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.

Thematic (Sector/Industry)

<ul><li>Cap rates expanding, NAVs rebased: Interest rates continue to place upward pressure on cap rates and downward pressure on asset values and NTA</li><li>Looking forward to the reporting season: Six LPVs will be reporting interim results in September</li><li>LPVs had a mixed month in the market: The NZ LPV sector was down -2% in October, and underperformed the broader market by 4%</li></ul>

Cap rates expanding, NAVs rebased: Interest rates continue to place upward pressure on cap rates and downward pressure on asset values and NTALooking forward to the reporting season: Six LPVs will be reporting interim results in SeptemberLPVs had a mixed month in the market: The NZ LPV sector was down -2% in October, and underperformed the broader market by 4%

Real Estate Reflections Time for a Check Up

<ul><li>Bond yields have continued to dictate listed property share performance</li><li>Long bond yields rose +30bp in September, returning to mid-June highs, resulting in a broad based sell-off of the property names</li><li>As a result of some large share price movements the property sector dividend yield spreads to 10 year interest rates expanded slightly</li></ul>

Bond yields have continued to dictate listed property share performanceLong bond yields rose +30bp in September, returning to mid-June highs, resulting in a broad based sell-off of the property namesAs a result of some large share price movements the property sector dividend yield spreads to 10 year interest rates expanded slightly

Real Estate Reflections: Déjà Vu All Over Again

<ul><li>Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key headwind for the sector</li><li>Operational outcomes were more positive with solid like-for-like income growth driven by strong market rent reviews and leasing outcomes</li><li>Long-bond yields moved higher over August and only modest moves in share prices resulted in the sector yield spread contracting to a 14-year low</li></ul>

Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key headwind for the sectorOperational outcomes were more positive with solid like-for-like income growth driven by strong market rent reviews and leasing outcomesLong-bond yields moved higher over August and only modest moves in share prices resulted in the sector yield spread contracting to a 14-year low

Real Estate Reflections: Debt Costs Rising

<ul><li>Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July</li><li>Generally positive operating trends</li><li>A drop in bond rates has spurred property sector rally </li></ul>

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in JulyGenerally positive operating trendsA drop in bond rates has spurred property sector rally 

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>The property sector had a soft start to 2026, falling -3.6% in January.</li><li>We expect February reporting season to highlight solid operational performance with stable vacancy, continued rent growth, and lower debt costs.</li><li>Following the recent sell-off in the property sector, valuations are looking more attractive.</li></ul>

The property sector had a soft start to 2026, falling -3.6% in January.We expect February reporting season to highlight solid operational performance with stable vacancy, continued rent growth, and lower debt costs.Following the recent sell-off in the property sector, valuations are looking more attractive.

Real Estate Reflections Stumbling Out Of The Blocks

New Zealand

Vital Healthcare Property Trust is a property trust that invests in and manages healthcare facilities in New Zealand and Australia.

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Vital Healthcare Property Trust (VHP NZ)

Real Estate Reflections Time for a Check Up

It was another roller coaster month for the listed property sector - the sector sold off as long bond yields peaked at 4.7% mid-month before a ...

Forsyth Barr

Real Estate Reflections: Déjà Vu All Over Again

Bond yields have continued to dictate listed property share performance; Long bond yields rose +30bp in September, returning to mid-June highs,...

Forsyth Barr

Real Estate Reflections: Debt Costs Rising

Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key...

Forsyth Barr

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July

Forsyth Barr

Real Estate Reflections Stumbling Out Of The Blocks

We expect February reporting season to highlight solid operational performance with stable vacancy, continued rent growth, and lower debt costs.

Forsyth Barr

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