A Track Record of Strong and Stable Returns
A Track Record of Strong and Stable Returns
Investor Relations
We provide investors with the opportunity to invest in a wide selection of properties in the hard-working industrial sector. While past performance does not guarantee future returns, in the period since PFI’s inception to 31 December 2024, investors have enjoyed an average annual return of around 9.35%.
Our Latest Results
Results for the six months ending 31 December 2024:
ROBUST INTERIM RESULTS
Profit after tax of $28.8m, up $7.6m on the pcp, incorporating fair value gains on properties of $16.6m, as compared to losses of $4.2m in the pcp.
Funds From Operations (FFO) down 3.8% on the pcp to 4.84 cents per share (cps), Adjusted Funds From Operations (AFFO) down 4.9% on the pcp to 4.35 cps, reflecting increased interest and tax.
Interim cash dividends of 4.00 cps.
Funds From Operations (FFO) down 3.8% on the pcp to 4.84 cents per share (cps), Adjusted Funds From Operations (AFFO) down 4.9% on the pcp to 4.35 cps, reflecting increased interest and tax.
Interim cash dividends of 4.00 cps.
CONTINUED STABILITY OF PORTFOLIO FUNDAMENTALS
Valuation of $2.1bn industrial property portfolio showing signs of recovery, 15 properties revalued at the half-year, fair value gains on properties of $16.6m or 3.1%, net tangible assets confirmed at $2.72 cents per share
$36.7m of contract rent reviewed during H1 FY25 delivering an average annualised uplift of 6.6%, $2.9m of contract rent leased during H1 FY25 at an average of 21.3% above previous contract rents, occupancy increased to 99.9% post-balance date, no contract rent due to expire in the second half of FY25
$36.7m of contract rent reviewed during H1 FY25 delivering an average annualised uplift of 6.6%, $2.9m of contract rent leased during H1 FY25 at an average of 21.3% above previous contract rents, occupancy increased to 99.9% post-balance date, no contract rent due to expire in the second half of FY25
NEXT PHASE OF GREEN STAR DEVELOPMENT PIPELINE TO COMMENCE
$220m of 5 Green Star developments completed on-time and on-budget across 30-32 Bowden Road and Stage 1 of 78 Springs Road, Stage 2 of the redevelopment of 78 Springs Road commenced and ~60% leased, opportunity to deploy ~$355m on Green Star development over the medium-term
DISCIPLINED CAPITAL MANAGEMENT
$550m of facilities refinanced or established during H1 FY25, $100m PFI010 bonds repaid in November 2024, ~$180m of facility headroom, gearing comfortable at 33.4%
OUTLOOK
PFI well placed to navigate the remainder of FY25, guiding to cash dividends of 8.50 cps, an increase of 0.20 cps or 2.4% on annualised FP24 dividends
For more details on the latest results
Why invest with us?
Hard working investment
We put your money to work, aiming to generate steady income for you. Industrial property behaves differently to other types of property, offering the opportunity for reliable returns in all economic conditions.
Scale
The size of our portfolio gives us credibility; allowing us to meet the needs of a large variety of tenants today, while also allowing us to work in partnership with them as their requirements change and grow tomorrow.
Location
Our properties are strategically located close to supply chains, transport links, workforce and customers, meaning they represent significant growth opportunities for us and our tenants.
Diversity
Diversity comes from having multiple properties across a number of industrial sub-sectors. Our diverse portfolio is resilient and well-placed to deal with a wide variety of market conditions.
Expertise
Because we specialise only in industrial property, we know the market, understand industrial tenants’ needs, and can capitalise on trends and opportunities that allow our portfolio to keep delivering for investors.
Sustainability
We’ve got a long-term focus on ensuring that we are doing the right thing by all our stakeholders. Our sustainable approach to developments, refurbishments and building maintenance aligns with changing tenant needs, creating the potential for better long-term value for our investors.
Keeping New Zealand moving
The industrial sector plays a vital role in keeping New Zealand’s economy moving. By investing in the properties where the hard work gets done, you’re supporting New Zealand enterprises to grow and succeed. And that leads to a thriving and prosperous New Zealand economy we all benefit from.
Our Share Price
We provide investors with the opportunity to invest in a wide selection of properties in the hard-working industrial sector. While past performance does not guarantee future returns, in the period since PFI’s inception to 31 December 2024, investors have enjoyed an average annual return of around 9.35%.
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The following dates are indicative only and may change without notice. PFI makes no representation in relation to future dividend amounts and timing.
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Computershare Investor Services
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 92119
Victoria Street West
Auckland 1142
Victoria Street West
Auckland 1142
Key dividend Information
Our current policy is to distribute the majority of our profits, with the aim of delivering a steady and reliable income stream for investors. In the past, dividends have typically been paid quarterly. However, PFI makes no representation in relation to future dividend amounts and timing.