Property for Industry Limited Launches Bond Offer

NZX and media
announcement
—
3 March 2025

Page 1

PROPERTY FOR INDUSTRY LIMITED
LAUNCHES BOND OFFER
Property for Industry Limited (PFI) announced today that it is offering up to $100,000,000 (with the
ability to accept oversubscriptions of up to an additional $50,000,000 at PFI’s discretion) of 5.5 year,
senior secured fixed rate bonds (Bonds) to New Zealand retail and institutional investors and
Australian institutional investors.

The offer opens today and will be made pursuant to the Financial Markets Conduct Act 2013 as an
offer of debt securities of the same class as existing quoted debt securities. The Bonds are expected
to be quoted on the NZX Debt Market under the ticker code PFI030.

The Interest Rate for the Bonds will be equal to the sum of the Base Rate plus the Issue Margin,
subject to a minimum Interest Rate of 5.15% per annum.

The indicative Issue Margin range for the Bonds is 1.65% to 1.75% per annum. An announcement of
the actual Issue Margin (which may be within, above or below the indicative Issue Margin range) and
Interest Rate is expected to be made via NZX on 6 March 2025 following a bookbuild process. The
Bonds are expected to be issued on 13 March 2025.

Full details of the Bond offer are contained in the indicative terms sheet which is attached, along with
the investor presentation. The offer documents are available through www.pfibondoffer.co.nz.

There is no public pool for the offer, with all the Bonds reserved for clients of the Joint Lead Managers,
Primary Market Participants and other approved financial intermediaries. Interested investors should
contact one of the Joint Lead Managers (details below) or their financial advice provider for more
details.

Arranger and Joint Lead Manager



0800 772 142

Joint Lead Managers




0800 272 266 0800 272 442 0800 367 227


ENDS

NZX and media
announcement
—
3 March 2025

Page 2

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 91 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

---

INDICATIVE
TERMS SHEET
SENIOR SECURED FIXED RATE BONDS
Up to $100,000,000 5.5 year senior secured fixed rate bonds
(plus up to $50,000,000 oversubscriptions)
Dated: 3 March 2025
JOINT LEAD
MANAGERS:
ARRANGER AND JOINT
LEAD MANAGER:
PROPERTY FOR INDUSTRY LIMITED

INDICATIVE TERMS SHEET
Dated 3 March 2025
Senior Secured Fixed Rate Bonds due 13 September 2030
This indicative terms sheet (Terms Sheet) sets out the key
terms of the offer by Property for Industry Limited (PFI) of up
to $100,000,000, with the ability to accept oversubscriptions of
up to an additional $50,000,000 at PFI’s discretion, of 5.5 year
senior secured fixed rate bonds maturing on 13 September 2030
(Bonds) under its bond master trust deed dated 2 November 2017
(as amended from time to time) (Trust Deed) as modified and
supplemented by the supplemental deed dated 3 March 2025
entered into between PFI and Public Trust (Supervisor) (together
with the Trust Deed, Bond Trust Documents).
Unless the context otherwise requires, capitalised terms used in
this Terms Sheet have the same meaning given to them in the
Bond Trust Documents.
n IMPORTANT NOTICE
The offer of debt securities by PFI is made in reliance upon the exclusion in clause 19
of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA).
The offer contained in this Terms Sheet is an offer of bonds that have identical rights,
privileges, limitations and conditions (except for the interest rate and maturity date) as
PFI’s $100,000,000 senior secured fixed rate bonds maturing on 1 October 2025 (which
have an interest rate of 4.25% p.a.), which are currently quoted on the NZX Debt Market
under the ticker code PFI020 (PFI020 Bonds).
The Bonds are of the same class as the PFI020 Bonds for the purposes of the FMCA
and the Financial Markets Conduct Regulations 2014.
PFI is subject to a disclosure obligation that requires it to notify certain material
information to NZX Limited (NZX) for the purpose of that information being made
available to participants in the market and that information can be found by visiting
www.nzx.com/companies/PFI.
The PFI020 Bonds are the only debt securities of PFI that are currently quoted in the
same class as the Bonds.
Investors should look to the market price of the PFI020 Bonds referred to above to find
out how the market assesses the returns and risk premium for those bonds. When
comparing the yield of two debt securities, it is important to consider all relevant
factors (including the credit rating (if any), maturity and the other terms of the relevant
debt securities).
IssuerProperty for Industry Limited.
DescriptionSenior secured fixed rate bonds.
Opening DateMonday, 3 March 2025.
Closing Date11.00am NZT, Thursday, 6 March 2025.
Rate Set DateThursday, 6 March 2025.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
2

