The major fund managers and developers – Goodman, Charter Hall and Lendlease – have the brightest prospects among the property stocks as asset values rise while retail conditions soften, according to Citi analysts.

In the wash-up from the earnings season for real estate investment trusts, one of the big themes to emerge was the way earnings metrics have become more influential than net asset values, according to Citi's David Lloyd, Adrian Dark and Suraj Nebhani.