PFI Announces FY26 Annual Results

propertyforindustry.co.nz


24 August 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

PFI ANNOUNCES FY26 ANNUAL RESULTS


Property for Industry Limited (the Company, PFI), today announced the Company’s annual results for the twelve
months ended 30 June 2026 (FY26).

“PFI has delivered double-digit growth in dividends,” says Chief Executive Officer, Simon Woodhams. “The FY26
result reflects the resilience of our industrial property portfolio, with strong leasing outcomes and high-quality
cashflows driving double-digit FFO and AFFO
1
earnings growth. We also achieved important Green Star
development milestones during the year, while maintaining gearing below the mid-point of PFI’s target range,
supporting our ability to continue delivering growing dividends for shareholders.”

Highlights
▪ Annual results: Profit after tax
2
of $77.7m, down $28.3m on FY25, incorporating fair value gains on properties
of $16.1m, as compared to gains of $70.7m in FY25, FFO up 20.7% to 12.90 cents per share (cps), AFFO up
14.0% to 10.93 cps, FY26 cash dividends of 9.50 cps, an increase of 10.5% on FY25 cash dividends.
▪ Stable valuations and resilient cashflows: Stable valuations across PFI's $2.30b industrial property portfolio
despite ongoing economic and geopolitical volatility, fair value gains on properties of $16.1m or 0.7%, net tangible
assets (NTA) up 2.3% to $2.90 per share. Portfolio cashflows remain highly resilient, with growth in contract rents
of 7.7% supported by 98.7% occupancy and high cash collection rates, portfolio under-renting of ~7.1% providing
future rental growth opportunities.
▪ Green Star development milestones achieved: Stage 2 of 78 Springs Road construction completed in H2
FY26, Stage 1 of Totara Creek Estate
3
construction tracking in line with programme and budget, PFI in advanced
negotiations with a prospective tenant to enable Stage 1 of the redevelopment of 92–98 Harris Road, ability to
deploy a further ~$335m across Green Star development pipeline.
▪ Enhanced funding flexibility for future growth: $600m syndicated bank facilities refinanced post-balance date
enabling Green funding to increase alongside growth in Green assets, $200m PFI040 bonds issued in April 2026,
year-end gearing of 34.2% lifting to ~35.7% after committed acquisitions and development projects.
▪ FY27 dividend outlook: Subject to events beyond PFI's control, dividend growth expected to continue in FY27,
with guidance of 9.75–9.85 cps, an expected increase of ~2.6–3.7% on FY26 dividends, supported by strong
earnings and a payout ratio towards the lower bound of PFI’s dividend policy.

Annual results
PFI reported a FY26 profit after tax of $77.7m (15.47 cps), down from $106.0m (21.11 cps) in FY25. The result
included a $16.1m fair value gain on investment properties, as compared to a $70.7m fair value gain in FY25.

FY26 net rental income
4
increased $15.2m or 14.1% on FY25 to $123.2m, driven by leasing activity (+$9.4m), the
early lease surrender payment at 92–98 Harris Road, East Tamaki (+$3.6m), development projects completing in
the prior period (+$1.6m), and current and prior period acquisition and divestment activity (+$0.8m), partly offset by
vacancy (-$0.3m).


1
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 1 of the FY26 annual results presentation for more detail as to how these measures were calculated.
2
Profit after tax refers to profit and total comprehensive income after income tax attributable to the shareholders of the Company. Please see
the FY26 Annual Report for further detail.
3
Totara Creek Estate being the two properties located at 16 & 23 John Hull Road, Whenuapai, formerly referred to as the Spedding Road
Estate.
4
Refer Appendix 3 of the FY26 annual results presentation. Excludes service charge income recovered from tenants and management fee
income.

propertyforindustry.co.nz


24 August 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

Profit before finance income and expenses, other gains and losses and income tax
5
increased by 14.8% from $94.4m
in FY25 to $108.4m in FY26. Interest and fees were in line with FY25, with lower floating interest rates through much
of FY26 offsetting higher borrowings and lower levels of interest capitalised to development projects. Current tax of
$10.4m increased by $1.5m as a result of higher taxable earnings.

As a result, FFO earnings were up 20.7% to 12.90 cps, whilst AFFO earnings of 10.93 cps were up 14.0%.

The PFI Board resolved to pay a fourth quarter final cash dividend of 2.90 cps
6
, bringing full year FY26 cash dividends
to 9.50 cps, an increase of 10.5% on FY25 cash dividends. After normalising FY26 AFFO earnings for the early lease
surrender payment at 92–98 Harris Road, FY26 cash dividends of 9.50 cps result in a dividend payout ratio of ~90%
based on PFI’s dividend policy.

Stable valuations and resilient cashflows
PFI’s industrial property portfolio continued to demonstrate resilient performance through FY26. At year end, the
Company’s weighted average lease term (WALT) was 5.04 years, and the portfolio was 98.7% occupied, with
vacancy largely attributable to the speculative component of Stage 2 of 78 Springs Road, East Tamaki (1.2%). The
portfolio continues to benefit from ~7.1% under-renting, providing future rental growth opportunities against a
backdrop of manageable lease expiries, with 7.8% of contract rent due to expire in FY27 (excluding development
opportunities).

Rent reviews were completed on 123 leases during FY26, delivering an average uplift of 7.2% (6.9% annualised) on
~$92.1m of contract rent.

Around 85,800 square metres (sqm), representing $14.0m or 11.5% of rent, was leased in FY26 across five new
leases and 16 renewals, for an average of 6.9 years. In a period characterised by softer business confidence and
economic uncertainty, PFI secured these leasing outcomes with incentives of 0.2 months per annum of lease term.
Where rents were agreed, a positive re-leasing spread
7
of ~22% was achieved, highlighting the portfolio's enduring
appeal and high-quality tenant base.

Combined, over 93% of contract rent was reviewed, varied, or leased during FY26.

An increase from independent valuations of $16.1m or 0.7% saw PFI end FY26 with a property portfolio valued at
$2.30b. The valuation outcome was largely driven by realised rental growth across the portfolio, together with an
increase in land values at Totara Creek Estate relative to the initial acquisition price. As a result of portfolio and
valuation activity
8
, PFI’s passing yield increased by 18 basis points to 5.41%, while the portfolio market cap rate
firmed slightly to 5.73%.

An independent market rental assessment confirmed PFI’s portfolio to be ~7.1% under-rented (June 2025: ~11.5%).
On a like-for-like basis, market rents grew by ~1.6% over the period, while PFI achieved 6.5% growth in those same
rents, reflecting the effective capture of market rents.

NTA per share increased 6.4 cps (2.3%) to $2.90, driven by growth in investment property valuations and retained
earnings.


5
Profit before finance income and expenses, other gains and losses and income tax is a non-GAAP financial measure. Please refer to page 21
of the FY26 Annual Report for further detail.
6
The dividend reinvestment scheme will not operate for this dividend.
7
A re-leasing spread is the difference between what a landlord charges on an expiring lease, and what they get on a renewed or new lease for
the same asset.
8
Excluding the Company’s active development sites (being Stage 3 of 78 Springs Road, East Tamaki, 92–98 Harris Road, East Tamaki and 16
& 23 John Hull Road, Whenuapai).

propertyforindustry.co.nz


24 August 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

Green Star development milestones achieved
PFI targets holding 5–15% of the portfolio in ‘Development Opportunities’. Following the reallocation of Stage 2 of 78
Springs Road to ‘Core-Generic’ on completion, ~$142m (~6%) of the portfolio is allocated to ‘Development
Opportunities’
9
. In line with PFI’s sustainability strategy, all significant new developments will target a 5 Green Star
rating.

Stage 2 of 78 Springs Road was completed in April 2026, delivering a dual-unit ~11,300 sqm warehouse development
that is ~60% leased to MiTek
10
for a 12-year term. Leasing enquiry for the speculative component has been
encouraging and, based on current lease-up assumptions, the project is expected to deliver a yield on cost of >6.5%,
including land. Demolition and asbestos removal at the last existing warehouse at 78 Springs Road is expected to
be completed in H1 FY28, enabling Stage 3 development works. Current master planning provides for a further
~20,000 sqm of 5 Green Star rated industrial space, which would increase total site coverage to ~65% on completion.

PFI is in advanced negotiations with a leading international occupier to commence Stage 1 of the redevelopment of
92–98 Harris Road. If progressed, Stage 1 of the proposed development would comprise ~5,600 sqm of warehouse
and ~1,300 sqm of office, requiring ~$25m of incremental capital expenditure. The project would target a yield on
cost of ~6.5% (including land), with completion currently projected for Q3 FY28. Current master-planning allows for
a further tenant-led stage of the project, comprising ~8,600 sqm of warehouse, ~800 sqm of office and ~2,600 sqm
of breezeway accommodation.

Stage 1 of the Totara Creek Estate commenced in March 2026. This first stage is being developed on a speculative
basis, and construction is progressing in line with programme and budget, with completion targeted for Q4 FY27.
The project is expected to involve an investment of ~$40m and deliver a yield on cost of ~6.5%, including land. Future
stages at Totara Creek Estate provide a further ~4.0 hectares of land to be progressively developed over the next 3-
4 years for an estimated cost of ~$70m.

Beyond the projects outlined above, PFI holds a further ~$95m of assets allocated to development opportunities,
providing scope for an additional ~$125m of investment over the medium-term. These projects aim to transform
obsolete assets into best-in-class, 5 Green Star-rated industrial facilities, unlocking value and supporting long-term
earnings growth.

Enhanced funding flexibility for future growth
PFI has further strengthened and diversified its funding platform, issuing the $200m PFI040 bonds in April 2026 and
refinancing its syndicated bank facilities post-balance date. The new $600m syndicated facility structure provides
enhanced flexibility to adjust commitments between Green and Non-Green debt tranches, enabling funding
allocations to evolve alongside PFI's development pipeline and sustainability strategy.

Following the post-balance date refinancing
11
, PFI’s debt instruments have a weighted average term to expiry of ~4.5
years, and the Company has in excess of $200m of unutilised bank facility capacity.

Gearing at the end of FY26 was 34.2% (covenant: 50%). Following committed acquisitions and development projects,
gearing is expected to increase to ~35.7%, near the middle of PFI’s target range of 30–40%. While not yet committed,
Stage 1 of the redevelopment of 92–98 Harris Road would increase gearing to ~36.5%, all else being equal. Further
detail on PFI’s ability to maintain gearing within its target range as it progresses its ~$335m Green Star development
pipeline is included in Appendix 5 of the accompanying presentation.


9
Reflects 30 June 2026 valuations of properties classified as near-to-medium term development opportunities. See Appendix 4 of the FY26
annual results presentation for details.
10
MiTek New Zealand Limited.
11
As at 17 July 2026.

propertyforindustry.co.nz


24 August 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

At the end of FY26, the interest cover ratio was 3.3 times (covenant: 2 times), and interest rate hedging is expected
to cover ~65% of forecast debt at an average rate of ~3.15% during FY27, before margins and fees.

FY27 dividend outlook
FY27 has commenced in line with expectations, with high cash collection rates and resilient portfolio performance
despite ongoing economic and geopolitical uncertainty. The PFI Board is encouraged by the quality of the Company's
income streams, with embedded rental growth and strong portfolio fundamentals supporting confidence in the
earnings outlook.

Subject to events beyond the Company’s control, the PFI Board expects to pay FY27 cash dividends of 9.75–9.85
cps, an increase of ~2.6–3.7% on FY26 dividends. FY27 cash dividends of 9.75–9.85 cps are expected to result in
a one-year AFFO pay-out ratio of ~95%, and a payout ratio towards the lower bound of PFI’s dividend policy (after
normalising FY26 and FY27 earnings for the early lease surrender payment at 92–98 Harris Road).

“PFI enters FY27 from a position of strength,” says Simon Woodhams. “With embedded rental growth, strong portfolio
fundamentals, a high-quality Green Star development pipeline and a disciplined approach to capital management,
PFI is well positioned to continue delivering growing dividends and long-term value for shareholders.”

Key Metrics ($000, unless noted)
Earnings and Dividends FY26 FY25
Net rental income 123,151 107,961
Profit before finance income and expenses, other gains and losses and
income tax
108,408 94,391
Profit after tax 77,725 106,022
Funds From Operations (FFO) 12.90 cps 10.69 cps
Adjusted Funds From Operations (AFFO) 10.93 cps 9.59 cps
Dividends 9.50 cps 8.60 cps
Balance Sheet Jun-26 Jun-25
Investment properties 2,299,945 2,166,200
Net tangible assets per share $2.90 $2.84
Gearing 34.2% 32.6%

Further details on PFI’s FY26 annual results are included in the presentation, Annual Report and Fact Sheet released
with this announcement. PFI expects to publish its Sustainability and Climate Report in September.

ENDS

The PFI Management Team will present the results via live webcast from 10.00am NZT on 24 August 2026. Webcast
and conference call details are available
here
.



ABOUT PFI
PFI is an NZX listed industrial property specialist,
owning over 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.

CONTACT
SIMON WOODHAMS

Chief Executive Officer
—
+64 21 749 770
woodhams@pfi.co.nz
CRAIG PEIRCE

Chief Finance and
Operating Officer
—
+64 21 248 6301
peirce@pfi.co.nz
Property for Industry
Limited

—
Level 4, Hayman
Kronfeld Building,
15 Galway Street,
Auckland 1010
—
PO Box 1147,
Shortland Street,
Auckland 1140

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer Property for Industry Limited (PFI)
Reporting Period 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$120,831 +14%
Total Revenue $120,831 +14%
Net profit/(loss) from
continuing operations
$77,725 -27%
Total net profit/(loss) $77,725 -27%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02900000
Imputed amount per Quoted
Equity Security
$0.00565977
Record Date 31 August 2026
Dividend Payment Date 9 September 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.90 $2.84
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The audited financial statements for FY26, which accompany
this announcement, have been prepared in accordance with
Generally Accepted Accounting Practice in New Zealand and
the New Zealand Equivalents to International Financial
Reporting Standards.
Authority for this announcement
Name of person

authorised
to make this announcement
Craig Peirce
Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

Monday, 24/08/2026

Audited financial statements accompany this announcement.

