Presentation to NZX Virtual Investor Event

NZX Virtual
Investor Event
October 2023

Overview
of PFI
2
NZX Virtual
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Event
October 2023

Expertise
▪Sourcing Opportunities
▪Due Diligence & Acquisition
▪Development
▪Structuring
▪Financing
▪Facilities Management
▪Property Management
▪Asset Management
3
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October 2023

Portfolio
Characteristics
4
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Our
Recent
Results
5
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Market
Overview
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-
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
-
100
200
300
400
500
600
201020112012201320142015201620172018201920202021202220232024202520262027
Vacancy (%)
Vacant stock (000 m2)
Vacant stockVacancy
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
-
50
100
150
200
250
300
350
400
201020112012201320142015201620172018201920202021202220232024202520262027
Total Stock (000 m
2
)
Annual Supply (000 m
2
)
Annual SupplyTotal Stock
Source: CBRE “Auckland Property Market Outlook” July 2023
ForecastForecast
6

Market
Overview
NZX Virtual
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October 2023
~
-
$50
$100
$150
$200
$250
201020112012201320142015201620172018201920202021202220232024202520262027
Rent / m
2
(per annum)
Source: CBRE “Auckland Property Market Outlook” July 2023
~5% CAGR~3% CAGR
Forecast
7

W
A
L
T
▪Rents agreed on $2.2 million of contract
rent secured during H1 2023
▪Rents were settled 14.7% above previous
contract rents
eighted
verage
ease
erm
across H1 2023
leasing
transactions
▪Remaining $2.2 million of contract rent
secured during H1 2023 all subject to
uncapped market reviews on renewal
▪Those renewals ~9% under rented at June
2023
▪Weighted average review date of December
2023
▪Total of $4.4 million of contract rent secured
during H1 2023
H1 2023
Leasing
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8

H1 2023
Rent
Reviews
▲
During H1 2023
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Sustainability
Strategy
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Sustainability
Strategy
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11

Our Portfolio
(Target & Current)
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12

Brownfield
Opportunities
▪~40% of development pre-leased to Tokyo Food for a
lease term of 12-years, balance of site being developed
on a speculative basis, estimated completion Q3 2024
▪Estimated project cost ~$65 million
▪Both buildings will target a Five Green Star rating,
creating PFI’s first fully Green Star rated industrial
estate, with close to 24,000 sqm of covered workable
area once complete
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▪PFI to develop a 25,500 sqm warehouse for existing
tenant Fisher & Paykel Appliances, with an option to
expand the warehouse to 30,000 sqm
▪Stage 1 of the project has an estimated total
incremental cost of ~$76 million
▪The facility will target a Five Green Star rating,
estimated completion Q1 2025
▪PFI continuing to work through configuration of future
stages, ~5.3 hectares of available land
Brownfield
Opportunities
NZX Virtual
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16

▪Conditional contract to acquire ~5.8 hectares of land
within the proposed industrial subdivision at
Spedding Road, located at the end of the
Northwestern Motorway in Auckland
▪Purchase of the lots for $40.565 million, paid for over
two years from titles being received and works being
complete, expected mid-2025
▪Site coverage of around 70% can be achieved, all
buildings will be designed and developed to achieve
a minimum of 5 Green Star ratings
Greenfield
Opportunities
NZX Virtual
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18

Review &
Questions
Questions?
HIGHLIGHTS
19
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Disclaimer
The information included in this presentation is
provided as at 25 October 2023.
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.
20
NZX Virtual
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References
21
SLIDE 2
OVERVIEW OF PFI
All Statistics as at 30 June
2023.
SLIDE 4
PORTFOLIO
CHARACTERISTICS
All Statistics as at 30 June
2023.
SLIDE 5, 8 & 9
OUR RECENT
RESULTS
All figures as at 30 June
2023. 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.
NZX Virtual
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