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>Property for Industry (PFI) reported strong FY25 Adjusted Funds from Operations (AFFO), +8% to NZ$48.2m and above our expectations.</li><li>PFI trades at an -18% discount to NTA, a 5.8% gross yield (33% taxpayer), and an AFFO growth CAGR of 4.7%.</li><li>PFI provided additional colour on its brownfield development pipeline, highlighting NZ$327m–NZ$363m of potential commitments over the next four years (incremental to NZ$220m land value).</li></ul>

Property for Industry (PFI) reported strong FY25 Adjusted Funds from Operations (AFFO), +8% to NZ$48.2m and above our expectations.PFI trades at an -18% discount to NTA, a 5.8% gross yield (33% taxpayer), and an AFFO growth CAGR of 4.7%.PFI provided additional colour on its brownfield development pipeline, highlighting NZ$327m–NZ$363m of potential commitments over the next four years (incremental to NZ$220m land value).

Property For Industry FY25 Result—Solid Core, Development Upside