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
Slide 1: Precinct Annual General Meeting
Precinct Annual General Meeting 20 November 2019
Slide 2: Welcome
Welcome and good morning Craig Stobo, Independent Director and Chair
Slide 3: Strong results
Strong results Enhanced portfolio Strengthened balance sheet Earnings and dividend growth
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
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
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
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
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
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
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
Slide 11: Sustainability
Sustainability Our goal is to create sustainable value through city centre real estate
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
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
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
Slide 15: Strategic execution
Strategic execution We are focused on our people and partners, operational excellence and developing the future
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
Slide 17: Generator
Generator 100% owned by Precinct Clear strategy for Generator business Growth in demand in Auckland and Wellington
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
Slide 19: Defence House
Defence House
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
Slide 21: Wynyard Quarter
Wynyard Quarter Stage Two progressing well over the last 12 months Office fully leased On schedule for completion end 2020
Slide 22: Future developments
Future developments
Slide 23: Outlook
Outlook • Precinct remains well positioned • Strong balance sheet position • Increased dividends to shareholder − FY20 dividend guidance up 5.0%
Slide 24: Questions & Answers
Questions & Answers Please state your name and advise whether you are a shareholder
Slide 25: Formal business
Formal business
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
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
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
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
Slide 30: Thank you
Thank you
Precinct Properties — Shareholder Meeting (November 2019) on 6ix