PFI Announces Interim Results

NZX and media
announcement
—
25 February 2025


Page 1

PFI ANNOUNCES INTERIM RESULTS
Property for Industry Limited (PFI, the Company) today announced the Company’s interim result for the
six months ended 31 December 2024 (referred to as the FY25 interim results, or H1 FY25)
1
.

PFI has delivered another robust set of operating results, highlighting the continued stability of the
Company’s industrial property portfolio and disciplined execution of its strategy. Profit after tax of $28.8m
is up $7.6m on the pcp and incorporates a fair value gain of $16.6m on the Company’s $2.1bn industrial
property portfolio, as compared to a $4.2m fair value loss in the pcp. Positive leasing outcomes within
the core portfolio, supported by the completion of the Company’s 5 Green Star redevelopments
2
and an
improving interest rate environment, have combined to support steady earnings, operating cash flows
and dividends.

With PFI’s property valuations showing signs of recovery, and sufficient balance sheet capacity to
support the Company’s near-term Green Star development pipeline, the outlook for PFI’s earnings and
cash flows will be supported by realising rental growth from the core portfolio, against the backdrop of a
more supportive interest rate environment.

Highlights
▪ Robust interim result: Profit after tax of $28.8m, up $7.6m on the pcp, incorporating fair value
gains on properties of $16.6m, as compared to losses of $4.2m in the pcp, Funds From Operations
(FFO)
3
down 3.8% on the pcp to 4.84 cents per share (cps), Adjusted Funds From Operations
(AFFO) down 4.9% on the pcp to 4.35 cps, reflecting increased interest and tax, interim cash
dividends of 4.00 cps.
▪ Continued stability of portfolio fundamentals: Valuation of $2.1bn industrial property portfolio
showing signs of recovery, 15 properties revalued at the half-year, fair value gains on properties of
$16.6m or 3.1%, net tangible assets confirmed at $2.72 per share, $36.7m of contract rent reviewed
during H1 FY25 delivering an average annualised uplift of 6.6%, $2.9m of contract rent leased during
H1 FY25 at an average of 21.3% above previous contract rents, occupancy increased to 99.9%
post-balance date, no contract rent due to expire in the second half of FY25.
▪ Next phase of Green Star development pipeline commenced: $220m of 5 Green Star
developments completed on-time and on-budget across 30-32 Bowden Road and Stage 1 of 78
Springs Road, Stage 2 of the redevelopment of 78 Springs Road commenced and ~60% leased,
opportunity to deploy ~$355m on Green Star development over the medium-term.
▪ Disciplined capital management: $550m of facilities refinanced or established during H1 FY25,
$100m PFI010 bonds repaid in November 2024, ~$180m of facility headroom, gearing comfortable
at 33.4%.
▪ Outlook: PFI well placed to navigate the remainder of FY25, guiding to cash dividends of 8.50
cps, an increase of 0.20 cps or 2.4% on annualised FP24 dividends.


--------

1
Following the change in PFI and its subsidiaries’ balance date from 31 December to 30 June, throughout this announcement
(and the accompanying interim results presentation and interim financial statements), in order to provide a useful basis for
comparison, the unaudited FY25 interim results (H1 FY25) have been compared to the audited six-month results from 1 January
to 30 June 2024 (FP24, the prior comparable period, or ‘pcp’), unless otherwise noted.
2
PFI has achieved a 5 Green Star – NZ Design and As Built v.1.0 Design Certified Rating in relation to the Tokyo Food
development at 32 Bowden Road and is well progressed through the ‘As Built’ certification process. PFI is also well progressed
through the design certification process in relation to the Daiken development at 30 Bowden Road and the Fisher and Paykel
Appliances development at 78 Springs Road (Stage 1).
3
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.

NZX and media
announcement
—
25 February 2025


Page 2

Interim result
PFI reported a profit after tax for the interim period of $28.8m (5.73 cps), as compared to $21.2m (4.22
cps) in the pcp. H1 FY25 profit after tax includes a $16.6m fair value gain on the independent valuation
of the Company’s property portfolio, as compared to a $4.2m fair value loss in the pcp.

H1 FY25 net rental income
4
of $51.9m was up $3.5m (7.3%) on the pcp ($48.4m), due to the impacts of
brownfield development projects completing (+$2.5m) and positive leasing activity (+$2.0m), partly offset
by divestment activity (-$0.6m) and vacancy (-$0.5m).

Profit before finance income and expenses, other gains and losses and income tax increased from
$41.1m in the pcp to $44.1m in H1 FY25.

Interest expense and bank fees increased by $1.7m on the pcp, driven in part by lower levels of
capitalised interest following the completion of the Company’s 5 Green Star development projects.
Current taxation of $4.3m increased by $1.7m on the pcp, largely due to lower depreciation deductions
as a result of changes to tax legislation.

Net cash flows from operating activities were steady at $27.9m ($27.8m in the pcp).

FFO earnings were down 3.8% on the pcp to 4.84 cps, whilst AFFO earnings of 4.35 cps were down
4.9% on the pcp, reflecting the aforementioned increases in interest and tax.

In line with PFI’s dividend policy, the PFI Board resolved to pay a second quarter interim cash dividend
of 2.00 cps. The dividend reinvestment scheme will not operate for this dividend.

Continued stability of portfolio fundamentals
Strong re-leasing outcomes and structured rental growth, coupled with development projects completing
during the period, have resulted in significant increases in the Company’s weighted average lease term
(WALT) to 5.67 years, and in total contract rent to $108.5m, at the end of the interim period. In addition,
portfolio occupancy of 98.7% at the end of the interim period has increased to 99.9% post-balance date,
following the leasing of the Company’s only material vacancy at 212 Cavendish Drive to Portacom New
Zealand Limited for an initial term of 12 years. There is also no contract rent due to expire in the second
half of FY25, with all FY25 expiries secured by the end of the interim period.

Rent reviews were completed on 49 leases during H1 FY25, resulting in an average uplift of 7.8% (6.6%
annualised) on ~$36.7m of contract rent.

Around 86,900 square metres (sqm), $13.8m or 12.8% of PFI’s portfolio by rent, was leased during the
interim period across five new deals and eight renewals for an average increase in term of 10.7 years.
Negligible incentives were required to secure leases on stabilised contract rent, and a positive re-leasing
spread
5
in excess of 21% on annual passing rents was observed where rents were agreed on stabilised
properties.

Combined, over 49% of contract rent was reviewed, varied, or leased during the interim period.

Remaining FY25 fixed reviews ($28.5m, 25.9% of contract rent) are contracted to deliver an average
increase of 5.0%, supported by renewal rents being agreed in prior periods. Remaining FY25 market
--------

4
Refer note 2.4 of the interim financial statements. Excludes service charge income recovered from tenants and management fee
income.

5
A re-leasing spread is the difference between what a landlord charges on an expiring lease, and what they get on a renewed or
new lease for the same asset.

NZX and media
announcement
—
25 February 2025


Page 3

reviews
6
($7.6m, 7.0% of contract rent) are ~21% under-rented at the end of the interim period after
factoring in review caps. These remaining FY25 reviews, combined with the fact that the next leasing
event for 21.8% of PFI’s portfolio by rent is an expiry or market rent review, provides an embedded
pathway for near-to-medium-term rental growth.

15 properties, representing around 25% of PFI’s portfolio by value, were revalued at the end of the
interim period, resulting in a fair value gain on those properties of $16.6m or an average increase of
3.1%. The valuation outcome was attributable to realised rental growth and the completion of the
development projects at 30-32 Bowden Road and Stage 1 of 78 Springs Road, complemented by a ~3.5
basis point firming in market capitalisation rates. As a result of portfolio and valuation activity, excluding
the Company’s remaining active brownfield development site
7
, PFI’s passing yield increased by 0.07%
to 5.21%, while the portfolio market cap rate firmed by 0.08% to 5.81%.

An independent market rental assessment of the 15 properties was completed as part of the valuation
process, and when combined with December 2024 market rental assessments for the remainder of the
portfolio, PFI’s portfolio is estimated to be around 14% under-rented at the end of the interim period
(June 2024: ~16%).

Net tangible assets (NTA) as at the end of the interim period of $2.72 per share is in line with June 2024
values, with the signs of recovery emerging in PFI’s investment property valuations largely offset by a
decrease in the net fair value asset for derivative financial instruments.

Next phase of Green Star development pipeline commenced
Following the on-time and on-budget completion of the Company’s development projects at 30-32
Bowden Road and Stage 1 of 78 Springs Road during the interim period, PFI now has around $130m
(6%) of the portfolio held in brownfield opportunities.

PFI has now completed over $220m of 5 Green Star developments since the start of 2024, underscoring
the Company’s strategic decision to transition to a low-carbon, climate-resilient portfolio, by redeveloping
obsolete assets into best-in-class industrial facilities. PFI now has 11% of the portfolio by value, or 10%
by rent, allocated to 5 Green Star rated facilities.

