Precinct Properties NZ Ltd & Precinct Properties Investments (PCT) investor relations material

Executive summary

• Achieved record leasing activity with 37,850 sqm leased, 97% occupancy, and a weighted average lease term of 7.1 years, supported by strong leasing spreads and operational execution.

• Advanced major capital partnerships, growing office platforms by $800 million and total committed capital partnerships to $2.2 billion.

• Completed over $0.5 billion in developments, including 55 Molesworth Street, and exited hospitality with the sale of InterContinental Hotel.

• Entered FY27 with a robust balance sheet, high-quality portfolio, and clear strategic priorities focused on growth and capital recycling.

• Refined residential strategy to focus on smaller, premium projects and advanced student accommodation pipeline to 1,600 beds.

Financial highlights

• Operating profit before indirect expenses and tax rose to $162.7 million, up 6.8% year-over-year.

• Funds from operations (FFO) increased 3% to 7.31 cps, with a full-year cash dividend of 6.75 cps (92% payout ratio).

• Net tangible assets (NTA) per share declined to $1.13 from $1.21, mainly due to property devaluation and development asset revaluations.

• Total comprehensive income after tax was negative $12.6 million, impacted by negative fair value movements.

• Loan to value ratio reduced to 29% pro forma, down from 41.6%.

Outlook and guidance

• Entering FY27 with strong operational momentum, 97% occupancy, and record leasing activity.

• FY27 dividend guidance maintained at 6.75 cps, at the top end of the 80–95% FFO payout range.

• Additional earnings expected from new partnerships, management fee growth, and development activities.

• FFO growth expected to resume from FY28 as new projects and strategies mature.

• Focus remains on Downtown Car Park redevelopment, operational performance, and capital partner growth.