FY24 Q1 Dividend and Development Update

NZX and media
announcement
—
10 May 2024

Page 1

FY24 Q1 DIVIDEND AND DEVELOPMENT
UPDATE
Property for Industry Limited (PFI, the Company) is pleased to announce a first quarter dividend of
1.9500 cents per share and to confirm earlier dividend guidance for FY24
1
of 4.1500 cents per share,
which on an annualised basis is 8.3000 cents per share, in line with FY23 dividends and reflective of the
resilience of the Company. An update on the Company’s development activity is also provided below.

FY24 Q1 Dividend
The PFI Board today resolved to pay a first quarter cash dividend of 1.9500 cents per share. The
dividend will have imputation credits of 0.3056 cents per share attached and a supplementary dividend
of 0.1387 cents per share will be paid to non-resident shareholders. The record date for the dividend is
17 May 2024, and the payment date is 28 May 2024. The dividend reinvestment scheme will not operate
for this dividend.

Development Update
As previously announced, PFI has been working towards the redevelopment the Company’s 30-32
Bowden Road property in Mount Wellington, Auckland. Around 40% of the redevelopment of this 3.9-
hectare site was pre-leased to Tokyo Food for a lease term of 12-years (Stage 1), with PFI embarking
on the redevelopment of the remainder of the site without tenant commitment.

PFI is pleased to announce that Daikin Air Conditioning New Zealand Limited (Daikin) has recently
entered into a 12-year lease for the balance of the site (Stage 2), being a 10,630 square metre
warehouse with 1,655 square metres of office and amenities, 3,090 square metres of breezeway, and
77 car parks.

Daikin will be using the Bowden Road site as its new head office. As a result, PFI will be incurring
additional capex (~$3.8 million) for design changes to meet Daikin’s operational requirements. These
design changes, which are largely generic, are expected to result in a revised practical completion date
for Stage 2 of September 2024. Stage 1 remains on programme and within budget, with the expected
practical completion date unchanged at June 2024.

Taking into account the design changes associated with the Daikin lease, the combined project has a
revised estimated total project cost (excluding land) of around $69 million.

PFI Chief Executive Officer Simon Woodhams, said: “Pleasingly, a key differentiator in securing Daikin
as a tenant for Stage 2 was PFI’s decision to target a 5 Green Star rating, and we are delighted to
welcome them to Bowden Road. The prime location of the Bowden site, coupled with the targeted 5
Green Star ratings, combine to create a best-in-class estate in one of Auckland’s key industrial precincts,
with close to 26,000 sqm of covered workable area once complete, generating contract rent in excess
of $5.1 million
2
for a weighted average lease term of 12.0 years.”

Works are also progressing well at the Company’s 78 Springs Road property in East Tamaki, with
construction of the 25,500 sqm warehouse (Stage 1) being developed for long-term tenant Fisher &
Paykel Appliances (FPA) ahead of programme and within budget, with completion now expected in Q4
2024 (originally Q1 2025). As previously announced, FPA will enter into a 15-year lease on practical
completion, and consistent with PFI’s climate commitments, all new buildings at 78 Springs Road will
target a 5 Green Star rating, including Stage 1.
--------

1
FY24 reflects the six-month period to 30 June 2024 to account for PFI’s balance date change.
2
Based on annual contract rents at lease commencement.

NZX and media
announcement
—
10 May 2024

Page 2


ENDS

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 92 properties is leased to
around 124 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
Level 4, Hayman Kronfeld Building, 15 Galway Street,
Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz

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Distribution Notice

Updated as at June 2023





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 17 May 2024
Ex-Date (one business day before the
Record Date)
16 May 2024
Payment date (and allotment date for
DRP)
28 May 2024
Total monies associated with the
distribution
$9,792,887
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02255622
Gross taxable amount $0.01091507
Total cash distribution $0.01950000
Excluded amount (applicable to listed
PIEs)
$0.01164115
Supplementary distribution amount $0.00138686
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
$0.00305622
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

10 May 2024