PFI maintains dividend

PFI

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Listed industrial property investor Property for Industry (PFI) reported a 3.3 percent fall in first quarter net operating profit to $3.97 million.

General manager Ross Blackmore said PFI's rentals for the three months to the end of March were down 3.2 percent from a year earlier to $7.94m because the company sold three properties during the intervening year.

PFI's tax for the quarter was also 11.8 percent higher.

Shareholders will receive a first quarter dividend of 1.55c per share plus imputation credits of 0.526cps.

The company said it had maintained the first quarter dividend at the same level as last year's first quarter, on the back of the slightly lower rentals and profit.

Mr Blackmore said PFI's portfolio occupancy at the end of the quarter was 99.46 percent, with the company securing four new tenants during the quarter, all for Penrose properties.

The company had two development projects due for completion in the next two months -- a $2.4m office/warehouse in North Harbour and a $3.05m office/warehouse at PFI's Peninsula Business Park in Avondale.

Those projects would add a total of $400,000 to PFI's annual rent roll.

The proceeds of the three property sales had reduced PFI's debt levels, with its ratio of debt to total assets at 28.3 percent, compared to 29.4 percent at the same time last year. The company's self-imposed maximum is 35 percent.

PFI's share price closed at $1.13 yesterday, having ranged between $1.32 and 98c in the past year.

NZPA