There were two key highlights for PMG and our funds in the first quarter of the 2021 financial year. The first: the successful close of the PMG Direct Office Fund Offer and the subsequent acquisition of the Vodafone Innov8 building in Christchurch. The second: the resolution of 99 per cent of rent relief requests received from tenants during lockdown.
As lockdown occurred, we revised our budgets, provisioning for tenant rent relief. Across our funds, we assumed the support required would be equivalent to one month’s income in total. As of 1 June 2020, across all our funds we are sitting at considerably less than forecast. Our funds are currently ahead of our revised April budgets. Compared to the wider market, this is very different to several commercial property landlords, and we are encouraged by this result.
Having strong relationships with tenants, and proactively seeking out tailored solutions with them, helped achieve this result. We have also had several tenants extend their lease terms with us.
While we do not know what’s ahead, it is possible we could see some short-term pain for tenants over the coming months. We will continue monitoring events and, wherever possible, support them where appropriate, balancing the needs of all stakeholders.
Despite the environment, we are seeing activity on the leasing front and across our funds. In the last quarter alone, we were able to settle $88.65 million of property, delivering on our promises to the vendors of these properties. This underlines our focus on long-term value investing and the importance of long-term relationships with all our stakeholders.
The last three months have been unprecedented for us all. I am very pleased to say that our funds, and their ability to continue to provide regular and reliable returns to investors, remain strong. I could not be prouder of my team who have worked tirelessly and genuinely in the best interests of investors and tenants over the last few months. They have been a large part of our success through this period. To my team: you all stepped up when it mattered. I’m humbled by the truly committed professionals you are. Thank you.
Looking ahead, our focus is on ensuring our funds remain resilient and robust. As always, if you have any questions, my door is always open.
Chief Executive Officer
With a range of investment funds to suit New Zealanders of all ages and stages, it's easier than you may think to invest. Give one of our knowledgeable PMG Investor Relationships Managers a call for a no-obligation chat, or visit our FAQ page.
Head of Investor Relationships – Central and Lower North Island
Investor Relationships Manager – Waikato, Auckland and Northland
Investor Relationships Manager - South Island
Investor Relationships Associate - Tauranga
Investor Relationships Support - Tauranga
To start investing with PMG, register your contact details via phone or email. Alternatively, make an enquiry via our contact form and we’ll have someone from our Investment Relationships Team meet you.
Watch PMG’s history video to learn more about our approach to commercial property investments, along with the five funds within the company. We encourage you to speak with a friend or family member who knows us, and we also recommend you chat with a Financial Advice Provider for specific advice to suit your unique situation.
Look through our current investment offers to find the right PMG fund to suit you. After downloading, carefully review the associated Product Disclosure Statement(s) for the offer(s) you’re interested in. Investing with us is straightforward – either apply online using our secure and confidential investor portal, via the printable form on each fund page, or reach out to your local PMG office to fill out the relevant paperwork.
Our lines of communication are always open. If you have any questions, reach out to your local PMG Investor Relationships Manager. Whether it’s a general catch up or discussion around the latest developments with your investment, we’re here to help.