Revaluations have helped to push Argosy Property Trust's books into the black and the listed property landlord says the market is showing signs of stability.
The trust, formerly known as ING Property Trust, made $26.3 million in the year to the end of March, a turnaround from the previous year's $59 million loss.
The trust's portfolio, which includes office, commercial and industrial properties, was revalued during the year, rising 0.2% to $960.6 million.
Core operating profit fell almost 7% to $63.8 million due to rental income falling 7% as it sold properties.
Argosy Property Trust general manager Peter Mence says it is pleasing that property values have increased for the first time since the global financial crisis but "is not what you'd call recovery as such".
He says the industrial sector is showing the best growth and prospects.
Argosy, which plans to bring its management contract in house later this year, will make a distribution of 7 cents for the year.