease payments that do not
depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers
the payment occurs.
In calculating the present value of lease payments Precinct uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amounts of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments
resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment
of an option to purchase the underlying asset.
3.4
Operating lease commitments
Precinct has entered into investment property leases (as lessor) which have remaining non-cancellable lease terms of
between one and 19 years (2023: one and 17 years). Precinct has determined that it retains all the significant risks and
rewards of ownership of properties and has therefore classified the leases as operating leases.
Future minimum rental receivable under non-cancellable operating leases are as follows:
Amounts in $ millions30 June 202430 June 2023
Within one year195.4167.6
Between one and two years180.7157.3
Between two and three years152.6141.8
Between three and four years138.6114.7
Between four and five years114.5101.9
Later than five years526.1342.3
Total future rental receivables1,307.91,025.6
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Notes to the Financial Statements
For the year ended 30 June 2024
4. GROUP STRUCTURE
4.1 Equity-accounted investments
Set out below are the associates and joint ventures of Precinct as at 30 June 2024. 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.
Ownership structures
Amounts in $ millionsCountry
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 ZealandUnits33.0%AssociateEquity
Tangihua Investment Limited Partnership (TILP)
2
New ZealandUnits33.0%AssociateEquity
Precinct Properties Residential Limited (PPRL)
3
New ZealandShares50.0%
Joint
VentureEquity
1There has been no change in ownership interests during the period.
2Partnership commenced during the period. See Note 1.8 for further details.
3On 1 July 2024, Precinct acquired the remaining 50 per cent interest in PPRL.
Equity-accounted investments
Amounts in $ millions30 June 202430 June 2023
Precinct Pacific Investment Limited Partnership (PPILP)60.455.2
Bowen Investment Limited Partnership (BILP)50.0-
Individually immaterial equity-accounted investments20.74.1
Total equity-accounted investments131.159.3
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.
Precinct Properties Group
110

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 33.0% 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 it is focussed on the delivery of high-quality multi-unit residential developments.
Summarised financial information for associates and joint ventures
The following tables provide summarised financial information for the associates and joint ventures of Precinct and reflect
the amounts presented in the financial statements of the relevant entities, not Precinct's share of those amounts.
Summarised statement of comprehensive income
Amounts in $ millions
30 June 202430 June 2023
PPILPBILPOtherPPILPBILPOther
Net operating income17.911.95.810.2-0.6
Corporate expenses---(0.8)-(0.3)
Finance income0.10.3----
Finance expense(11.0)0.1(2.2)(6.4)--
Other income / (expense)(1.8)(0.6)(2.0)(1.2)--
Net change in fair value of investment and
development properties(37.0)5.116.6---
Net change in fair value of derivative
financial instruments(2.4)-(0.1)---
Income tax expense
-----(0.1)
Profit / (loss)(34.3)16.818.11.8-0.2
Other comprehensive income------
Total comprehensive profit / (loss)(34.3)16.818.11.8-0.2
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Notes to the Financial Statements
For the year ended 30 June 2024
Summarised statement of financial position
Amounts in $ millions30 June 202430 June 2023
PPILPBILPOtherPPILPBILPOther
Assets
Current assets6.93.22.74.8-0.3
Investment properties530.8246.478.8464.7--
Other non-current assets--0.61.9--
Total assets537.7249.682.1471.4-0.3
Liabilities
Current liabilities(1.2)0.33.91.0-1.9
Borrowings - non-current295.7-28.6238.5--
Other non-current liabilities0.5-0.2---
Total liabilities295.00.332.7239.5-1.9
Net assets242.7249.349.4231.9-(1.6)
Reconciliation to carrying amounts
Amounts in $ millionsPPILPBILPOther
Opening net assets - 1 July 2022---
Partners' contribution231.9--
Issue of shares--7.9
Acquisition of business--(9.7)
Profit / (loss)1.7-0.2
Tax credits allocated to partners---
Other comprehensive income---
Distribution paid(1.7)--
Closing net assets - 30 June 2023231.9-(1.6)
Partners' contribution50.0241.532.9
Issue of shares---
Acquisition of business---
Profit / (loss)(34.3)16.818.1
Tax credits allocated to partners---
Other comprehensive income---
Distribution paid(4.9)(9.0)-
Closing net assets - 30 June 2024242.7249.349.4

