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Steady Return For PFI Shareholders

News release

STEADY RETURN FOR PFI SHAREHOLDERS

Listed industrial property investor Property For Industry Limited has announced a March quarter dividend of 1.3cps, with imputation credits of 0.3cps.

The record date is 18 May 2001 and the dividend will be paid on 25 May 2001.

Chairman Mr Allan Lockie said this was consistent with PFI’s dividend levels over the past year.

PFI, New Zealand’s only publicly listed property company investing solely in the industrial sector, has a policy of paying out 100% of its earnings as dividends.

PFI, which holds its AGM in Auckland today [Monday 30 April], recently announced the purchase of two high-quality Mt Wellington properties for $9.8million. In combination with the acquisition of eight nearby properties in December 2000, this took PFI’s debt level to its self- imposed ceiling of 35%.

However, in early April PFI raised $13.78million through a private placement of shares. This reduced its debt levels to 29%. Planned divestment of existing, non-strategic properties will provide additional capital, and PFI’s board has stated that it believes a number of attractive expansion opportunities remain available to the company.

The company is managed by AMP Henderson Global Investors.

ends

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