Listed property trusts (LPTs) have been a successful indirect property investment vehicle in Australia. At April 2004, the LPT sector had total assets of over $80 billion1 and accounted for over $54 billion in market capitalisation, being the third largest stockmarket sector and representing over 8% of total Australian stockmarket capitalisation (UBS Warburg, 2004). LPTs account for approximately 8% of institutional asset allocations, have approximately 70% of institutional ownership and have a high level of liquidity, with an annual LPT turnover of over $40 billion in 2003 (UBS Warburg, 2004).