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 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

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>The listed property sector had another strong month in July with a broad based lift in share prices.</li><li>We do not expect any major surprises with rental growth fixed, occupancy stable, and interest costs falling.</li><li>This should support the continued re-rate towards net tangible assets (currently at a -17% discount).</li></ul>

The listed property sector had another strong month in July with a broad based lift in share prices.We do not expect any major surprises with rental growth fixed, occupancy stable, and interest costs falling.This should support the continued re-rate towards net tangible assets (currently at a -17% discount).

Real Estate Reflections Another Step Forward

<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.

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)

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 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

Real Estate Reflections Another Step Forward

The listed property sector had another strong month in July with a broad based lift in share prices.We do not expect any major surprises with...

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

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