Precinct Properties New Zealand Limited/Announcement

Precinct FY25 first half result

Half Year Results19 February 2025PCTReal Estate

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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 – 20 February 2025
Precinct FY25 first half result
Performance summary for the six months ended 31 December 2024
Financial summary
• Net property income (NPI)
1
of $71.4 million ( 1H24: $68.4 million)
2
.
• Funds from operations (FFO) from investment portfolio of $72.7 million (1H24: $67.7 million)
3
.
• Total comprehensive income after tax of $3.2 million ( 1H24: $12.9 million).
• Adjusted funds from operations (AFFO) of 3.23 cps (1H24: 3.26 cps).
• Net Tangible Asset (NTA) per share of $1.25 (1H24: $1.35).
• FY25 dividend guidance remains at 6.75 cents per stapled security.
Operating performance

•
Portfolio occupancy of 96% (1H24: 98%) and 6.3 years (1H24: 6.4 years) weighted average lease
term (WALT).

• Strong demand for well-located premium office delivering 22.8% growth in contract rents across
5,720 square metres of office leasing transactions.
• Beca House at Wynyard Quarter Stage 3, final stage of the Wynyard Quarter Innovation
Precinct in Auckland sectionally completed with Beca taking occupancy post balance date in
February 2025.
• Living sector progress in the period including commencing construction at York House in Parnell
and the acquisition of 99 College Hill for residential Build-to-Sell .
• Student accommodation strategy advancing with two projects in construction procurement,
and one project under exclusivity with a capital partner.
Funding initiatives supporting delivery of Precinct’s strategy

• Post balance date, PAG agreed to acquire the remaining 20% minority interest in 40 and 44
Bowen Street in Wellington for a total purchase price of $48 million.
• Refinanced $165 million of maturing retail bonds and USPP notes with $200 million bank debt
and a $75 million wholesale bond providing a new source of funding for Precinct.
Downtown carpark development opportunity update
• Office leasing demand remains elevated with good interest in office component.
• Continue to work in partnership with Ngāti Whātua Ōrākei and growing this relationship to
deliver a true mixed-use precinct.
• Resource Consent has been lodged and preliminary design has commenced.
• Discussions with potential capital partners for this project have commenced.

1
Net property income excludes IFRS 16 rent expense allocation.
2
Prior period figures include adjustments made to present on a like-for-like basis with the current period, and do not reconcile
with the financial statements.
3
Ibid.

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
• Engagement underway on construction procurement with market participants.
Environmental, Social and Governance (ESG) update

• Improved Global Real Estate Sustainability Benchmark (GRESB) score, from 86 to 89, with
Precinct in the top 20% of over 2,000 funds and entities participating globally, and being
materially above the global average of 76.
• Precinct published its first climate statement in accordance with the External Reporting Board's
(XRB) Aotearoa New Zealand Climate Standards available online at Precinct’s website:
www.precinct.co.nz
Board changes

• Appointment of Alison Barrass as an Independent Director and Taurua Grant through the Future
Directors Programme in an observer capacity.
• Retirement of Graeme Wong from the Boards at Precinct in November 2024.

Note: Further information can be found within the 2025 Interim Financial Statements and results presentation. You can find
these at http://www.precinct.co.nz/investors/2025-interim-results

Precinct Properties Group (Precinct) (NZX: PCT) reported its financial results for the six months
ended 31 December 2024 today.
Scott Pritchard, Precinct CEO said, “Precinct’s portfolio has continued to perform well over
the first six months of the financial year, demonstrating the underlying resilience of our portfolio
of assets against the backdrop of a prolonged weak New Zealand economy. Securing leasing
transactions with a positive leasing spread reflects the quality of our office portfolio and the
demand for premium-grade space. Trading performance at our Commercial Bay retail
precinct has been encouraging with a consistent level of sales recorded demonstrating the
high quality of the enhanced retail mix at the centre, a strengthening city centre and
increased events taking place in Auckland.”
“A key focus for our business has been advancing our living sector strategy which is now well
established. This includes three under-construction build-to-sell residential development
projects totalling $431 million on behalf of capital partners, securing our next phase of new
development opportunities including a substantial residential Build-to-Sell pipeline, and a well-
located PBSA pipeline which we expect to commit to in the coming months.”
“We have continued to engage with capital partners and are encouraged by the level of
interest wanting to invest alongside Precinct. We believe Precinct is well positioned to further

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
grow its capital partnerships over the medium term as the economy moves to a recovery
phase and investment market conditions improve.”
“In addition to our capital partnering strategy, the capital management initiatives we have
completed are s upporting Precinct's strategic growth opportunities. Our near-term focus will
be on deleveraging initiatives to position Precinct’s balance sheet for the next phase of
growth. Precinct’s gearing as measured under borrower covenant, which disregards
subordinated debt is around 39% and remains well under PCT borrower covenant level of
50%.”
Net property income (NPI)
4
for the six months to 31 December 2024 of $71.4 million (1H24: $68.4
million)
5
reflects robust leasing performance secured during the period achieving a positive
leasing spread. Funds from operations (FFO) from investment portfolio of $72.7 million (1H24:
$67.7 million)
6
which has contributed to operating profit before tax of $45.1 million and
compares to $54.3 million on the previous comparable period, with the difference mainly
attributable to the increase in net interest expense. Total comprehensive income after tax of
$3.2 million compares to $12.9 million for the same period last year.
Considering the metrics assessed by the external independent valuations of Precinct's
partnership assets as at 31 December 2024, an internal review of Precinct's wholly owned
assets was conducted, indicating no material movement in value during the period.

Further financial commentary is provided in Precinct’s 2025 Interim Financial Statements,
which was released today. A copy has been provided to the NZX as an attachment to this
announcement and is available at: http://www.precinct.co.nz/investors/2025-interim-results

Operational performance
As at 31 December 2024, Precinct’s occupancy was 96% and WALT of 6.3 years was recorded.
A total of 6,450 square metres (1H24: 5,585 square metres) of leasing transactions was
recorded across our investment portfolio in the first half of the financial year. Pleasingly, new
office leases were secured 22.8% above previous contract rents. Rent reviews were

4
Refer to footnote 1 on page 1.
5
Refer to footnote 2 on page 1.
6
Refer to footnote 2 on page 1.

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
completed across 78,300 square metres during the period, resulting in an average annual
uplift of 3.1%.
The environment for retailers is likely to remain challenging during 2025. Operational
performance across our Commercial Bay retail precinct has been consistent with sales
turnover for the first half of FY25 up 1.8% on the prior comparable period following the
increased events, foot traffic and visitors in Auckland during the later months of 2024.
The hotel at One Queen Street has also performed well and is trading up in the first half of the
2025 financial year with revenue meeting expectations whilst still in a stabilisation phase. We
are pleased with the customer base we have established at this asset.
Across our Generator business, we have seen a decline in average membership occupancy
during the first half. Events have continued to be in line with the previous period.
Development update
Post balance date, we are pleased to have managed the delivery of the premises at Beca
House on time for Beca’s occupation, demonstrating Precinct’s strong track record and
development expertise to deliver large-scale development projects on behalf of its capital
partners. While Wynyard Stage 3 has been impacted by cost overruns due to elevated
construction market activity, the project completes the final stage of the Wynyard Quarter
Innovation precinct, one of the largest urban regeneration projects in New Zealand, with a
total realisable value of circa $550 million encompassing circa 48,000 square metres of
premium office space across five campus buildings.
Precinct’s current active development project at 61 Molesworth Street in Wellington continues
to progress and is on target for completion in Q4 2025.
Across our active build-to-sell residential development projects being undertaken on behalf
of capital partners, all three development projects are now under construction. Both FABRIC
Stage 2 and the Domain Collection are progressing well and remain on budget and
programme. Construction works at York House have now commenced.
We have also advanced our Joint Venture with Orams Group with the transaction settled
during the period. The commercial development comprising 3,500 square metres of office
and marine-related space, as well as car parking, has now commenced. Designs for the

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
residential development are underway and we expect to launch the development to market
in 2026.
Resource consent has been lodged for the residential apartment development on the site at
the junction of Dominion and Valley Roads in Mount Eden.
At 99 College Hill, resource consent has been lodged for this smaller scale project and designs
are progressing, targeting the launch of this premium apartment offering later in the year.
Dividends payment
Precinct shareholders will receive a second-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 second-quarter dividend for
Precinct Properties Investments Limited (“PPIL”) of 0.261119 cents per share, comprising cash
of 0.190000 cents per share, imputation credits of 0.048920 cents per share and a
supplementary dividend of 0.022199 cents per share (see note 2).
The record date for both PPNZ and PPIL dividends above is 7 March 2025 and payment will
be made on 21 March 2025.
Outlook and guidance
Precinct’s core portfolio has continued to perform well over the last six months reflecting the
underlying quality and resilience of our real estate. We have focused on progressing our
strategic initiatives to ensure Precinct is well-positioned to deliver on the next phase of its
strategy.
The office market is benefitting from limited supply and a return-to-office trend, with the
premium market outperforming. Precinct has focused on securing strong rental growth
through the capitalisation rate softening cycle, and we are confident in the underlying
property market fundamentals which will support our key portfolio metrics over the next 12-18
months.
Continued execution of our capital partnering strategy is an ongoing focus. The interest from
potential capital partners gives us confidence in this strategy, enabling further progress in our
living sector and long-term strategic growth opportunities. In addition to advancing our
capital partnership strategy, we will look to proactively manage our capital. An improving

---

FY25 Interim Result
20 February 2025

Precinct Properties – FY25 Interim Result2
Agenda
Section 1: Highlights and key themes
Section 2: Financial performance
Section 3: Capital partnering
Section 4: Portfolio update
Section 5: Development update
Section 6: Summary
Appendices

Operational highlights
3
Financial performance
•$72.7 million investment portfolio
Funds from Operations (FFO),
consistent with prior comparable
period (pcp) after adjusting for
one-off income
•$76.6m Operating Profit before
Indirect Expenses, up $3.2 million
(4.4%) on pcp on a like-for-like
basis
•3.23 cps Adjusted Funds from
Operations (AFFO) (1H24: 3.26
cps; 2H24: 3.43 cps)
•NTA $1.25 per share (FY24: $1.29)
•FY25 dividend guidance remains
at 6.75 cps
Operational performance
•96% portfolio occupancy
(FY24: 98%)
•6.3 years WALT
(FY24: 6.6 years)
•22.8% spread on 5,720sqm of
office lease deals in the period
(+5.4% vs. June 2024 valuation
market rents)
•Living sector progress with three
projects now under construction
and six pipeline sites secured
1
•Commercial Bay sales
performance stabilised
•Beca House, Wynyard Quarter
sectionally completed with Beca
taking occupancy post balance
date
Active capital management
•Refinanced $165m of maturing
retail bonds and USPP notes with
$200 million new bank debt and
a new $75 million wholesale bond
•Return of capital from the post
balance date sale of Precinct’s
20% interest in BILP (40 and 44
Bowen Street, Wellington), with
proceeds to be reinvested into
strategic growth initiatives
•Improving investment market is
providing opportunities for
capital recycling
Precinct Properties – FY25 Interim Result
Note 1: Pipeline sites include residential and PBSA sites

