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.

Thematic (Sector/Industry)

<ul><li>Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key headwind for the sector</li><li>Operational outcomes were more positive with solid like-for-like income growth driven by strong market rent reviews and leasing outcomes</li><li>Long-bond yields moved higher over August and only modest moves in share prices resulted in the sector yield spread contracting to a 14-year low</li></ul>

Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key headwind for the sectorOperational outcomes were more positive with solid like-for-like income growth driven by strong market rent reviews and leasing outcomesLong-bond yields moved higher over August and only modest moves in share prices resulted in the sector yield spread contracting to a 14-year low

Real Estate Reflections: Debt Costs Rising

<ul><li>Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July</li><li>Generally positive operating trends</li><li>A drop in bond rates has spurred property sector rally </li></ul>

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in JulyGenerally positive operating trendsA drop in bond rates has spurred property sector rally 

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>The property sector had a soft start to 2026, falling -3.6% in January.</li><li>We expect February reporting season to highlight solid operational performance with stable vacancy, continued rent growth, and lower debt costs.</li><li>Following the recent sell-off in the property sector, valuations are looking more attractive.</li></ul>

The property sector had a soft start to 2026, falling -3.6% in January.We expect February reporting season to highlight solid operational performance with stable vacancy, continued rent growth, and lower debt costs.Following the recent sell-off in the property sector, valuations are looking more attractive.

Real Estate Reflections Stumbling Out Of The Blocks

Equity Capital Markets

Precinct Properties New Zealand / Equity Capital Markets

<ul><li>The listed property sector was broadly flat in October after delivering a +18% total return year-to-date.</li><li>Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk of further capital raisings weighed on sentiment.</li><li>Our analysis of the sector’s long-term development pipelines and potential funding options highlights a divide between those with access to capital (PCT, Goodman (GMT)) and those without, who may need to recycle non-core assets or tap into additional sources of capital to fund growth aspirations.</li></ul>

The listed property sector was broadly flat in October after delivering a +18% total return year-to-date.Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk of further capital raisings weighed on sentiment.Our analysis of the sector’s long-term development pipelines and potential funding options highlights a divide between those with access to capital (PCT, Goodman (GMT)) and those without, who may need to recycle non-core assets or tap into additional sources of capital to fund growth aspirations.

Real Estate Reflections Taking a Breather

<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

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)

Real Estate Reflections: Debt Costs Rising

Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key...

Forsyth Barr

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July

Forsyth Barr

Real Estate Reflections Stumbling Out Of The Blocks

We expect February reporting season to highlight solid operational performance with stable vacancy, continued rent growth, and lower debt costs.

Forsyth Barr

Real Estate Reflections Taking a Breather

Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk...

Forsyth Barr

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

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