PFI Announces Stable Interim Results

[4] CBRE “Auckland Industrial MarketView”, June 2022.

Property for Industry Limited (PFI) has announced a stable interim operating result for the six months ended 30 June 2022, with a profit after tax of $23.8 million and Funds From Operations (FFO) earnings down 4.3% to 5.13 cents per share.

The portfolio delivered strong rental growth, with an average annualised uplift of 4.8% on contract rent reviewed during the period, and 9.6% of contract rent leased at an average of 15.6% above previous contract rents.

PFI has also proactively managed its capital, launching a share buyback programme, extending its Bank of New Zealand loan facility, and entering into a new USPP facility.

The Company anticipates to declare cash dividends of 8.10 cents per share for the 2022 financial year, a 2.5% increase on 2021 dividends.