Stride Property Group – FY18 Interim Results

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APPENDIX 7 – NZSX Listing Rules
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ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security*Payment
(does not include any excluded income)
Excluded income per security*
Notes: *
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies*
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FWP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
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of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
7 December 201720 December 2017
$
$NZ$0.000892
$7,555,278
Date Payable
20 December 2017
In dollars and cents
Retained Earnings
$0.005054
$0.015646
$$0.001966
Ordinary Shares of Stride Property LimitedNZSPGE0001S2
Enter N/A if not
applicable
EMAIL: announce@nzx.com
Notice of event affecting securities
1
Stride Property Limited
2311
Jennifer WhooleyDirectors' Resolution
09 912 269009 912 26932017

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APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
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make this notice
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Contact phone
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numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security*Payment
(does not include any excluded income)
Excluded income per security*
Notes: *
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies*
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FWP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
Stride Investment Management Limited
2311
Jennifer WhooleyDirectors' Resolution
09 912 269009 912 26932017
Enter N/A if not
applicable
Ordinary Shares of Stride Investment Management LimitedNZSPGE0001S2
In dollars and cents
Retained Earnings
$0.004100
$$0.000342$0.001508
$
$NZ$0.000684
$1,496,456
Date Payable
20 December 2017
7 December 201720 December 2017

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Stride Property Group (NS)
Interim Results
For the six months ended
30 September 2017
23 November 2017

Page
Welcome
Philip Littlewood –Chief Executive Officer
Highlights
3
Financial Performance6
Jennifer Whooley –Chief Financial Officer
Capital Management11
Portfolio Overview13
Philip Littlewood –Chief Executive Officer
Development Project18
REIM Business20
Conclusion23
Appendix25
Agenda & Contents
2

3
Highlights

FinancialPerformance
•
•
•
•
•
•
•
•
•
Distributable
profit after income tax
+ 5.8%
Growth of REIM
Business
Targeted cash
dividend for FY18
(combined)
9.91cps
4
Highlights

Portfolio
•
•
•
•
•
•
•
•
•Post 30 Sep 17
Developments and Divestments
•
•Post 30 Sep 17
•Post 30 Sep 17
Net property
valuation increase
+1.7%
New
development -
Waste Management
at Springs Road
Divestments –
three Bunnings
properties sold to
Investore
5
Highlights

6
Financial
Performance

Actual
30 Sep 17
$m
Actual
30 Sep 16
$m
Change
$m%
28.729.5
6.52.3
(6.2)(9.1)
Profit before net finance expenses, other income and income tax28.9
22.6
6.327.8
(8.2)(8.6)
Profit before other income and income tax (refer Appendix 1)20.714.16.747.3
18.1
12.5
Profit before income tax38.826.612.346.3
(5.6)
(2.5)
Profit after income tax from continuing operations33.324.19.238.1
7
Financial
Performance
Stride Property Group -Consolidated

Actual
30 Sep 17
$m
Actual
30 Sep 16
$m
Change
$m%
38.830.0
(14.4)(11.6)
(2.5)(0.6)
2.20.0
(0.2)(0.3)
0.20.2
0.00.3
0.03.1
0.31.2
Distributable profit before income tax24.522.32.210.0
(4.7)(3.6)
Distributable profit after income tax19.718.71.15.8
Basic distributable profit after income tax per share -weighted5.41cps5.12cps
Weighted average number of shares (millions)364.9364.4
8
Distributable Profit
Stride Property Group -Consolidated

Actual
30 Sep 17
$m
Actual
30 Sep 16
$m
Change
$m%
Distributable profit after income tax19.718.71.15.8
(2.7)(2.7)
Adjusted Funds From Operations (AFFO)17.116.01.17.1
AFFO basic distributable profit after income tax per share -weighted4.68cps4.38cps
9
AFFO Distributable Profit
Stride Property Group -Consolidated

Actual
30 Sep 17
$m
Actual
31 Mar 17
$m
10
Financial Summary
Stride Property Group -Consolidated

Capital Management
11

As at
30 Sep 17
$400m
$356.6m
2.7 years
4.46%
3.92%
2.7 years
56%
12
As at
30 Sep 17Covenant
38.8%
1
2.97x
4.8 years
Capital Management
Stride Property Limited

Portfolio Overview
13

Overview
As at
30 Sept 17
As at
31 Mar 17
29
382
304,850
4.9
98.2%
$918.7m
4
14
Top Ten Tenants
1
by Contract Rental
2
Lease Expiry Profile
3
by Contract Rental
2
Financial
Year
0%2%4%6%8%10%
Bunnings
General Distributors
ASB
Fletchers
Meridian
Lion
NZ Governments
James Pascoe Group
Westpac
The Warehouse
0%5%10%15%20%
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2031
2032
2033
2037
Portfolio Overview
Stride Property Limited

TenantPropertyCommencementArea (m
2
)
Term
(years)
Annual
Contract
Rental
($000)
Major Lease Transactions Completed
Stride Property Limited
15
SIMLcompleted92leasetransactionsasmanagedforStridePropertyLimitedduringthesixmonthperiodended30
September17:
•
•
•
Stride Property Limited —Annual Results Presentation for the year ended 30 September 2015 –12 November 2015
15

Remaining Lease Expiries FY18 & FY19
Stride Property Limited
16
Asat30Sep17,6.38%ofContractRentalexpiriesremaininFY18(10.21%asat31Mar17).
Post30Sep17–Lionhasvacated11SpringsRoad,Auckland,andStridehasagreedanewredevelopmentprojectwithWasteManagement.
FY19
PropertyTenant
Net Lettable
Area (m
2
)
% of
ContractRental
14,2707.45
Asat30Sep17,7.45%ofContractRentalexpiriesremaininFY19(8.72%asat31March2017).
FY18
PropertyTenant
Net Lettable
Area (m
2
)
% of
ContractRental
28,6736.38

Property
Occupancy (%)
30 Sep 17
Vacancy (m
2
)
30 Sep 17
Total Area (m
2
)
30 Sep 17
Occupancy (%)
31 Mar 17
97.9
100.0
Office Total99.88648,64699.8
78.4
100.0
Industrial Total
97.62,670113,29394.1
97.1
93.9
99.0
100.0
98.2
84.7
Retail Total97.12,59290,87796.6
Large Format Retail Total100.0052,034100.0
Total98.25,348304,85096.8
17
Portfolio Occupancy
1
98.2%
Stride Property Limited

Development Project
18

19
15 Rockridge Avenue, Auckland
•
•
•

REIM Business
20

Investment Management Income
21
•Forecast FY18 REIM fee income growth of +43.3% to $18.8m
•Forecast FY18 margin of approximately 35%-45% on REIM fee income
Represents total SIML management fee income including Stride, which is eliminated on consolidation in the consolidated financialstatements for FY17 and in the Prospective Financial
Information contained in the Explanatory Memorandum dated 10 June 2016. Valuesmay not sum accurately due to rounding.

Actively manage to improve returns,
build property portfolios for new funds
$919m
1
, 29 assets
Strategic alignment via holdings in
managed funds
$85.3m
2
invested in funds
Two external funds, 43 assets
$1.2b managed AUM
Stride Property Group Revenue
22
66% of
total
revenue
3
11% of
total
revenue
23% of
total
revenue
1
Asat30Sep17.IncludesNorthWestTwo,Auckland,whichisclassifiedasinventory($36.3m)and15RockridgeAvenue,Auckland,workinprogressvalue($10.6m).
2
CarryingvalueofStride’sinterestsinassociatesasat30Sep17.
3
TotalrevenuerepresentsnetrentalincomefromStride,netrentalincomefrominterestinassociatesandtotalmanagementfeeincomefromSIML,includingmanagementfeeincomefromStride,which
iseliminatedonconsolidationintheconsolidatedinterimfinancialstatements.Thisisanon-GAAPmeasure.

