What did Precinct Properties New Zealand Limited announce?

Precinct Properties New Zealand Limited (NZX: PCT) filed “Precinct FY26 Annual Results” with NZX on 26 August 2026, as a full year results announcement.

From the announcement:“Record leasing activity in a year of strong delivery Precinct Properties Group (Precinct) (NZX: PCT) has today released its financial results for the 12 months ended 30 June 2026 (FY26).”

Which company?: Precinct Properties New Zealand Limited (NZX: PCT)
When was it filed?: 26 August 2026
Where is the original?: NZX announcement

Precinct Properties New Zealand Limited/Announcement

Precinct FY26 Annual Results

Full Year Results26 August 2026PCTReal Estate

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5 PDF 6

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
NZX announcement – 27 August 2026

Record leasing activity in a year of strong delivery

Precinct Properties Group (Precinct) (NZX: PCT) has today released its financial results for
the 12 months ended 30 June 2026 (FY26).

FY26 RESULTS SUMMARY

Financial results
• Investment property funds from operations of $149.9 million (FY25: $150.3 million), up
$1.9 million after adjusting for one-off items.
• Total comprehensive income after tax of negative $12.6 million (FY25: $3.1 million),
including a negative fair value movement across Precinct’s properties of $109.7
million including inventories (FY25: $27.6 million negative fair value movement).
• Funds from operations (FFO) of 7.31 cps (FY25: 7.10 cps) (note 1).
• Net tangible assets (NTA) of $1.13 per stapled security (FY25: $1.21).
• Loan to value ratio of 29% on a pro forma basis (FY25: 41.6%) (note 2).
• FY26 full-year dividend of 6.75 cents per stapled security, reflecting a FFO payout
ratio of 92%.

Operating performance
• Portfolio occupancy remained high at 97%, with weighted average lease term
increased to 7.1 years (FY25: 6.0 years).
• Record year of leasing volume with transactions completed across 37,850 square
metres of investment properties, achieving 9.9% growth on new office leases.
• Rent reviews delivered an average uplift of 3.3% across 156,090 square metres or
more than 60% of the investment portfolio.
• Commercial Bay retail sales up 5.6% on prior year and nine new retailers introduced
to the centre.
• Operations simplified with the exit of Commercial Bay Hospitality business and
InterContinental Hotel sale completed.

Strategic execution
• Partnership with global institutional investor, GIC, expanded through the $205 million
acquisition of ASB North Wharf in Wynyard Quarter.
• Established a new $600 million investment partnership for a 50% interest in the PwC
Tower with PAG, a leading global investment firm and existing capital partner.
• Co-invested capital partnerships grown by approximately $800 million in the year.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
• Total capital partnerships increased to $2.2 billion on a committed basis.
• More than $1 billion of capital management initiatives completed, including a $325
million equity raise, settlement of the InterContinental Auckland hotel sale,
settlement of the 22 Stanley Street student accommodation partnership with
Keppel, and the PwC Tower transaction.
• 55 Molesworth Street development completed, delivering a landmark Wellington
office asset underpinned by a 21-year weighted average lease term anchored by
the Ministry of Foreign Affairs and Trade (MFAT).
• Commenced construction at 256 Queen Street, taking total purpose-built student
accommodation beds under construction to approximately 1,600 across two
projects.

Downtown Car Park update
• Secured resource consent under the Fast-track pathway and advanced design,
procurement and leasing activity.
• Partnered with Built, an Australian-owned tier 1 contractor, headquartered in
Sydney, to undertake Early Contractor Involvement (ECI) until April 2027.
• Negotiations with office pre-commitment occupiers ongoing for around 50% of
NLA, all from outside of Precinct’s portfolio.
• The initial development phase will focus on the premium office, retail and public
spaces, with flexibility being retained for the residential and hotel tower to be
delivered as a future stage.
• A subcommittee of the board has been established to provide project oversight
prior to any commitment decision being made.

Environmental, Social and Governance (ESG) update
• Improved Precinct’s GRESB score from 89 to 91, retaining a top 20% position among
more than 2,100 participating funds and entities globally.
• Deloitte appointed as external auditor from the 2028 financial year, beginning 1
July 2027, following a competitive tender process overseen by the Audit & Risk
Committee.
• Monica Yianakis appointed as the next Future Director for an 18-month term
effective 1 August 2026, following the completion of Taurua Grant’s tenure.

Note: Further information can be found within the 2026 Annual Report and results presentation. These
can be found at http://www.precinct.co.nz/investors/2026-annual-results.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
RESULTS OVERVIEW

Precinct Chief Executive Officer Scott Pritchard said, “FY26 was a very active year for the
business with strong operational performance and continued execution across our
strategic priorities. The quality of our premium office portfolio supported high occupancy
at year end, positive leasing outcomes and greater income certainty, while capital
management and capital partnering initiatives strengthened the balance sheet and
created capacity for future growth.”

“During the year, we expanded our relationships with leading global capital partners,
completed 55 Molesworth Street and progressed our purpose-built student
accommodation and residential strategies.”

“The strength of our operating performance and continued strategic execution despite a
weak and volatile economic backdrop is a testament to the quality of our portfolio and
effectiveness of our strategy.”

“Post balance date, we also achieved an important milestone at Downtown Car Park with
resource consent secured. Early contractor involvement is delivering valuable insights and
increasing certainty around buildability, programme and pricing, while leasing discussions
with prospective occupiers continue to progress well. Together, these workstreams are
supporting a well-informed decision-making process, complemented by the appointment
of a subcommittee of the board to provide further oversight and assurance ahead of any
commitment decision.”

“While our portfolio experienced a revaluation decline of around three percent,
approximately half of this movement relates to our investment in development properties
and inventories which has not yet been reflected in valuations but which we expect to be
recovered as these projects progress. The Wellington office portfolio declined modestly
with some easing in market rentals and cap rates, reflecting a tougher market in the
capital, while Auckland office values remain steady.”

Operational performance

Precinct’s core investment portfolio delivered another strong year in FY26, underpinned by
the quality of its premium office assets and sustained demand from occupiers seeking
high-quality, amenity-rich workplace environments. Portfolio occupancy remained at 97%,
while the weighted average lease term extended to 7.1 years following the completion of
55 Molesworth Street.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand

Leasing activity reached a record level during the year, with transactions completed
across 37,850 square metres of investment properties and new office leases secured at
rents 9.9% above previous levels.

Evidence is emerging of several positive structural trends within the Auckland office
market. Precinct is observing demand from businesses seeking to be located in the city
centre, with occupiers increasingly seeking workplace quality, amenity and connectivity
to help attract and retain talent. Further, following a decade of workplace densification
and post-pandemic space rationalisation, there is now limited scope for continued
optimisation of workplace design. As a result, future business growth is increasingly
expected to drive additional space demand, providing a supportive backdrop for
premium office leasing activity.

Strong leasing outcomes were complemented by a highly active rent review programme
with reviews completed on around 60% of the investment portfolio, delivering an average
uplift of 3.3%. Together with leasing outcomes, this activity contributed to a further
reduction in the portfolio’s under-rented position to 3%.

The Commercial Bay retail centre also continued to mature. Total sales increased 5.6% on
the prior year and nine new retailers were introduced to the centre, further enhancing the
quality and diversity of the retail offering. The continued evolution of the tenant mix,
combined with the strength of the wider Commercial Bay precinct, has reinforced the
centre’s position as one of Auckland’s leading retail and hospitality destinations.

During the year, Precinct also completed the sale of the InterContinental Auckland hotel
and exited the Commercial Bay Hospitality business, simplifying operations and increasing
management focus on the group’s core investment, development and capital partnering
activities.

Execution of strategy

FY26 marked further progress in the evolution of Precinct’s business model, with capital
partnering continuing to grow in scale and significance. During the year, co-invested
capital partnerships grew by approximately $800 million, increasing total capital
partnerships to $2.2 billion on a committed basis, reflecting the continued expansion of
relationships with leading global institutional investors. The ASB North Wharf acquisition
alongside GIC and the establishment of a new partnership with PAG for PwC Tower further

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
demonstrate the strength of Precinct’s platform and its ability to attract capital to world-
class real estate in New Zealand.

In addition, Precinct completed two of the three residential apartment buildings on behalf
of third-party investors in line with budget and programme. Precinct provided
development management services for these projects, with those services now
concluded following completion of the projects.

More than $1 billion of capital management activity was completed during the year,
including the equity raise, settlement asset sales and new partnerships, materially
strengthening Precinct's balance sheet and increasing flexibility to fund future growth.

Precinct also continued to execute across its development and living sector strategies.
Completion of 55 Molesworth Street delivered a landmark Wellington office asset and
further strengthened Precinct’s portfolio quality, while construction commencement at
256 Queen Street increased the group’s purpose-built student accommodation pipeline
to approximately 1,600 beds across two projects.

At Downtown Car Park, resource consent was secured and delivery planning advanced,
with Early Contractor Involvement, leasing discussions and detailed due diligence all
supporting a disciplined and well-informed decision-making process. The decision to stage
the project ensures Precinct manages its risks while market conditions are currently
unsupportive of large-scale residential development. This approach allows Precinct to
focus on the factors within its control and prioritise the parts of the development most
closely aligned with occupier demand and capital availability.

Precinct has reviewed its living sector strategy and determined that future participation is
likely to be targeted towards smaller, higher value projects catering to the downsizer
market. Consistent with this strategy, Precinct has today committed to deliver Pillars, a
premium 20-unit apartment development overlooking St Mary's Bay in Auckland. The
project represents an important step in the evolution of Precinct's residential strategy,
moving beyond site acquisition and planning into the delivery of a high-quality boutique
development funded directly by Precinct. With an incremental capital commitment of
approximately $50 million, Pillars enables Precinct to retain the full project economics for
shareholders while maintaining modest exposure to the residential market.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Dividends payment

Precinct Properties Group shareholders will receive a fourth-quarter combined cash
dividend of 1.6875 cents per stapled security. This consists of fourth-quarter dividends 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 3).
• Precinct Properties Investments Limited (“PPIL”) of 0.198816 cents per share,
comprising cash of 0.190000 cents per share, imputation credits of 0.006064 cents
per share and a supplementary dividend of 0.002752 cents per share (see note 3).

The record date for both PPNZ and PPIL dividends is Friday, 4 September 2026 and
payment will be made on Friday, 18 September 2026.

Outlook and guidance

Precinct enters FY27 with a strong balance sheet, a high-quality portfolio and a clear set of
strategic priorities. While the economic outlook remains uncertain, continued strength of
the Auckland premium office market, favourable investment conditions and improving
depth of capital available for high-quality New Zealand real estate provide confidence in
the outlook.

Disciplined execution will remain a priority in FY27, with the Downtown Car Park
redevelopment the company's primary focus as it progresses towards a commitment
decision. At the same time, Precinct remains focused on delivering strong operational
performance, completing existing development projects and continuing to grow capital
partner relationships.

The Board expects total combined cash dividends for Precinct Properties New Zealand
Limited and Precinct Properties Investments Limited for the 2027 financial year to be 6.75
cents per stapled security. Based on current forecasts, this dividend is expected to be
around the top of Precinct's dividend policy range of 80% to 95% of FFO.

The Board has considered this guidance carefully. The proposed dividend reflects
confidence in Precinct's medium-term outlook, underpinned by the quality of the portfolio,
the benefits of recent capital management and capital partnering initiatives, and the
expected contribution from near-term opportunities. It also reflects the Board's desire to
maintain a stable dividend through a period in which earnings are expected to be

---

Annual Report 2026
Building on
Strong
Foundations
precinct.co.nz

Contents
FY26 Highlights04
Chair and CEO Report11
Sustainability Report71
FY26 Highlights04
Precinct Group Overview06
Our Strategy08
Strategic Progress09
Our Platform10
Chair and CEO Report11
FY26 Results Overview16
Financial Summary20
Leadership25
Corporate Governance30
Statutory Information45
Remuneration Report53
Sustainability Report71
The Numbers88
Directory143
Building on Strong Foundations03
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
03

FY26
Highlights
Precinct Properties Group04

Portfolio
occupancy
97%
(2025: 97%)
Weighted average
lease term
7.1 years
(2025: 6.0 years)
Growth in contract rents
across office leasing
9.9%
(2025: 17.2%)
Funds from Operations (FFO)
per stapled security
7.31 cents
(2025: 7.10 cents)
Dividends per
stapled security
6.75 cents
(2025: 6.75 cents)
Net tangible assets (NTA)
per stapled security
$1.13
(2025: $1.21)
Building trusted
relationships with
leading global
capital partners
$800m
Precinct expanded co-invested capital
partnerships by approximately $800 million
in FY26 through the ASB North Wharf
and PwC Tower transactions. The value of
all partnerships at year-end totals $2.2b
(committed, on-completion value).
GRESB
score
91/100
Global Real Estate Sustainability Benchmark
(GRESB) score received in 2025 (2024: 89).
Precinct is in the top 20% of more than 2,100
participating funds and entities globally,
and materially above the global average
of 79.
Building on Strong Foundations05
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Precinct Group
Overview
Precinct Properties Group06

City Centre Office
Student Accommodation
City Centre Retail
Premium Residential
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 clients, partners and
shareholders continues to be a priority for the
business.
At the core of Precinct's business is a $3
billion property portfolio located in Auckland
and Wellington. Focused on premium office, the
portfolio offers contracted, secure rental income
that underpins our earnings.
Precinct launched its capital partnering and
living sector strategies in 2022, broadening the
business and creating additional avenues for
diversification and growth.
Entry into the residential sector represented
a measured expansion into a complementary
market, leveraging Precinct's expertise in
creating high-quality, mixed-use urban
precincts. Since then, Precinct has extended
its living strategy to include student
accommodation, supported by strong long-
term market fundamentals and alignment with
the company's capabilities and expertise.
Through concentrated ownership in
strategic locations, Precinct has
successfully evolved its portfolio since
2021, through internalisation, stapling and
expansion of the investible universe.
With a proven track record of developing
world-class real estate, Precinct delivers
premium property solutions with people-
centric outcomes at their core. Since
2017, the company has developed over $3
billion in premium-grade real estate.
Precinct is a trusted manager of real
estate, investment funds and operating
businesses.
With a disciplined focus on value-add
opportunities, combined with a strong
track record of execution, Precinct
has established itself as an attractive
local partner to global capital and
strengthened its 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 Strong Foundations07
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
07

Precinct’s three strategic pillars are developed from its core office portfolio, a proven track record to
create new world-class real estate and a capital partnering platform, all underpinned by a focus on
people-centric outcomes.
Our Strategy
Leverage our strategic pillars to create vibrant, mixed-use precincts
that provide premium 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 and
reinvesting into
Precinct's offering
to ensure the best
quality clients in the
country continue to
be attracted
•Recycling and
deploying capital
into projects that
generate higher
yielding returns
•Leveraging Precinct's
expertise and
capability to deliver
on its $4 billion
development pipeline
which includes mixed
use, office, living,
and large-scale
projects like the
Downtown Car Park
development project
•Expanding the
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
Precinct achieved significant
progress across each of its
strategic pillars in 2026.
Core investments
•Precinct delivered another year of operational
excellence, maintaining 97% occupancy while
extending WALT to 7.1 years and achieving record
leasing activity of around 37,850 square metres.
•Commenced operation of 55 Molesworth Street,
delivering a landmark Wellington office asset
underpinned by a 21-year weighted average lease
term anchored by the Ministry of Foreign Affairs and
Trade (MFAT).
Capital partnering
•Expanded Precinct’s partnership with global
institutional investor, GIC, through the $205 million
acquisition of ASB North Wharf.
•Established a new $600 million investment partnership
for a 50% interest in the PwC Tower with PAG,
a leading global investment firm and existing
capital partner.
•Successfully managed the completion of Fabric 2 and
Domain Collection residential developments on behalf
of capital partners.
Developments
•Commenced construction at 256 Queen
Street, Precinct’s second purpose-built student
accommodation project, taking total PBSA beds under
development to approximately 1,600 across 22 Stanley
Street and 256 Queen Street.
•Committed to deliver Pillars, a premium boutique
residential project overlooking St Mary’s Bay,
reflecting a more targeted residential strategy
focused on high-quality, well-located developments of
appropriate scale.
•Secured resource consent for the Downtown Car
Park development under the Fast-track pathway
and partnered with Built, an Australian-owned
tier 1 contractor, to undertake early contractor
involvement (ECI).
Precinct continues to favour capital-light
development opportunities e.g. through income-
producing sites, options, deferred payment
mechanisms, and partnerships.
The success of Precinct’s capital partnering
strategy relies on developing world-class
real estate.
ASB North
Wharf acquired
in partnership
with GIC
The acquisition of ASB North Wharf aligns
with the partnership’s strategy to invest
in high-quality, well-located commercial
assets. Completed in 2013, ASB North
Wharf is a highly sustainable, prime grade
asset. We are pleased to be extending our
relationship with ASB and welcome their
commitment to extend their lease to 2040.
Building on Strong Foundations09
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
09

Our Platform
Precinct has $5.2 billion of assets under management across
balance sheet and capital partnership assets
Total assets under
management (AUM)
$5.2b
City-centre commercial
$4.2b
$1.8b
Multiple
Partnership assets
1
$2.2b
$2.4b
Investment properties
Property portfolio
$3.0b
Balance Sheet
AUM $3.0b
Capital Partnerships
AUM $2.2b
Student accommodation
$0.5b
$0.3b
22 Stanley St
$0.2b
256 Queen St
2
Residential build-to-sell
$0.2b
$0.1b
York House
$0.1b
Pillars
Pipeline
3
$0.3b
$0.05b
Orams residential land
$0.2b
Dev. Properties & Inventories
Notes: Values reflect committed, on-completion values; total may not sum due to rounding; (1) Includes $2.0 billion of co-
invested partnerships and $0.2 billion of assets managed on behalf of third parties with nil investment from Precinct; (2)
Precinct’s intention for 256 Queen Street is to secure a capital partner; (3) Includes development properties and inventories (excl.
256 Queen St & Pillars).
Committed
capital
partnerships
$2.2b
Precinct's committed capital partnerships
(on-completion value) following the
formation of the new PwC Tower investment
partnership with PAG, a leading global
investment firm.
Precinct Properties Group10

Chair and
CEO Report
Building on Strong Foundations11
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Chair and CEO Report
Over the past 12 months, Precinct
has continued to demonstrate the
quality and resilience of its real estate
portfolio, while making meaningful
progress on the strategic initiatives that
are positioning the business for long-
term growth.
This progress has been achieved
over a period of economic weakness
and market volatility. Despite this
environment, Precinct has remained
focused on operational performance,
disciplined capital allocation and
the careful execution of our long-
term strategy.
We are pleased to
present Precinct's 2026
Annual Report.
Anne Urlwin, Independent Director and Chair (left) and
Scott Pritchard, CEO (right)
FY26 performance
Precinct’s business performance over the last twelve
months reflects the quality of our premium office
portfolio, continued leasing momentum and the benefits
of the capital management initiatives completed during
the year.
Operating profit before indirect expenses and income
tax was $162.7 million (FY25: $152.3 million). Total
comprehensive income after tax was negative
$12.6 million, compared with $3.1 million in the prior
year. The result included a negative fair value movement
across Precinct’s properties of $109.7 million including
inventories (FY25: $27.6 million negative movement).
Precinct’s core investment portfolio delivered another
strong year, supported by the quality and resilience of
our premium office assets. Portfolio occupancy remained
high at 97%, weighted average lease term increased to
7.1 years, and new leasing transactions were completed
across 37,850 square metres of space with 9.9% growth on
new office leases achieved.
For the year to 30 June 2026, Funds from Operations
(FFO) was 7.31 cps (FY25: 7.10 cps). Our full-year dividend
to shareholders was 6.75 cents per stapled security,
reflecting a payout ratio of 92%.
Progress against strategy
Precinct successfully completed a number of strategic
initiatives in FY26 that have expanded our capital
partnerships, strengthened the balance sheet and
increased our exposure to sectors where we see attractive
long-term fundamentals.
A particular highlight was the continued growth of our
capital partnering strategy. During the year, Precinct
expanded its existing partnership with global institutional
investor, GIC, through the acquisition of ASB North
Wharf. Precinct also established a new investment
partnership with PAG, a leading global investment firm
and another existing capital partner, who has taken a
50% interest in PwC Tower. Settlement of the PwC Tower
transaction is expected in the first half of FY27. Together,
these transactions grew Precinct’s co-invested capital
partnerships by approximately $800 million and increased
total capital partnerships to $2.2 billion at year-end, and
reinforced the depth of institutional investor appetite for
premium New Zealand real estate.
Other important milestones included completion of
the $325 million equity raise, settlement of the
InterContinental Auckland hotel sale, and inclusion of
Precinct Properties Group
12

22 Stanley Street into a new partnership with Keppel,
a leading global asset manager and operator. These
initiatives have provided growth capital, increased
balance sheet capacity and enabled Precinct to continue
progressing its development pipeline both directly and
with partners.
Completion of 55 Molesworth Street was a highlight,
delivering a landmark office development in the heart of
Wellington’s government precinct. The building achieved
practical completion in January 2026 following rent
commencement in October 2025, with the Ministry of
Foreign Affairs and Trade becoming the largest single
client in Precinct’s portfolio. The completion has further
strengthened the resilience and quality of the portfolio,
underpinned by an excellent WALT of 21 years, a net lease
structure and fixed annual rental increases.
Precinct also progressed its living strategy. Construction
commenced at 256 Queen Street, our second purpose-
built student accommodation project, taking total
PBSA beds under development to approximately 1,600
across 22 Stanley Street and 256 Queen Street. The
student accommodation sector remains supported by a
structural supply/demand imbalance in Auckland and the
continued recovery of international student demand, and
Precinct is encouraged by the long-term fundamentals of
the sector.
Since launching its living strategy more than three years
ago, Precinct has gained valuable experience that is
informing a more targeted approach to future residential
investment. While the broader market recovery has
taken longer than expected, Precinct’s capital invested
in residential to date remains modest at around 1% of
total invested capital. We have been encouraged by the
pre-sales outcomes achieved in well-located, high-quality
projects such as York House and Pillars, despite softer
market conditions. Future activity is therefore expected
to focus on a similar style and scale of offering: smaller
scale, premium projects that align closely with Precinct’s
brand, capability and expertise, and can be delivered
with an efficient resourcing model.
Consistent with this revised approach, the Board has
approved a commitment to deliver Pillars, a premium
20-unit apartment project overlooking St Mary’s Bay
in Auckland. This marks an important step in the
evolution of Precinct’s residential strategy, moving beyond
site acquisition and planning into the delivery of a
high-quality residential development, with investment
from Precinct.
With an incremental capital commitment of
approximately $50 million, Pillars is well suited to
direct ownership. Funding the project on balance
sheet allows Precinct to retain the full project
economics for shareholders, while the scale of the
development keeps exposure to the residential sector
appropriately contained.
Precinct has entered into a Design & Build construction
contract with GN Construction, which recently completed
Domain Collection. The project is expected to be delivered
over a 22-month construction programme.
55 Molesworth
Street completed
55 Molesworth Street adds a high-quality
Wellington asset to Precinct’s portfolio.
Located in the capital’s government
precinct and anchored by the Ministry
of Foreign Affairs and Trade, the building
enhances portfolio income quality through
a long-term lease commitment and a
modern, efficient workplace environment.
Building on Strong Foundations13
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Chair and CEO Report
Downtown Car Park development
The Downtown Car Park development remains the
most significant long-term opportunity within Precinct’s
portfolio. The site is superbly located at the heart of
Auckland’s waterfront and provides the opportunity to
extend the Commercial Bay precinct through to the edge
of the Viaduct Harbour, creating a new destination for
businesses, visitors and the wider city.
During the year, Precinct continued to progress design,
procurement, consenting and leasing negotiations for
the project. An important milestone has now been
reached with resource consent secured under the Fast-
track pathway. Preliminary design is now complete and
developed design has continued to advance. We have
also advanced leasing negotiations with high-quality
office occupiers, reinforcing our confidence in demand for
premium waterfront accommodation with strong amenity
and connectivity.
Precinct has determined that the best outcome is to
deliver the development in stages, reducing development
risk and aligning investment with market demand.
Stage one comprises the commercial office tower, retail
and hospitality offerings, laneways and public spaces.
The residential and hotel tower will be delivered at a later
stage when market conditions are more supportive.
By staging delivery, Precinct can reduce risk, preserve
balance sheet flexibility and make a disciplined
investment decision with confidence.
This staged approach allows Precinct to focus on
the factors it can control, including appropriate
pre-commitment, procurement outcomes, funding
arrangements and risk-adjusted returns relative to
alternate uses of capital.
Looking ahead, a decision to commit will be made only
when the required conditions are met. This is consistent
with Precinct's longstanding approach to major projects:
pursuing opportunity with ambition, while maintaining the
discipline required to protect shareholder value.
Governance
The Board continues to focus on effective governance,
succession planning and ensuring Precinct has the skills
and experience required to support the company’s
evolving strategy.
During the year, Taurua Grant completed his tenure as
a Future Director. Taurua made a valuable contribution
during his time with the Board, bringing strong
commercial and banking experience as well as a cultural
perspective that enriched Board and management
discussions. Precinct has appointed Monica Yianakis as
the next Future Director and the Board looks forward to
welcoming Monica and benefiting from her perspective
and contribution over the coming year.
Precinct also made the decision to appoint Deloitte as
external auditor from the 2028 financial year, beginning
1 July 2027, following a competitive tender process
overseen by the Audit & Risk Committee. The appointment
reflects good governance practice and is not a reflection
Commercial Bay
delivers strong
sales growth
+5.6%
The continued evolution of the tenant mix,
combined with the strength of the wider
Commercial Bay precinct, has reinforced
the centre’s position as one of Auckland’s
leading retail and hospitality destinations.
Total sales increased by 5.6% on the
prior year.
Precinct Properties Group14

on the quality of service provided by EY, who we thank
for the service and support provided during their tenure.
Deloitte will also provide sustainability assurance for the
2026 financial year, as Precinct continues to advance its
sustainability programme.
Sustainability
Sustainability remains integrated with Precinct’s broader
business strategy and supports our focus on resilience
and creating long-term value for shareholders, occupiers,
partners and communities.
Precinct again improved its Global Real Estate
Sustainability Benchmark (GRESB) score during the year,
increasing from 89 to 91. This retained Precinct’s position
in the top 20% of more than 2,100 participating funds and
entities globally and materially above the global average
score of 79.
We continue to participate in external benchmarking and
certification programmes, including NABERSNZ, Green
Star, climate-related disclosures and GRESB. These
frameworks, together with stakeholder feedback, have
informed the refresh of our materiality assessment and
guide initiatives that support environmental performance,
operational efficiency and long-term resilience. Our
sustainability approach is also strengthened by
partnerships with the communities in which we
operate, including our ongoing relationship with Ngāti
Whātua Ōrākei.
Outlook and dividend guidance
Precinct enters FY27 with a strong balance sheet, a high-
quality portfolio and a clear set of strategic priorities.
While the economic outlook remains uncertain, we are
encouraged by the continued strength of the Auckland
premium office market, improving investment conditions
and the depth of partner capital available for high-quality
New Zealand real estate.
We will continue to prioritise disciplined execution in
FY27, with the Downtown Car Park redevelopment our
primary focus as we progress towards a commitment
decision. At the same time, we remain focused on driving
strong operational performance, completing our existing
development projects, and continuing to grow capital
partner relationships.
The Board expects total combined cash dividends for
Precinct Properties New Zealand Limited and Precinct
Properties Investments Limited for the 2027 financial year
to be 6.75 cents per stapled security. Based on current
forecasts, this dividend is expected to be around the top
of Precinct’s dividend policy range of 80% to 95% of FFO.
The Board has considered this guidance carefully. The
proposed dividend reflects our confidence in Precinct’s
medium-term outlook, underpinned by the quality of the
portfolio, benefits of recent capital management and
capital partnering initiatives, and expected benefits of
near-term opportunities. It also reflects the Board’s desire
to maintain a stable dividend through a period in which
earnings are expected to be influenced by the timing
of transactions, deleveraging, development commitments
and reinvestment into the company’s growth pipeline.
Precinct remains committed to maintaining a dividend
that is sustainable and aligned with recurring
earnings, while retaining sufficient flexibility to invest in
opportunities that can deliver long-term value.
On behalf of the Precinct Board and Executive team,
we would like to thank the wider Precinct team for
their commitment and ongoing contribution throughout
the year. We would also like to thank our shareholders,
capital partners, occupiers and wider stakeholders for
their continued support.
Anne Urlwin
Chair
Scott Pritchard
CEO
Building on Strong Foundations15
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

FY26 Results
Overview
Precinct Properties Group16

Financial performance
Precinct advanced its leasing momentum across its core
office portfolio in FY26, supported by strong demand
for premium office space, with a 9.9% leasing spread
achieved and occupancy maintained at 97%.
Funds from operations (FFO) from our investment
portfolio (excluding transactions and developments) was
$149.9 million, up 1.3% after adjusting for one-off income
(FY25: $150.3 million). Operating profit before indirect
expenses and income tax was up 6.8% to $162.7 million
(FY25: $152.3 million).
Total comprehensive income after tax was negative
$12.6 million. This compares to $3.1 million for the same
period last year, with the fair value movement across
the value of Precinct’s properties declining $109.7 million
including inventories for FY26. This compares to a
$27.6 million devaluation in FY25. Precinct’s weighted
average market capitalisation rate at 30 June 2026 is 5.9%
(June 2025: 5.8%).
Funds from Operations (FFO) adjusts statutory net
profit (under IFRS) for certain non-cash and other
items. Precinct’s FFO for the 2026 financial year was
$129.5 million or 7.31 cps (FY25: $112.7 million or 7.10 cps).
As at 30 June 2026, the value of Precinct’s property
portfolio was $3.3 billion including inventories and assets
held for sale (30 June 2025: $3.4 billion) and Precinct's
net tangible assets (NTA) per share was $1.13 (30 June
2025: $1.21).
Full year dividends
cents

per

share
6.756.756.75
6.706.70
FY26FY25FY24FY23FY22
1
2
3
4
5
6
7
8

Funds from operations (FFO)
$

millions
129.5
112.7
114.5114.0
107.5
FY26FY25FY24FY23FY22
20
40
60
80
100
120
140
Operating profit
before indirect
expenses and
income tax
$162.7m
For the 12 months to
30 June 2026, up
$10.4 million or 6.8% on the prior year
Full
year
dividends
6.75cps
Relating to the 2026 financial year
Building on Strong Foundations17
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

