Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years ....
Transcript of Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years ....
![Page 1: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/1.jpg)
Precinct Properties New Zealand Annual General Meeting 18 November 2015
![Page 2: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/2.jpg)
Welcome and good morning
Craig Stobo, Chairman
![Page 3: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/3.jpg)
BOARD AND EXECUTIVE George Crawford Chief Operating Officer
Chris Judd Director
Rob Campbell Director
Graeme Horsley Independent Director (stepping down)
Graeme Wong Independent Director
Don Huse Independent Director
Scott Pritchard Chief Executive Officer
Mohammed Al Nuaimi Director
Management
Board
Launa Inman Independent Director
Davida Dunphy General Counsel and Company Secretary
![Page 4: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/4.jpg)
POSITIVE RESULTS
$122.4m net profit after tax
$64.8m revaluation gain
Net operating income
$68.3m net operating income after tax
+7.1% increase in net operating income after tax
$1.11 net tangible assets per share
![Page 5: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/5.jpg)
CAPITAL MANAGEMENT Reduction of Gearing: 33.8% to 11.3% Capital Management initiatives: -United States Private Placement
-New Zealand Bond Issue
-Entitlement offer which raised $174 million
-Asset sales
![Page 6: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/6.jpg)
We have followed a strategy for transforming the company and growing value, while continuing close management of risk and reward
BOARD FOCUS BOARD FOCUS BOARD FOCUS EXECUTING ON STRATEGY
![Page 7: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/7.jpg)
FY16 DIVIDEND
1.35 cents per share FY16 1st quarter dividend
10 December 2015 FY16 1st quarter dividend payment date
5.40 cents per share FY16 dividend guidance
![Page 8: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/8.jpg)
DRIVING VALUE
![Page 9: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/9.jpg)
KEY METRICS
98% portfolio occupancy
5.0years weighted average
lease term (excluding downtown shopping centre)
HISTORICAL PERFORMANCE
25,600m2 total leasing transactions
![Page 10: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/10.jpg)
AN EVOLVING PORTFOLIO
An estimated 200,000m2 of new space will be needed to meet demand
Auckland CBD market strong Waterfront preference
Auckland’s strong population growth
Auckland portfolio fully occupied
![Page 11: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/11.jpg)
WYNYARD QUARTER Net Lettable Area (NLA) 13,400sqm
Total project cost $83.6m
Construction Commencement End 2015
Practical completion July 2017
Expected valuation on completion $98.2m
Yield on cost 8.0%
Grid AKL lease term 12 years
NLA Pre-commit % 70%
![Page 12: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/12.jpg)
WYNYARD QUARTER NEXT STEPS
![Page 13: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/13.jpg)
DOWNTOWN UPDATE
![Page 14: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/14.jpg)
DOWNTOWN NEXT STEPS
![Page 15: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/15.jpg)
One hectare of land adjacent to beehive
BOWEN CAMPUS
Received Cabinet approval for the Crown to enter the final phase of the Governments Wellington Accommodation Project
Pastoral House, Mayfair House, and 3 The Terrace have also been approved
1 The Terrace still remains under consideration requirements
![Page 16: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/16.jpg)
OUTLOOK -Strong position to grow
-Strong financial position
-Strong occupier market
-Strong CBD retail market
![Page 17: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/17.jpg)
QUESTIONS AND
ANSWERS
Please state your name and advise whether you are a shareholder
![Page 18: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/18.jpg)
FORMAL BUSINESS
![Page 19: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/19.jpg)
Resolution 1 & 2 Craig Stobo, Independent Director and Chairman First appointed: 4 May 2010 Board committees: Chairman of the nominations committee and member of the audit and risk, the due diligence and the remuneration committees.
Launa Inman, Independent Director First appointed: 28 Oct 2015 Board committees: Launa is a member of the nominations committee and due diligence committee.
![Page 20: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/20.jpg)
Resolutions
That Craig Stobo be re-elected as a director of Precinct.
That Launa Inman be elected as a director of Precinct.
Resolution 2
Resolution 1
![Page 21: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/21.jpg)
Resolutions
That, with effect from 1 November 2015 (being the anniversary of the company’s corporatisation) the aggregate Director’s fee pool (being a monetary sum per annum payable to all directors) for the company, pursuant to listing rule 3.5.1(a) be increased from $450,000 to $580,000.
Resolution 3
![Page 22: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/22.jpg)
Resolutions
That the directors be authorised to fix the remuneration of Ernst & Young as auditor for the ensuing year.
Resolution 4
![Page 23: Precinct Properties New Zealand Annual General Meeting · portfolio occupancy . 5.0. years . weighted average lease term (excluding downtown shopping centre) HISTORICAL PERFORMANCE](https://reader033.fdocuments.net/reader033/viewer/2022051808/600bf4f53c88c3000b0b8e07/html5/thumbnails/23.jpg)
Thank you PLEASE JOIN US FOR
REFRESHMENTS DIRECTLY OUTSIDE THIS ROOM.