Stride Property Group – FY19 Interim Report and Results

Earnings Results21 November 2018SPGReal Estate

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Stride Property Group (NS)
NZX Announcement
IMMEDIATE — 22 November 2018

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Stride Property Group - FY19 Interim Report and Results
Stride Property Group¹ is pleased to announce that it has released its Interim Report and Interim Results
presentation for the six months ended 30 September 2018 (HY19).
Performance (Stride)
Our delivery for HY19 (HY18 figures in brackets)
• Net rental income of $27.9m ($29.5m), lower primarily due to the divestment of three Bunnings
operated properties to Investore Property Limited (Investore) and the development at Springs
Road, Auckland
• Profit before income tax of $44.1m ($38.8m), up $5.2m or 13.5%
• Profit after income tax of $40.2m ($33.3m), up $6.9m or 20.8%
• Distributable profit
2
after current income tax of $19.6m or 5.37cps ($19.7m or 5.41cps), down
$0.1m or 0.7%
• Net Tangible Assets (NTA) per share $1.88 (excludes value of management contracts), up 3.0%
from $1.82 as at 31 March 2018
• Loan to Value Ratio (LVR) of 34.2%
3
remains consistent with 31 March 2018, and below
30 September 2017 LVR of 38.8%
• Targeting a combined 9.91cps cash dividend for Stride Property Group (Stride) for FY19

Places (SPL)
Our delivery for HY19 (As at 31 March 2018 figures in brackets)
Portfolio
• Occupancy at 98.9% (96.7%), up 2.2%
• Weighted average lease term (WALT) maintained at 5.1 years (5.1 years)
• Significantly improved lease expiry profile
4
for the next two years – reducing from 18.7% at 31
March 2018 to 12.2% at 30 September 2018
• Total leasing transactions, including rent reviews, renewals and new lettings completed across
21% of the portfolio resulted in a total annualised rental increase of 6.3%
• Market reviews comprised 10% of the total annualised rental and resulted in an increase
of 11.5%
• Comparable sales
5
for the year ended 30 September 2018 at NorthWest Shopping Centre and
Silverdale Centre – up 11.5% and 4.0%
6
respectively from the prior year
• Property portfolio valuation of $934.5m as at 30 September 2018 ($902.2m), representing a net
valuation gain of $23.6m or 2.7%
7

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Developments, Acquisitions and Divestments
• 11 Springs Road, Auckland – construction of a new head office for Waste Management, with
practical completion expected late calendar year 2019
• $4.7m expansion for Rebel Sports and Briscoes premises at Bay Central Shopping Centre,
Tauranga, with associated new 10 year leases
• Post balance date - $6m upgrade of Bunnings premises at Carr Road, Auckland, in early stages of
development
• Unconditional contract signed to purchase 439 Rosebank Road, Auckland, for $8m, with
completion expected in July 2020
• Post balance date – commenced sale process for ASB, Corinthian Drive, Auckland

People
Our delivery
Board Refresh (Stride)
• To be continued over the next 24 months
• Appointment of two new directors expected prior to FY19 Annual Shareholder Meetings
New Executives Appointed (SIML) – executive team now complete
• Fabio Pagano, Investore Fund Manager (newly created role, appointed August 2018)
• Steve Penney, General Manager Investment (appointed November 2018)

Products (Stride)
Our delivery
Investore
• $100m bond issue completed April 2018
• Share buyback programme commenced August 2018, 1.47m shares acquired to date
• Eight Countdown stores refurbished during previous eighteen months
• Mitre 10 Botany expansion expected to be completed by the end of the 2018 calendar year
• 10.0% increase in share price over the six months ending 30 September 2018

Diversified NZ Property Trust (Diversified)
• Comparable sales at Queensgate Shopping Centre recently returned to pre-November 2016
Kaikoura earthquake levels
• Development activities increasing, including:
− Queensgate Shopping Centre rebuild ongoing, as well as seismic strengthening
− Revised masterplan for Chartwell Shopping Centre completed
− Johnsonville Shopping Centre redevelopment planning progressing

Financial Performance Highlights (Stride): (HY18 figures in brackets)
• Net rental income of $27.9m ($29.5m), down $1.6m
• Management fee income of $7.3m ($7.7m), down $0.4m
• Corporate expenses of $9.4m ($8.3m), up $1.1m
• Profit before income tax of $44.1m ($38.8m), up $5.2m
• Profit after income tax of $40.2m ($33.3m), up $6.9m
• Distributable profit after current income tax of $19.6m or 5.37cps ($19.7m or 5.41cps)
• Targeting a combined 9.91cps cash dividend for Stride Property Group for FY19
• Dividend Reinvestment Plan remains suspended

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Capital Management: (SPL)
Debt Facilities
• $81m of banking facility headroom available
• Drawn facilities increased by $11m, largely relating to the Waste Management development at
11 Springs Road, Auckland
• $200m bank facility refinanced, increasing average tenor of debt facilities to 3.3 years
• Next debt facility maturing is $200m in June 2021 (FY22)

Cost of Debt
• $100m swaps terminated in April 2018, with average 2.8 years duration and an average rate of
4.1%, for a cost of $4.0m
• New $120m swaps entered into with average 5.2 years duration and an average rate of 2.8%
• $20m of swaps at 4.25% matured in May 2018

Conclusion
Performance
• Completed asset disposals and higher valuations have contributed to lower bank LVR of 34.2%
as at 30 September 2018, down from 38.8% as at 30 September 2017, and higher NTA of
$1.88, up six cents from $1.82 as at 31 March 2018
• Management fee income expected to be higher over the second half of FY19 as development
activity on committed projects increases
• Targeting a combined 9.91cps cash dividend for Stride Property Group for FY19
Places
• Significant leasing transactions across all sectors resulting in an improved lease expiry profile for
the next two years
• Higher rentals from leasing activity, together with strong market demand, has contributed to an
uplift in valuations
• Continued activity in development and acquisition opportunities to add value to the portfolio and
considered divestments to maintain balance sheet capacity
People
• Executive team completed – Investore Fund Manager and General Manager Investment to
support Stride’s strategy for growth
• Board refresh to be continued over next 24 months
Products
• Stride’s strategy is to establish a group of commercial property funds to provide growth in our
investment management business
• Investore and Diversified are performing well and both have further opportunities for growth

Notes:
Values above are calculated based on the numbers in the financial statements for each respective financial period and
may not sum due to rounding.

1. Stride Property Group (Stride) comprises Stride Investment Management Limited (SIML) and Stride Property
Limited (SPL). A stapled security of the Stride Property Group comprises one share in SIML and one share in SPL.

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The stapled securities are quoted on the NZX Main Board under the ticker code SPG. Information presented in this
presentation is on a combined basis unless otherwise specified.
2. Distributable profit is a non-GAAP financial measure adopted by Stride to assist Stride and investors in assessing
Stride’s profit available for distribution. It is defined as net profit/(loss) before income tax, adjusted for determined
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 net profit before
income tax, is set out in note 4 of the consolidated financial statements for the six months ended 30 September
2018.
3. As required by SPL’s bank facility agreement, the loan to value ratio (LVR) of 34.2% is calculated using the most
recent full independent valuations. Three properties were subject to desktop reviews and 14 were subject to full
valuations as at 30 September 2018, and the resulting movement in property values has been recognised in the
financial statements. Consequently, there is a difference between the total investment property valuation used in
the LVR calculation ($932.3m) and the total portfolio valuation stated in the consolidated statement of financial
position ($934.5m). Please refer to note 6 to the consolidated interim financial statements for further detail of the
independent valuations and desktop reviews.
4. Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each
lease, for the entire portfolio as at 30 September 2018, as a percentage of Contract Rental. 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 2018, annualised for the 12 month period on the basis of the occupancy level for the
relevant property as at 30 September 2018, and assuming no default by the tenant.
5. Comparable sales includes sales from tenancies which have traded for the past 24 months and includes commercial
services categories.
6. Sales data is not collected for all tenants at Silverdale Centre. Some tenants are not obliged to provide sales data
under the terms of their lease.
7. Includes NorthWest Two, Auckland, which is classified as inventory in the consolidated interim financial statements.
The 30 September 2018 amount also includes the work in progress cost for the development at Springs Road,
Auckland. Refer notes 7 and 8 to the consolidated interim financial statements on page 37.
Ends
Attachments provided to NZX:
• Stride Property Group – FY19 Interim Report – 221118
• Stride Property Group – FY19 Interim Results Presentation – 221118
• Stride Property Group – NZX Appendix 1 – 221118
• Stride Property Limited – NZX Appendix 7 – 221118
• Stride Investment Management Limited – NZX Appendix 7 – 221118

For further information please contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: 021 633 089 - Email: tim.storey@strideproperty.co.nz

Philip Littlewood, Chief Executive, Stride Investment Management Limited
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

Louise Hill, General Manager Corporate Services, Stride Investment Management Limited and Company
Secretary of Stride Property Group
Mobile: 0275 580 033 - Email: louise.hill@strideproperty.co.nz

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A Stapled Security of the Stride Property Group comprises one ordinary share in Stride Property Limited and
one ordinary share in Stride Investment Management Limited. Under the terms of the constitution of each
company, the shares in each can only be transferred if accompanied by a transfer of the same number of
shares in the other.
Stapled Securities are quoted on the NZX Main Board under the ticker code SPG. Further information is
available at
www.strideproperty.co.nz or at www.nzx.com/companies/SPG.