Conclusion
23

24
ExecutionofStrategy
PortfoliorepositioningandREIMgrowth
•
•
•
Developmentactivity
•
•
9.91cpscombinedStridePropertyGroupcashdividendtargetedforFY18
Portfolio
repositioning and
REIM growth
Development
activity
Targeted cash
dividend for FY18
(combined)
9.91cps
Conclusion

25
Appendix

26
Stride Property Limited —Annual Results Presentation for the year ended 30 September 2015 –12 November 2015
26
Appendix 1

27
Stride Property Limited —Annual Results Presentation for the year ended 30 September 2015 –12 November 2015
27
Appendix 1

Thank you

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Stride Property Group
Interim Report
For the six months ended
30 September 2017

2 Highlights
4 Stride Property Group’s Leading Business Model
6 Owned and Managed Properties
7 Portfolio Composition
8 A Diverse and Growing Portfolio
10 Chairman’s and Chief Executive’s Report
12 Consolidated Interim Financial Statements
39 Implications of Investing in Stapled Securities
40 Corporate Directory
Contents

Strong growth in real estate
investment management business
contributing to 23% of total revenue
1
11% of total revenue derived from
investments in associates
66% of total revenue derived from
wholly owned properties
38.8% Loan to value ratio
$33.3m Profit after income tax
$19.7m Distributable profit
2
after
income tax
9.91cps combined Stride
Property Group cash dividend
targeted for FY18
1.
Total revenue represents net rental income from Stride Property Limited (Stride), net rental income from
interest in associates and total management fee income from Stride Investment Management Limited,
including management fee income from Stride, which is eliminated at consolidation in the Consolidated Interim
Financial Statements. This is a non-GAAP measure.
2.
Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for
non-recurring and/or non-cash items, share of profits in associates, dividends received from associates and
current tax. Further information, including the calculation of distributable profit and the adjustments to profit
before income tax, is set out in note 7 to the financial statements on page 24.
Highlights
23
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Stride Property Group’s
Leading Business Model
Stride Property Group’s (Group) strategic
approach sets it apart from other New
Zealand property companies. The Group’s
vision is to be New Zealand’s leading property
investor and manager by delivering on its
core purpose — to invest in  and manage
portfolios of places that attract the highest
demand and deliver market-leading returns
to its shareholders.
The restructure in 2016 established the
stapled group comprising Stride Property
Limited (Stride) and Stride Investment
Management Limited (SIML). The Group
generates revenue from discrete but
complementary activities. SIML, an investment
management business, is a significant
growth area for the Group’s business, and
draws on the specialist expertise contained
within the company. Stride holds the Group’s
wholly owned property portfolio and its co-
investment holdings, and applies its capital
to invest in and develop great places.
In addition to its unique structure, the Group
has four strategic priorities to deliver market-
leading returns to its shareholders.
A focus on “Places” entails astute investment
in carefully selected portfolios of outstanding
properties that reward everyone connected
with them. This selection leverages the core
skills and experience of SIML, across a wide
range of specialist property-related activities,
including management, development and
leasing expertise, as well as constant evaluation
of properties that offer the best investment
growth potential.
For this reason, “People” are a key priority.
Property professionals who have a deep
industry knowledge, are discipline driven,
nimble performers and fresh thinkers, are
actively recruited and retained to carry out
SIML’s essential roles. Entrepreneurship together
with performance excellence, are critical factors
in achieving the accelerated growth that the
Group has achieved in recent years.
The third strategic priority is “Products”.
These are sustainable investment management
products that are created and managed by SIML
on behalf of the Group’s shareholders, with
particular attention given to delivering the right
products in the right places in a way that delivers
the best results for different types of investors
and sectors, and which takes advantage of
changing market conditions and dynamics.
“Performance” is the fourth strategic priority
for the Group and is a critical indicator of
its overall success. The Group targets high,
long-term demand and consistently strong
returns, irrespective of market variability.
The combination of these factors will enable
the Group to deliver on its long-term vision to
be New Zealand’s leading property investor
and manager.
Each of Stride, SIML and the Group has been
designated as “Non-Standard” (NS) issuers by
NZX. The implications of investing in stapled
securities are set out on page 39 of this report.
Full details of the waivers granted by NZX
in respect of the Group can be found at
www.nzx.com/companies/SPG.
NorthWest Shopping Centre dining precinct
45
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

1.
Stride and Investore valuations are as at 30 September 2017. Diversified NZ Property Trust (Diversified) valuations are as at
31 March 2017.
2.
Includes NorthWest Two, Auckland, which is classified as inventory and 15 Rockridge Avenue, Auckland, which is classified
as work in progress in the financial statements. Refer to notes 10 and 11 to the Consolidated Interim Financial Statements
on pages 29 and 30.
3.
Includes Johnsonville Shopping Centre, Wellington, which is owned 50/50 by Stride and Diversified.
Owned and Managed PropertiesPortfolio Composition
(by Contract Rental
1
)
1.
Contract Rental is the amount of rent payable by each tenant, plus other amounts payable by that tenant under
the terms of the relevant lease as at 30 September 2017, annualised for the 12 month period on the basis of the
occupancy level for the relevant property as at 30 September 2017, and assuming no default by the tenant.
100%
100%
47%
9%
17 %
27%
Office
Industrial
Large Format Retail
Retail
Value of
Investment
Properties
1
Number of
Investment
Properties
Investment
in managed
entities
$919
2

million
29
3
–
$663

million
3919.9%
held by Stride
$523
million
4
3
2%
held by Stride
Tot a l$2 ,10 5
million
71
3
–
67
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

A Diverse and Growing Portfolio
Stride’s portfolio comprises the principal
sub-sectors of the New Zealand property
market: commercial offices, industrial
properties and retail.
Transactions
SIML completed 92 transactions over
119 , 6 3 3 m
2
in the first half of this financial year
for Stride. Leasing transactions of note include
a new 12 year lease to Meridian Energy at
33 Customhouse Quay, Wellington, and the
letting up of 4,100m
2
of vacant space at
460 Rosebank Road, Auckland. Significant
lease renewals also completed include New
Zealand Post at 15 Ride Way, Auckland (6 years),
Department of Internal Affairs at 22 The Terrace,
Wellington (3 years), and Tasman Liquor at
22 Ha Crescent, Auckland (3 years).
The leasing activity in the first half of this
financial year has increased occupancy of
Stride’s portfolio from 96.8% as at 31 March
2017 to 98.2% as at 30 September 2017. The
remaining expiries in this financial year have
been reduced from 10.21% as at 31 March 2017
to 6.38% as at 30 September 2017 and the
weighted average lease term (WALT) has been
maintained at 4.9 years.
Industrial
Stride is an active participant in the industrial
market with a portfolio of high-quality industrial
properties valued at $201 million, all located
in Auckland. This market has experienced
significant value growth, with quality properties,
such as those in Stride’s portfolio, being highly
sought after by investors and occupiers alike.
As a result of this high demand and
accompanying rental growth, the portfolio is
well positioned to gain from the strong Auckland
property market.
Industrial development is a key strength of Stride,
having developed over one third of its portfolio,
and with a number of new initiatives underway.
Due to be completed later this financial year,
a $13.3 million development at 15 Rockridge
Avenue, Auckland, comprising over 8,000m², is
attracting strong interest from lessees. Located
adjacent to Auckland’s main arterial routes,
this development is the final building forming
part of a wider industrial estate wholly developed
by Stride, which will have an estimated value on
completion of $80 million. The industrial estate
comprises six buildings providing a net lettable
area of over 35,000m².
Office
Stride’s $218 million office portfolio comprises
a quarter of Stride’s wholly-owned properties,
with properties located in the main centres of
Auckland and Wellington.
This portfolio delivers a wide-ranging income
stream from high-quality tenants such as
government agencies and leading corporates.
Leasing activity in the first half of this financial
year has resulted in an increase in the WALT from
4.3 years as at 31 March 2017 to 4.9 years as
at 30 September 2017, with 99.8% occupancy
and no major lease expiries remaining in the
financial year.
15
Rockridge Ave,
Auckland
Retail
Retail remains an important part of
Stride’s overall property portfolio, with
retail centres and standalone large format
retail properties valued at $500 million as
at 30 September 2017. 93% of the retail
centre portfolio is located in the high-growth
regions of Auckland and Tauranga, with nearly
two thirds of the properties having been
developed by Stride.
The diversity and quality of properties
in Stride’s portfolio provides a strong
foundation for the continued growth
of both its investment and real estate
management businesses.
89
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Chairman’s and Chief Executive’s Report
The new corporate structure put in place
in 2016 continues to deliver significant
growth for Stride Property Group, with all
the principal business indicators showing
marked gains in line with our forecasts.
While the previous financial year was one
of transformation, the first half of the 2018
financial year was most notable for growth in
the Group’s real estate investment management
business and a strengthening of the total
value and medium-to long-term outlook for its
investment properties.
Stride Investment Management Limited
(SIML) manages $2.1 billion of investment
property across three portfolios, one of which
is wholly-owned by Stride Property Limited
(Stride) and two of which are investment
management products.
Revenue from the Stride wholly-owned portfolio
accounted for 66% of total group revenue
in the first half of the year, with investment
management services contributing 23% and
investments in Investore Property Limited
(Investore) and Diversified NZ Property
Trust providing 11% of total revenue. As was
forecast at the time of the restructure, the
investment management business is providing
an increasing share of revenue and is an area of
the business expected to continue to grow, as it
has done in the first six months of this year.
SIML is focused on continuing to build a
high-performing, sustainable investment
management business. Investore, which
was demerged from Stride and listed on the
NZX Main Board last year, is an excellent
example of this. Investore exhibits an
enduring, quality investment structure that
has been purposefully designed to deliver a
sustainable, single sector-oriented product
to its shareholders. The focus, over time, will
be to continue to hold both a diversified set
of investments in property across a range of
funds, together with a high-functioning and
profitable investment management business
that services these investments.
To accelerate Stride Property Group’s
momentum, several senior management
appointments were made during the first half of
the year. Philip Littlewood was appointed Chief
Executive Officer, recognition of his critical
contribution to Stride Property Group’s strategic
direction in his previous role as General
Manager Investment Management. Mark Luker
commenced in October 2017 as General
Manager Development, bringing extensive
experience in the property development and
investment industry, particularly in large-scale
retail and commercial development projects.
Louise Hill joined the Group in November this
year in the newly created position of General
Manager Corporate Services, and will also take
on the role of Company Secretary.
Philip Ling, an experienced CEO, business
leader and executive board member in New
Zealand, Australia and Asia, was appointed
to the Boards of each of Stride and SIML in
June. Philip has over 30 years’ experience
in funds and property management in
both listed and unlisted entities, and will
significantly complement and strengthen
the Boards’ capabilities.
The industrial development at 15 Rockridge
Avenue, Auckland, is progressing on
time, and is attracting strong interest
from prospective tenants. A further $43
million redevelopment at 11 Springs Road,
Auckland, with Waste Management NZ
Limited (Waste Management), has been
announced and when complete, Waste
Management will commit to an initial 25 year
lease with Stride.
The first half of the 2018 financial year has
been in line with forecasts set out at the
time of the listing, and Stride Property Group
is targeting a combined cash dividend of
9.91 cps for the full year.
Philip Littlewood
Chief Executive
Tim Storey
Chairman
11
Stride Property Group Interim Report for the six months ended 30 September 2017
10
Stride Property Group Interim Report for the six months ended 30 September 2017