Key themes
Precinct Properties – FY25 Interim Result4
Economy
•Ongoing weak domestic conditions as the
impacts of interest rate reductions are yet to
flow through
•Impacts differ by sector – occupier demand for
premium office remains strong, consumer
discretionary spend is reduced
•Economic headwinds likely to remain in place
over the next ~12 months
Office occupier market
•Market is benefiting from limited supply and a
return-to-office trend
•Occupancy is holding near 100% for Premium,
and good levels of enquiry for Precinct’s
Downtown development provides ongoing
confidence in this submarket
•A-Grade vacancy increasing in general across
the Auckland market, particularly in mid-town
•Wellington business and consumer confidence is
noticeably weaker, but Precinct’s WALT and
tenant covenants remain strong
Construction market
•Activity indicators, including architects’ own-
office activity
1
, signal a continued weak pipeline
over the year ahead
•Weaker demand continues to put downward
pressure on prices in the sector
•Near-term outlook for construction demand
remains weak
Living sector
•Some positive signs are emerging with prices
levelling and volumes up slightly in Auckland,
and lending volumes increasing nationally
•Confidence remains in the medium-term
outlook for the build-to-sell sector
•An undersupply of rooms remains in central
Auckland’s student accommodation market
Note 1: NZIER Quarterly Survey of Business Opinion (QSBO)

Financial
performance
Precinct Properties – FY25 Interim Result5

Financial performance
6
+1.0%
Entity-level fair value movement
on $0.9b of externally valued JV
investment and development
properties
$1.25
NTA per security
For the 6 months ended
31 Dec 202431 Dec 2023
1
Δ
$ millions
UnauditedUnaudited
Operating profit before indirect expenses$76.6 m $73.4 m +$3.2 m
Corporate overhead expense($2.4 m)($2.7 m)+$0.3 m
Net interest expense ($29.1 m)($16.4 m)($12.7 m)
Operating profit before income tax$45.1 m $54.3 m ($9.2 m)
Net change in fair value of investment and development properties($0.8 m)($5.5 m)+$4.7 m
Share of profit / (loss) in equity-accounted investments$5.6 m ($3.1 m)+$8.7 m
Net gain / (loss) on sale of investment properties($16.1 m)($10.3 m)($5.8 m)
Net realised gain / (loss) on disposal of investment in joint venture$2.8 m +$2.8 m
Other non-operating expenses($38.8 m)($17.7 m)($21.1 m)
Net profit before taxation($2.2 m)$17.7 m ($19.9 m)
Current tax benefit / (expense)$3.7 m ($0.8 m)+$4.5 m
Depreciation recovered on sale($0.5 m)+$0.5 m
Deferred tax expense / (benefit)$7.7 m ($1.1 m)+$8.8 m
Net profit after income tax attributable to equity holders$9.2 m $15.3 m ($6.1 m)
Other comprehensive income / (expense)($6.0 m)($2.4 m)($3.6 m)
Total comprehensive income after tax attributable to equity holders$3.2 m $12.9 m ($9.7 m)
Net tangible assets per security$1.25$1.35($0.10)
Precinct Properties – FY25 Interim Result
+$3.2m
Increase in operating profit before
indirect expenses
1
Note 1: Prior period figures include adjustments made to present on a like-for-like basis with the current period,
and do not reconcile with the financial statements

Operating income
7
•+7.4% investment portfolio FFO, underpinned by one-off income, otherwise
consistent with the prior period
1
•Commercial Bay retail down $0.3m, consistent with broader underlying
retail trade conditions
1
•+2.8% underlying FFO growth across the office investment portfolio on a
like-for-like basis
•Operating businesses up $0.9m, supported by the InterContinental hotel
trading up in H1
•Net management expense down ($0.6m) due to insourcing of residential
management business
Note 1: Prior period figures include adjustments made to present on a like-for-like basis with the current period, and do not reconcile with the financial statements.
Note 2: IFRS 16 rent expense is eliminated from operating profit as required by accounting standards
Precinct Properties – FY25 Interim Result
For the 6 months ended
31 Dec 202431 Dec 2023
1
Δ%
$ millions
UnauditedUnaudited
Directly held property funds from operations (FFO)
Auckland office$42.0 m$37.2 m+$4.8 m+12.9%
Wellington office$21.7 m$21.3 m+$0.4 m+1.9%
Commercial Bay retail$7.9 m$8.2 m($0.3 m)(3.7%)
Other properties$1.1 m$1.0 m+$0.1 m+10.0%
Investment portfolio FFO$72.7 m$67.7 m+$5.0 m+7.4%
Transactions and Developments$4.7 m$4.7 m--
Directly held property FFO$77.5 m$72.3 m+$5.2 m+7.2%
Amortisations of incentives and leasing costs($7.0 m)($6.4 m)($0.6 m)+9.4%
Straight-line rents$0.9 m$2.5 m($1.6 m)(64.0%)
Net property income$71.4 m$68.4 m+$3.0 m+4.4%
Operating businesses$1.9 m$1.0 m+$0.9 m+90.0%
Management fee income$4.1 m$4.1 m--
Employment and admin expenses($5.3 m)($4.7 m)($0.6 m)+12.8%
IFRS 16 rent expense elimination$4.5 m$4.6 m($0.1 m)(2.2%)
Operating profit before indirect expenses$76.6 m$73.4 m+$3.2 m+4.4%
$70 m
$71 m
$72 m
$73 m
$74 m
$75 m
$76 m
$77 m
$78 m
$79 m
31 Dec 2023Invest.
portfolio
Trans. &
devs.
Op.
businesses
Mgmt fee
income
Employment
& admin.
IFRS 1631 Dec 2024
Operating income reconciliation

FFO and AFFO
8Precinct Properties – FY25 Interim Result
For the 6 months ended31 Dec 202431 Dec 2023
1
Δ%
$ millionsUnauditedUnaudited
Directly held property FFO$77.5 m$72.3 m+$5.2 m+7.2%
Cornerstone distributions attributable to the period$2.3 m$1.6 m+$0.7 m+43.8%
Property investments FFO$79.8 m$73.9 m+$5.9 m+8.0%
Operating businesses$1.9 m$1.0 m+$0.9 m+90.0%
Net management expense($1.2 m)($0.6 m)($0.6 m)+100.0%
Underlying FFO$80.5 m$74.4 m+$6.1 m+8.2%
Net interest expense($29.1 m)($16.4 m)($12.7 m)+77.4%
Current tax benefit / (expense)$3.7 m($0.8 m)+$4.5 m(562.5%)
Other indirect expenses & adjustments($0.1 m)($1.9 m)+$1.8 m(94.7%)
Funds From Operations (FFO)$55.0 m$55.3 m($0.3 m)(0.5%)
FFO per weighted security3.47 cps3.49 cps(0.02 cps)(0.6%)
Dividend payout ratio to FFO97%97%0%
Adjusted Funds From Operations
Maintenance capex($1.1 m)($1.9 m)+$0.8 m(42.1%)
Investment portfolio - Incentives and leasing fees($2.6 m)($1.7 m)($0.9 m)+52.9%
Adjusted Funds From Operations (AFFO)$51.3 m$51.7 m($0.4 m)(0.8%)
AFFO per weighted security3.23 cps3.26 cps(0.03 cps)(0.9%)
Dividend paid in financial year3.38 cps3.38 cps--
Dividend payout ratio to AFFO104%104%0%
Retained earnings($2.3 m)($1.8 m)($0.5 m)+27.8%
+8.2%
Increase in underlying FFO
1
$4.1m
Management fee income from
partnerships and third parties
3.23cps
Adjusted funds from operations
Note 1: Prior period figures include adjustments made to present on a like-for-like basis with the current
period, and do not reconcile with the financial statements.

Capital management
9
Near-term focus on deleveraging
initiatives to position balance sheet for
next phase of growth
•Refinanced $165m of maturing retail bonds
and USPP notes with $200 million bank debt
and a $75 million wholesale bond providing a
new source of funding for Precinct
•Return of capital ($48m) from the sale of
Precinct’s 20% interest in BILP (40 and 44
Bowen Street) will be used to repay bank debt
•Improving investment market and stabilising
valuation environment providing opportunities
for capital recycling with Precinct targeting
further asset sales during 2025
•Given the early refinancing of the USPP notes
Precinct was carrying $65m of excess capacity
at 31 December. Adjusting for this the
weighted average debt cost (incl. fees) was
5.5%
•Hedging of around 70% for the balance of the
year
Key metrics
31 Dec 2430 Jun 24
Debt drawn $1,485m$1,320m
Total debt facilities $1,679m$1,704m
Gearing
1
(Covenant: 50%) 39.1%35.2%
Wtd. avg. term to expiry 3.1 yrs3.3 yrs
Wtd. avg. debt cost (incl. fees) 5.6%5.4%
Percentage of debt hedged68.7%99.2%
Interest coverage ratio
(Covenant: 1.75 times)
2.1 x2.0 x
Precinct Properties – FY25 Interim Result
Note 1: Adjusted total liabilities to adjusted total assets
$100 m
$200 m
$300 m
$400 m
$500 m
$600 m
$700 m
Jun 25Jun 26Jun 27Jun 28Jun 29>Jun 29
Debt facilities
Year ending
Debt facilities expiry profile
Bank debtUSPPNZ BondsConvertible note
Bank debt
52%
USPP
15%
NZ Bonds
24%
Convertible
note
9%
Debt sources
48%
Debt capital
markets

Capital partnering
and investment
market
Precinct Properties – FY25 Interim Result10

Existing partnerships
11
Update on existing partnerships:
•PAG agreed to acquire Precinct’s remaining
20% minority interest in 40 and 44 Bowen
Street, Wellington for a total purchase price of
$48 million. The transaction is expected to
settle in Q2 2025.
•Wynyard Stage 3 achieved sectional
completion, adding to PPILP’s long-WALT core
investment portfolio.
•Valuation uplift of $8.6 million recorded for
long WALT investment portfolio.
•Refurbishment works nearing completion at
30 Mahuhu Crescent in the Te Tōangaroa
joint venture. Leasing progress at 8 Tangihua.
•Orams Group joint venture established,
including a minority interest in Orams Marine
Village and a 50:50 joint venture on a prime
residential development site in Wynyard
Quarter
•Secured further investment from Kajima into
the York House residential project, enabling
construction start
Value of capital partnerships
1
Dec-2024
value
Completion
value
PCT
share
Commercial partnerships
GIC long-WALT
partnership (PPILP)
$0.6 b$0.7 b24.9%
40 & 44 Bowen Street $0.3 b$0.3 b20.0%
Others (various)$0.2 b$0.3 b0-33%
Commercial partnerships$1.1 b$1.2 b
Residential
2
-$0.4 bNil
Total capital partnerships
1
-$1.6 b
Precinct Properties – FY25 Interim Result
Note 1: Capital partnerships totalling $1.6 billion reflects the value of assets managed by Precinct and not directly owned by Precinct. As at 31 December
2024, Precinct is invested in $1.0 billion, with the balance being managed by Precinct.
Note 2: Residential completion value is presented exclusive of GST.
Artist’s impression: Orams commercial development
Wynyard Quarter innovation precinct (PPILP)

