Rents, packed properties boost returns

Announcing the result yesterday, chairman Peter Masfen said rent revenues for the first quarter were $6.2 million, up from $5.7 million in the same period last year. That reflected high occupancy and a successful 2004 rent review programme as well as income from new acquisitions, he said.

New Zealand's only listed industrial property investor now has a portfolio of 52 properties worth more than $280 million with an average lease term of 5.6 years and an occupancy rate of 99.9 per cent. PFI is managed by AMP Capital Investors.

In the last year, it has reviewed rents on about a third of its properties, with an average annualised rent increase of about 2.85 per cent.

PFI general manager Ross Blackmore said it was benefiting from New Zealand's continued strong economic growth. "Our major tenants are transport and logistics, wholesale trade and manufacturing and two out of three of those sectors have been doing very, very well."

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