Precinct Properties Group
112

Amounts in $ millions30 June 202430 June 2023
TotalPPILPBILPOtherTotalPPILPBILPOther
Precinct's share in %24.9%20.0%-24.9%-50.0%
Share of net assets at
carrying percentage126.260.449.915.956.957.7-(0.8)
Goodwill4.9--4.94.9--4.9
Closing
carrying amount131.160.449.920.861.857.7-4.1
Opening
carrying amount61.857.7-4.1----
Partners'
contribution / issue
of shares71.712.548.310.961.757.7-4.0
Profit / (loss)0.6(8.6)3.45.8(2.0)(2.1)-0.1
Other comprehensive
income--------
Distribution paid(3.0)(1.2)(1.8)-(0.4)(0.4)--
Closing
carrying amount131.160.449.920.859.355.2-4.1
Accounting policy
Interests in associates and joint ventures
Interests in associates and joint ventures are accounted for using the equity method and are stated in the
consolidated statement of financial position at cost, adjusted for the movement in Precinct's share of their net
assets and liabilities. Under this method, Precinct's share of the profits and losses after tax of associates and profit
and loss before tax of the joint ventures are included in Precinct profit before taxation. Adjustments to the carrying
amount are also made for Precinct's share of changes in the associates' and the joint venture's other comprehensive
income. When there has been a change recognised directly in the equity of the associate or joint venture, Precinct
recognises its share of any changes, when applicable, in the Consolidated Statement of Changes in Equity.
Under the equity method, gain or loss resulting from the transfer of investment properties to associates or joint
ventures in exchange for cash or shares is recognised only to the extent of the other investors' interest in the
associates or joint ventures, however when cash and shares are received, the portion of the gain or loss relating to
cash is recognised in full.
At each reporting date, Precinct assesses its equity-accounted investments to determine whether there is any
indication of impairment. If any such indication exists, then the investments' recoverable amount is estimated as a
single asset by comparing its recoverable amount with its carrying amount.
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Notes to the Financial Statements
For the year ended 30 June 2024
The recoverable amount is the greater of its value in use and its fair value less costs of disposal. Value in use
is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset or cash generating
unit. Fair value less costs of disposal is the price that would be received to sell an asset in an orderly transaction
between market participants at the measurement date, less the costs of disposal and includes a strategic premium
that is associated with collectively owning more than the sum of the individual shares.
If the carrying amount of an equity-accounted investment exceeds its recoverable amount, an impairment loss
is recognised in profit or loss and is applied to the carrying amount of the equity-accounted investment. Such
impairment loss is not allocated to the underlying assets that make up the carrying amount of the equity-accounted
investment. Impairment loss is subsequently reversed only to the extent that the recoverable amount of the
investment subsequently increases.
4.2
Related party disclosures
Precinct Properties Management Limited (PPML, subsidiary of PPIL), earns revenue streams from the management of real
estate investments including PPILP, BILP and Te Tōangaroa. Under the various management agreements PPML is entitled
to receive management 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:
30 June
2024
Amounts in $ millions
Fees charged during periodAmounts owing at period end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Asset management fee income2.0-2.0---
Development management fee income2.2-2.2---
Building management fee income0.8-0.80.1-0.1
Leasing fee income0.3-0.30.3-0.3
Acquisition and disposal fees0.3-0.3---
Additional services fees-0.50.5-0.50.5
Total management fee income5.60.56.10.40.50.9
Rent paid(2.2)-(2.2)---
Precinct Properties Group114

30 June 2023
Amounts in $ millions
Fees charged during periodAmounts owing at period end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Asset management fee income0.6-0.6---
Development management fee income2.7-2.70.2-0.2
Building management fee income0.2-0.2---
Leasing fee income------
Acquisition and disposal fees1.9-1.9---
Additional services fees------
Total management fee income5.4-5.40.2-0.2
Rent paid(0.1)-(0.1)---
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
30 June 202430 June 202330 June 202430 June 2023
Charged from PPIL to PPNZ
Asset management fee11.8---
Development management fee5.9---
Building management fee4.9---
Leasing fee1.0-1.0-
Acquisition and disposal fees0.5-0.5-
Additional services fees1.8-1.8-
Total management fee income25.9-3.3-
Charged from PPNZ to PPIL
Rental income3.2-3.6-
Interest income3.4-12.9-
Total charges6.6-16.5-
There were expense recharges between PPNZ and other Precinct entities for items such as insurance premiums, directors
fees and travel where the transactions were not eliminated on consolidation. The total value of these recharges for the year
ended
30 June 2024 were $0.6 millions charged from PPIL to PPNZ and $2.4 million recharged from PPNZ to PPIL.
Interest bearing loans exist between PPNZ and other Precinct entities. At 30 June 2024, interest bearing loans of $60.5 million
(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.
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Notes to the Financial Statements
For the year ended 30 June 2024
5. INVESTOR RETURNS
5.1 Earnings per share
Amounts in $ millions unless otherwise stated30 June 202430 June 2023
Weighted average number of shares for both PPNZ and PPIL
Weighted average number of shares for basic and diluted earnings per share (millions)1,586.31,585.8
PPNZ
Net profit after tax for basic and diluted earnings per share - PPNZ(23.7)(153.1)
Basic earnings per share (cents) - PPNZ(1.49)(9.65)
Diluted earnings per share (cents) - PPNZ(1.49)(9.65)
PPIL
Net profit after tax for basic and diluted earnings per share - PPIL1.6-
Basic earnings per share (cents) - PPIL0.10-
Diluted earnings per share (cents) - PPIL0.10-
Stapled entity
Net profit after tax for basic and diluted earnings per share - stapled entity(22.1)(153.1)
Basic earnings per share (cents) - stapled entity(1.39)(9.65)
Diluted earnings per share (cents) - stapled entity(1.39)(9.65)
The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and
weighted average number of ordinary shares outstanding after the adjustment for all dilutive potential ordinary shares.
Precinct Properties Group
116

