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

<ul><li>Kiwi Property Group reported a -7% decline in FY25 adjusted funds from operations, with solid top-line rental growth offset by higher interest and tax.</li><li>Build-to-rent is leasing better than expected, but rents remain below feasibility, and retail sales are weak, leading to higher retailer occupancy costs.</li><li>While KPG offers an attractive yield and trades at a discount to net assets, consumer weakness, full gearing, and portfolio remixing remain headwinds to growth.</li></ul>

Kiwi Property Group reported a -7% decline in FY25 adjusted funds from operations, with solid top-line rental growth offset by higher interest and tax.Build-to-rent is leasing better than expected, but rents remain below feasibility, and retail sales are weak, leading to higher retailer occupancy costs.While KPG offers an attractive yield and trades at a discount to net assets, consumer weakness, full gearing, and portfolio remixing remain headwinds to growth.

Kiwi Property Group - FY25 Result—Working Hard

<ul><li>Kiwi Property Group (KPG) reported a flat 1H25 result.</li><li>The key positives were continued top-line rental growth and larger-than-expected operating cost reductions.</li><li>Build-to-rent lease-up was better than expected, but rents remain below feasibility, and yield on cost has declined as a result. </li></ul>

Kiwi Property Group (KPG) reported a flat 1H25 result.The key positives were continued top-line rental growth and larger-than-expected operating cost reductions.Build-to-rent lease-up was better than expected, but rents remain below feasibility, and yield on cost has declined as a result. 

Kiwi Property Group - 1H25 — Planning the Flight Path

<ul><li>Kiwi Property Group (KPG) has terminated the contract for the sale of the Vero Centre following the purchaser's failure to pay a deposit or apply for Overseas Investment Office approval within the required timeframe.</li><li>The NZ$458m transaction would have provided significant balance sheet optionality, but for now gearing is back above the target range.</li><li>This will dent recently renewed investor confidence. </li></ul>

Kiwi Property Group (KPG) has terminated the contract for the sale of the Vero Centre following the purchaser's failure to pay a deposit or apply for Overseas Investment Office approval within the required timeframe.The NZ$458m transaction would have provided significant balance sheet optionality, but for now gearing is back above the target range.This will dent recently renewed investor confidence. 

Thematic (Sector/Industry)

<ul><li>After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.</li><li>Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.</li><li>Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.</li></ul>

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.

<ul><li>Upcoming results should highlight robust portfolio occupancy, continued rent growth, declining debt costs, and improved distributions in FY26.</li><li>The NZ listed property sector continued its relative outperformance, with high yields deemed sustainable and valuations at attractive levels.</li><li>Solid net rental income growth is expected, but higher leasing incentives and maintenance capex may weigh on earnings.</li></ul>

Upcoming results should highlight robust portfolio occupancy, continued rent growth, declining debt costs, and improved distributions in FY26.The NZ listed property sector continued its relative outperformance, with high yields deemed sustainable and valuations at attractive levels.Solid net rental income growth is expected, but higher leasing incentives and maintenance capex may weigh on earnings.

Real Estate Reflections - Attractive Valuations

New Zealand

Kiwi Property Group Ltd is a property trust that invests in, manages and develops a portfolio of diversified properties throughout New Zealand. The Trust's properties include office, retail and industrial properties.

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Kiwi Property (KPG NZ)

Kiwi Property Group - FY25 Result—Working Hard

Kiwi Property Group reported a -7% decline in FY25 adjusted funds from operations, with solid top-line rental growth offset by higher interest and...

Forsyth Barr

Kiwi Property Group - 1H25 — Planning the Flight Path

Kiwi Property Group (KPG) reported a flat 1H25 result. The key positives were continued top-line rental growth and larger-than-expected operating...

Forsyth Barr

Kiwi Property Group - Easy Come, Easy Go

Kiwi Property Group (KPG) has terminated the contract for the sale of the Vero Centre following the purchaser's failure to pay a deposit or apply...

Forsyth Barr

Real Estate Reflections On the Up

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive...

Forsyth Barr

Real Estate Reflections - Attractive Valuations

Upcoming results should highlight robust portfolio occupancy, continued rent growth, declining debt costs, and improved distributions in FY26.

Forsyth Barr

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