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Property For Industry First-Quarter Dividend

MEDIACOM-RELEASE-PROPERTY-FOR-INDUSTRY

Property For Industry Announces First-Quarter Dividend

Listed industrial property investment company Property For Industry has announced a first-quarter dividend of 1.3 cents per share.

The dividend, which carries partial imputation credits of 0.3 cents per share, will be announced to shareholders at PFI's annual general meeting, held today [Thursday April 20] at the Carlton Hotel in Auckland.

The record date is May 5, 2000 and the dividend will be paid on May 19, 2000.

Listed in 1994, PFI is the only listed property company in New Zealand investing solely in the industrial market and now has a nationwide portfolio of 40 industrial properties, with a total value of more than $185 million

The company distributes 100 percent of earnings as dividends, which are paid quarterly. It also offers its investors a dividend reinvestment programme, which provides shareholders with the option of reinvesting their dividends in the company.

Earlier this month, PFI won the listed property company category of the Property Council annual awards. It was the second time the award has gone to PFI, which also won in 1998.

The Property Council/National Business Review award is based on a comprehensive range of criteria, including return on equity, investor communication, debt structure, management, liquidity and adherence to investment policy.

ends

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