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 stated30 June 202430 June 2023
Net profit / (loss) after taxation(22.1)(153.1)
Adjust for non-cash items
Unrealised net (gain) / loss in value of investment and development properties105.2257.1
Unrealised net (gain) / loss on financial instruments1.2(6.1)
Depreciation - property, plant and equipment4.83.0
Deferred tax (benefit) / expense-(14.1)
IFRS 16 lease adjustments(0.5)(0.1)
Share-based payments scheme1.21.4
Convertible note option value amortisation1.2-
Amortisations13.613.7
Straight-line rental adjustments(3.7)(2.0)
Adjust for equity-accounted investments
Share of (profit) / loss in equity-accounted investments(3.0)3.2
Distributions attributable to the period3.7-
Adjust for disposals and acquisitions
Net realised (gain) / loss on sale of investment and development properties10.62.0
Depreciation recovered on sale1.27.7
Tax on revenue account sales of investment and development properties-0.5
Adjust for one-off items
Stapling project costs0.10.8
Project initialisation costs1.0-
Funds from operations (FFO)114.5114.0
Funds from operations per share (cents)7.227.19
Maintenance capex(3.3)(3.3)
Incentives and leasing costs(5.0)(4.6)
Adjusted funds from operations (AFFO)106.2106.1
Weighted average number of shares for net operating income per share (millions)1,586.31,585.8
Adjusted funds from operations per share (cents)6.696.69
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Notes to the Financial Statements
For the year ended 30 June 2024
5.3 Dividends paid
Amounts in $ millions unless otherwise stated30 June 202430 June 2023
Payment DateCents per
share
TotalPayment DateCents per
share
Total
The following dividends were declared and
paid by PPNZ during the period:
Q4 2023 final dividend22-Sep-231.675026.623-Sep-221.675026.6
Q1 2024 interim dividend15-Dec-231.497523.88-Dec-221.675026.6
Q2 2024 interim dividend22-Mar-241.497523.824-Mar-231.675026.6
Q3 2024 interim dividend7-Jun-24
1.497523.8
9-Jun-23
1.675026.6
Total dividends paid - PPNZ
6.167598.06.7000106.4
The following dividends were declared and
paid by PPIL during the period:
Q4 2023 final dividendN/AN/AN/AN/A
Q1 2024 interim dividend15-Dec-230.19003.0N/AN/A
Q2 2024 interim dividend22-Mar-240.19003.0N/AN/A
Q3 2024 interim dividend7-Jun-24
0.19003.0N/AN/A
Total dividends paid - PPIL
0.57009.0N/AN/A
Total dividends paid - Precinct6.7375107.06.7000106.4
Supplementary dividends of $91,711 were paid to PPIL shareholders not resident in New Zealand for which PPIL received a
foreign investor tax credit entitlement (2023: $nil).
6.
CAPITAL STRUCTURE AND FUNDING
6.1 Interest bearing liabilities
Amounts in $ millions30 June 202430 June 2023
Bank loans484.3561.0
US private placement260.7260.7
NZ senior secured bonds425.0425.0
Convertible note150.0-
Total drawn debt1,320.01,246.7
US private placement - fair value adjustment23.016.9
Convertible note - embedded financial derivative and amortisation adjustment(1.7)-
Capitalised borrowing costs(6.7)(5.2)
Net interest bearing liabilities1,334.61,258.4
Precinct Properties Group118

Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
30 June
2024
30 June
2023
Bank loansAmortised cost--Floating
2
-22.0
Bank loansAmortised costJun-29200.0Floating
2
125.0250.0
Bank loansAmortised costJun-28300.0Floating
2
300.0289.0
Bank loans
3
Amortised costNov-26200.0Floating
2
--
Bank loansAmortised costDec-26168.0Floating
2
59.3-
NZ senior secured bond (PCT020)Amortised costNov-24100.04.42%100.0100.0
NZ senior secured bond (PCT030)Amortised costMay-27150.02.85%150.0150.0
NZ senior secured bond (PCT040)Amortised costMay-28175.05.25%175.0175.0
Convertible note (PCTHB)Amortised costSep-2665.07.56%65.0-
Convertible note (PCTHC)Amortised costSep-2785.07.53%85.0-
US private placementFair valueJan-2565.34.13%65.365.3
US private placementFair valueJan-2732.64.23%32.632.6
US private placementFair valueJul-29118.44.28%118.4118.4
US private placementFair valueJul-3144.44.38%44.444.4
Total drawn debt1,703.71,320.01,246.7
Weighted average term to maturity3.3 years3.5 years
Weighted average interest rate before swaps (including funding costs)7.38%7.40%
1As at 30 June 2024.
2Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility fees.
3Facility committed but unavailable to draw on until November 2024.
Precinct has committed funding of $1,703.7 million (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 substantially all of its properties. The value of the mortgaged property pool as at
30 June 2024 is $3,134.3 (2023: $3,279.1 million).
The convertible note is 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.
To substantially remove currency risk, US private placement proceeds have been fully swapped back to New
Zealand dollars.
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Notes to the Financial Statements
For the year ended 30 June 2024
Accounting policy
Interest bearing liabilities
Bank loans and the NZ retail bond are recognised initially at fair value less any attributable transaction costs.
Subsequent to initial recognition, these liabilities are stated at amortised cost using the effective interest method.
The US private placements are recognised at fair value including translation to NZD with any gains or losses
recognised in the profit or loss as they arise. This fair value is determined using swap models and present value
techniques with observable inputs such as interest rate and cross-currency curves. The movement in fair value
attributable to changes in Precinct's own credit risk is calculated by determining the changes in credit spreads
above observable market interest rates and is recognised in other comprehensive income. This measurement falls
into level 2 of the fair value hierarchy.
The convertible note embedded financial derivative is 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 its 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 $ millions30 June 202430 June 2023
Finance income
Bank interest income1.70.4
Interest income on loan receivables
3.30.9
5.01.3
Finance expense
Interest bearing liabilities interest expense(71.2)(65.5)
Capitalised interest
25.133.4
(46.1)(32.1)
Net finance expense(41.1)(30.8)
Precinct Properties Group120

6.3 Derivative financial instruments
Amounts in $ millions30 June 202430 June 2023
Financial derivative assets
Current10.15.3
Non current
1
34.049.8
44.155.1
Financial derivative liabilities
Current(1.4)-
Non current
(24.0)(29.0)
(25.4)(29.0)
Total fair value of derivative financial instruments18.726.1
Notional contract cover (fixed payer)
2
2,135.01,735.0
Notional contract cover (fixed receiver)490.0425.0
Notional contract cover (cross currency swaps - fixed receiver)260.7260.7
Percentage of net drawn borrowings fixed99.2%72.2%
Weighted average term to maturity (fixed payer)2.9 years2.6 years
Weighted average interest rate after swaps (including funding costs)5.38%5.61%
1This includes the cross currency interest rate swap valuation of $24.5 million (June 2023: $22.7 million) and a net debit value adjustment of
$0.1 million (June 2023: $0.7 million credit).
2Includes forward start swaps.

