Goodman Property Trust, New Zealand's largest property investor by market value, has lifted annual earnings 10 per cent as rental income comes on stream from new acquisitions.

Distributable earnings after tax, a measure of profit that strips out valuation movements, rose to $NZ92.9 million ($A86.49 million) in the year ended March 31, from $NZ84.1million a year earlier.

Net profit jumped 72 per cent to $NZ134.1 million as fair value gains accounted for a $NZ23.8 million boost.

Total revenue rose 25 per cent to $NZ127.8 million, as earlier acquisitions, including its 100 per cent ownership of Auckland’s Highbrook Business Park, came online and an increase in rents started to contribute, chief financial officer Andy Eakin told investors in a teleconference on Wednesday.

Goodman Property paid a $NZ8.7 million management fee to manager Goodman (NZ), up from $NZ7.5 million a year earlier, though it didn’t have to pay a performance fee.

It also paid total management, development management and other fees of $NZ9.9 million to related party Goodman Property Services (NZ), up from $NZ7.8 million a year earlier.

The trust started 15 new projects in the latest year at a cost of $NZ165.7 million, the highest level of development in the past five years.

Goodman disposed its Gateside Industry Park for $NZ37.2 million and said it would fund its developments through asset sales rather than equity, suspending its distribution reinvestment plan from June.

“Refinements to the management and governance structures together with a more active capital management strategy are positive new initiatives that will enhance the trust’s investment performance,” chairman Kevin Smith said.

The company expects to sell between $NZ100 million and $NZ150 million worth of assets in the coming year.

The trust will pay a final dividend of 1.56 NZ cents per unit, taking the total return to shareholders to 6.25 NZ cents.