Early works on Stage 2 of the redevelopment of 78 Springs Road commenced in January 2025, and PFI
estimates a total incremental cost of around $42m, with a targeted yield on incremental cost, including
land, in excess of 6%. With completion expected in mid-to-late 2026, Stage 2 will encompass ~11,300
sqm of warehouse facilities and is ~60% pre-leased to MiTek New Zealand Limited for a lease term of
12-years, with the balance of Stage 2 to be completed on a speculative basis.

As previously announced, in mid-February 2025 PFI agreed to acquire a ~5,600 sqm site at 316 Neilson
Street, Penrose for $8.5m. This property is adjacent to existing PFI properties 304, 306, 312, 314 and
318 Neilson Street, which have a combined value of $80.8m
8
. When combined with the Company’s
existing holdings, post-settlement, PFI will have a ~5.7-hectare estate zoned Heavy Industrial in one of
Auckland’s key industrial precincts. 316 Neilson Street will be acquired on a sale-and-leaseback basis
with a lease term of three-years. In the longer term, the property will facilitate future redevelopment of
the Company’s Neilson Street properties. Settlement of the acquisition is expected to take place in late-
February 2025.

--------

6
Includes vacancies at 31 December 2024.
7
Active brownfield development site being Stage 2 & 3 of 78 Springs Road, East Tamaki.
8
Based on valuations as at 30 June 2024 in each case, other than 316 Neilson Street, which was calculated using the pre-
purchase valuation.

NZX and media
announcement
—
25 February 2025


Page 4

Following recent development completions, executing on PFI’s remaining ~$355m Green Star
development pipeline remains a key focus for the Company in the medium-term. This pipeline includes
the development of approximately 5.8 hectares of land within the proposed industrial subdivision at
Spedding Road, located at the end of the Northwestern Motorway in Auckland, where subdivision
consent was granted and an initial deposit paid during the interim period. The receipt of title and the
completion of all subdivision works is still expected around mid-2025.

Disciplined capital management
PFI refinanced $425m of bank facilities during H1 FY25, established a new $100m, 3-year bank facility
with its existing banking syndicate, made a $25m, 8.5-year drawdown on its Pricoa facility, and repaid
the $100m PFI010 bonds in November 2024. Following this activity, PFI’s debt instruments have a
weighted average term to expiry of 3.6 years, and the Company has approximately $177m of unutilised
bank facility capacity at the end of the interim period.

PFI’s gearing as at the end of the interim period was 33.4% (covenant: 50%) and the interest cover ratio
for the year then ended was 2.5 times (covenant: 2 times). Interest rate hedging provides for an average
of ~69% of the Company’s debt to be hedged at an average fixed rate of ~2.73% for H2 FY25.

Closing and outlook
“The completion of over $220m of 5 Green Star rated industrial developments on-time and on-budget is
a key milestone for PFI” says PFI Chief Executive Officer, Simon Woodhams. “These developments,
supported by strong leasing outcomes within the core portfolio, have resulted in steady operating cash
flows over the first half of the financial year, despite the headwinds from the partial loss of tax
depreciation and interest rates that, while improving, remained elevated through H1 FY25”.

At the beginning of FY25, PFI guided to dividends of between 8.30 and 8.50 cps. Based on H1 FY25
performance and recent trading, and subject to events beyond the Company’s control, the PFI Board
now expects to declare FY25 cash dividends of 8.50 cps (being the top of that range), an increase of
0.20 cps or 2.4% on FP24 dividends (annualised). Cash dividends of 8.50 cps are anticipated to result
in a dividend pay-out towards the middle of PFI’s dividend policy range, and close to 100% of AFFO on
a one-year basis.

“With signs of recovery emerging in the valuation of PFI’s $2.1bn industrial property portfolio, and careful
application of strategy, PFI is well placed to navigate the remainder of FY25.”

ENDS

The PFI Management Team will present the results via live webcast from 10am NZT on 25 February
2025. To view and listen to the webcast, please visit https://edge.media-server.com/mmc/p/qd6kgs2w.
Anyone wishing to participate in the webcast (for example, to ask a question) must pre-register for the
conference call at https://register.vevent.com/register/BI8349473815bd41b9a208e83d4f00a78c. Upon
registering, participants will be provided with participant dial-in numbers, a passcode and a unique
registrant ID. In the 10 minutes prior to the call start time, you will need to use the conference access
information provided in the email received at the point of registering, in addition to opening the webcast
(using the details above).

NZX and media
announcement
—
25 February 2025


Page 5

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 90 properties is leased to
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


Attachments
NZX Form – Results Announcement
NZX Form – Distribution Notice
Interim Results Presentation
Interim Financial Statements

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer Property for Industry Limited (PFI)
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$49,988 +6%
Total Revenue $49,988 +6%
Net profit/(loss) from
continuing operations
$28,758 +36%
Total net profit/(loss) $28,758 +36%
Final Dividend
Amount per Quoted Equity
Security
$0.02000000
Imputed amount per Quoted
Equity Security
$0.00430175
Record Date 04 March 2025
Dividend Payment Date 13 March 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.723 $2.707
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This dividend is fully credited with imputation credits to the
extent permitted by the imputation credit rules and to the extent
that the directors of PFI determine were available.
This announcement is extracted from PFI’s unaudited interim
financial statements for the six-month period from 1 July to 31
December 2024 (referred to as H1 FY25). The unaudited interim
financial statements for H1 FY25 have been prepared in
accordance with Generally Accepted Accounting Practice in
New Zealand and New Zealand Equivalents to International
Financial Reporting Standards. Following the change in PFI and
its subsidiaries’ balance date from 31 December to 30 June, in
order to provide a useful basis for comparison throughout these
unaudited interim financial statements, H1 FY25 has been
compared to the audited six-month results from 1 January to 30
June 2024 (FP24, the prior comparable period, or ‘pcp’), unless
otherwise noted.
A copy of these unaudited interim financial statements
accompany this announcement.

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 9 303 9651
Contact email address peirce@pfi.co.nz
Date of release through MAP

25 February 2025

---

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 Ordinary 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
Half Year X Special
DRP applies
Record date 4 March 2025
Ex-Date (one business day before the
Record Date)
3 March 2025
Payment date (and allotment date for
DRP)
13 March 2025
Total monies associated with the
distribution
$10,043,987
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02430175
Gross taxable amount $0.01536338
Total cash distribution $0.02000000
Excluded amount (applicable to listed
PIEs)
$0.00893837
Supplementary distribution amount $0.00195205
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
$0.00430175
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

25 February 2025

---

Following the change in PFI and its subsidiaries’ balance date from 31 December to 30 June, throughout this
presentation (and the accompanying interim results announcement and interim financial statements), in order to provide
a useful basis for comparison, the unaudited FY25 interim results (H1 FY25) have been compared to the audited six-
month results from 1 January to 30 June 2024 (FP24, the prior comparable period, or ‘pcp’), unless otherwise noted.
Fisher & Paykel Appliances
78 Springs Road
2

Valuation of $2.1bn industrial property portfolio showing signs of recovery, 15
properties revalued at the half-year, fair value gains on properties of $16.6m or 3.1%,
net tangible assets confirmed at $2.72 cents per share
$36.7m of contract rent reviewed during H1 FY25 delivering an average annualised
uplift of 6.6%, $2.9m of contract rent leased during H1 FY25 at an average of 21.3%
above previous contract rents, occupancy increased to 99.9% post-balance date, no
contract rent due to expire in the second half of FY25
Profit after tax of $28.8m, up $7.6m on the pcp, incorporating fair
value gains on properties of $16.6m, as compared to losses of
$4.2m in the pcp
Funds From Operations (FFO) down 3.8% on the pcp to 4.84
cents per share (cps), Adjusted Funds From Operations (AFFO)
down 4.9% on the pcp to 4.35 cps, reflecting increased interest
and tax
Interim cash dividends of 4.00 cps
$220m of 5 Green Star developments completed on-time and on-budget across 30-
32 Bowden Road and Stage 1 of 78 Springs Road, Stage 2 of the redevelopment of
78 Springs Road commenced and ~60% leased, opportunity to deploy ~$355m on
Green Star development over the medium-term
$550m of facilities refinanced or established during H1 FY25, $100m PFI010 bonds
repaid in November 2024, ~$180m of facility headroom, gearing comfortable at
33.4%
30-32 BOWDEN ROAD
PFI well placed to navigate the remainder of FY25, guiding to cash dividends of 8.50
cps, an increase of 0.20 cps or 2.4% on annualised FP24 dividends
5

▼ June 2024: 91
▼ June 2024: 126
▲ June 2024: $99.7m▲ June 2024: 98.6%▲ June 2024: 5.07 years
Daikin
30-32 Bowden Road
7

▲
▼2% on 30 June 2024
▼
1
Average increase in valuer assessed market rents between 30 June 2024 and 31 December 2024 for the 15 properties that received full valuations,
2
Based on 31 December 2024 passing rent to independent valuer
assessed market rents
▼8 bps on 30 June 2024
8