FY26 Results Overview
Capital management
During the period, Precinct completed more than $1 billion
of capital management initiatives that have strengthened
the balance sheet and supported the continued execution
of our strategy. These include the successful $325 million
equity raise, settlement of the InterContinental Auckland
hotel sale, and commencing the new 22 Stanley
Street partnership.
These initiatives provide Precinct with additional flexibility
to fund growth opportunities, alongside capital partners.
More recently, we were very pleased to announce the
establishment of a new investment partnership on the
PwC Tower, building on our existing relationship with PAG.
The transaction is highly consistent with Precinct’s
strategy to recycle capital and grow capital partnerships
and demonstrates our ability to continue to execute our
strategy through challenging global market conditions.
The partnership will acquire the asset for a headline price
of $600 million, with Precinct retaining a 50% ownership
interest and ongoing investment and asset management
responsibilities, ensuring shareholders retain meaningful
exposure to one of New Zealand’s leading premium
office assets.
Proceeds from the transaction will initially be used
to repay bank debt, further strengthening Precinct’s
balance sheet and providing capacity to progress future
opportunities as market conditions allow.
Capital management metrics
20262025
Debt drawn ($ millions)
1
1,3811,594
Total debt facilities ($ millions)1,5951,693
Gearing - banking covenant (%)36.341.6
Weighted average term to
expiry (years)
2.42.8
Weighted average debt cost
incl. fees (%)
5.15.2
Percentage of debt hedged (%)56.882.8
Weighted average
hedging (years)
2.72.5
Interest coverage ratio (previous
12 months)
2.12.0
1Excludes the USPP note fair value adjustment of $41.0 million
(June 2025: $21.7 million). Interest bearing liabilities are detailed in
Note 6.1 of the Financial Statements
At balance date, Precinct’s total borrowings were
$1,381 million with total facilities of $1,595 million.
Precinct’s gearing, as measured under borrower
covenants, was 36.3% against the covenant of 50%, or 27%
on a pro forma basis following settlement of PwC Tower.
Precinct was 57% hedged at year-end (June 2025: 83%)
following the close out of swaps in relation to asset sales.
With deleveraging to continue during FY27 as PwC Tower
settles, hedging levels will increase to around 65% on
average in FY27.
Equity raise to
fund growth
$325m
Precinct was delighted with the strong
investment demand and support from
our existing shareholders, as well as new
institutional investors that we welcomed
to our share register. The raise enabled
Precinct to commit to the development of a
new student accommodation facility at 256
Queen Street, Auckland (pictured).
Precinct Properties Group18

Operational update
The core investment portfolio delivered a solid operating
result in FY26, underpinned by sustained demand for
premium office space. Portfolio occupancy remained high
at 97%, consistent with the prior year, and weighted
average lease term increased to 7.1 years following the
completion of Molesworth Street, further strengthening
income certainty and quality.
Leasing momentum remained strong throughout the
year with 89 leasing transactions completed across the
investment portfolio, encompassing 37,850 square metres
of space, and 9.9% growth on new office leases achieved.
This activity was complemented by 162 rent reviews
across a further 156,090 square metres during the period,
representing around 60% of the portfolio by NLA, which
delivered an average uplift of 3.3%.
These outcomes highlight the continued depth of
occupier demand for high-quality, well-located office
space and have contributed to a further narrowing of the
office portfolio’s under-rented position to 3% at year end,
compared with 7% at June 2025.
The Commercial Bay retail centre continued to build
momentum, supported by an evolving tenant mix, strong
precinct amenity and the appeal of Commercial Bay
as one of Auckland’s leading retail and hospitality
destinations. Total sales increased by 5.6% on the prior
year, reflecting continued progress in retail performance
and the broader activation of the precinct.
FY27 key leasing events
Fixed review
Market review
Expiry
CPI
No event
Above: GHD House, Commercial Bay
Lease expiry profile
%

of

contracted

rent
Wellington
Auckland
VacantFY27FY28FY29FY30FY31FY32+
10
20
30
40
50
60
Building on Strong Foundations19
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Financial
Summary
Precinct Properties Group20

Key financial information
(Amounts in $ millions unless otherwise stated)
20262025
Change (%)
Gross operating revenue278.1266.14.5
Funds from operations (FFO)129.5112.714.9
Adjusted funds from operations (AFFO)
1
114.2103.810.0
Total comprehensive income after tax attributable to equity holders(12.6)3.1(506.5 )
Funds from operations (FFO) (cents per share)7.317.102.8
Adjusted funds from operations (AFFO) (cents per share)6.446.54(1.5 )
Gross dividend (cents per share)
2
6.836.91(1.2 )
Net dividend (cents per share)
2
6.756.75
FFO Payout ratio (%)92.495.1(2.8 )
Total assets3,691.33,699.2(0.2 )
Total liabilities1,561.51,754.9(11.0 )
Total equity2,129.81,944.39.5
Shares on issue (million shares)1,852.81,587.016.7
NTA (cents per share)113121(6.1 )
Gearing ratio at balance date (%)
3
36.341.6(12.7 )
Management expense ratio (bps)
4
493829.5
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. Management expenses total $16.2 million for the year.
Building on Strong Foundations21
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

5 Year Summary
Financial performance
(Amounts in $ millions unless otherwise stated)
20262025202420232022
Gross operating revenue278.1266.1248.0224.3200.3
Less direct operating expenses(105.9)(106.1)(91.8)(77.9)(70.9)
Less employment and
administration expenses
(9.5)(7.7)(5.7)(7.5)(6.0)
Operating profit before indirect expenses162.7152.3150.5138.9123.4
Net interest expense(65.1)(65.0)(41.1)(30.8)(23.9)
Corporate overhead expense(6.7)(4.6)(5.5)(6.0)(4.2)
Operating profit before income tax90.982.7103.9102.195.3
Non operating income / (expense)
Unrealised net gain in value of
investment and development properties
(107.5)(27.6)(105.2)(257.1)19.4
Other non operating income(5.7)(49.8)(22.0)(9.7)14.6
Net profit before taxation(22.3)5.3(23.3)(164.7)129.3
Current tax expense12.57.72.45.27.0
Depreciation recovered on sale expense(4.3)(0.5)(1.2)(7.7)-
Deferred tax benefit / (expense)5.9(1.5)-14.1(26.3)
Total taxation (expense) / benefit14.15.71.211.6(19.3)
Net profit after taxation (NPAT)(8.2)11.0(22.1)(153.1)110.0
Total other comprehensive
income / (expense)
(4.4)(7.9)(8.0)5.6(1.2)
Total comprehensive income after tax
attributable to equity holders
(12.6)3.1(30.1)(147.5)108.8
Precinct Properties Group22

Financial position
(Amounts in $ millions unless otherwise stated)
20262025202420232022
Total investment assets3,051.83,027.42,987.42,844.73,126.2
Total development assets235.8334.9201.2523.5544.0
Other assets403.7336.9330.3274.6169.0
Total assets3,691.33,699.23,518.93,642.83,839.2
Interest bearing liabilities1,417.51,610.31,334.61,258.41,275.8
Other liabilities144.0144.6137.0201.3127.9
Total liabilities1,561.51,754.91,471.61,459.71,403.7
Total equity2,129.81,944.32,047.32,183.12,435.5
Number of shares (m)1,852.81,587.01,586.41,585.91,585.4
Weighted average number of shares (m)1,772.11,587.01,586.31,585.81,559.2
Net tangible assets per share (cps)1.131.211.291.381.54
Net asset value per security (cps)1.151.231.291.381.54
Share price at 30 June ($)1.041.201.121.291.37
Covenants
Loan to value ratio (%)36.341.635.238.034.3
Interest coverage ratio2.12.02.01.92.5
Building on Strong Foundations23
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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)
20262025202420232022
Operating profit before income tax90.982.7103.9102.195.3
Current tax benefit / (expense)12.57.72.45.27.0
Share-based payments scheme2.73.31.21.41.2
Convertible note option
value amortisation
1.71.61.2--
IFRS 16 lease adjustments(8.6)(9.1)(8.6)(8.9)(7.6)
Impairment of loan receivables (net
of tax)
(2.6)-
Amortisations of incentives and
leasing costs
15.914.313.313.714.7
Straightline rents0.5(1.1)(3.7)(2.0)(3.8)
Swap closeout12.48.1---
Distributions from equity-accounted
investment attributable to the period
3.15.03.71.2-
Adjust for one-off items1.00.21.11.30.7
Funds from operations (FFO)
1
129.5112.7114.5114.0107.5
Funds from operations (cents per share)7.317.107.227.196.89
Dividend payout ratio based on FFO (%)92.395.193.593.297.2
Adjusted funds from operations (AFFO)
Maintenance capex(5.8)(2.6)(3.3)(3.3)(2.3)
Incentives and leasing costs(9.5)(6.3)(5.0)(4.6)(3.7)
Adjusted funds from operations (AFFO)
2
114.2103.8106.2106.1101.5
Adjusted funds from operations (cents
per share)
6.446.546.696.696.51
Dividend payout ratio based on AFFO (%)104.8103.2100.9100.1102.9
Net dividend (cents)6.756.756.756.706.70
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 Group24

Leadership
Building on Strong Foundations25
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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, 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 2025 (Chair
since November 2023).
Key Skills
1
Governance; commercial construction and property
development; infrastructure investment management
and capital partnering; infrastructure and energy
project delivery; commercial, risk and financial
acumen; sustainability.
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
2
. Alison has been appointed as a Director
of Summerset Group Holdings Limited, and Contact
Energy Limited, both effective 1 September 2026.
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.
Mark is the 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 Te Atiawa
Iwi Holdings.
2
Alison has resigned from the boards of Suncorp New Zealand
and Rockit Global Limited, effective 30 September 2026 and
31 October 2026, respectively.
Precinct Properties Group26

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.
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 is a director of GPT Funds Management and
Richmond Bridge, and on the Investment Committee of
Corval Partners Limited.
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 2025.
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.
Monica Yianakis (Board Observer)
Future Director
3
Monica Yianakis has over 20 years’ experience
across strategy, marketing, innovation and commercial
functions across Nestle, Frucor Suntory, Lion and most
recently Comvita.
Monica is a Board Observer (Future Director) for Precinct,
for a fixed term for a period of 18 months effective
1 August 2026.
3
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 Strong Foundations27
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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, Tim
Woods, Nicola McArthur, Scott Pritchard, Emma de Vries,
Richard Hilder, Anthony Randell.
Scott Pritchard
Chief Executive Officer
Scott has led the Precinct team since 2010. In that time
Precinct has delivered over $2.9 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 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 development and execution of Precinct’s people and
organisational capability strategy. Working closely with
the Executive leadership team, she is responsible for
ensuring Precinct attracts, develops and retains the talent
and leadership capability required to deliver its strategic
and commercial objectives.
Her responsibilities include talent and succession
planning, leadership development, remuneration and
rewards, employee engagement, workforce planning, and
organisational development. The People and Culture
team are focused on building organisational capability
and supporting a high-performing workforce that enables
the delivery of Precinct’s long-term strategy.
Emma joined Precinct in 2021 and has extensive
experience across the media, construction and public
sector. She holds a Bachelor of Business from Auckland
University of Technology and a Postgraduate Diploma in
Business Administration from the University of Auckland.
Precinct Properties Group
28

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 living.
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
Anthony is General Manager – Property at Precinct,
leading the Auckland, Wellington, Precinct Flex and Retail
property teams. He is responsible for the management
and performance of Precinct’s substantial property
portfolio. Anthony joined Precinct in 2010 and has
19 years’ experience in the property industry. His
experience across investment, development and asset
management gives him a broad perspective on delivering
Precinct’s strategy.
Anthony holds a Bachelor of Business Studies in Valuation
and Property Management from Massey University and is
a Registered Valuer.
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 PwC Tower, and the advancement
of Precinct’s capital partnership strategy. As well as
her legal and compliance responsibility, Louise oversees
Precinct's health and safety and sustainability functions.
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 10 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 Strong Foundations
29
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate
Governance
Precinct Properties Group30

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 Financial Products Dealing, Audit
Independence, Diversity and Inclusion, Continuous
Disclosure, Control Transaction Protocols, Whistleblowers
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 March 2026. Precinct's
Corporate Governance Manual is available on Precinct’s
website (www.precinct.co.nz) in the Investors section.
Precinct’s corporate governance policies, practices and
processes during FY26 and as at the date of this
Annual Report are consistent with the principles in
the NZX Corporate Governance Code, and all NZX
Corporate Governance Code Recommendations have
been adopted.
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 2025) 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.
Financial Products Dealing Policy – The Financial Products
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. The
Boards review Precinct's Directors skills matrix annually
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 35.
Precinct has committed to appoint a Future Director as
part of the Institute of Directors programme and our third
Future Director (Monica Yianakis) was appointed effective
1 August 2026.
All Precinct directors are non-executive and the
Board composition and performance is compliant in
all respects with the NZX Corporate Governance
Code recommendations.
Building on Strong Foundations
31
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
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 2026, 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.
The Board notes that Chris Judd has been a Precinct
director for more than 12 years (appointed April 2013).
The Board considered whether Chris Judd's tenure on the
Board might interfere or reasonably be seen to interfere
with his capacity to bring independent judgment to
issues. The Board considers that Chris Judd can continue
to act in the best interests of Precinct and represents
the interests of Precinct’s financial product holders as a
whole. As indicated at the 2024 ASM when he stood for
re-election, Chris Judd intends to retire at the end of his
current term (November 2027) and a board recruitment
process is currently underway.
Each of the directors are 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. As at 30 June 2026 the directors of
all subsidiaries except Precinct Downtown Development
Limited are Scott Pritchard, George Crawford, Richard
Hilder and Louise Rooney. The directors of Precinct
Downtown Development Limited are Emma de Vries and
Nicola McArthur. 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 68, 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 202630 June 2025
FemaleMale
Gender
diverse
FemaleMale
Gender
diverse
Directors
3
(50%)
3
(50%)
-
3
(50%)
3
(50%)
-
Officers
1
3
(38%)
5
(62%)
-
3
(38%)
5
(62%)
-
Management
employees
63
(58%)
45
(42%)
-
65
(60%)
43
(40%)
-
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.
Precinct Properties Group32

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 ongoing basis. Precinct
has committed to undertake its gender pay gap analysis
annually. Following the 2025 annual salary review, this
analysis was completed across the business, key findings
can be found in the Remuneration Report. The Board
believes that for FY26, 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 FY27.
Measurable
objectives
30 June
2026
30 June
2025
30 June
2024
30 June
2023
30 June
2022
Gender
% of
female
staff
57%
(66)
59%
(68)
56%
(68)
53%
(46)
54%
(39)
Age
range
20-7019-6919-6820- 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 2026). Precinct does not have any non-
guaranteed hours employees and temporary employees
are employees who are on fixed term agreements.
30 June 202630 June 2025
FemaleMaleFemaleMale
Management
employees (full-
time, Auckland)
51394643
Management
employees (full-
time, Wellington)
8595
Management
employees (part-
time, Auckland)
4141
Management
employees (part-
time, Wellington)
0010
Building on Strong Foundations33
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
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.
Meetings – A schedule of directors and their Board meeting attendance record for the year to 30 June 2026 is set out below.
Board of directors and attendance
DirectorStatus
Date of
appointment
Regular
schedule
(full
agenda)
Board
meetings
Out-of-
cycle
(limited
agenda)
board
meetings
Audit and
Risk
Committee
meetings
People
and
Performance
Committee
meetings
ESG
Committee
meetings
Equity
Raise Due
Diligence
Committee
meetings
Downtown
Car Park
Due
Diligence
Committee
meetings
Number of meetings5456431
Anne UrlwinBoard Chair16 Sep 20195456431
Alison BarrassDirector1 Oct 202453n/a64n/an/a
Nicola Greer
ESG Committee
Chair
16 Jul 2021535n/a431
Chris JuddDirector29 Apr 201354n/a64n/a1
Chris Meads
People &
Performance
Committee
Chair
1 Oct 20235456n/a3n/a
Mark Tume
Audit and Risk
Committee
Chair
11 Aug 2021435n/an/an/an/a
Precinct Properties Group34

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.
Building on Strong Foundations35
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
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 2026, 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 current
audit firm, Ernst & Young, and Precinct's incoming audit
firm, Deloitte, 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 FY26 the ESG Committee held three committee
meetings. Precinct’s CEO, Deputy CEO, CFO, General
Counsel, 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.
Precinct Properties Group
36

Two Due Diligence Committees were established during
the year. One was a Due Diligence Committee for the
Equity Placement and Retail Offer which was formed
in October 2025, met three times during the year and
comprised Chris Meads as Chair, Anne Urlwin and
Nicola Greer. The other Due Diligence Committee is for
the Downtown Car Cark Redevelopment Project. This
Due Diligence Committee was formed in April 2026
and comprises Chris Judd as Chair, Anne Urlwin and
Nicola Greer.
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 2026 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 and 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 2025
by independent advisers, PwC. At Precinct's ASM in
November 2025, shareholders approved a Chair’s fee
that includes committee membership fees, rather than
the Chair receiving committee membership fees as well
as the Chair’s fee. This better reflects best practice
in the market. At Precinct's ASM in November 2025,
shareholders also approved modest adjustments to
committee chair fees, aligned with market benchmarks
to better reflect the distribution of workload between
the committees.
Precinct makes a summary report of any independent
director remuneration review available on its website.
Precinct's policy is to engage an external review of
director remuneration every two years.
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.
Building on Strong Foundations
37
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
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 a 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) was engaged during the year
to audit and review our financial statements. Precinct
also regularly undertakes internal audit programmes 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. Following FY27, the continued
appointment of Precinct's external auditors will be
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 assurance services in relation to interim
financial statement reviews. EY does not provide any
other non-audit work. 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.
Precinct Properties Group
38

As previously announced, in accordance with best
practice, Precinct undertook a review of its audit firm
and appointed Deloitte to replace EY as its external
auditor, with their tenure beginning for the 2028 financial
year, beginning 1 July 2027. This follows a competitive
tender process, which was overseen by the Audit and
Risk Committee, who recommended the appointment of
Deloitte as external auditor to the Board.
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 2025
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 in 2023).
The 2026 Annual Meeting of
Shareholders (ASM) is scheduled for:
20 November 2026
It will be a hybrid (physical and virtual)
Shareholder Meeting with more details on the
meeting to be provided in the coming months.
Building on Strong Foundations39
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
NZ RegCo Rulings and Waivers
During the year to 30 June 2026, 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.
Precinct Properties Group
40

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 started to
recover gradually during the year,
supported by lower interest rates
and improving confidence. However,
heightened geopolitical tensions,
increased market volatility and renewed
inflationary pressures have contributed
to greater uncertainty regarding the
economic outlook.
Investment property valuations have
remained broadly stable over the
last 12 months, with investment
volumes improving.
Precinct’s directly held investment
properties continue to perform well
and demand for premium-grade office
space remains 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.
Building on Strong Foundations41
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Corporate Governance
Risks and impactsHow we manage the riskChangeMovement in the period
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 and services or increase
compliance costs.
The Precinct Board has
overall responsibility for the
oversight of climate-related
risks and opportunities. The
Board's ESG Committee
supports this role through
governance of Precinct's
sustainability strategy, including
climate-related physical and
transitional risks, informed by
management and internal
ESG sub-committees.
A Climate Risk Register is
provided on a quarterly basis
by management to the Audit &
Risk Committee, with material
climate-related and emerging
risks reported to the Board
as required.
►
Precinct recognises that climate-related
risks and opportunities are an important
consideration in the ongoing operation
of our business and the long-term
value of our portfolio. We continue
to assess our impacts on people and
the environment, alongside the physical
and transition risks associated with
climate change.
Precinct’s climate-related disclosures
are prepared in accordance with
the External Reporting Board’s (XRB)
Aotearoa New Zealand Climate
Standards. Precinct’s FY26 Climate
Statement will be published in
October 2026 and made available on
our website.
Precinct Properties Group
42

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,
reasonable levels of pre-commitment, and
fixed price contract agreements in place.
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.
▲
Short-term interest rates reduced during
the period but are forecast to increase
over the next 12 months. The RBNZ is
generally expected to increase the official
cash rate to a neutral level as the
economic recovery continues.
Precinct was 57% hedged through the use
of interest rate swaps at 30 June 2026
(June 2025: 83%).
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.
►
Precinct did not have any debt maturities
in FY26. Looking ahead, the company has
around $250 million of non-bank debt
maturing in FY27 and has a funding plan
in place to actively manage this profile.
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 actively reduced gearing
levels throughout FY26 through a
number of targeted capital management
intiatives including an equity raise,
settlement of asset sales, and capital
partnering intiatives.
Following a highly active year, Precinct’s
balance sheet is in a strong position.
People
Building on Strong Foundations43
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

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.
There is currently a Modern Slavery Bill
before Parliament. It passed its first
reading in April 2026, public submissions
have closed and the select committee
report is due by the end of August 2026.
Precinct is monitoring the progress of this
bill and will adapt its policies and supplier
contracts accordingly.
Precinct Properties Group
44

Statutory
Information
Building on Strong Foundations45
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Shareholder information
As at 30 June 2026
Twenty largest shareholders
RankHolder nameNo. of stapled securities% of total stapled securities
1.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD343,969,41018.56
2.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD244,205,66713.18
3.FORSYTH BARR CUSTODIANS LIMITED217,620,50811.75
4.ACCIDENT COMPENSATION CORPORATION - NZCSD172,068,8269.29
5.CUSTODIAL SERVICES LIMITED110,570,9655.97
6.APEX CUSTODIAN NOMINEES (NZ) LIMITED - NZCSD59,253,3113.20
7.CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD54,938,8142.97
8.
HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED
- NZCSD
53,049,7892.86
9.
JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT
- NZCSD
52,356,5532.83
10.NEW ZEALAND DEPOSITORY NOMINEE LIMITED48,290,2902.61
11.HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET -NZCSD41,679,8922.25
12.FNZ CUSTODIANS LIMITED36,111,2811.95
13.ADMINIS CUSTODIAL NOMINEES LIMITED29,454,6781.59
14.JBWERE (NZ) NOMINEES LIMITED28,525,9981.54
15.PT (BOOSTER INVESTMENTS) NOMINEES LIMITED24,897,7541.34
16.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED22,457,7691.21
17.SIMPLICITY NOMINEES LIMITED - NZCSD21,917,4611.18
18.FORSYTH BARR CUSTODIANS LIMITED20,177,5631.09
19.NZX WT NOMINEES LIMITED13,353,0300.72
20.INVESTMENT CUSTODIAL SERVICES LIMITED10,718,3960.58
Top 20 holders of stapled securities1,605,617,95586.66
Source: Computershare. The information above includes Shares held in custody by New Zealand Central Securities
Depository Limited.
Shareholder distribution
RangeTotal holdersNo. of stapled securities% of total stapled securities
1 - 49910021,4910.00
500 - 99910567,9770.00
1,000 - 1,999192262,2950.01
2,000 - 4,9996302,127,3150.11
5,000 - 9,9991,0357,302,6000.39
10,000 - 49,9992,76763,074,4683.40
50,000 - 99,99956438,567,7342.08
100,000 - 499,99933261,914,0753.34
500,000 - 999,9991811,843,7630.64
1,000,000 Over451,667,667,63490.01
Total5,7881,852,849,352100.00
Source: Computershare
Precinct Properties Group
46

Substantial Financial Product Holders
Substantial product holders - stapled securities
Quoted financial product holderNumber of stapled securities held at date of notice%Date of notice
Milford Asset Management Limited225,454,98112.1684-Feb-2026
Forsyth Barr Investment Management Limited188,848,61110.1926-May-2026
Accident Compensation Corporation (ACC)146,065,0289.2081-Mar-2024
FirstCape Group Limited113,360,2256.11812-May-2026
Harbour Asset Management Limited111,124,1265.99711-May-2026
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 as at the date of the notice.
As at 30 June 2026, Precinct had 1,852,849,352 quoted voting products on issue.
Substantial product holders - PCTHC convertible notes
Quoted financial product holder$ amount of convertible notes held at date of notice%Date of notice
Forsyth Barr Investment Management Limited33,238,00039.10423-Feb-2026
ANZ New Zealand Investments Limited7,544,0008.87529-Apr-2026
Source: NZX Substantial product holding notices.
The total principal amount of PCTHC convertible notes on issue as at 30 June 2026 was $85,000,000.
Substantial product holders - PCTHB convertible notes
Quoted financial product holder$ amount of convertible notes held at date of notice%Date of notice
ANZ New Zealand Investments Limited7,943,00012.22029-Apr-2026
Forsyth Barr Investment Management Limited6,900,00010.61513-Mar-2026
ANZ Bank New Zealand Limited15,0000.02329-Apr-2026
Source: NZX Substantial product holding notices.
The total principal amount of PCTHB convertible notes on issue as at 30 June 2026 was $65,000,000.
Donations
The Group made donations of $136,000 during the year to 30 June 2026 (FY25: $112,000). No political donations have been
made during the year to 30 June 2026.
Credit Rating
As at the date of this Annual Report, Precinct does not have a public credit rating.
Building on Strong Foundations
47
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Bondholder information
As at 30 June 2026
Twenty largest PCT030 bondholders
RankHolder nameNo. of bonds% of issued bonds
1.CUSTODIAL SERVICES LIMITED19,759,00013.17
2.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD19,517,00013.01
3.FORSYTH BARR CUSTODIANS LIMITED18,049,00012.03
4.FNZ CUSTODIANS LIMITED15,292,00010.19
5.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED13,077,0008.72
6.PT (BOOSTER INVESTMENTS) NOMINEES LIMITED - RETAIL - NZCSD12,966,0008.64
7.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD8,700,0005.80
8.APEX CUSTODIAN NOMINEES (NZ) LIMITED - NZCSD6,608,0004.41
9.ANZ BANK NEW ZEALAND LIMITED - NZCSD5,162,0003.44
10.INVESTMENT CUSTODIAL SERVICES LIMITED3,257,0002.17
11.FORSYTH BARR CUSTODIANS LIMITED2,553,0001.70
12.FORSYTH BARR CUSTODIANS LIMITED2,538,0001.69
13.WESTPAC BANKING CORPORATE NZ FINANCIAL MARKETS GROUP -NZCSD2,413,0001.61
14.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD1,996,0001.33
15.JBWERE (NZ) NOMINEES LIMITED1,782,0001.19
16.NZPT CUSTODIANS (GROSVENOR) LIMITED - NZCSD1,150,0000.77
17.PATHFINDER NOMINEES LIMITED - NZCSD900,0000.60
18.NZX WT NOMINEES LIMITED848,0000.57
19.FNZ CUSTODIANS LIMITED797,0000.53
20.WOOLF FISHER TRUST INCORPORATED780,0000.52
Top 20 holders of PCT030 bonds138,144,00092.10
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT030
RangeTotal holdersNo. of bonds% of issued bonds
5,000 - 9,99968496,0000.33
10,000 - 49,9992495,380,0003.59
50,000 - 99,999261,651,0001.10
100,000 - 499,999223,829,0002.55
500,000 - 999,99953,825,0002.55
1,000,000 Over16134,819,00089.88
Total386150,000,000100.00
Source: Computershare
Precinct Properties Group
48