---

Distribution Notice

Updated as at May 2026




Section 1: Issuer information
Name of issuer Property for Industry Limited
Financial product name/description Property for Industry Limited Ordinary Shares
NZX ticker code PFI
ISIN (If unknown, check on NZX
website)
NZPFIE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date Monday, 31/08/2026
Ex-Date (one business day before the
Record Date)
Friday, 28/08/2026
Payment date (and allotment date for
DRP)
Wednesday, 09/09/2026
Total monies associated with the
distribution
1

$14,568,992 (based on the number of shares on issue
on Monday, 24 August 2026)
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.03465977
Gross taxable amount
3
$0.02021347
Total cash distribution
4
$0.02900000
Excluded amount (applicable to listed
PIEs)
$0.01444630
Supplementary distribution amount $0.00256830
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed X
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.00565977
Resident Withholding Tax per
financial product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Craig Peirce
Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

Monday, 24/08/2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

ANNUAL RESULTS
BRIEFING.
WELCOME TO THE FY26
FY26 ANNUAL RESULTS

FY26 ANNUAL RESULTS
1.HIGHLIGHTS
2.STRONG, STABLE RETURNS
3.PORTFOLIO
4.FY26 ANNUAL RESULTS
5.CAPITAL MANAGEMENT
6.SUSTAINABILITY
7.MARKET
8.OUR PRIORITIES
9.REVIEW & QUESTIONS
CONTENTS

FY26 ANNUAL RESULTS
HIGHLIGHTS
01.

STABLE VALUATIONS AND RESILIENT CASHFLOWS
StablevaluationsacrossPFI's$2.30bindustrialpropertyportfoliodespiteongoing
economicandgeopoliticalvolatility,fairvaluegainsonpropertiesof$16.1mor
0.7%,nettangibleassets(NTA)up2.3%to$2.90pershare
Portfoliocashflowsremainhighlyresilient,withgrowthincontractrentsof7.7%
supportedby98.7%occupancyandhighcashcollectionrates,portfoliounder-
rentingof~7.1%providingfuturerentalgrowthopportunities
ANNUAL RESULTS
▪Profit after tax of $77.7m, down $28.3m on FY25, incorporating fair
value gains on properties of $16.1m, as compared to gains of
$70.7m in FY25
▪Funds From Operations (FFO)
1
up 20.7% to 12.90 cents per share
(cps), Adjusted Funds From Operations (AFFO) up 14.0% to 10.93
cps
▪FY26 cash dividends of 9.50 cps, an increase of 10.5% on FY25
cash dividends
GREEN STAR DEVELOPMENT MILESTONES ACHIEVED
Stage2of78SpringsRoadcompletedinH2FY26,Stage1ofTotaraCreek
Estateconstructiontrackinginlinewithprogrammeandbudget,PFIinadvanced
negotiationswithaprospectivetenanttoenableStage1oftheredevelopmentof
92–98HarrisRoad,abilitytodeployafurther~$335macrossGreenStar
developmentpipeline
ENHANCED FUNDING FLEXIBILITY FOR FUTURE GROWTH
$600msyndicatedbankfacilitiesrefinancedpost-balancedateenablingGreen
fundingtoincreasealongsidegrowthinGreenassets,$200mPFI040bonds
issuedinApril2026,year-endgearingof34.2%liftingto~35.7%aftercommitted
acquisitionsanddevelopmentprojects
FY26 ANNUAL RESULTS
FY27 DIVIDEND OUTLOOK
Subject to events beyond PFI's control, dividend growth expected to continue in
FY27, with guidance of 9.75–9.85 cps, an expected increase of ~2.6–3.7% on
FY26 dividends, supported by strong earnings and a payout ratio towards the
lower bound of PFI’s dividend policy
4
1
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 1 of this
presentation for more detail as to how these measures were calculated.
78 SPRINGS ROAD – STAGE 2

FY26 ANNUAL RESULTS
STRONG,
STABLE
RETURNS
02.

STRONG,STABLE
RETURNS.
PFI offers investors the opportunity to gain exposure to a
wide selection of hard-working industrial properties through
shares listed on the NZX.
While past performance does not guarantee future returns,
in the period since PFI’s inception in 1994 to 30 June 2026
– through a variety of market conditions – investors have
enjoyed an average annual total return of around 9.24%
1
.
That means $10,000 invested on day one, with all dividends
reinvested, is now worth more than 16-times that.
FY26 added to that track record of reliable performance,
delivering a total return to investors of around 10.22%
over the twelve months to 30 June 2026.
1
Forsyth Barr analysis, IRESS.
TOTAL RETURNS SINCE INCEPTION
FY26 ANNUAL RESULTS
~
9.24%
AVERAGE ANNUAL
TOTAL RETURN
SINCE INCEPTION
TO 30 JUNE 2026
$180,000
$10,000
1994
2026
$161,906
1
6
FY26 TOTAL
RETURN
TWELVE MONTHS
TO 30 JUNE 2026
~
10.22%
1

1
FP24cashdividendsof4.15cpsannualisedtoaccount forasix-monthfinancialperiod. FY27 dividends reflect mid-point of guidance, being 9.80 cps.
2
Subject to events beyond PFI’s control.
DIVIDENDS SINCE INCEPTION
1
GROWING DIVIDEND
INCOME.
Regular and growing income is important to many investors.
Our policy is to distribute the majority of our cash 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, recording a 1.9%
average annual increase in dividends per share since
inception.
Our strategy to continue to grow earnings, and therefore
dividends, centres on actively managing our portfolio,
including capturing under-renting. The additional revenue from
newly completed developments is also expected to be an
important source of growth.
FY26 cash dividends of 9.50 cps represent an increase of
0.90 cps or 10.5% on FY25 cash dividends.
A portion of our Senior Leadership Team’s long-term
incentive framework is linked to continuing growth in
Funds From Operations earnings per share of 2.5–3.5% per
annum. FY27 dividend guidance of 9.75–9.85 cps
2
represents expected growth of ~2.6–3.7% on FY26
dividends, aligning with this objective.
FY26 ANNUAL RESULTS
10 CPS
5 CPS
1994FY26
DPS (cps)
DPS (cps) – FY27 guidance
7
~
2.6–
EXPECTED FY27
DIVIDEND GROWTH
FY26 DIVIDEND
GROWTH
10.5%
3.7%

3.50
1.00
DELIVERING VALUE
THROUGH MARKET
CYCLES.
While valuations will fluctuate with market conditions, since
listing in 1994, PFI has grown Net Tangible Assets or NTA
per share through multiple cycles.
Our focus starts with the industrial property sector. We
acquire and actively manage high quality assets, driving
rental growth and maintaining high levels of occupancy.
We divest assets when we can invest the proceeds into
opportunities with superior returns, like the development of
new assets, where we also capture development margin.
And we maintain a prudent balance sheet, with diversified
funding sources and disciplined gearing and hedging.
Since listing in 1994, this combination of focus, activity
and settings has worked together to grow NTA to $2.90
per share as at 30 June 2026 – including growth of 6.4
cps or 2.3% in FY26.
FY26 ANNUAL RESULTS
8
1994
2026
NET TANGIBLE ASSETS PER SHARE
$
2.90
NTA PER SHARE
AS AT 30 JUNE 2026
NTA PER SHARE
GROWTH
TWELVE MONTHS
TO 30 JUNE 2026
2.3%
$2.90

FY26 ANNUAL RESULTS
PORTFOLIO
03.

FY26 ANNUAL RESULTS
PROPERTIES
94
▲ June 2025: 91
TENANTS
124
▼ June 2025: 126
CONTRACT RENT
$
121.0m
▲ June 2025: $112.3m
OCCUPANCY
98.7%
▼ June 2025: 99.9%
WALT
5.04 years
▼ June 2025: 5.47 years
PORTFOLIO SNAPSHOT
10
78 SPRINGS ROAD – STAGE 2

FY26 ANNUAL RESULTS
LEASING
▪Total of $14.0m of contract rent secured in FY26
▪$2.5m of contract rent secured in FY26 relates to
newly developed or acquired properties
1
▪Of the $11.5m of stabilised contract rent secured
during FY26, rents were agreed on $8.0m
▪These rents were settled 22.1% above previous
contract rents
▪Remaining $3.5m of stabilised contract rent secured
during FY26 is subject to market reviews on renewal or
commencement date
▪Those renewals (four) are ~14% under-rented as at 30
June 2026 (after factoring in review caps), with a
weighted average review date of October 2026
CONTRACT RENT
SECURED ($)
$
14.0m
% OF PORTFOLIO BY
CONTRACT RENT
11.5%
AVERAGE INCENTIVE PER
YEAR OF TERM
0.2 months
WEIGHTED AVERAGE
LEASE TERM (WALT)
AREA LEASED
% OF DEALS COMPLETED
THAT WERE RENEWALS
6.9 years
~
85,800sqm
76%
1
Being DEC Pharmaceutical at 11C Norris Avenue and MiTek New Zealand at 78 Springs Road.
11

18.4%
1.3%
10.3%
10.8%
12.0%
13.4%
12.4%
10.8%
5.3%
3.3%
2.0%
0%
5%
10%
15%
20%
25%
VacantFY27FY28FY29FY30FY31FY32FY33FY34FY35Onwards
Total ExpiriesDevelopment Opportunities
15.3%
14.5%
0.8%
2.7%
0.0%
3.1%
7.7%
4.4%
29.2%
4.7%
0.0%
17.6%
0%
5%
10%
15%
20%
25%
30%
35%
JulAugSepOctNovDecJanFebMarAprMayJun
Total ExpiriesDevelopment Opportunities
EXPIRIES
FY26 ANNUAL RESULTS
▪Portfolio occupancy of 98.7% (1.3% vacancy) following the
completion of the speculative component of Stage 2 of 78
Springs Road (1.2% of vacancy)
▪Excluding development opportunities, $9.5m or 7.8% of
contract rent is due to expire in FY27 (upper chart)
▪FY27 development opportunities (white bars – lower chart)
include:
−Expiry of Fisher & Paykel Appliances’ office lease at 78
Springs Road (July 2026) to be demolished to provide
rentalised Stage 1 yard area and enable part of Stage 3
−Expiry of lease at 304 Neilson Street (June 2027),
unlocking the redevelopment of 304, 316 & 318 Neilson
Street – further detail on slide 38
▪FY27 lease expiries are weighted towards H2 (lower chart),
with two significant expiries in August 2026 and March 2027
together representing ~50% of FY27 expiries (excluding
development opportunities) – detailed on next slide
LEASE EXPIRY PROFILE - PORTFOLIO
LEASE EXPIRY PROFILE – FY27
12

▪Two significant FY27 lease expiries,
with current tenants indicating they will
vacate, together representing ~3.9% of
contract rent
FY26 ANNUAL RESULTS
MANAGING FY27
LEASE EXPIRIES
13
670-680 ROSEBANK ROAD
AVONDALE
▪Current lease expires 31 August 2026,
contributing ~$1.8m of annual rent and ~70%
of income at the property
▪Current rent is ~7.5% above market; following a
~$2.5m refurbishment, the property is expected
to be re-leased at around current rental levels
▪Targeted refurbishment works seek to
maximise returns from existing improvements
▪FY27 guidance assumes the space is income-
generating from September 2027 (FY28)
7-9 NIALL BURGESS ROAD
MOUNT WELLINGTON
▪Current lease expires 31 March 2027, with current
rent of ~$2.9m, ~25% under-rented
▪Re-leasing is expected to be supported by a
modest refurbishment programme (~$0.5m), with
no rental income assumed in FY27 while
refurbishment works are completed and a new
tenant secured
SIGNIFICANT FY27 LEASE EXPIRIES
▪Refurbishment programmes are
expected to support leasing outcomes,
protect asset values and create future
rental growth opportunities

FIXED 57.9%
CPI 11.5%
MARKET 10.0%
EXPIRIES 10.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
FY26 ANNUAL RESULTS
FY27 LEASE EVENTS
% OF CONTRACT RENT
14
RENT REVIEWS
▪123 rent reviews during FY26 delivered an increase of 7.2% on
~$92.1m of contract rent (~6.9% annualised)
−76 fixed percentage reviews delivered an increase of 3.0% on
~$59.2m of contract rent (~2.8% annualised)
−6 rent reviews were completed where rents had been pre-
agreed in prior periods, resulting in an average increase of
10.3% on ~$4.2m of contract rent (~9.9% annualised)
−28 market rent reviews delivered an increase of 20.1% on
~$20.6m of contract rent (annualised increase of 5.7% over an
average review period of 3.5 years since the last market review,
annualised increase of 16.0% over an average review period of
1.3 years since the last review)
−13 CPI linked reviews delivered an increase of 3.9% on ~$8.2m
of contract rent (~3.2% annualised)
▪FY27 expiries and market reviews (20.2% of contract rent)
~10% under-rented at June 2026 after factoring in review caps
▪Around 89% of PFI’s portfolio is subject to some form of lease
event during FY27
$24.6M OF CONTRACT RENT
AVERAGE TERM SINCE LAST REVIEW
AVERAGE INCREASE – 3.1%
– 1.2 YEARS

FY26 ANNUAL RESULTS
VALUATIONS
1
Average increase in valuer assessed like-for-like market rents between 30 June 2025 and 30 June 2026,
2
Based on 30 June 2026 passing rent to independent valuer assessed market rents, excludes vacancy and the Company’s
active development sites (being Stage 3 of 78 Springs Road, East Tāmaki, 92–98 Harris Road, East Tāmaki and 16 & 23 John Hull Road, Whenuapai).
FY26 VALUATION
UPLIFT
+
$
16.1m
PORTFOLIO
VALUE
$
2.30b
MARKET RENTAL
GROWTH
1
1.6%
PORTFOLIO
UNDER-RENTING
2
~
7.1%
CAP RATE
COMPRESSION
▼
1.9 bps
STABILISED
CAP RATE
5.73%
FY26 REVALUATION:
ENTIRE PORTFOLIO:
(▲0.7%)
▼4.4% on 30 June 2025
▼2 bps on 30 June 2025
15
78 SPRINGS ROAD – STAGE 2

PORTFOLIO UNDER-RENTING
FY26 ANNUAL RESULTS
16
RENTAL
GROWTH
JUN-25
Contract Rent
Market Rent
$130m
$80m
~11.5%
JUN-26
~7.1%
▪At 30 June 2025, PFI’s portfolio was ~11.5% under-rented
1
▪On a like-for-like basis, market rents grew by ~1.6% over the
year to 30 June 2026, while PFI achieved 6.5% growth in those
same contract rents
▪As a result, PFI’s portfolio under-renting gap closed by ~4.4% to
~7.1% at 30 June 2026
▪Portfolio under-renting gap of ~7.1% expected to narrow during
FY27 as leasing transactions continue to capture market rents
1
All under-renting figures exclude active development projects and reflect independent valuer assessments of market rents.