---

Stride Property Group Interim Report for the six months ended 30 September 2018
Stride Property Group
Interim Report
For the six months ended
30 September 2018

Stride Property Group Interim Report for the six months ended 30 September 2018Stride Property Group Interim Report for the six months ended 30 September 2018
2 About Stride Property Group
4 Performance
6 Places
9 People
10 Products
12 Chairman’s and Chief Executive’s Report
19 Consolidated Interim Financial Statements
45 Implications of Investing in Stapled Securities
46 Corporate Directory
Contents
This document comprises the interim report for each of Stride Investment Management
Limited (SIML) and Stride Property Limited (SPL), which are members of Stride Property
Group (Stride).
Each of SPL, SIML and Stride has been designated as “Non-Standard” (NS) by NZX.
The implications of investing in stapled securities of Stride are set out on page 45 of
this report.
A copy of the waivers granted by NZX in respect of SPL, SIML and Stride's "NS"
designation can be found at www.nzx.com/companies/SPG/documents.

Stride Property Group Interim Report for the six months ended 30 September 201832Stride Property Group Interim Report for the six months ended 30 September 2018
We actively recruit and retain people who have a deep
industry knowledge, are discipline driven, people centred,
nimble performers and fresh thinkers.
Stride targets investments that show high, long-term
demand with consistently strong returns. We will continue
to grow our high performing and enduring investment
management business.
Stride creates and manages enduring investment
management products for our investors, with particular
attention to structuring products in a way that delivers
the best results for different types of investors
and sectors.
By leveraging the core skills and experience of our
people, we carefully select property investments that
deliver market leading returns.
Our vision is built on four strategic pillars
About Stride
Property Group
Stride Property Group’s vision is to be New Zealand’s best performing
listed real estate investment and management company.
We will deliver on this vision by continuing to invest in and manage
property portfolios that deliver market leading returns to our investors.
Stride Property Group (Stride) is unique in New Zealand, as it combines
two businesses in one integrated business model, Stride Property Limited
(SPL) and Stride Investment Management Limited (SIML).
• SPL owns quality New Zealand property investments, has a cornerstone
19.9% shareholding in Investore Property Limited (Investore) and owns
2% of the units in Diversified NZ Property Trust (Diversified).
• SIML is a specialist real estate investment manager, managing over
$2.2 billion of investment property across the property portfolios of
SPL, Investore and Diversified.
Investors in Stride own a share in each of SIML and SPL, due to the stapled
nature of Stride
1
. This unique structure enables investors to hold interests
in both the property investment business and the real estate investment
management business.
1 The implications of investing in stapled securities of Stride are set out on page 45.

Stride Property Group Interim Report for the six months ended 30 September 201854Stride Property Group Interim Report for the six months ended 30 September 2018
$40.2m34.2%
$1.8898.9%
Profit after income tax
Up $6.9m on six months to
30 September 2017
Net tangible assets
per share
Up 3.0% from $1.82 at
31 March 2018
Portfolio occupancy
rate by area
Up from 96.7% at 31 March 2018
$934.5m
Total portfolio value
2
as at
30 September 2018
Up $23.6m or 2.7% (net valuation
gain) from 31 March 2018
9.91cps
Combined Stride Property
Group cash dividend
targeted for FY19
Loan to value ratio
3
remains consistent with 31 March 2018
2 Includes NorthWest Two, Auckland, which is classified as inventory in the consolidated interim financial
statements. The 30 September 2018 amount also includes the work in progress cost for the development
at Springs Road, Auckland. Refer notes 7 and 8 to the consolidated interim financial statements on
page 37.
3 As required by SPL's bank facility agreement, the loan to value ratio of 34.2% is calculated using the most
recent full independent valuations. As at 30 September 2018, three properties were subject to desktop
reviews and 14 were subject to full valuations, and the resulting movement in property values has been
brought into the financial statements for the six months ended 30 September 2018. For the purposes of
calculating the loan to value ratio, the most recently completed full valuations (as at 31 March 2018) have
been used for those properties that were not subject to full valuations as at 30 September 2018, including
the three properties that were subject to desktop review. There is therefore a difference between the
portfolio valuation used in the loan to value ratio calculation ($932.3 million) and the portfolio value stated
in the Statement of Financial Position ($934.5 million). Please refer to note 6 to the consolidated interim
financial statements for further detail of the independent valuations and desktop reviews.

Stride Property Group Interim Report for the six months ended 30 September 201876Stride Property Group Interim Report for the six months ended 30 September 2018
Highlights:
• Transactional activity in the first half of the financial year has delivered
annualised Contract Rental
4
growth of 6.3% when compared to
previous rentals as at 31 March 2018
• New leasing deals have significantly improved the lease expiry profile for
SPL over the next two years, reducing from 18.7% as at 31 March 2018 to
12.2% as at 30 September 2018
• No major expiries remain this financial year
• WALT maintained at 5.1 years
• Improved occupancy on the back of the successful leasing of
15 Rockridge Avenue, Auckland – 98.9% as at 30 September 2018,
compared to 96.7% at 31 March 2018
• This transactional activity has contributed to a higher valuation for the
SPL portfolio of $934.5 million
5
as at 30 September 2018, representing
a net valuation increase of $23.6 million or 2.7% from the 31 March 2018
valuation
• Strong retail sales growth at the Northwest Shopping Centre and
Silverdale Centre
• Agreement to purchase $8.0 million industrial property at Rosebank
Road, Avondale, with completion in July 2020
Several developments are underway or in the planning stages:
• Springs Road, Auckland – construction of a new head office for Waste
Management, with practical completion expected for late calendar
year 2019
• Bay Central Shopping Centre, Tauranga – a $4.7 million expansion of Rebel
Sports and Briscoes premises, with associated new 10 year leases entered
into, contributing to a net valuation gain for the Bay Central Shopping Centre
of $3.2 million (+7.7%) as at 30 September 2018. The new leases also
contribute to a 1.5 year increase in WALT to 4.5 years for this asset as at
30 September 2018
• A $6.0 million upgrade of the Bunnings premises at Carr Road, Auckland is
in the early stages of development (post interim balance date)
4 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 the relevant date, annualised for the 12 month period on the
basis of the occupancy level for the relevant property as at the relevant date, and assuming no default by
the tenant.
5 See footnote 2 on page 4.
6 Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted
under each lease, for the entire portfolio as at 30 September 2018, as a percentage of Contract Rental.
7 Weighted Average Lease Term (WALT).
8 See footnote 2 on page 4.

As at 31 March 2018

As at 30 September 2018
Stride Property Limited Lease Expiry Profile
6
by Contract Rental
4
F Y 2019
8.7%4.4%
FY 2020
7. 8%10 .1%
FY 2021
13.5%15.3%
Overview
As at
30 September
2018
As at
31 March
2018
Properties (no.)2626
Tenants (no.)377379
Net Lettable Area (sqm)252,038
251,953
Net Contract Rental
4
($m)57.856.7
WA LT
7
(years)5.15.1
Occupancy Rate (% by area)98.996.7
Portfolio Value
8
($m)934.5902.2
Loan to Value Ratio (%)34.234.1
Stride Property Limited Portfolio

Stride Property Group Interim Report for the six months ended 30 September 201898Stride Property Group Interim Report for the six months ended 30 September 2018
Value of
Investment
Properties
9

($m)
Number of
Investment
Properties
SPL
Investment
in Managed
Entities
SPL
934
10
26
11

Investore7404019.9%
Diversified538
4
11
2%
Total2,21269
Portfolio Valuation – Owned and Managed Properties
9 SPL and Investore valuations are as at 30 September 2018. Diversified valuations are as at 31 March 2018.
10 See footnote 2 on page 4.
11 Includes Johnsonville Shopping Centre, Wellington, which is owned 50/50 by SPL and Diversified.

