Precinct Properties New Zealand Limited (NZX: PCT) Annual General Meeting 2020

Tuesday 17th November 2020

Precinct's Annual General Meeting to be held today, 11.30am, at Generator Commercial Bay, Toroa Room, Level 2, PwC Tower 15 Customs St West, Auckland, and online at web.lumiagm.com

Chairman’s address

Our FY20 results reflect the resilience of our business, premium nature of our assets, high quality client base, and the dedication of our people and partners who support it. 2020 has been an extremely challenging year. Despite this, Precinct has achieved a number of highlights for the business. Most notably, achieving further growth in our Adjusted Funds From Operations (AFFO). Pleasingly and in line with guidance, Precinct’s AFFO increased 5.9% to 6.29 cents per share with our full year dividend to shareholders of 6.30 cents per share being paid for the FY20 financial year. This represented a year on year increase of 5.0%.

Our portfolio metrics remain strong. We have a portfolio of properties that is 98% occupied. We also have a weighted average lease term of around 8 years, illustrating the average remaining term for all leases to expire in our portfolio. These metrics reinforce Precinct’s earnings security and the stable and secure income our portfolio generates.

Successfully executing our long-term strategy has put our business in a strong position.

AFFO for the 2021 financial year is expected to be 6.50 cents per share, before performance fees and a total dividend of 6.50 cents per share is expected to be paid. Consistent with our dividend policy, we are delighted to again be providing year on year dividend growth to you, our shareholders. Payment of the 2021 first quarter dividend will be made on the 10th of December this year.

See the links below for more details:

PCT AGM Chair and CEO address

PCT AGM Presentation

Source: Precinct Properties New Zealand Limited

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