Property for Industry Limited/Announcement

FY25 Annual Report

Annual Report24 August 2025PFIReal Estate

DELIVERING STRONG,
STABLE RETURNS.
ANNUAL REPORT FY25

1. DELIVERING STRONG, STABLE RETURNS 3
2. THE YEAR IN REVIEW 10
3. FINANCIAL STATEMENTS 17
4. OTHER DISCLOSURES 63
5. DIRECTORY 93
6. CALENDAR 94
CONTENTS.
OUTCOMES OUR STAKEHOLDERS CAN COUNT ON
PFI is an NZX listed industrial property specialist, owning more
than 90 quality properties worth more than $2 billion. Our
well-diversified portfolio is focused on strategic locations that
drive value and growth for the industrial sector, for our tenants,
and for our investors. Since listing on the NZX in 1994, we’ve
built a strong track record of delivering consistent returns. We
invest for the long-term, combining our capital and specialist
industry capability to deliver the successful outcomes all our
stakeholders need.
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDAR

RELIABLE GROWTH
THROUGH MANY
MARKET CONDITIONS.
We provide investors with the opportunity
to invest in a wide selection of properties
in the hard-working industrial sector. While
past performance does not guarantee future
returns, in the period since PFI’s inception
in 1994 to 30 June 2025 – through a variety
of market conditions – investors have
enjoyed an average annual total return of
around 9.35%
1
.
That means $10,000 invested on day one,
with all dividends reinvested, is now worth
more than 14-times that.
01.
~
9.35
1
%
AVERAGE ANNUAL
TOTAL RETURN

SINCE INCEPTION
19942025
$10,000
$180,000
$143,667
1. Source: Forsyth Barr analysis, IRESS
3
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

Regular and growing income is important
to many investors. Our policy is to
distribute the majority of our profits,
with the aim of delivering a reliable income
stream for investors that grows over time
to protect the real value of their income.
Since 1994 we’ve not only paid a dividend
each year, we’ve seen that dividend grow
steadily over time. Looking ahead to FY26,
we expect to grow cash dividends by at
least 3.5%, reinforcing our commitment to
delivering reliable and growing income
for investors.
GROWING DIVIDEND
INCOME.
1994
5 CPS
9 CPS
2025
5
6
7
8
9
1. FP24 cash dividends of 4.15 cps annualised to account for a six-month financial period.
4
1.86
1
%
AVERAGE ANNUAL
DIVIDEND INCREASE

SINCE INCEPTION
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

HOW WE’VE DELIVERED
STRONG, STABLE, RETURNS.
Our portfolio doesn’t just have scale, it’s smart.
We invest in high-quality industrial buildings in the
most in-demand locations. These assets are well-
leased, well-maintained, and attract strong tenant
demand. That means fewer vacancies, consistent
rent, and less risk. By holding the right mix of core
and growth-focused properties, we’ve delivered
both growing income and long-term capital gains.
01. THE RIGHT
COMBINATION
OF PROPERTIES,
WORKING HARD
AS ONE.
STRATEGIC ALLOCATIONS:
REFRESHED DURING FY25
75 - 90%
CORE GENERIC
HOLDINGS
83%
5 - 15%
DEVELOPMENT
OPPORTUNITIES
8%
5 - 10%
SPECIALISED
ASSETS
7%
CURRENT:
CURRENT:
CURRENT:
CURRENT:
0 - 10%
NON-CORE
HOLDINGS
2%
AUCKLAND
OUT OF

AUCKLAND
87%13%
CURRENT:CURRENT:
≥
80%
≤
20%
5
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

We spread risk across more than 120 tenants,
90+ properties, and a mix of industrial sub-sectors
including warehousing, logistics, and specialist
facilities. So even if one part of the market shifts,
there is a much higher chance of reliable returns.
This diversification helps smooth out the bumps
and supports a more predictable income over the
long haul.
02. RETURNS THAT
DON’T RELY ON JUST ONE
TENANT, ONE SITE, OR
ONE CUSTOMER SECTOR.
Tenants are starting to demand greener, more energy-efficient
spaces, and we’re delivering them with a clear sustainability
strategy and targets. With 5 Green Star ratings for our significant
new buildings and initiatives such as solar panels and EV chargers
for upgrades to our existing portfolio, we’re well placed to meet this
growing demand. Sustainable features can help attract high-quality
tenants, command prime rents, and reduce operating costs. That
adds up to better leasing outcomes and ultimately better returns
for investors.
03. GREEN UPGRADES
TODAY, STRONGER
PERFORMANCE
TOMORROW.
91
126
PROPERTIES
TENANTS
100%80%
SIGNIFICANT NEW
BUILDINGS TO TARGET
MINIMUM 5 GREEN
STAR CERTIFICATION
INCREASE SOLAR
INSTALLATION CAPACIT Y
ACROSS THE PORTFOLIO
TO 1.4MW BY THE END OF
FY27
OF TENANCIES TO
HAVE FULL LED
LIGHTING BY THE END
OF FY28
1.4MW
6
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

We work closely with our tenants to ensure their
needs are met, their spaces are fit for purpose,
and, where possible, their leases are renewed early.
Strong tenant relationships mean longer leases,
fewer vacancies, and higher retention. That helps to
give us, and our investors, greater confidence in the
cash flow behind each dividend payment.
04. HAPPY TENANTS,
HEALTHY INCOME –
IT’S THAT SIMPLE.
99.9%
5.47years
OCCUPANCY
WEIGHTED AVERAGE
TERM OF LEASES (WALT)
We keep our borrowing at conservative levels,
hedge interest rates to reduce volatility, and hold
enough headroom to act when opportunity knocks.
That means we’re not over-exposed when markets
shift. Our approach is careful, considered, and
designed to protect and grow investor returns.
05. SMART FINANCIAL
DECISIONS.
32.6%
GEARING
$
7
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

Our experienced Board and leadership team bring
deep expertise and oversight to every decision.
We’re clear on our strategy, careful with risk, and
committed to delivering long-term value. Investors
can trust that decisions are made with a focus
on sustainable long-term returns and their best
interests in mind.
06. A STEADY HAND ON
THE TILLER AND EYES
ON THE LONG GAME.
As our name says, we’re experts in industrial property. Our team
has the experience, insights, and local-market knowledge to spot
opportunities that others can miss. We know what industrial tenants
want, what drives performance in this sector today, and what is
needed in planning for tomorrow. Our focus is on enabling the
sector’s continued success, delivering efficiencies for our tenants,
for New Zealand, and of course, for our investors.
07. ELEVATING INDUSTRY,
SUSTAINING SUCCESS.
8.6years
AVERAGE PFI TENURE
ACROSS THE BOARD AND
LEADERSHIP TEAM
8
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

OUR
STRATEGY
TO KEEP
DELIVERING
RETURNS.
Economic indicators are showing signs of
recovery, and modest growth is expected for the
industrial property sector over the next 12-24
months. Our focus in this period is on elevating
the strength of our existing portfolio to deliver
higher returns over the long term. This will
ensure we are ready to accelerate quickly when
the property market returns to a growth phase.
Our Purpose:
Investing in our Industrial Future
Our 24-Month Mission:
We will achieve this by...
1.
Prioritising ‘Value Creating’ Opportunities
Focus on accretive development opportunities and
acquisitions that have the potential to increase
shareholder returns beyond current levels
2.
Enhancing our ‘Engine Room’
Upgrading internal enablers to de-risk our business,
increase our capacity and capability for growth, and
to build trust and credibility in our brand
What success will look like:
1. Portfolio Impact
A fit-for-purpose
portfolio for our
future
2. Tenants
Being the best
landlord in
New Zealand
3. People
Building and
retaining high-
performance teams
4. Operations
Maximising value
generation through
efficiency and
quality
5. Financial
Generating superior,
sustainable returns
Health & Safety:
Promoting and maintaining a safe work environment for our employees, contractors, tenants and visitors.
STRENGTHEN OUR EXISTING PORTFOLIO TO DELIVER
HIGHER RETURNS OVER THE LONG-TERM
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PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

02.
Development of Stage
2 of 78 Springs Road
is well underway.
THE YEAR IN REVIEW.
10
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

We were particularly delighted to grow our FY25 cash
dividends by 0.30 cents per share (cps), up ~3.6% on our
annualised FP24
1
dividends. Better yet, we’re forecasting
that investors can look forward to dividends of at least
8.90 cps next year.
Our portfolio occupancy increased to 99.9%, with strong
leasing activity contributing to an increase in our weighted
average lease term from 5.07 years to 5.47 years. One
hundred and ten rent reviews and 25 lease transactions
resulted in the portfolio achieving significant growth in
contracted rents: from $99.7m a year ago, to $112.3m.
Another reason for our significant growth in income
was the completion of two important developments: the
second building at 30-32 Bowden Road, Mt Wellington,
and Stage 1 of 78 Springs Road, East Tamaki. Between
these two developments, we built on current tenant
relationships and added new tenants, attracted prime
rents on long lease terms, and captured development
margin, increasing our valuations.
As a result, Funds from Operations (FFO)
2
were up
5.4% and Adjusted Funds From Operations (AFFO)
improved 8.1%. We’ve achieved this in an environment
of well-publicised increased costs, including changes to
tax depreciation legislation.
This year’s results also maintained a pattern of delivering
reliable income through different market cycles. We’ve
recorded consistent dividend growth since 2012 and our
total annual returns (with all dividends reinvested) since
inception now average ~9.35% p.a. Both results point to
how we’re making smart decisions with the capital
available to us.
And with a runway of exciting projects available to us
for the next five years, and a strong financial position, we’re
well-placed to deliver through the next cycle and beyond.
“Our leasing, asset allocation
and financing decisions over
the last year all contributed to
our ongoing focus on delivering
strong, stable returns for
investors over the long term.”
SIMON WOODHAMS
Chief Executive Officer
CONTRACT RENT:
$112.3m
(JUN-24: $99.7M)
8.60cps
FY25 CASH DIVIDEND:
1. Following the change in PFI and its subsidiaries’ balance
date from 31 December to 30 June, the FY25 annual report
reflects a new 12 month financial year-end of 30 June.
The financial period ending 30 June 2024 (FP24) represents a
six-month “stub” period resulting from this change. To provide
a meaningful basis for comparison, the audited FY25 annual
results (FY25) have been compared to the unaudited results
for the twelve-month period from 1 July 2023 to 30 June 2024
(the prior comparable period, or ‘pcp’), which comprises the
periods H2 2023 and FP24, unless otherwise noted. Please
note: this differs from the financial statements, which present
FP24 as the comparative period for FY25 in accordance with
applicable accounting standards.
2. 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. Please refer to Appendix 2 of
the FY25 annual results presentation for more detail as to
how these measures were calculated.
A STRONG YEAR
It was a year where we fully expected
things to be challenging, given the overall
mood in the economy. Instead, we’ve
been able to continue delivering strong
returns, growing revenues, profits, values
and dividends.
11
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

Things are starting to look up cyclically
Commercial real estate experts, CBRE, have observed
renewed momentum in the Auckland industrial property
market, noting that speculative development is rising,
reflecting growing confidence in leasing demand and
sustained low vacancy against the backdrop of a
substantial fall in construction costs
1
.
We believe the property market generally is now most likely
past the bottom of this cycle. This recovery phase is the
time to strengthen our portfolio for long-term returns, and
to generate more value by looking for opportunities to
invest in developments, bolt-on acquisitions, and
refurbishing current assets.
We’re always looking
for new ways to
drive value, including
new development
opportunities and
existing asset
enhancements.
ASSET LOCATION
AUCKLAND ASSETS 87%
OUT OF AUCKLAND
ASSETS 13%
1. CBRE Research Auckland Market Monitor, July 2025
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

Our highest portfolio valuation yet
At year-end, independent valuations showed an increase
in value of more than $70m in FY25, taking our portfolio to
a record $2.17b. That 3.4% increase is a clear sign our mix
of properties are working well together to deliver value,
reflecting both rental growth and around 14bps market
capitalisation rate compression.
This uplift adds almost 14c to our net tangible assets
(NTA), now sitting at $2.84 per share.
Stage 1 of 78
Springs Road
has been
completed for
Fisher & Paykel
Appliances.
$2.17b
PORTFOLIO VALUE:
(JUN-24: $2.05bn)
Prudent levels of debt
Alongside these improvements, our gearing remains in
check, giving us the capacity to keep investing in the assets
that will drive tomorrow’s returns. At year-end, that gearing
sits at about 33%, with almost $320m of headroom
available on existing facilities, backed by a syndicate of
banks. While gearing is expected to rise to almost 35%
after all committed projects and acquisitions, that remains
well within our target range.
Our interest cover, which is an indicator of how easily we
can pay the interest on our debt through earnings, is sitting
at a comfortable ratio of 2.8 times.
The average rate of interest we paid reduced significantly
during the year from 5.7% to 4.5%. Looking to the year
ahead, we anticipate an average rate of around 4.8%, with
about 80% of our debt book on fixed interest rates.
We have enough facility headroom to repay the PFI020
bonds, which mature in October 2025. We also have what’s
known as a shelf facility with USPP lender, Pricoa, that was
extended for a further three-years, post-balance date.
A shelf facility provides ready access to further funds
should we need it, and gives us even more options
within our funding envelope.
Combined, we have the capability to fund projects that
will continue to drive the business forward.
Healthy rental growth
In an industrial property sector characterised by low
vacancy rates and increasing rents, we’ve taken a proactive
approach to capturing rental growth. By securing renewals
ahead of time, we secure future income and reduce
expiry risk.
Twenty-five lease transactions were completed, comprised
of 15 renewals and 10 new leases, securing $21.6m of
rent. Rents were agreed on $7.9m of this, with $4.4m
subject to market rent reviews on renewal. Where rents
were settled, our team secured average increases in excess
of 20% above previous contract rents. Where rents are yet
to be settled, those renewals remain around 14% under-
rented. That means there is still plenty of room to capture
rental upside when those rents are reviewed, providing
embedded growth within the portfolio.
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

A further $9.3m of rent related to our newly developed or
acquired sites was also added during the year, along with
110 rent reviews, covering $73.2m of contract rent. These
rent reviews resulted in a 6.2% increase in rental income,
or 5.3% on an annualised basis.
In the next twelve months, only 1.2% of our rents are
up for expiry, meaning our income streams are very well
placed for the next financial year.
All of this demonstrates that demand for tenancies at
our properties remains strong and investor returns are
well diversified across multiple tenants, sites and
customer sectors.
Developing opportunities
We recorded very little activity in terms of property
acquisitions this year, because the ability to generate
sufficient returns through acquisitions just wasn’t
there. Instead, we focused on investing in our own
developments as a use of capital that better suited the
conditions that we’ve been operating in.
Following a refresh of the Company’s strategy during
FY25, our development opportunities now typically
constitute 5%-15% of our portfolio at any one time.
The secret sauce here is making right-sized investments
“We remain a lean
organisation, that works
smarter to evolve,
refresh and regenerate
the portfolio, to keep
delivering strong, stable
returns for our investors.”
CRAIG PEIRCE
Chief Finance and Operating Officer
4.52%
WEIGHTED AVERAGE
COST OF DEBT:
and executing them with control to deliver strong, stable
returns and regenerate the portfolio for tomorrow.
The completion of development works at Bowden Road
means we now have a revamped core asset with great
tenants in Tokyo Food and Daikin.
Stage 1 of 78 Springs Road has also been completed for
our tenant Fisher & Paykel Appliances, with $121m of that
property now considered a core, generic asset. Stage 2
is now well underway, with this stage anchored by MiTek,
for whom we are developing ~6,500 sqm of warehousing.
The remaining ~4,800 sqm of warehouse space is being
developed on a speculative basis, with tenant commitment
being sought during the construction phase.
The full construction tender we received for Stage 2 of
Springs Road saw building costs reduce by ~$5m or
15% from original estimates. At the time of writing, the
programme is also several months ahead of schedule,
now with an estimated completion of early fourth quarter
FY26. Together, the reduced construction costs and the
faster completion have lifted our expected return-on-cost
to at least 6.5%.
It’s exciting to see a growing percentage of our income
deriving from these best-in-class, 5 Green Star rated
industrial facilities.
(JUNE-24: 5.72%)
~
11.5%
UNDER-RENTING:
(JUNE-24: ~16.2%)
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

These developments add more than just new buildings to
our portfolio. They encourage longer tenancies from top-tier
tenants, which in turn supports long-term dividend growth.
The success of leasing the speculative portion of Bowden
Road also shows the value in undertaking a portion of these
builds without tenant commitment.
Progress at Spedding Road
In 2023, we entered into a conditional contract to purchase
two lots, 5.8 hectares of land, for $40.6m within the
proposed industrial subdivision at Spedding Road, located
at the end of the Northwestern Motorway in Auckland.
The last of the contract conditions is expected to be
satisfied in the first quarter of FY26 with settlement of the
acquisition and payment of 45% of the purchase price to
follow a short time later. Deferred settlement sums of 25%
of the purchase price are due 12 and 24 months after the
initial settlement date.
Our acquisition will provide a future opportunity to develop
best-in-class 5 Green Star buildings in an Auckland location
that is severely under-supplied with both industrial zoned
land and industrial buildings of quality or scale. Assuming
settlement takes place in the expected timeframes,
we look forward to starting the first stage of construction
there in the first quarter of calendar year 2026, and plan to
kick-start this development without tenant commitment
for the whole stage.
Again, we have been careful not to over-commit. Our current
speculative developments, including about 40% of Stage 2 of
Springs Road, are equivalent to around 1.3% of our contract
rent, rising to around 3.5% if an initial stage of Spedding
Road is also undertaken without tenant commitment.
But with about 17% of total contract rent expiring in the
next two years, we are well covered for these activities.
This low near-term leasing risk supports selectively
progressing speculative development opportunities
where we can achieve better returns on capital.
Operational discipline
Internally, we have continued to work on improving our
operational discipline. We remain a lean organisation,
with just 25 people running a portfolio of properties worth
$2.17b. Our management team works hard to evolve,
Spedding Road will
become a best-in-
class 5 Green Star
facility in a quality
industrial location.
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
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FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

refresh and regenerate the portfolio so it continues to be
well located and maintained, whilst looking to continue
scaling at minimal cost by working smarter.
An example of this in practice was the transition of
Facilities Management services from an external service
provider to a dedicated in-house team several years ago.
This year, we have automated processes and systems to
make that team more effective and efficient. We’ve also
strengthened our in-house development team and
appointed an in-house General Counsel & Company
Secretary as part of our senior leadership team.
These changes give us ready access to additional
skills and expertise we need to execute our strategy
with confidence.
Our first sustainability performance ratings
During the year, we also undertook our first Green Star
Performance ratings for a discrete portfolio of assets. This
trial formed part of our considered approach to improving
our core portfolio from a sustainability perspective.
We also recognise that achieving Green Star Performance
ratings may carry a potential funding benefit into the future.
We remain committed to continually improving our
sustainability performance. For us, it’s about elevating
our industry for sustained success. For our investors,
the payback from our green upgrades today will be
stronger performance tomorrow.
Optimistic for what’s ahead
While the wider economy, and even parts of the property
market, is still doing it tough, our sector is re-emerging and
at year-end we find ourselves well positioned.
Take for example our return to the bond market this year,
with a $150m transaction that was well received and
significantly over-subscribed – a signal to us of how the
market perceives our performance and the confidence
it has in our strategy.
That strategy for the next 12-24 months centres on
prioritising value-creation opportunities and making
further improvements to enhance our operations.
We are in great shape to deliver the returns our investors
are looking for, with exciting opportunities in front of
us and an experienced and skilled team to make
them happen.
Independent Director and former Board Chair
Anthony Beverley will retire from the PFI Board
at the company’s annual meeting in October,
ending a tenure spanning more than 24 years
as a PFI Director. In mid-2001, when Anthony
joined PFI, the company had a portfolio of
50 properties, valued at $212m. Today, PFI owns
91 properties, valued at more than $2.17b.
“Perhaps the highlight,” says Anthony, “is the
growth in returns to shareholders over this
period, with dividends growing from 5.5 cents
per share in 2001, to 8.6 cents per share today.”
“Anthony’s legacy,” says current PFI Board Chair,
Dean Bracewell, “is leading a company with a
deep knowledge of industrial property and a
focus on shareholder returns. Even though
Anthony’s retirement marks the end of a
significant period in PFI’s history, there is no
change in that philosophy.”
DIRECTOR RETIREMENT
AFTER 24 YEARS
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

