Precinct 2024 Annual Meeting of Shareholders

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 15 November 2024
Precinct Properties Annual Shareholder Meeting (ASM)
11:30am (New Zealand time), Friday 15 November 2024
Toroa Meeting Suite, Generator Commercial Bay, Level 2, PwC Tower 15 Customs St
West, Auckland. Or online attendance at https://meetnow.global/nz


Chair’s opening address
Morena, Tena Koutou Katoa
Good morning and welcome to the Precinct Properties 2024 Annual Meeting of
Shareholders. I’m Anne Urlwin, Independent Director and Chair.
This is the first Annual Meeting addressing you, our shareholders, as Chair of Precinct
since my appointment took effect and it’s a pleasure to see so many of you in
attendance today.
Similar to previous years, today’s meeting has a hybrid format. So, in addition to the
in-person meeting being held, shareholders, proxies and guests can attend the
meeting online via the Computershare Online Meeting platform. Shareholders and
proxies attending virtually also have the ability to ask questions and submit votes
online.
For online participants, if you have a question to submit during the live meeting, please
select the Q&A tab on the right half of your screen anytime. Type your question into
the field and press send. Your question will be immediately submitted. Should you
require any assistance, one of the Computershare team will be able to assist you via
the chat function and reply to your query. Alternatively, you can call Computershare
on 0800-650-034.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Please note that while you can submit questions from now on, I will not address them
until the relevant time in the meeting at the end of the presentations. Please also note
that your questions may be moderated or if we receive multiple questions on one
topic, amalgamated together.
While we will try to get through as many questions as possible, we do apologise in
advance for any questions submitted online that we are unable to answer due to time
constraints. In this case, questions will be followed up by email after the meeting.
Voting today will be conducted by way of a poll on all items of business. In order to
provide you with enough time to vote, I will shortly open the voting for all resolutions.
For those attending virtually, if you are eligible to vote at this meeting, you will be able
to cast your vote online under the Vote tab. Once the voting has opened, the
resolutions will allow votes to be submitted. To vote, simply select your voting direction
from the options shown on screen. You can vote for all resolutions at once or by each
resolution. Your vote has been cast when the tick appears. To change your vote,
simply select ‘Change Your Vote’. You have the ability to change your vote, up until
the time I declare voting closed.

I now declare voting open on all items of business.

For those physically attending today, the Board and Executive team look forward to
engaging with you directly and we hope you will all stay and join us for some light
refreshments after the meeting is concluded.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
I would now like to introduce the members of the Board and executive team joining
us today. We have, Alison Barrass, Nicola Greer, Chris Judd, Chris Meads, Mark Tume,
Graeme Wong, Scott Pritchard, George Crawford and Richard Hilder.
We also have Taurua Grant who joins Precinct through the Future Director Programme
in an observer capacity.
Also present with us are representatives from our auditors, Ernst & Young, tax advisors,
KPMG, legal advisors, Chapman Tripp and our registrar, Computershare.
Now moving to the agenda of today’s meeting.
We will begin with reviewing the performance and activity of Precinct over the last
financial year. Following the conclusion of the presentation, there will be an
opportunity for shareholders attending either in person or using the virtual meeting
platform to ask questions.
We will start with any in-person questions before moving to any online questions
received. To encourage shareholder participation, we have also invited those unable
to attend today to submit questions ahead of the meeting via email or post. We
welcome any feedback and will consider any other matters that may properly be
brought before the meeting today.
The meeting will then proceed to the formal business where we have seven resolutions
to consider and are being put forward for shareholder approval today. There are six
resolutions for Precinct Properties New Zealand Limited including one special
resolution, and one ordinary resolution for Precinct Properties Investments Limited.
As detailed in the Notice of Meeting sent to shareholders last month, resolutions today
will consider the election of Alison Barrass as an Independent Director, the re-election
of Nicola Greer, Chris Judd and Mark Tume, an alteration to the constitution of
Precinct Properties, and fixing the remuneration of Ernst & Young as auditor for the
ensuing year for both Precinct Properties and Precinct Investments.
Prior to voting, you will hear from each of the four Directors and you will also have
another opportunity to ask questions on each of the resolutions before voting.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Before we move to the performance and activity of Precinct over the last financial
year, I would like to provide an update on our recent Board changes.
Ensuring balanced representation on the Boards of Precinct, including a diverse mix
of skills, experiences, and backgrounds, is crucial for effective governance and
decision-making. The People and Performance Committee plays a vital role in this
process and assists the Boards in planning their composition and is responsible for
managing the Boards' succession planning.
We are delighted to have appointed Alison Barrass as an Independent Director on 1
October 2024 and welcome her to the Precinct Board. Alison is a professional director
and former CEO with a broad range of skills and experience having held executive
roles in sales, marketing and operations in New Zealand and abroad.
As previously announced, I would also like to acknowledge the retirement, today, of
Graeme Wong from the Boards at Precinct.
Since joining in 2010, Graeme has made a substantial contribution to Precinct. During
this tenure, there has been great change for the business. He has been part of the
governance which has overseen a corporatisation, internalisation of our
management function and more recently, moving to a stapled group structure.
These have all been key milestones which have been part of Precinct’s strategic
evolution and execution over the past years.
Graeme has also contributed significantly though his leadership as the Chair of
Precinct’s People & Performance Committee, ensuring appropriate policies,
procedures and practices have been in place to align interests of Precinct and its
shareholders while also supporting Precinct's strategic objectives.
On behalf of my fellow Directors, I would like to thank Graeme for his service and wish
him all the best in the future.
As I mentioned in the introductions, Taurua Grant joins Precinct through the Future
Directors Programme. We are pleased to have Taurua in an observer capacity for a
period of one-year effective 13 November 2024. Taurua has over 15 years’ experience

