Thursday 25th February 2021
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Performance summary for the six months ended 31 December 2020
• 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.
Precinct Properties New Zealand Limited reported its financial results for the six months ended 31 December 2020 today. A strong half year portfolio revaluation of $148.5 million has contributed to total comprehensive income increasing to $167.9 million (+213%) compared to the prior period of $53.6 million. The solid performance was supported by an uplift in operating income following completion of developments and a positive tax outcome from the depreciation on structure and prior period contamination expenditure.
Precinct shareholders will receive a second-quarter dividend of 1.625 cps. Due to Precincts current tax position for the period, there are no imputation credits to attach for the quarter and therefore no supplementary dividend to be paid (see note 2). The record date is 12 March 2021 with payment to be made on 26 March 2021.
Outlook and guidance
Completion of developments and sale of non-core assets continues to underpin a stable and strengthening earnings profile. Precinct’s outlook remains robust with growth expected due to:
• High occupancy levels and a 7.7-year WALT providing lower leasing costs and incentives,
• Around 55% of the portfolio benefiting from structured reviews,
• Revenue sourced from Government and high-quality occupiers,
• Development pipeline providing accretion to current low cost of debt, and
• Low recurring capex requirements due to premium portfolio quality and asset age.
Precinct expects its full year normalised results to be consistent with earlier guidance provided. Full year FY21 AFFO and Dividend remains at 6.50 cps, representing a 3.2% increase to shareholders.
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