FINANCIAL STATEMENTS.
03.
Well-considered industrial
design helps our tenants
maximise capacity, be more
productive and enhance
health and safety.
17
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Rental and management fee income2.2 127,455 57,082
Business interruption insurance income– 10
Property costs2.3 (21,903) (9,896)
Net property income 105,552 47,196
Administrative expenses5.1 (11,161) (6,097)
Profit before finance income/(expenses), other gains/(losses) and income tax 94,391 41,099
Finance income/(expenses)
Interest expense and bank fees(33,135) (14,609)
Fair value (loss)/gain on derivative financial instruments3.2(13,832) 3,611
Interest income 110 60
(46,857) (10,938)
Other gains/(losses)
Fair value gain/(loss) on investment properties2.170,742 (4,166)
Loss on disposal of investment properties (54) (526)
Material damage insurance income 46 6
70,734 (4,686)
Profit before income tax118,268 25,475
Income tax expense5.2(12,246) (4,294)
Profit and total comprehensive income after income tax attributable to the shareholders of the Company106,022 21,181
Basic earnings per share (cents)4.121.11 4.22
Diluted earnings per share (cents)4.1 21.10 4.22
The accompanying notes form part of these financial statements
18
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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 – 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 plan5.8 70,038 326 (184) – 142
Balance as at 30 June 2024 – 502,199,351 573,227 570 785,698 1,359,495
Total comprehensive income – – – – 106,022 106,022
Dividends
Q2 2024 final dividend - 11/9/2024 2.20 – – – (11,050) (11,050)
Q1 2025 interim dividend - 26/11/2024 2.00 – – – (10,046) (10,046)
Q2 2025 interim dividend - 13/3/2025 2.00 – – – (10,046) (10,046)
Q3 2025 interim dividend - 27/5/2025 2.10 – – – (10,544) (10,544)
Long-term incentive plan5.8 84,713 381 22 – 403
Balance as at 30 June 2025– 502,284,064 573,608 592 850,034 1,424,234
The accompanying notes form part of these financial statements
19
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
The accompanying notes form part of these financial statements
ALL VALUES IN $000SNOTEJUNE 2025JUNE 2024
CURRENT ASSETS
Cash at bank 1,623 1,481
Accounts receivable, prepayments and other assets5.3 3,778 7,814
Derivative financial instruments3.2 207 267
Total current assets 5,608 9,562
NON-CURRENT ASSETS
Investment properties2.1 2,166,200 2,050,525
Property, plant and equipment 2,853 3,235
Other non-current assets 2,749 –
Derivative financial instruments3.2 9,417 22,815
Total non-current assets 2,181,219 2,076,575
Total assets 2,186,827 2,086,137
20
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTEJUNE 2025JUNE 2024
CURRENT LIABILITIES
Accounts payable, accruals and other liabilities5.4 18,336 19,787
Taxation payable 4,547 159
Borrowings3.1 100,000 150,000
Derivative financial instruments3.2 340 1,090
Total current liabilities 123,223 171,036
NON-CURRENT LIABILITIES
Borrowings3.1 603,680 523,940
Derivative financial instruments3.2 4,816 3,692
Lease liabilities5.9 1,503 1,778
Deferred tax liabilities5.2 29,371 26,196
Total non-current liabilities 639,370 555,606
Total liabilities 762,593 726,642
Net assets 1,424,234 1,359,495
EQUITY
Share capital 573,608 573,227
Share-based payments reserve5.8 592 570
Retained earnings 850,034 785,698
Total equity 1,424,234 1,359,495
These consolidated financial statements are signed on behalf of Property for Industry Limited and were authorised for issue on 25 August 2025.
Dean Bracewell Carolyn Steele
Chair, Board of Directors Chair, Audit and Risk Committee
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
AS AT 30 JUNE 2025
The accompanying notes form part of these financial statements
21
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
The accompanying notes form part of these financial statements
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
CASH FLOWS FROM OPERATING ACTIVITIES
Property and management fee income received 130,142 58,368
Net goods and services tax received 419 2,892
Interest received 110 60
Business interruption insurance income received – 15
Interest and other finance costs paid (32,779) (14,831)
Payments to suppliers and employees (32,697) (15,478)
Income tax paid (4,485) (3,198)
Net cash flows from operating activities 60,710 27,828
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment properties 1.8 12,618 28,874
Material damage insurance income received 46 6
Expenditure on investment properties - development (35,837) (48,289)
Expenditure on investment properties - stabilised (12,650) (1,620)
Acquisition of / deposit on investment properties2.1 (10,757) (6,787)
Capitalisation of interest on development properties2.1 (3,360) (4,054)
Acquisition of property, plant and equipment (73) (30)
Net cash flows from investing activities (50,013) (31,900)
22
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of fixed rate bonds 150,000 –
Proceeds from Pricoa facility 25,000 –
Net proceeds from green loan facilities – 24,499
Repayment of fixed rate bonds (100,000) –
Net proceeds (repayment of) / proceeds from syndicated bank facility (43,615) 2,085
Dividends paid to shareholders (41,686) (22,097)
Principal elements of finance lease payments (254) (121)
Net cash flows from financing activities (10,555) 4,366
Net increase in cash and cash equivalents 142 294
Cash and cash equivalents at beginning of period 1,481 1,187
Cash and cash equivalents at end of period 1,623 1,481
Cash and cash equivalents at end of period comprises:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Cash at bank 1,623 1,481
Cash and cash equivalents at end of period 1,623 1,481
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
23
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOWS FROM OPERATING ACTIVITIES
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Profit for the period after income tax 106,022 21,181
Non-cash items:
Fair value (gain) / loss on investment properties 2.1 (70,742) 4,166
Increase in deferred taxation 5.2 3,373 1,709
Amortisation of borrowings establishment costs 1,636 1,915
Depreciation5.1 488 243
Loss on disposal of investment properties 54 526
Employee benefits expense – share-based payments 323 175
Provision for doubtful debts 120 8
Fair value loss / (gain) on derivative financial instruments 13,832 (3,611)
Movements in working capital items:
(Increase) / decrease in accounts receivable, prepayments and other assets(1,749) 1,141
Increase in accounts payable, accruals and other liabilities 3,011 994
Increase / (decrease) in taxation payable 4,388 (613)
Other: material damage insurance income (classified as cash flows from investing activities) (46) (6)
Net cash flows from operating activities 60,710 27,828
24
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

1. GENERAL INFORMATION26
1.1. Reporting entity26
1.2. Basis of preparation26
1.3. Group companies26
1.4. Basis of consolidation26
1.5. Critical judgements, estimates and assumptions26
1.6. Accounting policies27
1.7. Non-GAAP measures27
1.8. Significant events and transactions28
2. PROPERTY29
2.1. Investment properties29
2.2. Rental and management fee income40
2.3. Property costs40
2.4. Net rental income41
3. FUNDING41
3.1. Borrowings41
3.2. Derivative financial instruments44
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
4. INVESTOR RETURNS AND INVESTMENT METRICS45
4.1. Earnings per share45
4.2. Net tangible assets per share45
5. OTHER46
5.1. Administrative expenses46
5.2. Taxation46
5.3. Accounts receivable, prepayments and other assets49
5.4. Accounts payable, accruals and other liabilities49
5.5. Financial instruments49
5.6. Financial risk management50
5.7. Related party transactions52
5.8. Share-based payments54
5.9. Leases56
5.10. Operating segments57
5.11. Capital commitments57
5.12. Subsequent events58
25
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

IN THIS SECTION
This section sets out the basis upon which the Group’s financial statements are
prepared. Material accounting policy information is described in the note to which
it relates.
1.1. Reporting entity
These audited consolidated financial statements (the 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 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 financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (GAAP). They comply with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS) and other applicable Financial
Reporting Standards as appropriate to for-profit entities, as appropriate for a Tier 1
for-profit entity. The financial statements comply with International Financial Reporting
Standards Accounting Standards (IFRS Accounting Standards) and interpretations
developed by the IFRS Interpretations Committee.
The 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
The Group changed its balance date from 31 December to 30 June during the prior
financial period, with effect from 1 January 2024. These financial statements represent
the first full 12-month reporting period under the new balance date, covering the year
ended 30 June 2025. The comparative information presented reflects the audited
six-month period ended 30 June 2024.
Reclassification
Certain prior period balances have been reclassified to conform to current presentation.
Specifically, the Group has reclassified the presentation of the amortisation of borrowings
establishment costs on the ‘Reconciliation of profit after income tax to net cash flows
from operating activities’ for the period ended 30 June 2024, by reclassifying amortisation
of borrowings establishment costs from ‘Decrease in accounts receivable, prepayments
and other assets’ to be presented as ‘Amortisation of borrowings establishment costs’
and this reclassification has been applied retrospectively to ensure comparability.
1.3. Group companies
As at 30 June 2025 and 30 June 2024, PFI No. 1 and PFI Cover (a company incorporated
in the Cook Islands on 11 April 2024) are wholly owned and controlled entities of the
Company.
1.4. Basis of consolidation
The consolidated financial statements comprise the Company and the entities it controls.
All intercompany transactions are eliminated on consolidation.
1.5. 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
financial statements are as follows:
2.1. Investment properties Page 29
3.2. Derivative financial instruments Page 44
5.2. Taxation Page 46
5.8. Share-based payments Page 54
1. GENERAL INFORMATION
26
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION CONTINUED
1.6. Accounting policies
No changes to accounting policies have been made during the period and policies
have been consistently applied to all reporting periods presented.
Material accounting policies have been included throughout the notes to the
financial statements.
Other relevant policies are provided as follows:
Share capital
All shares on issue are fully paid, carry equal voting rights, share equally in dividends and
any surplus on wind up and have no par value. All shares are recognised at the fair value
of the consideration received by the Company. Incremental costs directly attributable to
the issue of new shares are shown in equity as a deduction from the proceeds.
Measurement of fair values
A number of the Group’s accounting policies and disclosures require the measurement
of fair values. The Board and Management have overall responsibility for overseeing
all significant fair value measurements and transfers between levels of the fair value
hierarchy. The fair value hierarchy has the following levels:
• Level 1: Fair value is based on observable quoted prices in active markets.
• Level 2: Fair value is based on observable market data where Level 1 quoted prices
are not available.
• Level 3: Fair value is not based on observable market data (unobservable inputs).
The carrying values of all balance sheet financial assets and liabilities approximate
their estimated fair values, apart from the fixed rate bonds (refer Note 3.1 (ii) for
further details).
The Board and Management review significant unobservable inputs and valuation
adjustments. If third party information is used to measure fair values, then the Board
and Management assess the evidence obtained from the third parties to support the
conclusion that such valuations meet the requirements of NZ IFRS, including the level
of the fair value hierarchy in which such valuations should be classified.
Goods and services tax
These financial statements have been prepared on a goods and services tax (GST)
exclusive basis except for the accounts receivable balance, accounts payable balance
and other items where GST incurred is not recoverable. These balances are stated
inclusive of GST.
New standards, amendments and interpretations
In May 2024, the XRB introduced NZ IFRS 18 ‘Presentation and Disclosure in Financial
Statements’, which is effective for reporting periods beginning on or after 1 January
2027, and replaces NZ IAS 1 ‘Presentation of Financial Statements’. NZ IFRS 18 primarily
introduces a defined structure for the statement of comprehensive income, and requires
disclosure of management-defined performance measures (a subset of non-GAAP
measures) in a single note, along with reconciliation requirements. NZ IFRS 18 is not yet
effective and it has not been early adopted by the Group for the reporting period ended
30 June 2025. The standard will apply to the Group for the financial year ending 30 June
2028. Whilst the impact of the new standard has not yet been determined, a project will
be initiated in advance of adoption to assess the implications for the presentation and
disclosure of the Group’s financial statements.
1.7. Non-GAAP measures
The consolidated 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.
27
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION CONTINUED
1.8. 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. The deposit has
been recognised as ‘Other non-current assets’ in the Consolidated Statement of Financial
Position. Refer to note 5.11 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.
On 28 February 2025, the Group settled the acquisition of the property located at
316 Neilson Street, Penrose for a purchase price of $8.50 million.
On 27 June 2025, the Group announced an agreement to purchase the property at
11C Norris Avenue, Hamilton, for a net purchase price of $2.24 million. Settlement
is expected to take place on 22 August 2025.
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 16 April 2028 to 14 August
2029, establishing a five-year term.
Fixed Rate Bonds
On 28 November 2024, the $100 million PFI010 fixed rate bonds matured and were
repaid using existing bank facilities. Subsequently, on 13 March 2025, the Group raised
$150 million through the issuance of 5.5-year senior secured fixed rate bonds (PFI030),
bearing an interest rate of 5.43%. For further details, refer to Note 3.1 (ii).
Development - 78 Springs Road, East Tamaki - Stage 2 (MiTek)
On 9 August 2024, the Group entered into a Design and Build Agreement to Lease with
MiTek New Zealand Limited (MiTek), under which MiTek have 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.
28
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

