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

Goodman Property Trust / Equity Bottom-Up

<ul><li>Goodman Property Trust (GMT) reported a solid 1H25 result, with strong top-line growth and lower operating costs offsetting higher interest expense, resulting in flat underlying earnings.</li><li>Cash earnings growth was largely due to lower holding costs as land moved into development.</li><li>The portfolio remains under-rented, but the operating backdrop has deteriorated, with a small number of insolvencies, reduced tenant demand, and a slight lift in vacancy. </li></ul>

Goodman Property Trust (GMT) reported a solid 1H25 result, with strong top-line growth and lower operating costs offsetting higher interest expense, resulting in flat underlying earnings.Cash earnings growth was largely due to lower holding costs as land moved into development.The portfolio remains under-rented, but the operating backdrop has deteriorated, with a small number of insolvencies, reduced tenant demand, and a slight lift in vacancy. 

Goodman Property Trust - 1H25 — Waiting on the Next Leg of Growth