Presentation to NZX Virtual Investor Event

NZX Virtual
Investor
Event
2022

Our
Purpose
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2

Overview
of PFI
3
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Portfolio
Characteristics
4
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Our Recent
Results
5
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Our Recent
Results
▲
▲
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Source: Colliers International Research
Market
Update
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0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Aug-10
Feb-11
Aug-11
Feb-12
Aug-12
Feb-13
Aug-13
Feb-14
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Aug-19
Feb-20
Aug-20
Feb-21 Feb-22
Aug-22
Auckland Industrial Vacancy Rate
PrimeSecondaryOverall

Market
Update
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Investor
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2022
$0
$50
$100
$150
$200
$250
Jun-95
Feb-96
Oct-96
Jun-97
Feb-98
Oct-98
Jun-99
Feb-00
Oct-00
Jun-01
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Jun-03
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Jun-27
Auckland Industrial Net Face Combined Rents ($ / SQM)
Tight Market Conditions Drive Rental Growth
Source: Colliers International Research
PrimeSecondary

H1 2022
Leasing
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H1 2022
Rent
Reviews
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11
Our Portfolio
(Target & Current)
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Brownfield
Opportunities
▪~$219 million or 10% of the portfolio held in
brownfield opportunities, providing a growing
pipeline of medium-term development
opportunities
▪318 Neilson Street (purchased in March 2022
for $6.825 million) provides the opportunity to
enable ‘drive-round’ access to 304 and 306
Neilson Street, improving leasing appeal on
redevelopment
▪Significant progress made at 30-32 Bowden
Road and 78 Springs Road (see next slides)
▪Remaining brownfield opportunities set to
unlock parcels of land in key industrial precincts,
providing PFI with the opportunity to deploy
balance sheet capacity on accretive projects
PROPERTYJUNE 2022
VALUE
LETTABLE
AREA(SQM)
SITE
COVERAGE
% OF
CONTRACT
RENT
LEASE
EXPIRY
30-32 BOWDEN ROAD$32.5m
17,047
44%1.9%31-Mar-23
92-98 HARRIS ROAD$23.8m
7,194
27%1.5%3-Nov-23
170 SWANSON ROAD$33.5m
5,183
12%1.2%31-Jan-24
78 SPRINGS ROAD$102.5m
41,536
40%6.7%8-Oct-24
304 NEILSON STREET$19.5m
4,538
22%0.8%30-Jun-27
318 NEILSON STREET$7.2m
59012%0.2%30-Jun-27
TOTAL$219m
76,089
12.2%
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NZX Virtual
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Brownfield
Opportunities
14
30-32 BOWDEN ROAD, MTWELLINGTON
▪Large 3.9ha site in one of Auckland’s prime
industrial locations
▪~40% of development (inside the red lines) pre-
leased to Tokyo Food, for a lease term of 12-years
from June 2024, committed to develop the
remainder of the site on a speculative basis
▪Estimated total project cost of up to $66 million,
targeting a yield on cost including land in excess of
5%
▪Project will target a Five Green Star rating, creating
PFI’s first fully Green Star rated industrial estate
NZX Virtual
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Brownfield
Opportunities
16
78 SPRINGS ROAD, EAST TAMAKI
▪Significant 10.4-hectare site in East Tamaki
▪Multiplewarehouse redevelopment and
refurbishment options on a versatile heavy
industrial zoned site that can accommodate
large-scale facilities
▪October 2024 lease expiry provides PFI with a
significant brownfields opportunity, which could
involve an investment of ~$150 million split
across multiple stages
▪PFI will target Five Green Star ratings on all new
buildings
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17
Review
and
Questions
Questions?
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“Our proactive capital
management is providing us with
the balance sheet to execute on a
growing portfolio of brownfield
opportunities. At the same time,
PFI has delivered a stable
operating result, with the
Company’s resilient industrial $2.2
billion portfolio delivering strong
rental growth. Looking forward, we
believe that PFI is well placed to
respond to challenges, but just as
importantly, the Company is ready
to take advantage of opportunities
that will no doubt present
themselves.”

Disclaimer
The information included in this presentation is
provided as at 9 November 2022.
Property for Industry Limited (PFI) does not
guarantee the repayment of capital or the
performance referred to in this presentation.
Past performance is not a reliable indicator of future
performance.
The presentation includes a number of forward
looking statements. Forward looking statements by
their nature, involve inherent risks and uncertainties.
Many of those risks and uncertainties are matters
which are beyond PFI’s control and could cause
actual results to differ from those predicted.
Variations could either be materially positive or
materially negative.
While every care has been taken in the preparation of
this presentation, PFI makes no representation or
warranty as to the accuracy or completeness of any
statement in it including, without limitation, any
forecasts.
This presentation has been prepared for the purpose
of providing general information, without taking
account of any particular investor’s objectives,
financial situation or needs. An investor should,
before making any investment decisions, consider
the appropriateness of the information in this
presentation, and seek professional advice, having
regard to the investor’s objectives, financial situation
and needs.
This presentation is solely for the use of the party to
whom it is provided.
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References
19
SLIDE 3
OVERVIEW OF PFI
All Statistics as at 30 June
2022, aside from
occupancy, which is an
average of the last 10
years.
SLIDE 4
PORTFOLIO
CHARACTERISTICS
All Statistics as at 30 June
2022.
SLIDE 5, 6, 9 & 10
OUR RECENT
RESULTS
All figures as at 30 June
2022. Funds From
Operations and Adjusted
Funds From Operations are
non-GAAP financial
information and are
common investor metrics,
which have been calculated
in accordance with the
guidelines issued by the
Property Council of
Australia.
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