New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Argosy's FY25 results were in line with expectations, with pressures from higher interest, tax, and one-offs in the prior period.</li><li>The company is executing a strategy to increase exposure to the industrial subsector by selling non-core office assets to fund industrial-development projects.</li><li>Despite trading at a discount to net tangible assets (NTA) and offering an attractive gross yield of 9.3%, flat distributions are forecast until FY30.</li></ul>

Argosy's FY25 results were in line with expectations, with pressures from higher interest, tax, and one-offs in the prior period.The company is executing a strategy to increase exposure to the industrial subsector by selling non-core office assets to fund industrial-development projects.Despite trading at a discount to net tangible assets (NTA) and offering an attractive gross yield of 9.3%, flat distributions are forecast until FY30.

Argosy FY25—Slowly Tacking into Stronger Winds

<ul><li>Argosy (ARG) reported a soft 1H25, in line with our expectations.</li><li>Higher tax from depreciation rule changes was the key drag, with adjusted funds from operations (AFFO) -9% on the prior year.</li><li>ARG reiterated its guidance of 6.65 cents per share, which is c.104% of our forecast FY25 AFFO, above its policy of 85%–100%. </li></ul>

Argosy (ARG) reported a soft 1H25, in line with our expectations.Higher tax from depreciation rule changes was the key drag, with adjusted funds from operations (AFFO) -9% on the prior year.ARG reiterated its guidance of 6.65 cents per share, which is c.104% of our forecast FY25 AFFO, above its policy of 85%–100%. 

Argosy - 1H25 — Bolstering the Development Pipeline

Thematic (Sector/Industry)

<ul><li>After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.</li><li>Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.</li><li>Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.</li></ul>

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.

<ul><li>Upcoming results should highlight robust portfolio occupancy, continued rent growth, declining debt costs, and improved distributions in FY26.</li><li>The NZ listed property sector continued its relative outperformance, with high yields deemed sustainable and valuations at attractive levels.</li><li>Solid net rental income growth is expected, but higher leasing incentives and maintenance capex may weigh on earnings.</li></ul>

Upcoming results should highlight robust portfolio occupancy, continued rent growth, declining debt costs, and improved distributions in FY26.The NZ listed property sector continued its relative outperformance, with high yields deemed sustainable and valuations at attractive levels.Solid net rental income growth is expected, but higher leasing incentives and maintenance capex may weigh on earnings.

Real Estate Reflections - Attractive Valuations

<ul><li>The Property sector accounts for around 37% of global carbon dioxide emissions, with variations in sustainability progress across New Zealand's listed property companies.</li><li>Disclosures broadly meet regulatory requirements but often lack a clear narrative on how climate risks and opportunities may affect future outlooks.</li><li>Greenhouse gas inventories reflect the maturity of reporting practices more than climate transition risks, with inconsistencies in Scope 3 emissions reporting.</li></ul>

The Property sector accounts for around 37% of global carbon dioxide emissions, with variations in sustainability progress across New Zealand's listed property companies.Disclosures broadly meet regulatory requirements but often lack a clear narrative on how climate risks and opportunities may affect future outlooks.Greenhouse gas inventories reflect the maturity of reporting practices more than climate transition risks, with inconsistencies in Scope 3 emissions reporting.

Insights from Climate Disclosures Property Sector

New Zealand

Argosy Property Limited invests in and manages retail, commercial and industrial properties in New Zealand.

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Argosy Property (ARG NZ)

Argosy FY25—Slowly Tacking into Stronger Winds

Argosy's FY25 results were in line with expectations, with pressures from higher interest, tax, and one-offs in the prior period.

Forsyth Barr

Argosy - 1H25 — Bolstering the Development Pipeline

Argosy (ARG) reported a soft 1H25, in line with our expectations.. Higher tax from depreciation rule changes was the key drag, with adjusted funds...

Forsyth Barr

Real Estate Reflections On the Up

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive...

Forsyth Barr

Real Estate Reflections - Attractive Valuations

Upcoming results should highlight robust portfolio occupancy, continued rent growth, declining debt costs, and improved distributions in FY26.

Forsyth Barr

Insights from Climate Disclosures Property Sector

The Property sector accounts for around 37% of global carbon dioxide emissions, with variations in sustainability progress across New Zealand's...

Forsyth Barr

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