2. PROPERTY
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
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Opening balance 2,050,525 1,998,325
Capital movements:
Additions 8,505 6,787
Disposals (12,672)–
Capital expenditure 32,721 45,478
Capitalised interest
1
3,360 4,054
Movement in lease incentives, fees and fixed rental income 13,019 47
44,933 56,366
Unrealised fair value gain / (loss) 70,742 (4,166)
Closing balance 2,166,200 2,050,525
1. The effective interest rate applied to capitalised interest was 5.18% (2024: 5.68%).
29
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Avondale:
15 Copsey PlaceCanterbury 100%100%5.9%5.6% 1,153 1,047 7,356 Colliers 18,800 89 711 19,600
32 Honan PlaceSolo Plastics 100%100%5.3%5.4% 154 149 795 Savills 2,750 25 125 2,900
15 Jomac PlaceSouthern Spars 100%100%5.3%6.2% 1,798 1,746 9,534 CBRE 28,000 21 5,629 33,650
61-69 Patiki RoadBidfood 100%100%6.4%6.1% 1,601 1,498 9,332 Colliers 24,600 (52) 452 25,000
320 Rosebank RoadDoyle Sails 100%100%4.6%4.6% 864 842 6,625 Colliers 18,500 10 390 18,900
520 Rosebank RoadKenderdine Electrical 100%100%4.9%4.8% 196 191 1,995 Colliers 4,000 3 (3) 4,000
528-558 Rosebank Road
1
ETEL 98%97%5.5%6.0% 3,860 3,733 26,388 CBRE 61,800 785 7,215 69,800
670-680 Rosebank RoadNew Zealand Comfort 100%100%6.4%6.7% 2,629 2,708 17,458 Colliers 40,500 49 451 41,000
686 Rosebank RoadBrand Developers 100%100%6.3%5.5% 3,686 3,212 24,796 Colliers 58,000 774 126 58,900
99%99%5.8%5.9% 15,941 15,126 104,279 256,950 1,704 15,096 273,750
East Tamaki:
17 Allens RoadContract Warehousing 100%100%4.8%5.0% 1,493 1,455 11,778 Savills 29,000 404 1,596 31,000
43 Cryers RoadAstron Plastics 100%100%4.9%5.1% 929 904 6,068 Savills 17,700 1,269 131 19,100
45 Cryers RoadAstron Plastics 100%100%3.7%4.0% 252 269 4,876 Savills 6,700 22 78 6,800
6-8 Greenmount DriveBridon 100%100%4.6%4.3% 854 777 6,590 CBRE 18,150 (4) 404 18,550
92-98 Harris RoadGrainCorp 100%100%6.5%6.2% 1,634 1,594 10,687 Savills 25,900 54 (954) 25,000
36 Neales RoadMainfreight 100%100%5.1%4.5% 1,900 1,623 18,942 CBRE 35,950 235 1,015 37,200
1 Ron Driver PlaceGlen Dimplex 100%100%5.8%5.8% 792 775 5,393 Colliers 13,450 41 209 13,700
78 Springs Road
2
Fisher & Paykel Appliances 100%100%4.3%2.9% 7,495 4,070 60,343 JLL 140,450 24,908 8,267 173,625
11 Turin PlaceKingspan 100%100%5.2%5.2% 1,118 1,069 8,878 Savills 20,750 42 708 21,500
12 Zelanian DriveCentral Joinery 100%100%5.4%3.8% 1,176 778 6,098 JLL 20,400 1,546 4 21,950
23 Zelanian DriveExclusive Tyre Distributors 100%100%4.1%4.7% 508 498 3,811 Savills 10,600 (44) 1,694 12,250
100%100%4.8%4.1% 18,151 13,812 143,464 339,050 28,473 13,152 380,675
1. Includes development land of $5.60 million.
2. Partially under development.
30
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Manukau:
212 Cavendish Drive
3
Kiwi Logistics 100%55%5.4%3.2% 3,186 1,543 25,274 Savills 48,000 3,224 7,276 58,500
232 Cavendish DriveFletcher Building Products 100%100%4.6%4.6% 1,532 1,532 16,832 Savills 33,000 124 376 33,500
47 Dalgety DrivePeter Hay Kitchens 100%100%5.6%4.1% 1,388 999 10,408 Colliers 24,500 9 191 24,700
47a Dalgety DriveShaw 100%100%4.9%4.9% 637 621 4,832 Colliers 12,600 (42) 342 12,900
59 Dalgety DriveStore Rite Logistics 100%100%5.1%5.0% 1,364 1,331 11,844 Colliers 26,500 (47) 147 26,600
12 Hautu DriveKiwi Steel 100%100%4.8%4.9% 771 748 6,492 Colliers 15,400 28 472 15,900
25 Langley RoadGrayson Engineering 100%100%4.6%4.6% 2,301 2,245 21,248 Savills 48,500 (47) 1,047 49,500
1 Mayo RoadTDX 100%100%4.2%5.3% 758 743 6,361 Savills 14,000 180 4,020 18,200
61 McLaughlins RoadMOVe Logistics 100%100%4.7%4.9% 1,314 1,314 13,347 Savills 26,900 135 965 28,000
9 Narek PlaceWaste Tallow Care 100%100%5.0%5.2% 714 709 3,577 CBRE 13,750 28 472 14,250
9 Nesdale AvenueBrambles 100%100%4.4%4.5% 889 889 13,041 CBRE 19,700 191 459 20,350
44 Noel Burnside RoadCottonsoft 100%100%4.7%4.6% 3,575 3,488 32,807 JLL 75,600 (12) 612 76,200
100%93%4.9%4.5% 18,429 16,162 166,063 358,450 3,771 16,379 378,600
Mt Wellington:
30-32 Bowden RoadTokyo Food 100%100%5.0%2.1% 5,182 1,828 29,921 Colliers 86,900 10,775 5,325 103,000
50 Carbine RoadFletcher Building Products 100%100%5.2%4.3% 320 239 2,820 JLL 5,500 49 601 6,150
54 Carbine Road & 6a
Donnor Place
Pharmacy Retailing 100%100%4.9%5.0% 2,531 2,463 17,063 JLL 49,600 512 1,538 51,650
76 Carbine RoadAtlas Gentech 100%100%5.9%5.3% 771 646 5,080 JLL 12,300 121 579 13,000
7 Carmont PlaceCMI 100%100%4.7%4.6% 805 759 6,410 JLL 16,650 (18) 468 17,100
6 Donnor PlaceCoca-Cola 100%100%5.2%5.1% 1,689 1,640 15,534 JLL 32,000 (64) 814 32,750
4-6 Mt Richmond DriveIron Mountain 100%100%4.1%4.0% 1,089 1,010 7,946 CBRE 25,350 126 1,074 26,550
3. Includes development land of $1.50 million.
2.1. Investment properties (continued)
31
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
509 Mt Wellington
Highway
Fletcher Building Products 100%100%4.7%4.8% 1,201 1,190 8,744 JLL 24,650 347 403 25,400
511 Mt Wellington
Highway
Stryker 100%100%4.8%4.6% 563 540 3,054 JLL 11,650 214 (14) 11,850
515 Mt Wellington
Highway
Kiwi Management
Services
100%100%4.8%4.8% 346 339 1,681 Savills 7,100 104 (4) 7,200
523 Mt Wellington
Highway
Motion New Zealand 100%100%4.1%5.0% 317 317 1,677 CBRE 6,400 339 911 7,650
1 Niall Burgess RoadBremca Industries 100%100%4.5%4.2% 307 279 1,742 JLL 6,700 43 107 6,850
2-6 Niall Burgess RoadMcAlpine Hussmann 100%100%5.7%5.4% 1,442 1,263 6,665 Savills 23,300 8 2,192 25,500
3-5 Niall Burgess RoadElectrolux 100%100%4.6%4.5% 1,402 1,368 13,266 JLL 30,350 (113) 263 30,500
7-9 Niall Burgess RoadDHL Supply Chain 100%100%4.7%4.5% 2,828 2,740 23,525 JLL 60,800 (263) 63 60,600
10 Niall Burgess RoadNEP Broadcast Services 100%100%4.3%4.5% 318 309 1,725 CBRE 6,850 49 501 7,400
5 Vestey DrivePPG Industries 100%100%4.8%5.5% 311 300 1,270 CBRE 5,500 32 918 6,450
7 Vestey DriveTrue North 100%100%5.2%5.2% 872 848 5,892 Savills 16,250 139 361 16,750
9 Vestey DriveMultispares 100%100%4.5%4.6% 272 243 1,635 CBRE 5,300 10 690 6,000
11 Vestey DriveN & Z 100%100%4.5%4.9% 554 541 3,470 CBRE 10,950 (14) 1,364 12,300
15a Vestey DrivePact Group Holdings 100%100%5.7%5.5% 626 611 3,214 Savills 11,100 64 (164) 11,000
36 Vestey DriveSP Tools 100%100%5.1%4.2% 275 187 1,120 JLL 4,500 499 401 5,400
100%100%4.9%4.3% 24,021 19,660 163,454 459,700 12,959 18,391 491,050
2.1. Investment properties (continued)
32
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
North Shore:
2-4 Argus PlacePharmapac 100%100%4.0%4.6% 498 486 3,560 CBRE 10,500 22 1,978 12,500
47 Arrenway DriveDevice Technologies 100%100%5.5%4.9% 306 265 1,245 JLL 5,450 (14) 164 5,600
51 Arrenway DrivePacific Hygiene 100%100%5.1%5.0% 481 469 2,680 Savills 9,450 32 (82) 9,400
15 Omega StreetWesfarmers 100%100%5.2%5.1% 663 641 3,498 Savills 12,500 93 207 12,800
322 Rosedale RoadBSGi 100%100%5.8%5.3% 1,414 1,249 7,538 Savills 23,400 183 667 24,250
41 William Pickering DriveInnopak Global 100%100%5.3%5.2% 563 549 3,027 Colliers 10,500 29 171 10,700
100%100%5.2%5.1% 3,925 3,659 21,548 71,800 345 3,105 75,250
Penrose:
4 Autumn PlaceTeco 100%100%5.0%5.3% 236 242 1,215 Colliers 4,600 11 89 4,700
6 Autumn PlaceMOTAT 100%100%4.2%4.2% 210 200 1,627 Colliers 4,800 123 77 5,000
10 Autumn PlaceMOTAT 100%100%4.0%3.9% 765 750 7,646 Colliers 19,000 126 (26) 19,100
122 Captain Springs RoadNew Zealand Crane Group 100%100%5.6%6.0% 767 745 7,431 Savills 12,500 193 1,057 13,750
8 Hugo Johnston DriveArgyle Schoolwear 97%96%8.3%6.8% 980 844 4,359 JLL 12,350 70 (670) 11,750
12 Hugo Johnston DriveW H Worrall 100%100%5.2%5.2% 485 480 2,591 JLL 9,150 24 76 9,250
16 Hugo Johnston DriveNewflor Industries 100%100%5.8%5.8% 559 546 2,619 JLL 9,450 (2) 152 9,600
80 Hugo Johnston DriveBoxkraft 100%100%5.5%4.3% 716 544 3,872 Colliers 12,600 24 376 13,000
102 Mays Road2 Cheap Cars 100%100%4.6%4.8% 720 699 6,517 CBRE 14,700 (25) 875 15,550
304 Neilson StreetFletcher Building Products 100%100%5.0%5.0% 869 849 13,438 Colliers 17,000 (20) 320 17,300
306 Neilson StreetTrade Depot 100%100%5.5%5.5% 1,032 1,010 6,301 Colliers 18,500 (30) 330 18,800
312 Neilson StreetTransport Trailer Services 100%100%5.3%5.2% 477 472 3,663 Colliers 9,100 83 (183) 9,000
314 Neilson StreetWakefield Metals 100%100%4.7%4.8% 1,076 1,049 7,515 Colliers 22,000 64 1,036 23,100
316 Neilson StreetHi-Tech Security Disposals 100%– 3.7% – 311 – 4,782 Colliers – 8,522 (22) 8,500
318 Neilson StreetHi-Tech Security Disposals 100%100%3.3%3.3% 193 187 4,049 Colliers 5,700 (2) 102 5,800
12 Southpark PlaceQCD 100%100%4.8%4.8% 684 667 6,416 Savills 14,000 (71) 321 14,250
100%100%5.1%5.0% 10,080 9,284 84,041 185,450 9,090 3,910 198,450
2.1. Investment properties (continued)
33
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
4. Included in the 2025 balance is a right-of-use asset of $4.00 million (2024: $4.00 million) primarily in relation to a ground lease, representing
the value of the land, with an associated immaterial lease liability.
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Shed 22, 23 Cable Street,
Wellington
4
Shed 22 Hospo 100%100%8.3%8.1% 999 975 2,809 CBRE 12,050 (14) 64 12,100
2 Smart Road,
New Plymouth
New Zealand Post 100%100%8.6%7.7% 417 370 2,359 JLL 4,775 107 (32) 4,850
558 Te Rapa Road,
Hamilton
DEC Manufacturing 100%100%6.6%6.0% 655 550 4,930 Colliers 9,200 41 759 10,000
22 Whakatu Road,
Hastings
Enzafruit New Zealand 100%100%5.7%5.6% 3,742 3,659 52,718 JLL 65,250 34 66 65,350
100%100%6.2%5.9% 16,146 15,600 153,187 264,275 480 (2,330) 262,425
South Island:
41 & 55 Foremans Road,
Christchurch
MOVe Logistics 100%100%6.0%6.2% 834 838 14,709 JLL 13,500 256 244 14,000
44 Mandeville Street,
Christchurch
Fletcher Building Products – 100%– 7.9% – 1,016 – CBRE 12,850 (12,850) – –
100%100%6.0%7.0% 834 1,854 14,709 26,350 (12,594) 244 14,000
Investment properties - total100%99%5.2%4.9%112,314 99,699 922,495 2,050,525 44,933 70,742 2,166,200
2.1. Investment properties (continued)
35
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
Recognition and Measurement
Investment properties are held to earn rental income and for long-term capital
appreciation. After initial recognition on the settlement date at cost, including directly
attributable acquisition costs, investment properties are measured at fair value, on the
basis of valuations made by independent valuers on at least an annual basis. Gains or
losses arising from changes in the fair value of investment properties are included in
the Consolidated Statement of Comprehensive Income in the period in which they arise.
Subsequent expenditure is charged to the asset’s carrying amount only when it is
probable that future economic benefits associated with the item will flow to the Group
and the cost of the item can be measured reliably.
The fair value of investment property reflects the Directors’ assessment of the highest
and best use of each property and amongst other things, rental income from current
leases and assumptions about rental income from future leases in light of the current
market conditions. The fair value also reflects the cash outflows that could be expected
in respect of the property.
No depreciation or amortisation is provided for on investment properties for accounting
purposes. However, for tax purposes, depreciation was claimed on the building fit-out
for the 12-month period ended 30 June 2025, no depreciation was claimed on building
structure components due to the change in legislation, effective from 1 July 2024 for
the Group. In addition, the new legislated Investment Boost deductions were applied to
eligible new assets that were acquired or became available for use from 22 May 2025.
In the comparative six-month period ended 30 June 2024, depreciation was claimed on
both the building fit-out and the building structure. Deferred tax is recognised to the
extent that tax depreciation recovery gain or loss on disposal is calculated on the fit-out
and building structure components separately. See section 5.2 for more details.
Investment properties under development are carried at cost until it is possible to
reliably determine their fair value, from which point they are carried at fair value less
costs to complete.
Gains or losses on the disposal of investment properties are recognised in the
Consolidated Statement of Comprehensive Income in the period in which the
investment properties are derecognised when they have been disposed.
Borrowing costs are capitalised if they are directly attributable to the acquisition or
construction of a qualifying property. Capitalisation of borrowing costs commences
when the activities to prepare the asset are in progress and expenditures and borrowing
costs are being incurred. Capitalisation of borrowing costs will continue until the asset
is substantially ready for its intended use. The rate at which borrowing costs are
capitalised is determined by reference to the weighted average borrowing costs of the
Group and the average level of borrowings by the Group.
36
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
Key estimates and assumptions: Investment properties
The fair value of investment properties is determined from valuations prepared by
independent valuers.
All investment properties were valued as at 30 June 2025 by CBRE Limited (CBRE),
CVAS (NZ) Limited (Colliers), Jones Lang LaSalle Limited (JLL) or Savills (NZ) Limited
(Savills). In the prior period, valuations as at 30 June 2024 were conducted by Bayleys
Valuation Limited (Bayleys), CBRE, Colliers, JLL or Savills. All valuers are independent
and members of the New Zealand Institute of Valuers.
PFI’s investment property valuation policy notes that: PFI will not use the same
independent valuer for a property for more than three consecutive year end valuations
without Board approval. However, an exemption to this policy was made for one
property for the year ended 30 June 2025, and three exemptions were made in the
comparative six-month period ended 30 June 2024. In both periods, the exemptions
applied to properties undergoing live developments, where continuity of specialist
knowledge was considered necessary for these valuations due to the complex nature of
the valuation process.
As part of the valuation process, the Group’s management verifies all major inputs to
the independent valuation reports, assesses movements in individual property values
and holds discussions with the independent valuers.
The fair value was determined using Level 3 valuation techniques via a combination of
the following approaches:
• Direct Capitalisation: The subject property rental is divided by a market derived
capitalisation rate to assess the market value of the asset. Further adjustments are
then made to the market value to reflect under or over renting, additional revenue and
required capital expenditure.
• Discounted Cash Flow: Discounted cash flow projections for the subject property are
based on estimates of future cash flows, supported by the terms of any existing lease
and by external evidence such as market rents for similar properties in the same
location and condition, and using discount rates that reflect current market
assessments of the uncertainty in the amount and timing of the cash flows.
• Residual Approach: The subject property is valued based on what the property
is expected to be worth on completion of the works and deducting all expected
costs to complete the works, including a profit and risk allowance and holding
costs. This approach relates to the development at 78 Springs Road - Stage 2
(2024: 78 Springs Road - Stage 1 and 30-32 Bowden Road). Refer to Note 5.11
for committed costs to complete for the current and prior reporting period.
Below are the significant inputs used in the valuations, together with the impact on the
fair value of a change in the inputs:
37
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
Key estimates and assumptions: Investment properties (continued)
RANGE OF SIGNIFICANT
UNOBSERVABLE INPUTS MEASUREMENT SENSITIVITY
VALUATION METHODJUNE 2025JUNE 2024
INCREASE
IN INPUT
DECREASE
IN INPUT
Market capitalisation rate (%)
1
Direct Capitalisation 4.00 - 7.75 4.00 - 8.00 Decrease Increase
Net Market rental ($ per sqm)
2
Direct Capitalisation & Discounted Cash Flow 56 - 265 54 -297 Increase Decrease
Discount rate (%)
3
Discounted Cash Flow 6.75 - 9.50 7.00 - 9.25 Decrease Increase
Rental growth rate (%)
4
Discounted Cash Flow 1.95 - 3.05 1.00 - 3.50 Increase Decrease
Terminal capitalisation rate (%)
5
Discounted Cash Flow 4.25 - 8.13 4.00 - 8.25 Decrease Increase
Profit and risk allowance (%)
6
Residual Approach 10.00 2.50 Decrease Increase
1 The capitalisation rate applied to the market rental to assess a property’s value, determined through analysis of similar transactions taking into account location, weighted average lease term, tenant covenant,
size and quality of the property.
2 The valuers assessment of the net market income which a property is expected to achieve under a new arm’s length leasing transaction. Includes both leased and vacant areas.
3 The rate applied to future cash flows reflecting transactional evidence from similar properties.
4 The rate applied to the market rental over the future cash flow projection.
5 The rate used to assess the terminal value of the property.
6 The profit and risk allowance reflects the current stage of the development and estimated completion date of the development, taking into account any risks surrounding the construction works.
The estimated sensitivity of the fair value of investment property to changes in the market capitalisation rate (under the Direct Capitalisation valuation approach) and discount rate
(under the Discounted Cash Flows valuation approach) is set out in the table below:
FAIR VALUEMARKET CAPITALISATION RATE DISCOUNT RATE
ALL VALUES IN $000SJUNE 2025+ 0.25%- 0.25%+ 0.25%- 0.25%
Valuation 2,166,200
Change (90,000) 99,000 (67,000) 72,000
Change (%)(4%)5%(3%)3%
FAIR VALUEMARKET CAPITALISATION RATE DISCOUNT RATE
ALL VALUES IN $000SJUNE 2024+ 0.25%- 0.25%+ 0.25%- 0.25%
Valuation 2,050,525
Change (84,000) 92,000 (63,000) 67,000
Change (%)(4%)4%(3%)3%
38
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
Key estimates and assumptions: Investment properties and the impact of climate
change (continued)
Generally, a change in the assumption made for the adopted market capitalisation rate
is accompanied by a directionally similar change in the adopted terminal capitalisation
rate. The adopted market capitalisation rate forms part of the direct capitalisation
approach and the adopted terminal capitalisation rate forms part of the discounted
cash flow approach. Both valuation methodologies are considered when determining
an investment property’s fair value.
When calculating the direct capitalisation approach, the market rental has a strong
interrelationship with the adopted market capitalisation rate given the methodology
involves assessing the total market rental income receivable from the property and
capitalising this in perpetuity to derive a capital value. In theory, an increase in the
market rent and an increase in the adopted market capitalisation rate could potentially
offset the impact to the fair value. The same can be said for a decrease in the market
rent and a decrease in the adopted market capitalisation rate. A directionally opposite
change in the market rent and the adopted market capitalisation rate could potentially
magnify the impact to the fair value.
When assessing a discounted cash flow, the adopted discount rate and adopted
terminal capitalisation rate have a strong interrelationship in deriving a fair value given
the discount rate will determine the rate at which the terminal value is discounted to the
present value. In theory, an increase in the adopted discount rate and a decrease in the
adopted terminal capitalisation rate could potentially offset the impact to the fair value.
The same can be said for a decrease in the discount rate and an increase in the
adopted terminal capitalisation rate. A directionally similar change in the adopted
discount rate and the adopted terminal capitalisation rate could potentially magnify
the impact to the fair value.
The impact of climate change
The Group continues to assess the impact of climate change on the business and
portfolio regularly and is taking steps to manage and address climate-related risks
and opportunities.
During the period, the Group had committed to and invested in various sustainability
initiatives which includes solar installation, power metering to help the Group to
understand the energy use of its buildings, preventative maintenance measures,
and the Green Star development projects. All these projects and works are included
in the capital expenditure for the year ended 30 June 2025.
The valuers have considered the impact of climate change on investment property
values but have made no explicit adjustments in respect of climate change matters.
However, the Group and valuers anticipate that climate change could have a greater
influence on valuations in the future as owners and occupiers place a greater emphasis
on this topic.
2.1. Investment properties (continued)
39
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.2. Rental and management fee income
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Gross rental receipts 101,518 48,984
Service charge income recovered from tenants 18,616 8,304
Fixed rental income adjustments 1,775 (21)
Capitalised lease incentive adjustments 4,740 (526)
Impact of rental income deferred and abated due to the
COVID-19 pandemic (72) (54)
Management fee income 878 395
Total rental and management fee income 127,455 57,082
Recognition and Measurement
Rental income from investment properties is recognised in the Consolidated
Statement of Comprehensive Income on a straight line basis over the term of the
lease. Fixed rental income adjustments are accounted for to achieve straight-line
income recognition. Lease incentives are capitalised to investment properties in the
Consolidated Statement of Financial Position and amortised on a straight line basis
in the Consolidated Statement of Comprehensive Income over the length of the lease
to which they relate, as a reduction to rental income.
Rental abatements are usually offered by a landlord as an incentive for tenants to sign
longer lease terms. Rental abatements were offered to assist tenants that
were struggling from the impact of the COVID-19 pandemic. Rental abatements
are accounted for as a lease modification under NZ IFRS 16 ‘Leases’ and the
expense is spread over the remaining life of the lease, effectively accounted for
as a lease incentive.
Management fee income is recognised in the Consolidated Statement of
Comprehensive Income in the period in which the services are rendered.
Income generated from service charges recovered from tenants are included in the
gross rental income with the service charge expenses to tenants shown in Property
costs. Such revenue is recognised in the accounting period the underlying expenses
are incurred in accordance with the contractual terms.
Future minimum rentals receivable under non-cancellable operating leases are as follows:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Within one year 111,824 92,725
After one year but not more than five years 315,614 261,785
More than five years 187,398 108,587
Total 614,836 463,097
2.3. Property costs
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Rates & insurance (11,912) (5,226)
Property maintenance costs (6,386) (2,953)
Utilities (712) (182)
Bad and doubtful debts expense (112) (42)
Lease incentives amortisation (716) (336)
Other non-recoverable property costs (2,065) (1,157)
Total property costs (21,903) (9,896)
Other non-recoverable costs represents property maintenance not recoverable from
tenants, property valuation fees and property leasing costs.
40
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2.4. Net rental income
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Gross rental income
Gross rental receipts 101,518 48,984
Service charge income recovered from tenants 18,616 8,304
Fixed rental income adjustments 1,775 (21)
Capitalised lease incentive adjustments 4,740 (526)
Impact of rental income deferred and abated due to the
COVID-19 pandemic
(72) (54)
Total gross rental income 126,577 56,687
Service charge expenses
Rates & insurance (11,912) (5,226)
Property maintenance costs (6,386) (2,953)
Utilities (712) (182)
Total service charge expenses (19,010) (8,361)
Net rental income 107,567 48,326
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 $000SJUNE 2025JUNE 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 31,870 125,485
Bilateral CBA Bank Facility 125,000 125,000
Pricoa Facilities 50,000 25,000
Fixed Rate Bonds (PFI030) 150,000 –
Unamortised borrowings establishment costs (3,190) (1,545)
Total non-current borrowings 603,680 523,940
Total borrowings 703,680 673,940
Weighted average interest rate for drawn debt (inclusive
of current interest rate swaps, margins and line fees)
4.52%5.72%
Weighted average term to maturity (years) 3.39 2.25
3. FUNDING2. PROPERTY CONTINUED
41
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. FUNDING CONTINUED
3.1. Borrowings (continued)
Recognition and Measurement
All borrowings are initially measured at fair value, plus directly attributable transaction costs, and subsequently measured at amortised cost using the effective interest rate method.
Under this method, directly attributable fees and costs are capitalised and spread over the expected life of the facility. All other interest costs and bank fees are expensed in the
period they are incurred.
(ii) Composition of borrowings
ALL VALUES IN $000S
AS AT 30 JUNE 2025
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY
DRAWN / AMOUNT
UNDRAWN
FACILITYFAIR VALUE
Fixed Rate Bonds (PFI020)01-Oct-1801-Oct-254.25% 100,000 – 101,038
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 31,870 118,130 31,870
Syndicated Bank Facility B–14-Aug-29Floating – 150,000 –
Bilateral CBA Bank Facility–14-Aug-29Floating 125,000 – 125,000
Pricoa Facility–15-Dec-29Floating 25,000 – 25,501
Fixed Rate Bonds (PFI030)13-Mar-2513-Sep-305.43% 150,000 – 152,968
CBA Bank Facility–31-May-31Floating – 50,000 –
Pricoa Facility–05-Jan-33Floating 25,000 – 25,339
Total borrowings 706,870 318,130 711,716
42
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. FUNDING CONTINUED
ALL VALUES IN $000S
AS AT 30 JUNE 2024
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY
DRAWN / AMOUNT
UNDRAWN
FACILITYFAIR 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
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 has also
established $150 million of Green Loan facilities 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 the fixed rate bonds on issue is based on their listed market prices 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 February, May, August and
November in equal instalments, while interest on the PFI030 Bonds is payable quarterly
in March, June, September and December; also in equal instalments. Both bonds are
listed on the NZDX. The $100 million PFI010 fixed rate bonds matured on 28 November
2024 and were repaid with existing bank facilities.
The fair value of the Pricoa facilities is classified as Level 2 (30 June 2024: Level 2) and
is measured using a present value calculation of the future cash flows using the relevant
term swap rate 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 $2,050,000,000 (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 30 June 2025,
investment properties totalling $2,149,100,000 (30 June 2024: $2,033,875,000) were
mortgaged as security for the Group’s borrowings.
43
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. FUNDING CONTINUED
3.2. Derivative financial instruments
(i) Fair values
ALL VALUES IN $000SJUNE 2025JUNE 2024
Current assets 207 267
Non-current assets 9,417 22,815
Current liabilities (340) (1,090)
Non-current liabilities (4,816) (3,692)
Total 4,468 18,300
(ii) Notional principal values, maturities and interest rates
JUNE 2025JUNE 2024
Notional value of interest rate swaps – fixed rate payer –
start dates commenced ($000s)
610,000 400,000
Notional value of interest rate swaps – fixed rate receiver
1

– start dates commenced ($000s)
250,000 200,000
Notional value of interest rate swaps – fixed rate payer
– forward starting ($000s)
130,000 175,000
Total ($000s) 990,000 775,000
Percentage of borrowings fixed (%)86%59%
Fixed rate payer swaps:
Average period to expiry – start dates commenced (years) 2.87 2.57
Average period to expiry – forward starting (years from
commencement)
3.19 3.57
Average (years) 2.93 2.87
Fixed rate payer swaps:
Average interest rate
2
– start dates commenced (%)3.10%2.64%
Average interest rate
2
– forward starting (% during
effective period)
3.94%4.05%
Average (%)3.25%3.07%
1. The Group has $250 million fixed rate receiver swaps for the duration of the two fixed rate bonds, the effect
of the fixed rate receiver swaps is to convert the two fixed rate bonds totalling $250 million to floating
interest rates. (2024: The Group held $200 million in fixed rate receiver swaps for the duration of the two
$100 million fixed rate bonds, which effectively converted the 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
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Interest rate swaps (13,832) 3,611
Total fair value (loss)/gain on derivative
financial instruments (13,832) 3,611
Recognition and Measurement
The Group is exposed to changes in interest rates and uses derivative financial
instruments, principally interest rate swaps, to mitigate this risk. The Group does not
apply hedge accounting. Derivative financial instruments are entered into to
economically hedge the risk exposure.
Such derivative financial instruments are initially recognised at fair value on the date
on which a derivative contract is entered into and are subsequently re-measured to fair
value at each reporting date. Transaction costs are expensed on initial recognition and
recognised in the Consolidated Statement of Comprehensive Income. The fair value of
derivative financial instruments is based on valuations prepared by independent
treasury advisers and is the estimated amount that the Group would receive or pay to
terminate the derivative contract at reporting date, taking into account current interest
rates and creditworthiness of the derivative contract counterparties.
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 30 June
2025 of between 3.29% for the 90 day BKBM (30 June 2024: 5.63%) and 4.06% for the
10 year swap rate (30 June 2024: 4.49%). There were no changes to these valuation
techniques during the reporting period.
44
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

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
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Total comprehensive income for the period attributable to
the shareholders of the Company ($000s)
106,022 21,181
Weighted average number of ordinary shares (shares) 502,228,627 502,177,801
Basic earnings per share (cents) 21.11 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
152,499 (2024: 184,006) rights issued under the Group’s LTI Plan as at 30 June 2025.
This adjustment has been calculated using the treasury share method. Refer to note 5.8
for further details.
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Total comprehensive income for the period attributable to
the shareholders of the Company ($000s)
106,022 21,181
Weighted average number of shares for purpose of
diluted earnings per share (shares)
502,381,126 502,361,807
Diluted earnings per share (cents) 21.10 4.22
4.2. Net tangible assets per share
JUNE 2025JUNE 2024
Net assets ($000s) 1,424,234 1,359,495
Net tangible assets ($000s) 1,424,234 1,359,495
Closing shares on issue (shares) 502,284,064 502,199,351
Net tangible assets per share (cents) 284 271
4. INVESTOR RETURNS AND INVESTMENT METRICS
45
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