FY26 ANNUAL RESULTS
FY26
ANNUAL
RESULTS
04.

108.0
123.2
+7.1
+3.6
+2.4
+1.6
+1.5
-0.7
-0.3
-0.1
$100m
$105m
$110m
$115m
$120m
$125m
FY25 net
rental income
Rent reviews &
fixed rent
adjustments
92-98 Harris
Road early
surrender
New leases &
renewals
DevelopmentsAcquisitionsDisposalsVacancyOtherFY26 net
rental income
FY26 ANNUAL RESULTS
▪Net rental income
1
of $123.2m up $15.2m or 14.1%
on FY25 ($108.0m)
▪Positive leasing activity contributed to an increase
totalling +$9.4m (rent reviews & fixed rent
adjustments +$7.1m, new leases & renewals
+$2.4m, other -$0.1m)
▪The early lease surrender at 92-98 Harris Road
contributed an additional +$3.6m
▪Additional income from the completion of 5 Green
Star development projects at 30-32 Bowden Road
and Stage 1 of 78 Springs Road contributed to an
increase of +$1.6m
▪Current and prior period acquisitions contributed to
an increase totalling +$1.5m
▪Decreases due to current and prior period
divestment activity (-$0.7m) and vacancy (-$0.3m)
NET RENTAL INCOME
1
Refer note 2.2 of the financial statements. Excludes service charge income recovered from tenants and management fee income. Please refer to Appendix 3 of this presentation for more detail.
18

9.59
10.93
+2.79
+0.01
-0.93
-0.30
-0.24
-0.00
7.0 cps
8.0 cps
9.0 cps
10.0 cps
11.0 cps
12.0 cps
13.0 cps
FY25 AFFONet rental incomeInterest expense
and bank fees
Maintenance
capex
Current taxationAdministrative
expenses / Other
Non-recoverable
property costs
FY26 AFFO
FY26 ANNUAL RESULTS
▪AFFO of 10.93 cps, 1.34 cps or 14.0% up on FY25
▪Net rental income (including AFFO adjustments) up
$14.1m on FY25, reflecting the early lease surrender at
92-98 Harris Road and other positive leasing activity
▪Interest and fees were in line with FY25 (+0.01 cps),
with lower floating interest rates through much of FY26
offsetting higher borrowings and lower levels of
capitalised interest
▪Maintenance capex up $4.7m or 0.93 cps to 36 basis
points, driven by:
−Roofing and clear-lights (~$3.0m)
−Hardstand, yard and slab works (~$1.3m)
−Corrosion remediation (~$0.8m)
−Insurance-recovered works (~$0.5m)
▪Current tax up $1.5m or 0.30 cps as a result of higher
earnings
ADJUSTED FUNDS FROM OPERATIONS
19

80%
85%
90%
95%
100%
105%
7.00 cps
7.50 cps
8.00 cps
8.50 cps
9.00 cps
9.50 cps
10.00 cps
10.50 cps
11.00 cps
20222023FP24
(annualised)
FY25FY26
AFFO (cps)DPS (cps)Pay-out % (3-year - rhs)Pay-out % (1-year - rhs)
EARNINGS, DIVIDENDS, GUIDANCE
FY26 ANNUAL RESULTS
EARNINGSFY26 CPSFY25 CPSCHANGE
FUNDS FROM OPERATIONS
12.9010.69
+2.21 cps or
+20.7%
ADJUSTED FUNDS FROM OPERATIONS
10.939.59
+1.34 cps or
+14.0%
▪FY26 cash dividends total 9.50 cps, up 0.90 cps or
10.5% on FY25 dividends
▪After normalising FY26 earnings for the early lease
surrender payment at Harris Road, FY26 dividends
of 9.50 cps result in a dividend payout of ~90%
based on PFI’s dividend policy range, and ~91% of
AFFO on a one-year basis
▪FY27 dividend guidance of 9.75–9.85 cps, an
expected increase of ~2.6–3.7% on FY26 dividends
▪FY27 dividend guidance expected to result in a one-
year AFFO pay-out ratio of ~95%, and a payout ratio
towards the lower bound of PFI’s dividend policy
(after normalising FY26 and FY27 earnings)
▪Guidance assumes AFFO adjustments of $9–$10m,
Investment Boost remains in place for FY27, and
remains subject to events beyond PFI’s control
20

2,166.2
2,299.9
+78.2
+55.0
+16.1
+3.4
-19.0
$1,900m
$1,950m
$2,000m
$2,050m
$2,100m
$2,150m
$2,200m
$2,250m
$2,300m
$2,350m
June 2025
investment
properties
AcquisitionsCapital
expenditure &
interest
Fair value gainMovement in
lease incentives,
fees and fixed
rental income
DisposalsJune 2026
investment
properties
FY26 ANNUAL RESULTS
▪Portfolio value of $2.30b at June 2026
▪11C Norris Avenue, Hamilton, acquisition settled in
August 2025, 505 & 507 Mt Wellington Highway, Mt
Wellington, acquisitions settled in December 2025,
16 & 23 John Hull Road, Whenuapai (Totara Creek
Estate), settled in February 2026 in line with
deferred settlement structure
▪Material capex at 78 Springs Road (5 Green Star
targeted development, demolition and asbestos
removal), 11 Vestey Drive (refurbishment), Totara
Creek Estate (5 Green Star targeted development),
92–98 Harris Road (demolition) and 4-6 Mt
Richmond Drive (roof replacement)
▪Increase from annual independent valuations of
$16.1m or 0.7%
▪41-55 Foremans Road, Christchurch, and 2 Smart
Road & 18 Constance Street, New Plymouth,
divestments settled in March 2026
INVESTMENT PROPERTIES
21

283.6
290.0
+3.2
+2.9
+0.3
260
265
270
275
280
285
290
295
June 2025 NTAFair value gain on
investment properties
Retained earningsFair value gain on
derivative financial
instruments
June 2026 NTA
FY26 ANNUAL RESULTS
▪NTA per share increased by 6.4 cps or 2.3% to
$2.90
▪Change in NTA per share driven by increases in the
fair value of investment properties (+3.2 cps) and
retained earnings (+2.9 cps), alongside a fair value
gain on derivative financial instruments (+0.3 cps)
NET TANGIBLE ASSETS
22

FY26 ANNUAL RESULTS
CAPITAL
MANAGEMENT
05.

FY26 ANNUAL RESULTS
▪Bank facilities refinanced in July 2026 (post
balance date), reducing overall bank facilities by
$75m to $600m and introducing adjustable Green
tranche limits, allowing PFI’s Green Finance
programme to evolve alongside the Company's
development pipeline and sustainability strategy
▪PFI040 Bonds ($200m) issued in April 2026
▪High levels of liquidity from a diverse range of
sources, together with the proceeds from the
settled divestments of 41-55 Foremans Road and
2 Smart Road & 18 Constance Street, provide PFI
with funding flexibility to execute on strategy
FUNDING, COVENANTS, INTEREST RATES
REFINANCEJUNE 2026JUNE 2025
FUNDING
BANK FACILITIES DRAWN
-$386.7m $406.9m
BANK FACILITIES LIMIT
$600.0m ( $75.0m)$675.0m$725.0m
BANK FACILITIES HEADROOM
( $75.0m)$288.3m$318.1m
DCM
1
-$400.0m$300.0m
FUNDING TERM (AVERAGE)
(
▲
~0.9 years)3.5 years3.4 years
BANKS
ANZ, BNZ, CBA,
Westpac
ANZ, BNZ, CBA,
Westpac
ANZ, BNZ, CBA,
Westpac
COVENANTS
LOAN-TO-VALUE RATIO (COVENANT: <50%)
-34.2%32.6%
INTEREST COVER RATIO (COVENANT: >2.0X)
-3.3 times2.8 times
INTEREST RATES
WEIGHTED AVERAGE COST OF DEBT
-4.64%4.93%
INTEREST RATE HEDGING (EXCL. FORWARD
STARTING)
-
$585m / 3.09% / 2.4
years
$610m / 3.10% / 2.9
years
FORWARD STARTING INTEREST RATE
HEDGING
-
$200m / 3.93% / 4.7
years
$130m / 3.94% / 3.2
years
1
Debt Capital Markets, includes Note Purchase and Private Shelf Agreement with PGIM, Inc (Pricoa)
24

1.5%
1.9%
2.3%
2.7%
3.1%
3.5%
3.9%
4.3%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
$700m
Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29Dec-29Jun-30Dec-30Jun-31Dec-31Jun-32
150.0
200.0
100.0
250.0
250.0
25.0
25.0
$m
$100m
$200m
$300m
$400m
$500m
FY27FY28FY29FY30FY31FY32FY33
BondsSyndicated Bank FacilitiesPricoa
DEBT MATURITY
PROFILE,
HEDGING
▪Post refinance, average term to expiry of bank facilities
and bonds (top chart) of ~4.5 years
1
, with over $200
million of bank facility liquidity available
▪Fixed rate payer hedging profile (lower chart) provides for
an average of ~65% of forecast debt to be hedged at an
average fixed rate of ~3.15% during FY27, before margins
and fees
FY26 ANNUAL RESULTS
25
Cover (lhs)
Interest Rate (rhs)
1
As at 17 July 2026.

34.2%
35.7%
+0.6%
+0.7%
+0.2%
+0.1%
32.0%
33.0%
34.0%
35.0%
36.0%
37.0%
June 2026 LVR %Totara Creek Estate
(land settlements)
Totara Creek Estate
(Stage 1)
78 Springs Road
(Stage 3 - demolition
& asbestos removal)
Other capital
commitments
Committed LVR %
FY26 ANNUAL RESULTS
▪June 2026 gearing of 34.2% lifting to ~35.7% after
committed acquisitions and development projects
▪PFI is the beneficiary of a deferred settlement
structure on Totara Creek Estate land acquisition,
with remaining payments due in February 2027
(25%, ~$10.2m) and February 2028 (25%, ~$10.2m)
▪While not yet committed, Stage 1 of the
redevelopment of 92–98 Harris Road provides the
opportunity to deploy an incremental ~$25m to
PFI’s Green Star development pipeline
▪Current funding arrangements support near-term
development activity, with PFI’s ability to maintain
gearing near the mid-point of its target range
detailed in Appendix 5
COMMITTED GEARING
26

FY26 ANNUAL RESULTS
SUSTAINABILITY
06.

72%
OF TENANCIES INSTALLED
FY26 ANNUAL RESULTS
SUSTAINABILITY
28
Significant new buildings to target
minimum 5 Green Star certification
GREEN STAR
100%
ON TRACK
Achieve 1.4MW of solar
capacity by the end of FY27
SOLAR POWER
793.7kW
INSTALLED
80% of PFI’s tenancies to have full
LED lighting by the end of FY28
LED LIGHTING
20%
OF PORTFOLIO
GREEN STAR RATED
1
TARGETS:
78 SPRINGS ROAD – STAGE 2
1
Includes assets with Green Star Design & As Built and Green Star Performance ratings.

FY26 ANNUAL RESULTS
MARKET
07.

0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
0
100,000
200,000
300,000
400,000
2021202220232024202520262027202820292030
sqm
AUCKLAND INDUSTRIAL NET ABSORPTION AND VACANCY
1
FORECAST
Net absorption – actual (lhs)
Vacancy – actual (rhs)
Net absorption – forecast (lhs)
Vacancy – pessimistic forecast (rhs)
Vacancy – base forecast (rhs)
Vacancy – optimistic forecast (rhs)
MARKET UPDATE
FY26 ANNUAL RESULTS
1
CBRE Auckland Property Market Outlook – July 2026
30
▪CBRE
1
expects Auckland industrial vacancy to
increase in 2026, reflecting the well-signalled
completion of a significant volume of speculative
developments
▪A gradual recovery in New Zealand’s economy is
expected to support improving industrial demand and
net absorption from 2027
▪While industrial face rents are expected to remain
stable, increased vacancy is expected to drive higher
incentives and lower net effective rents in 2026
▪Recent PFI rent reviews and leasing transactions
continue to settle above market rental estimates with
limited incentives required outside newly-completed
or vacant space, historically lease renewals account
for ~75% of PFI’s annual leasing transactions
▪CBRE
1
expects industrial cap rates to remain
relatively stable in the near term before gradually
firming through to 2030
Net effective rental growth – secondary (lhs)
Yield – secondary (rhs)
Net effective rental growth – prime (lhs)
Yield – prime (rhs)
AUCKLAND INDUSTRIAL NET EFFECTIVE RENTS AND YIELDS
1
2.50%
3.50%
4.50%
5.50%
6.50%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2021202220232024202520262027202820292030
FORECAST

FY26 ANNUAL RESULTS
OUR PRIORITIES
08.