Large Format Retail
100%
Retail Shopping
Centres
100%
Portfolio Composition by Value
9
25%
25%
5%
45%

Commercial Office

Industrial

Large Format Retail
Retail Shopping
Centres
25%
Board Refresh
On 30 July 2018, the Board announced it would continue with the refresh of
directors over the next 24 months, through to the 2020 Annual Shareholder
Meetings. As part of this refresh, Michael Stiassny retired as a director, and
two new directors are expected to be appointed prior to the FY19 Annual
Shareholder Meetings.
New Executives Appointed
In August, SIML announced the appointment of Fabio Pagano to the new
role of Investore Fund Manager. This role will provide additional support to
develop and grow Investore’s business.
In addition, SIML recently announced the appointment of Steve Penney
to the role of General Manager Investment. Steve will be responsible for
capital transactions, investment appraisal, business development and
investor relations.
People Strategy
In the FY18 Annual Report, Stride announced the creation of a people
strategy to support the development of its people and culture. Stride’s people
strategy has continued to progress during the year, with the creation of a
leadership development programme and the establishment of an employee
voice forum. A cohort of managers within Stride are due to commence the first
leadership development programme in February 2019. The employee voice
forum will provide a forum for people throughout the organisation to contribute
to innovation and improvement in Stride's business and its culture. Initiatives
from this group will assist with our goals of attracting and retaining talent and
building great teams that make things happen.
Our Values
Discipline
driven
People
centred
Nimble
performers
Fresh
thinkers

Stride Property Group Interim Report for the six months ended 30 September 20181110Stride Property Group Interim Report for the six months ended 30 September 2018
SIML manages the portfolios of SPL, Investore and Diversified. SIML has had
an active first half of the 2019 financial year managing these businesses.
Some of the main highlights for Investore and Diversified are:
• The Board of Investore has focused on capital management, with a
$100 million bond issue having been completed by SIML on behalf of
Investore, and the bonds commencing trading in April 2018. In addition,
Investore commenced a share buyback programme in August 2018 to
acquire up to 5% of its ordinary shares over a 12 month period
• SIML, on behalf of Investore, has worked closely with Investore’s key tenant,
General Distributors Limited, the operator of Countdown supermarkets
in New Zealand, on the refurbishment of eight stores in the Investore
portfolio over the last 18 months. These refurbishments demonstrate a
positive working relationship between SIML, on behalf of Investore, and
Investore's tenant, to deliver an improved environment for customers, which
we believe will drive increased sales
• The expansion of the Mitre 10 at Te Irirangi Drive, Botany, Auckland, is
expected to be completed before the end of calendar year 2018. This
expansion (of which Investore is funding the majority) has been undertaken
at the request of the tenant, and will result in increased rental for Investore
• Sales at Queensgate Shopping Centre have recently returned to the levels
seen prior to the November 2016 Kaikoura earthquake, on a like-for-like
basis, which is a positive result for the centre
• Work is progressing on rebuilding parts of Queensgate Shopping Centre
following its damage in the Kaikoura earthquake, while at the same time
there is also work being undertaken to seismically strengthen parts of the
centre
• A revised masterplan has been created for Chartwell Shopping Centre, with
the first asset management initiative underway
• Planning for the redevelopment of Johnsonville Shopping Centre (which is
owned 50:50 by SPL and Diversified) continues to progress
Countdown Greenlane, Auckland
(owned by Investore)
Mitre 10, Te Irirangi Drive, Botany, Auckland
(owned by Investore)
Queensgate Shopping Centre, Lower Hutt
(owned by Diversified)

Stride Property Group Interim Report for the six months ended 30 September 20181312Stride Property Group Interim Report for the six months ended 30 September 2018
Dear Shareholders,
The Board and Management of Stride are pleased to report to you
after a very busy and successful first half of the 2019 financial year.
The past six months have been characterised by considerable leasing
and development activity, which has contributed to the improved
net property valuations for SPL as at 30 September 2018.
Performance
The Board is pleased with the financial results for the first half of the
2019 financial year. Profit after tax to 30 September 2018 is $40.2 million,
up $6.9 million on the previous comparable period. This result reflects the
improved valuations of SPL’s property portfolio, with the portfolio having a
total value of $934.5 million
12
as at 30 September 2018, representing a net
valuation gain of $23.6 million from 31 March 2018. These improved valuations
have contributed to a 3.0% increase in net tangible assets per share to $1.88.
Distributable profit
13
before current tax at $21.9 million for the period is lower
by $2.6 million than the previous comparable period, largely due to the impact
of the divestment of three Bunnings properties to Investore in February 2018
and the development at Springs Road, East Tamaki, which commenced
this year. In addition, corporate overheads are higher than the previous
comparable period, due to some short term benefits in the previous period
resulting from some staff vacancies.
During the six months in review, SPL refinanced $200 million of its
$400 million banking facilities, and post refinancing SPL has no banking
facilities maturing until June 2021. As at 30 September 2018, the weighted
average tenor of SPL’s debt facilities is 3.3 years (2.2 years as at
31 March 2018), and the weighted average cost of debt is 4.7% (5.0% as
at 31 March 2018).
The Boards of SPL and SIML have approved a combined cash dividend of
2.4775 cents per share (cps) for the second quarter to 30 September 2018,
bringing total combined cash dividends for SPL and SIML for the first half
of the 2019 financial year to 4.955 cps. The Boards reconfirm guidance
for a combined annual cash dividend for SPL and SIML of 9.91 cps for the
2019 financial year.
Chairman’s & Chief Executive’s Report
14 See footnote 4 on page 6.
Places
The first six months of the 2019 financial year have been characterised by
considerable leasing activity, which has resulted in an improved lease expiry
profile as outlined on page 7, as well as contributing to the uplift in valuations
across the portfolio. In addition, this transactional activity has delivered
annualised Contract Rental
14
growth of 6.3% when compared to previous rentals.
Office: A number of leases have expired in office buildings across the
portfolio, and the majority of these have been successfully re-leased as at
30 September 2018, contributing to net valuation uplifts for these properties.
For example, Westpac formerly leased five levels of an 11 storey building
at Grey Street in Wellington. At the expiry of its lease, Westpac elected to
remain in occupation on one level, two further levels were re-leased prior to
31 March 2018, and the remaining two levels were re-leased during the period
in review. This leasing activity has contributed to a net valuation uplift for this
property of $3.3 million or 6.2% as at 30 September 2018.
As a result of the positive transactional activity in the office portfolio,
annualised Contract Rental
14
growth of 5.5% has been achieved in this
portfolio compared to previous rentals.
Industrial: There have been a number of new and renewed leases completed
in the industrial portfolio during the first half of the 2019 financial year which
have contributed positively to the overall industrial portfolio WALT (4.8 years
as at 30 September 2018 compared to 4.3 years as at 31 March 2018) and net
valuation increase for the industrial portfolio of 4.8%.
• The new development at 15 Rockridge Avenue, Auckland was fully leased
during April 2018, contributing to a net valuation uplift for this property of
$2.1 million (+9.6%) as at 30 September 2018.
• The tenant at 22-30 Airpark Drive, Auckland, renewed the lease of this
property for five years, contributing to a significant net valuation increase
for this property of $4.8 million (+21.4%) as at 30 September 2018.
12 See footnote 2 on page 4.
13 Distributable profit is a non-GAAP financial measure adopted by Stride to assist Stride and investors
in assessing Stride’s profit available for distribution. It is defined as net profit/(loss) before income tax,
adjusted for determined 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 net profit before income tax, is set out in note 4 to the consolidated interim
financial statements on page 32.

