Auckland Supply Barriers Play into Precinct’s Favour. FVE Increased to NZD 1.33
Narrow moat-rated Precinct Properties reported fiscal 2017 earnings of NZD 6.17 cents per security, or cps, which was marginally below guidance due to the loss of rental income in Wellington following building damage caused by the 2016 Kaikoura earthquake. We foresee the Deloitte House building being completely demolished, which could result in a loss of up to NZD 3.3 cps. Our fair value estimate increases to NZD 1.33 from NZD 1.30 on raised rental growth expectations for the Auckland assets. At...Precinct Properties New Zealand is engaged in investment in predominantly prime commercial office properties in the central business district of major New Zealand cities. As of June 30 2010, Co. had total assets of NZ$1,299,328,000 and investment properties portfolio valued at NZ$1,276,800,000.
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