Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZSE:PCT)

Half Year 2026 Precinct Properties New Zealand Ltd Earnings Call Transcript

Feb 25, 2026 / 09:00 PM GMT

Release Date Price: NZ$1.15 (+3.15%)

Transcript

Key Points

Positve

Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (AOTUF) achieved the highest level of leasing in several years, securing over 25,000 square meters of space in the first half.
The company reported positive leasing spreads with growth in contracted rents across leasing deals exceeding 10%.
The Ministry for Foreign Affairs and Trade began occupying the Molesworth Street development, marking a significant milestone with a new 25-year net lease.
The company completed a $325 million equity raise, significantly strengthening its balance sheet and positioning it well for future initiatives.
The Auckland office market is performing well with growth in occupancy and market rents, indicating a strengthening economy.

Negative

Total comprehensive income after tax for the half was $3.2 million lower than the prior period, driven by valuation movements.
The investment portfolio recorded a small 1.6% decline in value for the calendar year, with a $23 million devaluation of the Downtown car park.
Earnings from the investment portfolio declined 4.8% to $69.2 million, although underlying earnings increased by 1.8% after adjustments.
Net tangible assets per share decreased by $0.03 to $1.18, reflecting valuation movements.
The Wellington office market remains relatively weak, with no evidence of a recovering market, impacting overall performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PCT.NZ - Precinct Properties New Zealand Ltd
Half Year 2026 Precinct Properties New Zealand Ltd Earnings Call
Feb 25, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to the Precinct Properties 2026 half year results call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad.

I would now like to hand the conference over to Mr. Scott Pritchard, Chief Executive Officer. Please go ahead.

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Unidentified_2 [2]
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Thanks Amy and good morning everybody and welcome to

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