Precinct Properties New Zealand Limited/Announcement

Strategic execution and Precinct FY25 full year result

Full Year Results26 August 2025PCTReal Estate

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Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NZX announcement – 27 August 2025
Strategic execution and Precinct FY25 full year result
Performance summary for the 12 months ended 30 June 2025
Financial summary
• Funds from operations (FFO) from directly held investment portfolio of $150.3 million, up 3.7%
(2024: $145.0 million).
• Operating profit before indirect expenses and income tax of $152.3 million (2024: $150.5 million),
up 1.2%.
• Total comprehensive income after tax of $3.1 million (2024: ($30.1) million) with an annual
revaluation which recorded a $27.6 million decline in FY25 (2024: $105.2 million), reflecting
further stabilisation of asset values over the last 12 months.
• Adjusted funds from operations (AFFO) of 6.54 cps (2024: 6.69 cps).

Executing on Precinct’s strategic growth opportunities
Progress across living strategy
• Commitment to deliver largest student accommodation facility in New Zealand (expected
value on completion of $290 million) for the University of Auckland, and the formation of a new
strategic real estate investment partnership with Singapore-based institutional investor, global
asset manager and operator, Keppel.
• Resource consent granted for 640 studio student accommodation facility at 256 Queen Street,
with procurement advanced.
• Resource consent granted at Pillars, St Mary’s Bay in Auckland for premium boutique residential
build-to -sell apartment offering.
• Resource consent granted for the residential apartment development on Dominion and Valley
Roads in Mount Eden, comprising 120 apartments across three buildings.
• Commenced construction at York House in Parnell during the period.
Joint Venture with Orams Group advanced
• Development of commercial office and marine-related space now commenced.
Further capital partnering initiative announced
• Precinct is seeking to establish a capital partnership to invest in the PwC Tower in Commercial
Bay, Auckland. This initiative is consistent with Precinct’s long standing business strategy. It
enables the recycling of capital to support Precinct’s strategic growth opportunities including
the Downtown Car Park re development project while growing its capital partnerships over the
medium term.
Downtown Car Park re development project update
• Office leasing demand remains elevated with strong interest in the office component as we
continue to actively engage with potential occupiers.
• Continue to progress preliminary design with the development to now include a hotel.
• Market engagement with a range of main contractors and subcontractors for construction.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Active capital management is enabling the execution of strategy
• Strategic recycling of capital from the successful exit of the remaining 20% interest in 40 and 44
Bowen Street in Wellington for $48 million and conditional sale of the InterContinental Auckland
hotel at One Queen Street for $180 million. T hese sales are consistent with Precinct’s business
strategy and enable the recycling of capital to deliver on the next phase of Precinct’s strategy.
• Refinanced $165 million of maturing retail bonds and USPP notes through a $200 million bank
debt facility and a $75 million wholesale bond.
• Executed a $180 million fixed term loan secured against 61 Molesworth Street in Wellington.
• Post balance date, Precinct refinanced its 2026 bank facilities with a new $275 million five-year
facility and obtained an additional $75 million liquidity facility both on favourable terms.
Operating performance

•
Portfolio occupancy of 97% with 6.0 years (2024: 6.6 years) weighted average lease term
(WALT).

• 17.2% growth in contract rents across c.17,000 square metres of office leasing transactions, with
rent reviews achieving a 4.3% increase.
• Beca House at Wynyard Quarter Stage 3 completed.
• Strategic evolution of Generator business to Precinct Flex, providing alignment to better support
Precinct’s long-term growth objectives while bringing together our leadership in the flex space
with our premium property offering.

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 materially above the
global average of 76.
• Precinct published its first climate statements in accordance with the External Reporting Board's
(XRB) Aotearoa New Zealand Climate Standards available online at Precinct’s website:
www.precinct.co.nz. Precinct's 2025 climate related disclosures will be published in October
2025.
Board changes

• Appointment of Alison Barrass as an Independent Director and retirement of Graeme Wong.
• Appointment of Taurua Grant as a Future Director.

Note: Further information can be found within the 2025 Annual Report and results presentation. You can find these at
https://www.precinct.co.nz/investors/2025-annual-results

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct Properties Group (Precinct) (NZX: PCT) reported its financial results for the 12 months
ended 30 June 2025 today. Robust leasing performance across Precinct’s core office portfolio
has achieved a positive leasing spread during the period. Funds from operations (FFO) from
directly held investment portfolio of $150.3 million, up 3.7% (2024: $145.0 million). Operating
profit before indirect expenses and income tax was up 1.2% to $152.3 million (2024: $150.5
million).
Stabilising asset valuations have contributed to a total comprehensive income after tax of
$3.1 million. This compares to ($30.1) million for the same period last year, with the fair value
movement across the value of Precinct’s properties declining $27.6 million for FY25
($105.2 million devaluation recorded in FY24).
Precinct’s Adjusted Funds from Operations (AFFO) which adjusts statutory net profit (under
IFRS) for certain non-cash and other items for the 2025 financial year was $103.8 million or 6.54
cps (2024: $106.2 million or 6.69 cps). Full year dividends paid to shareholders and attributed
to the 2025 financial year totalled 6.75 cents per stapled security, reflecting an AFFO pay out
ratio of 103%.
Precinct's committed gearing is 38.6% against a covenant of 50%. During FY26 Precinct will
look to reduce leverage further through capital partnering initiatives to support the delivery
of Precinct’s strategy.
As at 30 June 2025, Precinct’s funds under management includes Precinct’s directly owned
portfolio totalling $3.2 billion (on completion value), and capital partnerships including
commercial and residential developments totalling $1.6 billion (on completion value).
Further financial information can be found within the 2025 Annual Report at
https://www.precinct.co.nz/investors/2025-annual-results.
Scott Pritchard Precinct CEO said, “Over the past 12 months, we are pleased to have
executed on our strategic growth opportunities. This includes advancing both our living and
capital partnering strategies, which have become core components of our business.”
“Our investment portfolio has performed well with occupancy increasing to 97%. This reflects
the continued demand for premium-grade office space and the ongoing preference for
quality among occupiers.”

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
“Our development project at 61 Molesworth Street in Wellington is now nearing completion
and remains on target for Q4 2025.”
“A key focus for Precinct has been to progress our living sector projects. During the period, we
have executed on a number of these including the commitment to deliver the largest student
accommodation facility in New Zealand for the University of Auckland at 22 Stanley Street.
We are excited to be working closely with the University of Auckland to create best in class
student accommodation here in Auckland. This project reflects the strong endorsement for
both Precinct’s living and capital partnering strategies, and the strong demand and
investment interest in the PBSA sector.”
“We are pleased to have secured a resource consent for a 640 bed PBSA facility at 256 Queen
Street and have advanced construction procurement for this project. Precinct remains in
discussions with potential capital partners to co-invest in this project”.
“We have also advanced our residential build-to-sell pipeline with construction commencing
at York House in Parnell and resource consent granted for both developments at Pillars and
Dominion and Valley Roads. Across our Joint Venture with Orams Group, we have now
commenced works for the commercial office development and marine-related space at the
waterfront site at Wynyard Quarter.”
“The continued execution of our capital partnering strategy is enabling Precinct to invest in
value-add opportunities and leverage our expertise to deliver higher returns on invested
capital through a moderate risk profile. The sustained interest we are receiving from direct
investors reinforces the confidence in our long-term strategic growth opportunities.”
“An improving investment market and stabilising valuation environment has continued to
provide opportunities for Precinct to execute on further capital partnering initiatives. Post
balance date, Precinct is seeking to establish a capital partnership for the PwC Tower in
Commercial Bay, Auckland. This initiative is consistent with Precinct’s long standing business
strategy. It enables the recycling of capital to support Precinct’s strategic growth
opportunities including the Downtown Car Park re development project while growing its
capital partnerships over the medium term.”

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
“During the year, we have prudently undertaken a number of capital management initiatives
to ensure the execution of our strategic initiatives is supported by an active and disciplined
approach to deliver on Precinct’s strategy.”
Operational performance
Precinct’s core portfolio has performed well with Precinct’s occupancy of 97% and a
weighted average lease term of 6.0 years recorded at 30 June 2025.
A total of 18,874 square metres of leasing transactions was recorded across our investment
portfolio during the last 12 months. Pleasingly, new office leases were secured 17.2% above
previous contract rents. Rent reviews were completed across c.172,000 square metres during
the period, resulting in an average uplift of 4.3%.
At 30 June 2025, Precinct’s portfolio is under-rented by 7% (June 2024: 11% under-rented).
While positive sentiment is returning, the weaker New Zealand economy over the last 12
months has impacted our retail and operating businesses. Despite a challenging environment
for retailers, we are seeing moderately improved levels of trading at our Commercial Bay retail
precinct with sales up 3.7% on the prior comparable period, reflecting the high-quality retail
mix at the centre. Pleasingly, with positive leasing demand, current occupancy is around 97%.
Across Precinct Flex, we are seein g a steady uplift in membership revenue over the last six
months, while events remain stable. The strategic evolution of this business is aligning to better
support Precinct’s premium real estate offering and long-term growth objectives.
Dividend Policy update
During the year, Precinct undertook a comprehensive review of its dividend policy to ensure
alignment with its evolving business model and strategic priorities. The review identified that
the previous policy – based on a fixed 100% payout of Adjusted Funds From Operations (AFFO)
– was too rigid and may lead to dividend volatility.
To enhance dividend sustainability and provide greater flexibility, Precinct has adopted a
revised dividend policy. The new policy targets a payout range of 80% to 95% of Funds From
Operations (FFO), reflecting recurring earnings from operations. This approach allows the
business to manage earnings fluctuations while maintaining a stable and prudent dividend
profile.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Importantly, Precinct remains committed to ensuring that dividends are cash-covered, with
retained earnings used to support recurring capital expenditure and strategic reinvestment.
Dividend payment
Precinct Properties Group shareholders will receive a fourth-quarter combined cash dividend
of 1.6875 cents per stapled security.
This consists of a fourth-quarter dividend for Precinct Properties New Zealand Limited (“PPNZ”)
of 1.497500 cents per share in cash dividends. This dividend has no imputation credits to
attach for the quarter and therefore no supplementary dividend to be paid (see note 2).
It also consists of a fourth-quarter dividend for Precinct Properties Investments Limited (“PPIL”)
of 0.249848 cents per share, comprising cash of 0.190000 cents per share, imputation credits
of 0.041167 cents per share and a supplementary dividend of 0.018681 cents per share (see
note 2).
The record date for both PPNZ and PPIL dividends above is 5 September 2025 and payment
will be made on 19 September 2025.
Outlook and guidance
Precinct’s core portfolio has performed well over the last 12 months reflecting the underlying
quality of our real estate. We continue to see the premium office market outperform, with
limited supply, and a strengthening return-to-office thematic.
Across our strategic initiatives, we are particularly pleased with advancing our living sector
projects. We have successfully progressed the execution of Precinct’s strategic growth
opportunities and advanced our capital partnering program, which is an ongoing focus.
While the economic recovery is taking longer than anticipated, lower interest rates are
supporting a more positive near-term earnings outlook. We remain focused on positioning
Precinct to successfully deliver the next phase of its strategy.
The Board expects the dividend for the 2026 financial year to be held stable at 6.75 per
stapled security to be paid to shareholders. The updated dividend policy has been adopted
and has been considered in relation to our FY26 dividend guidance.
Further information can be found within the 2025 Annual Report and results presentation. You
can find this at: https://www.precinct.co.nz/investors/2025-annual-results.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
End

For further information, please contact:

Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

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

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

About Precinct
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct is the largest owner,
manager and developer of premium city centre real estate in Auckland and Wellington.
Precinct is predominantly invested in office buildings and also includes investment in Precinct Flex, Commercial Bay
retail and a multi-unit residential development business. As at 30 June 2025, Precinct's directly-held portfolio (on-
completion value) totalled $3.2 billion and Precinct had a further $1.6 billion of capital partnering assets under
management: $1.2 billion of these were assets in which Precinct holds a minority interest; with the balance being
managed on behalf of third party partners. For information visit: www.precinct.co.nz
On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled group comprises
two listed parent companies whose shares are held by the same shareholders in equal proportions. The shares in
each parent company can only be transferred or dealt with together. Shareholders in Precinct Properties Group
(“Precinct”) hold an equal number of shares in Precinct NZ and Precinct Investments Limited and these shares can
only be dealt with together. The stapled issuers are described as “Precinct Properties NZ Ltd & Precinct Properties
Investments Ltd (NS)” on NZX systems and the ticker code for the stapled shares remains PCT.

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Annual Report 2025
Building
on Success

precinct.co.nz

Contents
FY25 Highlights04
Chair and CEO Report10
Sustainability Report70
FY25 Highlights04
Precinct Group Overview06
Our Strategy08
Strategic Progress09
Chair and CEO Report10
FY25 Results Overview14
Financial Summary18
Leadership23
Corporate Governance28
Statutory Information42
Remuneration Report50
Sustainability Report70
The Numbers87
Directory141
Building on Success03
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
03

FY25
Highlights
Precinct Properties Group04

Portfolio
occupancy
97 %
(2024: 98.0%)
Weighted average
lease term
6.0 years
(2024: 6.6 years)
Growth in contract rents
across office leasing
17.2%
(2024: 15.9%)
Funds from
Operations (FFO)
7.10 cps
(2024: 7.22 cps)
Adjusted Funds from
Operations (AFFO)
6.54 cps
(2024: 6.69 cps)
Dividends per
stapled security
6.75 cps
(2024: 6.75 cps)
Commitment to
develop a
Purpose-Built
Student
Accommodation
Facility
$290m
Expected value on completion of the 22 Stanley Street project in Auckland
with construction commenced in June 2025.
GRESB
score
89/100
Global Real Estate Sustainability Benchmark
(GRESB) score received in 2024 (2023: 86).
Precinct is in the top 20% of over 2,000
funds and entities participating globally,
and materially above the global average
of 76.
Building on Success05
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Precinct Group
Overview
Precinct Properties Group06

Office
Living
Development
Retail and Hospitality
Own and Invest
Develop
Manage
Partner
Precinct is a specialist real estate investment
company and the largest owner and developer
of commercial real estate in Auckland and
Wellington. Investment management and
creating value for our clients, partners and
shareholders continues to be a priority for the
business.
Precinct launched its capital partnering and
living sector strategies in 2022, which have
since become core components of our
business.
Entry into the living sector marks a strategic
pivot from our core commercial office portfolio
into residential development.
Since then, we have also extended our living
strategy to include Purpose Built Student
Accommodation. This move was a natural
extension of our expertise in creating high-
quality, mixed-use urban precincts.
Through our concentrated ownership
in strategic locations, Precinct has
successfully evolved our portfolio since
2021, through internalisation, stapling and
expansion of its investible universe.
Precinct has a proven track record
of developing world-class real estate.
We deliver projects with people-centric
outcomes in mind and premium property
solutions. Since 2017, Precinct has
developed over $2.6 billion in premium-
grade real estate.
We are trusted managers of real
estate, investment funds and operating
businesses.
With a focus on value–add opportunities,
we are an attractive local partner to
global capital with a strong track record
in execution and a growing reputation
as a capable, professional and aligned
capital partner.
Our Business
We create vibrant, mixed-use precincts that deliver
premium experiences for the people who live,
visit or come to work in our spaces.
Building on Success07
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
07

Precinct’s three strategic pillars are a core office portfolio, a proven track record to create new
world-class real estate and our capital partnering platform, all underpinned by a focus on people
centric outcomes in mind.
Our Strategy
Leverage our strategic pillars to create vibrant, mixed-use precincts
that provide quality experiences for the people who live, visit or
come to work in our spaces, while delivering long-term value to
shareholders.
Strategic Pillars
Core InvestmentsDevelopmentCapital Partnering
Our Focus
•Well-located prime
assets which have
significantly out
performed lower
grade stock
•Stock selection
remains a key
success factor for out
performance
•Extending our
offering to ensure we
continue to attract
the best quality
clients in the country
•Recycling and
deploying capital
into projects that
generate higher
yielding returns
•Leveraging Precinct's
expertise and
capability to deliver
on our development
pipeline valued
at $3.7 billion
which includes
mixed use, office,
living, and large-
scale projects like
the Downtown Car
park redevelopment
project
•Expanding our
investor base enables
Precinct to explore
a broader set of
opportunities
•Investing in value
add opportunities
alongside capital
partners leverages
Precinct’s expertise
in repositioning,
releasing, and
realising value,
delivering a higher
return on the
invested capital
through a moderate
risk profile
•Funds management,
development
management,
investment
management,
and property
management
Our Strategy
Our purpose is to enrich everyday lives through
the environments we create.
Precinct Properties Group08

Strategic Progress
Key strategic initiatives
•Commitment to deliver largest student
accommodation facility in New Zealand for the
University of Auckland at 22 Stanley Street, and the
formation of a new strategic real estate investment
partnership. Construction works commenced on site
in June.
•Advanced our Joint Venture with Orams Group
with the commercial office development and marine-
related space now commenced.
•Commenced construction at York House in Parnell.
•Resource consent granted for the residential
apartment development on Dominion and Valley
Roads in Mount Eden.
•Resource consent granted at Pillars in Auckland
for premium boutique residential build-to-sell
apartment offering.
•Progressed preliminary design for the Downtown Car
Park redevelopment project.
•Sale of the remaining 20% interest in 40 and 44 Bowen
Street in Wellington for $48 million, and conditional
sale of the hotel at One Queen Street in Auckland for
$180 million.
•Precinct is seeking to establish a capital partnership
for the PwC Tower in Commercial Bay, Auckland.
(on-completion value)
Expected capital
partnerships over
the medium term
~$4-5b
Precinct has a target of allocating around
20% of its capital to investment partnerships
across the living and commercial sector.
Building on Success09
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
09

Chair and CEO
Report
Precinct Properties Group10

Over the past 12 months,
Precinct’s core portfolio has
performed well, underscoring
the quality of our real
estate assets.
We have also progressed
our strategic initiatives which
includes advancing our living
sector projects.
We are pleased to
present Precinct's 2025
Annual Report.
Anne Urlwin, Independent Director and Chair (left) and
Scott Pritchard, CEO (right)
FY25 performance
Precinct’s business performance over the last twelve
months has delivered a pleasing result. Operating profit
before indirect expenses and income tax was up 1.2% to
$152.3 million (2024: $150.5 million).
Total comprehensive income after tax was $3.1 million.
This compares to ($30.1) million for the same period last
year, with the fair value movement across the value
of Precinct’s properties declining $27.6 million for FY25
($105.2 million devaluation recorded in FY24).
At 30 June 2025, Funds From Operations (FFO) is 7.10
cps (June 2024: 7.22 cps) and Adjusted Funds From
Operations (AFFO) is 6.54 cps (June 2024: 6.69 cps).
Our full-year dividend to shareholders is 6.75 cents per
stapled security.
Precinct’s Total Shareholder Return (TSR) for the year
ended 30 June 2025 was 13.9%
1
. This compares to the
Listed Property Total Return of 8.7%
1
for the same
corresponding period.
Board changes and engagement with shareholders
During the period, Alison Barrass was appointed as an
Independent Director and elected at the 2024 Annual
Meeting of Shareholders. In November 2024, we also
welcomed Taurua Grant as a Future Director through the
Future Directors Programme and we farewelled Graeme
Wong from the Boards of Precinct.
The People and Performance Committee continues to
ensure that the Boards of Precinct are composed of
individuals with a range of appropriate skills, knowledge
and experience that are well aligned with Precinct’s
strategy. The Committee is also responsible for managing
the Boards’ succession planning and regularly reviews the
skills required for the Precinct Boards. A Directors' skills
matrix is presented in the Corporate Governance section
of this report.
The Board has appreciated the opportunity to meet
with investors over the past 12 months to listen to their
feedback as well as Management undertaking regular
engagement with key investor representatives throughout
the year.
1
Returns are based on close price for the period ending 30 June
2025, and assume reinvestment of dividend (returns exclude
imputation credits). Listed property is the S&P/NZX All Real
Estate Gross index. Source IRESS.
Building on Success11
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Chair and CEO Report
Advancing our living strategy
During the period, we are pleased to have progressed our
living sector strategy. As part of this strategy, a significant
shortfall of student accommodation in Auckland was
identified, against a backdrop of growing demand for
Auckland’s highly rated universities. In response, Precinct
has secured a substantial pipeline of well-located new
student accommodation opportunities.
In May 2025, Precinct announced its commitment to
develop a Purpose-Built Student Accommodation (PBSA)
facility for the University of Auckland at the Carlaw Park
Student Village in Auckland, and the formation of a
new strategic real estate investment partnership with a
Singapore-based institutional investor. This PBSA project
supports the execution of Precinct’s pipeline, with this
initiative advancing both our living and capital partnering
strategies. We are thrilled to be working closely with the
University of Auckland to deliver for them the largest
student accommodation facility in New Zealand. We are
equally excited to be collaborating with Singapore-based
institutional capital to cost-effectively fund New Zealand's
social infrastructure.
Precinct continues to progress opportunities including the
256 Queen Street development in Auckland. Resource
consent has been granted and procurement advanced.
Sustainability
As increased regulations come into effect, our business
continues with its sustainability efforts to ensure Precinct’s
commitment to sustainability not only ensures compliance
but also positions our business as a leader in this space.
With a sustainability strategy that is integrated within our
broader business strategy, this provides strong alignment
to work in partnership with our stakeholders to progress
our shared ESG commitments. We are committed to
achieving improvements in environmental performance
and operational costs.
This year, we have improved our 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 also published
its first climate statement during FY25, in accordance
with the External Reporting Board's (XRB) Aotearoa New
Zealand Climate Standards. This is available on Precinct’s
website. Precinct's 2025 climate related disclosures will
be published in October 2025 and will be available on
Precinct’s website.
22 Stanley
Street project
Strategically positioned in Auckland for
student accommodation with 960 self-
contained studios and an expected value
on completion of $290 million.
This project is underpinned by a long-
term lease agreed with the University of
Auckland. Precinct will have a minority
interest of 20% and act as the developer,
development manager, and property
manager. With designs well advanced,
construction is underway with a target
opening at the beginning of the 2028
calendar year.
(Artist's impression to the right)
Precinct Properties Group
12

Outlook and dividend guidance
An improving investment market and stabilising valuation
environment has continued to provide opportunities
for Precinct to execute on further capital partnering
initiatives. Post balance date, Precinct is seeking to
establish a capital partnership for the PwC Tower in
Commercial Bay, Auckland. This initiative is consistent
with Precinct’s long standing business strategy. It
enables the recycling of capital to support Precinct’s
strategic growth opportunities including the Downtown
Car Park redevelopment project while growing its capital
partnerships over the medium term.
The Board expects total combined cash dividends for
Precinct Properties New Zealand Limited and Precinct
Properties Investments Limited for the 2026 financial year
to be 6.75 cents per stapled security. An updated dividend
policy has been adopted and has been considered in
relation to our FY26 dividend guidance. On behalf of
the Precinct Boards and Executive team, we would like
to thank the wider Precinct team for their commitment
and ongoing contributions throughout the year. We would
also like to thank you, our shareholders, for your support
and continued investment in Precinct.
Anne Urlwin
Chair
Scott Pritchard
CEO
Dividend Policy update
During the year, Precinct undertook a
comprehensive review of its dividend policy to
ensure alignment with its evolving business model
and strategic priorities. The review identified
that the previous policy - based on a fixed
100% payout of Adjusted Funds From Operations
(AFFO) - was too rigid and may lead to
dividend volatility.
To enhance dividend sustainability and provide
greater flexibility, Precinct has adopted a
revised dividend policy. The new policy targets
a payout range of 80% to 95% of Funds
From Operations (FFO), reflecting recurring
earnings from operations. This approach allows
the business to manage earnings fluctuations
while maintaining a stable and prudent
dividend profile.
Importantly, Precinct remains committed to
ensuring that dividends are cash-covered, with
retained earnings used to support recurring
capital expenditure and strategic reinvestment.
Strengthening
our partnership
with Ngāti
Whātua Ōrākei.
Precinct is proud of our long-term
partnership with Ngāti Whātua Ōrākei,
which continues to strengthen and deepen.
This includes investment by Ngāti Whātua
Ōrākei in the Downtown Car Park
redevelopment project as well as partnering
on the redevelopment of Te Tōangaroa
precinct in Auckland.
(Artist's impression of the Downtown Car
Park redevelopment project to the left)
Building on Success13
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

FY25 Results
Overview
Precinct Properties Group14

FY25 financial performance
Robust leasing performance across Precinct’s core office
portfolio has achieved a positive leasing spread during
the period. Funds from operations (FFO) from our directly
held investment portfolio were $150.3 million, up 3.7%
(2024: $145.0 million). Operating profit before indirect
expenses and income tax was up 1.2% to $152.3 million
(2024: $150.5 million).
Total comprehensive income after tax was $3.1 million.
This compares to ($30.1) million for the same period last
year, with the fair value movement across the value
of Precinct’s properties declining $27.6 million for FY25.
This compares to a $105.2 million devaluation in FY24.
Pleasingly, property valuations have remained stable over
the last 12 months with lower interest rates resulting in
improved sentiment. Precinct’s weighted average market
capitalisation rate at 30 June 2025 is 5.8%.
Adjusted Funds from Operations (AFFO) adjusts statutory
net profit (under IFRS) for certain non-cash and other
items. Precinct’s AFFO for the 2025 financial year was
$103.8 million or 6.54 cps (June 2024: $106.2 million or
6.69 cps).
As at 30 June 2025, Precinct’s portfolio was $3.4 billion
(30 June 2024: $3.2 billion) and Precinct's net tangible
asset (NTA) per share was $1.21 (30 June 2024: $1.29).
Full year dividends
cents

(cps)
6.756.75
6.706.70
6.50
FY25FY24FY23FY22FY21
1
2
3
4
5
6
7
8

FFO performance
$

millions
112.7
114.5114.0
107.5
96.6
FY25FY24FY23FY22FY21
20
40
60
80
100
120
140
Operating
profit before
indirect expenses
$152.3m
At 30 June 2025
Full
year
dividends
6.75cps
Relating to the 2025 financial year
Building on Success15
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

FY25 Results Overview
Capital management
During the period, we successfully undertook a number
of capital management initiatives. These include the
sale of the remaining 20% interest in 40 and 44 Bowen
Street in Wellington for $48 million and the conditional
sale of the hotel at One Queen Street in Auckland for
$180 million. These sales are consistent with Precinct’s
business strategy and enables the recycling of capital to
deliver on the next phase of Precinct's strategy.
Precinct also refinanced $165 million of maturing retail
bonds and USPP notes through a $200 million bank
debt facility and $75 million wholesale bond. In May
2025, a further funding initiative was executed with
a $180 million fixed term loan secured against 61
Molesworth Street in Wellington. Post balance date, to
mitigate short term refinancing risk, Precinct refinanced
its 2026 bank facilities with a new $275 million five-year
facility and obtained an additional $75 million liquidity
facility. These funding initiatives support the delivery of
Precinct’s strategy.
At balance date Precinct’s total borrowings were
$1.6 billion (30 June 2024: $1.3 billion) with total facilities
of $1.7 billion. Precinct's gearing as measured under
borrower covenants which disregard subordinated debt
is 41.6% against the covenant of 50% (30 June 2024: 35.2%).
Including all known commitments, gearing reduces to
38.6%. During FY26 Precinct will look to reduce leverage
further through capital partnering initiatives.
Capital management metrics
20252024
Debt drawn ($ millions)
1
1,5941,320
Gearing - banking covenant (%)41.635.2
Weighted average term to
expiry (years)
2.83.3
Weighted average debt cost
(incl fees) (%)
5.25.4
Percentage of debt hedged (%)82.899.2
Weighted average
hedging (years)
2.52.9
Interest coverage ratio (previous
12 months)
2.02.0
Total debt facilities ($ millions)1,6931,704
1Excludes the USPP note fair value adjustment of $21.7 million
(June 2024: $23.0 million). Interest bearing liabilities are detailed
in Note 6.1 of the Financial Statements.
Precinct was 83% hedged (June 2024: 99%) following
repayment of floating debt associated with the sale
of 40 and 44 Bowen Street and swap close outs that
related to committed asset sales and the fixed term
61 Molesworth loan. With deleveraging anticipated to
continue during FY26 hedging levels will be actively
managed. The weighted average interest rate including
all fees was 5.2% at 30 June 2025 (30 June 2024: 5.4%).
New wholesale
green bond
$75m
The wholesale bond provides Precinct
a valuable new source of funding and
was issued to wholesale investors on
24 October 2024.
Precinct Properties Group16

Operational update
As at 30 June 2025, Precinct’s occupancy was 97% with a
weighted average lease term of 6.0 years.
In total, 59 leasing transactions across our investment
portfolio were completed during the financial year,
encompassing 18,800 square metres of space. Rent
reviews were completed across 172,000 square metres
during the period, resulting in an average uplift of 4.3%.
At 30 June 2025 Precinct’s portfolio is under-rented by 7%
(June 2024: 11% under-rented).

FY26 key leasing events
Fixed review
Market review
Expiry
CPI
No event
Post balance date, we undertook a strategic
evolution of the Generator business to become
"Precinct Flex". This provides alignment to
better support Precinct’s long-term growth
objectives. With Precinct’s expertise across
the real estate development eco-system from
office, to living including residential and student
accommodation, through to retail and hospitality,
we are bringing together our leadership in the flex
space with our premium property offering.

Lease expiry profile
%

of

contracted

rent
Wellington
Auckland
VacantFY26FY27FY28FY29FY30FY30+
10
20
30
40
50
60
Award winning
Deloitte Centre
Awarded Excellence - Best in Category at
the 2025 Property Council New Zealand
Rider Levett Bucknall Property Industry
Awards in the following categories:
RCP Commercial Office Property Award;
Naylor Love Heritage and Adaptive Reuses
Property Award; and
Holmes Group Tourism and Leisure
Property Award.
Building on Success17
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Financial
Summary
Precinct Properties Group18

Key financial information
(Amounts in $ millions unless otherwise stated)
20252024
Change (%)
Gross operating revenue266.1248.07.3
Funds from operations (FFO)112.7114.5(1.6 )
Adjusted funds from operations (AFFO)
1
103.8106.2(2.3 )
Total comprehensive income after tax attributable to equity holders3.1(30.1)(110.3 )
Funds from operations (FFO) (cents per share)7.107.22(1.4 )
Adjusted funds from operations (AFFO) (cents per share)6.546.69(3.0 )
Gross dividend (cents per share)
2
6.916.850.9
Net dividend (cents per share)
2
6.756.75
AFFO Payout ratio (%)103.2100.82.4
Total assets3,699.23,518.95.1
Total liabilities1,754.91,471.619.3
Total equity1,944.32,047.3(5.0 )
Shares on issue (million shares)1,587.01,586.40.0
NTA (cents per share)121129(6.1 )
Gearing ratio at balance date (%)
3
41.635.218.2
Management expense ratio (bps)
4
383315.3
1AFFO is an alternative performance measure which adjusts net profit after tax for a number of non-cash items. This alternative performance
measure is provided to assist investors in assessing Precinct's performance for the year.
2Dividend paid and proposed relating to financial year.
3For loan covenant purposes deferred tax losses, fair value of swaps and subordinated debt are not included in the calculation of gearing ratio.
4Management expenses comprise the costs of managing Precinct as a corporate entity and exclude direct property expenses and capital
expenditure. Total management expenses total $12.3 million for the year.
Building on Success19
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

5 Year Summary
Financial performance
Financial performance
(Amounts in $ millions unless otherwise stated)
20252024202320222021
Gross operating revenue266.1248.0224.3200.3199.8
Less direct operating expenses(106.1)(91.8)(77.9)(70.9)(72.1)
Less employment and
administration expenses
(7.7)(5.7)(7.5)(6.0)(2.1)
Operating profit before indirect expenses152.3150.5138.9123.4125.6
Net interest expense(65.0)(41.1)(30.8)(23.9)(27.2)
Corporate overhead expense(4.6)(5.5)(6.0)(4.2)(15.4)
Operating profit before income tax82.7103.9102.195.383.0
Non operating income / (expense)
Unrealised net gain in value of
investment and development properties
(27.6)(105.2)(257.1)19.4282.9
Other non operating income(49.8)(22.0)(9.7)14.6(219.9)
Net profit before taxation5.3(23.3)(164.7)129.3146.0
Current tax expense7.72.45.27.067.8
Depreciation recovered on sale expense(0.5)(1.2)(7.7)-(10.5)
Deferred tax benefit / (expense)(1.5)-14.1(26.3)(15.6)
Total taxation (expense) / benefit5.71.211.6(19.3)41.7
Net profit after taxation (NPAT)11.0(22.1)(153.1)110.0187.7
Total other comprehensive
income / (expense)
(7.9)(8.0)5.6(1.2)(7.8)
Total comprehensive income after tax
attributable to equity holders
3.1(30.1)(147.5)108.8179.9
Precinct Properties Group20

Financial position
(Amounts in $ millions unless otherwise stated)
20252024202320222021
Total investment assets3,027.42,987.42,844.73,126.23,076.4
Total development assets334.9201.2523.5544.0232.4
Other assets336.9330.3274.6169.0147.6
Total assets3,699.23,518.93,642.83,839.23,456.4
Interest bearing liabilities1,610.31,334.61,258.41,275.81,096.1
Other liabilities144.6137.0201.3127.9139.7
Total liabilities1,754.91,471.61,459.71,403.71,235.8
Total equity1,944.32,047.32,183.12,435.52,220.6
Number of shares (m)1,587.01,586.41,585.91,585.41,458.5
Weighted average number of shares (m)1,587.01,586.31,585.81,559.21,316.5
Net tangible assets per share (cps)1.211.291.381.541.52
Net asset value per security (cps)1.231.291.381.541.52
Share price at 30 June ($)1.201.121.291.371.60
Covenants
Loan to value ratio (%)41.635.238.034.328.2
Interest coverage ratio2.02.01.92.52.4
Building on Success21
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

5 Year Summary
Reconciliation from Operating profit before income tax to Adjusted Funds From Operations (AFFO)
(Amounts in $ millions unless otherwise stated)
20252024202320222021
Operating profit before income tax82.7103.9102.195.383.0
Current tax benefit / (expense)7.72.45.27.07.0
Share-based payments scheme3.31.21.41.2-
Convertible note option
value amortisation
1.61.2---
IFRS 16 lease adjustments(9.1)(8.6)(8.9)(7.6)(7.0)
Amortisations of incentives and
leasing costs
14.313.313.714.713.8
Straightline rents(1.1)(3.7)(2.0)(3.8)(4.0)
Distributions from equity-accounted
investment attributable to the period
5.03.71.2--
Adjust for one-off items8.31.11.30.73.8
Funds from operations (FFO)
1
112.7114.5114.0107.596.6
Funds from operations (cents per share)7.107.227.196.897.34
Dividend payout ratio based on FFO (%)95.193.593.297.288.6
Adjusted funds from operations (AFFO)
Maintenance capex(2.6)(3.3)(3.3)(2.3)(4.0)
Incentives and leasing costs(6.3)(5.0)(4.6)(3.7)(7.3)
Adjusted funds from operations (AFFO)
2
103.8106.2106.1101.585.3
Adjusted funds from operations (cents
per share)
6.546.696.696.516.48
Dividend payout ratio based on AFFO (%)103.2100.9100.1102.9100.3
Net dividend (cents)6.756.756.706.706.50
1Funds from operations (FFO) is the organisation’s underlying and recurring earnings from its operations. This is determined by adjusting
statutory net profit (under IFRS) for certain non-cash and other items. FFO has been determined based on guidelines established by the
Property Council of Australia and is intended as a supplementary measure of operating performance.
2Adjusted funds from operations (AFFO) is determined by adjusting FFO for other non-cash and other items which have not been adjusted in
determining FFO. A dividend payout ratio of 100% indicates a company is neither over or under paying dividend. AFFO is considered a measure
of operating cash flow generated from the business, after providing for all operating capital requirements including maintenance capital
expenditure, tenant improvement works, incentives and leasing costs. While AFFO overcomes the limitations of FFO by considering the impact
of capital requirements for operations, it can vary dramatically year over year, depending on the lease expiry profile and level of activity in any
one period.
Precinct Properties Group22

Leadership
Building on Success23
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Board of Directors
From left to right: Nicola Greer, Christopher Judd, Chris
Meads, Taurua Grant (Future Director Board Observer),
Anne Urlwin, Mark Tume and Alison Barrass.
Anne Urlwin ONZM
Chair, Director, Independent, BCom, FCA, CFInstD, MAICD,
ACIS, FNZIM
Term of office
First appointed by the Board on 16 September 2019 and
last elected by shareholders in November 2022 (Chair
since November 2023).
Key Skills
1
Governance; construction and property development;
finance, audit & risk management; infrastructure and
major projects; sustainability; commercial experience.
Anne is a professional director with experience in a
range of sectors including construction, infrastructure,
telecommunications, renewable energy, health and
financial services. She is a director of Infratil Limited,
City Rail Link Limited, Ventia Services Group Limited and
Vector Limited. Anne is a chartered accountant and
is a former Chair of national commercial construction
group Naylor Love and of the New Zealand Blood
Service, and a former director of Chorus Limited, Tilt
Renewables Limited, Summerset Group Holdings Limited
and Queenstown Airport Corporation Limited.
Anne was made an Officer of the New Zealand Order of
Merit for services to business in 2022.
1
Key Skills are defined as the particular skills each director
brings to the Precinct Boards and which are considered in
Board succession planning.
Alison Barrass
Director, Independent, BSC, DipBus (Marketing)
Term of office
First appointed by the Board on 1 October 2024 and last
elected by shareholders in November 2024.
Key Skills
Governance; CEO experience; consumer goods,
technology and financial services industry experience;
people & culture; business transformation; sustainability.
Alison is a Professional Director, Chartered Fellow of the
Institute of Directors, and former CEO. She has had
direct leadership experience in large scale consumer
goods organisations and has previously worked in
Sales, Marketing and Operations. Alison has operated
in New Zealand, Australia and Southeast Asia, and has
led significant mergers and acquisitions activity across
multiple geographies and industries. She is passionate
about people, brands and technology with a focus on
supporting New Zealand businesses on their growth
journey through effective leadership, smart business
design and innovation. Alison is currently Chair of AA
Insurance Limited, Chair of Babich Wines Limited, and
a Director of Zespri International Limited, Suncorp New
Zealand and Rockit Global Limited.
Nicola Greer
Director, Independent, MCom (Hons)
Term of office
First appointed by the Board on 16 July 2021 and last
elected by shareholders in November 2024.
Key Skills
Residential & commercial property construction;
infrastructure; financial & commercial acumen;
governance; people & culture; sustainability;
strategic growth.
Nicola is a professional company director. She has
extensive experience in New Zealand, Australia and the
UK in the banking and finance sectors, previously holding
a range of roles within financial markets and asset and
liability management at ANZ, Citibank and Goldman
Sachs. She has a significant background in the New
Zealand commercial property market, developing and
owning commercial property across a variety of sectors.
Nicola is currently a director of Fidelity Life Assurance
Ltd, South Port NZ, Vulcan Steel and New Zealand
Railways Corporation and is a member of the New
Zealand Markets Disciplinary Tribunal. She was previously
a director of Airways Corporation.
Precinct Properties Group
24

