On 26 August 2024, PFI announced its FP24 annual results for the six months ended 30 June 2024.
Highlights
FP24 result: Profit after tax of $21.2m, up $51.7m on the pcp, incorporating fair value losses on properties of $4.2m, as compared to losses of $55.0m in the pcp, Funds From Operations (FFO) up 2.2% on the pcp to 5.03 cents per share (cps), Adjusted Funds From Operations (AFFO) down 0.9% on the pcp to 4.58 cps, FP24 cash dividends of 4.15 cps, consistent with FY23 dividends on an annualised basis, fully covered by AFFO and strong cash flows from operations.
Portfolio under-renting provides embedded growth: Industrial property portfolio valuation of ~$2.1bn has stabilised and is ~16% under-rented, $36.3m of contract rent reviewed during FP24 delivering an average annualised uplift of 5.7%, $5.9m of contract rent leased during FP24 at an average of 25.3% above previous contract rents.
Green Star development pipeline advanced: Tenant commitment secured for Stage 2 of the redevelopment of 78 Springs Road, balance of 30-32 Bowden Road leased for a term of 12-years, active Green Star projects on track with ~$33m of committed spend remaining, opportunity to deploy ~$350m on Green Star development over the medium-term.
Liquidity profile extended: $600m of facilities refinanced or established since December 2023, ~$300m of facility headroom following post-balance date refinancing, gearing comfortable at 32.9%, interest rate environment forecast to materially improve.
Please click on the links below to learn more about PFI's annual results.