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>Munroe Lane is the last asset standing: APL announced that Stoddard Road has been conditionally sold for NZ$36.8m or a c.7.5% passing yield.</li><li>Portfolio valuation falls: The portfolio devaluation of -NZ$13m was driven by (1) Munro Lane now being valued on an as complete cap rate of 6.0% (was c.5.2% and 5.5% yield on cost), and adjusted for remaining cost to complete (May completion), and (2) reducing Stoddard Rd's book value to its conditional sale price less divestment costs</li><li>What might a 'return of capital' scenario look like?: The contracted sale of Graham St dictates the timing of any capital return, with first potential settlement date 1 December 2023, and the second a year later.</li></ul>

Munroe Lane is the last asset standing: APL announced that Stoddard Road has been conditionally sold for NZ$36.8m or a c.7.5% passing yield.Portfolio valuation falls: The portfolio devaluation of -NZ$13m was driven by (1) Munro Lane now being valued on an as complete cap rate of 6.0% (was c.5.2% and 5.5% yield on cost), and adjusted for remaining cost to complete (May completion), and (2) reducing Stoddard Rd's book value to its conditional sale price less divestment costsWhat might a 'return of capital' scenario look like?: The contracted sale of Graham St dictates the timing of any capital return, with first potential settlement date 1 December 2023, and the second a year later.

Asset Plus

Asset Plus: One Asset, Plus Cash