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

<ul><li>KPG reported a solid 1H23 result that was slightly ahead of our expectations on an underlying basis</li><li>Trading at its malls has been strong, with shoppers returning post COVID and rents are growing</li><li>KPG continues to recycle capital to fund its committed projects but gearing on our numbers remains towards the top end of target range and ongoing earthquake spend remains a drag.</li></ul>

KPG reported a solid 1H23 result that was slightly ahead of our expectations on an underlying basisTrading at its malls has been strong, with shoppers returning post COVID and rents are growingKPG continues to recycle capital to fund its committed projects but gearing on our numbers remains towards the top end of target range and ongoing earthquake spend remains a drag.

Kiwi Property Group: 1H23 Result: Has Wings but Can't Fly