OUR PORTFOLIO
32
Mt Wellington, including 505, 507 & 509 Mt Wellington Highway

FY26 ANNUAL RESULTS
STRATEGIC ALLOCATIONS
▪Core Generic assets are typically
established, well-located industrial
properties with long-standing tenants
▪Broad tenant appeal ensures a deep
leasing pool, and these assets are often
highly liquid
▪With modest maintenance
requirements, Core Generic assets
deliver reliable income forming the
backbone of PFI’s long-term portfolio
strategy
▪505 & 507 Mount Wellington Highway
settled in December 2025, adding two
high-quality Core Generic assets to the
portfolio
CORE GENERIC
HOLDINGS
▪Specialised Assets, such as cold
storage and bulk logistics facilities, are
critical to supply chains, with high
replacement costs
▪Tenants are more entrenched due to
bespoke fit-outs, delivering stable
income
▪Whilst there are a smaller number of
potential tenants for these properties,
they generally benefit from long lease
terms and triple-net lease structures
that minimise unrecovered property
costs
SPECIALISED
ASSETS
▪Targeting initial yields-on-cost of ~6.5%
(including land), developments offer
higher returns than recent direct
acquisitions
▪Developments typically represent 5–
15% of the portfolio and often enable
regeneration of end-of-life assets into
best-in-class, 5 Green Star rated
industrial facilities, meeting rising
demand for sustainable premises
▪PFI retains the ability to deploy a further
~$335m across its Green Star
development pipeline – current
Development Opportunities detailed on
following slides
DEVELOPMENT
OPPORTUNITIES
▪Non-Core holdings fall outside the
strategic focus of the portfolio and are
often held for transitional reasons
▪Asset recycling remains a key part of
PFI’s capital management strategy
▪PFI has a strong track record of
recycling capital, since transitioning to a
pure-play industrial fund at the end of
2021, PFI has realised ~$113m from
asset sales at a ~2.0% premium to
most recent valuations
▪This includes the Smart and Foremans
Road divestments, which settled in
March 2026 at an average premium of
~1.1% to their most recent valuations
NON-CORE
HOLDINGS
33

FY26 ANNUAL RESULTS
DEVELOPMENT OPPORTUNITIES
▪Stage 2 achieved practical completion in April 2026, now considered a ‘Core-
Generic’ asset
▪Demolition and asbestos removal at the last existing warehouse at 78 Springs
Road is expected to be completed in H1 FY28, enabling Stage 3 development
works
▪Current master planning provides for a further ~20,000 sqm of Green Star rated
industrial space, which would increase total site coverage to ~65% on completion
78
SPRINGS ROAD
EAST TĀMAKI
▪PFI is in advanced negotiations with a leading international occupier to
commence Stage 1
▪If progressed, Stage 1 would comprise ~5,600 sqm of warehouse and ~1,300
sqm of office, requiring ~$25m of incremental capital expenditure and targeting
a yield on cost of ~6.50% (including land)
▪Current master-planning allows for a further tenant-led stage comprising ~8,600
sqm of warehouse, ~800 sqm of office and ~2,600 sqm of breezeway
92-98
HARRIS ROAD
EAST TĀMAKI
▪Totara Creek Estate provides the opportunity to invest a total of ~$140m
(including land) into PFI’s development pipeline
▪Stage 1 commenced in March 2026 on a speculative basis, with construction
tracking in line with programme and budget
▪Future stages at Totara Creek Estate provide a further ~4.0 hectares of land to be
developed over the next 3-4 years for an estimated cost of ~$70m
▪PFI is the beneficiary of a deferred settlement structure on the land
TOTARA CREEK
ESTATE
WHENUAPAI
1
▪PFI to commence redevelopment of
majority of remaining brownfield sites
from FY28 and beyond, including
demolition works to enable the
redevelopment of the Neilson Street
Estate – detailed on slide 38
▪Further detail on PFI’s development
pipeline can be found in Appendix 4
OTHER
34
1
Totara Creek Estate being the two properties located at 23 & 16 John Hull Road, Whenuapai, formerly referred to as the Spedding Road Estate.

FY26 ANNUAL RESULTS
78 SPRINGS ROAD
STAGE 2
1
2
3
MASTER PLAN LAYOUT
35
~$
55m
EST. PROJECT COST
(FULLY LEASED,
INCL LAND)
~$
66m
VALUATION
(JUNE 2026,
INCL VACANCY)
>
6.5%
EST. YIELD ON
COST
(FULLY LEASED)
$
3.7m
EST. CONTRACT
RENT
(FULLY LEASED)
~
60%
LEASED
~
16,000m
2
5 GREEN STAR
RATED INDUSTRIAL
AREA
STAGE THREE
STAGE ONE
STAGE TWO
COMPLETED
APRIL 2026
COMMENCEMENT
TBC
COMPLETED
OCTOBER 2024
STAGE ONE

~$
40m
EST PROJECT COST
(INCL LAND)
FY26 ANNUAL RESULTS
TOTARA CREEK ESTATE
STAGE 1
~
6.5%
TARGET YIELD
ON COST
~$
2.5m
ESTIMATED RENT
ON COMPLETION
Q4
FY27
EST. COMPLETION
~
8,500m
2
5 GREEN STAR
TARGETED
WAREHOUSE
123
MASTER PLAN LAYOUT
36
Image taken August 2026

~
7,700m
2
5 GREEN STAR
TARGETED
INDUSTRIAL AREA
~$
35m
ESTIMATED PROJECT
COST (INCL LAND)
~$
25m
ESTIMATED
INCREMENTAL
CAPEX SPEND
~$
2.1m
ESTIMATED RENT
ON COMPLETION
ADVANCED
FY26 ANNUAL RESULTS
92-98 HARRIS ROAD
STAGE ONE
37
MASTER PLAN LAYOUT
TENANT
NEGOTIATIONS
~
6.5%
TARGET YIELD
ON COST
1
1
Includes present value of remaining early lease surrender payment and estimated Investment Boost tax benefit.
12
STAGE ONE
COMMENCEMENT
TBC
TARGET
COMMENCEMENT
Q2 FY27
STAGE TWO

MASTER
PLAN
LAYOUT
2
1
JUL-27
DEMOLITION TO
COMMENCE
~$
80m
ESTIMATED
PROJECT
COST (INCL LAND)
~
6.5%
TARGET YIELD
ON COST
~$
4.7m
ESTIMATED
RENT ON
COMPLETION
TENANT-
LED
FY26 ANNUAL RESULTS
NEILSON STREET ESTATE
304, 316 & 318
38
DEVELOPMENT
TO BE
~
14,000m
2
5 GREEN STAR
TARGETED
WAREHOUSE
304 NEILSON STREET318 NEILSON STREET
316 NEILSON STREET

Jun
26
Dec
26
Jun
27
Dec
27
Jun
28
Dec
28
Jun
29
Dec
29
Jun
30
Dec
30
Jun
31
Dec
31
Jun
32
39
FY26 ANNUAL RESULTS
COST & DURATION
DEVELOPMENT PIPELINE
PROJECTS
▪PFI’s development pipeline comprises 11
planned projects spanning Auckland’s
key industrial precincts
▪The total pipeline represents ~$335m of
committed and potential capital
investment (excluding land values),
supporting long-term portfolio growth
▪Embedded value will be progressively
realised over the next 3-6 years, as
projects complete and leasing activity
captures market rents and development
margin
▪PFI has a strong track record of delivery,
completing over 70,000 sqm of 5 Green
Star-rated industrial space since the start
of 2024, on-time and on-budget
686 Rosebank Road
9 Nesdale Avenue
61–69 Patiki Road
Totara Creek Estate – Stage 3
45 Cryers Road
92–98 Harris Road - Stage 2
Totara Creek Estate – Land Settlement 3
78 Springs Road – Stage 3
304, 316, 318 Neilson Street
Totara Creek Estate – Stage 2
Totara Creek Estate – Land Settlement 2
92–98 Harris Road - Stage 1
Totara Creek Estate – Stage 1
$42 - $48m
$30-$34m
$9-10m
$38-42m
$17–$20m
$27-31m
$30-33m
$56-$62m
Committed
Uncommitted
$10.1m
$10.1m
$20-23m
$23-$26m
$26-29m

FY26 ANNUAL RESULTS
REVIEW &
QUESTIONS
09.

FY26 ANNUAL RESULTS
REVIEW &
QUESTIONS
PFI’s FY26 result reflects the resilience of our industrial
property portfolio, with strong leasing outcomes and high-
quality cashflows driving double-digit FFO and AFFO
earnings growth.
With embedded rental growth, strong portfolio
fundamentals, a high-quality Green Star development
pipeline and a disciplined approach to capital management,
PFI is well positioned to continue delivering growing
dividends and long-term value for shareholders.
SIMON WOODHAMS
Chief Executive Officer
FY27 DIVIDEND
OUTLOOK
ANNUAL RESULTSSTABLE
VALUATIONS AND
RESILIENT
CASHFLOWS
GREEN STAR
DEVELOPMENT
MILESTONES
ACHIEVED
ENHANCED
FUNDING
FLEXIBILITY FOR
FUTURE GROWTH
41

THANK YOU FOR ATTENDING
FY26 ANNUAL RESULTS

FY26 ANNUAL RESULTS
APPENDIX 1 – FFO AND AFFO CALCULATIONS
FUNDS / ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, $000s, UNLESS NOTED)
FOR THE 12-MONTHS ENDED
30 JUNE 2026
FOR THE 12-MONTHS ENDED
30 JUNE 2025
Profit/(loss) and total comprehensive income after income tax attributable to the shareholders of the Company
77,725106,022
Adjusted for:
Fair value (gain)/loss on investment properties
(16,093)(70,742)
Material damage insurance income
(100)(46)
(Gain)/loss on disposal of investment properties
16154
Fair value loss/(gain) on derivative financial instruments
(1,258)13,831
Amortisation of tenant incentives
3,3452,970
Straight lining of fixed rental increases
(3,541)(1,775)
Deferred taxation
4,6003,373
Other
(31)(11)
Funds From Operations (FFO)
64,80853,676
FFO per share (cents)12.9010.69
Maintenance capex(7,964)(3,297)
Incentives and leasing fees given for the period (stabilised assets only, excludes development assets)(1,970)(2,271)
Other5272
Adjusted Funds From Operations (AFFO)54,92648,180
AFFO per share (cents)10.939.59
43

APPENDIX 2 – PAYOUT RATIOS
FY26 ANNUAL RESULTS
FY26FY25
Full year dividends per share (cents)9.508.60
FFO dividend pay-out ratio (%)74%80%
AFFO dividend pay-out ratio (%)87%90%
44
EARNINGSFY26FY25FP2420232022
Rolling three-year AFFO dividend pay-out ratio (%)
89%91%92%90%91%
Normalisation adjustment for early lease surrender payment at 92-98 Harris
Road ($000s)
(2,494)————
Normalised rolling three-year AFFO dividend pay-out ratio (%)
90%91%92%90%91%
1
Calculations reflect annualised FP24 dividends
ROLLING THREE-YEAR AFFO DIVIDEND PAY-OUT RATIOS
1
FFO AND AFFO DIVIDEND PAY-OUT RATIOS

APPENDIX 3 – NET RENTAL INCOME
FY26 ANNUAL RESULTS
45
($000s, UNLESS NOTED)
FOR THE 12-MONTHS ENDED
30 JUNE 2026 (AUDITED)
FOR THE 12-MONTHS ENDED
30 JUNE 2025 (AUDITED)
GROSS RENTAL RECEIPTS121,046101,518
FIXED RENTAL INCOME ADJUSTMENTS3,5411,775
CAPITALISED LEASE INCENTIVE ADJUSTMENTS(1,384)4,740
IMPACT OF RENTAL INCOME DEFERRED AND ABATED DUE TO THE COVID-19 PANDEMIC(52)(72)
NET RENTAL INCOME123,151107,961
NET RENTAL INCOME
1
1
Refer note 2.2 of the financial statements. Excludes service charge income recovered from tenants and management fee income

APPENDIX 4 – DEVELOPMENT OPPORTUNITIES
FY26 ANNUAL RESULTS
46
NEAR-TO-MEDIUM TERM DEVELOPMENT OPPORTUNITIES
1
1
All development opportunities are subject to feasibility, availability of capital and hurdle rates of return, which are subject to change.
2
45 Cryers Road project start date reflects an option to develop the site prior to
lease expiry, and is based on a Yield on Cost range of 7.0% to 6.5% compared to the standard 6.5% to 6.0% applied to all other projects.
JUNE 2026 VALUESITE AREA (SQM)
CURRENT SITE
COVERAGE
% OF TOTAL
CONTRACT RENT
CURRENT LEASE
EXPIRY
EST PROJECT START
DATE
EST PROJECT COST (EXCL
LAND)
Totara Creek Estate – Stage 1$14.6m17,130--In-progressFeb-26$26m – $29m
92-98 Harris Road – Stage 1$9.9m10,91127%-VacantOct-26$23m – $26m
Totara Creek Estate – Stage 2$15.6m18,347--GreenfieldMay-27$30m – $33m
304, 316, 318 Neilson Street$30.6m30,88034%1.15%Jun-27Jul-27$42m – $48m
78 Springs Road – Stage 3$24.4m29,934-1.54%Jul-26Jan-28$56m – $62m
92-98 Harris Road – Stage 2$14.1m15,42827%-VacantMar-28$30m – $34m
45 Cryers Road
2
$6.8m5,0002%0.21%May-33Jul-28$9m – $10m
Totara Creek Estate – Stage 3$19.6m23,061--GreenfieldAug-28$38m – $42m
61-69 Patiki Road$23.2m14,39954%1.34%Mar-29Apr-29$17m – $20m
9 Nesdale Avenue$20.5m16,51118%0.89%Dec-29Dec-29$27m – $31m
686 Rosebank Road$21.1m15,40051%3.27%Mar-28Apr-31$20m – $23m
Total$200.4m197,001-8.41%--$318m – $358m

FY26 ANNUAL RESULTS
▪PFI expects to fund its ~$335m Green Star development
pipeline while maintaining gearing near the mid-point of its
target range
▪On completion of the current development pipeline, PFI
estimates a residual balance sheet impact of ~$68m (all else
being equal), supported by the following assumptions:
−Modest valuation growth of ~2.0% p.a. assumed across
the core portfolio, driven by the realisation of embedded
rental growth
−Development margins of 15% assumed on completed
projects
−Targeted divestments of ~$10m p.a. assumed, primarily
through the selective recycling of smaller, liquid Auckland
assets
▪Since transitioning to a pure-play industrial vehicle in 2021, PFI
has realised ~$113m from asset sales at a ~2.0% premium to
most recent book values, demonstrating the ability to generate
capital through selective asset recycling over time
47
APPENDIX 5 – DEVELOPMENT PIPELINE
MAINTAINING GEARING
GEARING CONSIDERATIONS
FORECAST
$201m
$18m
-$42m
-$0m
-$25m
$35m
$36m
-$25m
-$43m
-$45m
-$100m
-$50m
$0m
$50m
$100m
$150m
$200m
$250m
2023FP24FY25FY26FY27FY28FY29FY30FY31FY32
Development spendFair value loss/ (gain)DivestmentsDevelopment marginNet balance sheet impact