Christopher Judd
Director, Independent
Term of office
First appointed by the Board on 29 April 2013 and last
elected by shareholders in November 2024.
Key Skills
Real estate funds management; capital partnering;
property sector; construction and development;
international real estate perspective; stakeholder &
customer; financial & commercial acumen; sustainability.
Chris Judd has over 32 years’ experience in the property
industry including a 17 year association with property
and property funds in New Zealand in both public and
private markets. Chris has had various senior executive
leadership roles including Head of Real Estate Funds
Management for AMP Capital Australia with executive
and governance responsibilities in Australia and New
Zealand for a A$20b+ platform.
Chris is a registered valuer being an Associate of
the Australian Property Institute. He was the inaugural
Chairman of the Property Council of Australia’s Unlisted
Property Roundtable and was a member of the
International and Capital Markets Division Committee.
Chris Meads
Director, Independent, BCom, BCA (Hons)
Term of office
First appointed by the Board on 1 October 2023 and last
elected by shareholders in November 2023.
Key Skills
Strategic growth; funds management/capital partnering;
financial & commercial acumen; international expertise;
governance; people & culture; sustainability.
Educated at the University of Auckland and Victoria
University of Wellington, Chris has over thirty years’
experience working in the banking and finance
sectors in New Zealand and Hong Kong. Chris has
previously worked as an economist, investment banker
and was formerly the Chief Investment Officer of
Pantheon Ventures, a large global private markets
investment management firm with investment strategies
encompassing private equity, private credit and real
assets including infrastructure and property.
Mark Tume
Director, Independent, BBS, Dip Bkg Stud
Term of office
First appointed by the Board on 11 August 2021 and last
elected by shareholders in November 2024.
Key Skills
Infrastructure; energy; investment management; finance;
financial & commercial acumen; governance.
Mark has governance experience with both public and
private companies across the infrastructure, energy, and
investment sectors in Australia and New Zealand.
He is the Chair of Te Atiawa Iwi Holdings, Chairman of
Bluecurrent Holdings NZ Ltd and Bluecurrent Holdings
(Australia) Pty Limited and a director of ANZ Bank New
Zealand Limited and Booster Financial Services. He was
previously Chair of Ngai Tahu Holdings Corporation and
Infratil and a director of Retire Australia Pty Limited.
Taurua Grant (Board Observer)
Future Director
2
Taurua has over 15 years’ experience working in
commercial banking, financial markets, treasury advisory
and management consultancy. His most recent role was
as CEO of Te Arawa Group Holdings. Taurua Grant is a
Board Observer (Future Director) for Precinct, for a fixed
term commencing on 13 November 2024 and ending on
30 June 2026.
2
Administered by the Institute of Directors, the Future Directors
Programme is designed to help identify and grow the next
generation of directors in New Zealand, including recognising
talented executives who are interested in developing governance
skills. Participants attend Board meetings where they contribute
to discussions in an observer capacity. Future Directors do not
have voting rights and are not involved in any decision making.
Building on Success25
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Executive team
From left to right: Louise Rooney, George Crawford, Emma
de Vries, Scott Pritchard, Richard Hilder, Tim Woods,
Anthony Randell and Nicola McArthur.
Scott Pritchard
Chief Executive Officer
Scott has led the Precinct team since 2010. In that time
Precinct has delivered over $2.6 billion of commercial
and mixed-use developments that have influenced and
shaped Auckland and Wellington.
Scott has extensive experience in property fund
management, development and asset management,
alongside a genuine desire to create vibrant city centres
and communities. Scott also serves as the Independent
Chair of the Auckland Council City Centre Advisory
Panel, is a director on the National Board of the
Property Council of New Zealand, a Trustee of the
Tania Dalton Foundation, and an independent director of
Ryman Healthcare.
Prior to joining Precinct, Scott held a variety of
property roles with NZX-listed entities Goodman Property
Trust, Auckland International Airport Limited and Urbus
Properties Limited. Scott holds a Master’s degree in
Management from Massey University.
George Crawford
Deputy Chief Executive Officer
George joined Precinct in 2010. Initially appointed as
Chief Financial Officer, George then held the role of
Chief Operating Officer for 5 years before taking on
his current role. George plays a pivotal role in not
only establishing Precinct’s strategy, but also establishing
relationships and capital partnerships that help deliver on
this strategy. George’s commitment to creating brighter
and more prosperous futures for our cities, also translates
to his role as Chair of Keystone Trust.
After gaining experience with a large accountancy firm
in the United Kingdom, George moved to New Zealand,
working for Fonterra and PwC before joining Goodman
Property Trust, where he was Chief Financial Officer.
George has a Bachelor of Science (Honours) degree from
The University of Edinburgh and qualified as a Chartered
Accountant in the United Kingdom.
Emma de Vries
General Manager – People and Culture
As General Manager of People and Culture, Emma leads
the business’ People and Culture strategies that ensure
we can empower our people and provide them with
meaningful opportunities both on a daily basis and for
a long-term career in property. Through encouraging
diversity of thought and inclusion Emma assists in
contributing to the successful delivery of Precinct’s vision
and internal guiding beliefs.
Emma holds a Bachelor of Business from Auckland
University of Technology and a Post Graduate Diploma in
Business Administration from the University of Auckland.
Prior to joining Precinct in 2021, Emma worked in HR roles
across the media, construction and public service sectors.
Precinct Properties Group
26

Richard Hilder
Chief Financial Officer
Richard has held the role of Chief Financial Officer
since 2017, following his initial appointment as General
Manager of Finance in 2015. As CFO his role is to optimise
Precinct’s investments and financial management as well
as maximising shareholder value. Richard leads a team of
finance professionals and analysts, ensuring the business’
commercial decisions are based on robust analysis.
Prior to joining Precinct in 2010, Richard held a number of
financial roles in property companies, such as Goodman
Property Trust, working across markets in New Zealand,
United Kingdom and Europe. Richard holds a Bachelor of
Commerce (Hons) (Finance and Economics) degree from
the University of Auckland.
Nicola McArthur
General Manager – Marketing, Communications
and Experience
In her role as General Manager of Marketing,
Communications and Experience, Nicola oversees all
external communications and marketing activities across
the entire Precinct portfolio, including retail, commercial
and residential.
A key pillar of Precinct’s marketing strategy is to create
positive experiences and vibrancy for not only Precinct
clients, but the broader city centre communities. The
focus the team place on facilitating experiences for
human connection contributes to what sets the Precinct
portfolio apart.
Prior to joining Precinct in 2012, Nicola spent 10 years
working in a variety of marketing roles in the United
Kingdom and Australia. Nicola has a Master of Marketing
from Melbourne Business School, a Graduate Certificate
of Corporate Management from Deakin University and a
Bachelor of Arts from the University of Auckland.
Anthony Randell
General Manager – Property
As the General Manager of Property, Anthony leads
the Auckland and Wellington property management
teams. Anthony and his team take great pride in
providing proactive client management and working
collaboratively, as well as being dedicated to operational
excellence. Joining the business in 2010, Anthony has
held a number of roles which means he has a holistic
perspective of what is required for Precinct to deliver on
our strategy.
Anthony has a Bachelor of Business Studies (Valuation
and Property Management) from Massey University. He
is a Registered Valuer and began his career as a
commercial valuer, working at Colliers International for
4 years.
Louise Rooney
General Counsel & Company Secretary
Since joining Precinct in 2021, Louise has been
instrumental in delivering key transactions including the
acquisition and future development of Downtown car
park, the sale of the Intercontinental Auckland, and the
advancement of Precinct’s capital partnership strategy.
Prior to joining Precinct, Louise worked for top tier law
firms as well as holding senior in-house legal roles in New
Zealand and the United Kingdom. Louise holds a Bachelor
of Laws (Hons) and Bachelor of Arts from the University
of Auckland.
Tim Woods
General Manager – Development
As General Manager – Development, Tim has overall
responsibility for Precinct’s development projects. Tim has
worked in the property industry for the past 25 years
in both the UK and New Zealand. Tim has been with
Precinct for over 5 years and previous roles include
leading the development arm of a large New Zealand
property consultancy firm. In the UK, Tim held senior roles
with a number of leading UK property companies across
consultancy and construction companies.
Tim holds a Bachelor of Engineering (Hons) (Structural &
Civil) degree and a Masters in Business Administration
(Hons) from the University of Auckland.
Building on Success
27
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate
Governance
Precinct Properties Group28

Introduction
The Board of Directors is responsible for the governance
of Precinct and is committed to ensuring Precinct
maintains best practice corporate governance with
the highest ethical standards and integrity. Precinct's
Corporate Governance Manual guides both the directors
and the representatives of Precinct. It includes a Code
of Ethics, Board and Committee Charters and Policies
on Securities Trading, Audit Independence, Diversity
and Inclusion, Continuous Disclosure, Control Transaction
Protocols and Shareholder Communications.
This section of the Annual Report reflects Precinct’s
compliance with the requirements of the NZX Corporate
Governance Code revised on 31 January 2025. Precinct's
Corporate Governance Manual is available on Precinct’s
website (www.precinct.co.nz) in the Investors section
together with a statement of how Precinct's corporate
governance policies, practices and processes comply with
the NZX Corporate Governance Code as at 30 June 2025.
If any investor would like a copy sent to them, please
contact Precinct investor relations.
Principle 1 – Ethical Standards
Directors set high standards of ethical behaviour, model
this behaviour and hold management accountable
for these standards being followed throughout
the organisation.
Ensuring that Precinct is governed transparently and to
the highest of ethical standards and integrity is one
of the key priorities for the Board. Precinct's Code of
Ethics and Financial Products Dealing Policy are set out
in the Corporate Governance Manual and are compliant
in all respects with the NZX Corporate Governance
Code recommendations.
Code of Ethics – The purpose and intent of Precinct's
Code of Ethics is to guide directors, representatives and
subsidiaries of Precinct so that their business conduct is
consistent with high business standards. The Code is not
intended to be an exhaustive list of acceptable and non-
acceptable behaviour, rather it is intended to facilitate
decisions that are consistent with Precinct’s business
standards, objectives and legal and policy obligations.
All persons are encouraged to report any breaches of
the Code, which will be dealt with appropriately. Precinct
ensures Code of Ethics training is provided to all staff at
least every three years (the latest training was provided
in November 2024) and all new starters are provided with
an induction that includes training on Precinct's Code of
Ethics. The Code of Ethics is reviewed annually by the
Precinct Boards.
Whistleblower Policy – Precinct's Corporate Governance
Manual (which is available on Precinct's website) includes
a whistle-blowing policy for reporting unethical or
unlawful behaviour. Precinct is currently considering the
appointment of a third-party agency to operate a 'speak
up' channel to support Precinct's whistle-blowing policy.
Financial Product Dealing Policy – The Financial Product
Dealing Policy applies to all directors and officers of
Precinct and employees. No director, officer or employee
may use their position of knowledge of Precinct or its
business to engage in dealing with any Precinct listed
financial products for personal benefit or to provide
benefit to any third party.
Principle 2 – Board Composition
and Performance
There is a balance of independence, skills, knowledge,
experience and perspectives among directors to ensure
an effective Board.
Precinct currently has six directors, all of whom
are independent (as defined by the NZX Listing
Rules). Precinct undertakes a regular review of Board
composition to ensure Board membership comprises a
range of appropriate skills and experience so that it
has a proper understanding of and competence to deal
with the current and emerging issues of the business,
can effectively review and challenge the performance of
management and can exercise independent judgement.
The Chair meets regularly with directors of Precinct to
discuss individual performance of directors. The Boards
regularly review their performance as a whole. When
considering the appointment of Alison Barrass in 2024, the
Boards reviewed the skills of each director and believe the
individual expertise and experience of all current directors
as set out in the Board of Directors section of this report
meet the objectives of Precinct. Precinct's Directors Skills
Matrix is set out on page 32.
Following Graeme Wong's retirement in November 2024,
Precinct was delighted to propose Alison Barrass for
election by shareholders at the annual meeting of
shareholders last November. Precinct has also committed
to appoint a Future Director as part of the Institute of
Directors programme and our second Future Director
(Taurua Grant) was appointed in November 2024.
Building on Success
29
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
All Precinct directors are non-executive and the
Board composition and performance is compliant in
all respects with the NZX Corporate Governance
Code recommendations.
Precinct will notify the market of a reclassification of
a non-independent director to independent director (or
vice versa).
Directors are encouraged to own shares in Precinct. In
the case of Independent Directors, the Precinct Boards
have resolved that Independent Directors are expected to
generally hold, as a minimum, shares equal in value to
50% of one year's director base fees (before tax), and to
accumulate this holding over the first three years in office.
Independent Chair – Precinct's Chair - Anne Urlwin - is an
independent director, having regard to the factors set out
in the NZX Corporate Governance Code. Anne Urlwin is
independent of the Company's CEO.
Independent Directors – We are committed to ensuring
that a majority of directors are independent of Precinct,
and do not have any interests, positions, associations
or relationships which might interfere, or might be
seen to interfere, with their ability to bring independent
judgement to the issues before the Boards. Having regard
to the factors set out in the NZX Corporate Governance
Code, as at 30 June 2025, the Board determined that
the following persons were independent directors of
Precinct: Anne Urlwin (Chair), Alison Barrass, Nicola
Greer, Chris Judd, Chris Meads and Mark Tume. Each
of these directors is subject to appointment by Precinct
shareholders and is required to retire by rotation.
Subsidiary Company Directors – The directors for each
of Precinct's subsidiary companies are all executive
appointments and as at 30 June 2025 are Scott Pritchard,
George Crawford, Richard Hilder and Louise Rooney.
No employee of the group appointed as a director of
a subsidiary receives or retains any remuneration or
benefits as a director. The remuneration and benefits
of such employees, received as employees, are included
in the relevant bandings disclosed in the Remuneration
Report on page 67, where the annual remuneration and
benefits exceed $100,000.
Board Charter – Precinct's Corporate Governance Manual
includes the Board's Charter which sets out the roles and
responsibilities of the Board and management.
Board Appointment – The People and Performance
Committee assists the Boards in planning their
composition and is responsible for managing the Boards'
succession requirements and for nominating new director
appointments. All directors enter into a written agreement
setting out the terms of their appointment.
Independent Advice – Each director has access to
independent advice from specialists and/or executives
within Precinct, as a means of receiving assurance
information and the entire Executive Team attends Board
meetings in order to provide information directly to the
Board. The CFO, Company Secretary and other relevant
Precinct staff members have unfettered access to Board
members at any time and without reference to the CEO.
Diversity and Inclusion Policy – Precinct's Diversity and
Inclusion Policy is included in Precinct's Corporate
Governance Manual and includes measurable objectives
which are assessed annually. The Boards have developed
this policy with management to encourage a diverse
and inclusive working environment at all levels of the
organisation to recruit and retain the best talent from
the widest pool of candidates and build a culture
where diversity of gender, age, ethnicity, orientation,
background, experience, skills, thought, ideas, styles and
perspective are leveraged and valued.
The gender composition of directors, officers and
management employees is as follows:
30 June 202530 June 2024
FemaleMale
Gender
diverse
FemaleMale
Gender
diverse
Directors
3
(50%)
3
(50%)
-
2
(33%)
4
(67%)
-
Officers
1
3
(38%)
5
(62%)
-
2
(29%)
5
(71%)
-
Management
employees
65
(60%)
43
(40%)
-
46
(53%)
40
(47%)
-
1For the purposes of measuring and reporting gender diversity, the
term 'officers' is defined as the CEO and those who are in the
Executive team and report to the CEO.
Supporting the efforts to increase diversity across the
management team are secondary policies and practices
including the Equal Opportunities, Recruitment and
Selection, Study Assistance and Remuneration Policies
together with a Culture Charter and biennial anonymous
staff surveys. To ensure workplace diversity continues
to evolve and be enhanced, a matrix of key objectives
and monitoring is undertaken on an on-going basis.
During FY24, Precinct engaged PwC to assist Precinct
to understand its gender pay gap and Precinct has
committed to undertake this analysis annually. Following
the 2024 annual salary review, a gender pay gap analysis
Precinct Properties Group
30

was completed across the business, key findings can be
found in the Remuneration Report. The Board believes
that for FY25, Precinct has continued to make progress
towards achieving its measurable objectives and goals
against its Diversity and Inclusion Policy, and will continue
to focus on diversity targets for FY26.
Measurable
objectives
30 June
2025
30 June
2024
30 June
2023
30 June
2022
Gender
% of female
staff
59%
(68)
56%
(68)
53%
(46)
54%
(39)
Age range19-6919-6820- 6719- 66
Additional employee disclosures under the GRI Standards
is provided in the table to the right. The numbers reported
are by head count at the end of the reporting period
(as at 30 June 2025). Precinct does not have any non-
guaranteed hours employees and temporary employees
are employees who are on fixed term agreements.
30 June 202530 June 2024
FemaleMaleFemaleMale
Management
employees (full-
time, Auckland)
46433334
Management
employees (full-
time, Wellington)
9576
Management
employees (part-
time, Auckland)
4141
Management
employees (part-
time, Welington)
1000
Board performance and meetings schedule
Board Performance – The Board regularly reviews its performance including its collective skills, knowledge, experience and
perspectives to identify any shortcomings and ensure that it effectively governs Precinct and monitors performance in
the interests of shareholders. This includes reviewing director tenure to ensure the independence majority is maintained.
Directors undertake appropriate training to remain current on how to best perform their duties. During FY25, the Board
engaged Propero Consulting to undertake an independent evaluation of the Board's performance.
Meetings – A schedule of directors and their Board meeting attendance record for the year to 30 June 2025 is set out below.
Board of directors and attendance
DirectorStatusDate of appointment
Board
meetings
Audit and
Risk Com.
meetings
People and
Perf Com.
meetings
Environment,
Social and
Governance
Com.
meetings
Number of meetings9
1
564
Anne UrlwinBoard Chair
16 September
2019
9564
Alison Barrass
2
Director1 October 20246n/a42
Nicola Greer
Environmental, Social and
Governance Committee Chair
16 July 202195n/a4
Chris JuddDirector29 April 20136n/a54
Chris Meads
3
People & Performance
Committee Chair*
1 October 2023956n/a
Mark Tume
Audit and Risk
Committee Chair
11 August 202185n/an/a
Graeme Wong
3
People & Performance
Committee Chair*
1 November
2010
5n/a33
1Five scheduled meetings and four out-of-cycle meetings.
2Alison Barrass was appointed as an Independent Director with effect from 1 October 2024.
3Graeme Wong retired from the Board of Directors with effect from 15 November 2024. Chris Meads was appointed People and Performance
Committee Chair with effect from 14 November 2024.
Building on Success31
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Directors' skills matrix
The Boards have developed the following Directors' skills
matrix to ensure the Precinct Boards have the appropriate
skills, knowledge and experience among directors. This
skills matrix is reviewed by the Boards annually. The
People & Performance Committee regularly assesses
these skills when recruiting new directors and evaluating
Board performance. The matrix to the right reflects the
director attributes which the Boards consider are required
to oversee Precinct’s strategic business objectives.
Precinct believes assessing the level of skills and
experience collectively, rather than on an individual basis,
is the most appropriate means to demonstrate Board
effectiveness and reflects the benefits of diversity of
director experience. The allocations in the matrix reflect
each Director's assessment of the current skills he or she
believes they bring to the Boards and highlights the
different attributes held collectively by the Precinct
Boards of Directors.
Capability
Detail
Strategic
Growth &
Adding Value
Experience and expertise in decision making and consideration for investment decisions, with particular
focus on appropriately considering risk and return metrics. Executive background with investment
credentials. Excellent at strategic growth and prioritisation including investing in people and talent,
understanding of workplace insight / trends, measuring progress, identifying priorities and determining
actions and accountability for implementation.
Funds
Management/
Capital
Partnering
Awareness of and experience in funds management and capital partnering. Particular expertise
in working with sovereign wealth funds, superannuation/pension funds and other large scale
private investors.
Property SectorProven track record in property industry, with extensive experience in NZ property market knowledge and
asset management experience and valuation. This includes office, industrial, retail and/or residential.
Construction &
Development
Brings an in-depth understanding of development within the building industry. Deep expertise in risk
including health and safety.
Financial &
Commercial
Acumen
Financial expertise and foundational skills to add value to key financial drivers (occupancy rates /
weighted average lease term, earnings outlook, commercial and investment returns, flexible financing
for Green Building, investment due diligence). In depth understanding of capital management and
property investment within NZ, spanning multiple sectors including office, industrial, retail and other
specialised sectors.
Stakeholders &
Customers
Proven track record in engagement strategies / partnerships with key stakeholder groups. Brings
customer credibility and local and central government knowledge and gravitas. Experienced in building
communities and fostering connections with Mana Whenua and council-controlled organisations.
International
Perspective
Exposure and experience in international markets, providing expertise and insights into emerging trends
from other jurisdictions.
GovernanceProven track record in governance roles across listed companies. Experience in setting strategy and
driving best practice international business and corporate governance, with an understanding of legal
liabilities and director responsibilities.
People &
Culture
Experience in relation to setting and executing people strategies, including managing people and
influencing organisational culture, and designing and implementing remuneration strategies that align
employees with company culture and performance.
SustainabilityExpertise in embedding environmental, social and corporate responsibility through business operations
and to create sustainable positive value for the community and stakeholder ecosystem.
Precinct Properties Group32

Principle 3 – Board Committees
The Board uses committees where this enhances
effectiveness in key areas while still retaining
Board responsibility.
For the year to 30 June 2025, there were three standing
committees of the Board, being the Audit and Risk
Committee, the People and Performance Committee and
the Environmental, Social and Governance Committee.
Our Board committees are compliant in all respects with
the NZX Corporate Governance Code recommendations.
The charters that exist for each committee can be
found in the Precinct Governance Manual together with
Precinct's Control Transaction Protocols.
As outlined in each Board committee charter, the Chair
of each meeting of each Board committee is required to
report back to the Board on key points of discussion and
present the recommendations of the Board committee at
the next scheduled meeting of the Board, not being less
than once a year. The Board continually evaluates the
performance and work of each Board committee with the
Chair of the relevant Board committee in regular contact
with all Board members between meetings as part of its
evaluation process. As part of this process, the Board shall
undertake an annual review of each Board committee’s
objectives and activities in terms of its responsibilities as
set out in the relevant Board committee charter.
The Audit and Risk Committee at balance date comprised
Mark Tume as Chair, Anne Urlwin, Nicola Greer and Chris
Meads. The committee has a majority of independent
directors and complies with recommendation 3.1. None
of the committee members are executive directors. The
Chair, Mark Tume, is independent of Precinct's audit firm,
Ernst & Young, and does not have any long standing
association with them.
The committee assists the Board in discharging its
duties with respect to financial reporting, compliance
and risk management. Employees may attend Audit
and Risk Committee meetings at the invitation of the
committee. The Audit and Risk Committee supervises the
financial reporting, climate related disclosures reporting,
compliance and risk management practices of Precinct to
ensure accuracy and objectivity.
The Environment, Social and Governance ("ESG")
Committee was established in May 2021 and at balance
date comprised Nicola Greer as Chair, Anne Urlwin,
Alison Barrass and Chris Judd. The committee has a
majority of independent directors and complies with
recommendation 3.5.
During FY25 the ESG Committee held four committee
meetings. Precinct’s CEO, Deputy CEO, CFO, Head of
Sustainability and other key representatives across the
business also attend the meetings to set objectives,
review Precinct’s Climate Risk register, track updates
and discuss and approve current and future strategic
initiatives which help manage Precinct’s impacts on the
economy, environment and people.
The People and Performance Committee at balance
date comprised Chris Meads as Chair, Anne Urlwin,
Alison Barrass and Chris Judd. The committee has a
majority of independent directors and complies with
recommendation 3.3 and 3.4. The committee's purpose
is to:
•provide guidance to the Board when approving
the remuneration of directors and key
management personnel;
•assist the Board in planning the Board’s composition,
evaluating competencies required of prospective
directors and to make relevant recommendations to
the Board; and
•oversee Precinct’s people policies, practices
and procedures.
The People and Performance Committee has a strong
focus on Board succession planning. Management only
attend meetings of the committee by invitation.
The Due Diligence Committee is an ad hoc committee
that is established by the Board from time to time to
provide guidance and recommendations to the Board on
the due diligence for any transaction of a significant size
and/or complexity. A Due Diligence Process Memorandum
is agreed each time the Committee is established setting
out its duties, responsibilities and scope. No Due Diligence
Committee was established during FY25.
Building on Success
33
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Principle 4 – Reporting and Disclosures
The Board demands integrity in financial and non-
financial reporting and in the timeliness and balance of
corporate disclosures.
The Board is committed to ensuring the highest
standards are maintained in financial and non-financial
reporting and disclosure of all relevant information and
is compliant in all respects with the NZX Corporate
Governance Code recommendations. A copy of Precinct's
Continuous Disclosure Policy can be found in the Precinct
Governance Manual.
The Audit and Risk Committee oversees the quality and
timeliness of all financial reports, including all disclosure
documents issued by Precinct or any of its subsidiaries.
Precinct has moved toward integrated reporting and the
annual report includes information on Precinct's:
•Business model
•Strategy and key performance indicators
•Risk management
•Sustainability framework, and
•Remuneration framework.
Precinct reports in accordance with GRI Standards, shown
in the Sustainability Report.
Precinct reports its climate-related risks and
opportunities in accordance with the Aotearoa New
Zealand Climate Standards. These will be available
at Precinct’s website in October 2025 as well
as alongside our peers on the public registry
located here: https://www.companiesoffice.govt.nz/all-
registers/climate-related-disclosures/.
Climate-related risks are included in both Precinct’s
ESG and Audit & Risk papers, ensuring that Precinct’s
climate risks are appropriately reviewed and assessed
and receive regular oversight via both Committees.
Principle 5 – Remuneration
The remuneration of directors and executives is
transparent, fair and reasonable.
Precinct continues to develop additional disclosures
in our Remuneration Report each year to ensure
that remuneration of both directors and management
personnel is transparent, fair and reasonable by aligning
it with interests of the Company and its shareholders.
Director remuneration was last reviewed during 2023
by independent advisers, PwC. At Precinct's ASM in
November 2023, shareholders approved an increase
in Independent Director fees (other than the Chair's
fee) to reflect increased regulatory risk and obligations
increasing demand on Directors’ time and broadening
their scope of responsibilities. The Company has engaged
PwC to undertake an updated review of director
remuneration and the results of that review will be
presented to shareholders at the Company's ASM later
this year. Precinct makes a summary report of any
independent director remuneration review available on
its website.
Our remuneration practices are compliant with the NZX
Corporate Governance Code recommendations.
More information on remuneration of directors and
executives can be found within the Remuneration Report.
Precinct Properties Group
34

Principle 6 – Risk Management
The Board has a sound understanding of the material
risks faced by the business and how to manage them.
The Board regularly verifies that the Company has
appropriate processes that identify and manage potential
and material risks.
The Board has a risk management and reporting
framework in place that identifies and manages risk that
may impact the business and complies with the NZX
Governance Code recommendations in all respects.
Risk Register – A Risk Register is maintained which
identifies key risks to the business, records the likelihood
and impact of each risk and steps to mitigate the same.
The Audit and Risk Committee oversees the risk register
and reviews it regularly with management to track
existing risks and the emergence of new risks. The results
of each review are reported to and reviewed by the
Board. The Risk Register is further reviewed when required
in the event the Due Diligence Committee is formed.
Financial Risk Management Policy – Our Financial Risk
Management Policy details our approach to managing
financial risks and the policies and controls that are
required to mitigate the likelihood of financial risks
resulting in an adverse outcome. This policy is reviewed
by the Board annually.
Insurance – Insurance cover is in place for insurable
liability and general business risk. The primary objective
of our annual insurance programme is to protect
shareholders from material loss in the value of assets
as a result of events such as fire, natural disaster or
accidental damage. This approach protects creditors and
bondholders as well.
Audit – Ernst & Young (EY) are engaged during the year
to audit and review our financial statements. Precinct
also regularly undertakes internal audit progammes to
ensure continuous improvement of Precinct's systems
and processes.
Health and Safety – Health and safety policies are
embedded throughout the business and overseen by
Management's Health and Safety Committee. Reporting
and escalation processes are in place to the Audit and
Risk Committee and the Board.
More detail on how Precinct manages its key business
risks can be found under Risk Management in this section.
Principle 7 – Auditors
The Board ensures the quality and independence of the
external audit process.
Oversight of Precinct’s external audit arrangements is
the responsibility of the Audit and Risk Committee. We
do not have a dedicated internal audit resource but
we do maintain an annual internal audit programme,
which is overseen by the CFO and draws on the expertise
of consultants and employees. Ensuring external audit
independence is one of the key aspects in discharging this
responsibility. The Audit Independence Policy, detailed in
the Corporate Governance Manual, has been adopted by
the Audit and Risk Committee. This policy is compliant
with the NZX Corporate Governance Code and covers the
following areas:
•Provision of related assurance services by Precinct’s
external auditors;
•Rotation of key external audit personnel; and
•Relationships between the auditor and Precinct.
The Board shall only approve a firm to be auditor if that
firm would be regarded by a reasonable investor with
full knowledge of all relevant facts and circumstances
as capable of exercising objective and impartial
judgement on all issues encompassed within the auditor’s
engagement. The continued appointment of Precinct’s
external auditors is confirmed annually by the Audit
and Risk Committee following the Committee's review of
the external auditor's performance and independence.
Rotation of Precinct’s client service partner and the
lead and concurring audit partners of Precinct and its
subsidiaries is required every five years with suitable
succession planning.
The external auditors annually confirm their compliance
with professional standards and ethical guidelines of
Chartered Accountants Australia and New Zealand
(CAANZ) to evidence their competence, as well as attend
Precinct's annual meeting to answer questions from
shareholders in relation to the audit. Precinct's audit firm
EY also provided other assurance services which include
agreed upon procedures in respect of operating expense
statement review and green bond assurance. The first
year of appointment of audit firm EY was 1997 and the
first date of appointment of the current engagement
partner, Susan Jones (EY) was 1 July 2022. Potential
conflicts are resolved on a case by case basis between
auditing and other accounting services provided by EY.
Former partners of EY will not be appointed as directors of
Precinct for so long as EY continues to audit Precinct.
Building on Success
35
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Principle 8 – Shareholder rights and relations
The Board respects the rights of shareholders and
fosters constructive relationships with shareholders that
encourage them to engage with the Company.
The Board is committed to achieving best practice
investor relations. Financial and operational information
and key corporate governance information (including
Precinct's Shareholder Communications Policy) can be
accessed at
www.precinct.co.nz.
An annual investor relations plan has been established
and is reviewed annually. This plan details the investor
relations approach to e-communications, roadshows,
investor briefings, site visits, blackout periods, financial
reporting and other items. Enquiries from shareholders
can be voiced at the Annual Shareholder Meeting,
or emailed through using the contact details on our
website. A key objective of the plan is to ensure accurate
continuous disclosure to the NZX.
Precinct shareholder approval of major decisions which
may change the nature of Precinct is sought. In 2024
Precinct lodged a copy of its notice of annual meeting
on its website at least 20 working days prior to its annual
shareholder meeting and published a virtual meeting
guide ahead of that meeting. Where practicable, Precinct
endeavours to hold its shareholder meetings as hybrid
meetings but may from time to time hold a virtual-only
meeting where Precinct believes the physical meeting
will be poorly attended (such as the special shareholder
meeting to approve the stapling proposal).
The 2025 Annual Meeting of
Shareholders (ASM) is scheduled for:
18 November 2025
It will be a hybrid (physical and virtual)
Shareholder Meeting with more details on the
meeting to be provided in the coming months.
Precinct Properties Group36

NZ RegCo Rulings and Waivers
During the year to 30 June 2025, Precinct relied on the NZ
RegCo Rulings and Waivers described below.
Stapling and non-standard designation
On 1 July 2023, the shares of Precinct Properties
New Zealand Limited (Precinct) were stapled together
with shares of Precinct Properties Investments Limited
(Precinct Investments) in accordance with a Stapling
Deed dated 7 June 2023 between Precinct and Precinct
Investments (Stapling). The stapled shares of Precinct
and Precinct Investments have traded since 3 July 2023
under the ticker code ‘PCT’. The implications of Stapling
are further described in a notice of special meeting of
shareholders dated 18 April 2023.
NZX has granted Precinct and Precinct Investments a
non-standard designation, due to the complexity of the
Stapling arrangements.
NZX Listing Rule waivers and rulings relating to Stapling
On 18 April 2023, NZ RegCo agreed to grant certain
waivers and rulings in connection with the Stapling,
subject to certain conditions, as follows:
•A ruling that the Directors do not have a “Disqualifying
Relationship” as a consequence of their appointment
as directors of Precinct Investments under Precinct
Properties Group structure, in order to allow the
Independent Directors of Precinct Investments to
also be Independent Directors of Precinct, as
required by the Listing Rules. No other ‘Disqualifying
Relationships’ exist;
•A waiver from Listing Rules 2.2 to 2.5 and 2.7 to 2.8
to permit:
–the Precinct board and Precinct Investments
board to be made up of the same people;
–the Precinct board to be deemed to be
appointed (or removed) if appointed to
(or removed from) Precinct Investments
board; and
–the Precinct board members to retire from the
Precinct board by rotation at the same time as
they retire from Precinct Investments board;
•A waiver from Listing Rule 2.10.1 to permit the directors
of one stapled entity to vote on matters in which they
are “interested” due to being a director of the other
stapled entity. Directors will not be permitted to vote
on matters in which they are “interested” by virtue of a
relationship or interest other than their directorship of
the stapled entities;
•A waiver from Listing Rule 2.11 to permit the pooling
of director remuneration for Precinct Properties Group,
and the approval of director remuneration by way of
single resolution of shareholders;
•A waiver from Listing Rules 2.14.1, 2.14.2, 7.8 and
7.9 to permit Precinct Properties Group to provide
consolidated notices of meetings to shareholders;
•A waiver from Listing Rules 3.13, 3.14 and 3.15 to permit
the stapled entities to announce, via NZX, issues,
acquisitions, conversions or redemptions of securities
on a consolidated basis;
•A ruling under Listing Rule 4.6.1 to enable Stapled
Shares to be issued to any employee of the Precinct
Properties Group;
•A ruling that, for the purposes of paragraph (f) of the
definition of “Related Party” in the Listing Rules the
word “Issuer” be interpreted as a reference to either
Precinct or Precinct Investments;
•A ruling that, for the purposes of the Listing Rules
in respect of Precinct Properties Group, “Material
Information” means information in respect of Precinct
Properties Group;
•A waiver from Listing Rules 3.5, 3.6, 3.7 and 3.8
to permit Precinct Properties Group to provide
the information required in annual reports and
annual and half-yearly results announcements on a
consolidated basis;
•A waiver from Listing Rule 8.3 to permit Precinct
Properties Group to provide consolidated statements
of shareholdings to shareholders which shows their
Precinct Properties Group holdings; and
•A ruling that, for the purposes of the Listing Rules in
respect of Precinct Properties Group, the “Average
Market Capitalisation” and “Average Market Price”,
where used in the Listing Rules refers to the combined
“Average Market Capitalisation” and “Average Market
Price” of Precinct Properties Group respectively.
A full copy of the NZ RegCo waiver and ruling
decision dated 18 April 2023 is available from https://
www.nzx.com/companies/PCT/documents.
Building on Success
37
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Risk Management
Our Approach
Precinct has a robust risk assessment process and is committed to providing a clear risk management and reporting
framework for the business to operate under to achieve its objectives, whilst ensuring all risks are understood and managed.
Reporting Framework
Responsible groupDescription of responsibility
Precinct Board
•Determine the nature and extent of the risks it is willing to
take to achieve the business strategy
•Establish the parameters for each risk
Audit and Risk Committee
•Delegated authority in assessing effectiveness of internal
controls and risk management processes
•Delegated authority to regularly oversee and review the
Risk Register
Executive
•Input into Board's process for setting risk parameters
•Lead and execute Precinct's approach to risk
•Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health and
Safety
committee
•Implement and maintain risk management policies
•Create an environment that embraces risk management
•Audit and monitor all development sites
ContractorsEmployeesOther
•Day-to-day responsibility of managing risk
•Report and maintain internal risk and hazard registers
Key Business Risks
External
Risks and impactsHow we manage the riskChangeMovement in the period
Economy and property market
Market risk arises from adverse
changes in the New Zealand
economic environment, regulatory
environment and the broader
investment market. Changes may
result in an impact in property
values and amount of income
generated by them.
Maintain a proactive and
strategic approach to manage
property risks it can influence.
Providing quality premises
matched by high service
levels and building
strong relationships.
Undertake annual business
planning process to review the
portfolio and help mitigate
these risks.
►
New Zealand’s economy remains
subdued with domestic inflation
forecast to normalise within the
targeted range over the medium-term.
Geo-political risks remain elevated.
Property asset valuations have
continued to stabilise over the last
12 months with forward performance
increasingly driven by asset-specific
fundamentals. Valuation stability is
expected to persist over the near-term.
Precinct’s directly held investment
properties continue to perform well
with the strength of our office markets
and the demand for premium-grade
space in Auckland and Wellington
remaining robust.
Occupier market and client default
A weakening occupier market
through lack of business activity
and investment, as well as
unanticipated client default, can
directly impact the income and
value of each individual asset.
Precinct Properties Group38