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 NZ IFRS.
5.1. Administrative expenses
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Auditor remuneration
Audit and review of the financial statements (324) (250)
Other assurance services
1
(41)–
Other services
2
(5) (58)
Depreciation (488) (243)
Directors’ fees5.7 (685) (352)
Employee benefits (6,234) (3,212)
IT – licence fees and support (680) (265)
Office expenses (1,163) (596)
Other expenses(1,426) (1,008)
Sustainability expenses (115) (113)
Total administrative expenses (11,161) (6,097)
1. Other assurance services include the limited assurance engagement in the area of greenhouse gas
emissions disclosures.
2. Other services include the provision of remuneration market data and the purchase of PwC’s
2024 Property Supplement Report. In 2024, other services include the evaluation of whether the
preconditions for assurance exist in preparation for assurance over greenhouse gas emissions.
5.2. Taxation
(i) Reconciliation of accounting profit before income tax to income tax expense
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Profit before income tax 118,268 25,475
Prima facie income tax calculated at 28% (33,115) (7,133)
Adjusted for:
Non-tax deductible revenue and expenses (47) (37)
Fair value gain / (loss) on investment properties 19,808 (1,166)
Loss on disposal of investment properties (15) (147)
Depreciation 4,326 2,636
Disposal of depreciable assets 36 33
Deductible capital expenditure 1,940 2,088
Lease incentives, fees and fixed rental income 2,199 116
(Loss) / gain on derivative financial instruments (3,865) 1,015
Impairment (allowance) / gain (32) 6
Current tax prior period adjustment 213 (30)
Other (321) 34
Current taxation expense (8,873) (2,585)
Depreciation (4,997) (547)
Lease incentives, fees and fixed rental income (2,164)–
Loss / (gain) on derivative financial instruments 3,865 (1,015)
Impairment allowance / (gain) 32 (6)
Other (109) (141)
Deferred taxation expense (3,373) (1,709)
Total income tax expense reported in Consolidated
Statement of Comprehensive Income (12,246) (4,294)
5. OTHER
46
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
(ii) Deferred tax
ALL VALUES IN $000S
DECEMBER 2023
JUNE 2024
6 MONTHS
JUNE 2024
6 MONTHSJUNE 2024
JUNE 2025
12 MONTHS
JUNE 2025
12 MONTHSJUNE 2025
AS AT
RECOGNISED
IN PROFIT
RECOGNISED IN
EQUITY AS AT
RECOGNISED
IN PROFIT
RECOGNISED
IN EQUITY AS AT
Deferred tax assets
Impairment allowance (8) 6 – (2) (32) –(34)
Office lease liability
1
(603) 34 – (569) 71 – (498)
Other (369) 146 (68) (291) 114 (198) (375)
Gross deferred tax assets (980) 186 (68) (862) 153 (198)(907)
Deferred tax liabilities
Investment properties 20,929 547 – 21,476 7,161 – 28,637
Derivative financial instruments 4,078 1,015 – 5,093 (3,865)– 1,228
Office lease asset
1
528 (39)– 489 (76)– 413
Gross deferred tax liabilities 25,535 1,523 –27,058 3,220 –30,278
Net deferred tax liability 24,555 1,709 (68) 26,196 3,373 (198) 29,371
1. The deferred tax on the office lease liability and office lease asset have been reallocated from the ‘Other’ line item and disclosed separately within this note. There is no change to the overall deferred tax position in the
respective periods.
5.2. Taxation (continued)
47
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.2. Taxation (continued)
(iii) Imputation credit account
The amounts below represent the balance of the imputation credit account as at the end
of the reporting period, adjusted for imputation credits that will arise from the payment of
taxation payable represented in the Consolidated Statement of Financial Position.
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Opening balance – 433
Taxation paid / payable 8,557 2,537
Imputation credits attached to dividends paid (6,038) (3,194)
Additional period end adjustment
2
– 224
Closing balance available to shareholders for use in
subsequent periods 2,519 –
2. The imputation credit account was in debit balance as at 30 June 2024. An additional payment
was made to bring the imputation credit account into a credit position as at 31 March 2025,
as the expectation is that the imputation credit account does not remain in a debit position.
Key estimates and assumptions: Deferred tax
Investment properties are valued each year by independent valuers (as outlined in
note 2.1). These values include an allocation of the valuation between the land and
building components. The calculation of deferred tax on depreciation recovered places
reliance on the land and building split in the valuation provided by the valuers. The
building value is then split between fit-out and structure based on the proportion of
the tax book values of each.
Recognition and Measurement
The Company and Group are a listed Portfolio Investment Entity (PIE) for the purposes
of the Income Tax Act 2007. Tax is accounted for on a consolidated Group basis and
the Group is required to pay tax to the IRD as required by the Income Tax Act 2007.
Income tax expense comprises current and deferred tax and is recognised in the
Consolidated Statement of Comprehensive Income for the year.
Current tax is the expected tax payable on the taxable income for the year, using tax
rates enacted or substantively enacted at the reporting date, and any adjustment to
tax payable in respect of previous years. Deferred tax is provided for temporary
differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes.
Deferred tax is recognised on all temporary differences, including:
• The tax liability arising from accumulated depreciation claimed on investment
properties, where applicable;
• The tax asset arising from the allowance for impairment;
• The tax liability arising from certain prepayments and other assets; and
• The tax asset / liability arising from the unrealised gains / losses on the revaluation
of interest rate swaps.
Deferred tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax is not recognised for:
• Temporary differences on the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects neither accounting
nor taxable profit or loss;
• Temporary differences relating to investments in subsidiaries to the extent that it is
probable that they will not reverse in the foreseeable future; and
• Taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to
offset current tax liabilities and assets, and they relate to income taxes levied by the
same tax authority on the same taxable entity, or on different entities, but they intend
to settle current tax assets and liabilities on a net basis.
A deferred tax asset is recognised to the extent that it is probable that future taxable
profits will be available against which temporary differences can be utilised. Deferred
tax assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.
Additional income tax arising from distribution of dividends is recognised at the same
time as the liability to pay the dividend is recognised.
48
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.3. Accounts receivable, prepayments and other assets
ALL VALUES IN $000SJUNE 2025JUNE 2024
Accounts receivable 1,717 4,642
Provision for doubtful debts (120) (8)
Prepayments and other assets 2,181 3,180
Total accounts receivable, prepayments and other assets 3,778 7,814
Recognition and Measurement
Accounts receivable are recognised at fair value and subsequently measured at
amortised cost using the effective interest rate method. Receivables are assessed on
an ongoing basis for impairment. The Group applies the simplified approach to
providing for expected credit losses prescribed by NZ IFRS 9 ‘Financial Instruments’,
which permits the use of lifetime expected loss provision for all trade receivables.
5.4. Accounts payable, accruals and other liabilities
ALL VALUES IN $000SJUNE 2025JUNE 2024
Accounts payable 3,022 466
Accrued interest expense and bank fees 5,109 3,836
Accruals and other liabilities in respect of investment
properties 3,253 9,650
Accrued employee benefits 179 261
Accruals and other liabilities 6,773 5,574
Total accounts payable, accruals and other liabilities 18,336 19,787
Recognition and Measurement
Expenses are recognised on an accruals basis and, if not paid at the end of
the reporting period, are reflected as a payable in the Consolidated Statement
of Financial Position.
5.5. Financial instruments
The following financial assets and liabilities, that potentially subject the Group to financial
risk, have been recognised in the financial statements:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Financial Assets
Financial assets at amortised cost:
Cash at bank 1,623 1,481
Accounts receivable and other assets 1,597 4,634
Total – Financial assets at amortised cost 3,220 6,115
Financial assets at fair value through profit or loss:
Derivative financial instruments 9,624 23,082
Total – Financial assets at fair value through profit or loss 9,624 23,082
Total Financial Assets 12,844 29,197
Financial Liabilities
Financial liabilities at amortised cost:
Accounts payable, accruals and other liabilities 17,882 19,272
Lease liabilities 1,778 2,032
Borrowings 703,680 673,940
Total – Financial liabilities at amortised cost 723,340 695,244
Financial liabilities at fair value through profit or loss:
Derivative financial instruments 5,156 4,782
Total – Financial liabilities at fair value through profit or loss 5,156 4,782
Total Financial Liabilities 728,496 700,026
49
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.6. Financial risk management
The Group’s activities expose it to a variety of financial risks, including interest rate risk,
credit risk and liquidity risk. The Group’s overall financial risk management strategy
focuses on minimising the potential negative economic impact of unpredictable events
on its financial performance.
(a) Interest rate risk
The Group’s exposure to the risk of changes in interest rates relates primarily to the
Group’s borrowings with a floating interest rate. The Group has an interest rate
hedging policy which has been reviewed by an external firm with expertise in this area.
The policy calls for a band of the Group’s borrowings to be at fixed interest rates, with
a greater proportion of the near term to be fixed and a lesser percentage of the far dated
to be fixed.
The Group uses derivative financial instruments, principally fixed rate payer interest rate
swaps, to exchange its floating short-term interest rate exposure for fixed long-term
interest rate exposure in accordance with its policy bands. As the Group holds derivative
financial instruments, there is a risk that their fair value will fluctuate because of underlying
changes in market interest rates. This is accepted as a by-product of the Group’s interest
rate hedging policy, however this risk is partially mitigated by the Group’s holding of fixed
rate receiver interest rate swaps. The fair value of derivative financial instruments is
disclosed in the Consolidated Statement of Financial Position (refer to note 3.2).
The following sensitivity analysis shows the effect on (loss) / profit before tax and equity
if interest rates at balance date had been 50 basis points (0.50%) higher or lower with all
other variables held constant.
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
ALL VALUES IN $000S
GAIN/
(LOSS)
ON
INCREASE
OF 0.50%
GAIN/
(LOSS)
ON
DECREASE
OF 0.50%
GAIN/
(LOSS)
ON
INCREASE
OF 0.50%
GAIN/
(LOSS)
ON
DECREASE
OF 0.50%
Impact on profit before income tax 3,697 (3,754) 3,704 (3,748)
Impact on equity 2,662 (2,703) 2,667 (2,699)
(b) Credit risk
Credit risk represents the risk that the counterparty to a financial instrument will fail to
discharge its obligations and the Group will suffer financial loss as a result. Financial
instruments which potentially subject the Group to credit risk consist of cash and cash
equivalents, accounts receivable and other assets and interest rate swap agreements.
With respect to the credit risk arising from cash and cash equivalents, there is limited
credit risk as cash is deposited with ANZ Bank New Zealand Limited, a registered bank
in New Zealand with a credit rating of AA– (Standard & Poor’s). The Group assesses
expected credit losses by considering both historical data and forward-looking
information. Based on this assessment, no loss allowance has been recognised.
With respect to the credit risk arising from accounts receivable, the Group only enters
into lease arrangements over its investment properties with parties whom the Group
assesses to be creditworthy. It is the Group’s policy to subject all potential tenants to
credit verification procedures and monitor accounts receivable balances. As the Group
has a wide spread of tenants over many industry sectors, it is not exposed to any
significant concentration of credit risk. Credit risk does not arise on property sale
proceeds to be settled as title will not transfer until settlement.
With respect to the credit risk arising from interest rate swap agreements, there is limited
credit risk as all counterparties are registered banks in New Zealand. The credit ratings of
these banks are all AA– (Standard & Poor’s).
The carrying amount of financial assets as per note 5.5 approximates the Group’s
maximum exposure to credit risk. For certain receivables the Group holds bank
guarantees, parent company guarantees or personal guarantees.
50
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
(c) Liquidity risk
Liquidity risk is the risk that the Group will experience difficulty in either realising assets or otherwise raising sufficient funds to meet its obligations arising from its financial liabilities.
The Group manages its liquidity risk by ensuring that it has committed funding facilities at a minimum of 105% of the projected peak debt level over the next twelve months (excluding
business acquisitions).
The maturities of the Group’s borrowings based on the remaining period is 3.4 years (30 June 2024: 2.2 years). All borrowings are due later than one year except for the PFI020 fixed
rate bonds, which the Group will repay with existing facilities (30 June 2024: later than one year except for the PFI010 fixed rate bonds, which matured and were repaid on
28 November 2024, and the Syndicated Bank Facility C, which was refinanced). Further details of the Group’s borrowings, including the maturities of the Group’s borrowings and
undrawn facilities, are disclosed in note 3.1.
The table below analyses the contractual undiscounted cash flows of the Group’s financial liabilities (principal and interest) by the relevant maturity groupings based on the remaining
period as at 30 June 2025 and 30 June 2024.
ALL VALUES IN $000S
CARRYING
AMOUNT
CONTRACTUAL CASH FLOWS
0 - 1 YEAR 1 - 2 YEARS 2 - 5 YEARS > 5 YEARS TOTAL
Financial liabilities
Accounts payable, accruals and other liabilities17,88217,882–––17,882
Lease liabilities1,7782752981,0441611,778
Derivative financial instruments
1
(4,468)(1,175)(1,573)(1,308)(775)(4,831)
Borrowings703,680132,21378,556411,498180,389802,656
Total as at 30 June 2025718,872149,19577,281411,234179,775817,485
Accounts payable, accruals and other liabilities19,27219,272–––19,272
Lease liabilities2,0322542751,3421612,032
Derivative financial instruments
1
(18,300)(6,699)(5,962)(7,414)(618)(20,693)
Borrowings673,940195,015250,609302,38825,893773,905
Total as at 30 June 2024676,944207,842244,922296,31625,436774,516
1. The carrying amount of derivative financial instruments shown is the net position of both derivative financial instrument assets and derivative financial instrument liabilities.
5.6. Financial risk management (continued)
51
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.6. Financial risk management (continued)
(d) Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to
continue as a going concern whilst maximising returns to shareholders through
maintaining an appropriate balance between debt and equity, thereby optimising the
overall cost of capital. To maintain or adjust the capital structure, the Group may consider
a range of options including adjusting dividend payments, returning capital to
shareholders, issuing new shares, undertaking share buybacks, or divesting assets to
reduce debt levels.
The Group’s capital structure is comprised of borrowings and shareholders’ equity. The
Group actively monitors its capital position through the loan to value ratio and adherence
to financial covenants associated with its borrowing facilities. The loan to value ratio is
calculated as borrowings divided by the fair value of investment properties, with a
strategic internal target of maintaining this ratio at or below 40%. The covenants on all
borrowings require a loan to value ratio of no more than 50%, and this was complied with
during the period.
Under the terms of its banking facilities, the Group is subject to a range of financial
covenants, which include, but are not limited to, metrics such as interest cover ratio, loan
to value ratio and sustainability related measures such as a green debt coverage ratios.
These covenant requirements are a core component of the Group’s capital risk
management framework. The Board and management regularly monitor compliance with
all such covenants and submit semi-annually compliance reporting to the Group’s
banking syndicate as required. As at 30 June 2025, $1,025 million in facilities were
subject to covenants (2024: $900 million). The Group has complied with all financial
covenant obligations throughout the reporting period.
The Group also operates a Dividend Reinvestment Scheme (DRS), which enables eligible
shareholders to reinvest their dividends in additional shares of the Group. The Board
retains full discretion over the operation of the DRS, including the ability to suspend the
scheme or apply a discount to the issue price of shares under the DRS.
5.7. Related party transactions
(i) Key management personnel and directors compensation
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Key management personnel
Short-term employee benefits 2,668 1,277
Post-employment benefits 113 78
Share-based payments 323 175
Directors’ fees
1
685 352
Total 3,789 1,882
1. In 2024, there were changes to the composition of the Board of Directors of the Group. Jeremy Simpson
was appointed as an independent director effective from 24 February 2024. Gregory Reidy retired as an
independent director effective from 3 April 2024. Anthony Beverley retired from his role as Chair of the
Board of Directors on 3 April 2024 but remains on the Board as an independent director. Following this
change, Dean Bracewell stepped down from his role as People Committee Chair to take on the role as
Chair of the Board of Directors and David Thomson took on the role of People Committee Chair.
52
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
(ii) Other 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.
ANZ Bank New
Zealand Limited
ANZCarolyn Steele was appointed as an Independent
Non-Executive Director of ANZ on 1 April 2025. ANZ
is a member of the Group’s banking syndicate and
provides lending and other financial services to the
Group.
5.7. Related party transactions (continued)The following transactions with the related party took place:
SHARES HELD
RELATED
PA RT YJUNE 2025JUNE 2024
Shares held beneficially in the company
1
Directors 122,500 240,708
Shares held non-beneficially in the companyDirectors––
1. Gregory Reidy retired on 3 April 2024. In accordance with the Group’s Financial Product Trading Policy,
which applies to retired Directors for six months following retirement, his shareholding was disclosed
as at 30 June 2024. No shareholding was reported as at 30 June 2025, as the six-month post-retirement
requirement has lapsed.
RELATED
PA RT Y
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Valuation fees paid Bayleys 41 22
Valuation fees owing
2
Bayleys– 7
2. Amounts owing as at 30 June 2025 and 30 June 2024 are included in the line item ‘Accounts payable,
accruals and other liabilities’ in the Consolidated Statement of Financial Position.
ALL VALUES IN $000S
RELATED
PA RT YJUNE 2025JUNE 2024
Net interest and other finance costs
incurred
3
ANZ517N/A
Amounts owingANZ (642) N/A
Amounts owedANZ 76 N/A
Bank facilities providedANZ 125,000 N/A
Bank facilities drawnANZ 57,968 N/A
Notional value of interest rate swaps:
Current fixed rate payer swapsANZ 127,500 N/A
Forward starting fixed rate payer swapsANZ 35,000 N/A
Current fixed rate receiver swapsANZ 50,000 N/A
3. Net interest and other finance costs incurred are for the period 1 April 2025 to 30 June 2025
No related party debts have been written off or forgiven during the period (2024: Nil).
53
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.8. Share-based payments
Long-term incentive plan (Equity settled)
PFI operates a long-term incentive plan (LTI Plan) for all members of the key
management personnel in the Group. Under the LTI Plan, Performance Share Rights
(PSRs) are issued to members of the key management personnel which give them the
right to receive ordinary shares in the Group after a 1-3 year period, subject to achieving
the performance hurdles outlined below. These are at-risk payments designed to align the
reward of the key management personnel with the Company’s performance over a
multi-year period. Grants of PSRs and outstanding PSRs at the end of the current or prior
financial period were made on 21 February 2022 (2022 Grant), on 22 August 2023 (2023
Grant), on 6 March 2024 (2024 Grant), and on 26 August 2024 (2025 Grant).
The key terms and conditions related to the PSRs under the LTI Plan are as follows:
• The PSRs are granted for nil consideration and have a nil exercise price.
• The participant must remain an employee of the Group as at the relevant vesting date
for each tranche of PSRs.
• The 2022 Grant under the LTI Plan had three tranches with two separate performance
hurdles applying to each tranche. The three tranches enabled a third of the PSRs to
vest after one year, two years and three years from the commencement date of
1 January 2022. For each tranche:
– 50% of the PSRs are subject to a performance hurdle of the Company’s rolling three
year Funds From Operations (FFO) growth equalling or exceeding the three year CPI
growth to September immediately prior to the vesting date (Part A); and
– 50% of the PSRs are subject to a performance hurdle of the Company’s relative Total
Shareholder Returns (TSR) ranking when compared to the TSRs of a property peer
group (comprising other listed property issuers) over the period from the
commencement date to the vesting date for the relevant tranche (Part B).
• The 2023 Grant, 2024 Grant and 2025 Grant under the LTI Plan have three tranches with
one performance hurdle applying to each tranche. The three tranches enable a third of
the PSRs to vest after one year, two years and three years from the commencement
dates of 1 January 2023, 1 January 2024 and 1 July 2025. 100% of the PSRs are
subject to a performance hurdle of the Company’s relative Total Shareholder Returns
(TSR) ranking when compared to the TSRs of a property peer group (comprising other
listed property issuers) over the period from the commencement date to the vesting
date for the relevant tranche (Part B).
• At vesting, subject to meeting performance hurdles, each PSR is converted to one
ordinary share. The LTI Plan is a dividend protected LTI Plan and the participants will
receive additional shares representing the value of dividends paid over the vesting
period. The participants are liable for tax on the shares received at this point but may
elect to receive a net number of shares on exercise of the PSRs to account for the tax
which is then paid by PFI on the participant’s behalf.
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
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OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
The following table reconciles the opening PSR balance as at 1 July 2024 to the closing PSR balance as at 30 June 2025. Please note that due to the change in the Company’s balance
date to 30 June, there were no shares eligible for vesting in the six-month period to 30 June 2024.
GRANT YEAR
2024 OPENING
(PSRS)
2024 GRANTED
(PSRS)
2024 VESTED
(PSRS)
2024 LAPSED
(PSRS)
2024 CLOSING
/ 2025
OPENING
(PSRS)
2025 GRANTED
(PSRS)
2025 VESTED
(PSRS)
2025 LAPSED
(PSRS)
2025 CLOSING
(PSRS)
2025––––– 143,961 (11,997) (35,990) 95,974
2024–274,338–– 274,338 – (68,585) (22,861) 182,892
2023164,557––– 164,557 – (41,139) (41,138) 82,280
202255,638––– 55,638 – (20,864) (34,774)–
Total220,195274,338–– 494,533 143,961 (142,585) (134,763) 361,146
The PSRs outstanding at 30 June 2025 had a weighted - average contractual life of 1.39 years (30 June 2024: 1.22 years).
The LTI Plan has resulted in a share-based payment reserve totalling $592,000 as at 30 June 2025 (30 June 2024: $570,000).
Fair value measurement of LTI Plan
The fair value of the PSRs have been measured using a Monte Carlo simulation model. Service and non-market performance conditions were not taken into account in measuring fair
value. The TSR performance metric is a market condition and has been factored into the fair value of the PSRs at the grant date. However, the FFO performance metric is a non-market
condition and is not factored into the fair value of the PSRs.
The inputs used in the measurement of the fair values at the grant date were as follows.
PERFORMANCE SHARE RIGHTS
2025 GRANT2024 GRANT2023 GRANT2022 GRANT
PA RT BPA RT BPA RT BPA RT APA RT B
Weighted average fair value at grant date$0.95$1.28$1.38$2.80$1.66
Share price at grant date$2.15$2.23$2.34$2.80$2.80
Expected volatility (weighted-average)14.4%15.4%15.4%N/A11.8%
Expected life (weighted-average)22 months21 months16 months22 months22 months
Risk-free interest rate4.24%5.04%5.67%N/A2.23%
5.8. Share-based payments (continued)
55
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
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DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.8. Share-based payments (continued)
The expected volatility and correlation measures are based on the standard deviation and
correlation of weekly returns of the property peer group, over a two year period
(2024: two year period).
The risk-free rate was based on government bond yields over a period of 1.84 years
(2024: 1.82 years).
Recognition and Measurement
The PSRs are measured at fair value at the grant date and expensed over the period
during which the participant becomes unconditionally entitled to the shares, based on
an estimate of shares that will eventually vest. The corresponding entry of the expense
is equity. The fair value of the PSRs which are vested - and the corresponding shares
which are issued - are transferred from the share-based payment reserve to share
capital on issue of the shares.
Key estimates and assumptions: Long-term incentive plan
It has been assumed that all key management personnel will remain employed with
the Company on each of the vesting dates and that the non-market performance
conditions will be met.
5.9. 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 $000SJUNE 2025JUNE 2024
Right-of-use assets
1
Properties 1,476 1,748
Total right-of-use assets 1,476 1,748
1. 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 during the 2025 financial period
(30 June 2024: Nil).
ALL VALUES IN $000SJUNE 2025JUNE 2024
Lease liabilities
Current
2
275 254
Non-current
3
1,503 1,778
Total lease liabilities 1,778 2,032
2. Included in the line item ‘Accounts payable, accruals and other liabilities’ in the Consolidated Statement
of Financial Position.
3. Included in the line item ‘Lease liabilities’ in the Consolidated Statement of Financial Position.
56
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
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DIRECTORYCALENDARFINANCIAL
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.11. Capital commitments
As at 30 June 2025, the Group had capital commitments totalling $73,768,000
(30 June 2024: $35,975,000) as follows:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Development capital commitments 33,215 33,469
Other capital commitments 40,553 2,506
Total capital commitments 73,768 35,975
Development capital commitments
ALL VALUES IN $000SJUNE 2025JUNE 2024
30-32 Bowden Road Design and build (Green Star)
Land value on commencement 32,500 32,500
Development cost
1
67,914 67,914
Less: spend to date (67,914) (57,676)
Committed costs to complete– 10,238
ALL VALUES IN $000SJUNE 2025JUNE 2024
78 Springs Road - Stage 1 Design 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
78 Springs Road - Stage 2 Design and build (Green Star)
Land value on commencement 17,649 –
Development cost
1
41,796 –
Less: spend to date (8,581) –
Committed costs to complete 33,215 –
Total development capital commitments 33,215 33,469
1. Excluding land value
(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
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Depreciation charge of right-of-use assets
4
Properties (272) (136)
Total depreciation charge of right-of-use assets (272) (136)
4. Included in the line item ‘Administrative expenses’ in the Consolidated Statement of
Comprehensive Income.
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Interest cost
5
(100) (53)
5. Included in the line item ‘Interest expense and bank fees’ in the Consolidated Statement
of Comprehensive Income.
The total cash outflow for leases during the year ended 30 June 2025 was $354,000
(30 June 2024: $174,000).
5.10. 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.
5.9. Leases (continued)
57
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.11. Capital commitments (continued)
Other capital commitments
ALL VALUES IN $000SJUNE 2025JUNE 2024
AddressProject
Spedding Road
1
Land acquisition 38,537–
11C Norris AvenueAcquisition (net of deposit paid)2,016–
212 Cavendish DriveRefurbishment–1,550
12 Zelanian DriveCanopy extension & installation of
solar panels
–956
Total other capital commitments40,5532,506
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 the first quarter of FY26. Following this payment, two
further deferred settlement amounts of 25% each are due 12 and 24 months thereafter.
5.12. Subsequent events
Following the Group’s announcement on 27 June 2025 of an agreement to purchase
the property at 11C Norris Avenue, Hamilton, for a purchase price of $2.24 million,
settlement of this acquisition took place on 22 August 2025.
On 3 July 2025, the Group renewed its Note Purchase and Private Shelf Facility with
Pricoa, reducing the total facility from US$250 million to US$200 million and extending
the expiry from 19 August 2025 to 19 August 2028. To date, NZ$50 million has been
drawn under the facility.
On 5 August 2025, the Group entered into a lease surrender agreement with GrainCorp
Foods NZ Limited (GrainCorp) at 92-98 Harris Street, East Tamaki, effective 11 August
2025. GrainCorp vacated the premises prior to the original lease expiry date of 3
November 2028. A surrender payment of $5,124,982.00 was received. Following the
surrender, the Group has retained the site for development.
On 25 August 2025, the Board of Directors of the Company approved the payment of a
cash dividend of 2.500000 cents per share to be paid on 10 September 2025. The gross
dividend (3.001563 cents per share) carries imputation credits of 0.501563 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 30 June 2025 in respect of this dividend.
58
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

