Sector comparison
Property companies and trusts compared on asset scale, net debt, debt-to-assets, ROE, and payout pressure.
Last updated 1 July 2026
Latest published period for each company in this sector view.
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 | HY26 | 10 periods | $2.3b | $765.4m | 33.6% | 6.5% | 23.6% |
| Asset PlusAPL | FY26 | 9 periods | $113m | — | — | -2.8% | — |
| CDL Investments New ZealandCDI | FY25 | 9 periods | $331.6m | — | — | 3.5% | 26.5% |
| 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% |
| Goodman Property TrustGNZ | HY26 | 5 periods | $4.1b | $167m | 4.1% | 2.0% | 42.4% |
| Winton LandWIN | HY26 | 5 periods | $719.5m | $104.9m | 14.6% | -0.2% | — |
| Goodman Property TrustGMT | FY26 | 2 periods | $4.2b | $693.5m | 16.4% | 7.6% | 42.4% |
| New Zealand Rural Land CompanyNZL | HY22 | 1 periods | $221.4m | $86.1m | 38.9% | 2.4% | 56.6% |
Source: latest published result for each company included in this sector comparison.
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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.
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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