About Property For Industry

PFI was listed in 1994 to provide investors with an opportunity to invest in prime New Zealand industrial property. This proved attractive to both institutional and private investors, and shareholder numbers have grown from 588 in December 1994 to 5,129 at the end of 2009.

PFI's policy is to pay out 100% of its cash operating earnings as dividends, with payments made quarterly.

Shareholders can elect to receive their dividends in the form of PFI shares, rather than cash, through the company’s dividend reinvestment scheme. Shareholders participating in this programme currently receive their shares at a 2.5% discount to market price.

Strategic objective

PFI’s strategic objective is to provide shareholders with a target minimum annual increase in shareholder wealth of 10% through a combination of income and capital growth by way of acquisition and management of industrial property assets.

Investment strategy

To invest in quality New Zealand industrial property in the main urban centres
To invest in multi-purpose, rather than specialised, properties that are occupied by a balanced spread of tenants
To invest in properties that display above-average income and/or capital appreciation attributes. Specifically, these will include properties that exhibit one or more of the following:
- Located in land-constrained areas
- Located close to important transport routes
- Located on new or improving arterial routes
- Possess change-of-use potential.
To take a financially-disciplined approach, with debt currently limited to 35% of total tangible assets
To distribute 100% of net cash operating earnings as dividends
To provide a risk-averse approach to acquisition, asset management and capital management, consistent with delivering the target increase in shareholder wealth and distributing 100% of net cash operating earnings as dividends.