Австралийский девелопер Precinct отчитался о рекордной арендной активности, но зафиксировал убыток из-за падения оценок активов

This article first appeared on GuruFocus. Release Date: August 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points - Record leasing activity with close to 40,000 square meters completed, an all-time high for the business, and solid leasing spreads. - Investment portfolio maintained high occupancy at 97% and increased weighted average lease term to over 7 years. - Completed over half a billion in developments, including 55 Molesworth Street and two build-to-sell residential projects for capital partners. - Capital partnering strategy advanced significantly, with office platforms growing by around $800 million and total partnerships reaching $2.2 billion. - Strong balance sheet position with pro forma gearing reduced to 29% and diversified funding sources, providing capacity for future opportunities. Negative Points - NTA per share declined from $1.18 to $1.13, largely due to valuation declines in development assets, particularly downtown. - Auckland office FFO growth was modest at 0.8% due to lower physical occupancy from leasing timing, despite rental growth. - Wellington office market remains subdued, with softer net rents and higher rates impacting valuations and rental growth. - Total comprehensive income was a loss of $12.6 million, reflecting continued valuation declines in the second half. - Dividend guidance remains flat at $6.75 per share, with FFO expected to be below the dividend in FY27, indicating limited near-term earnings growth. Q & A Highlights - Warning! GuruFocus has detected 8 Warning Signs with AOTUF. - Is AOTUF fairly valued? Test your thesis with our free DCF calculator. Q: Regarding the Downtown development, when is it realistic to secure a capital partner, and how would fee structures impact the 6.5% to 7% yield on cost?A: George Crawford (Deputy CEO) stated that a capital partner could come on board at three stages: pre-construction, during construction, or on completion. While demand for completed premium office buildings is high, return requirements during the construction phase are likely too high for Precinct to make the project work. The most likely stage for a partner is during construction, once investors can see the development progressing. Richard Holder (CFO) added that internal charges from the Precinct management business will be costed back to the project at market rates, but stripped of profit, and this is included in the total project cost. Q: Can you bridge the gap in Auckland office FFO, which went backwards despite strong leasing metrics and rental growth?A: Scott Pritchard (CEO) explained that while the portfolio ended the year at 97% occupancy, actual physical occupancy during the year was slightly north of 96%, leading to long voids in Auckland. The strong leasing surge at the back end of the year brought occupancy back to 97%, but the income generation during the year was impacted. He noted that the lease expiry profile in the next 12 months bodes well for future performance.