Issue DateThursday, 13 March 2025.
Maturity DateFriday, 13 September 2030.
PurposeThe proceeds of the offer will be used to repay existing
bank debt facilities and for general corporate purposes.
Offer AmountUp to $100,000,000 (with the ability to accept
oversubscriptions of up to an additional $50,000,000
at PFI’s discretion).
Guarantee and
Security
P.F.I. Property No. 1 Limited (PFI Property) has guaranteed
the payments due on the Bonds.
The Bonds are secured by first ranking mortgages (the
Mortgages) granted by PFI Property as Guarantor over
various properties (the Mortgaged Properties).
The Security Trustee holds the Mortgages for all creditors
entitled to their benefit, which currently includes (in
addition to the Supervisor and the Holders) the PFI Group’s
banks and their facility agent, holders of the PFI020 Bonds
and holders of US private placement (USPP) notes issued
by PFI, on an equal ranking basis.
Financial CovenantPFI agrees to ensure that the total principal amount of all
outstanding borrowed money secured by the Mortgages is
not more than 50% of the total value of all Mortgaged
Properties (the Loan to Value Ratio).
A breach of the Loan to Value Ratio which is not remedied
within (approximately) 13 months of that breach being
disclosed to the Supervisor in a director’s report will be an
Event of Default under the Bond Trust Documents.
Distribution StopperPFI is not permitted to make any distribution if an Event of
Default is continuing or if it would result in an Event of
Default. Full details of the Events of Default are set out in
the Bond Trust Documents.
No Credit RatingThe Bonds will not be rated.
Issue Price$1.00 per Bond, being the Principal Amount of each Bond.
Early RepaymentHolders have no rights to require PFI to redeem the Bonds
early except through the Supervisor in the case of an Event
of Default (as defined in the Bond Trust Documents). PFI
does not have the right to redeem the Bonds early.
Interest RateThe sum of the Base Rate plus the Issue Margin, subject to
a minimum Interest Rate of 5.15% per annum.
The Interest Rate will be announced by PFI via NZX on or
about the Rate Set Date.
Indicative Issue Margin
Range
1.65% to 1.75% per annum.
Issue MarginThe Issue Margin (which may be within, above or below
the Indicative Issue Margin range mentioned above), will
be determined by PFI (in consultation with the Joint Lead
Managers) following a bookbuild process and announced
by PFI via NZX on or about the Rate Set Date.
Base RateThe mid-market rate for an interest rate swap of a term
matching the period from the Issue Date to the Maturity
Date as calculated by the Arranger in consultation with PFI,
according to market convention, with reference to
Bloomberg page ‘ICNZ4’ (or any successor page) on the
Rate Set Date and expressed on a quarterly basis (rounded
to 2 decimal places, if necessary, with 0.005 being rounded
up).
Interest PaymentsQuarterly in arrear in equal payments.
Interest Payment Dates13 March, 13 June, 13 September and 13 December each
year (or if that day is not a Business Day, the next Business
Day) until and including the Maturity Date. The first Interest
Payment Date will be 13 June 2025.
Record Date5.00pm on the date that is 10 days before the relevant
Interest Payment Date or, if that is not a Business Day, the
immediately preceding Business Day.
Business DaysA date (other than a Saturday or Sunday) on which
registered banks are generally open for business in
Auckland and Wellington.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
3

