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>Goodman Property Trust (GMT) reported a solid 1H25 result, with strong top-line growth and lower operating costs offsetting higher interest expense, resulting in flat underlying earnings.</li><li>Cash earnings growth was largely due to lower holding costs as land moved into development.</li><li>The portfolio remains under-rented, but the operating backdrop has deteriorated, with a small number of insolvencies, reduced tenant demand, and a slight lift in vacancy. </li></ul>

Goodman Property Trust (GMT) reported a solid 1H25 result, with strong top-line growth and lower operating costs offsetting higher interest expense, resulting in flat underlying earnings.Cash earnings growth was largely due to lower holding costs as land moved into development.The portfolio remains under-rented, but the operating backdrop has deteriorated, with a small number of insolvencies, reduced tenant demand, and a slight lift in vacancy. 

Goodman Property Trust - 1H25 — Waiting on the Next Leg of Growth

Thematic (Sector/Industry)

<ul><li>October was a solid month for NZ listed property vehicles (LPVs).</li><li>The Fast-track Approvals Bill breathed some life into Winton's (WIN) Sunfield project, after having its initial approval pathway declined, while Kiwi Property's (KPG) Drury development and Precinct's (PCT) downtown carpark project were both included in the bill.</li><li>Six companies are reporting interim results in November, where we expect higher interest and tax bills to outweigh top-line rental growth across most of the sector. </li></ul>

October was a solid month for NZ listed property vehicles (LPVs).The Fast-track Approvals Bill breathed some life into Winton's (WIN) Sunfield project, after having its initial approval pathway declined, while Kiwi Property's (KPG) Drury development and Precinct's (PCT) downtown carpark project were both included in the bill.Six companies are reporting interim results in November, where we expect higher interest and tax bills to outweigh top-line rental growth across most of the sector. 

Real Estate Reflections - Fast Track to Reporting Season

<ul><li>Following a historically strong two months in July and August, the NZ listed property vehicles (LPVs) gave back some of their gains in September.</li><li>We continue to expect the sector to perform well in what is likely to be a period of sustained interest rate cuts.</li><li>There will be some bumps along the way, as prior cycles have shown weak economic activity eventually flows through to higher vacancy and lower rents. </li></ul>

Following a historically strong two months in July and August, the NZ listed property vehicles (LPVs) gave back some of their gains in September.We continue to expect the sector to perform well in what is likely to be a period of sustained interest rate cuts.There will be some bumps along the way, as prior cycles have shown weak economic activity eventually flows through to higher vacancy and lower rents. 

Real Estate Reflections - Snakes and Ladders

<div><div><div><div><ul><li>August was another strong month for listed property vehicles (LPV) as the RBNZ cut the official cash rate mid-month.</li><li>Over the last two months the sector has returned +13%. This is the largest two month return since August 2009 (+12%).</li><li>Reported results and forward guidance delivered during the month were largely in line with expectations, though some outlook comments were tempered by the economic backdrop.</li></ul></div></div></div></div>

August was another strong month for listed property vehicles (LPV) as the RBNZ cut the official cash rate mid-month.Over the last two months the sector has returned +13%. This is the largest two month return since August 2009 (+12%).Reported results and forward guidance delivered during the month were largely in line with expectations, though some outlook comments were tempered by the economic backdrop.

Real Estate Reflections - Road to Recovery

<ul><li>The NZ listed property market had a strong month in July, on the back of a more dovish stance from the RBNZ.</li><li>This comes after a torrid first six months, where the property sector underperformed the broader market by over -8%.</li><li>The property sector has historically outperformed in a falling interest rate environment, and we expect this will likely be the case again. </li></ul>

The NZ listed property market had a strong month in July, on the back of a more dovish stance from the RBNZ.This comes after a torrid first six months, where the property sector underperformed the broader market by over -8%.The property sector has historically outperformed in a falling interest rate environment, and we expect this will likely be the case again. 

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 - 1H25 — Waiting on the Next Leg of Growth

Goodman Property Trust (GMT) reported a solid 1H25 result, with strong top-line growth and lower operating costs offsetting higher interest...

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Real Estate Reflections - Snakes and Ladders

Following a historically strong two months in July and August, the NZ listed property vehicles (LPVs) gave back some of their gains in September.

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Real Estate Reflections - When Doves Fly

The NZ listed property market had a strong month in July, on the back of a more dovish stance from the RBNZ. This comes after a torrid first six...

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