PFI announces first quarter dividend, resumes reinvestment scheme for investors
The property investor will pay shareholders the dividend, which is unchanged from a year earlier, on May 27, with a record date of May 18.
Property For Industry [NZX: PFI], New Zealand's only listed company specialising in industrial property, will pay 1.75c a share for its first quarter dividend and has reinstalled its dividend reinvestment scheme.
The Auckland-based property investor will pay shareholders the dividend, which is unchanged from a year earlier, on May 27, with a record date of May 18, it said in a statement. Property For Industry is also reinstating its dividend reinvestment scheme for the first time in three years, offering a 2% discount from the average share price for shareholders who take it up.
Earlier this year the property investor said it expects to pay more of its earnings in dividends in the coming year after its dividend payout ratio declined to 96% of earnings in 2014 from 99% a year earlier.
Property For Industry posted a 48% increase in net profit to $59.9 million in the year ended December 31 as it marked its first full financial year since merging with Direct Property Fund. Revenue rose 33% to $63.8 million while expenses increased 27% to $26.9 million, it said.
The company also increased its syndicated bank loan facility to $375 million from $350 million, lifting Property For Industry's weighted average cost of debt to 6.08%, from 5.96% as at December 31.
Shares of the investor last traded at $1.60 and have gained 5.6% since the start of the year. The stock is rated an average of 'sell' on the consensus of five analysts surveyed by Reuters, with an average price target of $1.48.
(BusinessDesk)
Suze Metherell
Mon, 04 May 2015
Mon, 04 May 2015
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PFI announces first quarter dividend, resumes reinvestment scheme for investors
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