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 (GNZ) reported cash earnings +6% in FY26, in line with expectations.</li><li>Softer industrial tenant demand continued to weigh on occupancy and like-for-like property income.</li><li>With GNZ trading on 23x cash earnings and a 5.5% gross yield, but with above peers growth, we continue to see better value elsewhere in the sector.</li></ul>

Goodman (GNZ) reported cash earnings +6% in FY26, in line with expectations.Softer industrial tenant demand continued to weigh on occupancy and like-for-like property income.With GNZ trading on 23x cash earnings and a 5.5% gross yield, but with above peers growth, we continue to see better value elsewhere in the sector.

Goodman Property NZ FY26 Result—Cashing In On Highbrook

<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

Thematic (Sector/Industry)

<ul><li>March was another weak month for the sector as Middle East hostilities drove up interest rates.</li><li>Over the last six months, the property sector has swung from the third strongest six-month return over the last 30 years to the fifth largest decline.</li><li>In summary, share prices currently imply a c.5% long-bond yield, and we do not expect distributions will need to be cut.</li></ul>

March was another weak month for the sector as Middle East hostilities drove up interest rates.Over the last six months, the property sector has swung from the third strongest six-month return over the last 30 years to the fifth largest decline.In summary, share prices currently imply a c.5% long-bond yield, and we do not expect distributions will need to be cut.

<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

<ul><li>The listed property sector continued its poor start to the year in February, down another -1.1%, taking year-to-date performance to -4.5%.</li><li>Net asset values and balance sheet gearing were largely stable.</li><li>The current discount to NTA is -21% compared to its long-run average of -1%.</li></ul>

The listed property sector continued its poor start to the year in February, down another -1.1%, taking year-to-date performance to -4.5%.Net asset values and balance sheet gearing were largely stable.The current discount to NTA is -21% compared to its long-run average of -1%.

Real Estate Reflections - Weak Share Prices, Stable Fundamentals

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 NZ FY26 Result—Cashing In On Highbrook

Goodman (GNZ) reported cash earnings +6% in FY26, in line with expectations. Softer industrial tenant demand continued to weigh on occupancy and...

Forsyth Barr

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

Real Estate Reflections Whipsaw

March was another weak month for the sector as Middle East hostilities drove up interest rates. Over the last six months, the property sector has...

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

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Market Cap (USDm)

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