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>Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and stable occupancy.</li><li>Fee and co-investment income was slightly below expectations, but this was offset by lower operating costs, with greater capitalisation as development planning ramps up.</li><li>The key positives were continued progress on capital partnering, with a new Wynyard Quarter JV, pipeline and capital progress on student accommodation, and leasing progress on Downtown carpark all announced. </li></ul>

Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and stable occupancy.Fee and co-investment income was slightly below expectations, but this was offset by lower operating costs, with greater capitalisation as development planning ramps up.The key positives were continued progress on capital partnering, with a new Wynyard Quarter JV, pipeline and capital progress on student accommodation, and leasing progress on Downtown carpark all announced. 

Precinct Properties NZ - FY24 Result — Keeping Active

<ul><li>Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.</li><li>FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.</li><li>PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. </li></ul>

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. 

Precinct Properties NZ - 1H24 — On Track

<ul><li>We reinstate our rating on PCT at OUTPERFORM with a NZ$1.30/share 12 month target price.</li><li>Following the issuance of its convertible notes, PCT has one of the lowest geared balance sheets in the sector and has capital to invest in opportunities within its growing capital partnerships.</li><li>PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to &gt;NZ$4.0bn, with the Auckland Downtown Carpark redevelopment a significant driver.</li></ul>

We reinstate our rating on PCT at OUTPERFORM with a NZ$1.30/share 12 month target price.Following the issuance of its convertible notes, PCT has one of the lowest geared balance sheets in the sector and has capital to invest in opportunities within its growing capital partnerships.PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to &gt;NZ$4.0bn, with the Auckland Downtown Carpark redevelopment a significant driver.

Precinct Properties NZ - Growing the Partnerships

<ul>
<li>Precinct Properties (PCT) is making an offer of up to NZ$150m of subordinated convertible notes (Notes) (plus the ability for PCT to issue an additional NZ$50m at PCT's discretion across the two series of Notes).</li>
<li>The Notes can be converted into ordinary PCT shares after fixed terms of three and four years (subject to a cash election).</li>
<li>The notes will pay a fixed rate of interest above the three and four year swap rates and, if the PCT share price is above the individual Notes strike price at the end of their term, convert (or be cash settled) at a premium to their face value. </li>
</ul>


Precinct Properties (PCT) is making an offer of up to NZ$150m of subordinated convertible notes (Notes) (plus the ability for PCT to issue an additional NZ$50m at PCT's discretion across the two series of Notes).
The Notes can be converted into ordinary PCT shares after fixed terms of three and four years (subject to a cash election).
The notes will pay a fixed rate of interest above the three and four year swap rates and, if the PCT share price is above the individual Notes strike price at the end of their term, convert (or be cash settled) at a premium to their face value. 


Precinct Properties NZ - Offer for up to NZ200m of Convertible Notes

<ul><li>Precinct Properties (PCT) FY23 result was in line with guidance and Visible Alpha consensus expectations.</li><li>Higher rental and management fee income was partly offset by a lift in operating costs and increased interest rates.</li><li>Prime office market rents continue to increase and PCT believes its portfolio is now c.11% under-rented. </li></ul>

Precinct Properties (PCT) FY23 result was in line with guidance and Visible Alpha consensus expectations.Higher rental and management fee income was partly offset by a lift in operating costs and increased interest rates.Prime office market rents continue to increase and PCT believes its portfolio is now c.11% under-rented. 

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)

Precinct Properties NZ - FY24 Result — Keeping Active

Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and...

Forsyth Barr

Precinct Properties NZ - 1H24 — On Track

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and...

Forsyth Barr

Precinct Properties NZ - Growing the Partnerships

PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to >NZ$4.0bn, with the Auckland Downtown Carpark...

Forsyth Barr

Precinct Properties NZ - Offer for up to NZ200m of Convertible Notes

The Notes can be converted into ordinary PCT shares after fixed terms of three and four years (subject to a cash election).

Forsyth Barr

Precinct Properties NZ - FY23 Result

Precinct Properties (PCT) FY23 result was in line with guidance and Visible Alpha consensus expectations. Higher rental and management fee income...

Forsyth Barr

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