Mirvac Group expects to increase its dividend in fiscal 2015 after reporting a sharp lift in full-year 2014 profit.
Mirvac shares fell 1.05 per cent to $1.885 at 10.15am (AEST), against a benchmark index lift of 0.67 per cent.
Profit attributable to Mirvac securityholders jumped 220 per cent to $447.3 million in the year to June 30, boosted by a number of acquisitions.
The result is higher than expectations of a $439.3m profit, according to analysts surveyed by Bloomberg.
Total revenue rose 26 per cent to $1.982 billion in the year.
Mirvac will pay a dividend of 4.6c per security, unfranked, on August 28 to shareholders who were on the register on June 30.
Combined with an interim dividend of 4.4c, Mirvac's total dividend for the year will be 9c.
The group said its expected distribution for the FY15 year will be 9.2c to 9.4c.
Chief executive Susan Lloyd-Hurwitz said the year had been "tremendously successful".
"We successfully completed a substantial volume of acquisitions and disposals over the year," Ms Lloyd-Hurwitz said.