Residential build-to-sell platform
Existing projects
•Pre-sale enquiries and conversion increasing but from a low base
•All pre-acquisition projects now under construction
Pipeline update
•Strong progress on next phase of development:
•Acquisition of a c.2,300 square metre site at 99 College Hill in
Auckland, for a premium apartment offering
•Settlement of the c.5,500 square metre Wynyard West residential
site, a 50:50 joint venture with Orams Group
•Residential pipeline is now established. Any future acquisitions will target
medium to longer term delivery timing, consistent with average 150+ units
per annum delivery target
Funding update
•Existing projects are being delivered without Precinct equity investment
•Pipeline sites have been acquired by Precinct, with capital partners to be
secured for construction delivery
12
Build-to-sell pipeline
ProjectStatusTiming
1
Units
Completion value
(incl. GST)
Fabric Stage 2
Construction2026118$125 m
The Domain Collection
Construction202665$172 m
York House
Construction202744$135 m
Total existing projects227$431 m
99 College HillRC lodged2025--
Dominion & Valley RoadsRC lodged2025/6--
Wynyard West (Orams JV)Design2026+--
DowntownRC lodged2028+--
Total pipeline
2
550 - 600~$1.5 b
Total existing + pipeline750 - 850~$1.9 b
Precinct Properties – FY25 Interim Result
Forecast residential completions
2
Note 1: Completion timing for existing projects and commencement timing for pipeline
Note 2: Pipeline unit numbers are approximate only and are subject to change as design
and planning progresses
-
100
200
300
20262027202820292030+
No. Units
ExistingPipelinePipeline (Downtown)

Purpose Built Student Accommodation
•Two sites now secured with design and consenting in progress, providing potential
supply of around 1,600 beds
•Resource consent has been lodged on both sites and uplift is anticipated shortly
•Both university lease and operator models are currently under consideration
•Working exclusively with a capital partner on one of the sites
•University of Auckland continues to report strong accommodation demand from
domestic and international students. Government supportive of international education
sector growth.
13Precinct Properties – FY25 Interim Result
Artist’s impression: 256 Queen Street (Lorne Street entrance)
Artist’s impression: 256 Queen Street
5.6k
6.0k
6.4k
6.7k
7.4k
8.1k
8.7k
5.7k
4.7k
4.8k
9.1k
3.8k
3.9k
4.2k
4.4k
4.3k
4.5k
4.9k
4.3k
2.5k
2.1k
3.4k
0.k
5.k
10.k
15.k
201320142015201620172018201920202021202220232024
Est. *
International students studying intramurally in Auckland Region
University of AucklandAUT
Source: educationcounts.co.nz *
* 2024 figure is estimated by Precinct based on NZ-wide international student
enrolment numbers for the first 8 months of 2024 as reported by Education NZ

Auckland residential market
14
REINZ House Price Index – Auckland Region (Y/Y%)
•Current market conditions remain subdued
although some positive signs are emerging
with prices levelling and volumes up slightly
in Auckland
•Lending volumes have accelerated since
Aug-24 OCR cut, with affordability in
Auckland now consistent with the long-
term average
•Fundamentals continue to lend confidence
to the medium-term outlook due to:
•Apartment undersupply continues with
lowest consents in a decade
•Demographic shifts and a growing
down-sizer market support demand for
premium, well-located and higher spec
apartments
•Lower interest rates will underpin
recovery
•Review of restrictions on overseas
purchasers may support upper end of
market
Precinct Properties – FY25 Interim Result
Mortgage payments share of mean HH income (Auckland)
1
Sales volumes and median days to sell – Auckland Region
Note 1. Mortgage payments based on a 25-year loan at 80% LVR, Auckland median house price (source: REINZ) and the prevailing 2-
year mortgage rate (source: RBNZ). Auckland mean household income per Infometrics. Precinct calculations.
-20
-15
-10
-5
0
5
10
15
20
25
30
35
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Y/Y growth (%)
Source: REINZ
20
25
30
35
40
45
50
55
600k
5k
10k
15k
20k
25k
30k
35k
40k
Dec-04
Mar-06
Jun-07
Sep-08
Dec-09
Mar-11
Jun-12
Sep-13
Dec-14
Mar-16
Jun-17
Sep-18
Dec-19
Mar-21
Jun-22
Sep-23
Dec-24
Median days to sell
No. of sales
No. of sales (rolling 12m), LHS
Median days to sell, RHS
Source: REINZ
25%
30%
35%
40%
45%
50%
Dec-2004
Mar-2006
Jun-2007
Sep-2008
Dec-2009
Mar-2011
Jun-2012
Sep-2013
Dec-2014
Mar-2016
Jun-2017
Sep-2018
Dec-2019
Mar-2021
Jun-2022
Sep-2023
Dec-2024
% of mean HH income
Auckland20y avg. (37%)
Total lending on property purchases
$0b
$1b
$2b
$3b
$4b
$5b
$6b
$7b
$8b
Jun-2017
Dec-2017
Jun-2018
Dec-2018
Jun-2019
Dec-2019
Jun-2020
Dec-2020
Jun-2021
Dec-2021
Jun-2022
Dec-2022
Jun-2023
Dec-2023
Jun-2024
Dec-2024
$ billions
Monthly lending12m moving avg.
Source: RBNZ

Investment and capital markets
Domestic environment
•Transaction activity remained muted in 2024 due to the ongoing effects of higher
interest rates and more restrictive credit conditions
•Conditions stabilising over the last six months with the reduction in funding costs
and return of a positive yield spread relative to cost of debt
•Level of interest in NZ is improving and supported by interest rate outlook, positive
signals from the coalition government on overseas investment settings and weaker
NZ dollar
•Anticipating improved liquidity over the next ~12 months which will be supportive of
capital management and capital partnering strategies
Australian market
•Australian transaction volumes in the first nine months of 2024 show office sales
volumes of $6.1 billion in the first nine months of 2024, up 61% on the corresponding
first three quarters of 2023
1
•The Sydney office investment market has recovered well, while Brisbane is
improving
•Positive lead indicator for investment interest in Auckland office market in particular
Precinct Properties – FY25 Interim Result15
Note 1: Source: JLL
4
5
6
7
8
9
10
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Yield (%)
Office investment yields
Auckland PremiumAuckland A GradeWellington Prime
Source: Colliers Research
Forecast
0
50
100
150
200
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
No. of sales
$ billions
NZ Investment Sales $5m+
No. of sales, RHSValue of sales, LHS ($b)
Source: CBRE

Portfolio update and
occupier market
Precinct Properties – FY25 Interim Result16

Investment portfolio update
Precinct Properties – FY25 Interim Result17
11%
Under-renting
(vs. market rents)
1
6.3yrs
Weighted average
lease term
96%
Occupancy
(by NLA)

+5.9%
Outperformance against Jun-24
valuation market rents
(office & retail)
+3.1%
Growth in contract rentals
from rent reviews
(office & retail)
+22.8%
Uplift in contract rentals on new
office leases
•6,451sqm of lease deals concluded across the portfolio in the period
•Another solid leasing spread was achieved during this period:
•+22.8% spread achieved across 5,720sqm of office leasing
•Over 78,300sqm of rent reviews completed during the period (office
and retail), with +3.1% uplift achieved vs. previous contract rents
•Commercial Bay retail centre was 97% occupied as at 31 December 2024.
Pleasingly, sales turnover for H1 FY25 was up 1.8% on the prior period
0k
5k
10k
15k
20k
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
NLA (sqm)
Precinct Leasing Activity
Auckland OfficeWellington OfficeComm. Bay Retail
Note 1: Based on internally assessed growth in market rentals across
the stabilised office portfolio

18
Auckland CBD office occupier market
Precinct Properties – FY25 Interim Result
•Premium assets are continuing to
outperform the wider office market
in terms of occupancy and rental
growth
•Return-to-office trends among
corporate and public sector
occupiers are benefitting well-
located premium buildings
•Prime vacancy rose to 10.3% as at
Dec-24 as a result of increasing
vacancy in A Grade buildings
(15.2%), whilst premium vacancy
remains low at 1.8%
(80k)
(60k)
(40k)
(20k)
--
20k
40k
60k
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
NLA (sqm)
Net absorption, rolling 12m
SecondaryPrime
Source: JLL
0
5
10
15
20
25
Jun-15
Jan-16
Aug-16
Mar-17
Oct-17
May-18
Dec-18
Jul-19
Feb-20
Sep-20
Apr-21
Nov-21
Jun-22
Jan-23
Aug-23
Mar-24
Oct-24
Vacancy rate (%)
CBD office vacancy rate by grade
PremiumA GradeSecondary
0%
10%
20%
30%
40%
50%
60%
1 day2 days3 days4 days5 days
NZ office attendance - average days in office
20232024
Source: CBRE
Source: JLL
-20
-10
0
10
20
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Rent growth (Y/Y%)
Net effective rental growth (Y/Y%)
PremiumA GradeSecondary
Source: JLL

19
Wellington CBD office occupier market
Precinct Properties – FY25 Interim Result
•Occupier demand remains subdued.
Vacancy rates continued to rise over
2024; however, prime vacancy
remains relatively low at 5%
•Rental growth expectations are
limited over the short to medium
term. The prior half decade has seen
solid growth, but ongoing increases
in operating expenses have resulted
in lower indexed growth rates
•Sentiment indicators in Wellington
are down, showing the impacts of
public sector spending and
headcount cuts
-5%
0%
5%
10%
15%
--
5k
10k
15k
20k
25k
30k
Y/Y change
FTEs
Wellington's public sector workforce
Y/Y change, RHSWellington FTEs
Source: Public Service Commission
Source: JLL
(100k)
(50k)
--
50k
100k
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
NLA (sqm)
Net absorption, rolling 12m
PrimeSecondary
Source: JLL
-5
0
5
10
15
20
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Rent growth (Y/Y%)
Gross effective rental growth (Y/Y%)
PrimeSecondary
Source: JLL
0
2
4
6
8
10
12
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Vacancy rate (%)
CBD office vacancy rate by grade
PrimeSecondary
Source: JLL

Development update
Precinct Properties – FY25 Interim Result20

Wynyard Quarter Innovation Precinct complete
With the delivery of Beca House, Precinct
completes the third and final stage of the
Wynyard Quarter Innovation Precinct,
one of the largest urban regeneration
projects undertaken in New Zealand
•Five campus buildings encompassing 48,000
square metres of prime office space
•Successfully managed the delivery of Beca House
on time for Precinct’s largest corporate client
•Demonstrating Precinct’s development expertise to
deliver large-scale development projects on behalf
of its capital partners in collaboration with local
mana whenua and Council organisations
•Total realisable value of circa $550m
•Final stage impacted by cost overruns due to
elevated construction market activity
Precinct Properties – FY25 Interim Result21

61 Molesworth nearing completion
Precinct Properties – FY25 Interim Result22
Delivery of 6 Green Star
development to deliver enhanced
asset and income resilience
•Construction on schedule with
completion expected in Q4 2025
•Targeting 6 star ‘World Leadership’
Green Star Built rating and 5 star
NABERSNZ rating
•Highly attractive net lease to NZ
government with fixed annual rent
growth
Office pre-commitmentWALT on completion
100%21 yrs

