PFI Announces Annual Results

NZX and media
announcement
—
25 August 2025


Page 1

PFI ANNOUNCES ANNUAL RESULTS

Property for Industry Limited (the Company, PFI), today announced the Company’s annual results for
the twelve months ended 30 June 2025 (FY25)
1
.

“PFI has delivered a strong result, reflecting its strategic positioning and the resilience of its core
industrial portfolio,” says Chief Executive Officer, Simon Woodhams. “An uplift in valuations has driven
an increase in reported profit, while earnings growth has been supported by strong re-leasing outcomes
and a more favourable interest rate environment. Together, these factors have underpinned further
dividend growth, reinforcing PFI’s commitment to delivering sustainable returns to shareholders.”

With the valuation cycle turning and floating interest rates now nearing projected cycle-lows
2
, the
operating environment has become increasingly supportive. PFI is well placed to harness embedded
rental growth and capitalise on recent development completions and portfolio optimisation initiatives,
positioning the Company for expected continued earnings and cash flow momentum.

Highlights
▪ Annual results: Profit after tax of $106.0m, up $152.1m on the pcp, incorporating fair value gains
on properties of $70.7m, as compared to losses of $90.0m in the pcp, Funds From Operations
(FFO)
3
up 5.4% on the pcp to 10.69 cents per share (cps), Adjusted Funds From Operations (AFFO)
up 8.1% on the pcp to 9.59 cps, FY25 cash dividends of 8.60 cps, an increase of 3.6% on annualised
FP24 cash dividends.
▪ Valuation cycle turning, embedded rental growth being realised: Positive momentum
continuing across PFI’s $2.17b industrial portfolio, fair value gains on properties of $70.7m or 3.4%,
net tangible assets (NTA) up 4.7% to $2.84 per share, $73.2m of contract rent reviewed during FY25
delivering an average annualised uplift of 5.3%, $7.9m of contract rent leased during FY25 at an
average of 20.1% above previous contract rents, occupancy increased to 99.9%.
▪ Green Star development pipeline bolstered: Stage 2 of the redevelopment of 78 Springs Road
tracking under-budget and ahead of programme, planning progressing for Harris Road
redevelopment opportunity, runway to deploy ~$350m on Green Star certified projects over the
medium-term.
▪ Well-capitalised for strategic execution: $700m of facilities refinanced or established during FY25
– including $150m PFI030 bonds issued in March 2025, ~$318m of facility headroom, gearing stable
at 32.6%.
▪ Positive outlook: PFI enters FY26 with confidence – reinforced by just 1.2% of contract rent
expiring in FY26 and an increasingly supportive operating environment – guiding to expected cash
dividends of at least 8.90 cps, an increase of at least 0.30 cps or 3.5% on FY25 dividends.



--------

1
Following the change in PFI and its subsidiaries’ balance date from 31 December to 30 June, throughout this announcement
(and the accompanying annual results presentation), in order to provide a useful basis for comparison, the audited FY25 annual
results (FY25) have been compared to the unaudited results for the twelve-month period from 1 July 2023 to 30 June 2024 (the
prior comparable period, or ‘pcp’), which comprises the periods H2 2023 and FP24 (FP24 being the a six-month “stub” period
ended 30 June 2024, resulting from PFI’s balance date change), unless otherwise noted. This differs from the financial statements,
which present FP24 as the comparative period for FY25 in accordance with applicable accounting standards.
2
Reserve Bank of New Zealand (RBNZ), Bloomberg, ANZ Research, ASB Economics, BNZ Research, Westpac Economics as
at 22 August 2025.
3
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are
common property investor metrics, which have been calculated in accordance with the guidelines issued by the Property Council
of Australia. Please refer to Appendix 2 of the FY25 annual results presentation for more detail as to how these measures were
calculated.

NZX and media
announcement
—
25 August 2025


Page 2

Annual results
PFI reported a FY25 profit after tax of $106.0m (21.11 cps), reversing a $46.1m loss (9.18 cps loss) in
the pcp. This included a $70.7m fair value gain on investment properties, as compared to a $90.0m fair
value loss in the pcp.

FY25 net rental income
4
increased 12.7% on the pcp to $108.0m, driven by leasing activity (+$8.6m)
and development projects completing (+$6.3m), partly offset by divestments (-$2.3m) and vacancy
(-$0.7m).

Profit before finance income and expenses, other gains and losses and income tax
5
increased from
$82.4m in the pcp to $94.4m in FY25. Interest and fees increased by $3.8m, driven by lower levels of
capitalised interest as a result of developments completing. Current tax of $8.9m increased by $4.0m
on the pcp, primarily due to tax legislation changes removing depreciation on building structures.

Operating cash flows rose $6.4m to $60.7m ($54.3m in the pcp). FFO earnings were up 5.4% on the
pcp to 10.69 cps, whilst AFFO earnings of 9.59 cps were up 8.1% on the pcp, reflecting the
aforementioned increases in net rental income, partly offset by higher interest and current tax.

The PFI Board resolved to pay a fourth quarter final cash dividend of 2.50 cps
6
, taking FY25 cash
dividends to 8.60 cps, an increase of 0.30 cps or 3.6% on annualised FP24 cash dividends.

Further detail on PFI’s FY25 annual results are included in the presentation and Annual Report released
with this announcement. PFI expects to publish its Sustainability and Climate Report in September.

Valuation cycle turning, embedded rental growth being realised
Strong re-leasing outcomes, structured rental growth and completed development projects have resulted
in significant increases in the Company’s weighted average lease term (WALT) to 5.47 years, and in
total contract rent to $112.3m, at the end of FY25. PFI’s portfolio is near fully-occupied at 99.9% and
just 1.2% of contract rent is due to expire in FY26.

Rent reviews were completed on 110 leases during FY25, delivering an average uplift of 6.2% (5.3%
annualised) on ~$73.2m of contract rent.

Around 150,000 square metres (sqm), $21.6m or 19.2% of rent, was leased in FY25 across 10 new
deals and 15 renewals, extending terms by an average of 8.8 years. Minimal incentives were required
to secure leases on stabilised contract rent, and a positive re-leasing spread
7
in excess of 20% was
observed where rents were agreed on stabilised properties.

Combined, over 88% of contract rent was reviewed, varied, or leased during the year.

An increase from independent valuations of $70.7m or 3.4% saw PFI end FY25 with a property portfolio
valued at $2.17b. Around half of the valuation outcome came from firming market capitalisation rates,
with the balance attributable to realised rental growth. As a result of portfolio and valuation activity
8
,
PFI’s passing yield increased by nine basis points to 5.23%, while the portfolio market cap rate firmed
by 14 basis points to 5.75%.
--------

4
Refer note 2.2 of the financial statements. Excludes service charge income recovered from tenants and management fee income.
Additional detail on the pcp is provided in Appendix 4 of the FY25 annual results presentation.
5
Profit before finance income and expenses, other gains and losses and income tax is a non-GAAP financial measure. Please
refer to page 18 of the FY25 annual report for further detail.
6

The dividend reinvestment scheme will not operate for this dividend.
7
A re-leasing spread is the difference between what a landlord charges on an expiring lease, and what they get on a renewed or
new lease for the same asset.
8
Excluding the Company’s active development site (being Stages 2 & 3 of 78 Springs Road, East Tamaki).

NZX and media
announcement
—
25 August 2025


Page 3

An independent market rental assessment confirmed PFI’s portfolio to be ~11.5% under-rented (June
2024: ~16.2%). On a like-for-like basis, market rents grew by ~1.7% over the period, while PFI achieved
6.9% growth in those same rents, reflecting the effective capture of market rents. Post-balance date,
three market rent reviews – covering $2.6m of contract rent – settled at an average of 1.3% above 30
June 2025 valuer-assessed market rents, supporting continued earnings growth.

NTA per share increased 12.9 cps (4.7%) to $2.84, supported by fair value gains on investment
properties and partly offset by a decrease in the value of derivative financial instruments.

Green Star development pipeline bolstered
Following a refresh of the Company’s strategy during FY25, PFI targets holding between 5 - 15% of the
portfolio in development opportunities, with ~$177m (~8%) of the portfolio currently held in this category
9
.
Consistent with PFI’s sustainability strategy, all significant new developments will target a 5 Green Star
rating.

At 78 Springs Road, the Company is developing a dual-unit ~11,300 sqm warehouse (Stage 2), ~60%
pre-leased to MiTek
10
for 12-years. PFI has seen construction costs for the project fall by ~$5m or ~15%
compared to initial December 2024 estimates. The expected completion date for Stage 2 is ahead of
schedule, now expected in April 2026. These two factors have combined to lift the project’s expected
yield on cost to at least 6.5%, including land.

The post-balance date early lease surrender at 92-98 Harris Road has accelerated access to a prime
redevelopment opportunity in East Tamaki. The early lease surrender is expected to deliver an after-tax
benefit of ~$3.5m to FY26 AFFO. Planning is underway for a ~14,500 sqm industrial facility, with the
potential project involving ~$40m of additional investment (excluding land), targeting a yield on cost of
~6.5%, including land.

PFI also expects to settle the acquisition of ~5.8 hectares of land at the Spedding Road Industrial Estate
in the first quarter of FY26. Planning for Stage 1 is in the early-stages, potentially commencing without
tenant commitment in the third quarter of FY26, subject to feasibility and consents. Stage 1 could involve
an investment of ~$40m (including land), with a further ~4.0 hectares of land to be developed over the
next 3-4 years for an estimated cost of ~$70m.

PFI holds ~$118m in additional development opportunities, enabling the deployment of a further ~$175m
over the medium-term. These projects aim to transform obsolete assets into best-in-class, 5 Green Star-
rated industrial facilities, unlocking value and supporting long-term earnings growth.

Well-capitalised for strategic execution
PFI refinanced or established $700m of facilities in FY25, including the $150m PFI030 bonds issued in
March 2025. At the end of FY25, PFI’s debt instruments have a weighted average term to expiry of 3.4
years, and the Company has approximately $318m of unutilised bank facility capacity.

Gearing at the end of FY25 was 32.6% (covenant: 50%) and the interest cover ratio was 2.5 times
(covenant: 2 times). Interest rate hedging covers ~76% of forecast debt at an average rate of ~3.08%
for FY26.

Positive outlook
As announced on 6 August 2025, the PFI Board expects to pay FY26 cash dividends of at least 8.90
cps, an increase of at least 3.5% on FY25 dividends. FY26 cash dividends of at least 8.90 cps are
--------

9
Reflects 30 June 2025 valuations of properties classified as near-to-medium term development opportunities. See Appendix 6
of the FY25 annual results presentation for details.
10
MiTek New Zealand Limited.

NZX and media
announcement
—
25 August 2025


Page 4

expected to result in a one-year AFFO pay-out ratio of ~85% (or ~88% after normalising FY26 earnings
for the early lease surrender payment at Harris Road).

Any decision to pay FY26 cash dividends above 8.90 cps will depend on several factors under review,
including leasing progress for the remainder of Stage 2 of 78 Springs Road, clarity on development plans
and timings for 92-98 Harris Road, and progress on material FY27 lease expiries. The Board will
continue to assess these as part of its FY26 dividend considerations.

“PFI’s FY25 annual results reflect the successful execution of our strategy and strength of our portfolio,”
says Simon Woodhams. “We’ve delivered earnings and dividend growth – supported by an uplift in
valuations – while bolstering our Green Star development pipeline and maintaining a strong capital
position. With the operating environment improving, PFI enters FY26 well placed to harness its ~$350m
development runway, driving long-term value and growing returns for investors.”

Key Metrics FY25 PCP
($000, unless noted)
Net rental income
107,961 95,837
Profit before finance income and expenses, other gains and losses
and income tax
94,391 82,423
Funds From Operations (FFO)
10.69 cps 10.14 cps
Adjusted Funds From Operations (AFFO)
9.59 cps 8.87 cps
Dividends
8.60 cps
8.30 cps
11

Investment properties
2,166,200 2,050,525
Net tangible assets per share
$2.84 $2.71
Gearing
32.6% 32.9%

ENDS

The PFI Management Team will present the results via live webcast from 10am NZT on 25 August 2025.
To view and listen to the webcast, please visit https://edge.media-server.com/mmc/p/b4py7n9r. Anyone
wishing to participate in the webcast (for example, to ask a question) must pre-register for the conference
call at https://register-conf.media-server.com/register/BI025c36e0618749e48f256af7a04850f0. Upon
registering, participants will be provided with participant dial-in numbers, a passcode and a unique
registrant ID. In the 10 minutes prior to the call start time, you will need to use the conference access
information provided in the email received at the point of registering, in addition to opening the webcast
(using the details above).


--------

11
Reflects annualised FP24 dividends.

NZX and media
announcement
—
25 August 2025


Page 5

ABOUT PFI & CONTACT

PFI is an NZX listed industrial property specialist, owning over 90 quality properties worth more than $2 billion. Our well
diversified portfolio is focused on strategic locations that drive value and growth for the industrial sector, for our tenants, and for
our investors. Since listing on the NZX in 1994, we’ve built a strong track record of delivering consistent returns. We invest for
the long-term, combining our capital and specialist industry capability to deliver the successful outcomes all our stakeholders
need.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
----
Phone:
+64 21 749 770
Email:
woodhams@pfi.co.nz
CRAIG PEIRCE
Chief Finance and Operating Officer
----
Phone:
+64 21 248 6301
Email:
peirce@pfi.co.nz
----
Property for Industry Limited
Level 4, Hayman Kronfeld Building, 15 Galway Street,
Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz


Attachments
NZX Form – Results Announcement
NZX Form – Distribution Notice
Annual Results Presentation
Annual Report

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer Property for Industry Limited (PFI)
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$105,552 +124%
Total Revenue $105,552 +124%
Net profit/(loss) from
continuing operations
$106,022 +401%
Total net profit/(loss) $106,022 +401%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02500000
Imputed amount per Quoted
Equity Security
$0.00501563
Record Date 1 September 2025
Dividend Payment Date 10 September 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.836 $2.707
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The results presented are for the twelve months ended 30 June
2025 (referred to as FY25). The comparative period used in the
FY25 audited financial statements and in this form is for the six-
month period from 1 January to 30 June 2024 (referred to as
FP24). FP24 is a six-month “full year” financial period, as
opposed to the usual 12-month “full year” financial period
presented due to the change in PFI and its subsidiaries’ balance
date from 31 December to 30 June.
The audited financial statements for FY25, which accompany
this announcement, have been prepared in accordance with
Generally Accepted Accounting Practice in New Zealand and
the New Zealand Equivalents to International Financial
Reporting Standards.
PFI’s FY25 Announcement and Presentation use a different
comparative period. To provide a meaningful basis for
comparison in those documents, the audited FY25 annual
results have been compared to the unaudited results for the

twelve-month period from 1 July 2023 to 30 June 2024, which
comprises the periods H2 2023 and FP24, unless otherwise
noted.
Authority for this announcement
Name of person

authorised
to make this announcement
Craig Peirce

Contact person for this
announcement
Craig Peirce
Contact phone number +64 9 303 9651
Contact email address peirce@pfi.co.nz
Date of release through MAP

25 August 2025

Audited financial statements accompany this announcement.

