The company's revenue rose 4.2% in the period to $64.9million and its operating profit before amortisation and depreciation rose 3.2% to $57.9million.
Distributable profit rose in line with guidance to $31.3million.
However, when the unrealised revaluation gain of $46.5million, up from $36.3million in the previous corresponding period, was added in, the reported profit rose 21.6% to $72.8million.
Forsyth Barr broker Peter Young said the distributable profit, before management performance fees, was in line with both the Forsyth Barr forecast and company guidance.
The fourth-quarter dividend was 2c a share, providing a full-year dividend of 7.3cps - a 98% payout ratio.
Forsyth Barr's distributable profit forecasts did not include incentive management fees, a high $1.7million in the period, versus $500,000 in the pcp.
"Post balance date, PFI is moving to include these in its distributable profit calculation but it may distribute more than 100% of profit if performance fees are earned during the period.''
During the second half of the financial year, PFI undertook a range of value-adding acquisitions, with relatively short lease periods, at the time of its capital-raising, Mr Young said.
It was too early to track the value PFI had achieved.
The company indicated it expected to do more of the same in 2016 and had about $500million of non-core property it would consider disposing of in the medium term.
The previously announced revaluation gain of 4.9% had lifted the net tangible assets yield by 8%, or 10cps, to $1.405, in line with the average NTA expansion for the listed property sector, he said.
Gearing had lifted slightly to 36.4% and the operating cash flow was up 4% to $31.5million, but only up 1.2% on a per share basis.
"PFI remains a low risk and steady listed property play with its Auckland based portfolio well positioned for further modest rental growth and retaining a full portfolio given the very low vacancy levels in the market.''
Forsyth Barr expected to retain its neutral rating on PFI, Mr Young said.