Brokerage0.50% brokerage plus 0.25% on firm allocations paid by
PFI.
ISINNZPFIDT030C0.
NZX Debt Market
Quotation
Application has been made to NZX for permission to quote
the Bonds on the NZX Debt Market and all the
requirements of NZX relating thereto that can be complied
with on or before the distribution of this Terms Sheet have
been duly complied with. However, NZX accepts no
responsibility for any statement in this Terms Sheet. NZX
is a licensed market operator, and the NZX Debt Market is
a licensed market under the FMCA.
NZX ticker code PFI030 has been reserved for the Bonds.
Expected date of initial
quotation and trading
on NZX Debt Market
Friday, 14 March 2025.
Minimum Application
Amount and
Denominations
$5,000 and multiples of $1,000 thereafter.
Transfer RestrictionsHolders are entitled to sell or transfer their Bonds at any
time subject to the terms of the Bond Trust Documents
and applicable securities laws and regulations. PFI may
decline to register a transfer of the Bonds for the reasons
set out in the Bond Trust Documents.
No transfer may be made if the transfer would result in the
transferor or the transferee holding or continuing to hold
Bonds with a principal amount of less than $5,000 (other
than zero) or not in multiples of $1,000.
Governing LawNew Zealand.
Who May Apply &
How to Apply
All of the Bonds, including oversubscriptions, will be
reserved for clients of the Joint Lead Managers,
institutional investors and other Primary Market
Participants invited to participate in the bookbuild. There
will be no public pool for the Bonds.
Retail investors should contact any Joint Lead Manager,
their financial adviser or any Primary Market Participant
for details on how they may acquire Bonds. You can find a
Primary Market Participant by visiting www.nzx.com/
investing/find-a-participant.
In respect of oversubscriptions or generally, any allotment
of Bonds will be at PFI’s discretion, in consultation with the
Joint Lead Managers. PFI reserves the right to refuse all or
any part of an application without giving any reason.
Each investor’s financial adviser will be able to advise
them as to what arrangements will need to be put in place
for the investors to trade the Bonds including obtaining a
common shareholder number (CSN), an authorisation
code (FIN) and opening an account with a primary market
participant, as well as the costs and timeframes for
putting such arrangements in place.
ArrangerWestpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch) (Westpac).
Joint Lead ManagersCommonwealth Bank of Australia (ABN 48 123 123 124)
(acting through its New Zealand branch), Craigs
Investment Partners Limited, Forsyth Barr Limited and
Westpac.
SupervisorPublic Trust.
Security TrusteeNew Zealand Permanent Trustees Limited.
RegistrarComputershare Investor Services Limited.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
4

Selling RestrictionsGeneral
Bonds may only be offered for sale or sold in conformity
with all applicable laws and regulations in New Zealand
and in any jurisdiction in which they are offered, sold or
delivered. Specific selling restrictions as at the date of this
Terms Sheet are set out below for the United States and
Australia.
No action has been or will be taken by PFI which would
permit an offer of Bonds, or possession or distribution of
any offering material, in any country or jurisdiction where
action for that purpose is required (other than New
Zealand).
No person may purchase, offer, sell, distribute or deliver
Bonds, or have in their possession, publish, deliver or
distribute to any person, any offering material or any
documents in connection with the Bonds, in any
jurisdiction other than in compliance with all applicable
laws and the specific selling restrictions set out below.
By subscribing for or otherwise acquiring any Bonds, each
Holder agrees to indemnify, among others, PFI, the
Supervisor and the Joint Lead Managers for any loss
suffered as a result of any breach by the Holder of these
selling restrictions.
United States
The Bonds have not been and will not be registered under
the Securities Act of 1933, as amended (the Securities
Act) and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the Securities Act
(Regulation S)) except in accordance with Regulation S
or pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the
Securities Act.
Selling Restrictions
continued
United States continued
The Bonds will not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons
(i) as part of their distribution at any time, or (ii) otherwise
until 40 days after the completion of the distribution of all
Bonds of the tranche of which such Bonds are part, as
determined and certified by the Joint Lead Managers,
except in an offshore transaction in accordance with Rule
903 of Regulation S. Any Bonds sold to any distributor,
dealer or person receiving a selling concession, fee or
other remuneration during the distribution compliance
period require a confirmation or notice to the purchaser at
or prior to the confirmation of the sale to substantially the
following effect:
“The Bonds covered hereby have not been registered
under the United States Securities Act of 1933, as
amended (the Securities Act) or with any securities
regulatory authority of any state or other jurisdiction
of the United States and may not be offered or sold
within the United States, or to or for the account or
benefit of, U.S. persons (as defined in Regulation S
under the Securities Act) (i) as part of their
distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering
of the Bonds and the closing date except in either
case pursuant to a valid exemption from registration
in accordance with Regulation S under the Securities
Act. Terms used above have the meaning given to
them by Regulation S.”
Until 40 days after the completion of the distribution of all
Bonds or the tranche of which those Bonds are a part, an
offer or sale of the Bonds within the United States by any
Joint Lead Manager or any dealer or other distributor
(whether or not participating in the offering) may violate
the registration requirements of the Securities Act if such
offer or sale is made otherwise than in accordance with an
applicable exemption from registration under the
Securities Act.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
5