STABILISEDDEVELOPMENTSTOTAL
CONTRACT RENT ($)$4.9m$8.9m$13.8m
% OF PORTFOLIO BY
CONTRACT RENT
4.5%8.3%12.8%
AVERAGE INCENTIVE PER
YEAR OF TERM (MONTHS)
0.2 months0.5 months0.4 months
WEIGHTED AVERAGE LEASE
TERM (WALT)
4.8 years13.9 years10.7 years
AREA LEASED (SQM)35,668m
2
51,225m
2
86,893m
2
% OF DEALS COMPLETED THAT
WERE RENEWALS
82%0%29%
▪Total of $13.8m of contract rent secured in H1 FY25
▪$8.9m of contract rent secured in H1 FY25 relates to newly
developed properties
1
▪Of the $4.9m of stabilised contract rent secured in H1 FY25,
rents were agreed on $2.9m of this
▪These rents were settled 21.3% above previous contract
rents, and 5.4% above June 2024 market rental
assessments
▪Remaining $2.0m of stabilised contract rent secured in H1
FY25 is subject to market review on renewal
▪Those renewals (3) are ~14% under-rented as at 31
December 2024 (all un-capped), with a weighted average
review date of August 2025
1
Being Daikin at 30-32 Bowden Road and Fisher & Paykel Appliances at 78 Springs Road.
9

<$100k
6.5%
ETEL
3.0%
Audio
Visual
Events
4.7%
Norgren
4.9%
Accessman
4.9%
Fletchers
5.2%
RDNS
5.8%
NZ Post
7.0%
Motion NZ
7.4%
Mastip Technology
8.8%
Exclusive Tyre Distributors
11.9%
N & Z
12.9%
TDX
16.9%
1.3%
0.0%
3.9%
16.0%
13.1%
13.3%
13.2%
6.6%
8.4%
6.3%
17.9%
0%
5%
10%
15%
20%
25%
VacantFY25FY26FY27FY28FY29FY30FY31FY32FY33Onwards
Total ExpiriesBrownfield Opportunities
▪Portfolio is 98.7% occupied (1.3% vacancy) and there is no contract rent due to expire
over the remainder of FY25 (chart below)
▪PFI has agreed commercial terms on largest single FY26 expiry, TDX, $725k, or 0.7%
of contract rent (16.9% of FY26 expiries) (chart on right)
▪Post balance date, lease signed with Portacom on vacant space at 212C Cavendish
Drive (1.3% of contract rent, commencing February 2025), lifting portfolio occupancy
to 99.9%
10

▪49 rent reviews during H1 FY25 delivered an increase of 7.8% on ~$36.7m of contract
rent (~6.6% annualised, up from 5.7% in FP24)
−30 fixed reviews delivered an increase of 2.9% on ~$24.7m of contract rent
(~2.9% annualised)
−Six market rent reviews delivered an increase of 20.1% on $3.1m of contract
rent (annualised increase of 5.7% over an average review period of 3.5 years)
▪No contract rent due to expire in the second half of FY25
▪Around 40% of PFI’s portfolio is subject to some form of lease event during the
remainder of FY25:
−Market reviews (7.0% of contract rent) ~21% under-rented at December 2024
after factoring in review caps
Fixed 25.9%
CPI 6.9%
Market 7.0%
Expiries 0.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$7.6M OF CONTRACT RENT
AVERAGE TERM SINCE LAST
REVIEW - 1.00 YEARS
AVERAGE INCREASE – 5.0%
11

51.9
+2.5
+0.9
+0.9
+0.2
+0.0
-0.6
-0.5
48.4
$46m
$47m
$48m
$49m
$50m
$51m
$52m
$53m
$54m
FP24 net
rental income
DevelopmentsRent reviews &
adjustments
New leases &
renewals
OtherAcquisitionsDisposalsVacancyH1 FY25 net
rental income
▪Net rental income
1
of $51.9m up $3.5m or 7.3% on
the pcp ($48.4m)
▪Additional income from the completion of 5 Green
Star development projects at 30-32 Bowden Road
and Stage 1 of 78 Springs Road contributed to an
increase of +$2.5m
▪Positive leasing activity contributed to an increase
totaling +$2.0m (rent reviews & adjustments
+$0.9m, new leases & renewals +$0.9m, other
+$0.2m)
▪Decreases due to current and prior period
divestment activity (-$0.6m) and vacancy (-$0.5m)
1
Refer note 2.4 of the interim financial statements. Excludes service charge income recovered from tenants and management fee income.
13

+0.05
+0.58
-0.00
-0.35
-0.34
-0.16
-0.01
4.58
4.35
3.4
3.6
3.8
4.0
4.2
4.4
4.6
4.8
FP24 AFFORebase for
shares issued
Interest expense
and bank fees
Current taxationNon-recoverable
property costs
Maintenance
capex
Administrative
expenses /
Other
Net rental
income
H1 FY25 AFFO
▪AFFO of 4.35 cps, 0.23 cps or 4.9% down on FP24
▪Interest expense and bank fees up $1.7m or 0.35
cps, lower level of capitalised interest following
completion of development projects
▪Effective tax rate of 15.4% up 5.7% on FP24, driven
by lower depreciation deductions as a result of
changes to tax legislation
▪Maintenance capex flat on FP24 at ~20 basis
points
▪Net rental income (including AFFO adjustments) up
$2.9m or 0.58 cps on FP24
14

EARNINGSH1 FY25 CPSFP24 CPSCHANGE
FUNDS FROM OPERATIONS
4.845.03-0.19 cps or -3.8%
ADJUSTED FUNDS FROM OPERATIONS
4.354.58-0.23 cps or -4.9%
6.50
7.00
7.50
8.00
8.50
9.00
2021 A2022 A2023 AFP24 A
(annualised)
FY25 F
DPS (cps)DPS (cps) - guidance range
▪H1 FY25 cash dividends total 4.00 cps
▪Based on H1 FY25 performance and recent
trading, PFI expects to declare FY25 cash
dividends of 8.50 cps (top end of original
guidance), an increase of 0.20 cps or 2.4% on
FP24 dividends (annualised)
▪FY25 cash dividends of 8.50 cps anticipated to
result in a dividend pay-out towards the middle of
PFI’s dividend policy range, and around 100% of
AFFO on a one-year basis
▪Guidance subject to no material adverse changes
in conditions or unforeseen events, including no
material tenant failures
15

2,091.9
+30.4
+16.6
+7.1
-12.7
2,050.5
$1,800m
$1,850m
$1,900m
$1,950m
$2,000m
$2,050m
$2,100m
$2,150m
June 2024
investment properties
Capital expenditure &
interest
Fair value gainMovement in lease
incentives, fees and
fixed rental income
DisposalsDecember 2024
investment properties
▪Portfolio value of $2.09 billion at December 2024
▪Capex at 30-32 Bowden Road and 78 Springs Road
(5 Green Star developments), 212 Cavendish Drive
(refurbishment), 43 Cryers Road (office
refurbishment), 12 Zelanian Drive (yard extension)
▪Full valuations on 15 properties resulted in write-up
of $16.6m or 3.1%
▪44 Mandeville Street, Christchurch, divestment
settled in December 2024
16

270.7
272.3
+3.3
+1.0
-2.7
240
245
250
255
260
265
270
275
280
June 2024 NTAFair value gain on
investment properties
Retained earningsFair value loss on
derivative financial
instruments
December 2024 NTA
▪Net tangible assets (NTA) per share increased by
1.6 cps or 0.6%
▪Change in NTA per share driven by increases in the
fair value of investment properties (+3.3 cps) and
retained earnings (+1.0 cps), partly offset by a
decrease in the net fair value asset for derivative
financial instruments (-2.7 cps)
17

▪$550m of facilities refinanced or established in H1
FY25
▪PFI010 Bonds ($100m) repaid in November 2024
▪Disposal of 44 Mandeville Street, Christchurch
($13.25m) settled in December 2024, with proceeds
recycled into current brownfield redevelopment
projects
▪December 2024 gearing of 33.4% lifting to ~35.8%
after committed acquisitions and projects, near the
middle of PFI’s target range
▪Significant decrease in weighted average cost of debt
following 125 basis points of OCR cuts over the
second half of 2024
DECEMBER 2024JUNE 2024
FUNDING
BANK FACILITIES DRAWN
$548.1m$450.5m
BANK FACILITIES LIMIT
$725.0m$675.0m
BANK FACILITIES HEADROOM
$176.9m$224.5m
DCM
1
$150.0m$225.0m
FUNDING TERM (AVERAGE)
3.6 years2.2 years
BANKS
ANZ, BNZ, CBA, WestpacANZ, BNZ, CBA, Westpac
COVENANTS
LOAN-TO-VALUE RATIO (COVENANT: <50%)
33.4%32.9%
INTEREST COVER RATIO (COVENANT: >2.0X)
2.5 times2.8 times
INTEREST RATES
WEIGHTED AVERAGE COST OF DEBT
4.93%5.72%
INTEREST RATE HEDGING (EXCL. FORWARD STARTING)
$505m / 2.93% / 2.9 years$400m / 2.64% / 2.6 years
FORWARD STARTING INTEREST RATE HEDGING
$190m / 3.93% / 3.0 years$175m / 4.05% / 3.6 years
1
Includes Note Purchase and Private Shelf Agreement with PGIM, Inc (Pricoa)
19

