Precinct has demonstrated strong resilience in its operating performance given the majority of the business was impacted by lockdowns during the first half of the financial year. Strong leasing performance has delivered a 1.5% increase in net property income (NPI) for the 6 months to 31 December 2021 or $61.1 million (December 2021: $60.2 million). This level of NPI is after providing $5.5 million (equivalent to 25 bps to AFFO) in rental support for the retail and office portfolios. This has contributed to net operating income before tax of $45.5 million, up 6.3% on the previous comparable period (1H20: $42.8 million).

Scott Pritchard, CEO, Precinct Properties