Selling Restrictions
continued
Australia
This Terms Sheet is not a prospectus, product disclosure
statement or any other “disclosure document” (as defined
in the Corporations Act 2001 of Australia (the Australian
Corporations Act)) and does not contain all the
information which would be required in a “disclosure
document” under the Australian Corporations Act. This
Terms Sheet has not been and will not be lodged or
registered with the Australian Securities & Investments
Commission (ASIC) or the Australian Securities Exchange
and PFI is not subject to the continuous disclosure
requirements that apply in Australia.
This Terms Sheet or any other offering material relating to
the Bonds may not be distributed or published in Australia
and the Bonds must not be offered for issue or sale in
Australia (including to a person in Australia) unless:
(a) the aggregate consideration payable by each offeree is
at least A$500,000 (or its equivalent in an alternative
currency and, in either case, disregarding moneys lent
by the offeror or its associates) or the offer or
invitation does not otherwise require disclosure to
investors under Parts 6D.2 or 7.9 of the Australian
Corporations Act;
(b) the offer does not constitute an offer to a “retail client”
as defined for the purposes of section 761G of the
Australian Corporations Act;
(c) such action complies with any applicable laws and
directives in Australia; and
(d) such action does not require any document to be
lodged with ASIC.
Prospective investors should not construe anything in this
Terms Sheet as legal, tax or other professional advice nor
as financial product advice. In particular, if any financial
product advice is, in fact, held to be given by PFI in
connection with this Terms Sheet, it is general advice only.
PFI does not hold an Australian financial services licence
and is not licensed to provide financial product advice in
relation to the Bonds.
The dates and times set out in this Terms Sheet are indicative only and are subject
to change. PFI has the right in its absolute discretion and without notice to close the
offer early, to extend the Closing Date, or to choose not to proceed with the offer. If the
Closing Date is extended, subsequent dates may be extended accordingly.
Any internet site addresses provided in this Terms Sheet are for reference only and,
except as expressly stated otherwise, the content of any such internet site is not
incorporated by reference into, and does not form part of, this Terms Sheet. Copies of
the Bond Trust Documents are available on the website (managed by PFI) for the offer
of the Bonds www.pfibondoffer.co.nz.
The Joint Lead Managers and their respective directors, officers, employees and
agents: (a) have not authorised or caused the issue of, or made any statement in,
any part of this Terms Sheet; (b) do not make any representation, recommendation
or warranty, express or implied regarding the origin, validity, accuracy, adequacy,
reasonableness or completeness of, or any errors or omissions in, any information,
statement or opinion contained in this Terms Sheet; and (c) to the extent permitted
by law, do not accept any responsibility or liability for this Terms Sheet or for any loss
arising from this Terms Sheet or its contents or otherwise arising in connection with
the offer of Bonds.
This Terms Sheet does not constitute financial advice or a recommendation from the
Arranger, the Supervisor, or any Joint Lead Manager or any of their respective directors,
officers, employees, agents or advisers to purchase any Bonds.
Investors are personally responsible for ensuring compliance with all relevant laws and
regulations applicable to them (including any required registrations). Investors should
seek qualified, independent legal, financial and taxation advice before deciding to
invest. For further information regarding PFI, visit www.nzx.com/companies/PFI.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
6

IMPORTANT DATES
n OPENING DATE
MONDAY
3 MARCH
2025
THURSDAY
13 MARCH
2025
THURSDAY
6 MARCH
2025
FRIDAY
14 MARCH
2025
FRIDAY
13 SEPTEMBER
2030
THURSDAY
6 MARCH
2025
n CLOSING DATE
n
RATE SET DATE
n
ISSUE DATEn EXPECTED QUOTATION DATEn MATURITY DATE
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
7

Issuer
Property for Industry Limited
Level 4, Hayman Kronfeld Building
15 Galway Street
Auckland 1010
Supervisor
Public Trust
Level 9, 34 Shortland Street
Auckland 1010
Security Trustee
New Zealand Permanent
Trustees Limited
Level 9, 34 Shortland Street
Auckland 1010
Securities Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Telephone: 09 488 8777
Email: pfi@computershare.co.nz
Arranger
Westpac Banking Corporation
(ABN 33 007 457 141)
(acting through its New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland 1010
Joint Lead Managers
Commonwealth Bank of Australia
(ABN 48 123 123 124)
(acting through its New Zealand branch)
Level 6, ASB North Wharf
12 Jellicoe Street
Auckland 1010
Craigs Investment Partners Limited
Level 36, Vero Centre
48 Shortland Street
Auckland 1010
Forsyth Barr Limited
Level 23, Shortland & Fort
88 Shortland Street
Auckland 1010
Westpac Banking Corporation
(ABN 33 007 457 141)
(acting through its New Zealand branch)
Westpac on Takutai Square
Level 8
16 Takutai Square
Auckland 1010
n
ADDRESS DETAILS
8

