Declared Dividend • May 11
Dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 20th May 2026 Payment date: 5th June 2026 Dividend yield will be 6.6%, which is higher than the industry average of 5.8%. New Risk • Mar 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 160% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 160% Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Declared Dividend • Mar 01
Dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 5th March 2026 Payment date: 20th March 2026 Dividend yield will be 6.2%, which is higher than the industry average of 5.8%. Announcement • Jan 22
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd to Report Q2, 2026 Results on Feb 26, 2026 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd announced that they will report Q2, 2026 results on Feb 26, 2026 Buy Or Sell Opportunity • Nov 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to NZ$1.22. The fair value is estimated to be NZ$1.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 8.8% per annum. Earnings are forecast to grow by 24% per annum over the same time period. Declared Dividend • Nov 20
Fourth quarter dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 27th November 2025 Payment date: 12th December 2025 Dividend yield will be 5.5%, which is lower than the industry average of 5.8%. New Risk • Nov 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Dividend is not well covered by cash flows (144% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Oct 20
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd, Annual General Meeting, Nov 18, 2025 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd, Annual General Meeting, Nov 18, 2025. Location: at toroa meeting suite, precinct flex, commercial, bay, pwc tower, level 2, 15 customs st west, auckland New Zealand New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (111% cash payout ratio). Reported Earnings • Aug 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: NZ$0.007 (up from NZ$0.014 loss in FY 2024). Revenue: NZ$266.1m (up 6.0% from FY 2024). Net income: NZ$11.0m (up NZ$33.1m from FY 2024). Profit margin: 4.1% (up from net loss in FY 2024). Revenue exceeded analyst estimates by 66%. Earnings per share (EPS) missed analyst estimates by 90%. Revenue is expected to fall by 8.6% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Office REITs industry in Oceania. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jul 15
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd to Report Fiscal Year 2025 Results on Aug 27, 2025 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd announced that they will report fiscal year 2025 results on Aug 27, 2025 New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 54% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 54% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (111% cash payout ratio). Recent Insider Transactions • Jun 20
Chief Financial Officer recently sold NZ$149k worth of stock On the 16th of June, Richard Hilder sold around 123k shares on-market at roughly NZ$1.21 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Richard has been a net seller over the last 12 months, reducing personal holdings by NZ$331k. Announcement • Jun 06
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd Announces Cash Dividend, Payable on 6 June 2025; Provides Dividend Guidance for the Financial Year 2025 Precinct Properties New Zealand Limited announced cash dividend of 1.497500 cents per share, payable on 6 June 2025 and Precinct Properties Investments Limited announced cash dividend of 0.190000 cents per share and supplementary dividend of 0.014450 cents per share, payable on 6 June 2025.
The Board expects no change to the total combined cash dividends for Precinct Properties New Zealand Limited and Precinct Properties Investment Limited for the 2025 financial year of 6.75 cents per stapled security to be paid to shareholders. Declared Dividend • May 15
Dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 21st May 2025 Payment date: 6th June 2025 Dividend yield will be 5.8%, which is about the same as the industry average. Buy Or Sell Opportunity • May 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to NZ$1.14. The fair value is estimated to be NZ$1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to NZ$1.14. The fair value is estimated to be NZ$1.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 06
Maxford Investments Pte. Ltd. agreed to acquire The Intercontinental Auckland from Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZSE:PCT) for NZD 180 million. Maxford Investments Pte. Ltd. entered into a sale and purchase agreement to acquire The Intercontinental Auckland from Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZSE:PCT) for NZD 180 million on March 4, 2025. The purchase price is subject to a net working capital adjustment to be finalized upon completion of the transaction. Declared Dividend • Feb 22
Dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 6th March 2025 Payment date: 21st March 2025 Dividend yield will be 5.8%, which is about the same as the industry average. Reported Earnings • Feb 21
First half 2025 earnings released: FFO per share: NZ$0.04 (vs NZ$0.035 in 1H 2024) First half 2025 results: FFO per share: NZ$0.04 (in line with 1H 2024). Revenue: NZ$138.2m (up 17% from 1H 2024). Funds from operations (FFO): NZ$55.0m (flat on 1H 2024). FFO margin: 40% (down from 47% in 1H 2024). Revenue is expected to decline by 7.1% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Oceania are expected to grow by 3.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to NZ$1.23. The fair value is estimated to be NZ$1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 04
PAG agreed to acquire remaining 20% stake in 40 and 44 Bowen Street in Wellington from Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZSE:PCT) for NZD 48 million. PAG agreed to acquire remaining 20% stake in 40 and 44 Bowen Street in Wellington from Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZSE:PCT) for NZD 48 million on February 4, 2025. A cash consideration of NZD 48 million will be paid by PAG. As part of consideration, NZD 48 million is paid towards assets of 40 and 44 Bowen Street in Wellington. Upon completion, PAG will own 100% stake in 40 and 44 Bowen Street in Wellington.
