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

Goodman Property Trust / Equity Bottom-Up

<ul><li>While Goodman’s (GMT) 1H26 result was in line with expectations, under the hood things were a little softer.</li><li>Leasing demand remains subdued, and GMT is commencing its Mt Wellington development without tenant commitment.</li><li>GMT’s balance sheet has ample headroom for its current commitments.</li></ul>

While Goodman’s (GMT) 1H26 result was in line with expectations, under the hood things were a little softer.Leasing demand remains subdued, and GMT is commencing its Mt Wellington development without tenant commitment.GMT’s balance sheet has ample headroom for its current commitments.

Goodman Property Trust 1H26 Result—Highbrook Funding Headroom

<ul><li>Goodman Property Trust reported solid results with cash earnings per share remaining flat due to tax changes and a higher share count from internalisation.</li><li>The partial sell-down of its flagship Highbrook Business Park marks GMT's first partnership, aligning with its strategy to become a fund manager, providing capital for other portfolio initiatives.</li><li>FY26 cash earnings guidance of 8.0cps and DPS of 6.8cps (+5%) was in line with expectations, despite GMT trading at the lowest discount in the sector.</li></ul>

Goodman Property Trust reported solid results with cash earnings per share remaining flat due to tax changes and a higher share count from internalisation.The partial sell-down of its flagship Highbrook Business Park marks GMT's first partnership, aligning with its strategy to become a fund manager, providing capital for other portfolio initiatives.FY26 cash earnings guidance of 8.0cps and DPS of 6.8cps (+5%) was in line with expectations, despite GMT trading at the lowest discount in the sector.

Goodman Property Trust FY25 Result—Selling Part of the Jewel

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

Thematic (Sector/Industry)

<ul><li>Falling short-term interest rates have swung sentiment in the listed property sector’s favour.</li><li>We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in sector target prices.</li><li>The NZ property sector rose +5.8% in September, outperforming the broader market, which was up +2.8%.</li></ul>

Falling short-term interest rates have swung sentiment in the listed property sector’s favour.We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in sector target prices.The NZ property sector rose +5.8% in September, outperforming the broader market, which was up +2.8%.

<ul><li>The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.</li><li>With asset values stabilizing and forward capital requirements modest, the use of dividend reinvestment plans (DRPs) is now less necessary, making share buybacks an attractive option.</li><li>The high yields in the property sector appear sustainable due to robust tenant demand, fixed rental increases, and reduced debt costs.</li></ul>

The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.With asset values stabilizing and forward capital requirements modest, the use of dividend reinvestment plans (DRPs) is now less necessary, making share buybacks an attractive option.The high yields in the property sector appear sustainable due to robust tenant demand, fixed rental increases, and reduced debt costs.

Real Estate Reflections Ahead at Halftime

New Zealand

Goodman Property Trust is a property trust that invests in, manages and develope portfolio of diversified property assets in Auckland. The Trust's portfolio comprises of office, industrial and retail properties.

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Goodman Property Trust (GMT NZ)

Goodman Property Trust 1H26 Result—Highbrook Funding Headroom

While Goodman’s (GMT) 1H26 result was in line with expectations, under the hood things were a little softer.Leasing demand remains subdued...

Forsyth Barr

Goodman Property Trust FY25 Result—Selling Part of the Jewel

Goodman Property Trust reported solid results with cash earnings per share remaining flat due to tax changes and a higher share count from...

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 Hot Property

We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in...

Forsyth Barr

Real Estate Reflections Ahead at Halftime

The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.

Forsyth Barr

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