Precinct Properties NZ Ltd & Precinct Properties Investments (PCT) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, outlined health and safety, and explained the hybrid meeting format with online participation and voting options.

• Agenda included performance review, Q&A, and formal business with seven resolutions for approval.

• Shareholders could submit questions in advance or during the meeting, with both in-person and online questions addressed.

Board and executive committee updates

• Alison Barrass joined as Independent Director in October 2024, bringing executive and governance experience; Graeme Wong retired.

• Taurua Grant joined as Future Director in an observer role for one year starting November 2024.

• Executive team includes CEO Scott Pritchard, Deputy CEO George Crawford, and CFO Richard Hilder.

Financial performance review

• FY24 net property income reached NZD 139.3 million, up 5.8%, and net operating income before tax was NZD 103.6 million, up 1.5% year-on-year.

• Funds from operations from directly owned assets totaled NZD 126.9 million, up 2.9%; adjusted investment property FFO grew 5.2%.

• Portfolio occupancy remained high at 98% with a weighted average lease term of 6.6 years as of June 2024.

• Under-renting at 11% and expected annual rent review growth of 3.7% for 80% of the portfolio in FY2025.

• Robust demand for premium office space and strong leasing activity were highlighted.