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Investors chuffed at PFI's good dividend

By Campbell McIlroy

Friday 28th April 2000

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Property for Industry pleased the punters at its annual meeting last Thursday after a profitable year.

The listed property company announced a first-quarter dividend of 1.3c a share with partial imputation credits of 0.3c a share, after clearing a net profit of $2 million.

Over the past year the company has seen 31,000sq m or 10% of its rental roll expire.

Existing tenants renewed leases over 10,730sq m and new leases were negotiated for 6552sq m. A further 13,935sq m has been identified for redevelopment.

Net rentals for the last year topped $17 million, up from just over $15 million in 1998, and the company turned in an after-tax profit, before issue costs and revaluations, of $11.5 million, up 24% on the year before.

Over the year the company acquired six new properties worth $16 million with an average yield of 10% and an average weighted lease term of seven years.

Additions and improvements were made to existing properties totalling $2 million.

At year's end the company was trading at a 5% discount to asset backing, compared to a market average of 17%.

The total dividends paid to shareholders was 5.3c a share.

Chairman Allan Lockie was re-elected to the board unopposed.

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