DISCLAIMER: The information included in this presentation is provided as at 24 August 2026 and should be read in conjunction with the Annual Report, NZX results announcement, Fact
sheet, NZX Form –Results Announcement and NZX Form –Distribution Notice issued on that same day.
Property for Industry Limited (PFI) does not guarantee the repayment of capital or the performance referred to in this presentation.
Past performance is not a reliable indicator of future performance.
The presentation includes a number of forward-looking statements. Forward looking statements, by their nature, involve inherent risks and uncertainties. Many of those risks and
uncertainties are matters which are beyond PFI’s control and could cause actual results to differ from those predicted. Variations could either be materially positive or materially
negative.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial
measures used in this presentation include Funds From Operations (FFO), Adjusted Funds From Operations (AFFO). The calculation of FFO and AFFO is set out in Appendix 1 of this
presentation.
FFO and AFFO are common property investor metrics and therefore we believe they provide useful information to readers to assist in the understanding of our financial performance,
financial position and returns. They should not, however, be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial
measures may not be comparable to similarly titled measures reported by other entities.
While every care has been taken in the preparation of this presentation, PFI makes no representation or warranty as to the accuracy or completeness of any statement in it including,
without limitation, any forecasts.
This presentation has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An
investor should, before making any investment decisions, consider the appropriateness of the information in this presentation, and seek professional advice, having regard to the
investor’s objectives, financial situation and needs.
This presentation is solely for the use of the party to whom it is provided.
FY26 ANNUAL RESULTS
48

---

DELIVERING
GROWING RETURNS.
ANNUAL REPORT FY26

1. STRONG, STABLE RETURNS 3
2. THE YEAR IN REVIEW 11
3. FINANCIAL STATEMENTS 20
4. OTHER DISCLOSURES 66
5. DIRECTORY 100
6. CALENDAR 101
STRONG,
STABLE RETURNS.
IT’S WHAT WE’VE
DONE SINCE 1994.
PFI is an NZX-listed industrial property specialist, owning over
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.
In FY26, we built on our consistent track record, enhancing
the foundation for growth while delivering the strong, stable
returns that are so important to our investors.
Cover Image:
78 Springs Road – Stage 2
222
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDAR

TOTAL RETURNS SINCE
INCEPTION
STRONG,
STABLE RETURNS.
PFI offers investors the opportunity to gain
exposure to a wide selection of hard-working
industrial properties through shares listed on
the NZX.
While past performance does not guarantee future
returns, in the period since PFI’s inception in 1994
to 30 June 2026 – through a variety of market
conditions – investors have enjoyed an average
annual total return of around 9.24%
1
. That means
$10,000 invested on day one, with all dividends
reinvested, is now worth more than 16-times that.

FY26 added to that track record of reliable
performance, delivering a total return to investors
of around 10.22% over the 12 months to
30 June 2026.
~
9.24
1
%
AVERAGE ANNUAL
TOTAL RETURN
SINCE INCEPTION
TO 30 JUNE 2026
~
10.22
1
%
FY26 TOTAL
RETURN
TWELVE MONTHS
TO 30 JUNE 2026
1. Source: Forsyth Barr analysis, IRESS.
3
$161,906
$10,000
$180,000
2026
1994
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, STABLE
RETURNS

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Regular and growing income is important to many
investors. Our policy is to distribute the majority
of our cash 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,
recording a 1.9% average annual increase in dividends
per share since inception.
Our strategy to continue to grow earnings, and therefore
dividends, centres on actively managing our portfolio,
including capturing under-renting. The additional
revenue from newly completed developments is also
expected to be an important source of growth.

FY26 cash dividends of 9.50 cents per share (cps)
represent an increase of 0.90 cps or 10.5% on FY25
cash dividends.

A portion of our Senior Leadership Team’s long-term
incentive framework is linked to continuing growth in
Funds From Operations earnings per share of 2.5–
3.5% per annum. FY27 dividend guidance of 9.75–
9.85 cps
2
represents expected growth of ~2.6–3.7%
on FY26 dividends, aligning with this objective.
GROWING
DIVIDEND INCOME.
5 CPS
1994
10 CPS
FY26
5
6
7
8
9
10
DIVIDENDS SINCE
INCEPTION
1
4
~
2.6-
3.7%
EXPECTED FY27
DIVIDEND GROWTH
10.5%
FY26 DIVIDEND
GROWTH
DPS (cps) - FY27 guidance
DPS (cps)
1. FP24 cash dividends of 4.15 cps annualised to account for a six-month financial period.
FY27 dividends reflect mid-point of guidance, being 9.80 cps.
2. Subject to events beyond PFI’s control.
PFI ANNUAL REPORT FY26THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, STABLE
RETURNS

While valuations will fluctuate with market conditions,
since listing in 1994, PFI has grown Net Tangible
Assets (NTA) per share through multiple cycles.
Our focus starts with the industrial property sector.
We acquire and actively manage high-quality assets,
driving rental growth and maintaining high levels
of occupancy.
We divest assets when we can invest the proceeds
into opportunities with superior returns, like the
development of new assets, where we also capture
development margin.
And we maintain a prudent balance sheet,
with diversified funding sources and disciplined gearing
and hedging.

Since listing in 1994, this combination of focus,
activity and settings has worked to grow NTA to $2.90
per share as at 30 June 2026 – including growth of
6.4 cps or 2.3% in FY26.
5
DELIVERING
VALUE THROUGH
MARKET CYCLES.
$
2.90
NTA PER SHARE
AS AT 30 JUNE 2026
2.3%
NTA PER SHARE
GROWTH
TWELVE MONTHS
TO 30 JUNE 2026
1996
$3.50
2026
NET TANGIBLE
ASSETS PER SHARE
$1.00
$2.90
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, 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.
In FY26 we continued our active management
of the portfolio, advancing our development
pipeline while also undertaking acquisitions
and divestments.
01. THE RIGHT MIX
OF HARD-WORKING
PROPERTIES.
GEOGRAPHIC MIX:
STRATEGIC ALLOCATIONS:
CORE GENERIC
HOLDINGS:
75 - 90%
86%
CURRENT:
DEVELOPMENT
OPPORTUNITIES:
5 - 15%
6%
CURRENT:
SPECIALISED
ASSETS:
5 - 10%
7%
CURRENT:
NON-CORE
HOLDINGS
0 - 10%
1%
CURRENT:
AUCKLAND
≥
80%
89%
CURRENT:
OUT OF
AUCKLAND
≤
20%
11%
CURRENT:
More details of these activities can be found on page 15.
6
PFI ANNUAL REPORT FY26THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, STABLE
RETURNS

78 Springs Road –
Stage 2: LED lighting
OUR TARGETS:
We spread risk across multiple tenants and
properties, with exposure to a diverse range of
industrial sub-sectors including warehousing,
logistics, and specialist facilities. Diversification
helps smooth out the bumps and supports a more
predictable income over the long term.

Throughout FY26 we’ve maintained our diversified
mix of properties and tenants, with limited changes
in property and tenant numbers.
02. DIVERSIFIED
TENANTS, LOCATIONS
AND SECTORS.
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.

In FY26, we made progress on all our key sustainability targets, while growing
our portfolio of Green Star certified buildings to ~$469m, supported by
$350m of Green loans following the post-balance date refinancing.
03. GREEN UPGRADES
TODAY AND TOMORROW.
80%
ACHIEVE 1.4MW OF
SOLAR CAPACITY BY
THE END OF FY27
OF PFI’S TENANCIES
TO HAVE FULL LED
LIGHTING BY THE
END OF FY28
SIGNIFICANT NEW
BUILDINGS TO TARGET
MINIMUM 5 GREEN
STAR CERTIFICATION
124
94
PROPERTIES
TENANTS
51.4MW
GREEN
STAR
We discuss tenant activities on page 16.
Read about our progress on page 17.
7
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, 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
give us and our investors greater confidence in the
cash flow behind each dividend payment.
In FY26, we grew contract rents by 7.7% and
extended leases with some tenants, while
maintaining our overall high occupancy and
weighted-average lease terms.
04. HAPPY TENANTS,
HEALTHY INCOME.
5.04 years
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.
In FY26, we continued our disciplined capital
management approach focused on protecting
investor returns. We remain well capitalised, with
gearing below the mid-point of our target range
and high levels of bank liquidity.
05. SMART FINANCIAL
DECISIONS.
98.7%
OCCUPANCY
WEIGHTED AVERAGE
LEASE TERM (WALT)
34.2%
GEARING
$
More details on our capital
management approach
can be found on page 18.
More details on this are on page 16.
8
PFI ANNUAL REPORT FY26THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, STABLE
RETURNS

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 providing high-quality, industrial property
solutions for tenants while delivering sustainable long-term value
for investors.
07. ELEVATING INDUSTRY,
SUSTAINING SUCCESS.
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
enduring value.
06. A STEADY HAND
FOCUSED ON THE
LONG TERM.
6.6years
AVERAGE PFI
TENURE ACROSS
THE BOARD AND
LEADERSHIP TEAM
BY DELIVERING THE SPACES,
CONNECTIVITY AND
CAPABILITY BUSINESSES
NEED TO SUCCEED, WE’RE
SUPPORTING OUR TENANTS,
ENHANCING THE QUALITY
OF OUR PORTFOLIO AND
CREATING LONG-TERM
VALUE FOR INVESTORS.
Simon Woodhams | Chief Executive Officer
Details of our Governance activities
during FY26 can be found from page 69.
The PFI Board
9
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, STABLE
RETURNS

OUR
STRATEGY
TO KEEP
DELIVERING
RETURNS.
OUR PURPOSE
INVESTING IN OUR INDUSTRIAL FUTURE.
Promote and maintain a safe work environment for our employees, contractors, tenants and visitors.
HEALTH AND SAFET Y
STRENGTHEN OUR EXISTING PORTFOLIO TO DELIVER
HIGHER RETURNS OVER THE LONG TERM.
OUR 24-MONTH MISSION
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
WE WILL ACHIEVE THIS BY
A fit-for-purpose
portfolio for our future
1. PORTFOLIO
IMPACT
Attract and retain
quality tenants
2. TENANTS
Build and retain
high-performance
teams
3. PEOPLE
Maximise value
generation through
efficiency and quality
4. OPERATIONS
Generate superior,
sustainable returns
5. FINANCIALS
WHAT SUCCESS MEANS TO US
PFI’S STRATEGY IS ESSENTIALLY
SIMPLE: OWN QUALITY
INDUSTRIAL PROPERTY IN
STRATEGIC LOCATIONS,
UNDERSTAND WHAT TENANTS
NEED, AND CONTINUALLY
IMPROVE THE PRODUCTIVITY
AND PERFORMANCE OF THE
PORTFOLIO. WE’VE BEEN DOING
THAT FOR MORE THAN 30 YEARS,
AND IT CONTINUES TO DELIVER
STRONG, STABLE RETURNS.
Simon Woodhams | Chief Executive Officer
10
PFI ANNUAL REPORT FY26THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARSTRONG, STABLE
RETURNS

THE YEAR
IN REVIEW.
78 Springs Road –
Stage 2
1111
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

HIGHLIGHTS.
PROFIT
AFTER TAX
1
:
$ 7 7.7m
FY26 FAIR
VALUE GAINS:
$16.1m (+0.7%)
ON INVESTMENT
PROPERTIES
GEARING:
34.2%
AS AT 30 JUNE 2026
GREEN STAR
DEVELOPMENT PIPELINE:
~
$335m
OVER THE MEDIUM TERM
$28.3M ON FY25
ADJUSTED FUNDS FROM
OPERATIONS (AFFO)
2
:
10.93 cps
14.0% ON FY25
9.50 cps
10.5% ON FY25 DIVIDENDS
FY26
DIVIDENDS:
1. Profit after tax refers to profit and total comprehensive income after income tax attributable to the shareholders of the Company.
2. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are common property-
investor metrics, that have been calculated in accordance with the guidelines issued by the Property Council of Australia. Please refer to
Appendix 1 of the FY26 annual results presentation for more detail as to how these measures were calculated.
78 Springs Road –
Stage 2
12
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

FY26 DEMONSTRATED THE STRENGTH OF
PFI’S LONG-TERM APPROACH
Against a backdrop of economic uncertainty, geopolitical
volatility and continued pressure on many New Zealand
businesses, PFI delivered another year of strong
financial performance. Earnings increased, dividends
grew, development activity progressed, and our portfolio
continued to provide the stable income streams that our
investors have come to expect.
The fundamentals of our business remained strong.
Our portfolio is underpinned by high-quality industrial
property, long-term tenant relationships, disciplined capital
management and a clear focus on creating sustainable
value over time.
Industrial property is a business where decisions often
take years to show their full value. Past and current-
year development completions, leasing decisions and
investment in the core portfolio all contributed to the
outcomes delivered for shareholders in FY26.
A key highlight was the continued growth in dividends.
PFI delivered full-year dividends of 9.50 cents per share,
an increase of 10.5% on FY25 dividends. This extends
our long track record of providing reliable and growing
dividend income to investors and reflects the strength of
the underlying portfolio.
STRONG EARNINGS DEMONSTRATING
PORTFOLIO RESILIENCE
FY26 began with optimism that New Zealand’s economy
was emerging from one of its most challenging periods
in recent memory. Inflation was easing, interest rates
were beginning to stabilise and confidence was
gradually returning.
However, uncertainty remained a defining feature of the
year. Global tensions, renewed inflationary pressures and
a cautious business environment continued to influence
investment decisions and economic activity throughout
the year.
Against this backdrop, PFI delivered strong growth in
earnings. Net rental income
1
increased from $108 million
to more than $123 million, while Adjusted Funds From
Operations (AFFO) per share increased 14.0% on FY25.
Importantly, this performance was not driven by a single
factor. It reflected the combined impact of continued
rental growth across the portfolio, strong tenant retention,
disciplined portfolio management and the cumulative
contribution of recently completed developments.
ADJUSTED FUNDS FROM
OPERATIONS (AFFO):
14.0%
9.50cps
FY26
DIVIDENDS:
DELIVERING
THROUGH
DISCIPLINE.
THE STRENGTH OF PFI
HAS ALWAYS COME FROM
DOING THE FUNDAMENTALS
WELL. HIGH-QUALITY
ASSETS, STRONG TENANT
RELATIONSHIPS, DISCIPLINED
CAPITAL MANAGEMENT AND
A LONG-TERM VIEW OF VALUE
CREATION CONTINUE TO
DRIVE RELIABLE RETURNS
FOR INVESTORS.
Simon Woodhams | Chief Executive Officer
1. Refer note 2.2 of the financial statements. Excludes service charge
income recovered from tenants and management fee income.
13
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