Residential projects
Precinct Properties – FY25 Interim Result23
Artist’s impression: Wynyard West
Precinct is making continued progress
in the sector with three build-to-sell
projects now under construction
•Construction works at York House commenced in
the period
•FABRIC Stage 2 and the Domain Collection
progressing well, with both projects on schedule for
completion in 2026 and remaining on budget
Key themes
•Design build contracts are becoming increasingly
common
•A deep tier two contractor market provides
competitive tension
•Competitive pricing remains a feature of the
market

Precinct Properties – FY25 Interim Result24
Progress update
•Resource Consent has been lodged and
notified under the conventional RMA
process with the project included within
Schedule 2 of the Fast Track Approvals Bill,
providing an alternative consenting
pathway. Resource Consent uplift is
anticipated in the next ~12 months
•Preliminary Design has commenced with a
focus on optimising the scheme to maximise
development optionality
•Office leasing demand remains elevated
with good interest in office component
•Discussions with potential capital partners
have commenced
•Key focus on construction procurement with
engagement underway with market
participants
Downtown
Artist’s impression: Downtown West

Summary
Precinct Properties – FY25 Interim Result25

Summary and outlook
Precinct Properties – FY25 Interim Result26
•Precinct’s core office portfolio has continued to perform
well, reflecting the underlying quality and resilience of our
real estate
•Economic conditions remain weak, but business
confidence is improving as the impacts of lower interest
rates are anticipated to flow through
•Office market is benefitting from limited supply and a
return-to-office trend, with the Premium market
outperforming all other subsectors
•Precinct has achieved strong rental growth through the
cap rate softening cycle and will now look to maintain
and enhance occupancy
•Precinct remains optimistic about its medium-term
outlook and is on track to deliver $4-5 billion of capital
partnerships in the medium term
•Focus for next period on progressing delivery and capital
partnering initiatives for residential, PBSA, and Downtown
•Confirming dividend guidance of 6.75cps for FY25,
consistent with the prior period
85%
90%
95%
100%
105%
110%
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
Precinct 10-year AFFO payout ratio
AFFO payout ratio10Y average (101%)
6.75cps
FY25 dividend guidance
$3bn
Growth pipeline across
living and commercial
11%
Portfolio under-renting
5.405.40
5.60
5.80
6.00
6.30
6.50
6.706.70
6.75
1.0 cps
2.0 cps
3.0 cps
4.0 cps
5.0 cps
6.0 cps
7.0 cps
8.0 cps
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
10-year dividend history (cents per share)

Appendices
Precinct Properties – FY25 Interim Result27

A1: FFO contribution from directly held property
28Precinct Properties – FY25 Interim Result
For the 6 months ended
31 Dec 202431 Dec 2023
1
Δ%
$ millions
UnauditedUnaudited
AON Centre - AKL$5.5 m$6.1 m($0.6 m)(9.8%)
HSBC Tower$17.4 m$12.6 m+$4.8 m+38.1%
Jarden House$3.6 m$3.3 m+$0.3 m+9.1%
PwC Tower$15.5 m$15.1 m+$0.4 m+2.6%
Auckland office FFO$42.0 m$37.2 m+$4.8 m+12.9%
NTT Tower$4.3 m$4.0 m+$0.3 m+7.5%
AON Centre - WGN$5.7 m$5.8 m($0.1 m)(1.7%)
Defence House$4.1 m$4.0 m+$0.1 m+2.5%
No 1 The Terrace$3.6 m$3.5 m+$0.1 m+2.9%
Bowen House$4.0 m$4.0 m--
Wellington office FFO$21.7 m$21.3 m+$0.4 m+1.9%
Commercial Bay retail$7.9 m$8.2 m($0.3 m)(3.7%)
Other properties$1.1 m$1.0 m+$0.1 m+10.0%
Investment portfolio FFO$72.7 m$67.7 m+$5.0 m+7.4%
Transactions and developments
2
$4.7 m$4.7 m--
Directly held property FFO$77.5 m$72.3 m+$5.2 m+7.2%
Amortisations of incentives and leasing costs($7.0 m)($6.4 m)($0.6 m)+9.4%
Straight-line rents$0.9 m$2.5 m($1.6 m)(64.0%)
Net property income$71.4 m$68.4 m+$3.0 m+4.4%
Note 1: Prior period figures include adjustments made to present on a like-for-like basis with the current period, and do not reconcile with the financial statements.
Note 2: Transactions and developments includes: Deloitte Centre, Freyberg Building, Mason Bros. (prior period only), and 40 Bowen Street (prior period only).

A2: AFFO reconciliation to operating profit
29Precinct Properties – FY25 Interim Result
For the 6 months ended31 Dec 202431 Dec 2023
1
$ millionsUnauditedUnaudited
Operating profit before indirect expenses$76.6 m $73.4 m
Corporate overhead expense($2.4 m)($2.7 m)
Net interest expense ($29.1 m)($16.4 m)
Operating profit before income tax$45.1 m $54.3 m
Current tax expense$3.7 m ($0.8 m)
Operating profit after tax$48.8 m $53.5 m
Adjusted for:
Cornerstone distributions attributable to the period$2.3 m $1.6 m
IFRS 16 rent expense($4.5 m)($4.6 m)
Share-based payments scheme$1.3 m $0.3 m
Amortisations$7.8 m $7.0 m
Straight-line rents($0.9 m)($2.5 m)
Discontinued operating business$0.2 m
Funds from Operations (FFO)$55.0 m $55.3 m
FFO per weighted security3.47 cps3.49 cps
Dividend payout ratio to FFO97%97%
Adjusted Funds From Operations
Maintenance capex($1.1 m)($1.9 m)
Investment portfolio - Incentives and leasing fees($2.6 m)($1.7 m)
Adjusted Funds From Operations (AFFO)$51.3 m $51.7 m
AFFO per weighted security3.23 cps3.26 cps
Dividend paid in financial year3.38 cps3.38 cps
Dividend payout ratio to AFFO104%104%
Retained earnings($2.3 m)($1.8 m)
Note 1: Prior period figures include adjustments made to present on a like-for-like basis with the current period,
and do not reconcile with the financial statements

A3: Balance sheet
30Precinct Properties – FY25 Interim Result
Financial Position as at 31 Dec 202430 June 2024Δ
$ millionsUnauditedAudited
Assets
Investment properties$2,991.8 m$2,987.4 m+$4.4 m
Development properties$273.6 m$201.2 m+$72.4 m
Investment properties held for sale---
Investment in equity-accounted investments$186.1 m$131.1 m+$55.0 m
Property, plant and equipment$41.2 m$42.7 m($1.5 m)
Right-of-use assets$19.0 m$21.0 m($2.0 m)
Other assets$187.6 m$135.5 m$52.1 m
Total Assets$3,699.3 m$3,518.9 m+$180.4 m
Liabilities
Interest bearing liabilities$1,537.2 m$1,334.6 m+$202.6 m
Deferred tax liability---
Lease liabilities$52.8 m$55.2 m($2.4 m)
Fair value of derivative financial instruments$42.3 m$25.4 m+$16.9 m
Other liabilities$69.7 m$56.4 m+$13.3 m
Total Liabilities$1,702.0 m$1,471.6 m+$230.4 m
Equity$1,997.3 m$2,047.3 m($50.0 m)
NIBD (net interest-bearing debt) to Total Assets40.2%37.5%2.6%
Liabilities to Total Assets - Loan Covenants39.1%35.2%3.9%
Shares on Issue (m)1,587.0 m 1,586.4 m +0.7 m
Net tangible assets per security $1.25 $1.29 ($0.04)
Net asset value per security $1.26 $1.29 ($0.03)

ParticipationOverviewCurrent
1
Target
The overarching measure Precinct have chosen to use as its core
ESG 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.
Score
89
+ Global
Average 76
Public Disclosure
A
+ Global
Average B
Forsyth Barr Carbon & ESG Ratings is an influential research and rating assessment
specific to NZX companies
A
Top 4
A
Morgan Stanley Capital International (MSCI) ESG Rating aims to measure a company's
resilience to long-term, financially relevant ESG risk.
AA or better
NABERSNZ is a ratings scheme to measure and rate the energy performance of office
buildings in New Zealand.
59%
Portfolio:
>100% 4 star
by 2030
(Excellent)
Green Star is an internationally recognised, rating system for the sustainable design,
construction and operation of buildings, fitout and communities.
54%
Portfolio:
>60% 5 Star
(Excellence)
A4: ESG progress
31
Green assets
(min. 4 Star NABERSNZ or 5 Star Green Star)
Our strategy includes the integration of
sustainability across all areas of our business.
•$1.7b of green assets (excl. partnership assets)
•Committed to set near-term company-wide emission
reductions in line with climate science with the Science
Based Target Initiative (SBTi)
•Voluntarily reporting to the World Green Building
Council Net Zero Carbon Buildings Commitment and a
target that all assets be certified Green by 2030
•Offsetting upfront development carbon emissions on
completion and continuing to prioritising adaptive
reuse projects to reduce this impact
•First real estate company in APAC to receive a WELL
Equity rating for corporate real estate office verified by
the International WELL Building Institute
•Preparing our second year Climate Statement
highlighting our efforts around mitigating and
responding to climate-related risks and opportunities
Note: GRESB metrics relate to those received in 2024
Precinct Properties – FY25 Interim Result
Green Assets
Green Development Assets
Non-Green Assets

Investment
portfolio including
cornerstone
1
Investment
portfolio directly
held
WellingtonAuckland
WALT
6.4 years
6.3 years 7.4 years 5.7 years
Occupancy
95%
96%96%95%
Investment portfolio value
2
$3,007 m$2,835 m $831 m $2,004 m
Weighted average cap rate
5.6%
5.8%6.1%5.7%
NLA (sqm)
334 k
248 k 100 k148 k
A5: Investment portfolio overview
32
Note 1: Investment portfolio metrics including Precinct cornerstone are weighted based on Precinct’s ownership interest except for NLA which reflects total unweighted lettable area.
Note 2: Investment portfolio value excludes: the InterContinental hotel at 1 Queen Street; the value of development properties; and IFRS16 right-of-use assets ($24.9m at 31 December 2024 for the directly held portfolio).
6.3 years
Weighted average lease term
96%
Portfolio occupancy
Precinct Properties – FY25 Interim Result
Key metrics
Occupancy
Portfolio metrics – directly held
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

33
Retail
•According to JLL research, city center prime retail vacancy has decreased to 7.3% as of
December 2024 from a high of 8.6% in June 2022. This vacancy figure has remained
relatively consistent from June 2023 to present.
•Despite a challenging economic backdrop and the ongoing high costs of living, retail
sales have remained largely constant and consumer confidence is beginning to rise.
•Retail spend and pedestrian counts in the waterfront areas of the CBD remains largely
consistent with last year.
Hotel
•International visitor arrivals to NZ totalled 3.3 million in the year to December 2024, up
10.2% over the prior year but still ~16% below the pre-covid peak. Arrival numbers
continue to trend upwards but are currently around 2016 levels
•After a softer winter trading period, the spring and summer seasons have been
supported by events such as the Pearl Jam and Coldplay concerts, and SailGP in
Auckland
•Increasing supply backdrop, with the 300 room 5-star Horizon Hotel at Sky City having
opened August 2024 and the 225 room 4.5-star Indigo Hotel set to open April 2025
•The opening of the NZ International Convention Centre in February 2026 is expected to
create a positive demand impact on the market
Precinct Properties – FY25 Interim Result
0.0%
4.0%
8.0%
12.0%
(2k)
(1k)
--
1k
2k
3k
4k
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24
6-
monthly net absorption (sqm)
Auckland retail net absorption vs. vacancy rates
CBD net absorptionCBD vacancy (RHS)
Source: JLL
40 %
50 %
60 %
70 %
80 %
90 %
$200
$250
$300
$350
$400
$450
$500
Comparable hotel market KPIs
ADR (LHS)Occupancy (RHS)
Source: STR / CoStar
A6: Other city centre markets

