Sector comparison
Property companies and trusts compared on asset scale, net debt, debt-to-assets, ROE, and payout pressure.
Last updated 27 August 2026
Latest published period for each company.
Blank bars mean Debt / assets is unavailable for that company, not zero.
| Company | Period | Coverage | Total assets | Net debt | Debt / assets | ROE | Payout vs NPAT |
|---|---|---|---|---|---|---|---|
| Kiwi Property GroupKPG | FY26 | 11 periods | $3.2b | — | — | 2.7% | 182.4% |
| Property for IndustryPFI | FY26 | 11 periods | $2.3b | $779.8m | 33.6% | 5.3% | 61.4% |
| CDL Investments New ZealandCDI | HY26 | 10 periods | $328.5m | — | — | 1.1% | — |
| Asset PlusAPL | FY26 | 9 periods | $113m | — | — | -2.8% | — |
| New Zealand Rural Land CompanyNZL | HY26 | 9 periods | $454m | $135.2m | 29.8% | 2.0% | 41.4% |
| Precinct PropertiesPCT | HY26 | 7 periods | $3.9b | $1.5b | 38.7% | 0.1% | — |
| Argosy PropertyARG | FY26 | 6 periods | $2.3b | $852.1m | 36.4% | 9.1% | 44.9% |
| Winton LandWIN | FY26 | 6 periods | $695.1m | $5.4m | 0.8% | 4.1% | — |
| Goodman Property TrustGNZ | HY26 | 5 periods | $4.1b | $167m | 4.1% | 2.0% | 42.4% |
| Goodman Property TrustGMT | FY26 | 2 periods | $4.2b | $693.5m | 16.4% | 7.6% | 42.4% |
Source: latest published result for each company included in this sector comparison.
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Property companies need some different measures from other businesses. The current comparison uses available cross-company metrics and debt-to-assets as a rough leverage proxy. Annolyse does not yet include NTA, LVR, WALE, cap rates, or FFO/AFFO.
Methodology
Property coverage uses the curated Property sector taxonomy and current published metrics. Debt-to-assets is calculated from net debt and total assets where both fields exist, with obvious billion-versus-million scale mismatches normalised and implausible ratios suppressed rather than plotted. It is not a substitute for disclosed LVR, gearing covenant definitions, NTA per unit, WALE, or valuation-cap-rate data.
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