Plant life history is of critical importance to population dynamics and species distribution patterns and can be associated with distinct ecophysiological responses. This study examines the physiology of one iteroparous bromeliad Neoregelia tigrina (Ruschi) Ruschi to address questions of reproductive allocation and functional responses at various stages of development. We seek to address how flowering and growth of vegetative ramets, a form of iteroparity, affects the functional responses of the maternal rosette. This study measured photosystem efficiency (PE), chlorophyll content (CCI), stomatal density, leaf area, leaf mass, specific leaf area (SLA), longest leaf length and foliar sucrose concentration of similarly aged mature plants in a greenhouse setting at three stages of development. The shift from pre-flowering to flowering was found to be associated with a decline in PE and stomatal density and with an increase in sucrose. This is likely a water conservation response to flowering and an observed shift in photosynthetic potential to a strategy of higher gas exchange in post-flowering plants. With a higher intensity of vegetative ramets we found a marginally lower SLA, higher leaf area and higher stomatal density, supporting evidence for the plants’ shift from high photosynthetic potential early in development to higher gas exchange. The plants produced an increasing concentration of photosynthate throughout flowering and the growth of ramets, indicating that there is not a significant tradeoff between sexual and asexual reproduction in this species although additional study is needed to clarify source-sink relationships between ramets, the inflorescence and the vegetative body.