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>Property for Industry (PFI) reported adjusted funds from operations (AFFO) -5% to NZ$44.6m (ForBar NZ$45.2m) largely driven by higher corporate costs and interest costs. </li><li>PFI guided to FY22 DPS of 8.10-8.30cps with higher interest rates the key headwind to better growth</li><li>PFI has historically been relatively conservative in its guidance and with the top end in line with our own and consensus expectations as such we see little in the earnings outlook that has surprised the market.</li></ul>

Property for Industry (PFI) reported adjusted funds from operations (AFFO) -5% to NZ$44.6m (ForBar NZ$45.2m) largely driven by higher corporate costs and interest costs. PFI guided to FY22 DPS of 8.10-8.30cps with higher interest rates the key headwind to better growthPFI has historically been relatively conservative in its guidance and with the top end in line with our own and consensus expectations as such we see little in the earnings outlook that has surprised the market.

Property for Industry: FY22 – Solid Result, Guidance in Line with Expectation

Property For Industry

Property for Industry: FY22 – Solid Result, Guidance in Line with Expectation