60 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's earnings presentation, Aug 27, 2026
Slide 1: FY26 Annual Result Presentation
FY26 Annual Result Presentation 27 August 2026
Slide 2: Agenda
Agenda Section 1: Highlights and key themes Section 2: Our Strategy Section 3: Financial performance Section 4: Capital partnering and investment update Section 5: Portfolio update Section 6: Development update Section 7: Summary Appendices Precinct Properties - FY26 Annual Result 2
Slide 3: Highlights
Highlights Precinct delivered a year of strong execution, achieving record leasing activity while advancing transformative development and capital partnering initiatives CORE INVESTMENTS DEVELOPMENT CAPITAL PARTNERING Committed capital 7.1 yrs Weighted average lease term (WALT) $0.5b Developments co
Slide 4: Executing on strategy
Executing on strategy Established new PwC Acquired ASB North Completed Molesworth Capital available to Tower partnership Wharf in partnership St office development deploy • $600m headline sale price • $205m purchase price • New premium Wellington • Pro forma gearing 29%2 office asset • PAG is a lead
Slide 5: Key themes
Key themes 01 02 03 Growth outlook Premium office Global capital is positive fundamentals returning to NZ Economic activity is Structural trends support a Global capital increasingly improving despite ongoing positive outlook for premium attracted to quality New volatility office leasing activity Ze
Slide 6: Our strategy
Our strategy Precinct Properties - FY26 Annual Result 6
Slide 7: Our business
Our business We create vibrant, mixed- Balance sheet Capital partnerships use precincts that deliver Total assets under AUM $3.0b AUM $2.2b premium experiences for management (AUM) the people who live, visit $5.2b Property portfolio Partnership assets1 or come to work in our $3.0b $2.2b spaces City-
Slide 8: Strategic targets
Strategic targets Precinct has $3.1b of invested capital, allocated across directly-owned and capital partnership assets1,2 TARGETS TODAY2 Capital partnerships ~25% of invested capital 10% of invested capital Strategic targets Target capital allocation Commercial ~20% 9% Living sector ~5% 1% Target
Slide 9: Reflecting on progress
Reflecting on progress Since launching the capital partnering and living sector strategies in 2022, Precinct has made considerable progress • Formed over $2.5b of capital partnerships to date with highly reputable domestic and international capital partners1 • Commenced and completed Fabric 2 and Do
Slide 10: Financial performance
Financial performance Precinct Properties - FY26 Annual Result 10
Slide 11: Financial overview
Financial overview Operating profit before indirect expenses and income tax $162.7m up $10.4m on prior year Total comprehensive income after tax attributable to equity holders $(12.6)m down $15.7 on prior year Directly-held property FFO $161.7m up $11.4m on prior year Capital management initiatives
Slide 12: Directly held property FFO
Directly held property Directly held property FFO reconciliation $165 m FFO $160 m $161.7m $155 m • Investment portfolio FFO up 1.3% ($1.9m) after adjusting for surrender payments and other one-off income. $150 m $150.3m $149.9m On the same like-for-like adjusted basis: $145 m • Auckland office up 0
Slide 13: Underlying FFO
Underlying FFO • Cornerstone distributions: down due to sale of remaining interest in 40 & 44 Bowen St in late FY25; FY27 outlook stronger following acquisition of ASB North Wharf and PwC Tower partnership $173.7m +7.6% Underlying FFO Increase on prior year establishment • Development and trading: r
Slide 14: Funds from operations
Funds from operations Funds from operations bridge (cps) 7.60 (FFO) 7.40 7.20 7.00 6.80 6.60 6.40 7.31 cps +3.0% 6.20 6.00 Funds from operations (FFO) Increase on prior year • Net interest expense consistent with prior year. H2 expense For the 12 months ended 30 Jun 2026 30 Jun 2025 Variance skewed
Slide 15: NTA movement
NTA movement FY26 NTA movements 122 cents per share 120 121 cps • NTA decreased 5 cps to 113 cps following a 118 devaluation of Precinct’s property portfolio of $77 118 cps 116 million (excluding right of use assets) since December 114 2025 112 113 cps • Auckland office valuations remained resilient
Slide 16: Capital management