Stride Property Group Interim Report for the six months ended 30 September 20181514Stride Property Group Interim Report for the six months ended 30 September 2018
As a result of the leasing activity in the industrial portfolio during the half year
period, annualised Contract Rental
15
growth of 8.6% has been achieved in this
portfolio compared to previous rentals as at 31 March 2018.
15 Rockridge Avenue, Penrose, Auckland
Retail: Strong leasing activity has continued in the retail sector as well, with
renewals of 12 of 14 tenancies at the Silverdale Centre, Auckland, that were
due to expire in mid-October 2018, reflecting a total increase in rental of
10% on previous rentals (with rental negotiations still continuing with one of
the tenants that have confirmed renewal of its lease). We have continued to
see strong sales growth at both NorthWest Shopping Centre and Silverdale
Centre as at 30 September 2018, with comparable sales
16
up +11.5% and
+4.0%
17
respectively.
Developments: The SIML development team has been progressing a number
of developments during the six months in review, which are expected to add
value to the portfolio. Work has commenced on the development of a new
head office for Waste Management at Springs Road, Auckland, as well as
the expansion of the Rebel Sports and Briscoes premises at the Bay Central
Shopping Centre in Tauranga. These transactions are examples of the active
portfolio management undertaken by SIML.
Portfolio Activity: SPL continually reviews its portfolio to ensure its properties
meet its strategy of enduring demand and high returns. During the six month
period in review, SPL contracted to purchase a new industrial property at
439 Rosebank Road, Auckland for $8 million, with completion in July 2020 (at
the vendor’s request). SPL intends to undertake some alterations to this property
after settlement, which will further enhance the property's returns. Post interim
balance date, SPL has commenced a sale process for its Corinthian Drive
property in Auckland, which is leased to ASB.
People
It has been a very active start to the FY19 financial year, and this progress
reflects the excellent people that SIML has recruited, due to its strategy of
recruiting market leading talent and growing our credibility and reputation
in the market as an employer of choice. In recent months SIML announced
the appointment of two new executives: Steve Penney was appointed in
November 2018 to the role of General Manager Investment, and Fabio Pagano
was appointed in August 2018 to the newly-created role of Investore Fund
Manager, to help execute Investore’s strategic vision of growing the large
format retail property business. The appointment of a fund manager for the
Investore portfolio demonstrates SIML’s commitment to investing in our real
estate investment management business for the benefit of our managed
funds and our shareholders.
Products
Turning to the fourth of our strategic pillars, products, we are pleased to report
that there has been significant activity during the past six months for the SIML
managed entities of Investore and Diversified.
Capital management has been the focus for Investore over the last six months,
with SIML executing the Investore Board’s work programme, which included
the $100 million inaugural bond issue in April 2018, the commencement
in August 2018 of a 12 month share buyback programme for Investore to
purchase up to 5% of its ordinary shares, and the refinancing of $70 million
of bank facilities.
15 See footnote 4 on page 6.
16 Comparable sales includes sales from tenancies which have traded for the past 24 months and includes
commercial services categories.
17 Sales data is not collected for all tenants at Silverdale Centre. Some tenants are not obliged to provide
sales data under the terms of their lease.

16Stride Property Group Interim Report for the six months ended 30 September 2018
Activity within the Diversified property portfolio has included work on the rebuild
of part of Queensgate Shopping Centre following the Kaikoura earthquake, the
strategic tenant remix for the Remarkables Park Town Centre in Queenstown,
and completion of a refreshed masterplan for the Chartwell Shopping Centre
in Hamilton. The first asset management initiative related to the Chartwell
masterplan is underway, which is expected to add value to this asset once
completed. Planning for the redevelopment of the Johnsonville Shopping
Centre (which is owned 50:50 by SPL and Diversified) remains ongoing. On the
capital management side, SIML also arranged the refinancing of $220 million of
Diversified bank funding in the period in review.
Strategy
Stride’s strategy is to establish a group of commercial property funds to provide
the opportunity for further growth in our investment management business,
using SIML’s investment expertise and, where required, SPL’s balance sheet to
acquire properties that will ultimately be used to establish these new focused
funds. We expect that SPL will co-invest in any new fund, which will drive
alignment of interest between Stride and investors. This type of growth is
indicative of the investment management model we see for Stride, where, as
we establish further products, Stride will incrementally benefit as each of our
products performs and grows.
We look forward to reporting to you at the end of the financial year.
Philip Littlewood
Chief Executive
Tim Storey
Chairman

Stride Property Group Interim Report for the six months ended 30 September 20181918
Consolidated Interim
Financial Statements

Stride Property Group Interim Report for the six months ended 30 September 20182120Stride Property Group Interim Report for the six months ended 30 September 2018
21 Consolidated Statement of Comprehensive Income
22 Consolidated Statement of Changes in Equity
23 Consolidated Statement of Financial Position
24 Consolidated Statement of Cash Flows
25 Notes to the Consolidated Interim Financial Statements
44 Independent Review Report
Contents
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2018
Notes
Unaudited
6 Months
30 Sep 18
$000
Unaudited
6 Months
30 Sep 17
$000
Gross rental income37,85540,191
Direct property operating expenses(9,911)(10,662)
Net rental income327,94429,529
Management fee income7,2767,697
Less corporate expenses
Corporate overhead expenses
(7,800)(6,805)
Administration expenses(1,591)(1,474)
Total corporate expenses(9,391)(8,279)
Profit before net finance expense, other income/(expense)
and income tax
25,82928,947
Finance income158200
Finance expense(7,299)(8,424)
Finance expense – swap break expense(703)–
Net finance expense(7,844)(8,224)
Profit before other income/(expense) and income tax 17,98520,723
Other income/(expense)
Net change in fair value of investment properties
6,723,60114,422
Gain on disposal of investment properties6344–
Share of profit in associates2,1902,477
Loss on disposal of other investments(35)–
Other (expense)/income – insurance recoveries(19)1,219
Profit before income tax44,06638,841
Income tax expense9(3,844)(5,552)
Profit attributable to shareholders40,22233,289
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Deferred tax on share based payment expense
10–
Gross movement in cash flow hedges 10(1,383)(506)
Tax arising from cash flow hedges387142
Changes in cash flow hedge reserve in associates(211)(284)
Total other comprehensive income after tax(1,197)(648)
Total comprehensive income after tax attributable to
shareholders
39,02532,641
Stride Property Limited (SPL) total comprehensive income after
tax attributable to shareholders
36,90629,540
Stride Investment Management Limited (SIML) total
comprehensive income after tax attributable to shareholders
2,1193,101
Total comprehensive income after tax attributable
to shareholders
39,02532,641
Earnings per share 12
Basic earnings per share (cents)11.019.12
Diluted earnings per share (cents)11.009.12
The attached notes form part of and are to be read in conjunction with these financial statements.

