The value of property investment company NPT's portfolio has fallen since some of its key properties were affected by the Canterbury earthquakes.
The listed company says the total value of its investments has dropped by 13% to $161 million in the year ending March 2012.
Acting chief executive Kerry Hitchcock says the early termination of a lease by Farmers at its Eastgate Shopping Mall in Christchurch caused the mall's value to fall by more than 25%.
He says this has affected the rest of the mall, as foot traffic has reduced.
Another Christchurch property, Natcoll House, continues to be the subject of a material damage insurance claim.