THE NATIONAL PROPERTY TRUST INTERIM RESULT

The National Property Trust (NPT, the 'Trust') today announced a
distributable profit of $4.85 million for the six month period ended 30
September 2009, an increase of 1.5 per cent on the $4.78 million
distributable profit for the corresponding period to 30 September 2008. The
result was achieved despite higher costs on the Trust's recently extended
banking facility, its smaller portfolio following recent successful property
sales and the economic environment remaining challenging. Contributing to the
positive result were lower interest and administration expenses for the
period.

After allowing for the previously announced $4.4 million unrealised loss in
property valuations and a $4.4 million loss on sale of Investment Properties,
NPT's net loss after tax and asset revaluations was $9.08 million ($9.30
million for the period to 30 September 2008). The result was adversely
impacted by a $6.3 million deferred tax expense due to the sale of Investment
Properties during the period as opposed to a deferred tax benefit of $3.9
million for the same period last year. This is a notional tax expense and
results from the reversal of deferred tax assets recognised previously under
the New Zealand Equivalent of International Financial Reporting Standards.

The net asset backing per unit has dropped, as the result of property sales
and revaluations, to 71.78 cents at the end of the period from 79.8 cents as
at 31 March 2009.

John Crone, General Manager of The National Property Trust Limited (NPTL),
the Trust's Manager says, "The result is satisfactory given the current
economic environment. It is pleasing to see that the Trust was able to
increase its distributable earnings as market conditions have remained
difficult. It is also pleasing to see that   property values appear to have
stabilised over the last six months. While we believe that the office rental
market will be under pressure over the coming twelve to eighteen months we
also consider that the Trust can continue to deliver further rental growth as
the portfolio is currently under rented by an estimated 9.84 per cent."

Second Quarter Dividend Distribution

As previously forecast the Manager has recommended a 1.125 cents per unit
dividend distribution for the quarter ended 30 September 2009 be paid on 11
January 2009. Although the distributable earnings for the six months to 30
September 2009 equate to 2.51 cents per unit, this payment will bring the
2009 financial year to date distributions to 2.25 cents per unit, which is in
line with the targeted distribution for the full financial year of 4.5 cents
per unit. Given the Manager's belief that trading conditions will remain
difficult the Manager considers it prudent to retain excess earnings to build
equity. No imputation credits will be attached to this distribution. Under
the Portfolio Investment Entity (PIE) regime Unit Holders who reside in New
Zealand for tax purposes should have no further tax to pay.

Capital Management

In line with the Trust's Capital Management strategy, which entails reducing
debt and rebalancing the property portfolio, NPT successfully sold retail
properties in Auckland and Tauranga. Proceeds from the settlement of
Auckland's Rialto/Carlton DFK properties and Tauranga's Goddards/Dumbarton
properties, namely $62.05 million, the latter shortly after the end of the
period, have been applied to reducing the BNZ term loan resulting in a
conservative gearing ratio of 22.5%.

While interest rates over the coming twelve months are expected to rise the
impact on the Trust should be minimal due to the swap cover in place which
currently covers 92% of bank debt.

Mr Crone says "The strategic focus on debt reduction and rebalancing the
portfolio by reducing the Trust's  retail exposure has not only strengthened
the portfolio it has also improved the balance sheet considerably over the
last two and a half years. A further successful initiative was completing the
renegotiation of the Trust's debt facility ahead of its scheduled expiry on 3
November 2009. The Trust's prudent capital management is apparent in the
improved distributable income result and is testament to the Trust's strategy
of investing in a well diversified and liquid property portfolio. NPT is now
well positioned to take advantage of future opportunities that may arise in
the current environment."

The Property Portfolio

The adjusted gross rental income (adjusted for the sale of the Gill Street
property which settled at the end of the previous period) remains stable
despite softening market rents and increased vacancy rates in the office
sector. Direct property operating expenses increased by $71,000 largely due
to higher than forecast repairs and maintenance costs.

The portfolio's occupancy rate as at 30 September 2009 was 95.83 per cent, a
0.77 percent decrease compared to 96.60 per cent at the beginning of the
financial year. The Trust continues to proactively work with existing tenants
in order to ensure optimal occupancy levels are maintained. This includes
providing retail tenants with marketing assistance and access to the Trust's
purchasing power where appropriate.

Outlook

Whilst there are indications that the economic climate may improve the
expectation is that trading conditions in the property sector will remain
difficult for some time. Throughout 2009 the Trust has focused on enhancing
value in the portfolio, reducing debt and rebalancing the property portfolio.
This focus together with a strong emphasis on basic property management such
as filling vacancies, controlling costs and proactive rent collection has
proved to be beneficial in the current climate.

NPTL's Chairman Kevin Podmore says, "We are pleased to have successfully met
many of our strategy objectives.   Reducing the Trust's retail sector
weighting has strengthened the property portfolio and the repayment of the
debt from property sales has strengthened the balance sheet. Both these
initiatives have placed the Trust in a strong position. The Manager will
continue to focus on the underlying fundamentals while still seeking to make
improvements to the property portfolio which will enable the Trust to
effectively meet the challenges of the market."

ENDS
For further information please contact:

John Crone
General Manager                 Phone   04 903 4809
The National Property Trust Limited             0212 732 735
OR
Kevin Podmore           Phone   021 273 2723
Chairman, The National Property Trust Limited

BACKGROUND

The National Property Trust (NPT) is an NZX-listed property vehicle with
commercial, retail and industrial properties in its portfolio.  NPT owns
properties in Auckland, Napier, Wellington and Christchurch.  NPT is managed
by The National Property Trust Limited (NPTL). Further information on NPT and
NPTL can be found at www.npt.co.nz.