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Interim Results Six Months Ended 31 December 2013

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Interim Results Six Months Ended 31 December 2013 Interim results Six months ended 31 December 2013 18 February 2014 Agenda Highlights Page 3 Section 1 – Financial results and capital management Page 5 Section 2 – Market and portfolio overview Page 13 Section 3 – Active opportunities Page 19 Section 4 – Conclusion and outlook Page 28 Precinct Properties New Zealand Limited Scott Pritchard, CEO George Crawford, CFO Note: All $ are in NZD unless otherwise stated PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 2 Highlights Financial performance $39.5m net profit after tax $32.0m net operating income +22% increase in net operating income +5.5% Increase in dividend Auckland portfolio almost $62.5 million equity issue fully occupied Portfolio performance 97% occupancy +3% new leasing secured ahead of valuation PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 3 Precinct is in exclusive negotiations at Wynyard Quarter PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 4 Section 1 Financial results and capital management Financial performance For the 6 months ended Dec 13 Dec 12 ($m) Unaudited Unaudited D EPS Reconciliation to comparative period Net property income $58.8 m $47.6 m + $11.2 m Indirect expenses ($0.9 m) ($0.8 m) + $0.1 m Performance fee ($1.3 m) ($1.2 m) + $0.1 m Base fees ($4.1 m) ($3.6 m) + $0.5 m EBIT $52.5 m $42.0 m + $10.5 m Net interest expense ($16.6 m) ($12.0 m) ($4.6 m) Operating profit before tax $35.9 m $30.0 m + $5.9 m Current tax expense ($3.9 m) ($3.8 m) ($0.1 m) Operating profit after tax $32.0 m $26.2 m + $5.8 m Unrealised net gain / (loss) in value of investment properties - - Unrealised interest rate swap gain / (loss) $10.6 m $1.7 m + $8.9 m Deferred tax expense / (benefit) ($3.1 m) ($4.3 m) + $1.2 m Net profit after tax and unrealised gains $39.5 m $23.6 m + $15.9 m Weighted Number of Shares on Issue 1,033.8 m 997.1 m 36.7 m Net operating income before tax - gross 3.47 cps 3.01 cps + $0.46 cps (cps) Net operating income after tax - (cps) 3.10 cps 2.63 cps + $0.47 cps PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 6 Net property income $m H1 FY13 H1 FY12 D ■ Overall net property income (NPI) was $11 AMP Centre $4.7 $3.6 + $1.1 million or 23.5% up SAP Tower $3.2 $2.3 + $0.9 ■ Excluding transactions and the ANZ PwC Tower $7.6 $6.7 + $0.9 Centre redevelopment Zurich House $2.8 $2.7 + $0.1 – Portfolio NPI was 7.5% up Auckland $18.2 $15.3 + $2.9 125 The Terrace $2.5 $2.6 ($0.1) – Auckland NPI was 18.8% up 171 Featherston Street $2.9 $2.8 + $0.1 Pastoral House $2.3 $2.2 + $0.1 Vodafone on the Quay $3.5 $3.5 ($0.1) State Insurance Tower $3.6 $3.4 + $0.2 Mayfair House $1.4 $1.5 ($0.1) Reconciliation of movement in net property income 80 The Terrace $1.1 $1.3 ($0.2) Deloitte House $2.0 $1.9 + $0.0 Bowen Campus $2.9 $2.7 + $0.2 No 1 The Terrace $3.2 $3.2 + $0.0 Wellington $25.2 $25.1 + $0.1 Sub Total $43.5 $40.4 + $3.0 Transactions and Developments ANZ Centre $8.4 $5.9 + $2.5 Downtown Shopping Centre $3.4 $1.3 + $2.1 HSBC House $3.6 + $3.6 Total $58.8 $47.6 + $11.2 PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 7 Taxation impacts ■ Lower tax charge: Tax expense reconciliation – Higher depreciation following acquisitions and ANZ Centre Reconciliation of tax expense $m redevelopment Net profit before taxation $46.5 – Recognition of a tax deduction Less non assessable income associated with the sale of Chews Unrealised interest rate swap movement ($10.6) Lane in 2011 Operating profit before Tax $35.9 Other deductible expenses ■ Expectation FY14 effective tax rate will range between 12-14% Depreciation ($15.0) Chews Lane deduction ($4.2) Leasing fees and incentives in the period ($1.0) Other ($1.7) Taxable income $14.0 Current tax expense $3.9 Effective tax rate 11% PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 8 Balance sheet Financial Position as at 31 Dec 13 30 June 13 ($m) Unaudited Audited Movement Assets Property Assets $1,657.5 m $1,640.4 m $17.1 m Deferred tax asset $1.0 m $4.0 m ($3.0 m) Fair value of swaps $7.6 m $3.8 m $3.8 m Other $12.3 m $10.3 m $2.0 m Total Assets $1,678.4 m $1,658.5 m $19.9 m Liabilities Bank Debt $556.0 m $603.0 m ($47.0 m) Deferred Tax Liability $40.4 m $40.3 m $0.1 m Fair value of swaps $11.0 m $17.6 m ($6.6 m) Other $13.4 m $13.8 m ($0.4 m) Total Liabilities $620.8 m $674.7 m ($54.0 m) Equity $1,057.6 m $983.8 