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
working in commercial banking, financial markets, treasury advisory and
management consultancy.
On behalf of the Board, I would also like to thank Alana Barron, who was Precinct’s
Future Director over the last year. We thank her for her contribution to Board
discussions and wish her the best.
As you know, Precinct has evolved over recent years in order to grow shareholder
returns over the long term. We are the largest owner, developer, and manager of
premium real estate in New Zealand’s largest city centres, Auckland and Wellington.
In the last 10 years, we have transformed our investment portfolio and established a
strong development capability which has enabled us to develop new world-class real
estate and attract the best quality clients to our portfolio. Since 2012, Precinct has
completed $2.4 billion of development projects in Auckland and Wellington.
Precinct’s strategic transition continues as value-add opportunities are explored and
executed. Refining our strategy to include the ability to partner with direct investors
offering the opportunity for joint investment into our assets and into development
opportunities has been successfully advanced over the last two years.
As the business evolves, we continue to leverage our market position and build our in-
house capability. This is setting Precinct apart as trusted managers of real estate,
capital partnerships and operating business.
More recently, Precinct has become more experienced in mixed use through our city
centre retail, hospitality and hotel offerings. Moreover, we are further extending our
real estate offering by advancing Precinct’s living strategy.
Scott will provide more commentary on the recent strategic transactions across our
living activities later in the presentation.
Before handing over to Scott and declaring the first quarter dividends for FY25, I would
like to highlight the progress Precinct has made across its sustainability efforts. This is an
increasingly important area, especially as increased regulations come into effect.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Precinct’s commitment to sustainability not only ensures compliance but also positions
our business as a leader in this space.
Across our sustainability initiatives, the Precinct team continues to identify and
mitigate our material impacts across operations. This includes measuring and
reducing upfront carbon emissions in our development projects and offsetting any
residual emissions upon completion. By prioritising adaptive reuse projects, we’ve
significantly reduced our overall impact.
We continue to certify the energy performance of our office buildings through
NABERSNZ and utilise this benchmark to guide our capital expenditure plans. We are
also enrolling and certifying all eligible assets within our Portfolio to Green Star
Performance, which is supporting our Net Zero 2030 commitments.
Today, we are pleased to share with you our most recent 2024 Global Real Estate
Sustainability Benchmark (GRESB) score. Precinct has again improved on its score,
from 86 to 89. Notably, we are in the top 20% of over 2,000 funds and entities
participating globally, and our score is now materially above the global average of
76 and inline with our peer average. This score reflects the strong ESG performance
we are achieving across our organisation.
Like many other reporting entities, Precinct has published its first climate statement in
accordance with the External Reporting Board's (XRB) Aotearoa New Zealand
Climate Standards. This workstream has helped us build internal capabilities, enabling
a better understanding of how resilient our business model and strategy are to the
physical and transitional risks posed by climate change. Additionally, we proudly
achieved voluntary assurance for our Scope 1, 2, and 3 carbon emissions inventory
ahead of mandatory reporting in FY25.
I encourage everyone to read our latest Annual Report, which goes into greater detail
on our sustainability initiatives. This is available on Precinct’s website, along with our
Climate Statement.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
I will now declare the first quarter dividends for FY25.
The Board expects total combined cash dividends for Precinct Properties New
Zealand Limited and Precinct Properties Investment Limited for the 2025 financial year
to be 6.75 cents per stapled security to be paid to shareholders.
The record date for both Precinct Properties New Zealand Limited and Precinct
Properties Investment Limited is 29 November 2024 and payments will be made on 13
December 2024.
On behalf of my Board colleagues, thank you all again for joining us today.
Nga Mihi Nui. I will now hand over to Scott.
Scott Pritchard, Chief Executive Officer – opening speech
E ngā mana
E ngā waka
E nga reo
E rau Rangatira mā
Tēnā koutou
Tēnā koutou
Tēnā Tātoua Katoa
Thank you, Anne, and good morning everyone, welcome to the 2024 Annual Meeting
of Shareholders. I am Scott Pritchard, Precinct’s Chief Executive Officer.
It is a pleasure to be here today. The Annual Meeting is always a great forum for both
the Directors and executive team to engage directly with you, our shareholders.
As Anne briefly touched on, Precinct has successfully advanced a number of strategic
transactions for our business which have extended Precinct’s real estate offering.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
This includes progress on our living sector activities following the move to 100%
ownership of Precinct Properties Residential Limited, the Joint Venture formed with Tim
and Andrew Lamont in 2022.
Moving to 100% ownership strengthens Precinct’s residential platform and enhances
our market position. We are extremely pleased to retain Tim and Andrew’s skills within
the business for the next five years. They have a strong track record in the living sector
and positions Precinct to deliver on this strategy.
As part of our living strategy, we have made significant progress in student
accommodation with the acquisition of 256 Queen Street in Auckland to develop a
600 bed Purpose-Built Student Accommodation facility. With limited new supply in this
sector in New Zealand and strong demand growth anticipated, we believe this sector
is well positioned to deliver strong investment returns. We remain in exclusive
negotiations with the preferred capital partner for this strategy.
We are also pleased to have advanced our residential pipeline. We have
conditionally acquired a well-located site in Mount Eden at the junction of Dominion
Road and Valley Road in Auckland, for a high-density residential apartment
development. In addition, we have recently partnered with Orams Group to jointly
develop their waterfront site on the western edge of Wynyard Quarter, a site which
we believe is one of the best residential development sites in Auckland. Precinct will
have a 50% interest in the residential site and has been appointed as development
manager to progress this exciting development through design, consenting, pre-sales,
financing, and construction. We will also take a 25% interest in the existing Marine
Village asset and will commence a small-scale commercial development.
We are also pleased to announce, today, we have recently acquired a 2,300 square
metre site at 99 College Hill Road in Auckland. This acquisition grows our residential
development pipeline, is highly consistent with Precinct’s living strategy, and positions
us to deliver premium quality build-to-sell apartments in a desirable location.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Moving to our 2024 results highlights.
Precinct’s operational performance over the last twelve months has delivered
another pleasing result.
Funds from Operations from directly owned assets increased 2.9%. However, after
adjusting for transactions and development, investment property Funds from
Operations grew by 5.2%, with the Auckland office portfolio underpinning the uplift
with strong rental growth.
Net property income of $139.3 million achieved for FY24. This has contributed to net
operating income before tax of $103.6 million, a year-on-year increase of 1.5%.
Acknowledging the economic environment that we’re operating in, demand has
continued to positively surprise us. Our core portfolio continues to perform well with
occupancy remaining at 98% and a weighted average lease term of 6.6 years at 30
June 2024.
Our portfolio is well-positioned with under-renting of 11% and expected annual rent
review growth in FY25 of 3.7% for 80% of the portfolio which gives us confidence over
the medium term.
Before I provide a development project overview across our current commitments, I
want to briefly touch on our capital partnering strategy.
Precinct’s capital partnering strategy continues to leverage our platform, market
position, and people to create investment performance for our partners and, as a
result, generate higher returns on Precinct’s equity.
By investing alongside capital partners we create alignment, and by being local with
deep market knowledge, we aim to provide our partners with superior investment
performance.
Engagement with direct investors is ongoing. We continue to see strong demand,
particularly for residential and living sectors and expect these to be a key growth area
supported by strong market fundamentals and investor interest
.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
A key objective for Precinct is to use our balance sheet more effectively, participating
in a greater range of value-add activities alongside partners’ capital.
We believe Precinct is well positioned to further build its capital partnering assets under
management. Precinct’s capital partnerships currently total $1.6 billion of which
Precinct has a minority interest in the investment of $1.1 billion, with the balance being
managed on behalf of third party capital partners. We expect this to grow to be in
the range of $4 to $5 billion over the medium term.
I’ll now take you through our development progress before I conclude the
presentation with some final comments and hand back to Anne for the formalities of
the Meeting.
During the period we have completed the Deloitte Centre in Auckland, pictured to
the right, and Bowen House in Wellington, pictured in the top left. Through the
establishment of our residential joint venture we have now concluded works at
Onehunga Mall Club, pictured in the bottom left.
Across our committed commercial office projects, the slide above shows the artists
impressions of Wynyard Quarter Stage 3 in Auckland, pictured to the left and 61
Molesworth Street in Wellington, pictured to the right. Construction is advancing well
at both developments and are on track to complete in Q1 2025 and Q3 2025,
respectively.

