Thursday 5th February 2004 |
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At their current price of 99c the shares are trading just above the company's net tangible asset value, having gained 33% over the past year.
The company has of course been operating in a buoyant property market but it is also now benefiting from its full acquisition of Newmarket Property Trust and the redeveloped Eastgate shopping centre.
However, while the Eastgate development has been a success, the company's Tauranga redevelopment is taking longer than expected and retail is now not expected to flow through until next year.
As a result sharebroker Macquarie Equities has reduced its long-term recommendation to market perform from outperform.
Christchurch-based National Property Trust last week posted a net profit after tax of $3.2 million for the six months to November 30, a 70% improvement on the same period a year earlier.
The trust's total income over the period increased by 68% to $8.94 million from $5.32 million the previous corresponding period.
The Eastgate revamp had a major effect on the value of the National Property Trust portfolio, which rose from $116 million in 2002 to over $200 million this year, in contrast to the $27 million portfolio it had when it listed in 1996.
The trust's portfolio also includes commercial properties (38%, industrial (4%), as well as retail (58%).
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