Risks and impactsHow we manage the riskChangeMovement in the period
Insurance risk
The risk of being unable to
continue to obtain insurance cover,
or following an event, not having
sufficient cover in place to repay
creditors. This could result in
significant business interruption.
Engage directly with a
wide range of local and
international insurers.
Ensure the insurance market has
a good understanding of the
portfolio and its risks.
►
Following a period of high insurance
premiums, there has been a reduction
in the period, particularly in Wellington.
Precinct continues to proactively
engage with the insurance market
on renewals and continues to
secure coverage.
Climate risk
Climate risk includes physical
risks (acute and chronic) and
transitional risks.
Physical risks could include events
such as flooding, severity and
frequency of storms and sea level
rise. These risks could reduce
revenue, increase maintenance
capex and reduce asset values.
Transitional risks include risks
of transitioning to a low
carbon economy including
regulatory change. These risks
could reduce the demand for
Precinct's products or increase
compliance costs.
Precinct’s Sustainability
Committee acts as the
custodian for Precinct’s
sustainability strategy and
comprises representatives from
various parts of our business.
Precinct also has a Board
ESG Committee.
Both committees meet
frequently during the year and
are responsible for assessing,
actioning and driving ESG
issues, reviewing performance
and considering Precinct’s long-
term strategy on sustainable
activities across the business
and reporting on its progress.
An update is included in the
Board papers on an ongoing
basis including Precinct's
climate risk register.
►
Precinct recognises climate risk is an
important part of the ongoing operation
of our business activities.
Precinct continues to assess our
impacts on people and planet and how
we are managing those impacts.
Precinct presents its climate-related
disclosures in accordance with
the External Reporting Board's
(XRB) Aotearoa New Zealand
Climate Standards.
Precinct’s 2025 climate related
disclosures will be published in October
2025 and will be available online at
Precinct's website.
Building on Success
39
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Internal
Risks and impactsHow we manage the riskChangeMovement in the period
Development
Development risk
Development projects
are inherently subject
to uncertainties. They
are entered into on
the basis of assumed
future costs, values
and income levels.
An increased level
of development risk
has the potential
to make meeting
covenant obligations
and overall
solvency challenging.
Ensure expected returns from
developments adequately compensate
Precinct for the level of risk undertaken
before approval. Through due diligence,
Precinct understands the project risks
before commitment. Before commitment,
ensure funding is in place and committed
gearing stays within acceptable levels.
Establishing a procurement plan and
engaging contractors early to mitigate
cost escalation or contractor default.
Undertake substantial pre-leasing prior to
commencement of development.
►
An appropriate level of development
activity is underway however the risk
has been reduced through completions,
material progress on existing projects, high
levels of pre-commit leasing secured and
fixed price contract agreements in place.
Precinct's capital requirement continues
to reduce as we grow our
capital partnerships.
Financial
Interest
rate management
Interest rate risk arises
through changes in
interest rate market
conditions leading to
earnings volatility or
breach of interest
cover covenant levels.
Manage by aligning the interest rate re-
pricing profile with the re-pricing profile of
Precinct's gross rental income.
Establish interest rate swaps to manage
exposure within a band reviewed by
the Board annually and monitored by
the Audit and Risk Committee and
Board quarterly.
▼
As inflation normalises the RBNZ continues
to forecast a reduction in interest rates.
Precinct was 83% hedged through the use
of interest rate swaps at 30 June 2025
(June 2024: 99%).
Refinancing
risk (liquidity)
Having insufficient
funds to refinance
debt when it falls
due and sustain the
ongoing operations of
the business.
Implemented a Financial Risk
Management Policy in 2011 which is
reviewed annually providing a clear
framework ensuring risks are managed
and understood. Diversified funding away
from sole reliance on bank funding
through alternative sources. Staggering
the maturity profile of facilities providing
adequate time to pursue alternatives
to refinancing.
▼
During the period, Precinct successfully
refinanced $165 million of maturing bonds
and USPP notes through a $200 million
bank facility, and Precinct’s first New
Zealand wholesale bond.
Precinct continues to maintain sufficient
funding capacity to deliver our
committed developments.
Gearing levels
An increase in
gearing levels
outside suitable
industry standards
could increase the
risk of breaching
financing covenants
and may increase
borrowing costs.
Precinct's Financial Risk Management
Policy is reviewed annually.
Ensure no capital commitment is entered
into without funding in place. Maintain
adequate headroom in relation to
gearing covenants to withstand portfolio
devaluations which may be anticipated
through the property cycle.
▲
Precinct will look to proactively manage
gearing levels through capital partnering
initiatives to support the delivery of
Precinct’s strategy.
People
Precinct Properties Group40

Risks and impactsHow we manage the riskChangeMovement in the period
Staff
Staff are critical to
ongoing success and
execution of strategy.
Failure to maintain a
high level of
experience and skill
could impact
business
performance.
Ensure a strong focus on team
engagement and enhancement. Maintain
ongoing succession planning and
retention structures within the Company.
Regularly review performance appraisals
of employees and directors and
benchmark remuneration packages with
the wider market.
►
Our staff remain a key focus for the
business with a number of promotions,
training and development occurring
during the year.
Precinct's "Three Pillars" Health, Safety &
Wellbeing strategy focus on the delivery
of the wellbeing programs under Physical,
Mental and Financial pillars.
Health and safety
Unsafe work
environments may
lead to accidents
(employees, clients,
contractors and
visitors) resulting in
harm to people,
financial loss and/or
business continuity.
Provide ongoing individual, group and
industry training. Maintain a hazard
register that identifies hazards where
contractors are required to take
precaution. Registers are subject to
annual review. Monitor any live sites
to ensure oversight of Health and
Safety matters. Ensure contractor pre-
qualification. Provide training and KPIs for
all Precinct staff. Dedicated Senior Health
& Safety Adviser employed by Precinct.
►
Appropriate monitoring and reporting
continue to be implemented and refined
to mitigate any potential risk.
Further information on Health and Safety
is included on Precinct's website.
Modern Slavery
Precinct is committed
to respecting and
supporting the
human rights of our
employees and all
those whose lives we
impact through our
supply chain. Given
the complexity of the
construction industry
supply chain, Precinct
may unknowingly be
complicit in human
rights abuses through
the purchase of
products or services.
Identifying areas with potential risk
for forms of modern slavery in our
supply chain.
Engaging highly-reputable contractors
with New Zealand-domiciled
management teams.
►
Precinct has a Supplier Code of
Conduct which supports our commitment
to advance social and environmental
responsibility beyond our own operations
to our supply chain.
It should be read together with Precinct’s
commitments in respect of Health &
Safety, Diversity & Inclusion, Sustainability,
Modern Slavery and Mental Health and
Wellbeing, all of which can be found on
Precinct's website.
Building on Success41
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Statutory
Information
Precinct Properties Group42

Shareholder information
As at 30 June 2025
Twenty largest shareholders
RankShareholder
Number of shares% of total shares
1.HSBC NOMINEES (NEW ZEALAND) LIMITED255,034,19416.07
2.FORSYTH BARR CUSTODIANS LIMITED161,394,43410.17
3.ACCIDENT COMPENSATION CORPORATION - NZCSD142,258,0318.96
4.BNP PARIBAS NOMINEES (NZ) LIMITED136,869,1288.62
5.CUSTODIAL SERVICES LIMITED96,434,3326.08
6.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT65,868,9314.15
7.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD56,187,6143.54
8.JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT49,701,6393.13
9.HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED48,452,2723.05
10.NEW ZEALAND DEPOSITORY NOMINEE LIMITED46,654,8062.94
11.ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND42,733,6132.69
12.FNZ CUSTODIANS LIMITED39,697,0342.50
13.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET -NZCSD32,616,2482.06
14.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET - NZCSD24,939,1441.57
15.ADMINIS CUSTODIAL NOMINEES LIMITED24,573,6841.55
16.JBWERE (NZ) NOMINEES LIMITED22,903,6181.44
17.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITE20,552,3521.30
18.PT (BOOSTER INVESTMENTS) NOMINEES LIMITED17,034,7541.07
19.SIMPLICITY NOMINEES LIMITED - NZCSD16,192,8141.02
20.NZX WT NOMINEES LIMITED15,452,6270.97
Total Top 20 holders of Ordinary Shares1,315,551,26982.89
Source: Computershare. The information above includes Shares held in custody by New Zealand Central Securities
Depository Limited.
Shareholder distribution
Range
Total holdersNumber of shares% of total shares
1 - 49910722,2280.00
500 - 99911373,2960.00
1,000 - 1,999198269,1290.02
2,000 - 4,9996802,277,6920.14
5,000 - 9,9991,1327,959,6460.50
10,000 - 49,9992,92965,959,3184.16
50,000 - 99,99953035,657,4152.25
100,000 - 499,99930454,040,1043.41
500,000 - 999,9992113,691,2340.86
1,000,000 and over441,407,092,97288.66
Total6,0581,587,043,034100.00
Source: Computershare
Building on Success
43
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Shareholder information
As at 30 June 2025
Substantial Financial Product Holders
Quoted financial product holder
Number of quoted ordinary
shares held at date of notice
%Date of notice
Forsyth Barr Investment Management Limited129,548,2708.1638.05.2025
Milford Asset Management Limited143,266,4109.02729.04.2025
ANZ New Zealand Investments Limited76,821,2394.84114.02.25
ANZ Bank New Zealand Limited25,752,6311.62314.02.25
ANZ Custodial Services New Zealand Limited25,752,6311.62314.02.25
Note the number of shares above are according to notices filed only if the total number of a shareholder changes by 1% or more
since the last notice filed.
Source: NZX Substantial product holding notices. The percentages have been calculated based on the quoted voting products
on issue on
30 June 2025 (as discussed below).
As at 30 June 2025, Precinct had 1,587,043,034 quoted voting products on issue.
Quoted financial product holder
$ amount of convertible notes
held at date of notice
%Date of notice
Forsyth Barr Investment Management Limited30,419,00035.78716.05.25
Source: NZX Substantial product holding notices.
The total principal amount of PCTHC convertible notes on issue as at 30 June 2025 was $85,000,000.
The total principal amount of PCTHB convertible notes on issue as at 30 June 2025 was $65,000,000.
Donations
The Group made donations of $112,000 during the year to 30 June 2025. No political donations have been made during the
year to 30 June 2025.
Credit Rating
As at the date of this Annual Report, Precinct does not have a public credit rating.
Precinct Properties Group
44

Bondholder information
As at 30 June 2025
Twenty largest PCT030 bondholders
RankBondholder
Number of bonds% of total
1.FORSYTH BARR CUSTODIANS LIMITED21,542,00014.36
2.CUSTODIAL SERVICES LIMITED18,244,00012.16
3.FNZ CUSTODIANS LIMITED14,366,0009.58
4.ANZ FIXED INTEREST FUND - NZCSD13,800,0009.20
5.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED - NZCSD13,077,0008.72
6.PT (BOOSTER INVESTMENTS) NOMINEES LIMITED - RETAIL - NZCSD10,128,0006.75
7.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD8,700,0005.80
8.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD6,578,0004.39
9.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD3,709,0002.47
10.FORSYTH BARR CUSTODIANS LIMITED3,537,0002.36
11.INVESTMENT CUSTODIAL SERVICES LIMITED2,849,0001.90
12.WESTPAC BANKING CORPORATE NZ FINANCIAL MARKETS GROUP -NZCSD2,759,0001.84
13.FORSYTH BARR CUSTODIANS LIMITED2,666,0001.78
14.PIN TWENTY LIMITED2,400,0001.60
15.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD2,125,0001.42
16.JBWERE (NZ) NOMINEES LIMITED1,627,0001.08
17.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD1,273,0000.85
18.MINT NOMINEES LIMITED - NZCSD1,218,0000.81
19.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD1,150,0000.77
20.FNZ CUSTODIANS LIMITED1,132,0000.75
Total Top 20 holders of PCT030 bonds132,880,00088.59
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT030
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99974538,0000.36
10,000 - 49,9992725,869,0003.91
50,000 - 99,999291,728,0001.15
100,000 - 499,999234,286,0002.86
500,000 - 999,99953,670,0002.45
1,000,000 Over21133,909,00089.27
Total424150,000,000100.00
Source: Computershare
Building on Success
45
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Bondholder information
Bondholder distribution - PCT040
RankBondholder
Number of bonds% of total
1.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD46,765,00026.72
2.CUSTODIAL SERVICES LIMITED44,754,00025.57
3.FORSYTH BARR CUSTODIANS LIMITED23,559,00013.46
4.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED - NZCSD8,168,0004.67
5.TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD7,451,0004.26
6.FNZ CUSTODIANS LIMITED7,413,0004.24
7.FORSYTH BARR CUSTODIANS LIMITED3,389,0001.94
8.ANZ FIXED INTEREST FUND - NZCSD3,000,0001.71
9.ANZ WHOLESALE NZ FIXED INTEREST FUND - NZCSD2,550,0001.46
10.JBWERE (NZ) NOMINEES LIMITED1,867,0001.07
11.INVESTMENT CUSTODIAL SERVICES LIMITED1,808,0001.03
12.NZX WT NOMINEES LIMITED1,165,0000.67
13.FORSYTH BARR CUSTODIANS LIMITED785,0000.45
14.PATHFINDER CARESAVER - NZCSD740,0000.42
15.ANZ CUSTODIAL SERVICES NEW ZEALAND LIMITED - NZCSD706,0000.40
16.I J INVESTMENTS LIMITED700,0000.40
17.PIN TWENTY LIMITED547,0000.31
18.HUGH MCCRACKEN ENSOR500,0000.29
19.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD456,0000.26
20.FNZ CUSTODIANS LIMITED430,0000.25
Total Top 20 holders of PCT040 bonds156,753,00089.57
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT040
RangeTotal holdersNumber of bonds% of total
5,000 - 9,99974430,0000.25
10,000 - 49,9993878,165,0004.67
50,000 - 99,999653,737,0002.14
100,000 - 499,999416,801,0003.89
500,000 - 999,99963,978,0002.27
1,000,000 Over12151,889,00086.79
Total585175,000,000100.00
Source: Computershare
Precinct Properties Group
46

Green Assets
Building
Name
CityAddressUseStatusLast AssuranceNABERSNZ
Base Build
Rating
1
Green
Star
Rating
Asset Value
(NZ$m)
2
Allocation
of proceeds
per eligible
asset
(NZ$m)
Jarden
House
Auckland21 Queen
Street
OfficeOperational19-Aug-24Refer to
footnote
below
1
5 Star
Office
Built
$128.0$32.6
PwC
Tower
Auckland15 Customs
Street
OfficeOperational19-Aug-244.5 Star5 Star
Office
Built
$623.0$158.5
1 The
Terrace
Wellington1-3 The
Terrace
OfficeOperational-4 Star4 Star
Office
Built
$130.0$33.1
Defence
House
Wellington34 Bowen
Street
OfficeOperational19-Aug-245 Star4 Star
Office
Built
$190.0$48.3
Deloitte
Centre
3
Auckland1 Queen
Street
OfficeOperational19-Aug-24Targeting
4 Star
6 Star
Built
$354.0$90.0
Bowen
House
Wellington1 Bowen
Street
OfficeDevelopment19-Aug-24Targeting
5 Star
Targeting
5 Star
Built
$147.5$37.5
Total existing green assets for bonds$1,572.5$400.0
Total value of eligible assets - based on last assurance$1,974.0
Total value of eligible assets
4
$1,572.5
1NABERS NZ rating targets are listed on the basis of Precinct's commitment to the World Green Building Council Net Zero Carbon Buildings
Commitment and meeting or exceeding New Zealand’s excellence levels under NABERSNZ with a target to have 100% of our investment
portfolio to be +4-Stars, under our direct operational control by 2030. Noting Jarden House most recent rating is 2 star.
2Fair value as at 30 June 2025
3Deloitte Centre valuation includes the Intercontinental hotel ($180m) as held for sale and conditional as at 30 June 2025.
4Eligible assets must have a mimimum (or target) 5-star NZGBC Green Star Built rating or a minimum (or target) 4-Star NABERSNZ Energy Base
Building Rating
Building on Success47
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Directors’ interests
Details of Director interests in Precinct Stapled Securities and Bonds
1
2025202420252024
DirectorNumber of sharesNumber of sharesNumber of bondsNumber of bonds
Anne Urlwin91,128
2
81,128-25,000
Chris Meads50,000
3
50,000--
Nicola Greer40,000
4
10,000--
Mark Tume40,261
5
20,261--
1As at 30 June 2025, no director has a relevant interest in Precinct's quoted convertible notes.
2Relevant interest in beneficial ownership of 91,128 stapled securities held by Clifton Creek Limited.
3Legal and beneficial ownership of 50,000 stapled securities.
4Relevant interest in beneficial ownership of 40,000 stapled securities held by Greer Seeto No. 2 Trust.
5Relevant interest in beneficial ownership of 40,261 stapled securities held by Tume Family Trust.
As outlined in Precinct's Board Charter, Directors are encouraged to own financial products in Precinct in their own name (or
through associated interests). In the case of Independent Directors, the Boards of Precinct have resolved that Independent
Directors are expected to generally hold, as a minimum, shares equal in value to 50% of one year’s, before tax, director base
fees, and to accumulate this holding over the first three years in office.
Set out in the table below are disclosures made by Directors in respect of changes in shareholdings in Precinct Stapled
Securities during the period 1 July 2024 to 30 June 2025 for the purposes of section 148(2) of the Companies Act:
Name of directorDate of transactionNature of transaction
Number and
class of shares
(stapled
securities)Nature of interest
Consideration
paid or
received
Nicola Greer24 Sept 2024On-market acquisition5,000Beneficial owner$6,200.00
Nicola Greer25 Feb 2025On-market acquisition5,000Beneficial owner$5,750.00
Nicola Greer25 Feb 2025On-market acquisition5,000Beneficial owner$5,750.00
Nicola Greer20 March 2025On-market acquisition5,000Beneficial owner$5,600.00
Nicola Greer24 March 2025On-market acquisition5,000Beneficial owner$5,583.05
Nicola Greer15 April 2025On-market acquisition3,506Beneficial owner$3,786.48
Nicola Greer16 April 2025On-market acquisition1,494Beneficial owner$1,613.52
Mark Tume13 March 2025On-market acquisition20,000Beneficial owner$23,000.00
Anne Urlwin28 March 2025On-market acquisition10,000Beneficial owner$11,300.00
Precinct Properties Group48

The following director interests were recorded since the last report.

Alison Barrass*
Chair of AA Insurance Limited
Chair Babich Wines Limited
Director of Vero Liability Insurance Limited
Director of Zespri Group Limited
Director and Shareholder of Rockit Global
Director and Shareholder of Quantum Leap Limited
Beneficial interest in Campbell Trust
* Alison Barrass was appointed as Independent Director,
effective 1 October 2024.
Nicola Greer
Acquired 30,000 Precinct Stapled Securities on market.
Ceased to be a director of Awarua Holdings Limited.
Mark Tume
Acquired 20,000 Precinct Stapled Securities on market
Ceased to be a director of Blink Pay Global Group Limited.

Anne Urlwin
Acquired 10,00 Precinct Stapled Securities on market.
Details of Subsidiary Directors Interests
The following interests of subsidiary directors were recorded since the last report.

Scott Pritchard
Appointed as director of Ryman Healthcare Limited.
Acquired beneficial interest in 1,509 ordinary shares as a
participant in Precinct Properties Employee Share Scheme.
Vesting of performance share rights and issue of 188,190
ordinary shares pursuant to a long term incentive plan.
George Crawford
Acquired beneficial interest in 1,509 ordinary shares as a
participant in Precinct Employee Share Scheme.
Vesting of performance share rights and issue of 128,677
ordinary shares pursuant to a long term incentive plan.

Richard Hilder
On market sales of 263,154 ordinary shares.
Acquired beneficial interest in 1,509 ordinary shares as a
participant in Precinct Properties Employee Share Scheme.
Vesting of performance share rights and issue of 82,434
ordinary shares pursuant to a long term incentive plan.
Louise Rooney
Acquired beneficial interest in 1,509 ordinary shares as a
participant in Precinct Properties Employee Share Scheme.
Building on Success49
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
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Report
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Remuneration
Report
Precinct Properties Group50

Chris Meads, Chair of Precinct People and
Performance Committee
Following the retirement of Graeme Wong last year, I am
pleased to present Precinct’s Remuneration Report for the
financial year ended 30 June 2025 in my first year as Chair
on behalf of the People and Performance Committee.
FY25 performance and remuneration outcomes
In FY25 Precinct delivered an operating profit before
indirect expenses of $152.3 million, up 1.2%, AFFO
of 6.54 cps, and dividends of 6.75 cps. The FY25
remuneration outcomes disclosed in this Remuneration
Report reflect Precinct’s performance and alignment with
shareholder returns.
Executive remuneration framework review
The current remuneration framework was put in place
with effect from 1 April 2021 following internalisation
of Precinct’s management (previously provided by AMP
Haumi Management Limited under a management
agreement). The Board considered a review after 3 years
to be appropriate.
During the year, we undertook a review of Precinct’s
remuneration framework to ensure:
•it assists in attracting, motivating and retaining
talented people;
•it is appropriately structured to reward our people for
delivering strong performance;
•it is aligned with both Precinct’s strategy and
delivering long-term value for shareholders; and
•it reflects good market practice.
The outcome of the review has included:
•Changes to the weightings of the remuneration
components for the CEO and some members of the
Senior Management Team
1
;
•A reduction in the number of STI (short term incentive)
performance targets to provide focus and efficiency
in the administration of the STI scheme, their
incorporation into a balanced scorecard of targets,
with the awarding of the maximum STI opportunity
occurring on superior performance against business
plan; and
•The introduction of a portion of the awarded STI
above a threshold being delivered in deferred equity.
These changes are set out in further detail in section 3.4.
These changes will take effect for the STI scheme
commencing 1 July 2025. A revised Executive
Remuneration and Reward Policy was developed with
the assistance of an external remuneration consultant
and approved by the Board in August 2025. The
policy is available at
https://www.precinct.co.nz/
investors/corporate-governance.
The Board will continue with annual monitoring of
remuneration reflecting economic indicators and market
trends, including talent attraction and retention.
Remuneration reporting
We have also considered how we can further improve
Precinct's reporting to demonstrate that remuneration of
the Senior Management Team is transparent, fair and
reasonable, and provides clear alignment to the interests
of Precinct shareholders.
For FY25, we have further improved transparency and
expanded our disclosures, with the following:
•Inclusion of the FY25 STI scorecard metrics
including maximum achievable against actual
remuneration paid;
•More detail on the strategic measures used for the
Long Term Incentive (LTI) scheme;
•Additional detail of CEO remuneration for FY25,
together with a four year summary; and
•Improved Total Shareholder Return (TSR) reporting
against Precinct's peer group and NZX50.
1
For the purpose of this Remuneration Report, Senior
Management Team are those persons having authority and
responsibility for planning, directing and controlling the major
activities of Precinct, directly or indirectly, and includes
executives and other senior management.
Building on Success51
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
Our remuneration governance framework
Precinct's remuneration governance framework is
designed to support the performance of Precinct’s
business and its strategy. It is overseen by Precinct’s
People and Performance Committee which is guided
by Precinct’s Remuneration Policy available in Precinct's
People and Performance Committee Charter. Further
information relating to the People and Performance
Committee is set out in Corporate Governance, Principle 3
- Board Committees and on page 57 of this remuneration
report. Information regarding attendance at People and
Performance Committee meetings for the year to 30 June
2025 can be found on page 31.
External advisors
Remuneration benchmarking of Directors and Executives
is undertaken regularly by external remuneration
consultants. The assessment of Precinct’s performance
targets and vesting of LTI rights is calculated by a
recognised independent party that the Board reasonably
considers has the expertise, experience and access to the
necessary data to carry out the calculation.
Employee engagement
As an employer, we are committed to attracting, retaining
and developing a skilled, diverse and high-performing
workforce for Precinct. This includes ensuring our people
are rewarded for their performance and experience.
Gender pay gap
We reported Precinct's gender pay gap for the first
time last year and this year our reporting is more
comprehensive and includes Precinct Flex and members
of the Precinct residential team who were excluded last
year. This is detailed on page 68. Ensuring Precinct is
paying people equitably and closing our pay gap remains
a key focus of the People and Performance Committee.
Director fees review
Fees were last approved by shareholders in 2023. An
updated director remuneration review was undertaken by
PwC this year and any recommended changes will be
proposed to shareholders for approval at the upcoming
Annual Shareholder Meeting in November 2025.

Chris Meads,
Chair, People and Performance Committee
Precinct Properties Group52

2. Director remuneration
2.1 Fees approved by shareholders
Precinct does not utilise a director fee pool and instead sets fees based on the role of each director. Fees approved by
shareholders in 2023 are shown in the table below.
Current director position and fee rate$ per annum (plus GST, if any)$ hourly rate (plus GST, if any)
Chair182,340
Independent Director98,800
Audit and Risk Committee Chair20,000
People and Performance Committee Chair17,500
Environment, Social & Governance Committee Chair17,500
Audit and Risk Committee Member11,900
People and Performance Committee Member10,000
Environment, Social & Governance Committee Member10,000
Due Diligence Committee Chair (ad hoc hourly rate)380
Due Diligence Committee Member (ad hoc hourly rate)350
Annual Cap for Due Diligence Committee Fees100,000
2.2 Total remuneration paid to each Precinct director for FY25
30 June 2025
Role
(Amounts in $)Board
Audit
and Risk
Committee
ESG
Committee
People and
Performance
Committee
Due
Diligence
CommitteeTotal
Anne Urlwin, Board Chair182,34011,90010,00010,000214,240
Chris Judd, Independent Director98,80010,00010,000-118,800
Nicola Greer, ESG Committee Chair98,80011,90017,500-128,200
Mark Tume, Audit and Risk Committee Chair98,80020,000---118,800
Chris Meads, Independent Director
1
98,80011,900-14,688-125,388
Alison Barrass, Independent Director
2
74,1007,5007,50089,100
Graeme Wong, People and Performance Committee Chair
3
37,0503,7506,56347,363
688,69055,70048,75048,7500841,890
1Chris Meads commenced as People and Performance Committee Chair on 15 November 2024.
2Alison Barrass was appointed as a Director by the Board with effect from 2 September 2024. She was consequently elected as a Director at the
Annual Meeting of Shareholders on 15 November 2024.
3Graeme Wong retired from the Board on 15 November 2024.
No other remuneration or benefit was provided by the Group during the period to any director or former director of any
Group member. Precinct does not offer share incentives or share options to directors. Directors are not entitled to any
retirement benefits.
2.3
Insurance and indemnity
As permitted by the constitution and the Companies Act 1993, Precinct has indemnified its directors and officers, and the
directors of its subsidiaries against potential liabilities and costs they may incur for acts or omissions in their capacity as
directors. During the financial year, Precinct paid insurance premiums in respect of directors’ and officers’ liability insurance
which covers risks normally covered by such policies arising out of acts or omissions of directors and officers in their capacity
as such. Insurance is not provided for criminal liability or liability or costs in respect of which an indemnity is prohibited
by law.
Building on Success
53
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
3. Employee remuneration framework
The People and Performance Committee is committed to providing shareholders with clear and transparent information
regarding the link between Precinct's performance and remuneration outcomes. The performance and remuneration
framework supports the company’s strategy.
3.1 Remuneration framework components
Precinct’s StrategyStrategic Pillars
Leverage the integration of our strategic pillars to
create vibrant, mixed-use precincts that provide quality
experiences for the people who live, visit or come to
work in our spaces, while delivering long-term value to
shareholders.
Underpinned by Remuneration Framework objectives
With remuneration delivered to Precinct’s CEO, Executive Team and selected other senior managers through:
Governed by
People and Performance Committee and the Board determining the FAR, STI and LTI remuneration of the CEO and the Executive Team and the LTI
remuneration of selected other senior managers, with the Board retaining discretion when determining performance and remuneration outcomes.
Fixed annual remuneration (FAR)
FAR means base salary, superannuation contributions
at 3%, car parking, insurance benefits and annual
leave payments that exceed base salary (calculated
in accordance with the Holidays Act 2003)
Set at a range around the median of
market benchmarks taking into account
skills and experience
Cash (base salary) and matched
Kiwisaver contributions at statutory rate
Short Term Incentive (STI)
Performance-based remuneration focused on
achieving ambitious business objectives set out
in Precinct’s annual business plan
Maximum opportunity based on percentage of
fixed annual remuneration (ranging from 5% to
133% of base in FY25)
Gates for STI award from FY26 onwards are
FFO, health and safety performance and
ethical conduct
Long Term Incentive (LTI)
Performance based remuneration (PSRs)
Target opportunity based on percentage
of fixed annual remuneration
(ranging from 9.5% to 39.9% of FAR in FY25)
No dividend equivalent rights attached to LTI
share rights granted
Historically service based remuneration (RSRs)
have been issued
Performance Share
Rights (PSRs)
PSRs granted
at start of the
year with vesting
subject to testing of
performance hurdles
at end of 3 years
Delivered in equity to
align LTI participants
with shareholders
Performance-based
remuneration
aligned with
shareholder returns
Cash
Awarded 100%
in cash at end
of year based
on company
and individual
performance
Restricted Share
Rights (RSRs)
Historic RSRs
granted with vesting
subject to service
conditions at end of
3 or 4 years
Delivered in equity to
align LTI participants
with shareholders
These are historic
and no longer form
part of annual
awards
Deferred Equity
No portion of the
FY25 STI awarded
was deferred into
equity.
From FY26
onwards, a portion
of STI above a
threshold will
be deferred into
equity (share
rights) deliverable
in the future.
Performance-linked variable remuneration
Is market
competitive
to attract,
motivate and
retain talented
people
Supports
delivery of
Precinct’s
business
strategy
Contributes
to Precinct’s
culture
and drive
appropriate
behaviours
Rewards
Precinct people
for strong
business
performance
and long-term
shareholder
value
Aligns with
creating
sustainable
value for
shareholders
Is transparent,
fair and easy to
understand
Core
Investments
Capital
Partnering
Development
Precinct Properties Group54

Precinct also operates an Employee Share Scheme (ESS) that enables employees to acquire shares in Precinct at no cost
(under the current NZ tax legislation). The main objective of the ESS is to recognise the important contribution Precinct
employees make to the overall success of our business. It was established in 2022 and continues to be well received by
Precinct employees. At 30 June 2025 there were 64 participants in the ESS. The Boards of Precinct consider the ESS aligns
the interests of the employees with those of Precinct and its shareholders and aims to assist Precinct in retaining and
motivating employees.
3.2 Short Term Incentive (STI) and Long Term Incentive (LTI) schemes
Precinct’s performance-linked (at risk) STI and LTI schemes award performance-based variable remuneration only on the
achievement of specific performance targets for the STI and LTI PSR (performance share rights) scheme. The historic LTI RSR
(restricted share rights) scheme awards based on service. All incentive scheme awards are subject to Board discretion.
FY25 STI
Budgeted AFFO (Adjusted Funds from Operations) was a gate for the FY25 STI, and the STI performance targets were
derived from Precinct’s annual FY25 business plan with the financial, operational and strategic targets aligned to Precinct’s
strategy, weighted as set out below. The updated STI framework and performance targets for FY26 are set out in section 3.4.
STI Eligibility
STI Performance Targets for FY25
AFFO threshold
STI determinedWeightingPerformance Targets
AFFO minimium threshold
not met
0% of STI available30%
Earnings (AFFO)
and dividends
•AFFO
•Dividends
AFFO minimium
threshold met
50% of STI available25%Capital partnering
•New equity
capital
partnerships
•Investor returns
AFFO budgeted
target met
1
75% of STI available15%Investment portfolio
•Occupancy
•Weighted
average lease
term
•Leasing
AFFO performance
maximum met
100% of
STI available
15%Development
•Project
performance
15%
Capital
Management
•Comply with
financial risk
management
policy
100%
1Where AFFO exceeds budget but is below the maximum, the STI available is scaled proportionately.
STI potential:
•CEO: STI set with a maximum potential of 133% of base salary.
•Other STI participants: STI set with a maximum potential ranging from 5% to 100% of base salary.
The FY25 STI scorecard detailing the STI outcomes is in section 4.2.
Building on Success
55
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
FY25 LTI
The LTI PSR performance targets are aligned with Precinct’s strategy and the delivery of sustainable long-term value for
shareholders. The LTI PSR plan is designed to align the reward for LTI participants with the enhancement of shareholder
value over a multi-year period with the aim of driving longer-term performance and ensuring the alignment of incentives of
key management personnel with the interests of Precinct’s shareholders. The LTI PSR plan also promotes the retention of key
employees and facilitates and encourages employee share ownership. The LTI targets for FY26 are set out in section 3.4.
WeightingLTI Performance targets for FY25
33.3%Absolute TSR
Based on performance against an annualised and
compounded cost of equity over the vesting period, as
calculated by independent advisors. The cost of equity is
recalculated on an annual basis.
33.3%Relative TSR
Based on performance against specific NZX peer group
1
over
the vesting period. Precinct’s TSR is compared with the
50
th
and 75
th
percentile TSRs from the peer group and a
progressive scale is adopted -
•Below the 50
th
percentile : 0% vests
•Equal to 50
th
percentile : 50% vests
•Equal or greater than 75
th
percentile: 100% vests
33.3%FFO growth
Based on FFO (free cash flow) from operations against CPI
(Consumer Price Index – All Groups) growth over the vesting
period. Precinct’s FFO growth is compared with the 75
th
and
125
th
of CPI growth over the vesting period and a progressive
scale is adopted –
•Below 75% of CPI growth : 0% vests
•Equal to 75% of CPI growth : 50% vests
•Equal or greater than 125% of CPI growth : 100% vests
100%
1The peer group consists of Goodman Property Trust, Argosy Property Limited, Property for Industry Limited, Kiwi Property Group Limited, CDL
Investments NZ Ltd, Vital Healthcare Property Trust, Stride Stapled Group, Asset Plus Limited, Investore Property Limited.
LTI PSRs potential:
•CEO: LTI PSRs set at 70% of base salary
•Other LTI participants: LTI PSRs set within range of 10% to 40.0%
There are no dividend equivalent rights attached to the PSR grants.
LTI PSRs lapse if the LTI participant ceases to be employed by Precinct prior to vesting, subject to the Board’s discretion.
The FY25 LTI scorecard detailing the LTI PSRs outcomes is in section 4.3.
The current LTI RSR plan is made up of two tranches with different vesting periods (30 June 2026 and 31 March 2027):
•Retention RSRs granted in April 2023 to secure senior leadership during a challenging period for the sector during
Covid-19, with a 4 year service condition (no further one-off retention RSRs have been granted by the Board since this
initial grant), and
•Other RSRs granted as at 1 July 2023 to selected senior managers (these RSRs have a 3 year service condition).
LTI RSRs lapse if the participant ceases to be employed by Precinct prior to vesting, subject to the Board’s discretion.
Precinct Properties Group
56

3.3 Remuneration framework governance
Precinct’s remuneration framework is governed as follows:
Board
• Approves Precinct’s Remuneration Framework and associated policies
• Applies its discretion when determining performance and remuneration outcomes, including the awarding of STI
and LTI variable remuneration outcomes
• Approves the annual company-wide remuneration review budget as part of business planning
People and Performance Committee
Supports the Board in the governance of Precinct’s remuneration by:
• Receiving independent market directors fees data, benchmarked against an appropriate
comparator group, and the independent advisor’s recommendation on directors fees for
submitting to shareholders
• Receiving independent market remuneration data to assess actual and forecast market
movements in remuneration for benchmarked positions (CEO and Executive team), against
a Board-approved peer group for property-related roles and a broader comparator group
for other roles
• Review advice on executive remuneration current and evolving market practice which,
along with feedback from investors, is taken into account in the Committee’s review of the
remuneration framework
• Recommending for Board approval the proposed remuneration for the CEO (components
and quantum)
• Reviewing and approving the outcome of the CEO’s review of the Executive Team’s
performance and recommending for Board approval the Executive Team’s proposed
remuneration (components and quantum)
• Recommending for Board approval the assessment of achievement of STI performance
targets and the awarding of STI to the CEO and Executive team for the current year, and
recommending for Board approval the STI performance targets for the coming year
• Reviewing and recommending for Board approval the outcome of testing of the LTI PSR
vesting conditions at the end of each LTI vesting period and the issuing of vested shares to
LTI PSR scheme participants, and recommending for Board approval the LTI PSRs to be
granted at the beginning of each year, along with their performance hurdles, for each LTI
PSR scheme participant
• Reviewing and recommending for Board approval the granting of LTI RSRs and their
associated service conditions, and the issuing of vested shares to the LTI RSR recipients
Management
Supports the People and Performance
Committee and Board by:
• Providing relevant analysis and other
information required to support the
Committee’s decision-making
Audit and Risk Committee
Supports the People and Performance
Committee and Board by:
• Reviewing financial outcomes which
form the basis for determining awards
under Precinct’s STI and LTI PSR schemes
• Reviewing risks and compliance matters
affecting Precinct’s remuneration
framework
External advisors
Supports the People and Performance
Committee and the Board by:
• Providing independent benchmarked
market director fee data and
recommendations on directors fees
• Providing independent market
remuneration data
• Providing advice on executive
remuneration current and evolving
market practice
Building on Success57
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
3.4 Remuneration framework review
The Board determined in late 2024 to undertake a review of Precinct's executive remuneration structure. The aim for this
review was to bring Precinct’s Executive framework into line with contemporary market practice, to improve the efficiency
of determining remuneration outcomes and to enhance alignment between company performance and remuneration. The
review was considered timely given the existing executive remuneration framework had been in place since internalisation
was completed in March 2021.
At the same time as the review was undertaken, Precinct formulated and adopted an Executive Remuneration and Reward
policy (available at https://www.precinct.co.nz/investors/corporate-governance) with the following guiding principles:

