Q3 Dividend, Development and Divestment Update

NZX and media
announcement
—
4 November 2022

Page 1

Q3 DIVIDEND, DEVELOPMENT AND
DIVESTMENT UPDATE
Property for Industry Limited (PFI, the Company) is pleased to announce a third quarter dividend of 1.85
cents per share and to provide an update on the Company’s development and divestment activity.

Q3 Dividend
The PFI Board today resolved to pay a third quarter cash dividend of 1.8500 cents per share. The
dividend will have imputation credits of 0.5058 cents per share attached and a supplementary dividend
of 0.2295 cents per share will be paid to non-resident shareholders. The record date for the dividend is
11 November 2022, and the payment date is 22 November 2022. The dividend reinvestment scheme
will not operate for this dividend.

Development Update
As noted in the Company’s interim results announcement on 22 August 2022, PFI is planning to
redevelop the Company’s Bowden Road site in Mount Wellington. Around 40% of the redevelopment of
this 3.9-hectare property has been pre-leased to Tokyo Food for a lease term of 12-years, with an
estimated practical completion date of June 2024.

With Auckland industrial vacancy at record lows, PFI has now committed to develop the remainder of
the site without tenant commitment. An 11,200sqm warehouse with 790sqm of offices and a 2,900sqm
breezeway canopy will be constructed on the remainder of the site from the second quarter of 2023, with
tenant commitment to be secured during planning and the 15-month build.

The combined project has an estimated total cost of around $66 million, with a targeted yield on cost
including land of more than 5%. The project will target a Five Green Star rating, creating PFI’s first fully
Green Star rated industrial estate.

Divestment Update
PFI has divested four properties since the beginning of the year for a combined gross sales price of
$22.4 million. These properties have been sold at an average of 11% above the most recent book value.

Campaigns to sell the Company’s Shed 22 property in Wellington and 2 Smart Road property in New
Plymouth have now closed. Those campaigns did not secure suitable offers for those properties, and
they will now be held as part of the Company’s portfolio.

ENDS

NZX and media
announcement
—
4 November 2022

Page 2

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 94 properties is leased to
around 133 tenants.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
----
Phone: +64 21 749 770
Email: woodhams@pfi.co.nz
CRAIG PEIRCE
Chief Finance and Operating Officer
----
Phone: +64 21 248 6301
Email: peirce@pfi.co.nz
----
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

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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
Record date 11 November 2022
Ex-Date (one business day before the
Record Date)
10 November 2022
Payment date (and allotment date for
DRP)
22 November 2022
Total monies associated with the
distribution
$9,324,823
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02355807
Gross taxable amount $0.01806453
Total cash distribution $0.01850000
Excluded amount (applicable to listed
PIEs)
$0.00549354
Supplementary distribution amount $0.00229526
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
$0.00505807
Resident Withholding Tax per
financial product
N/A

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

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

4 November 2022