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Speaker 1: You're listening to a sharees these podcast which talk a bit.

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Speaker 2: About the market and some of the people that you're

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Speaker 2: dealing with in it. I imagine with one hundred and

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Speaker 2: thirty tenants, mostly industrial, you'd be getting a pretty good

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Speaker 2: sounding on how our economy is working at the moment

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Speaker 2: right now, where the pressures are, where the opportunities are.

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Speaker 1: Yeah, we coud assly has a bit of a bell

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Speaker 1: weather really by having that many tenants, and they're all

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Speaker 1: in different industries, so we're tapped into this network of

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Speaker 1: people that, you know, give us what's happening.

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Speaker 2: At the cold face, give us the goste.

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Speaker 1: I think everyone said about twelve months ago survived to

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Speaker 1: twenty twenty five. From what we can see, it's going

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Speaker 1: to be the end of twenty twenty five. It's still

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Speaker 1: pretty tough out there, but there's definitely some positivity I think.

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Speaker 1: I think there's a bit of hope from a political

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Speaker 1: point of view that some of the rhetoric that you've

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Speaker 1: been hearing the last three to six months will start

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Speaker 1: to see some action towards the middle of this year.

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Speaker 1: Interest rates as a big driver of the property market.

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Speaker 1: It as they go up, property prices tend to go down.

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Speaker 1: You know, everyone's watching what's going to happen in the

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Speaker 1: end of February Reserve Bank. Will there be a fifty

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Speaker 1: point basis cut or more or less? So there there's

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Speaker 1: some thematics there. The labor force. If you went back

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Speaker 1: three years, a regular comment was we can't get good staff.

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Speaker 1: Towards the middle of last year was how do we

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Speaker 1: hold on to our good staff as the you know

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Speaker 1: we're downsizing. So yeah, I think there's a bit more

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Speaker 1: pain to go through in the next six to nine months.

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Speaker 2: You're not the only players in this game. How do

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Speaker 2: you compa against the competition? How do you rate yourselves?

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Speaker 1: One of the key strategic difference with PFI is we

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Speaker 1: focus solely on industrial property. There's another competitor out there

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Speaker 1: who do the same and do it do it very well.

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Speaker 1: Industrial property, particularly in the last five to ten years,

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Speaker 1: has been the number one performingset class and by aset class.

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Speaker 1: The other eset classes are obviously as residential, there's commercial

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Speaker 1: so you think office towers, there's shopping centers and then

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Speaker 1: there's health assets, so they're the main esset classes in

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Speaker 1: New Zealand and industrial property both on a rental growth

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Speaker 1: and on a capital growth point of view in the

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Speaker 1: last decade has been number one by a long way,

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Speaker 1: So you've picked the right horse. So there's some themes

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Speaker 1: there that have played into our particularly in and around

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Speaker 1: the COVID area. So if you look at e commerce

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Speaker 1: is a big one. So you know, people like retailers

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Speaker 1: are moving away from having that store on Broadway and

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Speaker 1: New Market to delivering direct from the warehouse. It has

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Speaker 1: been massive demand growth for warehouses like the one we're

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Speaker 1: sitting in here now, direct to consumer DC discretion centers.

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Speaker 1: So that's played into our into our hands.

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Speaker 2: Because at the moment, I would have thought most bricks

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Speaker 2: and mortar investment into any other kind of space if

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Speaker 2: it's office space. You see people being sort of begged

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Speaker 2: to return to the office. Yeah, you must be looking

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Speaker 2: at that going crreckty Glad we're not too much or

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Speaker 2: at all.

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Speaker 1: Yeah, yeah, we're not in that at all, which, ye,

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Speaker 1: we're happy about that. I think what you've seen in

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Speaker 1: the office sector, as you're seen with the work from

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Speaker 1: home thematic that there's no doubt that that's my view,

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Speaker 1: that won't change. But the prime stuff, the A grade

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Speaker 1: officers are doing very very well because people have to

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Speaker 1: attract their stuff back into the office. But the B

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Speaker 1: and C grade stuff that the city fringe stuff that's struggling.

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Speaker 1: You know that the stats will tell you that. So again,

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Speaker 1: work from home. That's a thematic that's played into It's

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Speaker 1: pretty hard to run a warehouse from home. You need

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Speaker 1: people in the office in the warehouse.

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Speaker 2: So the more online we are and the more we

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Speaker 2: are moving away from traditional sort of retail and stuff, yea,

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Speaker 2: the better you'd say your business.

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Speaker 1: It's definitely a thematic that supports us. Yeah, your original

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Speaker 1: question was, you know, how do we differentiate ourselves by

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Speaker 1: being solely focused on industrial That that has played into

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Speaker 1: our hands. Investing involves the risk you might lose the

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Speaker 1: money you start with. We recommend talking to a licensed

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Speaker 1: financial advisor. We also recommend reading product disclosure documents before

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Speaker 1: deciding to invest.