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>Property for Industry (PFI) reported the six-months to June, which is its new balance date.</li><li>The result was ahead of our expectations but primarily driven by lower interest and tax.</li><li>Portfolio fundamentals remain solid, with 5.1 year WALT and 16% under-renting, but vacancy has crept into the portfolio. </li></ul>

Property for Industry (PFI) reported the six-months to June, which is its new balance date.The result was ahead of our expectations but primarily driven by lower interest and tax.Portfolio fundamentals remain solid, with 5.1 year WALT and 16% under-renting, but vacancy has crept into the portfolio. 

Property For Industry - FY24 Result — Hard at Work

<ul><li>Property for Industry (PFI) reported a solid FY23 result which was ahead of our expectations but primarily driven by lower tax and tenant incentives.</li><li>Portfolio fundamentals remain solid with no vacancy, 5.1 year WALT, and 16% under renting.</li><li>Guidance for the six months to 30 June 2024 was provided at 4.15cps, which is flat on FY23 on an annualised basis of 8.30cps. </li></ul>

Property for Industry (PFI) reported a solid FY23 result which was ahead of our expectations but primarily driven by lower tax and tenant incentives.Portfolio fundamentals remain solid with no vacancy, 5.1 year WALT, and 16% under renting.Guidance for the six months to 30 June 2024 was provided at 4.15cps, which is flat on FY23 on an annualised basis of 8.30cps. 

Property For Industry - FY23 Result — Steady

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

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.

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Property For Industry (PFI NZ)

Property For Industry - FY24 Result — Hard at Work

Property for Industry (PFI) reported the six-months to June, which is its new balance date. The result was ahead of our expectations but primarily...

Forsyth Barr

Property For Industry - FY23 Result — Steady

Property for Industry (PFI) reported a solid FY23 result which was ahead of our expectations but primarily driven by lower tax and tenant incentives.

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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