Q3 Div & Upgraded FY25 Div Guidance, FY26 Div Guidance

NZX and media
announcement
—
9 May 2025

Page 1

Q3 DIVIDEND & UPGRADED FY25 DIVIDEND
GUIDANCE, FY26 DIVIDEND GUIDANCE

Property for Industry Limited (PFI, the Company) is pleased to announce a third quarter dividend of 2.10
1

cents per share (cps) and to upgrade earlier dividend guidance for FY25 to 8.60 cps. PFI is also pleased
to introduce FY26 dividend guidance of between 8.80 and 8.90 cps.

FY25 Q3 Dividend
The PFI Board today resolved to pay a third quarter cash dividend of 2.10 cps. The dividend will have
imputation credits of 0.42 cps attached and a supplementary dividend of 0.19 cps will be paid to non-
resident shareholders. The record date for the dividend is 16 May 2025, and the payment date is 27 May
2025. The dividend reinvestment scheme will not operate for this dividend.

FY25 Dividend Guidance Upgrade
On 25 February 2025, PFI guided to FY25 cash dividends of 8.50 cps. However, following the
Company’s FY25 Adjusted Funds From Operations (AFFO)
2
earnings upgrade, announced to the NZX
on 28 April 2025, the PFI Board now expects to pay FY25 cash dividends of 8.60 cps, which would result
in a Q4 final dividend of 2.50 cps. Cash dividends of 8.60 cps are expected to result in a dividend pay-
out towards the lower end of PFI’s dividend policy range, and close to 90% of AFFO on a one-year basis.

FY26 Dividend Guidance
PFI has delivered steady dividend growth averaging ~2.4% per annum since 2012, with dividends
growing annually apart from FP24 – which was a six-month ‘stub’ period to account for the Company’s
balance date change to 30 June – where dividends were held constant. This growth in dividends has
been accompanied by a reduction in AFFO payout ratios on both a one-year and rolling three-year basis.

With more than 10 months of trading in FY25 now complete, and a line of sight to FY26, PFI is pleased
to introduce FY26 dividend guidance of between 8.80 and 8.90 cps, representing an increase of between
2.3% to 3.5% on FY25 dividends.

PFI Chief Executive Officer Simon Woodhams, said: “Pleasingly, PFI has continued to prove its ability
to deliver stable, growing returns, testament to the scale and quality of its industrial property portfolio.
Looking ahead, this is expected to support sound dividends, while we remain focussed on the careful
application of strategy”.

The guidance in this announcement is predicated on the assumption there are no unforeseeable events
throughout the remainder of FY25 and in FY26 respectively.

ENDS





--------

1

All dividend figures in this announcement have been rounded to two decimal places. For precise amounts, please refer to the
Distribution Notice attached to this announcement.
2
Adjusted Funds From Operations is a non-GAAP financial information and is a common property investor metric, which has been
calculated in accordance with the guidelines issued by the Property Council of Australia.

NZX and media
announcement
—
9 May 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 125 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

---

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 X
Half Year Special
DRP applies
Record date 16 May 2025
Ex-Date (one business day before the
Record Date)
15 May 2025
Payment date (and allotment date for
DRP)
27 May 2025
Total monies associated with the
distribution
$10,547,965
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02518499
Gross taxable amount $0.01494639
Total cash distribution $0.02100000
Excluded amount (applicable to listed
PIEs)
$0.01023860
Supplementary distribution amount $0.00189907
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
$0.00418499
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

9 May 2025