1.5%
1.9%
2.3%
2.7%
3.1%
3.5%
3.9%
4.3%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
Dec-24Dec-25Dec-26Dec-27Dec-28Dec-29Dec-30
Cover (lhs)Interest Rate (rhs)
50.0
200.0
150.0
275.0
50.0
100.0
25.0
25.0
$m
$50m
$100m
$150m
$200m
$250m
$300m
$350m
FY25FY26FY27FY28FY29FY30FY31FY32FY33
Bank DebtBondsPricoa Facility
▪PFI’s debt instruments have an average term to expiry
of ~3.6 years (top chart), with adequate unutilised
bank facility capacity
▪Fixed rate payer hedging profile (lower chart) provides
for an average of ~69% of debt to be hedged at an
average fixed rate of ~2.73% during H2 FY25, offering
some protection from floating interest rates
20

1
This target is currently under review, with an updated target expected to be announced with our annual results,
2
PFI is well progressed through the New Zealand Green Building Council Green Star certification process.
TARGET:
Significant new buildings to target a
minimum 5 Green Star certification.
5 Green Star developments have now been
completed at 30-32 Bowden Road and for Stage 1
of 78 Springs Road.
2
We are also targeting Green
Star certification for the redevelopment of 78
Springs Road, which has now commenced
STATUS:
GREEN STAR
METERING
TARGET:
Implement power metering and
monitoring for 90% of properties by
the end of FY25.
We have now installed power metering systems
at 83 properties. This equals 92% of our overall
portfolio.
STATUS:
22
TARGET:
Install solar systems at five buildings
by the end of 2025
1
SOLAR
We have successfully installed 1,400 solar panels
across 7 buildings in our portfolio. These
installations were either in collaboration with
tenants at existing sites, as part of Green Star
developments, or sustainable refurbishments.
STATUS:

A sustainable refurbishment was carried out on the vacant property at 212C Cavendish
Drive, Wiri using PFI’s Sustainable Refurbishment Framework. This framework provides a
way to minimise environmental impacts when undertaking refurbishment projects through
a preference for lower-carbon materials and resource efficient design features.
The sustainable refurbishment assisted PFI to secure a new tenant, Portacom, for this
property (post balance date).
SOLAR PANELS
EV CHARGERS
LED LIGHTING AND
LIGHTING CONTROLS
(OFFICE & CANOPY)
RAINWATER
HARVESTING
DOUBLE GLAZING
(OFFICE)
INSULATION
(OFFICE)
23

1
CBRE Auckland Property Market Outlook – December 2024
25
-
2.0%
4.0%
6.0%
8.0%
10.0%
-
$1,000
$2,000
$3,000
$4,000
$5,000
2019202020212022202320242025202620272028
Yield (%)
Capital Value ($ / m
2
)
Capital ValueYield
$100
$120
$140
$160
$180
$200
$220
$240
$260
2019202020212022202320242025202620272028
Rent / m
2

(per annum)
Net effective rentFace rent
▪After unprecedented growth over the last 5
years, CBRE
1
are expecting Auckland industrial
rents to plateau through to 2025 before
returning to growth from 2026 onward (top
chart)
▪PFI has achieved market leading rents on its
recent developments ($230 – 240 / sqm),
reflecting the 5 Green Star rating build quality
and prime locations
▪CBRE
1
research suggests that Auckland
industrial cap rates have stabilised, with yields
forecast to firm over the next 2-years (~0.5%)
and through to 2028 (~0.8%) (lower chart)
▪Both dynamics are set to benefit PFI’s portfolio,
as under-renting gaps close (Dec-24: ~14%)
and cap rates firm (Dec-24: 5.81%)
Source: CBRE Research
Source: CBRE Research

27

30-32 BOWDEN
ROAD
78 SPRINGS ROAD
– STAGE 1
TOTAL
TOTAL PROJECT COST
(INCLUDING LAND)
$101.3m$111.2m$212.5m
VALUATION
1
$101.5m$120.0m$221.5m
MARKET CAP RATE
1
5.25%5.38%5.32%
TOTAL CONTRACT RENT$5.1m$6.1m$11.2m
VALUER ASSESSED MARKET RENT
1
$5.4m$6.7m$12.1m
WEIGHTED AVERAGE LEASE TERM
(WALT)
12.0 years15.0 years13.4 years
5 GREEN STAR RATED INDUSTRIAL
AREA
~27,000 sqm~28,300 sqm~55,300 sqm
78 Springs Road – Stage 1
30-32 Bowden Road
1
As at 31 December 2024.
28

▪PFI to commence redevelopment of
remaining brownfield sites from 2027
and beyond
▪Redevelopment of end-of-life buildings
to a Green Star standard is a key part of
PFI’s transition to a low-carbon, climate-
resilient portfolio
▪Spedding Road provides the opportunity
to invest an additional ~$130m
(including land) into PFI’s development
pipeline, bringing PFI’s total pipeline of
incremental development spend to
~$355m
▪Spedding Road land acquisition
($40.6m) conditional on titles being
received and works being complete
(expected mid-to-late-2025)
▪Stage 1 achieved practical completion
in October 2024, and was delivered on-
time and on-budget. Stage 1 now
considered ‘core-generic’
▪Well progressed through 5 Green Star
design certification process
▪Construction of Stage 2 (~11,300 sqm
of warehouse) commenced January
2025
▪Both buildings have achieved practical
completion, and were delivered on-time
and on-budget
▪Tokyo Food warehouse achieved a 5
Green Star Design rating , Daikin
warehouse well progressed through
design certification process
▪Both buildings now considered ‘core-
generic’ holdings
1
PFI has achieved a 5 Green Star – NZ Design and As Built v.1.0 Design Certified Rating in relation to the Tokyo Food development at 32 Bowden Road and is well progressed through the ‘As Built’ certification process. PFI is
also well progressed through the design certification process in relation to the Daiken development at 30 Bowden Road and the Fisher and Paykel Appliances development at 78 Springs Road (Stage 1)
29

30

31

The completion of over $220m of 5
Green Star rated industrial
developments on-time and on-budget is
a key milestone for PFI.
With signs of recovery emerging in the
valuation of PFI’s $2.1bn industrial
property portfolio, and careful
application of strategy, PFI is well placed
to navigate the remainder of FY25.
33

Funds / Adjusted Funds From Operations
(unaudited, $000, unless noted)
For the six months ended
31 December 2024
For the six months ended
30 June 2024
Profit (loss) and total comprehensive income after income tax attributable to the shareholders of the Company
28,75821,181
Adjusted for:
Fair value (gain) / loss on investment properties
(16,605)4,166
Material damage insurance income
-(6)
(Gain) / loss on disposal of investment properties
(63)526
Fair value loss / (gain) on derivative financial instruments
13,794(3,611)
Amortisation of tenant incentives
1,2631,259
Straight lining of fixed rental increases
(462)21
Deferred taxation
(2,389)1,709
Other
--
Funds From Operations (FFO)
24,29625,245
FFO per share (cents)4.845.03
Maintenance capex(2,027)(1,971)
Incentives and leasing fees given for the period (stabilised assets only, excludes development assets)(454)(349)
Other4453
Adjusted Funds From Operations (AFFO)21,85922,978
AFFO per share (cents)4.354.58
35

DISCLAIMER: The information included in this presentation is provided as at 25 February 2025 and should be read in conjunction with the interim financial statements, NZX
results announcement, NZX Form –Results Announcement and NZX Form –Distribution Notice issued on that same day.
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.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial
measures used in this presentation include Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO). The calculation of FFO and AFFO is set in Appendix 1
this presentation.
FFO and AFFO are common property investor metrics and therefore we believe they provide useful information to readers to assist in the understanding of our financial
performance, financial position and returns. They should not, however, be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ
IFRS. Non-GAAP financial measures may not be comparable to similarly titled measures reported by other entities.
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.
36

---

ELEVATING INDUSTRY,
SUSTAINING SUCCESS.
FY25 INTERIM FINANCIAL STATEMENTS

The unaudited interim financial statements
are for the six-month period from 1 July
to 31 December 2024 (referred to as H1
FY25). The unaudited interim financial
statements for H1 FY25 have been
prepared in accordance with Generally
Accepted Accounting Practice in
New Zealand and New Zealand Equivalents
to International Financial Reporting
Standards.
Following the change in PFI and its
subsidiaries’ balance date from 31
December to 30 June, in order to provide
a useful basis for comparison throughout
these unaudited interim financial
statements, H1 FY25 has been compared
to the audited six-month results from
1 January to 30 June 2024 (FP24, the
prior comparable period, or ‘pcp’), unless
otherwise noted.
ABOUT THESE
RESULTS
Fisher & Paykel
Appliances,
78 Springs Road.
Cover:
Daikin,
30-32 Bowden Road.
2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2024
ALL VALUES IN $000sNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
AUDITED
6 MONTHS ENDED
30 JUNE 2024
Rental and management fee income2.2 61,229 57,082
Business interruption insurance income – 10
Property costs2.3 (11,241)(9,896)
Net property income49,98847,196
Administrative expenses5.1 (5,916)(6,097)
Profit before finance income/(expenses), other gains/(losses) and income tax 44,072 41,099
Finance income/(expenses)
Interest expense and bank fees (16,357)(14,609)
Fair value (loss)/gain on derivative financial instruments3.2 (13,794)3,611
Interest income 72 60
(30,079)(10,938)
Other gains/(losses)
Fair value gain/(loss) on investment properties2.1 16,605 (4,166)
Gain/(loss) on disposal of investment properties 63 (526)
Material damage insurance income - 6
16,668 (4,686)
Profit before income tax 30,661 25,475
Income tax expense5.3 (1,903)(4,294)
Profit and total comprehensive income after income tax attributable to the shareholders of the Company 28,758 21,181
Basic earnings per share (cents)4.1 5.73 4.22
Diluted earnings per share (cents)4.1 5.72 4.22
The accompanying notes form part of these interim financial statements.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
3