INDEPENDENT AUDITOR’S REPORT
Independent auditor’s report
To the shareholders of Property for Industry Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements)
of Property for Industry Limited (the Company), including its subsidiaries (the Group), present fairly,
in all material respects, the financial position of the Group as at 30 June 2025, its financial
performance, and its cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial
Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group’s financial statements comprise:
● the consolidated statement of financial position as at 30 June 2025;
● the consolidated statement of comprehensive income for the year then ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the financial statements, comprising material accounting policy information and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand)
(ISAs (NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
In our capacity as auditor and assurance practitioner, our firm also provides review, other
assurance services and agreed-upon procedures engaged after year end. Our firm carried out
other assignments in the area of other services relating to the provision of remuneration market
data. 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.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
59
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
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STATEMENTS

INDEPENDENT AUDITOR’S REPORT CONTINUED
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Description of the key audit matterHow our audit addressed the key audit matter
Valuation of investment properties
As disclosed in note 2.1 of the financial statements, the Group’s investment property
portfolio was valued at $2,166.2 million as at 30 June 2025.
The valuation of the Group’s investment property portfolio is inherently subjective due to,
amongst other factors, the individual nature of each property, its location and the expected
future rental income for each property. A small percentage difference in any one of the key
individual assumptions used in the property valuations, when aggregated, could result in a
material misstatement of the overall valuation of investment properties and considering the
significance of investment property to the Group, this is a key audit matter.
The valuations were performed by independent registered valuers (the Valuers).
The Valuers are experienced in the markets in which the Group operates and are rotated
across the portfolio on a three-yearly cycle, with the exception of one property as disclosed
in note 2.1 of the financial statements.
In determining a property’s valuation, the Valuers predominantly used two approaches: the
direct capitalisation approach and the discounted cash flow approach, to arrive at a range of
valuation outcomes, from which the Valuers derive a point estimate. For the property under
development, the residual approach was used.
For each property, the Valuers take into account property specific information such as the
current tenancy agreements and rental income earned by the asset. They then apply
assumptions in relation to market capitalisation rate, net market rental, discount rate, rental
growth rate and terminal capitalisation rate. The residual approach also incorporates
deductions for estimated costs to complete and a profit and risk allowance.
The valuation of investment properties is inherently subjective given that there are assumptions,
estimates and methodologies that may result in a range of values.
We held discussions with management to understand the movements in the Group’s investment
property portfolio; changes in the condition of any property; and the controls in place over the valuation
process.
We also held separate discussions with each of the Valuers to gain an understanding of the assumptions
and estimates used and the valuation methodologies applied, as well as the impact of climate-related
risks on the investment property portfolio.
In assessing the individual valuations, we read the valuation reports for all properties. On a sample
basis, we obtained an understanding of the key inputs in the valuations, agreed contractual rental and
lease terms to lease agreements with tenants, considered whether seismic assessments and/or capital
maintenance requirements had been taken into account in the valuations with reference to supporting
documentation, and that changes in tenant occupancy risks were also incorporated. In addition, where
the residual approach was used, we obtained evidence to support the estimated cost to complete and
assessed the reasonableness of the profit and risk allowance deducted from the ‘as if complete’
valuation.
On a sample basis, we also engaged our own in-house valuation expert to critique and independently
assess the work performed and assumptions used by the Valuers.
We considered whether or not there was a bias in determining significant assumptions in individual
valuations and found no evidence of bias.
We also assessed the Valuers’ qualifications, expertise and objectivity and we found no evidence to
suggest that the objectivity of any Valuer, in their performance of the valuations, was compromised.
We confirmed that the valuation approach for each property was in accordance with relevant accounting
standards and suitable for use in determining the fair value of investment properties at 30 June 2025.
We also considered the appropriateness of disclosures made in the financial statements.
60
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
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INDEPENDENT AUDITOR’S REPORT CONTINUED
Our audit approach
Overview
Overall group materiality: $3.0 million, which represents approximately 5%
of profit before tax excluding fair value movements relating to investment
properties and derivative financial instruments.
We chose this benchmark because, in our view, it is reflective of the metric
against which the performance of the Group is most likely to be measured
by users.
We selected transactions and consolidated balances to audit based on the
overall group materiality rather than determining the scope of procedures to
perform by auditing only specific subsidiaries or the Company.
As reported above, we have one key audit matter, being valuation of
investment properties.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our
audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of
material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall group materiality for the financial statements as a whole as set out above.
These, together with qualitative considerations, helped us to determine the scope of our audit, the
nature, timing and extent of our audit procedures, and to evaluate the effect of misstatements, both
individually and in the aggregate, on the financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the financial statements and our
auditor’s report thereon. Other than the Sustainability and Climate Report which we will receive at a
later date, we have received all the other information expected to be included in the Annual Report.
Our opinion on the financial statements does not cover the other information and we do not and will
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
When we read the Sustainability and Climate Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such
internal control as the Directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern, and
using the going concern basis of accounting unless the Directors either intend to liquidate the Group
or to cease operations, or have no realistic alternative but to do so.
Materiality
Group
Scoping
Key Audit

Matters
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
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INDEPENDENT AUDITOR’S REPORT CONTINUED
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a
whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an
auditor’s 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 audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Samuel
Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers Auckland
25 August 2025
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
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OTHER DISCLOSURES.
04.
The development process
balances the practicalities of a
site, tenant needs, environmental
impact and economic
considerations to deliver value.
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
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DIRECTORYCALENDAROTHER
DISCLOSURES

FIVE YEAR PERFORMANCE SUMMARY
FOR THE YEAR ENDED 30 JUNE 2025
PERIOD ENDED
30 JUNE
2025
1
30 JUNE
2024
1
31 DECEMBER
2023
31 DECEMBER
2022
31 DECEMBER
2021
ALL VALUES IN $M UNLESS OTHERWISE NOTED
Financial performance
Net property income105.647.292.893.392.1
Profit before finance income/(expenses), other gains/(losses) and income tax94.441.182.484.884.6
Fair value (loss)/gain on investment properties and non-current assets classified as held for sale70.7(4.2)(140.8)(56.7)392.5
(Loss)/profit before income tax118.325.5(98.8)(6.5)472.8
Income tax benefit/(expense)(12.3)(4.3)1.0(7.4)(20.0)
(Loss)/profit and total comprehensive income after income tax106.021.2(97.8)(13.9)452.8
Weighted average number of ordinary shares (‘000 shares)502,229502,178502,119504,719503,302
IFRS basic earnings per share (cents per share) 21.11 4.22 (19.48) (2.76)89.97
Distributions
Total comprehensive income after tax106.021.2(97.8)(13.9)452.8
Distribution adjustments(57.8)1.8142.658.5(406.1)
Adjusted Funds From Operations (AFFO)48.223.044.844.646.7
AFFO per share (cents per share)9.594.588.928.839.29
Gross dividends paid relating to the year reported (cents per share)10.324.469.6710.199.99
Net dividends paid relating to the year reported (cents per share)8.604.158.308.107.90
AFFO pay-out ratio (%)91.0%90.7%93.1%91.7%85.1%
1. The results presented are for the 12 month period ended and as at 30 June 2025. The comparative figures for 30 June 2024 reflect a six month period due to the change in balance date, while other comparative
periods ended and as at 31 December represent 12 month periods. Accordingly, the amounts presented may not be directly comparable.
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DISCLOSURES

FIVE YEAR PERFORMANCE SUMMARY CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
Financial position
Investment properties2,166.22,050.51,998.32,096.22,158.9
Goodwill––––29.1
Other assets20.635.665.666.629.0
Total assets2,186.82,086.12,063.92,162.82,217.0
Borrowings703.7673.9647.0601.5598.7
Other liabilities58.952.756.660.955.6
Total liabilities762.6726.6703.6662.4654.3
Total equity1,424.21,359.51,360.31,500.31,562.7
Closing shares on issue (‘000 shares)502,284502,199502,129502,051505,494
Net tangible (excluding goodwill) assets (cents per share)283.6270.7270.9298.8303.4
Gearing (%)32.6%32.9%32.0%28.5%27.7%
Property portfolio metrics
Number of properties (#)9191929497
Number of tenants (#)126126126132136
Contract rent112.399.796.498.295.6
Occupancy (%)99.9%98.6%100.0%100.0%100.0%
Net lettable area including yard (sqm)922,495 904,229 923,511 930,453 940,204
Weighted average lease term (years)5.475.075.065.085.40
Portfolio market capitalisation rate (%)5.7%5.8%5.6%5.0%4.4%
PERIOD AS AT
30 JUNE
2025
30 JUNE
2024
31 DECEMBER
2023
31 DECEMBER
2022
31 DECEMBER
2021
ALL VALUES IN $M UNLESS OTHERWISE NOTED
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COMPANY STRUCTURE AND STATUTORY INFORMATION
Property for Industry Limited (the Company, PFI) is a publicly listed company established
in 1994. As at 30 June 2025, the Board has six Directors, all of whom are independent.
More information on the PFI Board and Management Team is available on the PFI
website at https://www.propertyforindustry.co.nz/about/our-people.
Principal activity
PFI is a listed industrial property investment and management company. PFI has two
subsidiaries, P.F.I. Property No. 1 Limited and P.F.I. Cover Limited (together, the Group).
There has not been any change in the nature of the Company’s or Group’s business in the
year ended 30 June 2025 (FY25), nor in the classes of business in which the Company
has an interest.
Governance
The Board of PFI is committed to the highest standards of business behaviour and
accountability. The Board regularly reviews and assesses the Group’s governance
structures and processes to ensure they are consistent with best practice standards.
As part of the Board’s ongoing monitoring and review of the Group’s governance
framework, the Board has developed a Corporate Governance Manual (the Manual) that
sets out the Group’s corporate governance framework. It incorporates the NZX Listing
Rules relating to corporate governance and the recommendations of the NZX Corporate
Governance Code (the NZX Code), and was last updated in November 2023. The Audit
and Risk Committee Charter was further updated in December 2023 to incorporate
climate-related responsibilities.
A copy of the Manual is available on the PFI website at https://www.propertyforindustry.
co.nz/about/governance/ and includes:
1. Code of Ethics;
2. Board Charter;
3. Audit and Risk Committee Charter;
4. People Committee Charter, which includes the Company’s Remuneration Policy;
5. Continuous Disclosure Policy;
6. Financial Product Trading Policy; and
7. Diversity and Inclusion Policy.
In addition, the Board has adopted a Takeover Response Manual to assist the Directors
and Management with the response to unexpected takeover activity.
Compliance with NZX requirements
PFI considers that it complied with the NZX Code in the year ended 30 June 2025.

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This section sets out PFI’s corporate governance policies, practices and processes by
reference to the NZX Code’s eight key principles and supporting recommendations.
01. ETHICAL STANDARDS
“Directors should set high standards of ethical behaviour, model this behaviour and hold
management accountable for these standards being followed throughout the organisation.”
Code of Ethics
The Board has developed a Code of Ethics that forms part of the Manual. The Code of
Ethics provides a set of expectations for PFI’s Directors, employees and contractors
surrounding their business conduct when representing PFI. The Code of Ethics intends
to facilitate behaviour that is consistent with PFI’s business standards.
PFI monitors compliance with the Code of Ethics through its management processes
as well as through the whistleblowing procedures set out in the Code of Ethics itself.
PFI provides access to a confidential third-party agency for whistleblowing purposes.
All Directors and employees are informed of the content of the Code of Ethics prior to
commencing such roles and undertake training on the Code of Ethics and other related
policies at least every three years or in the year after it is materially amended. Training
on ethical conduct was last provided to employees in June 2025. The Code of Ethics
was last reviewed and approved by PFI’s Board in November 2023, and is next scheduled
to be reviewed in FY26.
Financial Product Trading Policy
PFI is committed to transparency and fairness in financial product dealing. The
requirements for dealing in PFI’s listed securities are contained in its Financial Product
Trading Policy, which forms part of the Manual. The policy’s main purpose is to ensure
no Director, employee or internal contractor uses their position or knowledge of PFI or
its business to engage in financial product dealing for personal benefit, or to provide
a benefit to any third party.
The Financial Product Trading Policy applies to Directors, employees and internal
contractors of PFI and its subsidiaries, and trusts and companies controlled by those
persons (Restricted Persons).
The key points of the policy are:
• a prohibition on “insider trading”, meaning persons who hold non-publicly available
price-sensitive information must not pass on that information, nor acquire or dispose
of PFI’s quoted financial products at any time while in possession of that information;
• Restricted Persons must obtain consent to trade PFI quoted financial products at
any time; and
• no trading is permitted by Restricted Persons during “blackout periods” from the
balance date and the half-year balance date until the day following the release of
the relevant results to NZX.
NZX CODE: KEY PRINCIPLES
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02. BOARD COMPOSITION & PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills,
knowledge, experience and perspectives.”
Board Charter
The Board has developed a charter that sets out its authority, duties and responsibilities.
The Board, through a set of formal policies and procedures:
• establishes a clear framework for oversight and management of PFI’s operations and
for defining the respective roles and responsibilities of the Board and Management;
• structures itself to be effective in discharging its responsibilities and duties;
• sets standards of behaviour expected of the Company’s employees
and representatives;
• safeguards the integrity of the Company’s financial reporting;
• ensures timely and balanced disclosure;
• respects and facilitates the rights of shareholders;
• recognises and manages risk;
• encourages Board and management effectiveness;
• ensures remuneration of Directors, employees and contractors is fair and reasonable;
• recognises the legitimate interests of all stakeholders (including expectations around
environmental, social and governance (ESG) and sustainability); and
• promotes a corporate culture which embraces inclusion and diversity.
The Board’s primary focus is on the creation of long-term shareholder value and ensuring
PFI operates in accordance with appropriate management and corporate governance
practices. The Board has an obligation to protect and enhance the value of the assets
of PFI for the benefit of PFI and its shareholders. It achieves this through approval of
appropriate corporate strategies, business plans and budgets, and monitoring actual
results against the Company’s strategic objectives.
PFI’s Board has a particular focus on capital structure, capital expenditure, acquisition
and divestment proposals, performance against PFI’s sustainability strategy (including
climate-related issues), and ensuring effective audit, risk and compliance procedures are
in place to protect PFI’s assets and ensure integrity of reporting. The Board is also
responsible for approving PFI’s Corporate Governance Manual and maintaining corporate
and Board values to ensure PFI acts to the highest ethical standards and integrity.
The Board delegates implementation of the adopted corporate strategies to the
Management Team and reviews the performance of the Management Team on a
regular basis.
Board Composition
The Company’s constitution requires the Company to comply with the minimum board
composition requirements under the NZX Listing Rules (being at least three directors).
As at 30 June 2025, there were six Directors, all of whom are independent. The NZX
Listing Rules require at least two Independent Directors, and consistent with
Recommendation 2.8 in the NZX Code, it is the Company’s policy that there should
always be a majority of Independent Directors. All Directors are ordinarily resident
in New Zealand.
The Directors of the Company who held office during the 12 months to 30 June 2025,
their status, date of appointment and Board meeting attendances follows:
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DIRECTOR STATUS
DATE OF
APPOINT-
MENT
LAST
RE-
ELECTED
DATE
CEASED
TO BE A
DIRECTOR
MEETINGS
ATTENDED
(NINE
MEETINGS)
Dean
Bracewell
Independent Director
Board Chair
29
November
2019
29 March
2023
N/A9
Anthony
Beverley
Independent Director 2 July
2001
29 March
2023
N/A
1
8
Angela BullIndependent Director20
February
2023
29 March
2023
N/A9
Carolyn
Steele
Independent Director
Audit and Risk
Committee Chair
22 August
2022
29 March
2023
N/A9
David
Thomson
Independent Director
People Committee
Chair
12
February
2018
3 April
2024
N/A9
Jeremy
Simpson
Independent Director27
February
2024
3 April
2024
N/A9
The Board undertakes an annual review of its performance as a whole as well as the
performance of individual Directors and each committee.
The PFI Board is continuing to progress its succession planning, and notes that any
change in Board composition needs to be balanced with ensuring that necessary skills,
experience and depth of understanding are retained on the Board, particularly when
facing economic uncertainty. As with existing Directors, future appointees will be
expected to provide an appropriate governance skillset in addition to their specific skills.
Subsidiary Companies – Directors
All current Directors of the Company are also Directors of P.F.I. Property No.1 Limited
(incorporated in New Zealand).
As at 30 June 2025, Simon Woodhams, Craig Peirce, and Fronzuance Tiseli were
Directors of P.F.I. Cover Limited (incorporated in the Cook Islands).
1. Anthony Beverley will retire from the PFI Board effective from the close of PFI’s Annual Meeting on
21 October 2025.
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Director Skills and Experience
A profile of each Director outlining their skills, experience and length of service can be
found on the PFI website at https://www.propertyforindustry.co.nz/about/our-people.
The Board strives to ensure that PFI has the right mix of skills and experience for PFI to
achieve its strategic goals. PFI believes assessing the level of skills and experience
collectively, rather than on an individual basis, is the most appropriate means to
demonstrate Board effectiveness and ensure alignment with the needs of the business.
The skills and experience represented on the Board as at 30 June 2025, are summarised
in the diagram below:
Skill
Governance
Property
Capital Markets
Executive Leadership
Financial
Health and Safety
Legal
Sustainability, ESG and climate change
Technology
Key:
Strong skills or experience
Some skills or experience
Limited skills or experience
Directors are encouraged to undertake continuing education to develop and maintain
their skills and knowledge. Outside of the Directors’ individual professional development
activities in FY25, PFI facilitated Board training on capital markets (led by Chapman
Tripp) and health and safety (led by Findex).
Carolyn Steele, who joined PFI’s Board in August 2022 and is Chair of the Audit and Risk
Committee, is considered to be a financial expert on that Committee. Carolyn has a
background in investment management, capital markets and mergers and acquisitions,
having spent six years as a portfolio manager at the Guardians of New Zealand
Superannuation, and a further ten years prior to that in investment banking at Forsyth
Barr and First NZ Capital / Credit Suisse. Carolyn is also Audit Committee Chair for
ANZ Bank New Zealand, and Audit and Risk Committee Chair for Green Cross Health
1

