On 22 February 2021 PFI announced its interim results for the year ended 31 December 2020.
Highlights of the annual results
Robust annual result: annual profit after tax of $113.5 million, Funds From Operations (FFO) earnings up 6.6% from the prior year to 9.67 cents per share, Adjusted Funds From Operations (AFFO) earnings up 3.1% from the prior year to 8.03 cents per share, 2020 cash dividends of 7.70 cents per share
Strong balance sheet: net tangible assets up 7.5% to 220.9 cents per share, additional bank facility secured, over $110 million of available liquidity, gearing of 30.0%
Portfolio metrics healthy: weighted average lease term of 5.28 years, occupancy of 99.4%, just 3.3% of contract rent is due to expire in 2021Portfolio metrics healthy: weighted average lease term of 5.28 years, occupancy of 99.4%, just 3.3% of contract rent is due to expire in 2021
Significant strategic progress: $183 million invested in core industrial property and $158 million of non-core divestments since the beginning of 2019, including the post balance date divestment of Carlaw Park for $110 million, portfolio positioned to benefit from trends supporting long-term growth
Increased dividend guidance: robust results, a strong balance sheet, and forecast rental growth result in a lift in 2021 dividend guidance to 7.85 to 7.90 cents per share
Please click on the links below to learn more about PFI's annual results.