Amounts in $ millions30 June 202430 June 2023
Unrealised net gain / (loss) on financial instruments
Interest rate swaps(7.3)3.6
US private placement
1
3.22.5
Convertible note option
2.9-
Subtotal unrealised net gain / (loss) on financial instruments(1.2)6.1
Credit risk adjustments on financial liabilities designated at fair value through profit or loss(9.4)7.8
Total unrealised net gain / (loss) on financial instruments(10.6)13.9
1This is the net impact, excluding the credit risk adjustment, of the movement in value of the cross currency interest rate swap and the US private
placement notes.
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Notes to the Financial Statements
For the year ended 30 June 2024
Accounting policy
Derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage its exposure to
interest rate and foreign exchange risks arising from operational, financing and investment activities.
Derivative financial instruments are recognised initially at fair value and subsequently re-measured and carried at
fair value. They are carried as assets when the fair value is positive and liabilities when the fair value is negative. The
gain or loss on re-measurement to fair value is recognised directly in profit or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap at the balance
date, taking into account current rates and creditworthiness of the swap counterparties. This is determined using
swap models and present value techniques with observable inputs such as interest rate and cross-currency curves.
The fair value of derivatives fall into level 2 of the fair value hierarchy.
6.4
Loan receivables
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon30 June
2024
30 June
2023
Mezzanine loanAmortised costFloating
2
-18.0
Sale and lease back property
3
Amortised costFeb-2615.05.00%15.015.0
Mezzanine loanAmortised costApr-2620.014.00%10.7-
Total loan receivables35.025.733.0
Capitalised interest and line fees1.1-
Capitalised borrowing costs(0.4)-
Total net loan receivables26.433.0
1As at 30 June 2024.
2Interest rate is at the 90-day benchmark borrowing rate (BKBM) plus a margin.
3Precinct has legal title of the Amora Hotel property 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 30 June 2024.
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.
Precinct Properties Group
122

The following table provides details of movements in Precinct's issued shares:
Amounts in $ millions unless otherwise stated
30 June 2024
30 June 2023
Number (m)AmountNumber (m)Amount
Balance at the beginning of the period1,585.81,622.01,585.31,621.2
Issue of shares:
Long term incentive plan - shares vested0.40.70.40.7
Employee share scheme - shares issued0.10.10.10.1
Balance at the end of the period1,586.31,622.81,585.81,622.0
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.
6.6
Reserves
Amounts in $ millions30 June 202430 June 2023
Credit risk adjustments on financial liabilities(6.2)1.8
Share option reserve2.72.2
Total reserves(3.5)4.0
Credit risk adjustments on financial liabilities
Opening balance1.8(3.8)
Movement in credit risk adjustments on financial liabilities designated at fair value through
profit or loss(9.4)7.8
Deferred tax on items transferred directly to / (from) equity1.4(2.2)
Closing balance(6.2)1.8
Share option reserve
Opening balance2.21.5
Long-term incentive scheme expense2.01.4
Long-term incentive scheme vesting(0.7)(0.7)
Long-term incentive scheme lapsed(0.8)-
Closing balance2.72.2
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Notes to the Financial Statements
For the year ended 30 June 2024
6.7 Capital management
The Group's capital includes ordinary shares, retained earnings and interest bearing liabilities. When managing capital,
management's objective is to ensure Precinct continues as a going concern as well as to maintain optimal returns to share
holders and benefits for other creditors. Management also aims to maintain a capital structure that ensures the lowest cost
of capital is available to Precinct.
Precinct meets its objectives for managing capital through its investment decisions on the acquisition and disposal of assets,
developments, dividend policy, share buy backs and issuance of new shares.
Precinct’s banking covenants require total liabilities (excluding deferred tax, derivative financial instruments and sub-
ordinated debt liability) to not exceed 50% of total assets. In addition, the covenants require that secured debt shall be
no more than 50% of the value of the mortgaged property pool. Precinct has complied with this requirement during this year
and the previous year.
Precinct’s policy in respect of capital management is reviewed regularly.
6.8
Financial risk management
In the normal course of business through the use of financial instruments, Precinct is exposed to interest rate risk, credit risk
and liquidity risk. The Precinct Boards agree and review policies for managing each of these risks.
Financial instruments held:
Amounts in $ millions unless
otherwise stated
30 June 2024
30 June 2023
At amortised
cost
Fair value
through profit
or lossTotal
At amortised
cost
Fair value
through profit
or lossTotal
Financial assets
Cash22.1-22.116.6-16.6
Debtors9.7-9.710.1-10.1
Loan receivables26.4-26.433.0-33.0
Derivative financial instruments-44.144.1-55.155.1
Total financial assets58.244.1102.359.755.1114.8
Financial liabilities
Other current liabilities4.6-4.64.0-4.0
Interest bearing liabilities1,050.9283.71,334.6980.8277.61,258.4
Derivative financial instruments----29.029.0
Total financial liabilities1,055.5283.71,339.2984.8306.61,291.4
Precinct Properties Group124

