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Property For Industry report positive

Tuesday 15th April 2003

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Industrial property investor Property For Industry has achieved a higher first-quarter operating surplus and increased its portfolio occupancy to 99%.

Chairman Peter Masfen said PFI's operating surplus before tax for the three months to March 31, 2003 was $3.76 million, five percent higher than the $3.59 million achieved in the corresponding period last year.

Rental income was up slightly from $5.42 million to $5.46 million on $5.42 million in 2002. However, interest costs were $164,000 lower.

Earnings per share were 1.52 cents, up from 1.47 cents.

PFI has also secured a new tenant during the period. Logistics company Daniel Silva Ltd has leased 16-18 Fisher Crescent, Mt Wellington for six years at an annual rental of $283,000. The existing lease on the property expired on March 31 and the new lease begins on July 1.

This means PFI has tenants committed for all of the space where leases were scheduled to expire in 2003, bringing occupancy to 99 percent. The only available space in PFI's investment portfolio is 3,974m2 at 7 Carmont Place, Mt Wellington, which became vacant last year.

PFI shareholders will receive a first-quarter dividend of 1.35 cents per share with imputation credits of 0.3 cps, consistent with the interim dividends paid throughout last year.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

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