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>Kiwi Property (KPG) has delivered 1H23 Underlying NPAT in line with our forecast but reversal of COVID rent relief provisions saw AFFO exceed our expectations</li><li>Top line rent growth exceeded our forecast and was partly offset by higher interest and tax</li><li>KPG also suggested that with zoning now obtained, the sale of residential super lots could be a funding mechanism for the large format retail precinct at Drury, although this might prove challenging given the current residential market conditions. T</li></ul>

Kiwi Property (KPG) has delivered 1H23 Underlying NPAT in line with our forecast but reversal of COVID rent relief provisions saw AFFO exceed our expectationsTop line rent growth exceeded our forecast and was partly offset by higher interest and taxKPG also suggested that with zoning now obtained, the sale of residential super lots could be a funding mechanism for the large format retail precinct at Drury, although this might prove challenging given the current residential market conditions. T

Kiwi Property Group: 1H23 Result – Initial Thoughts