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

Thematic (Sector/Industry)

New zealand Equity real estate investment trusts (reits) / Thematic (Sector/Industry)

<ul><li>The listed property sector continued its soft year with August down -1.1%, taking year-to-date performance to -7.3%.</li><li>August reporting season was largely as expected; solid occupancy, underlying rent growth, and slightly lower interest costs supported earnings growth.</li><li>We continue to view the sector as attractive trading at a discount to the book value of assets and replacement cost and offering a strong tax-efficient yield when compared to other dividend-focused sectors and fixed-income alternatives.</li></ul>

The listed property sector continued its soft year with August down -1.1%, taking year-to-date performance to -7.3%.August reporting season was largely as expected; solid occupancy, underlying rent growth, and slightly lower interest costs supported earnings growth.We continue to view the sector as attractive trading at a discount to the book value of assets and replacement cost and offering a strong tax-efficient yield when compared to other dividend-focused sectors and fixed-income alternatives.

Real Estate Reflections Rates Weighing on the Sector