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>Asset Plus’s (APL) operating earnings continue to improve, this time driven by its debt-free balance sheet following the settlement of Graham St mid-2H25.</li><li>With no debt on its balance sheet, APL has a cash buffer to fund fit-out, leasing incentives, and underwrite vacancy on any sale.</li><li>Auckland’s North Shore office market remains challenging, with declining rents and rising vacancies.</li></ul>

Asset Plus’s (APL) operating earnings continue to improve, this time driven by its debt-free balance sheet following the settlement of Graham St mid-2H25.With no debt on its balance sheet, APL has a cash buffer to fund fit-out, leasing incentives, and underwrite vacancy on any sale.Auckland’s North Shore office market remains challenging, with declining rents and rising vacancies.

<ul><li>We downgrade Asset Plus (APL) from OUTPERFORM to NEUTRAL.</li><li>Auckland’s North Shore office market remains challenging, with declining rents and rising vacancies.</li><li>While APL provides a solid gross yield of 6.6%, we don’t think the juice from a capital-return scenario is worth the squeeze at these levels.</li></ul>

We downgrade Asset Plus (APL) from OUTPERFORM to NEUTRAL.Auckland’s North Shore office market remains challenging, with declining rents and rising vacancies.While APL provides a solid gross yield of 6.6%, we don’t think the juice from a capital-return scenario is worth the squeeze at these levels.

Asset Plus Juice Not Worth The Squeeze—NEUTRAL

<ul><li>Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.</li><li>The decision to sell Munroe Lane and wind up the vehicle will require shareholder approval, with a calculated wind-up value between NZ20cps—NZ26cps.</li><li>The resumption of dividends results in a 12-month gross holding yield of 6.4%, while the longer wind-up takes, the lower the potential returns.</li></ul>

Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.The decision to sell Munroe Lane and wind up the vehicle will require shareholder approval, with a calculated wind-up value between NZ20cps—NZ26cps.The resumption of dividends results in a 12-month gross holding yield of 6.4%, while the longer wind-up takes, the lower the potential returns.

<ul><li>Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.</li><li>The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.</li><li>Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.</li></ul>

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.

Asset Plus - Still Waiting for the Wind Up

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

New Zealand

Asset Plus Limited carries on the business of a property company that invests in and manages commercial, industrial and retail properties. The Company's investment property portfolio consists of retail, commercial, and industrial properties located in New Zealand.

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Asset Plus (APL NZ)

Asset Plus 1H26 Result—The Wait

Asset Plus’s (APL) operating earnings continue to improve, this time driven by its debt-free balance sheet following the settlement of Graham St...

Forsyth Barr

Asset Plus Juice Not Worth The Squeeze—NEUTRAL

We downgrade Asset Plus (APL) from OUTPERFORM to NEUTRAL. Auckland’s North Shore office market remains challenging, with declining rents and rising...

Forsyth Barr

Asset Plus FY25 Result—Plus Dividend

Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.

Forsyth Barr

Asset Plus - Still Waiting for the Wind Up

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and...

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

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