•We are a performance-driven organisation. Our executive team strives to deliver superior business outcomes, and we are
committed to rewarding achievement of superior performance through remuneration.
•We align executive performance expectations to our business strategy and key result areas, to ultimately drive
shareholder returns.
•Our remuneration practices are designed to attract, retain and motivate high-calibre executives to drive both strong
short term performance outcomes and sustainable long term shareholder value for Precinct shareholders.
•We consider comparable companies and markets when sourcing benchmark data to underpin remuneration decision-
making.
•We disclose the principles of our remuneration management to executives and key stakeholders.
In summary, the main changes in the revised Precinct Executive Remuneration structure adopted with effect from 1 July
2025 are:
•Changes to the weightings of the remuneration components for the CEO and some members of the Senior
Management Team.
•Fixed Annual Remuneration (FAR) for each role has been rebased to a target range of +/- 15% around the median for the
benchmarking group. An individual’s current position in the range would reflect, among other factors, their experience as
well as their unique skills and attributes. Over time, the target range for FAR in each role will move in line with the median
for the benchmarking group, while an individual’s position in the range should - subject to performance - gradually move
higher as they develop greater experience in that position.
•The Short Term Incentive (STI) for each role is expressed as a fixed % of FAR with performance assumed to be at target.
While the STI target as a % of FAR is set in relation to market benchmarks for each role, this percentage is expected
to remain unchanged from year to year unless there is a material and permanent change within the comparative
benchmarking group.
•A balanced scorecard for determining STI performance has been developed, with 75% of the scorecard outcome
determined by quantifiable financial performance, and 25% for non-financial measures, also with an emphasis on
quantifiable outcomes. Within the scorecard, each key performance indicator (KPI) is assessed individually, so there is
opportunity for outperformance as well as jeopardy in the case of underperformance for each KPI. We have moved
away from having a total bonus pool determined by a single financial performance metric (historically this was AFFO),
partly to reflect contemporary market norms, as well as recognising the greater complexity of Precinct’s business model
now, with its multiple opportunities for value creation, compared to when our initial remuneration structure was put in
place following internalisation in 2021. The balanced scorecard should remain largely unchanged from year to year,
though there might be gradual change over time as Precinct’s business model evolves. Precinct's most senior executives'
performance will be assessed for STI primarily based on the Company-wide scorecard. Other executives may have a
blend of scorecard and personal objectives applicable for their role and experience.
•A gate for STI still applies with both financial and behavioural outcomes specified before any STI will be paid. The
Board maintains its overriding discretion to modify scorecard outcomes if, in the directors' collective judgment, scorecard
outcomes do not adequately reflect underlying business performance.
•A portion of the awarded STI above a threshold will be delivered in deferred equity, rather than cash payments.
•The Long Term Incentive (LTI) for each role is expressed as a fixed % of FAR, similar to STI. The number of performance
hurdles applicable for the LTI scheme has been revised from three to two, by dropping the absolute Total Shareholder
Return (TSR) performance hurdle and rebalancing the split between Relative TSR and Growth in FFO to 50:50 weighting.
This change reflects the Board’s understanding that of the three performance measures previously adopted, Precinct’s
executive team had almost no agency over absolute TSR, given it is determined primarily by underlying movements in
global capital markets. The fundamental purpose of Precinct’s LTI scheme is to incentivise long term shareholder value
Precinct Properties Group
58

creation and, in the Board’s opinion, this is best achieved by management focusing on long term growth in profitability
and Precinct’s competitive positioning and performance relative to its peer group.
•The final change for the LTI scheme was to revise the methodology for determining the number of Performance Share
Rights (PSRs) to be issued in each annual grant. Historically, an option valuation approach was used to determine the
number of PSRs to be issued each year. Going forward a volume weighted average price (VWAP) method will be used.
This change is likely to lead to a more consistent pattern of PSR issuance from year to year as it does not rely on
forward-looking assumptions for interest rates, share price volatility and inflation to be made in order to determine the
number of units that should be issued. A VWAP method is easy to understand and interpret for both shareholders and
management. Importantly, the option pricing approach will still be used to value the financial impact of each LTI grant in
Precinct’s financial accounts, but it will no longer determine the number of PSRs to be issued.
Following this review, Precinct's FY26 STI and LTI performance targets are as follows:
FY26 STI
The operation of the STI scheme and determination of STI amounts is entirely at the Boards' discretion. However, for any STI
to be available Precinct needs to meet certain hurdles as follows:
Financial:
•90% of FFO budget.
Non-financial:
•Health & Safety – where Precinct has caused material harm through non-performance of its duties or a lack of process/
monitoring has not mitigated potential risk.
•Ethical conduct in accordance with policies.
Where FFO exceeds the hurdle (90% of budget) but is below the threshold, there will only be an assessment of STI for those
items which do not include FFO (i.e. the remaining 60% of assessment). Notwithstanding, the Board retains discretion and
could determine to assess STI in some scorecard area.
STI Performance Targets for FY26
WeightingPerformance Targets
Financial Measures (75%)
40%FFO Budget
•Precinct FFO performance relative
to budget.
20%Development•Project performance.
15%Funds under Management
•New equity capital partnerships.
•Growth in existing partnerships.
Non-financial Measures (25%)
5%Client Engagement
5%Talent & Succession
5%Staff Engagement
5%ESG
5%Health & Safety
100%
Building on Success59
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
FY26 LTI
WeightingLTI Performance targets for FY26
50%Relative TSR
Based on performance against specific NZX peer group
1
over
the vesting period. Precinct’s TSR is compared with the
50
th
and 75
th
percentile TSRs from the peer group and a
progressive scale is adopted -
•Below the 50
th
percentile : 0% vests
•Equal to 50
th
percentile : 50% vests
•Equal or greater than 75
th
percentile: 100% vests
50%FFO growth
Based on FFO (free cash flow) from operations against CPI
(Consumer Price Index – All Groups) growth over the vesting
period. Precinct’s FFO growth is compared with the 75
th
and
125
th
of CPI growth over the vesting period and a progressive
scale is adopted –
•Below 75% of CPI growth : 0% vests
•Equal to 75% of CPI growth : 50% vests
•Equal or greater than 125% of CPI growth : 100% vests
100%
1The peer group consists of Goodman Property Trust, Argosy Property Limited, Property for Industry Limited, Kiwi Property Group Limited, CDL
Investments NZ Ltd, Vital Healthcare Property Trust, Stride Stapled Group, Asset Plus Limited, Investore Property Limited.
Precinct Properties Group60

4. Business performance and remuneration incentive scheme outcomes
4.1 Historical business performance
Precinct’s historical performance related to the incentive plan outcomes for the years following internalisation of
Precinct’s management:
FY25FY24FY23FY22
Financial performance metrics
Total comprehensive income after tax attributable to equity
holders ($million)
3.1(30.1)(147.5)108.8
Funds from operations (FFO) ($million)
1
112.7114.5114.0107.5
Funds from operations (FFO) (cents per share)7.107.227.196.89
Growth in FFO (%)-1.6%0.4%4.3%0.0%
Adjusted funds from operations (AFFO) ($million)
1
103.8106.2106.2106.1
Adjusted funds from operations (AFFO) (cents per share)6.546.696.696.51
Growth in AFFO (%)-2.3%0.1%2.8%442.5%
Gross Distribution (cents per share)6.886.856.706.70
Growth in gross distributions (%)0.4%2.2%0.0%3.1%
Net distribution (cents per share)
2
6.756.756.706.70
Growth in net distribution (%)0.0%0.7%0.0%3.1%
Financial position metrics
Total equity ($million)1,944.32,047.32,183.12,435.5
Shares on issue (million shares)1,587.01,586.41,585.91,585.4
Net tangible assets (NTA) (cents per shrare)1.211.291.381.54
Equity return metrics
Closing share price at balance date ($)1.201.121.291.37
Total shareholder return (TSR)13.9%-8.5%-0.7%-10.6%
CEO incentive outcome (STI earned as % of maximum)87%74%100%74%
CEO incentive outcome (LTI PSRs and RSRs vested as % of maximum)
3
26%26%100%100%
1FFO and AFFO are alternative (non-IFRS) performance measures which adjust net profit after tax for a number of non-cash and other items
2Dividend paid and proposed relating to the financial year
3FY24 was the first year LTI PSRs were tested for vesting under the LTI plan introduced in April 2021
Building on Success61
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
4.2 FY25 STI outcome
Summary of Precinct’s performance against the performance targets set out in the STI scorecard for FY25.
Performance area
WeightingPerformance
FY25
outcome
Assessment
Earnings and dividends30%
•Adjusted funds from operations
(AFFO) of 6.55 cps was above
the target
•Dividend guidance of 6.75 cps
was achieved
26%
ThresholdOn targetMax
Capital partnering25%
•Capital partnerships targets
to grow Precinct’s AUM
(Assets Under Management)
not achieved
•Investor (capital partners) return
targets assessed as achieved
17%
ThresholdOn targetMax
Investment Portfolio15%
•Occupancy of 97% compared to
target of 98%
•WALT (Weighted Average Lease
Term) target of 5.5 years
was achieved
•Leasing transactions target
was achieved
•Growth in market rents for leasing
transactions target was achieved
11.7%
ThresholdOn targetMax
Developments15%
•Existing projects were not all
delivered on time and budget
•New projects key milestones were
assessed as achieved
7.5%
ThresholdOn targetMax
Capital Management15%
•Execution of capital
management initiatives to
support Precinct’s strategic
growth initiatives and optimise
its balance sheet were assessed
as achieved
13.1%
ThresholdOn targetMax
Overall STI
scorecard achievement
100%75.3%
•Threshold is the outcome required for that component of STI to be paid at the Threshold level, with Threshold set at 50%
of the available STI.
•On target is the outcome required for that component of STI to be paid at target levels. On Target is 100% of available
STI, with available STI calculated on the basis of the earnings (AFFO) outcome.
•Maximum is the outcome required for that component of STI to be paid at the Maximum level, with Maximum set at 133%
of the available STI (representing that on-target is 75% of maximum).
Precinct Properties Group
62

For FY25, Precinct's business performance metrics and outcomes for FY25 resulted in an assessed actual weighted result of
75.3% against the performance targets as detailed in the table above. This actual weighted result of 75.3% is divided by the
maximum available short term incentive ie. 75% (75.3/75 = 100.4%). This results in a performance scaler of 100.4% which is
then multiplied against the FY25 available short term incentive pool.
For the CEO this results in:
FY25 base
rem
STI
target %
of base
rem
FY25 on
target STIMax @ 133%
Max base rem
and STI
Available
STI
Performance
scaler
STI
calculationKiwisaver
Total base and
STI including
kiwisaver
$823,485100%$823,485$1,097,980$1,921,465$949,753100.4%$953,552$28,607$1,830,349
4.3 FY25 LTI outcome
For the three-year period ended FY25, LTI (PSR) scheme participants were eligible for an award of LTI based on the
achievement of performance targets set as a percentage of fixed annual remuneration as at 1 July 2022 (the start of the
three-year performance period). The vesting of shares was subject to the LTI performance targets:
Performance targetWeightingPerformanceWeighted outcome
Absolute TSR33%
Absolute TSR over the 3-year period to 30 June
2025 was not greater than Precinct’s annualised
compounded cost of equity.
0%
Relative TSR33%
Relative TSR was between the 50
th
and 75
th
percentile of the peer group.
76%
Funds from operations
(FFO) Growth
33%
FFO growth over the 3-year period to 30 June
2025 was not equal to or greater than 75% of
the CPI growth.
0%
100%26%
Total Shareholder Return (TSR): TSR measures the total return received by shareholders from the
increase in the market price of a share of Precinct. The TSR will be calculated using the volume
weighted average sale price of a Precinct share on the NZX over the 20 trading days prior to the
vesting date.
Funds From Operation (FFO): FFO is used to define the cash flow from operations and is a measure
of operating performance over the performance period.
Relative TSR based on performance against specific NZX peer group (Goodman Property Trust,
Argosy Property Limited, Stride Property Limited, Kiwi Property Group Limited, Asset Plus Limited,
Property for Industry Limited, Investore Property Limited, Vital Healthcare Property Trust and CDL
Investments New Zealand Limited).
For the CEO this results in the vesting of 269,780 PSRs awarded as at 1 July 2022 into 269,780 stapled securities with a market
value at 30 June 2025 of $323,736, with the remaining 777,834 PSRs lapsing.
Building on Success
63
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
5. CEO Remuneration
Scott Pritchard was appointed Chief Executive Officer in September 2010, initially as an employee of the manager (AMP
Haumi Management Limited) and then by Precinct upon termination of the management agreement in March 2021. He is a
permanent employee with a notice period of 3 months, for either the CEO or Precinct. There is no contractual termination
payment and any such payment would be negotiated between the CEO and the Boards of Precinct.
5.1 CEO FY25 remuneration
The CEO’s remuneration earned for FY25 consisted of:
•35% fixed pay (benchmarked annually);
•65% performance based remuneration: 35% STI payable in cash and 30% LTI in the form of performance share rights to
be vested into Precinct shares; and
•Participation in the Precinct Employee Share Scheme.
FY25FY24FY23FY22
Fixed
remuneration
earned
Base salary823,485799,500780,000780,000
Superannuation on base salary
1
24,70523,98523,40023,400
Other benefits
2
133,938158,642111,50914,942
Total fixed remuneration982,127982,127914,909818,342
STI (short term
incentive)
earned
STI earned
3
953,552788,5991,040,000576,875
Superannuation on STI28,60723,65831,20017,306
Total STI plan value earned982,159812,2571,071,200594,181
Amount earned as % of maximum STI award87%74%100%74%
LTI (long term
incentive) RSRs
and PSRs
earned
Number of shares vested269,780188,190190,476190,476
% of maximum vested for the performance period26%26%100%100%
Market price of vested shares at 30 June1.201.121.291.37
LTI plan value earned
4
323,736209,832
5
245,714260,952
TotalTotal remuneration earned2,288,0222,004,2162,231,8231,673,475
1Superannuation is contributed by Precinct at 3% of base salary.
2Other benefits include car parking, insurance and annual leave payments that exceed base salary (calculated in accordance with the Holidays
Act 2003).
3STI earned is the payment receivable based on performance achieved STI earned is the payment receivable based on performance achieved
for the applicable FY to 30 June, but paid in the following FY.
4LTI plan value earned is based on vesting entitlement assessed at 30 June for the applicable FY, with shares being transferred to the CEO in the
following FY
5FY24 was the first year PSR shares vested (tested at 30 June 2024 for vesting) under the Precinct LTI Scheme implemented as at 1 April
2021 following management internalisation with its three-year vesting period. Due to the three-year “vesting gap” upon the new scheme’s
implementation, a transitional arrangement provided an LTI reward in the form of RSRs that vested in each of FY22 and FY23.
Precinct Properties Group64

5.2 CEO remuneration link to Precinct performance
TSR and CEO Total Remuneration
1
Total

Remuneration

($m)
TSR

(%)
CEO Total Remuneration
Precinct (PCT)NZX Property Gross IndexNZX50 Gross Index
2022202320242025
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
-15
-10
-5
0
5
10
15
20
1TSR is based on close price for the financial year end (ie. 30 June) and NZX Property is the S&P/NZX All Real Estate Gross Index. Source IRESS.
5.3 CEO remuneration for FY26
For FY26 the Board has awarded a 28% increase in the CEO’s base salary with effect from 1 July 2025 and the proportionate
mix of the CEO’s remuneration has changed to:
FY25

Fixed Pay
35
%
STI
35
%
LT I
30
%
Cash
Absolute TSR Target
Relative TSR Target
FFO Growth Target
(Performance Based)(Performance Based)
FY26

Fixed Pay
33
%
STI
29
%
LT I
38
%
Relative TSR Target
FFO Growth Target
(Performance Based)(Performance Based)
Threshold
As noted in the Committee Chair’s covering letter, a revised Executive Remuneration Framework has been implemented with
effect from 1 July 2025.
Building on Success
65
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
5.4 CEO share rights at 30 June 2025
PSRs (Performance Share Rights) and RSRs (Restricted Share Rights) held by the CEO as at 30 June 2025, following the
vesting of the 2022 PSR award were as follows:
Granted during yearVested and exercised
Grant date and VWAP
at grant
Measurement
date
Balance as
at 30 June
2024NumberValue $NumberValue $Lapsed
Balance as
at 30 June
2025
Incentive Plan:
Performance
share rights
1-4-202130-6-2024---188,190209,832542,082-
Share price at
grant $1.63
$1.115 per
share
1-7-202230-6-20251,047,614--269,780323,736777,834-
Share price at
grant $1.33
$1.20 per
share
1-7-202330-6-20261,305,1751,305,175545,000---1,305,175
Share price at
grant $1.29
1-7-202430-6-2027-1,061,107567,682---1,061,107
Share price at
grant $1.14
Incentive Plan:
Restricted share right
14-4-202331-3-2027474,103--474,103
Share price at
grant $1.28
2,826,8922,366,2821,112,682457,970533,5681,319,9162,840,385
Precinct Properties Group66

6. Remuneration bands
The following table notes the number of Precinct employees or former employees, not being Precinct directors, who during
the year ended 30 June 2025, received remuneration and any other benefits in their capacity as employees, the value of
which exceeded $100,000 per annum, in brackets of $10,000. The remuneration figures include all monetary payments
actually paid during FY25 including base salary and holiday pay, accrued STI entitlements in respect of FY25, employer
contributions to superannuation, the value of LTI shares issued on vesting and other benefits received by employees, and
redundancy and other payments made on termination of employment. The method of calculating remuneration is consistent
with the previous year.
Remuneration range# of employees
$2,150,000 - $2,159,9991
$1,410,000 - $1,419,9991
$820,000 - $829,9991
$510,000 - $519,9991
$500,000 - $509,9991
$380,000 - $389,9991
$370,000 - $379,9991
$360,000 - $369,9992
$320,000 - $329,9991
$310,000 - $319,9991
$300,000 - $309,9991
$290,000 - $299,9991
$280,000 - $289,9994
$270,000 - $279,9991
$260,000 - $269,9994
$230,000 - $239,9991
$190,000 - $199,9991
$170,000 - $179,9995
$160,000 - $169,9995
$150,000 - $159,9993
$140,000 - $149,9993
$130,000 - $139,9993
$120,000 - $129,9994
$110,000 - $119,9998
$100,000 - $109,9992
Total57
Building on Success67
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
7. ESG remuneration disclosures
7.1 CEO/employee pay gap
The employee pay gap represents the number of times greater the CEO’s remuneration is than the remuneration of the
median of all Precinct employees (determined as all permanent full time employees, all permanent part-time employees and
fixed term employees below the CEO, with part-time employee remuneration adjusted to a full-time equivalent amount).
CEO/employee pay gapCEO’s base salaryCEO’s total remuneration earned
As at 30 June 20258.2 times17.0 times
As at 30 June 20249.4 times18.9 times
Precinct employee salary and total remuneration medians exclude casual employees as well as Precinct Flex,
Intercontinental Hotel and Commercial Bay Hospitality employees.
7.2
Gender pay gap
The gender pay gap shows the difference between full-time, full-year equivalent median and average base salaries and
total remuneration of Precinct employees by gender, regardless of the nature or seniority of work.
Base salary refers to the fixed, guaranteed remuneration paid to an employee, excluding any overtime, allowances, bonuses
or incentive payments, or other benefits. Total remuneration is the aggregate of the base salary plus the median value of all
overtime, allowances, bonuses and incentive payments, company Kiwsiaver / superannuation contributions and any other
benefits, thereby providing a more comprehensive view of an employee’s total remuneration.
Precinct's gender median pay gap analysis as at 30 June 2025 is 38.7% excluding the two most senior roles in the business
(CEO and Deputy CEO) which are both currently held by men. This is an increase from last year's median pay gap of 21%,
but includes Precinct Flex and Precinct Properties Residential employees for the first time this year, meaning it is a more
comprehensive analysis.
The analysis showed that two of the drivers of the current pay gap were similar to other organisations in the New Zealand
market, namely:
•A higher incidence of men of senior executive level; and
•Similarly, a higher proportion of men holding specialist and/or industry specific roles, which attract a market premium.
Gender pay gap (excluding CEO &
Deputy CEO)
Average base
salary
Median base
salary
Average
total remuneration
Median
total remuneration
As at 30 June 202535.8%38.7%40.6%40.6%
As at 30 June 202427.0%21.0%20.0%20.0%
Precinct employee salary and total remuneration medians exclude casual employees as well as Intercontinental Hotel and
Commercial Bay Hospitality employees.
Precinct Properties Group
68

8. Precinct Share Ownership
In line with the remuneration principle of providing strong shareholder alignment, minimum shareholder requirements (MSR)
apply to directors, the CEO and other key executives as follows:
RoleMinimum shareholding requirementTime to meet requirement
1
Director50% of base fees3 years
CEO and Deputy CEO80% of base salaryNot applicable
2
Other key executives40 - 50% of base salaryNot applicable
2
1The Board retains discretion with regard to directors and executives who do not meet the MSR requirements.
2For certain executives (including the CEO) the Shareholding Policy introduced in April 2023 operates by restricting executives from selling those
shares acquired under the LTI schemes (PSRs and RSRs) from April 2023 onwards unless they maintain the above minimum shareholdings.
Once the minimum shareholding is achieved, those subject to the MSR are expected to retain those levels. Shares vested
under the LTI scheme (PSRs and RSRs) count towards the MSR. PSRs and RSRs granted, but not yet vested, do not count
towards the MSR.
The shareholding by Directors at balance date is detailed on page 48.
As at 30 June 2025 the CEO holds 1,247,977 stapled securities (this excludes the stapled securities under the LTI scheme
where the vesting conditions were tested at
30 June 2025 (and are therefore included in the CEO’s total remuneration earned
for FY25 as set out in section 5.1) but which vested and were transferred to the CEO post 30 June 2025.
Building on Success
69
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability
Report
Precinct Properties Group70

We continue to deliver
industry-leading ESG
outcomes, including an
improved GRESB score.
Precinct has achieved its
first 5-star rating, the highest
available, and now ranks in
the top 20% of more than
2,000 participating funds
and entities globally.
Nicola Greer, Chair of Precinct ESG Committee
On behalf of the ESG Committee, I am pleased to present
Precinct’s Sustainability Report for the financial year
ended 30 June 2025.
The following section provides an overview of Precinct's
sustainability efforts over the last year. It has been
prepared in accordance with the GRI Standards for
sustainability reporting. As a business, we continue to
manage our material impacts across Environmental,
Social, and Governance (ESG) aspects of our operations.
We are proud of the sustainabilty initiatives being
undertaken across Precinct and we continue to prioritise
the future performance of our portfolio and the material
impacts on people and planet.
During the year, Precinct published its first
climate statement in alignment with the
External Reporting Board’s (XRB) Aotearoa New
Zealand Climate Standards.
This statement, along with our second
climate statement to be released in
October 2025, is available online at
Precinct’s website: www.precinct.co.nz and
on the public registry alongside our
peers: https://www.companiesoffice.govt.nz/all-
registers/climate-related-disclosures/.
Key achievements in FY25 include:
•GRESB Excellence: Achieved an improved Global Real
Estate Sustainability Benchmark (GRESB) score of
89/100 in 2024, outperforming the global average
of 76.
•Global Recognition: Received the ‘Rising Star’ award
from the International WELL Building Institute,
recognising our leadership in health and wellbeing.
•Renewable Energy Leadership: Installed our largest
solar array to date at the newly opened BECA House
in Wynyard Quarter.
•Climate Related Disclosure: Published Precinct’s
first climate statement aligned with the External
Reporting Board’s (XRB) Aotearoa New Zealand
Climate Standards.
•Water Efficiency Milestone: Delivered the first
NABERSNZ Water ratings in Aotearoa New Zealand
across four commercial office buildings.
•Tenancy Performance: Achieved a 4-star NABERSNZ
tenancy rating for Precinct’s corporate office
in Auckland.
•Energy Benchmarking: Continued to certify building
energy performance through NABERSNZ, using this
benchmark to guide capital planning in support of our
Net Zero 2030 commitments.
•Green Star Certification: Enrolled and certified
all eligible assets in our portfolio under Green
Star Performance.
•Carbon Accountability: Verified and disclosed carbon
emissions across our investment portfolio and
operations through Toitū net carbonzero certification.
Nicola Greer,
Chair, ESG Committee
Building on Success71
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Sustainability Highlights
89/100
GRESB score
(2023: 86/100)
4
Commercial
Office Buildings
with a NZ's first NABERSNZ Water
ratings (4.5-5 star)
309 total kW
of rooftop solar across
Wynyard Quarter
"Our partnership with
Precinct on the development
of our new headquarters has
brought our shared vision
for sustainability, resilience,
and workplace productivity
to life.
The result is a home that
reflects our purpose and
supports our people now and
for the future.
We're proud of what we've
achieved together".
Amelia Linzey, CEO, BECA
Beca House,
Te Paeroa o
te kawau, is a
6 star ‘World
Leadership’
Green
Star building.
Precinct Properties Group
72

Performance - Ratings and Benchmarks
Precinct benchmarks business activities against best practice standards to ensure we are on track to achieve and
maintain our targets. Each framework has been built for a particular purpose, relevant for activities undertaken across
our operations. Key targets are highlighted below with further information available on our website (updated periodically
throughout the year).
49
%
60
%
60
%
Certified
Leader
36/10089/100
Minimum >60% by value with a
minimum 5 star target or achieved
rating by 2030
Minimum >60% by value with a
minimum 6 star target or achieved
rating by 2030
Minimum 100% by value with a
minimum 4 star target or achieved
rating by 2030
Full value chain Scope 1, 2 & 3
emissions disclosed and offset
at the Group level
Top in the property sector 3 years
running in the C&ESG rating in 2025
Minimum 40 points targeted in
2025Minimum top quartile targeted with
top quintile achieved in FY25
AA level target maintained in FY25
Precinct has improved on our GRESB score year-on-year and remains above the global average
GRESB

Score
Precinct GRESB score
GRESB global average
20172018201920202021202220232024
50
75
100
Building on Success73
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Precinct's material topics
Precinct's material topics
1
Our impact
We recognise and acknowledge the
impact our operations have on the
environment. This understanding guides
and influences our future activities to
minimise our environmental footprint.
Our future focus
We acknowledge our role in shaping
the communities we operate in. Through
our activities and long-term commitments,
we work towards achieving sustainable
outcomes and making a positive impact.
Our values
Our core values drive our commitment to
sustainability and business success. We
prioritise connecting people and creating
positive experiences, ensuring that our
actions align with these values to foster a
sustainable and thriving environment.
1
Precinct’s material topics remain unchanged since 2022. Ahead of our FY26 annual report, we intend to re-evaluate our material
topics to reflect changes in the market and our business operations more broadly.
Guided by our
core values, we
shape impactful,
sustainable
communities
together.
Lisa Hinde, Head of Sustainability and
Josh McGlone, Sustainability Advisor
Precinct Properties Group74

Carbon emissions - our Greenhouse Gas inventory
GHG Emissions
Precinct's GHG emissions have been measured since 2017 using an 'operational control' approach to consolidating emissions.
Below is our FY24 assured data.
Precinct is a reporting entity in line with the Aotearoa New Zealand Climate Standards and this requires full value chain
reporting across Scope 1, 2 and 3 emissions for FY25 data. Precinct will publish this data within our Climate Statement in
October 2025.
Total carbon emission intensity - office portfolio
Emissions (kgCO2e)/sqm
Variance
(% change)
Office Portfolio Emission IntensityFY24FY23FY22FY21FY20FY19FY18FY17
(base)
to
FY23
to
base
year
Scope 16.55.96.19.18.910.18.810.410.2(37.5)
Scope 24.03.07.06.56.46.76.97.533.3(46.7)
Total Scope 1 & 210.58.913.115.615.316.815.717.918.0(41.3)
Scope 3 (excl. embodied carbon)8.86.81.21.51.81.90.1-29.4N/A
Total Scope 1-3 excl. embodied carbon19.415.814.317.117.218.615.717.922.88.4
Scope 3 embodied carbon44.5N/AN/A
Total63.915.814.317.117.218.615.717.9304.4257.0
In FY24, Precinct began reporting Scope 1 and Scope 2 emissions intensities separately to better track progress in these
areas. Scope 3 emissions are shown independently due to their variability and the inclusion of new categories in recent
years. As a result, Scope 3 does not offer a consistent baseline for measuring year-on-year improvements in the way that a
Scope 1 and 2 intensity benchmark does.
Total operating carbon emissions
1
Building on Success75
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Climate change
Climate Related Disclosures
As a business, Precinct is committed to creating a
more sustainable environment. This means identifying
and assessing the risks and opportunities presented by
climate change. We recognise our role as a long-term
owner, manager and developer of real estate, as well
as an employer. We are taking a thoughtful approach
to climate change action, as well as disclosure. Precinct
is fully supportive of a low-carbon future for Aotearoa
New Zealand.
Our current Climate Statement detailing our disclosures is
located on our website.
Green assets
1
Green Assets
(49%)
Green
Development
Assets (9%)
Non-Green
Assets (42%)
1Green assets defined as per sustainable debt framework; as
targeting or certified a minimum 5-Star Green Star Built Rating
or 4-Star NABERSNZ Rating.
Embodied carbon
Recognising that upfront carbon is a significant
contributor to Precinct’s emissions profile, a strategic
decision was made to allocate funding toward a
pioneering initiative aimed at decarbonising key building
materials. This programme seeks to align New Zealand’s
construction sector with Green Star and Science Based
Target initiative (SBTi) emissions targets.
The project has been led by Precinct and the
initiative outlines a phased approach to reducing
embodied carbon in steel, concrete, and aluminium,
materials that dominate the carbon footprint of
commercial developments.
Presented at the Property Council’s Reset conference
in FY25, the framework reflects Precinct’s commitment
to the World Green Building Council Net Zero Buildings
Commitment and a minimum 5 Star Green Star rating
for all new developments. Formal adoption of step-
down targets is planned for FY26, reinforcing Precinct’s
leadership in promoting low-carbon building practices
across the industry.
In line with our commitment to transparency, Precinct
now publishes upfront embodied carbon data for
assessed development projects on each building’s
webpage, ensuring visibility and accountability in our
journey toward net zero.
Below are development projects delivered by Precinct,
assured by Toitū and offset with high quality offset units
to international standards per Toitu website:
ProjectYear CompletedKg CO2-e / m2
1
Reduction over Baseline
Deloitte CentreFY2426467%
44 Bowen StreetFY2342130%
40 Bowen StreetFY2346023%
30 Waring TaylorFY2224060%
140 & 44 Bowen, 30 Waring Taylor benchmark is from the LETI 2020 Design Target. Deloitte Centre benchmark is from a BAU reference case from
the Green Star certified life cycle assessment.

Precinct Properties Group76

Launching into the Living Sector with Sustainability at
the Core
In 2022, Precinct launched into the living sector, guided by a strategy that acknowledges sustainability, health,
and wellbeing. The portfolio includes centrally located student accommodation and build-to-sell residential projects,
designed to deliver long-term financial, environmental, and social value.
In FY25, Precinct is proud to have registered its first two Homestar projects at Pillars (St Mary's Bay) and
Dominion and Valley Roads, and has also registered its student accommodation pipeline with a target of
achieving a minimum 5 Star Green Star rating benchmark. In collaboration with the New Zealand Green Building
Council (NZGBC), Precinct are piloting a framework to embed Homestar’s key comfort conditions within Green
Star-rated student living spaces, bridging the gap between the two tools while maintaining a single Green Star
certification strategy.
Aligned with our Net Zero by 2030 and Climate-related Disclosure goals, all developments are fully electric
(eliminating natural gas), and are assessed upfront for climate risk. Resident and student comfort is prioritised
through energy and thermal comfort modelling, ensuring high-performance living environments are understood and
managed from the outset.
Additional features include embodied carbon modelling, energy and water-efficient fixtures, continuous ventilation,
green spaces, amenity-rich design, and sustainable material selection, reflecting Precinct’s commitment to creating
resilient, future-ready communities.
Embedding
sustainable
design ensures
the delivery of
quality homes
that are resilient
for future
generations.
Matt Heal
Project Director - Residential
Building on Success77
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Partnerships and community wellbeing and vitality
Creating Communities
Community is at the heart of Precinct. The quality of
Precinct’s interactions, relationships and spaces continue
to drive the positive social value and contribution Precinct
is making. Creating community takes the form of wellness
spaces, client communication apps, partnerships, art
shows, lobby events, fitness clubs, retailer activations and
more. We want to create environments in which people
and businesses can thrive.
Inclusive Stakeholder Engagement
Precinct continues to engage regularly with all of
our key stakeholders which includes our people and
partners, clients and people using our spaces, contractors
and service providers, community based organisations,
shareholders, industry bodies and Government. Our
engagement process includes regular meetings, surveys
and consultations and updates to ensure stakeholders
are well informed. Precinct recognises the unique role
of Māori as Tangata Whenua and embraces Te Tiriti
o Waitangi recognising Māori as tino rangitiratanga of
Aotearoa/New Zealand. This reflects the three guiding
principles of the Treaty – partnership, participation and
protection. We endeavour to implement policies and
practices that incorporate and value Māori cultural
concepts, values and practices.
Social Partnerships
During the last 12 months, we have continued our social
partnerships with donations to Auckland City Mission,
Mates in Construction, Keystone Trust and the Tania
Dalton Foundation.
Supporting our clients in their sustainability efforts
Throughout the year, Precinct has continued to
strengthen engagement and collaboration with our
people and partners, including the ongoing delivery of our
client quarterly ESG data sharing initiative.
As part of this programme, Precinct proactively shares
transparent and informative ESG data with clients to help
them understand the environmental performance of the
buildings they occupy. This includes metrics on energy
(electricity and gas) and water consumption, as well as
waste generation rates. To support interpretation of this
data, Precinct has led organised workshops with clients to
facilitate the estimation of their first NABERSNZ Tenancy
ratings, enabling benchmarking of energy performance.
Demonstrating leadership and accountability, Precinct
voluntarily assessed the first 12 months of our own
tenancy performance against the NABERSNZ Tenancy
benchmark, achieving a 4 Star ‘Excellence’ rating.
7,000+
Club memberships.
The Commercial Bay Club continues to
have increased engagement in professional
networks. This includes Sustainability
Meetup which fosters client collaboration
on sustainability initiatives and Rainbow
Connect (members and allies of rainbow
communities - pictured to the left).
The Club also prioritises social procurement
and community engagement through
partnering with a number of charities.
Precinct Properties Group
78

Depletion of natural resources and contribution to waste
Precinct recognises its role in resource depletion and
waste generation through procurement, construction,
and operations. As a developer of new builds and
refurbishments, we prioritise waste minimisation via
efficient design, recycling, and reuse of materials,
including adaptive reuse of existing structures. For our
investment portfolio, we also actively engage occupiers
in reducing waste during fit-outs and operations and
adapting our waste streams to suit a variety of building
types and activities.
Acknowledging the construction sector’s impact on waste
to landfill, we’ve included Construction & Demolition
waste in our Scope 3 carbon inventory from FY24
to better understand and benchmark our carbon
emissions and environmental impact. From 2025, we
are also reporting operational waste data through the
NZGBC Green Star Performance framework and continue
quarterly ESG data sharing with clients to drive long-
term improvements.
At BECA House, 80% of construction and
demolition waste was kept out of landfill.
This includes over 80 tonnes of steel that
was reused or recycled instead of being
thrown away.
Portfolio Waste Management Strategy
In FY25, Precinct developed a national waste
management strategy spanning our commercial
office, retail, hospitality, student accommodation,
and residential asset classes. This comprehensive
strategy reflects our commitment to improving
waste outcomes across our portfolio and
supporting the transition to a circular economy.
Grounded in the principle that 'you can’t manage
what you don’t measure,' the strategy involved
a detailed review of existing waste facilities,
on-site equipment options, and best practice
measurement and reporting procedures. It also
established clear waste reduction targets tailored
to each asset class.
As we move into implementation, Precinct will
work closely with stakeholders to interpret the
findings and set aligned targets that reflect the
opportunities and challenges identified in the
study. This collaborative approach ensures that
our waste management efforts are both practical
and impactful, reinforcing our leadership in
sustainable property operations.

