Kiwi Income Property Trust believes the property market has bottomed out and values are starting to stabilise.
KIP lost $26.4 million in the year to the end of March, compared with its restated 8.5 million loss in the prevous year.
The Christchurch earthquake put a hefty dent in the value of its office buildings and shopping centres, which fell by 4% to $2 billion.
Chief executive Chris Gudgeon says the property market has hit the bottom and is starting to recover.
Excluding properties in Christchurch, Mr Gudgeon says the value of KIP's portfolio is stabilising, although office buildings are lagging behind retail.