Industrial specialist gains as market 'normalises'

Listed industrial real estate specialist Property For Industry has seen a rise in half-year profit of 4 per cent as the market "normalises".

PFI's net after-tax profit for the June half-year was $6.8 million, which general manager Ross Blackmore said yesterday was up on the previous six month result of $6.5 million.

The AMP Capital Investors-managed PFI owns 55 properties valued at $342.7 million and Blackmore said the market was settling into a more normal phase.

"The last two years have been spectacular in terms of growth and now it's just slowed down a bit," he said.

"But it's still great by historical standards."

PFI has four real estate projects under construction that are due to be finished this year.

It has also retained six of nine tenants whose leases are scheduled to expire this year. Blackmore said its portfolio's rental income was 7.5 per cent lower than true market rates.

The company had increased rent by $220,000 after completing nine of its 26 rent reviews scheduled this year.

Shareholders will get their second-quarter dividend of 1.5c a share and 40c imputation credits on August 3.