Slight surplus lift for National Property

By Phil Boeyen, ShareChat Business News Editor

Friday 11th August 2000

National Property Trust has improved its full year after tax surplus and announced a dividend of 2.4 cents per unit.

The trust says it is the sixth year in a row it has produced "a sound result for unit holders and further growth in the asset base of the Trust despite vagaries of a difficult property market".

NAP's net surplus after tax stood at $3.04 million, a slight increase over its $2.93 million surplus last year.

The trust is forecasting a 7% increase in gross return for the next financial year.

It says during the year ended 31 May 2000 two new properties were added to its portfolio, and it also announced during the week that a new six year lease had been signed for three floors of NCR House in Wellington.

It says that deal concluded a very successful 12 month period of leasing, resulting in six new leases and four renewals, effectively renewing all leases that were to expire in this calender year.

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