New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>ARG's 1H23 earnings were boosted by one-offs but we estimate underlying adjusted funds from operation (AFFO) actually declined on the prior period largely due to increased debt costs</li><li>Despite solid tenant demand for its green assets, ARG's sector high interest costs are a headwind to both near-term earnings and accretive returns from its value-add development pipeline</li><li>We now forecast flat distributions over FY23 to FY25</li></ul>

ARG's 1H23 earnings were boosted by one-offs but we estimate underlying adjusted funds from operation (AFFO) actually declined on the prior period largely due to increased debt costsDespite solid tenant demand for its green assets, ARG's sector high interest costs are a headwind to both near-term earnings and accretive returns from its value-add development pipelineWe now forecast flat distributions over FY23 to FY25

Argosy: 1H23 Result — Sailing into the Wind

Argosy Property

Argosy: 1H23 Result — Sailing into the Wind