Australand has downplayed the prospect of a successful takeover bid, following a 28 per cent jump in profits.
The property group - which has residential, commercial and industrial assets worth more than $2 billion - reaped a net profit of $180 million during calendar 2012, up from $140.6 million in the previous year.
Managing director Bob Johnston said he was confident Australand's investment portfolio would underpin further growth in 2013, after earnings in this area rose by eight per cent to $51.3 million.
"That will be the primary driver of growth for the group," he told AAP on Thursday.
But during a conference call with analysts, Mr Johnston was reluctant to comment on speculation that Mirvac was considering a takeover bid, after Australand in December rejected a bid from rival property group GPT.
"I won't speculate on anything like that," he said.
"We're a quality business. You can see from the result we continue to show significant improvement.
"I'm not surprised parties are interested."
Singapore-based real estate company Capitaland, which holds a 59.3 per cent stake in Australand, announced in January it would be reviewing its investment in the Australian firm.
Australand told investors on Thursday it had appointed financial and legal advisers for the review.
"There is no guarantee that any proposal will be forthcoming," the company said in a slide presentation.
The group's operating earnings before interest and taxes grew by five per cent in 2012 to $261 million, up from $242 million in 2011.
Mr Johnston said consumer sentiment was still weak, particularly in flood-affected Queensland, but was hopeful of better news on the global economy.
"We're not saying we're bullish about growth ... but we think we will be able to generate further growth," he said.
"Sentiment in Queensland will be soft for a while. They're more exposed to the tourism sector and the high Australian dollar.
"I don't think we're going to see a recovery for six to 12 months."
Earnings from Australand's development business increased by seven per cent from the previous corresponding period, due to strong sales at several medium-density projects, the company said.
Earnings per security stood at 24.6 cents in calendar 2012 and are expected to rise.
Australand declared unfranked distributions of 21.5 cents per security in 2012, in line with the previous year.
The group forecasts that trading conditions would be soft at the lower end of the Victorian market but that medium-density projects would show resilience.
In NSW, Australand expected an undersupply of housing to drive sales, and activity in Western Australia to pick up as vacancy rates fell.
Australand securities were down seven cents at $3.43 at 1519 AEDT.