and Vulcan Steel. PFI’s Board and Management consider that Carolyn has a strong
financial background for the purposes of Listing Rule 2.13.2(d).
Jeremy Simpson, who joined PFI’s Board as an Independent Director in February 2024
and is a member of the Audit and Risk Committee, is also considered to be a financial
expert on that Committee. Jeremy is a Chartered Financial Analyst (CFA) and for around
10 years was a Director of the Chartered Financial Analyst Society of NZ. Jeremy has
had a career of over 30 years in financial markets in New Zealand and Australia, including
27 years as an equity analyst culminating with a Senior Equity Analyst / Director role at
Forsyth Barr from 2002 to 2021. PFI’s Board and Management consider that Jeremy has
a strong financial background for the purposes of Listing Rule 2.13.2(d).
Director Independence
Director independence is determined in accordance with the requirements of the
NZX Listing Rules. The Board has determined that, as at 30 June 2025, all Directors
of the Company were independent: Anthony Beverley, Angela Bull, Carolyn Steele,
David Thomson, Dean Bracewell, and Jeremy Simpson. This assessment considered
a range of factors, including those described in Table 2.4 of the NZX Code, that may
impact director independence.
Anthony Beverley has served on the Board of PFI for 24 years and had been Chair of the
Board for five years until stepping down from that role on 3 April 2024. When assessing
independence, the Board considered the effect of Anthony Beverley’s length of tenure,
and has concluded that his length of tenure has not in practice impaired his ability
to bring an independent view to decisions in relation to the Company, act in the best
interests of the Company, and represent the interests of the Company’s financial product
holders generally, having regard to, amongst other things, the other factors described in
the NZX Code that may impact Director independence. PFI notes that Anthony will retire
1. On 31 July 2025, Green Cross Health Limited announced the retirement of Carolyn Steele as a director
of that company.
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from his position as a Director on the PFI Board effective from the close of PFI’s Annual
Meeting on 21 October 2025.
On 1 April 2025, Carolyn Steele was appointed as a director of ANZ Bank New Zealand
Limited (ANZ Bank). ANZ Bank, along with its direct and indirect wholly owned
subsidiaries, ANZ New Zealand Investments Limited (ANZ Investments) and ANZ
Custodial Services Limited (ANZCS) (collectively, the ANZ Entities) are shareholders
in PFI.
The ANZ Entities were collectively, a substantial product holder (SPH) of PFI’s shares
(holding 6.253% at 29 September 2024, being the date of their last public disclosure,
prior to Carolyn Steele’s appointment as a director of ANZ Bank).
On 23 May 2025, the ANZ Entities publicly disclosed that they were collectively no longer
a SPH of PFI’s shares (holding 4.987% at that date). Accordingly, the applicable factor set
out in Table 2.4 of the NZX Code did not apply after 23 May 2025.
When assessing Carolyn Steele’s independence at the time that she was appointed as a
director of ANZ Bank (and before the ANZ Entities ceased to be collectively a SPH of PFI),
the Board considered the structuring arrangements of the ANZ Group, including that ANZ
Investments (of which Carolyn is not a director) held the PFI shares on behalf of various
investors in its managed funds, rather than for its own benefit. The PFI Board determined
that in practice, Carolyn’s appointment as a director of ANZ Bank, would not impair her
ability to bring an independent view to decisions in relation to the Company, act in the
best interests of the Company, and represent the interests of the Company’s financial
product holders generally, having regard to, amongst other things, the other factors
described in the NZX Code that may impact Director independence.
Details of Directors’ relevant interests in the Company’s financial products as at 30 June
2025 can be found in the section entitled Principle Four: Reporting and Disclosure.
Under the Board Charter (described in further detail above) the Chief Executive Officer
(CEO) of PFI is not eligible to be appointed as the Chair of the Board.
PFI’s Chair, Dean Bracewell is an Independent Director, having regard to the factors set
out in the NZX Corporate Governance Code. Dean Bracewell is independent of the
Company’s CEO, Simon Woodhams.
Director Appointments
In compliance with Listing Rule 2.7.1, each Director must not hold office without re-
election past the third annual meeting following the Director’s appointment or three years,
whichever is longer. Any Director appointed by the Board must not hold office (without
re-election) past the next annual meeting following the Director’s appointment.
Where a Board vacancy arises or the Board otherwise determines a need to appoint a
new Director, it is the responsibility of the People Committee to identify and nominate
external candidates to fill Board vacancies as and when they arise (see Principle Three
below for further information). PFI enters into a formal written agreement with all new
Directors, which establishes the terms of their appointment.
Diversity and Inclusion
The breakdown of the gender composition of PFI’s Directors and Officers as at the end of
the previous two financial years is as follows:
FINANCIAL
YEAR
MALEFEMALEGENDER DIVERSE
DIRECTORSOFFICERSDIRECTORSOFFICERSDIRECTORSOFFICERS
FY25432100
FP24432000
The Board recognises that fostering a diverse and inclusive work environment plays an
important role in supporting the long-term sustainability of PFI. At PFI, diversity means
recognising and valuing the many ways that we are different. This includes differences
that relate to gender, age, culture, ethnicity, disability, religion, and sexual orientation, as
well as differences in background, skills, perspective, and experiences.
The Board has established a Diversity and Inclusion Policy in accordance with the NZX
Code. The PFI Board believes that an inclusive work environment where everyone is
treated equitably and fairly and is supported to be successful in their roles is essential for
it to be able to deliver its strategic objectives and continue to meet its responsibilities to
its customers, its employees, the communities in which it works, and its shareholders.
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The Board has set the following Diversity and Inclusion targets:
• Board Gender Diversity: to maintain a Board comprised of not less than 30% of its
Directors being male, and not less than 30% of its Directors being female; and
• Staff Engagement: to maintain a staff engagement score in the annual staff survey
in excess of 75%, with a particular focus on the “Personal Expression & Diversity”
sub-category.
The Board Gender Diversity target was achieved in FY25. The Staff Engagement target
was not measured in FY25 but is scheduled to be measured in FY26.
The Board considers that it, in conjunction with the Management Team, has fostered
a work environment where diversity and inclusion, together with different skills, abilities
and experiences, is recognised and valued, and employees are treated equitably and
fairly in order that talented people who will contribute to the achievement of our
strategic objectives are attracted to work for PFI and are able to be retained.
The Board is committed to ensuring diversity in the composition of both the Board
and Management Team. It is important to note that PFI has a small team comprising
24 permanent and dedicated team members and that 13 of these team members are
female (FP24: 11 out of 22).
03. BOARD COMMITTEES
“The Board should use committees where this will enhance its effectiveness in key areas,
while still retaining Board responsibility.”
Audit and Risk Committee
The Board has established an Audit and Risk Committee in accordance with the NZX
Code. The Board has approved a written charter that outlines the Committee’s authority,
duties, responsibilities, relationship with the Board and a policy on audit independence.
The Committee develops and monitors procedures to ensure the Board is properly and
regularly informed and updated on corporate finance matters. The Committee also
oversees the preparation of PFI’s climate-related disclosures. The Board is required to
regularly review the performance of the Audit and Risk Committee and undertakes a
review annually of its objectives and activities.
The Audit and Risk Committee’s functions include:
• recommending the appointment and removal of external auditors (see Principle Seven:
Auditors for further detail), and the engagement of climate-related disclosure
assurance professionals;
• reviewing PFI’s financial reporting documents with a view to ensuring PFI maintains
accurate financial and accounting records;
• reviewing PFI’s climate-related disclosures with a view to ensuring PFI maintains
appropriate climate-related disclosure records; and
• reviewing earnings releases and financial reports.
In addition to the Committee’s audit and financial reporting related functions, it is also
responsible for providing a view on PFI’s business, financial and climate-related risk
management processes, including the adequacy of the overall control environment,
independence from management and controls in selected areas representing significant
risk. The Committee is responsible for monitoring climate-related risks and ensuring
these are integrated into PFI’s risk management processes.
The Audit and Risk Committee generally meets five times a year, and at least twice a year
(or more frequently if required) with the Group’s auditor to review the outcome of the
interim review (31 December) and annual audit (30 June). Employees only attend Audit
and Risk Committee meetings at the invitation of the Committee.
The Audit and Risk Committee must have a minimum of three Directors as members and
the majority must be Independent Directors. No executive may be a member of the Audit
and Risk Committee. The Chair of the Board is not eligible to be Chair of the Audit and
Risk Committee.
At 30 June 2025, the members of the Audit and Risk Committee were Carolyn Steele
(Chair of the Audit and Risk Committee), Anthony Beverley and Jeremy Simpson. David
Thomson was a member of the Committee until stepping down as a Committee member
on 1 August 2024. David Thomson attended one meeting of the Committee held during
FY25. Jeremy Simpson joined the Committee on 1 August 2024 and attended all six
meetings of the Committee held during FY25, including one meeting as a guest attendee.
Carolyn Steele and Anthony Beverley were members of the Committee at all times during
FY25. Carolyn Steele attended all six meetings, and Anthony Beverley attended five
meetings of the Committee, held during FY25.
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People Committee
The Board has also established a People Committee in accordance with the NZX Code.
The Board has approved a written charter to assist the Committee to fulfil this purpose,
which outlines the Committee’s authority, duties, responsibilities and relationship with
the Board. The Board is required to regularly review the performance of the People
Committee and undertakes a review annually of its objectives and activities.
The People Committee’s role includes identifying and recommending individuals
for nomination to be members of the Board and its committees, regularly reviewing
composition and successions plans and, where appropriate, recommending changes to
the composition of the Board to ensure PFI maintains the right composition of Directors
to effectively govern the business. The Committee is also responsible for assisting the
Board with performance reviews, assessing independence of PFI’s Directors, and
overseeing the remuneration policy (for further information on remuneration, see
Principle Five: Remuneration).
When nominating candidates, the Committee considers a range of factors as well as the
perceived needs of the Board at the time. Some of these factors include qualifications,
experience, diversity, and the ability to exercise an independent perspective and informed
judgment on matters that come before the Board. While the Committee has the authority
to obtain legal or other independent professional advice, it may only nominate a person
to be a Director of PFI with approval of the Board.
The People Committee must comprise at least two members, each of whom must be
Independent Directors. At 30 June 2025, the members of the People Committee were
David Thomson (Chair of the People Committee), Angela Bull and Dean Bracewell. David
Thomson, Angela Bull and Dean Bracewell were members of the People Committee at all
times during FY25. All members of the People Committee during FY25 were Independent
Directors. All members of the Committee attended the four meetings of the Committee
held during FY25.
Other Committees
The Board does not consider that any additional Board standing committees need to be
established at this stage.
04. REPORTING & DISCLOSURE
“The Board should demand integrity in non-financial reporting, and in the timeliness and
balance of corporate disclosures.”
Continuous Disclosure Policy
PFI is committed to its obligation to inform shareholders and market participants of
all material information that might affect the price of its quoted financial products in
accordance with the NZX Listing Rules and the Financial Markets Conduct Act 2013
(FMC Act). Accordingly, the Board has adopted a Continuous Disclosure Policy which
applies to the Group, and the Directors and all relevant employees of PFI. The Board
appointed the Chief Finance and Operating Officer to act as the Group Disclosure Officer.
The Group Disclosure Officer is responsible for ensuring policy compliance and for
investigating any alleged breaches.
Corporate Governance Documents
PFI’s Board and committee charters, annual and interim reports, company
announcements, policies (as recommended in the NZX Code) and other investor-related
material are available on PFI’s website.
Financial Reporting
PFI is committed to upholding high standards of financial reporting. Oversight of the
Company’s financial reporting is applied through the Audit and Risk Committee.
Non-Financial Disclosure
PFI is committed to upholding high standards of non-financial disclosure, including
reporting on environmental, social sustainability and governance factors and practices.
You can find more information on PFI’s approach to sustainability in PFI’s FY25
Sustainability and Climate Report (which will contain PFI’s FY25 Climate-related
Disclosures) (see below).
More information about PFI’s approach to risk management, including health and safety
risks, is set out in the section entitled Principle Six: Risk Management.
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Climate-related Disclosures
PFI is a climate-reporting entity under the FMC Act. The Group will publish its Climate-
related Disclosures for FY25 in compliance with the Aotearoa New Zealand Climate
Standards issued by the External Reporting Board (XRB) as is required by the FMC Act.
The Group’s Climate-related Disclosures for the year ended 30 June 2025 will be
accessible on PFI’s website by 30 October 2025 via https://www.propertyforindustry.co.
nz/sustainability/.
1
Directors’ Relevant Interests
Set out in the table below are disclosures made by Directors in respect of changes in
shareholdings in PFI during FY25 for the purposes of section 148(2) of the Companies
Act 1993:
NAME OF
DIRECTOR
DATE OF
TRANSACTION
NATURE OF
TRANSAC-
TION
NUMBER AND
CLASS OF
SHARES
NATURE OF
INTEREST
CONSIDERA-
TION PAID OR
RECEIVED
Angela Bull26
September
2024
Acquisition
of shares
on-market
10,000Legal and
Beneficial
Owner
$21,950
Carolyn
Steele
27 February
2025
Acquisition
of shares
on-market
12,500Legal and
Beneficial
Owner
$26,812
Jeremy
Simpson
27 February
2025
Acquisition
of shares
on-market
15,000Beneficial
Owner
$32,175
1. As per clause 7 of the Financial Markets Conduct (Requirement to Include Climate Statements in
Annual Report) Exemption Notice 2023.
Details of Directors’ relevant interests in the Company’s financial products as at 30 June
2025 are as follows:
DIRECTORNUMBER AND TYPE OF QUOTED FINANCIAL PRODUCTS
Dean Bracewell40,000 ordinary shares
Angela Bull10,000 ordinary shares
Carolyn Steele12,500 ordinary shares
Jeremy Simpson60,000 ordinary shares
No Director had a relevant interest in the Company’s bonds as at 30 June 2025.
05. REMUNERATION
“The remuneration of Directors and executives should be transparent, fair and reasonable.”
PFI is pleased to present its remuneration report for FY25. This report addresses the
remuneration of PFI’s Directors and Senior Leadership Team, with a particular focus on
the remuneration outcomes for PFI’s Chief Executive Officer in respect of FY25. PFI has
used the structure of the NZX Remuneration Reporting Template for Listed Issuers as the
base for this remuneration report.
The members of PFI’s Senior Leadership Team during FY25 were Simon Woodhams
(Chief Executive Officer), Craig Peirce (Chief Finance and Operating Officer), Ewan
Cameron (Portfolio Manager) and Sarah Beale (Head of Sustainability and Operations).
Brendan Wright (General Counsel & Company Secretary) was appointed to the Senior
Leadership Team with effect from 1 July 2025 and accordingly, this remuneration
report excludes his remuneration arrangements.
The Directors of the Company who held office during FY25 and their independence
status can be found on page 69.
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Remuneration governance
Remuneration governance framework
PFI’s remuneration governance framework is overseen by the People Committee on
behalf of the Board. The purpose of the People Committee is to assist the Board to
oversee Director and Senior Leadership Team appointment and remuneration policies
and practices, Senior Leadership Team performance and development, and
succession planning.
Throughout the later stages of 2023 and early 2024, a review of the Group’s employee
remuneration framework was undertaken to ensure it remains appropriate and
supports the delivery of our strategy, whilst rewarding employees fairly and in line
with investor expectations. A revised framework was put in place during the previous
financial period and the People Committee is of the view that the revised framework
supports the strategic priorities of the business.
PFI last reviewed its Remuneration Policy in November 2023, a copy of which is
available on the Company’s website, together with the People Committee’s Charter,
at: https://www.propertyforindustry.co.nz/about/governance.
PFI’s People Committee
The People Committee’s role is set out in the People Committee’s Charter. With regards
to PFI’s remuneration governance, the People Committee is responsible for establishing
remuneration policies and practices, reviewing and recommending to the Board the
remuneration of PFI’s Senior Leadership Team and Directors and providing oversight
of the remuneration of PFI’s wider team of employees.
Management attends People Committee meetings by invitation of the People Committee.
Further details on the composition of the People Committee can be found on page 73.
Senior leadership team remuneration policy
Remuneration principles
The People Committee and Board support a remuneration strategy that is aligned to
our investors’ interests and encourages the achievement of our strategic objectives
and demonstration of our purpose. The remuneration of the Senior Leadership Team
is designed to attract and retain the most talented and effective individuals whilst
ensuring appropriate alignment with employee and shareholder interests.
Packages include fixed remuneration, together with a short-term incentive (STI) and
a long-term incentive (LTI) (together, Total Target Remuneration). Both the STI and
LTI are at risk remuneration because the outcome is determined by performance
against a combination of pre-determined financial and non-financial objectives.
Fixed remuneration
Fixed remuneration consists of a package of base salary and standard employment
associated benefits. This is benchmarked annually against property sector remuneration
data and periodically against a group of companies that are comparable to PFI in terms
of activity, portfolio size, market capitalisation and other relevant entity characteristics.
This enables us to track actual market remuneration levels for entities that offer a similar
risk profile and investment portfolio performance opportunities.
Short Term Incentive (STI)
STI awards are set as a fixed amount which reflects between 14% and 24% (prior period:
between 14% and 24%) of Total Target Remuneration. The STI earned may be between
0% and 100% of the amount awarded based on the People Committee’s assessment of
performance and subject to the Board’s approval. Any STI earned is paid in cash.
For the STI, participants’ performance against an agreed set of financial and non-financial
metrics is monitored on an ongoing basis throughout the financial year by the
People Committee.
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Long Term Incentive (LTI)
LTIs are at-risk payments designed to align the reward of members of the Senior
Leadership Team with changes in shareholder value over a multi-year period.
The current LTI plan commenced in the year ended 31 December 2019, and is a dividend
protected Performance Share Rights (PSR) plan (LTI Plan). Under the LTI Plan, PSRs are
issued to members of the Senior Leadership Team which gives them the right to receive
ordinary shares in the Company after a 1-3 year period, subject to achieving certain
performance hurdles. For the FY23 Grant and all subsequent grants, the LTI Plan has
changed to include a single performance hurdle, being a relative TSR performance hurdle.
A detailed description of the performance hurdles applied under the LTI Plan can be
found on pages 78-79. The value of PSRs awarded to participants in the LTI Plan is set
at a fixed amount which reflects between 12% and 21% (prior period: between 12% and
21%) of Total Target Remuneration. The number of PSRs issued under each grant is then
determined based on the market value of PFI’s shares using a volume weighted average
price over the 20 trading days up to and including the commencement date of the grant.
As at the date of this report, all members of the current Senior Leadership Team are
participants in the LTI Plan, and these are the only individuals participating in the LTI Plan.
FY25 Remuneration Process
Senior Leadership Team
The People Committee recommended, and the Board approved, the Senior Leadership
Team’s FY25 remuneration.
Following the preparation of the results for FY25, the People Committee reviewed the
Senior Leadership Team’s performance for the year against the STI and LTI Plans’ terms
and conditions. Disclosure of the STI and LTI targets set for the Chief Executive Officer,
as well as the actual performance against them, is included in this remuneration report.
Payment of the STI earned in FP24 was made on 26 August 2024. STI payments for
FY25 will be made in August 2025 after the release of the FY25 annual results.
The STI and LTI Plans offer the Board discretion with regard to outcomes. In relation
to the STI Plan, the Board considered that remuneration outcomes were appropriate and
as such, determined that no discretion would be applied. In relation to the LTI Plan, the
Board exercised its discretion by excluding Asset Plus Limited from the property peer
group used for assessing the performance hurdles under the LTI Plan. Further details
are set out on page 81.
Team members excluding the Senior Leadership Team
The Senior Leadership Team set team members’ (excluding the Senior Leadership Team)
FY25 remuneration, and this was approved by the People Committee and Board via the
annual budgeting process.
External advice
PFI engages external consultants to provide market data and benchmarks in regard to
employment packages and pay practices. In respect of FY25 remuneration, the following
external consultants were engaged:
• PricewaterhouseCoopers provided market remuneration data that was taken into
account when setting FY25 remuneration for the Senior Leadership Team;
• KPMG were engaged to provide consulting advice on the LTI Plan; and
• Strategic Pay were engaged to provide benchmarking on remuneration for team
members (excluding the Senior Leadership Team).
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Key Performance Summary
PFI’s material and objective key performance indicators relevant to the Senior Leadership Team’s STI and LTI Plans over the past five financial periods (six LTI Plan test periods) are as follows:
FYE25INTERIM FY25
(4)
FP24 FYE23 FYE22FYE21
Occupancy99.9%N/A98.6%100.0%100.0%100.0%
Weighted Average Lease Term5.47 yearsN/A5.07 years5.06 years5.08 years5.40 years
FFO
(1)
10.59 cps9.87 cps5.03 cps10.03 cps10.21 cps11.07 cps
One year TSR
(2)
(%)4%1%N/A
(5)
-2%-17%4%
Two year TSR
(2)
(%)N/A
(3)
-1%N/A
(5)
-19%-14%30%
Three year TSR
(2)
(%)N/A
(3)
-18%N/A
(5)
-15%7%83%
CEO Remuneration Arrangements & Outcomes
CEO Remuneration Arrangements
Alignment between the interests of shareholders, delivery on PFI’s strategy, and performance is at
the heart of the Company’s remuneration framework for the Chief Executive Officer. The Chief
Executive Officer’s Total Target Remuneration includes 45% (prior period: 45%) at risk remuneration
comprising STI and LTI awards. The STI awards take account of performance against annual
targets and the LTI awards take account of performance based metrics across multiple years. The
Chief Executive Officer’s remuneration is benchmarked and reviewed annually by the People
Committee and approved by the Board. In summary, the components of the Chief Executive
Officer’s remuneration are as follows:
(1) Funds From Operations (FFO) is 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. Please refer to the relevant period’s annual results
announcement, released to the NZX, for more detail as to how this measure was calculated.
Please note that FFO for FP24 was for a six-month period ended 30 June 2024.
(2) Total Shareholder Return (TSR) is calculated as the total return received by investors from the
change in the market value of a PFI share (using a volume weighted average price over the
20 trading days prior to the beginning and end of the financial year) and the receipt of cash
dividends and other distributions paid in respect of a PFI share over the financial year or the
two or three financial year period as applicable. TSR is only shown for those periods where a
grant under the LTI Plan was due to vest, where no grant was due to vest, N/A has been entered.
(3) Whilst the LTI Plan was in operation during FYE25, the two and three year TSR portions of
the LTI Plan for that grant had not yet been completed and were therefore not due to vest.
Accordingly, N/A has been entered for the two and three year TSR in FY25.
(4) A vesting of the LTI Plan was due immediately following 31 December 2024 (shown as Interim
FY25 in the table). No STI Plan payments were due at that time. Accordingly, entries have been
made for FFO, one, two and three year TSR in Interim FY25, and N/A has been entered for the
occupancy and weighted average lease term in Interim FY25. Please note that the FFO metric
represents the combination of FP24 with the first half of FY25.
(5) Whilst the LTI Plan was in operation during FP24, no portion of the LTI Plan was due to vest.
Accordingly, N/A has been entered for the one, two and three year TSR in FP24. The next
vesting of the LTI Plan was in relation to the year ended 31 December 2024, noted as Interim
FY25 in the table.
CASHEQUITY
Fixed remunerationShort Term IncentiveLong Term Incentive
Reviewed annuallySet annuallyGrants made annually covering
1, 2 and 3 year periods
Fixed Remuneration
The fixed remuneration paid to the Chief Executive Officer (including any standard employment-
associated benefits) during the 12-month period to 30 June 2025 was $780,202.
There is no commitment to making a severance payment and no sign-on benefits or
compensation for loss of previous benefits from a previous employer, were payable to the Chief
Executive Officer upon his appointment.
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Short Term Incentive (STI)
The Chief Executive Officer’s STI award is set as a fixed amount which reflects
approximately 24% (prior period: 24%) of Total Target Remuneration. The STI earned
may be between 0% and 100% of the amount awarded based on the People Committee’s
assessment of performance and subject to the Board’s approval.
For the STI, the Chief Executive Officer’s performance against an agreed set of financial
and non-financial metrics is monitored on an ongoing basis throughout the financial
year by the People Committee. The Chief Executive Officer’s STI is assessed against
achievement of these annual targets which are aligned to the delivery of PFI’s key
strategic and operational objectives.
The STI payments are at risk payments and subject to assessment of performance.
STI payments are reviewed by the People Committee and recommended for approval
by the Board. In FY25 and FP24, the People Committee recommended, and the Board
approved, the payment of 100% of the potential STI payable to the Chief Executive Officer.
The Chief Executive Officer’s key performance indicators for the FY25 STI award are
outlined below:
MEASUREWEIGHTINGDESCRIPTION
Leadership5%Health and safety related targets.
Strategy 15%Strategy implementation and divestment related targets.
Portfolio &
Operations
15%Maintenance of key portfolio statistics, including
Occupancy and Weighted Average Lease Term (WALT),
adherence to delivery targets for key projects.
Sustainability10%Sustainability-related targets.
Earnings45%Achievement of budgeted earnings outcome.
Financial10%Liquidity and debtor days related targets.
Long Term Incentive (LTI)
The value of the PSRs awarded to the Chief Executive Officer under each LTI Plan grant is
set at a fixed amount which since inception, has represented between 18% and 21% of
the Chief Executive Officer’s Total Target Remuneration.
Grants of PSRs under PFI’s LTI Plan with vesting dates on or after 30 June 2025 were
made on 22 August 2023 (FY23 Grant), 6 March 2024 (FY24 Grant) and 26 August 2024
(FY25 Grant)
1
.
In addition, the grant of PSRs made on 21 February 2022 (the FY22 Grant) was tested
during the reporting period.
The key terms and conditions related to the PSRs under the LTI Plan are as follows:
• The PSRs are granted for nil consideration and have a nil exercise price.
• The participant must remain an employee of the Group as at the relevant vesting date
for each tranche of PSRs.
• The FY22 Grant had three tranches with two separate performance hurdles applying
to each tranche. The three tranches enabled a third of the PSRs to vest after one
year, two years and three years from the commencement date for those grants of
1 January 2022. For each tranche:
– 50% of the PSRs were subject to a performance hurdle of the Company’s rolling
three year FFO growth equalling or exceeding the three year CPI growth to
September immediately prior to the vesting date; and
– 50% of the PSRs were subject to a performance hurdle of the Company’s relative TSR
ranking when compared to the TSRs of a property peer group (comprising other
listed property issuers) over the period from the commencement date to the vesting
date for the relevant tranche.
• For the FY23 Grant, FY24 Grant and FY25 Grant, there are three tranches with one
performance hurdle applying to each tranche. The three tranches enable a third of the
PSRs to vest after one year, two years and three years from the commencement dates
of those grants of 1 January 2023, 1 January 2024 and 1 July 2024. 100% of the PSRs
are subject to a performance hurdle of the Company’s relative TSR ranking when
compared to the TSRs of a property peer group (comprising other listed property
issuers) over the period from the commencement date to the vesting date for the
relevant tranche. Note that in respect of the FY23 and FY24 Grants, PFI does not intend
to change the vesting dates for these grants despite the change in the Company’s
balance date from 31 December to 30 June.
1. Please note that the FY24 Grant is for the period 1 January 2024 to 31 December 2024. This is different
to FP24, which covers the period 1 January 2024 to 30 June 2024.
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• TSR is measured as the change in the value of an ordinary share from the
commencement date to the vesting date for the relevant tranche of a grant (using a
volume weighted average price over the 20 trading days prior to the commencement
date and the vesting date) together with dividends or other distributions paid during
the relevant measurement period.
• The TSR performance hurdle requires that PFI’s TSR for the vesting period must rank
equal or greater to 6th place against a property peer group. The members of the
property peer group are Asset Plus Limited
1
, Argosy Property Limited, Goodman
Property Trust, Investore Property Limited, Kiwi Property Group Limited, Precinct
Properties New Zealand Limited & Precinct Properties Investments Limited (stapled),
Property for Industry Limited, Stride Property Limited & Stride Investment Management
Limited (stapled) and Vital Healthcare Property Trust.
• The LTI Plan uses a progressive vesting scale for determining the percentage of PSRs
that become eligible for vesting. The percentage of PSRs under the FY22 Grant that
became eligible for vesting during the reporting period were determined as follows:
% OF PSRS UNDER
THE GRANT ELIGIBLE
FOR VESTING
THREE YEAR ROLLING FFO GROWTH
EQUALS OR EXCEEDS
PFI’S TSR PLACING EQUALS OR
EXCEEDS THE TSR IN THE
PROPERTY PEER GROUP PLACED
12.5%–6th
25%Three year rolling CPI growth5th
37.5%Three year rolling CPI growth
by 12.5 basis points
4th
50%Three year rolling CPI growth
by 25 basis points
3rd
• The percentage of PSRs under the FY23 Grant, FY24 Grant and FY25 Grant that
become eligible for vesting is determined as follows:
% OF PSRS UNDER THE GRANT ELIGIBLE
FOR VESTING
PFI’S TSR PLACING EQUALS OR EXCEEDS THE
TSR IN THE PROPERTY PEER GROUP PLACED
25%6th
50%5th
75%4th
100%3rd
• On the vesting date, subject to achieving performance hurdles, each PSR entitles the
Chief Executive Officer to one ordinary share. The LTI Plan is a dividend protected LTI
Plan and the Chief Executive Officer will receive additional shares representing the
value of dividends paid over the vesting period. The Chief Executive Officer is liable for
tax on the shares received at this point but may elect to receive a net number of shares
on exercise of the PSRs to account for the tax which is then paid by PFI on the Chief
Executive Officer’s behalf.
CEO Remuneration Outcomes
The following section sets out how the components of the Chief Executive Officer’s
remuneration applied in FY25.
Remuneration mix
The chart below illustrates the elements of the Chief Executive Officer’s remuneration
design for FY25:
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
FIXED
FixedVariable
EARNEDMAXIMUM
1. The Board exercised its discretion by excluding Asset Plus Limited from the property peer group used
for assessing the performance hurdles under the LTI Plan. Further details are set out on page 81.
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Total FY25 CEO remuneration
The Chief Executive Officer’s total remuneration for the 12-month period ended 30 June 2025, along with the Chief Executive Officer’s historical total remuneration, is as follows:
YEAR ENDINGFIXED REMUNERATIONPAY FOR PERFORMANCE
TOTAL
REMUNERATIONSALARYOTHER
1
SUBTOTALSTILT I
2
SUBTOTAL
EARNEDAMOUNT EARNED
AS A % OF
MAXIMUM AWARD
EARNEDAMOUNT EARNED
AS A % OF
MAXIMUM AWARD
FY23$628,538$50,529$679,067$286,943100%$115,13757%$402,079$1,081,146
FP24$333,125$35,247$368,372$152,080100%$0N/A$152,080$520,452
FY25$686,237$93,965$780,202$313,284100%$147,47251%$460,756$1,240,958
Note: the FP24 reporting period reflects a six-month period from 1 January 2024 to 30 June 2024 as a result of PFI changing its balance date to 30 June with effect from 1 January 2024.
A breakdown of the amount earned by the Chief Executive Officer for achievement of the
FY25 STI key performance indicators is as follows:
STI AWARDEDEARNED
% EARNED OF
AWARDED
Leadership5%$15,664$15,664100%
Strategy 15%$46,993$46,993100%
Portfolio & Operations15%$46,993$46,993100%
Sustainability10%$31,328$31,328100%
Earnings45%$140,978$140,978100%
Financial10%$31,329$31,329100%
FY25 LTI Outcomes (Vested)
The following tables track the Company’s performance against the FFO and TSR
performance hurdles in FY25 and show the percentage and number of shares vested.
In FY25, grants made under the LTI Plan were subject to a TSR performance hurdle only
(i.e. no grant of PSRs with an FFO performance hurdle).
The number of shares recorded as vested in each table are post-dividend protection
but pre-tax.
1. Other includes KiwiSaver, ESCT, insurance and annual leave payments over and above base salary made
in accordance with NZ legislation.
2. The LTI amounts earned are based on the market value of the vested awards, being the number of
PSRs vested multiplied by the closing PFI share price at the end of year.
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Rolling three year FFO
The Company’s rolling three year FFO growth against the three year CPI growth for the September immediately prior to the relevant vesting date, and the outcomes under the relevant
tranches of the FY22 Grant made to the CEO is as follows:
YEAR ENDED
ROLLING THREE
YEAR FFO GROWTH
ROLLING THREE YEAR:
% VESTED
TOTAL SHARES
VESTEDCEO SHARES VESTEDCPI GROWTH
CPI GROWTH
+12.5BPS
CPI GROWTH
+25BPS
31 December 2024-3.7%5.0%5.1%5.3%0%––
TSR
The Company’s TSR and the TSR of the property peer group over the relevant period
and the outcomes under the relevant tranches of the LTI Plan grants made to the CEO
is as follows:
YEAR ENDEDGRANTPFI TSR
PFI
RANKING % VESTED
TOTAL
SHARES
VESTED
CEO
SHARES
VESTED
31 December 2024FY22 -17.9%5 (4) 50% (75%)23,21211,108
FY23-0.6%6 (5) 25% (50%)44,38019,514
FY241.0%5 (4) 50% (75%)71,27831,625
30 June 2025FY253.6%7 (6)0% (25%)12,4585,559
The property peer group for the performance hurdles under the LTI Plan included Asset
Plus Limited. The Board exercised its discretion to remove Asset Plus Limited from the
property peer group when assessing whether the performance hurdles for the grants in
the table above were met, on the basis that the total shareholder return for Asset Plus
Limited has been affected by the sale of 35 Graham Street, Auckland and subsequent
distribution of proceeds to shareholders of Asset Plus Limited. The Board considered
that removing Asset Plus Limited from the property peer group was necessary to ensure
that the balance between the interests of the participants in the grants and the
shareholders of the Company was repositioned in line with the original intention of
the performance hurdles.
The PFI Ranking and % Vested shown in the table above show the unadjusted outcomes
and the adjusted outcomes in brackets.
Overall
Based on the achievement of the FFO and TSR performance hurdles outlined above, the
outcomes after Board discretion at 30 June 2025 under the FY22 Grant, FY23 Grant, FY24
Grant and FY25 Grant were as follows:
PERFORMANCE HURDLEGRANTLTI WEIGHTING
WEIGHTED
OUTCOME
Rolling three year FFOFY2250%0%
TSRFY2250%37.5%
FY23100%50%
FY24100%75%
FY25100%25%
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PSRs granted to the CEO as at 30 June 2025
YEAR OF
GRANT
PSR AWARD
DATEVESTING DATE
BALANCE OF
PSRS AT
31/12/2023
1, 2
AWARDED DURING THE
REPORTING PERIOD
PSRS VESTED/LAPSED IN
RELATION TO THE
REPORTING PERIOD
SHARES ISSUED/TRANSFERRED DURING THE
REPORTING PERIOD
3
BALANCE OF
PSRS AT
30/6/25
1
PSRS
AWARDED
MARKET
PRICE AT
AWARD
PSRS
LAPSED
PSRS
VESTED
SHARES
ISSUED /
TRANSFERRED
2
MARKET
PRICE AT
ISSUE /
TRANSFER
DATE
ISSUE / TRANSFER
DATE
202221/02/2022December 202426,624–N/A16,6409,98411,107$24,10325 February 2025–
202322/08/2023December 2024
& 2025
72,358–N/A18,09018,09019,514$42,34625 February 202536,179
202406/03/2024December 2024,
2025 & 2026
– 121,719$270,82510,14330,43031,625$68,62625 February 202581,146
2024 Interim26/08/2024June 2025,
2026 & 2027
– 64,236$145,81616,0595,3535,559$12,39625 August 202542,824
1. Given the change in PFI’s balance date from 31 December to 30 June, there were no PSRs granted or vested in FP24. In order to provide a meaningful basis for this table, the starting point has therefore been amended
to 31 December 2023 as opposed to 30 June 2024.
2. The balance of PSRs at 31 December 2023 and 30 June 2025 have been adjusted to reflect the lapse or eligibility for vesting of PSRs based on the achievement of performance hurdles as at those dates.
3. The number of shares recorded as to be issued/transferred are post-dividend protection but pre-tax.
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Employee Remuneration Bands
The following table notes the number of employees or former employees of the
Company, not being directors of the Company, who, during FY25, received remuneration
and any other benefits in their capacity as employees, the value of which was or
exceeded $100,000 per annum, in brackets of $10,000:
REMUNERATION RANGEFY25
$100001 – $1100003
$110001 – $1200001
$120001 – $1300002
$140001 – $1500001
$150001 – $1600002
$180001 – $1900002
$190001 – $2000002
$200001 – $2100001
$210001 – $2200001
$220001 – $2300001
$270001 – $2800001
$300001 – $3100001
$560001 – $5700001
$990001 – $10000001
$1240001 – $12500001
Note: the above figures include LTI awards vested during the year based on the market value of the vested
awards, being the number of PSRs vested multiplied by the closing PFI share price at the end of year.
There are no employees of the Company’s subsidiaries.
Director Remuneration
Director remuneration arrangements
Director remuneration was last approved by shareholders at the 2023 annual meeting on
a role basis, and prior to that, Director fees were last adjusted by PFI at the 2021 annual
meeting. Director fees are reviewed every second year by the Board in advance of the
annual meeting with any adjustment put to shareholders for approval. No further increase
was sought at the FP24 annual meeting.
In setting the proposed Director remuneration put to shareholders at the 2023 annual
meeting, the Board considered the performance of the Company and the need to attract
and retain directors of a strong calibre and commissioned an independent benchmarking
review of the then current Directors’ fees by Ernst & Young (EY). A summary of EY’s report
was made available prior to the 2023 annual meeting at which shareholders were asked
to approve the current Director remuneration.
The table below sets out the Director remuneration that was approved by shareholders at
the 2023 annual meeting:
ROLE
PLUS GST (IF
ANY)
Board Chair$175,000
Independent Director / Non-Executive Director$92,000
Audit and Risk Committee Chair$15,000
Audit and Risk Committee Member$7,500
People Committee Chair $13,500
People Committee Member$6,750
Hourly rates for abnormal and particularly time intensive projects or
transactions outside the scope of typical Board work (note: use of
this allowance is capped at $50,000 per annum.)
$350 per hour
Simon Woodhams and Craig Peirce do not receive any director fees in respect of their
directorships of the Company’s subsidiary, P.F.I. Cover Limited.
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06. RISK MANAGEMENT
“Directors should have a sound understanding of the material risks faced by the issuer and
how to manage them. The Board should regularly verify that the issuer has appropriate
processes that identify and manage potential and material risks.”
Risk Governance
PFI has a well-established Risk Management Framework to ensure that risks are
managed within PFI’s Board-approved risk appetite. The Risk Management Framework
was last reviewed and approved by PFI’s Board in November 2023 and is next scheduled
to be reviewed in FY26. The Board reviews reporting against that framework at least
twice in each year.
PFI has established the following responsibilities for risk governance:
ROLERESPONSIBILITY
BoardThe Board is responsible for recognising and managing risk,
including ensuring that effective audit, risk management and
compliance systems are in place, and reviewing risk assessment
policies and controls. It oversees the assessment of, management
and reporting of key business risks, including climate-related risks.
Audit and Risk
Committee
(A&RC)
The A&RC supports the Board by providing a specific focus on risk
and compliance matters, including providing risk oversight and
ensuring an appropriate risk management framework is in place,
appointing the external auditor and overseeing the internal
control environment.
Senior
Leadership
Team
The Senior Leadership Team are responsible for promoting good
risk practices by their teams and escalating risks to the Board
when appropriate
StaffEvery staff member is responsible for the identification,
management and escalation of risks as part of their role.
Other than as noted in this report, neither the Company nor its subsidiaries have provided
additional remuneration or benefits to a director in respect of their directorships or in any
other capacity during FY25. Neither the Company nor its subsidiaries have made loans to
a Director or guaranteed any debts incurred by a Director. Directors do not qualify for any
performance-based compensation. All Director remuneration is paid in cash and no PFI
securities are issued to Directors as part of their remuneration.
External and Independent Advice
During FY25, the Company sought external and independent advice from EY in support of
a proposed increase in Director remuneration, to be tabled for shareholder approval at the
FY25 annual meeting.
Director remuneration outcomes
A breakdown of Board and Committee fees paid during FY25 is set out in the table below
(exclusive of GST, if any). Please note that the fees paid reflect changes to Board and/or
committee composition during the financial period.
DIRECTORBASE FEE
FEE FOR AUDIT &
RISK COMMITTEE
FEE FOR PEOPLE
COMMITTEE
TOTAL
REMUNERATION
RECEIVED
Anthony Beverley$92,000$7,500–$99,500
Angela Bull$92,000–$6,750$98,750
Carolyn Steele$92,000$15,000–$107,000
David Thomson$92,000$625$13,500$106,125
Dean Bracewell $175,000––$175,000
Jeremy Simpson $92,000$6,875–$98,875
Total$685,250
84
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

