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

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and stable occupancy.</li><li>Fee and co-investment income was slightly below expectations, but this was offset by lower operating costs, with greater capitalisation as development planning ramps up.</li><li>The key positives were continued progress on capital partnering, with a new Wynyard Quarter JV, pipeline and capital progress on student accommodation, and leasing progress on Downtown carpark all announced. </li></ul>

Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and stable occupancy.Fee and co-investment income was slightly below expectations, but this was offset by lower operating costs, with greater capitalisation as development planning ramps up.The key positives were continued progress on capital partnering, with a new Wynyard Quarter JV, pipeline and capital progress on student accommodation, and leasing progress on Downtown carpark all announced. 

Precinct Properties NZ - FY24 Result — Keeping Active

<ul><li>Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.</li><li>FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.</li><li>PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. </li></ul>

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. 

Precinct Properties NZ - 1H24 — On Track

Thematic (Sector/Industry)

<ul><li>October was a solid month for NZ listed property vehicles (LPVs).</li><li>The Fast-track Approvals Bill breathed some life into Winton's (WIN) Sunfield project, after having its initial approval pathway declined, while Kiwi Property's (KPG) Drury development and Precinct's (PCT) downtown carpark project were both included in the bill.</li><li>Six companies are reporting interim results in November, where we expect higher interest and tax bills to outweigh top-line rental growth across most of the sector. </li></ul>

October was a solid month for NZ listed property vehicles (LPVs).The Fast-track Approvals Bill breathed some life into Winton's (WIN) Sunfield project, after having its initial approval pathway declined, while Kiwi Property's (KPG) Drury development and Precinct's (PCT) downtown carpark project were both included in the bill.Six companies are reporting interim results in November, where we expect higher interest and tax bills to outweigh top-line rental growth across most of the sector. 

Real Estate Reflections - Fast Track to Reporting Season

<ul><li>Following a historically strong two months in July and August, the NZ listed property vehicles (LPVs) gave back some of their gains in September.</li><li>We continue to expect the sector to perform well in what is likely to be a period of sustained interest rate cuts.</li><li>There will be some bumps along the way, as prior cycles have shown weak economic activity eventually flows through to higher vacancy and lower rents. </li></ul>

Following a historically strong two months in July and August, the NZ listed property vehicles (LPVs) gave back some of their gains in September.We continue to expect the sector to perform well in what is likely to be a period of sustained interest rate cuts.There will be some bumps along the way, as prior cycles have shown weak economic activity eventually flows through to higher vacancy and lower rents. 

Real Estate Reflections - Snakes and Ladders

<div><div><div><div><ul><li>August was another strong month for listed property vehicles (LPV) as the RBNZ cut the official cash rate mid-month.</li><li>Over the last two months the sector has returned +13%. This is the largest two month return since August 2009 (+12%).</li><li>Reported results and forward guidance delivered during the month were largely in line with expectations, though some outlook comments were tempered by the economic backdrop.</li></ul></div></div></div></div>

August was another strong month for listed property vehicles (LPV) as the RBNZ cut the official cash rate mid-month.Over the last two months the sector has returned +13%. This is the largest two month return since August 2009 (+12%).Reported results and forward guidance delivered during the month were largely in line with expectations, though some outlook comments were tempered by the economic backdrop.

Real Estate Reflections - Road to Recovery

New Zealand

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

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Precinct Properties New Zealand (PCT NZ)

Precinct Properties NZ - FY24 Result — Keeping Active

Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and...

Forsyth Barr

Precinct Properties NZ - 1H24 — On Track

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and...

Forsyth Barr

Real Estate Reflections - Fast Track to Reporting Season

Our preferred LPVs are hospital landlord Vital Healthcare (VHP) and premium office owner PCT. We are also OUTPERFORM rated on Asset Plus (APL)...

Forsyth Barr

Real Estate Reflections - Snakes and Ladders

Following a historically strong two months in July and August, the NZ listed property vehicles (LPVs) gave back some of their gains in September.

Forsyth Barr

Real Estate Reflections - Road to Recovery

August was another strong month for listed property vehicles (LPV) as the RBNZ cut the official cash rate mid-month. Over the last two months the...

Forsyth Barr

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