Property for Industry Limited ("PFI") is an NZX listed property vehicle specialising in industrial property.
PFI's nationwide portfolio of more than 90 properties is leased to around 150 tenants.
PFI was formed in 1993, and has been listed on the NZX under the code "PFI" since December 1994.
The following information has been extracted from Property for Industry's half year results, released on 25 February 2025
PFI has delivered another robust set of operating results, highlighting the continued stability of the Company’s industrial property portfolio and disciplined execution of its strategy. Profit after tax of $28.8m is up $7.6m on the pcp and incorporates a fair value gain of $16.6m on the Company’s $2.1bn industrial property portfolio, as compared to a $4.2m fair value loss in the pcp. Positive leasing outcomes within the core portfolio, supported by the completion of the Company’s 5 Green Star redevelopments[2] and an improving interest rate environment, have combined to support steady earnings, operating cash flows and dividends.
Highlights
Interim result
PFI reported a profit after tax for the interim period of $28.8m (5.73 cps), as compared to $21.2m (4.22 cps) in the pcp. H1 FY25 profit after tax includes a $16.6m fair value gain on the independent valuation of the Company’s property portfolio, as compared to a $4.2m fair value loss in the pcp.
H1 FY25 net rental income[4] of $51.9m was up $3.5m (7.3%) on the pcp ($48.4m), due to the impacts of brownfield development projects completing (+$2.5m) and positive leasing activity (+$2.0m), partly offset by divestment activity (-$0.6m) and vacancy (-$0.5m).
Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.