Big earnings for Northern Property REIT

Northern Property Real Estate Investment Trust, one of northern Canada’s largest owners of rental properties, beat its own earnings projections in the last three months of 2002.

The company posted net earnings of $2.4 million, or 24¢ a share, for the last quarter of 2002, exceeding its own forecasts by 20 per cent.

Northern Property, created through a restructuring of a company formerly known as Urbco, owns more than $250 million worth of office and apartment buildings in Nunavut, the Northwest Territories and Alberta.