KEY POINTS:
Listed industrial property investor Property for Industry (PFI) today said they have started 2007 with a strong level of portfolio activity, including new leases and development projects.
PFI general manager Ross Blackmore said new leases had taken building occupancy to 99.99 per cent, laying a solid foundation for the year ahead.
The company's rentals for the three months to March 31, 2007 increased by 7.0 per cent or $505,000 to $7.728 million.
PFI's net profit after tax was up 3.4 per cent to $3.712 million.
Earnings per share for the quarter, based on distributable profit, were 2.3 per cent higher at 1.78 cents per share.
PFI has undertaken two development projects so far in 2007:
* 956 Great South Rd, Penrose (Kreem, Austral Bricks and Eureka Tiles)
* Stage One, 8 Cavendish Drive, Manukau
PFI is managed by AMP Capital Investors. The company's AGM will be held at the Ellerslie Convention Centre on Friday May 18.