m $74.0 m Liabilities to Total Assets 34.1% 37.3% -3.2% Shares on Issue (m) 1059.7 m 997.1 m 62.7 m Net Tangible Asset per security 1.00 0.99 0.01 PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 9 Capital management ■ Following successful equity raise Key metrics 31 Dec 2013 30 June 2013 – Gearing reduced to 34.1% Debt drawn $556m $603m Gearing - Banking Covenant 34.1% 37.3% (June 13: 37.3%) Weighted facility expiry 3.6 yrs 4.0 yrs – Debt facilities reduced to Weighted average debt cost (incl fees) 5.8% 5.6% $610m (June 13: $660m) Hedged 67% 57% ■ Hedging cover around 70% ICR 3.0 times 3.0 times – Sales will see hedging levels Weighted average hedging 2.4 yrs 2.2 yrs increase Hedges notional value $451m $491m ■ WACD of 5.8% Debt Facility Expiry and Hedging Profile – Pending OCR increases offset by $170 million of 6%+ swaps rolling off PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 10 Funding approach ■ Expectation of continued valuation growth ■ Hedging approach accommodates future sales programme ■ Comfortable with current tenor of banking facilities ■ Prudent and sustainable dividend policy ■ Intention to recycle capital out of existing portfolio taking advantage of a strong investment market and a lack of competing stock PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 11 Earnings outlook FY14 Earnings and Dividend ■ Net operating income after tax of around 6.2 cps, before performance fees ■ Dividend guidance unchanged of 5.4 cps Beyond FY14 ■ Expectation of market rental growth – Earnings to lag due to structured leases and a lower level of impending expiry ■ Long term development pipeline provides enhanced earnings growth and higher quality earnings ■ Asset sales to prefund developments will impact short term earnings ■ Target a stable dividend profile increasing with development progress PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 12 Section 2 Market and Portfolio Overview Portfolio activity ■ 30 leasing transactions totalling Leasing Events 38,700m2 or $9.3 million in New Leases Number Area annualised rent Auckland 22 9,801 m² Wellington 4 3,225 m² ■ New office leases were secured at Sub Total 26 13,026 m² a 3% premium to valuation ROR and Extensions ■ Market events (leasing and Auckland 2 104 m² reviews) Wellington 2 25,544 m² – Auckland (ex DSC) were 6% up Sub Total 4 25,648 m² on valuation Total Leasing 30 38,674 m² – Wellington were consistent with valuation Rent reviews Number Area ■ Compared with previous contract Auckland 7 5,438 m² rent, settled market rent reviews Wellington 2 1,352 m² were 3.5% higher (6% higher than Total reviews 9 6,790 m² valuation) PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 14 Leasing successes ■ Leasing transactions secured at Major leasing transactions during the six months a 5.7 year WALT, ex Bowen Campus Property Client Area m² Term years ■ 9 new clients secured across the Bowen Campus MSD 25,213 m² 1.6 years Auckland HSBC 2,118 m² 6 years portfolio Transport Auckland AMP Centre 1,527 m² 6 years ■ Ministry of Social development Transport Crowe PwC Tower 1,349 m² 9 years (MSD) at Bowen Campus Horwath secured to October 2016 State Insurance Tower Air NZ 1,047 m² 6 years ■ Auckland Transport committed PwC Tower ICBC 1,020 m² 8 years to Zurich House NZX 914 m² 7.5 years 2 – 2,100 m at HSBC House State Insurance Tower BNP 680 m² 3 years 2 – 1,500 m at AMP Centre Other 4,805 m² 3.5 years ■ Now only 600 m2 of office Total Leasing 38,674m² 3.8 years vacancy in Auckland Total ex Bowen Campus 13,460m² 5.7 years PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 15 Portfolio metrics Lease expiry profile by NLA 5.5years Weighted average lease term 97% Occupancy 12% of Auckland portfolio has market event in FY15 59% weighting to Auckland Occupancy PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 16 Auckland CBD office market Forecast vacancy (CBRE, Dec 2013) Occupier options continue Occupier to reduce in prime space. Demand ▲ Strong CBD employment growth forecasts Stable with no core CBD Supply ► office development underway Forecast net effective rent growth (CBRE, Dec 2013) Rental Growth as face rents ▲ increase and incentive Growth levels diminish Improving market conditions Cap Rates ▼ support continued firming of capitalisation rates PRECINCT INTERIM RESULTS, 31 DECEMBER 2013 Page 17 Wellington CBD office market Forecast vacancy (CBRE, Dec 2013) Market is finely balanced Occupier with no vacancy in Prime ► grade.
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