Stride Property Group Interim Report for the six months ended 30 September 20182322Stride Property Group Interim Report for the six months ended 30 September 2018
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2018
Share
capital
$000
Retained
earnings
$000
Other
reserves
$000
Total
$000
Balance 31 Mar 18 (Audited)500,205171,438(4,495)667,148
Transactions with shareholders:
Dividends paid
–(18,073)–(18,073)
Transfer to share capital on vesting of employee
long term incentive plan
442–(442)–
Share based payment expense––201201
Total transactions with shareholders442(18,073)(241)(17,872)
Other comprehensive income:
Deferred tax on share based payment expense
––1010
Movement in cash flow hedges, net of tax––(996)(996)
Change in cash flow reserve in associates––(211)(211)
Total other comprehensive income––(1,197)(1,197)
Profit after income tax–40,222–40,222
Total comprehensive income–40,222(1,197)39,025
Balance 30 Sep 18 (Unaudited)500,647193,587(5,933)688,301
Balance 31 Mar 17 (Audited)499,974112,172(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 shareholders231(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)32,641
Balance 30 Sep 17 (Unaudited)
500,205127,577(4,962)622,820
The attached notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Financial Position
As at 30 September 2018
Notes
Unaudited
30 Sep 18
$000
Audited
31 Mar 18
$000
Current assets
Cash and cash equivalents
6,42110,006
Trade and other receivables1,5301,886
Prepayments 1,569212
Other current assets147196
Current tax426–
Inventory – development property 836,30236,277
46,39548,577
Non-current assets
Investment properties6
892,360865,960
Other non-current assets6400–
Work in progress76,8891,912
Other investments89,31789,978
Loan to associate3,3973,397
Intangible asset1,5351,097
Property, plant and equipment747824
994,645963,168
Total assets1,041,0401,011,745
Current liabilities
Trade and other payables
13,80114,450
Current tax– 1,144
Derivative financial instruments106594,616
14,46020,210
Non-current liabilities
Bank borrowings11
318,038307,365
Deferred tax liability14,70913,427
Derivative financial instruments105,5323,595
338,279324,387
Total liabilities352,739344,597
Net assets688,301667,148
Share capital500,647500,205
Retained earnings193,587171,438
Reserves(5,933)(4,495)
Equity688,301667,148
SPL equity686,853665,316
SIML equity (non-controlling interest)1,4481,832
Equity688,301667,148
Tim Storey
Chairman
John Harvey
Chair of the Audit and Risk Committee
For and on behalf of the Board of Directors of SPL and SIML, dated 22 November 2018:
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 2018
Stride Property Group Interim Report for the six months ended 30 September 20182524Stride Property Group Interim Report for the six months ended 30 September 2018
Consolidated Statement of Cash Flows
For the six months ended 30 September 2018
Notes
Unaudited
6 Months
30 Sep 18
$000
Unaudited
6 Months
30 Sep 17
$000
Cash flows from operating activities
Gross rent received
39,93240,657
Management fee income7,5428,073
Interest received158125
Other income received – insurance recoveries325398
Dividends received3–
Interest paid(7,199)(8,582)
Operating expenses(22,212)(19,997)
Goods and services tax207151
Income tax paid(3,740)(5,758)
Net cash provided by operating activities515,01615,067
Cash flows from investing activities
Dividend income from investments
2,1472,209
Capital expenditure on investment properties(8,998)(7,346)
Inventory – development property expenditure(40)(1,092)
Property, plant and equipment purchased(39)(143)
Intangible asset expenditure(599)(527)
Proceeds from disposal of investments459–
Net cash applied to investing activities(7,070)(6,899)
Cash flows from financing activities
Drawdown on bank borrowings
10,9009,100
Refinancing of bank borrowings(300)–
Swap break expense paid (4,058)–
Dividends paid (18,073)(17,884)
Net cash applied to financing activities(11,531)(8,784)
Net decrease in cash and cash equivalents held(3,585)(616)
Opening cash and cash equivalents 10,0065,961
Closing cash and cash equivalents6,4215,345
The attached notes form part of and are to be read in conjunction with these financial statements.
Note 1: Accounting Policies
Reporting Entity
The unaudited consolidated interim financial statements (financial statements) presented are those of Stride
Property Limited (SPL) and Stride Investment Management Limited (SIML), each of SPL and SIML being a
“Stapled Entity”, and together the Stride Property Group (Stride). 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, SPL has been identified as the parent for the purposes of preparing the consolidated
financial statements.
Shares of SPL and SIML are stapled and quoted on the Main Board equity securities market of NZX under the
ticker code SPG.
The financial statements were approved for issue by the Board of Directors of SPL (SPL Board) and the Board
of Directors of SIML (SIML Board), together the “Boards”, on 22 November 2018.
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 (NZ IAS 34) Interim Financial
Reporting and International Accounting Standard 34 (IAS 34) Interim 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 2018 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.
The financial statements include additional comparative information beyond that required under NZ IAS 34 and
IAS 34 and has been provided for information purposes for the shareholders.
New standards, amendments and interpretations
At the date of approval of the financial statements, the following relevant standard was in issue but not yet
effective and has not been early adopted by Stride.
NZ IFRS 16 Leases replaces the current guidance in NZ IAS 17 Leases and requires a lessee to recognise a
lease liability reflecting future lease payments and a “right-of-use” asset for most lease contracts.
Given that SPL is the lessor for the majority of its leases, NZ IFRS 16 is not expected to have significant
impact on how SPL currently accounts for its leases. However, SPL has four ground leases on investment
properties and therefore SPL may recognise a right of use asset and lease liabilities in accordance with the
new leasing standard.
The standard is effective for accounting periods beginning on or after 1 January 2019. SPL intends to
adopt NZ IFRS 16 effective from 1 April 2019.
Significant accounting policies, estimates and judgements
Except as described below, the same accounting policies and methods of computation are followed in the
financial statements as compared with the most recent annual financial statements.
Stride has adopted NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from contracts with customers
from 1 April 2018.

Notes to the Consolidated Interim Financial Statements (continued)
For the six months ended 30 September 2018
Notes to the Consolidated Interim Financial Statements (continued)
For the six months ended 30 September 2018
Stride Property Group Interim Report for the six months ended 30 September 20182726Stride Property Group Interim Report for the six months ended 30 September 2018
Note 1: Accounting Policies (continued)
NZ IFRS 9 Financial Instruments
Stride has applied NZ IFRS 9 retrospectively, but has elected not to restate comparative information. The
implementation of NZ IFRS 9 has resulted in some changes in accounting policies.
Classification and measurement
From 1 April 2018, Stride classifies its financial assets and financial liabilities in the following measurement
categories:
– those to be measured subsequently at fair value (either through other comprehensive income, or through
profit or loss), and
– those to be measured at amortised cost.
The classification of financial instruments has not resulted in any reclassification between measurement
categories for Stride’s financial assets and liabilities. Derivative financial instruments that are in cash flow
hedge relationships remain measured at fair value through other comprehensive income, and other financial
instruments (including cash and cash equivalents, trade and other receivables, the NZX bond, trade payables
and bank borrowings) are measured at amortised cost.
Impairment
Under NZ IFRS 9, on initial recognition of a financial asset, Stride assesses on a forward-looking basis, the
expected credit loss associated with its financial assets carried at amortised cost. At each reporting date, the
credit risk on a financial asset, apart from trade receivables, is assessed to determine whether there has been
a significant increase in the credit risk. In assessing whether there has been a significant increase in credit
risk, Stride considers both forward looking information and the financial history of counterparties to assess
the probability of default or likelihood that full settlement is not received. For trade receivables, the simplified
approach to measuring expected credit loss is adopted, which uses a lifetime expected loss allowance.
Based on an assessment carried out, the impairment loss on financial assets was immaterial. As a result, there
have been no measurement changes required to these financial statements by NZ IFRS 9.
Hedging
Interest rate swaps in place as at 30 September 2018 qualify as cash flow hedges under NZ IFRS 9. Stride’s
risk management strategies and hedge documentation are aligned with the requirements of NZ IFRS 9 and are
therefore treated as continuing hedges.
NZ IFRS 15
Revenue from contracts with customers
The majority of the revenues of SPL are derived from rental income from lease agreements with tenants of the
investment properties. Accounting for lease income is out of scope of NZ IFRS 15 Revenue from contracts with
customers. However, certain non-rental income streams, such as recovery of property operating expenses, are
within the scope of NZ IFRS 15. SIML’s revenue is derived from management fees, which along with recovery of
employee costs, are within the scope of NZ IFRS 15.
Process and policy
Accounting policies have been amended to include the five-step method, as defined in NZ IFRS 15, and are
applied consistently to revenue recognition processes across Stride.
The five-step method for recognising revenue from contracts with customers involves consideration of the
following:
– Identifying the contract with the customer
– Identifying performance obligations
– Determining the transaction price
– Allocating the transaction price to distinct performance obligations
– Recognising revenue when performance obligations are satisfied, this may be a point in time or over time.
Note 1: Accounting Policies (continued)
NZ IFRS 15 Revenue from contracts with customers (continued)
Classification and measurement
The implementation of NZ IFRS 15 has required a change in the presentation of service charges and the recovery
of employee costs in the consolidated statement of comprehensive income. Previously, Stride presented the
income generated from service charges recovered from tenants as a direct offset against property operating
expenses and income generated from the recovery of employee costs from its managed entities as an offset
to corporate overhead expenses. In implementing NZ IFRS 15, these components have been separated out
between income and expense as income falls under the scope of NZ IFRS 15 and cannot be netted off against
related expenses. As a result, the 30 September 2017 comparatives have been restated as follows:
Unaudited
6 Months
30 Sep 17
$000
Consolidated statement of comprehensive income extract
Gross rental incomeIncreased
7,113
Direct property operating expensesIncreased(6,274)
Net rental income839
Management fee incomeIncreased1,239
Less corporate expenses
Corporate overhead expensesIncreased
(2,078)
Administration expenses–
Total corporate expenses(2,078)
Profit before net finance expense, other income and income tax–
Consolidated statement of cashflows extract
Cash flows from operating activities
Gross rent receivedIncreased
7,113
Management fee incomeIncreased1,239
Direct property operating expensesIncreased(8,352)
The revenue recognition and measurement of management fees, service charge income and recovery of
employee costs under NZ IFRS 15 is the same as the previous standard NZ IAS 18 Revenue, where the
revenue is recognised in the period the service is rendered.
Significant events and transactions
The financial position and performance of Stride was affected by the following events and transactions that
occurred during the reporting period:
Revaluation of investment properties
Seventeen investment properties were subject to a desktop review or independent valuation due to the
significant capital expenditure works undertaken, contractual rental variance or which were considered to have
asset specific factors to which the market was responding differently in the current period. The review of the
portfolio resulted in a net change in fair value of investment properties of $23,601,133.

