Slides
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Annual Meeting of Shareholders 18 November 2025
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Welcome and good morning Anne Urlwin, Independent Director and Chair
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Online questions and voting Precinct Annual Meeting of Shareholders 3 Questions can now be submitted through the webcast and will be addressed at relevant time in meeting Opening of voting
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Board and Executive Team Board of Directors Anne Urlwin Independent Director and Chair Alison Barrass Independent Director Nicola Greer Independent Director 4Precinct Annual Meeting of Shareholders Chris Judd Independent Director Chris Meads Independent Director Mark Tume Independent Director Taurua Grant Future Director Board Observer Executive Team Scott Pritchard CEO Richard Hilder CFO
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Meeting agenda • Review business performance and activity • Shareholder questions and discussion • Consider and vote on five resolutions: • Four Precinct Properties New Zealand Limited resolutions • One Precinct Properties Investments Limited resolution 5Precinct Annual Meeting of Shareholders
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Board composition and director skills matrix • People and Performance Committee continues to ensure that the Boards of Precinct are composed of individuals with a range of appropriate skills, knowledge and experience that are well aligned with Precinct’s strategy. • Majority of Independent Directors maintained 6Precinct Annual Meeting of Shareholders
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Director remuneration • Director remuneration last reviewed in 2023 • Engaged independent advisors PwC to provide independent remuneration benchmarking of non-executive director fees • The Board considers the proposed changes to be modest adjustments that are aligned with market benchmarks. 7Precinct Annual Meeting of Shareholders
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Our business 8Precinct Annual Meeting of Shareholders We create vibrant, mixed-use precincts that deliver premium experiences for the people who live, visit or come to work in our spaces • Own and Invest • Develop • Manage • Partner
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Our strategy 9Precinct Annual Meeting of Shareholders Leverage our strategic pillars to create vibrant, mixed-use precincts that provide quality experiences for the people who live, visit or come to work in our spaces, while delivering long-term value to shareholders. Core Investment Development Capital Partnering
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Sustainability Our strategy includes the integration of sustainability across all areas of our business 10 2025 GRESB Result Achieving an increased Global Real Estate Sustainability Benchmark (GRESB) survey score in 2025 of 91/100 (global average: 79) 5 star top leadership (in the top 20% of funds globally) Offsetting carbon emissions Offsetting upfront development carbon emissions on completion and continuing to prioritising adaptive reuse projects to reduce this impact Climate Statement Lodged Precinct’s Climate Statement in accordance with the Aotearoa New Zealand Climate Standards Precinct Annual Meeting of Shareholders
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Dividend Policy Update • During the year, Precinct undertook a comprehensive review of its dividend policy to ensure alignment with its evolving business model and strategic priorities. • Enhance dividend sustainability and provide greater flexibility. • Precinct has adopted a revised dividend policy, which targets a payout range of 80% to 95% of Funds From Operations (FFO), reflecting recurring earnings from operations. 11Precinct Annual Meeting of Shareholders
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FY26 dividend 12 12 December 2025 Q1 dividends payment Precinct Annual Meeting of Shareholders 6.75 cents per stapled security Total combined FY26 dividends guidance for Precinct Properties New Zealand Limited and Precinct Properties Investment The new dividend policy has been considered in relation to the FY26 dividend guidance.
