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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.H2 2025 earnings summary26 Aug, 2025
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.
Downtown: Capital partner timing for project start?
Progress on major office vacancies in Auckland?
256 Queen Street PBSA: capital partner & operator?
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Next Precinct Properties NZ Ltd & Precinct Properties Investments earnings date
AGM 202517 Nov, 2025
Next Precinct Properties NZ Ltd & Precinct Properties Investments earnings date
AGM 202517 Nov, 2025
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Frequently asked questions
Precinct Properties New Zealand Ltd, including its subsidiary Precinct Properties Investments Ltd, is New Zealand's premier city center specialist, focusing on high-quality commercial real estate primarily in the heart of Auckland and Wellington. This NZX-listed entity is dedicated to owning, developing, and managing premium commercial assets that cater to a broad spectrum of clients, including many of New Zealand's leading businesses and government organizations. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.
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