PFI Continues Consistent Returns to Investors

Release to New Zealand Stock Exchange

Property For Industry Continues Consistent Returns to Investors

Listed industrial property investor Property For Industry has announced a solid third-quarter result, with consistent returns to investors following a slightly lower operating surplus.

Chairman Mr Peter Masfen said PFI shareholders will receive a third-quarter dividend of 1.35 cents per share with imputation credits of 0.3 cps, unchanged from the previous two quarters of this year. The dividend entitlement date is November 1, 2002 and the dividend will be paid on November 8.

PFI’s operating surplus for the nine months to September 30, 2002 was $8.556 million, slightly down on the $8.748 million recorded for the same period last year.

Interest costs were reduced to $3.374 million, compared with $3.939 million in 2001, as a result of more favourable interest rates and divestment of non-core properties completed over the past year. PFI’s rental income was comparatively lower at $16.189 million (2001: $16.547 million), also as a result of the property divestments. Earnings per share for the same nine-month period decreased from 4.6 cents to 4.3 cents.

PFI’s portfolio remains unchanged with 46 properties, valued at $207 million and with an occupancy rate of 98 percent.

PFI is New Zealand’s only listed property company investing exclusively in the New Zealand industrial property sector and has a policy of paying out 100 percent of net operating earnings as quarterly dividends. The company is managed by AMP Henderson Global Investors, which manages more than $300 billion of assets worldwide.

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