PFI upgrades FY25 earnings guidance on tax and capex benefits

Property for Industry (PFI) has upgraded its earnings guidance for Adjusted Funds From Operations (AFFO) for the year ending June 30, 2025. The upgrade stems from lower levels of current tax than previously forecast, driven by higher levels of tax depreciation and finalisation of the company's tax fixed asset register, along with the completion of the company's Green Star redevelopments. The company also anticipates lower maintenance capital expenditure, aligning with annualised FP24 levels of around $4 million. PFI now expects FY25 cash dividends of 8.50 cents per share to result in a dividend pay-out towards the lower end of PFI's dividend policy range, and close to 90% of AFFO on a one-year basis. This represents an upgrade to FY25 AFFO earnings guidance of 5-10%. PFI will release its FY25 annual results on August 25, 2025.