---

Distribution Notice

Updated as at June 2023





Section 1: Issuer information
Name of issuer Property for Industry Limited
Financial product name/description Property for Industry Limited Ordinary Shares
NZX ticker code PFI
ISIN (If unknown, check on NZX
website)
NZPFIE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 1 September 2025
Ex-Date (one business day before the
Record Date)
29 August 2025
Payment date (and allotment date for
DRP)
10 September 2025
Total monies associated with the
distribution
$12,557,102
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03001563
Gross taxable amount $0.01791295
Total cash distribution $0.02500000
Excluded amount (applicable to listed
PIEs)
$0.01210268
Supplementary distribution amount $0.00227600
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.00501563
Resident Withholding Tax per
financial product
N/A

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Craig Peirce
Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

25 August 2025

---

Following the change in PFI and its subsidiaries’ balance date from 31 December to 30 June, throughout this presentation (and the accompanying annual results
announcement), in order to provide a useful basis for comparison, the audited FY25 annual results (FY25) have been compared to the unaudited results for the
twelve-month period from 1 July 2023 to 30 June 2024 (the prior comparable period, or ‘pcp’), which comprises the periods H2 2023 and FP24, unless otherwise
noted. This differs from the financial statements, which present FP24 as the comparative period for FY25, in accordance with applicable accounting standards.
2

Positive momentum continuing across PFI’s $2.17b industrial portfolio, fair value
gains on properties of $70.7m or 3.4%, net tangible assets (NTA) up 4.7% to $2.84
per share
$73.2m of contract rent reviewed during FY25 delivering an average annualised
uplift of 5.3%, $7.9m of contract rent leased during FY25 at an average of 20.1%
above previous contract rents, occupancy increased to 99.9%
Profit after tax of $106.0m, up $152.1m on the pcp, incorporating
fair value gains on properties of $70.7m, as compared to losses
of $90.0m in the pcp
Funds From Operations (FFO) up 5.4% on the pcp to 10.69 cents
per share (cps), Adjusted Funds From Operations (AFFO) up 8.1%
on the pcp to 9.59 cps
FY25 cash dividends of 8.60 cps, an increase of 3.6% on
annualised FP24 cash dividends
Stage 2 of the redevelopment of 78 Springs Road tracking under-budget and ahead
of programme, planning progressing for Harris Road redevelopment opportunity,
runway to deploy ~$350m on Green Star certified projects over the medium-term
$700m of facilities refinanced or established during FY25 – including $150m
PFI030 bonds issued in March 2025, ~$318m of facility headroom, gearing stable at
32.6%
PFI enters FY26 with confidence – reinforced by just 1.2% of contract rent expiring
in FY26 and an increasingly supportive operating environment – guiding to cash
dividends of at least 8.90 cps, an increase of at least 0.30 cps or 3.5% on FY25
dividends
5

◄► June 2024: 91
◄► June 2024: 126
▲ June 2024: $99.7m▲ June 2024: 98.6%▲ June 2024: 5.07 years
7

1
Average increase in valuer assessed like-for-like market rents between 30 June 2024 and 30 June 2025,
2
Based on 30 June 2025 passing rent to independent valuer assessed market rents, excludes active development
projects.
8
▼14 bps on 30 June 2024
▲
▲9 bps on 30 June 2024

STABILISED
DEVELOPMENTS
& ACQUISITIONS
TOTAL
CONTRACT RENT ($)$12.3m$9.3m$21.6m
% OF PORTFOLIO BY CONTRACT RENT10.9%8.3%19.2%
AVERAGE INCENTIVE PER YEAR OF TERM
(MONTHS)
0.2 months0.5 months0.4 months
WEIGHTED AVERAGE LEASE TERM (WALT)5.1 years13.5 years8.8 years
AREA LEASED (SQM)92,399m
2
56,006m
2
148,405m
2
% OF DEALS COMPLETED THAT WERE
RENEWALS
73%0%56%
▪Total of $21.6m of contract rent secured in FY25
▪$9.3m of contract rent secured in FY25 relates to newly
developed or acquired properties
1
▪Of the $12.3m of stabilised contract rent secured during
FY25, rents were agreed on $7.9m of this
▪These rents were settled 20.1% above previous contract
rents
▪Remaining $4.4m of stabilised contract rent secured during
FY25 is subject to market reviews on renewal or
commencement date
▪Those renewals (six) are ~14% under-rented as at 30 June
2025 (after factoring in review caps), with a weighted
average review date of December 2026
1
Being Daikin at 30-32 Bowden Road, Fisher & Paykel at Stage 1 of 78 Springs Road, and Hi Tech at 316 Neilson Street.
9

10
0.1%
1.2%
16.1%
13.6%
11.3%
13.6%
9.4%
8.6%
6.3%
1.8%
18.0%
0%
5%
10%
15%
20%
25%
VacantFY26FY27FY28FY29FY30FY31FY32FY33FY34Onwards
Total ExpiriesBrownfield Opportunities
▪Portfolio is 99.9% occupied (0.1% vacancy) and just 1.2% of contract rent
is due to expire in FY26 (chart below)
▪No large expiries in next 12 months. Largest single expiry (40.8% of FY26
expiries) is $554k, or 0.5% of contract rent (chart on right)
▪Post-balance date, early lease surrender agreed with GrainCorp at 92-98
Harris Road – excluded from any expiries analysis

11
1
Excludes active brownfield development sites
▪110 rent reviews during FY25 delivered an increase of 6.2% on ~$73.2m of
contract rent (~5.3% annualised)
−69 fixed percentage reviews delivered an increase of 2.7% on
~$47.0m of contract rent (~2.6% annualised)
−14 rent reviews were completed where rents had been pre-agreed in
the pcp, resulting in an average increase of 20.3% on ~$10.3m of
contract rent (~16.2% annualised)
−12 market rent reviews delivered an increase of 17.9% on ~$5.0m of
contract rent (annualised increase of 4.7% over an average review
period of 3.8 years since the last market review, annualised increase
of 12.0% over an average review period of 1.5 years since the last
review)
−15 CPI linked reviews delivered an increase of 2.8% on ~$11.0m of
contract rent (~2.5% annualised)
▪FY26 expiries and market reviews (15.6% of contract rent) ~13% under-
rented at June 2025 after factoring in review caps
▪Around 88% of PFI’s portfolio is subject to some form of lease event during
FY26
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

12
▪At 30 June 2024, PFI’s portfolio was ~16.2% under-rented
1
▪On a like-for-like basis, market rents grew by ~1.7% over the year to 30
June 2025, while PFI achieved 6.9% growth in those same rents
▪As a result, PFI’s portfolio under-renting gap closed by ~4.7% to ~11.5% at
30 June 2025
▪Portfolio under-renting gap of ~11.5% expected to narrow during FY26 as
leasing transactions continue to capture market rents
Contract Rent
Market Rent
1
All under-renting figures exclude active development projects and reflect independent valuer assessments of market rents.

95.8
108.0
+6.3
+5.1
+2.9
+0.6
+0.2
-2.3
-0.7
$60m
$70m
$80m
$90m
$100m
$110m
$120m
PCPDevelopmentsRent reviews &
adjustments
New leases &
renewals
OtherAcquisitionDisposalVacancyFY25
▪Net rental income
1
of $108.0m up $12.1m or 12.7%
on the pcp ($95.8m)
▪Additional income from the completion of 5 Green
Star development projects at 30-32 Bowden Road
and Stage 1 of 78 Springs Road contributed to an
increase of +$6.3m
▪Positive leasing activity contributed to an increase
totaling +$8.6m (rent reviews & adjustments
+$5.1m, new leases & renewals +$2.9m, other
+$0.6m)
▪Current and prior period acquisitions contributed to
an increase totaling +$0.2m
▪Decreases due to current and prior period
divestment activity (-$2.3m) and vacancy (-$0.7m)
1
Refer note 2.2 of the financial statements. Excludes service charge income recovered from tenants and management fee income. Additional detail on the pcp is provided in Appendix 4.
14

▪AFFO of 9.59 cps, 0.72 cps or 8.1% up on the pcp
▪Net rental income (including AFFO adjustments)
was up $10.3m on the pcp, reflecting the
completion of developments at 30-32 Bowden
Road and 78 Springs Road and other positive
leasing activity
▪Maintenance capex was down $2.6m or 0.52 cps
on the pcp to 16 basis points
▪Current tax increase primarily due to tax legislation
changes removing depreciation on building
structures
▪Interest expense and bank fees were up $3.8m, or
0.76 cps, reflecting increased debt levels due to
ongoing development projects, as well the loss of
capitalised interest adjustments on completed
developments
15
9.59
+2.05
+0.52
-0.79
-0.76
-0.23
-0.06
8.87
3.4 cps
4.4 cps
5.4 cps
6.4 cps
7.4 cps
8.4 cps
9.4 cps
10.4 cps
11.4 cps
12.4 cps
PCP AFFONet rental incomeMaintenance
capex
Current taxationInterest expense
and bank fees
Administrative
expenses / Other
Non-recoverable
property costs
FY25 AFFO

EARNINGSFY25 CPSPCP CPSCHANGE
FUNDS FROM OPERATIONS
10.6910.14+0.55 cps or +5.4%
ADJUSTED FUNDS FROM OPERATIONS
9.598.87+0.72 cps or +8.1%
▪FY25 cash dividends total 8.60 cps, up 0.30 cps or
3.6% on annualised FP24 dividends
▪FY26 dividend guidance of at least 8.90 cps, an
expected increase of at least 3.5% on FY25
dividends
▪FY26 dividend guidance expected to result in a
payout ratio below the lower bound of PFI’s
dividend policy range, and ~85% of AFFO on a one-
year basis (or ~88% after normalising FY26
earnings for the early lease surrender payment at
Harris Road)
▪Guidance subject to several factors under review,
including leasing progress for the remainder of
Stage 2 of 78 Springs Road, clarity on development
plans and timings for 92-98 Harris Road, and
progress on material FY27 lease expiries
16
80%
85%
90%
95%
100%
105%
6.50 cps
7.00 cps
7.50 cps
8.00 cps
8.50 cps
9.00 cps
9.50 cps
10.00 cps
FY21FY22FY23FP24 (Annualised)FY25
AFFO (cps)DPS (cps)Pay-out % (3-year - rhs)Pay-out % (1-year - rhs)

2,166.2
+70.7
+36.1
+13.0
+8.5
-12.7
2,050.5
$1,800m
$1,850m
$1,900m
$1,950m
$2,000m
$2,050m
$2,100m
$2,150m
$2,200m
June 2024
investment
properties
Fair value gainCapital
expenditure &
interest
Movement in
lease incentives,
fees and fixed
rental income
AdditionsDisposalsJune 2025
investment
properties
▪Portfolio value of $2.17b at June 2025
▪Increase from annual independent valuations of
$70.7m or 3.4%
▪Capex at 30-32 Bowden Road and 78 Springs Road
(5 Green Star developments), 212 Cavendish Drive
(sustainable refurbishment), 43 Cryers Road (office
refurbishment), 12 Zelanian Drive (yard extension)
▪316 Neilson Street, Penrose, acquisition settled in
February 2025
▪44 Mandeville Street, Christchurch, divestment
settled in December 2024
17

▪NTA per share increased by 12.9 cps or 4.7%
▪Change in NTA per share driven by increases in the
fair value of investment properties (+14.1 cps) and
retained earnings (+1.6 cps), partly offset by a
decrease in net fair value asset for derivative
financial instruments (-2.8 cps)
18
270.7
283.6
+14.1
+1.6
-2.8
240 cps
245 cps
250 cps
255 cps
260 cps
265 cps
270 cps
275 cps
280 cps
285 cps
290 cps
June 2024 NTAFair value gain on
investment properties
Retained earningsFair value loss on
derivative financial
instruments
June 2025 NTA

▪$700m of facilities refinanced or established during
FY25, including $150m 5.5-year PFI030 bonds
issued in March 2025
▪PFI010 Bonds ($100m) repaid in November 2024
▪Disposal of 44 Mandeville Street, Christchurch
($13.25m) settled in December 2024, with proceeds
recycled into current development projects
▪Post balance-date, Pricoa shelf facility extended a
further three years to August 2028, providing
ongoing access to long term funding
▪June 2025 gearing of 32.6% lifting to ~34.8% after
committed acquisitions and projects, near the
middle of PFI’s target range
▪Significant decrease in weighted average cost of
debt following 250 basis points of OCR cuts since
August 2024
JUNE 2025JUNE 2024
FUNDING
BANK FACILITIES DRAWN
$406.9m$450.5m
BANK FACILITIES LIMIT
$725.0m$675.0m
BANK FACILITIES HEADROOM
$318.1m$224.5m
DCM
1
$300.0m$225.0m
FUNDING TERM (AVERAGE)
3.4 years2.2 years
BANKS
ANZ, BNZ, CBA, WestpacANZ, BNZ, CBA, Westpac
COVENANTS
LOAN-TO-VALUE RATIO (COVENANT: <50%)
32.6%32.9%
INTEREST COVER RATIO (COVENANT: >2.0X)
2.8 times2.8 times
INTEREST RATES
WEIGHTED AVERAGE COST OF DEBT
4.52%5.72%
INTEREST RATE HEDGING (EXCL. FORWARD STARTING)
$610m / 3.10% / 2.9 years$400m / 2.64% / 2.6 years
FORWARD STARTING INTEREST RATE HEDGING
$130m / 3.94% / 3.2 years$175m / 4.05% / 3.6 years
1
Includes Note Purchase and Private Shelf Agreement with PGIM, Inc (Pricoa)
20

▪PFI’s debt instruments have an average term to
expiry of ~3.4 years (top chart), with adequate
unutilised bank facility capacity
▪Fixed rate payer hedging profile (lower chart)
provides for an average of ~76% of forecast debt to
be hedged at an average fixed rate of ~3.08%
during FY26
21
50.0
200.0
150.0
275.0
50.0
100.0
150.0
25.0
25.0
$m
$50m
$100m
$150m
$200m
$250m
$300m
$350m
FY26FY27FY28FY29FY30FY31FY32FY33
Bank DebtBondsPricoa Facility
1.5%
1.9%
2.3%
2.7%
3.1%
3.5%
3.9%
4.3%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
$700m
Jun-25Dec-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29Dec-29Jun-30Dec-30Jun-31
Cover (lhs)Interest Rate (rhs)

•5 Green Star Design
1
ratings awarded for
three new buildings
•Property Industry Award for Sustainable
Building Excellence awarded to 30-32
Bowden Road
Awarded a 2 Star Green Star Performance rating
(Energy and Water only pathway) for a portfolio of
four buildings
2

Installed solar panels at a further three buildings.
A total of 731 kWp of solar capacity has been
installed across eight buildings in PFI’s portfolio to
date
Achieved our target of installing power metering
and monitoring at 90% of our properties
1
5 Green Star Design and As-Built NZv1.0 Design certified rating,
2
A maximum of 3 stars is achievable under this pathway
Stage 2 of 78 Springs Road, expected to
complete in Q4 FY26, targeting a 5 Green
Star rating. This ~$37m project (excluding
land) will deliver ~16,000 sqm of space,
~60% leased to MiTek
23

All significant new buildings to
target minimum 5 Green Star
certification
Increase solar installations
across the portfolio to 1.4MW
by the end of FY27
Install full LED lighting at
80% of tenancies by the
end of FY28
Having achieved our previous solar and metering targets, PFI has refreshed its sustainability targets and strategy. This reflects our commitment to continue
building best-in-class developments while further enhancing the performance of our core existing assets. Further information will be available in our upcoming
Sustainability and Climate Report.
24

0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
FY25FY26FY27FY28FY29FY30+
PFI Lease Expiries (rhs)CBRE - Primary Industrial Rent Forecast (lhs)CBRE - Secondary Industrial Rent Forecast (lhs)
1
Re-leasing spreads presented on a six-monthly basis,
2
CBRE Auckland Property Market Outlook – July 2024,
3
Excludes expiries on pre-leased development sites
26
▪PFI’s core portfolio continued to deliver significant
re-leasing spreads of approximately ~20% in FY25
(top chart)
▪FY26 expiries and market reviews ($17.6m, 15.6% of
contract rent) ~13% under-rented at June 2025
after factoring in review caps
▪PFI’s defensive portfolio is well positioned –
essentially fully-occupied with limited expiries
3
in
the next 12 months (just ~1.2% of contract rent,
bottom chart)
▪Higher-levels of expiries through FY27-FY29
expected to coincide with renewed growth in market
rents (bottom chart)
Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25

28

Development projects are currently targeting initial yields-
on-cost of ~6.5% (including land), materially higher than
the low-to-mid 5% cap rates seen in the direct acquisition
market recently, making developments a more accretive
use of capital in the current environment
With feasibility studies showing development margins of
~15–20% across the current pipeline, PFI is able to generate
additional value, supporting gearing efficiency and
enhancing long-term earnings and dividend growth without
compromising balance sheet strength
While development carries leasing and delivery risk,
PFI’s experienced in-house team, proven track record,
and deep network of relationships provide the capability
and confidence to deliver successful outcomes
Development opportunities typically represent 5–15% of
the portfolio. These right-sized, well-controlled investments
allow PFI to regenerate the portfolio and deliver strong,
stable returns aligned with long-term strategy
Developments can provide the opportunity to regenerate end-of-life industrial facilities in the most in-demand locations into new, best-in-class, 5 Green Star rated
industrial facilities. Recent CBRE research
1
highlights that, of the 100 largest prime industrial occupiers, 59 have emissions reduction targets and 28 are pursuing net
zero emissions. However, only 16% of the 928,000 sqm they occupy is considered to be a sustainable premises. This indicates that there may be significant unmet
demand for sustainable industrial buildings in future, providing support for PFI’s development, and sustainability, strategies.
1
CBRE Research: How do occupier sustainability commitments flow through to their occupancy decisions? – June 2025
29

▪Spedding Road provides the opportunity to invest an additional ~$140m
(including land) into PFI’s development pipeline
▪Stage 1 has an estimated total incremental cost of ~$40m (including land),
targeting a ~6.5% yield on cost, and may commence in Q3 FY26 without any
current tenant commitment (subject to feasibility and consents)
▪PFI the beneficiary of a deferred settlement structure on the land
▪Stage 1 achieved practical completion in October 2024, now considered a
‘core-generic’ asset
▪Construction of Stage 2 (~11,300 sqm of warehouse) expected to complete in
Q4 FY26
▪Stage 3 (~17,500 sqm warehouse) could involve an investment of ~$60m, is
likely to be tenant-led, and could commence as early as H1 FY27
▪Post-balance date, early lease surrender by the existing tenant has accelerated
access to long-held development opportunity
▪Currently ~27% site coverage on the 2.63ha site, demolition planned H1 FY26
▪Early designs allow for ~18,000 sqm of 5 Green Star rated industrial area
▪PFI to commence redevelopment of
remaining brownfield sites from FY28 and
beyond
▪Further detail on PFI’s development
pipeline can be found in Appendix 6
30

