On 20 August 2021, PFI announced its interim results for the six months ended 30 June 2021
Highlights of the interim results
Record interim result: fair value gains on properties of $248.2 million contributing to a record interim profit after tax of $273.5 million, Funds From Operations (FFO) earnings up 12.1% from the prior interim period to 5.36 cents per share, Adjusted Funds From Operations (AFFO) earnings up 24.3% from the prior interim period to 4.71 cents per share, interim cash dividends of 3.60 cents per share
Robust balance sheet: net tangible assets up 22.9% to 271.4 cents per share, gearing of 30.0%, bank facilities refinanced and increased post balance date, over $100 million of available liquidity, proceeds from the contracted divestment of Carlaw Park will provide further funding flexibility
Quality portfolio of scale: portfolio value in excess of $2 billion, weighted average lease term of 4.79 years, occupancy of 99.5%, just 1.1% of contract rent due to expire in the second half of 2021
Strategy refreshed and progressed: strategy refresh announced, $138.3 million invested in core industrial property, divestment of Carlaw Park for $110.0 million secured, $3.5 million capex investment in bulk-store facilities near completion, brownfield opportunities progressed
Increased dividend targeted and revised dividend policy: strategy progression, combined with positive results for the year to date and buoyant market conditions, result in confirmation of targeted 2021 dividends at the upper end of the guidance range of 7.90 cents per share, dividend policy revised, dividends will reflect 90% to 100% of AFFO on a rolling three-year historic average basis
Please click on the links below to learn more about PFI's interim results.