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2017
13 Consolidated Statement of Comprehensive Income
14 Consolidated Statement of Changes in Equity
15 Consolidated Statement of Financial Position
16 Consolidated Statement of Cash Flows
17 Notes to the Consolidated Interim Financial Statements
38 Independent Review Report
The attached notes form part of and are to be read in conjunction with these financial statements.
Notes
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Rental income433,07832 , 55164,564
Direct property operating expenses(4,388)(3,081)(6,634)
Net rental income28,69029,47057,930
Management fee income166,4582,2888 , 541
Less corporate expenses
Corporate overhead expenses(4,727)(4,350)(8,976)
Administration expenses(1,474)(1,610)(3,026)
One-off project costs–(3 ,149)(3 , 510 )
Total corporate expenses(6, 201)(9,10 9)(15 , 512)
Profit before net finance expenses, other income/(expenses)
and income tax from continuing operations28,94722,64950,959
Finance income200162327
Finance expenses(8,424)(8,739)(17,157 )
Net finance expenses6(8,224)(8,577)(16,830)
Profit before other income/(expenses) and income tax from
continuing operations20,723 14,0 7 2 34,129
Other income/(expenses)
Net change in fair value of investment properties9,1014,42211, 6 3 922,484
Other income – insurance recoveries51,219––
Gain/(loss) on disposal of investment properties–12 7(18)
Share of profit/(loss) in associates2,4775965,358
Net change in fair value of other investments–121121
Profit before income tax from continuing operations38 , 8 4126,55562,074
Income tax expense12(5,552)(2,453)( 7,871)
Profit after income tax from continuing operations33,28924,10254,203
Loss from discontinued operations3–(869)(869)
Profit attributable to shareholders33,28923,23353,334
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax15(364)(456)3 ,166
Changes in cash flow hedge reserve in associates15(284)4081,033
Other comprehensive income arising from discontinued
operations–2,0502,050
Total other comprehensive income after tax(648)2,0026,249
Total comprehensive income after tax attributable to
shareholders32 ,6 4125,23559,583
Stride total comprehensive income after tax attributable
to shareholders29,54023,21054,745
SIML total comprehensive income after tax attributable
to shareholders3 ,1018433,657
Total comprehensive income after tax attributable to
shareholders from continuing operations32 ,6 4124,05458,402
Total comprehensive income after tax from discontinued
operations–1,1811,181
Total comprehensive income after tax attributable
to shareholders32 ,6 4125,23559,583
Earnings per share from continuing operations 15
Basic earnings per share (cents)9 .126.61
14. 8 7
Diluted earnings per share (cents)9 .126.6014. 85
Earnings per share from continuing and discontinued
operations 15
Basic earnings per share (cents)9 .126.3714.63
Diluted earnings per share (cents)9 .126.3714.61
Consolidated Interim Financial
Statements
Contents
13
Stride Property Group Interim Report for the six months ended 30 September 2017
12
Stride Property Group Interim Report for the six months ended 30 September 2017

