Quarterly Update June 2025

Precinct Quarterly Update
June 2025
Wynyard Quarter Innovation precinct, Auckland
During the quarter, we are pleased to have managed
the delivery of the premises at Beca House on time for
Beca’s occupation, demonstrating Precinct’s strong track
record and development expertise to deliver large-scale
development projects on behalf of its capital partners.
Wynyard Stage 3 completes the final stage of the
Wynyard Quarter Innovation precinct, one of the largest
urban regeneration projects in New Zealand, with a total
realisable value of circa $550 million encompassing circa
48,000 square metres of premium office space across five
campus buildings.
Outlook
Consistent with earlier guidance provided, the Board
expects no change to the total combined cash dividends
for Precinct Properties New Zealand Limited and Precinct
Properties Investment Limited for the 2025 financial year of
6.75 cents per stapled security to be paid to shareholders.
Yours faithfully,
Anne Urlwin,
Director and Chair
Dividends
Precinct Properties New Zealand Limited
Payment date6 June 2025
Excluded dividend (cents per share)1.497500
Fully imputed dividend (cents per share)0
Cash dividend (cents per share)1.497500
Imputation credits (cents per share)0
Precinct Properties Investments Limited
Payment date6 June 2025
Cash dividend (cents per share)0.190000
Imputation credits (cents per share)0.031843
Supplementary dividend (cents per share)0.014450
Indicative dividends payment dates
4th Quarter 2025 financial year19 Sept 2025
1st Quarter 2026 financial year12 Dec 2025
These dates represent the current expectation of Precinct
(PCT) as at the date of publication, are subject to PCT board
approval, may change without notice and are not a guarantee
or warranty as to the payment of a dividend or the actual
payment dates.
Key metrics as at 31 March 2025
Portfolio value$3.2 billion
Overall occupancy96%
Weighted average lease term6.2 years
Market capitalisation$1.8 billion
Weighted average cap rate5.9%
Weighting to Auckland (by value)71%
All portfolio metrics are as at 31 March 2025 and reflect
Precinct's direct ownership in assets and exclude joint
investment partnerships assets, unless otherwise stated.
Precinct’s FY25 annual results are scheduled to be
announced on 27 August 2025.
Quarterly Update | June 2025
Precinct Properties Group
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Financial Summary as at 31 March 2025
Balance sheet
Unaudited
31 March 25
Audited
30 June 24
Total assets$3,746.1 m$3,518.9 m
Net equity$1,983.1 m$2,047.3 m
Number of shares on issue1,587.0 m1,586.4 m
Net asset value per share$1.25$1.29
Shareholder returns
Mar 25
Quarter1 Yr3 Yr5 Yr
Precinct
(NZX: PCT)
(3.7%)(2.5%)(15.9%)(16.2%)
Listed Property(4.5%)(7.3%)(19.1%)2.4%
Returns are based on close price for the quarter, and assume
reinvestment of dividend (returns exclude imputation credits).
Listed property is the S&P/NZX All Real Estate Gross index.
Source IRESS
NZSA Company Visit to Precinct
On 15 May 2025, Precinct hosted a New Zealand
Shareholders Association (NZSA) company visit at
Precinct's head office in Auckland. This gave NZSA
members the opportunity to meet Precinct's Executive
team and learn more about the business. Feedback
from the event was positive and attendees found the
morning to be very informative. Precinct proactively
engage with the NZSA on a collaborative approach to
governance improvement in New Zealand.

Hotel sale at One Queen Street
InterContinental, Auckland
In March 2025, Precinct entered into a conditional
agreement to sell the hotel at One Queen Street in
Auckland for $180 million. Initially purchased in 2012 and
comprehensively redeveloped by Precinct, One Queen
Street has been a unique adaptive reuse project for
our business which has further solidified Precinct’s role
in creating a world-class waterfront destination on par
with other global cities. Our ambition was to create a
fully integrated second stage of Commercial Bay and
we are proud to have achieved this through the design
outcome and seamless connection this building offers the
wider precinct.
This sale is consistent with Precinct’s business strategy
and enables the recycling of capital to ensure Precinct
is well-positioned to deliver on the next phase of its
strategy execution.
This transaction remains conditional only on subdivision
being completed which is expected to be in Q3 2025. Post
completion of the subdivision, Precinct will retain ownership
and management of the balance of the property not being
divested at One Queen Street, with the hotel sale to include
the office space on levels 3 to 5.
Contacts
Please contact our registrar, Computershare:
•To change investment details such as name, postal
address or method of payment, and
•For questions on your dividends and shareholdings
Registrar:
Computershare Investor Services Limited
T +64-9-488-8777
Email: enquiry@computershare.co.nz
If you have any questions please feel free to email us
at hello@precinct.co.nz
Disclaimer: The information and opinions in this report were prepared by Precinct Properties Group (PCT). PCT makes no representation or warranty as to the accuracy or completeness of the information in this report. Opinions
including estimates and projections in this report constitute the current judgement of PCT as at the date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of future
performance. This report is provided for information purposes only and does not constitute investment advice. Neither PCT, nor any of its Board members, officers, employees, advisers (including Precinct Properties Holdings
Limited) or other representatives will be liable for any damage, loss or cost incurred by any recipient of this report or other person in connection with this report.
Quarterly Update | June 2025
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