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 Group reported a -7% decline in FY25 adjusted funds from operations, with solid top-line rental growth offset by higher interest and tax.</li><li>Build-to-rent is leasing better than expected, but rents remain below feasibility, and retail sales are weak, leading to higher retailer occupancy costs.</li><li>While KPG offers an attractive yield and trades at a discount to net assets, consumer weakness, full gearing, and portfolio remixing remain headwinds to growth.</li></ul>

Kiwi Property Group reported a -7% decline in FY25 adjusted funds from operations, with solid top-line rental growth offset by higher interest and tax.Build-to-rent is leasing better than expected, but rents remain below feasibility, and retail sales are weak, leading to higher retailer occupancy costs.While KPG offers an attractive yield and trades at a discount to net assets, consumer weakness, full gearing, and portfolio remixing remain headwinds to growth.

Kiwi Property Group - FY25 Result—Working Hard