2022 Annual Results Announcement

On 20 February 2023, PFI announced its annual results for the 12 months ended 31 December 2022.

Highlights of the Annual Results

  • Steady underlying result: Fair value losses on properties of $56.7 million or 2.6% contributing to a loss after tax of $13.9 million, Funds From Operations earnings down 7.8% from the prior year to 10.21 cents per share, Adjusted Funds From Operations earnings down 5.0% from the prior year to 8.83 cents per share, 2022 cash dividends of 8.10 cents per share, up 2.5% on 2021 dividends 

  • Brownfield opportunities set to commence: Existing tenant secured to activate first stage of Springs Road redevelopment, $140 million of development spend now committed across two sites, all buildings targeting a Five Green Star rating

  • Sustainability programme advanced: Sustainability strategy refreshed, R22 refrigerant gas replacement project completed, third voluntary Task Force on Climate-Related Financial Disclosures (TCFD) report filed, undertaking sustainable refurbishments

  • Portfolio delivering strong rental growth: $62.8 million of contract rent reviewed during 2022 delivering an average annualised uplift of 4.0%, 15.0% of contract rent leased during 2022 at an average of 11.8% above previous contract rents

  • Resilient industrial portfolio of scale: $2.12 billion industrial property portfolio ~11% under-rented, net tangible assets confirmed at 298.8 cents per share

  • Proactive and conservative capital management: 3.6 million shares acquired through share buyback programme, $100 million BNZ facility refinanced, USPP facility established, $121 million of available bank liquidity, gearing comfortable at 28.5%

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