The Kiwi Income Property Trust is currently paying investors more than it is earning as it deals with completing projects such as the ASB North Wharf building in Auckland and earthquake-related projects in Christchurch and Wellington.
The trust is New Zealand's largest listed property vehicle in terms of assets.
It will pay 107% of its income this year and 104% next year to investors.
Chief executive of the trust's manager, Chris Gudgeon, says Kiwi salted away reserves in earlier years and is able to draw on them now.
He says that distribution reserve stands at $11 million.
The trust's annual net profit rose 23% to nearly $110 million, boosted by a rise in the value of the trust's properties, but its operating profit fell nearly 15%.
Kiwi's properties are now worth $2.08 billion, up 3.4% on a year ago.
Mr Gudgeon says the trust's immediate prospects are bright.
"This next six months are going to be really good for us. We're completing the ASB North Wharf development, that lease with ASB commences in July this year.
"By October this year we'll have completed our redevelopment at (Hamilton's) Centre Place and by November this year we will have completed the re-construction of ten shops at Northlands Shopping Centre in Christchurch."
All this, he says, will have a positive effect on top line income.