---

This presentation has been prepared by Property for Industry Limited (PFI or the
Issuer) in relation to the offer (Offer) of bonds described in this presentation (Bonds).
The offer of the Bonds is made in reliance upon the exclusion in clause 19 of schedule
1 of the Financial Markets Conduct Act 2013 (FMCA).
The Bonds will have identical rights, privileges, limitations and conditions (except for
the interest rate and maturity date) as the Issuer’s bonds maturing on 1 October 2025,
which have a fixed interest rate of 4.25% per annum and are currently quoted on the
NZX Debt Market under the ticker code PFI020 (Existing Bonds).
The bonds are the same class as the Existing Bonds for the purposes of the FMCA
and the Financial Markets Conduct Regulations 2014. Investors should look to the
market price of the Existing Bonds to find out how the market assesses the returns
and risk premium for those bonds. When comparing the yield of two debt securities, it
is important to consider all relevant factors (including the credit rating (if any),
maturity and the other terms of the relevant debt securities).
The Issuer is subject to a disclosure obligation that requires it to notify certain
material information to NZX for the purpose of that information being made available
to participants in the market and that information can be found by visiting
www.nzx.com/companies/PFI.
Capitalised terms used but not defined in this presentation have the meanings given
to them in the indicative terms sheet for the offer of the Bonds dated 3 March 2025.
The information in this presentation is of a general nature and does not constitute
financial product advice, investment advice or any recommendation by the Issuer,
Public Trust (the Supervisor), Westpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch) (the Arranger), Commonwealth Bank of
Australia (ABN 48 123 123 124) (acting through its New Zealand branch), Craigs
Investment Partners Limited and Forsyth Barr Limited (together with the Arranger, the
Joint Lead Managers) or any of their respective directors, officers, employees,
affiliates, agents or advisers to subscribe for, or purchase, any of the Bonds. Nothing
in this presentation constitutes legal, financial, tax or other advice.
This presentation may contain certain projections or forward-looking statements with
respect to the Issuer. Such projections or forward-looking statements are based on
current expectations, estimates, projections and assumptions and are subject to a
number of risks, and uncertainties, including material adverse events, significant one-
off expenses and other unforeseeable circumstances. There is no assurance that
results contemplated in any of these projections and forward-looking statements will be
realised, nor is there any assurance that the expectations, estimates and assumptions
underpinning those projections or forward-looking statements are reasonable. Actual
results may differ materially from those projected in this presentation. No person is
under any obligation to update this presentation at any time after its release or to
provide you with further information about PFI.
The information in this document is given in good faith and has been obtained from
sources believed to be reliable and accurate at the date of preparation, but its accuracy,
correctness and completeness cannot be guaranteed.
None of the Arranger, the Joint Lead Managers or the Supervisor nor any of their
respective directors, officers, employees, affiliates or agents have independently
verified the information contained in this presentation.
The Bonds may not be offered or sold directly or indirectly, and neither this presentation
nor any other offering material may be distributed or published, in any jurisdiction other
than New Zealand except in conformity with all applicable laws and regulations of that
country or jurisdiction.
Application has been made to NZX for permission to quote the Bonds on the NZX Debt
Market and all the requirements of NZX relating thereto that can be complied with on or
before the distribution of this presentation have been duly complied with. However, NZX
accepts no responsibility for any statement in this document. NZX is a licensed market
operator, and the NZX Debt Market is a licensed market under the FMCA.
Unless otherwise stated, all figures are given as at and for the period ended 31
December 2024.
2

IssuerProperty for Industry Limited.
DescriptionSenior secured fixed rate bonds.
PurposeThe proceeds of the offer will be used to repay existing bank debt facilities and for general corporate purposes.
Offer AmountUp to $100,000,000 (with the ability to accept oversubscriptions of up to an additional $50,000,000 at PFI’s discretion).
Maturity5.5 years, maturing on Friday, 13 September 2030.
Guarantee and
Security
P.F.I. Property No. 1 Limited (PFI Property) has guaranteed the payments due on the Bonds.
The Bonds will be secured by first ranking mortgages (the Mortgages) granted by PFI Property as Guarantor over various properties (the Mortgaged
Properties).
No Credit RatingThe Bonds will not be rated.
NZX Debt Market
Quotation
Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market.
Who May Apply
All of the Bonds, including oversubscriptions, will be reserved for clients of the Joint Lead Managers, institutional investors and other Primary Market
Participants invited to participate in the bookbuild. There will be no public pool for the Bonds.
Joint Lead Managers
Commonwealth Bank of Australia (ABN 48 123 123 124) (acting through its New Zealand branch), Craigs Investment Partners Limited, Forsyth Barr
Limited, Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch).
5

