Precinct Properties Nz Ltd & Precinct Properties Investments Ltd · NZX:PCT
Precinct Properties Nz Ltd & Precinct Properties Investments — Precinct Properties — H1 FY2026 Earnings Presentation
35 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's earnings presentation, Feb 26, 2026
Slide 1: FY26 Interim Result
FY26 Interim Result 26 February 2026
Slide 2: Agenda
Agenda Section 1: Highlights and key themes Section 2: Financial performance Section 3: Capital partnering and investment market Section 4: Portfolio update and occupier market Section 5: Development update Section 6: Summary Appendices Precinct Properties – FY26 Interim Result 2
Slide 3: Operational highlights
Operational highlights Operational performance Financial performance Active capital management • 97% portfolio occupancy • $69.2 million investment portfolio • Completed a $325 million equity (Jun-25: 97%) Funds from Operations (FFO), up raise in the period with proceeds $1.2m (1.8%) on the prior us
Slide 4: Key themes
Key themes Economy Construction sector • Economic activity is beginning to recover, • Ongoing soft construction demand leading to supported by reductions in the official cash continued capacity in the sector and easing in rate, with lower interest rates helping to cost inflation improve confidence •
Slide 5: Financial performance
Financial performance Precinct Properties – FY26 Interim Result 5
Slide 6: Financial overview
Financial overview Total comprehensive income after tax attributable to equity holders nil down $3.2m on prior period Investment portfolio FFO $69.2m up $1.2m on prior period1 Properties sold in the period (Amora) & settled post balance date (InterContinental Auckland hotel & 22 Stanley Street) $264
Slide 7: Operating income
Operating income For the 6 months ended 31 Dec 2025 31 Dec 2024 Δ % Movement in directly held property FFO $ millions Unaudited Unaudited $78 m Directly held property FFO $76 m $74 m $76.0m Auckland office $37.8 m $42.0 m ($4.2 m) (10.0%) $72 m $72.7m Wellington office $22.2 m $21.7 m +$0.5 m +2.3%
Slide 8: Funds from operations and AFFO
Funds from operations and AFFO For the 12 months ended 31 Dec 2025 31 Dec 2024 Δ % $ millions Unaudited Unaudited • Fall in cornerstone distributions attributable to sale of 40 and 44 Directly held property FFO $76.0 m $77.5 m ($1.5 m) (1.9%) Bowen Street, expected to grow following the settlement o
Slide 9: Capital management
Capital management Capital initiatives positioning the balance sheet for growth Key metrics 31 Dec 25 30 Jun 25 • Successfully raised $325 million of new equity providing growth capital Debt drawn $1,495m $1,594m • Settled Amora Hotel and, post balance date, settled InterContinental hotel and 22 Sta
Slide 10: Capital partnering and investment market
Capital partnering and investment market Precinct Properties – FY26 Interim Result 10
Slide 11: ASB North Wharf acquired in partnership
ASB North Wharf acquired in partnership Acquisition of a high quality asset in a prime waterfront location with strong sustainability credentials, aligned with the partnership’s strategy • Acquired for $205 million by Precinct’s real estate investment partnership with global institutional investor,
Slide 12: Sustained growth in partnerships, now total $1.9 billion
Sustained growth in partnerships, now total $1.9 billion Existing partnerships Capital partnerships (pro forma committed)1 Dec-2025 Completion PCT Strategy • Post balance date settled the sale of 22 Stanley Street to pro forma Value share Stanley LP, Precinct’s investment partnership with Keppel. Co
Slide 13: Residential build-to-sell platform
Residential build-to-sell platform Residential market Build-to-sell pipeline Expected Completion value Project Status Units • Auckland residential market indicators broadly neutral to positive1. completion (incl. GST) Since June: Fabric Stage 2 Construction FY26 118 $125 m The Domain Collection Cons
Slide 14: Investment and capital markets
Investment and capital markets • New Zealand investment market conditions continue to strengthen, Top sectors investment in 20261 supported by a positive yield spread relative to the cost of debt and strong 30% occupier fundamentals 2025 2026 • CBRE Asia-Pacific Survey of Investor Intentions reports
Slide 15: Portfolio update and occupier market
Portfolio update and occupier market Precinct Properties – FY26 Interim Result 15
Slide 16: Investment portfolio update
Investment portfolio update • 25,001 sqm of lease deals concluded across the portfolio in the period • Another solid leasing spread was achieved during this period: • +10.3% spread achieved across 22,610 sqm of office leasing 97% 6.1yrs Occupancy Weighted average • Over 63,250 sqm of rent reviews co
Slide 17: Occupier demand indicators – Auckland
Occupier demand indicators – Auckland • Employment growth and occupied office Occupier densities – Auckland CBD Indexed Auckland CBD employment vs. Occupied stock1 (Index: 2001 = 100) stock remained broadly correlated until 24 220 sqm per employee 2017. Subsequent dislocation driven by 22 Employees
Slide 18: Auckland CBD office occupier market
