Precinct Properties Nz Ltd & Precinct Properties Investments Ltd · NZX:PCT

Precinct Properties Nz Ltd & Precinct Properties Investments — Precinct Properties — Shareholder Meeting (November 2019)

30 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's shareholder meeting presentation, Nov 20, 2019

  1. Slide 1: Precinct Annual General Meeting

    Precinct Annual General Meeting 20 November 2019

  2. Slide 2: Welcome

    Welcome and good morning Craig Stobo, Independent Director and Chair

  3. Slide 3: Strong results

    Strong results Enhanced portfolio Strengthened balance sheet Earnings and dividend growth

  4. Slide 4: Board and Executive Team

    Board and Executive Team Executive Team Scott Pritchard George Crawford Chief Executive Officer Chief Operating Officer Richard Hilder Chief Financial Officer Board of Directors Apology Craig Stobo Launa Inman Mohammed Al Nuaimi Independent Director and Chair Independent Director Director Don Huse R

  5. Slide 5: Board composition and changes

    Board composition and changes • Majority of Independent Directors maintained • Newly appointed Independent Director − Anne Urlwin to replace Don Huse •Don Huse retires second half of 2020 •Chris Judd leaves early 2020

  6. Slide 6: Meeting agenda

    Meeting agenda • Review Precinct performance and activity • Shareholder questions and discussion • Consider and vote on two ordinary resolutions and one special resolution

  7. Slide 7: 2019 results highlights

    2019 results highlights $190.1m total comprehensive income after tax +3.7% increase in net operating income +3.4% increase in dividend YoY

  8. Slide 8: Capital management

    Capital management • Completed $152m equity raising • Secured $163m in non-bank funding through a United States Private Placement • Refinanced bank debt • Sold $191m of assets

  9. Slide 9: Dividend policy changes

    Dividend policy changes Optimise long term sustainable returns for our shareholders • Recently reviewed • Transition towards paying out approximately 100% of AFFO as dividends • Aligning dividends with AFFO best practice

  10. Slide 10: FY20 dividend

    FY20 dividend 6.30cps FY20 dividend guidance 12 December 2019 FY20 Q1 dividend payment +5.0% expected increase in FY20 dividend

  11. Slide 11: Sustainability

    Sustainability Our goal is to create sustainable value through city centre real estate

  12. Slide 12: Environmental performance

    Environmental performance • Positive results from sustainable design − measurable environmental improvements and social benefits • Reduction in carbon emission intensity across our operating business − Currently exploring more options to reduce our carbon footprint

  13. Slide 13: GRESB

    GRESB Global Real Estate Sustainability Benchmark • 2019 score of 77, up from 69 last year • Trending ahead of the global average of 72 • Public disclosure level B, global average C

  14. Slide 14: Health and safety

    Health and safety • No significant injuries in FY19 • Completed over 250 principal audit and monitoring inspections • Mates in Construction (NZ) − a mate who can keep you safe while connecting you to help

  15. Slide 15: Strategic execution

    Strategic execution We are focused on our people and partners, operational excellence and developing the future

  16. Slide 16: Our markets

    Our markets • Auckland city centre − Strong performance − Office employment growth − Inner-city resident growth • Wellington city centre − Limited supply for high quality office − Growth in government employment

  17. Slide 17: Generator

    Generator 100% owned by Precinct Clear strategy for Generator business Growth in demand in Auckland and Wellington

  18. Slide 18: Bowen Campus

    Bowen Campus • Stage One now complete and occupied − Ministry of Primary Industries − New Zealand Defence Force • Return metrics ahead of feasibilities − Increased rent − Lower capitalisation rates − Higher occupancy

  19. Slide 19: Defence House

    Defence House

  20. Slide 20: Commercial Bay

    Commercial Bay Significant leasing over the last 18 months New retail entrants to New Zealand market On schedule for completion March/April 2020

  21. Slide 21: Wynyard Quarter

    Wynyard Quarter Stage Two progressing well over the last 12 months Office fully leased On schedule for completion end 2020

  22. Slide 22: Future developments

    Future developments

  23. Slide 23: Outlook

    Outlook • Precinct remains well positioned • Strong balance sheet position • Increased dividends to shareholder − FY20 dividend guidance up 5.0%

  24. Slide 24: Questions & Answers

    Questions & Answers Please state your name and advise whether you are a shareholder

  25. Slide 25: Formal business

    Formal business

  26. Slide 26: Resolution 1

    Resolution 1 That Anne Urlwin be elected as a director The Board unanimously recommend that shareholders vote in favor Anne Urlwin, BCom, FCA, CFInstD, MAICD, ACIS, FNZIM

  27. Slide 27: Resolution 2

    Resolution 2 That the directors be authorised to fix the remuneration of Ernst & Young as auditor for the ensuing year The Board unanimously recommend that shareholders vote in favor

  28. Slide 28: Resolution 3

    Resolution 3 That the existing constitution of the Company is revoked, and the constitution presented at the meeting is adopted as the constitution of the Company. The Board unanimously recommend that shareholders vote in favor

  29. Slide 29: Voting and closure

    Voting and closure • We will now proceed to a poll and conclude the meeting • The results will be announced to the NZX

  30. Slide 30: Thank you

    Thank you

Precinct Properties — Shareholder Meeting (November 2019) on 6ix