Listed industrial property investor Property for Industry (PFI) lifted net profit after tax 3.4 per cent to $3.71 million for the three months to the end of March.
PFI general manager Ross Blackmore said new leases had taken building occupancy to 99.99 per cent.
The company said itsrentals for the quarter increased by 7 per cent, or $505,000, to $7.73 million.
The fully imputed first-quarter net dividend was 1.525 cents per share plus imputation credits of 0.751cps, compared with 1.5cps plus 0.4c imputation credits for the same period in 2006.
On a gross basis, the first-quarter dividend represented a 19.8 per cent increase above that of 2006, while on a net basis the increase was 1.7 per cent.
Reviews on 26 leases in 2006 added $1.03 million to the company's rent roll, equating to an average increase of 10.65 per cent, or 4.33 per cent compounded annually over the average review periods, PFI said.
For 2007, 27 rent reviews were scheduled over a starting rent roll of $8.3 million.
Two development projects in south Auckland, costing $6 million, had been committed to so far this year.
Following changes to the investment taxation regime last year, PFI had received advice confirming it was eligible to become a portfolio investment entity (PIE), and intended to do so from October 1.
The extent of the benefit to PFI's investors would depend on their tax status, their marginal tax rate and the effective tax rate of PFI.
Shareholders would soon receive more detail about the implications of the PIE regime on their PFI investment.
