Property For Industry Limited (PFI)

Property for Industry today announced its FY25 interim results for the six-months ended 31 December 2024.   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 and an improving interest rate environment, have combined to support steady earnings, operating cash flows and dividends. With PFI’s property valuations showing signs of recovery, and sufficient balance sheet capacity to support the Company’s near-term Green Star development pipeline, the outlook for PFI’s earnings and cash flows will be supported by realising rental growth from the core portfolio, against the backdrop of a more supportive interest rate environment. “The completion of over $220m of 5 Green Star rated industrial developments on-time and on-budget is a key milestone for PFI” says PFI Chief Executive Officer, Simon Woodhams. “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.” Full details are available on our website: https://lnkd.in/gkegFi-C #nzx #interimresults #industrialproperty

On Tuesday next week, we will share our FY25 interim results via live webcast.    Our CEO Simon Woodhams and CFO/COO Craig Peirce will present PFI's H1 FY25 results (for the six months ended 31 December 2024) and provide an update on the Company’s priorities.  The webcast will begin at 10am on Tuesday 25 February. To view and listen, and to ask questions via the chat function, please visit https://lnkd.in/gJXj9zaJ

Last week marked our third annual Wellness Week, an event our staff eagerly anticipate each year. Not only do we delve into various aspects of wellness—both mental and physical—but it's also a fantastic opportunity for collaboration and a bit of healthy competition. Each year, we focus on five new key themes and provide interesting facts about each topic. This year, one of the most popular themes was all about trying new things. Staff were encouraged to step outside their comfort zones and try a new wellness activity of their choice. We got reports back about aerial yoga, hot/cold therapies, rock climbing, and many more. It was great to see everyone embracing this and getting adventurous. Another highlight was an enlightening talk on Neurodiversity by a speaker from DivergenThinking. This session was invaluable, teaching us about the different brain types and the importance of a strengths-based approach. We learned how inclusivity and a diverse range of brain types contribute to a balanced and innovative environment. Other activities included a healthy team lunch, 360 body scans from Vital Body Scan NZ Ltd, a team tennis event, and our hugely popular fitness competition. We're always overwhelmed by the level of involvement from our team and how these activities bring us closer together over such an important topic. #team #wellness #health #inclusion

Our CEO Simon Woodhams had a fantastic time sitting down with Garth Bray to provide Sharesies investors with a quick insight into PFI and the industrial property sector. It's always a pleasure to share our story and discuss the exciting developments both within PFI and the industry as a whole. Thank you, Sharesies, for the opportunity. #sharesies #industrialproperty #development

We wish everyone a Merry Christmas and a Happy New Year! We hope you have a safe and relaxing break.   This year, in lieu of gifts for our key contacts, we have chosen to make a donation to the Auckland City Mission - Te Tāpui Atawhai. We understand that this can be a particularly difficult time of year for some families. This donation will help deliver food parcels to families and individuals in need, support health consultations, and assist people in finding permanent housing.   If you or your company would like to help out, please visit their website to find out how or to make a donation: https://lnkd.in/gsndvQe   From the team at PFI

We are thrilled to announce the launch of our new and updated website!   Alongside all the usual investor relations, sustainability, and portfolio information, the site now features easier and more intuitive navigation, key details on our major developments, and more information for existing and future tenants.   A big thank you to The Web Guys NZ for their fantastic work in bringing this project to life.   Check it out here: www.pfi.co.nz

A sincere thank you to the NZX Limited for celebrating this significant milestone with us. We look forward to many more successful years ahead!

We are pleased to announce the successful sale and settlement of 44 Mandeville Street, Riccarton. This property, offering a diverse tenant mix, was transacted off-market to a private investor for $13,250,000. We extend our thanks to Jeremy Brown and Ben Cameron for their invaluable assistance in this divestment. Additionally, we want to acknowledge the hard work of Ewan Cameron, Luke Glen and Uru Patel from our internal team for getting this across the line. This divestment aligns with our strategic goals, freeing up capital to invest in our development projects.

We are thrilled to announce the practical completion of Stage 1 of our 78 Springs Road Development.   This milestone marks the delivery of a state-of-the-art, custom-built 25,500 sqm warehouse for our long-term tenant, Fisher & Paykel Appliances. Practical Completion was achieved on 31 October 2024, an impressive 12 weeks ahead of schedule, with Fisher & Paykel Appliances moving into their new distribution centre the very next day. The development is being carried out in three stages, with Stage 2 set to commence in January 2025. Approximately 6,500 sqm of Stage 2 is already pre-leased to MiTek, and we are currently accepting expressions of interest for the remainder of Stage 2 and Stage 3. The entire development, spanning a high-profile 10.4-hectare corner site with extensive road frontages to Springs Road and Kerwyn Avenue, is targeting a 5 Green Star design and as-built rating.   A huge thank you to all the key suppliers involved in stage 1 of this project. Your dedication and hard work have been instrumental in achieving our success so far. Haydn & Rollett, T PLUS ARCHITECTS LTD., Barnes Beagley Doherr Ltd, MSC Consulting - Structural & Civil Engineers, McKenzie & Co. Consultants Ltd, ENGEO, SEEC, Beca, Thurston Consulting Ltd, I&L, ECS NZ, Protech Design Limited, Rapidfire | Fire Engineering, Planning Focus, TEAM

We are excited to share this NZ Herald article by Anne Gibson highlighting the progress of our stage 1 development at 78 Springs Road. It's great to see sustainable developments being recognised. Check out the article for more details on this project. https://lnkd.in/gd4qPCda