PFI interim profit jumps 36% as valuations rise

26th February 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Property for Industry Limited has reported profit after tax of $28.8m for the six months to December 2024, up 36% on the same period a year earlier.

The industrial specialist said the result included fair value gains on properties of $16.6m on its $2.1bn portfolio, as compared to losses of $4.2m last year.

Revenue increased by 6% to $49.98m and the company declared a second quarter interim cash dividend of 2 cents per share, while guiding an FY25 cash dividends of 8.50 cents per share.

PFI said it refinanced $425m of bank facilities during H1 FY25, established a new $100m, 3-year bank facility with its existing banking syndicate, made a $25m, 8.5-year drawdown on its Pricoa facility, and repaid the $100m PFI010 bonds in November 2024. It had approximately $177m of unutilised bank facility capacity at the end of the interim period.

“The completion of over $220m of 5 Green Star rated industrial developments on-time and on-budget is a key milestone for PFI” said PFI chief executive Simon Woodhams.

“These developments, supported by strong leasing outcomes within the core portfolio, have resulted in steady operating cash flows over the first half of the financial year, despite the headwinds from the partial loss of tax depreciation and interest rates that, while improving, remained elevated through H1 FY25.

“With signs of recovery emerging in the valuation of PFI’s $2.1bn industrial property portfolio, and careful application of strategy, PFI is well placed to navigate the remainder of FY25.”

PFI said it has a nationwide portfolio of 91 properties valued at $2.1bn and leased to around 124 tenants.