Moving to our living sector projects which are currently underway. The Domain
Collection, pictured to the top left, is an office conversion to residential in Newmarket
in Auckland. Construction commenced last November and is being undertaken by
GN Construction. It has an expected completion of Q2 2026.
Pictured to the bottom left, we have Fabric Stage 2 in Onehunga in Auckland which
commenced construction in October 2023 and is being undertaken by Kalmar
construction. This project is also well underway on site and ground works are largely
complete with expected completion also in Q2 2026.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Finally, we are pleased to have appointed Kalmar construction for York House in
Parnell in Auckland. York House will comprise 44 luxury apartments in a six-level
building with incredible views of Auckland’s Harbour. This project is expected to
complete in 2027.
Lastly, I want to provide an update on the Downtown development opportunity. We
are thrilled to have concluded negotiations in the period and for the agreement to
have become fully unconditional.
Progress during the period includes the approval by Eke Panuku for our reference
design, lodging resource consent, and entering into exclusive negotiations with a
major occupier for approximately 40% of the available office space. This
demonstrates the demand from businesses wanting to be located in high quality
office space located on the waterfront and Precinct's strong track record to deliver
world-class transformational outcomes.
It is our expectation that construction works will commence for the first stage of this
project in 2026. Following strong demand from office occupiers and lodgement of the
resource consent, we expect to commence discussions with potential capital partners
shortly.