Notes to the Consolidated Interim Financial Statements (continued)
For the six months ended 30 September 2018
Notes to the Consolidated Interim Financial Statements (continued)
For the six months ended 30 September 2018
Stride Property Group Interim Report for the six months ended 30 September 20183736Stride Property Group Interim Report for the six months ended 30 September 2018
Note 6: Investment Properties (continued)
Valuation basis
All investment properties were valued by independent valuers as at 31 March 2018. The SPL Board has
reviewed the fair value of the investment properties as at 30 September 2018 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 seventeen
investment properties, which were subject to a desktop review or independent valuation due to the significant
capital expenditure works undertaken, contractual rental variance or which were considered to have asset
specific factors to which the market was responding differently in the current period:
ValuationValuer
Unaudited
30 Sep 18
$000
Audited
31 Mar 18
$000
33 Corinthian Drive, AucklandDesktop reviewBayleys48,25047,350
7 - 9 Fanshawe Street, AucklandIndependent valuationColliers10,0009,800
80 Greys Avenue, AucklandIndependent valuationCBRE19,60019,700
21 - 25 Teed Street, AucklandIndependent valuationColliers22,60021,700
33 Customhouse Quay, WellingtonIndependent valuationCBRE34,90033,900
1 Grey Street, WellingtonIndependent valuationColliers Wellington56,50052,750
22 The Terrace, WellingtonIndependent valuationColliers Wellington19,45017,250
30 Airpark Drive, AucklandIndependent valuationColliers27,40022,600
25 O’Rorke Road, AucklandIndependent valuationColliers65,45064,000
34 Airpark Drive, AucklandIndependent valuationColliers8,1507,200
15 Rockridge Avenue, AucklandIndependent valuationColliers24,00021,500
Cnr Mt Wellington Highway &
Penrose Road, AucklandIndependent valuationColliers
35,60036,300
61 Silverdale Street, AucklandIndependent valuationCBRE99,70098,400
65 Chapel Street, TaurangaIndependent valuationCBRE45,00041,500
NorthWest Shopping Centre,
AucklandDesktop reviewJLL
176,000176,000
2 Carr Road, Auckland Desktop reviewJLL44,00042,750
11 Springs Road, AucklandIndependent valuationColliers23,60021,100
The above investment properties were valued either by Bayleys Valuations Limited (Bayleys), CIVAS Limited
(Colliers), Colliers International (Wellington Valuation) Limited (Colliers Wellington), Jones Lang LaSalle
Limited (JLL) or CBRE Limited (CBRE) as indicated. The valuations and desktop reviews are dated effective
30 September 2018.
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 99.20% at balance date);
– average lease term (weighted average lease term (WALT) at balance date is 5.35 years);
– discount rates (ranged from 6.38% to 9.75%), and
– capital expenditure works of $7,640,069 including a movement in the work in progress value of $4,129,326
relating to the 11 Springs Road, Auckland, development.
Capitalisation rates ranged from 5.00% to 10.25% for the investment properties valued.
Note 7: Work in Progress
Work in progress is investment property which is being developed by SPL for rental purposes.
Unaudited
30 Sep 18
$000
Audited
31 Mar 18
$000
11 Springs Road, Auckland5,8001,047
Johnsonville Shopping Centre, Wellington1,089865
Total work in progress6,8891,912
As at 30 September 2018, the development at 11 Springs Road, Auckland, was fair valued, with a resulting
$623,599 movement recorded in the consolidated statement of comprehensive income as a component of net
change in fair value of investment properties. The redevelopment project with Waste Management has a target
completion in the second half of the 2019 calendar year. 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.
Work in progress costs for Johnsonville Shopping Centre, Wellington, have been incurred in relation to the
development of the shopping centre.
Note 8: Inventory – Development Property
SPL’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
30 Sep 18
$000
Audited
31 Mar 18
$000
NorthWest Two, Auckland36,30236,277
The NorthWest Two development was undertaken further to a conditional right in SPL’s original agreement to
acquire the NorthWest Shopping Centre land from Westgate Town Centre Limited (WTCL) in 2013. Under that
agreement:
– WTCL can acquire the development from SPL within three years of the ground lease’s effective date, being
19 December 2014, at a price equal to 115% of SPL’s total development cost, including holding costs.
– If WTCL does not acquire the development within the three year period, SPL can obtain freehold title to the
land for $1.
SPL has agreed to defer the expiry date of WTCL’s three year option to acquire SPL’s NorthWest Two
development. The option was due to expire on 19 December 2017 but has been extended pending the
outcome of discussions between SPL and WTCL.

Stride Property Group Interim Report for the six months ended 30 September 20184544Stride Property Group Interim Report for the six months ended 30 September 2018
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 (SPL) and Stride Investment Management Limited (SIML) (together “Stride”) on
pages 19 to 43, which comprise the consolidated statement of financial position as at 30 September 2018, 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 SPL and SIML respectively are responsible on behalf of Stride for the preparation and presentation
of these consolidated interim financial statements in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) and for such internal control as the Directors determine is necessary to enable the preparation
of consolidated interim 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 IAS 34
and NZ IAS 34. As the auditors of Stride, NZ SRE 2410 requires that we comply with the ethical requirements relevant
to the audit of the annual financial statements.
A review of consolidated interim 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) and International Standards on Auditing. Accordingly, we do
not express an audit opinion on these consolidated interim financial statements.
Our firm carries out other assurance services for Stride over tenancy marketing and operating expenses and
performing agreed procedures in respect of proxy voting at the 2018 Annual Shareholder Meetings. The provision of
these other services has not impaired our independence as auditor of Stride.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these consolidated interim
financial statements of Stride are not prepared, in all material respects, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the shareholders of SPL 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 Stride
and the shareholders of SPL and SIML, as a body, for our review procedures, for this report, or for the conclusion we
have formed.
For and on behalf of:
Chartered Accountants, Auckland
22 November 2018
The practical impacts of a shareholder holding a stapled security include that:
• The shareholder is a shareholder of both SPL and SIML;
• In order to sell a SPL share or a SIML share, the corresponding SIML share or SPL share, as applicable, also
needs to be sold to the same purchaser;
• Market disclosures via NZX may be made in respect of the Stride group as a whole, but each of SPL and
SIML will continue to be obliged to make announcements under the NZX 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 SPL share and/or a SIML share on the NZX will be the quoted price for the
stapled security;
• The materiality of “Material Information” for continuous disclosure purposes under the 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 SPL and SIML. Any disclosure of “Material Information” made by Stride will
explain whether the information is material to SPL and/or SIML;
• New stapled security issues will result in equal numbers of SPL shares and SIML shares being issued;
• Shareholders are entitled to attend, or vote by proxy, at separate meetings of shareholders of each of SPL
and SIML. For some transactions involving both Stride companies (for example, an issuance of stapled
securities being made with shareholder approval under the 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 SPL and SIML; and
• Distributions will be received, to the extent declared, from each of SPL and SIML.
Implications of Investing in Stapled Securities

46Stride Property Group Interim Report for the six months ended 30 September 2018Stride Property Group Interim Report for the six months ended 30 September 2018
Board of Directors
Tim Storey (Chairman)
John Harvey
Philip Ling
David van Schaardenburg
Michelle Tierney
Michael Stiassny retired on 30 August 2018
Registered Office
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320, Wellesley Street
Auckland 1141, New Zealand
P +64 9 912 2690
W strideproperty.co.nz
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
Auditor
PricewaterhouseCoopers
PricewaterhouseCoopers Tower
188 Quay Street
Private Bag 92162
Auckland 1142
Legal Adviser
Bell Gully
Level 21, Vero Centre
48 Shortland Street
PO Box 4199
Auckland 1140
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
Westpac New Zealand Limited
Corporate Directory

Stride Property Group Interim Report for the six months ended 30 September 2018
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

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Stride Property Group (NS)
Interim Results
For the six months ended
30 September 2018

2
Agenda and Contents
Page
Welcome
Philip Littlewood – Chief Executive Officer
Highlights3
Financial Performance
10
Jennifer Whooley – Chief Financial Officer
Capital Management
15
Portfolio Overview
18
Philip Littlewood – Chief Executive Officer
Conclusion
23
Appendices
25
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Highlights

Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018
Financial Performance
•Net rental income of $27.9m ($29.5m), lower primarily due to the
divestment of three Bunnings operated properties to Investore Property
Limited (Investore) and the development at Springs Road, Auckland
•Profit before income tax of $44.1m ($38.8m), up $5.2m or 13.5%
•Profit after income tax of $40.2m ($33.3m), up $6.9m or 20.8%
•Distributable profit
1
after current income tax of $19.6m or 5.37cps ($19.7m
or 5.41cps), down $0.1m or 0.7%
•Net Tangible Assets (NTA) per share $1.88 (excludes value of
management contracts), up 3.0% from $1.82 as at 31 March 2018
•Loan to Value Ratio (LVR) of 34.2%remains consistent with 31 March
2018, and below 30 September 2017 LVR of 38.8%
•Targeting a combined 9.91cps cash dividend for Stride Property Group
(Stride) for FY19
Profit after income tax
$40.2m, up $6.9m
NTA per share
$1.88
up 3.0% from 31 March 2018
LVR at
34.2%
(HY18 figures in brackets)
1.Distributable profit is a non-GAAP financial measure adopted by Stride Property Group (Stride) to assist Stride and investors inassessing Stride’s profit available for distribution. It is defined as net profit/(loss)
before income tax, adjusted for determined 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 net profit before income tax, is set out in note 4 to the consolidated interimfinancial statements for the six months ended 30 September 2018.
Values above are calculated based on the numbers in the financial statements for each respective financial period and may notsu m due to rounding.
4

Portfolio – Stride Property Limited (SPL)
•Occupancy at 98.9% (96.7%), up 2.2%
•Weighted average lease term (WALT) maintained at 5.1 years (5.1 years)
•Significantly improved lease expiry profile
2
for the next two years –reducing
from 18.7% at 31 March 2018 to 12.2% at 30 September 2018
•Total leasing transactions, including rent reviews, renewals and new lettings
completed across 21% of the portfolio resulted in a total annualised rental
increase of 6.3%
−Market reviews comprised 10% of the total annualised rental and
resulted in an increase of 11.5%
•Comparable sales
3
for the year ended 30 September 2018 at NorthWest
Shopping Centre and Silverdale Centre – up 11.5% and 4.0%
4
respectively
from the prior year
•Property portfolio valuation of $934.5m
5
as at 30 September 2018
($902.2m), representing a net valuation gain of $23.6m or 2.7%
(As at 31 March 2018 figures in brackets)
2.Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theentire portfolio as at 30 September 2018, as a percentage of Contract Rental
as defined in footnote 17 on page 19.
3.Comparable sales include sales from tenancies which have traded for the past 24 months and includes commercial services categories.
4.Sales data is not collected for all tenants at Silverdale Centre. Some tenants are not obliged to provide sales data under the terms of their lease.
5.Includes NorthWest Two, Auckland, which is classified as inventory in the consolidated interim financial statements. The 30 September 2018 amount also includes the work in progress cost for the
development at Springs Road, Auckland. Refer notes 7 and 8 to the consolidated interim financial statements on page 37.
Higher occupancy
98.9%, up 2.2%
WALT maintained at
5.1 years
Net investment property
valuation gain
+2.7%
5
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Developments, Acquisitions and Divestments -SPL
•11 Springs Road, Auckland – construction of a new head office for Waste
Management, with practical completion expected late calendar year 2019
•$4.7m expansion for Rebel Sports and Briscoes premises at Bay Central
Shopping Centre, Tauranga, with associated new 10 year leases
•Post balance date – $6m upgrade of Bunnings premises at Carr Road,
Auckland, in early stages of development
•Unconditional contract signed to purchase 439 Rosebank Road, Auckland,
for $8m, with completion expected in July 2020
•Post balance date – commenced sale process for ASB, Corinthian Drive,
Auckland
Waste Management
development completion
expected late 2019
Rebel Sports and Briscoes
new 10 year leases
Commenced sale process
(post balance date) for ASB,
Corinthian Drive, Auckland
6
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Our values
Board Refresh - Stride
•To be continued over the next 24 months
•Appointment of two new directors expected prior to FY19 Annual
Shareholder Meetings
New Executives Appointed – Stride Investment
Management Limited (SIML) executive team now
complete
Discipline
driven
Fresh
thinkers
Nimble
performers
People
centred
Fabio Pagano
Investore Fund Manager
(newly created role, appointed
August 2018)
Steve Penney
General Manager Investment
(appointed November 2018)
7
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Investore
• $100m bond issue completed April 2018
• Share buyback programme commenced August 2018, 1.47m shares
acquired to date
• Eight Countdown stores refurbished during previous eighteen months
• Mitre 10 Botany expansion expected to be completed by the end of the
2018 calendar year
• 10.0% increase in share price over the six months ending 30 September
2018
Diversified NZ Property Trust (Diversified)
• Comparable sales at Queensgate Shopping Centre recently returned to
pre-November 2016 Kaikoura earthquake levels
• Development activities increasing, including:
−Queensgate Shopping Centre rebuild ongoing, as well as
seismic strengthening
−Revised masterplan for Chartwell Shopping Centre completed
−Johnsonville Shopping Centre redevelopment planning
progressing
Investore bond
$100m, April 2018
Investore share buyback
1.47m shares
acquired to date
Total Assets Under
Management
$2.2b
(including SPL)
8
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Portfolio Valuation:
Owned and Managed Properties
Value of
Investment
Properties
6
Number of
Investment
Properties
SPL Investment
in Managed
Entities
$934m
7
26
8
–
$740m40
19.9%
$538m4
8
2%
Total
$2,212m69–
6.SPL and Investore valuations are as at 30 September 2018. Diversified’s valuations are as at 31 March 2018.
7.Refer footnote 5 on page 5.
8.Includes Johnsonville Shopping Centre, Wellington, which is owned 50/50 by SPL and Diversified.
9
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Financial
Performance

Unaudited
30 Sep 2018
$m
Unaudited
30 Sep 2017
$m
Change
$m%
Net rental income
27.929.5(1.6)(5.4)
Management fee income7.37.7(0.4)(5.5)
Corporate expenses (9.4)(8.3)(1.1)(13.4)
Profit before net finance expense, other income and income tax25.828.9(3.1)(10.8)
Net finance expense(7.8)(8.2)+0.4+4.6
Profit before other income and income tax (refer Appendix 1)
18.0
20.7(2.7)(13.2)
Other income
9
26.118.1+8.0+44.0
Profit before income tax
44.1
38.8+5.2+13.5
Income tax expense(3.8)(5.6)+1.7+30.8
Profit after income tax attributable to shareholders
40.233.3
+6.9+20.8
Financial Performance
Stride Property Group - Consolidated
Values in the table above are calculated based on the numbers in the financial statements for each respective financial period and may not sum accurately due to rounding.
9.Other income includes net change in fair value of investment properties of $23.6m for 30 September 2018 and $14.4m for 30 September 2017.
11
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Unaudited
30 Sep 2018
$m
Unaudited
30 Sep 2017
$m
Change
$m%
Profit before income tax
44.138.8+5.2+13.5
Non-recurring and non-cash adjustments:
- Net change in fair value of investment properties(23.6)(14.4)(9.2)(63.6)
- Gain on disposal of investment properties(0.3)-(0.3)(100.0)
- Share of profit in associates(2.2)(2.5)+0.3+11.6
- Dividend income from associates2.12.2(0.1)(2.8)
- Net rent free incentives0.2(0.2)+0.4+214.5
- Net lease contribution incentives0.10.2(0.1)(61.9)
- Spreading of fixed rental income amortisation(0.2)-(0.2)(4,800.0)
- Share based payment expense0.20.2-(2.0)
- Depreciation expense0.10.1-(18.4)
- Intangible asset amortisation0.1-+0.1+100.0
- Finance expense – swap break expense0.7-+0.7+100.0
- Refinancing cost amortisation0.10.1-+9.6
- Development fee income 0.30.3-+12.7
- Other income –insurance recoveries0.1(0.5)+0.6+125.9
Distributable profit
10
before current income tax21.924.5(2.6)(10.7)
Current tax expense(2.3)(4.7)+2.5+52.2
Distributable profit after current income tax
19.6
19.7(0.1)(0.7)
Basic distributable profit after current income tax per share -weighted
5.37cps
5.41cps
Weighted average number of shares (million)
365.2
364.9
Distributable Profit
Stride Property Group - Consolidated
Values in the table above are calculated based on the numbers in the financial statements for each respective financial period and may not sum accurately due to rounding.
10.Refer footnote 1 on page 4.
12
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Unaudited
30 Sep 2018
$m
Unaudited
30 Sep 2017
$m
Change
$m%
Distributable profit after current income tax19.619.7(0.1)(0.7)
Adjustments to funds from operations:
- Maintenance capital expenditure
(3.1)
(2.7)(0.5)(17.4)
Adjusted Funds From Operations (AFFO)16.517.1(0.6)(3.5)
AFFO basic distributable profit after current income tax per share –
weighted
4.52cps
4.68cps
AFFO Distributable Profit
Stride Property Group - Consolidated
Values in the table above are calculated based on the numbers in the financial statements for each respective financial period and may not sum accurately due to rounding.
13
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Financial Summary
Stride Property Group - Consolidated
Unaudited
30 Sep 18
Audited
31 Mar 18
Unaudited
30 Sep 17
Portfolio valuation
11
($m)
934.5902.2918.7
Bank debt drawn ($m)318.6307.7356.6
Bank loan to value ratio
12
(LVR)34.2%34.1%38.8%
Equity ($m)688.3667.1622.8
Shares on issue (million)365.3365.0365.0
NTA per share (refer Appendix 2)$1.88$1.82$1.70
Adjusted NTA per share
13
$1.89$1.84$1.72
11.Refer footnote 7 on page 9.
12.As required by SPL’s bank facility agreement, the Loan to Value Ratio (LVR) of 34.2% is calculated using the most recent fullindependent valuations. Three properties were subject to desktop reviews and 14
were subject to full valuations as at 30 September 2018, and the resulting movement in property values has been recognised inthe financial statements. Consequently, there is a difference between the total
investment property valuation used in the LVR calculation ($932.3m) and the total portfolio valuation stated in the consolidatedstatement of financial position ($934.5m per above). Please refer to note 6 to the
consolidated interim financial statements for further detail of the independent valuations and desktop reviews.
13.Excludes the after tax fair value of interest rate derivatives.
14
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Capital Management

