PFI
15/12/2015 11:19
GENERAL
PRICE SENSITIVE
REL: 1119 HRS Property for Industry Limited
GENERAL: PFI: PFI Announces Positive Valuation Outcome, Confirms Guidance
PFI ANNOUNCES POSITIVE VALUATION OUTCOME, CONFIRMS GUIDANCE
NZX listed industrial property landlord Property For Industry (PFI) today
announced an expected annual increase from independent valuations in the
value of its property portfolio of approximately $47 million or 5% to $985
million, and confirmed earnings and dividend guidance.
Valuation
PFI began the year with a portfolio of 79 properties valued at $876 million.
The company acquired six properties for $58 million and disposed (i) of one
property with a carrying value of $9 million. Capital expenditure and
property related prepayments of $13 million, together with the expected
uplift of $47 million, provide the bridge to the December 2015 portfolio of
84 properties valued at $985 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 2015, which will be announced on Monday,
15 February 2016.
PFI General Manager Simon Woodhams noted: "While asset management over the
year is reflected in a number of individual property values increasing, the
attraction of industrial property for both investors and occupiers is again
evident in PFI's property valuations."
Guidance
PFI's guidance for the financial year ending 31 December 2015 remains
unchanged, with distributable profit expected to be at least 7.35 cents per
share and cash dividends expected to be 7.30 cents per share.
Contact
For further information please contact:
Simon Woodhams
General Manager
Phone: +64 9 303 9652
Email: [email protected]
Craig Peirce
Chief Financial Officer and Company Secretary
Phone: +64 9 303 9651
Email: [email protected]
About PFI
PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 84 industrial properties in Auckland, Hamilton, Mount
Maunganui, Wellington and Christchurch, is leased to 141 tenants.
www.propertyforindustry.co.nz
(i) Property unconditionally sold as at 31 December 2015 with settlement due
on 31 March 2016.
End CA:00275163 For:PFI Type:GENERAL Time:2015-12-15 11:19:21
