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Property for Industry Limited (NZX: PFI) Portfolio Update and Q3 Dividend

Friday 5th November 2021

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Property for Industry Limited (PFI, the Company) is pleased to provide an update on the Company’s portfolio and to announce a third quarter dividend of 1.85 cents per share.

Portfolio Update

Further to the recent announcements of the $79.5 million sale and leaseback for 15-years with T&G Global of 22 Whakatu Road in Hastings and the acquisition of an industrial property located at 32 Honan Place in Avondale, Auckland for $3.1 million, PFI is pleased to provide an update on a number of key leasing transactions.

Renewals have recently been secured for a number of key expiries, including a five-year renewal at 10c Stonedon Drive in East Tamaki, and an eight-year renewal at 3-5 Niall Burgess Road. A tenant has also been secured for the Company’s development at 47a Dalgety Drive in Wiri, for a five-year term. A new 10-year lease has also been secured at 44 Noel Burnside Road in Wiri, following the surrender of the lease by existing tenant, ABC Tissue.

Combined, the recent acquisition and leasing activity has secured $9.5 million of rental income for an average lease term of more than 10.5 years.

PFI’s Chief Executive Officer, Simon Woodhams, notes: “Since the release of PFI’s interim result in August, the PFI team have negotiated a number of key transactions. The team has also been working closely with our tenants, providing targeted rental deferral and abatement to those most impacted by COVID-19 restrictions.”

Q3 Dividend

The PFI Board has today resolved to pay a third quarter cash dividend of 1.85 cents per share, in line with the dividend paid for the same period in the prior year.

The dividend will have imputation credits of 0.63 cents per share attached and a supplementary dividend of 0.29 cents per share will be paid to non-resident shareholders. The record date for the dividend is 12 November 2021, and the payment date is 23 November 2021.

The dividend reinvestment scheme (DRS) will operate with a discount of 2%. The last date for receipt of an application for participation in the DRS is one business day after the record date, being 15 November 2021. If you have previously completed an application to participate in the DRS, you do not need to do anything further. You will receive shares instead of cash, in accordance with your application. If you wish to change your previous participation, you will need to complete a new application.

Further details can be found on PFI’s website:

Please see the links below for details

Portfolio Update and Q3 Dividend

Distribution Notice

Source: Property for Industry Limited

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