Building on Success
79
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Economic activity and opportunity
Disclosure of our financial performance can be found in
the results overview section on page 15 and in Precinct's
financial statements on pages
89 to 137. Disclosure
on our ethical business practices, including our Code of
Ethics and Financial Products Dealing Policy is reported in
the corporate governance section of this report. Our Code
of Ethics includes a whistle-blowing clause for reporting
unethical or unlawful behaviour and the full code can be
found on our website , along with our Financial Product
Dealing Policy and other key governance documents.
Sustainable Debt Programme
Precinct's Sustainable Debt Framework (the “Framework”)
has been revised in 2025 to reflect our increasingly diverse
asset pool as well as changes in global principles related
to loans and bonds and new local taxonomies developed
by the NZGBC. Precinct's Sustainable Debt Framework
can be found on Precinct's website and sets out the
process by which Precinct intends to issue and manage
Sustainable Debt on an ongoing basis to fund low carbon
buildings within Precinct’s property portfolio. Proceeds
from the issuance of Green Bonds or Loans will be used
wholly or in part to finance or refinance existing and/or
planned Eligible assets. Eligible assets which meet the
criteria as per the Green Asset table in this report.
Amotai Membership
Precinct acknowledge the importance of Mana Whenua
of Māori and Pasifika peoples and centering their
influence in key business operations. Key to this
acknowledgement is economic activity and opportunity.
Precinct are proud of our joint venture partnership
with Ngāti Whātua Ōrākei alongside PAG for the Te
Tōangaroa precinct and look forward to progressing
our diverse supplier engagement through maintaining
our Autere membership to the Amotai Directory for our
second year.
Maintain best practice policies and culture of ethical
business practice
Precinct constantly strives to act ethically and honestly
in its business dealings and interactions. This is only
possible when its people including directors, employees,
contractors and consultants act in an ethical, fair and
honest way. All of our employees have access to our
code of ethics and when new employees join it forms
part of their induction pack. Staff training is also delivered
each year and includes ethics-related topics to promote
awareness to the ethical practices in the Company and
ensure a positive culture at Precinct. No ethics related
issues were reported via any whistle-blowing channels
during the last financial year.
Our membership with the Property Council of NZ (PCNZ)
is the principal conduit for our feedback on industry
issues and opportunities. To our knowledge, there are
no memberships or lobbying activities that impact
our ability to pursue our sustainability targets. From
time-to-time Precinct participates directly in regulatory
engagement e.g. responding to requests for industry
feedback from Government Ministries proposing new
legislation or regulation. Again, we do not participate
in such a way that would impact our ability to pursue
our sustainability targets and we believe such regulatory
engagement supports us to achieve those targets.
Economic Contribution:
Job creation for the local economy
120 FTE employees across Precinct and Precinct
Flex staff
Construction person-hours
1,575,000 contractor hours during FY25
Financial Contribution:
Occupancy and secure income stream
97%
Target ≥98%
MSCI rating
A
Target A or better
FTSE EPRA Nareit Indexes
Precinct is a constituent of the FTSE EPRA Nareit
Global Real Estate Index and FTSE EPRA Nareit
Green Indexes, which represent general trends in
eligible real estate equities worldwide.
Precinct Properties Group
80

Clients, workers and staff wellbeing
Precinct contributes to the wellbeing of its clients,
clients’ workers and its own staff through the design
of its buildings and management of its relationships
with clients. Precinct also directly impacts the
wellbeing of workers via procurement and contracting
practices. Conducted every two years, our most recent
independently run client satisfaction survey (undertaken
in March 2025) results showed that overall satisfaction
of working in a Precinct-owned and managed building is
90% (2023: 91%, target of ≥80%).
We are proud to be maintaining our enrolment of
over 400,000 square metres NLA in the WELL at
Scale program. This program has supported us in
benchmarking and improving health and wellbeing
outcomes across the majority of our assets to the benefit
of our people, clients and community over the past 2
years. In FY25 we were proud to achieve a global award
from the International WELL Building Institute (IWBI) for
'Rising Star' for our commitment to health and wellbeing.
Achieving a diverse and highly inclusive workforce is a
key part of the overall wellbeing for our people. Our
approach to managing diversity is guided by our Diversity
and Inclusion Policy available at www.precinct.co.nz.
Health and Safety
Health and safety is a key topic component
and one of Precinct’s core corporate values. We
are committed to complying with all relevant
legislation, regulations and standards and work
hard to exceed them. Our business actively
embeds a positive health and safety culture.
Precinct works collaboratively with our staff,
contractors and stakeholders to implement
market leading health and safety measures
across all Precinct sites and offices.
In addition to regular external audits and
monitoring by health and safety specialists,
Precinct also regularly engages third-party
reviews of its health and safety processes.
Precinct's Health and Safety Policy and more
on key FY25 initiatives and performance can be
found on the next page and on Precinct's website
Precinct worker engagement
Precinct’s Health & Safety Committee
comprises the Executive team, the
Senior Health & Safety Adviser, General
Counsel, Development Managers, Facilities
Managers and includes representation
from Precinct Flex. The Committee meets
once a month. We have expanded the
participation and engagement of workers
with the establishment of quarterly informal
H&S catch-ups with all Precinct and
Precinct Flex staff. These sessions have
been very well received and have seen high
levels of engagement with staff. Feedback
received from staff in these sessions has
resulted in our "Three Pillars" Health, Safety
& Wellbeing strategy being continued
for FY26.
Building on Success
81
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Health, Safety & Wellbeing
Measuring our performance
For the year ended 30 June 2025, Precinct recorded 4.44
for its health and safety TRIFR performance, compared
to 5.15 in 2024. This is an improvement of 13% reflecting
improved site safety management and an ongoing focus
on contractor engagement to reduce the severity of
incidents. For FY25, Precinct's LTIFR on the basis of
cumulative 200,000 worked hours was 3.39, compared to
4.12 in FY24. We continue to engage with our contractors
and relevant industry bodies to develop meaningful
benchmarking for safety and reduce injury severity.
The TRIFR rate includes all recordable injuries/illnesses in
the categories of: Medical Treatment Injury; Restricted
Work Injury or Illness; and Lost Time Injury.
Events recorded in respect of Precinct’s residential and
student accommodation projects include lead indicators
like positive observations, awards and recognition by
external stakeholders. For FY25, the four residential and
PBSA sites have collectively recorded 89 events, of which
nine were lead indicators.
A total of 82 independent inspections were undertaken
across all development and stabilised portfolio sites by
third party health & safety consultants. All development
sites have a target rate of 95%. Bowen House scored
an average of 98% (FY24:97%), Wynyard Quarter 94%
(FY24:95%), 61 Molesworth Street 96% (FY24:98%), Domain
Collection 95%, Fabric Stage 2 91%, York Street 97% and
256 Queen Street 96%. Any corrective actions identified in
the audits were promptly rectified.
WorkSafe notifications
Six incidents met the threshold of WorkSafe notifications.
Each of these incidents was investigated in detail
and corrective actions were developed and completed.
WorkSafe followed up on one notification and, after their
site investigation, released the site back to the main
contractor with no identified non-conformances.
Incident monitoring and reporting
We recorded 481 health and safety incidents in the year compared to 295 reported in FY24. This increase is largely due to the
addition of four new development projects as well as improved reporting by our retail security team.
We are committed
to ensuring
our team and
everyone on our
sites and in our
buildings goes
home healthy
and safe.
Hema Puthran
Senior Health & Safety Advisor
Precinct Properties Group82

FY25 health and safety incidents
Medical
treatment
First Aid
treatment
Lost time
Near Miss
Observation
Other¹
1Other includes: security, property damage and complaints.
Three new living development projects have commenced work in 2025, namely York Street, 22 Stanley Street and enabling
works at 256 Queen Street. Precinct continues to work with our contractors and third-party consultants to align the living
projects to Precinct’s high H&S expectations on our commercial developments.
Incidents across Precinct sites
1
in Auckland and Wellington
Number

of

incidents
FY25
FY24
PeopleRetail and HotelStabilised PortfolioOffice
developments
PBSA
developments
Residential
developments
50
100
150
200
250
300
1Precinct development sites are managed by the Precinct-appointed main contractor.
The Commercial Bay security team has been diligent in reporting every minor event, including those that did not result in
an injury. This has resulted in an increase of the number of incidents, but these were typically low risk and this indicates
a thriving reporting culture. Precinct continues to work with our retail stakeholders to mitigate new risks and collaborate
closely with authorities, our security provider and neighbouring precincts (Auckland City Mission, Britomart and Viaduct
Harbour) to provide a safe and enjoyable experience in Commercial Bay.
Building on Success
83
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

GRI content index
Disclosures TitleGRI No.Location/Reference or Information
Organisational details2-1Directory, P143; Precinct Group Overview, P7-P9
Entities included in the organisation’s
sustainability reporting
2-2Precinct Properties Group including Precinct Properties New
Zealand Limited and Precinct Properties Investment Limited
Reporting period, frequency and contact point2-3Precinct reports on sustainability annually along with its
financial reporting. This report covers the period 1 July
2024 – 30 June 2025. This report was published on
27 August 2025 . Questions about this report can be directed
to: hello@precinct.co.nz
Restatements of information2-4None
External assurance2-5External assurance is sought only for Precinct’s GHG inventory
on P75 and forms part of our annual Climate Related Disclosure
mandatory reporting in line with NZCS 1, 2 & 3.
This external assurance statement can be found on P44 of our
FY24 Climate Statement here.
The ESG Committee is responsible for advising the Board
on questions of assurance pertaining to sustainability-
related information.
Activities, value chain and other
business relationships
2-6Precinct Group Overview, P7-P9
https://www.precinct.co.nz
Employees2-7Corporate Governance, P30-P31
Workers who are not employees2-8Information unavailable (not held).
Governance structure and composition2-9Corporate Governance, P29-P33
Nomination and selection of the highest
governance body
2-10PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Chair of the highest governance body2-11Corporate Governance, P31
Role of the highest governance body in
overseeing the management of impacts
2-12Sustainability Report, P73, P85; Corporate Governance, P31
PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Delegation of responsibility for impacts2-13Corporate Governance, P31
PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Role of highest governance body in
sustainability reporting
2-14Corporate Governance, P31
PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Conflicts of interest2-15PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Communication of critical concerns2-16Corporate Governance, P33
Collective knowledge of the highest
governance body
2-17PCT Corporate Governance Manual (ESG Committee Charter)
found at: https://www.precinct.co.nz
Evaluation of the performance of the highest
governance body
2-18Corporate Governance, P33
Remuneration policies2-19Remuneration Report, P54-P60
Process to determine remuneration2-20Remuneration Report, P54-P60
Annual total compensation ratio2-21Remuneration Report, P68
Statement on sustainable
development strategy
2-22Sustainability Reporting & Disclosure, Development Section
found
here.
Precinct Properties Group84

Disclosures TitleGRI No.Location/Reference or Information
Policy commitments2-23Chair and CEO Report, P11-12; Corporate Governance, P31;
Modern Slavery Policy, Social Value Policy, Sustainability Policy,
Supplier Code of Conduct, Biodiversity Policy, Health Safety and
Wellbeing Policy can be found here.
Embedding policy commitments2-24Corporate Governance, P33;
PCT Corporate Governance Manual found at:
https://www.precinct.co.nz
Processes to remediate negative impacts2-25Precinct's modern slavery policy, social value policy and supplier
code of conduct can be found here.
Mechanisms for seeking advice and
raising concerns
2-26PCT Corporate Governance Manual (Whistle blower Policy)
found at: https://www.precinct.co.nz
Compliance with laws and regulations2-27Precinct had no instances of compliance breaches or fines in
the reporting year.
Membership associations2-28https://www.precinct.co.nz
Approach to stakeholder engagement2-29Sustainability Report, P80
Collective bargaining agreements2-30In line with New Zealand legislation, Precinct’s employees are
not covered by collective bargaining agreements, and employee
working conditions and terms of employment are not based on
collective bargaining agreements.
Process to determine material topics3-1Sustainability Report, P74;
Sustainability Reporting & Disclosure 'Materiality
Assessment' here.
List of material topics3-2Sustainability Report, P74
Sustainability Reporting & Disclosure 'Materiality
Assessment' here.
Climate Change
Management of material topics3-3https://www.precinct.co.nz
Direct (Scope 1) GHG emissions305-1Sustainability Report P75
Further detail on emissions other than CO2-e supplied, can be
found in the Toitu assurance statement on P44 of our FY24
Climate Statement.
Energy indirect (Scope 2) GHG emissions305-2Sustainability Report P75
Further detail on emissions other than CO2-e supplied, can be
found in the Toitu assurance statement on P44 of our FY24
Climate Statement.
Other indirect (Scope 3) GHG emissions305-3Sustainability Report P7-76
Further detail on emissions other than CO2-e supplied, can be
found in the Toitu assurance statement on P44 of our FY24
Climate Statement.
GHG emissions intensity305-4Sustainability Report P75
Partnerships, Community Wellbeing and Vitality
Building on Success85
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

GRI content index
Disclosures TitleGRI No.Location/Reference or Information
Management of material topics3-3Disclosure of goals and targets including decision making
around how these are set are found on our website for
Sustainability Reporting & Disclosure here
Governance structures related to management of
material topics are referenced within our PCT Corporate
Governance Manual (ESG Committee Charter) found at:
https://www.precinct.co.nz
Operations with local community
engagement, impacts assessments, and
development programs
413-1Sustainability Report, Partnerships, Community Wellbeing and
Vitality, P80;
Social Value Policy here.
Disclosure 413-1 (a)iv. is omitted because we have not developed
an approach to quantifying the percentage of our operations
with community development programs. We expect to develop
this within 2 years.
Depletion of natural resources and contribution to waste
Management of material topics3-3https://www.precinct.co.nz;
PCT Corporate Governance Manual (Supplier Code of Conduct)
found at: https://www.precinct.co.nz
Waste generation and significant waste-
related impacts
306-1Sustainability Report, Depletion of natural resources and
contribution to waste, P79
Economic activity and opportunity
Management of material topics3-3https://www.precinct.co.nz
Significant indirect economic impacts203-2Sustainability Report, Economic activity and opportunity, P80
Client, worker and staff wellbeing
Management of material topics3-3https://www.precinct.co.nz
Occupational health and safety
management system
403-1Sustainability Report, Client, worker and staff wellbeing, P81-83
Work-related injuries403-9Sustainability Report, Client, worker and staff wellbeing, P83
Precinct has chosen to prepare its 2025 Annual Report in accordance with the Global Reporting Initiative (GRI) Standards.
The GRI Standards are the world's most widely used sustainability reporting standard. The GRI index above shows
where information can be found in this report and on Precinct's website about the indicators that are relevant to our
business operations.
PPNZ and PPIL are climate reporting entities and are each required under Part 7A of the FMCA to prepare climate-related
disclosures. The entities have been granted an exemption from certain provisions of Part 7A of the FMCA by the Financial
Markets Authority to permit PPNZ and PPIL, as stapled entities, to prepare a single document comprising consolidated
climate-related disclosures in respect of Precinct. Precinct's 2025 climate-related disclosures will be published in October
2025 and will be available on
Precinct’s website.
This annual report of Precinct Properties New Zealand Limited and Precinct Properties Investments Limited (Precinct
Properties Group) is dated 26 August 2025 and is signed on behalf of the Boards by:

Anne Urlwin
Mark Tume
Chair and Independent DirectorChair Audit and Risk Committee and Independent Director
Precinct Properties Group86

The Numbers
Building on Success87
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Financial Statements
For the year ended 30 June 2025
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 26 August 2025.
ANNE URLWIN
Chair
MARK TUME
Chair Audit & Risk Committee
Contents
Consolidated Statement of Comprehensive Income89
Consolidated Statement of Changes in Equity90
Consolidated Statement of Financial Position91
Consolidated Statement of Cash Flows92
Notes to the Financial Statements93
1. GENERAL INFORMATION93
1.1 Reporting entity93
1.2 Basis of preparation93
1.3 New standards, amendments and
interpretations
93
1.4 Changes to accounting policies and disclosure
of material accounting policies
94
1.5 Fair value estimation94
1.6 Significant accounting judgements, estimates
and assumptions
94
1.7 Non-GAAP measures94
1.8 Significant events and transactions during the
year
95
2. OPERATING SEGMENTS96
2.1 Segment information96
2.2 Gross operating revenue98
3. INVESTMENT AND DEVELOPMENT PROPERTIES100
3.1 Investment and development properties100
3.2 Capital commitments107
3.3 Leases107
3.4 Operating lease commitments109
4. GROUP STRUCTURE110
4.1 Equity-accounted investments110
4.2 Acquisition of a subsidiary116
4.3 Related party disclosures117
5. INVESTOR RETURNS119
5.1 Earnings per share119
5.2 Reconciliation of net profit after tax to adjusted
funds from operations (AFFO)
120
5.3 Dividends paid121
6. CAPITAL STRUCTURE AND FUNDING121
6.1 Interest bearing liabilities121
6.2 Net finance expense123
6.3 Derivative financial instruments124
6.4 Loan receivables125
6.5 Share capital125
6.6 Reserves126
6.7 Capital management127
6.8 Financial risk management127
7. TAXATION130
7.1 Income tax130
7.2 Deferred tax131
8. OTHER132
8.1 Employment and administration expenses132
8.2 Corporate overhead expenses132
8.3 Key management personnel133
8.4 Share-based payments134
8.5 Reconciliation of Net Profit after Taxation with
Cash Inflow from Operating Activities
136
8.6 Debtors and other current assets137
8.7 Trade and other payables137
8.8 Contingencies137
8.9 Events after balance date137
Independent Auditor's report138
Precinct Properties Group88

Consolidated Statement of Comprehensive Income
For the year ended 30 June 2025
Amounts in $ millionsNotes30 June 202530 June 2024
Gross operating revenue2.2266.1248.0
Operating expenses
Direct operating expenses(106.1)(91.8)
Employment and administration expenses8.1
(7.7)(5.7)
Total operating expenses(113.8)(97.5)
Operating profit before net finance expense, other income/(expenses) and
income tax152.3150.5
Corporate overhead expense8.2(4.6)(5.5)
Interest income6.24.75.0
Interest expense6.2(69.7)(46.1)
Operating profit before income tax82.7103.9
Other income / (expenses)
Net change in fair value of investment and development properties3.1(27.6)(105.2)
Share of profit / (loss) in equity-accounted investments4.111.83.0
Equity-accounted investment transaction costs(1.8)-
Net change in fair value of derivative financial instruments6.3(19.6)(1.2)
Net gain / (loss) on sale of investment properties1.8(24.2)(10.6)
Net realised gain / (loss) on disposal of equity-accounted investments0.6-
Depreciation - property, plant and equipment(4.1)(4.8)
Amortisation of intangible assets(4.6)(0.3)
Lease depreciation3.3(3.9)(3.9)
Lease interest3.3
(4.0)(4.2)
Total other income / (expenses)(77.4)(127.2)
Net profit / (loss) before income tax5.3(23.3)
Income tax benefit / (expense)7.15.71.2
Net profit / (loss) after income tax attributable to equity holders of
stapled entity11.0(22.1)
Other comprehensive income / (expense)
Items that will not be reclassified to profit or loss
Credit risk adjustments on financial liabilities designated at fair value
through profit or loss(11.0)(9.4)
Deferred tax on items transferred directly to / (from) equity
3.11.4
Total other comprehensive income / (expense)(7.9)(8.0)
Total comprehensive income after tax attributable to equity holders of
stapled entity3.1(30.1)
Total comprehensive income after tax attributable to equity holders of:
Precinct Properties NZ Limited ("PPNZ")6.5(29.1)
Precinct Properties Investments Limited ("PPIL")(3.4)(1.0)
Total comprehensive income after tax attributable to equity holders of
stapled entity3.1(30.1)
Earnings per share (cents per share)
Basic earnings per share5.10.69(1.39)
Diluted earnings per share5.10.69(1.39)
Other amounts (cents per share)
Funds from operations (FFO)5.27.107.22
Adjusted funds from operations (AFFO)5.26.546.69
The accompanying notes on pages 93-137 form part of these Financial Statements.
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Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
Amounts in $ millionsNotes
Attributable to the equity holders of the parent
Number of
shares (m)
Share
capital
Retained
earnings
Reserves
PPNZ
equity
PPIL
equity
PPG total
equity
Balance at 1 July 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-(21.1)-(21.1)(1.0)(22.1)
Other comprehensive income for
the period
--(8.0)(8.0)-(8.0)
Total comprehensive income-(21.1)(8.0)(29.1)(1.0)(30.1)
Distributions5.3--(98.0)-(98.0)(9.0)(107.0)
Long-term incentive scheme8.40.40.7-0.51.2-1.2
Employee share scheme
0.1----0.10.1
Total transactions0.50.7(98.0)0.5(96.8)(8.9)(105.7)
Balance at 30 June 20241,586.41,622.7457.6(3.5)2,076.8(29.5)2,047.3
Profit after income tax for the period-14.4-14.4(3.4)11.0
Other comprehensive income for
the period
--(7.9)(7.9)-(7.9)
Total comprehensive income-14.4(7.9)6.5(3.4)3.1
Distributions5.3--(95.1)-(95.1)(12.1)(107.2)
Long-term incentive scheme8.40.50.4-0.50.9-0.9
Employee share scheme
0.10.1--0.10.10.2
Total transactions0.60.5(95.1)0.5(94.1)(12.0)(106.1)
Balance at 30 June 20251,587.01,623.2376.9(10.9)1,989.2(44.9)1,944.3
1Net liabilities of Non-PIE entities transferred from PPNZ to PPIL as part of stapling transaction.
All shares have been fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the
terms of the constitution.
The accompanying notes on pages 93-137 form part of these Financial Statements.
Precinct Properties Group
90

Consolidated Statement of Financial Position
For the year ended 30 June 2025
Amounts in $ millionsNotes30 June 202530 June 2024
Current assets
Cash28.422.1
Fair value of derivative financial instruments6.31.010.1
Debtors and other current assets8.624.138.4
Loan receivables6.4
38.9-
92.470.6
Investment properties held for sale3.1
223.7-
Total current assets
316.170.6
Non-current assets
Investment properties3.12,803.72,987.4
Development properties3.1334.9201.2
Investment in equity-accounted investments4.1138.7131.1
Property, plant and equipment42.342.7
Right-of-use assets3.317.021.0
Fair value of derivative financial instruments6.322.334.0
Loan receivables6.4-26.4
Deferred tax asset7.214.32.5
Other assets1.50.7
Intangible assets
8.41.3
Total non-current assets3,383.13,448.3
Total assets3,699.23,518.9
Current liabilities
Interest bearing liabilities6.1-165.3
Provision for tax7.12.41.5
Lease liabilities3.35.15.1
Trade and other payables8.756.854.9
Fair value of derivative financial instruments6.3
1.31.4
Total current liabilities
65.6228.2
Non-current liabilities
Interest bearing liabilities6.11,610.31,169.3
Lease liabilities3.345.050.1
Fair value of derivative financial instruments6.3
34.024.0
Total non-current liabilities1,689.31,243.4
Total liabilities1,754.91,471.6
Net assets1,944.32,047.3
Equity
Share capital6.51,623.21,622.7
Retained earnings376.9457.6
Other reserves6.6
(10.9)(3.5)
Total equity - PPNZ
1,989.22,076.8
PPIL equity (non-controlling interest)(44.9)(29.5)
Total equity1,944.32,047.3
The accompanying notes on pages 93-137 form part of these Financial Statements.
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Consolidated Statement of Cash Flows
For the year ended 30 June 2025
Amounts in $ millions
Notes30 June 202530 June 2024
Cash flows from operating activities
Operating revenue received276.8235.9
Interest income received1.54.3
Property expenses paid(112.0)(96.4)
Other expenses paid(7.4)(4.8)
Interest expense paid(67.5)(54.2)
Employment and administration expenses paid(2.5)(4.9)
Income tax paid(2.1)(0.3)
Net cash inflow / (outflow) from operating activities8.586.879.6
Cash flows from investing activities
Capital expenditure on investment and development properties(141.4)(176.2)
Capitalised interest on investment and development properties(17.3)(23.7)
Acquisition of investment and development properties(39.8)(64.9)
Proceeds/(expenditure) from disposal of investment properties(21.9)288.9
Acquisition of subsidiary, net of cash acquired(4.7)-
Investment in equity-accounted investments(52.3)(66.4)
Proceeds from disposal of equity-accounted investments48.6-
Mezzanine loan facilities advanced(9.3)(27.2)
Mezzanine loan facilities repaid-34.5
Expenditure on property, plant and equipment(3.6)(1.0)
Net cash inflow / (outflow) from investing activities(241.7)(36.0)
Cash flows from financing activities
Loan facility drawings565.2863.0
Loan facility repayments(201.4)(939.7)
Repayment of senior secured bonds(100.0)-
Repayment of US private placement notes(65.3)-
Repayment of leasing liabilities3.3(5.2)(4.4)
Distributions paid to shareholders(107.1)(107.0)
Net proceeds from debt instrument issuance75.0150.0
Net cash inflow / (outflow) from financing activities161.2(38.1)
Net increase / (decrease) in cash held6.35.5
Cash at the beginning of the year22.116.6
Cash as the end of the year28.422.1
The accompanying notes on pages 93-137 form part of these Financial Statements.
Precinct Properties Group
92

Notes to the Financial Statements
For the year ended 30 June 2025
1. GENERAL INFORMATION
1.1 Reporting entity
The financial statements presented are those of Precinct Properties New Zealand Limited and its wholly-owned subsidiaries
(PPNZ) and Precinct Properties Investments Limited and its wholly-owned subsidiaries (PPIL), each of PPNZ and PPIL being a
"Stapled Entity", and together the Precinct Properties Group (Precinct or the Group).
For accounting purposes, stapling gives rise to the combination of the Stapled Entities into a consolidated group. For
the purposes of financial reporting, one of the combining entities is required to be identified as the parent entity of the
consolidated group. In the case of Precinct, PPNZ has been identified as the parent for the purposes of preparing the
financial statements and consequently PPIL's equity is presented as the non-controlling interest in the financial statements.
PPNZ and PPIL are both incorporated in New Zealand and registered under the New Zealand Companies Act 1993 and are
both FMC reporting entities for the purposes of the Financial Markets Conduct Act 2013.
PPNZ 's principal activity is investment in predominantly prime CBD properties in New Zealand. The principal activity of PPIL
is the management of real estate investment entities in New Zealand.
Shares of PPNZ and PPIL are stapled and therefore cannot be traded separately and can only be traded as stapled
securities. They are quoted on the Main Board equity securities market of NZX under the ticker code PCT.
1.2
Basis of preparation
The financial statements have been prepared in accordance with NZ GAAP. For the purposes of complying with NZ
GAAP the Group is a for-profit entity. The financial statements comply with New Zealand equivalents to International
Financial Reporting Standards (’NZ IFRS’). The financial statements also comply with International Financial Reporting
Standards (‘IFRS’).
The financial statements were prepared in accordance with the Financial Markets Conduct Act 2013 and the Financial
Markets Conduct (Precinct Properties Group) Exemption Notice 2024 and waivers granted to Precinct from certain NZX
Listing Rules on 18 April 2023 which each permit PPNZ and PPIL, subject to the conditions of the exemption notice and
waivers (respectively), to prepare financial statements in respect of Precinct in place of separate financial statements of
each Stapled Entity. Precinct notes that the Financial Markets Conduct (Precinct Properties Group) Exemption Notice 2024
came into force on 16 February 2024 and applies to Precinct's accounting periods up to and including 30 June 2028.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and
profit or losses resulting from intra-group transactions have been eliminated in full.
The financial statements have been prepared:
•On a historical basis except for financial instruments, investment and development properties, investment properties
held for sale 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.
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Notes to the Financial Statements
For the year ended 30 June 2025
1.4 Changes to accounting policies and disclosure of material accounting policies
No changes to accounting policies have been made during the year and the policies have been consistently applied to all
years presented.
Material accounting policies have been included throughout the notes to the financial statements within the specific note to
which it applies.
1.5 Fair value estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in
making the measurements. The fair value hierarchy has the following levels:
•Level 1 – Quoted prices (unadjusted) in active market for identical assets or liabilities.
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (by price) or indirectly (derived from prices).
•Level 3 – Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
1.6
Significant accounting judgements, estimates and assumptions
In preparing Precinct's financial statements, the boards and management continually make judgements, estimates and
assumptions based on experience and other factors, including expectations of future events that may have an impact
on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of
circumstances available to the boards and management. Actual results may differ from the judgements, estimates and
assumptions made by the boards and management.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
The significant judgements, estimates and assumptions made in the preparation of these financial statements are in
relation to:
i.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
v.Deferred tax assets and deferred tax liabilities – refer note 7.2
vi.Share-based payment scheme – refer note 8.4
vii.Acquisition of a subsidiary - Purchase price allocation valuation - refer note 4.2
1.7
Non-GAAP measures
Precinct has chosen to present the following non-GAAP measures to assist investors in understanding the different aspects
of Precinct's financial performance.
The Consolidated Statement of Comprehensive Income includes the non-GAAP measure of operating profit before net
finance expense, other income/(expenses) and income tax.
Note 2.1 shows an adjusted operating profit before net finance expense, other income/(expenses) and income tax. This
measure adds back the rent expenses eliminated through the application of NZ IFRS 16 Leases. This measure is shown as all
internal reporting for operating segments is provided to the boards of PPNZ and PPIL at a pre IFRS 16 level.
Note 5.2 sets out Precinct's calculation of Adjusted Funds From Operations (AFFO) which is an industry best practice
measure for a REIT to show the organisation's underlying and recurring earnings from its operations.
Precinct Properties Group
94

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

i.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 30 June 2025, the estimated value of this variable consideration is
$23.6 million, of which $20.0 million has already been paid by Precinct to PPILP.

vii.USPP maturity
On 28 January 2025, US$50.0 million (NZ$65.3 million) of United States Private Placement notes matured.

viii.Sale of InterContinental Auckland
On 5 March 2025, Precinct announced that it has entered into a conditional agreement to sell the hotel at One Queen
Street in Auckland for $180.0 million. The purchaser is wholly-owned by Singapore Exchange (SGX) listed, Hotel Properties
Limited (“HPL”). This transaction remains conditional only on subdivision being completed which is expected to be in Q3
2025. Post completion of the subdivision, Precinct will retain ownership and management of the balance of the property
not being divested at One Queen Street, with the hotel sale to include the office space on levels 3 to 5.

ix.Purchase of 22 Stanley Street, Auckland
On 30 May 2025, Precinct purchased 22 Stanley Street and 13 Carlaw Park Avenue in Auckland for $30.2 million to
develop a Purpose-Built Student Accommodation (PBSA) facility for the University of Auckland at the Carlaw Park
Student Village in Auckland in partnership with a Singapore-based institutional investor. The project is underpinned by
a long-term lease agreed with the University of Auckland and has an expected value on completion totalling around
$290 million. Precinct will retain a 20% interest in the partnership and is the developer, development manager, and
property manager, with the joint venture investing on a fund-through basis. The partnership between Precinct and the
Singapore-based institution is conditional on Overseas Investment Office approval and financing documentation.

x.Sale of 40 and 44 Bowen Street, Wellington
On 31 May 2025, Precinct sold the remaining 20% minority interest in Bowen Investment Limited Partnership to PAG for a
total purchase price of $48.6 million. See Note 4.1 for details.
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FY25 Results
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Statutory
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Remuneration
Report
Sustainability
Report
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Notes to the Financial Statements
For the year ended 30 June 2025
2. OPERATING SEGMENTS
2.1 Segment information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker has been identified as the respective board of each of PPNZ and PPIL as
each makes all key strategic resource allocation decisions.
Precinct has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segmentOperations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared office and event space
Hotel and hospitalityOperating of hotel and hospitality venues
Investment managementManagement of real estate investments
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure
performance because management believes that this information is the most relevant in evaluating the results of the
respective segments relative to other entities that operate in the same industries.
There are varying levels of integration between the investment properties, flexible space, hotel and hospitality and
investment management segments. This integration includes occupied space, future leasing and events. Inter-segment
pricing is determined on an arm's length basis.
The following is an analysis of Precinct's results, by reportable segments.
Operating profit before net finance expense and income tax
Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
2025 Total
Gross operating revenue210.322.723.59.6266.1
Inter-segment revenue eliminations2.8(1.2)(0.1)(1.5)-
Direct operating expenses(73.4)(14.1)(18.6)-(106.1)
Employment and
administration expenses---(7.7)(7.7)
Operating profit before net finance
expense and income tax139.77.44.80.4152.3
Add back rent eliminated in application
of IFRS 16(2.6)(6.5)--(9.1)
Adjusted operating profit before net
finance expense and income tax
1
137.10.94.80.4143.2
1See Note 1.7 for further details of this measure.
Precinct Properties Group96

Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
2024 Total
Gross operating revenue207.124.38.77.9248.0
Inter-segment revenue eliminations3.2(2.0)(0.3)(0.9)-
Direct operating expenses(68.7)(14.1)(9.0)-(91.8)
Employment and
administration expenses---(5.7)(5.7)
Operating profit before net finance
expense and income tax141.68.2(0.6)1.3150.5
Add back rent eliminated in application
of IFRS 16(2.3)(6.3)--(8.6)
Adjusted operating profit before net
finance expense and income tax
1
139.31.9(0.6)1.3141.9
1See Note 1.7 for further details of this measure.
Reconciliation to net profit / (loss) before income tax
Amounts in $ millions
30 June 202530 June 2024
Operating profit before net finance expense and income tax152.3150.5
Interest income4.75.0
Interest expense(69.7)(46.1)
Corporate overhead expense(4.6)(5.5)
Net change in fair value of investment and development properties(27.6)(105.2)
Share of profit / (loss) in equity-accounted investments11.83.0
Equity-accounted investment transaction costs(1.8)-
Net change in fair value of derivative financial instruments(19.6)(1.2)
Net gain / (loss) on sale of investment properties(24.2)(10.6)
Net realised gain / (loss) on disposal of equity-accounted investments0.6-
Depreciation - property, plant and equipment(4.1)(4.8)
Amortisation of intangible assets(4.6)(0.3)
Lease depreciation(3.9)(3.9)
Lease interest(4.0)(4.2)
Net profit / (loss) before income tax5.3(23.3)
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Notes to the Financial Statements
For the year ended 30 June 2025
2.2 Gross operating revenue
Amounts in $ millions30 June 202530 June 2024
Revenue
Gross property income from rentals170.9168.3
Straight-line rental adjustments1.13.7
Amortisation of capitalised lease incentives(9.6)(8.7)
Revenue from contracts with customers
Gross property income from expense recoveries47.943.8
Precinct Flex operating revenue22.724.3
Commercial Bay Hospitality operating revenue1.53.5
Hotel operating revenue22.05.2
Management fee income9.67.9
Total gross operating revenue266.1248.0
Accounting policies
Recognition of revenue from investment properties
Rental income from investment property leased to clients under operating leases is recognised in the Consolidated
Statement of Comprehensive Income on a straight-line basis over the term of the lease to the extent that future
rental increases are known with certainty. Fixed rental adjustments are accounted for to achieve straight-line
revenue recognition.
Precinct capitalises lease incentives provided to clients to the respective investment or development property in the
Consolidated Statement of Financial Position and amortises them on a straight-line basis over the term certain life of
the lease.
The share of property operating expenses which are recoverable from clients is recognised as gross property income
from expense recoveries. This is associated with the provision of services relating to the operations of Precinct’s
buildings (eg, cleaning, repairs and maintenance, utilities). Precinct have assessed the performance obligations
associated with these as being satisfied each month as the services are undertaken within each building. Revenue
from clients for the recovery of operating expenses is billed monthly and recognised in the Financial Statements in
the same manner reflecting that recovery revenue from clients is received at the same time that the performance
obligation is satisfied.
Precinct Properties Group
98

Recognition of revenue from operating segments
Operating revenue from Precinct Flex is recognised when it transfers services to a member. It is measured based on
the consideration specified in a contract with the member.
Operating revenue from Commercial Bay Hospitality venues is recognised at the point of sale, measured at the fair
value of the consideration received.
Operating revenue from the InterContinental hotel includes revenues from the rental of rooms, food and
beverage sales and other service revenue. Revenue is recognised when rooms are occupied and services have
been performed.
Recognition of management fee income
Management fee income is fees generated through the provision of investment and development management
services to other entities. This income is recognised in the Consolidated Statement of Comprehensive Income in the
period in which the services are rendered.
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Remuneration
Report
Sustainability
Report
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Notes to the Financial Statements
For the year ended 30 June 2025
3. INVESTMENT AND DEVELOPMENT PROPERTIES
3.1 Investment and development properties
30 June 2025
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2024
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2025
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.3%6.1%88%2.9223.0(0.4)1.0-(3.6)220.0
HSBC TowerColliers31,5925.2%5.5%95%5.1440.01.25.7-(1.9)445.0
Jarden HouseCBRE13,6816.1%5.9%100%2.7130.0(0.4)1.2-(2.8)128.0
Commercial Bay RetailJLL17,2865.5%6.0%97%2.8340.0(1.6)2.918.0(19.3)340.0
PwC Tower (Commercial Bay)JLL39,3755.2%5.4%100%6.4605.1(4.4)0.2-22.1623.0
Deloitte CentreColliers11,9225.3%5.3%100%15.3360.0(0.6)5.4(186.6)(4.2)174.0
Wellington
NTT TowerCBRE16,6266.5%6.8%100%3.6133.80.30.5-(4.1)130.5
No. 1 and 3 The TerraceBayleys18,6134.8%6.0%100%7.1128.0(0.2)0.3-1.8129.9
No. 3 The Terrace
6
BayleysN/A6.2%0.0%0%0.012.4----12.4
AON Centre - WgtnColliers27,7275.6%6.8%88%3.8208.2-0.7-(4.4)204.5
Defence HouseColliers23,2554.8%5.5%100%11.5190.1(1.0)--0.9190.0
Bowen HouseCBRE14,2755.4%5.5%100%13.0155.01.16.7-(15.3)147.5
Other investment properties
7
Colliers6,0608.3%7.8%100%5.036.0(0.2)--(0.9)34.9
Right-of-use assets
8
N/AN/AN/AN/AN/AN/A25.8---(1.8)24.0
Market value (fair value) of investment properties245,7655.4%5.8%97%6.02,987.4(6.2)24.6(168.6)(33.5)2,803.7
Investment properties held for sale
5
22 Stanley Street
9
N/AN/AN/AN/AN/AN/A--43.7--43.7
One Queen Street (Hotel)
10
N/AN/AN/AN/AN/AN/A---168.611.4180.0
Market value (fair value) of investment properties held for sale--43.7168.611.4223.7
Development properties
5
Auckland
256 Queen StreetN/AN/AN/AN/AN/AN/A9.8-8.4-(7.2)11.0
Downtown Car ParkN/AN/AN/AN/AN/AN/A18.6-25.3--43.9
Other development propertiesN/AN/AN/AN/AN/AN/A--6.4--6.4
Wellington
Freyberg BuildingColliersN/AN/AN/AN/AN/A36.0-6.9-(12.2)30.7
61 Molesworth StreetColliersN/AN/AN/AN/AN/A136.8-92.2-13.9242.9
Market value (fair value) of development properties201.2-139.2-(5.5)334.9
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $17.3 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.
9On 30 May 2025, Precinct purchased 22 Stanley Street and 13 Carlaw Park Avenue in Auckland for $30.2 million to develop a Purpose-Built
Student Accommodation (PBSA) facility for the University of Auckland at the Carlaw Park Student Village in Auckland in partnership with a
Singapore-based institutional investor.
10On 5 March 2025 Precinct announced that it has entered into a conditional agreement to sell the hotel at One Queen Street in Auckland for
$180.0 million.
Precinct Properties Group100

Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2024
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2025
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.3%6.1%88%2.9223.0(0.4)1.0-(3.6)220.0
HSBC TowerColliers31,5925.2%5.5%95%5.1440.01.25.7-(1.9)445.0
Jarden HouseCBRE13,6816.1%5.9%100%2.7130.0(0.4)1.2-(2.8)128.0
Commercial Bay RetailJLL17,2865.5%6.0%97%2.8340.0(1.6)2.918.0(19.3)340.0
PwC Tower (Commercial Bay)JLL39,3755.2%5.4%100%6.4605.1(4.4)0.2-22.1623.0
Deloitte CentreColliers11,9225.3%5.3%100%15.3360.0(0.6)5.4(186.6)(4.2)174.0
Wellington
NTT TowerCBRE16,6266.5%6.8%100%3.6133.80.30.5-(4.1)130.5
No. 1 and 3 The TerraceBayleys18,6134.8%6.0%100%7.1128.0(0.2)0.3-1.8129.9
No. 3 The Terrace
6
BayleysN/A6.2%0.0%0%0.012.4----12.4
AON Centre - WgtnColliers27,7275.6%6.8%88%3.8208.2-0.7-(4.4)204.5
Defence HouseColliers23,2554.8%5.5%100%11.5190.1(1.0)--0.9190.0
Bowen HouseCBRE14,2755.4%5.5%100%13.0155.01.16.7-(15.3)147.5
Other investment properties
7
Colliers6,0608.3%7.8%100%5.036.0(0.2)--(0.9)34.9
Right-of-use assets
8
N/AN/AN/AN/AN/AN/A25.8---(1.8)24.0
Market value (fair value) of investment properties245,7655.4%5.8%97%6.02,987.4(6.2)24.6(168.6)(33.5)2,803.7
Investment properties held for sale
5
22 Stanley Street
9
N/AN/AN/AN/AN/AN/A--43.7--43.7
One Queen Street (Hotel)
10
N/AN/AN/AN/AN/AN/A---168.611.4180.0
Market value (fair value) of investment properties held for sale--43.7168.611.4223.7
Development properties
5
Auckland
256 Queen StreetN/AN/AN/AN/AN/AN/A9.8-8.4-(7.2)11.0
Downtown Car ParkN/AN/AN/AN/AN/AN/A18.6-25.3--43.9
Other development propertiesN/AN/AN/AN/AN/AN/A--6.4--6.4
Wellington
Freyberg BuildingColliersN/AN/AN/AN/AN/A36.0-6.9-(12.2)30.7
61 Molesworth StreetColliersN/AN/AN/AN/AN/A136.8-92.2-13.9242.9
Market value (fair value) of development properties201.2-139.2-(5.5)334.9
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $17.3 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.
9On 30 May 2025, Precinct purchased 22 Stanley Street and 13 Carlaw Park Avenue in Auckland for $30.2 million to develop a Purpose-Built
Student Accommodation (PBSA) facility for the University of Auckland at the Carlaw Park Student Village in Auckland in partnership with a
Singapore-based institutional investor.
10On 5 March 2025 Precinct announced that it has entered into a conditional agreement to sell the hotel at One Queen Street in Auckland for
$180.0 million.
Building on Success101
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
30 June 2024
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2023
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2024
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.3%6.1%87%3.5237.5(0.5)5.5-(19.5)223.0
HSBC TowerCBRE31,5925.4%5.6%99%5.3445.01.93.4-(10.3)440.0
Jarden HouseCBRE13,6815.8%5.9%100%3.3135.00.70.8-(6.5)130.0
Mason Bros.
6
N/AN/AN/AN/AN/AN/A58.0-(58.0)---
Commercial Bay RetailJLL17,2815.5%6.0%95%3.4353.0(1.4)1.8-(13.4)340.0
PwC Tower (Commercial Bay)JLL39,2365.1%5.4%100%7.4610.1(3.5)0.9-(2.4)605.1
Deloitte Centre
7
JLL14,5894.1%5.5%93%15.0---343.416.6360.0
Wellington
NTT TowerCBRE16,6266.0%6.8%97%3.9140.70.35.0-(12.2)133.8
No. 1 and 3 The TerraceBayleys18,6134.7%6.0%99%8.0137.5(0.3)--(9.2)128.0
No. 3 The Terrace
8
BayleysN/A6.1%0.0%0%0.013.5---(1.1)12.4
AON Centre - WgtnBayleys27,7276.3%6.5%95%4.7218.10.17.5-(17.5)208.2
Defence HouseColliers23,2554.3%5.5%100%12.5187.0(0.1)(0.1)-3.3190.1
Bowen House
9
Colliers14,2755.2%5.4%100%14.0---171.5(16.5)155.0
Other investment properties
10
Colliers6,0608.0%7.7%0%0.038.5(0.1)0.2-(2.6)36.0
Right-of-use assets
11
N/AN/AN/AN/AN/AN/A30.8-(3.5)-(1.5)25.8
Market value (fair value) of investment properties248,2895.3%5.8%97%6.62,604.7(2.9)(36.5)514.9(92.8)2,987.4
Investment properties held for sale
5
Bowen Campus Stage 2
12
N/AN/AN/AN/AN/AN/A240.0-(240.0)---
Market value (fair value) of investment properties held for sale240.0-(240.0)---
Development properties
5
Auckland
One Queen StreetJLLN/AN/AN/AN/AN/A258.025.759.7(343.4)--
256 Queen Street
13
N/AN/AN/AN/AN/AN/A--9.8--9.8
Downtown Car Park
14
N/AN/AN/AN/AN/AN/A--18.6--18.6
Wellington
Freyberg BuildingColliersN/AN/AN/AN/AN/A47.0(0.2)5.6-(16.4)36.0
Bowen House
9
N/AN/AN/AN/AN/AN/A160.11.210.2(171.5)--
61 Molesworth StreetColliersN/AN/AN/AN/AN/A58.4-74.4-4.0136.8
Market value (fair value) of development properties523.526.7178.3(514.9)(12.4)201.2
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $25.1 million of capitalised interest. Disposals
relate to completed sales and unconditional contracts for sale at year-end.
4Transfers occur when a property is transferred to another category of property.
5All properties are categorised as level 3 in the fair value hierarchy.
6On 20 December 2023 Precinct sold Mason Bros. for $50.3 million.
7Previously known as One Queen Street.
8No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9With the redevelopment project substantially complete the value was transferred from development properties to investment properties.
10Other investment properties are small value properties held for strategic purposes.
11Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
12On 15 August 2023 Precinct sold 40 & 44 Bowen Street to Bowen Investment Limited Partnership for $240.0 million.
13On 5 June 2024 Precinct purchased 256 Queen Street for $9.0 million to develop a Purpose-Built Student Accommodation (PBSA) facility.
14On 24 June 2024 Precinct's contract to purchase Downtown Car Park, Auckland went unconditional. See Note 1.8 for more details.
Precinct Properties Group102

