Precinct Properties NZ Ltd & Precinct Properties Investments (PCT) AGM 2025 summary

Opening remarks and agenda

• The meeting was held in a hybrid format, allowing both in-person and virtual participation, with clear instructions for online Q&A and voting.

• Chair Anne Urlwin welcomed attendees and outlined the agenda, including business performance review, shareholder Q&A, and voting on five resolutions.

• The agenda included a review of the past year's performance, Q&A, and five ordinary resolutions for shareholder approval.

Financial performance review

• Operating income before indirect expenses increased by 1.2% year-on-year, with funds from operations up 3.7%.

• Underlying funds from operations rose 6.7% to NZD 161.4 million, and AFFO increased 3.3% to 6.54cps.

• Portfolio occupancy reached 97% with a 6-year weighted average lease term.

• Contract rentals on new office leases rose 17.2%, with a 5.3% outperformance against June 2024 market rents.

• Auckland office portfolio achieved 2.5% like-for-like rental growth; Wellington saw around 6%.

Board and executive committee updates

• Board composition and succession planning are regularly reviewed to ensure alignment with strategy and maintain a majority of independent directors.

• Anne Urlwin and Chris Meads delivered re-election speeches, highlighting their backgrounds and commitment to long-term value.

• The People and Performance Committee enhanced operational standards and transparency in management rewards.

• Director remuneration reviewed in 2023, with modest market-aligned adjustments proposed.