Listed landlord Goodman Property Trust pushed up its net after-tax profit by 2.4 per cent, leaving at least one specialist satisfied, although its dividend was cut.
Craig Brown, OnePath senior investment analyst, said the trust had delivered a result which was in line with expectations.
"This is what you should expect from a property vehicle of this type," Brown said of the business, which increased its total assets from $1.61 billion to $1.67 billion.
Goodman had undertaken the development of new properties at a level well above its activity of recent years, he said.
Keith Smith, chairman of the trust's manager, said the additional revenue from the development programme and earlier acquisitions were reflected in the 2.4 per cent net property income rise to $111.3 million. But a higher effective tax rate had cut distributable earnings from $78 million to $74.8 million.
Units were trading yesterday at around $1.