The attached notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2017
Share
capital
$000
Retained
earnings
$000
Other
reserves
$000
Total
$000
Balance at 31 Mar 16 (Audited)
633,44996,340(10,373)719,416
Transactions with shareholders:
Demerger of shares in Investore Property Limited(134,155)––(134,155)
Dividends paid
–(37,502)–(37,502)
Share issue expenses
(2)––(2)
Transfer to share capital on vesting of employee
long term incentive plan
682–(682)–
Share based payment expense
––518518
Total transactions with shareholders
(133,47 5)(37,502)(164)(171,141)
Other comprehensive income:
Movement in cash flow hedges, net of tax
––5,2165,216
Change in cash flow hedge reserve in associates
––1,0331,033
Total other comprehensive income
––6,2496,249
Profit after income tax
–53,334–53,334
Total comprehensive income
–53,3346,24959,583
Balance at 31 Mar 17 (Audited)
499,974112 ,17 2(4,288)607,858
Transactions with shareholders:
Dividends paid
– (17, 884) –(17, 884)
Transfer to share capital on vesting of employee
long term incentive plan
231–(231)–
Share based payment expense
––205205
Total transactions with shareholders
231(17, 884)(26)(17,679)
Other comprehensive income:
Movement in cash flow hedges, net of tax
––(364)(364)
Change in cash flow hedge reserve in associates
––(284)(284)
Total other comprehensive income
––(648)(648)
Profit after income tax
–33,289–33,289
Total comprehensive income
–33,289(648)32 ,6 41
Balance at 30 Sep 17 (Unaudited)
500,205127, 577(4,962)622,820
Balance at 31 Mar 16 (Audited)
633,44996,340(10,373)719,416
Transactions with shareholders:
Demerger of shares in Investore Property Limited
(134,155)––(134,155)
Dividends paid
–(19,936)–(19,936)
Share issue expenses
(2)––(2)
Transfer to share capital on vesting of employee
long term incentive plan
178–(178)–
Share based payment expense
––223223
Total transactions with shareholders
(133,9 7 9)(19,936)45(153,870)
Other comprehensive income:
Movement in cash flow hedges, net of tax
––1,5941,594
Change in cash flow reserve in associates
––408408
Total other comprehensive income
––2,0022,002
Profit after income tax
–23,233–23,233
Total comprehensive income
–23,2332,00225,235
Balance at 30 Sep 16 (Unaudited)
499,47099,637(8,326)590,781
Consolidated Statement of Financial Position
As at 30 September 2017
Tim Storey
Chairman
John Harvey
Director
For and on behalf of the Board of Directors of Stride Property Limited and Stride Investment Management Limited,
dated 23 November 2017:
The attached notes form part of and are to be read in conjunction with these financial statements.
Notes
Unaudited
30 Sep 17
$000
Unaudited
30 Sep 16
$000
Audited
31 Mar 17
$000
Current assets
Cash and cash equivalents5,3455,2625,961
Trade and other receivables2,3165691,854
Prepayments 687958331
Other current assets374206158
Inventory – development property 11
36,26930,59436,247
44,99137,5894 4 , 551
Non-current assets
Investment properties9871,7708 46 ,19 0859,045
Work in progress1011, 4 916111,349
Other investments85,32381,7 7885,338
Loan to associate3,3973,3973,397
Intangible asset601–74
Property, plant and equipment
913862906
973,495932,838950,109
Total assets1,018,486970,427 994,660
Current liabilities
Trade and other payables15,32816,517 15,620
Current tax6641,460 1,817
Derivative financial instruments13
4661,1711,264
16,45819,14 818,701
Non-current liabilities
Bank borrowings1435 6 ,19 433 7,18 0 347,021
Deferred tax liability14,90611, 5 8 4 14,17 3
Derivative financial instruments13
8 ,10 811, 7 3 4 6,907
379,208360,498 36 8 ,101
Total liabilities395,666379,646 386,802
Net assets
622,820590,781607,858
Share capital15500,205499,470 499,974
Retained earnings127, 57799,637112 ,17 2
Other reserves15
(4,962)(8,326)(4,288)
Equity
622,820590,781607,858
Stride equity621,443589,940607,044
SIML equity (non-controlling interest)
1,3778 41814
Total equit y
622,820590,781607,858
1415
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Cash flows from operating activities
Rent received
33,54438,20872,500
Management fee income
6,8342,7568,757
Interest received
125115285
Other income received – insurance recoveries
398––
Dividends received
––4
Interest paid
(8,582)(10,573)(18,939)
Operating expenses
(11, 6 4 5 )( 8 , 611)(19,10 8)
Goods and services tax
151(440)86
Income tax paid
(5,758)(4,965)(8,656)
Net cash provided by operating activities8
15,06716,49034,929
Cash flows from investing activities
Dividend income from investments
2,209–1,827
Capital expenditure on investment properties
(7,346)(3,282)(6,768)
Inventory – development property expenditure
(1,092)(15,777)(23,799)
Property, plant and equipment purchased
(143)(164)(408)
Intangible asset expenditure
(527)––
Proceeds from disposal of investment properties
–70,33770,337
Acquisition of investments
–(12,4 4 0)(12,4 4 0)
Net cash (applied to)/provided by investing activities
(6,899)38,67428,749
Cash flows from financing activities
Drawdown on bank borrowings
9,10 035,80046 ,152
Dividends paid
(17, 884)(19,936)(37,502)
Repayment of bank borrowings
–(70,850)( 71,450)
Share issue expenses
–(2)(3)
Net cash applied to financing activities
(8,784)(54,988)(62,803)
Net (decrease)/increase in cash and cash equivalents held
(616)176875
Opening cash and cash equivalents
5,9615,0865,086
Closing cash and cash equivalents
5,3455,2625,961
Consolidated Statement of Cash Flows
For the six months ended 30 September 2017
The attached notes form part of and are to be read in conjunction with these financial statements.
Notes to the Consolidated Interim Financial Statements
For the six months ended 30 September 2017
Note 1: Accounting Policies
Reporting entity
The unaudited consolidated interim financial statements (financial statements) presented are those of Stride
Property Limited (Stride) and Stride Investment Management Limited (SIML), each of Stride and SIML being
a “Stapled Entity”, and together the Stride Property Group. For accounting purposes, stapling gives rise to
the combination of the Stapled Entities into a consolidated group. For the purposes of financial reporting,
one of the combining entities is required to be identified as the parent entity of the consolidated group. In the
case of Stride Property Group, Stride has been identified as the parent for the purposes of preparing the
consolidated financial statements.
Shares of Stride and SIML are stapled and quoted on the Main Board equity securities market of NZX under
the ticker code SPG. Stride is principally involved in the ownership of investment properties in New Zealand
and SIML is principally involved in the management of real estate investment entities in New Zealand.
The financial statements were approved for issue by the Board of Directors of Stride (Stride Board) and the
Board of Directors of SIML (SIML Board), together the “Boards”, on 23 November 2017.
Basis of preparation
The financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), New Zealand International Accounting Standard 34: Interim Financial
Reporting and International Accounting Standard 34: Interim Financial Reporting. Stride Property Group
is a for-profit entity for the purposes of financial reporting. The financial statements do not contain all the
disclosures normally included in an annual financial report, and should be read in conjunction with the
audited 2017 annual financial statements. The financial statements have been prepared using the New
Zealand Dollar functional and reporting currency and have been rounded to the nearest thousand dollars
($000), unless stated otherwise.
The financial statements have been prepared under the historical cost convention, as modified by the
revaluation of certain classes of assets and liabilities as identified in the following specific accounting policies
and the accompanying notes.
Significant accounting policies, estimates and judgements
The same accounting policies and methods of computation are followed in the financial statements as
compared with the most recent annual audited financial statements for Stride Property Group.
Reclassification of financial information
Certain 30 September 2016 balances have been reclassified to reflect discontinued operations.
These reclassifications have no impact on the overall financial performance or financial position for the
comparative period.
1617
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 2: Operating Segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision-maker has been identified as the respective Board
of each of Stride and SIML, as each makes all key strategic resource allocation decisions (such as those
concerning acquisition, divestment and significant capital expenditure). Stride Property Group consists of two
operating segments, being Stride and SIML.
Stride’s revenue streams are earned from investment properties owned in New Zealand, with no specific
exposure to geographical risk. Given Stride’s diverse client base, no one tenant represents greater than 10%
of the portfolio contract rental.
SIML’s revenue streams are earned from the management of the real estate investment of Investore Property
Limited (Investore), Diversified NZ Property Trust (Diversified Trust) and Stride. For the revenue earned from
these entities, refer to note 16 on related party disclosures.
The following is an analysis of Stride Property Group’s results for the six months ended 30 September 2017
and 30 September 2016 and the 12 months ended 31 March 2017 by reportable segments.
Note 2: Operating Segments (Continued)
Segment profit
Stride
$000
Stride
eliminations
$000
SIML
$000
SIML
eliminations
$000
Unaudited
6 Months
30 Sep 17
$000
Net rental income
28,308382––28,690
Management fee income
––9,878(3,420)6,458
Less corporate expenses
Corporate overhead expenses
4–(4,731)–(4,727 )
Administration expenses
(3,449)2,738(763)–(1,474)
Total corporate expenses
(3,445)2,738(5,494)–(6,201)
Profit before net finance expenses,
other income and income tax24,8633 ,1204,384(3,420)28,947
Finance income
195–5–200
Finance expenses
(8 ,415)–(9)–(8,424)
Net finance expenses
(8,220)–(4)–(8,224)
Profit before other income
and income tax16,6433 ,1204,380(3,420)20,723
Other income/(expenses)
Net change in fair value of investment
properties14,133289– –14,422
Other income – insurance recoveries
1,219–– –1,219
Share of profit in associates
2,47 7–––2,47 7
Profit before income tax
34,4723,4094,380(3,420)38 , 8 41
Income tax expense
(4,273)–(1,279)–(5,552)