30 June 2024
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2023
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2024
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.3%6.1%87%3.5237.5(0.5)5.5-(19.5)223.0
HSBC TowerCBRE31,5925.4%5.6%99%5.3445.01.93.4-(10.3)440.0
Jarden HouseCBRE13,6815.8%5.9%100%3.3135.00.70.8-(6.5)130.0
Mason Bros.
6
N/AN/AN/AN/AN/AN/A58.0-(58.0)---
Commercial Bay RetailJLL17,2815.5%6.0%95%3.4353.0(1.4)1.8-(13.4)340.0
PwC Tower (Commercial Bay)JLL39,2365.1%5.4%100%7.4610.1(3.5)0.9-(2.4)605.1
Deloitte Centre
7
JLL14,5894.1%5.5%93%15.0---343.416.6360.0
Wellington
NTT TowerCBRE16,6266.0%6.8%97%3.9140.70.35.0-(12.2)133.8
No. 1 and 3 The TerraceBayleys18,6134.7%6.0%99%8.0137.5(0.3)--(9.2)128.0
No. 3 The Terrace
8
BayleysN/A6.1%0.0%0%0.013.5---(1.1)12.4
AON Centre - WgtnBayleys27,7276.3%6.5%95%4.7218.10.17.5-(17.5)208.2
Defence HouseColliers23,2554.3%5.5%100%12.5187.0(0.1)(0.1)-3.3190.1
Bowen House
9
Colliers14,2755.2%5.4%100%14.0---171.5(16.5)155.0
Other investment properties
10
Colliers6,0608.0%7.7%0%0.038.5(0.1)0.2-(2.6)36.0
Right-of-use assets
11
N/AN/AN/AN/AN/AN/A30.8-(3.5)-(1.5)25.8
Market value (fair value) of investment properties248,2895.3%5.8%97%6.62,604.7(2.9)(36.5)514.9(92.8)2,987.4
Investment properties held for sale
5
Bowen Campus Stage 2
12
N/AN/AN/AN/AN/AN/A240.0-(240.0)---
Market value (fair value) of investment properties held for sale240.0-(240.0)---
Development properties
5
Auckland
One Queen StreetJLLN/AN/AN/AN/AN/A258.025.759.7(343.4)--
256 Queen Street
13
N/AN/AN/AN/AN/AN/A--9.8--9.8
Downtown Car Park
14
N/AN/AN/AN/AN/AN/A--18.6--18.6
Wellington
Freyberg BuildingColliersN/AN/AN/AN/AN/A47.0(0.2)5.6-(16.4)36.0
Bowen House
9
N/AN/AN/AN/AN/AN/A160.11.210.2(171.5)--
61 Molesworth StreetColliersN/AN/AN/AN/AN/A58.4-74.4-4.0136.8
Market value (fair value) of development properties523.526.7178.3(514.9)(12.4)201.2
1Total weighted average by market value. Initial yields adjusted for rental voids/downtime to new lease commencement (if applicable).
2Total weighted average lease term is weighted by income.
3Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $25.1 million of capitalised interest. Disposals
relate to completed sales and unconditional contracts for sale at year-end.
4Transfers occur when a property is transferred to another category of property.
5All properties are categorised as level 3 in the fair value hierarchy.
6On 20 December 2023 Precinct sold Mason Bros. for $50.3 million.
7Previously known as One Queen Street.
8No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
9With the redevelopment project substantially complete the value was transferred from development properties to investment properties.
10Other investment properties are small value properties held for strategic purposes.
11Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
12On 15 August 2023 Precinct sold 40 & 44 Bowen Street to Bowen Investment Limited Partnership for $240.0 million.
13On 5 June 2024 Precinct purchased 256 Queen Street for $9.0 million to develop a Purpose-Built Student Accommodation (PBSA) facility.
14On 24 June 2024 Precinct's contract to purchase Downtown Car Park, Auckland went unconditional. See Note 1.8 for more details.
Building on Success103
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
Accounting policies
Investment properties
Initially, investment properties are measured at cost including transaction costs. Subsequent to initial recognition
investment properties are stated at fair value. Gains or losses arising from changes in the fair values of investment
properties are included in profit or loss in the year in which they arise.
Investment property held for sale
In accordance with NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, if the Group decides to
dispose of an asset or group of assets, it should be classified as held for sale if:
•the asset or group of assets is available for immediate sale in its present condition subject only to terms that are
usual and customary for sales of such assets;
•it is highly likely to be sold within one year.
Consequently, this asset or group of assets is shown separately as "assets held for sale" on the Consolidated
Statement of Financial Position. Investment properties held for sale continue to be measured at fair value with
assessment made as to whether the agreed selling price reflects fair value.
Development properties
Investment properties that are being constructed or developed for future use are classified as development
properties. All costs directly associated with the purchase and construction of a property and all subsequent capital
expenditure is capitalised. Subsequent to initial recognition development properties are stated at fair value. Gains
or losses arising from changes in the fair value of development properties are included in profit or loss in the year in
which they arise.
Valuation of investment and development properties
External, independent valuers, having appropriate recognised professional qualifications and recent experience in
the location and category of the property being valued, value Precinct’s investment property portfolio at least every
12 months. The fair values are based on market values, being the estimated amount for which a property could be
exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Right-of-use assets
For leases where Precinct is a lessee, a right-of-use asset is recognised at the commencement date of the lease,
being the date the underlying asset is available for use. Investment property is defined to include both owned
investment property and investment property held by a lessee as a right-of-use asset. Precinct therefore measures
all investment property using the same measurement basis, being the fair value model. The value of the right-of-
use assets represents the fair value of a freehold interest in the land subject to ground lease interests held by
Precinct. Investment property is adjusted for cashflows relating to lease liabilities already recognised separately in
the Consolidated Statement of Financial Position and also reflected in the investment property valuations.
Derecognition of investment properties
Investment properties are derecognised when they have been either sold or when the investment property is
permanently withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the
derecognition of an investment property are recognised in profit or loss in the year of derecognition.
Owner-occupied properties
Where a property becomes owner-occupied the property is transferred from investment or development properties
to property, plant and equipment. The cost for subsequent accounting for owner-occupied property is the property's
fair value at the date of change in use.
Precinct Properties Group
104

Fair value measurement, valuation techniques and inputs
Precinct’s properties were valued as at 30 June 2025 by independent registered valuers Colliers International, Bayleys, JLL
and CBRE.
The valuations are reviewed by Precinct and adopted as the carrying value in the financial statements. As part of this
process, Precinct's management verifies all major inputs to the valuations, assesses valuation movements since the previous
period and holds discussions with the independent valuers to assess the reasonableness of the valuations. Ultimately, PPNZ's
directors are responsible for reviewing and approving the investment property valuations.
During the year there were no transfers of investment or development properties between levels of the fair value hierarchy.
The valuation techniques used in measuring the fair value of investment property, as well as the significant unobservable
inputs used are as follows:
Class of propertyValuation techniques usedInputs used to measure fair value
CBD office and retailIncome capitalisation approach,
discounted cash flow analysis and
residual approach
- Office gross market rent per sqm
- Retail gross market rent per sqm
- Core capitalisation rate
- Discount rate
- Terminal capitalisation rate
- Rental growth rate per annum
- Profit and risk allowance
- Forecast development costs
A valuation is determined based on a range of unobservable inputs. These are unobservable as they are not freely
available or explicit in the marketplace but rather analysed from transactional data that has taken place in similar market
circumstances to that prevailing at the date of valuation.
Key unobservable inputs are the capitalisation rate, discount rate, gross market rental, rental growth rates, terminal
capitalisation rate and profit and risk allowance.
The table below sets out these key unobservable inputs and the ranges adopted by the valuers across Precinct's properties
together with the impact on fair value of a change in inputs.
Input used to measure fair value30 June 202530 June 2024Fair value movement sensitivity
Core capitalisation rate5.3% - 8.0%5.4% - 8.0%
The higher that capitalisation rates
and discount rate, the lower the
fair value.
Discount rate5.0% - 9.8%6.9% - 9.8%
Termination capitalisation rate5.5% - 8.3%5.6% - 8.3%
Profit and risk allowance2.5%8.0%
Office gross market rent per sqm$280 - $1,382$280 - $1,375
The higher the market rent and growth
rate, the higher the fair value.
Retail gross market rent per sqm$421 - $9,000$425 - $7,000
Rental growth rate per annum0.0% - 4.0%1.9% - 3.2%
Building on Success105
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
Valuations reflect, where appropriate:
•The type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation
after letting vacant accommodation, and the market’s general perception of their creditworthiness;
•The allocation of maintenance and insurance responsibilities between Precinct and the lessee; and
•The remaining economic life of the property.
•When rent reviews or lease renewals are pending with anticipated reversionary increases or decreases, it is assumed
that all notices and where appropriate counter-notices have been served validly and within the appropriate time.
The following table explains the key inputs used to measure fair value for investment properties.
Valuation methodologies
Income
capitalisation approach
Determines fair value by capitalising the net income at a capitalisation rate reflecting
the nature, location and tenancy profile of the asset. Subsequent near term capital
adjustments are then made which typically include letting-up allowances for vacancy and
pending expiries, capital expenditure allowances and under/over renting reversions.
Discounted cash flow analysisA financial modelling methodology assessing the long-term return that is likely to be
derived from an asset. Explicit assumptions are required for rental income growth, leasing
up metrics on expiries along with terminal value at the end of the cash flow period, typically
a 10 year horizon. A market-derived discount rate is then applied to the assessed cash flows
and discounted to a present value to determine fair value.
Sales comparison approachFair value is determined by applying positive and negative adjustments to recently
transacted assets of a similar nature.
Residual approachA methodology normally used for property which is undergoing, or is expected to undergo,
redevelopment. Fair value is determined by firstly calculating a gross realisation which
forecasts what a property is worth on completion and deducts all costs associated with the
development of the property. These costs typically include letting and sale costs, a market
required profit and risk margin, construction costs and finance costs.
Unobservable inputs within the income capitalisation approach
Gross market rentThe estimated rental amount which a tenancy within a property is expected to achieve
under a new arm’s length transaction including a share of the property operating expenses.
Core capitalisation rateThe income return produced by an investment expressed as a percentage of the capital
value. The capitalisation rate which is applied to a property’s net market income is
determined through analysis of comparable sales transactions.
Unobservable inputs within the discounted cash flow analysis
Discount rateThe rate of return used to convert a property’s future cash flows to present value. The
discount rate is determined through analysis of comparable sales.
Terminal capitalisation rateThe rate used to convert income into an indication of the anticipated value of the property
at the end of the cash flow period.
Rental growth rateThe growth rate applied to the market rental over the cash flow period.
Additional unobservable inputs within the residual approach
Profit and risk allowanceThe market level of return for a typical developer to receive on their outlay in order to
undertake the respective development having regard to the relative risks (e.g. leasing
progress, fixed price contract, programme/staging) of the project at that point in time.
Forecast development costsAll costs associated with the development of the property. These costs typically include
letting and sale costs, construction costs and finance costs.
Precinct Properties Group106

3.2 Capital commitments
Precinct has $164.8 million of capital commitments as at 30 June 2025 (2024: $228.4 million) relating to construction
contracts and property purchases still to be settled.
Precinct has $nil of capital commitments as at 30 June 2025 (2024: $8.2 million) relating to undrawn mezzanine loan facilities
provided. See Note 6.4 for more details.
3.3 Leases
Lease liabilities
Precinct has entered into ground leases (as lessee) and property leases (Precinct Flex as lessee). Ground leases have
remaining non-cancellable lease terms of between one and 33 years (2024: one and 34 years). Precinct Flex property leases
have remaining non-cancellable lease terms of between one and 8 years (2024: one and 9 years). A maturity of lease
liabilities is included in Note 6.8.
Amounts in $ millionsInvestment
properties
Flexible space2025 TotalInvestment
properties
Flexible Space2024 Total
Current1.33.85.11.23.95.1
Non-current24.820.245.026.124.050.1
Total lease liabilities26.124.050.127.327.955.2

Amounts in $ millionsInvestment
properties
Flexible spaceTotal
Balance at 1 July 202331.931.363.2
Additions---
Disposals(3.6)-(3.6)
Accretion of interest1.32.94.2
Payments(2.3)(6.3)(8.6)
Balance at 30 June 202427.327.955.2
Balance 1 July 202427.327.955.2
Additions---
Disposals---
Accretion of interest1.42.64.0
Payments(2.6)(6.5)(9.1)
Balance at 30 June 202526.124.050.1
Building on Success107
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
Right-of-use assets
Amounts in $ millionsInvestment
properties
Flexible space2025 TotalInvestment
properties
Flexible Space2024 Total
Total right-of-use assets24.0
1
17.041.025.821.046.8
1Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of
Financial Position.

Amounts in $ millionsInvestment
properties
Flexible spaceTotal
Balance at 1 July 202330.824.955.7
Additions---
Depreciation expense-(3.9)(3.9)
Fair value movement(1.5)-(1.5)
Disposals(3.5)-(3.5)
Balance at 30 June 202425.821.046.8
Balance 1 July 202425.821.046.8
Additions---
Depreciation expense-(4.1)(4.1)
Fair value movement(1.7)-(1.7)
Disposals---
Balance at 30 June 202524.116.941.0
Accounting policies
Leases
At contract inception Precinct assesses whether a contract is, or contains, a lease. Where a contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration it is considered
a lease.
Precinct as a lessee
Precinct applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets where IFRS 16 recognition exemptions are applied. Precinct recognises lease liabilities to
make lease payments and right-of-use assets representing the right to use the underlying assets.
Precinct Properties Group108

Right-of-use assets
Precinct recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of the lease liabilities recognised, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis
over the term certain life of the lease.
Lease liabilities
At the commencement date of the lease Precinct recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and
amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price
of a purchase option reasonably certain to be exercised by Precinct and payments of penalties for terminating the
lease if the lease term reflects Precinct exercising the option to terminate. Variable lease payments that do not
depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers
the payment occurs.
In calculating the present value of lease payments Precinct uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amounts of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments
resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment
of an option to purchase the underlying asset.
3.4
Operating lease commitments
Precinct has entered into investment property leases (as lessor) which have remaining non-cancellable lease terms of
between one and 18 years (2024: one and 19 years). Precinct has determined that it retains all the significant risks and
rewards of ownership of properties and has therefore classified the leases as operating leases.
Future minimum rental receivable under non-cancellable operating leases are as follows:
Amounts in $ millions30 June 202530 June 2024
Within one year201.2195.4
Between one and two years171.4180.7
Between two and three years154.6152.6
Between three and four years128.2138.6
Between four and five years109.8114.5
Later than five years277.3526.1
Total future rental receivables1,042.51,307.9
Building on Success109
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Chair and CEO
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Remuneration
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Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
4. GROUP STRUCTURE
4.1 Equity-accounted investments
Set out below are the associates and joint ventures of Precinct as at 30 June 2025. For those which, in the opinion of the
directors, are material to Precinct the key financial information has been disclosed. For associates or joint ventures which,
in the opinion of the directors, are individually immaterial to Precinct the key financial information has been aggregated
for disclosure.
Ownership structures
Amounts in $ millionsCountry ofOwnershipOwnership interestNature ofMeasurement
incorporation30 June 202530 June 2024relationshipmethod
Material equity-accounted investments
Precinct Pacific Investment Limited
Partnership (PPILP)
1
New ZealandUnits24.9%24.9%AssociateEquity
Bowen Investment Limited
Partnership (BILP)
2
New ZealandUnits0.0%20.0%AssociateEquity
Individually immaterial equity-accounted investments
Mahuhu Investment Limited
Partnership (MILP)
1
New ZealandUnits33.0%33.0%AssociateEquity
Tangihua Investment Limited
Partnership (TILP)
1
New ZealandUnits33.0%33.0%AssociateEquity
Precinct Properties Residential
Limited (PPRL)
3
New ZealandShares0.0%50.0%Joint
Venture
Equity
Westhaven Residential Limited
Partnership ("WRLP")
4
New ZealandUnits50.0%0.0%Joint
Venture
Equity
Westhaven Commercial Limited
Partnership ("WCLP")
4
New ZealandUnits24.9%0.0%AssociateEquity
1There has been no change in ownership interests during the period.
2Precinct sold its entire 20% interest in BILP during the period.
3Precinct purchased the remaining 50% ownership of PPRL during the period. See Note 4.2 for further details.
4Partnerships commenced during the period. See Note 1.8 for further details.
Equity-accounted investments
Amounts in $ millions30 June 202530 June 2024
Precinct Pacific Investment Limited Partnership (PPILP)79.060.4
Bowen Investment Limited Partnership (BILP)-50.0
Individually immaterial equity-accounted investments
1
59.720.7
Total equity-accounted investments138.7131.1
1Individually immaterial equity-accounted investments balance includes $21.1 million of investment into WCLP (2024: $nil), $22.1 million of
investment into WRLP (2024: $nil) and $16.5 million of other individually immaterial investments (2024: $20.7 million).
Precinct Properties Group110

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)
On 31 May 2025 Precinct sold its entire 20% equity interest in BILP, a previously equity-accounted associate. The sale
resulted in Precinct losing significant influence over BILP, and accordingly, the investment was derecognised. Precinct has no
remaining ownership interest or continuing involvement with the former associate.
The carrying amount of the investment at the date of sale was $50.7 million and the proceeds received were $48.6 million,
resulting in a loss on disposal of $2.1 million. The amount has been included in net realised gain / (loss) on disposal of
equity-accounted investments.
Mahuhu Investment Limited Partnership (MILP), Tangihua Investment Limited Partnership (TILP) and the Te Tōangaroa Joint
Venture (Te Tōangaroa)
Te Tōangaroa is a Joint Venture between Precinct, PAG and Ngāti Whātua Ōrākei to invest in the regeneration of the Te
Tōangaroa precinct in the Tāmaki Makaurau city centre. Precinct and PAG have invested in the Joint Venture through MILP
and TILP and Precinct's look-through investment in the Joint Venture through MILP is 16.8% and TILP is 19.0%.
Given the extent of Precinct's equity investment in MILP and TILP as at balance date of 33.0% respectively, the appointment
of Precinct Properties Management Limited (PPML) as manager of MILP, TILP and Te Tōangaroa, and that two of Precinct's
current executives are directors of the MILP and TILP General Partnerships, the Precinct board has concluded that Precinct
has "significant influence" over MILP and TILP. As such, Precinct's interest in both MILP and TILP has been treated as an
interest in an associate.
Precinct Properties Residential Limited ("PPRL")
Precinct Properties Residential Limited ("PPRL") is a multi-unit residential development business that was previously jointly
owned by Precinct and Lamont & Co. and is focussed on the delivery of high-quality multi-unit residential developments. On
1 July 2024, the remaining 50% interest in Precinct Properties Residential Limited was purchased bringing Precinct's ownership
to 100%.
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.
Building on Success
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Contents
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Overview
Chair and CEO
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FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
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 financial information of BILP is presented for the period from 1 July 2024 to the date of disposal on 31 May
2025. The statement of financial position reflects balances as at the disposal date, being the most recent available
financial information.
Summarised statement of comprehensive income
Amounts in $ millions30 June 202530 June 2024
PPILPBILP
1
OtherPPILPBILPOther
Net operating income22.412.78.917.911.95.8
Finance income0.20.1-0.10.3-
Finance expense(14.0)0.1(4.6)(11.0)0.1(2.2)
Other income / (expense)(1.5)(0.7)(0.5)(1.8)(0.6)(2.0)
Net change in fair value of investment and
development properties
31.06.3(1.8)(37.0)5.116.6
Net change in fair value of derivative
financial instruments
(7.2)-(0.7)(2.4)-(0.1)
Profit / (loss)
30.818.51.3(34.3)16.818.1
Other comprehensive income------
Total comprehensive profit / (loss)30.818.51.3(34.3)16.818.1
1For the period to 31 May 2025.
Precinct Properties Group112

Summarised statement of financial position
Amounts in $ millions30 June 202530 June 2024
PPILPBILP
1
OtherPPILPBILPOther
Assets
Current assets12.61.73.06.93.22.7
Investment properties668.6252.6271.1530.8246.478.8
Other non-current assets--0.7--0.6
Total assets681.2254.3274.8537.7249.682.1
Liabilities
Current liabilities5.10.73.8(1.2)0.33.9
Borrowings - non-current351.3-91.2295.7-28.6
Other non-current liabilities7.7-0.90.5-0.2
Total liabilities364.10.795.9295.00.332.7
Net assets317.1253.6178.9242.7249.349.4
1As of 31 May 2025.

Reconciliation to carrying amounts
Amounts in $ millionsPPILPBILPOther
Opening net assets - 1 July 2023231.9-(1.6)
Partners' contribution50.0241.532.9
Profit / (loss)(34.3)16.818.1
Other comprehensive income---
Distribution paid(4.9)(9.0)-
Closing net assets - 30 June 2024242.7249.349.4
Partners' contribution50.0-128.5
Acquisition of business--1.7
Profit / (loss)30.818.51.3
Other comprehensive income---
Distribution paid(6.4)(14.2)(2.0)
Closing net assets - 30 June 2025317.1253.6
1
178.9
1As of 31 May 2025.

Building on Success
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Contents
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Chair and CEO
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FY25 Results
Overview
Financial
Summary
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Corporate
Governance
Statutory
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Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
Amounts in $ millions30 June 202530 June 2024
TotalPPILPBILPOtherTotalPPILPBILPOther
Precinct's share in %24.9%0.0%-24.9%20.0%-
Share of net assets at
carrying percentage
138.779.0-59.7126.260.449.915.9
Goodwill----4.9--4.9
Closing
carrying amount
138.779.0-59.7131.160.449.920.8
Opening
carrying amount
131.160.449.920.861.857.7-4.1
Partners'
contribution / issue
of shares
55.512.5-43.071.712.548.310.9
Profit / (loss)11.87.73.60.50.6(8.6)3.45.8
Other comprehensive
income
--------
Distribution paid(4.9)(1.6)(2.8)(0.5)(3.0)(1.2)(1.8)-
Disposal of equity-
accounted
investments
(54.8)-(50.7)(4.1)----
Closing
carrying amount
138.779.0-59.7131.160.449.920.8
Precinct Properties Group114

Accounting policy
Interests in associates and joint ventures
Interests in associates and joint ventures are accounted for using the equity method and are stated in the
consolidated statement of financial position at cost, adjusted for the movement in Precinct's share of their net
assets and liabilities. Under this method, Precinct's share of the profits and losses after tax of associates and profit
and loss before tax of the joint ventures are included in Precinct profit before taxation. Adjustments to the carrying
amount are also made for Precinct's share of changes in the associates' and the joint venture's other comprehensive
income. When there has been a change recognised directly in the equity of the associate or joint venture, Precinct
recognises its share of any changes, when applicable, in the Consolidated Statement of Changes in Equity.
Under the equity method, gain or loss resulting from the transfer of investment properties to associates or joint
ventures in exchange for cash or shares is recognised only to the extent of the other investors' interest in the
associates or joint ventures, however when cash and shares are received, the portion of the gain or loss relating to
cash is recognised in full.
At each reporting date, Precinct assesses its equity-accounted investments to determine whether there is any
indication of impairment. If any such indication exists, then the investments' recoverable amount is estimated as a
single asset by comparing its recoverable amount with its carrying amount.
The recoverable amount is the greater of its value in use and its fair value less costs of disposal. Value in use
is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset or cash generating
unit. Fair value less costs of disposal is the price that would be received to sell an asset in an orderly transaction
between market participants at the measurement date, less the costs of disposal and includes a strategic premium
that is associated with collectively owning more than the sum of the individual shares.
If the carrying amount of an equity-accounted investment exceeds its recoverable amount, an impairment loss
is recognised in profit or loss and is applied to the carrying amount of the equity-accounted investment. Such
impairment loss is not allocated to the underlying assets that make up the carrying amount of the equity-accounted
investment. Impairment loss is subsequently reversed only to the extent that the recoverable amount of the
investment subsequently increases.
Building on Success
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Notes to the Financial Statements
For the year ended 30 June 2025
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.
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 equity-accounted investments in
the consolidated statement of comprehensive income.
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
1
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.
1The intangible assets that relate to management rights are amortised on a straight line basis over the period of 18 - 66 months representing the
period of these contract term, with a net book value of $6.3 million as of 30 June 2025 (2024: $nil).
Precinct Properties Group116

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 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 PPILP, BILP, Te Tōangaroa and WRLP. Under the various management agreements
PPML is entitled to receive management fees for services performed including asset management, building management,
development management and transaction fees.
The table below sets out transactions with a related party that took place:
30 June
2025
Amounts in $ millions
Fees charged during periodAmounts owing at period end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Asset management fee income2.1-2.1---
Development management fee income4.4-4.42.5-2.5
Building management fee income0.9-0.9---
Leasing fee income0.1-0.10.1-0.1
Acquisition and disposal fees------
Additional services fees------
Total management fee income7.5-7.52.6-2.6
Rent paid(2.8)-(2.8)---
Building on Success117
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Notes to the Financial Statements
For the year ended 30 June 2025
30 June 2024
Amounts in $ millions
Fees charged during periodAmounts owing at period end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Asset management fee income2.0-2.0---
Development management fee income2.2-2.2---
Building management fee income0.8-0.80.1-0.1
Leasing fee income0.3-0.30.3-0.3
Acquisition and disposal fees0.3-0.3---
Additional services fees-0.50.5-0.50.5
Total management fee income5.60.56.10.40.50.9
Rent paid(2.2)-(2.2)---
The following table details the transactions between PPNZ and other Precinct entities, which are eliminated on consolidation.
Amounts in $ millions
Amounts charged during periodAmounts owing at period end
30 June 202530 June 202430 June 202530 June 2024
Charged from PPIL to PPNZ
Asset management fee11.411.8--
Development management fee7.85.91.7-
Building management fee5.44.9--
Leasing fee1.81.00.71.0
Acquisition and disposal fees0.40.5-0.5
Additional services fees1.71.8-1.8
Total management fee income28.525.92.43.3
Charged from PPNZ to PPIL
Rental income2.83.21.13.6
Interest income3.53.416.412.9
Total charges6.36.617.516.5
There were expense recharges between PPNZ and other Precinct entities for items such as insurance premiums, directors
fees and travel where the transactions were not eliminated on consolidation. The total value of these recharges for the year
ended
30 June 2025 were $0.4 million (2024: $0.6 million) charged from PPIL to PPNZ and $2.8 million recharged from PPNZ
to PPIL (2024: $2.4 million).
Interest bearing loans exist between PPNZ and other Precinct entities. At 30 June 2025, interest bearing loans of $70.1 million
(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.
Precinct Properties Group
118

5. INVESTOR RETURNS
5.1 Earnings per share
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.
Amounts in $ millions unless otherwise stated30 June 202530 June 2024
Weighted average number of shares for both PPNZ and PPIL
Weighted average number of shares for basic earnings per share (millions)1,587.01,586.3
Weighted average number of shares for diluted earnings per share (millions)
1
1,597.71,593.9
PPNZ
Net profit after tax for basic and diluted earnings per share - PPNZ14.4(21.1)
Basic earnings per share (cents) - PPNZ0.91(1.33)
Diluted earnings per share (cents) - PPNZ0.90(1.33)
PPIL
Net profit after tax for basic and diluted earnings per share - PPIL(3.4)(1.0)
Basic earnings per share (cents) - PPIL(0.21)(0.1)
Diluted earnings per share (cents) - PPIL(0.21)(0.1)
Stapled entity
Net profit after tax for basic and diluted earnings per share - stapled entity11.0(22.1)
Basic earnings per share (cents) - stapled entity0.69(1.39)
Diluted earnings per share (cents) - stapled entity0.69(1.39)
1Effect of dilution relates to share rights under the long-term incentive scheme for key management personnel.
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Notes to the Financial Statements
For the year ended 30 June 2025
5.2 Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
AFFO is a non-GAAP financial measure that shows the organisation's underlying and recurring earnings from its operations
and is considered industry best practice for a REIT. This is determined by adjusting statutory net profit (under IFRS) for
certain non-cash and other items. AFFO has been determined based on guidelines established by the Property Council of
Australia and is intended as a supplementary measure of operating performance.
Amounts in $ millions unless otherwise stated30 June 202530 June 2024
Net profit / (loss) after income tax11.0(22.1)
Income tax (benefit) / expense(5.7)(1.2)
Total other (income) / expenses77.4127.2
Operating profit before income tax82.7103.9
Current tax benefit / (expense)7.72.4
Share-based payments scheme3.31.2
Convertible note option value amortisation1.61.2
IFRS 16 lease adjustments(9.1)(8.6)
Amortisations of incentives and leasing costs14.313.3
Straightline rents(1.1)(3.7)
Distributions from equity-accounted investment attributable to the period5.03.7
Adjust for one-off items8.31.1
Funds from operations (FFO)112.7114.5
Funds from operations per share (cents)7.107.22
Maintenance capex(2.6)(3.3)
Incentives and leasing costs(6.3)(5.0)
Adjusted funds from operations (AFFO)103.8106.2
Weighted average number of shares for net operating income per share (millions)1,587.01,586.3
Adjusted funds from operations per share (cents)6.546.69
Precinct Properties Group120

5.3 Dividends paid
Amounts in $ millions unless otherwise stated30 June 202530 June 2024
Payment DateCents per
share
TotalPayment DateCents per
share
Total
The following dividends were declared and
paid by PPNZ during the period:
Q4 2024 final dividend20-Sep-241.497523.822-Sep-231.675026.6
Q1 2025 interim dividend13-Dec-241.497523.815-Dec-231.497523.8
Q2 2025 interim dividend21-Mar-251.497523.822-Mar-241.497523.8
Q3 2025 interim dividend6-Jun-25
1.497523.8
7-Jun-24
1.497523.8
Total dividends paid - PPNZ
5.9995.26.167598.0
The following dividends were declared and
paid by PPIL during the period:
Q4 2024 final dividend20-Sep-240.19003.0N/AN/A
Q1 2025 interim dividend13-Dec-240.19003.015-Dec-230.19003.0
Q2 2025 interim dividend21-Mar-250.19003.022-Mar-240.19003.0
Q3 2025 interim dividend6-Jun-25
0.19003.0
7-Jun-24
0.19003.0
Total dividends paid - PPIL
0.760012.00.57009.0
Total dividends paid - Precinct6.7500107.26.7375107.0
Supplementary dividends of $114,505 were paid to PPIL shareholders not resident in New Zealand for which PPIL received a
foreign investor tax credit entitlement (2024: $91,711).
6.
CAPITAL STRUCTURE AND FUNDING
6.1 Interest bearing liabilities
Amounts in $ millions30 June 202530 June 2024
Bank loans848.2484.3
US private placement195.4260.7
NZ senior secured bonds400.0425.0
Convertible note150.0150.0
Total drawn debt1,593.61,320.0
US private placement - fair value adjustment21.723.0
Convertible note - embedded financial derivative and amortisation adjustment0.2(1.7)
Capitalised borrowing costs(5.2)(6.7)
Net interest bearing liabilities1,610.31,334.6
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Notes to the Financial Statements
For the year ended 30 June 2025
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
30 June
2025
30 June
2024
Bank loans
2
Amortised costNov-27180.0Floating
3
139.2-
Bank loansAmortised costJun-29200.0Floating
3
197.0125.0
Bank loansAmortised costJun-28300.0Floating
3
300.0300.0
Bank loansAmortised costNov-26200.0Floating
3
200.0-
Bank loansAmortised cost--59.3
Bank loansAmortised costDec-2668.0Floating
3
12.0-
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 value--65.3
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 debt1,693.41,593.61,320.0
Weighted average term to maturity2.8 years3.3 years
Weighted average interest rate before swaps (including funding costs)5.20%7.38%
1As at 30 June 2025.
2Term bank loan relating to the 61 Molesworth Street property.
3Interest 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 $1,693.4 million (2024: $1,703.7 million) including the NZ retail bonds, US private
placements and convertible notes.
All lenders (excluding convertible noteholders) have the benefit of security over certain assets of the Group. The Group has
given a negative pledge which provides that it will not permit any security interest in favour of a party other than the lenders
to exist over more than 15% of the value of substantially all of its properties. The value of the mortgaged property pool as at
30 June 2025 is $2,990.4 million (2024: $3,134.3 million).
The convertible note is subordinated to all secured debt and will convert into ordinary shares of Precinct subject to a Cash
Election. The cash election allows Precinct to elect to instead pay a cash amount to Noteholders at the end of the term.
The number of shares into which each holding of notes converts will be determined by dividing the Principal Amount ($1.00
per note) by the Conversion Price, which is the lesser of:
1. the Conversion Price Cap of $1.36 for PCTHB notes and $1.40 for PCTHC notes; and
2. the Market Price.
To substantially remove currency risk, US private placement proceeds have been fully swapped back to New
Zealand dollars.
Precinct Properties Group
122

Accounting policy
Interest bearing liabilities
Bank loans and the NZ retail bond are recognised initially at fair value less any attributable transaction costs.
Subsequent to initial recognition, these liabilities are stated at amortised cost using the effective interest method.
The US private placements are recognised at fair value including translation to NZD with any gains or losses
recognised in the profit or loss as they arise. This fair value is determined using swap models and present value
techniques with observable inputs such as interest rate and cross-currency curves. The movement in fair value
attributable to changes in Precinct's own credit risk is calculated by determining the changes in credit spreads
above observable market interest rates and is recognised in other comprehensive income. This measurement falls
into level 2 of the fair value hierarchy.
The convertible note embedded financial derivative is recognised at fair value with any gains or losses recognised
in the profit or loss as they arise. This fair value is determined using the black-scholes model with observable inputs
such as Precinct's share price and its historic standard deviation, the convertible note strike price and the risk free
rate. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised as part of the cost of that asset.
6.2
Net finance expense
Amounts in $ millions30 June 202530 June 2024
Finance income
Bank interest income0.71.7
Interest income on loan receivables
4.03.3
4.75.0
Finance expense
Interest bearing liabilities interest expense(87.0)
1
(71.2)
Capitalised interest
17.325.1
(69.7)(46.1)
Net finance expense(65.0)(41.1)
1Interest expense includes $8.1 million relating to the closeout of interest rate swaps (2024: $nil). These closeouts were triggered by the sale of the
remaining 20% minority interest in 40 and 44 Bowen Street ("BILP") and the conditional sale of the hotel at One Queen Street.
Building on Success123
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
6.3 Derivative financial instruments
Amounts in $ millions30 June 202530 June 2024
Financial derivative assets
Current1.010.1
Non current
1
22.334.0
23.344.1
Financial derivative liabilities
Current(1.3)(1.4)
Non current
(34.0)(24.0)
(35.3)(25.4)
Total fair value of derivative financial instruments(12.0)18.7
Notional contract cover (fixed payer)2,295.02,135.0
Notional contract cover (fixed receiver)465.0490.0
Notional contract cover (cross currency swaps - fixed receiver)195.5260.7
Percentage of net drawn borrowings fixed82.8%99.2%
Weighted average term to maturity (fixed payer)2.5 years2.9 years
Weighted average interest rate after swaps (including funding costs)5.22%5.38%
1This includes the cross currency interest rate swap valuation of $17.8 million (2024: $24.5 million) and a net credit value adjustment of $0.1 million
(2024: $0.1 million debit).

