Kiwi Income Property Trust faces a $144 million tax charge after the Government announced depreciation changes.
Once the tax changes are stripped out, the shopping centre and office rental company's underlying half-year profit rose more than 10% to $33 million.
Income went up 1.5% to $68 million, largely because of strong growth at its Sylvia Park Shopping Centre in Auckland.
Income at its recently redeveloped Plaza Shopping Centre also rose.
Occupancy rates of its properties remained at 97%.