The expected completion of the transaction is on the second quarter of 2025. Announcement • Jan 21
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd to Report First Half, 2025 Results on Feb 20, 2025 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd announced that they will report first half, 2025 results on Feb 20, 2025 Buy Or Sell Opportunity • Jan 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.7% to NZ$1.21. The fair value is estimated to be NZ$1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 28
Now 20% undervalued Over the last 90 days, the stock has risen 1.6% to NZ$1.26. The fair value is estimated to be NZ$1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NZ$1.20. The fair value is estimated to be NZ$1.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Nov 18
Fourth quarter dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 28th November 2024 Payment date: 13th December 2024 Dividend yield will be 5.5%, which is lower than the industry average of 5.8%. Buy Or Sell Opportunity • Nov 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.2% to NZ$1.24. The fair value is estimated to be NZ$1.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Nov 01
Now 21% undervalued Over the last 90 days, the stock has risen 1.2% to NZ$1.23. The fair value is estimated to be NZ$1.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Announcement • Oct 14
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd, Annual General Meeting, Nov 15, 2024 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd, Annual General Meeting, Nov 15, 2024. Location: toroa meeting suite, generator, commercial bay, pwc tower, level 2, 15 customs street west, or, auckland New Zealand Buy Or Sell Opportunity • Oct 02
Now 20% undervalued Over the last 90 days, the stock has risen 12% to NZ$1.26. The fair value is estimated to be NZ$1.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 16
Now 20% undervalued Over the last 90 days, the stock has risen 13% to NZ$1.30. The fair value is estimated to be NZ$1.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 05
Precinct Properties Group Announces Directorate Appointments Precinct Properties Group announced the appointment of a new independent director. Alison Barrass has been appointed as an Independent Director, effective 1 October 2024. In accordance with the NZX listing rules, the Board has determined that Alison is an Independent Director. Precinct is also pleased to announce the appointment of Taurua Grant as its next Future Director for a period of one-year effective 13 November 2024. Taurua has over 15 years' experience working in commercial banking, financial markets, treasury advisory and management consultancy and is the CEO of Te Arawa Group Holdings. Declared Dividend • Aug 30
Fourth quarter dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 5th September 2024 Payment date: 20th September 2024 Dividend yield will be 5.1%, which is lower than the industry average of 5.8%. Buy Or Sell Opportunity • Aug 29
Now 20% undervalued Over the last 90 days, the stock has risen 12% to NZ$1.30. The fair value is estimated to be NZ$1.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 28
Full year 2024 earnings released: NZ$0.014 loss per share (vs NZ$0.097 loss in FY 2023) Full year 2024 results: NZ$0.014 loss per share (improved from NZ$0.097 loss in FY 2023). Revenue: NZ$248.0m (up 12% from FY 2023). Net loss: NZ$22.1m (loss narrowed 86% from FY 2023). Revenue is expected to decline by 5.8% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Oceania are expected to grow by 9.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to NZ$1.22. The fair value is estimated to be NZ$1.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 84% in the next year. Announcement • Jul 18
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd to Report Fiscal Year 2024 Results on Aug 28, 2024 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd announced that they will report fiscal year 2024 results on Aug 28, 2024 Buy Or Sell Opportunity • Jul 02
Now 19% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.3% to NZ$1.16. The fair value is estimated to be NZ$1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 84% in the next year. Buy Or Sell Opportunity • Jun 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to NZ$1.12. The fair value is estimated to be NZ$1.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 84% in the next year. Buy Or Sell Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to NZ$1.16. The fair value is estimated to be NZ$1.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 100% in the next year. Declared Dividend • May 16
Dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 22nd May 2024 Payment date: 7th June 2024 Dividend yield will be 5.8%, which is about the same as the industry average. Major Estimate Revision • May 02