1
Pro-forma as at 28 February 2025, after adjusting for post-balance date leasing of 212C Cavendish Drive only, all remaining statistics as at 31 December 2024.
▪Established in 1993, PFI is an NZX listed property vehicle focused on the industrial sector
▪$2.1bn portfolio with an 87% weighting to Auckland, New Zealand’s gateway and commercial hub
▪99.9% occupancy
1
and a proven track record of stable earnings
▪Experienced internalised management team
supported by a strong governance framework
▪Sound risk management and portfolio metrics
with company gearing of 33.4% and a weighted
average lease term (WALT) of 5.67 years
▪Liquid assets with an average size of ~$23m
7

Ewan Cameron
Portfolio
Manager
Sarah Beale
Head of Sustainability
& Operations
Craig Peirce
Chief Finance &
Operating Officer
Simon Woodhams
Chief Executive
Officer
5 Property Team Members
With many years of experience in
acquisitions, leasing transactions, asset
management and development.
8 Finance Team Members
Highly experienced in investment
management and financial control.
8 Operations Team Members
With expertise in sustainability, facilities
management, legal & compliance, IT and
marketing.
6 Independent Directors
With expertise across a range of areas including property and capital markets.
8

The embodied and
operational greenhouse
gas emissions
associated with PFI’s
buildings are
minimised.
The impacts from the
materials that PFI uses
and the waste PFI
produces during
developments and
refurbishments are
minimised.
PFI’s portfolio is
resilient and we are
well placed to respond
to disasters.
Our people are safe
and engaged, and we
promote positive social
impacts through our
operations.
The value of PFI
grows to create
economic value for
investors, tenants,
our people and others
that we work with.
9

1
Occupancy pro-forma as at 28 February 2025, after adjusting for post-balance date leasing of 212C Cavendish Drive only, all remaining statistics as at 31 December 2024.
11

Transport & Storage
26.0%
Other Manufacturing
19.6%
Food
Manufacturing
11.6%
Property & Business
Services
5.4%
Construction
4.8%
Machinery & Equipment Manufacturing
20.8%
Textiles &
Clothing
4.3%
Wood &
Paper
Manufactur
ing
3.8%
Health & Community
Services
2.7%
Retail
1.0%
▪PFI’s top 10 tenants (lower chart) lease 21 properties and pay ~36% of contract rent
▪PFI has a robust tenant base, generally focused on logistics and manufacturing (chart
on right)
▪Despite weak economic conditions, PFI continues to experience very high levels of cash
collection each month
- 10,000 20,000 30,000 40,000
Grayson Engineering
DHL
ETEL
Daikin Air Conditioning
MOVe Logistics
Cottonsoft
T&G Global
Fletcher Building
EBOS Group
Fisher & Paykel Appliances
12

CV
CV
Fixed
25.9%
Fixed
67.3%
CPI 6.9%
CPI 10.9%
Market 6.9%
Market 15.6%
Expiries 0.0%
Expiries 6.2%
0.0%
25.0%
50.0%
75.0%
100.0%
H2 FY25Portfolio
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
▪PFI’s smooth lease expiry profile (chart below) supports low volatility of rental income
▪In February 2025, lease signed with Portacom on vacant space at 212C Cavendish Drive
(1.3% of contract rent), lifting portfolio occupancy to 99.9%
▪Next leasing event for 21.8% of PFI’s portfolio by rent is an expiry or market rent review
(chart on right), providing an embedded pathway for near-to-medium-term rental growth
13

-
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
2
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%)
1
CBRE Auckland Property Market Outlook – December 2024,
2
Market capitalisation rate being the rate of return used to capitalise the net income to determine the value or price.
Source: CBRE Research
Source: CBRE Research
14

Note: extracted from PFI’s interim results presentation, refer
https://www.nzx.com/announcements/447297 for more detail. FFO and AFFO are non-GAAP
financial information used by the PFI Board to assist in determining dividends to shareholders.
Please refer to the interim results presentation for more detail as to how these measures were
calculated.
▪Profit after tax of $28.8m, up $7.6m on FP24 (the prior comparable period, or pcp),
incorporating fair value gains on properties of $16.6m, as compared to losses of $4.2m in
the pcp
▪Adjusted Funds From Operations (AFFO) down 4.9% on the pcp to 4.35 cents per share
(cps)
▪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
▪$220m of 5 Green Star developments
1
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
▪$550m of facilities refinanced or established during H1 FY25, $100m PFI010 bonds repaid
in November 2024, ~$180m of facility headroom, gearing comfortable at 33.4%
▪PFI well placed to navigate the remainder of FY25, guiding to cash dividends of 8.50 cps,
an increase of 0.20 cps or 2.4% on annualised FP24 dividends
FOR THE SIX MONTHS ENDED
($M, UNLESS NOTED)
31 DECEMBER 2024
(H1 FY25)
30 JUNE 2024
(FP24)
NET PROPERTY INCOME
50.047.2
PROFIT BEFORE FINANCE,
GAINS/(LOSSES) AND TAX
44.141.1
DISTRIBUTION ADJUSTMENTS
(22.2)(18.1)
ADJUSTED FUNDS FROM OPERATIONS
21.923.0
TOTAL ASSETS
2,116.32,086.1
TOTAL LIABILITIES
748.8726.6
TOTAL EQUITY
1,367.41,359.5
BANKING COVENANTS:
COMPANY GEARING (COVENANT: 50%)
33.4%32.9%
INTEREST COVER RATIO
(COVENANT: 2.0 TIMES)
2.5X2.8X
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).
16

