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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.
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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.

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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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