Newhall Investment Properties said its third-quarter profit climbed 28% from a year earlier, to $5 million from $3.9 million.
Newhall Investment was spun off from Newhall Land & Farming in 1983 to sell a portfolio of commercial real estate in Valencia, a master-planned community 35 miles northwest of Los Angeles that is being developed by Newhall Land & Farming. Both companies are limited partnerships whose investment units are publicly traded.
In the quarter ended Sept. 27, Newhall Investment's profit equaled $1.13 per partnership unit, up from 87 cents per unit a year ago. For the first nine months of 1987, the company's net income edged up to $21.8 million, or $4.91 per unit, from $21.5 million, or $4.84 per unit, a year earlier.