31

32

33

Jul-25Apr-26Feb-27Dec-27Oct-28Aug-29Jun-30Apr-31
Springs Road Stage 2
Spedding Road - Land Settlement 1
92-98 Harris Road
Spedding Road Stage 1
Springs Road Stage 3
Spedding Road - Land Settlement 2
686 Rosebank Road
Spedding Road Stage 2
304, 316, 318 Neilson Street
61-69 Patiki Road
Spedding Road - Land Settlement 3
45 Cryers Road
Spedding Road Stage 3
9 Nesdale Avenue
34
Jul-25
Apr-31
Apr-26
Feb-27
Dec-27Oct-28
Aug-29
Jun-30
Spedding Road - Land Settlement 1Springs Road Stage 2Springs Road Stage 3304, 316, 318 Neilson StreetSpedding Road Stage 3
Spedding Road - Land Settlement 292-98 Harris Road686 Rosebank Road61-69 Patiki Road9 Nesdale Avenue
Spedding Road - Land Settlement 3Spedding Road Stage 1Spedding Road Stage 245 Cryers Road
▪PFI’s development pipeline comprises 11 planned projects
spanning Auckland’s key industrial precincts
▪The total pipeline represents ~$350m of committed and potential
capital investment (excluding the value of land already owned),
supporting long-term portfolio growth
▪Embedded value will be progressively realised over the next 3-5
years, as projects complete and leasing activity captures market-
leading rents and development margin
▪PFI has a strong track record of delivery, completing over 55,000
sqm of 5 Green Star rated industrial space since the start of 2024,
on-time and on-budget
Committed
Uncommitted

35

PFI’s FY25 annual results reflect the successful
execution of our strategy and strength of
portfolio.
With the operating environment improving, PFI
enters FY26 well placed to harness its ~$355m
development runway, driving long-term value
and growing returns for investors.
37

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
($000s, UNLESS NOTED)
FOR THE YEAR ENDED
30 JUNE 2025 (AUDITED)
FOR THE YEAR ENDED
30 JUNE 2024 (UNAUDITED)
Rental and management fee income
127,455116,491
Business interruption insurance income
-60
Property costs
(21,903)(22,989)
Net Property Income
105,55293,562
Administrative expenses
(11,161)(11,139)
Profit before finance income/(expenses), other gains/(losses) and income tax
94,39182,423
Finance income/(expenses)
Interest expense and bank fees
(33,135)(29,339)
Fair value loss on derivative financial instruments
(13,832)(4,330)
Interest income
110118
(46,857)(33,551)
Other gains/(losses)
Fair value gain/(loss) on investment properties and non-current assets classified as held for sale70,742(89,950)
Loss on disposal of investment properties and non-current assets classified as held for sale(54)(1,293)
Increase in costs relating to post settlement obligation of disposed property-(161)
Material damage insurance proceeds46555
70,734(90,849)
Profit/(loss) before income tax118,268(41,977)
Income tax expense(12,246)(4,107)
Profit and total comprehensive income/(loss) after income tax attributable to the shareholders of the Company106,022(46,084)
Basic earnings per share (cents)21.11(9.18)
Diluted earnings per share (cents)21.10(9.18)
39

FUNDS / ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, $000s, UNLESS NOTED)
FOR THE YEAR ENDED
30 JUNE 2025
FOR THE YEAR ENDED
30 JUNE 2024
Profit (loss) and total comprehensive income after income tax attributable to the shareholders of the Company
106,022(46,084)
Adjusted for:
Fair value (gain) / loss on investment properties
(70,742)89,950
Material damage insurance income
(47)(556)
(Gain) / loss on disposal of investment properties
541,454
Fair value loss / (gain) on derivative financial instruments
13,8314,331
Amortisation of tenant incentives
2,9702,544
Straight lining of fixed rental increases
(1,775)(233)
Deferred taxation
3,373(777)
Other
(10)276
Funds From Operations (FFO)
53,67650,905
FFO per share (cents)10.6910.14
Maintenance capex(3,297)(5,893)
Incentives and leasing fees given for the period (stabilised assets only, excludes development assets)(2,271)(600)
Other72144
Adjusted Funds From Operations (AFFO)48,18044,556
AFFO per share (cents)9.598.87
40

CONSOLIDATED STATEMENT OF CASH FLOWS
($000s, UNLESS NOTED)
FOR THE YEAR ENDED
30 JUNE 2025 (AUDITED)
FOR THE YEAR ENDED
30 JUNE 2024 (UNAUDITED)
CASH FLOWS FROM OPERATING ACTIVITIES
Property and management fee income received
130,142113,537
Net goods and services tax received (paid)
419(301)
Interest received
110118
Business interruption insurance income received
-67
Payments to suppliers and employees
(32,779)(25,315)
Interest and other finance costs paid
(32,697)(28,860)
Income tax paid
(4,485)(5,095)
Net cash flows from operating activities
60,71054,151
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment properties and non-current assets classified as held for sale12,61836,704
Material damage insurance income received46555
Expenditure on investment properties(48,487)(109,424)
Acquisition / deposit of investment properties(10,757)(6,787)
Capitalisation of interest on development properties(3,360)(6,629)
Acquisition of property, plant and equipment(73)(71)
Expenditure on post settlement obligation of disposed property-(1,070)
Net cash flows from investing activities(50,013)(86,722)
41

CONSOLIDATED STATEMENT OF CASH FLOWS
($000s, UNLESS NOTED)
FOR THE YEAR ENDED
30 JUNE 2025 (AUDITED)
FOR THE YEAR ENDED
30 JUNE 2024 (UNAUDITED)
CASH FLOWS FROM FINANCING ACTIVITIES
Net repayment of syndicated bank facility
(43,615)(100,822)
Net proceeds from green loan facilities
-150,000
Proceeds from Pricoa facility
25,00025,000
Proceeds from the issue of fixed rate bonds
150,000-
Repayment of fixed rate bonds
(100,000)-
Dividends paid to shareholders
(41,686)(41,678)
Principal elements of finance lease payments(254)(144)
Net cash flows from financing activities(10,555)32,356
Net increase / (decrease) in cash and cash equivalents142(215)
Cash and cash equivalents at beginning of period1,4811,696
Cash and cash equivalents at end of period1,6231,481
42

43
($000s, UNLESS NOTED)
FOR THE YEAR ENDED
30 JUNE 2025 (AUDITED)
FOR THE YEAR ENDED
30 JUNE 2024 (UNAUDITED)
GROSS RENTAL RECEIPTS101,51896,954
FIXED RENTAL INCOME ADJUSTMENTS1,775234
CAPITALISED LEASE INCENTIVE ADJUSTMENTS4,740(1,207)
IMPACT OF RENTAL INCOME DEFERRED AND ABATED DUE TO THE COVID-19 PANDEMIC(72)(144)
NET RENTAL INCOME107,96195,837
1
Refer note 2.2 of the financial statements. Excludes service charge income recovered from tenants and management fee income

FY25PCP
Full year dividends per share (cents)8.608.30
1

FFO dividend pay-out ratio (%)80%82%
AFFO dividend pay-out ratio (%)90%94%
44
EARNINGSFY25FP24202320222021
Rolling three-year AFFO dividend pay-out ratio (%)
91%
2
92%
2
90%91%92%
1
Reflects annualised FP24 dividends
2
Calculations reflect annualised FP24 dividends

JUNE 2025 VALUESITE AREA (SQM)
CURRENT SITE
COVERAGE
% OF TOTAL
CONTRACT RENT
CURRENT LEASE
EXPIRY
EST PROJECT
START DATE
EST PROJECT
COST (EXCL LAND)
78 Springs Road (Stage 2)$34.3m22,950--In-progressJan-25~$30m
2
92-98 Harris Road$25.0m26,33927%-VacantSep-25$38m – $43m
Spedding Road (Stage 1)-17,130--GreenfieldFeb-26$26m – $29m
78 Springs Road (Stage 3)$18.3m29,934-1.6%Jul-26May-26$58m – $65m
686 Rosebank Road$19.6m15,40051%1.1%Mar-28Jan-27$20m – $23m
Spedding Road (Stage 2)-18,347--GreenfieldMay-27$29m – $32m
304, 316, 318 Neilson Street$31.6m30,88034%1.2%Jun-27Jul-27$35m – $40m
61-69 Patiki Road$20.9m14,39954%1.1%Aug-27Aug-27$17m – $19m
45 Cryers Road$6.8m5,0002%0.2%May-33Jul-28$9m – $10m
Spedding Road (Stage 3)-23,061--GreenfieldAug-28$38m – $42m
9 Nesdale Avenue$20.4m16,51118%0.8%Dec-29Dec-29$27m – $30m
Total$176.9m219,271-6.0%--$327m –$363m
45
1
All development opportunities are subject to feasibility, availability of capital and hurdle rates of return, which are subject to change.
2
Estimated remaining spend as at 30 June 2025.

DISCLAIMER: The information included in this presentation is provided as at 25 August 2025 and should be read in conjunction with the annual report, NZX results announcement, NZX
Form –Results Announcement and NZX Form –Distribution Notice issued on that same day.
Property for Industry Limited (PFI) does not guarantee the repayment of capital or the performance referred to in this presentation.
Past performance is not a reliable indicator of future performance.
The presentation includes a number of forward looking statements. Forward looking statements, by their nature, involve inherent risks and uncertainties. Many of those risks and
uncertainties are matters which are beyond PFI’s control and could cause actual results to differ from those predicted. Variations could either be materially positive or materially
negative.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial
measures used in this presentation include Funds From Operations (FFO), Adjusted Funds From Operations (AFFO) and Profit before finance income/(expenses), other gains/(losses)
and income tax. The calculation of Profit before finance income/(expenses), other gains/(losses) and income tax is set out in Appendix 1 of this presentation. The calculation of FFO
and AFFO is set in Appendix 2 of this presentation.
FFO, AFFO and Profit before finance income/(expenses), other gains/(losses) and income tax are common property investor metrics and therefore we believe they provide useful
information to readers to assist in the understanding of our financial performance, financial position and returns. They should not, however, be viewed in isolation, nor considered as a
substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled measures reported by other entities.
While every care has been taken in the preparation of this presentation, PFI makes no representation or warranty as to the accuracy or completeness of any statement in it including,
without limitation, any forecasts.
This presentation has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An
investor should, before making any investment decisions, consider the appropriateness of the information in this presentation, and seek professional advice, having regard to the
investor’s objectives, financial situation and needs.
This presentation is solely for the use of the party to whom it is provided.
46

---

DELIVERING STRONG,
STABLE RETURNS.
ANNUAL REPORT FY25

1. DELIVERING STRONG, STABLE RETURNS 3
2. THE YEAR IN REVIEW 10
3. FINANCIAL STATEMENTS 17
4. OTHER DISCLOSURES 63
5. DIRECTORY 93
6. CALENDAR 94
CONTENTS.
OUTCOMES OUR STAKEHOLDERS CAN COUNT ON
PFI is an NZX listed industrial property specialist, owning more
than 90 quality properties worth more than $2 billion. Our
well-diversified portfolio is focused on strategic locations that
drive value and growth for the industrial sector, for our tenants,
and for our investors. Since listing on the NZX in 1994, we’ve
built a strong track record of delivering consistent returns. We
invest for the long-term, combining our capital and specialist
industry capability to deliver the successful outcomes all our
stakeholders need.
22
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDAR

RELIABLE GROWTH
THROUGH MANY
MARKET CONDITIONS.
We provide investors with the opportunity
to invest in a wide selection of properties
in the hard-working industrial sector. While
past performance does not guarantee future
returns, in the period since PFI’s inception
in 1994 to 30 June 2025 – through a variety
of market conditions – investors have
enjoyed an average annual total return of
around 9.35%
1
.
That means $10,000 invested on day one,
with all dividends reinvested, is now worth
more than 14-times that.
01.
~
9.35
1
%
AVERAGE ANNUAL
TOTAL RETURN

SINCE INCEPTION
19942025
$10,000
$180,000
$143,667
1. Source: Forsyth Barr analysis, IRESS
3
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

Regular and growing income is important
to many investors. Our policy is to
distribute the majority of our profits,
with the aim of delivering a reliable income
stream for investors that grows over time
to protect the real value of their income.
Since 1994 we’ve not only paid a dividend
each year, we’ve seen that dividend grow
steadily over time. Looking ahead to FY26,
we expect to grow cash dividends by at
least 3.5%, reinforcing our commitment to
delivering reliable and growing income
for investors.
GROWING DIVIDEND
INCOME.
1994
5 CPS
9 CPS
2025
5
6
7
8
9
1. FP24 cash dividends of 4.15 cps annualised to account for a six-month financial period.
4
1.86
1
%
AVERAGE ANNUAL
DIVIDEND INCREASE

SINCE INCEPTION
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

HOW WE’VE DELIVERED
STRONG, STABLE, RETURNS.
Our portfolio doesn’t just have scale, it’s smart.
We invest in high-quality industrial buildings in the
most in-demand locations. These assets are well-
leased, well-maintained, and attract strong tenant
demand. That means fewer vacancies, consistent
rent, and less risk. By holding the right mix of core
and growth-focused properties, we’ve delivered
both growing income and long-term capital gains.
01. THE RIGHT
COMBINATION
OF PROPERTIES,
WORKING HARD
AS ONE.
STRATEGIC ALLOCATIONS:
REFRESHED DURING FY25
75 - 90%
CORE GENERIC
HOLDINGS
83%
5 - 15%
DEVELOPMENT
OPPORTUNITIES
8%
5 - 10%
SPECIALISED
ASSETS
7%
CURRENT:
CURRENT:
CURRENT:
CURRENT:
0 - 10%
NON-CORE
HOLDINGS
2%
AUCKLAND
OUT OF

AUCKLAND
87%13%
CURRENT:CURRENT:
≥
80%
≤
20%
5
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

We spread risk across more than 120 tenants,
90+ properties, and a mix of industrial sub-sectors
including warehousing, logistics, and specialist
facilities. So even if one part of the market shifts,
there is a much higher chance of reliable returns.
This diversification helps smooth out the bumps
and supports a more predictable income over the
long haul.
02. RETURNS THAT
DON’T RELY ON JUST ONE
TENANT, ONE SITE, OR
ONE CUSTOMER SECTOR.
Tenants are starting to demand greener, more energy-efficient
spaces, and we’re delivering them with a clear sustainability
strategy and targets. With 5 Green Star ratings for our significant
new buildings and initiatives such as solar panels and EV chargers
for upgrades to our existing portfolio, we’re well placed to meet this
growing demand. Sustainable features can help attract high-quality
tenants, command prime rents, and reduce operating costs. That
adds up to better leasing outcomes and ultimately better returns
for investors.
03. GREEN UPGRADES
TODAY, STRONGER
PERFORMANCE
TOMORROW.
91
126
PROPERTIES
TENANTS
100%80%
SIGNIFICANT NEW
BUILDINGS TO TARGET
MINIMUM 5 GREEN
STAR CERTIFICATION
INCREASE SOLAR
INSTALLATION CAPACIT Y
ACROSS THE PORTFOLIO
TO 1.4MW BY THE END OF
FY27
OF TENANCIES TO
HAVE FULL LED
LIGHTING BY THE END
OF FY28
1.4MW
6
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

We work closely with our tenants to ensure their
needs are met, their spaces are fit for purpose,
and, where possible, their leases are renewed early.
Strong tenant relationships mean longer leases,
fewer vacancies, and higher retention. That helps to
give us, and our investors, greater confidence in the
cash flow behind each dividend payment.
04. HAPPY TENANTS,
HEALTHY INCOME –
IT’S THAT SIMPLE.
99.9%
5.47years
OCCUPANCY
WEIGHTED AVERAGE
TERM OF LEASES (WALT)
We keep our borrowing at conservative levels,
hedge interest rates to reduce volatility, and hold
enough headroom to act when opportunity knocks.
That means we’re not over-exposed when markets
shift. Our approach is careful, considered, and
designed to protect and grow investor returns.
05. SMART FINANCIAL
DECISIONS.
32.6%
GEARING
$
7
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

Our experienced Board and leadership team bring
deep expertise and oversight to every decision.
We’re clear on our strategy, careful with risk, and
committed to delivering long-term value. Investors
can trust that decisions are made with a focus
on sustainable long-term returns and their best
interests in mind.
06. A STEADY HAND ON
THE TILLER AND EYES
ON THE LONG GAME.
As our name says, we’re experts in industrial property. Our team
has the experience, insights, and local-market knowledge to spot
opportunities that others can miss. We know what industrial tenants
want, what drives performance in this sector today, and what is
needed in planning for tomorrow. Our focus is on enabling the
sector’s continued success, delivering efficiencies for our tenants,
for New Zealand, and of course, for our investors.
07. ELEVATING INDUSTRY,
SUSTAINING SUCCESS.
8.6years
AVERAGE PFI TENURE
ACROSS THE BOARD AND
LEADERSHIP TEAM
8
PFI ANNUAL REPORT FY25THE YEAR IN
REVIEW
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

