- Release Date: 07/05/12 10:43
- Summary: QUARTER: PFI: PFI announces consistent dividend, leasing progress
- Price Sensitive: No
- Download Document 3.15KB
PFI 07/05/2012 08:43 QUARTER REL: 0843 HRS Property for Industry Limited QUARTER: PFI: PFI announces consistent dividend, leasing progress Listed industrial property investor Property For Industry (PFI) has declared a consistent net dividend and has achieved an uplift in portfolio occupancy during the three months to 31 March 2012. General manager Nick Cobham said PFI had secured eight new leases and lease extensions during the first quarter of 2012, including a new 10-year agreement with Glengarry Hancocks at 54 Carbine Rd and 6a Donnor Pl, Mt Wellington, which had been the company's largest vacancy. As a result of this leasing progress, PFI's portfolio occupancy had risen from 95.6 percent to 96.2 percent. In addition, the portfolio weighted average lease term (WALT) - assisted by the nine-year average term of the new leases - had been extended from 4.17 to 4.34 years. However, the company has also reiterated that maintaining high occupancy will continue to be a key determinant of earnings. "While 96.2 percent is still a respectable occupancy level, it is lower than in previous years and addressing PFI's current vacancy and upcoming lease expires remains our major focus," Mr Cobham noted. PFI's rentals for the three months were $382,000 or 4.9 percent lower than the previous corresponding period, at $7.41 million, primarily due to the company's property sales over the past year and lower portfolio occupancy. However, most expenses - including PFI's largest single cost, interest - were largely in line with the previous corresponding period. PFI's distributable profit after tax for the first quarter - the profit available for distribution to shareholders - was $309,000 or 8.0 percent lower at $3.57 million, equating to 1.62 cents per share (2011 first quarter: 1.78 cents per share). PFI's board has resolved to maintain the dividend for the quarter at the same level as the previous corresponding period: 1.55 cents per share. The dividend, with attached imputation credits of 0.3978 cents per share, will have a record date of 21 May 2012 and a payment date of 30 May 2012. The company's dividend reinvestment scheme is in place for the dividend and the discount rate for shares issued under the scheme remains at 2.5 percent. PFI's net profit after tax for the quarter, after NZ IFRS-required non-cash adjustments such as deferred tax and movements in interest rate swaps, was $4.79 million (2011 first quarter: $2.75 million). PFI's annual shareholder meeting will be held at Eden Park, Auckland, on 18 May 2012 at 11am. For further information: Nick Cobham General Manager Phone 09-303 9656 or 021-464 583 Email: [email protected] About PFI PFI is one of the longest-established names in New Zealand's listed property sector and New Zealand's only listed company specialising in industrial property. Key portfolio metrics 31 March 2012 / 31 December 2011 / 31 March 2011 Number of properties 49 / 49 / 52 Number of tenants 91 / 89 / 100 Contract rent $30.6 million / $30.2 million / $31.6 million Occupancy 96.2% / 95.6% / 99.4% Weighted average lease term (WALT) 4.34 years / 4.17 years / 3.84 years End CA:00222594 For:PFI Type:QUARTER Time:2012-05-07 08:43:35
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