Auckland CBD office occupier market • Occupier right sizing largely complete. Net absorption, rolling 12m Precinct Auckland office leasing activity1 Limited sublease space available in the 60k 20 k NLA (sqm) NLA (sqm) Auckland Office Average: 5.0k premium market Prime Secondary 40k 15 k • Occupiers’
Slide 19: Wellington CBD office occupier market
Wellington CBD office occupier market • The Wellington office market has Net absorption, rolling 12m Prime gross effective rental growth, Y/Y% experienced an increase in vacancy, 100k JLL Colliers CBRE NLA (sqm) largely as an outcome of central Growth (%) Prime Secondary 20% governmental consolidati
Slide 20: Commercial Bay Retail and Precinct Flex
Commercial Bay Retail and Precinct Flex Commercial Bay Retail Commercial Bay trading performance1 Precinct Flex • Moving annual turnover (MAT)1 has increased Dec-25 Dec-24 Var • Achieved $1.1m operating profit2, up $0.7m on 6.2% on last year, driven by strong sales from 1H25 new retailers and touris
Slide 21: Development update
Development update Precinct Properties – FY26 Interim Result 21
Slide 22: 61 Molesworth complete
61 Molesworth complete Delivery of a 6 Green Star development to deliver enhanced asset and income resilience • Achieved practical completion post balance date following rent commencement in October 2025 • Targeting 6 star ‘World Leadership’ Green Star Built rating and 5 star NABERSNZ rating • Highl
Slide 23: Living projects
Living projects Precinct continues to build momentum in the sector, with three build-to-sell projects under construction and two additional projects launched this financial year Purpose-built student accommodation 22 Stanley – Construction commenced August 2025 with contractor Hadyn & Rollett and re
Slide 24: Downtown
Downtown Status • Acquisition of Downtown Car Park now settled • Substantive resource consent application lodged with the Environmental Protection Agency under the ‘Fast Track’ consenting pathway; uplift anticipated in the next six months • Developed design has commenced with a continued focus on op
Slide 25: Summary
Summary Precinct Properties – FY26 Interim Result 25
Slide 26: Summary and outlook
Summary and outlook Strategic pillar • Auckland Premium office market continues to outperform, demonstrating sustained demand and rental growth; supply • 6% under renting with ~70% of portfolio weighted to Auckland outlook remains constrained Core Investment • 75% of portfolio subject to review in F
Slide 27: Appendices
Appendices Precinct Properties – FY26 Interim Result 27
Slide 28: A1: Financial performance
A1: Financial performance For the 6 months ended 31 Dec 2025 31 Dec 2024 Δ $ millions Unaudited Unaudited Operating profit before indirect expenses and income tax $73.7 m $76.6 m ($2.9 m) Corporate overhead expense ($3.1 m) ($2.4 m) ($0.7 m) Net interest expense ($25.5 m) ($29.1 m) +$3.6 m Operating
Slide 29: A2: FFO contribution from directly held property
A2: FFO contribution from directly held property For the 6 months ended 31 Dec 2025 31 Dec 2024 Δ % $ millions Unaudited Unaudited AON Centre - AKL $6.0 m $5.5 m +$0.5 m +9.1% HSBC Tower $11.8 m $17.4 m ($5.6 m) (32.2%) Jarden House $4.2 m $3.6 m +$0.6 m +16.7% PwC Tower $15.8 m $15.5 m +$0.3 m +1.9
Slide 30: A3: Reconciliation of operating profit to FFO
A3: Reconciliation of operating profit to FFO For the 6 months ended 31 Dec 2025 31 Dec 2024 $ millions Unaudited Unaudited Operating profit before indirect expenses and income tax $73.7 m $76.6 m Corporate overhead expense ($3.1 m) ($2.4 m) Net interest expense ($25.5 m) ($29.1 m) Operating profit
Slide 31: A4: Balance sheet
A4: Balance sheet As at 31 Dec 2025 30 June 2024 Δ $ millions Unaudited Audited Assets Investment properties $2,807.5 m $2,803.7 m +$3.8 m Development properties $454.7 m $334.9 m +$119.8 m Inventories $43.0 m - +$43.0 m Investment properties held for sale $249.4 m $223.7 m +$25.7 m Investment in eq
Slide 32: A5: ESG progress
A5: ESG progress Our strategy includes the integration of Participation Overview Current2 Target sustainability across all areas of our business. • $1.6bn1 of green assets (excl. partnership assets) The overarching measure Precinct have chosen to use as its core + Global Score 91 ESG performance ben
Slide 33: A6: Investment portfolio overview
A6: Investment portfolio overview Key metrics Investment Investment Portfolio metrics – directly held portfolio including portfolio directly Wellington Auckland 6.1 years cornerstone 1 held WALT 6.2 years 6.1 years 7.3 years 5.5 years Occupancy 96% 97% 96% 97% Weighted average lease term Investment
Slide 34: A7: Auckland CBD Retail market
A7: Auckland CBD Retail market Retail vacancy vs. Net absorption Retail 8k 14.0% • Annual net absorption (sqm) Although CBD retail vacancy rates have increased, over the period, especially in Vacancy (%) 6k 12.0% midtown, it is broadly anticipated that improving retail spend and consumer 4k 10.0% co
Slide 35: Disclaimer
Disclaimer The information and opinions in this presentation were prepared by Precinct Properties New Zealand Limited or one of its subsidiaries (Precinct). Precinct makes no representation or warranty as to the accuracy or completeness of the information in this presentation. Opinions including est
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