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2024
NOTE
CENTS PER SHARE
(CENTS)
NO. OF
SHARES
(#)
ORDINARY SHARES
($000S)
SHARE-BASED
PAYMENTS
RESERVE
($000S)
RETAINED
EARNINGS
($000S)
TOTAL
EQUITY
($000S)
Balance as at 1 January 2024 (audited) – 502,129,313 572,901 754 786,614 1,360,269
Total comprehensive income – – – – 21,181 21,181
Dividends
Q4 2023 final dividend - 13/3/2024 2.45 – – – (12,304) (12,304)
Q1 2024 interim dividend - 28/5/2024 1.95 – – – (9,793) (9,793)
Long-term incentive plan 70,038 326 (184) - 142
Balance as at 30 June 2024 (audited) – 502,199,351 573,227 570 785,698 1,359,495
Total comprehensive income – – – – 28,758 28,758
Dividends
Q2 2024 final dividend - 11/9/2024 2.20 – – – (11,048) (11,048)
Q1 2025 interim dividend - 26/11/2024 2.00 – – – (10,044) (10,044)
Long-term incentive plan – – 317 – 317
Balance as at 31 December 2024 (unaudited)– 502,199,351 573,227 887 793,364 1,367,478
The accompanying notes form part of these interim financial statements.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
4

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
ALL VALUES IN $000SNOTE
UNAUDITED
31 DECEMBER 2024
AUDITED
30 JUNE 2024
CURRENT ASSETS
Cash at bank 1,896 1,481
Accounts receivable, prepayments and other assets 6,975 7,814
Derivative financial instruments3.2 114 267
Total current assets 8,985 9,562
NON-CURRENT ASSETS
Investment properties2.1 2,091,916 2,050,525
Property, plant and equipment 3,027 3,235
Accounts receivable, prepayments and other assets2,028–
Derivative financial instruments3.2 10,335 22,815
Total non-current assets 2,107,306 2,076,575
Total assets 2,116,291 2,086,137
The accompanying notes form part of these interim financial statements.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
5

ALL VALUES IN $000SNOTE
UNAUDITED
31 DECEMBER 2024
AUDITED
30 JUNE 2024
CURRENT LIABILITIES
Accounts payable, accruals and other liabilities5.2 20,789 19,787
Taxation payable 486 159
Borrowings3.1 100,000 150,000
Derivative financial instruments3.2 781 1,090
Total current liabilities 122,056 171,036
NON-CURRENT LIABILITIES
Borrowings3.1 596,244 523,940
Derivative financial instruments3.2 5,163 3,692
Lease liabilities5.5 1,645 1,778
Deferred tax liabilities5.3 23,705 26,196
Total non-current liabilities 626,757 555,606
Total liabilities 748,813 726,642
Net assets4.2 1,367,478 1,359,495
EQUITY
Share capital 573,227 573,227
Share-based payments reserve 887 570
Retained earnings 793,364 785,698
Total equity 1,367,478 1,359,495
These interim financial statements are signed on behalf of Property for Industry Limited and were authorised for issue on 25 February 2025.
Dean Bracewell Carolyn Steele
Chair, Board of Directors Chair, Audit and Risk Committee
The accompanying notes form part of these interim financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
AS AT 31 DECEMBER 2024
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
6

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2024
ALL VALUES IN $000SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
AUDITED
6 MONTHS ENDED
30 JUNE 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Property and management fee income received63,010 58,368
Net goods and services tax paid 740 2,892
Interest received 72 60
Business interruption insurance income received – 15
Interest and other finance costs paid (16,217) (14,831)
Payments to suppliers and employees(15,739) (15,478)
Income tax paid (3,965) (3,198)
Net cash flows from operating activities27,901 27,828
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment properties and non-current assets classified as held for sale 12,735 28,874
Material damage insurance income received – 6
Expenditure on investment properties - development(32,797) (48,289)
Expenditure on investment properties - stabilised(3,872) (1,620)
Capitalisation of interest on development properties2.1 (2,910) (4,054)
Deposit for / acquisition of investment properties2.1(2,028) (6,787)
Acquisition of property, plant and equipment (29) (30)
Net cash flows from investing activities(28,901) (31,900)
The accompanying notes form part of these interim financial statements.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
7

ALL VALUES IN $000SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
AUDITED
6 MONTHS ENDED
30 JUNE 2024
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from syndicated bank facilities97,630 2,085
Proceeds from Pricoa facility 25,000
Net proceeds from green loan facilities – 24,499
Repayment of fixed rate bonds (100,000) –
Dividends paid to shareholders (21,092) (22,097)
Principal elements of finance lease payments(123) (121)
Net cash flows from financing activities1,415 4,366
Net increase in cash and cash equivalents415 294
Cash and cash equivalents at beginning of period 1,481 1,187
Cash and cash equivalents at end of period1,896 1,481
The accompanying notes form part of these interim financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2024
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
8

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION10
1.1. Reporting entity10
1.2. Basis of preparation10
1.3. Critical judgements, estimates and assumptions10
1.4. Accounting policies10
1.5. Non-GAAP measures10
1.6. Significant events and transactions11
2. PROPERTY12
2.1. Investment properties12
2.2. Rental and management fee income14
2.3. Property costs14
2.4. Net rental income14
3. FUNDING15
3.1. Borrowings15
3.2. Derivative financial instruments17
4. INVESTOR RETURNS AND INVESTMENT METRICS19
4.1. Earnings per share19
4.2. Net tangible assets per share19
5. OTHER20
5.1. Administrative expenses20
5.2. Accounts payable, accruals and other liabilities20
5.3. Taxation21
5.4. Related party transactions22
5.5. Leases22
5.6. Operating segments23
5.7. Capital commitments23
5.8. Subsequent events24
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
9

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION
IN THIS SECTION
This section sets out the basis upon which the Group’s interim financial statements
are prepared.
1.1. Reporting entity
These unaudited consolidated interim financial statements (the interim financial
statements) are for Property for Industry Limited (the Company) and its subsidiaries,
P.F.I. Property No. 1 Limited (PFI No. 1) and P.F.I. Cover Limited (PFI Cover), (collectively,
the Group). The Company is a limited liability company incorporated in New Zealand and
is registered under the New Zealand Companies Act 1993. The Company is a FMC
reporting entity under Part 7 of the Financial Markets Conduct Act 2013 and the Financial
Reporting Act 2013 and these interim financial statements have been prepared in
accordance with the requirements of the NZX Listing Rules. The Company is listed on the
NZX Main Board (NZX: PFI).
The Group’s principal activity is property investment and management in New Zealand.
1.2. Basis of preparation
The interim financial statements have been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand (GAAP). They comply with New Zealand
Equivalent to International Accounting Standard 34 ‘Interim Financial Reporting’ (NZ IAS
34) and International Accounting Standard 34 ‘Interim Financial Reporting’ (IAS 34).
The interim financial statements have been prepared on the historical cost basis except
where otherwise identified. All financial information is presented in New Zealand dollars
and has been rounded to the nearest thousand.
Balance date change
On 26 August 2024, the Group announced and released its results for its first 30 June
year end, a change from its previous 31 December balance date. The results included the
consolidated financial statements that reflected the first adoption of the 30 June balance
date, for the six month period ended 30 June 2024. In line with the balance date change,
these consolidated interim financial statements as at 31 December 2024 represent the
first adoption of the 31 December interim reporting date. Accordingly, the comparatives
reflect the audited six month period ended 30 June 2024, in alignment with NZ IAS 34,
which requires presenting comparatives for the ‘immediately preceding financial year’.
Both the current period and the comparatives represent six month periods.
These interim financial statements should be read in conjunction with the Annual Report
for the six month period ended 30 June 2024 which may be downloaded from the
Company’s website (www.propertyforindustry.co.nz/investor-relations/reports-and-
presentations).
1.3. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management regularly
evaluate judgements, estimates and assumptions that may have an impact on the Group.
The significant judgements, estimates and assumptions made in the preparation of these
interim financial statements were the same as those applied to the consolidated financial
statements as at and for the six month period ended 30 June 2024.
1.4. Accounting policies
The accounting policies adopted are the same as those applied by the Group in its
consolidated financial statements as at and for the six month period ended
30 June 2024.
1.5. Non-GAAP measures
The consolidated interim statement of comprehensive income includes a non-GAAP
measure, Profit before finance income/(expenses), other gains/(losses) and income tax.
This non-GAAP measure is presented to provide additional insight to the Group’s financial
performance and assist investors in assessing the performance of the Group’s core
operating activities.
This non-GAAP measure does not have a standard meaning prescribed by GAAP and
therefore may not be comparable to information presented by other entities.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
10