Bondholder distribution - PCT040
RankHolder nameNo. of bonds% of issued bonds
1.HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD46,765,00026.72
2.CUSTODIAL SERVICES LIMITED46,460,00026.55
3.FORSYTH BARR CUSTODIANS LIMITED22,936,00013.11
4.FNZ CUSTODIANS LIMITED8,564,0004.89
5.GENERATE KIWISAVER PUBLIC TRUST NOMINEES LIMITED8,168,0004.67
6.APEX CUSTODIAN NOMINEES (NZ) LIMITED - NZCSD7,291,0004.17
7.BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD6,445,0003.68
8.FORSYTH BARR CUSTODIANS LIMITED3,159,0001.81
9.JBWERE (NZ) NOMINEES LIMITED1,945,0001.11
10.INVESTMENT CUSTODIAL SERVICES LIMITED1,782,0001.02
11.NZX WT NOMINEES LIMITED1,120,0000.64
12.PATHFINDER NOMINEES LIMITED - NZCSD740,0000.42
13.I J INVESTMENTS LIMITED700,0000.40
14.FORSYTH BARR CUSTODIANS LIMITED686,0000.39
15.HUGH MCCRACKEN ENSOR500,0000.29
16.CUSTODIAL SERVICES LIMITED492,0000.28
17.PUBLIC TRUST CLASS 10 NOMINEES LIMITED - NZCSD418,0000.24
18.JBWERE (NZ) NOMINEES LIMITED350,0000.20
19.FNZ CUSTODIANS LIMITED345,0000.20
20.FORSYTH BARR CUSTODIANS LIMITED275,0000.16
Top 20 holders of PCT040 bonds159,141,00090.94
Source: Computershare. The information above includes Bonds held in custody by New Zealand Central Securities
Depository Limited.
Bondholder distribution - PCT040
RangeTotal holdersNo. of bonds% of issued bonds
5,000 - 9,99974433,0000.25
10,000 - 49,9993567,517,0004.30
50,000 - 99,999633,685,0002.11
100,000 - 499,999376,104,0003.49
500,000 - 999,99942,626,0001.50
1,000,000 Over11154,635,00088.36
Total545175,000,000100.00
Source: Computershare
Building on Strong Foundations
49
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Green Assets
Value of Eligible assets
1
:
Eligible assets comprise a minimum (or target) 5-Star NZGBC Green Star Built rating or a minimum (or target) 4-Star
NABERSNZ Energy Base Building Rating or Energy Whole Building Rating as set out in Precinct's Sustainable Debt Framework
Where a current NABERSNZ rating is not available or does not yet reflect the asset's final operating performance, eligibility is
determined based on Green Star Built certification in accordance with the Sustainable Debt Framework.
Allocation of proceeds has been made on a pro-rata basis across eligible assets based on the latest asset valuations per the
financial statements dated 26 August 2026 and is subject to independent assurance. The FY26 use of proceeds report and
limited assurance report can be accessed here.
Building NameAddressUseStatusLast
Assurance
NABERSNZ
Rating
Green Star RatingAsset
Value
(NZ$m)
1
Allocation
of
proceeds
per eligible
asset
(NZ$m)
GHD House
21 Queen St,
Auckland
OfficeOperational8-Aug-25
Refer to
footnote
below
2
5 Green Star
NZ - Office
Built V1
Certified
Rating
$127.0$41.5
PwC Tower
15 Customs
St, Auckland
OfficeOperational8-Aug-25
4 Star
Base Build
Rating
5 Green Star
NZ Office Built
2009 Certified
Rating
$588.4$192.4
Defence House
34 Bowen St,
Auckland
OfficeOperational8-Aug-25
5 Star
Base Build
Rating
4 Green Star -
Office Built v3
Certified
Rating
$190.0$62.1
Deloitte Centre
3
1 Queen St,
Auckland
OfficeOperational8-Aug-25
Refer to
footnote
below
4
6 Green Star
Design & As
Built NZv1.0
Pilot Certified
Rating
$177.0$57.9
Bowen House
1 Bowen St,
Auckland
OfficeOperational8-Aug-25
5.5 Star
Base Build
Rating
5 Green Star
Design & As
Built NZv1.0
Certified Built
Rating
$141.0$46.1
Total green assets for bonds$1,223.4$400.0
Total value of eligible assets - based on last assurance$1,572.5
Total value of eligible assets$1,223.4
1Assets values represent independently assessed valuations as at 30 June 2026
2GHD House is currently rated as 2.5 Stars NABERSNZ with current works underway to improve performance. The asset remains eligible due to
its Green Star Built rating
3Deloitte Centre valuation excludes the InterContinental hotel which was sold during the period
4Deloitte Centre is a mixed-use asset containing office, hotel and hospitality uses. As a NABERSNZ Office rating is not currently available for the
whole asset, eligibility is based on its 6 Star Green Star As-Built certification, consistent with the Sustainable Debt Framework
Precinct Properties Group50

Directors’ interests
As at 30 June 2026
Details of Director interests in Precinct Stapled Securities
1
20262025
DirectorNumber of sharesNumber of shares
Chris Meads150,000
2
50,000
Anne Urlwin149,909
3
91,128
Mark Tume46,901
4
41,261
Christopher Judd42,250
5
-
Nicola Greer40,000
6
40,000
Alison Barrass8,241
7
-
1As at 30 June 2026, no director has a relevant interest in Precinct's quoted convertible notes or bonds.
2Relevant interest in beneficial ownership of 150,000 stapled securities held by Sharesies Nominee Limited.
3Relevant interest in beneficial ownership of 149,909 stapled securities held by Clifton Creek Limited.
4Relevant interest in beneficial ownership of 40,261 stapled securities held by Tume Family Trust, and 6,640 stapled securities held by Sharesies
Nominee Limited.
5Relevant interest in beneficial ownership of 42,250 stapled securities held by Sharesies Nominee Limited.
6Relevant interest in beneficial ownership of 40,000 stapled securities held by Greer Seeto No. 2 Trust.
7Relevant interest in beneficial ownership of 8,241 stapled securities held by Sharesies Nominee Limited.
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 2025 to 30 June 2026 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
Anne Urlwin17 October 2025Acquisition in placement10,460Beneficial owner$12,865.80
Alison Barrass17 October 2025Acquisition in placement8,130
Beneficial owner and
registered holder
$9,999.90
Alison Barrass24 October 2025
Transfer of legal interest
with no change in
beneficial ownership
8,130Beneficial owner$0.00
Anne Urlwin7 November 2025
Acquisition under share
purchase plan
28,321Beneficial owner$34,118.31
Mark Tume10 November 2026
Acquisition under share
purchase plan
6,640Beneficial owner$7,999.21
Alison Barrass16 December 2025
On-market acquisition
pursuant to dividend
reinvestment order
111Beneficial owner$131.54
Chris Judd2 March 2026On-market acquisition42,250Beneficial owner$46,922.50
Chris Meads2 March 2026On-market acquisition50,000Beneficial owner$55,500.00
Anne Urlwin2 March 2026On-market acquisition20,000Beneficial owner$21,800.00
Chris Meads10 March 2026On-market acquisition50,000Beneficial owner$53,000.00
Building on Strong Foundations51
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Directors’ interests
The following director interests were recorded since the last report.

Alison Barrass
Appointed as a director of Summerset Group Holdings
Limited, effective from 1 September 2026.
Appointed as a director of Contact Energy Limited, effective
from 1 September 2026.
Acquired 111 Precinct Stapled Securities on market.
Acquired 8,130 Precinct Stapled Securities under the
Placement announced to the market on 13 October 2025.
Chris Judd
Appointed as a Non-Executive Independent Director of GPT
Funds Management Limited.
Appointed as an independent member of the Investment
Committee of Corval Partners Limited
Appointed as a Non-Executive Independent Director of
Richmond Bridge.
Acquired 42,250 Precinct Stapled Securities on market.
Chris Meads
Acquired 50,000 Precinct Stapled Securities on market
Mark Tume
Ceased to be Chair of Te Atiawa Iwi Holdings
Limited Partnership.
Acquired 6,640 Precinct Stapled Securities on market under a
share purchase plan.

Anne Urlwin
Acquired 20,000 Precinct Stapled Securities on market.
Acquired 28,321 Precinct Stapled Securities under a share
purchase plan.
Acquired 10,460 Precinct Stapled Securities under the
Placement announced to the market on 13 October 2025.
Details of Subsidiary Directors Interests
The following interests of subsidiary directors were recorded since the last report.

Scott Pritchard
Acquired beneficial interest in 1,581 ordinary shares as a
participant in Precinct Properties Employee Share Scheme.
Acquired 162,601 ordinary shares in the placement
announced to the market on 13 October 2025.
Vesting of performance share rights and issue of 269,780
ordinary shares pursuant to a long term incentive plan.
George Crawford
Acquired beneficial interest in 1,581 ordinary shares as a
participant in Precinct Employee Share Scheme.
Acquired 182,926 ordinary shares in the placement
announced to the market on 13 October 2025.
Vesting of performance share rights and issue of 150,051
ordinary shares pursuant to a long term incentive plan.

Richard Hilder
Acquired beneficial interest in 1,581 ordinary shares as a
participant in Precinct Properties Employee Share Scheme.
Vesting of performance share rights and issue of 77,949 ordinary
shares pursuant to a long term incentive plan.
Louise Rooney
Acquired beneficial interest in 1,581 ordinary shares as a
participant in Precinct Properties Employee Share Scheme.
Vesting of restricted share rights and issue of 15,038 ordinary
shares pursuant to a long term incentive plan.
Emma de Vries
Nil in period.
Nicola McArthur
Nil in period.
Precinct Properties Group
52

Remuneration
Report
Building on Strong Foundations53
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
Precinct's approach to
remuneration reflects
the Board’s commitment
to strong governance,
accountability and
sustainable long-term
value creation.
On behalf of the People
and Performance Committee
(PPC), I am pleased to
present Precinct's FY26
Remuneration Report.

Chris Meads, Chair of Precinct People and
Performance Committee
Dear Shareholders,
FY26 was the first full year operating under the
executive remuneration framework introduced following
the comprehensive review undertaken in FY25. The
revised framework was designed to strengthen the link
between remuneration outcomes, company performance
and shareholder interests, while continuing to support the
attraction, retention and motivation of the high-calibre
people required to deliver Precinct's long-term strategy.
The Committee is encouraged by how the framework
has operated during its first year. The revised short-term
and long-term incentive arrangements provide a clear
line of sight between reward and performance, balancing
the delivery of annual business objectives with measures
that support sustainable long-term value creation. The
framework has strengthened the connection between
remuneration outcomes and company performance,
while providing a clearer, more consistent and market-
aligned approach to executive remuneration.
The revised STI scorecard has prioritised and clarified
the most important aspects of business performance and
allows for transparent measurement of performance.
While the effectiveness of the framework will continue to
be monitored over time, the Board is satisfied that it is
operating as intended and remains consistent with the
principles set out in Precinct’s Executive Remuneration
and Reward Policy.
During FY26, Precinct continued to execute against its
strategic priorities in a challenging market environment.
The business delivered strong leasing and client
outcomes, maintained a disciplined approach to capital
management and progressed key development and
investment initiatives. Performance across the year
reinforced the importance of a balanced remuneration
framework that recognises achievement across both
financial and non-financial measures, while ensuring
remuneration outcomes appropriately reflect overall
business performance.
The Committee remains committed to ensuring our
remuneration arrangements are transparent, aligned
with shareholder interests and support the delivery of
Precinct's long-term strategy.
On behalf of the Board, I would like to thank our people
for their commitment and contribution during the year.
Their efforts continue to underpin Precinct's performance
and position the business for future success.
Precinct Properties Group
54

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 in section 3.2 within this
remuneration report. Information regarding attendance
at People and Performance Committee meetings for the
year to 30 June 2026 can be found on page 34.
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
Employee engagement is fundamental to Precinct’s long-
term success. Engaged teams are better equipped to
deliver for our clients, shareholders and stakeholders
while contributing to a high-performance team and
culture. We remain focused on listening to our
people, investing in leadership capability, and creating
opportunities for growth that support the delivery of our
strategic objectives.
Gender pay gap
Closing the gender pay gap remains an important focus
for the People and Performance Committee. The revised
remuneration framework was designed to strengthen
the link between remuneration outcomes, company
performance and shareholder interests, while supporting
the attraction and retention of the talent required to
deliver our strategy. While these changes have influenced
our reported gender pay gap, which is measured on
base salary, the framework is now embedded and our
focus remains on continuing to reduce the gap over
time. Precinct's gender pay gap reporting is detailed in
section 7.2.
Director fees review
Following a review of Director remuneration undertaken
by PwC, modest increases to the fees for the Chairs
of the ESG and People and Performance Committees
were approved by shareholders at the 2025 Annual
Shareholder Meeting. In line with best market practice,
the Board Chair's fee was also restructured to comprise of
a single fee, rather than separate base and committee
fees. When assessed across total Director fees, the
overall increase in director remuneration approved by
shareholders is 0.97%.

Chris Meads,
Chair, People and Performance Committee
Building on Strong Foundations55
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
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 2025 are shown in the table below.
Current director position and fee rate$ per annum (plus GST, if any)
$ hourly rate (plus GST,
if any)
Chair214,240
Independent Director98,800
Audit and Risk Committee Chair23,000
People and Performance Committee Chair20,000
Environment, Social & Governance Committee Chair20,000
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 FY26
30 June 2026
Role
(Amounts in $)
Board
Audit and
Risk
Committee
ESG
Committee
People and
Performance
Committee
Due
Diligence
Committee
Total
Anne Urlwin, Board Chair202,0044,5643,8363,8364,550218,790
Chris Judd, Independent Director98,800-10,00010,000-118,800
Nicola Greer, ESG Committee Chair98,80011,90019,041-4,550134,291
Mark Tume, Audit and Risk Committee Chair98,80021,849---120,649
Chris Meads, People and Performance
Committeee Chair
98,80011,900-19,0414,940134,681
Alison Barrass, Independent Director98,800-10,00010,000-118,800
Total696,00450,21442,87742,87714,040846,012
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.
Precinct Properties Group
56

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 and is set out on the following page.
Employee Share Scheme (ESS)
Precinct operates an Employee Share Scheme 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 2026 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.
Executive Remuneration and Reward policy
Precinct's Executive Remuneration and Reward policy (available at www.precinct.co.nz/investors/corporate-governance) is
guided by the following 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.
The Remuneration and Reward framework supports the attraction, retention and motivation of high calibre executives, while
maintaining a strong focus on performance, accountability and long-term value creation for shareholders.
Building on Strong Foundations
57
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
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 3.5%, 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.
Gates for STI award from FY26 onwards are
FFO, health and safety performance and ethical
conduct.
Long Term Incentive (LTI)
Performance based remuneration (PSRs)
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
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 drives
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 InvestmentsCapital
Partnering
Development
More detail on the STI and LTI schemes can be found in section 3.3.
Precinct Properties Group58

3.2 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 benchmarked
market executive remuneration data
• Providing advice on executive
remuneration current and evolving
market practice
Building on Strong Foundations59
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
3.3 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.
From FY26, STIs and LTIs are calculated relative to fixed annual remuneration (FAR). Precinct's definition of FAR includes
base salary and the value of insurance and car parking (where applicable) provided by the company.
STI scheme
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 performance meets Precinct’s expectations, including full compliance with H&S policies, proactive risk
identification and mitigation, and appropriate management of incidents and hazards.
•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.
FY26 STI potential:
•CEO: STI set with a maximum potential of 81.25% of FAR.
•Other STI participants: STI set with a maximum potential ranging from 5% to 75% of FAR.
LTI scheme
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.
FY26 LTI PSRs potential:
•CEO: LTI PSRs set at 65% of FAR.
•Other LTI participants: LTI PSRs set within range of 7% to 60% of FAR.
The LTI opportunity percentages disclosed above and elsewhere in this report are based on the fair value of awards
expressed as a percentage of FAR. The Board is looking to adopt face value reporting in future periods, therefore the
disclosed percentages may not be directly comparable in future years.
For the FY26 award 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 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 four 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 three 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
60

3.4 FY26 STI and LTI outcomes
The FY26 STI performance targets were derived from Precinct’s FY26 annual business plan with the financial, operational
and strategic targets aligned to Precinct’s strategy.
Precinct’s performance against the targets set out in the STI scorecard for FY26 is set out below.
FY26 STI outcome
STI Performance Targets
Weighted
outcome
Assessment
WeightingPerformance Targets
Financial
Measures (75%)
40%FFO Budget
•Precinct FFO performance relative
to budget.
37.7%
ThresholdOn targetMax
20%Development•Project performance.18.5%
ThresholdOn targetMax
15%
Funds under
Management
•New equity capital partnerships.
•Growth in existing partnerships.
12.7%
ThresholdOn targetMax
Non-financial
Measures (25%)
5%Client Engagement5%Achieved
5%Talent & Succession5%Achieved
5%Staff Engagement5%Achieved
5%ESG5%Achieved
5%Health & Safety5%Achieved
100%93.9%
•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 (FFO) outcome.
•Maximum is the outcome required for that component of STI to be paid at the Maximum level, with Maximum set at
81.25% for the CEO with on-target representing 65% of base salary for the CEO.
•The outcome for the non-financial measures is binary, i.e. there is no Threshold, On target or Maximum amount, and the
outcome for each non-financial measure is either awarded in full or not awarded.
Precinct's business performance metrics and outcomes for FY26 resulted in an assessed actual weighted result of 93.9%
performance targets as detailed in the table above.
For the CEO this results in an outcome as detailed overleaf.
Building on Strong Foundations
61
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
CEO's FY26 STI outcome
FY26 on
target STI
FY26 max STI
FY26
actual outcome
Base salary1,055,978
Other benefits
1
9,366
Fixed annual remuneration (FAR)1,065,344
STI % of FAR65.00%81.25%61.00%
STI692,474865,592649,900
KiwiSaver on STI22,747
STI including KiwiSaver672,647
1Includes insurance and car parking
The LTI PSR performance targets are aligned with Precinct’s strategy and the delivery of sustainable long-term value
for shareholders.
FY26 LTI Outcome
For the three-year period ended 30 June 2026, 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 2023 (the start of
the three-year performance period). The LTI outcome is assessed against the performance measures that applied to the
corresponding award at the start of the performance period i.e. the year commencing
1 July 2023. The vesting of shares was
subject to the LTI performance targets set out below:
LTI vesting results for three year period ending
30 June 2026
Performance
target
Fair value
weighting at
grant 2023
Performance
Weighted
outcome
Absolute TSR33%
Absolute TSR over the 3-year period to 30 June
2026 was not greater than Precinct's annualised
compounded cost of equity.
0%
Relative TSR33%
Relative TSR was below the 50th percentile of the peer
group
1
over the vesting period.
0%
FFO growth33%
FFO growth over the 3-year period to 30 June 2026 was
between 75% and 125% of the CPI growth.
69%
100%23%
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.
Relative TSR based on performance against specific NZX peer group.
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.
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.
CEO's FY26 LTI outcome
For the CEO this results in the vesting of 1,305,175 PSRs awarded as at 1 July 2023 into 455,818 stapled securities with a market
value at 30 June 2026 of $474,051, with the remaining 849,357 PSRs lapsing.
Precinct Properties Group
62

3.5 FY27 STI and LTI performance targets
Precinct's FY27 STI and LTI performance targets are as follows:
FY27 STI targets
STI Performance Targets for FY27
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%
FY27 LTI targets
WeightingLTI Performance Targets for FY27
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.
Building on Strong Foundations63
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
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:
FY26FY25FY24FY23FY22
Financial performance metrics
Total comprehensive income after tax attributable to equity
holders ($million)
(12.6)3.1(30.1)(147.5)108.8
Funds from operations (FFO) ($million)129.5112.7114.5114.0107.5
Funds from operations (FFO) (cents per share)
1
7.317.107.227.196.89
Growth in FFO (%)3.0%-1.6%0.4%4.3%0.0%
Adjusted funds from operations (AFFO) ($million)114.2103.8106.2106.2106.1
Adjusted funds from operations (AFFO) (cents per share)6.446.546.696.696.51
Growth in AFFO (%)-1.5%-2.3%0.1%2.8%442.5%
Gross dividend (cents per share)
2
6.836.916.856.706.70
Growth in gross dividend (%)-1.2%0.4%2.2%0.0%3.1%
Net dividend (cents per share)
2
6.756.756.756.706.70
Growth in net dividend (%)0.0%0.0%0.7%0.0%3.1%
Financial position metrics
Total equity ($million)2,129.81,944.32,047.32,183.12,435.5
Shares on issue (million shares)1,852.81,587.01,586.41,585.91,585.4
Net tangible assets (NTA) (cents per share)1.131.211.291.381.54
Equity return metrics
Closing share price at balance date ($)1.041.201.121.291.37
Total shareholder return (TSR)-8.1%13.9%-8.5%-0.7%-10.6%
CEO incentive outcome (STI earned as % of maximum)75.1%87.0%74.0%100.0%74.0%
CEO incentive outcome (LTI PSRs and RSRs vested as % of maximum)
3
34.9%26.0%26.0%100.0%100.0%
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 financial year.
3FY24 was the first year LTI PSRs were tested for vesting under the LTI plan introduced in April 2021.
Precinct Properties Group64

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 FY26 remuneration
The CEO’s remuneration earned for FY26 consisted of:
•53% fixed remuneration including base salary (benchmarked annually), superannuation and other benefits;
•47% performance based remuneration, comprising:
–27% STI (including superannuation) payable in cash; and
–20% LTI in the form of performance share rights to be vested into Precinct shares; and
•Participation in the Precinct Employee Share Scheme.
FY26FY25FY24FY23FY22
Fixed
remuneration
earned
Base salary1,055,978823,485799,500780,000780,000
Superannuation on base salary
1
32,99924,70523,98523,40023,400
Other benefits
2
218,119133,938158,642111,50914,942
Total fixed remuneration1,307,097982,128982,127914,909818,342
STI (short
term
incentive)
earned
STI earned
3
649,900953,552788,5991,040,000576,875
Superannuation on STI22,74728,60723,65831,20017,306
Total STI plan value earned672,647982,159812,2571,071,200594,181
Amount earned as % of maximum
STI award
75%87%74%100%74%
LTI (long
term
incentive)
RSRs and
PSRs earned
Number of shares vested455,818269,780188,190190,476190,476
% of maximum vested for the
performance period
35%26%26%100%100%
Market price of vested shares at
30 June
1.041.201.121.291.37
LTI plan value earned
4
474,051323,736209,832
5
245,714260,952
TotalTotal remuneration earned2,453,7942,288,0222,004,2162,231,8231,673,475
1Superannuation is contributed by Precinct at 3% of base salary before 1 April 2026 and at 3.5% after 1 April 2026 which is the same percentage
rate that applies to all other employees.
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 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.
Building on Strong Foundations65
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

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

Remuneration

($m)
TSR

(%)
CEO Total Remuneration
Precinct (PCT) TSRNZX Property Gross IndexNZX50 Gross Index
20222023202420252026
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 FY27
For FY27 the Board has awarded a 2% increase in the CEO’s base salary with effect from 1 July 2026 and the proportionate
mix of the CEO’s remuneration, based on on-target STI and LTI outcomes, is:
Precinct Properties Group
66

5.4 CEO share rights at 30 June 2026
PSRs (Performance Share Rights) and RSRs (Restricted Share Rights) held by the CEO as at 30 June 2026, following the
vesting of the 2023 PSR award were as follows:
Balance as
at 30 June
2025
Granted during yearVested and exercised
1
Lapsed
Balance as
at 30 June
2026
Grant date and VWAP
at grant
Measurement
date
NumberValue $NumberValue $
Incentive Plan:
Performance
share rights
1-7-202330-6-20261,305,175--455,818474,051849,357-
Share price at
grant $1.29
$1.04 per
share
1-7-202430-6-20271,061,107-----1,061,107
Share price at
grant $1.14
1-7-202530-6-2028-1,019,3761,228,350---1,019,376
Share price at
grant $1.20
Restricted share right
14-4-202331-3-2027474,103-----474,103
Share price at
grant $1.28
2,840,3851,019,3761,228,350455,818474,051849,3572,554,586
1Vesting entitlement is assessed at 30 June for the applicable FY, with shares being transferred to the CEO in the following FY.
Building on Strong Foundations67
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Remuneration Report
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 2026, 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 FY26 including base salary and holiday pay, accrued STI entitlements in respect of FY26, 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
$2,490,000 - $2,499,9991
$1,760,000 - $1,769,9991
$1,050,000 - $1,059,9991
$630,000 - $639,9992
$440,000 - $449,9991
$400,000 - $409,9991
$370,000 - $379,9991
$350,000 - $359,9991
$330,000 - $339,9993
$320,000 - $329,9992
$310,000 - $319,9991
$300,000 - $309,9991
$290,000 - $299,9991
$270,000 - $279,9992
$260,000 - $269,9992
$250,000 - $259,9991
$240,000 - $249,9993
$230,000 - $239,9991
$200,000 - $209,9991
$190,000 - $199,9995
$180,000 - $189,9991
$170,000 - $179,9995
$160,000 - $169,9992
$150,000 - $159,9994
$140,000 - $149,9994
$130,000 - $139,9992
$120,000 - $129,9993
$110,000 - $119,9994
$100,000 - $109,9996
Total63
Precinct Properties Group68

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 fixed remuneration earnedCEO’s total remuneration earned
As at 30 June 202611.5 times20.3 times
As at 30 June 20258.2 times17.0 times
Precinct employee salary and total remuneration medians exclude casual employees as well as 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 calculated on base salary as of 30 June 2026 is 43.3% 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 38.7%. The increase is impacted by the remuneration review undertaken last year and establishment of
two new senior property roles being established within the business that are held by males.
The analysis showed that the drivers of the current pay gap were, namely:
•A higher incidence of men of senior executive level; and
•The FY25 remuneration review framework which reset the exposure to the different remuneration components.
•Similarly, a higher proportion of men holding specialist and/or industry specific roles, which attract a market premium.
•Establishment of new senior positions within the business.
Gender pay gap (excluding CEO &
Deputy CEO)
Average base
salary
Median base
salary
Average
total remuneration
Median
total remuneration
As at 30 June 202639.2%43.3%42.3%45.9%
As at 30 June 202535.8%38.7%40.6%40.6%
Precinct employee salary and total remuneration medians exclude casual employees as well as Intercontinental Hotel and
Commercial Bay Hospitality employees.
Building on Strong Foundations
69
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

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 in the Directors' interests section of this report on page 51.
As at 30 June 2026 the CEO holds 1,681,939 stapled securities (this excludes the stapled securities under the LTI scheme
where the vesting conditions were tested at
30 June 2026 (and are therefore included in the CEO’s total remuneration earned
for FY26 as set out in section 5.1) but which vested and were transferred to the CEO post 30 June 2026.
Precinct Properties Group
70

Sustainability
Report
Building on Strong Foundations71
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Precinct’s sustainability
performance continues
to strengthen, with an
improvement in our GRESB
score and nine buildings
awarded a 4 or 5 star Green
Star Performance operational
rating during the period.
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 2026.
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
based on a refreshed materiality assessment and
associated Sustainability databook accessible here. We
are proud of the sustainability 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 second
climate statement in accordance with the
External Reporting Board’s (XRB) Aotearoa New
Zealand Climate Standards.
All of our climate statements, including our
inaugural statement and third statement (to
be released by October 2026) are or will be
publicly available on Precinct’s website and on
the climate reporting register alongside those of
our peers.
Key achievements in FY26 include:
•GRESB Excellence: Achieved an improved Global Real
Estate Sustainability Benchmark (GRESB) score of
91/100 in 2025, outperforming the global average
of 79.
•Green Star Certification: Enrolled and certified all
eligible assets in our portfolio under Green Star
Performance with 9 buildings achieving a 4 or 5 star
operational outcome. We currently hold the highest
number of assets by number and value performing at
this level in Aotearoa New Zealand.
•Local Recognition: Received the Sustainability Award
at the Deloitte Top 200 business awards.
•Global Recognition: Received the Global Innovation
award from the International WELL Building Institute,
recognising our leadership in health and wellbeing.
•Living Sector Leadership: Achieved our first Green
Star Design rating for the residential sector for 22
Stanley Street, Auckland.
•Water Efficiency Milestone: Increased our coverage
from four pilot NABERSNZ Water ratings in FY25 to ten
commercial office buildings in FY26.
•Tenancy Performance: Achieved an improved 4.5 star
NABERSNZ tenancy rating for Precinct’s corporate
office in Auckland – an increase from 4 star in 2025.
•Energy Benchmarking: Continued to certify building
energy performance through NABERSNZ, using this
benchmark to guide capital planning in support of
decarbonising our portfolio.
Nicola Greer,
Chair, ESG Committee
Precinct Properties Group72

Sustainability Highlights
91/100
GRESB score
(2024: 89/100)
9
Buildings
with a Green Star Performance
rating of 4 or 5 stars
24,214 MWhs
of renewable energy
certificates purchased
"We have enjoyed
collaborating with MFAT
on their resilient and
sustainable accommodation.
A true partnership from
the outset, we’re proud to
deliver a 6 Star Green
Star ‘World Leadership’ rated
workplace that reflects their
future focus and connects
people in a productive,
efficient, and culturally
enriching environment".
Kevin Pugh - Head of Wellington, Precinct
55 Molesworth
Street, is an
all electric,
6 star ‘World
Leadership’
rated Green
Star building.
Building on Strong Foundations
73
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
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 in our Sustainability Databook and on
our website (updated periodically throughout the year).
51
%
38
%
57
%
Certified
Leader
40/10091/100
Target: minimum >60% by value with a
Green Star >5 & Homestar >6 Built target
or achieved rating by 2030
Target: minimum >60% by value with a
Green Star >4 Performance rating by 2030
Target: 100% with a NABERSNZ >4 star
target or achieved rating by 2030
Full value chain Scope 1, 2 & 3 emissions
disclosed and offset at the Group level
Top 5 position 4 years running in the
C&ESG survey in FY26
Target: minimum WELL at Scale
Portfolio score of 40 points by 2025,
achieved in December 2025
Target: minimum top quartile, top 20%
maintained in FY26
AA
Target: min A level and above annually,
improved to AA in FY26
Precinct has improved on our GRESB score year-on-year and remains above the global average
GRESB

Score
Precinct GRESB score
GRESB global average
201720182019202020212022202320242025
50
100
75
Precinct Properties Group74

Performance - Reporting & Disclosure
Precinct’s sustainability reporting reflects our commitment to transparent disclosure and effective management of the
ESG topics most material to our business. Guided by our materiality assessment and broader sustainability strategy, our
reporting provides insight into the initiatives, outcomes and performance measures that support long-term value creation.
The table below summarises performance against key ESG metrics and targets from FY24 through to FY26, with further
detail available in our Sustainability Databook and on our website.
Precinct Business Unit
Business2030 TargetCurrent (FY26)FY25FY24
GRESBTop 25%
91/100
Top 20%
89/100
Top 20%
86/100
Top 25%
Climate Related
Disclosure reporting
DisclosureUnderwayDisclosedDisclosed
GRIDisclosureDisclosedDisclosedDisclosed
Toitū Net Carbonzero*DisclosureDisclosedDisclosedDisclosed
MSCIAAAAA
WELL Equity Rating
(Auckland Corporate Office)
RatedRatedRatedNot rated
NABERSNZ Tenancy Rating
(Auckland Corporate Office)
4 star4.5 star4 starNot eligible
Investment Portfolio2030 TargetCurrent (FY26)FY25FY24
Minimum 5 star Green Star*60%51%49%45%
Green Star Performance
4 star
Portfolio average
3 star
Portfolio average
2 star
Portfolio average
1 star
Portfolio average
Minimum 4 star NABERSNZ Energy*100%57%60%54%
WELL at Scale40/10040/10036/10036/100
Development Portfolio2030 TargetCurrent (FY26)FY25FY24
Minimum 5 star Green Star + 6
star Homestar
100%100%100%100%
Minimum 5 star NABERSNZ Energy100%100%100%100%
A1-A5 carbon measured, reduced
and offset*
100%100%100%100%
*Refers to targets specific to Precinct's WGBC Net Zero by
2030 commitment.
Building on Strong Foundations75
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Notable Ratings achieved in FY26
55 Molesworth Street
Commercial OfficeRating
Bowen House
Commercial OfficeRating
6 star Green Star
Design rating
5 star Green Star Built rating
5.5 star NABERSNZ rating
Beca House
1
Commercial OfficeRating
22 Stanley Street, Parnell
1
Student Accommodation
(Under Development)Rating
6 star Green Star Built rating
5 star NABERSNZ
Energy rating
5 star Green Star Design rating
Mayfair House
1
Commercial OfficeRating
Defence House
Commercial OfficeRating
5 star NABERSNZ
Energy rating
5.5 star NABERSNZ
Water rating
4 star Green Star
Performance rating
5 star NABERSNZ Energy rating
5 star NABERSNZ Water rating
4 star Green Star
Performance rating
Charles Fergusson
Building
1
Commercial Office
Rating
8 Tangihua Crescent
1
Commercial Office
Rating
5 star NABERSNZ
Energy rating
4 star NABERSNZ Water rating
4 star Green Star
Performance rating
4 star NABERSNZ Energy rating
(whole building)
5 star NABERSNZ Water rating
4 star Green Star
Performance rating
10 Madden Street
1
Education Building
Rating
12 Madden Street
1
Commercial Office
Rating
5 star Green Star
Performance rating
5 star NABERSNZ Energy rating
5 star Green Star
Performance rating
1Capital partnership asset
Precinct Properties Group76