Key Risks
The PFI Board considers that PFI has a robust risk assessment process. Risk
assessments are carried out by the Management Team at least annually in accordance
with PFI’s Risk Management Framework. A risk assessment includes: identification of
material risks; assessment of the consequences and likelihood of the risk; and
development of controls to achieve a level of residual risk that is within PFI’s Board-
approved risk appetite.
The table below outlines some of PFI’s key business risks following the most recent
review of its risk register, an overview of how these risks are managed, and summary
commentary on these risks for FY25.
RISK DESCRIPTIONHOW PFI MANAGES THE RISKFY25 COMMENTARY
ECONOMIC AND MARKET RISK:
The risk of adverse
changes in the economic
environment, political
environment or the
broader investment
market, impacting
property values
and income.
PFI monitors both wider
economic conditions and
the industrial property
market through research
and relationships with
market participants.
Quarterly reporting on
market conditions is
provided to the Board.
PFI has continued to monitor
domestic and international
market conditions during
FY25. In particular, a key
focus has been the financial
health of PFI’s tenant base,
during a period of
challenging macro-economic
conditions.
RISK DESCRIPTIONHOW PFI MANAGES THE RISKFY25 COMMENTARY
STRATEGIC RISK:
The risk of failing to
appropriately set, execute
or adapt PFI’s strategy
(for example, failing
to ensure portfolio
optimisation or adapt
to changing market
preferences).
PFI’s strategy is reviewed
annually by the Board
and Management Team.
Quarterly reporting on
strategy implementation
is provided to the Board.
Good progress was made
during FY25 on the
implementation of PFI’s
strategy and Sustainability
Strategy as set out in PFI’s
FY25 Sustainability and
Climate Report (which will be
accessible on PFI’s website
by 30 October). In particular,
PFI completed key stages
of major brownfields
development projects at
30-32 Bowden Road and
78 Springs Road, with the
relevant developments
having achieved 5 Green Star
Design ratings.
FINANCIAL PERFORMANCE RISK:
The risk of financial
performance not
being managed
to expectations.
PFI has a wide suite of
controls for this risk,
including a delegations
policy, analytical reviews,
forecasting, budgeting,
and proactive
management.
PFI has continued to
carefully and successfully
manage its financial
performance risk as
outlined on pages 13-16 of
this report
85
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