Profit after income tax attributable
to shareholders30,1993,4093 ,101(3,420)33,289
Total other comprehensive income
after tax(648)–––(648)
Total comprehensive income
after tax attributable to shareholders29, 5513,4093 ,101(3,420)32 ,6 41
1819
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 2: Operating Segments (Continued)
Segment profit
Stride
$000
Stride
eliminations
$000
SIML
$000
SIML
eliminations
$000
Unaudited
6 Months
30 Sep 16
$000
Net rental income29,470–––29,470
Management fee income193–3,716(1,621)2,288
Less corporate expenses
Corporate overhead expenses(570)–(3,780)–(4,350)
Administration expenses(3,627)2 , 311(294)–(1,610)
One-off project costs(3 ,149)–––(3 ,149)
Total corporate expenses(7,346)2 , 311(4,074)– (9,10 9)
Profit before net finance expenses,
other income/(expenses) and
income tax22,3172 , 311(358)(1,621)22,649
Finance income160–1,14 8(1,146)162
Finance expense(8,739)–––(8,739)
Net finance expenses(8,579)–1,14 8(1,146)(8,577)
Profit before other income/(expenses)
and income tax13,7 382 , 311790(2,767 )14,0 7 2
Other income/(expenses)
Net change in fair value of investment
properties11,18 4455––11, 6 3 9
Gain on disposal of investment properties12 7–––12 7
Net change in fair value of other
investments121–––121
Share of profit in associates596–––596
Profit before income tax 25,7662,766790(2,767 )26,555
Income tax expense(2,506)– 53–(2,453)
Profit after income tax attributable
to shareholders23,2602,766843(2,767 )24,102
Total other comprehensive income
after tax(48)– ––(48)
Total comprehensive income after
tax attributable to shareholders23, 2122,766843(2,767 )24,054
Note 2: Operating Segments (Continued)
Segment profit
Stride
$000
Stride
eliminations
$000
SIML
$000
SIML
eliminations
$000
Audited
12 Months
31 Mar 17
$000
Net rental income57,789141––57,930
Management fee income194–13,084(4,737 )8 , 541
Less corporate expenses
Corporate overhead expenses(561)–(8 ,415)–(8,976)
Administration expenses( 7,071)4,913(868)–(3,026)
One-off project costs(3,277)–(233)–(3 , 510 )
Total corporate expenses(10,909)4,913( 9 , 516 )–(15 , 512)
Profit before net finance expenses,
other income/(expenses) and
income tax47,0745,0543,568(4,737 )50,959
Finance income320–1,152(1,145)327
Finance expenses(17,157 )–––(17,157 )
Net finance expenses(16,837 )–1,152(1,145)(16,830)
Profit before other income/(expenses)
and income tax30,2375,0544,720(5,882)34,129
Other income/(expenses)
Net change in fair value of investment
properties22,268216––22,484
Loss on disposal of investment properties(18)–––(18)
Net change in fair value of other
investments121–––121
Share of profit in associates5,358–––5,358
Profit before income tax 57,9665,2704,720(5,882)62,074
Income tax expense(6,808)– (1,063)–( 7,871)
Profit after income tax attributable
to shareholders51,15 85,2703,657(5,882)54,203
Total other comprehensive income
after tax4,199– ––4,199
Total comprehensive income after
tax attributable to shareholders55,3575,2703,657(5,882)58,402
2021
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 2: Operating Segments (Continued)
The management fees paid from Stride to SIML are eliminated on consolidation and therefore do not appear
in the consolidated statement of comprehensive income for the Stride Property Group.
Segment assets and liabilities
Stride
$000
Stride
eliminations
$000
SIML
$000
SIML
eliminations
$000
Total
$000
Unaudited 30 Sep 17
Total assets1,015,520(624)3,58551,018,486
Total liabilities393,44852, 213–395,666
Unaudited 30 Sep 16
Total assets969,255–1,378(206)970,427
Total liabilities379,316(206)536–379,646
Audited 31 Mar 17
Total assets992,409(612)2,958(95)994,660
Total liabilities384,753(95)2,14 4–386,802
Note 3: Discontinued Operations
The demerger of Investore Property Limited (Investore)
The demerger of Investore from Stride occurred on 11 July 2016 by Stride distributing the ordinary shares
that it held in Investore to Stride shareholders. This is referred to as an in specie distribution. Stride has
retained a 19.9% holding in Investore.
Refer to the audited financial statements for the year ended 31 March 2017 that presented the financial
performance and cash flow information for the period ended 11 July 2016, the date of demerger.
Note 4: Rental Income
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Rental income32 ,91732,73165,205
Capitalised lease incentives579714649
Lease incentive amortisation(414)(459)(1,024)
Spreading of fixed rental income amortisation (4)(435)(266)
Total rental income from continuing operations33,07832 , 55164,564
Rental income from discontinued operations–6,2326,232
Rental income from continuing and
discontinued operations33,07838,78370,796
Note 5: Other Income – Insurance Recoveries
Income in respect of insurance proceeds is only recognised when Stride has a valid claim under an insurance
policy and the claim can be reliably measured.
On 26 May 2017, the Stride property at 7-9 Fanshawe Street, Auckland, sustained some fire damage.
Stride received a payment of $398,122 and has a further receivable of $805,191 (excluding GST), classified
as trade and other receivables as at 30 September 2017, from its insurers as progress payments of its
outstanding fire-related claims for the damages. The property has been revalued to $8,700,000 as at
30 September 2017 (refer note 9), with a devaluation of $1,662,285 recorded in the consolidated statement
of comprehensive income as a component of net change in far value of investment properties. The work is
expected to be completed in November 2017.
Note 6: Net Finance Expenses
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Finance income
Bank interest income177135280
Other finance income232747
Finance income from continuing operations200162327
Finance expenses
Bank borrowings interest(8,489)(9,082)(17,583)
Capitalised interest65343426
Finance expenses from continuing operations (8,424)(8,739)(17,157 )
Net finance expenses from continuing operations(8,224)(8,577)(16,830)
Net finance expenses from discontinued operations–( 2 , 211)( 2 , 211)
Net finance expenses from continuing and
discontinued operations(8,224)(10,788)(19, 0 41)
2223
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 7: Distributable Profit
The Stapled Group’s dividend policy is to target a cash dividend to shareholders that is between 95%
and 100% of its distributable profit. Distributable profit is a non-GAAP measure and consists of profit/
(loss) before income tax, adjusted for non-recurring and/or non-cash items, share of profits in associates,
dividends received from associates and current tax.
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Profit before income tax (including discontinued
operations)38 , 8 4129,96665,485
Non-recurring and non-cash adjustments:
Net change in fair value of investment properties
(14,422)(11, 6 3 9 )(22,484)
Loss/(gain) on disposal of investment properties
–(12 7 )18
Net change in fair value of other investments
–(121)(121)
Share of profit in associates
(2,477)(596)(5,358)
Dividend income from associate
2,209–1,827
One-off project costs
–3 ,1493 , 510
Net rent free incentives
(165)(255)(266)
Net lease contribution incentives
239173425
Fixed rental income amortisation
4304191
Share based payment expense
205223518
Depreciation expense
136107233
Refinancing cost amortisation
73630717
Development fee income
299455828
Other income – insurance recoveries
(455)––
Distributable profit before income tax
24,48722,26945,523
Current tax expense
(4,677)(5,725)(9,963)
Adjusted for:
Tax expense on capitalised interest
(18)(96)(119 )
Tax expense on depreciation (loss)/recovered on
disposal of investment properties(52)2,8302,828
Current tax expense on pre-demerger Investore
Property Limited profit–(619)(619)
Distributable profit after income tax
19,74018,65937,650
Adjustments to funds from operations:
Maintenance capital expenditure
(2,653)(2,701)(5,810)
Adjusted Funds From Operations (AFFO)
17,08715,95831,840
Note 7: Distributable Profit (Continued)
Unaudited
6 Months
30 Sep 17
Unaudited
6 Months
30 Sep 16
Audited
12 Months
31 Mar 17
Weighted average number of shares for purpose
of basic distributable profit per share (000)364,949364,424364,443
Basic distributable profit after income tax per
share – weighted (cents)5 .415 .1210.33
AFFO basic distributable profit after income tax
per share – weighted (cents)4.684.388.74
Weighted average number of shares for purpose
of diluted distributable profit per share (000)3 6 5 ,117364,989365,021
Diluted distributable profit after income tax per
share – weighted (cents)5 .415 .1110.31
AFFO diluted distributable profit after income
tax per share – weighted (cents)4.684.378.72
Weighted average number of shares for the purpose of diluted distributable profit per share has been
adjusted for 167,217 (30 Sep 2016: 564,914, 31 Mar 17: 564,914) remaining rights issued in July 2015 under
the long term share incentive scheme four.
2425
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 8: Statement Of Cash Flows Reconciliation
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Reconciliation of profit after income tax attributable
to shareholders to net cash from operating activities:
Profit after income tax
33,28923,23353,334
Add/(less) non-cash items:
Movement in deferred tax (note 12)
875(3,272)(2,092)
Net change in fair value of investment properties
(14,422)(11, 6 3 9 )(22,484)
Loss/(gain) on disposal of investment properties
–(12 7 )18
Net change in fair value of other investments
–(121)(121)
Share of profit in associates
(2,477)(596)(5,358)
Movement in impairment provision
504267
Capitalised lease incentives
(165)( 714)(1, 351)
Lease incentive amortisation
2396321,509
Spreading of fixed rental income amortisation
4304191
Amortisation of borrowing costs
73630717
Share based payment expense
205223518
Depreciation expense
136107233
Development fee income
299455216
Cash flow hedge reserve reclassification on demerger
–3,5503,550
18 ,10 612,7 0 728,947
(Less)/add activity classified as investing activity:
Movement in working capital items relating
to investing activities(706)8734,247
17,40 013,58033 ,194
Movement in working capital:
(Increase)/decrease in trade and other receivables
(512)369(941)
(Increase)/decrease in prepayments and other
current assets(572)(288)387
(Decrease)/increase in trade and other payables
(96)2,0691,17 2
(Decrease)/increase in tax payable
(1,15 3)7601,117
Net cash provided by operating activities