Consensus EPS estimates fall by 56% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -NZ$0.063 to -NZ$0.098 per share. Revenue forecast unchanged at NZ$155.7m. Office REITs industry in New Zealand expected to see average net income growth of 32% next year. Consensus price target broadly unchanged at NZ$1.28. Share price was steady at NZ$1.17 over the past week. Upcoming Dividend • Feb 29
Upcoming dividend of NZ$0.017 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 22 March 2024. Trailing yield: 5.8%. Lower than top quartile of New Zealander dividend payers (6.5%). Lower than average of industry peers (8.3%). Reported Earnings • Feb 26
First half 2024 earnings released: FFO per share: NZ$0.04 (vs NZ$0.037 in 1H 2023) First half 2024 results: FFO per share: NZ$0.04 (down from NZ$0.037 in 1H 2023). Revenue: NZ$117.9m (up 5.8% from 1H 2023). Funds from operations (FFO): NZ$55.3m (down 4.7% from 1H 2023). FFO margin: 47% (down from 52% in 1H 2023). Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Oceania are expected to grow by 5.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 24
Dividend of NZ$0.017 announced Shareholders will receive a dividend of NZ$0.017. Ex-date: 7th March 2024 Payment date: 22nd March 2024 Dividend yield will be 5.6%, which is about the same as the industry average. Announcement • Jan 22
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd to Report First Half, 2024 Results on Feb 22, 2024 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd announced that they will report first half, 2024 results on Feb 22, 2024 Upcoming Dividend • Nov 23
Upcoming dividend of NZ$0.017 per share at 5.7% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Trailing yield: 5.7%. Lower than top quartile of New Zealander dividend payers (6.6%). Lower than average of industry peers (8.8%). Buying Opportunity • Oct 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NZ$1.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 29
Alana Barron to Join Precinct as Future Director, Effective 13 November 2023 Precinct Properties Group announced the appointment of Alana Barron as its first Future Director, for a period of one year effective 13 November 2023. Alana is a capital markets professional with 20 years' experience in New Zealand, Australia, Hong Kong and the United States. Alana's previous experience includes most recently her role as Head of Client Solutions and Director, Institutional Equities at Jarden. She also has extensive equity research sales and equity capital markets experience at Deutsche Bank in both Sydney and Hong Kong. Earlier in her career Alana was the Trade Commissioner and Consul for New Zealand Trade & Enterprise in New York. Announcement • Sep 22
Precinct Properties Group Announces Appointment of Chris Meads as Independent Director, Effective October 1, 2023 Precinct Properties Group announced the appointment of a new independent director. Chris Meads has been appointed as an Independent Director,effective 1 October 2023. In accordance with the NZX listing rules, the Board has determined that Chris is an Independent Director. Announcement • Sep 06
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd, Annual General Meeting, Nov 14, 2023 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd, Annual General Meeting, Nov 14, 2023. Upcoming Dividend • Aug 31
Upcoming dividend of NZ$0.017 per share at 5.4% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 22 September 2023. Trailing yield: 5.4%. Lower than top quartile of New Zealander dividend payers (6.1%). Lower than average of industry peers (7.9%). Announcement • Aug 24
Precinct Properties New Zealand Limited Announces Dividend for the Fourth-Quarter, Payable on 22 September 2023 and Provides Dividend Guidance for the Year 2024 Precinct Properties New Zealand Limited shareholders will receive a fourth-quarter dividend of 1.675 cps. The record date is 8 September 2023 andpayment will be made on 22 September 2023.The Board expects dividend for the 2024 financial year to be 6.75 cps in total cash dividends to be paid to shareholders. Reported Earnings • Aug 23
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: NZ$0.096 loss per share (down from NZ$0.071 profit in FY 2022). Revenue: NZ$224.3m (up 12% from FY 2022). Net loss: NZ$153.1m (down 239% from profit in FY 2022). Revenue exceeded analyst estimates by 56%. Earnings per share (EPS) missed analyst estimates by 144%. Revenue is expected to decline by 8.7% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Oceania are expected to grow by 4.8%. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 14
Consensus EPS estimates fall from profit to NZ$0.04 loss, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NZ$138.2m to NZ$140.2m. Now expected to report loss of -NZ$0.0396 instead of NZ$0.0076 per share profit. Office REITs industry in New Zealand expected to see average net income growth of 86% next year. Consensus price target of NZ$1.30 unchanged from last update. Share price was steady at NZ$1.28 over the past week. Announcement • Jul 07
