Updated Property Portfolio Valuations for NPT Limited

News Release 19 April 2012

For immediate release

UPDATED PROPERTY PORTFOLIO VALUATIONS FOR NPT LIMITED

NPT Limited today reported its property valuations for the six months ended 31 March 2012. The listed property company’s portfolio of retail, commercial and industrial property was valued at $143.15 million, down $12.05 million or 7.8% over that period. Over the full financial year to 31 March 2012 NPT’s portfolio has a net reduction of $18.64 million from $161.79 million.

Assessed by independent valuers, the property valuations are still subject to a final review by NPT's auditors and will be confirmed in NPT’s financial results for the year to 31 March 2012.

NPT's acting chief executive officer, Kerry Hitchcock says, "NPT’s property portfolio is looking positive, despite the net reduction in value. There’s a significant drop in value at Christchurch’s Eastgate Shopping Centre mostly due to Farmers terminating its lease early. Eastgate was valued at $35.50 million at 31 March 2012, down from $47.85 million at 30 September 2011.

“The loss of Farmers has caused flow-on effects for the rest of Eastgate and foot traffic has reduced. We’re pursuing a number of positive options to fill Farmers’ space and negotiations are well advanced with prospective tenants. We’re pleased with the new leases we have signed and ongoing lease renewals as they fall due.

“The good news for Eastgate is that there has been increased turnover for two anchor tenants. When the former Farmers space is leased, we expect to trade very positively and benefit from this increased patronage of the centre,” says Mr Hitchcock.

NPT’s investment in extensions at Heinz Wattie’s warehouse in Hastings is providing a good return for shareholders, says Mr Hitchcock. The property has increased in value in the six months since 30 September 2012 from $23.75 million to $24.75 million at 31 March 2012, and up from $20 million on 31 March 2011. Over the last 12 months NPT has invested $3.90 million in extending the warehouse which was officially opened by Hastings Mayor, Lawrence Yule, in March.

Christchurch’s Print Place in Middleton has increased in value to $12.5 million, a rise of $1.5 million since 30 September 2012. The increase reflects the recent positive rent review for the property.

“The last 12 months have been challenging for NPT with the loss of the Farmers’ tenancy at Eastgate. Christchurch’s Natcoll House continues to be the subject of a material damage insurance claim. We’re confident, however, we’re dealing with the issues of 2011-12 and we look forward to a positive 2012-13 for our Christchurch properties and, indeed, the balance of NPT’s portfolio,” says Mr Hitchcock.

NPT Limited is an NZX-listed company (NPT). It has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch. NPT was established in 1994 as a unit trust, The National Property Trust. On 1 April 2011 the trust was corporatised and became NPT Limited.

ENDS

Key Facts about NPT Limited
• Formerly The National Property Trust, NPT was corporatised on 1 April 2011 and was renamed NPT Limited.
• NPT Limited is an NZX-listed company; its code is NPT.
• The board comprises Sir John Anderson (chairman), Kerry Hitchcock, Jim Sherwin, Tony McNeil and David Cushing.
• The acting chief executive officer is director Kerry Hitchcock; the chief financial officer is Marshall Maine.
• NPT has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch.

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