Forsyth Barr broker Tony Conroy said yesterday most of the listed property vehicles had some exposure in Christchurch, but at a relatively small level.
"It appears that the buildings involved are relatively modern and insurance is in place, including business interruption insurance. So there shouldn't be any major impact," he said.
National Property Trust appeared to have the largest exposure on a "percentage of funds invested" basis, he said.
The trust's Eastgate Shopping Centre had been damaged and was closed. The car park was to be demolished but the rest of the building was less affected and the trust was considering a staged reopening. Full insurance cover was in place for two years, Mr Conroy said.
Natcol House was within the CBD and cordon and was awaiting inspection. Trust staff advised there was no discernable damage.
Print Place had minor damage, but was still operational and had tenants in it.
Property For Industry said Christchurch properties made up only 4% of its total portfolio value. Management was in contact with tenants to help them get back to work. So far, only superficial damage had been identified.
Kiwi Income Property Trust said good progress was being made with the restoration of retail activities at its Northlands shopping centre. Chief executive Chris Gudgeon said the two supermarkets in the mall had reopened. They were joined by The Warehouse during the weekend. Specialty retailers would now be progressively reopening in the mall areas.
An initial structural assessment had been completed at the PricewaterhouseCoopers Centre office building which indicated its structural "integrity" remained intact, although repair work would be required.
DNZ chief executive Paul Duffy said the company's Christchurch-owned buildings in Hornby and Papanui had been evacuated with no reported injuries. Early reports indicated no obvious significant structural damage to the properties.
Craigs Investment Partners broker Chris Timms said the market would in coming weeks acquire a much better indication of how the earthquake would affect company earnings.
Damage from the earthquake was more restricted to the CBD. Properties owned by listed companies had not suffered as much damage.
Mr Conroy said the listed property sector would continue to face challenges as the property cycle slowly recovered.
"In late 2010, we saw evidence of stronger levels of tenant inquiry and activity and business conditions improved, pointing towards a further recovery in 2011."
Yield remained the key focus for investors while interest rates remained low. Although full-year 2012 dividends would reduce because of tax changes, the dividend yields remained attractive.
