Precinct Properties Nz Ltd & Precinct Properties Investments Ltd · NZX:PCT
Precinct Properties Nz Ltd & Precinct Properties Investments — Precinct Properties — Shareholder Meeting (November 2021)
35 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's shareholder meeting presentation, Nov 4, 2021
Slide 1: Precinct Annual General Meeting
Precinct Annual General Meeting 4 November 2021
Slide 2: Welcome
Welcome and good morning Craig Stobo, Independent Director and Chair
Slide 3: Online questions and voting
Online questions and voting • Questions can now be submitted through the webcast • Questions will be addressed at relevant time in meeting • Opening of voting
Slide 4: Board and Executive Team
Board and Executive Team Board of Directors Craig Stobo Nicola Greer Apology Independent Director and Chair Independent Director Mohammed Al Nuaimi Director Graeme Wong Mark Tume Independent Director Independent Director Anne Urlwin Independent Director Chris Judd Independent Director Executive Team
Slide 5: Meeting agenda
Meeting agenda • Review Precinct performance and activity • Shareholder questions and discussion. • Consider and vote on six ordinary resolutions and one special resolution
Slide 6: Board composition and changes
Board composition and changes •Welcome Nicola and Mark to the Board −Launa Inman and Rob Campbell retired • Majority of Independent Directors maintained − Six of seven Directors independent
Slide 7: Director remuneration
Director remuneration •Director remuneration has been held constant since 2018. •Full transparency of Director fees •Engaged independent advisors PwC to provide New Zealand listed company benchmark data •Regulatory landscape has continued to change
Slide 8: Focus on ESG
Focus on ESG •ESG Committee established at Board level •Responding to our material ESG risks and opportunities •Commitment to Precinct’s Sustainable Debt Framework dated 2020
Slide 9: Sustainability performance
Sustainability performance •Measure and report against global sustainability assessments, frameworks and standards •GRESB score of 82 −global average 73 −public disclosure level “A”
Slide 10: Offsetting embodied carbon
Offsetting embodied carbon Compensate for the tonnes of CO2 equivalent to seek carbon neutrality i
Slide 11: Precinct's objective
Precinct’s objective Creating sustainable value through city centre real estate i Photo credit: Simon Devitt
Slide 12: 2021 results highlights
2021 results highlights +3.0% 7.7 year AFFO increase WALT +3.2% 98% Dividend Increase Occupancy Photo credit: Simon Devitt
Slide 13: Precinct Internalisation Agreement
Precinct Internalisation Agreement •Evolution of the business •Places Precinct in a strong position for future growth •Expected to provide significant benefits to Precinct and its shareholders •Key management personnel retained Photo credit: Simon Devitt
Slide 14: FY22 dividend 6.70cps
FY22 dividend 6.70cps FY22 Dividend guidance 3.1% Year-on-year growth 10th December 2021 FY22 Q1 dividend payment
Slide 15: Quality delivers resilience
Quality delivers resilience The high quality and resilient nature of our portfolio is driving Precinct’s operating and financial performance Photo credit: Simon Devitt
Slide 16: Portfolio highlights
Portfolio highlights +$282.9m Full year revaluation $179.9m Total comprehensive income after tax Photo credit: Simon Devitt
Slide 17: Strong balance sheet
Capital Management Strong • $250 million equity raised balance • $150 million Green Bond issued sheet • Completed ANZ Centre sale position • New $250 million bank facility
Slide 18: Our markets
Our markets • Strong leasing demand from high quality occupiers 35,270sqm Leasing transactions (including development leasing) • Solid demand for premium grade office space in Auckland and Wellington
Slide 19: COVID-19 impacts and support
COVID-19 impacts and support • Impact of prolonged lockdowns and restrictions on our occupiers - Auckland businesses heavily impacted • Precinct will continue to provide support through a range of relief packages - Financial support provided totalling $10 million since the pandemic started
Slide 20: Generator
Generator Supporting Precinct’s portfolio leasing and long term strategic objectives
Slide 21: Wellington opportunities
Wellington opportunities • Strategically located • Significant redevelopment opportunities • Progressing well
Slide 22: Bowen Campus Stage 2
Bowen Campus Stage 2 •Both projects remain on programme and on budget •44 Bowen Street 100% leased
Slide 23: Deloitte Centre
Deloitte Centre 87% pre-committed (incl. hotel) following commitment from Deloitte
Slide 24: Conclusion and outlook
Conclusion and outlook • Our business has demonstrated remarkable resilience over the last 18+ months • Encouraged by the increase in New Zealand’s vaccination rate • Leverage the quality of our portfolio • Dividend guidance of 6.70cps for the FY22 year maintained
Slide 25: Shareholder Q&A
. Shareholder Q&A
Slide 26: Formal Business
Formal Business
Slide 27: Resolution 1
Resolution 1 That Graeme Wong be re- elected as a director of Precinct The Board unanimously recommend that shareholders vote in favour
Slide 28: Resolution 2
Resolution 2 That Chris Judd be elected as a director of Precinct The Board unanimously recommend that shareholders vote in favour
Slide 29: Resolution 3
Resolution 3 That Nicola Greer be elected as a director of Precinct The Board unanimously recommend that shareholders vote in favour
Slide 30: Resolution 4
Resolution 4 That Mark Tume be elected as a director of Precinct The Board unanimously recommend that shareholders vote in favour
Slide 31: Resolution 5
Resolution 5 That the directors be authorised to fix the remuneration of the independent directors of the Company from 4 November 2021 pursuant to the per position sums shown in the “Proposed Remuneration” column of the table shown in note 2 of the explanatory notes.
Slide 32: Resolution 6
Resolution 6 That the directors be authorised to fix the remuneration of Ernst & Young as auditor for the ensuing year.
Slide 33: Resolution 7
Resolution 7 That the existing constitution of the Company is revoked, and the constitution presented at the meeting is adopted as the constitution of the Company.
Slide 34: 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 35: Thank you
Thank you Thank you
Precinct Properties — Shareholder Meeting (November 2021) on 6ix