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...

More Property

Court to decide if Du Val investors' claim can proceed
Property

Court to decide if Du Val investors' claim can proceed

Investors who swapped debt for equity accuse FMA of devaluing their shares.

Vector faces fresh complaint on unfair contract terms
Property

Vector faces fresh complaint on unfair contract terms

Vector faces more scrutiny over contract terms after Commerce Commission advice.

Garth Bray 02 Jul 2025