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

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.</li><li>FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.</li><li>PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. </li></ul>

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. 

Precinct Properties NZ - 1H24 — On Track