Precinct interim profit falls as conditions toughen

20th February 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Precinct Properties has reported an interim net profit of $3.2m for the six months to December 2024, down 75.2% on the previous corresponding period.

The company reported total revenue of $134m, up 11.1%, with net property income rising to $71.4m from $68.4m.

Its portfolio was at 96% occupancy, compared to 98% for the same period a year earlier, with a weighted average lease term of 6.3 years, down from 6.4 years.

During the period, the company refinanced $165m of maturing retail bonds and USPP notes with $200m new bank debt and a new $75m wholesale bond.