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>As expected higher interest costs, asset sales, and brownfield developments starts weighed on Property for Industry's (PFI) 1H23 result.</li>
<li>Industrial market rent growth remains robust and PFI believes its portfolio is now 16% underrented.</li>
<li>There was no change to FY23 DPS guidance of 8.1–8.3cps but this is now based on a higher interest cost assumption. </li>
</ul>


As expected higher interest costs, asset sales, and brownfield developments starts weighed on Property for Industry's (PFI) 1H23 result.
Industrial market rent growth remains robust and PFI believes its portfolio is now 16% underrented.
There was no change to FY23 DPS guidance of 8.1–8.3cps but this is now based on a higher interest cost assumption. 


Property For Industry - H23 Result Industrious Start to the Year

<ul><li>Portfolio metrics remain solid: FY22 AFFO declined -5% to NZ$44.6m, largely driven by higher corporate and interest costs.</li><li>Further declines in book value of assets likely: PFI’s asset values reduced -NZ$57m due to yields lifting +20bp to 4.62%</li><li>Developments a line ball: On a committed basis, including the Bowden Rd and Springs Rd Stage 1 redevelopments, we calculate PFI's gearing to be 33% which is at the lower end of the target range (30–40%)</li></ul>

Portfolio metrics remain solid: FY22 AFFO declined -5% to NZ$44.6m, largely driven by higher corporate and interest costs.Further declines in book value of assets likely: PFI’s asset values reduced -NZ$57m due to yields lifting +20bp to 4.62%Developments a line ball: On a committed basis, including the Bowden Rd and Springs Rd Stage 1 redevelopments, we calculate PFI's gearing to be 33% which is at the lower end of the target range (30–40%)

Property For Industry: FY22 — A Year of Development Ahead

<ul><li>Property for Industry (PFI) reported adjusted funds from operations (AFFO) -5% to NZ$44.6m (ForBar NZ$45.2m) largely driven by higher corporate costs and interest costs. </li><li>PFI guided to FY22 DPS of 8.10-8.30cps with higher interest rates the key headwind to better growth</li><li>PFI has historically been relatively conservative in its guidance and with the top end in line with our own and consensus expectations as such we see little in the earnings outlook that has surprised the market.</li></ul>

Property for Industry (PFI) reported adjusted funds from operations (AFFO) -5% to NZ$44.6m (ForBar NZ$45.2m) largely driven by higher corporate costs and interest costs. PFI guided to FY22 DPS of 8.10-8.30cps with higher interest rates the key headwind to better growthPFI has historically been relatively conservative in its guidance and with the top end in line with our own and consensus expectations as such we see little in the earnings outlook that has surprised the market.

Property for Industry: FY22 – Solid Result, Guidance in Line with Expectation

<ul><li>Property for Industry (PFI) reported a flat 1H22 result that was in line with our expectations.</li><li>FY22 is a transition year for PFI with the sell down on non-industrial assets largely complete, and focus moved to its brownfield development pipeline</li><li>PFI tightened FY22 DPS guidance to 8.10cps, the top end of its prior range, which we view as a solid outcome</li></ul>

Property for Industry (PFI) reported a flat 1H22 result that was in line with our expectations.FY22 is a transition year for PFI with the sell down on non-industrial assets largely complete, and focus moved to its brownfield development pipelinePFI tightened FY22 DPS guidance to 8.10cps, the top end of its prior range, which we view as a solid outcome

Property For Industry: 1H22 Result — Solid Start to FY22 Delivered

<ul><li>Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw Park in late FY21</li><li>PFI tightened FY22 DPS guidance to 8.10cps reflecting a pay-out at the low end of its 90-100% three-year rolling AFFO target range</li><li>PFI continues to execute on its strategic pivot towards brownfield redevelopment of its existing assets with 40% of the Bowden Rd redevelopment pre-leased</li></ul>

Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw Park in late FY21PFI tightened FY22 DPS guidance to 8.10cps reflecting a pay-out at the low end of its 90-100% three-year rolling AFFO target rangePFI continues to execute on its strategic pivot towards brownfield redevelopment of its existing assets with 40% of the Bowden Rd redevelopment pre-leased

Property for Industry: 1H22 – Solid Result, Guidance in Line

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 - H23 Result Industrious Start to the Year

As expected higher interest costs, asset sales, and brownfield developments starts weighed on Property for Industry's (PFI) 1H23 result.

Forsyth Barr

Property For Industry: FY22 — A Year of Development Ahead

Property for Industry (PFI) reported a FY23 result that was in line with our expectations, with interest costs more than offsetting...

Forsyth Barr

Property for Industry: FY22 – Solid Result, Guidance in Line with Expectation

Property for Industry (PFI) reported adjusted funds from operations (AFFO) -5% to NZ$44.6m (ForBar NZ$45.2m) largely driven by higher corporate...

Forsyth Barr

Property For Industry: 1H22 Result — Solid Start to FY22 Delivered

Property for Industry reported a flat 1H22 result that was in line with our expectations; FY22 is a transition year for PFI with the sell down on...

Forsyth Barr

Property for Industry: 1H22 – Solid Result, Guidance in Line

Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw...

Forsyth Barr

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