a) Interest rate risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance, future cash flows or
the fair value of its financial instruments.
Precinct’s policy is to manage its interest rates using a mix of fixed and variable rate debt. Precinct’s policy is to keep at
least 60% (based on a one year horizon) of its interest bearing liabilities at fixed rates of interest. To manage this mix Precinct
enters into interest rate swaps, in which Precinct agrees to exchange, at specified intervals, the difference between fixed and
variable rates for interest calculated by reference to an agreed-upon notional principal amount. These swaps are designed
to economically hedge underlying debt obligations.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on interest bearing
liabilities, after the impact of hedging with all other variables held constant.
Amounts in $ millions30 June 202430 June 2023
Effect on profit
or equity
Effect on profit
or equity
25 basis point increase(0.8)(0.9)
25 basis point decrease0.80.9
b) Credit risk
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause
the Group to incur a financial loss. Financial instruments which subject Precinct to credit risk principally consist of cash,
debtors, loan receivables and derivative financial instruments in an asset position. Precinct’s exposure to credit risk is equal
to the carrying value of the financial instruments.
Precinct conducts credit assessments to determine credit worthiness prior to entering into lease agreements. In addition,
debtor and loan balances are monitored on an ongoing basis with the result that Precinct’s exposure to bad debts is not
significant. No loan balances are past due.
There is no significant concentration of credit risk as financial assets are spread amongst a number of counterparties.
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Notes to the Financial Statements
For the year ended 30 June 2024
c) Liquidity risk
Liquidity risk is the risk that Precinct will experience difficulty in either realising assets or otherwise raising sufficient funds to
satisfy commitments associated with financial liabilities.
Precinct monitors and evaluates liquidity requirements on an ongoing basis and generates sufficient cash flows from its
operating activities to meet its obligations arising from its financial liabilities and has bank facilities available to cover
potential shortfalls. The Group’s approach to managing liquidity risk is to ensure it will always have sufficient liquidity
to meet its obligations when they fall due under both normal and stress conditions. The Group manages liquidity by
maintaining adequate committed credit facilities and spreading maturities in accordance with internal policy.
The tables below analyse Precinct’s financial liabilities (principal and interest) and net cash flows of derivative financial
instruments into relevant contracted maturity periods.
Amounts in $ millions unless otherwise stated
Carrying
amount0 - 1 year1 - 2 years2 - 5 years> 5 years
Total
contractual
cash flows
30 June 2024
Interest bearing liabilities1,334.6199.530.5900.8167.31,298.1
Net derivative financial instruments(18.7)21.821.567.521.0131.8
Lease liabilities55.25.15.116.228.855.2
Other current liabilities4.64.6---4.6
Total1,375.7231.057.1984.5217.11,489.7
30 June 2023
Interest bearing liabilities1,258.439.8222.6965.6174.91,402.9
Net derivative financial instruments(26.1)16.013.838.94.573.2
Lease liabilities63.24.75.315.937.363.2
Other current liabilities4.04.0---4.0
Total1,299.564.5241.71,020.4216.71,543.3
Precinct has netting arrangements in place under its facility agreement and its hedging arrangements. Under its facility
agreement, Finance Parties can only set off credit balances against amounts due and payable while an event of default
or potential event of default is continuing. Under its hedging arrangements, netting occurs under the terms of the ISDA
Agreements to amounts that would be payable on the same day between the counterparties in the same currency and in
respect of the same transaction (or in some instances, same type of transaction) and may also occur on early termination or
an event of default.
Accounting policy
Derecognition of financial instruments
Financial assets are derecognised when the right to receive cash flows from the financial asset has expired or when
the entity transfers substantially all the risks and rewards of the financial asset. If the entity neither retains nor
transfers substantially all of the risks and rewards, it derecognises the asset if it has transferred control of the asset.
Financial liabilities are derecognised when the obligation has expired or been transferred.
Precinct Properties Group126

7. TAXATION
7.1 Income tax
Amounts in $ millions
30 June 202430 June 2023
Current tax benefit / (expense)2.45.2
Depreciation recovered on sale(1.2)(7.7)
Deferred tax benefit / (expense)-14.1
Income tax benefit / (expense) as per consolidated statement of comprehensive income1.211.6
Amounts in $ millions
30 June 202430 June 2023
Net profit / (loss) before taxation(23.3)(164.7)
Tax benefit / (expense) at the statutory income tax rate of 28.0%6.546.1
(Increase) / decrease in income tax due to:
Unrealised (gain) / loss on value of investment and development properties(29.0)(72.2)
Net realised (gain) / loss on sale of investment & development properties(3.1)-
Unrealised (gain) / loss on financial instruments(0.3)1.9
Impairment of goodwill--
Disposal of depreciable assets--
Capitalised interest7.09.4
Prior period adjustments1.11.7
Other adjustments0.63.6
Depreciation17.114.0
Deductible capital expenditure0.20.7
Tax impacts of equity-accounted investments2.3-
Current tax benefit / (expense)2.45.2
Depreciation recovered on sale of depreciable assets(1.2)(7.7)
Deferred tax charged to profit or loss:
Fair value of financial instruments2.6(1.9)
Investment property depreciation(1.9)4.8
Other deferred tax(0.7)11.2
Total deferred tax benefit / (expense)-14.1
Total income tax benefit / (expense)1.211.6
Effective tax rate5%7%
Precinct holds its properties on capital account for income tax purposes.
Advancing Strategic Growth
127
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Notes to the Financial Statements
For the year ended 30 June 2024
The group has tax losses of $223.4 million available to carry forward as at 30 June 2024 (2023: $228.5 million).
Imputation credits available for use as at 30 June 2024 are $nil (PPNZ) and $150,625 (PPIL) (2023: $nil).
Accounting policy
Income tax
a) Recognition and measurement
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.
b) Key estimates and assumptions
Precinct undertakes transactions in the ordinary course of business where the income tax treatment requires the
exercise of judgement. Precinct estimates the amount expected to be paid to / recovered from tax authorities based
on its understanding and interpretation of the law, seeking external advice where appropriate, and considers that
it holds appropriate provisions. Uncertain tax positions are presented as current or deferred tax assets or liabilities
with reference to the nature of the underlying uncertainty based on management's determination of the likelihood
that uncertain tax positions will be accepted by the tax authorities.
Precinct applies judgement in evaluating whether the proceeds of sale of properties are on capital or revenue
account for income tax purposes.
7.2
Deferred tax
Amounts in $ millions
30 June 202430 June 2023
Deferred tax asset - tax losses67.064.0
Deferred tax asset / (liability) - fair value of financial instruments1.3(2.7)
Deferred tax asset - share based payments1.20.8
Deferred tax liability - intangible assets on acquisition(0.4)(0.5)
Deferred tax asset - lease liabilities15.517.8
Deferred tax liability - right-of-use assets(5.9)(7.0)
Deferred tax liability - depreciation(76.2)(74.3)
Net deferred tax asset / (liability)2.5(1.9)
Deferred tax assets
Precinct has recognised deferred tax assets relating to the fair value of financial instruments, share-based payments,
accumulated tax losses of the group and lease liabilities.
Deferred tax liabilities
Precinct has recognised deferred tax liabilities relating to the depreciation claw-back which would arise on the sale of
investment properties at carrying value.
Precinct Properties Group
128

