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Precinct’s updated dividend policy is to pay out approximately 100% of Adjusted Funds From Operations (“AFFO”) as dividends, with the retained earnings being used to fund the capital expenditure required to maintain the quality of Precinct’s property portfolio.
Aligning dividends with AFFO is considered to be best practice in a global context for real estate entities. It is consistent with the objectives of the current dividend policy.
AFFO best reflects the sustainable cash flow produced by our portfolio.
The payment of dividends is not guaranteed by Precinct and Precinct’s dividend policy may change from time to time.
Inland Revenue Department (IRD) change in relation to listed PIE income
As listed PIEs are taxed at 28%, any investor who has a RWT rate lower than this will have to manually add this PIE income to their annual tax returns. All other investment income will be automatically provided to the IRD.
You are required to include the Gross dividend in your income tax return (and claim a credit for the imputation credits) unless you are an individual or trustee investor. If you are an individual or trustee investor you can choose whether to include this amount in your income tax return. Individual or trustee investors on lower than the 30% marginal tax rate may choose to do so to gain the benefit of the imputation credits attached. The excluded income should not be included in your tax return.
All shareholders should seek independent advice if you have any queries regarding the tax treatment of your payment.
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News and updates
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Reporting and disclosure
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Precinct Annual Report 2019
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.
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.
What are the contact details of the Registrar?
When are dividends paid?
Precinct has a 30 June year end with dividends being paid quarterly and within three months of each quarter end. Typically dividends are paid in the months of September, November, March and May.