OUR
STRATEGY
TO KEEP
DELIVERING
RETURNS.
Economic indicators are showing signs of
recovery, and modest growth is expected for the
industrial property sector over the next 12-24
months. Our focus in this period is on elevating
the strength of our existing portfolio to deliver
higher returns over the long term. This will
ensure we are ready to accelerate quickly when
the property market returns to a growth phase.
Our Purpose:
Investing in our Industrial Future
Our 24-Month Mission:
We will achieve this by...
1.
Prioritising ‘Value Creating’ Opportunities
Focus on accretive development opportunities and
acquisitions that have the potential to increase
shareholder returns beyond current levels
2.
Enhancing our ‘Engine Room’
Upgrading internal enablers to de-risk our business,
increase our capacity and capability for growth, and
to build trust and credibility in our brand
What success will look like:
1. Portfolio Impact
A fit-for-purpose
portfolio for our
future
2. Tenants
Being the best
landlord in
New Zealand
3. People
Building and
retaining high-
performance teams
4. Operations
Maximising value
generation through
efficiency and
quality
5. Financial
Generating superior,
sustainable returns
Health & Safety:
Promoting and maintaining a safe work environment for our employees, contractors, tenants and visitors.
STRENGTHEN OUR EXISTING PORTFOLIO TO DELIVER
HIGHER RETURNS OVER THE LONG-TERM
9
PFI ANNUAL REPORT FY25THE YEAR IN
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FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

02.
Development of Stage
2 of 78 Springs Road
is well underway.
THE YEAR IN REVIEW.
10
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

We were particularly delighted to grow our FY25 cash
dividends by 0.30 cents per share (cps), up ~3.6% on our
annualised FP24
1
dividends. Better yet, we’re forecasting
that investors can look forward to dividends of at least
8.90 cps next year.
Our portfolio occupancy increased to 99.9%, with strong
leasing activity contributing to an increase in our weighted
average lease term from 5.07 years to 5.47 years. One
hundred and ten rent reviews and 25 lease transactions
resulted in the portfolio achieving significant growth in
contracted rents: from $99.7m a year ago, to $112.3m.
Another reason for our significant growth in income
was the completion of two important developments: the
second building at 30-32 Bowden Road, Mt Wellington,
and Stage 1 of 78 Springs Road, East Tamaki. Between
these two developments, we built on current tenant
relationships and added new tenants, attracted prime
rents on long lease terms, and captured development
margin, increasing our valuations.
As a result, Funds from Operations (FFO)
2
were up
5.4% and Adjusted Funds From Operations (AFFO)
improved 8.1%. We’ve achieved this in an environment
of well-publicised increased costs, including changes to
tax depreciation legislation.
This year’s results also maintained a pattern of delivering
reliable income through different market cycles. We’ve
recorded consistent dividend growth since 2012 and our
total annual returns (with all dividends reinvested) since
inception now average ~9.35% p.a. Both results point to
how we’re making smart decisions with the capital
available to us.
And with a runway of exciting projects available to us
for the next five years, and a strong financial position, we’re
well-placed to deliver through the next cycle and beyond.
“Our leasing, asset allocation
and financing decisions over
the last year all contributed to
our ongoing focus on delivering
strong, stable returns for
investors over the long term.”
SIMON WOODHAMS
Chief Executive Officer
CONTRACT RENT:
$112.3m
(JUN-24: $99.7M)
8.60cps
FY25 CASH DIVIDEND:
1. Following the change in PFI and its subsidiaries’ balance
date from 31 December to 30 June, the FY25 annual report
reflects a new 12 month financial year-end of 30 June.
The financial period ending 30 June 2024 (FP24) represents a
six-month “stub” period resulting from this change. To provide
a meaningful basis for comparison, the audited FY25 annual
results (FY25) have been compared to the unaudited results
for the twelve-month period from 1 July 2023 to 30 June 2024
(the prior comparable period, or ‘pcp’), which comprises the
periods H2 2023 and FP24, unless otherwise noted. Please
note: this differs from the financial statements, which present
FP24 as the comparative period for FY25 in accordance with
applicable accounting standards.
2. Funds From Operations (FFO) and Adjusted Funds From
Operations (AFFO) are non-GAAP financial information and
are common property investor metrics, which have been
calculated in accordance with the guidelines issued by the
Property Council of Australia. Please refer to Appendix 2 of
the FY25 annual results presentation for more detail as to
how these measures were calculated.
A STRONG YEAR
It was a year where we fully expected
things to be challenging, given the overall
mood in the economy. Instead, we’ve
been able to continue delivering strong
returns, growing revenues, profits, values
and dividends.
11
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

Things are starting to look up cyclically
Commercial real estate experts, CBRE, have observed
renewed momentum in the Auckland industrial property
market, noting that speculative development is rising,
reflecting growing confidence in leasing demand and
sustained low vacancy against the backdrop of a
substantial fall in construction costs
1
.
We believe the property market generally is now most likely
past the bottom of this cycle. This recovery phase is the
time to strengthen our portfolio for long-term returns, and
to generate more value by looking for opportunities to
invest in developments, bolt-on acquisitions, and
refurbishing current assets.
We’re always looking
for new ways to
drive value, including
new development
opportunities and
existing asset
enhancements.
ASSET LOCATION
AUCKLAND ASSETS 87%
OUT OF AUCKLAND
ASSETS 13%
1. CBRE Research Auckland Market Monitor, July 2025
12
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

Our highest portfolio valuation yet
At year-end, independent valuations showed an increase
in value of more than $70m in FY25, taking our portfolio to
a record $2.17b. That 3.4% increase is a clear sign our mix
of properties are working well together to deliver value,
reflecting both rental growth and around 14bps market
capitalisation rate compression.
This uplift adds almost 14c to our net tangible assets
(NTA), now sitting at $2.84 per share.
Stage 1 of 78
Springs Road
has been
completed for
Fisher & Paykel
Appliances.
$2.17b
PORTFOLIO VALUE:
(JUN-24: $2.05bn)
Prudent levels of debt
Alongside these improvements, our gearing remains in
check, giving us the capacity to keep investing in the assets
that will drive tomorrow’s returns. At year-end, that gearing
sits at about 33%, with almost $320m of headroom
available on existing facilities, backed by a syndicate of
banks. While gearing is expected to rise to almost 35%
after all committed projects and acquisitions, that remains
well within our target range.
Our interest cover, which is an indicator of how easily we
can pay the interest on our debt through earnings, is sitting
at a comfortable ratio of 2.8 times.
The average rate of interest we paid reduced significantly
during the year from 5.7% to 4.5%. Looking to the year
ahead, we anticipate an average rate of around 4.8%, with
about 80% of our debt book on fixed interest rates.
We have enough facility headroom to repay the PFI020
bonds, which mature in October 2025. We also have what’s
known as a shelf facility with USPP lender, Pricoa, that was
extended for a further three-years, post-balance date.
A shelf facility provides ready access to further funds
should we need it, and gives us even more options
within our funding envelope.
Combined, we have the capability to fund projects that
will continue to drive the business forward.
Healthy rental growth
In an industrial property sector characterised by low
vacancy rates and increasing rents, we’ve taken a proactive
approach to capturing rental growth. By securing renewals
ahead of time, we secure future income and reduce
expiry risk.
Twenty-five lease transactions were completed, comprised
of 15 renewals and 10 new leases, securing $21.6m of
rent. Rents were agreed on $7.9m of this, with $4.4m
subject to market rent reviews on renewal. Where rents
were settled, our team secured average increases in excess
of 20% above previous contract rents. Where rents are yet
to be settled, those renewals remain around 14% under-
rented. That means there is still plenty of room to capture
rental upside when those rents are reviewed, providing
embedded growth within the portfolio.
13
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

A further $9.3m of rent related to our newly developed or
acquired sites was also added during the year, along with
110 rent reviews, covering $73.2m of contract rent. These
rent reviews resulted in a 6.2% increase in rental income,
or 5.3% on an annualised basis.
In the next twelve months, only 1.2% of our rents are
up for expiry, meaning our income streams are very well
placed for the next financial year.
All of this demonstrates that demand for tenancies at
our properties remains strong and investor returns are
well diversified across multiple tenants, sites and
customer sectors.
Developing opportunities
We recorded very little activity in terms of property
acquisitions this year, because the ability to generate
sufficient returns through acquisitions just wasn’t
there. Instead, we focused on investing in our own
developments as a use of capital that better suited the
conditions that we’ve been operating in.
Following a refresh of the Company’s strategy during
FY25, our development opportunities now typically
constitute 5%-15% of our portfolio at any one time.
The secret sauce here is making right-sized investments
“We remain a lean
organisation, that works
smarter to evolve,
refresh and regenerate
the portfolio, to keep
delivering strong, stable
returns for our investors.”
CRAIG PEIRCE
Chief Finance and Operating Officer
4.52%
WEIGHTED AVERAGE
COST OF DEBT:
and executing them with control to deliver strong, stable
returns and regenerate the portfolio for tomorrow.
The completion of development works at Bowden Road
means we now have a revamped core asset with great
tenants in Tokyo Food and Daikin.
Stage 1 of 78 Springs Road has also been completed for
our tenant Fisher & Paykel Appliances, with $121m of that
property now considered a core, generic asset. Stage 2
is now well underway, with this stage anchored by MiTek,
for whom we are developing ~6,500 sqm of warehousing.
The remaining ~4,800 sqm of warehouse space is being
developed on a speculative basis, with tenant commitment
being sought during the construction phase.
The full construction tender we received for Stage 2 of
Springs Road saw building costs reduce by ~$5m or
15% from original estimates. At the time of writing, the
programme is also several months ahead of schedule,
now with an estimated completion of early fourth quarter
FY26. Together, the reduced construction costs and the
faster completion have lifted our expected return-on-cost
to at least 6.5%.
It’s exciting to see a growing percentage of our income
deriving from these best-in-class, 5 Green Star rated
industrial facilities.
(JUNE-24: 5.72%)
~
11.5%
UNDER-RENTING:
(JUNE-24: ~16.2%)
14
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

These developments add more than just new buildings to
our portfolio. They encourage longer tenancies from top-tier
tenants, which in turn supports long-term dividend growth.
The success of leasing the speculative portion of Bowden
Road also shows the value in undertaking a portion of these
builds without tenant commitment.
Progress at Spedding Road
In 2023, we entered into a conditional contract to purchase
two lots, 5.8 hectares of land, for $40.6m within the
proposed industrial subdivision at Spedding Road, located
at the end of the Northwestern Motorway in Auckland.
The last of the contract conditions is expected to be
satisfied in the first quarter of FY26 with settlement of the
acquisition and payment of 45% of the purchase price to
follow a short time later. Deferred settlement sums of 25%
of the purchase price are due 12 and 24 months after the
initial settlement date.
Our acquisition will provide a future opportunity to develop
best-in-class 5 Green Star buildings in an Auckland location
that is severely under-supplied with both industrial zoned
land and industrial buildings of quality or scale. Assuming
settlement takes place in the expected timeframes,
we look forward to starting the first stage of construction
there in the first quarter of calendar year 2026, and plan to
kick-start this development without tenant commitment
for the whole stage.
Again, we have been careful not to over-commit. Our current
speculative developments, including about 40% of Stage 2 of
Springs Road, are equivalent to around 1.3% of our contract
rent, rising to around 3.5% if an initial stage of Spedding
Road is also undertaken without tenant commitment.
But with about 17% of total contract rent expiring in the
next two years, we are well covered for these activities.
This low near-term leasing risk supports selectively
progressing speculative development opportunities
where we can achieve better returns on capital.
Operational discipline
Internally, we have continued to work on improving our
operational discipline. We remain a lean organisation,
with just 25 people running a portfolio of properties worth
$2.17b. Our management team works hard to evolve,
Spedding Road will
become a best-in-
class 5 Green Star
facility in a quality
industrial location.
15
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

refresh and regenerate the portfolio so it continues to be
well located and maintained, whilst looking to continue
scaling at minimal cost by working smarter.
An example of this in practice was the transition of
Facilities Management services from an external service
provider to a dedicated in-house team several years ago.
This year, we have automated processes and systems to
make that team more effective and efficient. We’ve also
strengthened our in-house development team and
appointed an in-house General Counsel & Company
Secretary as part of our senior leadership team.
These changes give us ready access to additional
skills and expertise we need to execute our strategy
with confidence.
Our first sustainability performance ratings
During the year, we also undertook our first Green Star
Performance ratings for a discrete portfolio of assets. This
trial formed part of our considered approach to improving
our core portfolio from a sustainability perspective.
We also recognise that achieving Green Star Performance
ratings may carry a potential funding benefit into the future.
We remain committed to continually improving our
sustainability performance. For us, it’s about elevating
our industry for sustained success. For our investors,
the payback from our green upgrades today will be
stronger performance tomorrow.
Optimistic for what’s ahead
While the wider economy, and even parts of the property
market, is still doing it tough, our sector is re-emerging and
at year-end we find ourselves well positioned.
Take for example our return to the bond market this year,
with a $150m transaction that was well received and
significantly over-subscribed – a signal to us of how the
market perceives our performance and the confidence
it has in our strategy.
That strategy for the next 12-24 months centres on
prioritising value-creation opportunities and making
further improvements to enhance our operations.
We are in great shape to deliver the returns our investors
are looking for, with exciting opportunities in front of
us and an experienced and skilled team to make
them happen.
Independent Director and former Board Chair
Anthony Beverley will retire from the PFI Board
at the company’s annual meeting in October,
ending a tenure spanning more than 24 years
as a PFI Director. In mid-2001, when Anthony
joined PFI, the company had a portfolio of
50 properties, valued at $212m. Today, PFI owns
91 properties, valued at more than $2.17b.
“Perhaps the highlight,” says Anthony, “is the
growth in returns to shareholders over this
period, with dividends growing from 5.5 cents
per share in 2001, to 8.6 cents per share today.”
“Anthony’s legacy,” says current PFI Board Chair,
Dean Bracewell, “is leading a company with a
deep knowledge of industrial property and a
focus on shareholder returns. Even though
Anthony’s retirement marks the end of a
significant period in PFI’s history, there is no
change in that philosophy.”
DIRECTOR RETIREMENT
AFTER 24 YEARS
16
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
FINANCIAL
STATEMENTS
OTHER
DISCLOSURES
DIRECTORYCALENDARTHE YEAR IN
REVIEW

