Property For Industry, which has a portfolio of 49 industrial properties nationwide, posted a decline in distributable profit fall on property sales and lower occupancy in the first quarter.
Distributable profit fell 8 per cent to $3.57 million, in the three months ended March 31. This is the first set of results since the Auckland-based company's management contract was sold to McDougall Reidy Management last year. Sales dropped to about $7.1 million from $7.8 million.
PFI secured eight new leases and extensions during the quarter, with its portfolio occupancy rate rising to 96.2 per cent from 95.6 per cent.
"While 96.2 per cent is still a respectable occupancy level - it is lower than in previous years and addressing PFI's current vacancy and upcoming lease expires remain our major focus," Nick Cobham, general manager, said in a statement.
PFI's rentals dropped 4.9 per cent to $7.4 million, largely due to the company's property sales over the past year and lower portfolio occupancy, it said.