In estimating this deferred tax liability, Precinct has relied on independent valuers' assessments of the market value
of the land and improvements. For 30 June 2024, Precinct has then relied on insurance replacement cost reports to
split the value of improvements (being the building structure and the fixtures and fittings), identified in the independent
valuer's assessments.
Accounting policy
Deferred tax
Deferred tax is recognised using the balance sheet method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and
are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the
carrying amounts of investment property will be recovered through sale.
8.
OTHER
8.1 Employment and administration expenses
Amounts in $ millions
30 June 202430 June 2023
Salaries and other short-term benefits16.014.9
Share-based payments expense1.21.4
Less: management expenses recognised in direct operating expenses(5.8)(6.5)
Less: management expenses capitalised to properties being developed(8.8)(6.2)
Other employment and administration expenses3.13.9
Total employment and administration expenses5.77.5
8.2 Corporate overhead expenses
Amounts in $ millions
30 June 202430 June 2023
Audit fees0.40.4
Directors' fees and expenses1.51.3
Amortisation of intangible assets0.30.3
Other
1
3.64.0
Total corporate overhead expenses5.86.0
1Other includes valuation fees, NZX listing fees, share registry costs, annual report publication and property investigations and feasibility costs.
Advancing Strategic Growth129
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Notes to the Financial Statements
For the year ended 30 June 2024
Auditors remuneration comprises:
Amounts in $ thousands
30 June 202430 June 2023
Audit or review of the financial statements
1
Annual financial statements audit engagement353.6290.9
Interim financial statements review engagement33.030.3
Audit or review related services
1
Operating expense statement review
2
35.025.1
Other assurance services and other AUP engagements
1
Green bond assurance34.729.4
Total auditors remuneration456.3375.7
1All services provided by the Auditor are assurance engagements.
2Operating expense statement review costs are included within property direct operating expenses rather than corporate overhead expenses.
8.3 Key management personnel
Amounts in $ millions
30 June 202430 June 2023
Directors' fees
1
0.90.8
Executive team remuneration
2
5.46.0
Total key management personnel expenses6.36.8
1Includes due diligence committee (DDC) fees that may be capitalised depending on the nature of the DDC.
2Total remuneration comprising base salary, STI payments, market value of LTI shares vesting and employer contributions to superannuation.
8.4 Share-based payments
a) Description of share-based payments arrangements
On 1 April 2021, Precinct introduced a long-term incentive scheme (‘scheme’) for key management personnel and senior
executives. Under this scheme, share rights were issued which entitles participants to receive ordinary shares in Precinct.
The original tranche of rights vest within the period of 15-39 months from 1 April 2021. All rights issued after the original
tranche generally vest over a period of 36 months. Vesting of share rights are subject to achieving service and/or
performance conditions and is classified as equity-settled. These are at-risk payments designed to align the reward for
senior management personnel and senior executives with the enhancement of shareholder value over a multi-year period.
Precinct Properties Group
130

The key terms and conditions related to the grants under this scheme are as follows:
Restricted share rights (granted to
senior management personnel and
senior executives)
Vest over service periods of 36-48 months provided the participant remains employed
by Precinct.
Performance share rights (granted
to senior executives)
Vest over 36-39 months (assessment period) if the related performance hurdle is met
and participant remains employed by Precinct. These will vest as follows:
Absolute TSR rights (one-third of performance share rights)
If Precinct's TSR exceeds a specified annualised compounding rate.
Relative TSR rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's TSR
relative to the TSR of property group comprising other listed property issuers.
FFO growth rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's FFO
growth per share relative to CPI growth rate.
TSR - Total shareholder's return; FFO - Funds from operations
On vesting date, subject to meeting the service and performance conditions as above, each share right converts to one
ordinary share. Key management personnel and senior executives are liable for tax on the shares received at this point.
b) Reconciliation of outstanding share rights
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options
during the year.
30 June 202430 June 2023
Number in millions
NumberWAEP
1
NumberWAEP
1
Outstanding at 1 July6.4$0.882.4$0.88
Exercised during the year(0.6)
2
$1.12(0.4)
3
$1.29
Lapsed during the year(1.4)$0.00-$0.00
Granted during the year3.1$0.464.4$0.92
Outstanding at 30 June7.5$0.856.4$0.88
1Weighted average exercise price is the average exercise price for the group of share rights transactions weighted by the shares in
each transaction.
2Share rights vested 30 June 2024 with shares issued on 1 July 2024.
3Share rights vested 30 June 2023 with shares issued on 3 July 2023.
The weighted average remaining contractual life for share rights outstanding at 30 June 2024 is 1.8 years (2023: 2.2 years).
c) Fair value measurement of share rights
The fair value of the employee share rights awarded has been measured using a binomial model and Monte Carlo
simulation. Service and non-market performance conditions attached to the arrangements were not taken into account
in measuring fair value.
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Notes to the Financial Statements
For the year ended 30 June 2024
The inputs used in the measurement of fair values at grant date of the award share rights were as follows:
Grant date 1 July 2022Grant date
14 April 2023
Restricted
share rights
Absolute
TSR Rights
Relative
TSR Rights
FFO GrowthRestricted
share rights
Fair value ($)1.3300.5100.6500.9611.255
Share price ($)1.3301.3301.3301.3301.280
Expected volatility (%)N/A19.9019.9019.90N/A
Expected life3 yrs3 yrs3 yrs3 yrs4 yrs
Risk free rate (%)N/A3.453.453.45N/A
Grant date 1 July 2023
Restricted
share rights
Absolute
TSR Rights
Relative
TSR Rights
FFO Growth
Fair value ($)1.2560.5100.6300.275
Share price ($)1.2901.2901.2901.290
Expected volatility (%)N/A19.5019.5019.50
Expected life3 yrs3 yrs3 yrs3 yrs
Risk free rate (%)N/A5.055.055.05
Expected volatility has been based on an evaluation of the historical volatility of the Precinct’s share price, particularly over
the historical period commensurate with the expected term. The expected term of the share rights has been based on
historical experience and general option holder behaviour. The risk-free rate reflects the interpolated rate for the vesting
period based on data sourced from the Reserve Bank of New Zealand.
The management expense relating to the LTI scheme for the year ended 30 June 2024 is $1.2 million (30 June 2023:
$1.4 million) with a corresponding increase in the share-based payments reserve. The unamortised fair value of the
remaining share rights at 30 June 2024 is $3.1 million (30 June 2023: $3.8 million).
Accounting policy
Share-based payment arrangements
a) Recognition and measurement
The grant-date fair value of share-based payment arrangements granted to employees is generally recognised
as an expense, with a corresponding increase in equity, over the vesting periods of the awards. The amount
recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
performance conditions are expected to be met, such that the amount ultimately recognised is based on the
number of awards that meet the related service and non-market performance conditions at the vesting date. For
share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is
measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
b) Key estimates and assumptions
It has been assumed that the key management personnel and senior executives will remain employed with Precinct
on each of the vesting dates and that the non-market performance conditions will be met.
Precinct Properties Group
132