FINANCIAL STATEMENTS.
03.
Well-considered industrial
design helps our tenants
maximise capacity, be more
productive and enhance
health and safety.
17
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Rental and management fee income2.2 127,455 57,082
Business interruption insurance income– 10
Property costs2.3 (21,903) (9,896)
Net property income 105,552 47,196
Administrative expenses5.1 (11,161) (6,097)
Profit before finance income/(expenses), other gains/(losses) and income tax 94,391 41,099
Finance income/(expenses)
Interest expense and bank fees(33,135) (14,609)
Fair value (loss)/gain on derivative financial instruments3.2(13,832) 3,611
Interest income 110 60
(46,857) (10,938)
Other gains/(losses)
Fair value gain/(loss) on investment properties2.170,742 (4,166)
Loss on disposal of investment properties (54) (526)
Material damage insurance income 46 6
70,734 (4,686)
Profit before income tax118,268 25,475
Income tax expense5.2(12,246) (4,294)
Profit and total comprehensive income after income tax attributable to the shareholders of the Company106,022 21,181
Basic earnings per share (cents)4.121.11 4.22
Diluted earnings per share (cents)4.1 21.10 4.22
The accompanying notes form part of these financial statements
18
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
NOTE
CENTS
PER SHARE
(CENTS)
NO. OF
SHARES
(#)
ORDINARY
SHARES
($000S)
SHARE-BASED
PAYMENTS
RESERVE
($000S)
RETAINED
EARNINGS
($000S)
TOTAL
EQUITY
($000S)
Balance as at 1 January 2024 – 502,129,313 572,901 754 786,614 1,360,269
Total comprehensive income – – – – 21,181 21,181
Dividends
Q4 2023 final dividend - 13/3/2024 2.45 – – – (12,304) (12,304)
Q1 2024 interim dividend - 28/5/2024 1.95 – – – (9,793) (9,793)
Long-term incentive plan5.8 70,038 326 (184) – 142
Balance as at 30 June 2024 – 502,199,351 573,227 570 785,698 1,359,495
Total comprehensive income – – – – 106,022 106,022
Dividends
Q2 2024 final dividend - 11/9/2024 2.20 – – – (11,050) (11,050)
Q1 2025 interim dividend - 26/11/2024 2.00 – – – (10,046) (10,046)
Q2 2025 interim dividend - 13/3/2025 2.00 – – – (10,046) (10,046)
Q3 2025 interim dividend - 27/5/2025 2.10 – – – (10,544) (10,544)
Long-term incentive plan5.8 84,713 381 22 – 403
Balance as at 30 June 2025– 502,284,064 573,608 592 850,034 1,424,234
The accompanying notes form part of these financial statements
19
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
The accompanying notes form part of these financial statements
ALL VALUES IN $000SNOTEJUNE 2025JUNE 2024
CURRENT ASSETS
Cash at bank 1,623 1,481
Accounts receivable, prepayments and other assets5.3 3,778 7,814
Derivative financial instruments3.2 207 267
Total current assets 5,608 9,562
NON-CURRENT ASSETS
Investment properties2.1 2,166,200 2,050,525
Property, plant and equipment 2,853 3,235
Other non-current assets 2,749 –
Derivative financial instruments3.2 9,417 22,815
Total non-current assets 2,181,219 2,076,575
Total assets 2,186,827 2,086,137
20
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTEJUNE 2025JUNE 2024
CURRENT LIABILITIES
Accounts payable, accruals and other liabilities5.4 18,336 19,787
Taxation payable 4,547 159
Borrowings3.1 100,000 150,000
Derivative financial instruments3.2 340 1,090
Total current liabilities 123,223 171,036
NON-CURRENT LIABILITIES
Borrowings3.1 603,680 523,940
Derivative financial instruments3.2 4,816 3,692
Lease liabilities5.9 1,503 1,778
Deferred tax liabilities5.2 29,371 26,196
Total non-current liabilities 639,370 555,606
Total liabilities 762,593 726,642
Net assets 1,424,234 1,359,495
EQUITY
Share capital 573,608 573,227
Share-based payments reserve5.8 592 570
Retained earnings 850,034 785,698
Total equity 1,424,234 1,359,495
These consolidated financial statements are signed on behalf of Property for Industry Limited and were authorised for issue on 25 August 2025.
Dean Bracewell Carolyn Steele
Chair, Board of Directors Chair, Audit and Risk Committee
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
AS AT 30 JUNE 2025
The accompanying notes form part of these financial statements
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PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
The accompanying notes form part of these financial statements
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
CASH FLOWS FROM OPERATING ACTIVITIES
Property and management fee income received 130,142 58,368
Net goods and services tax received 419 2,892
Interest received 110 60
Business interruption insurance income received – 15
Interest and other finance costs paid (32,779) (14,831)
Payments to suppliers and employees (32,697) (15,478)
Income tax paid (4,485) (3,198)
Net cash flows from operating activities 60,710 27,828
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment properties 1.8 12,618 28,874
Material damage insurance income received 46 6
Expenditure on investment properties - development (35,837) (48,289)
Expenditure on investment properties - stabilised (12,650) (1,620)
Acquisition of / deposit on investment properties2.1 (10,757) (6,787)
Capitalisation of interest on development properties2.1 (3,360) (4,054)
Acquisition of property, plant and equipment (73) (30)
Net cash flows from investing activities (50,013) (31,900)
22
PFI ANNUAL REPORT FY25DELIVERING STRONG,
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THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of fixed rate bonds 150,000 –
Proceeds from Pricoa facility 25,000 –
Net proceeds from green loan facilities – 24,499
Repayment of fixed rate bonds (100,000) –
Net proceeds (repayment of) / proceeds from syndicated bank facility (43,615) 2,085
Dividends paid to shareholders (41,686) (22,097)
Principal elements of finance lease payments (254) (121)
Net cash flows from financing activities (10,555) 4,366
Net increase in cash and cash equivalents 142 294
Cash and cash equivalents at beginning of period 1,481 1,187
Cash and cash equivalents at end of period 1,623 1,481
Cash and cash equivalents at end of period comprises:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Cash at bank 1,623 1,481
Cash and cash equivalents at end of period 1,623 1,481
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
23
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2025
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOWS FROM OPERATING ACTIVITIES
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Profit for the period after income tax 106,022 21,181
Non-cash items:
Fair value (gain) / loss on investment properties 2.1 (70,742) 4,166
Increase in deferred taxation 5.2 3,373 1,709
Amortisation of borrowings establishment costs 1,636 1,915
Depreciation5.1 488 243
Loss on disposal of investment properties 54 526
Employee benefits expense – share-based payments 323 175
Provision for doubtful debts 120 8
Fair value loss / (gain) on derivative financial instruments 13,832 (3,611)
Movements in working capital items:
(Increase) / decrease in accounts receivable, prepayments and other assets(1,749) 1,141
Increase in accounts payable, accruals and other liabilities 3,011 994
Increase / (decrease) in taxation payable 4,388 (613)
Other: material damage insurance income (classified as cash flows from investing activities) (46) (6)
Net cash flows from operating activities 60,710 27,828
24
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

1. GENERAL INFORMATION26
1.1. Reporting entity26
1.2. Basis of preparation26
1.3. Group companies26
1.4. Basis of consolidation26
1.5. Critical judgements, estimates and assumptions26
1.6. Accounting policies27
1.7. Non-GAAP measures27
1.8. Significant events and transactions28
2. PROPERTY29
2.1. Investment properties29
2.2. Rental and management fee income40
2.3. Property costs40
2.4. Net rental income41
3. FUNDING41
3.1. Borrowings41
3.2. Derivative financial instruments44
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
4. INVESTOR RETURNS AND INVESTMENT METRICS45
4.1. Earnings per share45
4.2. Net tangible assets per share45
5. OTHER46
5.1. Administrative expenses46
5.2. Taxation46
5.3. Accounts receivable, prepayments and other assets49
5.4. Accounts payable, accruals and other liabilities49
5.5. Financial instruments49
5.6. Financial risk management50
5.7. Related party transactions52
5.8. Share-based payments54
5.9. Leases56
5.10. Operating segments57
5.11. Capital commitments57
5.12. Subsequent events58
25
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

IN THIS SECTION
This section sets out the basis upon which the Group’s financial statements are
prepared. Material accounting policy information is described in the note to which
it relates.
1.1. Reporting entity
These audited consolidated financial statements (the financial statements) are for
Property for Industry Limited (the Company) and its subsidiaries, P.F.I. Property No. 1
Limited (PFI No. 1) and P.F.I. Cover Limited (PFI Cover), (collectively, the Group). The
Company is a limited liability company incorporated in New Zealand and is registered
under the New Zealand Companies Act 1993. The Company is a FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013 and the Financial Reporting Act
2013 and these financial statements have been prepared in accordance with the
requirements of the NZX Listing Rules. The Company is listed on the NZX Main Board
(NZX: PFI).
The Group’s principal activity is property investment and management in New Zealand.
1.2. Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (GAAP). They comply with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS) and other applicable Financial
Reporting Standards as appropriate to for-profit entities, as appropriate for a Tier 1
for-profit entity. The financial statements comply with International Financial Reporting
Standards Accounting Standards (IFRS Accounting Standards) and interpretations
developed by the IFRS Interpretations Committee.
The financial statements have been prepared on the historical cost basis except where
otherwise identified. All financial information is presented in New Zealand dollars and
has been rounded to the nearest thousand.
Balance date change
The Group changed its balance date from 31 December to 30 June during the prior
financial period, with effect from 1 January 2024. These financial statements represent
the first full 12-month reporting period under the new balance date, covering the year
ended 30 June 2025. The comparative information presented reflects the audited
six-month period ended 30 June 2024.
Reclassification
Certain prior period balances have been reclassified to conform to current presentation.
Specifically, the Group has reclassified the presentation of the amortisation of borrowings
establishment costs on the ‘Reconciliation of profit after income tax to net cash flows
from operating activities’ for the period ended 30 June 2024, by reclassifying amortisation
of borrowings establishment costs from ‘Decrease in accounts receivable, prepayments
and other assets’ to be presented as ‘Amortisation of borrowings establishment costs’
and this reclassification has been applied retrospectively to ensure comparability.
1.3. Group companies
As at 30 June 2025 and 30 June 2024, PFI No. 1 and PFI Cover (a company incorporated
in the Cook Islands on 11 April 2024) are wholly owned and controlled entities of the
Company.
1.4. Basis of consolidation
The consolidated financial statements comprise the Company and the entities it controls.
All intercompany transactions are eliminated on consolidation.
1.5. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management regularly
evaluate judgements, estimates and assumptions that may have an impact on the Group.
The significant judgements, estimates and assumptions made in the preparation of these
financial statements are as follows:
2.1. Investment properties Page 29
3.2. Derivative financial instruments Page 44
5.2. Taxation Page 46
5.8. Share-based payments Page 54
1. GENERAL INFORMATION
26
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION CONTINUED
1.6. Accounting policies
No changes to accounting policies have been made during the period and policies
have been consistently applied to all reporting periods presented.
Material accounting policies have been included throughout the notes to the
financial statements.
Other relevant policies are provided as follows:
Share capital
All shares on issue are fully paid, carry equal voting rights, share equally in dividends and
any surplus on wind up and have no par value. All shares are recognised at the fair value
of the consideration received by the Company. Incremental costs directly attributable to
the issue of new shares are shown in equity as a deduction from the proceeds.
Measurement of fair values
A number of the Group’s accounting policies and disclosures require the measurement
of fair values. The Board and Management have overall responsibility for overseeing
all significant fair value measurements and transfers between levels of the fair value
hierarchy. The fair value hierarchy has the following levels:
• Level 1: Fair value is based on observable quoted prices in active markets.
• Level 2: Fair value is based on observable market data where Level 1 quoted prices
are not available.
• Level 3: Fair value is not based on observable market data (unobservable inputs).
The carrying values of all balance sheet financial assets and liabilities approximate
their estimated fair values, apart from the fixed rate bonds (refer Note 3.1 (ii) for
further details).
The Board and Management review significant unobservable inputs and valuation
adjustments. If third party information is used to measure fair values, then the Board
and Management assess the evidence obtained from the third parties to support the
conclusion that such valuations meet the requirements of NZ IFRS, including the level
of the fair value hierarchy in which such valuations should be classified.
Goods and services tax
These financial statements have been prepared on a goods and services tax (GST)
exclusive basis except for the accounts receivable balance, accounts payable balance
and other items where GST incurred is not recoverable. These balances are stated
inclusive of GST.
New standards, amendments and interpretations
In May 2024, the XRB introduced NZ IFRS 18 ‘Presentation and Disclosure in Financial
Statements’, which is effective for reporting periods beginning on or after 1 January
2027, and replaces NZ IAS 1 ‘Presentation of Financial Statements’. NZ IFRS 18 primarily
introduces a defined structure for the statement of comprehensive income, and requires
disclosure of management-defined performance measures (a subset of non-GAAP
measures) in a single note, along with reconciliation requirements. NZ IFRS 18 is not yet
effective and it has not been early adopted by the Group for the reporting period ended
30 June 2025. The standard will apply to the Group for the financial year ending 30 June
2028. Whilst the impact of the new standard has not yet been determined, a project will
be initiated in advance of adoption to assess the implications for the presentation and
disclosure of the Group’s financial statements.
1.7. Non-GAAP measures
The consolidated statement of comprehensive income includes a non-GAAP measure,
Profit before finance income/(expenses), other gains/(losses) and income tax. This
non-GAAP measure is presented to provide additional insight to the Group’s financial
performance and assist investors in assessing the performance of the Group’s core
operating activities.
This non-GAAP measure does not have a standard meaning prescribed by GAAP
and therefore may not be comparable to information presented by other entities.
27
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION CONTINUED
1.8. Significant events and transactions
The financial position and performance of the Group was affected by the following
events and transactions that occurred during the reporting period:
Investment property acquisitions and disposals
On 13 September 2024, the Group paid a deposit of $2.03 million (5% of the total
purchase price of $40.57 million) in relation to the conditional contract entered into
on 9 October 2023, for the acquisition of two lots (approximately 5.8 hectares of land)
within the proposed industrial subdivision at Spedding Road, Auckland. The deposit has
been recognised as ‘Other non-current assets’ in the Consolidated Statement of Financial
Position. Refer to note 5.11 for further details.
On 30 October 2024, the Group announced the divestment of 44 Mandeville Street,
Christchurch for a gross sales price of $13.25 million. Settlement of this divestment
took place on 4 December 2024.
On 28 February 2025, the Group settled the acquisition of the property located at
316 Neilson Street, Penrose for a purchase price of $8.50 million.
On 27 June 2025, the Group announced an agreement to purchase the property at
11C Norris Avenue, Hamilton, for a net purchase price of $2.24 million. Settlement
is expected to take place on 22 August 2025.
Pricoa facility
On 2 July 2024, the Group made a second $25 million drawdown on the Group’s
uncommitted Note Purchase and Private Shelf Agreement with PGIM, Inc (also known as
Pricoa). The drawdown is for 8.5 years and is on a float-rate basis, with the margin fixed
for the duration of the drawdown. The proceeds have been used to repay and cancel a
further $25 million of the Group’s BNZ facility (also known as Syndicated Bank Facility C).
Refinancing of bank facilities
On 14 August 2024, the Group refinanced its $300 million syndicated bank facility by
extending the terms of the two existing syndicate tranches, Syndicated Bank Facility A
and Syndicated Bank Facility B ($150 million each), by four to five years from 2 July 2025
and 2026 to 14 August 2028 and 2029, respectively. Additionally, the Group refinanced
the $25 million short term Syndicated Bank Facility C with BNZ into a new $100 million
three-year facility, set to expire on 14 August 2027. These syndicated bank facilities are
provided by ANZ, BNZ, CBA and Westpac, each providing $100 million. Finally, the expiry
of the Bilateral CBA Bank Facility was also extended from 16 April 2028 to 14 August
2029, establishing a five-year term.
Fixed Rate Bonds
On 28 November 2024, the $100 million PFI010 fixed rate bonds matured and were
repaid using existing bank facilities. Subsequently, on 13 March 2025, the Group raised
$150 million through the issuance of 5.5-year senior secured fixed rate bonds (PFI030),
bearing an interest rate of 5.43%. For further details, refer to Note 3.1 (ii).
Development - 78 Springs Road, East Tamaki - Stage 2 (MiTek)
On 9 August 2024, the Group entered into a Design and Build Agreement to Lease with
MiTek New Zealand Limited (MiTek), under which MiTek have pre-committed to a 12-year
lease over a ~6,500 sqm warehouse facility. Following this pre-commitment, the PFI
Board has approved the commencement of Stage 2 of the redevelopment at 78 Springs
Road, East Tamaki. Stage 2 will deliver a ‘dual-unit’ warehouse facility with the balance of
the development (4,800 sqm of warehouse) to be completed on a speculative basis.
28
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

