Goodman Property Trust reported a 47 per cent lift in first-half pre-tax profit as it benefited from fair value gains on investment properties.

Goodman reported a statutory profit of $66.4 million before tax in the six months to September 30, 46.6 per cent higher than the $45.3m recorded in the previous corresponding period. Fair value gains of $16.8m on certain properties were the main driver in the variance, it said.

"The year to date has seen asset sales, new development projects, positive leasing results and a strategic acquisition add to the positive momentum of the last three years," chairman Keith Smith said in a statement.

The commercial and industrial property investor reported adjusted operating earnings of $51.7m after tax, or 4.0 cents per unit on a weighted average unit basis, compared to $51.4m and 4.0 cents per unit previously. Its first-half distribution was 3.325 cents per share or 92 per cent of cash earnings.

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Goodman's portfolio is now worth $2.3 billion with a 98.4 per cent occupancy rate and a weighted average lease term of 5.5 years.

It has $209.6m of projects under development, with a further $75m to $100m of new projects expected to begin in this financial year.

The company has been largely focused on the Auckland market and 99 per cent of its portfolio is in that city's industrial market.

Goodman also has "substantial" balance sheet capacity with a loan to value ratio of 17.5 per cent as of September 30 after contracted sales, and committed gearing of just 25.8 per cent. That level represents around half the level of borrowings permitted under the Trust's debt covenants.

Looking ahead, the company reaffirmed that cash earnings of around 7.0 cents per unit are forecast for the year, with cash distributions of 6.65 cents per unit expected to be paid.

The units last traded at $1.50 and are up 8.7 per cent so far this year.