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>Strong retail sales underpin a solid operational result: KPG reported adjusted funds from operations (AFFO) +16% to NZ$116m with lower COVID costs offset by higher operating expenses and interest cost.</li><li>Gearing elevated with more asset sales to come: FY23 reported gearing was 35.0% vs. the top end of management's target range of 25%–35% and its lowest covenant of 45%</li><li>A challenging phase in its transformation: KPG is in the early stages of a strategic transformation aimed at lowering its retail exposure and reinvesting in its best assets</li></ul>

Strong retail sales underpin a solid operational result: KPG reported adjusted funds from operations (AFFO) +16% to NZ$116m with lower COVID costs offset by higher operating expenses and interest cost.Gearing elevated with more asset sales to come: FY23 reported gearing was 35.0% vs. the top end of management's target range of 25%–35% and its lowest covenant of 45%A challenging phase in its transformation: KPG is in the early stages of a strategic transformation aimed at lowering its retail exposure and reinvesting in its best assets

Kiwi Property Group: FY23 Result — A Year of Consolidation Ahead