The role of listed property in New Zealand institutional investment portfolios is analysed. The asset allocations of major New Zealand investment managers is studied over 1993 to 1998. NZSE40 Gross Index, Ord Minnett Property Index property and BOMA Index are analysed to determine whether listed property performs as equities or direct property. Results for the period from 1993 to 1998 show that listed property exhibits a high correlation with equities and low correlation with direct property, indicating that listed property performs more like equities than it does the underlying physical property assets.