DNZ Property Fund has reported a loss of $112.8 million in the six months to September.
The recently-listed company says the Government's removal of building depreciation allowances resulted in a one-off $86 million charge, while the termination of its management contact cost it nearly $32 million.
Excluding one-off items and tax, DNZ made a profit of $8.1 million, while net rental income fell 7% to $26 million.
DNZs Chief Executive, Paul Duffy says he's confident it can lift its 96% occupancy rate.
The company is on target to pay a dividend of 2c a share to its shareholders next month.