Property for Industry Limited · NZX:PFI
Property for Industry — Shareholder Meeting (May 2014)
29 slides from Property for Industry's shareholder meeting presentation, May 16, 2014
Slide 1: Welcome to the 2014 Annual Meeting
WELCOME TO THE 2014 ANNUAL MEETING
Slide 2: Agenda
AGENDA 1. Board and management team addresses 2. Shareholder questions and answers 3. Financial statements 4. Ordinary resolutions: • Re-election of Humphry Rolleston • Re-election of John Waller • Auditor’s fees and expenses 5. General business 6. Close of meeting and refreshments PROPERTY FOR INDU
Slide 3: 1. Board and Management Team Addresses
1. BOARD AND MANAGEMENT TEAM ADDRESSES
Slide 4: 2013 Overview
2013 OVERVIEW • Successful merger with Direct Property Fund • Financial results exceeding forecast and the prior year: • Profit after tax +4.5%: 12.79 cps • Distributable profit +9.3%: 7.26 cps • Cash dividends +9.1%: 7.20 cps • Net tangible assets +8.4%: 123 cps • Top performing NZX50 listed proper
Slide 5: PFI's Auckland Portfolio
PFI’s Auckland Portfolio
Slide 6: 2013 Overview
2013 OVERVIEW • Increased size and diversity of portfolio, reduced risk • Strengthened capability, market standing and perception 16 May 2014 31 March 2013 Annual Meeting Merger IM (Prior to Merger) Number of properties 79 50 Number of tenants 133 84 Contract rent $64.9m $32.8m Occupancy 97% 98% Wei
Slide 7: 15-19 Copsey Place location map
: am ea . North Western , Motorway 15-19 Copsey Place
Slide 8: Pace
a Pace
Slide 9: 15-19 Copsey Place, Avondale
WAREHOUSE B WAREHOUSE C WAREHOUSE D (HIGH STUD) (LOW STUD) (LOW STUD) 582M2 825.9M2 1273.5M2 WAREHOUSE A WAREHOUSE B2 (HIGH STUD) (LOW STUD) 23442M2 338.7M2 15 - 19 COPSEY PLACE, AVONDALE
Slide 10: 15-19 Copsey Place
15-19 COPSEY PLACE Pre-development Low stud height, columned warehouse Limited warehouse access to yard Office to warehouse ratio high: 24% Poor quality and positioning of office Yard area constrained with limited access and site coverage of 74% Secondary industrial property PROPERTY FOR INDUSTRY 20
Slide 11: Slide 11
Slide 12: 15-19 Copsey Place, Avondale
STAGE 1 STAGE 3 STAGE 2 BOUNDARY SECURITY FENCE Transition Final Plan Plan 15 - 19 COPSEY PLACE, AVONDALE
Slide 13: 15-19 Copsey Place
15-19 COPSEY PLACE Pre-development Post-development Low stud height, columned warehouse Medium stud height, largely clear span warehouse Limited warehouse access to yard Excellent warehouse access to yard Office to warehouse ratio high: 24% Office to warehouse ratio generic: 16% Poor quality and pos
Slide 14: Property For Industry 2014 Annual Meeting
PROPERTY FOR INDUSTRY 2014 201 4 A N N U A L M E E T I N G 14
Slide 15: Narek Place location map
Southern Motorway aA “an 9 Narek Place South Western Motorway
Slide 16: Narek Place
oN = 2% 9 Narek Place ae ¥
Slide 17: Property For Industry 2014 Annual Meeting
PROPERTY FOR INDUSTRY 2014 201 4 A N N U A L M E E T I N G 17
Slide 18: 9 Narek Place
9 NAREK PLACE UNIT B • 3,000 sqm • Rent: $350,000 PA • Value: ~$5M Z ENERGY • 10 year lease • Rent: $375,000 PA • Value: ~$5.3M PROPERTY FOR INDUSTRY 2014 201 4 A N N U A L M E E T I N G 18
Slide 19: Property For Industry 2014 Annual Meeting
PROPERTY FOR INDUSTRY 2014 201 4 A N N U A L M E E T I N G 19
Slide 20: Market and Strategy
MARKET AND STRATEGY • Market: industrial property market positive • Strategy: invest in quality industrial property in NZ’s main urban centres • This year’s focus: • Increased communication with our tenants and shareholders • Manage vacancy and upcoming lease expiries • Consider sale of non-core ass
Slide 21: PFI: Your Industrial Property Experts
PFI: YOUR INDUSTRIAL PROPERTY EXPERTS • 2013: successful merger leaving PFI in great shape • 2014: busy start to the year: • Three non-core properties sold • Z Energy development at 9 Narek Place underway • Refinancing of loan facilities complete • Industrial property market positive • Dividends for
Slide 22: Arthur Young: Retirement from PFI Board
ARTHUR YOUNG: RETIREMENT FROM PFI BOARD • Joined the PFI board in July 2013 as part of the merger with DPF • Chairman of DPF’s board from inception in 2003 • Professional trustee for client trusts that are significant PFI shareholders PROPERTY FOR INDUSTRY 2014 201 4 A N N U A L M E E T I N G 22
Slide 23: 2. Shareholder Questions and Answers
2. SHAREHOLDER QUESTIONS AND ANSWERS
Slide 24: 3. Financial Statements
3. FINANCIAL STATEMENTS
Slide 25: 4. Ordinary Resolutions
4. ORDINARY RESOLUTIONS
Slide 26: Ordinary Resolutions
ORDINARY RESOLUTIONS The board recommends that you vote in favour of each of the resolutions. RESOLUTION 1: That Humphry Rolleston be re-elected as a director of the Company. RESOLUTION 2: That John Waller be re-elected as a director of the Company. RESOLUTION 3: That the directors are authorised to
Slide 27: 5. General Business
5. GENERAL BUSINESS
Slide 28: 6. Close of Meeting and Refreshments
6. CLOSE OF MEETING AND REFRESHMENTS
Slide 29: Disclaimer
DISCLAIMER The information included in this presentation is provided as at 16 May 2014. The property statistics included on page 6 of this presentation assumes the sale of 5 Cable Street (currently unconditional) and 19 Omega Street (currently conditional), the development at 9 Narek Place for Z Ene
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