Precinct's material topics
In FY26, Precinct engaged with internal and external stakeholders to update its materiality assessment. Compared with our
2022 assessment, the results reflect a more defined focus on the sustainability topics most relevant to delivering our business
strategy and long-term value creation. While all identified topics remain important to Precinct and our stakeholders, the
tiering reflects their relative significance to our business and provides greater clarity on the issues most important to Precinct
and the delivery of our strategic priorities.
TierMaterial TopicWhy it matters to PrecinctHow we are respondingFurther Information
Tier 1 - Most
Material /
Core
Strategic
Priorities
Decarbonisation
& Energy
Performance
Supports net zero
commitments, asset
competitiveness, tenant
demand and sustainable
finance outcomes.
Energy efficiency initiatives,
electrification, renewable
electricity procurement, solar
deployment and NABERSNZ
performance improvements.
Precinct Website
Sustainability
Databook
Healthy, safe and
productive places
Supports Client wellbeing,
attraction, retention and
asset performance.
WELL at Scale enrolment,
client ESG reporting, wellbeing
initiatives and occupier
feedback programmes.
Sustainability
Databook
Climate resilience,
adaptation and
business
continuity
Supports long-term
asset resilience and
risk management.
Climate disclosures, adaptation
planning, scenario analysis and
resilience assessments.
Climate Related
Disclosure
Statement
Circularity, upfront
carbon and
responsible
materials
Supports emissions
reduction, resource
efficiency and
sustainable
development outcomes.
Adaptive reuse, embodied
carbon reduction, responsible
procurement and green
building certifications.
Supplier Code
of Conduct
Sustainability
Databook
Tier 2 -
Highly
Material /
Strategic
Enables
Community,
placemaking
and city-
centre prosperity
Vibrant city centres
support asset
performance, customer
experience and long-term
value creation.
Engage with mana whenua
and local communities,
support charities, and create
opportunities for a diverse range
of businesses to participate in
our success.
Social Value Policy
Supply chain
responsibility,
ethics
and transparency
Responsible supply
chains help manage
operational, reputational
and regulatory risks while
supporting sustainable
business practices.
Maintain supplier standards
through procurement and
supplier policies, assess key
supply chain and modern
slavery risks.
Modern
Slavery Policy
Supplier Code
of Conduct
Resource
efficiency
in operations
Efficient use of energy,
water and materials
reduces operating
costs, environmental
impacts and resource-
related risks.
Monitor operational performance,
pursue third party verified
outcomes, improve data quality
and implement improvements
across the portfolio.
Precinct website
Sustainability
Databook
Building on Strong Foundations77
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
TierMaterial TopicWhy it matters to PrecinctHow we are respondingFurther Information
Tier 3 -
Material /
Important
business
considerations
Nature,
biodiversity and
ecological
outcomes
Healthy urban
ecosystems contribute
to climate resilience,
occupant wellbeing
and positive
environmental outcomes.
Integrate biodiversity
considerations into business
activities, and continue to
assess emerging nature-related
disclosure frameworks.
Biodiversity Policy
Transport, access,
affordability and
inclusion
outcomes
Accessible and well-
connected places
support occupier
satisfaction, community
outcomes and lower-
carbon travel choices.
Provide end-of-trip facilities,
prioritise locations with strong
public transport connections and
incorporate accessibility and
inclusion in design.
Sustainable
Transport Policy
Materiality Assessment Refresh in FY26
Our key stakeholders include mana whenua, employees, clients, investors, suppliers, local and central government, our
industry and the communities in which we operate. In refreshing our assessment, we considered stakeholder feedback,
industry perspectives, and leading sustainability frameworks. Key inputs included our 2022 materiality assessment, employee
surveys, WAO Summit 2025 polling, updates to Green Star and GRESB, and the World Green Building Council Strategic
Plan 2025–2027. The review confirmed the sustainability topics most relevant to our business and the stakeholder groups
engaged during the process. We will continue to expand direct stakeholder engagement and review our material topics
every two years to ensure they remain aligned with evolving stakeholder expectations, emerging industry trends, and
Precinct's strategic priorities.
Tier 1 | Core Strategic Priorities
Tier 2 | Strategic enablers
Tier 3 | Important considerations
Higher
strategic
focus
• Decarbonisation & Energy
• Climate resilience
• Healthy, safe & productive places
• Circularity & responsible materials
• Community & placemaking
• Resource efficiency
• Supply chain responsibility
• Nature & biodiversity
• Transport, access & nutrition
Precinct Properties Group
78

Tier 1 - Material Topics
Precinct has elected to report highlights against Tier 1 - Material topics in our annual report with all other material topics
featured in the Sustainability Databook.
Topic
Decarbonisation & Energy Performance
Healthy, safe and productive places
Climate resilience, adaptation and business continuity
Circularity, upfront carbon and responsible materials
Decarbonisation & Energy Performance
Reducing our material carbon emissions through improving energy performance of our portfolio and switching away
from fossil fuels supports our long-term ownership model and creates value through efficient operation, increased asset
resilience and continued alignment with our investor and occupier expectations. Outlined in this section is our overall
GHG emissions profile for FY25, year on year performance for Scope 1 and 2 for our office portfolio and the performance
of our upfront carbon thresholds for new development projects completed in FY25. Further trend data can be found in
our Sustainability Databook. In addition, Precinct will publish our FY26 assured GHG emissions data within our Climate
Statement in October 2026.
GHG Emissions
Precinct's GHG emissions have been measured since 2017 using an 'operational control' approach to consolidating
emissions. Below is our FY25 assured data.
Total operating carbon emissions
1
Building on Strong Foundations79
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
1Total carbon emissions for FY25 totalled 52,866 tCO2e (FY24 totalled 24,949 tCO2e). Emissions data has been verified by Toitū Envirocare to ISO
14064-1:2018 requirements and has been verified through audit in accordance with ISO 14064-3:2019. The figures presented reflect data up to
FY25 due to the timing of the annual Toitū audit process. Precinct reports 'Scope 3: Capital Goods' emissions in the period a project completes.
During the FY25 period, 3 projects completed compared to 1 project in FY24 resulting in a considerably higher total inventory figure weighted in
this category.
Total carbon emission intensity - office portfolio (location based)
Emissions (kgCO2e)/sqm
Variance
(% change)
Office Portfolio
Emission Intensity
FY25FY24FY23FY22FY21FY20FY19FY18FY17
(base)
to FY24to base
year
Scope 16.16.45.86.19.18.910.18.810.4(4%)(41%)
Scope 25.53.74.27.17.67.47.06.97.748%(28%)
Total Scope 1
& 2
11.610.19.913.116.816.417.115.618.115%(36%)
To maintain comparability with our FY17 baseline, the emissions intensity metrics presented above relate to Precinct's office
portfolio only, which has historically represented our primary asset class. As Precinct has expanded into additional sectors,
emissions and performance data covering other asset classes is available in our Sustainability Databook.
Embodied carbon
Upfront carbon (represented in our emissions profile as 'Scope 3: Capital Goods' is typically our largest contributor to our
annual emissions inventory. In line with our commitment to transparency and comparable metrics, Precinct now publishes
upfront embodied carbon data for assessed development projects in our Sustainability Databook, ensuring visibility and
accountability in our decarbonisation journey.
Below are development projects completed by Precinct in FY25. The A1-A5 emissions calculated by the project team have
been assured by Toitū with residual emissions offset with high quality units to international standards per Toitū website:
ProjectCategoryYear CompletedKg CO2-e / m2
1
Reduction over Baseline
Bowen HouseAdaptative ReuseFY2515974%
Beca HouseNew BuildFY2593713%
30 Mahuhu CrescentMajor RefurbishmentFY255894%
1Bowen House and BECA House benchmark is from a BAU reference case from the Green Star certified life cycle assessment. 30 Mahuhu
is based on a third party report provided by engineering firm BECA, recognising the major refurbishment work against a knock down /
rebuild scenario.
Precinct Properties Group80

Tier 1 - Material Topics
Topic
Decarbonisation & Energy Performance
Healthy, safe and productive places
Climate resilience, adaptation and business continuity
Circularity, upfront carbon and responsible materials
Healthy, safe and productive places
Creating healthy, safe and productive places
supports occupier wellbeing, satisfaction and business
performance, while contributing to the long-term
value and resilience of our portfolio. This section
outlines Precinct's approach to delivering high-quality
environments through initiatives that promote health,
wellbeing, safety and sustainable building performance.
Inclusive Stakeholder Engagement
Precinct engages regularly with our people, clients,
investors, contractors, community organisations, industry
bodies and government agencies to understand
stakeholder priorities and inform decision-making. Our
engagement approach includes ongoing dialogue,
surveys, partnerships and consultation processes.
We recognise the unique role of Māori as Tangata
Whenua and are committed to building enduring
relationships guided by the principles of Te Tiriti o
Waitangi. In FY26, this included engagement with
Ngāti Whātua Ōrākei and other iwi and Māori
organisations, participation in the Toi Pakihi and
Amotai supplier diversity programs, and continued
investment in cultural capability through Te Ara ki
te Ao Māori (TEKA) training. These initiatives support
meaningful partnerships, broaden opportunities for Māori
businesses and communities, and help incorporate Māori
perspectives into our developments and operations.
Community Partnerships and Donations
During the last 12 months, we have supported our
community with donations to Breast Cancer Foundation
NZ (Pink Ribbon breakfast), Burnett Foundation, Auckland
City Mission, Mates in Construction, Keystone Trust and
the Tania Dalton Foundation.
Supporting our Clients in their sustainability efforts
Precinct continues to support clients in achieving their
sustainability goals through transparent ESG reporting
and collaboration. During FY26, clients were provided
access to a digital ESG dashboard containing key
building performance metrics, including energy, water
and waste data. In addition, we continued to engage with
clients through education and benchmarking initiatives,
including support for NABERSNZ Tenancy assessments.
Precinct also voluntarily assessed the first 12 months of
performance of our own tenancy, achieving a 4.5 Star
NABERSNZ Tenancy rating (improvement on 4 star in
FY25), demonstrating leadership in energy performance,
transparency and ongoing improvement.
WELL at Scale Portfolio
We are proud to be maintaining our enrolment of over
600,000 square metres in the globally recognised WELL
at Scale programme. This programme 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 three
years. In FY26 we were proud to achieve a global award
from the International WELL Building Institute (IWBI) for
'Innovation' for our commitment to health and wellbeing.
Sustainable Debt Programme
Precinct's Sustainable Debt Framework (the “Framework”)
was 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 taxonomy 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 which meet the criteria as per the
Green Asset table in this report.
Building on Strong Foundations
81
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
Economic Contribution:
Job creation for the local economy
112 FTE employees across Precinct and Precinct
Flex staff
Construction person-hours
1,055,782 contractor hours during FY26
Financial Contribution:
Occupancy and secure income stream
97%
Target ≥97%
MSCI rating
AA
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.
Health, Safety and Wellbeing
Health, Safety and Wellbeing (HSW) is an integral
part of Precinct’s operations. We are committed
to complying with all relevant legislation,
regulations and applicable standards. Precinct
promotes worker (including staff and contractor)
participation and engagement to embed a
positive Health, Safety and Wellbeing culture.
To maintain oversight and deliver on our due
diligence duties, Precinct commissions 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 FY26 initiatives and performance
can be found on the next page and on
Precinct's website.
8,400+
Club memberships.
The Club by Precinct 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). The Club also prioritises
social procurement and community
engagement through partnering with a
number of charities in both Auckland
and Wellington.
Precinct Properties Group
82

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 annually, our most recent independently run
client satisfaction survey (undertaken in March 2026)
results showed that overall satisfaction of working in a
Precinct-owned and managed building is 89% (2025: 90%,
target of ≥80%).
Measuring our performance
For the year ended 30 June 2026, Precinct recorded 4.55
for its health and safety TRIFR performance, compared
to 6.09
1
in 2025. This is an improvement of 25% reflecting
improved site safety management and an ongoing focus
on contractor engagement to reduce the severity of
incidents. For FY26, Precinct's LTIFR on the basis of
cumulative 200,000 worked hours was 1.52, compared
to 1.78 in FY25, a 14% reduction. We continue to engage
with our contractors and relevant industry bodies to
develop meaningful benchmarking for safety and reduce
injury severity.
1
Given the evolving nature of Precinct’s business, the FY25
annual report LTIFR and TRIFR numbers did not include
residential projects which have been included in this year’s
numbers. The FY25 numbers reported above have been
adjusted to provide comparison on a consistent basis.
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 development
projects include lead indicators like positive observations,
awards and recognition by external stakeholders. For
FY26, the four residential, two PBSA sites and two
commercial sites have collectively recorded 143 events, of
which 15 were lead indicators.
A total of 141 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%. 55 Molesworth Street
scored an average of 97.5% (FY25: 96%), Domain
Collection 91% (FY25: 95%), Fabric Stage 2 87% (FY25: 91%),
York House 94% (FY25: 97%), 22 Stanley Street 97%, and
256 Queen Street 98% (FY25: 96%). Any corrective actions
identified in the audits were promptly rectified.
Precinct worker engagement
Precinct’s Health Safety Wellbeing Advisory
Group comprises the Executive team, the
Senior Health & Safety Adviser, General
Counsel, Development Managers, Facilities
Managers and includes representation from
Precinct Flex. The advisory group meets
once a month. The participation and
engagement of workers has been
expanded with the establishment of
quarterly informal HSW catch-ups with all
Precinct and Precinct Flex staff. These
sessions cover Precinct’s commitment to
HSW through internal and external
speakers’ presentations. Feedback received
from staff in these sessions has resulted
in our "Three Pillars" Health, Safety &
Wellbeing strategy being continued for FY27.
Building on Strong Foundations
83
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Sustainability Report
WorkSafe notifications
Three incidents met the threshold of WorkSafe
notifications. Each of these incidents were investigated
in detail and corrective actions were developed and
completed. WorkSafe did not follow up on any of
the incidents.
Incident monitoring and reporting
We recorded 574 health and safety incidents in the
year compared to 481 reported in FY25. This increase
can be attributed to two PBSA projects commencing
construction. Due to increased rigour of reporting from
security in Commercial Bay the number of incidents in
FY26 was 360 as compared to 194 in FY25.
Two residential projects, Fabric 2 and The Domain
Collection, were completed in FY26 while the purpose-
built student accommodation project at 256 Queen
Street commenced. Precinct continues to work with our
contractors and third-party consultants to ensure all
projects meet Precinct’s high onsite Health, Safety and
Wellbeing expectations.
The Commercial Bay security team continues to be
diligent in reporting every minor event, including those
that did not result in an injury. 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.
FY26 health and safety incidents
Medical
treatment
First Aid
treatment
Lost time
Near Miss
Observation
Other¹
1Other includes: security incident, drop from height, property
damage, lead indicators and complaints.
Incidents across Precinct sites
1
in Auckland and Wellington
Number

of

incidents
FY26
FY25
PeopleRetail and HotelStabilised portfolioCommercial
developments
PBSA
developments
Residential
developments
200
400
1Precinct development sites are managed by the Precinct-appointed main contractor.
Precinct Properties Group84

Tier 1 - Material Topics
Topic
Decarbonisation & Energy Performance
Healthy, safe and productive places
Climate resilience, adaptation and business continuity
Circularity, upfront carbon and responsible materials
Climate resilience, adaptation and
business continuity
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.
Mitigation
Consistent with our full value chain greenhouse
gas emissions profile, we recognise that our most
significant environmental impacts arise from the
energy consumed in our buildings and the materials
used in development and refurbishment activities.
To address these impacts, we have embedded
minimum sustainability performance requirements
across our portfolio, supported by recognised third-
party certification schemes and sustainability ratings.
These frameworks provide independent verification of
performance and guide decision-making in line with
industry best practice.
As outlined in the chart below, 53% of our portfolio
including developments (by value) meets our definition
of a 'green asset'. The balance of the portfolio is
transitioning and is managed in accordance with
Precinct’s commitment to achieve a net zero carbon
portfolio by 2030 through the World Green Building
Council (WGBC) Net Zero Carbon Buildings Commitment.
Green assets
1,2
Green Assets
(46%)
Green
Development
Assets (7%)
Non-Green
Assets (47%)
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.
2Green Development Assets includes 256 Queen Street.
Adaptation
Climate adaptation and resilience are integrated
into Precinct's approach to asset management,
development and long-term planning. Through climate
risk assessments, scenario analysis and resilience
planning, we seek to understand and manage the
potential impacts of climate change on our portfolio
and support the long-term resilience of our assets and
communities. An update on our progress will be provided
in our forthcoming Climate Statement for FY26.
Building on Strong Foundations
85
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Tier 1 - Material Topics
Topic
Decarbonisation & Energy Performance
Healthy, safe and productive places
Climate resilience, adaptation and business continuity
Circularity, upfront carbon and responsible materials
Circularity, upfront carbon and
responsible materials
Reducing upfront carbon and advancing circular
economy outcomes are integral to Precinct’s approach
to sustainable development and portfolio management.
We prioritise adaptive reuse opportunities that retain and
revitalise existing building elements, reducing reliance on
virgin materials, minimising waste and extending asset
life. Bowen House, completed in FY25, demonstrates this
approach, achieving a 74% reduction in upfront carbon
compared with a new-build baseline while delivering a
high-quality workplace and a 5.5 Star NABERSNZ Energy
rating in its first year of operation. We also require
minimum Green Star ratings for our development projects,
embedding mandatory upfront carbon reductions that
become progressively more stringent as Green Star
requirements evolve.
During FY26, Precinct continued to support circularity
through the donation and reuse of furniture, equipment
and technology assets, including sit-to-stand desks
and computer monitors, by a local school and other
community organisations. We also worked with industry
peers through the Property Council New Zealand
Sustainability Roundtable to help establish building
material carbon-intensity targets aligned with a net
zero by 2050 pathway. These targets support a
more consistent approach to measuring and reducing
embodied carbon across the property sector. The targets
are published in our Sustainability Databook for use by
the wider building and construction sector. We expect
to refine them as product-level data improves and more
local lower-carbon materials become available.
Together, these initiatives contribute to lower embodied
emissions, reduced waste and more efficient use of
resources throughout the lifecycle of our assets.
"The donated
high-quality
equipment makes
a real difference
for our students.
We thank Precinct
for their support."
Charlotte McKeon
Head of Trades, One Tree Hill College
Precinct Properties Group86

ESG Standard
Precinct has chosen to prepare its 2026 Annual Report in accordance with the Global Reporting Initiative (GRI) Standards.
This index appears within our FY26 Sustainability databook located on our website. The GRI Standards are the world's most
widely used sustainability reporting standard. The GRI index 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 2026 climate-related disclosures will be published in October
2026 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 2026 and is signed on behalf of the Boards by:

Anne UrlwinMark Tume
Chair and Independent DirectorChair Audit and Risk Committee and Independent Director
Building on Strong Foundations87
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

The Numbers
Precinct Properties Group88

Financial Statements
For the year ended 30 June 2026
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 2026.
ANNE URLWIN
Chair
MARK TUME
Chair Audit & Risk Committee
Contents
Consolidated Statement of Comprehensive Income90
Consolidated Statement of Changes in Equity91
Consolidated Statement of Financial Position92
Consolidated Statement of Cash Flows93
Notes to the Financial Statements94
1. GENERAL INFORMATION94
1.1 Reporting entity94
1.2 Basis of preparation94
1.3 New standards, amendments and
interpretations
94
1.4 Changes to accounting policies and disclosure
of material accounting policies
95
1.5 Adjustments to prior periods95
1.6 Fair value estimation95
1.7 Significant accounting judgements, estimates
and assumptions
95
1.8 Non-GAAP measures96
1.9 Significant events and transactions during the
year
96
2. OPERATING SEGMENTS97
2.1 Segment information97
2.2 Gross operating revenue100
3. INVESTMENT AND DEVELOPMENT PROPERTIES102
3.1 Investment and development properties102
3.2 Capital commitments109
3.3 Leases109
3.4 Operating lease commitments111
4. GROUP STRUCTURE112
4.1 Equity-accounted investments112
4.2 Related party disclosures117
5. INVESTOR RETURNS119
5.1 Earnings per share119
5.2 Reconciliation of net profit after tax to funds
from operations (FFO)
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 capital126
6.6 Reserves127
6.7 Capital management128
6.8 Financial risk management129
7. TAXATION131
7.1 Income tax131
7.2 Deferred tax133
8. OTHER134
8.1 Employment and administration expenses134
8.2 Corporate overhead expenses134
8.3 Key management personnel135
8.4 Share-based payments136
8.5 Reconciliation of Net Profit after Taxation with
Cash Inflow from Operating Activities
138
8.6 Debtors and other current assets139
8.7 Trade and other payables139
8.8 Contingencies139
8.9 Events after balance date139
Independent Auditor's report140
Building on Strong Foundations89
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Consolidated Statement of Comprehensive Income
For the year ended 30 June 2026
Amounts in $ millionsNotes30 June 202630 June 2025
Gross operating revenue2.2278.1266.1
Operating expenses
Direct operating expenses(105.9)(106.1)
Employment and administration expenses8.1
(9.5)(7.7)
Total operating expenses(115.4)(113.8)
Operating profit before finance expense, other income/(expenses) and tax162.7152.3
Corporate overhead expense8.2(6.7)(4.6)
Interest income6.25.84.7
Interest expense6.2(70.9)(69.7)
Operating profit before income tax90.982.7
Other income / (expenses)
Net gain / (loss) on sale of investment properties1.9(8.9)(24.2)
Net change in fair value of investment and development properties3.1(107.5)(27.6)
Impairment of inventory3.1(2.2)-
Lease depreciation and interest3.3(7.3)(7.9)
Share of profit / (loss) in equity-accounted investments4.13.611.8
Net realised gain / (loss) on disposal of equity-accounted investments4.1-0.6
Impairment of loan receivables6.4(3.6)-
Net change in fair value of derivative financial instruments6.320.2(19.6)
Depreciation - property, plant and equipment(3.9)(4.1)
Amortisation of intangible assets(3.3)(4.6)
Other
(0.3)(1.8)
Total other income / (expenses)(113.2)(77.4)
Net profit / (loss) before income tax(22.3)5.3
Income tax benefit / (expense)7.114.15.7
Net profit / (loss) after income tax attributable to equity holders of
stapled entity(8.2)11.0
Other comprehensive income / (expense)
Items that will not be reclassified to profit or loss
Credit risk adjustments on financial liabilities designated at FVTPL(6.1)(11.0)
Deferred tax on items transferred directly to / (from) equity
1.73.1
Total other comprehensive income / (expense)(4.4)(7.9)
Total comprehensive income / (loss) after income tax attributable to
equity holders of stapled entity
(12.6)3.1
Total comprehensive income after tax attributable to equity holders of:
Precinct Properties NZ Limited ("PPNZ")7.06.5
Precinct Properties Investments Limited ("PPIL")(19.6)(3.4)
Total comprehensive income / (loss) after income tax attributable to
equity holders of stapled entity(12.6)3.1
Earnings per share (cents per share)
Basic earnings per share5.1(0.47)0.69
Diluted earnings per share5.1(0.47)0.69
Other amounts (cents per share)
Funds from operations (FFO)5.27.317.10
Adjusted funds from operations (AFFO)5.26.446.54
The accompanying notes on pages 94-139 form part of these Financial Statements.
Precinct Properties Group
90

Consolidated Statement of Changes in Equity
For the year ended 30 June 2026
Amounts in $ millionsNotes
Attributable to the equity holders of the parent
Number of
shares (m)
Share
capital
Retained
earnings
Reserves
PPNZ
equity
PPIL
equity
1
PPG total
equity
Balance as at 1 July 20241,586.41,622.7457.6(3.5)2,076.8(29.5)2,047.3
Adjustment on correction of error
(net of tax)
6.6--(18.2)18.2---
Balance at 1 July 2024 (restated)1,586.41,622.7439.414.72,076.8(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
Dividends5.3--(95.1)-(95.1)(12.1)(107.2)
Long-term incentive scheme0.50.4-0.50.9-0.9
Employee share scheme0.1
0.1--0.10.10.2
Total transactions0.60.5(95.1)0.5(94.1)(12.0)(106.1)
Balance at 30 June 2025 (restated)6.61,587.01,623.2358.77.31,989.2(44.9)1,944.3
Profit after income tax for the period-11.4-11.4(19.6)(8.2)
Other comprehensive income for
the period
--(4.4)(4.4)-(4.4)
Total comprehensive income-11.4(4.4)7.0(19.6)(12.6)
Issue of shares6.5264.9317.3--317.3-317.3
Dividends5.3--(107.0)-(107.0)(13.6)(120.6)
Long-term incentive scheme0.80.6-0.61.2-1.2
Employee share scheme0.1
0.1--0.10.10.2
Total transactions265.8318.0(107.0)0.6211.6(13.5)198.1
Transfer of lapsed share‑based
payment reserve
6.6
-(0.5)0.5---
Total reserves transfer-(0.5)0.5---
Balance at 30 June 20261,852.81,941.2262.64.02,207.8(78.0)2,129.8
1See Note 4.2 for further details regarding negative equity position.
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 94-139 form part of these Financial Statements.
Building on Strong Foundations
91
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

Consolidated Statement of Financial Position
For the year ended 30 June 2026
Amounts in $ millionsNotes30 June 202630 June 2025
Current assets
Cash22.028.4
Fair value of derivative financial instruments6.314.81.0
Debtors and other current assets8.627.724.1
Loan receivables6.414.838.9
Inventories3.156.9-
Investment properties held for sale3.1
588.4223.7
Total current assets
724.6316.1
Non-current assets
Investment properties3.12,463.42,803.7
Development properties3.1178.9334.9
Investment in equity-accounted investments4.1157.9138.7
Property, plant and equipment45.042.3
Right-of-use assets3.313.617.0
Fair value of derivative financial instruments6.327.522.3
Loan receivables6.443.4-
Deferred tax asset7.230.814.3
Other assets1.11.5
Intangible assets
5.18.4
Total non-current assets2,966.73,383.1
Total assets3,691.33,699.2
Current liabilities
Interest bearing liabilities6.1247.6-
Provision for tax7.10.22.4
Lease liabilities3.36.05.1
Trade and other payables8.758.956.8
Fair value of derivative financial instruments6.3
3.61.3
Total current liabilities
316.365.6
Non-current liabilities
Interest bearing liabilities6.11,169.91,610.3
Lease liabilities3.356.945.0
Fair value of derivative financial instruments6.3
18.434.0
Total non-current liabilities1,245.21,689.3
Total liabilities1,561.51,754.9
Net assets2,129.81,944.3
Equity
Share capital6.51,941.21,623.2
Retained earnings (restated)6.6262.6358.7
Other reserves (restated)6.6
4.07.3
Total equity - PPNZ
2,207.81,989.2
PPIL equity (non-controlling interest)(78.0)(44.9)
Total equity2,129.81,944.3
The accompanying notes on pages 94-139 form part of these Financial Statements.
Precinct Properties Group
92

Consolidated Statement of Cash Flows
For the year ended 30 June 2026
Amounts in $ millions
Notes30 June 202630 June 2025
Cash flows from operating activities
Operating revenue received278.1276.8
Interest income received0.81.5
Property expenses paid(98.4)(112.0)
Other expenses paid(7.5)(7.4)
Interest expense paid(72.7)(67.5)
Employment and administration expenses paid(7.2)(2.5)
Income tax paid(2.7)(2.1)
Net cash inflow / (outflow) from operating activities8.590.486.8
Cash flows from investing activities
Capital expenditure on investment and development properties(91.8)(141.4)
Capital expenditure on inventories (development projects)(43.5)-
Acquisition of investment and development properties1.9(115.8)(39.8)
Investment in equity-accounted investments(15.9)(52.3)
Proceeds from disposal of equity-accounted investments-48.6
Acquisition of subsidiary-(4.7)
Mezzanine loan facilities advanced-(9.3)
Loan receivables repaid6.415.0-
Expenditure on property, plant and equipment(6.5)(3.6)
Net proceeds from disposal of investment properties202.8(21.9)
Capitalised interest on investment and development properties(19.7)(17.3)
Net cash inflow / (outflow) from investing activities(75.4)(241.7)
Cash flows from financing activities
Loan facility drawings199.8565.2
Loan facility repayments(412.4)(201.4)
Repayment of senior secured bonds-(100.0)
Repayment of leasing liabilities3.3(5.5)(5.2)
Repayment of US private placement notes-(65.3)
Dividends paid to shareholders'(120.6)(107.1)
Net proceeds from issue of shares317.3-
Net proceeds from debt instrument issuance-75.0
Net cash inflow / (outflow) from financing activities(21.4)161.2
Net increase / (decrease) in cash held(6.4)6.3
Cash at the beginning of the year28.422.1
Cash as the end of the year22.028.4
The accompanying notes on pages 94-139 form part of these Financial Statements.
Building on Strong Foundations
93
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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 the 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 in the process of assessing its impact.
Precinct Properties Group
94

In August 2024, the XRB issued Amendments to NZ IFRS 9 Financial Instruments and NZ IFRS 7 Financial Instruments:
Disclosures relating to the classification and measurement of financial instruments. The amendments are effective for
annual reporting periods beginning on or after 1 January 2026. The amendments clarify requirements relating to the
derecognition of financial liabilities and introduce additional disclosure requirements for certain financial instruments.
Precinct has not early adopted these amendments and is in the process of assessing the impact.
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
Adjustments to prior periods
In December 2025, Precinct conducted a review of the reserve balance within equity. It was identified that $18.2 million,
which accumulated as a result of movements in the fair value of the US private placements attributable to changes
in Precinct’s own credit risk during 2020 and 2021, had been incorrectly recognised in profit or loss instead of other
comprehensive income. The impact is limited to retained earnings and reserves within equity. The correction did not require
any change to net assets or total equity previously presented, see note 6.6 for further details.
1.6
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).
1.7
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.Derivative financial instruments – refer note 6.3
iv.Deferred tax assets and deferred tax liabilities – refer note 7.2
Building on Strong Foundations
95
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
1.8 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 Funds From Operations (FFO) which is one of the industry's best practice measures
for a REIT to show the organisation's underlying and recurring earnings from its operations.
1.9
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.Syndicated Facility Agreement Refinance
On 26 August 2025, Precinct secured a refinance of $268.0 million in bank loans maturing in 2026 with $275.0 million in
bank loans with maturity in 2030. Additionally, Precinct secured a further $75.0 million of bank liquidity facilities.

ii.Equity Raise and commitment to commence a new PBSA facility at 256 Queen Street, Auckland
On 13 October 2025, Precinct announced a $310.0 million equity raise target to fund its growth strategy through a fully
underwritten $285.0 million placement (Placement) at at share price of $1.23 and a non-underwritten share purchase
plan (SPP) targeting $25.0 million at a share price of $1.047. Following SPP oversubscription, the offer was upsized to
$40.0 million. The purpose of the equity raise is to increase flexibility to progress Precinct’s pipeline of development
opportunities, including its commitment to commence a newly announced purpose-built student accommodation (PBSA)
facility at 256 Queen Street in Auckland, planned development of Downtown Car Park, residential build-to-sell projects
and other growth opportunities.

iii.Updated IRD Binding Ruling
On 24 November 2025, Precinct announced that it had received a binding tax ruling from Inland Revenue in relation to its
stapled structure, updating the terms of the existing ruling and extending its validity through to 24 November 2030.

iv.Conversion Price Caps Adjustment for subordinated convertible notes PCTHB and PCTHC
On 18 December 2025, Precinct announced an adjustment to the Conversion Price Cap for its subordinated convertible
notes, with PCTHB reset to $1.3449 and PCTHC to $1.3845. The adjustment followed the issuance of stapled shares at less
than 98% of market price under the Placement and SPP completed and settled over October and November 2025.

v.Purchase of Downtown Car Park, Auckland
On 18 December 2025, Precinct announced the acquisition of Downtown Car Park in Auckland, with a final settlement
payment of $115.8 million.

vi.Sale of Amora Hotel, Wellington
On 23 December 2025, Precinct settled the sale back of the Amora Hotel in Wellington for $15.0 million. The property had
previously been accounted for as a loan receivable due to a sell back provision.

vii.Purchase of ASB North Wharf in Auckland by Precinct Pacific Investment Limited Partnership (PPILP)
On 27 January 2026, Precinct announced the acquisition of ASB North Wharf in Auckland by Precinct Pacific Investment
Limited Partnership (PPILP) for $205.0 million as part of an existing partnership with global institutional investor, GIC. The
acquisition settled on 29 May 2026.

