Full Year 2024 Precinct Properties New Zealand Ltd Earnings Call Transcript
Key Points
- Operational performance remained strong with 98% occupancy and a weighted average lease term of 6.6 years.
- Leasing spreads of close to 16% across the office portfolio indicate strong market rent growth.
- Strengthened balance sheet through refinancing $700 million of debt and securing a $168 million green loan.
- Significant progress in the living sector, including entering the student accommodation market and advancing residential projects.
- Stabilization of property valuations in the second half of the financial year, providing optimism for future valuation support.
- Reported a loss for the year of $30.1 million, primarily due to a $100 million devaluation in investment properties.
- Higher interest and tax expenses resulted in flat funds from operations (FFO) and adjusted funds from operations (AFFO).
- Commercial Bay retail income fell by 4% due to higher vacancy and operating expenses.
- Economic environment impacting retail and operating businesses, particularly in the second half of the year.
- Government spending constraints in Wellington are affecting demand in the occupier market.
Thank you for standing by, and welcome to the Precinct Properties 2020 Full Year Results Call. All participants are in a listen only mode. There will be a presentation followed by a question and if you wish to ask a question, you'll need to press the star key followed by the number one on your telephone keypad.
I would now like to hand the conference over to Mr. Scott Pritchard, Chief Executive Officer. Please go.
Thank you, Harmony, and good morning, everyone, and welcome to the 2024 annual result briefing for Precinct Properties. I'm joined today by George Crawford, Precinct's Deputy Chief Executive, and Richard Hilder, Precinct's Chief Financial Officer.
The agenda for today's call is outlined on page 2 of the presentation. I'll shortly provide an overview of the highlights of the results before covering off the major themes and reviewing Precinct's strategic progress. I'll then hand over to Richard, who will detail the financial result before, George provides
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