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd to Report Fiscal Year 2023 Results on Aug 23, 2023 Precinct Properties NZ Ltd & Precinct Properties Investments Ltd announced that they will report fiscal year 2023 results on Aug 23, 2023 Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 89% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NZ$0.0669 to NZ$0.0076 per share. Revenue forecast steady at NZ$138.1m. Net income forecast to shrink 36% next year vs 74% decline forecast for REITs industry in New Zealand. Consensus price target broadly unchanged at NZ$1.31. Share price was steady at NZ$1.29 over the past week. Upcoming Dividend • Mar 02
Upcoming dividend of NZ$0.017 per share at 5.1% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 24 March 2023. Trailing yield: 5.1%. Lower than top quartile of New Zealander dividend payers (6.1%). Higher than average of industry peers (4.3%). Reported Earnings • Feb 24
First half 2023 earnings released: NZ$0.001 loss per share (vs NZ$0.028 profit in 1H 2022) First half 2023 results: NZ$0.001 loss per share (down from NZ$0.028 profit in 1H 2022). Revenue: NZ$111.8m (up 15% from 1H 2022). Net loss: NZ$1.80m (down 104% from profit in 1H 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the REITs industry in New Zealand. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Jan 24
Precinct Properties New Zealand Limited to Report First Half, 2023 Results on Feb 23, 2023 Precinct Properties New Zealand Limited announced that they will report first half, 2023 results on Feb 23, 2023 Announcement • Dec 01
Precinct Properties New Zealand Limited and PAG agreed to acquire 40 and 44 Bowen Street in Wellington for NZD 240 million. Precinct Properties New Zealand Limited and PAG agreed to acquire 40 and 44 Bowen Street in Wellington for NZD 240 million on November 29, 2022. The completion of 44 Bowen Street, anticipated mid-2023. PAG will have an 80% interest with Precinct holding a minority interest of 20%. The formation of a new joint investment partnership with a committed and experienced partner like PAG represents a further exciting step for Precinct Properties. The sale of 40 and 44 Bowen Street to the joint investment partnership is subject to certain conditions being met including regulatory approval and practical completion of 44 Bowen Street, prior to expected settlement in mid-2023. Upcoming Dividend • Nov 24
Upcoming dividend of NZ$0.017 per share Eligible shareholders must have bought the stock before 01 December 2022. Payment date: 16 December 2022. Trailing yield: 5.6%. Lower than top quartile of New Zealander dividend payers (6.2%). Higher than average of industry peers (4.5%). Price Target Changed • Nov 11
Price target decreased to NZ$1.34 Down from NZ$1.46, the current price target is an average from 5 analysts. New target price is 6.3% above last closing price of NZ$1.26. Stock is down 21% over the past year. The company is forecast to post earnings per share of NZ$0.083 for next year compared to NZ$0.071 last year. Buying Opportunity • Oct 10
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NZ$1.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Sep 01
Upcoming dividend of NZ$0.017 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 23 September 2022. Trailing yield: 5.0%. Lower than top quartile of New Zealander dividend payers (5.8%). Higher than average of industry peers (4.1%). Announcement • Aug 30
Precinct Properties New Zealand Limited, Annual General Meeting, Nov 03, 2022 Precinct Properties New Zealand Limited, Annual General Meeting, Nov 03, 2022. Buying Opportunity • Aug 27
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NZ$1.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Major Estimate Revision • Aug 25
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from NZ$140.5m to NZ$134.3m. EPS estimate also fell from NZ$0.12 per share to NZ$0.08 per share. Net income forecast to grow 20% next year vs 43% decline forecast for REITs industry in New Zealand. Consensus price target down from NZ$1.52 to NZ$1.48. Share price fell 3.2% to NZ$1.38 over the past week. Reported Earnings • Aug 20
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: FFO per share: NZ$0.07. Revenue: NZ$200.3m (flat on FY 2021). Funds from operations (FFO): NZ$107.5m (up 11% from FY 2021). FFO margin: 54% (up from 48% in FY 2021). Revenue exceeded analyst estimates by 46%. Earnings per share (EPS) missed analyst estimates by 38%. Over the next year, revenue is expected to shrink by 34% compared to a 18% decline forecast for the REITs industry in New Zealand. Buying Opportunity • Jul 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NZ$1.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to grow by 182% in the next 2 years. Announcement • Jul 11
