Vital Healthcare Property Trust has delivered a strong full year net profit - and outperfomed the listed property sector - with a 43 percent return on investment.
The trust's net profit rose more than 21.4 percent to $117.2 million in the year ended in June, with a weighted average lease term of 18.4 years.
The company said it had outperfomed the NZX's real estate index's return of 17.4 percent, by 2.5 times.
Vital chief executive David Carr said the portfolio was in its best-ever shape, with gross rental income up 15.7 percent on the year earlier.
He said finance costs were up by more than a quarter on the year earlier, reflecting the increased debt level.
"Vital has had another successful year, with strong operational, financial and portfolio results," he said.
The value of the portfolio rose by $101.9 m over the year to $951.9 m, with the Australian properties making up about 90 percent of the holding.