A slowing property market in Auckland continues to reduce the profitability of listed retirement village operators.
Metlifecare's half year net profit more than halved to $24.2 million despite a near 10 percent lift in revenue.
Growth in the value of its properties slowed, and the cost of property maintenance and wages increased slightly.
Stripping out the one off value changes the underlying profit was $41.7m, up 15 percent on a year ago as it sold more units and made more profit on the sales.
Chief executive Glen Sowry said he expected the property market to ease.
"While the housing market overall has been moderating as we expected, our resale prices were seven percent higher than the same period last year and we've been consistently outperforming the markets in which we operate.
"Our development programme is well on track, and our continued investment in the quality of our villages and resident experience has ensured high occupancy rates."
Most of MetLife's 24 villages are in Auckland and the Bay of Plenty.
The company planned to focus on aged care facilities this year and had increased its bank debt facility to $450m to fund new villages.