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) has reported a solid FY23 result, with cash earnings +7% yoy to NZ$99.6m, which was in line with our forecast but with slightly lower administrative and tax expenses offsetting higher than expected interest.</li><li>Auckland industrial has had another strong year; GMT believes its portfolio is now c.25% under-rented and achieved spreads of +23% vs. prior rents on leasing completed through the year.</li><li>Based on the lease rent review profile in FY24, we estimate lease events should lift underlying rents by c.8% through the year.</li></ul>

Goodman Property Trust (GMT) has reported a solid FY23 result, with cash earnings +7% yoy to NZ$99.6m, which was in line with our forecast but with slightly lower administrative and tax expenses offsetting higher than expected interest.Auckland industrial has had another strong year; GMT believes its portfolio is now c.25% under-rented and achieved spreads of +23% vs. prior rents on leasing completed through the year.Based on the lease rent review profile in FY24, we estimate lease events should lift underlying rents by c.8% through the year.

Goodman Property Trust: FY23 Result – Initial Thoughts