National Property Trust reports higher third quarter

Thursday 27th January 2011

The National Property Trust has reported earnings of $2.4 million in the third quarter, up slightly from $2.16 million in the previous quarter due to higher occupancy rates in the trust's buildings.

The unaudited distributable earnings totalled $6.85 in the nine months to December 31, which was marginally ahead of forecast.

The result was released by National Property Trust Ltd, the manager of the trust. It signalled that $16.61 million of deferred tax expenses the trust had in the half year will be reversed in the full year result due to changes in accounting rules.

The trust will be making a third quarter distribution of 1.3329 cents per unit, which is 90% of earnings for the three months ended December 31. The distribution will made on March 31.

The trust has a portfolio of retail, commercial and industrial properties located in Auckland, Tauranga, Wellington, New Plymouth, Napier and Christchurch.

NZPA

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