13 Jul DNZ adopts a new Long Term Incentive Plan
DNZ adopts a new Long Term Incentive Plan 13/07/2015
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.
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 334,694m².
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.