Property landlord AMP New Zealand Office Trust has seen a rise in profit thanks to an increase in rental income.
The trust made an underlying profit of $59.2 million in the year to the end of June, an increase of 14% on the previous year.
However, when unrealised property devaluations are included, the Trust lost $192.8 million.
Trust chief executive Robert Lang says rental income shot up 11%to $133 million, as rents have been playing catch-up after the burst of growth that took place in the three years.
The trust owns 15 office buildings in Auckland and Wellington with a total value of $1.4 billion.
In June, it raised $201 million to reduce debt.
