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The investment strategies of property trusts and property investment companies listed on the New Zealand Stock Exchange (NZX)

Research Archive

The investment strategies of property trusts and property investment companies listed on the New Zealand Stock Exchange (NZX)

Simpson, J.
Type: Conference Contribution - Published (Conference Paper)
Permalink: https://hdl.handle.net/10182/3666
Originally published: 2011-01 by Pacific Rim Real Estate Society. and available at http://www.prres.net/
Keywords: New Zealand Stock Exchange (NZSE); investment strategies; property investment; performance; property portfolio; management structures

Abstract:

The purpose of this study was to assess the overall investment strategies of the property trusts and property investment companies listed on the New Zealand Stock Exchange (NZX). The negative impact of the recent Global Financial Crisis (GFC) on property values and rental incomes has increased the attention, of investors and the property industry, on the performance of property. In New Zealand, Listed Property Trusts (LPTs) and Listed Property Investment Companies (LPICs) on the NZX provide vehicles for indirect property ownership. Research into the performance of these listed property entities in relation to other investment vehicles has shown that they are competitive. However, there has been minimal research on the investment strategies of the New Zealand LPTs and LPICs. This exploratory study analysed data from public domain documents and from the results of the survey of the Managers of the listed property entities on the NZX. The results provided an overview of the composition of the combined Listed Property Entities (LPE) property portfolio, highlighted management structures, and identified the motivating and risk factors that are currently influencing LPE managers’ investment decisions, including environmental sustainability factors. The findings revealed the current and future investment strategies of the LPEs on the NZX.

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