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.
Before Anne takes us through the formalities of the Meeting, I would like finish with
some concluding remarks.
Over the past 12 months, Precinct’s core portfolio has delivered strong performance,
underscoring the quality of our real estate assets. With an exciting growth pipeline
totaling around $3 billion, encompassing commercial office, residential and purpose-
built student accommodation, we are well-positioned to take advantage of these
long-term strategic opportunities.

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Demand from capital partners remains high, particularly those looking for exposure to
the living sector, which further solidifies our confidence in the future. Looking ahead,
we believe that economic conditions will be supportive over the next four to five years,
allowing us to further advance our growth strategy.
I would also like extend a warm welcome to Alison and Taurua as they join the Board
of Directors and thank Alana for her service over the last year.
Graeme, I’d like to echo Anne’s sentiments and personally thank you for your
exceptional governance during your time on the Board. Your leadership has been
invaluable, and we wish you all the best in the future.
Finally, I would like to take this opportunity to thank our Precinct staff for their
outstanding contributions throughout the year. Your hard work is integral to the
delivery of our strategy, and your efforts are greatly appreciated.
To the Precinct Board of Directors, thank you also for your ongoing governance and
continual support of Precinct’s business transformation.
And of course, to our investors, I want to express our deep gratitude, particularly to
those who have supported us for the long term, your continued investment in Precinct
is truly appreciated.
Thank you everyone for joining us today.
Huri noa i te whare
Tēnā Koutou
Tēnā Koutou
Ends

