Strong leasing performance supports PCT FY22 result

Precinct Properties New Zealand Limited (PCT) has reported a strong financial performance for the 12 months ended 30 June 2022.

Net Property Income (NPI) of $126.1 million was achieved, with $8.3 million of rental support provided mainly to retailers due to lockdown impacts.

Total comprehensive income after tax was $108.8 million, with Adjusted Funds from Operations (AFFO) of 6.51 cents per share (cps).

Gearing at 34.3% is well under the PCT borrower covenant level of 50%.

High portfolio occupancy of 99% and 7.1 year weighted average lease term (WALT) were achieved following leasing success in the period.

The company has also formed a strategic investment partnership with Singapore sovereign wealth fund GIC, and has $854 million of value-add development projects currently underway.

Dividends paid to shareholders and attributed to the 2022 financial year totalled 6.70 cps, representing a 3.1% increase.

Further information can be found within the 2022 Annual Report and results presentation at https://www.precinct.co.nz/annual-reporting/2022-annual-results.