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>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

<ul><li>Stride Property Group (SPG) delivered a solid 1H23 result of NZ$29.3m distributable income line but higher maintenance capex saw adjusted funds from operations (AFFO) below expectations</li><li>SPG recorded solid rent growth with no COVID abatements in the period and rent reviews delivering +5% lift on prior rents for the balance sheet portfolio</li><li>Given economic uncertainty, SPG is battening down the hatches with management of costs and capital management a big theme of the outlook section of the result presentation</li></ul>

Stride Property Group (SPG) delivered a solid 1H23 result of NZ$29.3m distributable income line but higher maintenance capex saw adjusted funds from operations (AFFO) below expectationsSPG recorded solid rent growth with no COVID abatements in the period and rent reviews delivering +5% lift on prior rents for the balance sheet portfolioGiven economic uncertainty, SPG is battening down the hatches with management of costs and capital management a big theme of the outlook section of the result presentation

Stride Property Group: 1H23 Result – Initial Thoughts

New Zealand

Stride Stapled Limited operates as a real estate investment management company. The Company invests in office, retail, and industrial properties, which are located in the urban areas across New Zealand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Stride Property (STR NZ)

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

Stride's (SPG) 1H23 distributable income was in line with expectations and the key surprise with the result was the lower payout ratio which...

Forsyth Barr

Stride Property Group: 1H23 Result – Initial Thoughts

Stride Property Group (SPG) delivered a solid 1H23 result of NZ$29.3m distributable income line but higher maintenance capex saw adjusted funds...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)