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 (KPG) reported a solid FY26 result, in line with our expectations after adjusting for asset sales.</li><li>KPG had a busy 2H26, continuing its strategic reset with two non-core asset sales and lease-up of its largest office asset.</li><li>FY27 distribution growth guidance of c.+3% is in line with its long-run target, but continued growth is reliant on a combination of: (1) a higher payout ratio (FY26 92%); (2) paying out some of its Drury land sale proceeds (FY27/FY28); and/or (3) regearing its balance sheet.</li></ul>

Kiwi Property Group (KPG) reported a solid FY26 result, in line with our expectations after adjusting for asset sales.KPG had a busy 2H26, continuing its strategic reset with two non-core asset sales and lease-up of its largest office asset.FY27 distribution growth guidance of c.+3% is in line with its long-run target, but continued growth is reliant on a combination of: (1) a higher payout ratio (FY26 92%); (2) paying out some of its Drury land sale proceeds (FY27/FY28); and/or (3) regearing its balance sheet.

Kiwi Property Group FY26 Result: Tidying Up the Burrow