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

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>The NZ-listed property sector continued its run in August, having now outperformed the broader NZ market by +12% year to date.</li><li>Over the month, we downgraded Precinct and Winton from OUTPERFORM to NEUTRAL, with the former trading on a full but fair +8% premium to NTA, and the latter due to the residential downcycle.</li><li>We also upgraded SPG from NEUTRAL to OUTPERFORM on valuation grounds, given its discount to NTA, our conservative NAV, and its solid 9.3% gross yield.</li></ul>

The NZ-listed property sector continued its run in August, having now outperformed the broader NZ market by +12% year to date.Over the month, we downgraded Precinct and Winton from OUTPERFORM to NEUTRAL, with the former trading on a full but fair +8% premium to NTA, and the latter due to the residential downcycle.We also upgraded SPG from NEUTRAL to OUTPERFORM on valuation grounds, given its discount to NTA, our conservative NAV, and its solid 9.3% gross yield.

Real Estate Reflections Closing The Discount

<ul><li>We downgrade Precinct (PCT) from OUTPERFORM to NEUTRAL.</li><li>FY26 FFO guidance of 7.50cps was slightly below expectations.</li><li>PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.</li></ul>

We downgrade Precinct (PCT) from OUTPERFORM to NEUTRAL.FY26 FFO guidance of 7.50cps was slightly below expectations.PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.

Precinct Properties NZ FY25 Result—Prime Office, Prime Price

<ul><li>The listed property sector had another strong month in July with a broad based lift in share prices.</li><li>We do not expect any major surprises with rental growth fixed, occupancy stable, and interest costs falling.</li><li>This should support the continued re-rate towards net tangible assets (currently at a -17% discount).</li></ul>

The listed property sector had another strong month in July with a broad based lift in share prices.We do not expect any major surprises with rental growth fixed, occupancy stable, and interest costs falling.This should support the continued re-rate towards net tangible assets (currently at a -17% discount).

Real Estate Reflections Another Step Forward

<ul><li>Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the total One Queen 1H25 book value of approximately NZ$360m.</li><li>The transaction helps reduce committed gearing by approximately 3% to 37.5%, is accretive to near-term earnings, and removes operational risks associated with running a hotel.</li><li>The deal is conditional only on subdivision being completed, which is expected in 3Q25, and Precinct will retain ownership and management of the remaining property at One Queen Street.</li></ul>

Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the total One Queen 1H25 book value of approximately NZ$360m.The transaction helps reduce committed gearing by approximately 3% to 37.5%, is accretive to near-term earnings, and removes operational risks associated with running a hotel.The deal is conditional only on subdivision being completed, which is expected in 3Q25, and Precinct will retain ownership and management of the remaining property at One Queen Street.

Precinct (PCT): Sale of Intercontinental Hotel

<ul><li>Precinct's (PCT) 1H25 was slightly below expectations, reflecting a quieter period of activity.</li><li>The core office portfolio continues to perform well with solid rent growth.</li><li>Management fee income was flat, with no significant new capital partnering initiatives. Student accommodation and further apartment project starts are likely the new fee income generators of 2H25/1H26. </li></ul>

Precinct's (PCT) 1H25 was slightly below expectations, reflecting a quieter period of activity.The core office portfolio continues to perform well with solid rent growth.Management fee income was flat, with no significant new capital partnering initiatives. Student accommodation and further apartment project starts are likely the new fee income generators of 2H25/1H26. 

Precinct Properties NZ - 1H25 Result—A Steady Start to the Year

New Zealand

Precinct Properties New Zealand Ltd. invests in manages and leases commercial office properties. The Company invests in properties in Auckland and Wellington.

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Precinct Properties New Zealand (PCT NZ)

Real Estate Reflections Closing The Discount

The NZ-listed property sector continued its run in August, having now outperformed the broader NZ market by +12% year to date.

Forsyth Barr

Precinct Properties NZ FY25 Result—Prime Office, Prime Price

PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.

Forsyth Barr

Real Estate Reflections Another Step Forward

The listed property sector had another strong month in July with a broad based lift in share prices.We do not expect any major surprises with...

Forsyth Barr

Precinct (PCT): Sale of Intercontinental Hotel

Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the...

Forsyth Barr

Precinct Properties NZ - 1H25 Result—A Steady Start to the Year

Precinct's (PCT) 1H25 was slightly below expectations, reflecting a quieter period of activity. The core office portfolio continues to perform well...

Forsyth Barr

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