2. PROPERTY
IN THIS SECTION
This section shows the real estate assets used to generate the Group’s trading performance which are considered to be the most relevant to the operations of the Group.
2.1. Investment properties
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Opening balance 2,050,525 1,998,325
Capital movements:
Additions 8,505 6,787
Disposals (12,672)–
Capital expenditure 32,721 45,478
Capitalised interest
1
3,360 4,054
Movement in lease incentives, fees and fixed rental income 13,019 47
44,933 56,366
Unrealised fair value gain / (loss) 70,742 (4,166)
Closing balance 2,166,200 2,050,525
1. The effective interest rate applied to capitalised interest was 5.18% (2024: 5.68%).
29
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Avondale:
15 Copsey PlaceCanterbury 100%100%5.9%5.6% 1,153 1,047 7,356 Colliers 18,800 89 711 19,600
32 Honan PlaceSolo Plastics 100%100%5.3%5.4% 154 149 795 Savills 2,750 25 125 2,900
15 Jomac PlaceSouthern Spars 100%100%5.3%6.2% 1,798 1,746 9,534 CBRE 28,000 21 5,629 33,650
61-69 Patiki RoadBidfood 100%100%6.4%6.1% 1,601 1,498 9,332 Colliers 24,600 (52) 452 25,000
320 Rosebank RoadDoyle Sails 100%100%4.6%4.6% 864 842 6,625 Colliers 18,500 10 390 18,900
520 Rosebank RoadKenderdine Electrical 100%100%4.9%4.8% 196 191 1,995 Colliers 4,000 3 (3) 4,000
528-558 Rosebank Road
1
ETEL 98%97%5.5%6.0% 3,860 3,733 26,388 CBRE 61,800 785 7,215 69,800
670-680 Rosebank RoadNew Zealand Comfort 100%100%6.4%6.7% 2,629 2,708 17,458 Colliers 40,500 49 451 41,000
686 Rosebank RoadBrand Developers 100%100%6.3%5.5% 3,686 3,212 24,796 Colliers 58,000 774 126 58,900
99%99%5.8%5.9% 15,941 15,126 104,279 256,950 1,704 15,096 273,750
East Tamaki:
17 Allens RoadContract Warehousing 100%100%4.8%5.0% 1,493 1,455 11,778 Savills 29,000 404 1,596 31,000
43 Cryers RoadAstron Plastics 100%100%4.9%5.1% 929 904 6,068 Savills 17,700 1,269 131 19,100
45 Cryers RoadAstron Plastics 100%100%3.7%4.0% 252 269 4,876 Savills 6,700 22 78 6,800
6-8 Greenmount DriveBridon 100%100%4.6%4.3% 854 777 6,590 CBRE 18,150 (4) 404 18,550
92-98 Harris RoadGrainCorp 100%100%6.5%6.2% 1,634 1,594 10,687 Savills 25,900 54 (954) 25,000
36 Neales RoadMainfreight 100%100%5.1%4.5% 1,900 1,623 18,942 CBRE 35,950 235 1,015 37,200
1 Ron Driver PlaceGlen Dimplex 100%100%5.8%5.8% 792 775 5,393 Colliers 13,450 41 209 13,700
78 Springs Road
2
Fisher & Paykel Appliances 100%100%4.3%2.9% 7,495 4,070 60,343 JLL 140,450 24,908 8,267 173,625
11 Turin PlaceKingspan 100%100%5.2%5.2% 1,118 1,069 8,878 Savills 20,750 42 708 21,500
12 Zelanian DriveCentral Joinery 100%100%5.4%3.8% 1,176 778 6,098 JLL 20,400 1,546 4 21,950
23 Zelanian DriveExclusive Tyre Distributors 100%100%4.1%4.7% 508 498 3,811 Savills 10,600 (44) 1,694 12,250
100%100%4.8%4.1% 18,151 13,812 143,464 339,050 28,473 13,152 380,675
1. Includes development land of $5.60 million.
2. Partially under development.
30
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Manukau:
212 Cavendish Drive
3
Kiwi Logistics 100%55%5.4%3.2% 3,186 1,543 25,274 Savills 48,000 3,224 7,276 58,500
232 Cavendish DriveFletcher Building Products 100%100%4.6%4.6% 1,532 1,532 16,832 Savills 33,000 124 376 33,500
47 Dalgety DrivePeter Hay Kitchens 100%100%5.6%4.1% 1,388 999 10,408 Colliers 24,500 9 191 24,700
47a Dalgety DriveShaw 100%100%4.9%4.9% 637 621 4,832 Colliers 12,600 (42) 342 12,900
59 Dalgety DriveStore Rite Logistics 100%100%5.1%5.0% 1,364 1,331 11,844 Colliers 26,500 (47) 147 26,600
12 Hautu DriveKiwi Steel 100%100%4.8%4.9% 771 748 6,492 Colliers 15,400 28 472 15,900
25 Langley RoadGrayson Engineering 100%100%4.6%4.6% 2,301 2,245 21,248 Savills 48,500 (47) 1,047 49,500
1 Mayo RoadTDX 100%100%4.2%5.3% 758 743 6,361 Savills 14,000 180 4,020 18,200
61 McLaughlins RoadMOVe Logistics 100%100%4.7%4.9% 1,314 1,314 13,347 Savills 26,900 135 965 28,000
9 Narek PlaceWaste Tallow Care 100%100%5.0%5.2% 714 709 3,577 CBRE 13,750 28 472 14,250
9 Nesdale AvenueBrambles 100%100%4.4%4.5% 889 889 13,041 CBRE 19,700 191 459 20,350
44 Noel Burnside RoadCottonsoft 100%100%4.7%4.6% 3,575 3,488 32,807 JLL 75,600 (12) 612 76,200
100%93%4.9%4.5% 18,429 16,162 166,063 358,450 3,771 16,379 378,600
Mt Wellington:
30-32 Bowden RoadTokyo Food 100%100%5.0%2.1% 5,182 1,828 29,921 Colliers 86,900 10,775 5,325 103,000
50 Carbine RoadFletcher Building Products 100%100%5.2%4.3% 320 239 2,820 JLL 5,500 49 601 6,150
54 Carbine Road & 6a
Donnor Place
Pharmacy Retailing 100%100%4.9%5.0% 2,531 2,463 17,063 JLL 49,600 512 1,538 51,650
76 Carbine RoadAtlas Gentech 100%100%5.9%5.3% 771 646 5,080 JLL 12,300 121 579 13,000
7 Carmont PlaceCMI 100%100%4.7%4.6% 805 759 6,410 JLL 16,650 (18) 468 17,100
6 Donnor PlaceCoca-Cola 100%100%5.2%5.1% 1,689 1,640 15,534 JLL 32,000 (64) 814 32,750
4-6 Mt Richmond DriveIron Mountain 100%100%4.1%4.0% 1,089 1,010 7,946 CBRE 25,350 126 1,074 26,550
3. Includes development land of $1.50 million.
2.1. Investment properties (continued)
31
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
509 Mt Wellington
Highway
Fletcher Building Products 100%100%4.7%4.8% 1,201 1,190 8,744 JLL 24,650 347 403 25,400
511 Mt Wellington
Highway
Stryker 100%100%4.8%4.6% 563 540 3,054 JLL 11,650 214 (14) 11,850
515 Mt Wellington
Highway
Kiwi Management
Services
100%100%4.8%4.8% 346 339 1,681 Savills 7,100 104 (4) 7,200
523 Mt Wellington
Highway
Motion New Zealand 100%100%4.1%5.0% 317 317 1,677 CBRE 6,400 339 911 7,650
1 Niall Burgess RoadBremca Industries 100%100%4.5%4.2% 307 279 1,742 JLL 6,700 43 107 6,850
2-6 Niall Burgess RoadMcAlpine Hussmann 100%100%5.7%5.4% 1,442 1,263 6,665 Savills 23,300 8 2,192 25,500
3-5 Niall Burgess RoadElectrolux 100%100%4.6%4.5% 1,402 1,368 13,266 JLL 30,350 (113) 263 30,500
7-9 Niall Burgess RoadDHL Supply Chain 100%100%4.7%4.5% 2,828 2,740 23,525 JLL 60,800 (263) 63 60,600
10 Niall Burgess RoadNEP Broadcast Services 100%100%4.3%4.5% 318 309 1,725 CBRE 6,850 49 501 7,400
5 Vestey DrivePPG Industries 100%100%4.8%5.5% 311 300 1,270 CBRE 5,500 32 918 6,450
7 Vestey DriveTrue North 100%100%5.2%5.2% 872 848 5,892 Savills 16,250 139 361 16,750
9 Vestey DriveMultispares 100%100%4.5%4.6% 272 243 1,635 CBRE 5,300 10 690 6,000
11 Vestey DriveN & Z 100%100%4.5%4.9% 554 541 3,470 CBRE 10,950 (14) 1,364 12,300
15a Vestey DrivePact Group Holdings 100%100%5.7%5.5% 626 611 3,214 Savills 11,100 64 (164) 11,000
36 Vestey DriveSP Tools 100%100%5.1%4.2% 275 187 1,120 JLL 4,500 499 401 5,400
100%100%4.9%4.3% 24,021 19,660 163,454 459,700 12,959 18,391 491,050
2.1. Investment properties (continued)
32
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
North Shore:
2-4 Argus PlacePharmapac 100%100%4.0%4.6% 498 486 3,560 CBRE 10,500 22 1,978 12,500
47 Arrenway DriveDevice Technologies 100%100%5.5%4.9% 306 265 1,245 JLL 5,450 (14) 164 5,600
51 Arrenway DrivePacific Hygiene 100%100%5.1%5.0% 481 469 2,680 Savills 9,450 32 (82) 9,400
15 Omega StreetWesfarmers 100%100%5.2%5.1% 663 641 3,498 Savills 12,500 93 207 12,800
322 Rosedale RoadBSGi 100%100%5.8%5.3% 1,414 1,249 7,538 Savills 23,400 183 667 24,250
41 William Pickering DriveInnopak Global 100%100%5.3%5.2% 563 549 3,027 Colliers 10,500 29 171 10,700
100%100%5.2%5.1% 3,925 3,659 21,548 71,800 345 3,105 75,250
Penrose:
4 Autumn PlaceTeco 100%100%5.0%5.3% 236 242 1,215 Colliers 4,600 11 89 4,700
6 Autumn PlaceMOTAT 100%100%4.2%4.2% 210 200 1,627 Colliers 4,800 123 77 5,000
10 Autumn PlaceMOTAT 100%100%4.0%3.9% 765 750 7,646 Colliers 19,000 126 (26) 19,100
122 Captain Springs RoadNew Zealand Crane Group 100%100%5.6%6.0% 767 745 7,431 Savills 12,500 193 1,057 13,750
8 Hugo Johnston DriveArgyle Schoolwear 97%96%8.3%6.8% 980 844 4,359 JLL 12,350 70 (670) 11,750
12 Hugo Johnston DriveW H Worrall 100%100%5.2%5.2% 485 480 2,591 JLL 9,150 24 76 9,250
16 Hugo Johnston DriveNewflor Industries 100%100%5.8%5.8% 559 546 2,619 JLL 9,450 (2) 152 9,600
80 Hugo Johnston DriveBoxkraft 100%100%5.5%4.3% 716 544 3,872 Colliers 12,600 24 376 13,000
102 Mays Road2 Cheap Cars 100%100%4.6%4.8% 720 699 6,517 CBRE 14,700 (25) 875 15,550
304 Neilson StreetFletcher Building Products 100%100%5.0%5.0% 869 849 13,438 Colliers 17,000 (20) 320 17,300
306 Neilson StreetTrade Depot 100%100%5.5%5.5% 1,032 1,010 6,301 Colliers 18,500 (30) 330 18,800
312 Neilson StreetTransport Trailer Services 100%100%5.3%5.2% 477 472 3,663 Colliers 9,100 83 (183) 9,000
314 Neilson StreetWakefield Metals 100%100%4.7%4.8% 1,076 1,049 7,515 Colliers 22,000 64 1,036 23,100
316 Neilson StreetHi-Tech Security Disposals 100%– 3.7% – 311 – 4,782 Colliers – 8,522 (22) 8,500
318 Neilson StreetHi-Tech Security Disposals 100%100%3.3%3.3% 193 187 4,049 Colliers 5,700 (2) 102 5,800
12 Southpark PlaceQCD 100%100%4.8%4.8% 684 667 6,416 Savills 14,000 (71) 321 14,250
100%100%5.1%5.0% 10,080 9,284 84,041 185,450 9,090 3,910 198,450
2.1. Investment properties (continued)
33
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Other Auckland:
58 Richard Pearse Drive,
Mangere
Pharmacy Retailing 100%100%4.7%4.2% 1,500 1,255 12,708 CBRE 29,950 441 1,609 32,000
51-61 Spartan Road,
Takanini
Action Manufacturing 100%100%4.9%4.9% 1,054 1,054 19,366 Savills 21,450 182 (132) 21,500
170 Swanson Road,
Swanson
Transportation Auckland 100%100%5.8%6.0% 2,233 2,233 39,676 CBRE 37,100 82 1,318 38,500
100%100%5.2%5.1% 4,787 4,542 71,750 88,500 705 2,795 92,000
North Island
(outside Auckland):
124 Hewletts Road,
Mt Maunganui
RMD Bulk Storage 100%100%5.9%5.6% 4,065 3,937 35,106 CBRE 70,600 41 (2,141) 68,500
124a Hewletts Road,
Mt Maunganui
Ballance Agri-Nutrients 100%100%5.1%5.1% 1,157 1,157 10,497 CBRE 22,800 (42) 142 22,900
124b Hewletts Road,
Mt Maunganui
Ballance Agri-Nutrients 100%100%6.0%5.5% 1,137 1,109 8,867 CBRE 20,000 – (1,050) 18,950
3 Hocking Street,
Mt Maunganui
BR & SL Porter 100%100%5.5%5.0% 205 186 2,374 CBRE 3,700 (8) 33 3,725
143 Hutt Park Road,
Wellington
Masterpet 100%100%5.9%5.9% 1,477 1,477 11,372 JLL 25,000 201 (101) 25,100
8 McCormack Place,
Wellington
Fletcher Building Products 100%100%6.5%6.0% 926 814 6,519 CBRE 13,650 27 523 14,200
28 Paraite Road,
New Plymouth
MOVe Logistics 100%100%8.2%7.9% 1,366 1,366 15,636 JLL 17,250 93 (593) 16,750
2.1. Investment properties (continued)
34
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
4. Included in the 2025 balance is a right-of-use asset of $4.00 million (2024: $4.00 million) primarily in relation to a ground lease, representing
the value of the land, with an associated immaterial lease liability.
ALL VALUES IN $000S
UNLESS NOTED
KEY TENANT
2025
OCCUPANCY (%)
YIELD ON
VALUATION (%)CONTRACT RENT
LETTABLE
AREA
(SQM)
2025
VALUER
2025
CARRYING
VALUE
2024
CAPITAL
MOVEMENTS
2025
FAIR VALUE
ADJUSTMENT
2025
CARRYING
VALUE
2025 202520242025202420252024
Shed 22, 23 Cable Street,
Wellington
4
Shed 22 Hospo 100%100%8.3%8.1% 999 975 2,809 CBRE 12,050 (14) 64 12,100
2 Smart Road,
New Plymouth
New Zealand Post 100%100%8.6%7.7% 417 370 2,359 JLL 4,775 107 (32) 4,850
558 Te Rapa Road,
Hamilton
DEC Manufacturing 100%100%6.6%6.0% 655 550 4,930 Colliers 9,200 41 759 10,000
22 Whakatu Road,
Hastings
Enzafruit New Zealand 100%100%5.7%5.6% 3,742 3,659 52,718 JLL 65,250 34 66 65,350
100%100%6.2%5.9% 16,146 15,600 153,187 264,275 480 (2,330) 262,425
South Island:
41 & 55 Foremans Road,
Christchurch
MOVe Logistics 100%100%6.0%6.2% 834 838 14,709 JLL 13,500 256 244 14,000
44 Mandeville Street,
Christchurch
Fletcher Building Products – 100%– 7.9% – 1,016 – CBRE 12,850 (12,850) – –
100%100%6.0%7.0% 834 1,854 14,709 26,350 (12,594) 244 14,000
Investment properties - total100%99%5.2%4.9%112,314 99,699 922,495 2,050,525 44,933 70,742 2,166,200
2.1. Investment properties (continued)
35
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
Recognition and Measurement
Investment properties are held to earn rental income and for long-term capital
appreciation. After initial recognition on the settlement date at cost, including directly
attributable acquisition costs, investment properties are measured at fair value, on the
basis of valuations made by independent valuers on at least an annual basis. Gains or
losses arising from changes in the fair value of investment properties are included in
the Consolidated Statement of Comprehensive Income in the period in which they arise.
Subsequent expenditure is charged to the asset’s carrying amount only when it is
probable that future economic benefits associated with the item will flow to the Group
and the cost of the item can be measured reliably.
The fair value of investment property reflects the Directors’ assessment of the highest
and best use of each property and amongst other things, rental income from current
leases and assumptions about rental income from future leases in light of the current
market conditions. The fair value also reflects the cash outflows that could be expected
in respect of the property.
No depreciation or amortisation is provided for on investment properties for accounting
purposes. However, for tax purposes, depreciation was claimed on the building fit-out
for the 12-month period ended 30 June 2025, no depreciation was claimed on building
structure components due to the change in legislation, effective from 1 July 2024 for
the Group. In addition, the new legislated Investment Boost deductions were applied to
eligible new assets that were acquired or became available for use from 22 May 2025.
In the comparative six-month period ended 30 June 2024, depreciation was claimed on
both the building fit-out and the building structure. Deferred tax is recognised to the
extent that tax depreciation recovery gain or loss on disposal is calculated on the fit-out
and building structure components separately. See section 5.2 for more details.
Investment properties under development are carried at cost until it is possible to
reliably determine their fair value, from which point they are carried at fair value less
costs to complete.
Gains or losses on the disposal of investment properties are recognised in the
Consolidated Statement of Comprehensive Income in the period in which the
investment properties are derecognised when they have been disposed.
Borrowing costs are capitalised if they are directly attributable to the acquisition or
construction of a qualifying property. Capitalisation of borrowing costs commences
when the activities to prepare the asset are in progress and expenditures and borrowing
costs are being incurred. Capitalisation of borrowing costs will continue until the asset
is substantially ready for its intended use. The rate at which borrowing costs are
capitalised is determined by reference to the weighted average borrowing costs of the
Group and the average level of borrowings by the Group.
36
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
Key estimates and assumptions: Investment properties
The fair value of investment properties is determined from valuations prepared by
independent valuers.
All investment properties were valued as at 30 June 2025 by CBRE Limited (CBRE),
CVAS (NZ) Limited (Colliers), Jones Lang LaSalle Limited (JLL) or Savills (NZ) Limited
(Savills). In the prior period, valuations as at 30 June 2024 were conducted by Bayleys
Valuation Limited (Bayleys), CBRE, Colliers, JLL or Savills. All valuers are independent
and members of the New Zealand Institute of Valuers.
PFI’s investment property valuation policy notes that: PFI will not use the same
independent valuer for a property for more than three consecutive year end valuations
without Board approval. However, an exemption to this policy was made for one
property for the year ended 30 June 2025, and three exemptions were made in the
comparative six-month period ended 30 June 2024. In both periods, the exemptions
applied to properties undergoing live developments, where continuity of specialist
knowledge was considered necessary for these valuations due to the complex nature of
the valuation process.
As part of the valuation process, the Group’s management verifies all major inputs to
the independent valuation reports, assesses movements in individual property values
and holds discussions with the independent valuers.
The fair value was determined using Level 3 valuation techniques via a combination of
the following approaches:
• Direct Capitalisation: The subject property rental is divided by a market derived
capitalisation rate to assess the market value of the asset. Further adjustments are
then made to the market value to reflect under or over renting, additional revenue and
required capital expenditure.
• Discounted Cash Flow: Discounted cash flow projections for the subject property are
based on estimates of future cash flows, supported by the terms of any existing lease
and by external evidence such as market rents for similar properties in the same
location and condition, and using discount rates that reflect current market
assessments of the uncertainty in the amount and timing of the cash flows.
• Residual Approach: The subject property is valued based on what the property
is expected to be worth on completion of the works and deducting all expected
costs to complete the works, including a profit and risk allowance and holding
costs. This approach relates to the development at 78 Springs Road - Stage 2
(2024: 78 Springs Road - Stage 1 and 30-32 Bowden Road). Refer to Note 5.11
for committed costs to complete for the current and prior reporting period.
Below are the significant inputs used in the valuations, together with the impact on the
fair value of a change in the inputs:
37
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
Key estimates and assumptions: Investment properties (continued)
RANGE OF SIGNIFICANT
UNOBSERVABLE INPUTS MEASUREMENT SENSITIVITY
VALUATION METHODJUNE 2025JUNE 2024
INCREASE
IN INPUT
DECREASE
IN INPUT
Market capitalisation rate (%)
1
Direct Capitalisation 4.00 - 7.75 4.00 - 8.00 Decrease Increase
Net Market rental ($ per sqm)
2
Direct Capitalisation & Discounted Cash Flow 56 - 265 54 -297 Increase Decrease
Discount rate (%)
3
Discounted Cash Flow 6.75 - 9.50 7.00 - 9.25 Decrease Increase
Rental growth rate (%)
4
Discounted Cash Flow 1.95 - 3.05 1.00 - 3.50 Increase Decrease
Terminal capitalisation rate (%)
5
Discounted Cash Flow 4.25 - 8.13 4.00 - 8.25 Decrease Increase
Profit and risk allowance (%)
6
Residual Approach 10.00 2.50 Decrease Increase
1 The capitalisation rate applied to the market rental to assess a property’s value, determined through analysis of similar transactions taking into account location, weighted average lease term, tenant covenant,
size and quality of the property.
2 The valuers assessment of the net market income which a property is expected to achieve under a new arm’s length leasing transaction. Includes both leased and vacant areas.
3 The rate applied to future cash flows reflecting transactional evidence from similar properties.
4 The rate applied to the market rental over the future cash flow projection.
5 The rate used to assess the terminal value of the property.
6 The profit and risk allowance reflects the current stage of the development and estimated completion date of the development, taking into account any risks surrounding the construction works.
The estimated sensitivity of the fair value of investment property to changes in the market capitalisation rate (under the Direct Capitalisation valuation approach) and discount rate
(under the Discounted Cash Flows valuation approach) is set out in the table below:
FAIR VALUEMARKET CAPITALISATION RATE DISCOUNT RATE
ALL VALUES IN $000SJUNE 2025+ 0.25%- 0.25%+ 0.25%- 0.25%
Valuation 2,166,200
Change (90,000) 99,000 (67,000) 72,000
Change (%)(4%)5%(3%)3%
FAIR VALUEMARKET CAPITALISATION RATE DISCOUNT RATE
ALL VALUES IN $000SJUNE 2024+ 0.25%- 0.25%+ 0.25%- 0.25%
Valuation 2,050,525
Change (84,000) 92,000 (63,000) 67,000
Change (%)(4%)4%(3%)3%
38
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
Key estimates and assumptions: Investment properties and the impact of climate
change (continued)
Generally, a change in the assumption made for the adopted market capitalisation rate
is accompanied by a directionally similar change in the adopted terminal capitalisation
rate. The adopted market capitalisation rate forms part of the direct capitalisation
approach and the adopted terminal capitalisation rate forms part of the discounted
cash flow approach. Both valuation methodologies are considered when determining
an investment property’s fair value.
When calculating the direct capitalisation approach, the market rental has a strong
interrelationship with the adopted market capitalisation rate given the methodology
involves assessing the total market rental income receivable from the property and
capitalising this in perpetuity to derive a capital value. In theory, an increase in the
market rent and an increase in the adopted market capitalisation rate could potentially
offset the impact to the fair value. The same can be said for a decrease in the market
rent and a decrease in the adopted market capitalisation rate. A directionally opposite
change in the market rent and the adopted market capitalisation rate could potentially
magnify the impact to the fair value.
When assessing a discounted cash flow, the adopted discount rate and adopted
terminal capitalisation rate have a strong interrelationship in deriving a fair value given
the discount rate will determine the rate at which the terminal value is discounted to the
present value. In theory, an increase in the adopted discount rate and a decrease in the
adopted terminal capitalisation rate could potentially offset the impact to the fair value.
The same can be said for a decrease in the discount rate and an increase in the
adopted terminal capitalisation rate. A directionally similar change in the adopted
discount rate and the adopted terminal capitalisation rate could potentially magnify
the impact to the fair value.
The impact of climate change
The Group continues to assess the impact of climate change on the business and
portfolio regularly and is taking steps to manage and address climate-related risks
and opportunities.
During the period, the Group had committed to and invested in various sustainability
initiatives which includes solar installation, power metering to help the Group to
understand the energy use of its buildings, preventative maintenance measures,
and the Green Star development projects. All these projects and works are included
in the capital expenditure for the year ended 30 June 2025.
The valuers have considered the impact of climate change on investment property
values but have made no explicit adjustments in respect of climate change matters.
However, the Group and valuers anticipate that climate change could have a greater
influence on valuations in the future as owners and occupiers place a greater emphasis
on this topic.
2.1. Investment properties (continued)
39
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.2. Rental and management fee income
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Gross rental receipts 101,518 48,984
Service charge income recovered from tenants 18,616 8,304
Fixed rental income adjustments 1,775 (21)
Capitalised lease incentive adjustments 4,740 (526)
Impact of rental income deferred and abated due to the
COVID-19 pandemic (72) (54)
Management fee income 878 395
Total rental and management fee income 127,455 57,082
Recognition and Measurement
Rental income from investment properties is recognised in the Consolidated
Statement of Comprehensive Income on a straight line basis over the term of the
lease. Fixed rental income adjustments are accounted for to achieve straight-line
income recognition. Lease incentives are capitalised to investment properties in the
Consolidated Statement of Financial Position and amortised on a straight line basis
in the Consolidated Statement of Comprehensive Income over the length of the lease
to which they relate, as a reduction to rental income.
Rental abatements are usually offered by a landlord as an incentive for tenants to sign
longer lease terms. Rental abatements were offered to assist tenants that
were struggling from the impact of the COVID-19 pandemic. Rental abatements
are accounted for as a lease modification under NZ IFRS 16 ‘Leases’ and the
expense is spread over the remaining life of the lease, effectively accounted for
as a lease incentive.
Management fee income is recognised in the Consolidated Statement of
Comprehensive Income in the period in which the services are rendered.
Income generated from service charges recovered from tenants are included in the
gross rental income with the service charge expenses to tenants shown in Property
costs. Such revenue is recognised in the accounting period the underlying expenses
are incurred in accordance with the contractual terms.
Future minimum rentals receivable under non-cancellable operating leases are as follows:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Within one year 111,824 92,725
After one year but not more than five years 315,614 261,785
More than five years 187,398 108,587
Total 614,836 463,097
2.3. Property costs
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Rates & insurance (11,912) (5,226)
Property maintenance costs (6,386) (2,953)
Utilities (712) (182)
Bad and doubtful debts expense (112) (42)
Lease incentives amortisation (716) (336)
Other non-recoverable property costs (2,065) (1,157)
Total property costs (21,903) (9,896)
Other non-recoverable costs represents property maintenance not recoverable from
tenants, property valuation fees and property leasing costs.
40
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2.4. Net rental income
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Gross rental income
Gross rental receipts 101,518 48,984
Service charge income recovered from tenants 18,616 8,304
Fixed rental income adjustments 1,775 (21)
Capitalised lease incentive adjustments 4,740 (526)
Impact of rental income deferred and abated due to the
COVID-19 pandemic
(72) (54)
Total gross rental income 126,577 56,687
Service charge expenses
Rates & insurance (11,912) (5,226)
Property maintenance costs (6,386) (2,953)
Utilities (712) (182)
Total service charge expenses (19,010) (8,361)
Net rental income 107,567 48,326
IN THIS SECTION
This section outlines how the Group manages its capital structure, financing costs and
exposure to interest rate risk.
3.1. Borrowings
(i) Borrowings
ALL VALUES IN $000SJUNE 2025JUNE 2024
Current
Fixed Rate Bonds (PFI010) – 100,000
Fixed Rate Bonds (PFI020) 100,000 –
Syndicated Bank Facility C – 50,000
Total current borrowings 100,000 150,000
Non-current
Fixed Rate Bonds (PFI020) – 100,000
ANZ & CBA Green Facility D1 50,000 50,000
BNZ Green Facility D2 25,000 25,000
Westpac Green Facility D3 75,000 75,000
Syndicated Bank Facility C 100,000 –
Syndicated Bank Facility A 31,870 125,485
Bilateral CBA Bank Facility 125,000 125,000
Pricoa Facilities 50,000 25,000
Fixed Rate Bonds (PFI030) 150,000 –
Unamortised borrowings establishment costs (3,190) (1,545)
Total non-current borrowings 603,680 523,940
Total borrowings 703,680 673,940
Weighted average interest rate for drawn debt (inclusive
of current interest rate swaps, margins and line fees)
4.52%5.72%
Weighted average term to maturity (years) 3.39 2.25
3. FUNDING2. PROPERTY CONTINUED
41
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. FUNDING CONTINUED
3.1. Borrowings (continued)
Recognition and Measurement
All borrowings are initially measured at fair value, plus directly attributable transaction costs, and subsequently measured at amortised cost using the effective interest rate method.
Under this method, directly attributable fees and costs are capitalised and spread over the expected life of the facility. All other interest costs and bank fees are expensed in the
period they are incurred.
(ii) Composition of borrowings
ALL VALUES IN $000S
AS AT 30 JUNE 2025
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY
DRAWN / AMOUNT
UNDRAWN
FACILITYFAIR VALUE
Fixed Rate Bonds (PFI020)01-Oct-1801-Oct-254.25% 100,000 – 101,038
ANZ & CBA Green Facility D1–18-Jul-26Floating 50,000 – 50,000
BNZ Green Facility D2–18-Jul-27Floating 25,000 – 25,000
Westpac Green Facility D3–18-Jul-27Floating 75,000 – 75,000
Syndicated Bank Facility C–14-Aug-27Floating 100,000 – 100,000
Syndicated Bank Facility A–14-Aug-28Floating 31,870 118,130 31,870
Syndicated Bank Facility B–14-Aug-29Floating – 150,000 –
Bilateral CBA Bank Facility–14-Aug-29Floating 125,000 – 125,000
Pricoa Facility–15-Dec-29Floating 25,000 – 25,501
Fixed Rate Bonds (PFI030)13-Mar-2513-Sep-305.43% 150,000 – 152,968
CBA Bank Facility–31-May-31Floating – 50,000 –
Pricoa Facility–05-Jan-33Floating 25,000 – 25,339
Total borrowings 706,870 318,130 711,716
42
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. FUNDING CONTINUED
ALL VALUES IN $000S
AS AT 30 JUNE 2024
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY
DRAWN / AMOUNT
UNDRAWN
FACILITYFAIR VALUE
Fixed Rate Bonds (PFI010)28-Nov-1728-Nov-244.59% 100,000 – 99,475
Syndicated Bank Facility C–31-Mar-25Floating 50,000 – 50,000
Syndicated Bank Facility A–02-Jul-25Floating 125,485 24,515 125,485
Fixed Rate Bonds (PFI020)01-Oct-1801-Oct-254.25% 100,000 – 98,189
Syndicated Bank Facility B–02-Jul-26Floating – 150,000 –
ANZ & CBA Green Facility D1–18-Jul-26Floating 50,000 – 50,000
BNZ Green Facility D2–18-Jul-27Floating 25,000 – 25,000
Westpac Green Facility D3–18-Jul-27Floating 75,000 – 75,000
Bilateral CBA Bank Facility–16-Apr-28Floating 125,000 – 125,000
Pricoa Facility–15-Dec-29Floating 25,000 – 25,465
CBA Bank Facility–31-May-31Floating – 50,000 –
Total borrowings 675,485 224,515 673,614
3.1. Borrowings (continued)
(ii) Composition of borrowings (continued)
The Group has long-term revolving facilities (A, B and C) with a banking syndicate
comprising ANZ, BNZ, CBA and Westpac (each providing $100 million), for $400 million.
and CBA, providing facilities totalling $175 million.
In accordance with the Group’s Green Finance Framework, the Group has also
established $150 million of Green Loan facilities to fund its committed development
projects. The Green Loan facilities consists of ANZ & CBA green facility (D1) providing
$50 million, BNZ green facility (D2) providing $25 million and Westpac green facility (D3)
providing $75 million.
The carrying values of the bank facilities approximate the fair value of the facilities
because the loans have floating rates of interest that reset every 30-90 days.
The fair value of the fixed rate bonds on issue is based on their listed market prices at the
balance date and is classified as Level 1 in the fair value hierarchy (30 June 2024: Level
1). Interest on the PFI020 Bonds is payable quarterly in February, May, August and
November in equal instalments, while interest on the PFI030 Bonds is payable quarterly
in March, June, September and December; also in equal instalments. Both bonds are
listed on the NZDX. The $100 million PFI010 fixed rate bonds matured on 28 November
2024 and were repaid with existing bank facilities.
The fair value of the Pricoa facilities is classified as Level 2 (30 June 2024: Level 2) and
is measured using a present value calculation of the future cash flows using the relevant
term swap rate as the discount factor. The discount curve will incorporate both the credit
spreads and risk free rate.
(iii) Security
The bank facilities, Pricoa facilities and the fixed rate bonds are secured by way of a
security trust deed and registered mortgage security which is required to be provided
over Group properties with current valuations of at least $2,050,000,000 (30 June 2024:
$1,800,000,000). In addition to this, the bank facility agreements, fixed rate bond terms
and Pricoa facility agreements also contain a negative pledge. The Company and PFI No.
1 are guarantors to the facility, fixed rate bonds, and Pricoa facilities. As at 30 June 2025,
investment properties totalling $2,149,100,000 (30 June 2024: $2,033,875,000) were
mortgaged as security for the Group’s borrowings.
43
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. FUNDING CONTINUED
3.2. Derivative financial instruments
(i) Fair values
ALL VALUES IN $000SJUNE 2025JUNE 2024
Current assets 207 267
Non-current assets 9,417 22,815
Current liabilities (340) (1,090)
Non-current liabilities (4,816) (3,692)
Total 4,468 18,300
(ii) Notional principal values, maturities and interest rates
JUNE 2025JUNE 2024
Notional value of interest rate swaps – fixed rate payer –
start dates commenced ($000s)
610,000 400,000
Notional value of interest rate swaps – fixed rate receiver
1

