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Precinct Properties NZ Ltd & Precinct Properties Investments (PCT) investor relations material
Precinct Properties NZ Ltd & Precinct Properties Investments H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 97% investment portfolio occupancy and 6.0 years WALT, with strong leasing spreads and premium office market outperformance.
Advanced capital management with $500M+ debt refinancing, $200M+ asset sales, and strategic exit of InterContinental Hotel for $180M.
Commenced New Zealand's largest student accommodation project and launched new luxury residential developments.
Maintained focus on capital partnerships, targeting 20% balance sheet allocation and $4-5B in partnerships.
Confirmed FY26 dividend guidance of $0.0675 per share, reflecting a stable payout policy.
Financial highlights
FFO from the investment portfolio rose 3.7% to $150.3M; operating profit before indirect expenses increased 1.2%.
Comprehensive income after tax was $3.1M, a turnaround from a $30M loss last year; net profit after tax was $11.0M.
Like-for-like rental growth: Auckland office 2.5%, Wellington office 6%.
AFFO increased 3.3% to $0.0654 per share; Commercial Bay Retail FFO up 8.3%, MAT up 3.7%.
Net tangible assets per security at $1.21, down $0.08 year-over-year.
Outlook and guidance
Dividend maintained at $0.0675 per share for FY26, with a payout ratio of 90% of forecast FFO.
FY26 FFO forecast at $0.75 per share, assuming settlement of PwC Tower stake and student accommodation revenue.
Positive outlook underpinned by economic recovery, lower interest rates, and completed developments.
Premium office market expected to remain strong, with constrained supply and continued outperformance.
Targeting $4-5B in capital partnerships over the medium term.
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