Precinct Properties New Zealand Limited to Report Fiscal Year 2022 Results on Aug 18, 2022 Precinct Properties New Zealand Limited announced that they will report fiscal year 2022 results on Aug 18, 2022 Buying Opportunity • Jun 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be NZ$1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to grow by 182% in the next 2 years. Buying Opportunity • May 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be NZ$1.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to grow by 182% in the next 2 years. Announcement • Apr 19
GIC Pte. Ltd. agreed to acquire 75.1% of an initial portfolio of fully-developed property assets from Precinct Properties New Zealand Limited (NZSE:PCT). GIC Pte. Ltd. agreed to acquire 75.1% of an initial portfolio of fully-developed property assets from Precinct Properties New Zealand Limited (NZSE:PCT) on April 19, 2022. In related transaction, Chapman Tripp acted as legal advisor to Precinct Properties New Zealand Limited (NZSE:PCT). The Chapman Tripp team was led by partners Roger Wallis and Matthew Carroll on the corporate and property aspects of the transaction, with specialist support from Chapman Tripp’s Finance and Tax teams, led by Cathryn Barber and Graeme Olding. Bell Gully acted as legal advisor for GIC Pte. Ltd. Major Estimate Revision • Mar 02
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NZ$142.9m to NZ$133.1m. EPS estimate also fell from NZ$0.13 per share to NZ$0.11 per share. Net income forecast to grow 172% next year vs 35% decline forecast for REITs industry in New Zealand. Consensus price target up from NZ$1.61 to NZ$1.65. Share price was steady at NZ$1.56 over the past week. Reported Earnings • Feb 25
First half 2022 earnings: EPS and revenues exceed analyst expectations First half 2022 results: FFO: NZ$96.9m per share (down from NZ$0.039 in 1H 2021). Revenue: NZ$96.9m (flat on 1H 2021). Funds from operations (FFO): NZ$52.3m (up 3.0% from 1H 2021). FFO margin: 54% (up from 52% in 1H 2021). Revenue exceeded analyst estimates by 48%. Earnings per share (EPS) also surpassed analyst estimates by 62%. Over the next year, revenue is expected to shrink by 31% compared to a 20% decline forecast for the industry in New Zealand. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 24
Precinct Announces Second-Quarter Dividend, Payable on 25 March 2022 Precinct Properties New Zealand Limited shareholders will receive a second-quarter dividend of 1.675 cents per share. Due to Precinct's current tax position for the period, there are no imputation credits to attach for the quarter and therefore no supplementary dividend to be paid. The record date is 11 March 2022 with payment to be made on 25 March 2022. Upcoming Dividend • Nov 18
Upcoming dividend of NZ$0.017 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 10 December 2021. Trailing yield: 4.3%. Lower than top quartile of New Zealander dividend payers (4.9%). Higher than average of industry peers (3.5%). Upcoming Dividend • Sep 02
Upcoming dividend of NZ$0.016 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 24 September 2021. Trailing yield: 3.8%. Lower than top quartile of New Zealander dividend payers (4.8%). Higher than average of industry peers (3.0%). Recent Insider Transactions • Aug 31
Insider recently sold NZ$761k worth of stock On the 25th of August, Robert Campbell sold around 457k shares on-market at roughly NZ$1.67 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$3.4m more than they bought in the last 12 months. Reported Earnings • Aug 13
Full year 2021 earnings released: EPS NZ$0.14 (vs NZ$0.023 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: NZ$199.8m (up 32% from FY 2020). Net income: NZ$187.7m (up NZ$157.5m from FY 2020). Profit margin: 94% (up from 20% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NZ$0.055 to NZ$0.065. Revenue forecast unchanged at NZ$135.5m. Net income forecast to grow 46% next year vs 40% decline forecast for REITs industry in New Zealand. Consensus price target broadly unchanged at NZ$1.75. Share price was steady at NZ$1.64 over the past week. Executive Departure • Aug 04
Independent Director Launa Inman has left the company On the 31st of July, Launa Inman's tenure as Independent Director ended after 5.7 years in the role. We don't have any record of a personal shareholding under Launa's name. Launa is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.58 years. Announcement • Jul 15
Precinct Properties New Zealand Limited (NZSE:PCT) entered into conditional agreement to acquire Freyberg Building in Aitken Street in Thorndon. Precinct Properties New Zealand Limited (NZSE:PCT) entered into conditional agreement to acquire Freyberg Building in Aitken Street in Thorndon for NZD 49 million on June 18, 2021. The transaction will be financed from NZD 250 million Equity Raise which will be used to fund the acquisition of two Wellington office buildings, Bowen House in Wellington and Freyberg Building. The transaction is subject to due diligence. As of July 14, 2021, the transaction is now unconditional. The transaction is expected to close on July 15, 2021.