– start dates commenced ($000s)
250,000 200,000
Notional value of interest rate swaps – fixed rate payer
– forward starting ($000s)
130,000 175,000
Total ($000s) 990,000 775,000
Percentage of borrowings fixed (%)86%59%
Fixed rate payer swaps:
Average period to expiry – start dates commenced (years) 2.87 2.57
Average period to expiry – forward starting (years from
commencement)
3.19 3.57
Average (years) 2.93 2.87
Fixed rate payer swaps:
Average interest rate
2
– start dates commenced (%)3.10%2.64%
Average interest rate
2
– forward starting (% during
effective period)
3.94%4.05%
Average (%)3.25%3.07%
1. The Group has $250 million fixed rate receiver swaps for the duration of the two fixed rate bonds, the effect
of the fixed rate receiver swaps is to convert the two fixed rate bonds totalling $250 million to floating
interest rates. (2024: The Group held $200 million in fixed rate receiver swaps for the duration of the two
$100 million fixed rate bonds, which effectively converted the fixed rate bonds to floating interest rates).
2. Excluding margin and fees.
(iii) Fair value (loss)/gain on derivative financial instruments
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Interest rate swaps (13,832) 3,611
Total fair value (loss)/gain on derivative
financial instruments (13,832) 3,611
Recognition and Measurement
The Group is exposed to changes in interest rates and uses derivative financial
instruments, principally interest rate swaps, to mitigate this risk. The Group does not
apply hedge accounting. Derivative financial instruments are entered into to
economically hedge the risk exposure.
Such derivative financial instruments are initially recognised at fair value on the date
on which a derivative contract is entered into and are subsequently re-measured to fair
value at each reporting date. Transaction costs are expensed on initial recognition and
recognised in the Consolidated Statement of Comprehensive Income. The fair value of
derivative financial instruments is based on valuations prepared by independent
treasury advisers and is the estimated amount that the Group would receive or pay to
terminate the derivative contract at reporting date, taking into account current interest
rates and creditworthiness of the derivative contract counterparties.
Key estimates and assumptions: Derivatives
The fair values of derivative financial instruments are determined from valuations
prepared by independent treasury advisers using Level 2 valuation techniques (30
June 2024: Level 2). These are based on the present value of estimated future cash
flows accounting for the terms and maturity of each contract and the current market
interest rates at reporting date. Fair values also reflect the current creditworthiness of
the derivative counterparty. These values are verified against valuations prepared by
the respective counterparties. The valuations were based on market rates at 30 June
2025 of between 3.29% for the 90 day BKBM (30 June 2024: 5.63%) and 4.06% for the
10 year swap rate (30 June 2024: 4.49%). There were no changes to these valuation
techniques during the reporting period.
44
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

IN THIS SECTION
This section summarises the earnings per share and net tangible assets per share
which are common investment metrics.
4.1. Earnings per share
(i) Basic earnings per share
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Total comprehensive income for the period attributable to
the shareholders of the Company ($000s)
106,022 21,181
Weighted average number of ordinary shares (shares) 502,228,627 502,177,801
Basic earnings per share (cents) 21.11 4.22
(ii) Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to
ordinary shareholders and weighted-average number of ordinary shares outstanding after
adjustment for the effects of all dilutive potential ordinary shares. Weighted average
number of shares for the purpose of diluted earnings per share has been adjusted for
152,499 (2024: 184,006) rights issued under the Group’s LTI Plan as at 30 June 2025.
This adjustment has been calculated using the treasury share method. Refer to note 5.8
for further details.
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Total comprehensive income for the period attributable to
the shareholders of the Company ($000s)
106,022 21,181
Weighted average number of shares for purpose of
diluted earnings per share (shares)
502,381,126 502,361,807
Diluted earnings per share (cents) 21.10 4.22
4.2. Net tangible assets per share
JUNE 2025JUNE 2024
Net assets ($000s) 1,424,234 1,359,495
Net tangible assets ($000s) 1,424,234 1,359,495
Closing shares on issue (shares) 502,284,064 502,199,351
Net tangible assets per share (cents) 284 271
4. INVESTOR RETURNS AND INVESTMENT METRICS
45
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