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Year in review Scott Pritchard, Chief Executive Officer
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FY25 results highlights 14 6.54cps Adjusted Funds from Operations (AFFO) +3.3% compared to restated FY24 Precinct Annual Meeting of Shareholders $150.3m Funds from Operations (FFO) from directly held investment portfolio, up 3.7% on pcp +6.7% Increase in underlying FFO (pre transactions & developments) $152.3m Operating Profit before indirect expenses and income tax, up 1.2% on pcp
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Investment portfolio update – as at 30 June 2025 15Precinct Annual Meeting of Shareholders 7% Under-renting vs. market rents (office portfolio) 6.0yrs Weighted average lease term 97% Occupancy (by NLA) +5.3% Outperformance against Jun-24 valuation market rents (office & retail) +4.3% Growth in contract rentals from rent reviews (office & retail) +17.2% Uplift in contract rentals on new office leases
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Living sector progress Precinct Annual Meeting of Shareholders 16 22 Stanley Street – PBSA 256 Queen Street – PBSA Pillars – Residential Dominion & Valley – Residential
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Capital partnering 17 Investing in value-add opportunities alongside capital partners leverages Precinct’s expertise in repositioning, releasing and realising value, delivering a higher return on invested capital through a moderate risk profile. Precinct Annual Meeting of Shareholders Target (outer) Capital allocation1 Directly owned Managed Current (inner) Note 1 : Total capital of $3.2bn ($1.6bn share capital plus $1.6bn drawn debt)
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Equity raise to fund growth 18Precinct Annual Meeting of Shareholders $325m New equity raised $285m Fully underwritten placement $40m Non-underwritten share purchase plan Precinct accepted $15m of oversubscriptions above the $25m target Artist’s impression: 256 Queen Street PBSA
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61 Molesworth nearing completion Precinct Properties – FY25 ResultAnnual 19 Delivery of 6 Green Star development to deliver enhanced asset and income resilience • Construction nearing completion • Q4 2025 rent start • On track to achieve 6 star ‘World Leadership’ Green Star Built rating and 5 star NABERSNZ rating • Highly attractive net lease to NZ Government with fixed annual rent growth • Forecast investment returns remain on track Office pre-commitment 100% WALT on completion 21 years Yield on cost 5.1%
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Downtown 20Precinct Annual Meeting of Shareholders The Downtown Car Park redevelopment is the final phase of the Commercial Bay masterplan. • Negotiations with office pre-commitment occupiers ongoing for around 50% of NLA, all from outside of Precinct’s portfolio • Main Contractor procurement has commenced with interest from several parties • Advancing with an iwi consortium led by Ngāti Whātua Ōrākei on minority investment in Stage 1 • Target commitment to Stage 1 in Q4 of 2026 calendar year Artist’s impression: Downtown development
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Conclusion and outlook 21Precinct Annual Meeting of Shareholders Reconfirming dividend guidance of 6.75 cents per share for FY26, consistent with FY25, reflecting an FFO payout ratio of 90-92% • Economic recovery is taking longer than expected; RBNZ expects lower interest rates to support a recovery in growth • Decreasing funding costs and completed developments aid the near-term earnings outlook • Premium office market continues to outperform and supply outlook remains constrained • Valuations have stabilised, aided by lower interest rates • Precinct is well placed to benefit from economic recovery and remains optimistic about its medium-term outlook • Precinct remains committed to providing stable and sustainable dividends with prudent long-term growth • FY26 funds from operations guidance updated to a range of 7.30 to 7.50 cents per share, reflecting the impact of the equity raise
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Shareholder Q&A
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Formal business
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Precinct Properties Resolution 1 24 Precinct Annual Meeting of Shareholders Re-election of Director That Anne Urlwin, who retires by rotation and has offered herself for re-election, be re- elected as a Director of Precinct Properties New Zealand Limited The Board unanimously recommend that shareholders vote in favour
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Precinct Properties Resolution 2 25 Precinct Annual Meeting of Shareholders Re-election of Director That Chris Meads, who retires by rotation and has offered himself for re-election, be re- elected as a Director of Precinct Properties New Zealand Limited The Board unanimously recommend that shareholders vote in favour
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Precinct Properties Resolution 3 26 Precinct Annual Meeting of Shareholders Directors’ Remuneration That, in accordance with NZX Listing Rule 2.11.1, the amount payable to any person who from time to time holds office as a Director of Precinct be increased pursuant to the per position sums shown in the “Proposed Remuneration” column of the table contained in explanatory note 3, with effect from 18 November 2025 The Board unanimously recommend that shareholders vote in favour
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Precinct Properties Resolution 4 27 Precinct Annual Meeting of Shareholders Auditor’s Remuneration That the Directors be authorised to fix the remuneration of Ernst & Young as auditor for Precinct Properties New Zealand Limited for the ensuing year The Board unanimously recommend that shareholders vote in favour
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Precinct Investments Resolution 5 28 Precinct Annual Meeting of Shareholders Auditor’s Remuneration That the Directors be authorised to fix the remuneration of Ernst & Young as auditor for Precinct Properties Investments Limited for the ensuing year The Board unanimously recommend that shareholders vote in favour
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Voting and closure
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Thank you