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 2025, investors have enjoyed an average annual return of around 9.27%.
Our Latest Results
Results for the 6 months ending 31 December 2025:
INTERIM RESULTS
Profit after tax of $46.9m, up $18.2m on the prior interim period
Funds From Operations (FFO) up 32.2% to 6.40 cents per share (cps), Adjusted Funds From Operations (AFFO) up 23.9% to 5.39 cps
Interim cash dividends of 4.40 cps
Funds From Operations (FFO) up 32.2% to 6.40 cents per share (cps), Adjusted Funds From Operations (AFFO) up 23.9% to 5.39 cps
Interim cash dividends of 4.40 cps
INDUSTRIAL VALUATIONS GROWING, SUPPORTED BY REALISED RENTAL GROWTH
Valuation growth continues across PFI’s $2.25bn portfolio, 19 properties revalued at the half-year, fair value gains on those properties of $17.1m or 3.2%, net tangible assets (NTA) up 1.7% to $2.88 per share
$46.2m of contract rent reviewed during H1 FY26 delivering an average annualised uplift of 7.3%, $3.1m of contract rent leased during H1 FY26 at an average of 14.9% above previous contract rents, occupancy stable at 99.9%
$46.2m of contract rent reviewed during H1 FY26 delivering an average annualised uplift of 7.3%, $3.1m of contract rent leased during H1 FY26 at an average of 14.9% above previous contract rents, occupancy stable at 99.9%
KEY GREEN STAR DEVELOPMENT PROJECTS ADVANCED
Stage 2 of 78 Springs Road continues to track under-budget and ahead of programme, demolition complete at 92-98 Harris Road with redevelopment to be tenant-led, Stage 1 of Spedding Road to commence on a speculative basis, PFI retains optionality to deploy up to ~$325m on Green Star certified projects over the medium-term
ROBUST CAPITAL POSITION
$100m tranche of syndicated bank facility reclassified as ‘Green’ debt, $100m PFI020 bonds repaid, ~$154m of facility headroom, December 2025 gearing of 34.2% lifting to ~36.3% after all committed acquisitions, divestments and development projects, considering potential retail bond offer
FY26 DIVIDEND GUIDANCE INCREASED
Reflecting a strong H1 FY26 performance and positive trading conditions, PFI expects to declare FY26 cash dividends of at least 9.05 cps, an increase of at least 5.2% on FY25 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 2025, investors have enjoyed an average annual return of around 9.27%.
31 December 2025, investors have enjoyed an average annual return of around 9.27%.
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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.