New Zealand REITs: NZ REITs 2Q26 Update

研报英文原文证据摘录

New Zealand REITs: NZ REITs 2Q26 Update

Global Research

17 July 2026ab

New Zealand REITs Equities

New ZealandNZ REITs 2Q26 Update

Real Estate

Phil Campbell

NZ REITs within our coverage underperformed the NZX50 by -1% during 2Q26 Analyst

The NZ REITs we cover returned +5% during the June quarter, compared to +6% for the phil.campbell@ubs.com

NZX50 in the same period. The slight sector underperformance is likely driven by +64-9-913 4872

concerns over tighter monetary policy with OCR increased by 25bpts in July and Bianca Murphy

consensus expecting a further OCR increase 50bpts to ~3.00% by end of the year. Our Analyst

FY27 DPS estimates have remained largely unchanged on average. bianca.murphy@ubs.com

+64-9-913 4864

JLL data points to improving Prime Auckland Office CBD rents Thomas Maclean

The latest JLL data continues to highlight a flight-to-quality trend in Auckland, with Associate Analyst

prime office net rents increasing +0.8% QoQ, driven by gross rent growth (+1.3%) and thomas.maclean@ubs.com

+64-9-913 2000

partially offset by higher OPEX (+2.6% QoQ). The Auckland Industrial segment saw a

similar trend with rents rising ~1% QoQ across prime and secondary partially offset by

mixed OPEX growth (+7.7% in prime and flat in secondary). The retail sub-sector saw

cap rate expansion of ~30bpt across prime CBD and suburban reflecting valuation

softening. Wellington conditions remain more challenging, particularly in office, where

OPEX increased across both prime (+2.4%) and secondary (+3.1%) but was not offset

by rental growth; prime rents remained flat while secondary declined -2.2% QoQ,

resulting in continued pressure on net rents (-1.9% QoQ in prime and -9.0% in

secondary) and extending a ~2 year downtrend.

Three results and a PWC Tower JV update from PCT