Precinct Properties Group
96

viii.Sale of InterContinental Auckland
On 30 January 2026, Precinct announced the settlement of the sale of the InterContinental Hotel at One Queen Street
in Auckland for $180.0 million. Following the settlement, Precinct has cancelled $150.0 million of bank loan facilities
maturing in June 2028. A loss on sale of $1.4 million was recognised on the sale which is included in the net gain/loss on
sale of investment properties included in the statement of comprehensive income.

ix.Settlement of 22 Stanley Street, Auckland to Stanley Limited Partnership (Stanley LP)
On 12 February 2026, Precinct completed the sale of 22 Stanley Street to its partnership with Keppel, a leading global
asset manager and operator, for the development of a Purpose-Built Student Accommodation (PBSA) facility for the
University of Auckland, with which there is an agreed long-term lease. A loss on sale was recognised on the sale - see
note 6.4 for further details.

x.Sale of PwC Tower, Auckland
On 16 June 2026, Precinct announced the agreement to sell a 50% interest in PwC Tower sale and to establish a new
investment partnership with PAG, a leading global investment firm. The sale remains conditional on Overseas Investment
Office approval, with settlement expected to occur in the first half of FY27.

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 segment
Operations
Investment propertiesInvestment in predominantly prime CBD properties
Development management services
Development delivery, development management services
and profits and losses arising from these services
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.
Building on Strong Foundations
97
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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
Development
management
services
Flexible spaceHotel and
hospitality
Investment
management
30 June 2026
Gross operating revenue229.26.621.314.16.9278.1
Intersegment property
transaction eliminations2.9-(0.8)-(2.1)-
Intersegment
management
transaction eliminations--(1.8)-1.8-
Direct
operating expenses(84.3)-(11.2)(10.4)-(105.9)
Employment and
administration expenses----(9.5)(9.5)
Operating profit / (loss)
before net finance
expense and income tax147.86.67.53.7(2.9)162.7
Add back rent
eliminated in application
of IFRS 16(2.6)-(6.0)--(8.6)
Adjusted operating
profit / (loss) before net
finance expense and
income tax
1
145.26.61.53.7(2.9)154.1
1See Note 1.8 for further details of this measure.
Precinct Properties Group98

Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
30 June 2025
Gross operating revenue210.322.723.59.6266.1
Intersegment property
transaction eliminations2.8(0.7)(0.1)(2.0)-
Intersegment
management
transaction eliminations-(0.5)-0.5-
Direct
operating expenses(73.4)(14.1)(18.6)-(106.1)
Employment and
administration expenses---(7.7)(7.7)
Operating profit / (loss)
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 / (loss) before net
finance expense and
income tax
1
137.10.94.80.4143.2
1See Note 1.8 for further details of this measure.
Building on Strong Foundations99
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Reconciliation to net profit / (loss) before income tax
Amounts in $ millions
30 June 202630 June 2025
Operating profit / (loss) before net finance expense and income tax162.7152.3
Corporate overhead expense(6.7)(4.6)
Interest income5.84.7
Interest expense(70.9)(69.7)
Net gain / (loss) on sale of investment properties(8.9)(24.2)
Net change in fair value of investment and development properties(107.5)(27.6)
Impairment of inventory(2.2)-
Lease depreciation and interest(7.3)(7.9)
Share of profit / (loss) in equity-accounted investments3.611.8
Net realised gain / (loss) on disposal of equity-accounted investments-0.6
Impairment of loan receivables(3.6)-
Net change in fair value of derivative financial instruments20.2(19.6)
Depreciation - property, plant and equipment(3.9)(4.1)
Amortisation of intangible assets(3.3)(4.6)
Other(0.3)(1.8)
Net profit / (loss) before income tax(22.3)5.3
2.2 Gross operating revenue
Amounts in $ millions30 June 2026
30 June 2025
Revenue
Gross property income from rentals185.9170.9
Straightline rental adjustments(0.5)1.1
Amortisation of capitalised lease incentives(9.9)(9.6)
Revenue from contracts with customers
Gross property income from expense recoveries53.747.9
Precinct Flex operating revenue21.322.7
Commercial Bay Hospitality operating revenue0.21.5
Hotel operating revenue13.922.0
Management fee income6.99.6
Delivery of development management services revenue6.6-
Total gross operating revenue278.1266.1
Precinct Properties Group100

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.
Recognition of revenue from operating segments
Operating revenue from Development comprises development projects undertaken, project delivery and
development management fees, and share of profits from project delivery.
Revenue is measured based on the consideration to which the Group expects to be entitled under a contract. Where
contracts contain multiple performance obligations, the transaction price is allocated based on relative standalone
selling prices. Variable consideration, including contingent profit-sharing arrangements, is recognised only to the
extent that it is highly probable that a significant reversal of revenue will not occur. Where relevant, the transaction
price is adjusted for significant financing components. Revenue recognised over time is measured using an input
method based on costs incurred relative to total estimated costs.
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.
Building on Strong Foundations
101
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
3. INVESTMENT AND DEVELOPMENT PROPERTIES
3.1 Investment and development properties
30 June 2026
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2025
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2026
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.9%6.3%87%2.7220.0(0.5)3.7-(3.2)220.0
HSBC TowerColliers31,6115.5%5.6%99%4.8445.00.14.4-6.0455.5
GHD HouseCBRE13,6816.3%5.9%100%5.2128.0-1.1-(2.1)127.0
Commercial Bay RetailJLL17,2285.5%6.0%96%3.0340.0(0.7)2.011.2(4.5)348.0
Deloitte CentreColliers11,9215.4%5.4%100%15.7174.0(1.2)(0.4)-4.6177.0
Wellington
NTT TowerColliers16,6255.8%7.0%83%4.1130.50.52.7-(2.7)131.0
No. 1 and 3 The TerraceColliers18,6135.6%6.4%100%5.9129.9(0.1)0.2-(1.5)128.5
No. 3 The Terrace
6
ColliersN/A5.4%N/A0%0.012.4---0.713.1
AON Centre - WgtnColliers27,7275.9%6.8%100%4.2204.50.42.2-(7.7)199.4
Defence HouseBayleys23,2554.9%5.8%100%10.5190.00.4--(0.4)190.0
55 Molesworth Street
7
CBRE19,5374.9%5.0%99%20.9---279.7(17.5)262.2
Bowen HouseCBRE14,2755.8%5.6%100%13.8147.5(1.9)(0.4)-(4.2)141.0
Other investment properties
8
Colliers6,0606.6%7.8%91%1.534.9(0.1)0.1-(2.4)32.5
Right-of-use assets
9
N/AN/AN/AN/AN/AN/A24.0-18.4-(4.2)38.2
Market value (fair value) of investment properties225,8875.5%5.9%96%7.42,180.7(3.1)34.0290.9(39.1)2,463.4
Investment properties held for sale
5
22 Stanley StreetN/AN/AN/AN/AN/AN/A43.7-(43.7)---
PwC Tower (Commercial Bay)N/AN/AN/AN/AN/AN/A623.0(3.9)(0.4)(14.0)(16.3)588.4
One Queen Street (Hotel)N/AN/AN/AN/AN/AN/A180.0-(182.8)2.8--
Market value (fair value) of investment properties held for sale846.7(3.9)(226.9)(11.2)(16.3)588.4
Development properties
5
Auckland
Downtown Car ParkCBREN/AN/AN/AN/AN/A43.9-151.6-(45.5)150.0
256 Queen StreetN/AN/AN/AN/AN/AN/A11.0--(11.0)--
Other development propertiesN/AN/AN/AN/AN/AN/A6.4--(6.4)--
Wellington
55 Molesworth StreetCBREN/AN/AN/AN/AN/A242.90.836.0(279.7)--
Freyberg BuildingCBREN/AN/AN/AN/AN/A30.7-4.8-(6.6)28.9
Market value (fair value) of development properties334.90.8192.4(297.1)(52.1)178.9
Inventories (development projects)Impairment
256 Queen StreetN/AN/AN/AN/AN/AN/A--23.211.01.435.6
Other residential development projectsN/AN/AN/AN/AN/AN/A--18.56.4(3.6)21.3
Lower of cost and NRV of development projects--41.717.4(2.2)56.9
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 $19.7 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 or subdivided to another 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.
7During the year, the property previously known as 61 Molesworth Street was renamed 55 Molesworth Street.
8Other investment properties are small value properties held for strategic purposes.
9Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park and a head lease at One
Queen Street.
Precinct Properties Group102

30 June 2026
Amounts in $ millionsValuerNet lettable
area sqm
Initial yield %
1
Capitalisation
rate
1
Occupancy %WALT years
2
Valuation
30 June 2025
Capitalised
incentives
Additions /
disposals
3
Transfers
4
Revaluation
gain / (loss)
Valuation
30 June 2026
Investment properties
5
Auckland
AON Centre - AkldCBRE25,3545.9%6.3%87%2.7220.0(0.5)3.7-(3.2)220.0
HSBC TowerColliers31,6115.5%5.6%99%4.8445.00.14.4-6.0455.5
GHD HouseCBRE13,6816.3%5.9%100%5.2128.0-1.1-(2.1)127.0
Commercial Bay RetailJLL17,2285.5%6.0%96%3.0340.0(0.7)2.011.2(4.5)348.0
Deloitte CentreColliers11,9215.4%5.4%100%15.7174.0(1.2)(0.4)-4.6177.0
Wellington
NTT TowerColliers16,6255.8%7.0%83%4.1130.50.52.7-(2.7)131.0
No. 1 and 3 The TerraceColliers18,6135.6%6.4%100%5.9129.9(0.1)0.2-(1.5)128.5
No. 3 The Terrace
6
ColliersN/A5.4%N/A0%0.012.4---0.713.1
AON Centre - WgtnColliers27,7275.9%6.8%100%4.2204.50.42.2-(7.7)199.4
Defence HouseBayleys23,2554.9%5.8%100%10.5190.00.4--(0.4)190.0
55 Molesworth Street
7
CBRE19,5374.9%5.0%99%20.9---279.7(17.5)262.2
Bowen HouseCBRE14,2755.8%5.6%100%13.8147.5(1.9)(0.4)-(4.2)141.0
Other investment properties
8
Colliers6,0606.6%7.8%91%1.534.9(0.1)0.1-(2.4)32.5
Right-of-use assets
9
N/AN/AN/AN/AN/AN/A24.0-18.4-(4.2)38.2
Market value (fair value) of investment properties225,8875.5%5.9%96%7.42,180.7(3.1)34.0290.9(39.1)2,463.4
Investment properties held for sale
5
22 Stanley StreetN/AN/AN/AN/AN/AN/A43.7-(43.7)---
PwC Tower (Commercial Bay)N/AN/AN/AN/AN/AN/A623.0(3.9)(0.4)(14.0)(16.3)588.4
One Queen Street (Hotel)N/AN/AN/AN/AN/AN/A180.0-(182.8)2.8--
Market value (fair value) of investment properties held for sale846.7(3.9)(226.9)(11.2)(16.3)588.4
Development properties
5
Auckland
Downtown Car ParkCBREN/AN/AN/AN/AN/A43.9-151.6-(45.5)150.0
256 Queen StreetN/AN/AN/AN/AN/AN/A11.0--(11.0)--
Other development propertiesN/AN/AN/AN/AN/AN/A6.4--(6.4)--
Wellington
55 Molesworth StreetCBREN/AN/AN/AN/AN/A242.90.836.0(279.7)--
Freyberg BuildingCBREN/AN/AN/AN/AN/A30.7-4.8-(6.6)28.9
Market value (fair value) of development properties334.90.8192.4(297.1)(52.1)178.9
Inventories (development projects)Impairment
256 Queen StreetN/AN/AN/AN/AN/AN/A--23.211.01.435.6
Other residential development projectsN/AN/AN/AN/AN/AN/A--18.56.4(3.6)21.3
Lower of cost and NRV of development projects--41.717.4(2.2)56.9
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 $19.7 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 or subdivided to another 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.
7During the year, the property previously known as 61 Molesworth Street was renamed 55 Molesworth Street.
8Other investment properties are small value properties held for strategic purposes.
9Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park and a head lease at One
Queen Street.
Building on Strong Foundations103
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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
GHD 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 or subdivided to another 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 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 Group104

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
GHD 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 or subdivided to another 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 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 Strong Foundations105
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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.
Inventories
Precinct develops residential, commercial and mixed‑use properties for sale in the ordinary course of business.
Inventories are presented as current assets when they are expected to be realised within the normal operating
cycle; otherwise, they are presented as non‑current.
Development projects classified as inventories are measured at the lower of cost and net realisable value (NRV).
Cost includes acquisition, development, capitalised interest, and other costs directly attributable to the specific
project. NRV is the estimated selling price in the ordinary course of business less the estimated costs to complete
and sell. NRV is determined using the most reliable evidence available at the reporting date, including expected
movements in selling prices and updated estimates of costs to complete and sell.
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.
Precinct Properties Group
106

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.
Fair value measurement, valuation techniques and inputs
Precinct’s properties were valued as at 30 June 2026 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, retail, PBSA
and residential
Income 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.
Building on Strong Foundations
107
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Input used to measure fair value30 June 202630 June 2025Fair value movement sensitivity
Core capitalisation rate5.0% - 8.0%5.3% - 8.0%
The higher that capitalisation rates
and discount rate, the lower the
fair value.
Discount rate6.0% - 9.8%5.0% - 9.8%
Terminal capitalisation rate5.6% - 8.3%5.5% - 8.3%
Profit and risk allowance2.5%2.5%
Office gross market rent per sqm$183 - $1,175$280 - $1,382
The higher the market rent and growth
rate, the higher the fair value.
Retail gross market rent per sqm$435 - $10,000$421 - $9,000
Rental growth rate per annum1.8% - 3.2%0.0% - 4.0%
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;
•The remaining economic life of the property; and
•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.
Precinct Properties Group108

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.
3.2 Capital commitments
Precinct has $119.6 million of capital commitments as at 30 June 2026 (30 June 2025: $164.8 million) relating to construction
contracts and property purchases still to be settled.
3.3
Leases
Lease liabilities
Precinct has entered into ground leases (as lessee) and property leases (Precinct Flex and PPNZ as lessee). Ground leases
have remaining non-cancellable lease terms of between one and 46 years (30 June 2025: one and 33 years). Precinct Flex
property leases have remaining non-cancellable lease terms of between one and 7 years (30 June 2025: one and 8 years).
The PPNZ property lease has a remaining non-cancellable lease term of 9 years (30 June 2025: nil). A maturity of lease
liabilities is included in Note 6.8.
Amounts in $ millionsInvestment
properties
Flexible space30 June 2026Investment
properties
Flexible space30 June 2025
Current2.53.56.01.33.85.1
Non-current40.216.756.924.820.245.0
Total lease liabilities42.720.262.926.124.050.1

Amounts in $ millionsInvestment
properties
Flexible spaceTotal
Balance at 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
Balance at 1 July 202526.124.050.1
Additions18.4-18.4
Disposals---
Accretion of interest1.82.24.0
Payments(3.6)(6.0)(9.6)
Balance at 30 June 202642.720.262.9
Building on Strong Foundations109
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Right-of-use assets
Amounts in $ millionsInvestment
properties
Flexible space30 June 2026Investment
properties
Flexible space30 June 2025
Total right-of-use assets38.2
1
13.651.824.017.041.0
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 202425.821.046.8
Additions---
Depreciation expense-(4.1)(4.1)
Fair value movement(1.8)-(1.7)
Disposals---
Balance at 30 June 202524.017.041.0
Balance at 1 July 202524.017.041.0
Additions18.4-18.4
Depreciation expense-(3.4)(3.4)
Fair value movement(4.2)-(4.2)
Disposals---
Balance at 30 June 202638.213.651.8
Accounting policies
Leases
At contract inception Precinct assesses whether a contract is, or contains, a lease. Where a contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration it is considered
a lease.
Precinct as a lessee
Precinct applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets where IFRS 16 recognition exemptions are applied. Precinct recognises lease liabilities to
make lease payments and right-of-use assets representing the right to use the underlying assets.
Precinct Properties Group110

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.
For leasehold interests recognised as right-of-use assets that meet the definition of investment property and are
accounted for under the fair value model, these right-of-use assets are subsequently measured at fair value with
movements recognised in profit or loss.
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 24 years (30 June 2025: one and 18 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 202630 June 2025
Within one year220.8201.2
Between one and two years204.1171.4
Between two and three years176.7154.6
Between three and four years153.3128.2
Between four and five years129.9109.8
Later than five years768.2277.3
Total future rental receivables1,653.01,042.5
Building on Strong Foundations111
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
4. GROUP STRUCTURE
4.1 Equity-accounted investments
Set out below are the associates and joint ventures of Precinct as at 30 June 2026. 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 202630 June 2025relationshipmethod
Material equity-accounted investments
Precinct Pacific Investment Limited
Partnership ("PPILP")New ZealandUnits24.9%24.9%AssociateEquity
Individually immaterial equity-accounted investments
Mahuhu Investment Limited
Partnership ("MILP")New ZealandUnits33.3%33.3%AssociateEquity
Tangihua Investment Limited
Partnership ("TILP")New ZealandUnits33.3%33.3%AssociateEquity
Westhaven Residential Limited
Partnership ("WRLP")New ZealandUnits50.0%50.0%
Joint
VentureEquity
Westhaven Commercial Limited
Partnership ("WCLP")New ZealandUnits24.9%24.9%AssociateEquity
Stanley Limited Partnership ("SLP")
1
New ZealandUnits20.0%0.0%AssociateEquity
1Partnerships commenced during the period. See Note 1.9 for further details.
Equity-accounted investments
Amounts in $ millions30 June 202630 June 2025
Precinct Pacific Investment Limited Partnership ("PPILP")91.279.0
Individually immaterial equity-accounted investments66.759.7
Total equity-accounted investments157.9138.7
Individually immaterial equity-accounted investments balance includes $21.6 million of investment into WCLP (30 June 2025:
$21.1 million), $23.1 million of investment into WRLP (
30 June 2025: $22.1 million) and $22.2 million of other individually
immaterial investments (30 June 2025: $16.5 million).
Precinct Properties Group
112

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.
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 PPML as manager of MILP, TILP and Te Tōangaroa, and that two of Precinct's current executives are directors of the MILP
and TILP General Partnerships, the Precinct board has concluded that Precinct has "significant influence" over MILP and
TILP. As such, Precinct's interest in both MILP and TILP has been treated as an interest in an associate.
Westhaven Residential Limited Partnership ("WRLP") and Westhaven Commercial Limited Partnership ("WCLP")
Precinct and Orams Group have entered a Joint Venture to develop Orams significant waterfront site at Wynyard Quarter
including a small scaled commercial development (through Westhaven Commercial Limited Partnership) and a large scale
residential development site (through Westhaven Residential Limited Partnership).
Given the extent of Precinct's equity investment as at balance date of 24.9%, the appointment of PPML as leasing 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.
Stanley Limited Partnership (SLP)
Precinct and Keppel, a leading global asset manager and operator, have entered a Joint Venture for the development
of a Purpose-Built Student Accommodation (PBSA) facility for the University of Auckland, with which there is an agreed
long-term lease.
Given the extent of Precinct's equity investment as at balance date of 20.0%, the appointment of PPML as development
manager, and that two of Precinct's current executives are directors of the SLP General Partnership, the Precinct Board
has concluded that Precinct has "significant influence" over SLP. As such, Precinct's interest in SLP has been treated as an
interest in an associate.
Building on Strong Foundations
113
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Summarised financial information for associates and joint ventures
The following tables provide summarised financial information for the associates and joint ventures of Precinct and reflect
the amounts presented in the financial statements of the relevant entities, not Precinct's share of those amounts.
Summarised statement of comprehensive income
Amounts in $ millions
30 June 202630 June 2025
PPILPOtherPPILPOther
Net operating income33.211.222.48.9
Finance income--0.2-
Finance expense(22.7)(5.1)(14.0)(4.6)
Other income / (expense)(2.2)(0.4)(1.5)(0.5)
Net change in fair value of investment and
development properties(7.0)(2.7)31.0(1.8)
Net change in fair value of derivative financial instruments
3.50.3(7.2)(0.7)
Profit / (loss)4.83.330.81.3
Other comprehensive income----
Total comprehensive profit / (loss)4.83.330.81.3
Summarised statement of financial position
Amounts in $ millions30 June 202630 June 2025
PPILPOtherPPILPOther
Assets
Current assets4.31.812.63.0
Investment properties879.1391.4668.6271.1
Other non-current assets-0.7-0.7
Total assets883.4393.9681.2274.8
Liabilities
Current liabilities6.947.95.13.8
Borrowings - non-current506.1154.7351.391.2
Other non-current liabilities4.20.67.70.9
Total liabilities517.2203.2364.195.9
Net assets366.2190.7317.1178.9
Precinct Properties Group114

Reconciliation to carrying amounts
Amounts in $ millionsPPILPOther
Opening net assets at 1 July 2024242.749.4
Partners' contribution50.0128.5
Acquisition of business-1.7
Profit / (loss)30.81.3
Other comprehensive income--
Distribution paid(6.4)(2.0)
Closing net assets at 30 June 2025317.1178.9
Partners' contribution52.013.2
Acquisition of business--
Profit / (loss)4.83.3
Other comprehensive income--
Distribution paid(7.6)(4.5)
Closing net assets at 30 June 2026366.2190.7

Amounts in $ millions30 June 202630 June 2025
TotalPPILPOtherTotalPPILPOther
Precinct's share in %24.9%24.9%
Share of net assets at
carrying percentage
157.991.266.7138.779.059.7
Closing carrying amount157.991.266.7138.779.059.7
Opening
carrying amount
138.779.059.7131.160.420.8
Partners' contribution /
issue of shares
18.912.96.055.512.543.0
Profit / (loss)3.61.22.411.87.70.5
Other
comprehensive income
------
Distribution paid(3.0)(1.9)(1.1)(4.9)(1.6)(0.5)
Disposal of equity-
accounted investments
---(54.8)-(4.1)
Closing carrying amount157.991.266.7138.779.059.7
Building on Strong Foundations115
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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.
Precinct Properties Group
116

4.2 Related party disclosures
Precinct earns revenue streams from the management of real estate investments including PPILP, SLP, Te Tōangaroa and
WCLP. Under the various management agreements Precinct 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 2026
Amounts in $ millions
Fees charged during yearAmounts owing at year end
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
PPIL
Asset management fee income2.5-2.5---
Development management fee income0.9-0.90.1-0.1
Building management fee income0.8-0.8---
Leasing fee income------
Acquisition and disposal fees1.0-1.0---
PPNZ
Delivery of development
management services6.6-6.6---
Financing arrangement interest0.8-0.8---
Total management fee income12.6-12.60.1-0.1
Rent paid(1.2)-(1.2)---
On 12 February 2026, Precinct settled the sale of 22 Stanley Street to Stanley Limited Partnership (SLP) for $32.9 million. This
amount as well as interest associated with the deferred payment arrangement are disclosed in note 6.4.
The land purchase price is contractually deferred and is expected to be settled commencing on practical completion of
the development. A difference between the sale price of $38.2 million and its present value of $32.9 million is recognised as
interest income over the term of the arrangement using the effective interest method and at settlement date has resulted in
a day one recognition of loss on sale.
The sale agreement includes a profit-sharing mechanism under which the Group may receive additional consideration
based on the future profitability of the development. This represents variable consideration under NZ IFRS 15. At reporting
date, management has assessed the expected entitlement and recognised an amount considered highly probable.
Building on Strong Foundations
117
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
30 June 2025
Amounts in $ millions
Fees charged during yearAmounts owing at year 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
Total management fee income7.5-7.52.6-2.6
Rent paid(2.8)-(2.8)---
The following table details the transactions between PPNZ and other Precinct entities, which are eliminated on consolidation.
Amounts in $ millions
Amounts charged during yearAmounts owing at year end
30 June 202630 June 202530 June 202630 June 2025
Charged from PPIL to PPNZ
Asset management fee11.411.4--
Development management fee8.67.8-1.7
Building management fee6.65.4--
Leasing fee2.11.80.70.7
Acquisition and disposal fees2.40.4--
Additional services fee1.81.7--
Total management fee income32.928.50.72.4
Charged from PPNZ to PPIL
Rental income2.92.8-1.1
Interest income3.83.519.716.4
Total charges6.76.319.717.5
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 2026 were $0.2 million (30 June 2025: $0.4 million) charged from PPIL to PPNZ and $2.6 million recharged from
PPNZ to PPIL (30 June 2025: $2.8 million).
Interest bearing loans exist between PPNZ and other Precinct entities. At 30 June 2026, interest bearing loans of $66.2 million
(30 June 2025: $70.1 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.
Inter-entity charges between the Stapled Entities are eliminated on consolidation and affect the attribution of equity
between PPNZ and PPIL, with no impact on total Precinct Properties Group equity. The cumulative equity attribution impact
as at 30 June 2026 is a $26.2 million increase to PPNZ equity (30 June 2025: $22.2 million increase) and a corresponding
$26.2 million decrease to PPIL equity (30 June 2025: $22.2 million decrease). This cumulative amount includes $38.9 million
recognised in periods prior to 1 July 2024, for a total $87.3 million. The eliminations do not affect total consolidated equity or
the legal rights and obligations between PPNZ and PPIL.
Precinct Properties Group
118