1. GENERAL INFORMATION CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
1.6. Significant events and transactions
The financial position and performance of the Group was affected by the following
events and transactions that occurred during the reporting period:
Investment property acquisitions and disposals
On 13 September 2024, the Group paid a deposit of $2.03 million (5% of the total
purchase price of $40.57 million) in relation to the conditional contract entered into on 9
October 2023, for the acquisition of two lots (approximately 5.8 hectares of land) within
the proposed industrial subdivision at Spedding Road, Auckland. Refer to note 5.7 for
further details.
On 30 October 2024, the Group announced the divestment of 44 Mandeville Street,
Christchurch for a gross sales price of $13.25 million. Settlement of this divestment took
place on 4 December 2024.
Pricoa facility
On 2 July 2024, the Group made a second $25 million drawdown on the Group’s
uncommitted Note Purchase and Private Shelf Agreement with PGIM, Inc (also known as
Pricoa). The drawdown is for 8.5 years and is on a float-rate basis, with the margin fixed
for the duration of the drawdown. The proceeds have been used to repay and cancel a
further $25 million of the Group’s BNZ facility (also known as Syndicated Bank Facility C).
Refinancing of bank facilities
On 14 August 2024, the Group refinanced its $300 million syndicated bank facility by
extending the terms of the two existing syndicate tranches, Syndicated Bank Facility A
and Syndicated Bank Facility B ($150 million each), by four to five years from 2 July 2025
and 2026 to 14 August 2028 and 2029, respectively. Additionally, the Group refinanced
the $25 million short term Syndicated Bank Facility C with BNZ into a new $100 million
three-year facility, set to expire on 14 August 2027. These syndicated bank facilities are
provided by ANZ, BNZ, CBA and Westpac, each providing $100 million. Finally, the expiry
of the Bilateral CBA Bank Facility was also extended from April 2028 to August 2029,
establishing a five-year term.
PFI010 Bonds
On 28 November 2024, the $100 million PFI010 fixed rate bonds matured and was repaid
with bank facilities.
Development - MiTek
On 9 August 2024, the Group entered into a Design and Build Agreement to Lease with
MiTek New Zealand Limited, which has pre-committed to a 12-year lease over a ~6,500
sqm warehouse facility. Following this pre-commitment, the PFI Board has approved the
commencement of Stage 2 of the redevelopment at 78 Springs Road, East Tamaki. Stage
2 will deliver a ‘dual-unit’ warehouse facility with the balance of the development (4,800
sqm of warehouse) to be completed on a speculative basis. Early works have
commenced, with the project expected to be completed by July 2026.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
11

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
IN THIS SECTION
This section shows the real estate assets used to generate the Group’s trading performance which are considered to be the most relevant to the operations of the Group.
2.1. Investment properties
ALL VALUES IN $000S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
AUDITED
6 MONTHS ENDED
30 JUNE 2024
Opening balance 2,050,525 1,998,325
Capital movements:
Additions – 6,787
Disposals (12,672) –
Capital expenditure 27,497 45,478
Capitalised interest 2,910 4,054
Movement in lease incentives, fees and fixed rental income 7,051 47
24,786 56,366
Unrealised fair value gain/(loss) 16,605 (4,166)
Closing balance 2,091,916 2,050,525
2. PROPERTY
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
12

2. PROPERTY CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
2.1. Investment properties continued
(i) Valuation
All investment properties were valued as at 30 June 2024. The Board determined that a desktop review of the property portfolio should be undertaken by Bayleys Valuation Limited
(Bayleys), CBRE Limited (CBRE), CVAS (NZ) Limited (Colliers), Jones Lang LaSalle Limited (JLL) or Savills (NZ) Limited (Savills) as at 31 December 2024 to ensure that investment
properties continue to be held at fair value. In addition to this desktop review, the following 15 investment properties were subject to independent valuations due to a change of plus or
minus 5% of the market value assessed in the asset valuation as compared to 30 June 2024, or the Board determining that a full valuation was appropriate due to other considerations,
such as significant capital expenditure or leasing activity undertaken during the period:
ALL VALUES IN $000SVALUERVALUATION
17 Allens Road, East Tamaki Savills 30,250
2-4 Argus Place, North Shore CBRE 11,900
47 Arrenway Drive, North Shore JLL 5,550
30-32 Bowden Road, Mt Wellington Savills 101,500
122 Captain Springs Road, Penrose Colliers 13,400
50 Carbine Road, Mt Wellington JLL 5,900
76 Carbine Road, Mt Wellington JLL 13,000
212 Cavendish Drive, Manukau Savills 50,000
43 Cryers Road, East Tamaki Colliers 18,600
6 Donnor Place, Mt Wellington JLL 32,700
528-558 Rosebank Road, Avondale CBRE 66,300
78 Springs Road, East Tamaki JLL 162,700
558 Te Rapa Road, Hamilton Savills 9,600
36 Vestey Drive, Mt Wellington JLL 5,250
12 Zelanian Drive, East Tamaki JLL 21,400
Total 548,050
As a result of the independent valuations of the 15 properties above, the unrealised net gain in the value of investment properties for the six months ended 31 December 2024
was $16,605,000. For the six months ended 30 June 2024, full valuations of all investment properties were conducted due to the Group’s change in balance date from 31 December to
30 June. With 30 June 2024 representing the first June year end reporting, an unrealised net loss of $4,166,000 was recognised. The portfolio will next be revalued by independent
valuers as at 30 June 2025.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
13

2. PROPERTY CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
2.2. Rental and management fee income
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Gross rental receipts 49,962 48,984
Service charge income recovered from tenants 8,911 8,304
Fixed rental income adjustments 462 (21)
Capitalised lease incentive adjustments 1,516 (526)
Impact of rental income deferred and abated due to the
COVID-19 pandemic
(44) (54)
Management fee income 422 395
Total rental and management fee income 61,229 57,082
2.3. Property costs
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Rates & insurance (5,948) (5,226)
Property maintenance costs (3,320) (2,953)
Utilities (429) (182)
Bad and doubtful debts expense (12) (42)
Lease incentives amortisation (349) (336)
Other non-recoverable property costs (1,183) (1,157)
Total property costs (11,241) (9,896)
Other non-recoverable costs represents property maintenance not recoverable from
tenants, property valuation fees and property leasing costs.
2.4. Net rental income
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Gross rental income
Gross rental receipts 49,962 48,984
Service charge income recovered from tenants 8,911 8,304
Fixed rental income adjustments 462 (21)
Capitalised lease incentive adjustments 1,516 (526)
Impact of rental income deferred and abated due to the
COVID-19 pandemic
(44) (54)
Total gross rental income 60,807 56,687
Service charge expenses
Rates & insurance (5,948) (5,226)
Property maintenance costs (3,320) (2,953)
Utilities (429) (182)
Total service charge expenses (9,697) (8,361)
Net rental income 51,110 48,326
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
14

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3. FUNDING
IN THIS SECTION
This section outlines how the Group manages its capital structure, financing costs and exposure to interest rate risk.
3.1. Borrowings
(i) Borrowings
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Current
Fixed Rate Bonds (PFI010) – 100,000
Fixed Rate Bonds (PFI020) 100,000 –
Syndicated Bank Facility C – 50,000
Total current borrowings 100,000 150,000
Non-current
Fixed Rate Bonds (PFI020) - 100,000
ANZ & CBA Green Facility D1 50,000 50,000
BNZ Green Facility D2 25,000 25,000
Westpac Green Facility D3 75,000 75,000
Syndicated Bank Facility C 100,000 -
Syndicated Bank Facility A 150,000 125,485
Syndicated Bank Facility B 23,115 -
Bilateral CBA Bank Facility 125,000 125,000
Pricoa Facilities 50,000 25,000
Unamortised borrowings establishment costs (1,871) (1,545)
Total non-current borrowings 596,244 523,940
Total borrowings
696,244 673,940
Weighted average interest rate for drawn debt (inclusive of current interest rate swaps, margins and line fees)
4.93%5.72%
Weighted average term to maturity (years) 3.58 2.25
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
1515

