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>Kiwi Property (KPG) has delivered FY23 adjusted funds from operations (AFFO) +16% to NZ$117m</li><li>Top line rental income was slightly ahead of our forecast but higher corporate costs and tax resulted in underlying NPAT in line</li><li>AFFO was above largely due to the one-off add back of digital implementation costs.</li></ul>

Kiwi Property (KPG) has delivered FY23 adjusted funds from operations (AFFO) +16% to NZ$117mTop line rental income was slightly ahead of our forecast but higher corporate costs and tax resulted in underlying NPAT in lineAFFO was above largely due to the one-off add back of digital implementation costs.

Kiwi Property Group: FY23 Result – Initial Thoughts