PFI also benefited from the resilience of industrial property
as an asset class and its vital role in New Zealand’s
economy. The businesses that occupy PFI’s buildings help
keep the country moving every day. Enduring demand
for quality industrial space, combined with a long-term
approach to investment, continues to underpin strong,
stable returns for shareholders.
GROWING DIVIDENDS FOR INVESTORS
Creating reliable and growing dividend income for
shareholders remains at the heart of PFI’s strategy.
For more than three decades, investors have trusted
PFI to provide stable returns and a growing dividend
income, helping to offset the impact of inflation over
time. That focus remains unchanged today. Every
investment decision, leasing transaction, development
project and capital management initiative is ultimately
measured against its ability to create long-term value
for shareholders.
FY26 was another year of PFI delivering strong dividend
growth. Importantly, that growth has been achieved
while maintaining a conservative approach to risk, and a
disciplined balance sheet.
While the FY26 increase reflects a particularly strong year
for earnings and dividend growth, the objective remains
steady, sustainable growth over time. Looking ahead,
subject to events beyond PFI’s control, we expect to grow
dividends in FY27 by ~2.6–3.7% to 9.75–9.85 cents per
share, as recent investments and developments add
to earnings.
HOW OUR MODEL KEEPS DELIVERING
PFI’s strategy is essentially simple: own quality industrial
property in strategic locations, understand what tenants
need, and continually improve the productivity and
performance of the portfolio.
Success comes from consistently executing that strategy
year after year. Rather than chasing short-term market
trends, PFI remains focused on creating better industrial
assets, strengthening tenant relationships and allocating
capital where it can generate the greatest long-term value.
This approach has enabled PFI to deliver strong, stable
returns for investors through a wide range of market
conditions. While the environment around us continues
to change, the fundamentals that underpin our ongoing
performance remain largely the same.
FY26 DIVIDEND
GROWTH:
10.5%
505 & 507
Mt Wellington Highway
14
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

A PORTFOLIO BUILT FOR RESILIENCE
The quality of PFI’s $2.3 billion portfolio remains a
core strength.
The portfolio is concentrated in strategically important
industrial locations and is leased to a diverse range of
businesses operating across logistics, manufacturing,
food production, trade and distribution. This diversity
helps support resilient income through changing
economic conditions.
Following several years of volatility across property
markets, valuations remained stable during FY26. While
PFI’s portfolio value recorded only modest growth, this
should be viewed positively in the context of ongoing
uncertainty and renewed inflation concerns leading to
elevated long-term interest rates. The ability to maintain
value during a turbulent period reflects both the resilience
of the sector and the quality of our assets.
PFI also continued to actively optimise the portfolio
throughout the year, identifying opportunities to improve
asset quality, enhance returns and better-position the
portfolio for future growth. Targeted divestments, including
the sale of 2 Smart Road and 18 Constance Street in New
Plymouth and 41–55 Foremans Road in Christchurch for a
$16.1m
FY26 FAIR VALUE
GAINS ON
INVESTMENT
PROPERTIES:
78 SPRINGS ROAD – STAGE 2: UNLOCKING
MORE VALUE FROM INDUSTRIAL LAND
When PFI acquired the 10.4-hectare 78 Springs Road site in 2009,
it recognised the opportunity to create a modern industrial precinct
capable of supporting the evolving needs of occupiers over the
long term.
PFI has continued to unlock value from the site through a staged
development programme. Following the completion of Stage 1 for
Fisher & Paykel Appliances in October 2024, Stage 2 marks the
next milestone in the estate’s evolution.
Completed in April 2026, Stage 2 combines a purpose-built facility
for global construction technology company MiTek with a second
highly flexible warehouse designed to appeal to a broad range
of occupiers.
Both warehouses have been designed to meet modern tenant
expectations. Flexible layouts, high-stud warehousing, extensive
truck access and future adaptability help ensure the development
remains attractive over the long term.
Sustainability has also been embedded throughout the project.
Rooftop solar, EV charging, rainwater harvesting, LED lighting and
a range of energy-efficiency initiatives support the building’s
targeted 5 Green Star ratings, while helping lower operating costs
for tenants.
With further development potential remaining, 78 Springs Road
demonstrates how strategic investment can enhance existing
assets, strengthen portfolio quality and create long-term value for
both tenants and investors.
CASE STUDY
combined $19.1 million, recycled capital from mature
assets, redeploying it into opportunities capable of
generating stronger long-term returns.
This included the $36.0 million acquisition of 505
and 507 Mount Wellington Highway, together with the
advancement of the Company’s development pipeline,
including the recently completed Stage 2 of 78 Springs
Road, East Tāmaki and Stage 1 of Totara Creek Estate,
Whenuapai, currently under construction.
CREATING VALUE THROUGH
DEVELOPMENT
Development is one of the most effective ways
PFI grows earnings and creates additional value
for investors.
By increasing site coverage, modernising buildings
and improving the productivity of industrial land,
development enables PFI to generate stronger returns
while meeting the changing needs of tenants.
A major milestone during the year was the completion
of Stage 2 of the Springs Road development. Delivered
ahead of programme and below budget - and based
on current lease-up assumptions on the speculative
component - the project is expected to achieve a yield
on cost of approximately 6.6%, exceeding previous
projections. The two-warehouse development has
transformed a previously underutilised site into a
modern industrial estate, increasing site coverage,
growing rental income and adding a new 5 Green Star
building to the portfolio.
(See case study)
78 Springs Road –
Stage 2
15
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

Tenant pre-commitment for ~60% of Stage 2 of
78 Springs Road was secured in August 2024, enabling
commencement of the development. MiTek, a global
construction technology company, commenced a 12-year
lease on completion in April 2026.
Beyond Springs Road, progress continued across the wider
development pipeline.
§
Stage 1 of Totara Creek Estate, the first stage of a three-
stage development: Work is progressing to transform a
greenfield site into ~8,500 sqm of Green Star-targeted
warehouse space. Situated in Auckland’s north-west, the
development provides additional industrial capacity in
one of New Zealand’s fastest-growing catchments.
§
PFI is in advanced negotiations with a leading
international occupier to commence Stage 1 of the
redevelopment of 92–98 Harris Road, East Tāmaki. If
progressed, the development would deliver ~5,600 sqm
of Green Star-targeted warehouse accommodation, with
a tenant-led Stage 2 providing a further ~8,600 sqm of
warehouse space.
76%
LEASE
RETENTION
R AT E :
STRONG TENANTS, STABLE INCOME
Strong tenant relationships remain one of the foundations
of PFI’s success.
The portfolio is home to many of New Zealand’s leading
businesses, including Fisher & Paykel Appliances,
Mainfreight, Fletcher Building, Ballance, Daikin and
many more. These tenants rely on high-quality facilities
to support their operations and, in several cases, have
occupied PFI properties for many years.
At an occupancy rate of 98.7%, the portfolio continues
to benefit from strong levels of tenant retention, with the
majority of leasing activity coming from existing tenants
choosing to remain within the portfolio. Combined with
ongoing rental growth, this continues to support stable
earnings and growing returns.
Rental growth continued across the portfolio as leases
were reviewed and renewed. PFI continued to capture the
gap between contracted rents and prevailing market rents,
providing an important source of earnings growth.
Combined with high occupancy levels and recent
development completions, this rental growth continues to
support the long-term growth of shareholder returns.
14.1%
NET RENTAL
INCOME:
OUR BALANCE SHEET
REMAINS A SOURCE OF
STRENGTH. CONSERVATIVE
GEARING, DIVERSIFIED
FUNDING SOURCES AND
STRONG LIQUIDITY PROVIDE
THE FLEXIBILITY TO INVEST
FOR GROWTH WHILE
MAINTAINING A DISCIPLINED
APPROACH TO RISK.
Craig Peirce | Chief Finance and Operating Officer
~
$335m
DEVELOPMENT
PIPELINE:
16
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

SUSTAINABILIT Y THAT SUPPORTS
PERFORMANCE
For PFI, sustainability is closely aligned with long-term
value creation.
Industrial property is a long-term asset class. Decisions
made today influence how buildings perform for decades
to come. Investing in sustainability helps ensure assets
remain resilient, cost less to maintain, and are attractive to
tenants over the long term.
During FY26, PFI continued to expand its portfolio of green
buildings, progressing both Green Star certification for
developments and Green Star Performance ratings across
existing properties. The business also continued to invest
in practical initiatives such as LED lighting upgrades and
solar installations that improve building performance and
reduce operating costs.
GREEN STAR RATED
ASSETS IN PORTFOLIO:
These investments deliver benefits beyond environmental
outcomes. They can create better workplaces for tenants,
reduce energy costs, improve asset resilience and support
stronger long-term portfolio performance.
Sustainability is also creating greater financing flexibility.
As the proportion of green buildings within our portfolio
grows, so too does the pool of eligible green assets under
PFI’s Green Finance Framework, supporting our ability to
access green financing structures and align funding with
sustainability outcomes.
Investing in sustainability is another way of creating
stronger, more resilient assets that perform better for
tenants, investors and the environment.
78 Springs Road –
Stage 2
20%
17
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

$200m
PFI040 BONDS
ISSUED:
FINANCIAL STRENGTH AND MARKET
CONFIDENCE
Maintaining a strong balance sheet remains central to
PFI’s strategy.
Throughout FY26, the business maintained conservative
gearing of around 35% and a diversified funding base,
providing significant liquidity and financial flexibility.
This continues to provide PFI with capacity to pursue
growth opportunities while maintaining a disciplined
balance sheet.
A FY26 highlight was the successful completion of
our largest-ever bond issue. Despite turbulent market
conditions, strong investor demand supported the raising
of $200 million of new debt capital at highly competitive
pricing. In an environment where investors have become
increasingly selective, the strength of demand provides
further evidence of the market’s confidence in PFI’s
strategy, portfolio quality, and long-term performance.
Post-balance date, we’ve refinanced our $600m syndicated
bank facilities, introducing greater flexibility to align funding
allocations between green and non-green debt tranches
with the growth in PFI’s pool of eligible green assets.
Totara Creek Estate –
Stage 1 (August 2026)
18
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

STRENGTHENING THE ENGINE ROOM
Behind every property, lease and development is a team
focused on delivering better outcomes for tenants
and investors.
During FY26, PFI continued to invest in specialist
capability across development, portfolio management,
communications, and investor engagement. The business
also strengthened its ability to analyse and interpret
portfolio data, helping identify opportunities to improve
performance and support better decision-making.
Just as importantly, we continued to invest in our people
and culture. With a relatively small team managing a large
and growing portfolio, creating a workplace where people
are engaged, empowered and aligned around long-term
value creation is critical to success.
In FY26, a comprehensive employee engagement survey
was carried out on the Company’s behalf, which returned
an overall employee engagement survey score of 88%.
Strong employee engagement and retention rates reflect a
culture built on collaboration, accountability and a shared
commitment to delivering results for tenants and investors.
As the portfolio grows and tenant requirements evolve,
investing in capability helps ensure we remain well
positioned to identify opportunities, manage risk and
deliver value.
WELL PLACED FOR WHAT COMES NEXT
While economic uncertainty is likely to remain a feature
of the environment in the year ahead, the fundamentals
supporting PFI remain strong.
Occupancy levels in the portfolio remain high, the balance
sheet is strong and the development pipeline continues
to provide opportunities for future earnings growth. At the
same time, long-term demand for quality industrial property
remains supported by the growth of logistics, distribution
and supply-chain activity.
PFI’s strategy for FY27 remains unchanged. We will
continue to support tenants, maintain portfolio quality,
pursue carefully selected development opportunities, and
allocate capital in a disciplined way.
The objective is not to reinvent the business but to continue
doing the things that have consistently delivered results for
investors over many years.
The environment may change, but our focus remains the
same: consistently delivering strong, stable returns through
quality assets, great tenants and disciplined execution.
88%
EMPLOYEE
ENGAGEMENT SCORE:
IN A CHALLENGING
ENVIRONMENT, PFI HAS
ONCE AGAIN DELIVERED
GROWTH IN EARNINGS AND
DIVIDENDS WHILE GROWING
THE PORTFOLIO’S VALUE.
THESE OUTCOMES REFLECT
THE QUALITY OF THE
PORTFOLIO, THE STRENGTH
OF THE STRATEGY, AND THE
DISCIPLINED EXECUTION OF
THE MANAGEMENT TEAM.
Dean Bracewell | PFI Board Chair
19
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

