The company upgraded its full-year 2016 guidance from 7.35c per share to 7.7cps, ahead of Forsyth Barr's forecast of 6.6cps.
PFI announced a reported profit after tax of $22.5million for the six months ended June, or 5.01cps.
The distributable profit for the period was 3.77cps.
Chairman Peter Masfen said the company had produced strong numbers in the period.
''Operating revenue is up, profits are good. The market conditions are in our favour currently, so we can reasonably expect full-year distributable profit that is ahead of last year. It's business as usual at PFI - consistent, long-term performance and strong, stable returns.''
Ms Howe said the drivers of the first-half growth included recently completed developments and acquisitions alongside lower interest costs.
Revaluations were undertaken on eight of PFI's 84 properties, with an average lift of more than 10%. Net tangible assets (NTA) per share had lifted only modestly from 141cps to 142cps and the small fair value gain was offset by book value losses on swaps.
''It is positive to see the upgraded earnings guidance, albeit the new guidance is not far from our existing forecasts. We believe PFI will continue to benefit from the strong market conditions in the Auckland industrial property sector, which makes up 85% of its portfolio.''
Forsyth Barr's current target price was $1.65 and the rating was outperform, she said.
PFI's accounts showed operating revenue for the six months increased by $3.1million, or 9.7%, in the period, to $35.2million.
Operating expenses for the six months of $14.1million were down $1.3million, or 9.3%, in part due to a decrease in management performance fees. A reduction in interest expense and bank fees also contributed.
Mr Masfen said PFI remained focused on its strategy of investing in quality industrial property in New Zealand's main urban centres.
The company would continue to drive shareholder returns by actively managing vacancy and upcoming expiring leases.
