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>Strong industrial market underpins rental growth: GMT reported FY24 cash earnings +7% to NZ$99.6m.</li><li>Gearing tracking towards top end of range: GMT's committed gearing of 29.1% is at the upper end of its 20–30% target range but management indicated that gearing could go above target if opportunities arise or market conditions dictate</li><li>Valuation remains challenging as demand shows signs of softening</li></ul>

Strong industrial market underpins rental growth: GMT reported FY24 cash earnings +7% to NZ$99.6m.Gearing tracking towards top end of range: GMT's committed gearing of 29.1% is at the upper end of its 20–30% target range but management indicated that gearing could go above target if opportunities arise or market conditions dictateValuation remains challenging as demand shows signs of softening

Goodman Property Trust: Solid FY23 Result but Still Expensive