Precinct Properties New Zealand Limited (NZSE:PCT) entered into conditional agreement to acquire Freyberg Building in Aitken Street in Thorndon on July 15, 2021. Announcement • Jun 23
Precinct Properties New Zealand Limited has completed a Follow-on Equity Offering in the amount of NZD 220 million. Precinct Properties New Zealand Limited has completed a Follow-on Equity Offering in the amount of NZD 220 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 144,736,842
Price\Range: NZD 1.52
Security Features: Income Trust
Transaction Features: Subsequent Direct Listing Major Estimate Revision • Jun 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NZ$0.066 to NZ$0.091. Revenue forecast unchanged at NZ$135.5m. Net income forecast to grow 9.5% next year vs 50% decline forecast for REITs industry in New Zealand. Consensus price target broadly unchanged at NZ$1.75. Share price was steady at NZ$1.59 over the past week. Announcement • Jun 19
Precinct Properties New Zealand Limited (NZSE:PCT) entered into conditional agreement to acquire Freyberg Building in Aitken Street in Thorndon. Precinct Properties New Zealand Limited (NZSE:PCT) entered into conditional agreement to acquire Freyberg Building in Aitken Street in Thorndon on June 18, 2021. The transaction will be financed from $250 million Equity Raise which will be used to fund the acquisition of two Wellington office buildings, Bowen House in Wellington and Freyberg Building. The transaction is subject to due diligence. Announcement • Jun 18
Precinct Properties New Zealand Limited (NZSE:PCT) entered into an agreement to acquire Bowen House in Wellington for $92 million. Precinct Properties New Zealand Limited (NZSE:PCT) entered into an agreement to acquire Bowen House in Wellington for $92 million on June 18, 2021. The transaction will be financed from $250 million Equity Raise which will be used to fund the acquisition of two Wellington office buildings, Bowen House in Wellington and Freyberg Building. The transaction is expected to complete in July 2021. Upcoming Dividend • May 18
Upcoming dividend of NZ$0.016 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 11 June 2021. Trailing yield: 4.0%. Lower than top quartile of New Zealander dividend payers (4.7%). Higher than average of industry peers (3.3%). Major Estimate Revision • May 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from NZ$0.09 to NZ$0.066 per share. Revenue forecast steady at NZ$135.5m. Net income forecast to grow 3.4% next year vs 2.8% growth forecast for REITs industry in New Zealand. Consensus price target broadly unchanged at NZ$1.76. Share price was steady at NZ$1.64 over the past week. Recent Insider Transactions • May 04
Deputy Chief Executive Officer recently sold NZ$470k worth of stock On the 29th of April, George Crawford sold around 285k shares on-market at roughly NZ$1.65 per share. In the last 3 months, there was an even bigger sale from another insider worth NZ$1.6m. Insiders have been net sellers, collectively disposing of NZ$3.0m more than they bought in the last 12 months. Recent Insider Transactions • Apr 24
Chief Executive Officer recently sold NZ$1.6m worth of stock On the 20th of April, Scott Pritchard sold around 957k shares on-market at roughly NZ$1.64 per share. This was the largest sale by an insider in the last 3 months. Scott has been a seller over the last 12 months, reducing personal holdings by NZ$1.9m. Major Estimate Revision • Mar 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NZ$0.19 to NZ$0.21. Revenue forecast steady at NZ$134.4m. Net income forecast to grow 53% next year vs 21% growth forecast for REITs industry in New Zealand. Consensus price target up from NZ$1.74 to NZ$1.78. Share price was steady at NZ$1.66 over the past week. Major Estimate Revision • Mar 04
Analysts update estimates The 2021 consensus revenue estimate was lowered from NZ$140.6m to NZ$134.4m. Earnings per share (EPS) increased from NZ$0.11 to NZ$0.20 for the same period. Net income is expected to grow by 46% next year compared to 15% growth forecast for the REITs industry in New Zealand. The consensus price target was lowered from NZ$1.77 to NZ$1.74. Share price stayed mostly flat at NZ$1.59 over the past week. Reported Earnings • Mar 03
First half 2021 earnings released: FFO NZ$0.039 per share (vs NZ$0.035 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: NZ$97.1m (up 25% from 1H 2020). Funds from operations (FFO): NZ$50.8m (up 13% from 1H 2020). FFO margin: 52% (down from 58% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. 
