Precinct sees solid lease uplift, pays $8.3m in rent relief

One Queen in Auckland is 'on track'. (Image: BusinessDesk)

Thu, 18 Aug 2022

Downtown office and retail property group Precinct Properties said its lease income improved slightly to $126.1 million during the 12 months to June 2022, despite handing out $8.3m in rental support. That saw gross revenue at $200.3m from $199.8m for the New Zealand Stock Exchange-listed property investment trust, which mainly operates across premium office developments in the Auckland and Wellington CBDs. Net profit after tax, however, was at $110m, down 41% on the prior year.Rent relief was granted to a number of its more than 100 t...

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