Property for Industry's full year profit has fallen as it sold properties and lost tenants.
The company made a distributable profit of $15.8 million last year, 13% less than in the previous year.
Rental income slipped more than 5% to $31 million while interest and tax costs rose.
Occupancy fell from 99.5% at the end of 2010 to 95.6% at the end of 2011, although tenants have been signed up since then.
Property for Industry owns 49 industrial properties worth $356 million.
The listed property investor will pay an unchanged total dividend of 7.2 cents a share.
AMP Capital Investors last year sold the management rights for the fund to Auckland Property firm DPF Management.