FINANCIAL STATEMENTS.
78 Springs Road –
Stage 2
20
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2026
ALL VALUES IN $000SNOTE20262025
Rental and management fee income2.2 144,353 127,455
Property costs2.3 (23,522) (21,903)
Net property income 120,831 105,552
Administrative expenses5.1 (12,423) (11,161)
Profit before finance income/(expenses), other gains/(losses) and income tax 108,408 94,391
Finance income/(expenses)
Interest expense and bank fees (33,023)(33,135)
Fair value gain/(loss) on derivative financial instruments3.2 1,258 (13,832)
Interest income 41 110
(31,724)(46,857)
Other gains/(losses)
Fair value gain on investment properties2.1 16,093 70,742
Loss on disposal of investment properties (161) (54)
Material damage insurance income 100 46
16,032 70,734
Profit before income tax 92,716 118,268
Income tax expense5.2 (14,991)(12,246)
Profit and total comprehensive income after income tax attributable to the shareholders of the Company 77,725 106,022
Basic earnings per share (cents)4.1 15.47 21.11
Diluted earnings per share (cents)4.1 15.47 21.10
The accompanying notes form part of these financial statements
21
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
NOTE
CENTS
PER SHARE
(CENTS)
NO. OF
SHARES
(#)
ORDINARY
SHARES
($000S)
SHARE-BASED
PAYMENTS
RESERVE
($000S)
RETAINED
EARNINGS
($000S)
TOTA L
EQUITY
($000S)
Balance as at 1 July 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
Total comprehensive income – – – – 77,725 77,725
Dividends
Q4 2025 final dividend - 10/9/2025 2.50 – – – (12,559) (12,559)
Q1 2026 interim dividend - 10/12/2025 2.20 – – – (11,051) (11,051)
Q2 2026 interim dividend - 12/3/2026 2.20 – – – (11,051) (11,051)
Q3 2026 interim dividend - 28/5/2026 2.20 – – – (11,051) (11,051)
Long-term incentive plan5.8 94,966 377 166 – 543
Balance as at 30 June 2026– 502,379,030 573,985 758 882,047 1,456,790
The accompanying notes form part of these financial statements
22
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 JUNE 2026
The accompanying notes form part of these financial statements
ALL VALUES IN $000SNOTE20262025
CURRENT ASSETS
Cash and cash equivalents 2,150 1,623
Accounts receivable, prepayments and other assets5.3 5,997 3,778
Derivative financial instruments3.2 942 207
Total current assets 9,089 5,608
NON-CURRENT ASSETS
Investment properties2.1 2,299,945 2,166,200
Property, plant and equipment 2,341 2,853
Other assets– 2,749
Derivative financial instruments3.2 9,082 9,417
Total non-current assets 2,311,368 2,181,219
Total assets 2,320,457 2,186,827
23
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTE20262025
CURRENT LIABILITIES
Accounts payable, accruals and other liabilities5.4 17,957 18,336
Deferred settlements1.8 9,740 –
Taxation payable 5,097 4,547
Borrowings3.1 – 100,000
Derivative financial instruments3.2 136 340
Total current liabilities 32,930 123,223
NON-CURRENT LIABILITIES
Borrowings3.1 781,990 603,680
Derivative financial instruments3.2 4,162 4,816
Lease liabilities5.9 1,204 1,503
Deferred settlements1.8 9,679 –
Deferred tax liabilities5.2 33,702 29,371
Total non-current liabilities 830,737 639,370
Total liabilities 863,667 762,593
Net assets 1,456,790 1,424,234
EQUITY
Share capital 573,985 573,608
Share-based payments reserve5.8 758 592
Retained earnings 882,047 850,034
Total equity 1,456,790 1,424,234
These consolidated financial statements are signed on behalf of Property for Industry Limited and were authorised for issue on 24 August 2026.

DEAN BRACEWELL CAROLYN STEELE
Chair, Board of Directors Chair, Audit and Risk Committee
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
As at 30 JUNE 2026
The accompanying notes form part of these financial statements
24
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2026
ALL VALUES IN $000SNOTE20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Property and management fee income received 144,154 130,142
Interest received 41 110
Payments to suppliers and employees (37,502) (32,697)
Interest and other finance costs paid (35,074) (32,779)
Income tax paid (9,841) (4,485)
Net goods and services tax (paid) / received (335) 419
Net cash flows from operating activities 61,443 60,710
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from sale of investment properties 1.8 18,798 12,618
Material damage insurance income received 68 46
Acquisition of / deposit on investment properties2.1 (56,851) (10,757)
Expenditure on investment properties - development (36,805) (35,837)
Expenditure on investment properties - stabilised (17,889) (12,650)
Capitalisation of interest on development properties2.1 (1,990) (3,360)
Acquisition of property, plant and equipment (67) (73)
Net cash flows from investing activities (94,736) (50,013)
The accompanying notes form part of these financial statements
25
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTE20262025
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of fixed rate bonds 200,000 150,000
Net proceeds from / (repayment of) syndicated bank facility 29,808 (43,615)
Proceeds from Pricoa facility – 25,000
Repayment of fixed rate bonds (100,000) (100,000)
Repayment of green loan facilities (50,000) –
Dividends paid to shareholders (45,712) (41,686)
Principal elements of lease payments (276) (254)
Net cash flows from financing activities 33,820 (10,555)
Net increase in cash and cash equivalents 527 142
Cash and cash equivalents at beginning of year 1,623 1,481
Cash and cash equivalents at end of year 2,150 1,623
Cash and cash equivalents at end of year comprises:
ALL VALUES IN $000SJUNE 2026JUNE 2025
Cash and cash equivalents 2,150 1,623
Cash and cash equivalents at end of year 2,150 1,623
Significant non-cash activity
ALL VALUES IN $000SJUNE 2026JUNE 2025
Land acquisition funded through deferred settlement arrangements1.8 19,419 –
CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
The accompanying notes form part of these financial statements
26
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOWS FROM OPERATING ACTIVITIES
ALL VALUES IN $000SNOTE20262025
Profit for the year after income tax77,725106,022
Non-cash items:
Deferred taxation expense5.24,6003,373
Amortisation of borrowings establishment costs9091,636
Depreciation5.1475488
Employee benefits expense – share-based payments417323
Loss on disposal of investment properties16154
Loss on disposal of property, plant and equipment106–
Provision for doubtful debts96120
Fair value gain on investment properties2.1(16,093)(70,742)
Fair value (gain) / loss on derivative financial instruments(1,258)13,832
Movements in working capital items:
Increase in accounts receivable, prepayments and other assets(4,792)(1,749)
(Decrease) / increase in accounts payable, accruals and other liabilities(1,385)3,011
Increase in taxation payable5504,388
Other: material damage insurance income (classified as cash flows from investing activities)(68)(46)
Net cash flows from operating activities61,44360,710
27
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

4. INVESTOR RETURNS AND INVESTMENT METRICS48
4.1. Earnings per share48
4.2. Net tangible assets per share48
5. OTHER49
5.1. Administrative expenses49
5.2. Taxation49
5.3. Accounts receivable, prepayments and other assets52
5.4. Accounts payable, accruals and other liabilities52
5.5. Financial instruments52
5.6. Financial risk management53
5.7. Related party transactions55
5.8. Share-based payments57
5.9. Leases59
5.10. Operating segments60
5.11. Capital commitments60
5.12. Subsequent events61
1. GENERAL INFORMATION29
1.1. Reporting entity29
1.2. Basis of preparation29
1.3. Group companies29
1.4. Basis of consolidation29
1.5. Critical judgements, estimates and assumptions29
1.6. Accounting policies30
1.7. Non-GAAP measures30
1.8. Significant events and transactions31
2. PROPERT Y32
2.1. Investment properties32
2.2. Rental and management fee income43
2.3. Property costs43
2.4. Net rental income44
3. FUNDING44
3.1. Borrowings44
3.2. Derivative financial instruments47
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
28
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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 ENTIT Y
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 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.
1.3. GROUP COMPANIES
PFI No. 1 and PFI Cover 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 32
3.2. Derivative financial instruments Page 47
5.2. Taxation Page 49
5.8. Share-based payments Page 57
1. GENERAL INFORMATION
29
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS 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 and Pricoa facilities
(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 measures (a subset of non-GAAP measures) in a
single note, along with reconciliation requirements. NZ IFRS 18 is not yet effective and
has not been early adopted by the Group for the reporting period ended 30 June 2026.
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 has been 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.
1. GENERAL INFORMATION CONTINUED
30
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS 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:
Development - 92-98 Harris Road, East Tāmaki
On 5 August 2025, the Group entered into a lease surrender agreement with GrainCorp
Foods NZ Limited (GrainCorp) at 92-98 Harris Road, East Tāmaki, effective 11 August
2025. GrainCorp vacated the premises prior to the original lease expiry date of 3
November 2028. A surrender payment of $5.12 million was received and recognised
as Gross rental receipts within Rental and management fee income in the Statement
of Comprehensive Income (30 June 2025: nil). Following the surrender, the Group has
retained the site for development. Demolition works have since been completed, with
the next phase of development expected to be tenant-led.
Investment property acquisitions and disposals
On 22 August 2025, the Group settled the acquisition of the property located at
11C Norris Avenue, Hamilton, for a net purchase price of $2.24 million.
On 5 December 2025, the Group settled the acquisition of the properties located at
505-507 Mt Wellington Highway, Mt Wellington, for a net purchase price of $36.00 million.
On 4 February 2026, the Group was notified of completion of certain works by the vendor
and the issue of legal titles to the two lots at Spedding Road, now known as 16 John Hull
Road and 23 John Hull Road, Auckland, which together comprise Totara Creek Estate,
which triggered the second settlement payment as set out in the sale and purchase
agreement. On 20 February 2026, the Group paid a second settlement payment of
$18.32 million (representing 45% of the total purchase price). The Group previously paid
a deposit of $2.03 million (being 5% of the total purchase price) and will pay two further
deferred settlement payments of $10.17 million each, due on 20 February 2027 and
2028. As legal title and control have transferred, the land is recognised under Investment
properties in the amount of $39.77 million and the present value of the remaining
deferred settlements of $19.42 million is recognised as Deferred settlements in the
Consolidated Statement of Financial Position. Following receipt of the legal titles, works
have commenced on Stage 1 of the Totara Creek Estate development. Refer to note 5.11
for further details.
On 16 February 2026, the Group announced the divestment of the properties at 2 Smart
Road and 18 Constance Street, New Plymouth for a gross sales price of $4.70 million
and 41 and 55 Foremans Road, Christchurch for a gross sales price of $14.35 million.
Settlement of these divestments took place on 31 March 2026.
Pricoa facility
On 3 July 2025, the Group renewed its Note Purchase and Private Shelf Facility with PGIM,
Inc (also known as Pricoa), reducing the total facility from US$250 million to US$200
million and extending the availability period from 19 August 2025 to 19 August 2028.
Existing drawings are not impacted by the extension. As at 30 June 2026, NZ$50 million
has been drawn under the facility.
Reclassification of Tranche C Syndicated Bank Facility as a Green Loan Facility
On 27 November 2025, the Group reclassified Tranche C of its syndicated bank facility
(also formerly known as Syndicated Bank Facility C), with a facility amount of $100
million and an expiry date of 14 August 2027, as a Green Loan Facility (Syndicated
Bank Green Facility C). This reclassification is in line with the Group’s Green Finance
Framework, launched on 20 July 2023, and supports the alignment of debt facilities
with the ongoing growth in the Group’s Eligible Green Assets. Refer to Note 3.1 for
further information.
Fixed Rate Bonds
On 1 October 2025, the $100 million PFI020 fixed rate bonds matured and were repaid
with bank facilities. On 13 April 2026, the Group raised $200 million through the issuance
of 6.5-year senior secured fixed rate bonds (PFI040), bearing an interest rate of 5.35%.
For further details, refer to Note 3.1 (ii).
ANZ and CBA Green Facility D1
On 13 April 2026, the Group repaid and cancelled $50 million drawn under its Green Loan
Facility with ANZ Bank New Zealand Limited (ANZ) and Commonwealth Bank of Australia
(CBA) (also known as ANZ and CBA Green Facility D1), ahead of its scheduled expiry on
18 July 2026.
1. GENERAL INFORMATION CONTINUED
31
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

