2021 Annual Results announcement

On 21 February 2022, PFI announced its annual results for the year ended 31 December 2021.

Highlights of the Annual Results

  • Record annual results: fair value gains on properties of $392.5 million contributing to a record profit after tax of $452.8 million, Funds From Operations earnings up 14.4% from the prior year to 11.07 cents per share, Adjusted Funds From Operations earnings up 15.7% from the prior year to 9.29 cents per share, cash dividends of 7.90 cents per share, up 2.6% on 2020 dividends

  • Strong balance sheet: net tangible assets up 37.3% to 303.4 cents per share, gearing of 27.7%, all bank facilities refinanced during the year and increased by $125 million, over $120 million of available liquidity

  • Refreshed strategy progressed: refreshed strategy announced and progressed with $368 million of capital transactions

  • Significant brownfield opportunities: $224 million or 10% of the portfolio held in brownfield opportunities, providing a growing pipeline of medium-term development opportunities

  • Fully occupied industrial property portfolio of scale: fully occupied industrial property portfolio with a value in excess of $2.15 billion, weighted towards the buoyant Auckland industrial market

  • Further growth in dividends: strategy progression, a fully occupied industrial property portfolio of scale and buoyant industrial property market conditions result in targeted 2022 dividend range of 8.05 to 8.10 cents per share, a further increase of up to 2.5% on the prior year 

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