1 Nov 2011

Property landlord's profit drops 9.5%

11:00 am on 1 November 2011

Listed industrial property landlord Property For Industry has reported a fall in distributable profit, due to higher costs and lower rent.

The company made $11.7 million in the nine months to the end of September, 9.5% lower than in the same period last year.

Income from rentals fell 5.7% to just over $23 million, while interest and tax costs rose.

General manager Ross Blackmore finishes with the company on Monday and Nick Cobham will take up the position.

AMP Capital Investors recently sold the management rights for the listed fund to Auckland property firm DPF Management.

The sale takes effect in January when Greg Reidy joins the board.