National Property Trust has reported its half-year net surplus after tax and asset revaluations more than doubled to $11.43 million.
The result for the six months to the end of November compares with $5.23 million in the corresponding period a year earlier.
Gross revenue rose to $23.1 million
from $10.46 million, with the latest half-year figure including property revaluations of $11 million compared to none in the corresponding half-year.
John Crone, general manager for NPT manager National Property Trust Ltd, said significant progress had been made with rental negotiation, as well as attracting several national retailers, and developing existing assets.
"We expect the property market to ease in the next six months, as rising interest rates and a slowing economy begin to take effect on the overall market. However, net rentals are expected to continue to remain solid and development activity will continue to add value to the portfolio," Crone said.
Net rentals were up 17.02 per cent for the period to $11.53 million, following rental reviews and new rentals received after the acquisition of a Heinz Wattie's warehouse early last year, NPT said.
Distributable profit for the period increased 28.3 per cent to $3.96 million.
NPT chairman Kevin Podmore said that entering the Portfolio Investment Entity (PIE) regime during the period had enabled tax benefits to be provided to most NPT unit holders.
NPT's portfolio includes more than $313 million of commercial, retail and industrial properties.
Its unit closed up 10c to 65c yesterday, having ranged between 86c and 52c in the past year.
- NZPA