($M, UNLESS NOTED)
31 DECEMBER 202331 DECEMBER 202231 DECEMBER 202131 DECEMBER 202031 DECEMBER 2019
NET PROPERTY INCOME
92.893.392.181.481.4
PROFIT BEFORE FINANCE,
GAINS/(LOSSES) AND TAX
82.484.884.675.576.4
DISTRIBUTION ADJUSTMENTS
(37.6)(40.2)(37.9)(35.4)(37.6)
ADJUSTED FUNDS FROM OPERATIONS
44.844.646.740.138.8
TOTAL ASSETS
2,063.92,162.82,217.01,687.41,522.7
TOTAL LIABILITIES
703.6662.4654.3550.8468.7
TOTAL EQUITY
1,360.31,500.31,562.71,136.61,054.0
BANKING COVENANTS:
COMPANY GEARING (COVENANT: 50%)
32.0%28.5%27.7%30.0%28.2%
INTEREST COVER RATIO
(COVENANT: 2.0 TIMES)
2.8X3.4X2.4X4.1X4.0X
17

▪PFI enjoys strong banking relationships in the NZ market, while also valuing
diversification, tenor and optionality
▪Fixed-rate payer hedging profile (chart above) provides a level of protection against
fluctuations in floating interest rates
▪Mortgaged Properties are mortgaged in favour of a non-bank security trustee, who
holds mortgages for the benefit of all secured lenders
($M, UNLESS NOTED)DECEMBER 2024
FUNDING:
BANK FACILITIES DRAWN
$548.1
BANK FACILITIES LIMIT
$725.0
BANK FACILITIES HEADROOM
$176.9
DCM
1
$150.0
FUNDING TERM (AVERAGE)
3.6 years
BANKS
ANZ, BNZ, CBA, Westpac
BANKING COVENANTS:
LOAN-TO-VALUE RATIO (COVENANT: 50%)
33.4%
INTEREST COVER RATIO (COVENANT: 2.0 TIMES)
2.5X
INTEREST RATES:
WEIGHTED AVERAGE COST OF DEBT
4.93%
INTEREST RATE HEDGING (EXCL. FORWARD STARTING)
$505 / 2.93% / 2.9 years
FORWARD STARTING INTEREST RATE HEDGING
$190 / 3.93% / 3.0 years
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-30Dec-31
Cover (lhs)Interest Rate (rhs)
1
Includes Note Purchase and Private Shelf Agreement with PGIM, Inc (Pricoa).
18

50.0
200.0
150.0
275.0
50.0
100.0
150.0
25.0
25.0
$m
$50m
$100m
$150m
$200m
$250m
$300m
$350m
FY25FY26FY27FY28FY29FY30FY31FY32FY33
Bank DebtBondsPricoa Facility
▪Proceeds from the Offer will be used to repay existing bank debt of the PFI Group and
for general corporate purposes, resulting in PFI having a more diversified funding base
with a longer debt maturity profile
▪PFI currently has a Weighted Average Term to Expiry (WATE) of debt facilities of 3.4
1

years. Post the completion of the Offer, the WATE is expected to increase to 3.7 years
2

on a pro-forma basis, before cancellation of bank facilities (if any)
($M, UNLESS NOTED)EXPIRYAMOUNT
BANK FACILITIES
CBA REVOLVING CREDIT FACILITY
31-May-31$50
CBA TERM LOAN
14-Aug-29$125
SYNDICATE TRANCHE A
14-Aug-28$150
SYNDICATE TRANCHE B
14-Aug-29$150
SYNDICATE TRANCHE C
14-Aug-27$100
WESTPAC GREEN LOAN
18-Jul-27$75
BNZ GREEN TERM LOAN
18-Jul-27$25
ANZ & CBA GREEN LOAN
18-Jul-26$50
BONDS
PFI030
3
13-Sep-30$150
PFI020
1-Oct-25$100
USPP
PRICOA 8.5-YEAR
5-Jan-33$25
PRICOA 6-YEAR
15-Dec-29$25
TOTAL
WATE: 3.7 years$1,025
1
Pro-forma as at 13 March 2025,
2
As at 13 March 2025 - assumes $150m 5.5-year issue,
3
Offer of up to $100m with the ability to accept oversubscriptions of up to an additional $50m at PFI’s discretion.
19

