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.

Thematic (Sector/Industry)

<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

Equity Bottom-Up

<ul><li>Property for Industry (PFI) reported a flat 1H22 result that was in line with our expectations.</li><li>FY22 is a transition year for PFI with the sell down on non-industrial assets largely complete, and focus moved to its brownfield development pipeline</li><li>PFI tightened FY22 DPS guidance to 8.10cps, the top end of its prior range, which we view as a solid outcome</li></ul>

Property for Industry (PFI) reported a flat 1H22 result that was in line with our expectations.FY22 is a transition year for PFI with the sell down on non-industrial assets largely complete, and focus moved to its brownfield development pipelinePFI tightened FY22 DPS guidance to 8.10cps, the top end of its prior range, which we view as a solid outcome

Property For Industry: 1H22 Result — Solid Start to FY22 Delivered

<ul><li>Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw Park in late FY21</li><li>PFI tightened FY22 DPS guidance to 8.10cps reflecting a pay-out at the low end of its 90-100% three-year rolling AFFO target range</li><li>PFI continues to execute on its strategic pivot towards brownfield redevelopment of its existing assets with 40% of the Bowden Rd redevelopment pre-leased</li></ul>

Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw Park in late FY21PFI tightened FY22 DPS guidance to 8.10cps reflecting a pay-out at the low end of its 90-100% three-year rolling AFFO target rangePFI continues to execute on its strategic pivot towards brownfield redevelopment of its existing assets with 40% of the Bowden Rd redevelopment pre-leased

Property for Industry: 1H22 – Solid Result, Guidance in Line

<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

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)

Real Estate Reflections: Déjà Vu All Over Again

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

Forsyth Barr

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

Property For Industry: 1H22 Result — Solid Start to FY22 Delivered

Property for Industry reported a flat 1H22 result that was in line with our expectations; FY22 is a transition year for PFI with the sell down on...

Forsyth Barr

Property for Industry: 1H22 – Solid Result, Guidance in Line

Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw...

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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