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Precinct NZX announcement - 25 February 2020 Quality portfolio delivers strong first half result Performance summary for the six months ended 31 December 2020 Financial summary • • Total comprehensive income after tax of $ 167.9 million , up 213 % ( 1H20 : $ 53.6 million ) . Strong portfolio revaluation gain of $ 148.5 million or 5.1 % for the half year ended 31 December 2020 ( June 2020 : - $ 66.3 million ) . Active period of leasing and completion of developments contributing to a 15.7 % increase in operating income before indirect expenses to $ 62.5 million ( 1H20 : $ 54.0 million ) . Increase in net asset value per security of 10 cps to $ 1.55 ( June 2020 : $ 1.45 ) . • Adjusted funds from operations ( AFFO ) of 3.34cps , a 7.4 % uplift y - o - y ( 1H20 : 3.11cps ) . • FY21 dividend guidance of 6.50cps maintained . Capital management Balance sheet remains in a strong position with gearing of 29.9 % ( June 2020 : 28.8 % ) . Entered into an agreement to divest the remaining 50 % of the ANZ Centre for $ 177 million in the period . Sale will reduce gearing to around 26 % . Operating performance Occupancy levels maintained at 98 % ( June 2020 : 98 % ) on a weighted average lease term ( WALT ) of 7.7 years ( June 2020 : 8.0 years ) . Secure earnings track with just 4 % of contract rent due to expire in 2021 . ~ 55 % of current contract rent subject to fixed reviews providing certain growth on average of 3 % per annum over next 12 months . Well located and premium portfolio continuing to secure leasing transactions with 11,300 sqm concluded in the period . 6,900 sqm of new office leasing completed 7.9 % above previous contract rent . Generator performance impacted over the short term due to Covid however demand is recovering strongly , and outlook is positive . Commercial Bay operating income lower for the first half due to timing impacts from Covid following delays in opening . Trade performance continues to track in line with expectations after adjusting for no international visitors . Precinct Properties New Zealand Limited hello@precinct.co.nz E W www.precinct.co.nz Head Office Wellington Office Level 12 , 188 Quay Street , Auckland 1010 T 0800 400 599 Level 19 , 157 Lambton Quay , Wellington T 0800 400 599 PO Box 2 , Wellington 6140 , New Zealand PO Box 5140 , Auckland 1141 , New Zealand