Property For Industry, which increased its portfolio by two thirds after a merger with Direct Property Fund last year, has lifted annual profit by 50 per cent.
Net profit was $NZ40.5 million ($A37.85 million) for the year ended December 31, from $NZ26.9m a year earlier, the Auckland-based company said in a statement on Monday.
Rental income jumped 64 per cent to $NZ47.9m as the Direct Property merger lifted properties under management to 83 from 50.
New Zealand's only listed company specialising in industrial property increased its average lease term by 0.8 years to 5.3 years, while occupancy rates were little changed at about 97 per cent.
PFI said its largest vacant property represented only 1.4 per cent of contract rent.
Distributable profit, the earnings measure it uses to determine dividend payments, rose 60 per cent to $NZ23.3m from a year earlier, and earnings per share were up 9.3 per cent to 7.2 cents.
PFI will pay a fourth-quarter dividend of 2.01 NZ cents a share, making 7.2 NZ cents for the year.
Operating expenses rose 74 per cent to $NZ21.1m, although the ratio of expenses to revenue was unchanged at 41 per cent.
The company said the outlook remained positive, and it would continue to focus on the disposal of non-core properties.
It didn't give specific guidance.
