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>The listed property sector had a small bounce back in May, gaining +2.5% through the month.</li><li>Portfolios remained largely robust, but vacancy lifted in industrial.</li><li>Despite recent volatility, we continue to view property as attractive given its predictable earnings and undemanding valuation metrics.</li></ul>

The listed property sector had a small bounce back in May, gaining +2.5% through the month.Portfolios remained largely robust, but vacancy lifted in industrial.Despite recent volatility, we continue to view property as attractive given its predictable earnings and undemanding valuation metrics.

Equity Bottom-Up

<ul><li>Asset Plus's (APL) FY26 result was impacted by a larger-than-expected lease incentive, but underlying earnings continue to improve reflecting further leasing at Munroe Lane and net cash on its balance sheet.</li><li>While Munroe Lane occupancy continues to lift (now c.76%), larger deals that could facilitate a divestment continue to take longer than anticipated.</li><li>We continue to see value in a wind-up (22cps–28cps) but timing on value realisation remains uncertain.</li></ul>

Asset Plus's (APL) FY26 result was impacted by a larger-than-expected lease incentive, but underlying earnings continue to improve reflecting further leasing at Munroe Lane and net cash on its balance sheet.While Munroe Lane occupancy continues to lift (now c.76%), larger deals that could facilitate a divestment continue to take longer than anticipated.We continue to see value in a wind-up (22cps–28cps) but timing on value realisation remains uncertain.

Asset Plus FY26 Result: Still Waiting For The Wind Up

<ul><li>Asset Plus (APL) has provided the final FY26 valuation for its sole asset Munroe Lane of NZ$105.5m which is down from NZ$107.0m in FY25 largely due to +25bp cap rate expansion.</li><li>APL's key priority — the lease-up and subsequent sale of Munroe Lane — continues to take longer than anticipated.</li><li>Until then current leasing supports a gross yield of 7.8% (33% tax payer, 11.2% if fully leased) and APL remains debt fee.</li></ul>

Asset Plus (APL) has provided the final FY26 valuation for its sole asset Munroe Lane of NZ$105.5m which is down from NZ$107.0m in FY25 largely due to +25bp cap rate expansion.APL's key priority — the lease-up and subsequent sale of Munroe Lane — continues to take longer than anticipated.Until then current leasing supports a gross yield of 7.8% (33% tax payer, 11.2% if fully leased) and APL remains debt fee.

Asset Plus (APL): Munroe Lane FY26 Valuation

<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

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 Turning The Tide

The listed property sector had a small bounce back in May, gaining +2.5% through the month. Portfolios remained largely robust, but vacancy lifted...

Forsyth Barr

Asset Plus FY26 Result: Still Waiting For The Wind Up

Asset Plus's (APL) FY26 result was impacted by a larger-than-expected lease incentive, but underlying earnings continue to improve reflecting...

Forsyth Barr

Asset Plus (APL): Munroe Lane FY26 Valuation

Asset Plus (APL) has provided the final FY26 valuation for its sole asset Munroe Lane of NZ$105.5m which is down from NZ$107.0m in FY25 largely...

Forsyth Barr

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

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