Covid property rerating hits Precinct earnings

Covid property rerating hits Precinct earnings
Brent Melville
Pandemic related devaluations of its Auckland CBD portfolio have hit the financial health of Precinct Properties, with net profit down 81.6 percent at $35.1 million for the year ended June , from $190.4 million last year. But income was up for the inner-city A-grade office specialist, with ‘adjusted funds from operations’ - which accounts for non-cash items - improving by 11.8 percent to $82.7 million, or 6.29 cents per unit, from $74 million in 2019.  And that led to a full year dividend of 6.3 cents a share, a year-on-year increase of 5...

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