New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Goodman Property Trust / Equity Bottom-Up

<ul><li>Goodman Property Trust reported solid results with cash earnings per share remaining flat due to tax changes and a higher share count from internalisation.</li><li>The partial sell-down of its flagship Highbrook Business Park marks GMT's first partnership, aligning with its strategy to become a fund manager, providing capital for other portfolio initiatives.</li><li>FY26 cash earnings guidance of 8.0cps and DPS of 6.8cps (+5%) was in line with expectations, despite GMT trading at the lowest discount in the sector.</li></ul>

Goodman Property Trust reported solid results with cash earnings per share remaining flat due to tax changes and a higher share count from internalisation.The partial sell-down of its flagship Highbrook Business Park marks GMT's first partnership, aligning with its strategy to become a fund manager, providing capital for other portfolio initiatives.FY26 cash earnings guidance of 8.0cps and DPS of 6.8cps (+5%) was in line with expectations, despite GMT trading at the lowest discount in the sector.

Goodman Property Trust FY25 Result—Selling Part of the Jewel