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>Solid operating result: 1H23 adjusted funds from operations were +12% to NZ$26.0m, driven by solid rent growth and no COVID abatements in the period</li><li>Balance sheet being managed: With committed gearing at 38%, SPG is undertaking some capital management initiatives</li><li>Management business in a lull</li></ul>

Solid operating result: 1H23 adjusted funds from operations were +12% to NZ$26.0m, driven by solid rent growth and no COVID abatements in the periodBalance sheet being managed: With committed gearing at 38%, SPG is undertaking some capital management initiativesManagement business in a lull

Stride Property: 1H23 Result; Standing Still, Down to NEUTRAL