Revaluations have pushed NPT's books further into the red.
The trust, formerly known as the National Property Trust, lost $14.7 million in the year to March compared with $7.4 million a year earlier.
The loss is largely the result of revaluations of Natcoll House and the Eastgate Shopping Centre in Christchurch which were affected by February's earthquake.
Operating profit before one-offs and revaluations fell by more than 4% to $8.8 million as NPT sold properties.