IN THIS SECTION
This section includes additional information that is considered less significant in
understanding of the financial performance and position of the Group, but is disclosed
to comply with NZ IFRS.
5.1. Administrative expenses
ALL VALUES IN $000SNOTE
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Auditor remuneration
Audit and review of the financial statements (324) (250)
Other assurance services
1
(41)–
Other services
2
(5) (58)
Depreciation (488) (243)
Directors’ fees5.7 (685) (352)
Employee benefits (6,234) (3,212)
IT – licence fees and support (680) (265)
Office expenses (1,163) (596)
Other expenses(1,426) (1,008)
Sustainability expenses (115) (113)
Total administrative expenses (11,161) (6,097)
1. Other assurance services include the limited assurance engagement in the area of greenhouse gas
emissions disclosures.
2. Other services include the provision of remuneration market data and the purchase of PwC’s
2024 Property Supplement Report. In 2024, other services include the evaluation of whether the
preconditions for assurance exist in preparation for assurance over greenhouse gas emissions.
5.2. Taxation
(i) Reconciliation of accounting profit before income tax to income tax expense
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Profit before income tax 118,268 25,475
Prima facie income tax calculated at 28% (33,115) (7,133)
Adjusted for:
Non-tax deductible revenue and expenses (47) (37)
Fair value gain / (loss) on investment properties 19,808 (1,166)
Loss on disposal of investment properties (15) (147)
Depreciation 4,326 2,636
Disposal of depreciable assets 36 33
Deductible capital expenditure 1,940 2,088
Lease incentives, fees and fixed rental income 2,199 116
(Loss) / gain on derivative financial instruments (3,865) 1,015
Impairment (allowance) / gain (32) 6
Current tax prior period adjustment 213 (30)
Other (321) 34
Current taxation expense (8,873) (2,585)
Depreciation (4,997) (547)
Lease incentives, fees and fixed rental income (2,164)–
Loss / (gain) on derivative financial instruments 3,865 (1,015)
Impairment allowance / (gain) 32 (6)
Other (109) (141)
Deferred taxation expense (3,373) (1,709)
Total income tax expense reported in Consolidated
Statement of Comprehensive Income (12,246) (4,294)
5. OTHER
46
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
(ii) Deferred tax
ALL VALUES IN $000S
DECEMBER 2023
JUNE 2024
6 MONTHS
JUNE 2024
6 MONTHSJUNE 2024
JUNE 2025
12 MONTHS
JUNE 2025
12 MONTHSJUNE 2025
AS AT
RECOGNISED
IN PROFIT
RECOGNISED IN
EQUITY AS AT
RECOGNISED
IN PROFIT
RECOGNISED
IN EQUITY AS AT
Deferred tax assets
Impairment allowance (8) 6 – (2) (32) –(34)
Office lease liability
1
(603) 34 – (569) 71 – (498)
Other (369) 146 (68) (291) 114 (198) (375)
Gross deferred tax assets (980) 186 (68) (862) 153 (198)(907)
Deferred tax liabilities
Investment properties 20,929 547 – 21,476 7,161 – 28,637
Derivative financial instruments 4,078 1,015 – 5,093 (3,865)– 1,228
Office lease asset
1
528 (39)– 489 (76)– 413
Gross deferred tax liabilities 25,535 1,523 –27,058 3,220 –30,278
Net deferred tax liability 24,555 1,709 (68) 26,196 3,373 (198) 29,371
1. The deferred tax on the office lease liability and office lease asset have been reallocated from the ‘Other’ line item and disclosed separately within this note. There is no change to the overall deferred tax position in the
respective periods.
5.2. Taxation (continued)
47
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.2. Taxation (continued)
(iii) Imputation credit account
The amounts below represent the balance of the imputation credit account as at the end
of the reporting period, adjusted for imputation credits that will arise from the payment of
taxation payable represented in the Consolidated Statement of Financial Position.
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Opening balance – 433
Taxation paid / payable 8,557 2,537
Imputation credits attached to dividends paid (6,038) (3,194)
Additional period end adjustment
2
– 224
Closing balance available to shareholders for use in
subsequent periods 2,519 –
2. The imputation credit account was in debit balance as at 30 June 2024. An additional payment
was made to bring the imputation credit account into a credit position as at 31 March 2025,
as the expectation is that the imputation credit account does not remain in a debit position.
Key estimates and assumptions: Deferred tax
Investment properties are valued each year by independent valuers (as outlined in
note 2.1). These values include an allocation of the valuation between the land and
building components. The calculation of deferred tax on depreciation recovered places
reliance on the land and building split in the valuation provided by the valuers. The
building value is then split between fit-out and structure based on the proportion of
the tax book values of each.
Recognition and Measurement
The Company and Group are a listed Portfolio Investment Entity (PIE) for the purposes
of the Income Tax Act 2007. Tax is accounted for on a consolidated Group basis and
the Group is required to pay tax to the IRD as required by the Income Tax Act 2007.
Income tax expense comprises current and deferred tax and is recognised in the
Consolidated Statement of Comprehensive Income for the year.
Current tax is the expected tax payable on the taxable income for the year, using tax
rates enacted or substantively enacted at the reporting date, and any adjustment to
tax payable in respect of previous years. Deferred tax is provided for temporary
differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes.
Deferred tax is recognised on all temporary differences, including:
• The tax liability arising from accumulated depreciation claimed on investment
properties, where applicable;
• The tax asset arising from the allowance for impairment;
• The tax liability arising from certain prepayments and other assets; and
• The tax asset / liability arising from the unrealised gains / losses on the revaluation
of interest rate swaps.
Deferred tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax is not recognised for:
• Temporary differences on the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects neither accounting
nor taxable profit or loss;
• Temporary differences relating to investments in subsidiaries to the extent that it is
probable that they will not reverse in the foreseeable future; and
• Taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to
offset current tax liabilities and assets, and they relate to income taxes levied by the
same tax authority on the same taxable entity, or on different entities, but they intend
to settle current tax assets and liabilities on a net basis.
A deferred tax asset is recognised to the extent that it is probable that future taxable
profits will be available against which temporary differences can be utilised. Deferred
tax assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related tax benefit will be realised.
Additional income tax arising from distribution of dividends is recognised at the same
time as the liability to pay the dividend is recognised.
48
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.3. Accounts receivable, prepayments and other assets
ALL VALUES IN $000SJUNE 2025JUNE 2024
Accounts receivable 1,717 4,642
Provision for doubtful debts (120) (8)
Prepayments and other assets 2,181 3,180
Total accounts receivable, prepayments and other assets 3,778 7,814
Recognition and Measurement
Accounts receivable are recognised at fair value and subsequently measured at
amortised cost using the effective interest rate method. Receivables are assessed on
an ongoing basis for impairment. The Group applies the simplified approach to
providing for expected credit losses prescribed by NZ IFRS 9 ‘Financial Instruments’,
which permits the use of lifetime expected loss provision for all trade receivables.
5.4. Accounts payable, accruals and other liabilities
ALL VALUES IN $000SJUNE 2025JUNE 2024
Accounts payable 3,022 466
Accrued interest expense and bank fees 5,109 3,836
Accruals and other liabilities in respect of investment
properties 3,253 9,650
Accrued employee benefits 179 261
Accruals and other liabilities 6,773 5,574
Total accounts payable, accruals and other liabilities 18,336 19,787
Recognition and Measurement
Expenses are recognised on an accruals basis and, if not paid at the end of
the reporting period, are reflected as a payable in the Consolidated Statement
of Financial Position.
5.5. Financial instruments
The following financial assets and liabilities, that potentially subject the Group to financial
risk, have been recognised in the financial statements:
ALL VALUES IN $000SJUNE 2025JUNE 2024
Financial Assets
Financial assets at amortised cost:
Cash at bank 1,623 1,481
Accounts receivable and other assets 1,597 4,634
Total – Financial assets at amortised cost 3,220 6,115
Financial assets at fair value through profit or loss:
Derivative financial instruments 9,624 23,082
Total – Financial assets at fair value through profit or loss 9,624 23,082
Total Financial Assets 12,844 29,197
Financial Liabilities
Financial liabilities at amortised cost:
Accounts payable, accruals and other liabilities 17,882 19,272
Lease liabilities 1,778 2,032
Borrowings 703,680 673,940
Total – Financial liabilities at amortised cost 723,340 695,244
Financial liabilities at fair value through profit or loss:
Derivative financial instruments 5,156 4,782
Total – Financial liabilities at fair value through profit or loss 5,156 4,782
Total Financial Liabilities 728,496 700,026
49
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.6. Financial risk management
The Group’s activities expose it to a variety of financial risks, including interest rate risk,
credit risk and liquidity risk. The Group’s overall financial risk management strategy
focuses on minimising the potential negative economic impact of unpredictable events
on its financial performance.
(a) Interest rate risk
The Group’s exposure to the risk of changes in interest rates relates primarily to the
Group’s borrowings with a floating interest rate. The Group has an interest rate
hedging policy which has been reviewed by an external firm with expertise in this area.
The policy calls for a band of the Group’s borrowings to be at fixed interest rates, with
a greater proportion of the near term to be fixed and a lesser percentage of the far dated
to be fixed.
The Group uses derivative financial instruments, principally fixed rate payer interest rate
swaps, to exchange its floating short-term interest rate exposure for fixed long-term
interest rate exposure in accordance with its policy bands. As the Group holds derivative
financial instruments, there is a risk that their fair value will fluctuate because of underlying
changes in market interest rates. This is accepted as a by-product of the Group’s interest
rate hedging policy, however this risk is partially mitigated by the Group’s holding of fixed
rate receiver interest rate swaps. The fair value of derivative financial instruments is
disclosed in the Consolidated Statement of Financial Position (refer to note 3.2).
The following sensitivity analysis shows the effect on (loss) / profit before tax and equity
if interest rates at balance date had been 50 basis points (0.50%) higher or lower with all
other variables held constant.
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
ALL VALUES IN $000S
GAIN/
(LOSS)
ON
INCREASE
OF 0.50%
GAIN/
(LOSS)
ON
DECREASE
OF 0.50%
GAIN/
(LOSS)
ON
INCREASE
OF 0.50%
GAIN/
(LOSS)
ON
DECREASE
OF 0.50%
Impact on profit before income tax 3,697 (3,754) 3,704 (3,748)
Impact on equity 2,662 (2,703) 2,667 (2,699)
(b) Credit risk
Credit risk represents the risk that the counterparty to a financial instrument will fail to
discharge its obligations and the Group will suffer financial loss as a result. Financial
instruments which potentially subject the Group to credit risk consist of cash and cash
equivalents, accounts receivable and other assets and interest rate swap agreements.
With respect to the credit risk arising from cash and cash equivalents, there is limited
credit risk as cash is deposited with ANZ Bank New Zealand Limited, a registered bank
in New Zealand with a credit rating of AA– (Standard & Poor’s). The Group assesses
expected credit losses by considering both historical data and forward-looking
information. Based on this assessment, no loss allowance has been recognised.
With respect to the credit risk arising from accounts receivable, the Group only enters
into lease arrangements over its investment properties with parties whom the Group
assesses to be creditworthy. It is the Group’s policy to subject all potential tenants to
credit verification procedures and monitor accounts receivable balances. As the Group
has a wide spread of tenants over many industry sectors, it is not exposed to any
significant concentration of credit risk. Credit risk does not arise on property sale
proceeds to be settled as title will not transfer until settlement.
With respect to the credit risk arising from interest rate swap agreements, there is limited
credit risk as all counterparties are registered banks in New Zealand. The credit ratings of
these banks are all AA– (Standard & Poor’s).
The carrying amount of financial assets as per note 5.5 approximates the Group’s
maximum exposure to credit risk. For certain receivables the Group holds bank
guarantees, parent company guarantees or personal guarantees.
50
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
(c) Liquidity risk
Liquidity risk is the risk that the Group will experience difficulty in either realising assets or otherwise raising sufficient funds to meet its obligations arising from its financial liabilities.
The Group manages its liquidity risk by ensuring that it has committed funding facilities at a minimum of 105% of the projected peak debt level over the next twelve months (excluding
business acquisitions).
The maturities of the Group’s borrowings based on the remaining period is 3.4 years (30 June 2024: 2.2 years). All borrowings are due later than one year except for the PFI020 fixed
rate bonds, which the Group will repay with existing facilities (30 June 2024: later than one year except for the PFI010 fixed rate bonds, which matured and were repaid on
28 November 2024, and the Syndicated Bank Facility C, which was refinanced). Further details of the Group’s borrowings, including the maturities of the Group’s borrowings and
undrawn facilities, are disclosed in note 3.1.
The table below analyses the contractual undiscounted cash flows of the Group’s financial liabilities (principal and interest) by the relevant maturity groupings based on the remaining
period as at 30 June 2025 and 30 June 2024.
ALL VALUES IN $000S
CARRYING
AMOUNT
CONTRACTUAL CASH FLOWS
0 - 1 YEAR 1 - 2 YEARS 2 - 5 YEARS > 5 YEARS TOTAL
Financial liabilities
Accounts payable, accruals and other liabilities17,88217,882–––17,882
Lease liabilities1,7782752981,0441611,778
Derivative financial instruments
1
(4,468)(1,175)(1,573)(1,308)(775)(4,831)
Borrowings703,680132,21378,556411,498180,389802,656
Total as at 30 June 2025718,872149,19577,281411,234179,775817,485
Accounts payable, accruals and other liabilities19,27219,272–––19,272
Lease liabilities2,0322542751,3421612,032
Derivative financial instruments
1
(18,300)(6,699)(5,962)(7,414)(618)(20,693)
Borrowings673,940195,015250,609302,38825,893773,905
Total as at 30 June 2024676,944207,842244,922296,31625,436774,516
1. The carrying amount of derivative financial instruments shown is the net position of both derivative financial instrument assets and derivative financial instrument liabilities.
5.6. Financial risk management (continued)
51
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. O THER CONTINUED
5.6. Financial risk management (continued)
(d) Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to
continue as a going concern whilst maximising returns to shareholders through
maintaining an appropriate balance between debt and equity, thereby optimising the
overall cost of capital. To maintain or adjust the capital structure, the Group may consider
a range of options including adjusting dividend payments, returning capital to
shareholders, issuing new shares, undertaking share buybacks, or divesting assets to
reduce debt levels.
The Group’s capital structure is comprised of borrowings and shareholders’ equity. The
Group actively monitors its capital position through the loan to value ratio and adherence
to financial covenants associated with its borrowing facilities. The loan to value ratio is
calculated as borrowings divided by the fair value of investment properties, with a
strategic internal target of maintaining this ratio at or below 40%. The covenants on all
borrowings require a loan to value ratio of no more than 50%, and this was complied with
during the period.
Under the terms of its banking facilities, the Group is subject to a range of financial
covenants, which include, but are not limited to, metrics such as interest cover ratio, loan
to value ratio and sustainability related measures such as a green debt coverage ratios.
These covenant requirements are a core component of the Group’s capital risk
management framework. The Board and management regularly monitor compliance with
all such covenants and submit semi-annually compliance reporting to the Group’s
banking syndicate as required. As at 30 June 2025, $1,025 million in facilities were
subject to covenants (2024: $900 million). The Group has complied with all financial
covenant obligations throughout the reporting period.
The Group also operates a Dividend Reinvestment Scheme (DRS), which enables eligible
shareholders to reinvest their dividends in additional shares of the Group. The Board
retains full discretion over the operation of the DRS, including the ability to suspend the
scheme or apply a discount to the issue price of shares under the DRS.
5.7. Related party transactions
(i) Key management personnel and directors compensation
ALL VALUES IN $000S
JUNE 2025
12 MONTHS
JUNE 2024
6 MONTHS
Key management personnel
Short-term employee benefits 2,668 1,277
Post-employment benefits 113 78
Share-based payments 323 175
Directors’ fees
1
685 352
Total 3,789 1,882
1. In 2024, there were changes to the composition of the Board of Directors of the Group. Jeremy Simpson
was appointed as an independent director effective from 24 February 2024. Gregory Reidy retired as an
independent director effective from 3 April 2024. Anthony Beverley retired from his role as Chair of the
Board of Directors on 3 April 2024 but remains on the Board as an independent director. Following this
change, Dean Bracewell stepped down from his role as People Committee Chair to take on the role as
Chair of the Board of Directors and David Thomson took on the role of People Committee Chair.
52
PFI ANNUAL REPORT FY25DELIVERING STRONG,
STABLE RETURNS
THE YEAR IN
REVIEW
OTHER
DISCLOSURES
DIRECTORYCALENDARFINANCIAL
STATEMENTS