Wiri Acquisition, Q1 Dividend, Guidance Upgrade

NZX and media
announcement
—
6 May 2021


Page 1

WIRI ACQUISITION, Q1 DIVIDEND, GUIDANCE
UPGRADE

Property for Industry Limited (PFI, the Company) is pleased to announce the acquisition of an industrial
property located at 44 Noel Burnside Road in Wiri, Auckland. The Company is also pleased to announce
a first quarter dividend of 1.800000 cents per share and to provide an update on the guidance given on
22 February 2021.

Wiri Acquisition
PFI has been successful in acquiring a prime industrial property located at 44 Noel Burnside Road in
Wiri, Auckland (the Property) for $91.68 million. The Property consists of a large, modern 17,500 sqm
warehouse, with 2,200 sqm of canopies and 12,250 sqm of yards. Located on a 3.64 ha site on the
corner of Noel Burnside Road and Cavendish Drive, the property is very well located within a prime
industrial area and benefits from exceptional transport links via State Highway 20.

The Property is fully leased on a triple-net basis to ABC Tissue Products (NZ) Limited for an initial two-
year period with rights of renewal for a further three, two-year terms. The commencement rental is $3.64
million, with annual increases of 2.5%, including on renewals, should they be exercised.

PFI Chief Executive Officer, Simon Woodhams, notes: “Due to the location and quality of this industrial
property, the PFI team view this acquisition as a good replacement for the recently divested non-core
Carlaw Park property, which is due to settle later this year.”

Settlement of the acquisition of the Property will take place at the end of this month.

Q1 Dividend
Property for Industry Limited (PFI) is pleased to announce a first quarter dividend of 1.800000 cents per
share.

The PFI Board has today resolved to pay a first quarter cash dividend of 1.800000 cents per share, in
line with the dividend paid for the same period in the prior year.

The dividend will have imputation credits of 0.592142 cents per share attached and a supplementary
dividend of 0.268703 cents per share will be paid to non-resident shareholders. The record date for the
dividend is 13 May 2021, and the payment date is 24 May 2021.

The dividend reinvestment scheme (DRS) will operate with a discount of 2%. The last date for receipt of
an application for participation in the DRS is one business day after the record date, being 14 May 2021.
If you have previously completed an application to participate in the DRS, you do not need to do anything
further. You will receive shares instead of cash, in accordance with your application. If you wish to
change your previous participation, you will need to complete a new application.

Guidance Upgrade
On 22 February 2021, the Company provided guidance of cash dividends of 7.85 to 7.90 cents per share
for the 2021 financial year. It was also noted that level of full year cash dividends would approximate

NZX and media
announcement
—
6 May 2021


Page 2

80% to 90% of Funds From Operations
1
(FFO) earnings and 95% to 100% of Adjusted Funds From
Operations (AFFO) earnings, in line with the Company’s dividend policy.

Results for the year to date, combined with the positive impact of the acquisition of 44 Noel Burnside
Road, now mean that the Board expects to declare cash dividends of at least 7.90 cents per share for
the 2021 financial year.

Cash dividends of 7.90 cents per share are anticipated to result in a dividend pay-out ratio below 80%
of forecast FFO and 95% of forecast AFFO and accordingly the Board is currently reviewing both the
dividend policy and total cash dividends for the 2021 financial year.

An update will be provided to the market on the outcome of that review in due course.

Annual Meeting
A further update on the Company’s operations will be provided at PFI’s Annual Meeting, which is to be
held as a hybrid meeting at 11.00am on 19 May 2021.

If Auckland is at COVID-19 Alert Level 1, attendees will have the option of attending in person at the
Level 4 Lounge, South Stand, Gate G, Eden Park, Carpark P5, Reimers Ave, Mount Eden, Auckland
1024, or virtually. If Auckland is at COVID-19 Alert Level 2 or above, or the Board otherwise considers
it appropriate in the circumstances, only virtual attendance will be available.

For more detail on the Annual Meeting, please visit https://www.propertyforindustry.co.nz/investor-
centre/annual-meeting/.

ENDS




ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 95 properties is leased to
150 tenants.

For further information please contact:

SIMON WOODHAMS CRAIG PEIRCE
Chief Executive Officer Chief Finance and Operating Officer
--- ---
Phone: +64 21 749 770 Phone: +64 21 248 6301
Email: woodhams@pfi.co.nz Email: peirce@pfi.co.nz
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Property for Industry Limited
Shed 24, Prince’s Wharf, 147 Quay Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
---
www.propertyforindustry.co.nz

Attachment
NZX Form – Distribution Notice
--------

1

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are
common property investor metrics, which have been calculated in accordance with the guidelines issued by the Property Council
of Australia.

---

Distribution Notice

Updated as at 18 December 2019





Section 1: Issuer information
Name of issuer Property for Industry Limited
Financial product name/description Property for Industry Limited Shares
NZX ticker code PFI
ISIN (If unknown, check on NZX
website)
NZPFIE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies X
Record date 13 May 2021
Ex-Date (one business day before the
Record Date)
12 May 2021
Payment date (and allotment date for
DRP)
24 May 2021
Total monies associated with the
distribution
$9,044,868
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02392142
Gross taxable amount $0.02114793
Total cash distribution $0.01800000
Excluded amount (applicable to listed
PIEs)
$0.00277349
Supplementary distribution amount $0.00268703
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.00592142
Resident Withholding Tax per
financial product
N/A

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
13 May 2021 19 May 2021
Date strike price to be announced (if
not available at this time)
20 May 2021
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
To be determined
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
14 May 2021
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Craig Peirce
Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

6 May 2021