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 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

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>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 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>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.

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)

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

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

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

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

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

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