3. FUNDING CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3.1. Borrowings continued
(ii) Composition of borrowings
ALL VALUES IN $000S
AS AT 31 DECEMBER 2024
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY DRAWN /
AMOUNT
UNDRAWN
FACILITY
UNAUDITED
FAIR
VALUE
Fixed Rate Bonds (PFI020)01-Oct-1801-Oct-254.25% 100,000 – 100,610
ANZ & CBA Green Facility D1–18-Jul-26Floating 50,000 – 50,000
BNZ Green Facility D2–18-Jul-27Floating 25,000 – 25,000
Westpac Green Facility D3–18-Jul-27Floating 75,000 – 75,000
Syndicated Bank Facility C–14-Aug-27Floating 100,000 – 100,000
Syndicated Bank Facility A–14-Aug-28Floating 150,000 – 150,000
Syndicated Bank Facility B–14-Aug-29Floating 23,115 126,885 23,115
Bilateral CBA Bank Facility–14-Aug-29Floating 125,000 – 125,000
Pricoa Facility–15-Dec-29Floating 25,000 – 25,557
CBA Bank Facility–31-May-31Floating – 50,000 –
Pricoa Facility–05-Jan-33Floating 25,000 – 25,567
Total borrowings 698,115 176,885 699,849
ALL VALUES IN $000S
AS AT 30 JUNE 2024
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY DRAWN /
AMOUNT
UNDRAWN
FACILITY
AUDITED
FAIR
VALUE
Fixed Rate Bonds (PFI010)28-Nov-1728-Nov-244.59% 100,000 – 99,475
Syndicated Bank Facility C–31-Mar-25Floating 50,000 – 50,000
Syndicated Bank Facility A–02-Jul-25Floating 125,485 24,515 125,485
Fixed Rate Bonds (PFI020)01-Oct-1801-Oct-254.25% 100,000 – 98,189
Syndicated Bank Facility B–02-Jul-26Floating – 150,000 –
ANZ & CBA Green Facility D1–18-Jul-26Floating 50,000 – 50,000
BNZ Green Facility D2–18-Jul-27Floating 25,000 – 25,000
Westpac Green Facility D3–18-Jul-27Floating 75,000 – 75,000
Bilateral CBA Bank Facility–16-Apr-28Floating 125,000 – 125,000
Pricoa Facility–15-Dec-29Floating 25,000 – 25,465
CBA Bank Facility–31-May-31Floating – 50,000 –
Total borrowings 675,485 224,515 673,614
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
16

3. FUNDING CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3.1. Borrowings continued
(ii) Composition of borrowings continued
The Group has long-term revolving facilities (A, B and C) with a banking syndicate
comprising ANZ, BNZ, CBA and Westpac (each providing $100 million), for $400 million,
and CBA, providing facilities totalling $175 million.
In accordance with the Group’s Green Finance Framework, the Group also has $150
million of Green Loan facilities during the period to fund its committed development
projects. The Green Loan facilities consists of ANZ & CBA green facility (D1) providing
$50 million, BNZ green facility (D2) providing $25 million and Westpac green facility (D3)
providing $75 million.
The carrying values of the bank facilities approximate the fair value of the facilities
because the loans have floating rates of interest that reset every 30-90 days.
The fair value of any fixed rate bonds on issue is based on the listed market price at the
balance date and is classified as Level 1 in the fair value hierarchy (30 June 2024: Level
1). Interest on the PFI020 Bonds is payable quarterly in January, April, July and October;
in equal instalments. The $100 million PFI010 fixed rate bonds matured on 28 November
2024 and was repaid with bank facilities, the remaining $100 million PFI020 fixed rate
bonds are listed on the NZDX.
The fair value of the Pricoa facilities are classified as Level 2 and are measured using a
present value calculation of the future cash flows using the relevant term swap rates as
the discount factor. The discount curve will incorporate both the credit spreads and risk
free rate.
(iii) Security
The bank facilities, Pricoa facilities and the fixed rate bonds are secured by way of a
security trust deed and registered mortgage security which is required to be provided
over Group properties with current valuations of at least $1,750,000,000 (30 June 2024:
$1,800,000,000). In addition to this, the bank facility agreements, fixed rate bond terms
and Pricoa facility agreements also contain a negative pledge. The Company and PFI No.
1 are guarantors to the facility, fixed rate bonds, and Pricoa facilities. As at 31 December
2024, investment properties totalling $2,072,875,000 (30 June 2024: $2,033,875,000)
were mortgaged as security for the Group’s borrowings.
3.2. Derivative financial instruments
(i) Fair values
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Current assets 114 267
Non-current assets 10,335 22,815
Current liabilities (781) (1,090)
Non-current liabilities (5,163) (3,692)
Total 4,505 18,300
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
17

3. FUNDING CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3.2. Derivative financial instruments continued
(ii) Notional principal values, maturities and interest rates
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Notional value of interest rate swaps – fixed rate payer –
start dates commenced ($000s) 505,000 400,000
Notional value of interest rate swaps – fixed rate receiver
1

– start dates commenced ($000s) 100,000 200,000
Notional value of interest rate swaps – fixed rate payer
– forward starting ($000s) 190,000 175,000
Total ($000s) 795,000 775,000
Percentage of borrowings fixed (%)72%59%
Fixed rate payer swaps:
Average period to expiry – start dates commenced
(years) 2.94 2.57
Average period to expiry – forward starting (years from
commencement) 3.03 3.57
Average (years)
2.96 2.87
Fixed rate payer swaps:
Average interest rate
2
– start dates commenced (%)
2.93%2.64%
Average interest rate
2
– forward starting (% during
effective period)3.93%4.05%
Average (%)
3.21%3.07%
1 The Group has $100 million fixed rate receiver swaps for the duration of the $100 million PFI020
fixed rate bonds, the effect of the fixed rate receiver swaps is to convert the $100 million fixed rate
bonds to floating interest rates.
2 Excluding margin and fees.
(iii) Fair value (loss)/gain on derivative financial instruments
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Interest rate swaps (13,794) 3,611
Total fair value (loss)/gain on derivative
financial instruments (13,794) 3,611
Key estimates and assumptions: Derivatives
The fair values of derivative financial instruments are determined from valuations
prepared by independent treasury advisers using Level 2 valuation techniques (30
June 2024: Level 2). These are based on the present value of estimated future cash
flows accounting for the terms and maturity of each contract and the current market
interest rates at reporting date. Fair values also reflect the current creditworthiness of
the derivative counterparty. These values are verified against valuations prepared by
the respective counterparties. The valuations were based on market rates at 31
December 2024 of between 4.17% for the 90 day BKBM (30 June 2024: 5.63%) and
3.93% for the 10 year swap rate (30 June 2024: 4.49%). There were no changes to
these valuation techniques during the reporting period.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
18

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
4. INVESTOR RETURNS AND INVESTMENT METRICS
IN THIS SECTION
This section summarises the earnings per share and net tangible assets per share
which are common investment metrics.
4.1. Earnings per share
(i) Basic earnings per share
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Total comprehensive income/(loss) for the period
attributable to the shareholders of the Company ($000s)
28,758 21,181
Weighted average number of ordinary shares (shares) 502,199,351 502,177,801
Basic earnings per share (cents) 5.73 4.22
(ii) Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to
ordinary shareholders and weighted-average number of ordinary shares outstanding after
adjustment for the effects of all dilutive potential ordinary shares. Weighted average
number of shares for the purpose of diluted earnings per share has been adjusted for
185,945 (30 June 2024: 184,006) rights issued under the Group’s LTI Plan as at 31
December 2024. This adjustment has been calculated using the treasury share method.
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Total comprehensive income/(loss) for the period
attributable to the shareholders of the Company ($000s) 28,758 21,181
Weighted average number of shares for purpose of
diluted earnings per share (shares) 502,385,296 502,361,807
Diluted earnings per share (cents) 5.72 4.22
4.2. Net tangible assets per share
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Net assets ($000s) 1,367,478 1,359,495
Net tangible assets ($000s) 1,367,478 1,359,495
Closing shares on issue (shares) 502,199,351 502,199,351
Net tangible assets per share (cents) 272 271
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
19

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5. OTHER
IN THIS SECTION
This section includes additional information that is considered less significant in
understanding of the financial performance and position of the Group, but is disclosed
to comply with New Zealand Equivalents to International Financial Reporting
Standards.
5.1. Administrative expenses
ALL VALUES IN $000SNOTE
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Auditor remuneration
Audit or review of the financial statements
(162) (250)
Other assurance
1
(20)–
Other services
2
(1)(58)
Depreciation
(237) (243)
Directors' fees5.4
(343) (352)
Employee benefits
(3,493) (3,212)
IT - licence fees and support
(304) (265)
Office expenses
(512) (596)
Other expenses
(770) (1,008)
Sustainability
(74) (113)
Total administrative expenses
(5,916) (6,097)
1 PwC has been engaged to carry out assurance over greenhouse gas emissions.
2 For the current period, other services relate to the purchase of PwC’s 2024 Property Supplement
Report ($1,000).
5.2. Accounts payable, accruals and other liabilities
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Accounts payable 1,366 466
Accrued interest expense and bank fees 4,302 3,836
Accruals and other liabilities in respect of
investment properties
8,772 9,650
Accrued employee benefits 166 261
Accruals and other liabilities 6,183 5,574
Total accounts payable, accruals and other liabilities 20,789 19,787
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
20

