Property For Industry, which has a portfolio of 49 industrial properties nationwide, posted a decline in distributable profit fall after a fall in property sales and lower occupancy.

Property for Industry's distributable profit for the full year was down 13.3% to $2.4 million for the full-year ending December 31 2011. 

PFI reports reduced profit on same period last year.

Rental income down after sales; higher taxes also hit result.

Property for Industry has announced a full-year distributable profit of $18.2 million, up 15%.

Listed industrial property investor Property For Industry (NZX:PFI) has noted with sadness the death of Wellington-based director Michael Cashin and the board expresses its condolences to Mr Cashin's wife and family.

Mr Cashin was appointed to the PFI board in July 2008.