IN THIS SECTION
This section shows the real estate assets used to generate the Group’s trading performance which are considered to be the most relevant to the operations of the Group.
2.1. INVESTMENT PROPERTIES
ALL VALUES IN $000S20262025
Opening balance 2,166,200 2,050,525
Capital movements:
Additions 78,168 8,505
Disposals (18,959) (12,672)
Capital expenditure 52,684 32,721
Capitalised interest
1
2,343 3,360
Movement in lease incentives, fees and fixed rental income 3,416 13,019
117,652 44,933
Unrealised fair value gain 16,093 70,742
Closing balance 2,299,945 2,166,200
1. The effective interest rate applied to capitalised interest was 4.47% (2025: 5.18%).
2. PROPERT Y
32
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2.1. INVESTMENT PROPERTIES (CONTINUED)
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2026
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM) 2026
VALUER
2026
CARRYING
VALUE
2025
CAPITAL
MOVEMENTS
2026
FAIR VALUE
ADJUSTMENT
2026
CARRYING
VALUE
2026 202620252026202520262025
Avondale:
15 Copsey Place Canterbury 100%100%6.4%5.9% 1,269 1,153 7,356 Colliers 19,600 176 (76) 19,700
32 Honan Place Solo Plastics 100%100%5.4%5.3% 158 154 795 Savills 2,900 (9) 9 2,900
15 Jomac Place Southern Spars 100%100%5.2%5.3% 1,852 1,798 9,420 CBRE 33,650 (41) 1,791 35,400
61-69 Patiki Road Bidfood 100%100%7.1%6.4% 1,646 1,601 9,344 Colliers 25,000 223 (2,023) 23,200
320 Rosebank Road Doyle Sails 100%100%5.9%4.6% 1,184 864 8,187 Colliers 18,900 100 1,200 20,200
520 Rosebank Road Kenderdine Electrical 100%100%5.0%4.9% 201 196 2,752 Colliers 4,000 18 (18) 4,000
528-558 Rosebank Road ETEL 98%98%6.2%5.5% 4,506 3,860 24,602 Savills 69,800 805 2,195 72,800
670-680 Rosebank Road New Zealand Comfort 100%100%1.4%6.4% 510 2,629 21,599 Colliers 41,000 275 (3,375) 37,900
686 Rosebank Road Brand Developers 100%100%7.0%6.3% 4,011 3,686 22,498 Colliers 58,900 295 (1,795) 57,400
99%99%5.6%5.8% 15,337 15,941 106,553 273,750 1,842 (2,092) 273,500
East Tāmaki:
17 Allens Road Contract Warehousing 100%100%5.3%4.8% 1,654 1,493 12,078 Savills 31,000 240 (240) 31,000
43 Cryers Road Astron Plastics 100%100%4.9%4.9% 954 929 12,358 Savills 19,100 98 202 19,400
45 Cryers Road Astron Plastics 100%100%3.8%3.7% 259 252 4,876 Savills 6,800 3 (3) 6,800
6-8 Greenmount Drive Bridon 100%100%4.7%4.6% 876 854 11,343 CBRE 18,550 249 (99) 18,700
92-98 Harris Road Under development –100%0.0%6.5% – 1,634 – Savills 25,000 1,138 (2,138) 24,000
36 Neales Road Mainfreight 100%100%5.1%5.1% 1,962 1,900 18,100 CBRE 37,200 260 1,240 38,700
1 Ron Driver Place Glen Dimplex 100%100%5.9%5.8% 812 792 6,597 Colliers 13,700 57 (57) 13,700
78 Springs Road
1
Fisher & Paykel Appliances 83%100%3.9%4.3%8,321 7,495 71,543 Savills 173,625 32,682 5,193 211,500
11 Turin Place Kingspan 100%100%5.1%5.2% 1,118 1,118 8,878 JLL 21,500 387 213 22,100
12 Zelanian Drive Central Joinery 100%100%5.3%5.4% 1,216 1,176 6,716 JLL 21,950 137 1,063 23,150
23 Zelanian Drive Exclusive Tyre Distributors 100%100%5.6%4.1% 705 508 4,207 Savills 12,250 1 249 12,500
92%100%4.2%4.8%17,877 18,151 156,696 380,675 35,252 5,623 421,550
1. Partially under development.
2. PROPERTY CONTINUED
33
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2026
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM) 2026
VALUER
2026
CARRYING
VALUE
2025
CAPITAL
MOVEMENTS
2026
FAIR VALUE
ADJUSTMENT
2026
CARRYING
VALUE
2026 202620252026202520262025
Manukau:
212 Cavendish Drive
2
Portacom 100%100%5.4%5.4% 3,269 3,186 25,500 Colliers 58,500 397 1,503 60,400
232 Cavendish Drive
3
Building Prefabrication
Solutions
100%100%5.9%4.6% 2,184 1,532 16,596 Colliers 33,500 377 3,423 37,300
47 Dalgety DrivePeter Hay Kitchens 100%100%6.0%5.6% 1,430 1,388 10,439 Colliers 24,700 363 (1,163) 23,900
47a Dalgety DriveShaw 100%100%4.8%4.9% 653 637 5,722 Colliers 12,900 (83) 783 13,600
59 Dalgety DriveStore Rite Logistics 100%100%5.2%5.1% 1,404 1,364 11,461 Colliers 26,600 132 368 27,100
12 Hautu DriveKiwi Steel 100%100%5.0%4.8% 794 771 7,660 Colliers 15,900 51 49 16,000
25 Langley RoadGrayson Engineering 100%100%5.1%4.6% 2,531 2,301 21,380 Savills 49,500 232 (232) 49,500
1 Mayo RoadTDX 100%100%5.4%4.2% 1,040 758 7,832 Savills 18,200 862 88 19,150
61 McLaughlins RoadMOVe Logistics 100%100%4.7%4.7% 1,374 1,314 18,218 Savills 28,000 85 915 29,000
9 Narek PlaceWaste Tallow Care 100%100%5.2%5.0% 822 714 3,551 CBRE 14,250 12 1,438 15,700
9 Nesdale AvenueBrambles 100%100%5.3%4.4% 1,094 889 12,750 CBRE 20,350 186 (36) 20,500
44 Noel Burnside RoadCottonsoft 100%100%4.8%4.7% 3,665 3,575 27,935 JLL 76,200 (2) 602 76,800
100%100%5.2%4.9% 20,260 18,429 169,044 378,600 2,612 7,738 388,950
Mt Wellington:
30-32 Bowden Road Daikin 100%100%5.1%5.0% 5,338 5,182 22,376 Colliers 103,000 562 1,338 104,900
50 Carbine Road Fletcher Building Products 100%100%5.0%5.2% 320 320 2,820 JLL 6,150 15 235 6,400
54 Carbine Road & 6a
Donnor Place
Pharmacy Retailing
100%100%5.3%4.9% 2,729 2,531 19,898 JLL 51,650 517 (767) 51,400
76 Carbine Road Atlas Gentech 100%100%5.6%5.9% 793 771 2,730 JLL 13,000 28 1,172 14,200
7 Carmont Place CMI 100%100%4.8%4.7% 815 805 6,616 JLL 17,100 96 (246) 16,950
6 Donnor Place Coca-Cola 100%100%5.5%5.2% 1,855 1,689 19,219 JLL 32,750 505 495 33,750
4-6 Mt Richmond Drive Iron Mountain 100%100%3.9%4.1% 1,089 1,089 8,050 Savills 26,550 1,251 199 28,000
505 Mt Wellington
Highway
J.A. Russell
100% – 4.9% – 1,014 – 7,319 JLL – 20,159 691 20,850
2. Includes development land of $1.50 million.
3. Includes development land of $0.90 million.
2.1. INVESTMENT PROPERTIES (CONTINUED)
2. PROPERTY CONTINUED
34
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2026
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM) 2026
VALUER
2026
CARRYING
VALUE
2025
CAPITAL
MOVEMENTS
2026
FAIR VALUE
ADJUSTMENT
2026
CARRYING
VALUE
2026 202620252026202520262025
507 Mt Wellington
Highway
Johnson & Johnson
100% – 6.8% – 1,056 – 3,132 JLL – 16,107 (557) 15,550
509 Mt Wellington
Highway
Fletcher Building Products
100%100%5.1%4.7% 1,293 1,201 9,350 JLL 25,400 151 49 25,600
511 Mt Wellington
Highway
Stryker
100%100%4.9%4.8% 578 563 3,428 JLL 11,850 19 31 11,900
515 Mt Wellington
Highway
Kiwi Management
Services
100%100%4.9%4.8% 353 346 2,324 Savills 7,200 32 (82) 7,150
523 Mt Wellington
Highway
Cyclone Computer
Company
100%100%5.0%4.1% 384 317 1,671 CBRE 7,650 180 (180) 7,650
1 Niall Burgess RoadBremca Industries 100%100%4.5%4.5% 314 307 1,639 JLL 6,850 77 73 7,000
2-6 Niall Burgess RoadMcAlpine Hussmann 100%100%5.6%5.7% 1,464 1,442 6,665 Savills 25,500 165 335 26,000
3-5 Niall Burgess RoadElectrolux 100%100%4.9%4.6% 1,542 1,402 11,514 JLL 30,500 428 472 31,400
7-9 Niall Burgess RoadDHL Supply Chain 100%100%5.0%4.7% 2,918 2,828 20,725 JLL 60,600 (316) (2,284) 58,000
10 Niall Burgess RoadNEP Broadcast Services 100%100%4.8%4.3% 350 318 2,367 CBRE 7,400 103 (153) 7,350
5 Vestey DrivePPG Industries 100%100%5.3%4.8% 321 311 1,270 CBRE 6,450 34 (434) 6,050
7 Vestey DrivePremier 100%100%5.3%5.2% 895 872 6,189 Savills 16,750 55 (55) 16,750
9 Vestey DriveMultispares 100%100%4.8%4.5% 281 272 1,857 CBRE 6,000 14 (164) 5,850
11 Vestey DriveTe Whatu Ora 100%100%5.7%4.5% 841 554 3,407 CBRE 12,300 2,535 (135) 14,700
15a Vestey DrivePact Group Holdings 100%100%5.6%5.7% 668 626 3,180 CBRE 11,000 160 740 11,900
36 Vestey DriveSP Tools 100%100%5.0%5.1% 284 275 1,106 JLL 5,400 330 (30) 5,700
100%100%5.1%4.9% 27,495 24,021 168,852 491,050 43,207 743 535,000
2.1. INVESTMENT PROPERTIES (CONTINUED)
2. PROPERTY CONTINUED
35
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2026
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM) 2026
VALUER
2026
CARRYING
VALUE
2025
CAPITAL
MOVEMENTS
2026
FAIR VALUE
ADJUSTMENT
2026
CARRYING
VALUE
2026 202620252026202520262025
North Shore:
2-4 Argus Place Pharmapac 100%100%5.7%4.0% 726 498 3,711 CBRE 12,500 435 (135) 12,800
47 Arrenway Drive Device Technologies 100%100%5.5%5.5% 315 306 1,145 JLL 5,600 19 81 5,700
51 Arrenway Drive Pacific Hygiene 100%100%5.3%5.1% 495 481 2,781 Savills 9,400 47 (47) 9,400
15 Omega Street Wesfarmers 100%100%5.4%5.2% 686 663 3,154 Savills 12,800 99 (99) 12,800
322 Rosedale Road Parkland Products 100%100%6.0%5.8% 1,451 1,414 7,473 Savills 24,250 284 (284) 24,250
41 William Pickering Drive Innopak Global 100%100%5.5%5.3% 626 563 3,040 Colliers 10,700 119 481 11,300
100%100%5.6%5.2% 4,299 3,925 21,304 75,250 1,003 (3) 76,250
Penrose:
4 Autumn Place Teco 100%100%5.1%5.0% 245 236 1,215 CBRE 4,700 46 54 4,800
6 Autumn Place MOTAT 100%100%4.8%4.2% 214 210 1,627 CBRE 5,000 (8) (542) 4,450
10 Autumn Place MOTAT 100%100%4.8%4.0% 780 765 9,350 CBRE 19,100 107 (3,007) 16,200
122 Captain Springs Road New Zealand Crane Group 100%100%5.7%5.6% 767 767 7,801 Savills 13,750 46 (296) 13,500
8 Hugo Johnston Drive Argyle Schoolwear 97%97%8.2%8.3% 1,014 980 4,359 JLL 11,750 131 419 12,300
12 Hugo Johnston Drive W H Worrall 100%100%6.0%5.2% 559 485 2,759 JLL 9,250 51 (1) 9,300
16 Hugo Johnston Drive Newflor Industries 100%100%6.1%5.8% 573 559 2,619 JLL 9,600 16 (216) 9,400
80 Hugo Johnston Drive Boxkraft 100%100%5.7%5.5% 741 716 5,331 CBRE 13,000 115 (215) 12,900
102 Mays Road 2 Cheap Cars 100%100%5.0%4.6% 792 720 10,472 Savills 15,550 7 193 15,750
304 Neilson Street Fletcher Building Products 100%100%5.1%5.0% 890 869 13,438 Colliers 17,300 (37) 237 17,500
306 Neilson Street Trade Depot 100%100%5.6%5.5% 1,057 1,032 7,557 Colliers 18,800 (56) 56 18,800
312 Neilson Street Transport Trailer Services 100%100%5.2%5.3% 506 477 3,973 Colliers 9,000 198 502 9,700
314 Neilson Street Wakefield Metals 100%100%4.7%4.7% 1,092 1,076 7,536 Colliers 23,100 36 264 23,400
316 Neilson Street Hi-Tech Security
Disposals
100%100%4.4%3.7% 320 311 4,782 Colliers 8,500 178 (1,378) 7,300
318 Neilson Street Hi-Tech Security
Disposals
100%100%3.4%3.3% 199 193 4,049 Colliers 5,800 17 (17) 5,800
12 Southpark Place QCD 100%100%4.1%4.8% 701 684 6,416 Savills 14,250 406 2,344 17,000
100%100%5.3%5.1% 10,450 10,080 93,284 198,450 1,253 (1,603) 198,100
2.1. INVESTMENT PROPERTIES (CONTINUED)
2. PROPERTY CONTINUED
36
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2026
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM) 2026
VALUER
2026
CARRYING
VALUE
2025
CAPITAL
MOVEMENTS
2026
FAIR VALUE
ADJUSTMENT
2026
CARRYING
VALUE
2026 202620252026202520262025
Other Auckland:
16 John Hull Road,
Whenuapai
Under development – – – – – – – Savills – 15,752 1,868 17,620
23 John Hull Road,
Whenuapai
Under development – – – – – – – Savills – 30,054 1,746 31,800
58 Richard Pearse Drive,
Mangere
Pharmacy Retailing 100%100%4.7%4.7% 1,534 1,500 9,415 CBRE 32,000 440 260 32,700
51-61 Spartan Road,
Takanini
Action Manufacturing 100%100%5.8%4.9% 1,419 1,054 12,394 Savills 21,500 239 2,761 24,500
170 Swanson Road,
Swanson
Transportation Auckland 100%100%6.0%5.8% 2,233 2,233 35,435 CBRE 38,500 82 (1,282) 37,300
100%100%3.6%5.2% 5,186 4,787 57,244 92,000 46,567 5,353 143,920
North Island
(outside Auckland):
124 Hewletts Road, Mt
Maunganui
RMD Bulk Storage 100%100%6.1%5.9% 4,242 4,065 30,940 CBRE 68,500 127 373 69,000
124a Hewletts Road, Mt
Maunganui
Ballance Agri-Nutrients 100%100%5.1%5.1% 1,210 1,157 10,497 CBRE 22,900 587 213 23,700
124b Hewletts Road, Mt
Maunganui
Ballance Agri-Nutrients 100%100%5.4%6.0% 1,171 1,137 8,867 CBRE 18,950 826 1,724 21,500
3 Hocking Street, Mt
Maunganui
BR & SL Porter 100%100%5.4%5.5% 205 205 2,374 CBRE 3,725 162 (62) 3,825
143 Hutt Park Road,
Wellington
Masterpet 100%100%5.9%5.9% 1,477 1,477 11,372 JLL 25,100 268 (368) 25,000
8 McCormack Place,
Wellington
Fletcher Building Products 100%100%6.7%6.5% 938 926 7,414 CBRE 14,200 109 (409) 13,900
2.1. INVESTMENT PROPERTIES (CONTINUED)
2. PROPERTY CONTINUED
37
PFI ANNUAL REPORT FY26STRONG, STABLE
RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS