PFI
15/12/2014 12:11
GENERAL
NOT PRICE SENSITIVE
REL: 1211 HRS Property for Industry Limited
GENERAL: PFI: PFI Announces Positive Valuation Outcome
PFI ANNOUNCES POSITIVE VALUATION OUTCOME
NZX listed industrial property landlord Property For Industry (PFI) today
announced an expected property portfolio uplift of approximately $35 million
or 4.2% from independent valuations to $874 million.
The increase in portfolio value over the prior year was in a large part
attributable to firming market capitalisation rates portfolio wide, however,
this was particularly evident in those properties up to $10 million in value
with long term leases.
PFI began the year with a portfolio of 83 properties valued at $842 million.
The company disposed of five properties with a carrying value of $29 million
and acquired one property for $15 million. Capital expenditure and property
related prepayments of $11 million, together with the expected uplift of $35
million, provide the bridge to the December 2014 portfolio value of PFI's 79
properties of $874 million.
Independent valuers CBRE, Colliers International and Jones Lang LaSalle
carried out the valuations, which remain subject to finalisation and audit.
The final independent valuation outcome will be confirmed in the results for
the financial year ended 31 December 2014, which will be announced on
Tuesday, 17 February 2015.
PFI Chairman Peter Masfen said: "While asset management over the year is
reflected in a number of individual property's values increasing, the
attraction of industrial property as an investment class is again evident in
PFI's 2014 property valuations."
Mr Masfen also noted that guidance for the financial year ending 31 December
2014 remains unchanged, with total cash dividends expected to be
approximately 7.25 cents per share based on a pay-out ratio of 95% to 100% of
annual distributable profit.
Contact
For further information please contact:
Nick Cobham
General Manager (Joint)
Phone: +64 9 303 9656
Email: [email protected]
Simon Woodhams
General Manager (Joint)
Phone: +64 9 303 9652
Email: [email protected]
About PFI
PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 79 industrial properties in Auckland, Hamilton, Mount
Maunganui, Wellington and Christchurch, is leased to 136 tenants.
www.propertyforindustry.co.nz
End CA:00258907 For:PFI Type:GENERAL Time:2014-12-15 12:11:30