Amounts in $ millions30 June 202530 June 2024
Unrealised net gain / (loss) on financial instruments
Interest rate swaps(31.6)(7.3)
US private placement
1
12.33.2
Convertible note option
(0.3)2.9
Subtotal unrealised net gain / (loss) on financial instruments(19.6)(1.2)
Credit risk adjustments on financial liabilities designated at fair value through profit or loss(11.0)(9.4)
Total unrealised net gain / (loss) on financial instruments(30.6)(10.6)
1This is the net impact, excluding the credit risk adjustment, of the movement in value of the cross currency interest rate swap and the US private
placement notes.
Precinct Properties Group124

Accounting policy
Derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage its exposure to
interest rate and foreign exchange risks arising from operational, financing and investment activities.
Derivative financial instruments are recognised initially at fair value and subsequently re-measured and carried at
fair value. They are carried as assets when the fair value is positive and liabilities when the fair value is negative. The
gain or loss on re-measurement to fair value is recognised directly in profit or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap at the balance
date, taking into account current rates and creditworthiness of the swap counterparties. This is determined using
swap models and present value techniques with observable inputs such as interest rate and cross-currency curves.
The fair value of derivatives fall into level 2 of the fair value hierarchy.
6.4
Loan receivables
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon30 June
2025
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 fees4.11.1
Capitalised borrowing costs(0.2)(0.4)
Total net loan receivables38.926.4
1As at 30 June 2025.
2Precinct has legal title of the Amora Hotel property but due to sell back provision for accounting purposes this is treated as a loan receivable.
6.5 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are
fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the terms of the
constitution. PPNZ and PPIL shares are "stapled" and jointly listed on the NZX (Stapled Securities). Each of PPNZ and PPIL has
1,587,043,034 shares on issue as at 30 June 2025.
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.
Building on Success
125
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
The following table provides details of movements in Precinct's issued shares:
Amounts in $ millions unless otherwise stated
30 June 2025
30 June 2024
Number (m)AmountNumber (m)Amount
Balance at the beginning of the period1,586.41,622.81,585.91,622.0
Issue of shares:
Long term incentive plan - shares vested0.50.40.40.7
Employee share scheme - shares issued0.10.20.10.1
Balance at the end of the period1,587.01,623.41,586.41,622.8
Share capital is recognised at the fair value of the consideration received by Precinct. Costs relating to the issue of new
shares have been deducted from the proceeds received.
6.6
Reserves
Amounts in $ millions30 June 202530 June 2024
Credit risk adjustments on financial liabilities(14.1)(6.2)
Share option reserve3.22.7
Total reserves(10.9)(3.5)
Credit risk adjustments on financial liabilities
Opening balance(6.2)1.8
Movement in credit risk adjustments on financial liabilities designated at fair value through
profit or loss(11.0)(9.4)
Deferred tax on items transferred directly to / (from) equity3.11.4
Closing balance(14.1)(6.2)
Share option reserve
Opening balance2.72.2
Long-term incentive scheme expense2.12.0
Long-term incentive scheme vesting(0.5)(0.7)
Long-term incentive scheme lapsed(1.1)(0.8)
Closing balance3.22.7
Precinct Properties Group126

6.7 Capital management
The Group's capital includes ordinary shares, retained earnings and interest bearing liabilities. When managing capital,
management's objective is to ensure Precinct continues as a going concern as well as to maintain optimal returns to share
holders and benefits for other creditors. Management also aims to maintain a capital structure that ensures the lowest cost
of capital is available to Precinct.
Precinct meets its objectives for managing capital through its investment decisions on the acquisition and disposal of assets,
developments, dividend policy, share buy backs and issuance of new shares.
Certain of the Precinct’s bank loan facilities are subject to financial covenants. These include interest cover covenant and
a leverage covenant under which total liabilities (excluding deferred tax, derivative financial instruments and subordinated
debt) must not exceed 50% of total assets. In addition, secured debt must be no more than 50% of the value of the
mortgaged property pool. Covenants are assessed in accordance with the facility agreements (including at reporting dates),
and a breach could result in the facilities becoming repayable on demand and may affect the classification of related
borrowings as current. At 30 June 2025, Precinct complied with all covenant requirements and was also in compliance
throughout the comparative period.
Precinct’s policy in respect of capital management is reviewed regularly.
6.8
Financial risk management
In the normal course of business through the use of financial instruments, Precinct is exposed to interest rate risk, credit risk
and liquidity risk. The Precinct Boards agree and review policies for managing each of these risks.
Financial instruments held:
Amounts in $ millions unless
otherwise stated
30 June 2025
30 June 2024
At amortised
cost
Fair value
through profit
or lossTotal
At amortised
cost
Fair value
through profit
or lossTotal
Financial assets
Cash28.4-28.422.1-22.1
Debtors9.4-9.49.7-9.7
Loan receivables38.9-38.926.4-26.4
Derivative financial instruments-23.323.3-44.144.1
Total financial assets76.723.3100.058.244.1102.3
Financial liabilities
Other current liabilities3.3-3.34.6-4.6
Interest bearing liabilities1,393.2217.11,610.31,050.9283.71,334.6
Derivative financial instruments-35.335.3-25.425.4
Total financial liabilities1,396.5252.41,648.91,055.5309.11,364.6
Building on Success127
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Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
a) Interest rate risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance, future cash flows or
the fair value of its financial instruments.
Precinct’s policy is to manage its interest rates using a mix of fixed and variable rate debt. Precinct’s policy is to keep at
least 60% (based on a one year horizon) of its interest bearing liabilities at fixed rates of interest. To manage this mix Precinct
enters into interest rate swaps, in which Precinct agrees to exchange, at specified intervals, the difference between fixed and
variable rates for interest calculated by reference to an agreed-upon notional principal amount. These swaps are designed
to economically hedge underlying debt obligations.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on interest bearing
liabilities, after the impact of hedging with all other variables held constant.
Amounts in $ millions30 June 202530 June 2024
Effect on profit
or equity
Effect on profit
or equity
25 basis point increase(1.1)(0.8)
25 basis point decrease1.10.8
b) Credit risk
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause
the Group to incur a financial loss. Financial instruments which subject Precinct to credit risk principally consist of cash,
debtors, loan receivables and derivative financial instruments in an asset position. Precinct’s exposure to credit risk is equal
to the carrying value of the financial instruments.
Precinct conducts credit assessments to determine credit worthiness prior to entering into lease agreements. In addition,
debtor and loan balances are monitored on an ongoing basis with the result that Precinct’s exposure to bad debts is not
significant. No loan balances are past due.
There is no significant concentration of credit risk as financial assets are spread amongst a number of counterparties.
Precinct Properties Group
128

c) Liquidity risk
Liquidity risk is the risk that Precinct will experience difficulty in either realising assets or otherwise raising sufficient funds to
satisfy commitments associated with financial liabilities.
Precinct monitors and evaluates liquidity requirements on an ongoing basis and generates sufficient cash flows from its
operating activities to meet its obligations arising from its financial liabilities and has bank facilities available to cover
potential shortfalls. The Group’s approach to managing liquidity risk is to ensure it will always have sufficient liquidity
to meet its obligations when they fall due under both normal and stress conditions. The Group manages liquidity by
maintaining adequate committed credit facilities and spreading maturities in accordance with internal policy.
The tables below analyse Precinct’s financial liabilities (principal and interest) and net cash flows of derivative financial
instruments into relevant contracted maturity periods.
Amounts in $ millions unless otherwise stated
Carrying
amount0 - 1 year1 - 2 years2 - 5 years> 5 years
Total
contractual
cash flows
30 June 2025
Interest bearing liabilities1,610.366.2519.51,164.146.71,796.5
Net derivative financial instruments12.05.712.120.73.542.0
Lease liabilities50.18.68.021.332.570.4
Other current liabilities3.33.3---3.3
Total1,675.783.8539.61,206.182.71,912.2
30 June 2024
Interest bearing liabilities1,334.6199.530.5900.8167.31,298.1
Net derivative financial instruments(18.7)21.821.567.521.0131.8
Lease liabilities55.25.15.116.228.855.2
Other current liabilities4.64.6---4.6
Total1,375.7231.057.1984.5217.11,489.7
Precinct has netting arrangements in place under its facility agreement and its hedging arrangements. Under its facility
agreement, Finance Parties can only set off credit balances against amounts due and payable while an event of default
or potential event of default is continuing. Under its hedging arrangements, netting occurs under the terms of the ISDA
Agreements to amounts that would be payable on the same day between the counterparties in the same currency and in
respect of the same transaction (or in some instances, same type of transaction) and may also occur on early termination or
an event of default.
Accounting policy
Derecognition of financial instruments
Financial assets are derecognised when the right to receive cash flows from the financial asset has expired or when
the entity transfers substantially all the risks and rewards of the financial asset. If the entity neither retains nor
transfers substantially all of the risks and rewards, it derecognises the asset if it has transferred control of the asset.
Financial liabilities are derecognised when the obligation has expired or been transferred.
Building on Success129
Contents
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Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
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Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
7. TAXATION
7.1 Income tax
Amounts in $ millions30 June 2025
30 June 2024
Current tax benefit / (expense)7.72.4
Depreciation recovered on sale(0.5)(1.2)
Deferred tax benefit / (expense)(1.5)-
Income tax benefit / (expense) as per consolidated statement of comprehensive income5.71.2
Amounts in $ millions
30 June 202530 June 2024
Net profit / (loss) before taxation5.3(23.3)
Tax benefit / (expense) at the statutory income tax rate of 28.0%(1.5)6.5
(Increase) / decrease in income tax due to:
Unrealised (gain) / loss on value of investment and development properties(7.3)(29.0)
Net realised (gain) / loss on sale of investment & development properties(6.8)(3.1)
Unrealised (gain) / loss on financial instruments(5.5)(0.3)
Disposal of depreciable assets0.7-
Capitalised interest4.87.0
Prior period adjustments1.11.1
Other adjustments3.50.6
Depreciation14.417.1
Deductible capital expenditure0.20.2
Tax impacts of equity-accounted investments4.12.3
Current tax benefit / (expense)7.72.4
Depreciation recovered on sale of depreciable assets(0.5)(1.2)
Deferred tax charged to profit or loss:
Fair value of financial instruments5.72.6
Investment property depreciation(5.6)(1.9)
Other deferred tax(1.6)(0.7)
Total deferred tax benefit / (expense)(1.5)-
Total income tax benefit / (expense)5.71.2
Effective tax rate-108%5%
Precinct holds its properties on capital account for income tax purposes.
The group has tax losses of $243.0 million available to carry forward as at 30 June 2025 (2024: $223.4 million).
Precinct Properties Group
130

Imputation credits available for use as at 30 June 2025 are $nil (PPNZ) and $653,657 (PPIL) (2024: $nil (PPNZ) and
$150,625 (PPIL)).
Accounting policy
Income tax
a) Recognition and measurement
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
b) Key estimates and assumptions
Precinct undertakes transactions in the ordinary course of business where the income tax treatment requires the
exercise of judgement. Precinct estimates the amount expected to be paid to / recovered from tax authorities based
on its understanding and interpretation of the law, seeking external advice where appropriate, and considers that
it holds appropriate provisions. Uncertain tax positions are presented as current or deferred tax assets or liabilities
with reference to the nature of the underlying uncertainty based on management's determination of the likelihood
that uncertain tax positions will be accepted by the tax authorities.
Precinct applies judgement in evaluating whether the proceeds of sale of properties are on capital or revenue
account for income tax purposes.
7.2
Deferred tax
Amounts in $ millions
30 June 202530 June 2024
Deferred tax asset - tax losses77.267.0
Deferred tax asset / (liability) - fair value of financial instruments10.01.3
Deferred tax asset - share based payments1.61.2
Deferred tax liability - intangible assets on acquisition(2.1)(0.4)
Deferred tax asset - lease liabilities14.115.5
Deferred tax liability - right-of-use assets(4.8)(5.9)
Deferred tax liability - depreciation(81.7)(76.2)
Net deferred tax asset / (liability)14.32.5
Deferred tax assets
Precinct has recognised deferred tax assets relating to the fair value of financial instruments, share-based payments,
accumulated tax losses of the group and lease liabilities.
Deferred tax liabilities
Precinct has recognised deferred tax liabilities relating to the depreciation claw-back which would arise on the sale of
investment properties at carrying value.
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Chair and CEO
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FY25 Results
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Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
In estimating this deferred tax liability, Precinct has relied on independent valuers' assessments of the market value
of the land and improvements. For 30 June 2025, Precinct has then relied on insurance replacement cost reports to
split the value of improvements (being the building structure and the fixtures and fittings), identified in the independent
valuer's assessments.
Accounting policy
Deferred tax
Deferred tax is recognised using the balance sheet method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and
are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the
carrying amounts of investment property will be recovered through sale.
8.
OTHER
8.1 Employment and administration expenses
Amounts in $ millions
30 June 202530 June 2024
Salaries and other short-term benefits19.016.0
Long-term benefits expense3.31.2
Less: management expenses recognised in direct operating expenses(6.3)(5.8)
Less: management expenses capitalised to properties being developed(8.8)(8.8)
Less: management fees capitalised to properties held for sale(2.0)-
Less: management expenses recognised in equity-accounted investment transaction costs(0.9)-
Other employment and administration expenses3.43.1
Total employment and administration expenses7.75.7
8.2 Corporate overhead expenses
Amounts in $ millions
30 June 202530 June 2024
Audit fees0.40.4
Directors' fees and expenses1.61.5
Other
1
2.63.6
Total corporate overhead expenses4.65.5
1Other includes valuation fees, NZX listing fees, share registry costs, annual report publication and property investigations and feasibility costs.
Precinct Properties Group132

Auditors remuneration comprises:
Amounts in $ thousands
30 June 202530 June 2024
Audit or review of the financial statements
1
Annual financial statements audit engagement372.0353.6
Interim financial statements review engagement34.033.0
Audit or review related services
1
Operating expense statement review
2
35.035.0
Other assurance services and other engagements
1
Climate-related disclosure pre-assessment and gap assessment
3
110.0-
Green bond assurance28.034.7
Total auditors remuneration579.0456.3
1All services provided by the Auditor are assurance engagements except for Climate-related disclosure pre-assessment and gap assessment,
which is a non-assurance engagement.
2Operating expense statement review costs are included within property direct operating expenses rather than corporate overhead expenses.
3The focus of the pre-assessment was key disclosure areas, specifically metrics/KPIs, transition planning and Scope 3 emissions.
8.3 Key management personnel
Amounts in $ millions
30 June 202530 June 2024
Directors' fees
1
0.90.9
Executive team remuneration
2
5.95.4
Total key management personnel expenses6.86.3
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.
Building on Success133
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Chair and CEO
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FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Notes to the Financial Statements
For the year ended 30 June 2025
8.4 Share-based payments
a) Description of share-based payments arrangements
Precinct operates a long-term incentive scheme (‘scheme’) for key management personnel and senior executives. Under
this scheme, share rights are granted which entitles participants to receive ordinary shares in Precinct upon vesting. These
share rights typically vest over a period of 36 months. Vesting of share rights are subject to achieving service and/or
performance conditions and is classified as equity-settled. These are at-risk payments designed to align the reward for
senior management personnel and senior executives with the enhancement of shareholder value over a multi-year period.
The key terms and conditions related to the grants under this scheme are as follows:
Restricted share rights (granted to
senior management personnel and
senior executives)
Vest over service periods of 36-39 months provided the participant remains employed
by Precinct.
Performance share rights (granted
to senior executives)
Vest over 36 months (assessment period) if the related performance hurdle is met and
participant remains employed by Precinct. These will vest as follows:
Absolute TSR rights (one-third of performance share rights)
If Precinct's TSR exceeds a specified annualised compounding rate.
Relative TSR rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's TSR
relative to the TSR of property group comprising other listed property issuers.
FFO growth rights (one-third of performance share rights)
Over the assessment period on a progressive vesting scale based on Precinct's FFO
growth per share relative to CPI growth rate.
TSR - Total shareholder's return; FFO - Funds from operations
On vesting date, subject to meeting the service and performance conditions as above, each share right converts to one
ordinary share. Key management personnel and senior executives are liable for tax on the shares received at this point.
b) Reconciliation of outstanding share rights
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options
during the year.
30 June 202530 June 2024
Number in millions
NumberWAEP
1
NumberWAEP
1
Outstanding at 1 July7.5$0.856.4$0.88
Exercised during the year(0.8)
2
$1.20(0.6)
3
$1.12
Lapsed during the year(1.8)$0.00(1.4)$0.00
Granted during the year3.2$0.533.1$0.46
Outstanding at 30 June8.1$0.887.5$0.85
1Weighted average exercise price is the average exercise price for the group of share rights transactions weighted by the shares in
each transaction.
2Share rights vested 30 June 2025 with shares issued on 1 July 2025.
3Share rights vested 30 June 2024 with shares issued on 1 July 2024.
The weighted average remaining contractual life for share rights outstanding at 30 June 2025 is 1.6 years (2024: 1.8 years).
Precinct Properties Group
134

c) Fair value measurement of share rights
The fair value of the employee share rights awarded has been measured using a binomial model and Monte Carlo
simulation. Service and non-market performance conditions attached to the arrangements were not taken into account
in measuring fair value.
The inputs used in the measurement of fair values at grant date of the award share rights were as follows:
Grant date
14 April 2023
Grant date 1 July 2023
Restricted
share rights
Restricted
share rights
Absolute
TSR Rights
Relative
TSR Rights
FFO Growth
Fair value ($)1.2551.2560.5100.6300.275
Share price ($)1.2801.2901.2901.2901.290
Expected volatility (%)N/AN/A19.5019.5019.50
Expected life4 yrs3 yrs3 yrs3 yrs3 yrs
Risk free rate (%)N/AN/A5.055.055.05
Grant date 1 July 2024
Absolute
TSR Rights
Relative
TSR Rights
FFO Growth
Fair value ($)0.4200.5500.950
Share price ($)1.1401.1401.140
Expected volatility (%)20.1020.1020.10
Expected life3 yrs3 yrs3 yrs
Risk free rate (%)4.734.734.73
Expected volatility has been based on an evaluation of the historical volatility of the Precinct’s share price, particularly over
the historical period commensurate with the expected term. The expected term of the share rights has been based on
historical experience and general option holder behaviour. The risk-free rate reflects the interpolated rate for the vesting
period based on data sourced from the Reserve Bank of New Zealand.
The management expense relating to the LTI scheme for the year ended 30 June 2025 is $1.0 million (2024: $1.2 million) with
a corresponding increase in the share-based payments reserve. The unamortised fair value of the remaining share rights at
30 June 2025 is $2.6 million (2024: $3.1 million).
Building on Success
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Chair and CEO
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FY25 Results
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Statutory
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Remuneration
Report
Sustainability
Report
The Numbers
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Notes to the Financial Statements
For the year ended 30 June 2025
Accounting policy
Share-based payment arrangements
a) Recognition and measurement
The grant-date fair value of share-based payment arrangements granted to employees is generally recognised
as an expense, with a corresponding increase in equity, over the vesting periods of the awards. The amount
recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
performance conditions are expected to be met, such that the amount ultimately recognised is based on the
number of awards that meet the related service and non-market performance conditions at the vesting date. For
share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is
measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
b) Key estimates and assumptions
It has been assumed that the key management personnel and senior executives will remain employed with Precinct
on each of the vesting dates and that the non-market performance conditions will be met.
8.5
Reconciliation of Net Profit after Taxation with Cash Inflow from Operating Activities
Amounts in $ millions30 June 202530 June 2024
Net profit after taxation11.0(22.1)
Add / (less) non-cash items and non-operating items
Unrealised net (gain) / loss in value of investment and development properties27.6105.2
Unrealised net (gain) / loss on financial instruments19.61.2
Net realised (gain) / loss on sale of investment properties24.210.6
Net realised (gain) / loss on disposal of equity-accounted investments(0.6)-
Deferred tax (benefit) / expense1.5-
Amortisation of leasing costs and incentives13.112.2
Share of (loss) / profit in equity-accounted investments(11.8)(3.0)
Deferred tax expense(1.8)(1.8)
Movement in working capital
Increase / (decrease) in creditors7.3(19.6)
Income tax payable(2.1)(0.3)
(Increase) / decrease in debtors(1.2)(2.8)
Net cash inflow / (outflow) from operating activities86.879.6
Precinct Properties Group136

8.6 Debtors and other current assets
Amounts in $ millions30 June 202530 June 2024
Trade receivables9.810.9
Less Allowance for expected credit losses on trade receivables
(0.7)(1.2)
Net trade receivables9.19.7
Receivables from related parties0.20.1
Other receivables
-12.7
Total debtor and other receivables (excluding prepayments)9.322.5
Prepayments14.815.9
Total debtor and other receivables24.138.4
8.7 Trade and other payables
Amounts in $ millions30 June 202530 June 2024
Trade creditors3.34.6
Accrued capital expenditure11.79.5
Retention accruals5.66.5
Accrued other expenses22.922.8
Accrued interest8.17.2
Rent received in advance5.24.3
Total other accruals and payables56.854.9
8.8 Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 30 June 2025 (2024: $nil).
b) Contingent assets
There are no contingent assets as at 30 June 2025 (2024: $nil).
8.9
Events after balance date
On 26 August 2025, Precinct secured a refinance of $268 million in bank loans maturing in 2026 with $275 million in bank
loans with maturity in 2030. Additionally, Precinct secured a further $75 million of bank liquidity facilities.
On 26 August 2025, the PPNZ and PPIL Boards approved the financial statements for issue.
On 26 August 2025, the Board of PPNZ approved the payment of a dividend of 1.4975 cents per share to be paid on
19 September 2025.
On 26 August 2025, the Board of PPIL approved the payment of a dividend of 0.1900 cents per share to be paid on
19 September 2025.
Building on Success
137
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

EY
Building a better
working world
Independent Auditor's report to the shareholders of Precinct Properties New Zealand Limited and
Precinct Properties Investments Limited
Opinion
We have audited the financial statements of Precinct Properties New Zealand Limited ("PPNZ") and its subsidiaries and
Precinct Properties Investments Limited ("PPIL") and its subsidiaries (together the “Group”) on pages
89 to 137, which
comprise the consolidated statement of financial position of the Group as at 30 June 2025, and the consolidated statement
of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for
the year then ended of the Group, and the notes to the consolidated financial statements including material accounting
policy information.
In our opinion, the consolidated financial statements on pages 89 to 137 present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2025 and its consolidated financial performance and cash flows
for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and
International Financial Reporting Standards.
This report is made solely to the shareholders of PPNZ and PPIL, as a body. Our audit has been undertaken so that we might
state to the Group's shareholders those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PPNZ, PPIL
and their shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of
our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand
Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Ernst & Young provides other assurance and non-assurance related services to the Group. Ernst & Young leases office space
from the Group. Partners and employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. We have no other relationship with, or interest in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the financial statements section
of the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion
on the accompanying consolidated financial statements.
A member firm of Ernst & Young Global Limited
Precinct Properties Group138

EY
Building a better
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Investment and Development Property Valuations
Why significantHow our audit addressed the key audit matter
The Group’s investment and development properties
have assessed fair values of $2,803.7 million and
$334.9 million respectively and account for 85% of the
Group’s total assets.
The Group engaged third party registered valuers
to determine the fair value of each investment and
development property at 30 June 2025.
The property valuations require the use of judgments
specific to the properties, as well as consideration of
the prevailing market conditions. Significant assumptions
used in the valuations are inherently subjective and a
small difference in any one of the key assumptions, when
aggregated, could result in a significant change to the
property valuations. As a result, we consider the valuation
of investment and development properties and the related
disclosures in the financial statements to be significant to
our audit.
For investment and development properties key
assumptions are made in respect of:
•forecast market rent and rental growth rates; and
•estimated capitalisation or discount rates.
For development properties, which are valued using the
residual approach, additional key assumptions are made
in respect of:
•forecast development costs; and
•profit and risk allowance.
Disclosures relating to investment and development
properties and the associated significant judgments
are included in Note 3.1 ‘Investment and Development
Properties’ to the consolidated financial statements.
Our audit procedures included the following:
•Held discussions with management to understand:
–Changes in the condition of each property; and
–The impact market conditions had on the
Group’s investment and development properties.
•On a sample basis we:
–Evaluated the Group’s internal review of the
third-party valuation reports.
–Involved our real estate valuation specialists
to assist with our assessment of whether
significant valuation assumptions fell within
reasonable ranges and the valuation
methodologies adopted were appropriate.
–Assessed key inputs supplied to the third-party
valuers by the Group, including comparing the
tenancy schedule and specific provisions in the
lease agreements to the underlying records held
by the Group.
–Assessed the significant assumptions applied
by the third-party valuers for reasonableness
considering previous period assumptions, the
changing state of the properties and other
market changes.
–Assessed the competence, capabilities and
objectivity of the third-party valuers.
–Agreed the carrying value of each property to
the relevant third-party valuation report.
•Considered the adequacy of the disclosures in relation
to investment and development properties.
A member firm of Ernst & Young Global Limited
Building on Success139
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
139

EY
Building a better
working world
Information other than the financial statements and auditor’s report
The directors of the PPNZ and PPIL are responsible for the annual report, which includes information other than the
consolidated financial statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or
our knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Directors' responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated
financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and
International Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/
audit-report-1/. This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Susan Jones.
Chartered Accountants
Auckland
26 August 2025
A member firm of Ernst & Young Global Limited
Precinct Properties Group140

Directory
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
Alison Barrass
Nicola Greer
Christopher Judd
Chris Meads
Mark Tume

Precinct Executive Team
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Emma de Vries, GM - People & Culture
Richard Hilder, Chief Financial Officer
Nicola McArthur, GM - Marketing, Communications & Experience
Anthony Randell, GM - Property
Louise Rooney, General Counsel & Company Secretary
Tim Woods, GM - Development
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.
Building on Success
141
Contents
FY25 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY25 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

precinct.co.nz
2025 Annual Report

---

FY25 Annual Result
27 August 2025
Replace photo with
non-construction

Precinct Properties – FY25 Annual Result2
Agenda
Section 1: Highlights and key themes
Section 2: Business overview
Section 3: Financial performance
Section 4: Capital partnering and investment update
Section 5: Portfolio update
Section 6: Development update
Section 7: Summary
Appendices

FY25 operational highlights
3
Financial performance
•$150.3 million Funds from
Operations (FFO) from directly
held investment portfolio, up
3.7% on prior comparable
period (pcp)
•$152.3 million Operating Profit
before indirect expenses and
income tax, up 1.2% on pcp
•6.54 cps Adjusted Funds from
Operations (AFFO, FY24: 6.69
cps), reflecting the removal of
depreciation on building
structures as a tax deduction
•Operational reset of Precinct
Flex (ex Generator) and decision
to exit CBHL to better align with
long-term growth objectives
Operational excellence
•97% portfolio occupancy
•6.0 years WALT
•Continued strength in premium
office market, with a 17.2% spread
on office lease deals
•Signs of momentum building in
the office occupier market, with
over 12,400sqm of lease deals
completed in H2, ahead of
6,451sqm completed H1
•Strong result for Commercial Bay
retail with MAT up 3.7% and FFO
up 8.3% on prior year
•Concluded the final stage of the
Wynyard Quarter Innovation
Precinct with completion of Beca
House
Active capital management
•Strategic exit of the
InterContinental Auckland hotel
at One Queen Street for $180
million, with settlement
expected in H1 FY26 following
subdivision
•Settlement of 40 and 44 Bowen
Street provides a return of
capital from Precinct’s 20%
interest in the investment
partnership
•Repaid $165m of maturing retail
bonds and USPP notes
•New $75 million five-year
wholesale bond issued
•Post balance date, refinanced
bank facilities maturing in 2026
with a new $275 million 5-year
facility and a secured a $75
million liquidity facility
Precinct Properties – FY25 Annual Result

Highlights – Strategic execution
Precinct Properties – FY25 Annual Result4
Living Sector – Student Accommodation
Commitment to deliver NZ’s largest student
accommodation facility for the University of
Auckland at 22 Stanley Street in Carlaw Park.
Formation of a new strategic real estate investment
partnership with Keppel, a Singapore-based
institutional investor.
Precinct continues to progress opportunities
including the 256 Queen Street development, with
resource consent now received and procurement
advanced.
Living Sector – Residential build-to -sell
Pipeline established with the acquisition and launch
of Pillars, St Mary’s Bay, for a new boutique
apartment development.
Resource consent granted for both Pillars and
Dominion & Valley.
Precinct’s commitment to these projects will be
subject to securing satisfactory presales, funding
and acceptable procurement outcomes.
Active capital recycling and partnerships
Precinct is seeking to establish a capital partnership
for the PwC Tower, Auckland’s best Premium office
building.
Strategic recycling of capital completed in the
period from the successful exit of 40 and 44 Bowen
Street, Wellington (BILP) and the conditional sale of
the InterContinental Auckland hotel in Commercial
Bay.
Artist’s impression: 22 Stanley Street PBSA
Artist’s impression: Pillars, St Mary’s Bay

Key themes
Precinct Properties – FY25 Annual Result5
Economy
•Economic recovery underway after a period of
protracted weakness
•Precinct well placed to benefit from economic
recovery, with lower interest rates expected to
underpin investment market and business
confidence
•Residential sales volumes have been steadily
increasing since early 2024, now above pre-
Covid levels in Auckland, with lower interest
rates expected to underpin price recovery
Office occupier market
•Occupier demand for premium office in
Auckland remaining elevated
•Precinct’s premium offices continue to
outperform in terms of occupancy and rental
growth
•Auckland has the lowest premium office
vacancy rate in Australasia and Wellington
prime grade office remains tight
Construction sector
•Ongoing weak construction demand with spare
capacity in the sector leading to continued
easing in cost inflation
•Building firms are experiencing pressures on
profitability and are lacking confidence in the
near-term outlook
1
•Recently announced government-funded
infrastructure pipeline may begin to restore
some confidence
Investment conditions
•Valuations now stabilised with cap rates
expanding by 100 bps peak to trough
2
•Transaction volumes now growing, with yield
spreads again positive for all assets types
including premium office
•Global confidence in office is recovering,
particularly for premium assets in strong
markets.
Note 1: NZIER Quarterly Survey of Business Opinion
Note 2: Precinct’s investment portfolio cap rate movement Jun-21 to Jun-25
0
5
10
15
20
Vacnancy (%)
Australasian CBD office vacancy rates
PremiumPrime
Source: JLL

Business overview
Precinct Properties – FY25 Annual Result6

Our business
We create vibrant,
mixed-use precincts
that deliver premium
experiences for the
people who live, visit
or come to work in
our spaces
Precinct is a specialist real
estate investment company
and the largest owner of
commercial real estate in
Auckland and Wellington.
Investment management and
creating value for our clients,
partners and shareholders,
continues to be a priority for
the business.
Precinct Properties – FY25 Annual Result7
Own and invest
Through our concentrated ownership in
strategic locations, Precinct has
successfully evolved its business structure
since 2021, through internalisation, stapling
and expansion of its investible universe.
Develop
Precinct has a proven track record of
developing world-class real estate. We
deliver projects with people-centric
outcomes in mind and premium property
solutions.
Since 2017, Precinct has developed over
$2.6 billion in premium-grade real estate.
Manage
We are trusted managers of real estate,
investment funds and operating
businesses.
Partner
With a focus on value–add opportunities,
we are an attractive local partner to global
capital with a strong track record in
execution and a growing reputation as a
capable, professional and aligned capital
partner.

Delivering on strategy
Precinct Properties – FY25 Annual Result8
Pillar 2: Developments
Since 2015, Precinct has maintained an average
annualised development pipeline of around $1 billion
and has successfully delivered over $2.6 billion in
projects.
Over this time, Precinct’s capital requirement has
reduced through the introduction of capital partners.
The value of committed projects is currently $1 billion
and Precinct has a pipeline of over $3.7 billion including
Downtown Car Park.
Pillar 3: Capital Partnering
Investing in value-add opportunities alongside capital
partners leverages Precinct’s expertise in repositioning,
releasing and realising value, delivering a higher return
on invested capital through a moderate risk profile.
Precinct has a target of allocating around 20% of its
capital to investment partnerships across the living and
commercial sectors.
“Leverage our strategic pillars to create
vibrant, mixed-use precincts that provide
quality experiences for the people who
live, visit or come to work in our spaces,
while delivering long-term value to
shareholders.”
Pillar 1: Core Investment
Precinct’s core investment portfolio continues to stay
resilient amid challenging economic conditions.
While occupancy has reduced over the year, pleasing
progress has been made in H2 with deals completed in
the year 5.3% above valuation market rents.
Core Investment metricsJun-25Jun-24Change
Occupancy97% 98% -1 pp
WALT6.0 yrs6.6 yrs -0.6 yrs
Weighting to Auckland71%71%-
Lease deals vs. val rents+5.3%+4.5%+0.8 pp
Uplift from rent reviews+4.3%+3.4%+0.9 pp
Over / (under) renting(7%)(11%)+4 pp
$1.1 b
$1.5 b
$0.8 b
$0.3 b
$0.7 b
$0.5 b
$1.0 b
$1.5 b
FY16
(Commercial Bay)
FY19
(Peak Pipeline)
FY21
(Internalisation)
FY25
Precinct ExposureThird Parties
Committed gross development value, weighted by
ownership
Note 1: Total capital of $3.2bn ($1.6bn share capital plus $1.6bn drawn debt)
Target
(outer)
Capital allocation
1
Directly ownedManaged
Current
(inner)

Financial
performance
Precinct Properties – FY25 Annual Result9

Financial overview
Precinct Properties – FY25 Annual Result10
Operating profit before indirect expenses and
income tax
$152.3m
up $1.8m on prior year
Total comprehensive income after tax
attributable to equity holders
$3.1m
up $33.2m on prior year
Net property income before transactions and
developments
$137.1m
up $1.0m on prior period
Disposal of assets and investment securities
$272m
New bank facilities and wholesale green bond
(incl. post balance date refinancing)
$605m
Net tangible assets (NTA)
per security as at 30 June 2025
$1.21
down $0.04 since
December 2024

Breakdown of operating income
11
•+3.7% investment portfolio FFO
•Auckland office FFO up 4.4%, or up 2.5% on a like-for-like basis adjusting for
occupancy movements and surrender payments
•Wellington office holding up well despite changing market. Strong uplift in
underlying income, up 6.1% on a like-for-like occupancy basis
•Solid result for Commercial Bay Retail, up $1.3m on the prior period
•Operating businesses +$4.4m due to the first full year of operation for the
InterContinental Auckland hotel
•+$1.7m management fee income due to completion of Wynyard stage 3 and
additional fees reflecting full year of ownership of Lamont & Co
•Employment and administration expenses increase reflects full year of ownership of
Lamont & Co. (previously equity accounted) and new roles established for living
strategy
Precinct Properties – FY25 Annual Result
For the 12 months ended
$ millions
30 Jun 2025
Audited
30 Jun 2024
Audited
Δ%
Directly held property funds from operations (FFO)
Auckland office$87.5 m$83.8 m+$3.7 m+4.4%
Wellington office$43.6 m$43.0 m+$0.6 m+1.4%
Commercial Bay retail$16.9 m$15.6 m+$1.3 m+8.3%
Other properties$2.2 m$2.7 m($0.5 m)(18.5%)
Investment portfolio FFO$150.3 m$145.0 m+$5.3 m+3.7%
Transactions and Developments-$3.9 m($3.9 m)-
Directly held property FFO$150.3 m$148.9 m+$1.4 m+0.9%
Amortisations of incentives and leasing costs($14.3 m)($13.3 m)($1.0 m)+7.5%
Straight-line rents$1.1 m$3.7 m($2.6 m)(70.3%)
Net property income$137.1 m$139.3 m($2.2 m)(1.6%)
Operating businesses$5.7 m$1.3 m+$4.4 m+338.5%
Management fee income $9.6 m$7.9 m+$1.7 m+21.5%
Employment and admin expenses($7.7 m)($5.7 m)($2.0 m)+35.1%
IFRS 16 and intersegment elimination
1
$7.6 m$7.7 m($0.1 m)(1.3%)
Operating profit before indirect expenses$152.3 m$150.5 m+$1.8 m+1.2%
Note 1: IFRS 16 rent expense is eliminated from operating profit as required by accounting standards (FY25: $9.1m). Intersegment revenue
eliminations relating to investment management (FY25: $1.5m). See note 2.1b Operating Segments in the financial statements.
$140 m
$145 m
$150 m
$155 m
$160 m
FY24Trans. & devs.FY24 net of
trans. and
devs.
Investment
portfolio FFO
Net operating
& invest. mgmt
businesses
IFRS 16 &
accounting
adjusts.
FY25
Operating income reconciliation

Funds from operations and AFFO
12Precinct Properties – FY25 Annual Result
For the 12 months ended
$ millions
30 Jun 2025
Audited
30 Jun 2024
Audited
Δ%
Investment portfolio FFO$150.3 m$145.0 m+$5.3 m+3.7%
Cornerstone distributions attributable to the period$5.0 m$3.7 m+$1.3 m+35.1%
Property investments FFO$155.3 m$148.7 m+$6.6 m+4.4%
Operating businesses$5.7 m$1.3 m+$4.4 m+338.5%
Net management income$0.4 m$1.3 m($0.9 m)(69.2%)
Underlying FFO (pre transactions and developments)$161.4 m$151.3 m+$10.1 m+6.7%
Transactions and Developments-$3.9 m($3.9 m)(100.0%)
Underlying FFO$161.4 m$155.2 m+$6.2 m+4.0%
Net interest expense
1
($64.3 m)($41.1 m)($23.2 m)+56.4%
Interest expense attributable to equity investments in development properties
1
($0.7 m)-($0.7 m)-
Current tax benefit / (expense)$7.7 m$2.4 m+$5.3 m+220.8%
Other indirect expenses & adjustments$8.6 m($2.0 m)+$10.6 m(530.0%)
Funds From Operations (FFO)$112.7 m$114.5 m($1.8 m)(1.6%)
FFO per weighted security7.10 cps7.22 cps(0.12 cps)(1.7%)
Dividend payout ratio to FFO95%94%1%
Maintenance capex($2.6 m)($3.3 m)+$0.7 m(21.2%)
Investment portfolio - Incentives and leasing fees($6.3 m)($5.0 m)($1.3 m)+26.0%
Adjusted Funds From Operations (AFFO)$103.8 m$106.2 m($2.4 m)(2.3%)
AFFO per weighted security6.54 cps6.69 cps(0.15 cps)(2.2%)
AFFO - adjusted for removal of building depreciation6.54 cps6.33 cps
+0.21 cps+3.3%
Dividend paid in financial year6.75 cps6.75 cps--
Dividend payout ratio to AFFO103%101%2%
+3.3%
Increase in AFFO
compared to restated FY24
•Contribution from Wynyard Stage 3 and
Orams Commercial resulted in a 35%
increase in cornerstone distributions
•Increase in interest expense due to lower
capitalised interest, swap closeout and
higher borrowing levels
•After allowing for the removal of tax
deductions relating to building
deprecation, AFFO was 3.3% higher than
FY24
•AFFO payout ratio for the period of 103%,
consistent with previous guidance
Note 1: Net interest expense is adjusted for interest expense attributable to equity investments in development
properties, which includes the interest expense on Precinct’s $22m investment in 188 Beaumont Street
+6.7%
Increase in underlying FFO
(pre transactions & developments)

Precinct Properties – FY25 Annual Result13
FY25 revaluation outcome
•Valuations now stabilising following cap rate
expansion of 100 bps from peak to trough, with
increasing transactional activity providing
valuation support
•Spread to 5-year govt. bond now ~295bps
vs long-term (30-year) average of ~260 bps
for Auckland prime office
•Full year revaluation loss of $25.9m or 0.8%
(FY24: -$103.7m or -3.2%)
1

