AMP New Zealand Office Trust's half year profit was down by more than a quarter, after it sold one of its properties.
The property landlord reported a profit of $20.4 million in the six months to the end of December, 28% less than in the same period a year earlier.
Rental income fell by almost 6% to $64.5 million, after it sold its Chews Lane property in Wellington, and two major tenants - BNZ and Westpac - moved out of its Auckland properties.
However occupancy came in ahead of forecast, at 92%, and the average length of leases has increased.
Interest expenses fell 7% because debt fell when it sold the Chews Lane property, but management fees and administrative costs rose by $2 million.
AMP New Zealand Office Trust will pay a second quarter dividend of 1.26 cents per share.
Shares in AMP New Zealand Office Trust were unchanged at 87.5 cents on Wednesday.