Disclaimer
34
The information and opinions in this presentation were prepared by Precinct Properties New Zealand Limited or one of its subsidiaries (Precinct).
Precinct makes no representation or warranty as to the accuracy or completeness of the information in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of Precinct as at the date of this presentation and are subject
to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other
factors, many of which are beyond Precinct’s control, and which may cause actual results to differ materially from those expressed in this presentation.
Precinct undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Precinct and any recipient of this presentation.
Neither Precinct, nor any of its Board members, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or
otherwise) for any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other person in
connection with this presentation.
Precinct Properties – FY25 Interim Result

---

2025
Interim
Financial
Statements
precinct.co.nz

Precinct Properties Group
Interim financial statements
For the six months ended 31 December 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 19 February 2025.
ANNE URLWIN
CHAIR
MARK TUME
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated Statement of Comprehensive Income03
Consolidated Statement of Changes in Equity04
Consolidated Statement of Financial Position05
Consolidated Statement of Cash Flows06
Notes to the Financial Statements07
1. GENERAL INFORMATION07
1.1 Reporting entity07
1.2 Basis of preparation07
1.3 New standards, amendments and
interpretations
07
1.4 Changes to accounting policies and disclosure
of significant accounting policies
08
1.5 Fair value estimation08
1.6 Significant accounting judgements, estimates
and assumptions
08
1.7 Non-GAAP measures08
1.8 Significant events and transactions during the
period
09
2. OPERATING SEGMENTS09
2.1 Segment information09
2.2 Gross operating revenue11
3. PROPERTY12
3.1 Investment and development properties12
3.2 Capital commitments13
3.3 Leases13
4. GROUP STRUCTURE14
4.1 Equity-accounted investments14
4.2 Acquisition of a subsidiary17
4.3 Related party disclosures18
5. INVESTOR RETURNS20
5.1 Earnings per share20
5.2 Reconciliation of net profit after tax to adjusted
funds from operations (AFFO)
21
5.3 Dividends paid22
6. CAPITAL STRUCTURE AND FUNDING22
6.1 Interest bearing liabilities22
6.2 Net finance expense24
6.3 Derivative financial instruments25
6.4 Loan receivables26
6.5 Share capital26
7. TAXATION27
7.1 Income tax27
8. OTHER28
8.1 Employment and administration expenses28
8.2 Corporate overhead expenses29
8.3 Key management personnel29
8.4 Debtors and other current assets29
8.5 Trade and other payables30
8.6 Contingencies30
8.7 Intangible assets30
8.8 Events after balance date30
Independent review report31
PRECINCT PROPERTIES GROUP02

Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2024
Amounts in $ millions
Notes
Unaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Gross operating revenue2.2134.4121.0
Operating expenses
Direct operating expenses(53.3)(43.0)
Employment and administration expenses8.1
(4.5)(4.2)
Total operating expenses(57.8)(47.2)
Operating profit before net finance expense, other income/(expenses) and
income tax76.673.8
Corporate overhead expense(2.4)(2.7)
Interest income6.22.22.6
Interest expense6.2(31.3)(19.4)
Operating profit before income tax45.154.3
Other income / (expenses)
Net change in fair value of investment and development properties3.1(0.8)(5.5)
Share of profit / (loss) in equity-accounted investments4.15.6(3.1)
Equity-accounted investment transaction costs(1.8)-
Net change in fair value of derivative financial instruments6.3(28.6)(11.1)
Net gain / (loss) on sale of investment properties1.8(16.1)(10.3)
Net realised gain / (loss) on disposal of investment in joint venture4.22.8-
Depreciation - property, plant and equipment(2.1)(2.3)
Amortisation of intangible assets(2.3)-
Lease depreciation(2.0)(2.0)
Lease interest
(2.0)(2.3)
Total other income / (expenses)(47.3)(36.6)
Net profit / (loss) before income tax(2.2)17.7
Income tax benefit / (expense)7.111.4(2.4)
Net profit / (loss) after income tax attributable to equity holders of
stapled entity9.215.3
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(8.3)(3.3)
Deferred tax on items transferred directly to / (from) equity
2.30.9
Total other comprehensive income / (expense)(6.0)(2.4)
Total comprehensive income after tax attributable to equity holders of
stapled entity3.212.9
Total comprehensive income after tax attributable to equity holders of:
Precinct Properties NZ Limited ("PPNZ")7.214.3
Precinct Properties Investments Limited ("PPIL")(4.0)(1.4)
Total comprehensive income after tax attributable to equity holders of
stapled entity3.212.9
Earnings per share (cents per share)
Basic earnings per share5.10.580.96
Diluted earnings per share5.10.580.96
Other amounts (cents per share)
Funds from operations (FFO)5.23.473.49
Adjusted funds from operations (AFFO)5.23.233.26
The accompanying notes on pages 07-30 form part of these Financial Statements
Interim Financial Statements
03
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Consolidated Statement of Changes in Equity
For the six months ended 31 December 2024
Amounts in $ millionsNotes
Attributable to the equity holders of the parent
Number
of shares
(m)
Share
capital
Retained
earningsReserves
PPNZ
equity
PPIL
equity
PPG
total
equity
Balance at 1 July 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-16.7-16.7(1.4)15.3
Other comprehensive income for
the period
--(2.4)(2.4)-(2.4)
Total comprehensive income-16.7(2.4)14.3(1.4)12.9
Distributions5.3--(50.3)-(50.3)(3.0)(53.3)
Long-term incentive scheme0.40.7-(0.3)0.4-0.4
Employee share scheme
0.10.1--0.10.10.2
Total transactions0.50.8(50.3)(0.3)(49.8)(2.9)(52.7)
Balance at 31 December 2023 (unaudited)1,586.41,622.8543.11.32,167.2(23.9)2,143.3
Profit after income tax for the period-(37.8)-(37.8)0.4(37.4)
Other comprehensive income for
the period
--(5.6)(5.6)-(5.6)
Total comprehensive income-(37.8)(5.6)(43.4)0.4(43.0)
Distributions5.3--(47.7)-(47.7)(6.0)(53.7)
Long-term incentive scheme---0.80.8-0.8
Employee share scheme-
(0.1)--(0.1)-(0.1)
Total transactions-(0.1)(47.7)0.8(47.0)(6.0)(53.0)
Balance at 30 June 2024 (audited)1,586.41,622.7457.6(3.5)2,076.8(29.5)2,047.3
Profit after income tax for the period-13.2-13.2(4.0)9.2
Other comprehensive income for
the period
--(6.0)(6.0)-(6.0)
Total comprehensive income-13.2(6.0)7.2(4.0)3.2
Distributions5.3--(47.5)-(47.5)(6.0)(53.5)
Long-term incentive scheme0.60.4-(0.3)0.1-0.1
Employee share scheme0.1
0.1--0.10.10.2
Total transactions0.70.5(47.5)(0.3)(47.3)(5.9)(53.2)
Balance at 31 December 2024 (unaudited)1,587.11,623.2423.3(9.8)2,036.7(39.4)1,997.3
1Net liabilities of Non-PIE entities transferred from PPNZ to PPIL as part of stapling transaction.
The accompanying notes on pages 07-30 form part of these Financial Statements
PRECINCT PROPERTIES GROUP
04

Consolidated Statement of Financial Position
As at 31 December 2024
Amounts in $ millions
Notes
Unaudited as at
31 December 2024
Audited as at
30 June 2024
Current assets
Cash25.522.1
Fair value of derivative financial instruments6.32.110.1
Debtors and other current assets8.4
35.938.4
Total current assets
63.570.6
Non-current assets
Investment properties3.12,991.82,987.4
Development properties3.1273.6201.2
Investment in equity-accounted investments4.1186.1131.1
Property, plant and equipment41.242.7
Right-of-use assets3.319.021.0
Fair value of derivative financial instruments6.357.734.0
Loan receivables6.437.126.4
Deferred tax asset17.02.5
Other assets1.50.7
Intangible assets8.7
10.81.3
Total non-current assets3,635.83,448.3
Total assets3,699.33,518.9
Current liabilities
Interest bearing liabilities6.165.3165.3
Provision for tax1.21.5
Lease liabilities3.35.55.1
Trade and other payables8.568.554.9
Fair value of derivative financial instruments6.3
-1.4
Total current liabilities
140.5228.2
Non-current liabilities
Interest bearing liabilities6.11,471.91,169.3
Lease liabilities3.347.350.1
Fair value of derivative financial instruments6.3
42.324.0
Total non-current liabilities1,561.51,243.4
Total liabilities1,702.01,471.6
Net assets1,997.32,047.3
Equity
Share capital1,623.21,622.7
Retained earnings423.3457.6
Other reserves
(9.8)(3.5)
Total equity - PPNZ
2,036.72,076.8
PPIL equity (non-controlling interest)(39.4)(29.5)
Total equity1,997.32,047.3
The accompanying notes on pages 07-30 form part of these Financial Statements
Interim Financial Statements
05
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Consolidated Statement of Cash Flows
For the six months ended 31 December 2024
Amounts in $ millions
Notes
Unaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Cash flows from operating activities
Operating revenue received140.7116.1
Interest income received0.82.6
Property expenses paid(47.6)(48.1)
Other expenses paid(3.1)(1.4)
Interest expense paid(28.8)(23.4)
Employment and administration expenses paid(4.4)(6.0)
Income tax paid(1.0)-
Net cash inflow / (outflow) from operating activities56.639.8
Cash flows from investing activities
Capital expenditure on investment and development properties(84.3)(89.9)
Capital expenditure on other assets-(7.7)
Acquisition of investment and development properties-(55.0)
Investment in equity-accounted investments(55.1)(55.8)
Acquisition of subsidiary(4.7)-
Mezzanine loan facilities advanced(9.3)(24.0)
Mezzanine loan facilities repaid-34.5
Expenditure on property, plant and equipment(0.6)-
Net proceeds from disposal of investment properties(1.2)289.3
Capitalised interest on investment and development properties(7.3)(15.2)
Net cash inflow / (outflow) from investing activities(162.5)76.2
Cash flows from financing activities
Loan facility drawings1,246.6195.0
Loan facility repayments(1,056.3)(402.0)
Repayment of senior secured bonds(100.0)-
Repayment of leasing liabilities(2.5)(2.3)
Distributions paid to share holders(53.6)(53.3)
Net proceeds from debt instrument issuance75.0150.0
Net cash inflow / (outflow) from financing activities109.2(112.6)
Net increase / (decrease in cash held3.33.4
Cash at the beginning of the year22.116.6
Cash as the end of the period25.420.0
The accompanying notes on pages 07-30 form part of these Financial Statements
PRECINCT PROPERTIES GROUP
06

