Stride Property's first half profit is up nearly a third over the year earlier and it expects further increases in the second half.
The diversified retail property investor, formerly called DNZ Property Fund, said it had an exceptionally active first half, with net profit up 31 percent to $34.1 million for the six months ended September. That included a more than $18m gain in the value of its properties.
But the operating profit fell nearly 6 percent, reflecting a 3.4 percent decline in rental income, to almost $27.9m.
The result was in line with its expectations, with the fall in rental income reflecting the sale of some revenue property, which contributed to the fall in underlying profit, Stride chief executive Peter Alexander said.
The company had been focused on the opening of last month's opening of the NorthWest Shopping Centre in West Auckland, and getting construction of the second phase of the large-format retail property under way, he said.
It had lifted its full year guidance, increasing the dividend payout by nearly 5 percent to 10.75 cents a share this year, with another 4.7 percent increase the following year to at least 11.25 cents, he said.