Sharechat Logo

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

Tuesday 17th November 2020

Text too small?

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



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Me Today Limited (NZX: MEE) Results for the Six Months Ended 30 September 2020
PaySauce Limited (NZX: PYS) FY2021 Half Year Result and Interim Report
General Capital Limited (NZX: GEN) Announces Solid Growth Despite Covid-19
Moa Group Limited (NZX: MOA) Announces Half-year Results
Evolve Education Group Limited (NZX: EVO) Interim Results for Six Months Ended 30 September 2020
IPO Offer: New Zealand Rural Land Co
Infratil Limited 6-year Infrastructure Bonds
Genesis Energy Limited (NZX: GNE) Undertaking Strategic Review of Kupe
Plexure Group Limited (NZX: PX1) NZ$5 Million Share Purchase Plan Closes
Vital Healthcare Property Trust (NZX: VHP) Sale of Three Regional Assets

IRG See IRG research reports