PFI signals higher dividend, sees trading discount closer to 5%
Industry property play has a development pipeline of about $363m in the works across 11 projects, but would like to see its trading discount to NTA ‘tighten up’.
Harris Road, early lease exit created redevelopment opportunity.
Net property income: at $94.4 million, up from $82.4m.
Fair value gains: at $70.7m, a turnaround from a loss of $90m for the comparable 12 months.
Main takeaway: Industrial pushed up its property returns on sweeping review programme, with valuations boosting the portfolio to $2.17 billion.
Property for Industry shares tracked up 2.5 cents to $2.32 on Monday after the company bumped its dividend to 8.60 cents, on the back of solid portfolio returns and $70.7 million in valuation gains for the 12 months to June.
Total rental and management fee income had come in at $127.5m for the year,
