New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Break-even result with operating losses on the horizon: APL delivered a break-even 1H23 adjusted funds from operations (AFFO), down -NZ$2.1m on the prior period</li><li>Converting assets to cash: APL announced that it will be marketing Stoddard Road for sale in the first quarter of 2023, expecting to realise the asset at or close to NTA (NZ$43.5m)</li><li>What might a 'return of capital' scenario look like?: The contracted sale of Graham St dictates the timing of any capital return, with first potential settlement date in December 2023 and the second a year later</li></ul>

Break-even result with operating losses on the horizon: APL delivered a break-even 1H23 adjusted funds from operations (AFFO), down -NZ$2.1m on the prior periodConverting assets to cash: APL announced that it will be marketing Stoddard Road for sale in the first quarter of 2023, expecting to realise the asset at or close to NTA (NZ$43.5m)What might a 'return of capital' scenario look like?: The contracted sale of Graham St dictates the timing of any capital return, with first potential settlement date in December 2023 and the second a year later

Asset Plus: 1H23 Result — A Plus Sized Opportunity

Thematic (Sector/Industry)

<ul><li>Cap rates expanding, NAVs rebased: Interest rates continue to place upward pressure on cap rates and downward pressure on asset values and NTA</li><li>Looking forward to the reporting season: Six LPVs will be reporting interim results in September</li><li>LPVs had a mixed month in the market: The NZ LPV sector was down -2% in October, and underperformed the broader market by 4%</li></ul>

Cap rates expanding, NAVs rebased: Interest rates continue to place upward pressure on cap rates and downward pressure on asset values and NTALooking forward to the reporting season: Six LPVs will be reporting interim results in SeptemberLPVs had a mixed month in the market: The NZ LPV sector was down -2% in October, and underperformed the broader market by 4%

Real Estate Reflections Time for a Check Up

<ul><li>Bond yields have continued to dictate listed property share performance</li><li>Long bond yields rose +30bp in September, returning to mid-June highs, resulting in a broad based sell-off of the property names</li><li>As a result of some large share price movements the property sector dividend yield spreads to 10 year interest rates expanded slightly</li></ul>

Bond yields have continued to dictate listed property share performanceLong bond yields rose +30bp in September, returning to mid-June highs, resulting in a broad based sell-off of the property namesAs a result of some large share price movements the property sector dividend yield spreads to 10 year interest rates expanded slightly

Real Estate Reflections: Déjà Vu All Over Again

<ul><li>Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key headwind for the sector</li><li>Operational outcomes were more positive with solid like-for-like income growth driven by strong market rent reviews and leasing outcomes</li><li>Long-bond yields moved higher over August and only modest moves in share prices resulted in the sector yield spread contracting to a 14-year low</li></ul>

Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key headwind for the sectorOperational outcomes were more positive with solid like-for-like income growth driven by strong market rent reviews and leasing outcomesLong-bond yields moved higher over August and only modest moves in share prices resulted in the sector yield spread contracting to a 14-year low

Real Estate Reflections: Debt Costs Rising

<ul><li>Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July</li><li>Generally positive operating trends</li><li>A drop in bond rates has spurred property sector rally </li></ul>

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in JulyGenerally positive operating trendsA drop in bond rates has spurred property sector rally 

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

New Zealand

Investore Property Limited operates as a real estate investment company. The Company invests in retail property assets. Investore Property also provides leasing services. Investore Property serves clients in New Zealand.

Stride Stapled Group operates as a real estate investment company. The Company invests in a portfolio of places with enduring demand, as well as acquires retail properties. Stride Stapled conducts business in New Zealand.

Argosy Property Limited invests in and manages retail, commercial and industrial properties in New Zealand.

Property for Industry Limited is a property company that invests in New Zealand industrial properties. The Company's property portfolio includes sites in Auckland, Hamilton, Tauranga, Wellington and Christchurch.

Vital Healthcare Property Trust is a property trust that invests in and manages healthcare facilities in New Zealand and Australia.

Kiwi Property Group Ltd is a property trust that invests in, manages and develops a portfolio of diversified properties throughout New Zealand. The Trust's properties include office, retail and industrial properties.

CDL Investments New Zealand Limited operates as a property investment and development company.  The Company, through its subsidiaries, provide land-based investment and development, management and the provision of property services. CDL Investments New Zealand serves clients in New Zealand.

Precinct Properties New Zealand Ltd. invests in manages and leases commercial office properties. The Company invests in properties in Auckland and Wellington.

Goodman Property Trust is a property trust that invests in, manages and develope portfolio of diversified property assets in Auckland. The Trust's portfolio comprises of office, industrial and retail properties.

Centara Hotels & Resorts Leasehold Property Fund is a closed-end fund incorporated in Thailand. The Fund invests in property lease of the five-star Centara Grand Beach Resort Samui Hotel for a period of 30 years.

Land and Houses Freehold and Leasehold Property Fund is a closed-end fund incorporated in Thailand. The Fund's objective is to achieve good returns. The Fund invests in residential units of Land and Houses Group, which are serviced apartment projects Centre Point Sukhumvit Thong-Lo and Centre Point Residence Phromphong, and rental housing project L&H Villa Sathon.

Luxury Real Estate Investment Fund is a closed-end fund incorporated in Thailand. The Fund invests in property lease rights of Six Senses Hide Away Yao Noi project, a hotel and resort which consists of 56 villas and is located at Yao Noi Island, Phang Nga Province of Thailand.

AmanahRaya Real Estate Investment Trust owns a diverse portfolio of real estate properties and real estate related assets, including hotels, factories, colleges, and office properties.

AmFirst Real Estate Investment Trust owns and invests in real estate and real estate related assets.

Strategic Hospitality Freehold and Leasehold REIT operates as a real estate investment trust.

Strategic Hospitality Freehold and Leasehold REIT (SHREIT TB)

Strategic Hospitality Freehold and Leasehold REIT

Hemraj Industrial Property & Leasehold Fund is a closed-end fund which holds rights in factories and Industrial estates at different industrial parks in Thailand.

Hemaraj Industrial Property and Leasehold Fund  (HPF TB)

Hemaraj Industrial Property and Leasehold Fund 

K-TOP Reits Co., Ltd. is a self-managed real estate investment  trust (REIT). The Company purchases and invests in land and buildings.  As part of its business, the Company also develops, sells and manages the investment properties.

CPN Commercial Growth Leasehold Property Fund is a closed-end property fund incorporated in Thailand. The Fund invests in the leasehold rights of The Office @ Central World. The Fund subleases on the land and leases on buildings, utilities, control systems, as well as car parking rights for the same complex.

Tower Real Estate Investment trust is a real estate investment trust. The trust invests primarily in a portfolio of office buildings and commercial properties.

Asset Plus Limited carries on the business of a property company that invests in and manages commercial, industrial and retail properties. The Company's investment property portfolio consists of retail, commercial, and industrial properties located in New Zealand.

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Bond yields have continued to dictate listed property share performance; Long bond yields rose +30bp in September, returning to mid-June highs,...

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Real Estate Reflections: Debt Costs Rising

Listed property vehicles (LPVs) who reported in August generally delivered a solid set of results, although interest rates continue to be a key...

Forsyth Barr

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July

Forsyth Barr

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