15,06716,49034,929
Note 9: Investment Properties
Office
$000
Industrial
$000
Retail
$000
Large
Format
Retail
$000
Land/
Development
$000
Total
$000
Balance 31 Mar 16
(Audited)209,450169,325369,335466,5502,10 01,216,760
Subsequent capital
expenditure3,9806731,442183046 ,417
Net capitalised incentives
(11)(401)(420)––(832)
Spreading of fixed rental
income amortisation41(103)269(525)–(318)
Disposals
–––(11, 3 0 0 )–(11, 3 0 0 )
Net change in fair value
1,49013,0014747,2079622,268
Demerger of properties to
Investore Property Limited–––(373,950)–(373,950)
Balance 31 Mar 17
(Audited)214,950182,4953 71,10 088,0002,500859,045
Subsequent capital
expenditure1,752371,29213–3,094
Net capitalised incentives
2(215)(180)––(393)
Spreading of fixed rental
income amortisation135(82)94(206)–(59)
Net change in fair value
1,0615,8603,294193(325)10,083
Reclassification
–(2,925)–2,925–
Balance 30 Sep 17
(Unaudited)217,90018 5 ,170375,60088,0005 ,10 0871,770
Balance 31 Mar 16
(Audited)209,450169,325369,335466,5502,10 01,216,760
Subsequent capital
expenditure2,078524896–3003,798
Net capitalised incentives
65(155)6––(84)
Spreading of fixed rental
income amortisation(145)(37)(15)(107 )–(304)
Disposals
–––(11, 3 0 0 )–(11, 3 0 0 )
Demerger of properties to
Investore Property Limited–––(373,950)–(373,950)
Net change in fair value
3,2022,7485 ,11310710011,270
Balance 30 Sep 16
(Unaudited)214,650172,405375,33581,3002,5008 46 ,19 0
2627
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 9: Investment Properties (Continued)
In the current period, there was a reclassification of land from 25 O’Rorke Road, Auckland, to 15 Rockridge
Avenue, Auckland, as part of the development of the final building forming part of the wider industrial estate
development. The land was valued at $2,925,000 as at 31 March 2017. There have been no acquisitions of
investment properties in the current period.
Capital expenditure commitments contracted for
As at 30 September 2017, Stride had committed to $4,369,068 (30 Sep 2016: $2,502,000, 31 Mar 2017:
$1,759,031) in total for various capital expenditure works to be undertaken on a number of investment
properties in this financial year and a further $716,791 for capital expenditure works at 33 Customhouse
Quay, Wellington, expected to be completed by 31 March 2020.
Subsequent to balance date, Stride has committed to a further $375,619 in total for various capital
expenditure works to be undertaken on a number of investment properties in this financial period.
On 21 November 2017, Stride agreed with Waste Management NZ Limited (Waste Management) to a new
redevelopment project at 11 Springs Road, Auckland. The development is forecast to cost $43 million, and
the agreement with Waste Management allows for the expansion of the scope of works by up to $23 million
with an associated increase in rental income. This transaction is subject to resource management consent
and Overseas Investment Office approval (refer note 18).
Stride has no other material capital commitments as at 30 September 2017.
Valuation basis
The Stride Board has reviewed the fair value of the investment properties as at 30 September 2017 on an
asset by asset basis after considering recent comparable transactional evidence of market sales and leasing
activity and is satisfied that there has been no significant change to the overall carrying value, other than
the following eleven investment properties which were subject to independent valuations due to significant
capital expenditure works undertaken, contractual rental variance or which were considered to have asset
specific issues to which the market was responding differently in the current period:
Valuer
Unaudited
30 Sep 17
$000
Audited
31 Mar 17
$000
33 Corinthian Drive, AucklandBayleys47, 30 046,050
7 - 9 Fanshawe Street, AucklandColliers8,7009,500
33 Customhouse Quay, WellingtonCBRE33,90032,700
1 Grey Street, WellingtonCBRE50,05049,750
22 The Terrace, WellingtonCBRE16,80015, 80 0
22 Ha Crescent, Auckland Bayleys13,30010,700
8 Reg Savory Place, AucklandCBRE7,70 06,600
460 Rosebank Road, AucklandColliers15,30014, 50 0
15 Ride Way, AucklandBayleys11,0509,950
Cnr Mt Wellington Highway & Penrose Road, AucklandColliers36,50035 ,10 0
61 Silverdale Street, AucklandCBRE9 3 ,10 090,000
Note 9: Investment Properties (Continued)
These valuations were performed by independent registered valuers who hold an annual practising
certificate with the Valuers Registration Board and are members of the New Zealand Institute of Valuers.
The investment properties were valued by CIVAS Limited (“Colliers”), Bayleys Valuations Limited (“Bayleys”),
and CBRE Limited (“CBRE”). These valuations are dated effective 30 September 2017. Valuers are engaged
on terms ensuring no valuer values the same investment property for more than three consecutive years.
With regard to these investment properties, the valuers took into account:
• occupancy (leased area as a proportion of the total net lettable area) on individual investment properties
(average is 96.83% at balance date);
• average lease term (weighted average lease term (“WALT”) at balance date is 5.23 years); and
• discount rates (ranged from 7.25% to 10.00%).
Capitalisation rates ranged from 5.75% to 10.50% for the investment properties valued.
In addition to the above eleven revaluations at 30 September 2017, the development, including land, at 15
Rockridge Avenue, Auckland, was independently valued by Jones Lang LaSalle Limited. This resulted in a
devaluation of $325,000 in land value and a $4,181,340 revaluation movement in the work in progress value
(refer note 10) recorded in the consolidated statement of comprehensive income as a component of net
change in fair value of investment properties.
Investment property measurements are categorised as Level 3 in the fair value hierarchy as inputs for the
valuations are not based on observable market data. During the period, there were no transfers of investment
properties between levels of the fair value hierarchy.
Note 10: Work In Progress
Work in progress is investment property which is being developed by Stride for rental purposes.
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
15 Rockridge Avenue, Auckland
10,620–484
Johnsonville Shopping Centre, Wellington
871611865
Total work in progress
11, 4 916111,349
As at 30 September 2017, the development at 15 Rockridge Avenue, Auckland, was fair valued, with a
resulting $4,181,340 movement recorded in the consolidated statement of comprehensive income as a
component of net change in fair value of investment properties. Stride has committed to $6,875,138 to
complete this development. The development is expected to be completed in January 2018.
2829
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 11: Inventory – Development Property
Stride’s inventory relates to a property that was developed and where there is an option held by another party
to buy the property within the short term. The property is held at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business less costs to complete
development and selling expenses.
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
NorthWest Two, Auckland
36,26930,59436,247
NorthWest Two, a purpose-built main street retail environment, dining offer and office complex, opened in
October 2016 opposite NorthWest Shopping Centre.
The NorthWest Two development was undertaken further to a conditional right in Stride’s original agreement
to acquire the NorthWest Shopping Centre land from Westgate Town Centre Limited (WTCL) in 2013. Under
that agreement, following the occurrence of certain events:
• Stride can obtain an initial 35 year ground lease from the landowner, WTCL, at no cost and there is no
annual ground rental payable. Stride obtained a ground lease effective from 19 December 2014.
• WTCL can acquire the development from Stride within three years of the ground lease’s effective date, at
a price equal to 115% of Stride’s total development cost, including holding costs.
• If WTCL does not acquire the development within the three year period, Stride can obtain freehold title to
the land for $1.
Note 12: Income Tax
The income tax expense is represented by
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Current tax(4,677)(5,725)(9,963)
Deferred tax(875)3,2722,092
Income tax expense per the consolidated
statement of comprehensive income(5,552)(2,453)( 7,871)
Profit before income tax from continuing
operations38 , 8 4126,55562,074
Prima facie income tax using the company
tax rate of 28% (10,875)(7,435)(17,381)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties3,9573 ,1316,235
Non-taxable income1,0422281,391
Assessable income(22)(8)(25)
Depreciation1,4341,4082,995
Depreciation loss/(recovered) on disposal
of investment properties39(2,828)(2,828)
Non-deductible expenses(212)(1,076)(1,334)
Expenditure deductible for tax26286248
Over-provision in prior year–504465
Temporary differences(66)65271
Current tax expense(4,677)(5,725)(9,963)
Depreciation(758)3,2772,224
Other(117 )(5)(132)
Deferred tax charged to profit or loss(875)3,2722,092
Income tax expense per the consolidated
statement of comprehensive income(5,552)(2,453)( 7,871)
Gross movement in net deferred tax liability
Opening balance(14 ,17 3)(14, 236)(14, 236)
Charged to profit or loss(875)3,2722,092
Credited to other comprehensive income 142(620)(2,029)
Closing balance(14,906)(11, 5 8 4 )(14,17 3)
3031
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 12: Income Tax (Continued)
Audited
12 Months
31 Mar 17
$000
Recognised
in profit
or loss
$000
Recognised
in other
comprehensive
income
$000
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Deferred tax assets
Derivative financial instruments2,204–1422,3463,613
Other temporary differences
20090–290344
2,404901422,6363,957
Deferred tax liabilities
Depreciation on investment
properties
(16,484)(758)–(17, 242)(15,431)
Reinstatement receipts
(93)(207)–(300)(110 )
(16,577)(965)–(17, 542)(15, 541)
Note 13: Derivative Financial Instruments
Outstanding interest rate derivative contracts:
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Active interest rate derivative contracts200,000235,000260,000
Forward dated interest rate derivative contracts
80,00080,00080,000
Total notional principal amounts
280,000315,000 340,000
At balance date, the fixed interest rates ranged from 2.92% to 4.95% (30 Sep 2016: 3.25% to 5.14%,
