Results released National Property Trust for the six months to September show the listed property vehicle suffered a loss of $13.03 million.

Its distributable profit for the period was $4.45 million, down $400,000 on the same period last year due mainly to the unexpected expenses of the Christchurch earthquake and a rental guarantee ending early on its Carlton DFK property.

The biggest blow to its budget was a $14.63 million deferred tax expense due to depreciation deductions being wiped in tax changes in May.

Listed property vehicle National Property Trust has announced the latest independent valuation of its properties has shaved another $1.2 million of its portfolio value.

The trust’s 10-property strong portfolio was valued at $189 million as at September 30 by independent valuers, down from $266.7 million in March last year.

However, the values of its properties have stabilised significantly, with a drop of only 0.6% in the six months to September.