RISK DESCRIPTIONHOW PFI MANAGES THE RISKFY25 COMMENTARY
HEALTH, SAFETY AND WELLBEING RISK:
The risk of failing to
manage health, safety
and wellbeing risks at a
PFI property.
Health, safety and
wellbeing risks are
actively managed by
PFI’s health and safety
committees. A wide
variety of risk mitigants
are in place, including
monitoring visits,
external advice and
proactive responses to
the identification of
potential risks.
Continuous improvement of
PFI’s health, safety and
wellbeing management has
been a key focus during
FY25. Incidents and near
misses continue to be
recorded and reviewed.
Further information on
health, safety and wellbeing
will be made available in
PFI’s FY25 Sustainability and
Climate Report (to be made
available on PFI’s website by
30 October 2025).
INSURANCE RISK:
The risk of inability to
obtain insurance cover, or
failure to maintain
sufficient insurance
cover, leading to financial
loss or a potential breach
of covenants.
Insurance cover is
monitored by the
Management Team.
Quarterly reporting on
insurance is provided to
the Board, and external
advice is sought as
required.
PFI has observed the general
easing of market conditions
in FY25 and the continued
development of its property
insurance programme
through its wholly-owned
captive insurer, P.F.I. Cover
Limited.
PFI also completes annual climate-related risk assessments. The risks identified
through this assessment are embedded in a range of risks on PFI’s risk register,
including economic and market risk, strategic risk, emerging regulation risk and
physical damage risk.
In addition, a fuller summary of PFI’s climate related risk, opportunities and responses
will be included in its FY25 Sustainability and Climate Report, which will be made
available on the Company’s website by 30 October 2025.
07. AUDITORS
“The Board should ensure the quality and independence of the external audit process.”
Together with the Audit and Risk Committee (see Principle Three), the Board is
responsible for establishing the Company’s audit framework and ensuring that
communication is maintained with external auditors or accountants. Annexed to the
Audit and Risk Committee Charter is a separate Policy on Audit Independence, which
covers the provision of services by external auditors.
Under the policy, it is the Audit and Risk Committee’s role to recommend to the Board,
the appointment of PFI’s external auditors and assess PFI’s internal controls and systems
that support external financial reporting.
PFI’s external auditors are subject to a rotation system, which requires the external
auditor or lead audit partner to change every five years. There is also a mandatory stand
down period before those partners can next be engaged by PFI. In addition, a former
Independent Contractor or employee of PFI may not be engaged in an external audit
role within two years of ceasing to be contracted to or employed by PFI.
PFI’s current external auditors, Pricewaterhouse Coopers were first appointed by PFI in
2014. The FY25 audit engagement was the second carried out by the lead audit partner,
Samuel Shuttleworth.
The external auditor attends PFI’s Annual Meeting each year to answer any questions
relating to the audit.
The Audit and Risk Committee must pre-approve all audit services, as well as all non-
audit services provided by the auditor. The Policy on Audit Independence sets out a
number of principles to guide the Committee in assessing whether the services could be
perceived as conflicting with the independent role of the auditor. To illustrate, approval
will not be granted to produce financial statements (such that they might be perceived
as auditing their own work), implement financial systems, or perform any function of
management. This ensures that there is a clear separation between internal and external
audit roles. The Audit and Risk Committee monitors, and may limit, the amount of
non-audit related work being undertaken by the firm holding office as auditor, if that
work may, in its opinion, impair the independence of the external auditor.
86
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

PFI does not have an internal audit function. The process it employs for evaluating and
continually improving the effectiveness of its risk management and internal processes
can be found in the section entitled Principle Six: Risk Management.
08. SHAREHOLDER RIGHTS & RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships
with shareholders that encourage them to engage with the issuer.”
PFI encourages an open dialogue with its shareholders and stakeholders. The
Corporate Governance Manual is available on the Company’s website at https://www.
propertyforindustry.co.nz/about/governance. The annual report, financial information,
and all NZX announcements are available on the Company’s website, at https://www.
propertyforindustry.co.nz/investor-relations. PFI’s FY25 Sustainability and Climate Report
(containing PFI’s FY25 Climate-related Disclosures) will be made available on the
Company’s website by 30 October 2025. PFI shareholders are encouraged to receive
shareholder communications electronically.
In respect of voting rights, PFI shareholders have one vote per share they hold in PFI,
and will have the right to vote on major decisions which may change the nature of PFI
in accordance with the NZX Listing Rules.
In order for shareholders to fully participate in meetings, the Board endeavours to post
the annual shareholders’ notice of meeting on PFI’s website as soon as possible and at
least 20 working days prior to the meeting. PFI intends to hold a hybrid annual meeting in
October 2025 (providing for both virtual and in-person attendance), allowing a wide range
of participation by shareholders.

Other Matters
Directors’ Interests Register
During the period, the Board authorised the renewal of the Directors’ and Officers’
insurance cover as at 30 June 2025 for a period of 10 months and has certified, in terms
of section 162 of the Companies Act 1993, that this cover is fair to the Company.
As permitted by the Company’s constitution and the Companies Act 1993, the Company
has also executed a deed indemnifying its Directors against potential liabilities and costs
they may incur for acts or omissions in their capacity as Directors of the Company and
its subsidiaries.
Please refer to the Directors’ Relevant Interests section above for information regarding
the acquisition and disposal of relevant interests in the Company’s financial products by
its Directors.
No Director has sought authorisation to use Company information.
Section 140(1) of the Companies Act 1993 requires a director of a company to disclose
certain interests. Under subsection (2) a director can make disclosure by giving a general
notice in writing to the company of a position held by a director in another named
company or entity. The following are details of Directors’ general disclosures entered in
the Interests Register for the Company during FY25. Any entry added by notices given by
the Directors during FY25 is denoted with a *. Any entry removed by notices given by the
Directors during FY25 is denoted with a ~.
87
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

DIRECTOR POSITIONCOMPANY
Angela BullDirectorBayley Corporation Limited
DirectorChannel Infrastructure NZ Limited *
DirectorFoodstuffs (N.Z.) Limited
DirectorFoodstuffs South Island Limited
DirectorFoodstuffs (South Island) Properties
Limited
DirectorFulton Hogan Limited
DirectorFulton Hogan Land Development
Limited
DirectorMurdoch Manufacturing Limited
DirectorNorthwest Healthcare Properties
Management Limited
DirectorRealestate.co.nz Limited ~
Trust Board MemberSt Cuthberts College
DirectorStevensons Aggregates Limited
DirectorStevenson Concrete Limited
DirectorVital Healthcare Property Trust
Anthony
Beverley
Director Arvida Group Limited ~
Director and ShareholderCarbon Systems (NZ) Limited
Director and ShareholderDC One H1 Limited
Director and ShareholderDC One H2 Limited
Director and ShareholderDryland Carbon Limited
Director and ShareholderDryland Manuka Limited
Director and ShareholderDryland Native Limited
Director and ShareholderGlazebrook Capital Limited
DIRECTOR POSITIONCOMPANY
Carolyn SteeleDirector and Chair of Audit
Committee
ANZ Bank New Zealand Limited*
Director and Chair of Audit &
Risk Committee
Green Cross Health Limited
1
Director ~ Trustee*Halberg Foundation
DirectorInfratec New Zealand Limited
DirectorNewpower Energy Limited
DirectorNewpower Energy Services Limited
Director Oriens Capital GP 2 Limited
Director and Chair of Audit &
Risk Committee
Vulcan Steel Limited
Director and Chair of Audit &
Risk Committee (ceased to
be Chair of Audit & Risk
Committee) ~
WEL Networks Limited
Dean
Bracewell
DirectorAir New Zealand Limited
Director and ShareholderAra Street Investments Limited
Director and ShareholderDean Bracewell Limited
Executive Board MemberHalberg Foundation
DirectorPort of Tauranga Limited
DirectorNorthPort Group Limited*
Jeremy
Simpson
TrusteePinc & Steel Cancer Rehabilitation
Foundation Limited
Director and ShareholderSouthern Land Enterprises Limited
Other than noted in this report, there were no other entries recorded in the interest
register for the Company or any of its subsidiaries during FY25.
1. On 31 July 2025, Green Cross Health Limited announced the resignation of Carolyn Steele, effective
from once a suitable replacement is appointed.
88
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

Substantial Product Holders as at 30 June 2025
As at 30 June 2025, the total number of ordinary shares on issue was 502,284,064.
The Company’s ordinary shares are the only quoted voting products the Company has
on issue.
According to the Company’s records and notices received by the Company under the
Financial Markets Conduct Act 2013 (FMC Act), the persons, who, for the purposes of
section 293 of the FMC Act, were substantial product holders as at 30 June 2025 are:
SECURITY HOLDER
NO. OF SHARES WHEN
NOTICE WAS FILED
% WHEN NOTICE WAS
FILED
Accident Compensation Corporation42,335,8748.430%
Donations
The Company made the following donations during FY25:
• $2,500 donation to the Southern Charity Hospital Trust to support access to healthcare
for the Southland community.
• $4,500 to The Gut Foundation NZ to support their efforts to promote research and
education of gut diseases and disorders.
• $5,000 to Fair Food New Zealand to support access to fresh food in the community.
• $10,000 to Auckland City Mission to support their activities in the community.
The Company is a sponsor of Keystone New Zealand Property Education Trust and paid
the Trust $10,500 by way of sponsorship during the year.
PFI’s subsidiaries did not make any donations during FY25.
The Company did not undertake any direct lobbying activities during FY25.
NZX Waivers
The Company did not rely on any NZX waivers during FY25.
NZX Disciplinary Powers
The NZX did not exercise any of its powers under Listing Rule 9.9.3 in relation to
PFI during FY25.
89
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

20 LARGEST REGISTERED SHAREHOLDERS (AS AT 31 JULY 2025)
HOLDER HOLDING % HOLDING
Custodial Services Limited78,067,496 15.54%
Accident Compensation Corporation – NZCSD44,396,571 8.84%
BNP Paribas Nominees (NZ) Limited – NZCSD25,665,695 5.11%
Forsyth Barr Custodians Limited19,299,413 3.84%
FNZ Custodians Limited17,330,083 3.45%
Tea Custodians Limited, Client Property Trust
Account – NZCSD
14,895,722 2.97%
New Zealand Depository Nominee Limited14,844,423 2.96%
ANZ Wholesale Trans-Tasman Property Securities
Fund – NZCSD
14,427,725 2.87%
HSBC Nominees (New Zealand) Limited – NZCSD14,049,889 2.80%
Citibank Nominees (New Zealand) Limited – NZCSD10,791,536 2.15%
Admins Custodial Nominees Limited8,900,240 1.77%
JBWERE (NZ) Nominees Limited7,011,583 1.40%
Messrs. Wildermoth and Young, Ms. Wildermoth
and MGI Trustees WF Limited
6,948,605 1.38%
Simplicity Nominees Limited6,360,980 1.27%
Generate Kiwisaver Public Trust Nominees Limited6,111,851 1.22%
NZX WT Nominees Limited5,841,937 1.16%
Investment Custodial Services Limited5,793,911 1.15%
Mr. Mckee & Ms. Mckee5,566,373 1.11%
PT (Booster Investments) Nominees Limited4,927,384 0.98%
Masfen Securities Limited4,767,744 0.94%
Shares held by top 20 shareholders315,999,161 62.91%
Balance of shares186,284,903 37.09%
Total of issued shares502,284,064 100.00%
SHAREHOLDER SPREAD AS AT 31 JULY 2025
ORDINARY SHARES NUMBER OF HOLDERS HOLDING % HOLDING
Up to 4,9991,124 2,774,110 0.55%
5,000 - 9,999849 6,054,072 1.21%
10,000 - 49,9991,619 34,089,943 6.79%
50,000 - 99,999270 18,087,681 3.60%
100,000 - 499,999229 48,110,328 9.58%
500,000 and above77 393,167,930 78.27%
4,168 502,284,064 100.00%
SHAREHOLDER GEOGRAPHIC SPREAD AS AT 31 JULY 2025
ORDINARY SHARES HOLDING % HOLDING
Auckland & Northern Region 157,553,426 31.37%
Hamilton & Surrounding Districts 119,712,204 23.83%
Wellington & Central Districts 145,345,122 28.94%
Dunedin & Southland 28,469,272 5.67%
Nelson, Marlborough & Christchurch 11,753,596 2.34%
Overseas 39,450,444 7.85%
502,284,064 100.00%
90
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

20 LARGEST REGISTERED BONDHOLDERS (AS AT 31 JULY 2025)
HOLDER PFI020 HOLDING PFI020 % HOLDING PFI030 HOLDING PFI030 % HOLDING
Custodial Services Limited 31,116,000 31.12% 37,185,000 24.79%
Forsyth Barr Custodians Limited 12,598,000 12.60% 31,663,000 21.11%
FNZ Custodians Limited 9,296,000 9.30% 6,209,000 4.14%
Citibank Nominees (New Zealand) Limited – NZCSD 12,700,000 12.70%– 0.00%
Generate Kiwisaver Public Trust Nominees Limited 9,283,000 9.28% 578,000 0.39%
Tea Custodians Limited Client Property Trust Account – NZCSD 4,397,000 4.40% 7,360,000 4.91%
ANZ Fixed Interest Fund – NZCSD – 0.00%13,500,000 9.00%
HSBC Nominees (New Zealand) Limited – NZCSD 3,900,000 3.90% 3,850,000 2.57%
BNP Paribas Nominees (NZ) Limited – NZCSD 1,200,000 1.20% 5,500,000 3.67%
Citibank Nominees (New Zealand) Limited – NZCSD –0.00% 6,555,000 4.37%
Investment Custodial Services Limited 1,428,000 1.43% 4,380,000 2.92%
Forsyth Barr Custodians Limited 951,000 0.95% 3,973,000 2.65%
ANZ Wholesale NZ Fixed Interest Fund – NZCSD– 0.00% 5,000,000 3.33%
PT (Booster Investments) Nominees Limited - Retail – NZCSD 2,539,000 2.54%–0.00%
BNP Paribas Nominees (NZ) Limited – NZCSD–0.00% 3,700,000 2.47%
JBWERE (NZ) Nominees Limited –0.00% 2,001,000 1.33%
FNZ Custodians Limited 865,000 0.87%– 0.00%
Forsyth Barr Custodians Limited 465,000 0.47% 405,000 0.27%
Chris Lee & Partners Limited – 0.00% 1,000,000 0.67%
Oakwood Securities Limited–0.00% 1,000,000 0.67%
NZX WT Nominees Limited 518,000 0.52%–0.00%
Mint Nominees Limited – NZCSD – 0.00% 685,000 0.46%
Custodial Services Limited – 0.00% 537,000 0.36%
Kiwigold.co.nz Limited 300,000 0.30%–0.00%
The Malaghan Institute of Medical Research Trust Board– 0.00% 375,000 0.22%
91
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

20 LARGEST REGISTERED BONDHOLDERS (AS AT 31 JULY 2025) CONTINUED
BONDHOLDER SPREAD AS AT 31 JULY 2025 – PFI020BONDHOLDER SPREAD AS AT 31 JULY 2025 – PFI030
BONDS NUMBER OF HOLDERS HOLDING % HOLDING
5,000 - 9,999 35 202,000 0.20%
10,000 - 49,999 179 3,771,000 3.77%
50,000 - 99,999 24 1,360,000 1.36%
100,000 - 499,999 23 3,876,000 3.88%
500,000 - 999,999 3 2,334,000 2.33%
1,000,000 and
above
10 88,457,000 88.46%
Total 274 100,000,000 100.00%
BONDS NUMBER OF HOLDERS HOLDING % HOLDING
5,000 - 9,999 131 807,000 0.54%
10,000 - 49,999 312 6,135,000 4.09%
50,000 - 99,999 48 3,011,000 2.01%
100,000 - 499,999 29 5,371,000 3.58%
500,000 - 999,999 3 1,800,000 1.20%
1,000,000 and
above
15 132,876,000 88.58%
Total 538 150,000,000 100.00%
HOLDER PFI020 HOLDING PFI020 % HOLDING PFI030 HOLDING PFI030 % HOLDING
Dunedin Diocesan Trust Board 250,000 0.25%–0.00%
FNZ Custodians Limited 244,000 0.24%–0.00%
South Pacific Securities Limited 238,000 0.24%–0.00%
Bank Of New Zealand – Treasury Support 200,000 0.20%– 0.00%
Commonwealth Bank Of Australia – NZCSD 194,000 0.17%– 0.00%
Bonds held by top 20 Bondholders 92,682,000 92.68% 135,456,000 90.30%
Total Remaining Holders Balance 7,318,000 7.32% 14,544,000 9.70%
Total of issued Bonds 100,000,000 100.00% 150,000,000 100.00%
92
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
DIRECTORYCALENDAROTHER
DISCLOSURES

DIRECTORY
ISSUER OF SHARES
AND BONDS
Property for Industry
Limited
Level 4, Hayman Kronfeld
Building
15 Galway Street
PO Box 1147
Auckland 1140
Tel: +64 9 303 9450
propertyforindustry.co.nz
info@propertyforindustry.
co.nz
DIRECTORS
Dean Bracewell
(Board Chair)
Angela Bull
Anthony Beverley
Carolyn Steele
David Thomson
Jeremy Simpson
CHIEF EXECUTIVE
OFFICER
Simon Woodhams
Tel: +64 9 303 9652
woodhams@
propertyforindustry.co.nz
CHIEF FINANCE AND
OPERATING OFFICER
Craig Peirce
Tel: +64 9 303 9651
peirce@
propertyforindustry.co.nz
AUDITOR
PricewaterhouseCoopers
Level 27, PwC Tower
15 Customs Street West
Private Bag 92162
Auckland 1142
Tel: +64 9 355 8000
Fax: +64 9 355 8001
LAWYERS
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
PO Box 2206
Auckland 1140
Tel: +64 9 357 9000
VALUATION PANEL
Bayleys Valuation Limited
CBRE Limited
CVAS (NZ) Limited trading
as Colliers
Jones Lang LaSalle
Limited
Savills (NZ) Limited
LENDERS
ANZ Bank New Zealand
Limited
Bank of New Zealand
Commonwealth Bank of
Australia
Westpac New Zealand
Limited
PGIM, Inc (Pricoa)
SECURITY TRUSTEE
New Zealand Permanent
Trustees Limited
SAP Tower, Level 16,
151, Queen Street,
Auckland 1010
PO Box 1598
Auckland 1140
Tel: 0800 371 471
BOND SUPERVISOR
Public Trust
SAP Tower, Level 16,
151, Queen Street,
Auckland 1010
PO Box 1598
Auckland 1140
Tel: +64 9 985 5300
REGISTRAR
Computershare Investor
Services
159 Hurstmere Road
Private Bag 92119
Auckland 1142
Tel: +64 9 488 8700
Fax: +64 9 488 8787
investorcentre.com/nz
This Annual Report is
dated 25 August 2025 and
signed on behalf of the
Board by:
Dean Bracewell
Board Chair

Carolyn Steele
Audit and Risk
Committee Chair
DIRECTORY.
05.
9393
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
CALENDARDIRECTORY

CALENDAR.
06.
FEBRUARY
■
FY26 Half-year announcement
■
FY26 Interim financial statements
released
MARCH
■
FY26 Half-year dividend payment
M AY
■
FY26 Third-quarter announcement
JUNE
■
FY26 Third-quarter dividend
payment
AUGUST
■
FY26 Full-year announcement
■
FY26 Annual report released
AUGUST
■
FY25 Full-year announcement
■
FY25 Annual report released
SEPTEMBER
■
FY25 Final dividend payment
■
FY25 Climate-related Disclosures
released
OCTOBER
■
Annual meeting
NOVEMBER
■
FY26 First-quarter announcement
■
FY26 First-quarter dividend
payment
20252026
9494
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDAR

Cavendish Drive – a quality
industrial warehousing
refurbishment that delivers
for tenants, investors and
the planet.
95
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDAR

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

Settlement of 11c Norris Avenue Acquisition Capital Change Notice - FY2025 LTI Scheme Vesting

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