Capital management Debt facilities expiry profile 29% Debt facilities $800 m $65m $65m Loan to value ratio1 Repay PCT HB 5 year W/S bond SCN in Sep-26 issued Aug-26 Jun-25: 42% $600 m • Delivered over $1 billion of capital initiatives, ensuring Precinct has capital available to deploy $400 m into va
Slide 17: Approach to capital management
Approach to capital management Our approach to capital management Anticipated pathway to Downtown decision Debt sources is to preserve financial flexibility • Significant bank capacity in a favourable funding through cycles, ensuring we can fund environment growth opportunities and maintain balance
Slide 18: Earnings outlook and FY27 guidance
Earnings outlook and FY27 guidance 6.75cps FY27 dividend guidance FY27 reflects the timing impacts of capital recycling and STRATEGIC PILLARS balance sheet capacity which positions the business for future growth Resilient core income from high Core • FY27 dividend guidance of 6.75 cents per stapled
Slide 19: Capital partnering and investment update
Capital partnering and investment update Precinct Properties - FY26 Annual Result 19
Slide 20: Capital partnerships update
Capital partnerships update FY26 Highlights Committed co-invested partnerships Precinct's $2.2b capital partnerships increased to $2.0b (committed, on-completion value) • Growing the platform to scale with existing $2.5b partners • $0.2b acquisition of ASB North Wharf in +$0.0b 2.0b partnership with
Slide 21: Partnerships have grown to $2.2b since 2022
Partnerships have grown to $2.2b since 2022 FY22: Partnership formed with GIC (PPILP) via the FY23: Partnership formed with PAG on 40-44 Bowen FY23: Joint venture with Ngāti Whātua Ōrākei FY23: Wynyard Stage 3 development undertaken in acquisition of four assets from Precinct St (BILP); Precinct ful
Slide 22: Scaling the platform supports stronger returns
Scaling the platform supports stronger returns Earnings contribution from capital partnerships1, 2 Value of co-invested capital partnerships3 $2.5b 35% Development % Platform $ billions growth 30% $20m $2.0b Income ($m) 25% Bowen exit, $15m development $1.5b 20% completions $1.0b 15% $10m 10% $0.5b
Slide 23: Delivering benefits from partnerships
Delivering benefits from partnerships $1.3b of capital recycled through capital Benefits partner transactions2 • 6.4% income yield in FY26 – exceeds property income yields Capital Returned Avoided commitment Equity Retained if assets retained on balance sheet Improves return on equity • Enabled pr
Slide 24: Investment and capital markets
Investment and capital markets Pricing has stabilised, with office transactions and global capital Historic interest rate v yield spread returning to New Zealand 10% Spread to 5Y bond Prime office yield 5Y bond rate 8% Asset pricing has stabilised 6% Prime office yields have held steady since mid-20
Slide 25: Portfolio update
Portfolio update Precinct Properties - FY26 Annual Result 25
Slide 26: Investment portfolio update
Investment portfolio update1 COMMERCIAL BAY AUCKLAND OFFICE² WELLINGTON OFFICE TOTAL PORTFOLIO RETAIL Occupancy WALT 97% 97% 96% 97% 3.3% (Weighted average lease term) 6.2 years 10.0 years 3.0 years 7.1 years Uplift from rent reviews across the portfolio in FY26 Capitalisation rate 5.8% 6.0% 6.0% 5.
Slide 27: Key Themes – Auckland CBD office
Key Themes – Auckland CBD office Case study: Occupiers choosing the CBD Preference for waterfront locations Precinct clients prefer to work from office 9,800 sqm One NZ moves from Takapuna to Wynyard Quarter Demand is strongest in waterfront locations with high Office attendance is continuing to str
Slide 28: End of workplace densification era underpins positive demand outlook
End of workplace densification era Expansion within the CBD underpins positive demand outlook Workplace densification has been a key Now, as workplace designs have reached a 2,637 sqm headwind to office demand over the last decade practical limit, employment growth is expected Net increase in office
Slide 29: Key Themes – Wellington CBD office
Key Themes – Wellington CBD office Wellington has an undersupply of prime-grade properties and excess Clients are increasingly consolidating into the highest-quality buildings, at secondary stock relative to Auckland the expense of the remaining stock Composition of stock by city Vacancy by stock ty
