Wellington, July 9 NZPA - ING Medical Properties Ltd said its property portfolio value has increased by 3.6 percent, or $10.2 million, over the 12 months to June 30 to $292 million.

This excludes the recently announced unconditional sale of the Waipukurau property, which is yet to settle.

The trust said 35 percent of its buildings were in Australia and they would not be affected by the New Zealand Government's move to stop depreciation of buildings for tax purposes.

The policy change increases the trust's deferred tax liability by about $26.2m on the balance sheet with a corresponding increase in the profit and loss account.

"This is a non-cash adjustment and will not impact the distributions available to unit holders under the terms of the trust deed nor will the liability created be required to be paid to the Inland Revenue Department," said general manager David Carr.