Precinct Properties New Zealand is paying a third quarter dividend of 1.575 cents today and is confident it will meet its full year dividend guidance of 6.3 cents, up 5 per cent on 2019.
In its latest market update, the inner-city A-grade commercial office specialist said while there had been challenges resulting from the Covid-19 pandemic, its "high quality client base, high occupancy and long term weighted average lease term" gives the board enough confidence to stick with guidance.
This week the company opened its long awaited Commercial Bay development, although last month deferred construction of the linked $300 million One Queen St development.
Chair Craig Stobo said the deferral will "enable us to more reliably assess the long terms on the tourism market and broader economy" and to ensure the eventual redevelopment generates maximum return.
At March 31, Precinct's portfolio value was $2.9 billion, boasting overall occupancy levels of 98 per cent and an average lease term of 8.6 years. Dividends declared for the year to date are 4.725 cents a share, from a net asset value of $1.50 a share.