Precinct Auckland Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

About Precinct
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct
is the largest owner, manager and developer of premium city centre real estate in Auckland
and Wellington. Precinct is predominantly invested in office buildings and also includes
investment in Generator, Commercial Bay retail and a multi-unit residential development
business. As at 30 June 2024, Precinct's directly-held portfolio (on-completion value) totalled
$3.3 billion and Precinct had a further $1.6 billion of capital partnering assets under
management: $1.1 billion of these were assets in which Precinct holds a minority interest; with
the balance being managed on behalf of third party partners. For information visit:
www.precinct.co.nz

On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled
group comprises two listed parent companies whose shares are held by the same shareholders
in equal proportions. The shares in each parent company can only be transferred or dealt with
together.

Shareholders in Precinct Properties Group (“Precinct”) hold an equal number of shares in
Precinct NZ and Precinct Investments Limited and these shares can only be dealt with
together. The stapled issuers are described as “Precinct Properties NZ Ltd & Precinct Properties
Investments Ltd (NS)” on NZX systems and the ticker code for the stapled shares remains PCT.

---

Annual Meeting
of Shareholders
15 November 2024

Welcome and
good morning
Anne Urlwin,
Independent Director and Chair

Online questions and voting
Precinct Annual Meeting of Shareholders3
Questions can now be submitted through
the webcast and will be addressed at
relevant time in meeting
Opening of voting

Board and Executive Team
Board of Directors
Anne Urlwin
Independent Director and Chair
Alison Barrass
Independent Director
Nicola Greer
Independent Director
Chris Judd
Independent Director
4Precinct Annual Meeting of Shareholders
Chris Meads
Independent Director
Mark Tume
Independent Director
Graeme Wong
Independent Director
Taurua Grant
Future Director Board Observer
Executive Team
Scott Pritchard
CEO
George Crawford
Deputy CEO
Richard Hilder
CFO

Meeting agenda
•Review business performance and activity
•Shareholder questions and discussion
•Consider and vote on seven resolutions:
•Six Precinct Properties New Zealand Limited resolutions
•One Precinct Properties Investments Limited resolution
5Precinct Annual Meeting of Shareholders

Board changes
•Newly appointed Independent Director, Alison Barrass
•Independent Director, Graeme Wong retires today
•Majority of Independent Directors maintained
•Future Director, Taurua Grant joins Precinct
6Precinct Annual Meeting of Shareholders

What we do
7
InvestDevelopManage
$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.
~$1 billion
of active office and residential developments
$2.4 billion
completed since 2017 across office, retail,
residential and hotel.
Trusted managers
of real estate, investment funds and operating
businesses
Precinct Annual Meeting of Shareholders

Sustainability
As a business, we continue to identify and reduce our
material impacts across Precinct’s operations.
8
2024 GRESB Result
Achieving an increased Global Real
Estate Sustainability Benchmark
(GRESB) survey score in 2024 of 89/100
(global average: 76)
Offsetting carbon emissions
Offsetting upfront development
carbon emissions on completion and
continuing to prioritising adaptive
reuse projects to reduce this impact
Climate Statement
Lodged Precinct’s first Climate
Statement in accordance with the
new Aotearoa New Zealand Climate
Standards highlighting our efforts
around mitigating and responding to
climate-related risks and opportunities
Precinct Annual Meeting of Shareholders

FY25 dividend
9
13 December 2024
Q1 dividends payment
Precinct Annual Meeting of Shareholders
6.75 cents
per stapled security
Total combined FY25 dividends guidance for Precinct Properties
New Zealand Limited and Precinct Properties Investment

Year in review

Scott Pritchard,
Chief Executive Officer

Strategic execution across living sector
11Precinct Annual Meeting of Shareholders
Further residential pipeline securedEntry into purpose-
built student
accommodation
(PBSA) sector
Expanded living
sector exposure

FY24 results highlights
12
$103.6m
Net operating income before
tax, up 1.5% on the previous
year
Precinct Annual Meeting of Shareholders
$126.9m
Funds from Operations (FFO) from
directly held investment portfolio
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
$139.3m
Net property income
1
, up 5.8%
2

