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Property firms look to year ahead

New Zealand Herald
Rebuilding in Christchurch is slow to get started. Photo / APN

Rebuilding in Christchurch is slow to get started. Photo / APN

Most of the listed property companies and trusts trading on NZX are about to issue guidance on the year ahead when they hold annual meetings or release full-year results this month.

Unitholders and shareholders in six of the nine businesses trading will meet in Auckland, Wellington and Christchurch from Tuesday till August 28, reviewing performance in the last year and giving an outlook on the market and conditions they trade in for 2013 and three will release annual results.

Jeremy Simpson, Matthew Leach and Fraser Hunter, analysts at Forsyth Barr, said the listed property sector gained 2.4 per cent in July, outpaced by the NZX50 which gained 4.3 per cent.

But over the past 12 months, total returns on the property stocks rose 15.5 per cent, compared with the NZX50's 5.9 per cent gain.

"A stabilising property market plus an attractive dividend yield continues to drive interest in the listed property sector. The defensive quality of the sector's cash flows relative to the broader equity market also continues to appeal. Our picks are Argosy Property, Kiwi Income Property Trust and DNZ Property Fund," the analysts said.


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