5. O THER CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.3. Taxation
(i) Reconciliation of accounting profit before income tax to income tax expense
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Profit before income tax
30,661 25,475
Prima facie income tax calculated at 28%
(8,585) (7,133)
Adjusted for:
Current tax prior period adjustment
184 (30)
Deductible capital expenditure
1,363 2,088
Depreciation
1,601 2,636
Disposal of depreciable assets
4 33
Fair value gain / (loss) on investment properties
4,649 (1,166)
Gain / (loss) on disposal of investment properties
18 (147)
Impairment (allowance) / gain
(3) 6
Lease incentives, fees and fixed rental income
656 116
(Loss) / gain on derivative financial instruments
(3,859) 1,015
Non-tax deductible revenue and expenses
(24) (37)
Other
(296) 34
Current taxation expense
(4,292) (2,585)
Depreciation
(871) (547)
Impairment allowance/(gain)
3 (6)
Lease incentives, fees and fixed rental income
(621) –
Loss/(gain) on derivative financial instruments
3,859 (1,015)
Other
19 (141)
Deferred taxation benefit/(expense)
2,389 (1,709)
Total income tax expense reported in Consolidated
Statement of Comprehensive Income (1,903) (4,294)
(ii) Deferred tax
AUDITED
30 JUNE
2024
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
UNAUDITED
31 DECEMBER
2024
ALL VALUES IN $000S AS AT
RECOGNISED
IN PROFIT AS AT
Deferred tax assets
Impairment allowance (2) (3) (5)
Office lease liability (569) 34 (535)
Other (291) (116) (407)
Gross deferred tax assets (862) (85) (947)
Deferred tax liabilities
Derivative financial instruments 5,093 (3,859) 1,234
Investment properties 21,476 1,492 22,967
Office lease asset 489 (38) 451
Gross deferred tax liabilities 27,058 (2,405) 24,652
Share-based payment reserve – 101 –
Net deferred tax liability 26,196 (2,389) 23,705
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
21

5. O THER CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.4. Related party transactions
The Group also has related party relationships with the following parties:
RELATED PARTYABBREVIATIONNATURE OF RELATIONSHIP(S)
The Board of
Directors
DirectorsThe Board of Directors.
Bayleys Valuation
Limited
BayleysAngela Bull is a Non-executive Director of Bayley
Corporation Limited. Bayleys Valuation Limited is a
wholly owned subsidiary of Bayley Corporation
Limited and an independent valuer used by the
Group for investment property valuations.
The following transactions with a related party took place:
RELATED
PA RT Y
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Valuation fees paid Bayleys 17 22
Valuation fees owing
1
Bayleys 2 7
1 Amounts owing as at 31 December 2024 and 30 June 2024 are included in the line item ‘Accounts
payable, accruals and other liabilities’ in the Consolidated Statement of Financial Position.
NUMBER
RELATED
PA RT Y
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Shares held beneficially in the companyDirectors 95,000 240,708
Shares held non-beneficially
in the company
Directors––
No related party debts have been written off or forgiven during the period
(30 June 2024: NIL).
5.5. Leases
(i) Amounts recognised in the Consolidated Statement of Financial Position
The Consolidated Statement of Financial Position shows the following amounts relating
to leases:
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Right-of-use assets
2
Properties 1,612 1,748
Total right-of-use assets 1,612 1,748
2 Included in the line item ‘Property, plant and equipment’ in the Consolidated Statement of
Financial Position.
There were no additions to the right-of-use assets for the six months ended 31 December
2024 (30 June 2024: Nil).
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Lease liabilities
Current
3
264 254
Non-current
4
1,645 1,778
Total lease liabilities 1,909 2,032
3 Included in the line item ‘Accounts payable, accruals and other liabilities’ in the Consolidated
Statement of Financial Position.
4 Included in the line item ‘Lease liabilities’ in the Consolidated Statement of Financial Position.
PROPERT Y FOR INDUSTRY LIMITED GROUP
FYfifl INTERIM FINANCIAL STATEMENTS
22

5. O THER CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.5. Leases continued
(ii) Amounts recognised in the Consolidated Statement of Comprehensive Income
The Consolidated Statement of Comprehensive Income shows the following amounts
relating to leases:
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Depreciation charge of right-of-use assets
1
Properties (136) (136)
Total depreciation charge of right-of-use assets (136) (136)
1 Included in the line item ‘Administrative expenses’ in the Consolidated Statement of
Comprehensive Income.
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
AUDITED
6 MONTHS
ENDED
30 JUNE
2024
Interest cost
2
(52) (53)
2 Included in the line item ‘Interest expense and bank fees’ in the Consolidated Statement of
Comprehensive Income.
The total cash outflow for leases in the six month period ended 31 December 2024 was
$175,000 (30 June 2024: $174,000).
5.6. Operating segments
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The chief operating decision-maker has
been identified as the Board of Directors. The Group is internally reported as a single
operating segment to the chief operating decision-maker.
5.7. Capital commitments
As at 31 December 2024, the Group had capital commitments totalling $79,516,000
(30 June 2024: $35,975,000) as follows:
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
Development capital commitments 40,841 33,469
Other capital commitments 38,675 2,506
Total capital commitments 79,516 35,975
Development capital commitments
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
30-32 Bowden RoadDesign and build (Green Star)
Land value on commencement 32,500 32,500
Development cost
3
67,914 67,914
Less: spend to date (67,914) (57,676)
Committed costs to complete – 10,238
3 Excluding land value
PROPERT Y FOR INDUSTRY LIMITED GROUP
FYfifl INTERIM FINANCIAL STATEMENTS
23

5. O THER CONTINUED
NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
Development capital commitments continued
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
78 Springs Road - Stage 1Design and build (Green Star)
Land value on commencement 37,817 37,817
Development cost
1
76,562 76,562
Less: spend to date (76,562) (53,331)
Committed costs to complete – 23,231
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
78 Springs Road - Stage 2Design and build (Green Star)
Land value on commencement 17,649 –
Development cost
1
41,796 –
Less: spend to date (955) –
Committed costs to complete 40,841 –
Total development capital commitments 40,841 33,469
1 Excluding land value
Other capital commitments
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2024
AUDITED
30 JUNE
2024
AddressProject
Spedding Road
1
Land acquisition 38,537 –
43 Cryers RoadRefurbishment 138 –
212 Cavendish DriveRefurbishment – 1,550
12 Zelanian DriveCanopy extension & installation
of solar panels
– 956
Total other capital commitments 38,675 2,506
1 On 9 October 2023, the Group entered into a sale and purchase agreement to purchase two lots
within the proposed industrial subdivision at Spedding Road, Auckland, for a total purchase price of
$40.57 million. The Group paid a deposit of $2.03 million (5% of the total purchase price) on 13
September 2024. A further 45% of the purchase price is payable upon completion of vendor works
and receipt of the titles, which is expected in mid-2025. Following this payment, two further deferred
settlement amounts of 25% each are due 12 and 24 months thereafter.
5.8. Subsequent events
On 14 February 2025, the Group announced the agreement to purchase the property at
316 Neilson Street, Penrose for a net purchase price of $8.50 million. Settlement of the
acquisition is expected to take place in late-February 2025.
On 25 February 2025, the Board of Directors of the Company approved the payment of a
cash dividend of 2.000000 cents per share to be paid on 13 March 2025. The gross
dividend (2.430175 cents per share) carries imputation credits of 0.430175 cents per
share. The payment of this dividend will not have any tax consequences for the Group
and no liability has been recognised in the Consolidated Statement of Financial Position
as at 31 December 2024 in respect of this dividend.
5.7. Capital commitments continued
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
24

INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF PROPERTY FOR INDUSTRY LIMITED
REPORT ON THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Our conclusion
We have reviewed the consolidated interim financial statements (interim financial
statements) of Property for Industry Limited (the Company) and its subsidiaries
(the Group), which comprise the consolidated statement of financial position as at
31 December 2024, and the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash
flows for the six months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all material
respects, the financial position of the Group as at 31 December 2024, and its financial
performance and cash flows for the six months then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further
described in the Auditor’s responsibilities for the review of the interim financial statements
section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled
our other ethical responsibilities in accordance with these ethical requirements. In our
capacity as auditor and assurance practitioner, our firm has been engaged to carry out
other assurance services for the Group. In addition, certain partners and employees of our
firm may deal with the Group on normal terms within the ordinary course of trading
activities of the business. The firm has no other relationship with, or interests in, the Group.
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the
preparation and fair presentation of these interim financial statements in accordance
with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is
necessary to enable the preparation and fair presentation of the interim financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to
our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, primarily consisting of making
enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review
are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing and International Standards on Auditing (New
Zealand) and consequently does not enable us to obtain assurance that we might identify
in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has
been undertaken so that we might state those matters which we are required to state to
them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company and the
Company’s shareholders, as a body, for our review procedures, for this report or for the
conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review
report is Samuel Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers Auckland
25 February 2025
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
PROPERT Y FOR INDUSTRY LIMITED GROUP
FY25 INTERIM FINANCIAL STATEMENTS
25

Property for Industry Limited
Level 4, Hayman Kronfeld Building
15 Galway Street,
Auckland 1010
PO Box 1147,
Shortland Street,
Auckland 1140
09 303 9450
info@propertyforindustry.co.nz
propertyforindustry.co.nz
26