Precinct Properties reported a rise in first half year profit, due in part to buying a shopping mall in Auckland.
The company, which was formerly known as AMP New Zealand Office Trust, made a profit of $23.6 million in the six months to December, an increase of 16 percent compared with the same period a year ago.
Rental income rose 7% to $70 million, due to buying the Bowen campus site in Wellington and Downtown Shopping Centre in central Auckland.
Its portfolio is now 95% full, though the average length of leases fell to 5½ years.
Looking ahead, Precinct said its priority continues to be finding tenants for the State Insurance Tower and the AXA Centre in Wellington, while it's picking rental growth in the medium term in Auckland.
Precinct owns 15 office buildings and a shopping mall in the central business districts in Auckland and Wellington.
It will pay a second quarter dividend of 2.56 cents per share.
