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 strong 1H23 result, with cash earnings +7% on the prior year to NZ$49.4m</li><li>The result was largely driven by strong rent growth and acquisitions</li><li>GMT's valuation remains full (PE of 28x and no yield spread to government bonds), particularly considering the slower growth outlook</li></ul>

Goodman Property Trust (GMT) reported a strong 1H23 result, with cash earnings +7% on the prior year to NZ$49.4mThe result was largely driven by strong rent growth and acquisitionsGMT's valuation remains full (PE of 28x and no yield spread to government bonds), particularly considering the slower growth outlook

Goodman Property Trust: Strong 1H23 Result but Slower Going Forward