During FY26, PPML generated management fee revenue of $39.8 million, comprising $32.9 million from PPNZ and $6.9 million
from external mandates, associates and joint ventures.
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 202630 June 2025
Weighted average number of shares for both PPNZ and PPIL
Weighted average number of shares for basic earnings per share (millions)1,772.11,587.0
Weighted average number of shares for diluted earnings per share (millions)
1
1,781.01,597.7
PPNZ
Net profit after tax for basic and diluted earnings per share - PPNZ11.414.4
Basic earnings per share (cents) - PPNZ0.640.91
Diluted earnings per share (cents) - PPNZ0.640.90
PPIL
Net profit after tax for basic and diluted earnings per share - PPIL(19.6)(3.4)
Basic earnings per share (cents) - PPIL(1.11)(0.21)
Diluted earnings per share (cents) - PPIL(1.11)(0.21)
Stapled entity
Net profit after tax for basic and diluted earnings per share - stapled entity(8.2)11.0
Basic earnings per share (cents) - stapled entity(0.47)0.69
Diluted earnings per share (cents) - stapled entity(0.47)0.69
1Effect of dilution relates to share rights under the long-term incentive scheme for key management personnel.
Building on Strong Foundations119
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
5.2 Reconciliation of net profit after tax to funds from operations (FFO)
FFO is a non‑GAAP financial measure that shows the organisation’s underlying and recurring earnings from its operations
and is used as a measure of operating performance. This is determined by adjusting operating income after current tax for
IFRS 16, other non‑cash accounting adjustments, cash distributions received from equity‑accounted investments, and other
one‑off items. FFO is intended as a supplementary measure of operating performance.
One-off adjustments represent non-recurring items that are not considered representative of the Group's underlying and
recurring operating earnings. Such adjustments are made where management considers they improve the comparability of
FFO between periods and generally include items that did not occur in the prior period and are highly unlikely to reoccur in
the following period.
Amounts in $ millions unless otherwise stated30 June 202630 June 2025
Net profit / (loss) after income tax(8.2)11.0
Income tax (benefit) / expense(14.1)(5.7)
Total other (income) / expenses113.277.4
Operating profit before income tax90.982.7
Current tax benefit / (expense)12.57.7
Share-based payments and employee share scheme2.73.3
Convertible note option value amortisation1.71.6
IFRS 16 lease adjustments(8.6)(9.1)
Impairment of loan receivables (net of tax)(2.6)-
Amortisation of incentives and leasing costs15.914.3
Swap closeout12.48.1
Straightline rents0.5(1.1)
Distributions from equity-accounted investment attributable to the period3.15.0
Adjust for one-off items1.00.2
Funds from operations (FFO)129.5112.7
Funds from operations per share (cents)7.317.10
Maintenance capex(5.8)(2.6)
Incentives and leasing costs(9.5)(6.3)
Adjusted funds from operations (AFFO)114.2103.8
Weighted average number of shares for net operating income per share (millions)1,772.11,587.0
Adjusted funds from operations per share (cents)6.446.54
Precinct Properties Group120

5.3 Dividends paid
Amounts in $ millions unless otherwise stated30 June 202630 June 2025
Payment DateCents per
share
TotalPayment DateCents per
share
Total
The following dividends were declared and
paid by PPNZ during the year:
Q4 final dividend19-Sep-251.497523.820-Sep-241.497523.8
Q1 interim dividend12-Dec-251.497527.713-Dec-241.497523.8
Q2 interim dividend20-Mar-261.497527.721-Mar-251.497523.8
Q3 interim dividend5-Jun-26
1.497527.7
6-Jun-25
1.497523.8
Total dividends paid - PPNZ
5.9900107.05.990095.2
The following dividends were declared and
paid by PPIL during the year:
Q4 final dividend19-Sep-250.19003.020-Sep-240.19003.0
Q1 interim dividend12-Dec-250.19003.513-Dec-240.19003.0
Q2 interim dividend20-Mar-260.19003.521-Mar-250.19003.0
Q3 interim dividend5-Jun-26
0.19003.5
6-Jun-25
0.19003.0
Total dividends paid - PPIL
0.760013.60.760012.0
Total dividends paid - Precinct6.7500120.66.7500107.2
Supplementary dividends of $94,693 were paid to PPIL shareholders not resident in New Zealand for which PPIL received a
foreign investor tax credit entitlement (30 June 2025: $114,505).
6.
CAPITAL STRUCTURE AND FUNDING
6.1 Interest bearing liabilities
Amounts in $ millions30 June 202630 June 2025
Bank loans635.7848.2
US private placement195.4195.4
NZ senior secured bonds400.0400.0
Convertible note150.0150.0
Total drawn debt1,381.11,593.6
US private placement - fair value adjustment41.021.7
Convertible note - embedded financial derivative and amortisation adjustment(1.1)0.2
Capitalised borrowing costs(3.5)(5.2)
Net interest bearing liabilities1,417.51,610.3
Building on Strong Foundations121
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
30 June
2026
30 June
2025
Bank loansAmortised costAug-2568.0Floating
2
-12.0
Bank loans
3
Amortised costNov-27180.0Floating
2
168.7139.2
Bank loansAmortised costJun-29200.0Floating
2
72.0197.0
Bank loansAmortised costJun-28120.0Floating
2
120.0300.0
Bank loansAmortised costAug-30275.0Floating
2
275.0200.0
Bank loansAmortised costDec-2775.0Floating
2
--
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%75.075.0
Convertible note (PCTHB)Amortised costSep-2665.07.56%65.065.0
Convertible note (PCTHC)Amortised costSep-2785.07.53%85.085.0
US private placementFair valueJan-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 debt1,381.11,593.6
Weighted average term to maturity2.4 years2.8 years
Weighted average interest rate before swaps (including funding costs)4.62%5.20%
1As at 30 June 2026.
2Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility fees.
3Term bank loan relating to the 61 Molesworth Street property.
Precinct has committed funding of $1,595.4 million (30 June 2025: $1,693.4 million) including the NZ retail bonds, US private
placements and convertible notes.
On 26 August 2025, Precinct secured a refinance of $268.0 million in bank loans maturing in 2026 with $275.0 million in bank
loans with maturity in 2030. Additionally, Precinct secured a further $75.0 million of bank liquidity facilities.
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 2026 is $2,997.4 million (30 June 2025: $2,990.4 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 $1.3449 for PCTHB notes and $1.3845 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 and green bonds 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 spreads above
observable market interest rates and is recognised in other comprehensive income as credit risk adjustments on
financial liabilities designated at fair value through profit and loss (FVTPL). 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 202630 June 2025
Finance income
Bank interest income0.40.7
Interest income on loan receivables
5.44.0
5.84.7
Finance expense
Interest bearing liabilities interest expense(90.6)(87.0)
Capitalised interest
19.717.3
(70.9)(69.7)
Net finance expense(65.1)(65.0)
Interest expense includes $12.4 million relating to the closeout of interest rate swaps (30 June 2025: $8.1 million). These
closeouts were triggered by the sale of the hotel at One Queen Street, the equity issues in November 2025, the settlement of
22 Stanley Street and the upcoming PwC Tower sale.
Building on Strong Foundations
123
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
6.3 Derivative financial instruments
Amounts in $ millions30 June 202630 June 2025
Financial derivative assets
Current14.81.0
Non current
1
27.522.3
42.323.3
Financial derivative liabilities
Current(3.6)(1.3)
Non current
(18.4)(34.0)
(22.0)(35.3)
Total fair value of derivative financial instruments20.3(12.0)
Notional contract cover (fixed payer)1,300.02,295.0
Notional contract cover (fixed receiver)465.0465.0
Notional contract cover (cross currency swaps - fixed receiver)195.5195.5
Percentage of net drawn borrowings fixed56.8%82.8%
Weighted average term to maturity (fixed payer)2.7 years2.5 years
Weighted average interest rate after swaps (including funding costs)5.11%5.22%
1This includes the cross currency interest rate swap valuation of $35.4 million (30 June 2025: $17.8 million) and a net debit value adjustment of
$0.3 million debit (30 June 2025: $0.1 million debit).

Amounts in $ millions30 June 202630 June 2025
Unrealised net gain / (loss) on financial instruments
Interest rate swaps30.6(31.6)
US private placement
1
(13.3)12.3
Convertible note option
2.9(0.3)
Subtotal unrealised net gain / (loss) on financial instruments20.2(19.6)
Credit risk adjustments on financial liabilities designated at fair value through profit or loss(6.1)(11.0)
Total unrealised net gain / (loss) on financial instruments14.1(30.6)
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 $ millions30 June 202630 June 2025
Current14.838.9
Non-current43.4-
Total loan receiveables58.238.9
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon30 June
2026
30 June
2025
Sale and lease back property
2
Amortised costDec-2515.05.00%-15.0
Deferred payment on sale of land
3
Amortised costDec-2738.27.50%32.9-
Mezzanine loanAmortised costOct-2620.014.00%20.020.0
Total loan receivables73.252.935.0
Capitalised interest and line fees8.94.1
Impairment of capitalised interest and
line fees
4
(3.6)-
Capitalised borrowing costs-(0.2)
Total net loan receivables58.238.9
1As at 30 June 2026.
2Precinct sold the Amora Hotel property during the year.
3Precinct sold the 22 Stanley Street property during the year. The land purchase price is contractually deferred and is expected to be settled
commencing on practical completion of the development.
4An impairment to the interest and line fees on the Mezzanine loan has been recognised during the year.
The mezzanine loan is due to mature in October 2026 and Precinct is in discussion to extend the terms of this facility.
Building on Strong Foundations
125
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Accounting policy
Loan receivables
Loan receivables are initially recognised at fair value plus directly attributable transaction costs and are
subsequently measured at amortised cost using the effective interest rate (EIR) method where they are held within a
business model whose objective is to collect contractual cash flows and where the contractual cash flows represent
solely payments of principal and interest (SPPI).
Impairment under the expected credit loss model
The Group recognises expected credit losses (ECL) on loan receivables measured at amortised cost in accordance
with NZ IFRS 9. ECL represents the present value of cash shortfalls between contractual cash flows due under
the instrument and the cash flows the Group expects to receive, discounted using the loan's original effective
interest rate.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible
within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant
increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
In measuring ECL, the Group incorporates:
•probability-weighted outcomes;
•the time value of money;
•reasonable and supportable information about past events, current conditions and forward-looking economic
forecasts; and
•expected recoveries from collateral, guarantees and other credit enhancements where applicable.
Where a loan or its interest and line fees are assessed as credit-impaired, the loss allowance is measured as the
difference between the gross carrying amount of the loan or its interest and line fees and the present value of
expected future cash flows discounted using the original effective interest rate.
The loss allowance is recognised in profit or loss and deducted from the carrying amount of the loan receivable.
The allowance is reassessed at each reporting date to reflect changes in credit risk, expected cash flows and
forward-looking assumptions.
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
1,852,849,352 shares on issue as at
30 June 2026.
Stapling of shares is a contractual and constitutional arrangement between the two Stapled Entities whereby each Stapled
Entity's equity securities are combined with (or stapled to) the equity securities issued by the other Stapled Entity. The
Stapled Entities have the same shareholders, and their shares cannot be traded or transferred independently of one another.
The Stapled Securities are traded as a single economic unit with a single quoted price.
Precinct Properties Group
126

The following table provides details of movements in Precinct's issued shares:
Amounts in $ millions unless otherwise stated
30 June 2026
30 June 2025
Number (m)AmountNumber (m)Amount
Balance at the beginning of the period1,587.01,623.21,586.41,622.7
Issue of shares:
Equity raise (Placement and SPP)
1
264.9317.3--
Long term incentive plan - shares vested0.80.60.50.4
Employee share scheme - shares issued0.10.10.10.1
Balance at the end of the period1,852.81,941.21,587.01,623.2
1Precinct raised $285.0 million of equity through a fully underwritten placement (Placement) and a further $40.0 million through a
non‑underwritten share purchase plan (SPP) during the year. See Note 1.9 for details.
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 202630 June 2025
Credit risk adjustments on financial liabilities (restated)(0.3)4.1
Share option reserve4.33.2
Total reserves (restated)4.07.3
Credit risk adjustments on financial liabilities
Opening balance (restated)4.112.0
Movement in credit risk adjustments on financial liabilities designated at FVTPL(6.1)(11.0)
Deferred tax on items transferred directly to / (from) equity1.73.1
Closing balance (restated)(0.3)4.1
Share option reserve
Opening balance3.22.7
Long-term incentive scheme expense2.22.1
Long-term incentive scheme vested and exercised(0.6)(0.5)
Long-term incentive scheme lapsed(0.5)(1.1)
Closing balance4.33.2
Building on Strong Foundations127
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Adjustments to prior periods
In December 2025, Precinct conducted a review of the reserve balance within equity. It was identified that $18.2 million,
which accumulated as a result of movements in the fair value of the US private placements attributable to changes
in Precinct’s own credit risk during 2020 and 2021, had been incorrectly recognised in profit or loss instead of other
comprehensive income. The impact is limited to retained earnings and reserves within equity. The correction did not require
any change to net assets or total equity previously presented.
The error has been corrected by restating the opening retained earnings and reserve balances in the comparative period for
the impact arising in prior periods, as follows:
Amounts in $ millionsAudited as at
30 June 2025
(restated)
Audited as at
30 June 2025
(as reported)
Audited as at
1 July 2024
(restated)
Audited as at
1 July 2024
(as reported)
Retained earnings358.7376.9439.4457.6
Reserves7.3(10.9)14.7(3.5)
Net balance after restatement366.0366.0454.1454.1
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
shareholders 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 2026, 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.
Precinct Properties Group
128

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 2026
30 June 2025
At amortised
cost
Fair value
through profit
or lossTotal
At amortised
cost
Fair value
through profit
or lossTotal
Financial assets
Cash22.0-22.028.4-28.4
Debtors and other receivables6.8-6.89.4-9.4
Loan receivables58.2-58.238.9-38.9
Derivative financial instruments-42.342.3-23.323.3
Total financial assets87.042.3129.376.723.3100.0
Financial liabilities
Trade creditors0.9-0.93.3-3.3
Interest bearing liabilities1,181.1236.41,417.51,393.2217.11,610.3
Derivative financial instruments-22.022.0-35.335.3
Total financial liabilities1,182.0258.41,440.41,396.5252.41,648.9
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 202630 June 2025
Effect on profit
or equity
Effect on profit
or equity
25 basis point increase1.5(1.1)
25 basis point decrease(1.5)1.1
Building on Strong Foundations129
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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.
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 2026
Interest bearing liabilities1,417.5300.1590.4584.444.51,519.4
Net derivative financial instruments(20.3)6.65.49.50.421.9
Lease liabilities62.910.110.120.829.770.7
Other current liabilities0.90.9---0.9
Total1,461.0317.7605.9614.774.61,612.9
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
Precinct Properties Group130

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.
7. TAXATION
7.1 Income tax
Amounts in $ millions
30 June 202630 June 2025
Current tax benefit / (expense)12.57.7
Depreciation recovered on sale of depreciable assets(4.3)(0.5)
Deferred tax benefit / (expense)5.9(1.5)
Income tax benefit / (expense) as per consolidated statement of comprehensive income14.15.7
Building on Strong Foundations131
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
Amounts in $ millions
30 June 202630 June 2025
Net profit / (loss) before taxation(22.3)5.3
Tax benefit / (expense) at the statutory income tax rate of 28.0%6.2(1.5)
(Increase) / decrease in income tax due to:
Net realised (gain) / loss on sale of investment & development properties(2.7)(6.8)
Unrealised (gain) / loss on value of investment and development properties(28.9)(7.3)
Impairment of inventory(1.1)-
Unrealised (gain) / loss on financial instruments5.7(5.5)
Realised loss on close out of swaps0.4-
Unrealised gain / (loss) in loan receivables(1.0)-
Disposal of depreciable assets1.10.7
Capitalised interest5.54.8
Prior period adjustments0.81.1
Other adjustments2.43.5
Depreciation23.814.4
Deductible capital expenditure0.40.2
Tax impacts of equity-accounted investments(0.1)4.1
Current tax benefit / (expense)12.57.7
Depreciation recovered on sale of depreciable assets(4.3)(0.5)
Deferred tax charged to profit or loss:
Fair value of financial instruments(5.1)5.7
Investment property depreciation5.1(5.6)
Other deferred tax5.9(1.6)
Total deferred tax benefit / (expense)5.9(1.5)
Total income tax benefit / (expense)14.15.7
Effective tax rate63%-108%
Precinct holds the majority of its investment properties on capital account for income tax purposes, with the balance on
revenue account.
The group has tax losses of $273.1 million available to carry forward as at 30 June 2026 (30 June 2025: $243.0 million).
Imputation credits available for use as at 30 June 2026 are $nil (PPNZ) and $112,369 (PPIL) (30 June 2025: $nil (PPNZ) and
$653,657 (PPIL)).
Precinct Properties Group
132

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 202630 June 2025
Deferred tax asset - tax losses85.677.2
Deferred tax asset - fair value of financial instruments6.610.0
Deferred tax asset - share based payments2.11.6
Deferred tax liability - intangible assets on acquisition(1.1)(2.1)
Deferred tax asset - lease liabilities17.614.1
Deferred tax liability - right-of-use assets(3.8)(4.8)
Deferred tax liability - depreciation(76.2)(81.7)
Net deferred tax asset / (liability)30.814.3
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.
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 2026, 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.
Building on Strong Foundations
133
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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 202630 June 2025
Salaries and other short-term benefits21.819.0
Long-term benefits expense2.53.3
Less: management expenses recognised in direct operating expenses(7.6)(6.3)
Less: management expenses capitalised to development and leasing activities(11.9)(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 expenses4.73.4
Total employment and administration expenses9.57.7
8.2 Corporate overhead expenses
Amounts in $ millions
30 June 202630 June 2025
Audit fees0.40.4
Directors' fees and expenses1.61.6
Other
1
4.72.6
Total corporate overhead expenses6.74.6
1Other includes valuation fees, NZX listing fees, share registry costs, annual report publication and property investigations and feasibility costs.
Precinct Properties Group134

Auditors remuneration comprises:
Amounts in $ thousands
30 June 202630 June 2025
Audit or review of the financial statements
1
Annual financial statements audit engagement375.9372.0
Interim financial statements review engagement35.034.0
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 and loan assurance
4
-28.0
Total auditors remuneration445.9579.0
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. This was a one
off engagement for the year ended 30 June 2025.
4Green bond and loan assurance for the year ended 30 June 2026 was performed by Deloitte.
8.3 Key management personnel
Amounts in $ millions
30 June 202630 June 2025
Directors' fees
1
0.90.9
Executive team remuneration7.45.9
Total key management personnel expenses8.36.8
1Includes due diligence committee (DDC) fees that may be capitalised depending on the nature of the DDC.
Amounts in $ millions
30 June 202630 June 2025
Salaries and other short-term benefits
1
6.45.1
Post-employment benefits0.20.2
Share-based payment expense0.80.6
Total
2
7.45.9
1Comprises base salary, STI payments and other short-term benefits.
2The number of executive team members increased from 7 persons as at 30 June 2025, to 8 persons as at 30 June 2026.
Building on Strong Foundations135
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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
key management personnel and
senior executives)
Vest over service periods of 36-48 months provided the participant remains employed
by Precinct.
Performance share rights (granted
to senior executives)
Vest over 36 months (assessment period) if the related performance hurdle is met and
participant remains employed by Precinct. These will vest as follows:
Absolute TSR
1
rights (one-third of performance share rights)
2
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
3
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.
1Total shareholders' return
2For performance share right grants after 1 July 2025, this is no longer a performance measure
3Funds 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 202630 June 2025
Number in millions
NumberWAEP
1
NumberWAEP
1
Outstanding at 1 July8.1$0.887.5$0.85
Exercised during the year(1.0)
2
$1.03(0.8)
3
$1.20
Lapsed during the year(1.6)$0.00(1.8)$0.00
Granted during the year3.5$0.543.2$0.53
Outstanding at 30 June9.0$0.898.1$0.88
1Weighted average exercise price is the average exercise price for the group of share rights transactions weighted by the shares in
each transaction.
2Share rights vested 30 June 2025 with shares issued in July 2026.
3Share rights vested 30 June 2024 with shares issued in July 2025.
Precinct Properties Group136

Share rights outstanding at 30 June 2026 included 0.6 million share rights that vested as at the reporting dates and were
issued as stapled securities in the subsequent financial year (1.0 million share rights vested at 30 June 2025 and issued as
stapled securities in the year ended 30 June 2026).
The weighted average remaining contractual life for share rights outstanding at 30 June 2026 is 1.3 years (30 June 2025:
1.6 years).
c) Fair value measurement of share rights
The fair value of the employee share rights awarded has been measured using a binomial model and Monte Carlo
simulation. Service and non-market performance conditions attached to the arrangements were not taken into account
in measuring fair value.
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 2024
Restricted
share rights
Absolute
TSR Rights
Relative
TSR Rights
FFO Growth
Fair value ($)1.2550.4200.5500.950
Share price ($)1.2801.1401.1401.140
Expected volatility (%)N/A20.1020.1020.10
Expected life4 yrs3 yrs3 yrs3 yrs
Risk free rate (%)N/A4.734.734.73
Grant date 1 July 2025
Relative TSR
Rights
FFO Growth
Fair value ($)0.5701.010
Share price ($)1.2001.200
Expected volatility (%)23.0023.00
Expected life3 yrs3 yrs
Risk free rate (%)3.473.47
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 2026 is $1.3 million (30 June 2025:
$1.0 million) with a corresponding increase in the share-based payments reserve. The unamortised fair value of the
remaining share rights at 30 June 2026 is $2.2 million (30 June 2025: $2.6 million).
Building on Strong Foundations
137
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 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 2026
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 202630 June 2025
Net profit after taxation(8.2)11.0
Add / (less) non-cash items and non-operating items
Net realised (gain) / loss on sale of investment properties8.924.2
Unrealised net (gain) / loss in value of investment and development properties107.527.6
Impairment of inventory2.2-
Share of (loss) / profit in equity-accounted investments(3.6)(11.8)
Net realised (gain) / loss on disposal of equity-accounted investments-(0.6)
Impairment of loan receivables3.6-
Unrealised net (gain) / loss on financial instruments(20.2)19.6
Deferred tax (benefit) / expense(5.9)1.5
Amortisation of leasing costs and incentives14.613.1
Deferred tax expense(1.8)(1.8)
Movement in working capital
Increase / (decrease) in creditors(7.6)7.3
Income tax payable(2.3)(2.1)
(Increase) / decrease in debtors3.2(1.2)
Net cash inflow / (outflow) from operating activities90.486.8
Precinct Properties Group138

8.6 Debtors and other current assets
Amounts in $ millions30 June 202630 June 2025
Trade receivables5.89.8
Less Allowance for expected credit losses on trade receivables
(0.6)(0.7)
Net trade receivables5.29.1
Receivables from related parties6.60.2
Other receivables
1.7-
Total debtor and other receivables (excluding prepayments)13.59.3
Prepayments14.214.8
Total debtor and other receivables27.724.1
8.7 Trade and other payables
Amounts in $ millions30 June 202630 June 2025
Trade creditors0.93.3
Accrued capital expenditure10.811.7
Retention accruals1.95.6
Accrued other expenses30.222.9
Accrued interest8.88.1
Rent received in advance6.35.2
Total trade and other payables58.956.8
8.8 Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 30 June 2026 (30 June 2025: $nil).
b) Contingent assets
There are no contingent assets as at 30 June 2026 (30 June 2025: $nil).
8.9
Events after balance date
On 5 August 2026, PPNZ issued five-year fixed rate, secured, unsubordinated bonds of $65 million.
On 26 August 2026, Precinct has committed to the Pillars residential project and a construction contract for approximately
$39.0 million.
On 26 August 2026, the PPNZ and PPIL Boards approved the financial statements for issue.
On 26 August 2026, the Board of PPNZ approved the payment of a dividend of 1.4975 cents per share to be paid on
18 September 2026.
On 26 August 2026, the Board of PPIL approved the payment of a dividend of 0.1900 cents per share to be paid on
18 September 2026.
Building on Strong Foundations
139
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

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
90 to 139, which
comprise the consolidated statement of financial position of the Group as at 30 June 2026, 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 90 to 139 present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2026 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 as applicable to audits of financial statements of public interest entities. We have
also fulfilled our other ethical responsibilities in accordance with these Professional and Ethical Standard 1.
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 services to 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 judgment, 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 Group140

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 $2,463.4 million and $178.9 million
respectively and account for 72% 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 2026.
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:
–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.
•For all property valuations we:
–Evaluated the Group’s internal review of the
third-party valuation reports.
–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 Strong Foundations141
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory
141

Information other than the financial statements and auditor’s report
The directors of PPNZ and PPIL are responsible for the other information. The other information comprises the annual
report, which includes the Climate Statement, but does not include the financial statements and our auditor’s report
thereon. We obtained the annual report other than the Climate Statement prior to the date of this auditor’s report. The
Climate Statement is expected to be made available to us after the date of this 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 this auditor’s report.
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 on the other information that we obtained prior to the date of this auditor’s
report, 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. When we read the Climate Statement, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with governance and, if uncorrected, to
take appropriate action to bring the matter to the attention of users for whom our auditor’s report was prepared.
Directors' responsibilities for the financial statements
The directors are responsible, on behalf of the entities for the preparation and fair presentation of the consolidated
financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and
International Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entities the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at 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 2026
A member firm of Ernst & Young Global Limited
Precinct Properties Group142

Directory
Registered Office of Precinct
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
T: 0800 122 696
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 Strong Foundations
143
Contents
FY26 Highlights
Precinct Group
Overview
Chair and CEO
Report
FY26 Results
Overview
Financial
Summary
Leadership
Corporate
Governance
Statutory
Information
Remuneration
Report
Sustainability
Report
The Numbers
Directory

precinct.co.nz
2026 Annual Report

---

FY26 Annual Result
Presentation
27 August 2026

Precinct Properties - FY26 Annual Result2
Agenda
Section 1: Highlights and key themes
Section 2: Our Strategy
Section 3: Financial performance
Section 4: Capital partnering and investment update
Section 5: Portfolio update
Section 6: Development update
Section 7: Summary
Appendices

Precinct Properties - FY26 Annual Result3
Highlights
Notes: (1) Rental uplift from new office lease deals; (2) Pro forma – refer capital management slide (page 16, note 1) for detail.
CORE INVESTMENTSDEVELOPMENTCAPITAL PARTNERING
7. 1 y r s
Weighted average lease
term (WALT)
$0.5b
Developments completed
in FY26
$2.2b
Committed capital
partnerships
(value on completion)
Jun-25: 6.0 yrs
37,850
sqm of new leasing
$0.9b
Committed developments
in progress
(value on completion)
$0.8b
Growth in co-invested
capital partnerships in FY26
Jun-25: 18,800 sqm
9.9%
Office leasing spread
1

54%
Weighted ownership of
committed developments
6.4%
FY26 income return from
cornerstone and fees
(excl. developments)
Jun-25: 17.2%
Precinct delivered a year of strong execution, achieving record leasing activity while advancing transformative
development and capital partnering initiatives
97%7. 3 1 c p s$1.1329%
Occupancy
(Jun-25: 97%)
Funds from operations
(Jun-25: 7.10 cps)
NTA per share
(Jun-25: $1.21)
Loan to value ratio
2
Jun-25: 42%

Executing on strategy
Precinct Properties - FY26 Annual Result4
Established new PwC
Tower partnership
•$600m headline sale price
•PAG is a leading global
investment firm and existing
capital partner
•New 50:50 partnership
Acquired ASB North
Wharf in partnership
•$205m purchase price
•Acquired by PPILP, Precinct’s
partnership with global
institutional investor, GIC
•Precinct maintains a 24.9%
stake in the partnership
Completed Molesworth
St office development
•New premium Wellington
office asset
•21-year WALT; fixed net
rental growth
•MFAT
1
now largest client in
Precinct portfolio
Capital available to
deploy
•Pro forma gearing 29%
2
•More than $1b of capital
management initiatives in
the period
•Equity raise, asset sales and
partnership transactions
Note: (1) Ministry of Foreign Affairs and Trade; (2) Pro forma – refer capital management slide (page 16, note 1) for detail

Key themes
Precinct Properties - FY26 Annual Result5
01
Growth outlook
is positive
03
Global capital
returning to NZ
02
Premium office
fundamentals
Economic activity is
improving despite ongoing
volatility
•Quality of Precinct’s asset
base has provided resilient
operational performance
•Debt costs supportive of real
estate investment
•Business confidence and
outlook measures are
improving
Structural trends support a
positive outlook for premium
office leasing activity
•Continued occupier
preference for premium,
amenity-rich workplaces
•Businesses relocating to
higher-quality city centre
assets
•Workplace densification era
has ended
Global capital increasingly
attracted to quality New
Zealand real estate
•Favourable tax settings
relative to Australia
•Liquidity improving for
institutional grade assets
•Depth of capital supports
investment, development
and capital recycling
opportunities
Underpins occupier
demand and improved
investment market activity
Improves funding
flexibility and supports
future growth initiatives
Supports leasing activity,
rental growth and demand
for new developments

Our strategy
Precinct Properties - FY26 Annual Result6

Our business
Precinct Properties - FY26 Annual Result7
Balance sheet
AUM $3.0b
Capital partnerships
AUM $2.2b
Total assets under
management (AUM)
$5.2b
Property portfolio
$3.0b
Partnership assets
1
$2.2b
City-centre commercial
$4.2b
$2.4b
Student accommodation
$0.5b
$0.2b
Residential build-to-sell
$0.2b
$0.1b
$0.1b
Pipeline
3
$0.3b
$0.2b
$0.05b
Notes: Values reflect committed, on-completion values; totals may not sum due to rounding; (1) Includes $2.0 billion of co-invested partnerships and $0.2 billion
of assets managed on behalf of third parties with nil investment from Precinct – refer capital partnerships summary in appendix for detail;
(2) Precinct’s intention for 256 Queen Street is to secure a capital partner; (3) Includes development properties and inventories (excl. 256 Queen St & Pillars).
$1.8b
$0.3b
We create vibrant, mixed-
use precincts that deliver
premium experiences for
the people who live, visit
or come to work in our
spaces
Investment properties
256 Queen St
2
Dev. properties & inventories
Orams residential land
22 Stanley St
York House
Multiple
1
Pillars

Precinct Properties - FY26 Annual Result8
City-centre commercial
Office-centric focus
87% office
4
Student accommodation
~2,500 bed portfolio
1,602 beds under
development
Residential build-to-sell
$100-150m capital
•Smaller projects on balance sheet
•Larger alongside capital partners
$99m committed capital
•77% on balance sheet
5
•23% equity investments
6
Notes: (1) Invested capital comprises Precinct’s total equity plus drawn debt; (2) Metrics as at 30 June 2026 on a pro forma basis post the PwC Tower
transaction; (3) Weighted look-through across all sectors; (4) Weighted look-through for stabilised assets; (5) Includes Pillars (committed capital) and
Dova; (6) Westhaven Residential LP (Orams residential partnership).
Geographic exposure
3
75:25 Auckland : Wellington
67:33 Auckland : Wellington
Capital partnerships
~25% of invested capital
10% of invested capital
TARGETS
Sector targets
Strategic targets
TODAY
2
Commercial
Living sector
1%
9%
~20%
~5%
90%
10%
75%
25%
Target capital allocation
Direct investment
Capital
partnerships
Today
Target
Precinct has $3.1b of invested capital, allocated across directly-owned and capital partnership assets
1,2
Strategic targets