Notes to the Financial Statements
For the six months ended 31 December 2024
1. GENERAL INFORMATION
1.1 Reporting entity
The interim condensed 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).
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 interim financial statements were prepared in accordance with Generally Accepted Accounting Principles in New
Zealand (GAAP), For the purposes of complying with NZ GAAP Precinct is a for-profit entity.
NZ IAS 34 and IAS 34 Interim Financial Reporting 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 waivers, to prepare interim financial statements in
respect of Precinct in place of separate interim financial statements of each stapled entity.
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.
1.3
New standards, amendments and interpretations
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.
Interim Financial Statements
07
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Notes to the Financial Statements
For the six months ended 31 December 2024
1.4 Changes to accounting policies and disclosure of significant accounting policies
The same accounting policies and methods of computation are followed in the interim financial statements as compared
with the most recent annual financial statements.
These interim financial statements should be read in conjunction with the financial statements and related notes included in
Precinct's Annual Report for the year ended 30 June 2024.
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 interim 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.
The significant judgements, estimates and assumptions made in the preparation of these interim financial statements are in
relation to:
i.Investment and development properties – refer Note 3.1
ii.Investment in associates and joint ventures – refer Note 4.1
iii.Lease liabilities –refer Note 3.3
iv.Derivative financial instruments – refer Note 6.3
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 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 IFRS 16. 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.
PRECINCT PROPERTIES GROUP
08

1.8 Significant events and transactions during the period
Precinct's financial position and performance was affected by the following events and transactions that occurred during
the reporting period:

i.Purchase of remaining 50% interest in Precinct Properties Residential Limited
On 1 July 2024, the remaining 50% interest in Precinct Properties Residential Limited was purchased bringing Precinct's
ownership to 100%. See Note 4.2 for more details.

ii.Downtown Car Park site
On 1 July 2024, Precinct paid a $6.1 million deposit towards the purchase of Downtown Car Park, Auckland.

iii.Wholesale Bond
On 24 October 2024, Precinct raised $75.0 million through a wholesale green bond issue. See Note 6.1 for details.

iv.Investment Partnership - Orams
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 settled on 26 November 2024. See Note 4.1 for details.

v.PCT020 maturity
On 27 November 2024, PCT020 senior secured fixed rate bonds matured.

vi.Investment Partnership - Precinct Pacific Investment Limited Partnership ("PPILP")
On 16 March 2023 Precinct sold Wynyard Quarter Stage 3 for $67.4 million to PPILP. The agreement included certain
variable consideration elements relating to the sale of the property that are dependent on performance criteria such as
leasing, programme and budget being met. As at 31 December 2024, the value of this variable consideration is expected
to be a $16.0 million payment from Precinct to PPILP.

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
Interim Financial Statements09
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Notes to the Financial Statements
For the six months ended 31 December 2024
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, co-working and investment management
segments. This integration includes occupied space, future leasing and events.
The following is an analysis of Precinct's results, by reportable segments.
Adjusted operating profit before net finance expense and income tax
Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
Unaudited six
months ended
31 December
2024
Gross operating revenue107.811.411.14.1134.4
Intersegment transaction eliminations1.3(0.4)(0.1)(0.8)-
Direct operating expenses(36.4)(7.4)(9.5)-(53.3)
Employment and
administration expenses---(4.5)(4.5)
Operating profit before net finance
expense and income tax72.73.61.5(1.2)76.6
Add back rent eliminated in application
of IFRS 16(1.3)(3.2)--(4.5)
Adjusted operating profit before net
finance expense and income tax
1
71.40.41.5(1.2)72.1
1See Note 1.7 for further details of this measure.
Amounts in $ millionsInvestment
properties
Flexible spaceHospitalityInvestment
management
Unaudited six
months ended
31 December
2023
Gross operating revenue102.212.72.04.1121.0
Intersegment transaction eliminations1.6(1.4)(0.2)--
Direct operating expenses(34.0)(7.1)(1.9)-(43.0)
Employment and
administration expenses
---(4.2)(4.2)
Operating profit before net finance
expense and income tax69.84.2(0.1)(0.1)73.8
Add back rent eliminated in application
of IFRS 16(1.5)(3.1)--(4.6)
Adjusted operating profit before net
finance expense and income tax
1
68.31.1(0.1)(0.1)69.2
1See Note 1.7 for further details of this measure.
PRECINCT PROPERTIES GROUP10

Reconciliation to net profit / (loss) before income tax
Amounts in $ millionsUnaudited six
months ended
31 December 2024
Unaudited six
months ended
31 December 2023
Operating profit before net finance expense and income tax76.673.8
Interest income2.22.6
Interest expense(31.3)(19.4)
Corporate overhead expense(2.4)(2.7)
Net change in fair value of investment and development properties(0.8)(5.5)
Share of profit / (loss) in equity-accounted investments5.6(3.1)
Equity-accounted investment transaction costs(1.8)-
Net change in fair value of derivative financial instruments(28.6)(11.1)
Net gain / (loss) on sale of investment properties(16.1)(10.3)
Net realised gain / (loss) on disposal of investment in joint venture2.8-
Depreciation - property, plant and equipment(2.1)(2.3)
Amortisation of intangible assets(2.3)-
Lease depreciation(2.0)(2.0)
Lease interest(2.0)(2.3)
Net profit / (loss) before income tax(2.2)17.7
2.2 Gross operating revenue
Amounts in $ millionsUnaudited six
months ended
31 December 2024
Unaudited six
months ended
31 December 2023
Revenue
Gross property income from rentals87.981.9
Straightline rental adjustments0.92.5
Amortisation of capitalised lease incentives(4.8)(4.2)
Revenue from contracts with customers
Gross property income from expense recoveries23.822.0
Generator operating revenue11.412.7
Commercial Bay Hospitality operating revenue1.02.0
Hotel operating revenue10.1-
Management fee income4.14.1
Total gross operating revenue134.4121.0
Interim Financial Statements11
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Notes to the Financial Statements
For the six months ended 31 December 2024
3. PROPERTY
3.1 Investment and development properties
Amounts in $ millionsValuer
1
Capitalisation
rate
2
Valuation
30 June
2024
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain /
(loss)
Book value
31 December
2024
Investment properties
5
Auckland
AON Centre - AkldCBRE6.1%223.0(0.3)0.5--223.2
HSBC TowerCBRE5.6%440.00.4---440.4
Jarden HouseCBRE5.9%130.0(0.2)0.8--130.6
Commercial Bay RetailJLL6.0%340.0(0.9)1.8--340.9
PwC Tower (Commercial Bay)JLL5.4%605.1(2.2)0.2--603.1
Deloitte CentreJLL5.5%360.0(0.5)0.8--360.3
Wellington
NTT TowerCBRE6.8%133.80.4(0.2)--134.0
No. 1 and 3 The TerraceBayleys6.0%128.0(0.1)0.1--128.0
No. 3 The Terrace
6
BayleysN/A12.4----12.4
AON Centre - WgtnBayleys6.8%208.2(0.3)(0.1)--207.8
Defence HouseColliers5.5%190.1(0.3)(0.1)--189.7
Bowen HouseColliers5.4%155.00.53.2--158.7
Other investment properties
7
Colliers7.7%36.0(0.1)1.9--37.8
Right-of-use assets
8
25.8---(0.9)24.9
Market value (fair value) of
investment properties5.8%2,987.4(3.6)8.9-(0.9)2,991.8
Development properties
5
Auckland
256 Queen StreetN/AN/A9.8-5.4--15.2
Downtown Car ParkN/AN/A18.6-13.3--31.9
Wellington
Freyberg BuildingColliersN/A36.0-3.8-(6.8)33.0
61 Molesworth StreetColliersN/A136.8-49.8-6.9193.5
Market value (fair value) of
development properties201.2-72.3-0.1273.6
161 Molesworth Street externally valued at 31 December 2024.
2Total weighted average by market value.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $7.0 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.
6No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
7Other investment properties are small value properties held for strategic purposes.
8Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
PRECINCT PROPERTIES GROUP12

Accounting policies
Valuation of investment and development properties
In line with Precinct's valuation policy, for 31 December 2024 interim financial reporting purposes, all development
properties under construction were externally valued. The Board and Management have reviewed the remainder
of the portfolio using available market data and considered other key property information. Where fair value
movements were material in the context of Precinct's valuation policy the internal valuation amount was adopted as
fair value.
3.2 Capital commitments
Precinct has $176.9 million of capital commitments as at 31 December 2024 (30 June 2024: $228.4 million) relating to
construction contracts and property purchases still to be settled.
Precinct has $nil capital commitments as at 31 December 2024 (30 June 2024: $8.2 million) relating to undrawn mezzanine
loan facilities provided. See Note 6.4 for more details.
3.3
Leases
a) 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 47 years (June 2024: one and 48 years). Generator property leases have
remaining non-cancellable lease terms of between one and 8 years (June 2024: one and 9 years).
Amounts in $ millionsInvestment
properties
Flexible spaceUnaudited six
months ended
31 December
2024
Investment
properties
Flexible SpaceAudited as at
30 June 2024
Current1.34.25.51.23.95.1
Non-current25.521.847.326.124.050.1
Total lease liabilities26.826.052.827.327.955.2
b) Right-of-use assets
Amounts in $ millionsInvestment
properties
Flexible spaceUnaudited six
months ended
31 December
2024
Investment
properties
Flexible SpaceAudited as at
30 June 2024
Total right-of-use assets24.919.043.925.821.046.8
Interim Financial Statements13
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Notes to the Financial Statements
For the six months ended 31 December 2024
4. GROUP STRUCTURE
4.1 Equity-accounted investments
Set out below are the associates and joint ventures of Precinct as at 31 December 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.
a) 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")
1
New ZealandUnits20.0%AssociateEquity
Individually immaterial equity-accounted investments
Mahuhu Investment Limited Partnership ("MILP")
1
New ZealandUnits33.3%AssociateEquity
Tangihua Investment Limited Partnership ("TILP")
1
New ZealandUnits33.3%AssociateEquity
Precinct Properties Residential Limited ("PPRL")
2
New ZealandShares0.0%Joint VentureEquity
Westhaven Residential Limited Partnership ("WRLP")
3
New ZealandUnits50.0%Joint VentureEquity
Westhaven Commercial Limited Partnership ("WCLP")
3
New ZealandUnits24.9%AssociateEquity
1There has been no change in ownership interests during the period.
2Precinct purchased the remaining 50% ownership of PPRL during the period. See Note 4.2 for further details.
3Partnership commenced during the period. See Note 1.8 for further details.
b) Equity-accounted investments
Amounts in $ millionsUnaudited as at
31 December
2024
Audited as at
30 June 2024
Precinct Pacific Investment Limited Partnership ("PPILP")75.560.4
Bowen Investment Limited Partnership ("BILP")51.050.0
Individually immaterial equity-accounted investments59.620.7
Total equity-accounted investments186.1131.1
PRECINCT PROPERTIES GROUP14

