AMP New Zealand Office Trust's full year profit has more than quadrupled following a rise in the value of its property portfolio.
The commercial office property investor's profit stood at $45.1 million in the year to the end of June compared with $10.4 million in the same period last year.
The company's portfolio's gained $5.5 million in value in a reversal of the previous year's $36 million fall.
Net property income fell 10% to $91 million due in part to asset sales, while its properties are 96% full and the average lease term is just under 6 years.
AMP chief executive Scott Pritchard says the turnaround in valuations is the driver behind the result.
He says there is more activity in the occupier markets which has encouraged investors.
Mr Pritchard says the company has decided to change its name and rebrand itself to fit in with its new direction.
He says it will unveil its new identity next month.