Reflecting on progress
Precinct Properties - FY26 Annual Result9
Since launching the capital partnering and living sector
strategies in 2022, Precinct has made considerable
progress
•Formed over $2.5b of capital partnerships to date with highly reputable
domestic and international capital partners
1
•Commenced and completed Fabric 2 and Domain Collection on behalf
of capital partners
•Entered student accommodation market with 1,602 beds now under
development across Stanley St & Queen Street sites
•Established a pipeline of residential apartment development
opportunities, with Pillars now underway
Note: (1) Total value of capital partnerships formed to date including those since exited
(40 & 44 Bowen St) and completed (Fabric 2 and Domain Collection)
22 Stanley St student accommodation development
Precinct will target residential sector exposure of $100-150m with a focus
on smaller scale, high-end projects.
Capital-light development opportunities continue to be favoured, e.g.,
income-producing sites, options, deferred payment mechanisms and
partnerships where the scale permits.
The success of Precinct’s capital partnering
strategy relies on developing world-class real estate

Financial
performance
Precinct Properties - FY26 Annual Result10

Financial overview
Precinct Properties - FY26 Annual Result11
Operating profit before indirect expenses and
income tax
$162.7m
up $10.4m on prior year
Total comprehensive income after tax
attributable to equity holders
$(12.6)m
down $15.7 on prior year
Directly-held property FFO
$161.7m
up $11.4m on prior year
Capital management initiatives in the period
(Transactions settled and contracted, and equity raise)$1.2b
Net tangible assets (NTA)
per security as at 30 June 2026
$1.13
down $0.05 from Dec 2025

Directly held property
FFO
12
•Investment portfolio FFO up 1.3% ($1.9m) after adjusting for
surrender payments and other one-off income.
On the same like-for-like adjusted basis:
•Auckland office up 0.8% on prior year
•Wellington office up 2.8% on prior year
•Commercial Bay: MAT up 5.6% on prior year, while FFO
remained broadly consistent as retailer mix continues
to evolve and improve
•Transactions and developments includes Downtown Car
Park and Molesworth Street which settled and completed in
the period respectively
Refer appendix for FFO contributions by property
Precinct Properties - FY26 Annual Result
For the 12 months ended30 Jun 202630 Jun 2025VarianceVariance adj.
$ millionsAuditedAudited($m)(%)for one-offs
Directly held property FFO
Auckland office$86.3 m$87.5 m($1.2 m)(1.4%)+0.8%
Wellington office$44.8 m$43.6 m+$1.2 m+2.8%+2.8%
Commercial Bay retail$16.6 m$16.9 m($0.3 m)(1.8%)-
Other properties$2.2 m$2.2 m---
Investment portfolio FFO$149.9 m$150.3 m($0.4 m)(0.3%)+1.3%
Transactions and Developments$11.8 m+$11.8 m-
Directly-held property FFO$161.7 m$150.3 m+$11.4 m+7.6%+9.4%
$150.3m
$149.9m
$161.7m
$140 m
$145 m
$150 m
$155 m
$160 m
$165 m
Investment
portfolio FFO FY25
One off itemsInvest. portfolio
like-for-like
Investment
portfolio FFO
FY26
Change in trans &
devs
Directly held
property FFO
FY26
Directly held property FFO reconciliation

Underlying FFO
Precinct Properties - FY26 Annual Result13
•Cornerstone distributions: down due to sale of remaining interest
in 40 & 44 Bowen St in late FY25; FY27 outlook stronger following
acquisition of ASB North Wharf and PwC Tower partnership
establishment
•Development and trading: reflects recognition of development
profits from 22 Stanley Street as the project is delivered. Revenue
will continue to be released through to project completion in FY28
•Operating businesses: reflects sale of 1 Queen hotel offset by
growth in Precinct Flex from operational reset cost savings
•Management fee income: down due to sale of remaining interest
in 40 & 44 Bowen in late FY25 and reduction in development fees
from completion of Beca House and residential projects. FY27
outlook positive from ASB and PwC transactions
•Employment and admin expense: up after adjusting for
intersegment eliminations to present Precinct Flex on a like for like
basis, with Flex staff recognised in PPML in FY26
Refer appendix for reconciliation of Directly-held property FFO to
operating profit
For the 12 months ended
30 Jun 202630 Jun 2025Variance
$ millionsAuditedAudited($m)(%)
Investment portfolio FFO$149.9 m$150.3 m($0.4 m)(0.3%)
Transactions and Developments FFO$11.8 m-+$11.8 m-
Directly-held property FFO$161.7 m$150.3 m+$11.4 m+7.6%
Cornerstone distributions attributable to the period$3.1 m$5.0 m($1.9 m)(38.0%)
Developments and trading$6.6 m-+$6.6 m-
Operating businesses$5.2 m$5.7 m($0.5 m)(8.8%)
Management fee income$6.9 m$9.6 m($2.7 m)(28.1%)
Employment and admin expenses (adj.)
1
($7.1 m)($5.9 m)($1.2 m)+20.3%
Share based LTI expense($2.7 m)($3.3 m)+$0.6 m(18.2%)
Underlying FFO$173.7 m$161.4 m+$12.3 m+7.6%
$173.7m+ 7. 6 %
Underlying FFOIncrease on prior year
Notes: (1) Adjusted to include intersegment revenue eliminations relating to investment management and
exclude share based LTI expense; FY25 has been restated to present on the same basis; FY25 has been
restated to present on the same basis. See note 2.1b Operating Segments in the financial statements.

•Net interest expense consistent with prior year. H2 expense
skewed higher by swap close outs associated with the sale of
PwC Tower, otherwise broadly consistent with H1, reflecting
benefits of the equity raise
•Current tax benefit increased due to Investment Boost
deduction on Molesworth Street
•FFO of 7.31 cps consistent with guidance, up 3% on prior year
•Full year cash dividend of 6.75 cents per stapled security,
reflecting a 92% FFO payout ratio
Funds from operations
(FFO)
Precinct Properties - FY26 Annual Result14
For the 12 months ended
30 Jun 202630 Jun 2025Variance
$ millionsAuditedAudited
($m)(%)
Underlying FFO$173.7 m$161.4 m+$12.3 m+7.6%
Net interest expense
1
($63.8 m)($64.3 m)+$0.5 m(0.8%)
Interest expense attributable to equity investments in
development properties
1
($1.3 m)($0.7 m)($0.6 m)+85.7%
Current tax benefit / (expense)$12.5 m$7.7 m+$4.8 m+62.3%
Other indirect expenses & adjustments$8.4 m$8.6 m($0.2 m)(2.3%)
Funds From Operations (FFO)$129.5 m$112.7 m+$16.8 m+14.9%
FFO per weighted security7.31 cps7.10 cps+0.21 cps+3.0%
Dividend paid in financial year6.75 cps6.75 cps--
Dividend payout ratio to FFO92%95%-3%
7.31 cps+3.0%
Funds from operations (FFO)Increase on prior year
Notes: (1) Net interest expense is adjusted for interest expense attributable to equity investments in development
properties, which includes the interest expense on Precinct’s investments in 188 Beaumont St and 22 Stanley St.
6.00
6.20
6.40
6.60
6.80
7.00
7.20
7.40
7.60
Funds from operations bridge (cps)

NTA movement
•NTA decreased 5 cps to 113 cps following a
devaluation of Precinct’s property portfolio of $77
million (excluding right of use assets) since December
2025
•Auckland office valuations remained resilient, with
positive market rental growth offsetting some easing
in cap rates, reflecting ongoing strength in premium
office market
•Some easing in net market rents observed in
Wellington, together with a modest softening in cap
rates, consistent with weaker market conditions in the
capital
•Unrealised revaluation losses for development
properties and inventories are largely related to
Downtown Car Park and are expected to be
recovered should the development progress; equates
to around 3 cps of NTA
Precinct Properties - FY26 Annual Result15
121 cps
118 cps
113 cps
110
112
114
116
118
120
122
30 Jun 20251H reval -
devs &
inventories
Other31 Dec
2025
2H reval -
invest.
property
2H reval -
devs &
inventories
2H reval -
HFS
2H reval -
swaps
Deferred
tax &
intangibles
Other30 Jun 2026
cents per share
FY26 NTA movements
Jun-25
DTCP
Acquisition
1 Queen
Sale
22 Stanley
Sale
Net additions
/disposals
Investment
properties
revaluation
Development
properties
revaluation
Held for sale
revaluation
Jun-26
$3.0 b
$3.1 b
$3.2 b
$3.3 b
$3.4 b
$3.5 b
$3.6 b
Investment and development property movements FY26
3.4 b
3.3 b
3.4 b
3.3 b

Capital management
Precinct Properties - FY26 Annual Result16
29%
Loan to value ratio
1
Jun-25: 42%
2.6 yrs
Weighted avg. maturity
2
Jun-25: 2.8 yrs
2.1x
Interest coverage
Jun-25: 2.0 times
>$1b
Of initiatives in the period
•Delivered over $1 billion of capital initiatives,
ensuring Precinct has capital available to deploy
into value-creating opportunities
•Improved the debt maturity profile through the
recent bond issue (post balance date) and planned
repayment of PCTHB notes, increasing weighted
average maturity to 2.6 years
•Following settlement of PwC Tower and repayment
of PCTHB’s, pro forma gearing is around 29%
•Recent deleveraging has right-sized the hedge
book, with future capital management to align with
potential Downtown funding requirements
•Weighted average cost of debt improved to 5.1%
(Jun-25: 5.2%)
$200 m
$400 m
$600 m
$800 m
Jun 27Jun 28Jun 29Jun 30Jun 31>Jun 31
Debt facilities
Year ending
Debt facilities expiry profile
Bank debtUSPPListed bondConvertible noteWholesale Bond
$65m
5 year W/S bond
issued Aug-26
$65m
Repay PCT HB
SCN in Sep-26
Notes: (1) Pro forma post settlement of PwC Tower and repayment of PCT HB convertible notes; (2) Pro forma including post balance date
issuance of new wholesale bond and planned repayment of PCT HB convertible notes
0%
25%
50%
75%
100%
FY 27FY 28FY 29FY 30FY 31
Hedging profile
Target rangeAverage hedging

Approach to capital management
Precinct Properties - FY26 Annual Result17
Funding principles
01 Balance sheet resilience
Maintain conservative leverage and covenant
headroom, including the ability to withstand a
25% valuation decline.
02 Funding and liquidity
Maintain committed funding and liquidity for
operations, capital commitments, developments
and debt maturities.
03 Diversified sources
Access diverse capital sources to reduce
refinancing risk and support growth.
04 Earnings stability
Manage interest rate and refinancing risk to
support stable earnings and shareholder returns.
Our approach to capital management
is to preserve financial flexibility
through cycles, ensuring we can fund
growth opportunities and maintain
balance sheet resilience
Anticipated pathway to Downtown decision
Debt sources
•Significant bank capacity in a favourable funding
environment
•Scope to increase subordinated convertible notes
(SCNs) towards the target funding mix, enhancing
liquidity, funding diversity and financial flexibility
•SCNs provide medium term capital that aligns with
the development activities while also retaining
optionality for future conversion or repayment
29%
~30%
Proforma
1
gearing at June 30
Low 20% range
Target gearing pre-DTCP commitment
Anticipated gearing on completion of DTCP
stage 1 after five year delivery period
•Modest ground works funding until 2029
•Secure capital partner pre-completion
•Initiate additional partnerships, non-core
asset sales and SCNs given underweight
2032
2027
2026
Notes: (1) Pro forma post settlement of PwC Tower and repayment of PCT HB convertible notes;
(2) Pro forma reflects planned bank facility cancellations following settlement of PwC Tower
0%20%40%60%80%100%
Proforma
Actuals
Target
Debt sources as at 30 June 2026
2
WholesaleNZ Bonds - ListedConvertible noteBank debt

18
FY27 reflects the timing impacts of capital recycling and
balance sheet capacity which positions the business for future
growth
•FY27 dividend guidance of 6.75 cents per stapled security
•The decision to maintain dividend reflects confidence in the quality of the
portfolio, the strengthening of the balance sheet through recent capital
initiatives and the medium-term earnings potential from our development
and capital partnering platform
•FFO payout ratio is expected to be around the top of the 80-95% target
range and remains sensitive to the commitment of Downtown and the 256
Queen Street capital partner transaction. The timing of capital partnering,
asset recycling and development-related earnings recognition may result in
half-on-half earnings variability
•We remain focused on maintaining a sustainable dividend while preserving
flexibility to fund value-creating growth opportunities
6.75cps
FY27 dividend guidance
Precinct Properties - FY26 Annual Result
Earnings outlook and FY27 guidance
STRATEGIC PILLARS
Core
Investment
Resilient core income from high
occupancy, positive leasing spreads and
long WALT
Development
Future value creation from committed
projects and longer-term pipeline
opportunities
Capital
Partnering
Capital-light growth through recurring
fees, co-investment income and
expanded partnerships

Capital partnering
and investment
update
Precinct Properties - FY26 Annual Result19

Precinct Properties - FY26 Annual Result20
•Growing the platform to scale with existing
partners
•$0.2b acquisition of ASB North Wharf in
partnership with GIC (Precinct: 24.9% stake)
•$0.6b committed establishment of new PwC
Tower fund, in partnership with PAG
(Precinct: 50% stake)
•$0.3b of managed residential developments
completed in the year (Fabric 2 and Domain
Collection)
•Strengthened Precinct team with appointment
of Director, Capital Partner Origination
Precinct's $2.2b capital partnerships
(committed, on-completion value)
$2.2b
Capital partnerships
(committed on-
completion value)
$0.8b
Growth in co-invested
partnerships year-on-
year
Commercial
Student accom.
Residential
Note: Precinct’s $2.2b capital partnerships includes $2.0 billion of co-invested partnerships and $0.2 billion of assets managed
on behalf of third parties with nil investment from Precinct – refer capital partnerships summary in appendix for detail
Committed co-invested partnerships
increased to $2.0b
$1.2b
+$0.2b
+$0.6b
+$0.0b2.0b
-
$0.5b
$1.0b
$1.5b
$2.0b
$2.5b
FY25ASB North
Wharf
acquisition
PwC Tower
partnership
Other (capex
& revals)
FY26
committed
Capital partnerships update
FY26 Highlights

Partnerships have grown to $2.2b since 2022
Precinct Properties - FY26 Annual Result21
FY22: Partnership formed with GIC (PPILP) via the
acquisition of four assets from Precinct
FY23: Partnership formed with PAG on 40-44 Bowen
St (BILP); Precinct fully exited in FY25
FY23: Joint venture with Ngāti Whātua Ōrākei
established, in partnership with PAG
FY23: Wynyard Stage 3 development undertaken in
PPILP
FY23: Precinct enters living sector through
acquisition of Lamont & Co.
FY24: Partnership formed with Orams GroupFY25: Partnership formed with Keppel to deliver
student accommodation project
FY26: Established PwC Tower partnership with PAG;
ASB North Wharf acquired by PPILP

Scaling the platform supports stronger returns
Precinct Properties - FY26 Annual Result22
Earnings contribution from capital partnerships
1, 2
Value of co-invested capital partnerships
3
•FY26 partnership earnings lower due to exit of BILP and development
completions. FY26 pro forma illustrates growth in distributions and
management fee income from PwC Tower transaction
2

•6.4% yield on investment in FY26 (excluding developments); 7-8%
expected in FY27 reflecting benefits of ASB and PwC Tower transactions,
and full year of Beca House operations
•Precinct has established a strong track record and is a partner of choice
for international capital looking for direct investment in New Zealand
•Follow-on investments from GIC & PAG demonstrate a continued
willingness to co-invest with Precinct
•Growth in co-invested partnerships increases the weighting of recurring
fee income and distributions and reduces weighting of ‘lumpier’
development management fees
Notes: (1) Includes Westhaven Commercial LP (Orams Commercial) in which Precinct is invested but does not manage;
(2) FY26 pro forma reflects expected year 1 distributions and management fee income from the new PwC Tower fund;
(3) Committed, on-completion value
-
$5m
$10m
$15m
$20m
FY23FY24FY25FY26FY26 pro forma
Income ($m)
Cornerstone distributions attributableManagement fee income
Platform
growth
Bowen exit,
development
completions
-
5%
10%
15%
20%
25%
30%
35%
-
$0.5b
$1.0b
$1.5b
$2.0b
$2.5b
FY23FY24FY25FY26
Development %
$ billions
CoreCore plus / Value add
Development incl. landDevelopment incl. land % (RHS)

Delivering benefits from partnerships
Precinct Properties - FY26 Annual Result23
Benefits
Improves return on equity

•6.4% income yield in FY26 – exceeds property income yields
if assets retained on balance sheet
•Enabled progressive recognition of development profits on
Stanley Street development
Increases liquidity and
diversifies capital sources

•
$1.3b of capital recycled to Precinct through partnering
transactions (incl. PwC Tower)
•
Circa $600m of partner equity invested & committed
alongside Precinct (incl. PwC)
•
Diversified partnership base including global and local
capital partners
•
Over $600m of developments enabled to date with less
than $50m of Precinct equity
1
Management fee streams

•Around 60% of management fee income from inception has
been activity-based
•$1.6b of committed core commercial partnerships provide
recurring management fee income
Expands investment universe

•Invested across commercial and living sectors, across the
risk spectrum (opportunistic to core)
$1.3b of capital recycled through capital
partner transactions
2
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
PPILP initialBILPWynyard
stage 3
22 StanleyPwC Tower
Capital ReturnedAvoided commitmentEquity Retained
Notes: (1) Wynyard Quarter Stage 3, 22 Stanley St & Orams Commercial developments; (2) Includes capital committed to Wynyard
Stage 3 that was avoided through the partnership transactions, and includes committed transactions (PwC Tower).
Each of these transactions has enabled
reinvestment into new growth and
investment opportunities

Investment and capital markets
Precinct Properties - FY26 Annual Result24
Notes: (1) Source: CBRE
-
$0.5b
$1.0b
$1.5b
$2.0b
New Zealand Office Transactions (+$50m+)
$50m - $100m$100m - $200m$200m+Under Contract
Source: CBRE
-
2%
4%
6%
8%
10%
Historic interest rate v yield spread
Spread to 5Y bondPrime office yield5Y bond rate
Source: RBNZ, Colliers, PCT
30y avg. spread
Asset pricing has stabilised
Prime office yields have held steady since mid-2024. Spread between five-year bond
rates and prime office yields have widened back to the long run average. Debt funding
costs are supportive for real estate investments. However, return requirements remain
elevated and the outlook is for this to persist given volatile markets and the scale of
investment in AI infrastructure.
Stable pricing has supported transaction volumes
Liquidity is improving across the real estate investment markets. Transaction volumes
above $20m rose 66% in 2025, and 12 assets above $100m have gone under contact
over the past 18 months, the strongest liquidity window since 2022.
1

Preference for office is growing
Office transaction volumes above $50m in 2026 to date exceed the prior three years
combined
1
. Investor demand reflects continued occupier preference for premium, high
amenity workplaces.
Offshore capital has returned and supported activity
Offshore investment rose 213% in 2025, and offshore buyers have accounted for the
majority of transaction volumes above $20m in 2026 to date
1
.

Depth of capital markets
will support future investment, development and capital recycling.
Pricing has stabilised, with office transactions and global capital
returning to New Zealand

Portfolio update
Precinct Properties - FY26 Annual Result25

Precinct Properties - FY26 Annual Result26
Investment portfolio update
1
AUCKLAND OFFICE²WELLINGTON OFFICE
COMMERCIAL BAY
RETAIL
TOTAL PORTFOLIO
Occupancy
97%97%96%97%
WALT
(Weighted average lease term)
6.2 years10.0 years3.0 years7.1 years
Capitalisation rate
5.8%6.0%6.0%5.9%
Leasing spread
(Rental uplift from new lease deals)
10.9%7.2%2.8%7.7%
Leasing activity
(sqm of lease deals)
21,624 sqm12,039 sqm4,186 sqm37,848 sqm
Notes: (1) Occupancy and WALT metrics include PwC Tower; total portfolio metrics therefore differ to note 3.1 of the financial statements; (2) Auckland
Office leasing activity metrics includes ‘other properties‘; (3) Excludes development leasing; (4) Excludes properties classified as ‘held for sale’.
3.3%
Uplift from rent reviews
across the portfolio in FY26
3%
Under-renting of Precinct’s
office portfolio at Jun-26
30%
33%
11%
1%
7%
18%
Auckland Office
Wellington Office
Commercial Bay Retail
Other properties
Developments &
inventories
Held for Sale
59%
41%
Auckland
Wellington
Precinct leasing activity
3
Property portfolio value compositionProperty portfolio by geography⁴
-
10k
20k
30k
40k
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
NLA (sqm)
Auckland Office²Wellington OfficeComm. Bay Retail

Key Themes – Auckland CBD office
27
Notes: (1) Precinct analysis of JLL data; (2) Data from CBRE and Kantar survey of Precinct clients;
(3) CBRE data; (4) TOC stands for Total Occupancy Cost.
Case study:
Occupiers choosing the CBD
9,800 sqm
One NZ moves from Takapuna to Wynyard Quarter
3,300 sqm
Avanti Finance from Newmarket to Wynyard Quarter
3,100 sqm
Publicis from Parnell to CBD
2,700 sqm
GHD from Freemans Bay to Commercial Bay
1,200 sqm
MYOB from Eden Terrace to CBD
Precinct Properties - FY26 Annual Result
Preference for waterfront locations
Demand is strongest in waterfront locations with high
levels of occupancy compared to the wider market
80
100
120
140
160
180
200
220
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Index (2013 = 100)
Gross Face RentsRevenuePre-tax surplus
Source:
CBRE
95%
Prime office occupancy in CBD waterfront precincts
vs. 87% in non-waterfront
1
Precinct clients prefer to work from office
Office attendance is continuing to strengthen in
Precinct’s premium office portfolio
4.1 days
Average days in the office of Precinct clients
vs. 3.3 days market average
2
Occupiers are moving back to the CBD
Occupiers are increasingly seeing the benefits of
working alongside clients and peers, with Auckland’s
CBD pulling occupiers back from suburban and fringe
locations
30,200 sqm
CBD office take-up via occupiers relocating from
suburban & fringe locations over the last three years
3
Affordability does not appear problematic
Office lease costs make up just 3.5% of TOC
4
on average
for office industries, and have not kept pace with growth in
industry revenues or profits over the last ten years
3
Office industries’ income & profit vs. gross rents

End of workplace densification era
underpins positive demand outlook
28
Expansion within the CBD
Precinct Properties - FY26 Annual Result
30k
35k
40k
45k
50k
55k
60k
65k
70k
75k
80k
10
12
14
16
18
20
22
24
Employees
Office density (sqm per person)
Est. no. of employeesDensity
Note: (1) Precinct analysis of Infometrics data; (2) Precinct analysis of JLL and Infometrics data; (3) Office portfolio
includes retail within office centres.
Workplace densification has been a key
headwind to office demand over the last decade
•Office densities (sqm per person) have contracted over
the last decade as businesses have shifted to more
efficient use of space
•This trend has now ‘bottomed out’, with workplace
designs reaching their practical limits of efficiency
•This trend has acted against underlying demand from
strong CBD office employment growth of 4% pa over
last 10 years
1
Now, as workplace designs have reached a
practical limit, employment growth is expected
to translate more directly to office demand
•While AI may temper longer-term office-based
employment growth, the headwind from the era of
densification has now been removed
•Even with a more modest employment growth outlook,
Precinct expects increased office demand and net
absorption relative to the last decade, due to this trend
Drivers of Auckland CBD net absorption – last 10 years
2
Densities have
bottomed out
Auckland CBD employment growth and workplace densities
2
80%
Client retention across the office investment portfolio³
Continued demand
2,637 sqm
Net increase in office footprint from existing clients,
reflecting growth of 11%
1,122k
(335k)
363k
1,150k
2016 Occupied
Stock
Densification
Impact
Employment
Growth Impact
2026 Occupied
Stock

Precinct Properties - FY26 Annual Result29
Key Themes – Wellington CBD office
-
2
4
6
8
10
-
20k
40k
60k
80k
100k
No. of New Developments
Office stock (sqm)
CBD new office supply (new build & refurb)
Completed Supply (LHS)Under Construction or Consents Issued (LHS)
Number of New Developments (RHS)
Source: CBRE
The Wellington office pipeline remains constrained, with future stock
provided through refurbishments
Wellington has an undersupply of prime-grade properties and excess
secondary stock relative to Auckland
Clients are increasingly consolidating into the highest-quality buildings, at
the expense of the remaining stock
Notes: (1) Top Tier has been identified by CBRE as the highest quality 19 buildings in Wellington CBD through a range of building gradings
and locational features.
(2) Te-Aro has no Prime-grade stock
-
5%
10%
15%
20%
25%
Jun-2023Dec-2023Jun-2024Dec-2024Jun-2025Dec-2025
Vacancy by stock type
1
Top TierRemaining Stock
Source: CBRE
In the Wellington market, prime grade stock located in the Thorndon
government precinct continues to outperform in occupancy rates
Vacancy by precinctPrimeSecondary
Te-AroN/A
2
21.0%
Thorndon1.2%15.8%
Wellington Central13.7%23.8%
Total10.0%22.2%
Source: CBRE
367k (24%)
63k (5%)
457k (31%)
406k (30%)
673k (45%)
902k (66%)
Auckland
Wellington
Composition of stock by city
PremiumA-GradeSecondary
Source: CBRE

Office Market Outlook
Precinct Properties - FY26 Annual Result30
Vacancy rates expected to improve in the near-term
Gross effective rent forecasts vary, but generally expected to improve
Rental growth expectations remain positive
Wellington CBD A-Grade office marketAuckland CBD Premium office market
Premium vacancy expected to remain at current low levels
-
2%
4%
6%
8%
Dec-2022
Dec-2023
Dec-2024
Dec-2025
Dec-2026(F)
Dec-2027(F)
Dec-2028(F)
Vacancy Rate (%)
JLLColliersCBRE
(2%)
-
2%
4%
6%
Dec-2024
Dec-2025
Dec-2026(F)
Dec-2027(F)
Dec-2028(F)
Net Effective Rent Growth
JLLColliersCBRE
-
2%
4%
6%
8%
10%
12%
Dec-2022
Dec-2023
Dec-2024
Dec-2025
Dec-2026(F)
Dec-2027(F)
Dec-2028(F)
Vacancy Rate (%)
JLLColliersCBRE
(6%)
(4%)
(2%)
-
2%
4%
6%
Dec-2024
Dec-2025
Dec-2026(F)
Dec-2027(F)
Dec-2028(F)
Gross Effective Rent Growth
JLLColliersCBRE

Commercial Bay Retail
Precinct Properties - FY26 Annual Result31
FY26FY25Var
Occupancy
96%97%-1pp
Funds from operations
$16.6 m$16.9 m(1.8%)
Total sales (MAT)
1,2
$167.6 m$158.7 m5.6%
Specialty sales ($/sqm)
1,2
$12,900$12,2435.4%
Specialty TOC ratio
1
14.7%16.5%-1.8pp
Pedestrian count
12.7 m12.8 m(0.6%)
Rolling Specialty MAT ($/sqm) and occupancy cost¹
Commercial Bay continues to attract premium international and leading local brands,
housing several New Zealand flagship stores
+5.6%
Moving Annual Turnover (MAT)
vs. prior comparable period
43
Lease deals concluded
in the period

9
New retailers introduced to
Commercial Bay
Notes: (1) Sales figures are reported inclusive of GST and exclude short-term licence sales; (2) FY25 sales metrics have been
restated to reflect historic revisions to reported sales data.
14%
16%
18%
20%
$11,500
$12,000
$12,500
$13,000
JulAugSeptOctNovDecJanFebMarAprMayJun
Occ
cost
MAT
psm
MAT $/sqmSpecialty occ cost

Development update
Precinct Properties - FY26 Annual Result32

Driving growth through a $4.0b
development pipeline
Completions
(FY26)
Committed
Pipeline
Uncommitted
Pipeline
Total
Pipeline
Commercial$0.3b$0.1b$1.9b$2.0b
Residential$0.3b$0.2b$0.7b$0.9b
Mixed-Use--$0.6b$0.6b
Student Accom.-$0.5b-$0.5b
Total$0.5b$0.9b$3.1b$4.0b
Precinct Properties - FY26 Annual Result33
•Development completions of $0.5b over the last 12 months
•Committed to $0.4b of new projects in the year
•54% weighted Precinct ownership of $0.9b committed pipeline
•22 Stanley Street and 256 Queen Street progressing as planned, on time
and within budget
FY26 Highlights
256 Queen Street
Commenced a 638 bed PBSA development
The Domain Collection
Completion on behalf of capital partner
Downtown development
Resource consent approved
22 Stanley Street
Developing on behalf of capital partner
Pillars
Commencing Precinct’s first BTS
3
project
55 Molesworth
PC
2
of a 6 star Green Star office
Completion value
1
Notes: (1) Totals may not sum due to rounding; (2) PC = Practical Completion; (3) BTS = Build-to-sell

51%
22%
14%
13%
Total pipeline composition
CommercialResidentialMixed UsePBSA
ProjectSector
% PCT
Ownership
Scale
Completion
value
Delivery programme
FY27FY28FY29
Committed
York HouseResidential0%44 units$117m
164 BeaumontCommercial25%5,600 sqm$57m
22 StanleyPBSA20%964 beds$290m
256 QueenPBSA100%638 beds$238m
PillarsResidential100%20 units$100m
3
Uncommitted
DovaResidential100%100+ units$100m+Under review
Downtown CarparkCommercial100%72,500 sqm
4
$1.9bFY27+
Downtown Tower 2Mixed Use100%33,500 sqm
5
$0.6bFuture stage
188 BeaumontResidential50%100+ units
6
$500m+FY28+
Precinct Properties - FY26 Annual Result34
$0.9b
Gross development
value of committed
projects
Artist’s impression: 164 Beaumont St
Artist’s impression: 256 Queen St
Artist’s impression: 22 Stanley St
Development
pipeline
Delivery remains disciplined,
with all committed projects
on programme and within
approved budgets
Imminent completions
York House and 164 Beaumont
progressing well with both
scheduled for completion in 2026
Key themes
Design build fixed price contracts
are becoming increasingly
common
A deep Tier 2 contractor market
provides competitive tension
Competitiveness and certainty of
pricing create an attractive time
to build at present
$0.4b
Projects committed to
in the financial year
Notes: (1) Committed and uncommitted projects; (2) Expected completion value beyond existing commitment;
(3) Pillars completion value includes GST; (4) Office NLA; (5) Gross floor area; (6) Expected to be delivered in stages.

