If you’re an investor looking at New Zealand property trusts, you’ve probably noticed Precinct Properties (NZX: PCT) sitting near the top of the dividend yield list. But behind that headline yield lies a stapled security structure that shapes how the company pays out cash and how its share price moves.

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Current Share Price: NZ$1.05 ·
52-Week Range: NZ$0.99 – NZ$1.37 ·
Trading Volume: 688,894

Quick snapshot

1Confirmed facts
2What’s unclear
  • Exact dividend yield (varies: 5.35% on Trading Economics, 5.58% on Morningstar, 6.695% on NZX)
  • CEO exact compensation (reported as top earner but figure not in public filings)
  • Analyst price targets (no consensus published by major brokers)
3Timeline signal
  • 2026-07-13: Share price closed at NZ$1.05, 52-week low NZ$0.99, high NZ$1.37 (NZX)
  • 2026-06-05: FY26 Q3 dividend payment date (NZX announcement 472347)
  • 2026-03-20: FY26 Q2 dividend payment date (NZX announcement 468194)
4What’s next
  • FY26 Q4 dividend announcement expected in August 2026
  • Full-year results for FY26 due in August 2026
  • Potential interest rate impact on property valuations

Six key data points, one pattern: Precinct’s share price is supported by a stable dividend policy and a strong institutional base.

Metric Value
Current Share Price NZ$1.05
52-Week Range NZ$0.99 – NZ$1.37
Market Cap NZ$1.95B
Net Tangible Assets per Security NZ$1.180 (NZX)
Gross Dividend Yield (NZX) 6.695% (NZX)
FY26 Dividend Guidance 6.75 cents per stapled security (NZX announcement 468194)

Who are the major shareholders of Precinct Properties?

Top institutional shareholders

  • New Zealand Superannuation Fund — one of the largest institutional holders, according to the company’s annual report (NZX company overview).
  • Accident Compensation Corporation (ACC) — also a significant institutional investor in Precinct.
  • Other major holders include Australian and New Zealand fund managers such as AMP Capital and Fisher Funds.

The implication: institutional ownership provides a stable shareholder base, reducing the risk of sudden price swings from retail selling pressure.

Individual large holders

  • Insider ownership is relatively low, with directors and executives holding a small percentage of the stapled securities.
  • The largest individual shareholder is not publicly named in NZX filings, but the top 20 register is updated regularly.

Why this matters: low insider ownership means the share price is driven more by fundamentals and institutional flows than by management’s personal stake.

What is the dividend of Precinct Properties?

Current dividend yield

The discrepancy is due to different calculation methods (gross vs. net, trailing vs. forward). The NZX figure is the gross yield including imputation credits.

Dividend history

  • FY26 full-year dividend guidance: 6.75 cents per stapled security, held stable from FY25 (NZX announcement 468194).
  • FY25 total dividends paid: 6.75 cents per stapled security (NZX announcement 457559).
  • FY25 payout ratio: 103% of AFFO, indicating the company paid out more than its adjusted funds from operations.

The pattern: Precinct has maintained a stable dividend despite a payout ratio above 100% in FY25, which is possible because of retained earnings and the stapled security structure.

Ex-dividend dates

  • FY26 Q3: record date 2026-05-21, payment date 2026-06-05 (NZX announcement 472347).
  • FY26 Q2: record date 2026-03-06, payment date 2026-03-20 (NZX announcement 468194).
  • Dividends are paid semi-annually (quarterly for the stapled security components).
The trade-off

Precinct’s stable dividend is a draw for income investors, but the payout ratio above 100% means future increases depend on property revaluations and rental growth. If interest rates stay high, that becomes harder.

The implication: income investors need to watch whether the company can sustain this payout trajectory if property valuations soften.

What is the share price target?

Analyst price targets

  • No explicit consensus price target is published by major brokers in the research notes. However, the net tangible asset backing of NZ$1.180 per security (NZX) provides a fundamental floor.
  • Trading Economics and Morningstar track the stock but do not publish a single target price.

What this means: without a published broker consensus, investors should use NTA, dividend yield, and peer comparisons to gauge fair value.

Consensus rating

The catch: the lack of a clear analyst target means the share price is largely driven by property market sentiment and interest rate expectations.

How much does the CEO of Precinct Properties make a year?

CEO salary details

  • According to a report by the New Zealand Herald, the Precinct Properties CEO is the top earner among NZX-listed property company CEOs (New Zealand Herald (leading NZ news outlet)).
  • Exact total compensation (salary, bonus, and long-term incentives) is not disclosed in the NZX filings reviewed, but the Herald article places it above all other NZX property peers.

Why this matters: high CEO pay can be a governance concern for income-focused investors who want to see cash returned to shareholders rather than management.

Comparison to peers

  • NZX property peers include Kiwi Property Group, Stride Property, and Property for Industry. The Precinct CEO’s compensation reportedly tops that group.
  • No exact figures are available in the research notes, but the Herald report is the primary source.

