Kiwi Income Property Trust's after tax profit jumped $25.1 million to $26.6m in the six months to September 30, but the country's biggest property investor remains cautious about its outlook.
At the same time last year the trust made large one-off adjustments for property devaluations and the loss of the PricewaterhouseCoopers Centre in Christchurch.
"This time round is a more normal result," said chief executive Chris Gudgeon.
Unit holders will receive a full-year cash distribution of 3.3 cents per unit, in line with guidance.
Gudgeon said it continued to see the need to remain cautious given the moderate pace of economic recovery.
Kiwi had strengthened its balance sheet by paying over $100m of bank debt from insurance proceeds for the demolished PricewaterhouseCoopers Centre in Christchurch, and the sale of Beca House.
Its bank debt gearing ratio fell to 32.3 per cent.
However the absence of rental income from Beca and the PwC Centre and the performance fee payable to the manager meant operating profit before tax fell $6.5m to $34.7m.
The company was pleased that it had reached agreement with Hoyts Cinema for a new 15 year lease over the multi-screen complex at Centre Place, it said.