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PFI barrels on with 99.6% occupancy

Monday 1st November 2010

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Property for Industry continues to report steady earnings and high occupancy rates, in spite of the impact of the global economic recession on demand for industrial property.

Reporting its nine month results to Sept 30, PFI says rents were up 4% on the same period last year, thanks to new developments and rent reviews, while portfolio occupancy remained high at 99.6%.

The AMP Capital Investors-managed fund reported after-tax earnings for the quarter of $13.7 million, up approximately 5% on the same period a year earlier, before counting the benefit of tax credits booked in the latest period.

The result does not reflect the one-off $35.3 million non-cash impact of depreciation tax law changes in the May Budget.

At the same point in the previous financial year, PFI was recording an $11.1 million loss, including net loss after tax and the impact of a $20.9 million portfolio value writedown.

Directors announced an unchanged third quarter dividend of 1.65 cents and imputation credits of 29.6 cents per share, bringing distributions for the nine months to an unchanged 4.75 cents per share.

PFI shares rose 1 cent to $1.17.

Gearing remains at 32%, while net tangible assets remain at 93 cents per share.

PFI owns 53 properties with a total value of $363.5 million.

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