Vital Healthcare Property Trust's manager said first-half net profit rose 22.2 per cent and normalised distributable income was up 14.6 per cent as the value of its properties increased, rents rose and interest costs fell.

Vital's net profit for the six months ended December rose to $57.2 million from $46.8m in the same six months a year earlier.

The value of its properties rose by $42.6m, up 2.3 per cent from June last year, to $1.93 billion pushing net tangible assets per unit up to $2.36 from $2.24 in December 2018.

The units closed down 1 cent at $2.91 on the NZX today, 38 per cent higher than a year ago.

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Distributions per unit held steady at 4.375 cents compared with the first half a year earlier. The first quarter's distribution has already been paid and the second quarter's payout of 2.1875 cents per unit will be paid on March 26 to those on the register at March 12.

"Vital has the enviable position of being Australasia's only listed specialist healthcare property owner," said Aaron Hockly, who took over as head of Vital's management team in December.

"The trust has grown substantially, particularly over the last four years, and we will seek to continue this growth in both Australia and New Zealand as a means of providing a stable and growing income stream for unitholders," Hockly said in a statement.

"Our key activities during the half year, including the proposed foreign exempt listing on the ASX, are all designed to support future growth in earnings and distributions."

The manager had planned to issue a notice of a special meeting with the first-half results – the ASX listing and the restructure of Vital into two separate but stapled trusts requires the approval of shareholders – but that has been delayed.

The aim of the restructuring and ASX listing is to allow Australian and other foreign investors to access Australian tax credits. About 75 per cent of Vital's assets are in Australia.

The manager said the properties are 99.5 per cent tenanted with a weighted average lease term of 17.9 years.