8.5 Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities
Amounts in $ millions30 June 202430 June 2023
Net profit after taxation(22.1)(153.1)
Add / (less) non-cash items and non-operating items--
Unrealised net (gain) / loss in value of investment and development properties105.2257.1
Unrealised net (gain) / loss on financial instruments1.2(6.1)
Net realised (gain) / loss on sale of investment properties10.62.0
Deferred tax (benefit) / expense-(14.1)
Amortisation of leasing costs and incentives12.215.1
Share of (loss) / profit in equity-accounted investments(3.0)2.0
Deferred tax expense(1.8)5.5
Movement in working capital
Increase / (decrease) in creditors(19.6)9.3
Income tax payable(0.3)-
(Increase) / decrease in debtors(2.8)0.4
Net cash inflow / (outflow) from operating activities79.6118.1
8.6 Debtors and other current assets
Amounts in $ millions30 June 202430 June 2023
Trade receivables10.97.7
Less Allowance for expected credit losses on trade receivables
(1.2)(0.7)
Net trade receivables9.77.0
Receivables from related parties0.13.1
Other receivables
12.79.9
Total debtor and other receivables (excluding prepayments)22.520.0
Prepayments15.922.1
Total debtor and other receivables38.442.1
Advancing Strategic Growth133
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Notes to the Financial Statements
For the year ended 30 June 2024
8.7 Trade and other payables
Amounts in $ millions30 June 202430 June 2023
Trade creditors4.64.0
Accrued capital expenditure9.522.1
Retention accruals6.56.1
Accrued other expenses22.837.5
Accrued interest7.210.6
Rent received in advance4.35.3
Total other accruals and payables54.985.6
8.8 Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 30 June 2024 (June 2023: $nil).
b) Contingent assets
There are no contingent assets as at 30 June 2024 (June 2023: $nil).
8.9
Events after balance date
On 1 July 2024, Precinct acquired the remaining 50 per cent interest in the residential development management business
joint venture, Precinct Properties Residential Limited.
On 1 July 2024, Precinct paid a $6.1 million deposit towards the purchase of Downtown Car Park, Auckland.
On 27 August 2024, Precinct entered into a conditional agreement with Orams Group to jointly develop their significant
waterfront site at Wynyard Quarter including a small scale commercial development and large scale residential
development site. The agreement is conditional upon agreeing and finalising full-form transaction documentation and
approval from Auckland Council (as ground lessor). Precinct's total equity investment will be c.$46.0 million, excluding
residential development cost.
On 27 August 2024, the PPNZ and PPIL Boards approved the financial statements for issue.
On 27 August 2024, the Board of PPNZ approved the payment of a dividend of 1.4975 cents per share to be paid on
20 September 2024.
On 27 August 2024, the Board of PPIL approved the payment of a dividend of 0.1900 cents per share to be paid on
20 September 2024.
Precinct Properties Group
134