Investment portfolio continues to perform
13
4.5%
Val-on-val. office net
market rent growth Y/Y
1
11%
Under-renting
(vs. market rents)
6.6yrs
Weighted average
lease term
98%
Occupancy
(by NLA)

Note 1: Based on independently assessed valuation rents
•Robust demand for premium office
•Levels of leasing activity reflective of the
ongoing high levels of occupancy across
the investment portfolio
Precinct Annual Meeting of Shareholders

Capital partnerships – strategic approach
14
Growth area Investor appetite
Core Office Limited levels
Core+ Office Good levels
Build-to-Sell Residential Strong levels
Student AccommodationStrong levels
Precinct has continued
to execute on its
capital partnership
strategy, with a focus
on value-add and
living sectors
Precinct Annual Meeting of Shareholders

Development
overview

16
Aon Centre and HSBC TowerJarden House
Precinct Annual Meeting of Shareholders

17
Aon Centre and HSBC TowerJarden House
Precinct Annual Meeting of Shareholders

18
Aon Centre and HSBC TowerJarden House
Precinct Annual Meeting of Shareholders

Downtown
19
Significant progress made towards committing
to the redevelopment of Downtown Carpark
•Development Agreement now unconditional
•Reference Design approved and Resource Consent
application lodged
•Preliminary Design to commence in FY25
•Leasing engagement progressing, with Precinct in
exclusive negotiations with a major occupier for ~40% of
the office NLA, and strong interest to date from other
potential occupiers
•Further capital partnering engagement to commence in
FY25
Precinct Annual Meeting of Shareholders

Conclusion and outlook
20Precinct Annual Meeting of Shareholders
•Precinct’s core investment properties continue to be
underpinned by excellent fundamentals and are providing
solid income growth.
•Continue to explore further opportunities across multiple
sectors with Precinct’s capital partners.
•Precinct remains optimistic about its medium-term outlook as
continued execution of strategy creates opportunities to grow
income from management fees and residential participation.

Shareholder Q&A

Formal business

Precinct Properties
Resolution 1
23
Election of Director
That Alison Barrass be elected
as a Director of Precinct
Properties New Zealand
Limited
The Board unanimously
recommend that shareholders
vote in favour
Precinct Annual Meeting of Shareholders

Precinct Properties
Resolution 2
24
Precinct Annual Meeting of Shareholders
Re-election of Director
That Nicola Greer, who retires
by rotation and has offered
herself for re-election, be re-
elected as a Director of
Precinct Properties New
Zealand Limited
The Board unanimously
recommend that shareholders
vote in favour

Precinct Properties
Resolution 3
25
Precinct Annual Meeting of Shareholders
Re-election of Director
That Chris Judd, who retires by
rotation and has offered
himself for re-election, be re-
elected as a Director of
Precinct Properties New
Zealand Limited
The Board unanimously
recommend that shareholders
vote in favour

Precinct Properties
Resolution 4
26
Precinct Annual Meeting of Shareholders
Re-election of Director
That Mark Tume, who retires by
rotation and has offered
himself for re-election, be re-
elected as a Director of
Precinct Properties New
Zealand Limited
The Board unanimously
recommend that shareholders
vote in favour

Precinct Properties
Resolution 5
27
Precinct Annual Meeting of Shareholders
Auditor’s Remuneration
That the Directors be
authorised to fix the
remuneration of Ernst & Young
as auditor for Precinct
Properties New Zealand
Limited for the ensuing year
The Board unanimously
recommend that shareholders
vote in favour

Precinct Properties
Resolution 6
28
Precinct Annual Meeting of Shareholders
Alteration to constitution of
Precinct Properties
That the existing constitution of
Precinct Properties New
Zealand Limited is altered by
deleting clause 35, the last
sentence in clause 36.1 and
clause 39.6
The Board unanimously
recommend that shareholders
vote in favour

Precinct Investments
Resolution 7
29
Precinct Annual Meeting of Shareholders
Auditor’s Remuneration
That the Directors be
authorised to fix the
remuneration of Ernst & Young
as auditor for Precinct
Properties Investments Limited
for the ensuing year
The Board unanimously
recommend that shareholders
vote in favour

Voting and closure

Thank you