The listed retirement village operator Summerset has reported a record full-year result after valuation gains, construction of new units and strong demand.
It made a profit of $145.5 million in 2016, up 73 percent on the previous year.
The company's underlying earnings, excluding the valuation gains, rose 50 percent to $56.6m.
Chief executive Julian Cook said it built slightly more than forecast.
"The delivery of a record 409 retirement units across the country was in line with our FY16 build rate target of 400," he said.
Mr Cook said it was upping the ante in the new full-year.
"We have increased our target build rate to around 450 new units in 2017," he said.
The company was focused on developing its new sites - most in the North Island.
It has announced a higher final dividend of 5.1 cents per share.