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>Property for Industry (PFI) reported strong FY25 Adjusted Funds from Operations (AFFO), +8% to NZ$48.2m and above our expectations.</li><li>PFI trades at an -18% discount to NTA, a 5.8% gross yield (33% taxpayer), and an AFFO growth CAGR of 4.7%.</li><li>PFI provided additional colour on its brownfield development pipeline, highlighting NZ$327m–NZ$363m of potential commitments over the next four years (incremental to NZ$220m land value).</li></ul>

Property for Industry (PFI) reported strong FY25 Adjusted Funds from Operations (AFFO), +8% to NZ$48.2m and above our expectations.PFI trades at an -18% discount to NTA, a 5.8% gross yield (33% taxpayer), and an AFFO growth CAGR of 4.7%.PFI provided additional colour on its brownfield development pipeline, highlighting NZ$327m–NZ$363m of potential commitments over the next four years (incremental to NZ$220m land value).

Property For Industry FY25 Result—Solid Core, Development Upside

<ul><li>The portfolio value of Property for Industry (PFI) increased by approximately 3% in the second half of 2025, marking the first significant rise after nearly three years of declines.</li><li>Current developments are progressing ahead of schedule and are under budget, with expected double-digit IRRs at the asset level.</li><li>Tax changes are anticipated to boost AFFO in FY26, with the Investment Boost tax deductions expected to increase AFFO by +0.2cps.</li></ul>

The portfolio value of Property for Industry (PFI) increased by approximately 3% in the second half of 2025, marking the first significant rise after nearly three years of declines.Current developments are progressing ahead of schedule and are under budget, with expected double-digit IRRs at the asset level.Tax changes are anticipated to boost AFFO in FY26, with the Investment Boost tax deductions expected to increase AFFO by +0.2cps.

<ul><li>Property for Industry (PFI) has increased its FY25 AFFO guidance by +5% to +10% due to lower tax and maintenance capex.</li><li>PFI trades on earnings multiples above the sector average, partly reflecting its relatively solid growth outlook.</li><li>Dividend guidance remained unchanged at 8.5cps but provides scope for a modest lift in distributions.</li></ul>

Property for Industry (PFI) has increased its FY25 AFFO guidance by +5% to +10% due to lower tax and maintenance capex.PFI trades on earnings multiples above the sector average, partly reflecting its relatively solid growth outlook.Dividend guidance remained unchanged at 8.5cps but provides scope for a modest lift in distributions.

<ul><li>PFI's 1H25 result was largely as expected but the timing of maintenance spend saw Adjusted Funds from Operations (AFFO) beat our expectations.</li><li>The portfolio fundamentals remain solid, with a high occupancy after recent leasing, a WALT of 5.7 years, limited near-term expiries, and 14% under-renting (which PFI appears to be capturing).</li><li>While softer macro conditions may moderate tenant demand, market rents will end the cycle materially higher than where they began. </li></ul>

PFI's 1H25 result was largely as expected but the timing of maintenance spend saw Adjusted Funds from Operations (AFFO) beat our expectations.The portfolio fundamentals remain solid, with a high occupancy after recent leasing, a WALT of 5.7 years, limited near-term expiries, and 14% under-renting (which PFI appears to be capturing).While softer macro conditions may moderate tenant demand, market rents will end the cycle materially higher than where they began. 

Property For Industry - 1H25 Result—Less Expensive Sheds

Equity Capital Markets

Precinct Properties New Zealand / Equity Capital Markets

<ul><li>The listed property sector was broadly flat in October after delivering a +18% total return year-to-date.</li><li>Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk of further capital raisings weighed on sentiment.</li><li>Our analysis of the sector’s long-term development pipelines and potential funding options highlights a divide between those with access to capital (PCT, Goodman (GMT)) and those without, who may need to recycle non-core assets or tap into additional sources of capital to fund growth aspirations.</li></ul>

The listed property sector was broadly flat in October after delivering a +18% total return year-to-date.Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk of further capital raisings weighed on sentiment.Our analysis of the sector’s long-term development pipelines and potential funding options highlights a divide between those with access to capital (PCT, Goodman (GMT)) and those without, who may need to recycle non-core assets or tap into additional sources of capital to fund growth aspirations.

Real Estate Reflections Taking a Breather

New Zealand

Property for Industry Limited is a property company that invests in New Zealand industrial properties. The Company's property portfolio includes sites in Auckland, Hamilton, Tauranga, Wellington and Christchurch.

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Property For Industry (PFI NZ)

Property For Industry FY25 Result—Solid Core, Development Upside

Property for Industry (PFI) reported strong FY25 Adjusted Funds from Operations (AFFO), +8% to NZ$48.2m and above our expectations.

Forsyth Barr

Property For Industry Industrial Gains

The portfolio value of Property for Industry (PFI) increased by approximately 3% in the second half of 2025, marking the first significant rise...

Forsyth Barr

Property For Industry - Raising the Bar

Property for Industry (PFI) has increased its FY25 AFFO guidance by +5% to +10% due to lower tax and maintenance capex. PFI trades on earnings...

Forsyth Barr

Property For Industry - 1H25 Result—Less Expensive Sheds

PFI's 1H25 result was largely as expected but the timing of maintenance spend saw Adjusted Funds from Operations (AFFO) beat our expectations.

Forsyth Barr

Real Estate Reflections Taking a Breather

Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk...

Forsyth Barr

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