Slide 30: Office Market Outlook
Office Market Outlook Auckland CBD Premium office market Wellington CBD A-Grade office market Premium vacancy expected to remain at current low levels Vacancy rates expected to improve in the near-term JLL Colliers CBRE JLL Colliers CBRE Vacancy Rate (%) Vacancy Rate (%) 8% 12% 10% 6% 8% 4% 6% 4% 2%
Slide 31: Commercial Bay Retail
Commercial Bay Retail Commercial Bay continues to attract premium international and leading local brands, housing several New Zealand flagship stores FY26 FY25 Var +5.6% Occupancy Funds from operations 96% $16.6 m 97% $16.9 m -1pp (1.8%) Moving Annual Turnover (MAT) Total sales (MAT) 1,2 $167.6 m $1
Slide 32: Development update
Development update Precinct Properties - FY26 Annual Result 32
Slide 33: Driving growth through a $4.0b development pipeline
Driving growth through a $4.0b FY26 Highlights development pipeline • Development completions of $0.5b over the last 12 months • Committed to $0.4b of new projects in the year • 54% weighted Precinct ownership of $0.9b committed pipeline • 22 Stanley Street and 256 Queen Street progressing as planne
Slide 34: Development pipeline
Development $0.9b Total pipeline composition pipeline Gross development value of committed 13% projects Delivery remains disciplined, 14% with all committed projects 51% on programme and within approved budgets Artist’s impression: 164 Beaumont St $0.4b 22% Imminent completions Projects committed to
Slide 35: Commencing Pillars
Commencing Pillars • 20 luxury residences, across two apartment buildings, on an elevated ridgeline site overlooking St Mary’s Bay ~$100m 20%+ • Pre-sales cover 33% of cost; incremental spend of circa $50 million Gross development value Return on cost (incl. GST) • GN Construction appointed on a Fix
Slide 36: Downtown: Status
Downtown: Status • Fast Track resource consent approved • Negotiations with office pre-commitment occupiers ongoing for ~50% of NLA, all from outside of Precinct’s portfolio • Australasian Tier 1 contractor, Built, appointed for the pre- development phase, bringing extensive tower experience and opt
Slide 37: Downtown: Stage 1
Downtown: Stage 1 Stage 1 focuses capital deployment on the office-led components underpinned by preleasing • Q2 CY2027 commitment to Stage 1, comprising demolition, enabling works, full basement, Tower 1 (office) and three office podia with ground floor retail and civic space • Stage 1 will present
Slide 38: Downtown: Project details
Downtown: Project details Indicative development programme1 Indicative project metrics 1 – Stage 1 Calendar year 2026 2027 2028 2029 2030 2031 2032 Use Office, F&B / retail, ancillary parking Office lettable area 72,500 sqm Design Retail lettable area 3,500 sqm Procurement Target Stage 1 commitment
Slide 39: Downtown: Contractor procurement
Atlassian, 2026 Chifley South, 2027 Downtown: Contractor procurement • Built engaged through an ECI process, with the intention to transition to the project delivery contractor • Significant Tier 1 high-rise and commercial tower delivery experience across Australia. ECI resourced by an experienced p
Slide 40: Downtown: Demand drivers
Downtown: Demand drivers Strong leasing momentum Favourable demand drivers CBD Office demand poised to accelerate1 01 Waterfront Pull Last 10 years Outlook (low) Outlook (high) The waterfront precinct continues to attract Auckland's leading Office-based employment growth 4% pa 1% pa 3% pa corporate
Slide 41: Downtown: Pathway to commitment
Downtown: Pathway to commitment Precinct has a clear set of 01 02 criteria it is targeting prior to Resource consent Office pre-leasing making a commitment Resource Consent uplifted for the ≥40% office unconditional pre- decision approved scheme commitment 03 04 05 Funding capacity Construction cont
Slide 42: Summary
Summary Precinct Properties - FY26 Annual Result 42
Slide 43: Summary and outlook
Summary and outlook • Precinct enters FY27 with a strong balance sheet, a high- quality portfolio and a clear set of strategic priorities • Strength of the Auckland premium office market, favourable investment conditions and improving depth of capital available for high-quality New Zealand real esta
Slide 44: Appendices
Appendices Precinct Properties - FY26 Annual Result 44
Slide 45: Financials
Financials Appendices Precinct Properties - FY26 Annual Result
