Precinct is a city centre specialist and long term investor in real estate.
Ranked in the NZX top 25, Precinct is the largest owner, manager and developer of premium inner-city space in Auckland and Wellington.
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Precinct’s strategy provides a clear and targeted approach to our markets. We want to create precincts that our clients thrive working within, and that city centre residents, visitors and wider communities enjoy being in.
Precinct invests predominately in high quality strategically located city centre office, retail and leisure real estate which thrive through co-location.
Our strategy is a continual focus of the Board. It has continued to evolve over the last 20 years. Reviewed annually, our strategy is regularly refined, and we believe it provides clear direction for both the Precinct team and our shareholders.
Portfolio at a glance.
In-house Precinct team
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Shareholder information. Manage your investment online.
Bondholder and noteholder information
Reporting and disclosure
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News and updates
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Sustainability at Precinct
Sustainability is an important part of Precinct's business activities
Best practice governance structures
FY18 Annual Results webcast
16 August 2018
Download Precinct's 2018 Annual Report here.
Frequently asked questions.
How can I invest?
We are a listed company and as such our shares trade on the NZ stock exchange. You can invest with us through your share broker or alternatively your bank may well provide a share trading service. Typically the difference will be that a share broker can advise you on the investment whereas the bank service is purely to execute your instructions.
Noted below are a selection of New Zealand share brokers and banks that provide share trading services.
Please be aware that we are not financial advisers and we recommend that you should contact a financial adviser before making investment decisions.
What is Precinct's dividend policy?
The Board reviewed the dividend policy in 2011 and concluded that Precinct’s dividends in future should match the cash flow generated by operations, after taking into account recurring capital expenditure. This equates to a payout ratio of around 90% of annual distributable income, with retained earnings funding recurring capital expenditure at their expected long term average levels.
The board considers this revised dividend policy represents a more sustainable approach to maximising long term returns for Precinct’s shareholders.
Could you please explain if you are still a REIT from both a classification and tax perspective?
Precinct is generally considered to be a REIT by REIT only investors and by MSCI and S&P .
New Zealand does not have specific REIT legislation unlike many other jurisdictions, however qualifying real estate investment entities have the benefits of the tax benefits available to investors under the Portfolio Investment Entity (“PIE”) regime. Precinct is a listed PIE and therefore the 2010 change in structure from a unit trust to a company should not change Precincts status as a REIT.
New Zealand shareholders benefit from the tax deductions of the company and will have no further tax to pay on their dividends. A component of dividends is excluded income for tax purposes and the balance is imputed at the company tax rate of 28%.
Under the Global Industry Classification Standard (GICS) Precinct is also defined as an Office REIT with a GIC of 60101040. (Equity Real Estate Investment Trusts 601010).
To read more about the GICS: Click here
Do Precinct's dividends carry imputation credits?
Yes. Under the PIE regime, New Zealand shareholders benefit from the tax deductions of the company and will have no further tax to pay on their dividends. A component of dividends is excluded income for tax purposes and the balance is imputed at the company tax rate of 28%.
Can you explain what a supplementary dividend is?
A supplementary dividend is paid to non-resident shareholders to offset the amount of non-resident withholding tax (“NRWT”) that New Zealand companies are required to deduct from dividends paid to non-resident shareholders. A supplementary dividend is paid to ensure equitable treatment between non-resident shareholders and resident shareholders (whose dividends are not subject to NRWT).
There’s no disadvantage to Precinct or our shareholders, and non-resident shareholders don’t get a larger cash dividend than an equivalent New Zealand resident shareholder.
We recommend that you seek professional tax advice on your own situation should you require more information.