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Preparing the next Annolyse view.
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Preparing the next Annolyse view.
Sector comparison
Property companies and trusts compared on asset scale, net debt, debt-to-assets, ROE, and payout pressure.
Last updated 22 April 2026
Latest published period for each company in this sector view.
| Company | Period | Coverage | Total assets | Net debt | Debt / assets | ROE | Payout vs NPAT |
|---|---|---|---|---|---|---|---|
| Kiwi Property GroupKPG | HY26 | 12 periods | $3,340m | $1,275m | 38.2% | 0.5% | 233.3% |
| Property for IndustryPFI | HY26 | 10 periods | $2,276m | $765m | 33.6% | 6.5% | 23.6% |
| CDL Investments New ZealandCDI | FY25 | 9 periods | $332m | — | — | 3.4% | 26.5% |
| Asset PlusAPL | HY26 | 8 periods | $118m | -$10.3m | -8.7% | 1.4% | 45.5% |
| Argosy PropertyARG | FY26 | 6 periods | $2,232m | $783m | 35.1% | 4.5% | 23.4% |
| Goodman Property TrustGNZ | HY26 | 5 periods | $4,063m | $167m | 4.1% | 2.0% | 42.4% |
| Goodman Property TrustGMT | HY26 | 1 periods | $4,063m | $167m | 4.1% | 2.0% | 42.4% |
| Precinct PropertiesPCT | HY26 | 1 periods | $3.9m | -$24.1m | -621.0% | 131.5% | 992.6% |
Editorial view
Property companies need a different lens from operating companies. This interim view uses the generic metrics already available across the corpus, with debt-to-assets as a rough leverage proxy. The proper property module should add NTA, LVR, WALE, cap rates, and FFO/AFFO before this becomes a full REIT-style comparison.