Surging property values and demand for industrial property have lifted Goodman Property Trust's (GMT) half year profit more than three-fold.
Chief executive John Dakin said the resilience of the business was underpinned by strong demand for its Auckland properties.
"GMT is benefitting from a heightened level of customer demand for well-located warehouse and logistics facilities."
"Supported by a rapidly growing digital economy and other structural changes, demand for distribution space close to consumers is exceeding supply in many locations across the city."
He said those trends were expected to continue with the growth in e-commerce through online buying and contactless delivery, which would sustain earnings and returns.
"Businesses are adapting to a growing online marketplace, with many incorporating e-commerce fulfilment functions into existing warehouse operations. Disruption in global supply chains is also forcing local businesses to maintain higher inventory levels, creating additional demand for warehouse space."
The company's properties were full leased with an average lease term of five years, while it has more than $350m of development work under way across 10 projects.
It is finalising the acquisition of 34 hectares of light industrial zoned land in Māngere, near the Villa Maria winery, and close to the airport.