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>Rising cap rates reduce portfolio valuations: FY23 valuations for PCT's portfolio have resulted in a -NZ$250m decline in asset values with a +70bp increase in cap rates partly offset by solid market rent growth in both Auckland and Wellington.</li><li>Revaluations shrink the discount: The listed market had already more than priced in this level of cap rate expansion and asset devaluation.</li><li>Gearing rising but under control: We estimate that this revaluation will see gearing end FY23 at c.35%, compared to PCT's target limit of 40%. </li></ul>

Rising cap rates reduce portfolio valuations: FY23 valuations for PCT's portfolio have resulted in a -NZ$250m decline in asset values with a +70bp increase in cap rates partly offset by solid market rent growth in both Auckland and Wellington.Revaluations shrink the discount: The listed market had already more than priced in this level of cap rate expansion and asset devaluation.Gearing rising but under control: We estimate that this revaluation will see gearing end FY23 at c.35%, compared to PCT's target limit of 40%. 

Precinct Properties NZ: Portfolio Marked to Market