Property for Industry posts nine-month loss
Property for Industry posts nine-month loss on property valuation
Nov. 2 (BusinessWire) – Property for Industry, the investment group managed by AMP Capital Investors, reported a nine-month loss, reflecting a reduction in the value of its portfolio.
The net loss was $11.1 million, including a previously reported reduction in the value of its property, the company said in a statement today. Operating profit for distribution rose 3.3% to $11.9 million, or 5.58 cents a share, helped by lower interest costs and increased rentals.
PFI sold five properties over the past 16 months, for a total of $48.85 million, to repay debt. Lower interest costs, new rental streams from development projects and rent review helped underpin distributable profit, said PFI general manager Ross Blackmore.
The third-quarter net dividend was kept unchanged from a year earlier at 1.65 cents a share, with a record date of Nov. 16.
Blackmore said the industrial leasing market is picking up, with owner-occupier purchasers “starting to re-emerge, particularly for smaller industrial properties.
Shares of PFI traded unchanged at $1.20 and have gained 8% in the past six months.