DNZ
13/07/2015 12:08
GENERAL
NOT PRICE SENSITIVE
REL: 1208 HRS DNZ Property Fund Limited
GENERAL: DNZ: DNZ adopts a new Long Term Incentive Plan
The Board of DNZ Property Fund Limited (DNZ) recently adopted a new long term
incentive plan to incentivise certain employees of the Company (as selected
by the Board) and align the interests of those employees with those of the
Company's shareholders. The plan is similar to DNZ's previous long term
incentive plan and provides for the selected employees to be granted rights
to be issued shares for nil consideration if certain performance hurdles
(based around total shareholder returns and distributable profit per share)
are met.
The plan contains three schemes, which provide for the issue (if all hurdles
are met in full) of up to 97,298 shares for the period 1 April 2013 to 31
March 2016, 270,421 shares for the period 1 April 2014 to 31 March 2017 and
294,493 shares for the period 1 April 2015 to 31 March 2018.
END
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 - Email: [email protected]
Peter Alexander, Chief Executive Officer, DNZ Property Fund Limited
DDI: 09 913 1154 - Mobile: 0275 443 678 - Email:
[email protected]
Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 - Mobile: 021 536 406 - Email:
[email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand's largest diversified
investment property portfolios with $872.4 million (as at 31 March 2015) of
commercial office, retail and industrial properties located in the main urban
areas throughout New Zealand. As at 31 March 2015, DNZ Property Fund owned 41
properties with 281 tenants, a weighted average lease term (WALT) of 5.1
years and an occupancy rate of 96.6% over a net lettable area of 334,694m?.
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors
hold shares and is managed by its own internal management team. DNZ is also
the manager of Diversified NZ Property Fund Limited, a $118.4 million (as at
31 March 2015) commercial property fund.
DNZ's top 10 tenants as at 31 March 2015: Bunnings, Progressive Enterprises
(Countdown), Foodstuffs (PAK'nSAVE & New World), ASB, NZ Government, The
Warehouse, Fletcher Building, Westpac, Meridian and Lion. These 10 tenants
represent 52% of DNZ's total contract rental.
End CA:00266927 For:DNZ Type:GENERAL Time:2015-07-13 12:08:15
