Precinct Properties Nz Ltd & Precinct Properties Investments Ltd · NZX:PCT
Precinct Properties Nz Ltd & Precinct Properties Investments — Precinct Properties New Zealand — Shareholder Meeting (November 2024)
31 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's shareholder meeting presentation, Nov 15, 2024
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders 15 November 2024
Slide 2: Welcome and good morning
Welcome and good morning Anne Urlwin, Independent Director and Chair
Slide 3: Online questions and voting
Online questions and voting Questions can now be submitted through Opening of voting the webcast and will be addressed at relevant time in meeting Precinct Annual Meeting of Shareholders 3
Slide 4: Board and Executive Team
Board and Executive Team Board of Directors Executive Team Anne Urlwin Chris Meads Scott Pritchard Independent Director and Chair Independent Director CEO Alison Barrass Mark Tume George Crawford Independent Director Independent Director Deputy CEO Nicola Greer Graeme Wong Richard Hilder Independent
Slide 5: Meeting agenda
Meeting agenda • Review business performance and activity • Shareholder questions and discussion • Consider and vote on seven resolutions: • Six Precinct Properties New Zealand Limited resolutions • One Precinct Properties Investments Limited resolution Precinct Annual Meeting of Shareholders 5
Slide 6: Board changes
Board changes • Newly appointed Independent Director, Alison Barrass • Independent Director, Graeme Wong retires today • Majority of Independent Directors maintained • Future Director, Taurua Grant joins Precinct Precinct Annual Meeting of Shareholders 6
Slide 7: What we do
What we do Invest Develop Manage $3.3 billion ~$1 billion Trusted managers directly-held portfolio of active office and residential developments of real estate, investment funds and operating (on-completion value) businesses $2.4 billion $1.6 billion completed since 2017 across office, retail, capit
Slide 8: Sustainability
Sustainability As a business, we continue to identify and reduce our material impacts across Precinct’s operations. 2024 GRESB Result Offsetting carbon emissions Achieving an increased Global Real Offsetting upfront development Estate Sustainability Benchmark carbon emissions on completion and (GRES
Slide 9: FY25 dividend 6.75 cents
FY25 dividend 6.75 cents per stapled security Total combined FY25 dividends guidance for Precinct Properties New Zealand Limited and Precinct Properties Investment 13 December 2024 Q1 dividends payment Precinct Annual Meeting of Shareholders 9
Slide 10: Year in review
Year in review Scott Pritchard, Chief Executive Officer
Slide 11: Strategic execution across living sector
Strategic execution across living sector Expanded living Entry into purpose- Further residential pipeline secured sector exposure built student accommodation (PBSA) sector Precinct Annual Meeting of Shareholders 11
Slide 12: FY24 results highlights
FY24 results highlights $126.9m Funds from Operations (FFO) from directly held investment portfolio $139.3m $103.6m Net property income1, up 5.8%2 Net operating income before tax, up 1.5% on the previous year 1 Net property income excludes IFRS 16 rent expense allocation Precinct Annual Meeting of S
Slide 13: Investment portfolio continues to perform
Investment portfolio continues to perform 98% Occupancy 6.6yrs Weighted average 11% Under-renting 4.5% Val-on-val. office net (by NLA) lease term (vs. market rents) market rent growth Y/Y 1 • Robust demand for premium office • Levels of leasing activity reflective of the ongoing high levels of occup
Slide 14: Capital partnerships – strategic approach
Capital partnerships – strategic approach Precinct has continued to execute on its Growth area Investor appetite capital partnership strategy, with a focus Core Office Limited levels on value-add and living sectors Core+ Office Good levels Build-to-Sell Residential Strong levels Student Accommodatio
Slide 15: Development overview
Development overview Precinct.
Slide 16: Aon Centre and HSBC Tower, Jarden House
Aon Centre and HSBC Tower Jarden House Precinct Annual Meeting of Shareholders 16
Slide 17: Aon Centre and HSBC Tower, Jarden House
Aon Centre and HSBC Tower Jarden House Precinct Annual Meeting of Shareholders 17
Slide 18: Aon Centre and HSBC Tower, Jarden House
Aon Centre and HSBC Tower Jarden House Precinct Annual Meeting of Shareholders 18
Slide 19: Downtown
Downtown Significant progress made towards committing to the redevelopment of Downtown Carpark • Development Agreement now unconditional • Reference Design approved and Resource Consent application lodged • Preliminary Design to commence in FY25 • Leasing engagement progressing, with Precinct in exc
Slide 20: Conclusion and outlook
Conclusion and outlook • Precinct’s core investment properties continue to be underpinned by excellent fundamentals and are providing solid income growth. • Continue to explore further opportunities across multiple sectors with Precinct’s capital partners. • Precinct remains optimistic about its med
Slide 21: Shareholder Q&A
Shareholder Q&A
Slide 22: Formal business
Formal business Precinct. fb
Slide 23: Resolution 1: Election of Director
Precinct Properties Resolution 1 Election of Director That Alison Barrass be elected as a Director of Precinct Properties New Zealand Limited The Board unanimously recommend that shareholders vote in favour Precinct Annual Meeting of Shareholders 23
Slide 24: Resolution 2: Re-election of Director
Precinct Properties Resolution 2 Re-election of Director That Nicola Greer, who retires by rotation and has offered herself for re-election, be re- elected as a Director of Precinct Properties New Zealand Limited The Board unanimously recommend that shareholders vote in favour Precinct Annual Meetin
Slide 25: Resolution 3: Re-election of Director
Precinct Properties Resolution 3 Re-election of Director That Chris Judd, who retires by rotation and has offered himself for re-election, be re- elected as a Director of Precinct Properties New Zealand Limited The Board unanimously recommend that shareholders vote in favour Precinct Annual Meeting
Slide 26: Resolution 4: Re-election of Director
Precinct Properties Resolution 4 Re-election of Director That Mark Tume, who retires by rotation and has offered himself for re-election, be re- elected as a Director of Precinct Properties New Zealand Limited The Board unanimously recommend that shareholders vote in favour Precinct Annual Meeting o
Slide 27: Resolution 5: Auditor's Remuneration
Precinct Properties Resolution 5 Auditor’s Remuneration That the Directors be authorised to fix the remuneration of Ernst & Young as auditor for Precinct Properties New Zealand Limited for the ensuing year The Board unanimously recommend that shareholders vote in favour Precinct Annual Meeting of Sh
Slide 28: Resolution 6: Alteration to constitution
Precinct Properties Resolution 6 Alteration to constitution of Precinct Properties That the existing constitution of Precinct Properties New Zealand Limited is altered by deleting clause 35, the last sentence in clause 36.1 and clause 39.6 The Board unanimously recommend that shareholders vote in fa
Slide 29: Resolution 7: Auditor's Remuneration
Precinct Investments Resolution 7 Auditor’s Remuneration That the Directors be authorised to fix the remuneration of Ernst & Young as auditor for Precinct Properties Investments Limited for the ensuing year The Board unanimously recommend that shareholders vote in favour Precinct Annual Meeting of S
Slide 30: Voting and closure
Voting and closure
Slide 31: Thank you
Thank you Precinct.
Precinct Properties New Zealand — Shareholder Meeting (November 2024) on 6ix