EY
Building a better

working world
Independent Auditor's report to the shareholders of Precinct Properties New Zealand Limited and
Precinct Properties Investments Limited
Opinion
We have audited the financial statements of Precinct Properties New Zealand Limited ("PPNZ") and its subsidiaries and
Precinct Properties Investments Limited ("PPIL) and it's subsidiaries (together the “Group”) on pages
87 to 134, which
comprise the consolidated statement of financial position of the Group as at 30 June 2024, and the consolidated statement
of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the
year then ended of the Group, and the notes to the financial statements including material accounting policy information.
In our opinion, the consolidated financial statements on pages 87 to 134 present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2024 and its consolidated financial performance and consolidated
cash flows for the year then ended in accordance with New Zealand equivalents to International Financial Reporting
Standards and International Financial Reporting Standards.
This report is made solely to the shareholders of PPNZ and PPIL, as a body. Our audit has been undertaken so that we might
state to the Company's shareholders those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PPNZ, PPIL
and their shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of
our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand
Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Ernst & Young provides other assurance related services to the Group. Ernst & Young leases office space from the Group.
Partners and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities
of the business of the Group. We have no other relationship with, or interest in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the financial statements section
of the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion
on the accompanying consolidated financial statements.
A member firm of Ernst & Young Global Limited
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Investment and Development Property Valuations
Why significantHow our audit addressed the key audit matter
The Group’s investment and development properties have
assessed fair values of $2,987.4 million and $201.2 million
respectively, and account for 80% of the group’s
total assets.
The Group engaged third-party registered valuers to
determine the fair value of each investment and
development property at 30 June 2024.
The property valuations require the use of judgments
specific to the properties, as well as consideration of
the prevailing market conditions. Significant assumptions
used in the valuations are inherently subjective and a
small difference in any one of the key assumptions, when
aggregated, could result in a significant change to the
property valuations. As a result, we consider the valuation
of investment and development properties and the related
disclosures in the financial statements to be significant to
our audit.
For investment and development properties key
assumptions are made in respect of:
•Forecast market rent and rental growth rates; and
•estimated capitalisation or discount rates.
For development properties, which are valued using the
residual approach, additional key assumptions are made
in respect of:
•forecast development costs; and
•profit and risk allowance.
Disclosures relating to investment and development
properties and the associated significant judgments
are included in Note 3.1 ‘Investment and Development
Properties’ to the consolidated financial statements.
Our audit procedures included the following:
•Held discussions with management to understand:
–changes in the condition of each property; and
–the impact market conditions had on the
Group’s investment and development properties.
•On a sample basis we:
–Evaluated the Group’s internal review of the
third-party valuation reports.
–Involved our real estate valuation specialists
to assist with our assessment of whether
significant valuation assumptions fell within
reasonable ranges and the valuation
methodologies adopted were appropriate.
–Assessed key inputs supplied to the third-party
valuers by the Group, including comparing the
tenancy schedule and specific provisions in the
lease agreements to the underlying records held
by the Group.
–Assessed the significant assumptions applied
by the third-party valuers for reasonableness
compared to previous period assumptions, the
changing state of the properties and other
market changes.
–Assessed the competence, qualifications and
objectivity of the third party-valuers.
–Agreed the carrying value of each property to
the relevant third-party valuation report.
•Considered the adequacy of the disclosures in relation
to investment and development properties.
A member firm of Ernst & Young Global Limited
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Information other than the Financial Statements and Auditor's Report
The directors of PPNZ and PPIL are responsible for the annual report, which includes information other than the consolidated
financial statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or
our knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Directors' responsibilities for the financial statements
The directors are responsible, on behalf of the entities, for the preparation and fair presentation of the consolidated
financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and
International Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entities the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at External
Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1/. This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Susan Jones.
Chartered Accountants
Auckland
27 August 2024
A member firm of Ernst & Young Global Limited
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Report
The Numbers
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137

Directory
Precinct Properties New Zealand 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
Directors of Precinct
Anne Urlwin – Chair, Independent Director
Nicola Greer – Independent Director
Christopher Judd – Independent Director
Chris Meads – Independent Director
Mark Tume – Independent Director
Graeme Wong – Independent Director
Officers of Precinct
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
Manager
Precinct Properties Management Limited
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
Bankers
ANZ New Zealand Bank
Bank of New Zealand
ASB Institutional Bank
Westpac New Zealand
Commonwealth Bank of Australia
Auditor
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Security Trustee
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
Telephone:+64-9-488-8700
Email:enquiry@computershare.co.nz
Website:www.computershare.co.nz
Fax:+64-9-488-8787
Please contact our registrar:
•To change investment details such as name, postal address or method of payment.
•For queries on dividends and interest payments.
•To elect to receive electronic communication.
Precinct Properties Group
138

precinct.co.nz
2024 Annual Report

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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 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency NZD (New Zealand Dollar)
Amount (000s) Percentage change
Revenue from continuing
operations
$248,000 10.6%
Total Revenue $248,000 10.6%
Net profit/(loss) from
continuing operations
($30,100) -79.6%
Total net profit/(loss) ($30,100) -79.6%
Interim Dividend – Precinct Properties New Zealand Limited
Amount per Quoted Equity
Security
$0.01497500
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 6 September 2024
Dividend Payment Date 20 September 2024
Interim Dividend – Precinct Properties Investments Limited
Amount per Quoted Equity
Security
$0.00190000
Imputed amount per Quoted
Equity Security
$0.00009492
Record Date 6 September 2024
Dividend Payment Date 20 September 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.29 $1.38
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Annual Report and Annual Results
presentation for the year ended 30 June 2024.
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

28 August 2024

Audited financial statements accompany this announcement.

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Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearXQuarterly
Half yearSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
4
Excluded amount (applicable to listed PIEs)
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
+64 21 111 8898
hello@precinct.co.nz
28/08/2024
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00000000
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
$0.01497500
$0.01497500
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
3. "Gross taxable amount" is the gross distribution minus any excluded income.
5. The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the imputation
credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT needs to be withheld.
$0.00000000
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Type of distribution
1. Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2. “Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product.
4. “Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include any
excluded amounts, where applicable to listed PIEs.
Section 2: Distribution amounts per financial product
$0.01497500
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
6/09/2024
5/09/2024
20/09/2024
$23,764,272

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearXQuarterly
Half yearSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
Excluded amount (applicabel to listed PIEs)
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
4.76%
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
Section 2: Distribution amounts per financial product
$0.00199492
NZD
Section 1: Issuer information
Precinct Properties Investments Limited
Precinct Properties Investments Limited Shares
PCT
NZAPTE0001S3
Type of distribution
6/09/2024
5/09/2024
20/09/2024
$3,015,166
Retained earnings
$0.00199492
$0.00004307
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00190000
$0.00000000
Richard Hilder
$0.00009492
$0.00056340
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
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 be withheld.
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
28/08/2024
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.

SPH Notice - Milford Asset Management Ltd SPH Notice - ANZ New Zealand Investments Limited

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.