•Movement primarily due to easing of net
market rents in Wellington and retail rents
at Commercial Bay
•Wellington office gross market rent up 0.6%
year on year but down -1.8% on a net basis
•InterContinental Auckland hotel is held for
sale at the contract price, reflecting a
premium of $11.3 million to book value
•Well-located premium grade assets remain
resilient
Note 1: Revaluation amounts and portfolio values exclude IFRS16 right of use assets (FY25: $24.0m; FY24: $25.7 m).
Note 2: Includes InterContinental Auckland hotel and 22 Stanley Street
Year end revaluations
Cap rate Market valueBook valueRevaluation movement
PropertyJun-25Jun-24ChangeJun-25Jun-25$m%
Auckland office5.5% 5.6% (6 bps)$1,590.0 m $1,580.5 m $9.5 m 0.6%
Wellington office6.1% 6.1% +2 bps $814.8 m $835.7 m ($21.0 m)(2.5%)
Commercial Bay Retail6.0% 6.0% - $340.0 m $359.3 m ($19.3 m)(5.4%)
Core investment portfolio5.8% 5.8% (3 bps)$2,744.8 m $2,775.5 m ($30.8 m)(1.1%)
Other properties7.8% 7.7% +11 bps $35.0 m $35.9 m ($0.9 m)(2.4%)
Total investment properties5.8% 5.8% (3 bps)$2,779.8 m $2,811.4 m ($31.7 m)(1.1%)
Developments$334.9 m $340.5 m ($5.6 m)(1.6%)
Held for sale
2
$223.7 m $212.3 m $11.3 m 5.3%
Total portfolio (ex. ROU assets)$3,338.3 m $3,364.2 m ($25.9 m)(0.8%)
Market value (fair value) and full year revaluation movement
1

Capital management
14
Active capital management is enabling
the execution of strategy
•Recycling of capital from the successful exit of 40
and 44 Bowen Street for $48 million, and the
conditional sale of the InterContinental for $180
million
•Repaid $165m of maturing retail bonds and USPP
notes
•Refinanced $530 million of bank debt, including
$350 million post balance date, a $180 million fixed
rate loan secured against Molesworth, and secured
a $75 million five-year wholesale bond
•Committed gearing of 38.6% after all known
commitments, with proceeds from the PwC Tower
capital partnering initiative being used to fund
strategic initiatives
•The fixed rate loan and asset sales resulted in short
term hedging levels exceeding policy and the
termination of swaps. As the business prepares for
potential further deleveraging, additional
adjustments to the swap book may be required.
Key capital management metrics as at 30 June 25
Debt drawn $1,594m
Total debt facilities $1,693m
Loan to value (Covenant: 50%) 41.6%
Wtd. avg. term to expiry 3.3 yrs
2
Wtd. avg. debt cost (incl. fees) 5.2%
Percentage of debt hedged82.8%
Interest coverage ratio (Covenant: 1.75 times) 2.0 x
Precinct Properties – FY25 Annual Result
Loan to value: Adjusted total liabilities to adjusted total assets
$200 m
$400 m
$600 m
$800 m
Jun 26Jun 27Jun 28Jun 29Jun 30>Jun 30
Debt facilities
Year ending
Debt facilities expiry profile (pro forma
1
)
Bank debtUSPPNZ BondsConvertible note
Note 1: Includes $275m 5-year post balance-date bank debt refinancing and $75m short-term liquidity facility
Note 2: Weighted average term to expiry includes the post balance date refinance. At June 2025 the average term was 2.8 years
Bank debt
58%
USPP
11%
NZ Bonds
23%
Convertible
note
8%
Debt sources (pro forma
1
)
42%
Debt capital
markets
0%
25%
50%
75%
100%
FY 26FY 27FY 28FY 29FY 30
Hedging profile
Target rangeAverage hedging
$275m
Post balance date
5 year facility

Dividend policy update
Precinct Properties – FY25 Annual Result15
Precinct has undertaken a
comprehensive review of its
dividend policy to ensure it
remains fit for purpose.
This process involved a
comparison with industry
best practices and peers.
Consistent to the previous policy, the
primary goal of the dividend policy is to
provide stable, sustainable dividends
with prudent long-term growth.
The policy maintains a focus on ensuring
that dividends are covered by cash flow
over the medium term.
New policy
Following this review Precinct has adopted a
revised dividend policy based on a payout range
of80% to 95% of Funds From Operations (FFO),
reflecting recurring earnings from operations.
Since 2014, the FFO payout ratio has averaged 88%
(AFFO: 101%)
Benefits and considerations
•Introduction of a range provides flexibility to
manage any earnings (AFFO) volatility
•FFO better reflects Precinct’s evolving
business model, including active income
streams like the recognition from
development profits relating to fund-through
structures
•By basing dividends on FFO (a more stable
measure than AFFO), Precinct can offer
shareholders more predictable returns
•For avoidance of doubt, profits from build-to-
sell residential will be recognised on a cash
basis at the time of settlement
•In setting dividend, the board will consider
actual performance, medium term earnings
projections incorporating all commitments,
solvency and expected outcomes from
contracts
Non GAAP
19
GAAP
5
NZ & global dividend comparison
FFOAFFO
Cash earningsFree cash flow
Board discretionUnderlying profit
operating profit after tax

16
Dividend held at 6.75 cps for FY26 as strategy underpins a
positive near-term outlook
•Recent progress made advancing PBSA projects demonstrates continued
execution of strategy and provides earnings accretion via multiple income
streams (management fee income and profit participation)
•Economic recovery is taking longer than expected, but lower interest rates
and completed developments aid the near-term earnings outlook
•Premium office market continues to outperform and supply outlook remains
constrained
•Precinct remains committed to providing stable and sustainable dividends
with prudent long-term growth
•Confirming dividend guidance of 6.75 cents per share for FY26, consistent
with the prior period, reflecting an FFO payout ratio of 90%
6.75cps
FY26 dividend guidance
Precinct Properties – FY25 Annual Result
Earnings outlook and FY26 guidance
7. 5 0cps
FY26 funds from
operations guidance
Strategic pillar
Outlook
1
FY26+26
Core Investment
•7% under renting with ~70% of portfolio weighted
to Auckland
•75% of portfolio subject to review in FY26,
providing ~3% growth
•Outperformance of premium office

Development
•Molesworth practical completion in FY26
•Quality of development and in house capability
providing opportunity for capital partnering

Capital partnering
Build-to -Sell
Residential
•+$400m currently underway
•+$900m of BTS pipeline (ex DTCP)
•Good investor engagement and improving
fundamentals
-
PBSA
•Commitment to 22 Stanley in FY25, with 256
Queen Street advancing
•Fund-through structure providing fees and
revenue recognition

Office
•Downtown Car Park development providing
potential for management fees and residential
profits
•PwC Tower initiative launched
-
Market
•Lower interest rates, with RBNZ showing an
average OCR of 2.55% in Q1 2026
•Falling funding margins
•Investment Boost
•Economy forecast to improve supporting
strategic pillars
•Valuation stability

Note 1: Illustration and indicative view of Precinct’s expectation for its near term outlook. Assumptions and outcomes are subject to change.

Capital partnering
and investment
update
Precinct Properties – FY25 Annual Result17

Key benefits of capital partnering
•Expanding the investor base enables Precinct to explore a broader set of
opportunities.
•Drives returns for capital partners through leveraging Precinct’s market
position, track record and capabilities.
•Increases liquidity, diversifies capital sources, and leverages partners’
access to capital.
•Less capital-intensive investment approach and provides earnings
accretion.
•Improves return on equity for Precinct shareholders.
•Unlocks new management fee streams and continued access to
development profits.
18
Development
OfficeCity centre retail and hospitality
Direct ownership (strategic assets)
Capital partnerships
Development
Investment management services
Investment –
passive and active
0%
5%
10%
15%
20%
25%
PropertyPassiveActiveDevelopmentResidential
DirectCapital partnerships
Equity IRR
Target equity returns
Precinct Properties – FY25 Annual Result
Capital partnerships – strategic approach

Capital partnerships
19
Update on existing partnerships
•Committed to deliver NZ’s largest student
accommodation facility for the University of
Auckland, with the formation of a new
strategic real estate investment partnership
with Keppel. The circa 960 bed facility will be
located at 22 Stanley Street in Auckland’s
Carlaw Park.
•Settled the sale of Precinct’s remaining 20%
interest in 40 and 44 Bowen Street.
•Commenced a circa 5,600 sqm commercial
development at Orams Marine Village.
•Wynyard Stage 3 achieved sectional
completion, adding to PPILP’s long-WALT core
investment portfolio.
•Secured investment from IDA into York House
residential project, enabling construction start
in the period.
•Completed the refurbishment of 30 Mahuhu
Crescent and strong leasing progress made
at 8 Tanhigua Street, Te Tōangaroa.
Value of capital partnerships
1
Jun-2025
value
Completion
value
PCT
share
Investment partnerships
GIC long-WALT partnership
(PPILP)
$0.7 b$0.7 b24.9%
Te Tōangaroa JV (Ngāti
Whātua Ōrākei, PAG)
$0.2 b$0.2 b17-19%
Stanley Street PBSA (Keppel)-$0.3 b20.0%
Other$0.0 b$0.0 b24.9%
Invesment partnerships$0.8 b$1.2 b
Management partnerships
Various commercial $0.1 b$0.1 bNil
Residential
2
-$0.4 bNil
Total capital partnerships
1
$1.6 b
Precinct Properties – FY25 Annual Result
Note 1: Capital partnerships totalling $1.6 billion (on completion value) reflects the value of assets managed by Precinct and not directly owned by
Precinct. As at 30 June 2025, Precinct is invested in $1.2 billion, with the balance being managed by Precinct.
Note 2: Residential completion value is
presented exclusive of GST.
Artist’s impression: 22 Stanley Street
Artist’s impression: Orams Marine Village commercial development

Investment and capital markets
Domestic environment
•Conditions for an improving investment market are in place, with the return of
a positive yield spread relative to cost of debt, and stable occupier markets.
•Indications of increased transactional activity across the market, especially
for well-leased assets offering income.
•Falling term deposit rates are expected to further support the investment
market.
•NZ investment market offers benefits to international capital with lower
incentives, favourable tax settings and lower debt costs. However, global
investor focus is on the Australian market.
Australian market
1
•The Australian market is showing signs of recovery, with rolling transaction
volumes to the year ending March 2025 reflecting the highest 12-month total
since late 2022, more than 60% above the prior year.
•Office volumes were relatively subdued in Q1 2025, although a number of
significant deals and large campaigns are underway. Campaigns across
Sydney, Melbourne and Perth are anticipated to drive the recovery in the
office sector.
•Investment activity in alternatives remains elevated, driven by major hotel
and student accommodation sales across the eastern seaboard.
Precinct Properties – FY25 Annual Result20
Note 1: Australian data from Cushman & Wakefield and MSCI Real Capital Analytics
0%
2%
4%
6%
8%
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
Jun-25
Aug-25
Percent
Historical interest rates v yield spread
Spread to 2yr swapPrime office yield2yr Swap
Source: RBNZ, JLL, PCT
Investment metricsAucklandSydneyMelbourneBrisbane
Incentives*12.6%31.0%44.0%36.0%
Stamp duty**Nil5.50%6.50%5.75%
Capital gains tax***Nil30%30%30%
General Land Tax Rate**Nil1.6%^2.65%^2.75%^
Premium office investment market
* Auckland: net; others: gross (source: Colliers). ** Maximum rate. *** Assumes company ownership.
^ Surcharges apply to absentee and/or foreign owners

Auckland residential market
21
REINZ Median House Price – Auckland Region
•Sales volumes in Auckland have been steadily
rising over the last two years and are now
slightly above pre-Covid levels and around 7%
below the long-term average
•Auckland house prices have remained broadly
static in nominal terms over the last 2 ¼ years
•Around 760 apartments are forecast to be
completed in Auckland in 2025, up 17% on 2024
•Fundamentals continue to lend confidence to
the medium-term outlook due to:
•Demographic shifts and a growing down-
sizer market
•Supply outlook remains constrained
•Lower interest rates will underpin recovery
•Review of restrictions on overseas purchasers
may support upper end of market
•Competitive tension not yet evident, resulting in
low volumes of off-plan sales
Precinct Properties – FY25 Annual Result
Auckland apartment supply – historic and pipeline
1
Sales volumes – Auckland Region
Note 1: CBRE and Precinct data; Precinct analysis
Note 2: Stats NZ data
Residential building consents – Auckland Region
2
23.9k
25.8k
15k
20k
25k
30k
35k
40k
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
No. of sales (pa)
No. of sales paCurrent20Y avg.
Source: REINZ
$0.3m
$0.5m
$0.8m
$1.0m
$1.3m
$1.5m
-20
-15
-10
-5
0
5
10
15
20
25
30
35
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Mean house price ($)
Y/Y growth (%)
REINZ HPI - Auckland (LHS)
Median Sale Price - Auckland (RHS)
Source: REINZ
0k
1k
2k
3k
4k
5k
6k
0k
5k
10k
15k
20k
25k
Jun-91
Jun-93
Jun-95
Jun-97
Jun-99
Jun-01
Jun-03
Jun-05
Jun-07
Jun-09
Jun-11
Jun-13
Jun-15
Jun-17
Jun-19
Jun-21
Jun-23
Jun-25
Residential buildings, LHSApartments, RHS
0.0k
0.5k
1.0k
1.5k
2.0k
2.5k
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Units
CBDSuburban
FringePipeline - Under Construction
Pipeline - Marketing / BC Issued

Residential build-to-sell platform
Existing projects
•Construction progressing well on existing projects, with Fabric 2 and The
Domain Collection on track to complete in FY26
•Pre-sale volumes increasing, albeit from a low base
Pipeline update
•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
•Launched a boutique apartment development at Pillars, comprising 20
luxury residences with ridgeline views over St Mary’s Bay
•Resource consent granted for Pillars and Dominion & Valley Road
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
•Positive engagement with potential capital partners continues
22
Build-to-sell pipeline
ProjectStatus
Completion
timing (FY)
Units
1
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
PillarsMarketing202820$99 m
Dominion & Valley RoadRC granted2029--
188 Beaumont StreetDesign2030--
DowntownDesign2031+--
Total pipeline500 - 550~$1.6 b
Total existing + pipeline730 - 780~$2.1 b
Precinct Properties – FY25 Annual Result
Forecast residential completions
Note 1: Pipeline unit numbers are approximate only and are subject to change as design
and planning progresses
Note 2: Includes residual stock sales for OMC which completed in FY24
-
5
10
15
20
-
$10 m
$20 m
$30 m
$40 m
FY23FY24FY25
Value of sales (incl. GST)
No. of units sold, RHS
Sales activity – Existing projects
2
-
50
100
150
200
250
300
FY26FY27FY28FY29FY30FY31+
No. Units
ExistingPipelinePipeline (Downtown)

PBSA pipeline
Purpose-built student accommodation platform
22 Stanley Street
•In the period, Precinct committed to the development of 22 Stanley Street in
Carlaw Park which will be NZ’s largest student accommodation building,
targeting opening for the 2028 semester
•Long-term University of Auckland lease secured
•Forward-funded by a new investment partnership with Keppel, in which
Precinct will take a 20% investment
•Precinct appointed as development manager
256 Queen Street
•Resource consent granted for a ~640 bed facility
•Engagement with potential capital partners continues
•Precinct expects to commence construction in FY26
Outlook
•NZ Government is supportive of the international education sector, recently
outlining plans to double the sector’s economic contribution by 2034
•Precinct remains committed to its target portfolio size of ~2,000 beds and
continues to explore further opportunities
Precinct Properties – FY25 Annual Result23
ProjectStatusOpeningBeds
Completion
value (approx.)
22 Stanley Street
ConstructionSemester 1 2028964$290 m
256 Queen Street
Pipeline-~640$240 m
Total existing + pipeline~1,600$530 m
International students studying intramurally
in Auckland Region
0k
2k
4k
6k
8k
10k
12k
14k
16k
University of AucklandAUT
Source: educationcounts.co.nz
57%
11%
9%
12%
11%
AucklandWaikatoWellington
CanterburyOther
Source: educationcounts.co.nz
International fee-paying university
students – region of study in 2024

Precinct remains well on track to have $4-5 billion
of capital partnerships over the medium term
•Precinct expects demand for core and core-plus investment
exposure to grow in the next 12 months
•Existing asset base presents an opportunity to grow capital
partnerships
•Precinct’s $3.7 billion development pipeline provides a number of
partnership opportunities over the short to medium term
•Projects with resource consent (256 Queen Street PBSA,
Pillars and Dominion & Valley residential projects) present a
more immediate opportunity set
•Discussions with potential capital partners have commenced
on Downtown
•Other planning-stage pipeline includes residential JV with
Orams
$0.0$1.0$2.0$3.0$4.0$5.0
Existing partnerships
Pipeline: Resource Consent
Pipeline: Downtown
Pipeline: Other planning stage
Less: Recycle existing residential
Existing + Pipeline
Partnership opportunities ($b)
CommercialPBSAResidential
Partnership opportunities
Precinct Properties – FY25 Annual Result24
$1.6 bn
$0.5 bn
$0.6 bn
($0.4)bn
$4.8 bn
$2.5 bn

Portfolio update
Precinct Properties – FY25 Annual Result25

Investment portfolio update
Precinct Properties – FY25 Annual Result26
7%
Under-renting
vs. market rents
(office portfolio)
6.0yrs
Weighted average
lease term
97%
Occupancy
(by NLA)

+5.3%
Outperformance against Jun-24
valuation market rents
(office & retail)
+4.3%
Growth in contract rentals
from rent reviews
(office & retail)
+17.2%
Uplift in contract rentals
on new office leases
•18,874sqm of lease deals concluded across the portfolio in the period
•Precinct occupiers are right-sized, as evidenced by the absence of sublease space in the
investment portfolio
•Another solid leasing spread was achieved during this period:
•+17.2% spread achieved on office leasing, comprising +16.2% in Auckland and +22.5% in
Wellington
•Over 172,000sqm of rent reviews completed during the period (office and retail), with
+4.3% uplift achieved vs. previous contract rents
•Commercial Bay retail centre is 97% occupied as at 30 June 2025. Sales turnover for FY25 was
up 3.7% on the prior period
0k
5k
10k
15k
20k
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25
NLA (sqm)
Financial Year
Precinct Leasing Activity
Auckland OfficeWellington OfficeComm. Bay Retail

27
Auckland CBD office occupier market
Precinct Properties – FY25 Annual Result
•Auckland premium office market
continues to outperform other office
subsectors in terms of occupancy and
rental growth
•Slight increase in premium vacancy
recorded over the last six months to
3.3% at June 2025, but below 10-year
average of 3.6%.
•A-grade market becoming
increasingly segmented and location-
specific.
•Research houses are forecasting real
Premium net effective market rental
growth over the medium term.
•Precinct’s Auckland premium office
portfolio is 98% occupied, with prime
at 96%, ahead of the wider market
Note 1: Infometrics data, Precinct analysis. March year-end.
(80k)
(60k)
(40k)
(20k)
--
20k
40k
60k
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
Jun-25
NLA (sqm)
Net absorption, rolling 12 months
PrimeSecondary
-2%
0%
2%
4%
6%
8%
10%
12%
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26
Dec-27
Premium net effective rental growth rate (Y/Y%)
CBREColliersJLL
Forecast
0k
10k
20k
30k
40k
50k
60k
70k
80k
0
5
10
15
20
25
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Est. no. of employees
Density (sqm)
Est. no. of employeessqm per employee
Auckland CBD office employment and avg. office density
1
0
5
10
15
20
25
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
Jun-25
Vacancy rate (%)
CBD office vacancy by grade
PremiumPrimeSecondary
Source: JLL
10Y avg.

Auckland waterfront outperforms
Precinct Properties – FY25 Annual Result28
•Auckland’s CBD waterfront precinct
continues to lead the market,
delivering the lowest office vacancy
rate in the CBD and attracting
sustained occupier demand.
•Precinct has five office buildings in
Commercial Bay totalling 122 k sqm of
NLA, three of which are 100%
occupied.
Sub-precinct
Prime
vacancy
Total
vacancy
Waterfront3.8%3.8%
Wynyard Quarter7.1%6.7%
Shortland6.7%10.0%
Viaduct Harbour12.3%13.6%
Downtown Core9.8%18.5%
Aotea / Midtown22.3%23.7%
Auckland CBD office metrics, Jun-25
1
Note 1: Source: JLL
Waterfront sub-precinct
Prime office stock (sqm)151 k
Prime office vacancy3.8%
Precinct Prime office vacancy4.0%
Precinct Premium office vacancy2.0%
Commercial Bay
Downtown
Car Park site

0
5
10
15
20
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
Jun-25
Vacancy rate (%)
CBD office vacancy by grade
PrimePrime 10Y Avg.
SecondarySecondary 10Y Avg.
Source: JLL
29
Wellington CBD office occupier market
Precinct Properties – FY25 Annual Result
•Net rental growth in Wellington has
been limited due to operating cost
pressures and muted occupier
market.
•Prime vacancy in Wellington
increased to 7.2% at Jun 25 with
slowing public sector spending and
headcount cuts.
•Positive prime net absorption
observed over the last 12 months, with
vacancy increasing due to stock
additions
•Precinct’s Wellington office portfolio
has seen occupancy move from 98%
to 97% over the last 12 months, but
pleasingly is up from 96% six months
ago
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
--
5k
10k
15k
20k
25k
30k
Jun-00
Jun-02
Jun-04
Jun-06
Jun-08
Jun-10
Jun-12
Jun-14
Jun-16
Jun-18
Jun-20
Jun-22
Jun-24
Y/Y change
FTEs
Wellington's public sector workforce
Y/Y change, RHSWellington FTEs
Source: Public Service Commission
(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
Jun-25
NLA (sqm)
Net absorption, rolling 12 months
PrimeSecondary
Source: JLL
Note 1: Infometrics data, Precinct analysis. March year-end.
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26
Dec-27
CBREColliersJLL
Forecast
Premium gross effective rental growth rate (Y/Y%)

Commercial Bay Retail
Precinct Properties – FY25 Annual Result30
•Moving annual turnover (MAT)
has increased 3.7% on last year,
driven by strong sales from new
retailers and tourism spend
offsetting reduced local domestic
spend.
•Leasing enquiries and activity has
been strong from both
international and local brands,
with occupancy remaining at 97%.
•24 lease deals concluded in the
period
•Introduced 10 new retailers to the
centre
Trading Performance
1
Note 1: Sales figures are reported inclusive of GST
FY25FY24Var
Occupancy
97%97%-
Funds from operations
$16.9 m$15.6 m8.3%
Total sales (MAT)
$158.5 m$152.8 m3.7%
Specialty sales ($/sqm)
$12,086$11,7213.1%
Specialty TOC ratio
16.5%16.6%-0.1% pp
Pedestrian count
12.8 m13.0 m(1.9%)
Rolling Specialty MAT ($/sqm) and occupancy cost
1
14%
16%
18%
20%
$10,500
$11,000
$11,500
$12,000
$12,500
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Occ. Cost
MAT ($/sqm)
MAT psmSpecialty Occ. Cost

Development update
Precinct Properties – FY25 Annual Result31

61 Molesworth nearing completion
Precinct Properties – FY25 ResultAnnual 32
Delivery of 6 Green Star development
to deliver enhanced asset and
income resilience
•Construction nearing completion and remaining on
target for Q4 2025 rent start
•On track to achieve 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
•Forecast investment returns remain on track
Office pre-commitment100%
WALT on completion21 years
Yield on cost5.1%

Living sector projects
Precinct Properties – FY25 ResultAnnual 33
Precinct is making continued progress in the
sector with three build-to-sell projects and one
PBSA project now under construction
Residential build-to-sell
•Fabric Stage 2 and The Domain Collection progressing well, with
both projects on schedule for completion in FY26
•Construction works at York House progressing in line with
programme
Purpose built student accommodation
•Haydn & Rollett have been appointed main contractor, continuing
their role from earlier successful stages of the Carlaw Park Student
Village
•Early works construction commenced in the period, with opening
targeted for the 2028 academic year
Key themes
•Competitive construction pricing remains a feature of the market
•Soft construction pipeline remains for small to medium scale
projects with significant market capacity
Artist’s impression: 22 Stanley Street
Artist’s impression: Domain Collection (above), York House (below)

Precinct Properties – FY25 ResultAnnual34
The Downtown Car
Park redevelopment is
the final phase of the
Commercial Bay
masterplan.
Seamlessly integrated into the
Commercial Bay precinct, the
development will enhance
connectivity across Auckland’s
east-west city axis and
strengthen the link along the
waterfront, creating a cohesive
and dynamic urban experience.
This strategic expansion will
reinforce Commercial Bay’s role
as the commercial epicentre of
New Zealand.
Progress update:
•Office leasing demand
remains elevated as we
continue to actively
engage with potential
occupiers.
•Preliminary design
continues to progress with
development composition
to now include a hotel.
•Procurement discussions
are underway with several
main contractors and sub-
contractors for
construction, with good
levels of interest.
•Works expected to
commence in 2026
following pre-leasing and
construction procurement.
Downtown

Development pipeline
Precinct Properties – FY25 Annual Result35
Sector
% PCT
Ownership
Delivery programme
FY26FY27FY28FY29FY30FY31+
Committed
61 Molesworth StreetCommercial100%
Fabric Stage 2Residential-
The Domain CollectionResidential-
York HouseResidential-
Orams Marine Village Commercial25%
22 Stanley StreetPBSA20%
2
Uncommitted: Pipeline
PillarsResidential20-50%
1
256 Queen StreetPBSA20-50%
1
Dominion & ValleyResidential20-50%
1
Freyberg BuildingCommercial100%
188 Beaumont Street Stage 1Residential20-30%
1
188 Beaumont Street Stage 2Residential20-30%
1
Downtown Car ParkMixed use20-30%
1
Note 1: Precinct’s preferred ownership stake
Note 2: Committed ownership stake
$3.7 billion
gross development value, to be
delivered with investment from
capital partners
44%
20%
36%
65%
23%
12%
Pipeline composition by sector
(inner circle excludes Downtown)
CommercialResidentialPBSA

Summary
Precinct Properties – FY25 Annual Result36

Summary
37
•Economic recovery underway after a period of protracted
weakness
•Recent progress made advancing PBSA projects
demonstrates continued execution of strategy and provides
earnings accretion via multiple income streams
•Premium office market continues to outperform and supply
outlook remains constrained, providing confidence in the
outlook for this sector
•Valuations have stabilised, aided by lower interest rates
•Precinct well placed to benefit from economic recovery, with
lower interest rates expected to underpin investment market
and business confidence
•Precinct remains optimistic about its medium-term outlook
and is on track to deliver $4-5 billion of capital partnerships in
the medium term
•Confirming dividend guidance of 6.75cps for FY26, consistent
with the prior period
Precinct Properties – FY25 Annual Result

Appendices
Precinct Properties – FY25 Annual Result38

A1: Financial performance
39
$1.21
NTA per security
For the 12 months ended
$ millions
30 Jun 2025
Audited
30 Jun 2024
Audited
Δ
Operating profit before indirect expenses and income tax$152.3 m $150.5 m +$1.8 m
Corporate overhead expense($4.6 m)($5.5 m)+$0.9 m
Net interest expense ($65.0 m)($41.1 m)($23.9 m)
Operating profit before income tax$82.7 m $103.9 m ($21.2 m)
Net change in fair value of investment and development properties($27.6 m)($105.2 m)+$77.6 m
Share of profit / (loss) in equity-accounted investments$11.8 m $3.0 m +$8.8 m
Net gain / (loss) on sale of investment properties($24.2 m)($10.6 m)($13.6 m)
Net gain / (loss) on sale of equity-accounted investments$0.6 m -+$0.6 m
Other non-operating expenses($38.0 m)($14.4 m)($23.6 m)
Net profit before income tax$5.3 m ($23.3 m)+$28.6 m
Current tax benefit / (expense)$7.7 m $2.4 m +$5.3 m
Depreciation recovered on sale($0.5 m)($1.2 m)+$0.7 m
Deferred tax expense / (benefit)($1.5 m)-($1.5 m)
Net profit after income tax attributable to equity holders$11.0 m ($22.1 m)+$33.1 m
Other comprehensive income / (expense)($7.9 m)($8.0 m)+$0.1 m
Total comprehensive income after tax attributable to equity holders$3.1 m ($30.1 m)+$33.2 m
Net tangible assets per security$1.21$1.29($0.08)
Precinct Properties – FY25 Annual Result
$3.1m
Total comprehensive
income after tax

A2: FFO contribution from directly held property
Precinct Properties – FY25 Annual Result40
Note 1: FY24 Transactions and developments includes: Freyberg Building, Mason Bros., 40 Bowen Street.
For the 12 months ended
30 Jun 202530 Jun 2024Δ%
$ millions
AuditedAudited
AON Centre - AKL$11.3 m$12.6 m($1.3 m)(10.3%)
HSBC Tower$28.8 m$24.3 m+$4.5 m+18.5%
Jarden House$7.5 m$6.8 m+$0.7 m+10.3%
PwC Tower$31.8 m$29.8 m+$2.0 m+6.7%
Deloitte Centre$8.2 m$10.2 m($2.0 m)(19.6%)
Auckland office FFO$87.5 m$83.8 m+$3.7 m+4.4%
NTT Tower$8.8 m$8.5 m+$0.3 m+3.5%
AON Centre - WGN$11.1 m$11.4 m($0.3 m)(2.6%)
Defence House$8.6 m$8.3 m+$0.3 m+3.6%
No 1 The Terrace$7.2 m$7.0 m+$0.2 m+2.9%
Bowen House$8.0 m$7.8 m+$0.2 m+2.6%
Wellington office FFO$43.6 m$43.0 m+$0.6 m+1.4%
Commercial Bay retail FFO$16.9 m$15.6 m+$1.3 m+8.3%
Other properties FFO$2.2 m$2.7 m($0.5 m)(18.5%)
Investment portfolio FFO$150.3 m$145.0 m+$5.3 m+3.7%
Transactions and developments
1
-$3.9 m($3.9 m)(100.0%)
Directly held property FFO$150.3 m$148.9 m+$1.4 m+0.9%
Amortisations of incentives and leasing costs($14.3 m)($13.3 m)($1.0 m)+7.5%
Straight-line rents$1.1 m$3.7 m($2.6 m)(70.3%)
Net property income$137.1 m$139.3 m($2.2 m)(1.6%)

A3: AFFO reconciliation to operating profit
Precinct Properties – FY25 Annual Result41
For the 12 months ended30 Jun 202530 Jun 2024
$ millionsAuditedAudited
Operating profit before indirect expenses and income tax$152.3 m $150.5 m
Corporate overhead expense($4.6 m)($5.5 m)
Net interest expense ($65.0 m)($41.1 m)
Operating profit before income tax$82.7 m $103.9 m
Current tax expense$7.7 m $2.4 m
Operating profit after tax$90.4 m $106.3 m
Adjusted for:
IFRS 16 rent expense($9.1 m)($8.6 m)
Accounting adjustments$18.1 m $12.0 m
Cornerstone distributions attributable to the period$5.0 m $3.7 m
One-off items$8.3 m $1.1 m
Funds from Operations (FFO)$112.7 m $114.5 m
FFO per weighted security7.10 cps7.22 cps
Dividend payout ratio to FFO95%94%
Adjusted Funds From Operations
Maintenance capex($2.6 m)($3.3 m)
Investment portfolio - Incentives and leasing fees($6.3 m)($5.0 m)
Adjusted Funds From Operations (AFFO)$103.8 m $106.2 m
AFFO per weighted security6.54 cps6.69 cps
Dividend paid in financial year6.75 cps6.75 cps
Dividend payout ratio to AFFO103%101%
Retained earnings($3.3 m)($0.9 m)

A4: Balance sheet
Precinct Properties – FY25 Annual Result42
Financial Position as at 30 June 202530 June 2024Δ
$ millionsAuditedAudited
Assets
Investment properties$2,803.7 m$2,987.4 m($183.7 m)
Development properties$334.9 m$201.2 m+$133.7 m
Investment properties held for sale$223.7 m-+$223.7 m
Investment in equity-accounted investments$138.7 m$131.1 m+$7.6 m
Property, plant and equipment$42.3 m$42.7 m($0.4 m)
Right-of-use assets$17.0 m$21.0 m($4.0 m)
Other assets$138.9 m$135.5 m$3.4 m
Total Assets$3,699.2 m$3,518.9 m+$180.3 m
Liabilities
Interest bearing liabilities$1,610.3 m$1,334.6 m+$275.7 m
Deferred tax liability---
Lease liabilities$50.1 m$55.2 m($5.1 m)
Fair value of derivative financial instruments$56.8 m$54.9 m+$1.9 m
Other liabilities$37.7 m$26.9 m+$10.8 m
Total Liabilities$1,754.9 m$1,471.6 m+$283.3 m
Equity$1,944.3 m$2,047.3 m($103.0 m)
NIBD (net interest-bearing debt) to Total Assets43.1%37.5%5.6%
Liabilities to Total Assets - Loan Covenants41.6%35.2%6.4%
Shares on Issue1,587.0 m 1,586.4 m +0.7 m
Net tangible assets per security $1.21 $1.29 ($0.08)
Net asset value per security $1.23 $1.29 ($0.06)

ParticipationOverviewCurrent
2
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 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.
60%
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.
49%
Portfolio:
>60% 5 Star
(Excellence)
A5: ESG progress
43
Green assets
(min. 4 Star NABERSNZ or 5 Star Green Star)
Our strategy includes the integration of
sustainability across all areas of our business.
•We hold $1.8 billion in green assets (excl. partnership assets)
1
•We’ve lodged our first Climate Statement, showcasing our
commitment to mitigating and responding to climate-related
risks and opportunities, with voluntary assurance achieved for
Scope 1, 2 & 3 emissions.
•We’re proud to have achieved the first NABERSNZ Water
ratings across four commercial office buildings, each rated
between 4.5-5 stars.
•We’ve commenced mandatory reporting under the World
Green Building Council Net Zero Carbon Buildings
Commitment, with a target for all direct assets to be compliant
by 2030.
•We are offsetting upfront development carbon emissions upon
completion and continue to prioritise adaptive reuse projects to
minimise environmental impact.
•Our efforts in health and wellbeing have been recognised with
the 'Rising Star' Global Award by the International WELL
Building Institute, celebrating initiatives across the development
and investment portfolios
Note 1: Includes on-completion value of committed developments (61 Molesworth St)
Note 2: GRESB metrics relate to those received in 2024
Precinct Properties – FY25 Annual Result
Green Assets
Green Development Assets
Not Green Assets

Investment
portfolio including
cornerstone
1
Investment
portfolio directly
held
Auckland Wellington
WALT
6.1 yrs
6.0 yrs5.4 yrs7.2 yrs
Occupancy
95%
97%96%97%
Investment portfolio value
2
$2,974 m$2,780 m $1,965 m $815 m
Weighted average cap rate
5.5%
5.8%5.7%6.1%
NLA (sqm)
333 k
246 k 145 k100 k
A6: Investment portfolio overview
44
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. Metrics exclude Orams Commercial.
Note 2: Investment portfolio value excludes development properties and properties held for sale. Portfolio values also exclude IFRS16 right-of-use assets ($24.0m at 30 June 2025 for the directly held portfolio).
6.0 years
Weighted average lease term
97%
Portfolio occupancy
Precinct Properties – FY25 Annual Result
Key metrics
Occupancy
Portfolio metrics – directly held
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

45
Retail
•Location is an important feature of retail demand, with vacancy of 2% at Commercial
Bay and lower end of Queen Street, while vacancy at upper end of Queen Street, High
Street and Shortland Street is around 8%, according to JLL.
•Auckland CBD retail net absorption remaining positive despite challenging market
conditions.
•Retail trade sales and volumes showing recent signs of improvement after several
years of weakness.
International visitors
•International visitor arrivals to NZ totalled 3.4 million in the year to May 2025, up 5.5%
over the prior year but still ~14% below the pre-covid peak. Arrival numbers continue to
trend upwards but are currently around 2016 levels
•Auckland experienced strong visitor numbers during the spring–summer 2025 season,
supported by major events such as SailGP and the Coldplay concert, with continued
momentum expected in 2026 driven by OneRepublic and Lorde concerts in February
•The opening of the NZ International Convention Centre in February 2026 is expected to
have a positive impact on Auckland’s visitor numbers
Precinct Properties – FY25 Interim Result
A7: Other city centre markets
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
(4.0k)
(2.0k)
-
2.0k
4.0k
6.0k
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25
Net absorption (sqm)
Auckland retail net absorption vs. vacancy rates
CBD net absorption (LHS)CBD vacancy (RHS)
Source: JLL
0.0
1.0
2.0
3.0
4.0
5.0
Millions
International visitor arrivals (rolling 12-month, s.a)
Visitor arrivals (rolling 12m)Pre-Covid peak
Source: StatsNZ

Disclaimer
46
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 Annual Result

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

Results for announcement to the market
Name of issuer Precinct Properties NZ & Precinct Properties Investments Ltd
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD (New Zealand Dollar)
Amount (000s) Percentage change
Revenue from continuing
operations
$266,100 7.3%
Total Revenue $266,100 7.3%
Net profit/(loss) from
continuing operations
$3,100 110.3%
Total net profit/(loss) $3,100 110.3%
Final Dividend – Precinct Properties New Zealand Limited
Amount per Quoted Equity
Security
$0.01497500
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 5 September 2025
Dividend Payment Date 19 September 2025
Interim Dividend – Precinct Properties Investments Limited
Amount per Quoted Equity
Security
$0.00190000
Imputed amount per Quoted
Equity Security
$0.00041167
Record Date 5 September 2025
Dividend Payment Date 19 September 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.21 $1.29
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Annual Report and Annual Results
presentation for the year ended 30 June 2025.

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

27 August 2025

Audited financial statements accompany this announcement.

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearXQuarterly
Half yearSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
4
Excluded amount (applicable to listed PIEs)
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
0.00%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
Start date and end date for determining market price for DRP
Date strike price to be announced (if not available at this
time)
Specify source of financial products to be issued under DRP
programme (new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation notice for this distribution
in accordance with DRP participation terms
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
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
5/09/2025
4/09/2025
19/09/2025
$23,777,560
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
27/08/2025
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 yearXQuarterly
Half yearSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
Excluded amount (applicabel to listed PIEs)
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
17.81%
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
27/08/2025
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
$0.00041167
$0.00035118
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
$0.00231167
$0.00018681
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
$0.00231167
NZD
Section 1: Issuer information
Precinct Properties Investments Limited
Precinct Properties Investments Limited Shares
PCT
NZAPTE0001S3
Type of distribution
5/09/2025
4/09/2025
19/09/2025
$3,016,852
Retained earnings

SPH Notice - ANZ New Zealand Investments Limited Correction of substantial financial product holder table

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.