Goodman Property Trust's half year profit has fallen due to a high tax bill and slow economy.
The industrial property landlord's profit fell 3.5% to $29 million in the six months to the end of September, compared with the same period last year.
Its distributable earnings before tax rose 5% to $40.2 million.
Goodman's chief executive John Dakin says the trust is performing well with high occupancy levels despite challenging economic conditions.
"The economy is pretty flat so (it is) a challenging environment I think in terms of any rental growth and leasing space. Having said that, we're very happy with our occupancy level of 96% to 97%."
Mr Dakin says it has been the strongest six months since 2008 for development activity and deals, which is a sign that some confidence is coming back.
He says some businesses are anticipating growth but most are moving different parts of their businesses onto one site.
Goodman Property Trust will make a second quarter cash distribution of 1.5 cents per unit in December.
