CALGARY, Nov. 22 /CNW/ - Northern Property Real Estate Investment Trust (NPR.UN - TSX) announced today that its Board of Trustees has approved a 5.1% increase in distributions to $1.38 annually. The increase takes effect with the distribution for the month of December 2006. On a monthly basis the distribution will increase from $0.1094 to $0.115. The increased level of distribution will be paid starting January 15, 2007 to unitholders of record on December 31, 2006. This is the fourth consecutive distribution increase since Northern Property's inception as a Real Estate Investment Trust in 2002. One of the objectives of the Trust is to increase distributions periodically when there is an expectation that an increase is sustainable. Jim Britton, President & CEO of the Trust said, "The distribution increase was based on positive performance of our rental portfolio coupled with our low total leverage and our low payout ratio. The increase leaves us with more than adequate funds to keep our buildings in top operating condition."