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>Investore (IPL) reported a soft (as expected) 1H25 result. Adjusted funds from operations (AFFO) fell -12% in 1H25, as top line growth was more than offset by higher debt costs and a higher effective tax rate, as changes to building depreciation rules took effect.</li><li>IPL is taking steps to improve its portfolio, moving away from regional assets with higher capex requirements, towards newer Auckland assets with better growth profiles. However, gearing is above its target range.</li><li>As such, new acquisitions will need to be funded via divestment of non-core assets. While IPL is offering an attractive yield (8.8%) this remains in line with its historic relationship to long-term bond rates. NEUTRAL.</li></ul>

Investore (IPL) reported a soft (as expected) 1H25 result. Adjusted funds from operations (AFFO) fell -12% in 1H25, as top line growth was more than offset by higher debt costs and a higher effective tax rate, as changes to building depreciation rules took effect.IPL is taking steps to improve its portfolio, moving away from regional assets with higher capex requirements, towards newer Auckland assets with better growth profiles. However, gearing is above its target range.As such, new acquisitions will need to be funded via divestment of non-core assets. While IPL is offering an attractive yield (8.8%) this remains in line with its historic relationship to long-term bond rates. NEUTRAL.

Investore - 1H25 Result — No Change to the ’Store-Y

Investore Property

Investore - 1H25 Result — No Change to the ’Store-Y