31 Mar 2017: 2.92% to 4.95%) and the main floating rate was BKBM. Gains and losses recognised in the
cash flow hedge reserve in equity on interest rate derivative contracts as at 30 September 2017 will be
continuously released to the consolidated statement of comprehensive income within finance expenses
until the repayment of the bank borrowings.
As at 30 September 2017, the fair value of the interest rate derivatives were ($8,574,238) (30 Sep 2016:
($12,904,462) and 31 Mar 2017: ($8,172,399)).
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury
advisors using valuation techniques classified as Level 2 in the fair value hierarchy (30 Sep 2016: Level 2,
31 Mar 2017: Level 2). These are based on the present value of estimated future cash flows based on the
terms and maturities of each contract and the current market interest rates at balance date. Fair values also
reflect the current creditworthiness of the derivative counterparties. The valuations were based on market
rates at 30 September 2017 of between 1.96%, for the 90-day BKBM, and 3.265%, for the 10-year swap
rate (30 Sep 2016: 2.20% and 2.44%, 31 Mar 2017: 2.00% and 3.45%, respectively).
Note 14: Bank Borrowings
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Non-current
Facility drawn down356,600337,748 347,500
Borrowing costs
(406)(568)(479)
Total borrowings
35 6 ,19 433 7,18 0347,021
Facility drawn down356,600337,748 347,500
Undrawn facility available
43,40062,25252,500
Total facility available
400,000400,000400,000
Weighted average interest rate for drawn debt
(inclusive of current interest rate derivatives, margins
and line fees) at balance date4.46%5.06%4.85%
Stride’s bank facility consists of Facility A for $200 million expiring 9 June 2019 and Facility B for
$200 million expiring 9 June 2021. Stride's secured borrowings are via syndicated senior secured facilities
with ANZ Bank New Zealand Limited, Bank of New Zealand, Commonwealth Bank of Australia and Westpac
New Zealand Limited. The bank security on the facilities is managed through a security agent who holds
a first registered mortgage on all the investment properties owned by Stride and a registered first ranking
security interest under a General Security Deed over substantially all the assets of Stride. The interest rate
on the facility was 3.85% as at 30 September 2017 (30 Sep 16: 3.09%, 31 Mar 17: 3.90%).
Stride has been compliant with bank covenants during the six months ended 30 September 2017.
3233
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 15: Equity
Share Capital
Each of Stride and SIML has 364,989,277 shares authorised as at 30 September 2017.
$000
Opening balance 1 Apr 16 (Audited)633,449
Demerger of shares in Investore Property Limited(134,155)
Share issue expenses(2)
Vesting of employee long term incentive plan
178
Closing balance 30 Sep 16 (Unaudited)
499,470
Vesting of employee long term incentive plan
504
Closing balance 31 Mar 17 (Audited)
499,974
Vesting of employee long term incentive plan
231
Closing balance 30 Sep 17 (Unaudited)
500,205
Stride Share Capital500,205
SIML Share Capital
–
500,205
Number of shares on issue000
Opening balance 1 Apr 16 (Audited)364,359
Shares issued under the long term share incentive plan
97
Closing balance 30 Sep 16 (Unaudited)
364,456
Shares issued under the long term incentive plan
400
Closing balance 31 Mar 17 (Audited)
364,856
Shares issued under the long term incentive plan
133
Closing balance 30 Sep 17 (Unaudited)
364,989
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued
shares are fully paid and have no par value.
On 26 May 2017, each of Stride and SIML issued 133,068 ordinary shares (i.e. 133,068 Stapled Securities)
under the long term share incentive scheme four.
Basic and diluted earnings per share
Basic and diluted earnings per share amounts are calculated by dividing profit after income tax attributable
to shareholders by the weighted average number of shares on issue.
Note 15: Equity (Continued)
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Profit after income tax attributable to
shareholders – continuing operations
33,28924,10254,203
Weighted average number of shares for purpose
of basic earnings per share (000)364,949364,424364,443
Basic earnings per share – Stride
8.276.3813. 87
Basic earnings per share – SIML
0.850.231.00
Basic earnings per share – weighted (cents)
9 .126.6114. 8 7
Weighted average number of shares for purpose
of diluted earnings per share (000)3 6 5 ,117364,989365,021
Diluted earnings per share – Stride
8.276.3713. 85
Diluted earnings per share – SIML
0.850.231.00
Diluted earnings per share – weighted (cents)
9 .126.6014. 85
Profit after income tax attributable to
shareholders – continuing and discontinued
operations
33,28923,23353,334
Weighted average number of shares for purpose
of basic earnings per share (000)364,949364,424364,443
Basic earnings per share – Stride
8.276 .1413.63
Basic earnings per share – SIML
0.850.231.00
Basic earnings per share – weighted (cents)
9 .126.3714.63
Weighted average number of shares for purpose
of diluted earnings per share (000)3 6 5 ,117364,989365,021
Diluted earnings per share – Stride 8.276 .1413.61
Diluted earnings per share – SIML0.850.231.00
Diluted earnings per share – weighted (cents)9 .126.3714.61
3435
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Notes to the Consolidated Interim Financial Statements
(continued)
For the six months ended 30 September 2017
Note 16: Related Party Disclosures
The following transactions with a related
party took place
Unaudited
6 Months
30 Sep 17
$000
Unaudited
6 Months
30 Sep 16
$000
Audited
12 Months
31 Mar 17
$000
Investore Property Limited (Investore)
Manager’s fee income
1,8166182,386
Building management fee income
19577267
Accounting fee income
12555180
Leasing fee income
29–137
Project management fee income
739131
Maintenance fee income
9–10
Diversified NZ Property Trust (Diversified Trust)
Manager's fee income
1,6903692,002
Accounting fee income
87–107
Licencing fee income
93–56
Leasing fee income
424–387
Financing fees for establishing loan facilities
––135
Building management fee income
1,0263031,269
Project management fee income
51111346
Services in relation to the Kaikoura earthquake
at Queensgate Shopping Centre120–355
Interest income
103–132
Rent paid
(10)(2)(8)
The following balances were receivable from
a related party
Investore Property Limited
521937
Diversified NZ Property Trust
17–303
SIML received management fees for managing Diversified Trust, Investore and Stride. The management
fees paid from Stride to SIML eliminate and accordingly do not appear in the consolidated statement of
comprehensive income for the Stride Property Group.
Note 17: Contingent Liabilities
Stride Property Group has no contingent liabilities at balance date (30 Sep 2016: nil, 31 Mar 2017: nil).
Note 18: Subsequent Events
On 13 November 2017, Stride agreed to enter into new leases with Bunnings Limited (Bunnings) for the three
large format retail properties located at Hamilton, Rotorua and Palmerston North in advance of the expiry
date. The new leases provide a combined annual net rental of $4.81 million, with structured rental growth
of 2.5% per annum over a 12 year initial term, increasing income security for the assets and substantially
enhancing value. Under the previous lease arrangements, the tenant had the option to purchase each of
the properties at the June 2019 expiry lease term at a market value reflecting vacant premises. The right
to acquire the properties as if vacant has been removed from the new leases. Bunnings retain the right to
acquire the properties at year 48 of the lease, on the assumption that a new six year lease term is in place.
As a part of the three lease restructures, Bunnings will receive a payment of $18 million. The payment will
be made by Stride on commencement of the new leases and is expected to reduce the taxable earnings
of Stride for the year ended 31 March 2018 by $5 million, being 28% of the $18 million payment, resulting
in an after-tax cost to Stride of $13 million. As the payment is a component of investment property, it is not
expected to materially affect Stride’s distributable profit for the year ended 31 March 2018.
On 13 November 2017, Stride agreed with Investore Property Limited to divest the three Bunnings properties
for $78.5 million. This transaction is subject to Investore Property Limited shareholder approval. If approved,
the effective date for the settlement of the proposed divestments is expected to be 28 February 2018.
On 21 November 2017, Stride agreed with Waste Management NZ Limited (Waste Management) a
new redevelopment project at 11 Springs Road, Auckland. The planned redevelopment will involve the
demolition of the existing site structures, making way for a purpose built 8,285m
2
industrial facility for
Waste Management. Occupying the entire site, the development will provide comprehensive logistics and
operational facilities from which Waste Management can both service the Auckland market and oversee
their national operations. Following the completion of the redevelopment, (targeted for the quarter ending
September 2019), Waste Management will commit to an initial 25 year lease term, with initial net rental of
$3.89 million per annum and structured rental growth. This transaction is subject to resource management
consent and Overseas Investment Office approval.
On 23 November 2017, Stride declared a cash dividend for the period 1 July 2017 to 30 September 2017
of 2.07 cents per share, to be paid on 20 December 2017 to all shareholders on Stride’s register at the
close of business on 7 December. This dividend will carry imputation credits of 0.1966 cents per share.
This dividend has not been recognised in the financial statements.
On 23 November 2017, SIML declared a cash dividend for the period 1 July 2017 to 30 September 2017
of 0.41 cents per share, to be paid on 20 December 2017 to all shareholders on SIML’s register at the close
of business on 7 December 2017. This dividend will carry imputation credits of 0.1508 cents per share.
This dividend has not been recognised in the financial statements.
There have been no other material events subsequent to 30 September 2017.
3637
Stride Property Group Interim Report for the six months ended 30 September 2017Stride Property Group Interim Report for the six months ended 30 September 2017

