Quarterly Update December 2024

Precinct Quarterly Update
December 2024
Commercial Bay, Auckland
Annual Meetings of Shareholders
Precinct held its annual meetings of shareholders of Precinct
Properties New Zealand Limited and Precinct Properties
Investments Limited on 15 November 2024 via a hybrid
format. Voting was conducted by poll and shareholders
passed all seven resolutions, including resolution 6 as a
special resolution. Resolutions passed included the election
of Alison Barrass, and the re-election of Nicola Greer, Chris
Judd and Mark Tume as Directors. We welcome feedback
from any shareholders in advance of the 2025 annual
meetings of shareholders.
During the quarter, Graeme Wong retired from the Boards
at Precinct and Taurua Grant joined Precinct through the
Future Directors Programme, in an observer capacity for a
period of one-year effective 13 November 2024.
Outlook
Consistent with earlier guidance provided, 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.
Wishing you all a safe and festive season.
Yours faithfully,
Anne Urlwin,
Director and Chair
Dividends
Precinct Properties New Zealand Limited
Payment date13 Dec 2024
Excluded dividend (cents per share)1.497500
Fully imputed dividend (cents per share)0
Cash dividend (cents per share)1.497500
Imputation credits (cents per share)0
Precinct Properties Investments Limited
Payment date13 Dec 2024
Cash dividend (cents per share)0.190000
Imputation credits (cents per share)0.048245
Supplementary dividend (cents per share)0.021893
Indicative dividends payment dates
2nd Quarter 2025 financial year21 March 2025
3rd Quarter 2025 financial year6 June 2025
These dates represent the current expectation of Precinct
(PCT) as at the date of publication, are subject to PCT board
approval, may change without notice and are not a guarantee
or warranty as to the payment of a dividend or the actual
payment dates.
Key metrics as at 30 September 2024
Portfolio value$3.2 billion
Overall occupancy96%
Weighted average lease term6.5 years
Market capitalisation$2.0 billion
Weighted average cap rate5.9%
Weighting to Auckland (by value)71%
All portfolio metrics are as at 30 September 2024 and
reflect Precinct's direct ownership in assets and exclude joint
investment partnerships assets, unless otherwise stated.
Precinct’s FY25 interim results are scheduled to be
announced on 20 February 2025.
Quarterly Update | December 2024
Precinct Properties Group
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Financial Summary as at 30 September 2024
Balance sheet
Unaudited
30 Sept 24
Audited
30 June 24
Total assets$3,599.3 m$3,518.9 m
Net equity$2,021.2 m$2,047.3 m
Number of shares on issue1,587.0 m1,586.4 m
Net asset value per share$1.27$1.29
Bank covenant gearing36.4%35.2%
Shareholder returns
Sept 24
Quarter1 Yr3 Yr5 Yr
Precinct
(NZX: PCT)
14.5%15.9%(12.3%)(14.7%)
Listed Property8.5%5.4%(17.4%)(13.4%)
Returns are based on close price for the quarter, and assume
reinvestment of dividend (returns exclude imputation credits).
Listed property is the S&P/NZX All Real Estate Gross index.
Source IRESS
Wholesale Green Bond Issue
On 18 October 2024, Precinct Properties New Zealand
Limited announced a NZ$75 million five-year fixed rate
secured unsubordinated wholesale green bond issue. The
green bonds will refinance Precinct’s USPP due to mature in
January 2025.
Sustainability
During the quarter, 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.

Climate-related disclosures
Precinct has published its first climate statement in
accordance with the External Reporting Board's (XRB)
Aotearoa New Zealand Climate Standards.
This is available on Precinct’s website, along with our
latest Annual Report, which goes into greater detail
on our sustainability initiatives.
12 Madden Street, Wynyard Quarter, Auckland
Contacts
Please contact our registrar, Computershare:
•To change investment details such as name, postal
address or method of payment, and
•For questions on your dividends and shareholdings
Registrar:
Computershare Investor Services Limited
T +64-9-488-8777
Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us
at hello@precinct.co.nz
Disclaimer: The information and opinions in this report were prepared by Precinct Properties Group (PCT). PCT makes no representation or warranty as to the accuracy or completeness of the information in this report. Opinions
including estimates and projections in this report constitute the current judgement of PCT as at the date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of future
performance. This report is provided for information purposes only and does not constitute investment advice. Neither PCT, nor any of its Board members, officers, employees, advisers (including Precinct Properties Holdings
Limited) or other representatives will be liable for any damage, loss or cost incurred by any recipient of this report or other person in connection with this report.
Quarterly Update | December 2024
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