Commencing Pillars
Precinct Properties - FY26 Annual Result35
•20 luxury residences, across two apartment buildings, on an elevated
ridgeline site overlooking St Mary’s Bay
•Pre-sales cover 33% of cost; incremental spend of circa $50 million
•GN Construction appointed on a Fixed Price, Design & Build contract, taking
advantage of attractive construction pricing and subtrade availability
•22-month construction programme commencing September 2026
•Project to be funded on balance sheet given scale and favourable return
metrics
•Downsizer market continues to dominate, with limited competing supply
providing confidence in project outturn metrics
-
5%
10%
15%
20%
25%
30%
35%
20 - 2930 - 4950 - 6970+
RentersFHB &
upgraders
DownsizersRetirement
age
% of population
Primary catchmentAuckland Region
$3m+ sales volume in primary catchment
1, 2
Occupant profile of privately owned dwellings
2, 3, 4
Notes: (1) REINZ data, Precinct analysis; (2) Primary catchment includes Freemans Bay, Grey Lynn, Herne Bay, Ponsonby, St Mary’s Bay & Westmere; (3) Statistics NZ data,
Precinct analysis; (4) Includes occupants in dwellings ‘owned or partly owned’ and ‘held in a family trust’.
Pillars on CollegePillars on College
~$100m
Gross development value
(incl. GST)
20%+
Return on cost
Pillars on College
16 luxury residences
Pillars on Dublin
4 luxury residences
-
5%
10%
15%
20%
25%
30%
-
50
100
150
200
% of catchment total
Annual sales volume
$6m+$4m-$6m
$3m-$4m% of total sales (RHS)

36
•Fast Track resource consent approved
•Negotiations with office pre-commitment occupiers ongoing for
~50% of NLA, all from outside of Precinct’s portfolio
•Australasian Tier 1 contractor, Built, appointed for the pre-
development phase, bringing extensive tower experience and
optimising design and improving cost, risk and delivery outcomes
ahead of development decision
•Funding plan progressing to enable commitment. Advancing with
an iwi consortium led by Ngāti Whātua Ōrākei as capital partner
•Precinct has decided to adopt a staged approach to the
development. This will result in the residential tower being
completed later
•Dedicated project oversight established through a subcommittee
of the board
Artist’s impression: Downtown development
Precinct Properties - FY26 Annual Result
Downtown: Status

37
•Q2 CY2027 commitment to Stage 1, comprising demolition, enabling works,
full basement, Tower 1 (office) and three office podia with ground floor retail
and civic space
•Stage 1 will present as a finished urban environment, with structural capacity
for Tower 2 incorporated in the podium building. This will maintain optionality
for a future residential, commercial or hotel tower
Initial stage: Tower 1 & podium buildings
Tower 1 & PodiaTower 2
Commitment dateQ2 CY2027Future stage
Likely use
Office, F&B / retail,
ancillary parking
Potential for residential,
hotel or office use
Consented floor area (GFA)94,000 sqm33,500 sqm
Consented Building levels
1
5536
Notes: (1) Total including plant levels
Stage 1 focuses capital deployment on the office-led
components underpinned by preleasing
Precinct Properties - FY26 Annual Result
Downtown: Stage 1

Downtown: Project details
Calendar year2026202720282029203020312032
Design
Procurement
Demolition
Enabling works & basement
Aboveground works
38
Indicative development programme
1
Target Stage 1 commitment
Note: (1) Reflects Precinct’s current estimate and is subject to change
Use
Office, F&B / retail, ancillary parking
Office lettable area72,500 sqm
Retail lettable area3,500 sqm
Carparks490 bays
Capital commitment$1.66 billion
Incremental spend$1.49 billion
Target return on cost15% plus
Target yield on costMid to high 6% range
Indicative project metrics
1
– Stage 1
Artist’s impressions
Precinct Properties - FY26 Annual Result
Civic spaceNorth-western aspectNorthern aspectIndicative view – L51

39
Precinct Properties - FY26 Annual Result
•Built engaged through an ECI process, with the intention to transition to the project delivery
contractor
•Significant Tier 1 high-rise and commercial tower delivery experience across Australia. ECI
resourced by an experienced project leadership team that will remain through delivery
•ECI duration of 12 months sought by Built to fully improve methodology, pricing and
programme
•ECI focused on value enhancement and risk reduction, with contractor and subcontractor
input informing design development and validating cost, methodology and programme
ahead of commitment
•Contract negotiations advanced, with discussions supporting an acceptable risk allocation
between the parties
•A fixed-price lump-sum design & build contract is anticipated, with managed provisional
sum exposure and early trade engagement supporting cost certainty
Downtown: Contractor procurement
Extensive commercial tower experience
Atlassian Central, Sydney
High-rise office: AU $1.4b
Parramatta Square, Sydney
Office (multi-stage): AU $2.8b
Chifley South, Sydney
High-rise office: AU $1.8b
60 King William St, Adelaide
High-rise office: AU $220m
Festival Tower, Adelaide
High-rise office: AU $200m
Novotel, Melbourne Airport
Hotel: AU $160m
Parramatta Square, 2022
Atlassian, 2026
Chifley South, 2027

Downtown: Demand drivers
40Precinct Properties - FY26 Annual Result
Note 1: Based on data from Infometrics and JLL, with Precinct analysis, as at March 2026.
Tower 1
Podium 1
Podium 2
~50%
office area under exclusivity
with commercial terms
agreed. All parties currently
outside Precinct portfolio.
Favourable demand drivers
01 Waterfront Pull
The waterfront precinct continues
to attract Auckland's leading
corporate clients.
02 Flight to quality
Demand bifurcation widens as
occupiers favour premium
workplaces and high amenity
locations.
03 City-centre consolidation
Emerging trend of large occupiers
relocating from suburban
campuses to the city centre.
04 Densities stabilising
Workplace densities reaching
natural limit. Future employment
growth to more directly translate
to office demand.
Last 10
years
Outlook
(low)
Outlook
(high)
Office-based employment growth4% pa1% pa3% pa
Change in occupant density+6.5 sqm+0.5 sqm-0.5 sqm
Net absorption – total+3k pa+8k pa+45k pa
Net absorption - premium+18k pa
Strong leasing momentum CBD Office demand poised to accelerate
1
•Previous cycle saw strong employment growth translate into
limited net absorption due to workplace densification.
•Workplace densities stabilizing over recent years at ~15–16 sqm
per employee.
•With densities nearing natural limit, employment growth is more
likely to translate into office demand over future cycles.
•AI may temper employment growth in lower-skilled and entry-
level roles. Office demand impact likely concentrated in
secondary and suburban / fringe assets.
•Productivity gains expected to strengthen appetite for high-
quality office space, accelerating flight-to-quality trend.
Under exclusivity

Downtown: Pathway to commitment
41Precinct Properties - FY26 Annual Result
Precinct has a clear set of
criteria it is targeting prior to
making a commitment
decision
01
Resource consent
Resource Consent uplifted for the
approved scheme
02
Office pre-leasing
≥40% office unconditional pre-
commitment
03
Funding capacity
Sufficient funding capacity to enable
the project
04
Construction contract
Design and build contract delivering
cost certainty through early contractor
involvement, fixed pricing for ~85% of
scope and balanced risk allocation
05
Target returns supported
Robust feasibility delivering target
return-on-cost above 15% and yield-
on-cost in the mid-to-high 6% range

Precinct Properties - FY26 Annual Result42
Summary

Summary and outlook
43
•Precinct enters FY27 with a strong balance sheet, a high-
quality portfolio and a clear set of strategic priorities
•Strength of the Auckland premium office market,
favourable investment conditions and improving depth of
capital available for high-quality New Zealand real estate
provide confidence in the outlook
•Sustained higher return requirements mean value growth
must be earned through development and asset
management execution to drive income growth
•Precinct remains focused on delivering strong operational
performance, completing existing development projects
and continuing to grow capital partner relationships
•Confirming dividend guidance of 6.75 cps for FY26,
consistent with the prior period
Precinct Properties - FY26 Annual Result

Appendices
Precinct Properties - FY26 Annual Result44

Financials
Appendices
Precinct Properties - FY26 Annual Result

Financial performance
46Precinct Properties - FY26 Annual Result
For the 12 months ended30 Jun 202630 Jun 2025Variance
$ millionsAuditedAudited($m)(%)
Operating profit before indirect expenses and income tax$162.7 m $152.3 m +$10.4 m+6.8%
Corporate overhead expense($6.7 m)($4.6 m)($2.1 m)+45.7%
Net interest expense ($65.1 m)($65.0 m)($0.1 m)+0.2%
Operating profit before income tax$90.9 m $82.7 m +$8.2 m+9.9%
Net change in fair value of investment and development properties($107.5 m)($27.6 m)($79.9 m)+289.5%
Impairment of inventory($2.2 m)-($2.2 m)-
Share of profit / (loss) in equity-accounted investments$3.6 m $11.8 m ($8.2 m)(69.5%)
Net change in fair value of derivative financial instruments$20.2 m ($19.6 m)+$39.8 m(203.1%)
Net gain / (loss) on sale of investment properties($8.9 m)($24.2 m)+$15.3 m(63.2%)
Other non-operating expenses($18.4 m)($17.8 m)($0.6 m)+3.4%
Net profit before income tax($22.3 m)$5.3 m ($27.6 m)(520.8%)
Current tax benefit / (expense)$12.5 m $7.7 m +$4.8 m+62.3%
Depreciation recovered on sale($4.3 m)($0.5 m)($3.8 m)+760.0%
Deferred tax expense / (benefit)$5.9 m ($1.5 m)+$7.4 m(493.3%)
Net profit after income tax attributable to equity holders($8.2 m)$11.0 m ($19.2 m)(174.5%)
Other comprehensive income / (expense)($4.4 m)($7.9 m)+$3.5 m(44.3%)
Total comprehensive income after tax attributable to equity holders($12.6 m)$3.1 m ($15.7 m)(506.5%)
Net tangible assets per security$1.13 $1.21 ($0.08)(8.3%)

FFO contribution from directly held property
Precinct Properties - FY26 Annual Result47
Note: (1) Transactions and developments includes Downtown Car Park and Molesworth Street.
For the 12 months ended
30 Jun 202630 Jun 2025Variance
$ millions
AuditedAudited($m)(%)
Directly held property funds from operations (FFO)
AON Centre - AKL$13.8 m$11.3 m+$2.5 m+22.1%
HSBC Tower$24.1 m$28.8 m($4.7 m)(16.3%)
GHD House$7.4 m$7.5 m($0.1 m)(1.3%)
PwC Tower$31.1 m$31.8 m($0.7 m)(2.2%)
Deloitte Centre$9.8 m$8.2 m+$1.6 m+19.5%
Auckland office FFO$86.3 m$87.5 m($1.2 m)(1.4%)
NTT Tower$8.9 m$8.8 m+$0.1 m+1.1%
AON Centre - WGN$10.9 m$11.1 m($0.2 m)(1.8%)
Defence House$9.3 m$8.6 m+$0.7 m+8.1%
No 1 The Terrace$7.6 m$7.2 m+$0.4 m+5.6%
Bowen House$8.1 m$8.0 m+$0.1 m+1.3%
Wellington office FFO$44.8 m$43.6 m+$1.2 m+2.8%
Commercial Bay retail$16.6 m$16.9 m($0.3 m)(1.8%)
Other properties$2.2 m$2.2 m--
Investment portfolio FFO$149.9 m$150.3 m($0.4 m)(0.3%)
Transactions and developments
1
$11.8 m($0.0 m)+$11.8 m-
Directly-held property FFO$161.7 m$150.3 m+$11.4 m+7.6%
Amortisation of incentives and leasing costs($15.9 m)($14.3 m)($1.6 m)+11.2%
Straight-line rents($0.5 m)$1.1 m($1.6 m)(145.5%)
Net property income$145.2 m$137.1 m+$8.1 m+5.9%

FFO/NPI reconciliation to operating profit
Precinct Properties - FY26 Annual Result48
Notes: (1) Adjusted to include intersegment revenue eliminations relating to investment management and exclude share based LTI expense; FY25 has
been restated to present on the same basis. See note 2.1b Operating Segments in the financial statements. (2) IFRS 16 rent expense is eliminated from
operating profit as required by accounting standards (FY25: $9.1m).
For the 12 months ended30 Jun 202630 Jun 2025Variance
$ millionsAuditedAudited($m)(%)
Directly held property FFO$161.7 m$150.3 m+$11.4 m+7.6%
Amortisation of incentives and leasing costs($15.9 m)($14.3 m)($1.6 m)+11.2%
Straight-line rents($0.5 m)$1.1 m($1.6 m)(145.5%)
Net property income$145.2 m$137.1 m+$8.1 m+5.9%
Developments and trading$6.6 m+$6.6 m-
Operating businesses$5.2 m$5.7 m($0.5 m)(8.8%)
Management fee income$6.9 m$9.6 m($2.7 m)(28.1%)
Employment and admin expenses (adj.)
1
($7.1 m)($5.9 m)($1.2 m)+20.3%
Share based LTI expense($2.7 m)($3.3 m)+$0.6 m(18.2%)
IFRS 16 rent expense
2
$8.6 m$9.1 m($0.5 m)(5.5%)
Operating profit before indirect expenses$162.7 m$152.3 m+$10.4 m+6.8%

Balance sheet
Precinct Properties - FY26 Annual Result49
Financial position as at 30 June 202630 June 2025Δ
$ millionsAuditedAudited
Assets
Investment properties$2,463.4 m$2,803.7 m($340.3 m)
Development properties$178.9 m$334.9 m($156.0 m)
Inventories$56.9 m-+$56.9 m
Investment properties held for sale$588.4 m$223.7 m+$364.7 m
Investment in equity-accounted investments$157.9 m$138.7 m+$19.2 m
Property, plant and equipment$45.0 m$42.3 m+$2.7 m
Right-of-use assets$13.6 m$17.0 m($3.4 m)
Other assets$187.2 m$138.9 m+$48.3 m
Total Assets$3,691.3 m$3,699.2 m($7.9 m)
Liabilities
Interest bearing liabilities$1,417.5 m$1,610.3 m($192.8 m)
Lease liabilities$62.9 m$50.1 m+$12.8 m
Fair value of derivative financial instruments
1
$22.0 m$35.3 m($13.3 m)
Other liabilities
1
$59.1 m$59.2 m($0.1 m)
Total Liabilities$1,561.5 m$1,754.9 m($193.4 m)
Equity$2,129.8 m$1,944.3 m+$185.5 m
NIBD to Total Assets37.4%43.1%-5.7pp
Liabilities to Total Assets - Loan Covenants36.3%41.6%-5.3pp
Shares on issue1,852.8 m 1,587.0 m +265.8 m
Net tangible assets (NTA) per security $1.13 $1.21 ($0.08)
Net asset value (NAV) per security $1.15 $1.23 ($0.08)
Note: (1) FY25 figure is restated as presented incorrectly in prior year publication.

Investment
portfolio
Appendices
Precinct Properties - FY26 Annual Result

-
5%
10%
15%
20%
25%
30%
35%
272829303132333435>35
% of NLA
Financial Year
AucklandWellingtonCB Retail
Investment
portfolio
including
cornerstone
2
Investment
portfolio
directly held³
Auckland
Office
Commercial
Bay Retail
Wellington
Office
WALT
7.3 yrs7.1 yrs6.2 yrs3.0 yrs10.0 yrs
Occupancy
96%97%97%96%97%
Investment portfolio value
4
$2,965 m$2,425 m$980 m $348 m$1,065 m
Weighted average cap rate
5.9%5.9%5.8%6.0%6.0%
NLA (sqm)
371 k 226 k83 k17 k120 k
Investment portfolio overview¹
51Precinct Properties - FY26 Annual Result
Key metrics
Occupancy
Industry Composition by Income
Notes: (1) WALT and occupancy metrics include PwC Tower at full ownership; (2) 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; (3) Total portfolio metrics include ‘other properties’ (Viaduct Car
Park and 204 Quay Street) which are not included in the Auckland Office metrics representing a valuation of $32.5 m and NLA of 6k; (4) Investment portfolio value excludes
development properties. Portfolio values also exclude IFRS16 right-of-use assets ($38.2m at 30 June 2026 for the directly held portfolio).
-
20%
40%
60%
80%
100%
% of NLA
AucklandWellington
Lease Expiry Profile
35%
Of portfolio income is derived
from the top 10 clients
12 yrs
WALT of top 10 clients
28%
19%
18%
17%
13%
5%
Government
Financial Services,
Banking, and Insurance
Retail
Other
Legal
Information Technology

Precinct Properties - FY26 Annual Result52
Notes: (1) Valuations and revaluation amounts exclude IFRS16 right-of-use assets (FY26: $38.2m; FY25: $24.0 m); (2) Other properties includes 204 Quay
Street and Viaduct Car Park; (3) Development properties includes Freyberg Building and Downtown Car Park; (4) Inventories includes 256 Queen Street,
99 College Hill (Pillars), and Dominion & Valley (Dova); (5) Held for sale includes PwC Tower.
Valuations
1

Capitalisation rate ValuationRevaluation movement
Property30 Jun 202630 Jun 2025Change30 June 2026$m%
Auckland office
HSBC Tower5.6% 5.5% +13 bps $455.5 m $6.0 m 1.3%
AON Centre - Auckland6.3% 6.1% +13 bps $220.0 m ($3.2 m)(1.4%)
Jarden House5.9% 5.9% - $127.0 m ($2.1 m)(1.6%)
Deloitte Centre5.4% 5.3% +13 bps $177.0 m $4.6 m 2.7%
Auckland office5.8% 5.6% +11 bps $979.5 m $5.3 m 0.5%
Wellington office
AON Centre – Wellington6.8% 6.8% - $199.4 m ($7.7 m)(3.7%)
NTT Tower7.0% 6.8% +25 bps $131.0 m ($2.7 m)(2.0%)
Bowen House5.6% 5.5% +13 bps $141.0 m ($4.2 m)(2.9%)
No. 1 and 3 The Terrace6.4% 6.0% +38 bps $128.5 m ($1.5 m)(1.2%)
No. 3 The TerraceN/AN/A-$13.1 m $0.7 m 5.5%
55 Molesworth Street5.0% N/A- $262.2 m ($17.5 m)(6.3%)
Defence House5.8% 5.5% +25 bps $190.0 m ($0.4 m)(0.2%)
Wellington office6.0% 6.1% (14 bps)$1,065.2 m ($33.3 m)(3.0%)
Commercial Bay Retail6.0% 6.0% - $348.0 m ($4.5 m)(1.3%)
Core investment portfolio5.9% 5.9% +1 bps $2,392.7 m ($32.5 m)(1.3%)
Other properties
2
7.8% 7.8% +2 bps $32.5 m ($2.4 m)(6.9%)
Total investment properties5.9% 5.9% -$2,425.2 m ($34.9 m)(1.4%)
Development properties
3
$178.9 m ($50.2 m)(21.9%)
Inventories
4
$56.9 m ($4.1 m)(6.7%)
Held for sale
5
$588.4 m ($16.3 m)(2.7%)
Total (excluding right-of-use assets)$3,249.4 m ($105.5 m)(3.1%)

Capital partnerships summary
Precinct Properties - FY26 Annual Result53
Notes: (1) Committed, on-completion values; (2) Precinct has a 33% interest in the partnership with PAG, with
effective ownership of 17-19% of the gross assets which are owned by the joint venture with Ngāti Whātua Ōrākei
Fund nameCapital partnerSectorStrategyOwnership
Equity accounted
investment
Gross asset value
¹
Co-invested partnerships
PPILPGICOfficeLong WALT24.9%$91 m$0.9 b
Te Tōangaroa JVPAG, Ngāti Whātua ŌrākeiOfficeCore-plus17-19%
2
$16 m$0.1 b
22 Stanley LP KeppelPBSABuild-to-core20.0%$6 m$0.3 b
Westhaven Commercial LP (development)Orams GroupOfficeBuild-to-core24.9%$22 m$0.06 b
Westhaven Residential LPOrams GroupResidentialBuild-to-sell50.0%$23 m$0.05 b
Subtotal$158 m$1.4 b
ManagedMultipleOffice & ResidentialValue add--$0.2 b
Total capital partnerships$158 m$1.6 b
Commitments
22 Stanley LP KeppelPBSABuild-to-core20.0%$15 m
PwC Tower partnershipPAGOfficeCore50.0%$135 m$0.6 b
Pro forma committed$308 m$2.2 b

ParticipationOverviewCurrent
4,5
Target
The overarching measure Precinct has 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
91
Global
Average 79
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.
AAA or better
NABERSNZ is a ratings scheme to measure and rate the energy performance of office
buildings in New Zealand.
57%
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.
51%
Portfolio:
>60% 5 Star
(Excellence)
ESG metrics
54
Our strategyintegrates sustainability to create
valueand resilience across our business
•$1.7b
1
of green assets across the direct portfolio
•Largest portfolio of 4 & 5 Star Green Star
Performance buildings in New Zealand, lifting by
2 year-on-year to 9 assets in FY26
•Advanced portfolio decarbonisation through all-
electric developments and building upgrades,
including 55 Molesworth Street
2
and Bowen
House – which earned a 5.5 star NABERSNZ rating
•Third year of climate-related disclosures,
strengthening management of climate risks and
opportunities
•Internationally recognised sustainability
performance, including the Deloitte Top 200
Sustainability Award and IWBI
3
Global Innovation
Award
•Embedded carbon accountability through
internal carbon pricing, emissions offsetting and
adaptive reuse projects
Precinct Properties - FY26 Annual Result
Notes: (1) Includes on-completion value of committed developments; (2) pending Built certification for 55 Molesworth; (3) IWBI stands for International
WELL Building Institute; (4) GRESB metrics relate to those received in 2025 as 2026 results are released in October; (5) Includes directly owned and
partnership assets.

Our markets
Appendices
Precinct Properties - FY26 Annual Result

Precinct Properties - FY26 Annual Result56
Auckland CBD office market
Net effective growth rate (Y/Y%)Net absorption, rolling 12 months
CBD office vacancy by grade
80
90
100
110
120
130
140
Index (Jun-
16 = 100)
PrimeSecondaryPremium
Source: JLL
(80k)
(60k)
(40k)
(20k)
-
20k
40k
60k
NLA (sqm)
PrimeSecondary
Source: JLL
-
5%
10%
15%
20%
25%
Vacancy rate (%)
PremiumPrimeSecondary
Source: JLL

Precinct Properties - FY26 Annual Result57
CBD gross effective growth rate (Y/Y%)
Wellington CBD office market
Government employment growth
Net absorption, rolling 12 months
CBD office vacancy by grade
(150k)
(100k)
(50k)
-
50k
100k
NLA (sqm)
PrimeSecondary
Source: JLL
80
100
120
140
160
180
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
Dec-25
Jun-26
Index (base = 100)
PrimeSecondary
Source: JLL
--
5k
10k
15k
20k
25k
30k
(6%)
(4%)
(2%)
--
2%
4%
6%
8%
10%
12%
Jun-01
Jun-02
Jun-03
Jun-04
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
Government FTEs (#)
YOY Growth (%)
YOY Growth (LHS)Total (RHS)
Source: Public Service Commission
-
5%
10%
15%
20%
25%
Vacancy rate (%)
PrimeSecondary
Source: JLL

Precinct Properties - FY26 Annual Result58
REINZ Median House Price – Auckland Region
•
Sales activity and prices remains broadly
stable, with Auckland transaction volumes
currently tracking around their 20-year average
despite ongoing economic and geopolitical
uncertainty
•
Demographic change remains a key
determinant of long-term demand, with
population and migration trends expected to
shape future residential demand across the city
•
Precinct is well positioned to benefit from
structural shifts in Auckland, supported by our
exposure to highly desirable residential locations
•
New supply remains constrained. With
development activity near the bottom of this
construction cycle and the current pipeline
remaining limited, future uplift in demand will be
absorbed by a limited number of available stock
•
Affordability of residential properties due to
higher salaries and static prices could support
residential market prices and transactions
Auckland Demographic Shifts (2023 to 2033)
1
Sales volumes – Auckland Region
Notes: (1) Precinct analysis, Stats NZ Data; (2) Stats NZ data.
Residential building consents – Auckland Region
2
24.4k
25.3k
15k
20k
25k
30k
35k
40k
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
Jun-26
No. of sales (
p.a
)
No. of sales p.aCurrent20Y avg.
Source: REINZ
-
$0.25m
$0.50m
$0.75m
$1.00m
$1.25m
$1.50m
(20%)
(10%)
-
10%
20%
30%
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
Jun-26
Median house price ($)
Y/Y growth (%)
Auckland HPI, LHSAuckland median sale price, RHS
Source: REINZ
Auckland Residential Market
(20%)
(10%)
-
10%
20%
30%
40%
50%
60%
70%
80%
(15k)
(10k)
(5k)
-
5k
10k
15k
20k
25k
30k
35k
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90+
Change by # (LHS)Change by % (RHS)
Student accom.Downsizers
-
1k
2k
3k
4k
5k
6k
-
5k
10k
15k
20k
25k
Jun-92
Jun-94
Jun-96
Jun-98
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
Jun-26
Residential buildings, LHSApartments, RHS

Purpose-built student accommodation
Precinct Properties - FY26 Annual Result59
International students studying intramurally in Auckland
-
2k
4k
6k
8k
10k
12k
14k
16k
18k
Number of Students (#)
University of AucklandAUT
Source: educationcounts.gov.nz
-
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Source: CBRE
Auckland CBD apartment vacancyNew Zealand international student demand by region
Auckland retains the majority of international student
demand
CBD apartment vacancy remains low; undersupply
likely to persist with zero near-term pipeline
Auckland’s international student enrolments have
recovered to above pre-Covid levels
164k
68k
106k
129k
148k
(24%)(51%)(59%)(35%)(22%)(10%)
-
20k
40k
60k
80k
100k
120k
140k
160k
180k
Auckland
Waikato
Canterbury
Wellington
Otago
Other
Source: educationcounts.gov.nz
Percent Below Peak
+12.8%
YoY increase international enrolments (Auckland 2025)
1.0-2.5%
Apartment vacancy last three years
57%
% international students studying intramurally
(Auckland 2025)

Disclaimer
60
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 - FY26 Annual Result

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearXQuarterly
Half yearSpecial
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
4
Excluded amount (applicable to listed PIEs)
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
0.00%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
Start date and end date for determining market price for DRP
Date strike price to be announced (if not available at this
time)
Specify source of financial products to be issued under DRP
programme (new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation notice for this distribution in
accordance with DRP participation terms
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
+64 22 1941 263
hello@precinct.co.nz
27/08/2026
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Martin Boys
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00000000
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
$0.01497500
$0.01497500
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
3. "Gross taxable amount" is the gross distribution minus any excluded income.
5. The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the imputation
credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT needs to be withheld.
$0.00000000
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Type of distribution
1. Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2. “Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product.
4. “Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include any
excluded amounts, where applicable to listed PIEs.
Section 2: Distribution amounts per financial product
$0.01497500
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
4/09/2026
3/09/2026
18/09/2026
$27,748,086

---

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
3.09%
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
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Martin Boys
+64 22 1941 263
hello@precinct.co.nz
27/08/2026
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.
N/A
18/09/2026
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.
Richard Hilder
$0.00006064
$0.00058637
Section 4: Distribution re-investment plan (if applicable)
N/A
N/A
Section 5: Authority for this announcement
$0.00196064
$0.00002752
Section 3: Imputation credits and Resident Withholding Tax
5
N/A
N/AN/A
N/A
Section 2: Distribution amounts per financial product
$0.00196064
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00190000
$0.00000000
NZD
Section 1: Issuer information
Precinct Properties Investments Limited
Precinct Properties Investments Limited Shares
PCT
NZAPTE0001S3
Type of distribution
$3,520,625
Retained earnings
4/09/2026
3/09/2026

---

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

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer Precinct Properties NZ & Precinct Properties Investment Ltd
Reporting Period 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD (New Zealand Dollar)
Amount (000s) Percentage change
Revenue from continuing
operations
$278,100 4.5%
Total Revenue $278,100 4.5%
Net profit/(loss) from
continuing operations
-$12,600 -506.5%
Total net profit/(loss) -$12,600 -506.5%
Final Dividend – Precinct Properties New Zealand Limited
Amount per Quoted Equity
Security
$0.01497500
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 4 September 2026
Dividend Payment Date 18 September 2026

Amount per Quoted Equity
Security
$0.00190000
Imputed amount per Quoted
Equity Security
$0.00006065
Record Date 4 September 2026
Dividend Payment Date 18 September 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.13 $1.21
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 2026

Authority for this announcement
Name of person

authorised
to make this announcement
Richard Hilder
Contact person for this
announcement
Martin Boys
Contact phone number 022 1941 263
Contact email address hello@precinct.co.nz
Date of release through MAP

27 August 2026

Audited financial statements accompany this announcement.

SPH Notice - Forsyth Barr Investment Management Limited Capital Change Notice - Employee Share Purchase Plan

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.