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.
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 33.3% 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.
Westhaven Residential Limited Partnership ("WRLP") and Westhaven Commercial Limited Partnership ("WCLP")
Precinct and Orams Group have entered a Joint Venture to develop Orams significant waterfront site at Wynyard Quarter
including a small scaled commercial development (through Westhaven Commercial Limited Partnership) and a large scale
residential development site (through Westhaven Residential Limited Partnership).
Given the extent of Precinct's equity invesment as at balance date of 24.9%, the appoinment of Precinct Properties
Management Limited ("PPML") as development manager, and that two of Precinct's current executives are directors of
WCLP General Partnership, the Precinct board has concluded that Precinct has "significant influence" over WCLP. As such,
Precinct's interest in WCLP has been treated as an interest in an associate.
Westhaven Residential Limited Partnership is jointly owned by Precinct and Orams Group and is focussed on the delivery of
a high-quality multi-unit residential development.
Interim Financial Statements
15
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Notes to the Financial Statements
For the six months ended 31 December 2024
c) 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 $ millionsUnaudited six months ended
31 December 2024
Unaudited six months ended
31 December 2023
PPILPBILPOtherPPILPBILPOther
Net operating income8.76.91.58.95.12.5
Corporate expenses------
Finance income0.1---0.2-
Finance expense(5.0)-(1.3)(5.8)-(0.9)
Other income / (expense)(0.8)(0.4)(0.1)(1.1)(0.3)(0.9)
Net change in fair value of investment and
development properties
8.62.8-(31.0)9.0-
Net change in fair value of derivative financial instruments(7.4)-(0.7)(5.2)-(0.5)
Income tax expense
-----(0.1)
Profit / (loss)4.29.3(0.6)(34.2)14.00.1
Other comprehensive income------
Total comprehensive profit / (loss)4.29.3(0.6)(34.2)14.00.1
Summarised statement of financial position
Amounts in $ millionsUnaudited as at 31 December 2024Audited as at 30 June 2024
PPILPBILPOtherPPILPBILPOther
Assets
Current assets13.13.40.86.93.22.7
Investment properties649.4252.679.6530.8246.478.8
Other non-current assets--129.0--0.6
Total assets662.5256.0209.4537.7249.682.1
Liabilities
Current liabilities15.10.90.5(1.2)0.33.9
Borrowings - non-current336.5-30.5295.7-28.6
Other non-
current liabilities7.9-0.80.5-0.2
Total liabilities359.50.931.8295.00.332.7
Net assets303.0255.1177.6242.7249.349.4
PRECINCT PROPERTIES GROUP16

4.2 Acquisition of a subsidiary
On 1 July 2024, Precinct acquired the remaining 50% of the shares and voting interests in Precinct Properties Residential
Limited ("PPRL"). As a result, Precinct's equity interest in PPRL increased from 50% to 100% obtaining control of PPRL.
a) Consideration transferred
The following table summarises the acquistion date fair value of each major class of consideration transferred:
Amounts in $ millions1 July 2024
Cash5.0
Fair value of existing 50% equity accounted interest in PPRL6.9
Total consideration transferred11.9
b) Indentifiable assets acquired and liabilities assumed
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date
of acquisition:
Amounts in $ millions1 July 2024
Current assets
Cash0.3
Trade receivables0.6
Non-current assets
Intangible assets10.7
Deferred tax assets0.1
Current liabilities
Trade and other payables0.9
Total identifiable net assets acquired10.8
Measurement of fair values
The valuation techniques for measuring the fair value of material assets acquired were as follows:
Class of assetValuation techniques used
Intangible
assets
Existing Contracts Method: The existing contracts method first determines whether the contracts qualify
for separate recognition as an intangible asset. Given the short-term nature of the contracts, the fair
value adopted has been measured by first calculating the expected revenue from the contracts and
subtracting the associated expenses to determine the total net income and then applying an appropriate
market EBIT multiple to determine a fair value.
Interim Financial Statements17
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Notes to the Financial Statements
For the six months ended 31 December 2024
Goodwill
Goodwill arising from the acquisition of PPRL has been recognised as follows:
Amounts in $ millions1 July 2024
Consideration transferred5.0
Fair value of existing 50% equity accounted interest in PPRL6.9
Less Fair value of identifiable assets10.8
Goodwill1.1
The re-measurement to fair value of the group's existing 50% interest in PPRL resulted in a gain of $2.8 million ($6.9 million
less $4.1 million amount of carrying amount of the previously equity accounted investment in PPRL at the date of
acquisition). The amount has been included in net realised gain / (loss) on disposal of investment in joint venture in the
consolidated statement of comprehensive income.
The goodwill is attributable to the PPRL CGU due to the synergies expected to be achieved in integrating PPRL to the group's
existing business. None of the goodwill recognised is expected to be deductible for tax purposes.
4.3
Related party disclosures
Precinct Properties Management Limited ("PPML", subsidiary of PPIL), earns revenue streams from the management of real
estate investments including PILP, BILP and Te Tōangaroa. Under the various management agreements PPML is entitled
to receive mangement 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:
Unaudited six months ended
31 December 2024
Amounts in $ millions
Fees charged during periodAmounts owing at period end
Associates
Joint
VenturesTotalAssociates
Joint
VenturesTotal
Asset management fee income1.1-1.1---
Development management fee income1.30.41.7---
Building management fee income0.4-0.4---
Leasing fee income---0.1-0.1
Acquisition and disposal fees------
Total management fee income2.80.43.20.1-0.1
Rent paid(1.5)-(1.5)---
PRECINCT PROPERTIES GROUP18

Unaudited six months ended 31 December 2023
Amounts in $ millions
Fees charged during periodAmounts owing at period end
Associates
Joint
VenturesTotalAssociates
Joint
VenturesTotal
Asset management fee income0.9-0.9---
Development management fee income1.1-1.1---
Building management fee income0.4-0.4---
Leasing fee income------
Acquisition and disposal fees0.3-0.3---
Total management fee income2.7-2.7---
Rent paid(1.0)-(1.0)---
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
Unaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Unaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Charged from PPIL to PPNZ
Asset management fee5.76.0--
Development management fee3.13.2--
Building management fee2.72.4--
Leasing fee0.7-0.6-
Acquisition and disposal fees----
Additional services fee0.8---
Total management fee income13.011.60.6-
Charged from PPNZ to PPIL
Rental income1.32.1-3.0
Interest income1.71.614.611.1
Total charges3.03.714.614.1
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
period ended 31 December 2024 were $0.2 million charged from PPIL to PPNZ and $1.4 million recharged from PPNZ to PPIL.
Interest bearing loans exist between PPNZ and other Precinct entities. At 31 December 2024, interest bearing loans of
$66.0 million (June 2024: $60.5 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.
Interim Financial Statements
19
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Notes to the Financial Statements
For the six months ended 31 December 2024
5. INVESTOR RETURNS
5.1 Earnings per share
Amounts in $ millions unless otherwise statedUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Weighted average number of shares for both PPNZ and PPIL
Weighted average number of shares for basic earnings per share (millions)1,586.91,586.3
Weighted average number of shares for diluted earnings per share (millions)1,597.01,595.7
PPNZ
Net profit after tax for basic and diluted earnings per share - PPNZ13.216.7
Basic earnings per share (cents) - PPNZ0.831.05
Diluted earnings per share (cents) - PPNZ0.831.05
PPIL
Net profit after tax for basic and diluted earnings per share - PPIL(4.0)(1.4)
Basic earnings per share (cents) - PPIL(0.25)(0.1)
Diluted earnings per share (cents) - PPIL(0.25)(0.1)
Stapled entity
Net profit after tax for basic and diluted earnings per share - stapled entity9.215.3
Basic earnings per share (cents) - stapled entity0.580.96
Diluted earnings per share (cents) - stapled entity0.580.96
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
20

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 statedUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Net profit after taxation9.215.3
Adjust for non-cash items
Unrealised net (gain) / loss in value of investment and development properties0.85.5
Unrealised net (gain) / loss on financial instruments28.611.1
Net realised gain / (loss) on disposal of investment in joint venture(2.8)-
Depreciation - property, plant and equipment2.12.3
Deferred tax (benefit) / expense(7.7)1.1
IFRS 16 lease adjustments(0.5)(0.3)
Share-based payments scheme1.30.3
Amortisations10.17.0
Straightline rents(0.9)(2.5)
Adjust for non-cash equity-accounted investments (profit)/loss(3.3)4.7
Adjust for net impact of disposals and acquisitions16.310.8
Adjust for one-off items1.8-
Funds from operations (FFO)55.055.3
Funds from operations per share (cents)3.473.49
Maintenance capex(1.1)(1.9)
Incentives and leasing costs(2.6)(1.7)
Adjusted funds from operations (AFFO)51.351.7
Weighted average number of shares for net operating income per share (millions)1,586.91,586.3
Adjusted funds from operations per share (cents)3.233.26
Interim Financial Statements21
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Notes to the Financial Statements
For the six months ended 31 December 2024
5.3 Dividends paid
Amounts in $ millions unless otherwise statedUnaudited six months ended
31 December 2024
Unaudited six months ended
31 December 2023
Payment DateCents
per
share
TotalPayment DateCents
per
share
Total
The following dividends were declared and paid by PPNZ
during the period:
Q4 final dividend20-Sep-241.497523.822-Sep-231.675026.6
Q1 interim dividend13-Dec-24
1.497523.7
15-Dec-23
1.497523.7
Total dividends paid - PPNZ
2.99547.53.172550.3
The following dividends were declared and paid by PPIL
during the period:
Q4 final dividend20-Sep-240.19003.0N/AN/A
Q1 interim dividend13-Dec-24
0.19003.0
15-Dec-23
0.19003.0
Total dividends paid - PPIL
0.38006.00.19003.0
Total dividends paid - Precinct3.375053.53.362553.3
Supplementary dividends of $50,278 were paid to PPIL shareholders not resident in New Zealand for which PPIL received a
foreign investor tax credit entitlement.
6.
CAPITAL STRUCTURE AND FUNDING
6.1 Interest bearing liabilities
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Bank loans674.6484.3
US private placement260.7260.7
NZ senior secured bonds400.0425.0
Convertible note150.0150.0
Total drawn debt1,485.31,320.0
US private placement - fair value adjustment58.123.0
Convertible note - embedded financial derivative and amortisation adjustment(0.4)(1.7)
Capitalised borrowing costs(5.8)(6.7)
Net interest bearing liabilities1,537.21,334.6
PRECINCT PROPERTIES GROUP22

Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
Unaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Bank loansAmortised costJun-29200.0Floating
2
69.0125.0
Bank loansAmortised costJun-28300.0Floating
2
297.0300.0
Bank loansAmortised costNov-26200.0Floating
2
200.0-
Bank loansAmortised costDec-26168.0Floating
2
108.659.3
NZ senior secured bond (PCT020)Amortised cost--100.0
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
NZ wholesale green bond (PCTW29)Amortised costOct-2975.05.42%75.0-
Convertible note (PCTHB)Amortised costSep-2665.07.56%65.065.0
Convertible note (PCTHC)Amortised costSep-2785.07.53%85.085.0
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 debt1,678.71,485.31,320.0
Weighted average term to maturity3.1 years3.3 years
Weighted average interest rate before swaps (including funding costs)6.22%7.38%
1As at 31 December 2024.
2Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility fees.
Precinct has committed funding of $1,678.7 million (June 2024: $1,703.7 million) including the NZ retail bonds, NZ wholesale
bond, 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
31 December 2024 is $3,191.0 million (30 June 2024: $3,134.3 million).
The convertible notes are 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.
Interim Financial Statements
23
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Notes to the Financial Statements
For the six months ended 31 December 2024
Accounting Policies
Interest bearing liabilities
Bank loans, the NZ retail bonds and the NZ wholesale 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 derivatives are 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 it 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 $ millionsUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Finance income
Bank interest income0.40.5
Interest income on loan receivables
1.82.1
2.22.6
Finance expense
Interest bearing liabilities interest expense(38.6)(36.0)
Capitalised interest
7.316.6
(31.3)(19.4)
Net finance expense(29.1)(16.8)
PRECINCT PROPERTIES GROUP24

6.3 Derivative financial instruments
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Financial derivative assets
Current2.110.1
Non current
1
57.734.0
59.844.1
Financial derivative liabilities
Current-(1.4)
Non current
(42.3)(24.0)
(42.3)(25.4)
Total fair value of derivative financial instruments17.518.7
Notional contract cover (fixed payer)1,770.02,135.0
Notional contract cover (fixed receiver)465.0490.0
Notional contract cover (cross currency swaps - fixed receiver)260.7260.7
Percentage of net drawn borrowings fixed68.7%99.2%
Weighted average term to maturity (fixed payer)3.2 years2.9 years
Weighted average interest rate after swaps (including funding costs)5.56%5.38%
1This includes the cross currency interest rate swap valuation of $53.6 million (June 2024: $24.5 million) and a net debit value adjustment of
$nil million (June 2024: $0.1 million debit).
Accounting Policies
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.
Interim Financial Statements
25
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Notes to the Financial Statements
For the six months ended 31 December 2024
6.4 Loan receivables
Amounts in $ millionsHeld atMaturity
1
FacilityCouponUnaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Sale and lease back property
2
Amortised costFeb-2615.05.00%15.015.0
Mezzanine loanAmortised costApr-2620.014.00%20.010.7
Total loan receivables35.035.025.7
Capitalised interest and line fees2.41.1
Capitalised borrowing costs(0.3)(0.4)
Total net loan receivables37.126.4
1As at 31 December 2024.
2Precinct has legal title of the asset 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
1,587,043,034 shares on issue as at 31 December 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.
The following table provides details of movements in Precinct's issued shares:
Amounts in $ millions unless otherwise statedUnaudited six months ended
31 December 2024
Audited as at 30 June 2024
Number (m)AmountNumber (m)Amount
Balance at the beginning of the period1,586.41,622.71,585.91,622.0
Issue of shares:
Long term incentive plan - shares vested0.60.40.40.7
Employee share scheme - shares issued0.1-0.1-
Balance at the end of the period1,587.11,623.11,586.41,622.7
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.
PRECINCT PROPERTIES GROUP
26

7. TAXATION
7.1 Income tax
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Current tax benefit / (expense)3.7(0.8)
Depreciation recovered on sale-(0.5)
Deferred tax benefit / (expense)7.7(1.1)
Income tax benefit / (expense) as per consolidated statement of comprehensive income11.4(2.4)
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Net profit / (loss) before taxation(2.2)17.7
Tax benefit / (expense) at the statutory income tax rate of 28.0%0.6(5.0)
(Increase) / decrease in income tax due to:
Unrealised (gain) / loss on value of investment and development properties-(1.3)
Net realised (gain) / loss on sale of investment & development properties(4.5)(2.9)
Unrealised (gain) / loss on financial instruments(8.0)(3.1)
Net realised gain / (loss) on disposal of investment in joint venture0.5-
Disposal of depreciable assets0.3-
Capitalised interest2.14.6
Prior period adjustments1.1-
Other adjustments2.00.5
Depreciation7.56.4
Tax impacts of equity-accounted investments2.1-
Current tax benefit / (expense)3.7(0.8)
Depreciation recovered on sale of depreciable assets-(0.5)
Deferred tax charged to profit or loss:
Fair value of financial instruments8.41.7
Investment property depreciation2.5(2.8)
Other deferred tax(3.2)-
Total deferred tax benefit / (expense)7.7(1.1)
Total income tax benefit / (expense)11.4(2.4)
Effective tax rate518%14%
Interim Financial Statements27
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Notes to the Financial Statements
For the six months ended 31 December 2024
Precinct holds its properties on capital account for income tax purposes.
The group has tax losses of $241.1 million available to carry forward as at 31 December 2024 (June 2024: $223.4 million).
Imputation credits available for use as at 31 December 2024 are $nil (PPNZ) and $nil (PPIL) (June 2024: $nil (PPNZ) and
$150,625 (PPIL)).
Accounting Policies
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.
8.
OTHER
8.1 Employment and administration expenses
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Salaries and other short-term benefits9.17.9
Long-term benefits expense1.30.3
Less: management expenses recognised in direct operating expenses(3.2)(2.4)
Less: management expenses capitalised to properties being developed(4.6)(3.2)
Other employment and administration expenses1.91.6
Total employment and administration expenses4.54.2
PRECINCT PROPERTIES GROUP28

8.2 Corporate overhead expenses
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Audit fees0.20.2
Directors' fees and expenses0.90.7
Other
1
1.31.8
Total corporate overhead expenses2.42.7
1Other includes valuation fees, NZX listing fees, share registry costs, annual report publication and property investigations and feasbility costs.
8.3 Key management personnel
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Unaudited six
months ended
31 December
2023
Directors' fees
1
0.40.4
Executive team remuneration
2
1.91.8
Total key management personnel expenses2.32.2
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 Debtors and other current assets
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Trade receivables7.310.9
Less Allowance for expected credit losses on trade receivables
(1.2)(1.2)
Net trade receivables6.19.7
Receivables from related parties0.20.1
Other receivables
16.212.7
Total debtor and other receivables (excluding prepayments)22.522.5
Prepayments13.415.9
Total debtor and other receivables35.938.4
Interim Financial Statements29
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2024
8.5 Trade and other payables
Amounts in $ millionsUnaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Trade creditors4.94.6
Accrued capital expenditure9.49.5
Retention accruals6.26.5
Accrued other expenses32.422.8
Accrued interest9.97.2
Rent received in advance5.74.3
Total other accruals and payables68.554.9
8.6 Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2024 (June 2024: $nil)
b) Contingent assets
There are no contingent assets as at
31 December 2024 (June 2024: $nil)
8.7
Intangible assets
Amounts in $ millions
Notes
Unaudited six
months ended
31 December
2024
Audited as at
30 June 2024
Customer relationships0.30.5
Brands0.80.8
Management rights4.28.6-
Goodwill4.21.1-
Total intangible assets10.81.3
8.8 Events after balance date
On 28 January 2025 US$50.0 million (NZ$65.3 million) of United States Private Placement notes matured.
On 4 February 2025 Precinct announced the sale of the remaining 20% minority interest in 40 and 44 Bowen Street,
Wellington for a total purchase price of $48.0 million. The transaction is expected to settle in Q2 2025.
On 19 February 2025 the PPNZ and PPIL Boards approved the financial statements for issue.
On 19 February 2025 the Board of PPNZ approved the payment of a dividend of 1.4975 cents per share to be paid on
21 March 2025.
On 19 February 2025 the Board of PPIL approved the payment of a dividend of 0.1900 cents per share to be paid on
21 March 2025.
PRECINCT PROPERTIES GROUP
30

EY
Building a better
working world
Independent Auditor's review report to the shareholders of Precinct Properties New Zealand Limited
and Precinct Properties Investments Limited
Conclusion
We have reviewed the interim condensed financial statements of Precinct Properties New Zealand Limited ("PPNZ") and its
subsidiaries and Precinct Properties Investments Limited ("PPIL") and its subsidiaries (together "the Group"), which comprise
the consolidated statement of financial position as at 31 December 2024 and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended
on that date, and a summary of significant accounting policies and other explanatory information. Based on our review,
nothing has come to our attention that causes us to believe that the accompanying interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 31 December 2024, and its
financial performance and its cash flows for the six months ended on that date, in accordance with New Zealand Equivalent
to International Accounting Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim
Financial Reporting.
This report is made solely to the shareholders of PPNZ and PPIL, as a body. Our review has been undertaken so that we
might state to the shareholders of PPNZ and PPIL, as a body those matters we are required to state to them in a review
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 review procedures, for this report, or for the conclusion we
have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s responsibilities for the review of
the financial Statements section of our report. We are independent of the Group in accordance with the relevant ethical
requirements in New Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Ernst & Young provides other assurance services to the Group. Ernst & Young leases office premises 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.
Directors' responsibilities for the interim financial statements
The directors of PPNZ and PPIL are responsible, on behalf of the Group, for the preparation and fair presentation of
the interim financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
A member firm of Ernst & Young Global Limited
Interim Financial Statements31
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Directory
31

EY
Building a better
working world
Auditor’s Responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less
than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Susan Jones.
Chartered Accountants
Auckland
19 February 2025
A member firm of Ernst & Young Global Limited
PRECINCT PROPERTIES GROUP32

Directory
Interim Financial Statements33
The numbers
Directory

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
Alison Barrass - Independent Director
Nicola Greer – Independent Director
Christopher Judd – Independent Director
Chris Meads – Independent Director
Mark Tume – 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
34

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearXSpecial
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
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
7/03/2025
6/03/2025
21/03/2025
$23,765,969
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
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
+64 21 111 8898
hello@precinct.co.nz
20/02/2025
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Steph How

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearXSpecial
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
20.48%
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
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
20/02/2025
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.
Richard Hilder
$0.00048920
$0.00029924
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
$0.00238920
$0.00022199
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00190000
$0.00000000
Section 2: Distribution amounts per financial product
$0.00238920
NZD
Section 1: Issuer information
Precinct Properties Investments Limited
Precinct Properties Investments Limited Shares
PCT
NZAPTE0001S3
Type of distribution
7/03/2025
6/03/2025
21/03/2025
$3,015,382
Retained earnings

---

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 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2024
Currency NZD (New Zealand Dollar)
Amount (000s) Percentage change
Revenue from continuing
operations
$134,400 11.1%
Total Revenue $134,400 11.1%
Net profit/(loss) from
continuing operations
$3,200 -75.2%
Total net profit/(loss) $3,200 -75.2%
Interim Dividend – Precinct Properties New Zealand Limited
Amount per Quoted Equity
Security
$0.01497500
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 7 March 2025
Dividend Payment Date 21 March 2025
Interim Dividend – Precinct Properties Investments Limited
Amount per Quoted Equity
Security
$0.00190000
Imputed amount per Quoted
Equity Security
$0.0004892
Record Date 7 March 2025
Dividend Payment Date 21 March 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.25 $1.35
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Interim Financial Statements and
Interim Results presentation for the period ended 31 December
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

20 February 2025

Interim financial statements accompany this announcement.

SPH Notice - ANZ New Zealand Investments Limited Ongoing Disclosure Notice - Nicola Greer

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.