DNZ Property Fund is back in profit.
The commercial property landlord made a profit of $20.8 million in the year to March, a turnaround from last year's loss of $35.1 million when it paid a deferred tax bill and bought back its management contract.
DNZ's distributable profit rose 27% to $27.8 million.
Net rental income edged up to $63 million and it lifted its weighted average lease term to 5.4 years.
Chief executive Paul Duffy says the company's portfolio is 98.7% full - a result he describes as phenomenal.
He says in the next two to three weeks he expects to be able to announce that the company's portfolio is more than 99% full.
DNZ has 51 properties worth $658 million. It bought three retail properties and sold two office blocks during the year, while debt rose by 6% to $267 million.
It's paying a full year dividend of 8.6 cents per share and forecasts a higher payment of 9 cents per share for the 2013 financial year.