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>Portfolio metrics remain solid: FY22 AFFO declined -5% to NZ$44.6m, largely driven by higher corporate and interest costs.</li><li>Further declines in book value of assets likely: PFI’s asset values reduced -NZ$57m due to yields lifting +20bp to 4.62%</li><li>Developments a line ball: On a committed basis, including the Bowden Rd and Springs Rd Stage 1 redevelopments, we calculate PFI's gearing to be 33% which is at the lower end of the target range (30–40%)</li></ul>

Portfolio metrics remain solid: FY22 AFFO declined -5% to NZ$44.6m, largely driven by higher corporate and interest costs.Further declines in book value of assets likely: PFI’s asset values reduced -NZ$57m due to yields lifting +20bp to 4.62%Developments a line ball: On a committed basis, including the Bowden Rd and Springs Rd Stage 1 redevelopments, we calculate PFI's gearing to be 33% which is at the lower end of the target range (30–40%)

Property For Industry: FY22 — A Year of Development Ahead