The implication: investors may want to review the company’s remuneration report in the annual report to assess alignment with shareholder returns.

What to watch

If the CEO’s pay becomes a shareholder concern, it could lead to a protest vote at the annual meeting, especially if total shareholder returns lag behind peers.

The pattern: governance scrutiny around executive pay tends to intensify when share price performance weakens, and Precinct’s near 52-week low price puts management compensation under the spotlight.

What is the Precinct Properties share price history?

52-week performance

  • 52-week low: NZ$0.99 (NZX)
  • 52-week high: NZ$1.37 (NZX)
  • Current price (2026-07-13): NZ$1.05, near the lower end of the range.

Key dates

The pattern: the share price has been flat around NZ$1.05 for several days, indicating a lack of catalyst in the near term.

Timeline

  • 2025-09-05: Record date for FY25 Q4 dividend (NZX announcement 457559)
  • 2025-09-19: Payment date for FY25 Q4 dividend
  • 2026-03-06: Record date for FY26 Q2 dividend (NZX announcement 468194)
  • 2026-03-20: Payment date for FY26 Q2 dividend
  • 2026-05-21: Record date for FY26 Q3 dividend (NZX announcement 472347)
  • 2026-06-05: Payment date for FY26 Q3 dividend
  • 2026-07-13: Share price NZ$1.05, 52-week low NZ$0.99, high NZ$1.37 (NZX)

The pattern: the dividend payment cadence is consistent, but the share price has drifted lower through FY26, reflecting broader market headwinds for property stocks.

What we know and what’s still unclear

Confirmed facts

  • Current share price NZ$1.05
  • 52-week range NZ$0.99 – NZ$1.37
  • Market cap NZ$1.95B
  • NTA of NZ$1.180 per security
  • FY26 dividend guidance 6.75 cents per stapled security
  • CEO is highest-paid among NZX property peers (per NZ Herald)

What’s unclear

  • Exact dividend yield (varies by data provider)
  • CEO exact compensation figure
  • Analyst price targets (no consensus published)
  • Future impact of interest rate changes on property valuations

The implication: investors must weigh confirmed fundamentals against the gaps in analyst coverage and compensation disclosure when making their own assessment.

What the experts say

“Precinct boss tops the table of NZX property earners, according to a report.”

— New Zealand Herald, citing the company’s annual remuneration disclosure (New Zealand Herald)

“The company expects FY26 dividend stable at 6.75 NZ cents per security.”

— Reuters via TradingView, quoting Precinct’s FY25 full-year results (Reuters via TradingView)

The divergence between CEO pay headlines and dividend stability creates a tension that income investors need to monitor closely.

For income investors in New Zealand, the choice is clear: Precinct offers a stable dividend backed by institutional-grade properties, but the share price is near its 52-week low and the payout ratio is stretched. If interest rates remain elevated, the NTA floor could weaken, putting pressure on the share price. For those focused on total return, the current price may be a buying opportunity if the dividend holds, but the lack of a clear catalyst means patience is required.

Related reading: Tesla Share Price Robinhood: Live TSLA Stock

Additional sources

nzx.com, nzx.com, tradingview.com, nzx.com, nzx.com, investing.com, tradingeconomics.com, marketscreener.com, simplywall.st

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Frequently asked questions

What is the Precinct Properties stock symbol?

Precinct Properties trades on the NZX under the ticker PCT. It is a stapled security comprising a share in Precinct Properties New Zealand Limited (PPNZ) and a unit in Precinct Properties Investment Limited (PPIL).

How often does Precinct Properties pay dividends?

Dividends are paid semi-annually, with quarterly components for each stapled security. The combined payment is made after each quarter.

What is the Precinct Properties dividend yield?

As of June 2026, the gross dividend yield reported by NZX is 6.695%. Morningstar lists a trailing yield of 5.58%, and Trading Economics shows 5.35%. The variation depends on whether gross or net yield is used.

Is Precinct Properties a good buy?

That depends on your investment goals. For income seekers, the stable 6.75 cent dividend is attractive. For growth investors, the share price has been flat and near the low end of its 52-week range. The NTA of NZ$1.18 provides a floor, but a catalyst is needed for price appreciation.

What factors affect the Precinct Properties share price?

Key factors include interest rates (which affect property valuations and borrowing costs), the performance of the Auckland and Wellington office markets, changes in the dividend policy, and overall investor sentiment toward NZX-listed property trusts.

Who are the largest tenants of Precinct Properties?

Precinct’s portfolio includes government agencies, banks, and large corporates as tenants. The largest tenants are typically government departments (e.g., Ministry of Justice) and major banks (e.g., ANZ, BNZ). The exact tenant list is in the company’s annual report.

How does Precinct Properties compare to other NZ property trusts?

Precinct focuses on prime office and retail assets in Auckland and Wellington, while peers like Kiwi Property Group have more retail exposure. Precinct’s dividend yield is competitive, but its payout ratio is higher than some peers. The stapled security structure also affects tax treatment for investors.