Als but three large listed property trusts will report heavy losses, totalling about $7.3bn, in the reporting season which will kick off with Australand's result on Monday.
The losses are a reflection of the huge drops in asset values at June 30.
Although the listed trusts are likely to report growth in operating income, the underlying profit will be lower because of dilution in their shareholdings through the rash of capital-raisings and the high cost of debt.
Leading property analyst Callum Bramah expects the sector to show an average drop of 25% in earnings per security in the 2009 financial year.
Bramah said the figure excluded the hit from falls in asset values and inventory impairments. And EPS will continue to fall in the 2009-10 financial year. 'I expect to see earnings per securities decline by 25-30%,' he said.