We first listed in 1994. Far-reaching economic reforms had put New Zealand back on track and we were confident that demand for industrial property would grow and that others would see the opportunity that we could see.
More than twenty years on, we have over 5,000 shareholders and a portfolio of 94 properties valued at over $1.6 billion dollars.
We created PFI because we knew that investing in quality industrial property in prime locations has the potential to deliver attractive shareholder returns.
But we also knew that consistently achieving such returns would require focus, discipline and a conservative approach to risk.
This has been the secret to success. Our commitment to industrial property has not changed. We believe a portfolio that performs is more important than growth.
We keep debt below 40% of property values. And we distribute between 80% to 90% of Funds From Operations and 95% to 100% of Adjusted Funds From Operations as dividends.
The board currently has five directors, four of whom are independent directors and non-one executive director. All directors are appointed by shareholders at PFI’s annual meeting.
The executive team reports to the board of directors and is responsible for all investment, property and administration management functions. The key individuals have extensive experience in the ownership, management and development of industrial property.