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>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

Equity Bottom-Up

Vital Healthcare Property Trust / Equity Bottom-Up

<ul><li>Rising debt costs a headwind in FY23</li><li>VHP's portfolio metrics remain healthy with 98.8% occupancy and a WALT of 17.6 years</li><li>VHP has NZ$293m of development projects under construction, has entered into fund-through arrangements totalling NZ$150m, and holds NZ$196m of development land which underpins its NZ$1.8b uncommitted development pipeline</li></ul>

Rising debt costs a headwind in FY23VHP's portfolio metrics remain healthy with 98.8% occupancy and a WALT of 17.6 yearsVHP has NZ$293m of development projects under construction, has entered into fund-through arrangements totalling NZ$150m, and holds NZ$196m of development land which underpins its NZ$1.8b uncommitted development pipeline

Vital Healthcare: FY22 Result — Solid Vital Signs

<ul><li>VHP has reported FY22 AFFO +18% to NZ$67.8m reflecting higher rental income from acquisitions and developments</li><li>VHP’s FY23 dividend guidance of 9.75cps was slightly below our forecast of 9.9cps</li><li>VHP’s debt is 45% hedged as such increased floating interest rates as well as dilution from the 2H22 capital raise have been headwinds</li></ul>

VHP has reported FY22 AFFO +18% to NZ$67.8m reflecting higher rental income from acquisitions and developmentsVHP’s FY23 dividend guidance of 9.75cps was slightly below our forecast of 9.9cpsVHP’s debt is 45% hedged as such increased floating interest rates as well as dilution from the 2H22 capital raise have been headwinds

Vital Healthcare: FY22 Result First Take – FY23 Guidance Slightly Below

New Zealand

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.

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.

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

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

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.

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.

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.

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.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

Cromwell Property Group is a property and funds manager. The Company, through its subsidiary, provides funds management, property transactions, property and facilities management, finance, compliance, debenture issues, and debt management.

Ichigo Office REIT Investment Corporation is a real estate investment trust (J-REIT). The Company mainly invests in office buildings in major cities in Japan. The REIT merged with FC Residential Investment Corporation in 2005.

Ichigo Office REIT Investment Corporation (8975 JP)

Ichigo Office REIT Investment Corporation

CPN Retail Growth Leasehold REIT is a closed-end fund incorporated in Thailand. The Fund invests in shopping complex projects: Central Plaza Rama II, Central Plaza Ratchada-Rama II, & Central Plaza Pinklao.

CPN Retail Growth Leasehold REIT (CPNREIT TB)

Tesco Lotus Retail Growth Freehold & Leasehold Property Fund is a closed-end fund incorporated in Thailand. The Fund's objective is to achieve good returns. The Fund invests in freehold & leasehold of 17 shopping malls anchored by a Tesco Lotus hypermarket in cities including Bangkok and tourist destinations such as Krabi.

Whitestone REIT is a real estate investment trust.  The Trust invests in and operates retail, industrial and office properties.

Cathay No.1 REIT is a property trust established in Taiwan by Cathay Financial Holding Co. The Company purchases and leases a portfolio of commercial properties in Taipei.

Hudson Pacific Properties Inc. is a real estate company focusing on owning, operating, and acquiring office properties.  The Company focuses on opportunities in Northern and Southern California.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Axis Real Estate Investment Trust is a real estate investment trust that owns and invests in a portfolio of commercial, office and office/retail real estate located in Malaysia. The portfolio includes Axis Business Park, Menara Axis, Crystal Plaza, Infinite Centre and Axis Plaza.

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

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Vital Healthcare Property Trust (VHP NZ)

Real Estate Reflections Time for a Check Up

It was another roller coaster month for the listed property sector - the sector sold off as long bond yields peaked at 4.7% mid-month before a ...

Forsyth Barr

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

Vital Healthcare: FY22 Result — Solid Vital Signs

Vital Healthcare (VHP) has delivered a solid FY22 result that was in line with our expectations

Forsyth Barr

Vital Healthcare: FY22 Result First Take – FY23 Guidance Slightly Below

VHP has reported FY22 AFFO +18% to NZ$67.8m reflecting higher rental income from acquisitions and developments

Forsyth Barr

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