Slide 46: Financial performance
Financial performance For the 12 months ended 30 Jun 2026 30 Jun 2025 Variance $ millions Audited Audited ($m) (%) Operating profit before indirect expenses and income tax $162.7 m $152.3 m +$10.4 m +6.8% Corporate overhead expense ($6.7 m) ($4.6 m) ($2.1 m) +45.7% Net interest expense ($65.1 m) ($6
Slide 47: FFO contribution from directly held property
FFO contribution from directly held property For the 12 months ended 30 Jun 2026 30 Jun 2025 Variance $ millions Audited Audited ($m) (%) Directly held property funds from operations (FFO) AON Centre - AKL $13.8 m $11.3 m +$2.5 m +22.1% HSBC Tower $24.1 m $28.8 m ($4.7 m) (16.3%) GHD House $7.4 m $7
Slide 48: FFO/NPI reconciliation to operating profit
FFO/NPI reconciliation to operating profit For the 12 months ended 30 Jun 2026 30 Jun 2025 Variance $ millions Audited Audited ($m) (%) Directly held property FFO $161.7 m $150.3 m +$11.4 m +7.6% Amortisation of incentives and leasing costs ($15.9 m) ($14.3 m) ($1.6 m) +11.2% Straight-line rents ($0
Slide 49: Balance sheet
Balance sheet Financial position as at 30 June 2026 30 June 2025 Δ $ millions Audited Audited Assets Investment properties $2,463.4 m $2,803.7 m ($340.3 m) Development properties $178.9 m $334.9 m ($156.0 m) Inventories $56.9 m - +$56.9 m Investment properties held for sale $588.4 m $223.7 m +$364.7
Slide 50: Investment portfolio
Investment portfolio Appendices Precinct Properties - FY26 Annual Result
Slide 51: Investment portfolio overview
Investment portfolio overview¹ Key metrics Occupancy Auckland Wellington Investment Investment portfolio Auckland Commercial Wellington 100% portfolio % of NLA including Office Bay Retail Office directly held³ cornerstone2 80% WALT 7.3 yrs 7.1 yrs 6.2 yrs 3.0 yrs 10.0 yrs 60% 40% Occupancy 96% 97% 9
Slide 52: Valuations
Valuations1 Capitalisation rate Valuation Revaluation movement Property 30 Jun 2026 30 Jun 2025 Change 30 June 2026 $m % Auckland office HSBC Tower 5.6% 5.5% +13 bps $455.5 m $6.0 m 1.3% AON Centre - Auckland 6.3% 6.1% +13 bps $220.0 m ($3.2 m) (1.4%) Jarden House 5.9% 5.9% - $127.0 m ($2.1 m) (1.6%
Slide 53: Capital partnerships summary
Capital partnerships summary Equity accounted Fund name Capital partner Sector Strategy Ownership Gross asset value¹ investment Co-invested partnerships PPILP GIC Office Long WALT 24.9% $91 m $0.9 b Te Tōangaroa JV PAG, Ngāti Whātua Ōrākei Office Core-plus 17-19%2 $16 m $0.1 b 22 Stanley LP Keppel P
Slide 54: ESG metrics
ESG metrics Our strategy integrates sustainability to create Participation Overview Current4,5 Target value and resilience across our business The overarching measure Precinct has chosen to use as its core Global Score 91 • $1.7b1 of green assets across the direct portfolio ESG performance benchmark
Slide 55: Our markets
Our markets Appendices Precinct Properties - FY26 Annual Result
Slide 56: Auckland CBD office market
Auckland CBD office market Net absorption, rolling 12 months Net effective growth rate (Y/Y%) 60k 140 Index (Jun-16 = 100) NLA (sqm) 40k 130 20k 120 - 110 (20k) (40k) 100 (60k) 90 (80k) 80 Prime Secondary Prime Secondary Premium Source: JLL Source: JLL CBD office vacancy by grade Premium Prime Secon
Slide 57: Wellington CBD office market
Wellington CBD office market Net absorption, rolling 12 months CBD gross effective growth rate (Y/Y%) 100k 180 Index (base = 100) NLA (sqm) 50k 160 - 140 (50k) 120 (100k) 100 (150k) 80 Jun-20 Dec-20 Jun-25 Dec-25 Jun-26 Dec-21 Jun-22 Dec-22 Jun-21 Jun-23 Dec-23 Jun-24 Dec-24 Dec-16 Jun-18 Dec-18 Jun
Slide 58: Auckland Residential Market
Auckland Residential Market • Sales activity and prices remains broadly REINZ Median House Price – Auckland Region Sales volumes – Auckland Region stable, with Auckland transaction volumes No. of sales (p.a) 30% $1.50m 40k Y/Y growth (%) Median house price ($) currently tracking around their 20-year
Slide 59: Purpose-built student accommodation
Purpose-built student accommodation Auckland’s international student enrolments have CBD apartment vacancy remains low; undersupply Auckland retains the majority of international student recovered to above pre-Covid levels likely to persist with zero near-term pipeline demand +12.8% 1.0-2.5% 57% % i
Slide 60: 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