Independent Review Report
To the shareholders of Stride Property Group
Report on the consolidated interim financial statements
We have reviewed the accompanying consolidated interim financial statements of Stride Property Group,
which consists of Stride Property Limited (Stride) and Stride Investment Management Limited (SIML) (together
the “Stapled Group”) on pages 13 to 37, which comprise the consolidated statement of financial position as at
30 September 2017, and the consolidated statement of comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the six month period ended on that
date, and a summary of significant accounting policies and other explanatory notes.
Directors’ responsibility for the consolidated interim financial statements
The Directors of Stride and SIML respectively are responsible, on behalf of the Stapled Group, for the
preparation and presentation of these consolidated interim financial statements in accordance with New
Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and
International Accounting Standard 34 Interim Financial Reporting (IAS 34), and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the accompanying consolidated interim financial statements
based on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ
SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us
to believe that the consolidated interim financial statements, taken as a whole, are not prepared in all material
respects, in accordance with NZ IAS 34 and IAS 34. As the auditor of the Stapled Group, NZ SRE 2410
requires that we comply with the ethical requirements relevant to the audit of the annual financial statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The
auditor performs procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly, we do not express an audit opinion on these
consolidated interim financial statements.
We are independent of the Stride Property Group. Other than in our capacity as auditor we have no
relationship with, or interests in, the Stride Property Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these consolidated
interim financial statements of the Stapled Group are not prepared, in all material respects, in accordance with
NZ IAS 34 and IAS 34.
Who we report to
This report is made solely to the shareholders of Stride and SIML, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Stapled Group and the shareholders of Stride and SIML, as a body, for our review
procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Implications of Investing in
Stapled Securities
The practical impacts of a shareholder
holding a stapled security include that:
• the shareholder is a shareholder of both
Stride and SIML;
• in order to sell a Stride share or a SIML
share, the corresponding SIML share
or Stride share, as applicable, also needs
to be sold to the same purchaser;
• market disclosures via NZX may be made
in respect of Stride Property Group, but
each of Stride and SIML will continue
to be obliged to make announcements
under the NZX Main Board Listing Rules
according to the nature of the disclosure
(for example, announcements about the
declaration of a dividend or the passing
of a resolution at a meeting of shareholders
would be made by the relevant company);
• the only quoted price of a Stride share and/
or a SIML share on the NZX Main Board will
be the quoted price for the stapled security;
• the materiality of “Material Information”
for continuous disclosure purposes under
the NZX Main Board Listing Rules will be
assessed against the potential effect on
the price of stapled securities as there will
not be a separate quoted price available
for each of Stride and SIML. Any disclosure
of “Material Information” made by Stride
Property Group, will explain whether the
information is material to Stride and/or SIML;
• new stapled security issues will result in
equal numbers of Stride shares and SIML
shares being issued;
• shareholders are entitled to attend, or
vote by proxy, at separate meetings of
shareholders of each of Stride and SIML.
For some transactions involving Stride
Property Group (for example, an issuance
of stapled securities being made with
shareholder approval under the NZX Main
Board Listing Rules), resolutions might
be required from shareholders in respect
of the same matter. In that case, the
relevant transaction will only be able to
proceed if the respective resolutions are
approved at shareholder meetings of Stride
and SIML; and
• distributions will be received, to the extent
declared, from each of Stride and SIML.
Chartered Accountants, Auckland
23 November 2017
39
Stride Property Group Interim Report for the six months ended 30 September 2017
38
Stride Property Group Interim Report for the six months ended 30 September 2017

Board of Directors
Tim Ian Mackenzie Storey (Chairman)
Edward John Harvey
Philip Ling (appointed 26 June 2017)
Michael Peter Stiassny
David Gregory van Schaardenburg
Michelle Patricia Tierney
Registered Office
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320, Wellesley Street
Auckland 1141, New Zealand
T +64 9 912 2690
W strideproperty.co.nz
Auditor
PricewaterhouseCoopers
PricewaterhouseCoopers Tower
Level 22, 188 Quay Street
Private Bag 92162
Auckland 1142
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Victoria Street West
Auckland 1142
P +64 9 488 8777
E stride@computershare.co.nz
Legal Advisers
Bell Gully
Level 21, Vero Centre
48 Shortland Street
PO Box 4199
Auckland 1140
Level 21, ANZ Centre
171 Featherston Street
PO Box 1291
Wellington 6140
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
Westpac New Zealand Limited
Corporate Directory
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Stride Property Group Interim Report for the six months ended 30 September 2017

Stride Property Group
Level 12 , 34 Shortland Street
Auckland 1010
PO Box 6320
Wellesley Street
Auckland 1141, New Zealand
P + 64 9 912 2690

F + 64 9 912 2693
W strideproperty.co.nz