Goodman Property Trust expects sound economic growth from the Auckland region in coming years, as the population grows and demand for business land increases.
The property investor made a profit of $36.7 million in the year to the end of March, compared with a restated profit of 2 point 8 million a year earlier, thanks to lower reevaluations and other one-off charges.
Distributable profit rose modestly, to $78 million, with an increase in rental income, while its occupancy stood at 97%.
Chief executive John Daikin says a very competitive leasing market will keep the brakes on income growth in the short-term, but the longer term outlook is becoming increasing positive.
Mr Daikin says the Auckland region, where it has 90% of its assets, is showing particular promise.
Shares in Goodman Property Trust fell 1 cent to 95 cents on Wednesday.