2023 Annual Results Announcement

On 26 February 2024, PFI announced its annual results for the year ended 31 December 2023.

Highlights

• Annual results: Fair value losses on properties of $140.8m (-6.7%) contributing to a loss after tax of $97.8m. Funds From Operations (FFO)  down 1.8% on FY22 to 10.03 cents per share (cps), Adjusted Funds From Operations (AFFO) up 1.0% on FY22 to 8.92 cps, FY23 cash dividends of 8.30 cps, up 2.5% on FY22 dividends.

  
  
• Under-renting provides platform for rental growth: Auckland industrial vacancy remains near all-time lows, driving rental growth. $68.9m of contract rent reviewed during FY23 delivering an average annualised uplift of 4.2%, 14.8% of contract rent leased during FY23 at an average of 26.4% above previous contract rents. ~$2.0b industrial property portfolio independently assessed as being ~16% under-rented.

  
  
• Green Star development pipeline expanded and on track: 5.8 hectares of land under contract at Spedding Road, active brownfield sites on track with ~$73m of committed spend remaining, all buildings targeting Five Green Star ratings.

  
  
• Sustainability at our core: In house facilities management services enabling an increased focus on the operational performance of buildings, solar and power metering initiatives advanced, Green Star developments matched with Green finance.

  
  
• Proactive capital management: $251m of available bank liquidity within existing funding envelope, gearing comfortable at 32.0%. Green Finance Framework launched and inaugural $150m Green loan tranches established, initial $25m draw made on Pricoa shelf-facility.

Please click on the links below to learn more about PFI's annual results.