Rising property values have boosted retirement village operator Ryman Healthcare's profits for the year.
Ryman's full-year net profits to March rose to $357 million, up 16.8 percent compared to the previous year.
That was helped by about $185m worth of property value gains.
That aside, underlying profit rose 13 percent to $178m.
Ryman chair David Kerr said it was a pleasing result and reflected strong demand and a strong real-estate market.
"Our target is to open five villages in Melbourne by 2020 ... in the medium-term our goal is to be opening four new villages a year - two in New Zealand and two in Melbourne," he said.
Ryman's care centre occupancy rate ended the year at 97 percent, and 32 of its 6000 retirement village units were available for resale.
The company has increased its land bank and 13 new villages at different stages of development in Australia and New Zealand.
Dr Kerr said its target was to grow underlying profit and dividends by 15 percent a year.
It will pay a higher final dividend of 9.3 cents per share in June.