IssuerProperty for Industry Limited.
DescriptionSenior secured fixed rate bonds.
PurposeThe proceeds of the offer will be used to repay existing bank debt facilities and for general corporate purposes.
Offer AmountUp to $100,000,000 (with the ability to accept oversubscriptions of up to an additional $50,000,000 at PFI’s discretion).
Guarantee and
Security
P.F.I. Property No. 1 Limited (PFI Property) has guaranteed the payments due on the Bonds.
The Bonds are secured by first ranking mortgages (the Mortgages) granted by PFI Property as Guarantor over various properties (the Mortgaged
Properties).
The Security Trustee holds the Mortgages for all creditors entitled to their benefit, which currently includes (in addition to the Supervisor and the Holders)
the PFI Group’s banks and their facility agent, holders of the PFI020 Bonds and holders of US private placement (USPP) notes issued by PFI, on an equal
ranking basis.
Financial Covenant
PFI agrees to ensure that the total principal amount of all outstanding borrowed money secured by the Mortgages is not more than 50% of the total value
of all Mortgaged Properties (the Loan to Value Ratio).
A breach of the Loan to Value Ratio which is not remedied within (approximately) 13 months of that breach being disclosed to the Supervisor in a director’s
report will be an Event of Default under the Bond Trust Documents.
Distribution Stopper
PFI is not permitted to make any distribution if an Event of Default is continuing or if it would result in an Event of Default. Full details of the Events of
Default are set out in the Bond Trust Documents.
No Credit RatingThe Bonds will not be rated.
Issue Price$1.00 per Bond, being the Principal Amount of each Bond.
21

Early Repayment
Holders have no rights to require PFI to redeem the Bonds early except through the Supervisor in the case of an Event of Default (as defined in the Bond
Trust Documents). PFI does not have the right to redeem the Bonds early.
Interest Rate
The sum of the Base Rate plus the Issue Margin, subject to a minimum Interest Rate of 5.15% per annum.
The Interest Rate will be announced by PFI via NZX on or about the Rate Set Date.
Indicative Issue Margin
Range
1.65% to 1.75% per annum.
Issue Margin
The Issue Margin (which may be within, above or below the Indicative Issue Margin range mentioned above), will be determined by PFI (in consultation
with the Joint Lead Managers) following a bookbuild process and announced by PFI via NZX on or about the Rate Set Date.
Interest PaymentsQuarterly in arrear in equal payments.
Brokerage0.50% brokerage plus 0.25% on firm allocations paid by PFI.
NZX Debt Market
Quotation
Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be
complied with on or before the distribution of the Indicative Terms Sheet have been duly complied with.
NZX ticker code PFI030 has been reserved for the Bonds.
Minimum Application
Amount and
Denominations
$5,000 and multiples of $1,000 thereafter.
Who May Apply
All of the Bonds, including oversubscriptions, will be reserved for clients of the Joint Lead Managers, institutional investors and other Primary Market
Participants invited to participate in the bookbuild. There will be no public pool for the Bonds.
Joint Lead Managers
Commonwealth Bank of Australia (ABN 48 123 123 124) (acting through its New Zealand branch), Craigs Investment Partners Limited, Forsyth Barr
Limited, Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch).
22

Opening DateMonday, 3 March 2025
Closing Date11.00am NZT, Thursday, 6 March 2025
Rate Set DateThursday, 6 March 2025
Issue DateThursday, 13 March 2025
Expected Date of Initial
Quotation on the NZX
Debt Market
Friday, 14 March 2025
Interest Payment Dates
13 March, 13 June, 13 September and 13 December each year (or if that day is not a Business Day, the next Business Day) until and including the Maturity
Date. The first Interest Payment Date will be 13 June 2025.
Maturity DateFriday, 13 September 2030
23

withan 87% weighting to Auckland
Proven track record with history of
supported by a strong governance
framework
with an average size of ~$23M
25

The information included in this presentation is provided as at 3 March 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 25 February 2025.
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 projections and forward looking statements. Projections and 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 of
PFI’s FY25 interim results presentation, refer https://www.nzx.com/announcements/447297 for more detail.
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. These metrics should not, however, be viewed in isolation, nor be 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.
27