Listed company AMP New Zealand Office Trust says its half year underlying profit has slipped.
Excluding unrealised one-off changes, the trust's underlying profit fell 1% to $31 million in the six months to December, or 3.1 cents per share.
Rental income declined 2% to $68.5 million, after selling apartment units in Wellington and losing IAG as a client.
Occupancy rose to 92% and the average lease rose to more than four and a half years.
Looking ahead, the company expects distributable earnings to be between 5.9 and 6.1 cents per share in the year to June, consistent with last year.
Including one-off items, the trust made a profit of $28.4 million, compared with a loss of $29.1 million in the same period a year ago.