Capital Management –Debt Facilities
Stride Property Limited
Debt facilities
As at
30 Sep 2018
As at
31 Mar 2018
Banking facility limit
(ANZ, BNZ, CBA, Westpac)
$400m$400m
Debt facilities drawn$319m$308m
Weighted maturity of debt facilities3.3 years2.2 years
Debt covenants
Loan to Value Ratio
14
(Drawn Debt / Property Values)
Covenant: ≤ 50%
34.2%34.1%
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
3.0x3.1x
Weighted Average Lease Term
15
Covenant: > 3.0 years
5.0 years5.1 years
Highlights
•$81m of banking facility headroom available
•Drawn facilities increased by $11m, largely relating to the Waste
Management development at 11 Springs Road, Auckland
•$200m bank facility refinanced, increasing average tenor of debt
facilities to 3.3 years
•Next debt facility maturing is $200m in June 2021 (FY22)
-
$200m $200m
-
$40m
$80m
$120m
$160m
$200m
$240m
Debt maturity profile
14.Refer footnote 12 on page 14.
15.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted by theincome applicable to each lease and a current market rental with nil
term for vacant space.
16
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Capital Management –Cost of Debt
Stride Property Limited
Cost of debt
As at
30 Sep2018
As at
31 Mar 2018
Weighted average cost of debt
(incl. margins & line fees)
4.66%5.04%
Weighted average interest rate
on current swaps (excl. margins
& line fees)
3.22%3.84%
Weighted average hedging
duration (incl. forward starting
swaps)
3.6 years2.7 years
% of drawn debt hedged80%83%
Key transactions
•$100m swaps terminated in April 2018, with average 2.8 years
duration and an average rate of 4.1%, for a cost of $4.0m
•New $120m swaps entered into with average 5.2 years duration
and an average rate of 2.8%
•$20m of swaps at 4.25% matured in May 2018
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
-
$50m
$100m
$150m
$200m
$250m
$300m
30-Sep-1830-Sep-1930-Sep-2030-Sep-2130-Sep-2230-Sep-23
Hedging profile
Notional value of active swaps
Weighted average interest rate on active swaps (excl. margin and
line fees)
17
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Portfolio Overview

Portfolio Overview
Stride Property Limited
Overview
As at
30 Sep 18
As at
31 Mar 18
As at
30 Sep 17
Properties (no.)262629
Tenants (no.)377379382
Net Lettable Area (sqm)252,038251,953304,850
WALT (years)5.15.14.9
Occupancy Rate (% by area)98.996.798.2
Portfolio Valuation
18
($m)934.5902.2918.7
16.Refer footnote 2 on page 5.
17.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 the relevant date, annualised for the 12 month period on
the basis of the occupancy level for the relevant property as at the relevant date, and assuming no default by the tenant.
18.Refer footnote 7 on page 9.
Lease Expiry Profile
16
by Contract Rental
17
19
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Major Lease Transactions Completed
Stride Property Limited
19.Rental still subject to review.
20.Subject to completion of landlord works.
21.Tenant’s lease included a break option at year 6, which was not exercised.
TenantProperty
Lease
Commencement
Net Lettable
Area
(sqm)
Term
(years)
Transaction
Type
DHL Supply (NZ)
19
30 Airpark Drive, AucklandDecember 201913,7335Renewal
Briscoes
20
65 Chapel Street, TaurangaAugust 20192,93010New letting
Rebel Sport
20
65 Chapel Street, TaurangaAugust 20191,96210New letting
Figured7-9 Fanshawe Street, AucklandAugust 20186676New letting
Nokia (New Zealand)1 Grey Street, WellingtonAugust 20181,5863New letting
Bascik Transport15 Rockridge Avenue, AucklandJuly 20183,5805New letting
New Zealand Healthcare15 Rockridge Avenue, AucklandMay 20181,9806New letting
Coffey Services (NZ)25 Teed Street, AucklandJuly 20189016New letting
AA Insurance
21
25 O’Rorke Road, AucklandOctober 20191,7023Renewal
Capital S.M.A.R.T Repairs NZ
20
25 O’Rorke Road, AucklandNovember 20201,83310Renewal
SIML completed 82 lease transactions for SPL during the six months to 30 September 2018:
•43 rent renewals over 44,793sqm for a total annual rental of $9.0m;
•20 lease renewals over 20,897sqm for a total annual rental of $3.2m; and
•19 new lettings completed over 15,424sqm for a total annual rental of $3.5m
20
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Remaining Lease Expiries FY19 & FY20
Stride Property Limited
FY20
TenantProperty
Net Lettable
Area (sqm)
% of Contract
Rental
22
DDB New Zealand80 Greys Avenue, Auckland3,6531.75
VariousJohnsonville Shopping Centre (50%), Wellington1,9361.03
Davanti Consulting33 Customhouse Quay, Wellington5100.38
WNZ Wellington (Wagamama)33 Customhouse Quay, Wellington3200.36
Balance7,1974.28
Total13,6167.80
22.Refer footnote 17 on page 19.
•As at 30 September 2018, 4.36% of Contract Rental expiries remain in FY19 (8.68% as at 31 March 2018)
•Post interim balance date, an Agreement to Lease has been executed with Elite Fitness Equipment for the DHL space at
460 Rosebank Road, Auckland. North Beach at Silverdale Centre has also confirmed its renewal. These transactions reduce the
lease expiry profile to 3.70% for FY19
•As at 30 September 2018, 7.80% of Contract Rental expiries remain in FY20 (10.05% as at 31 March 2018)
21
FY19
TenantProperty
Net Lettable
Area (sqm)
% of Contract
Rental
22
VariousJohnsonville Shopping Centre (50%), Wellington2,7371.48
DHL Express (New Zealand)460 Rosebank Road, Auckland2,6170.34
North BeachSilverdale Centre, Auckland 6290.32
Balance4,0452.22
Total10,0284.36
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Portfolio Occupancy (by area)
Stride Property Limited
Property
Occupancy
(%)
30 Sep 18
Vacancy
(sqm)
30 Sep 18
Net Lettable
Area
(sqm)
30 Sep 18
Occupancy
(%)
31 Mar 18
21-25 Teed Street, Auckland100.0-4,08897.9
Other100.0-44,518100.0
Office Total100.0-48,60699.8
15 Rockridge Avenue, Auckland100.0-9,11339.0
Other100.0-91,818100.0
Industrial Total100.0-100,93294.6
Corner Mt Wellington Highway & Penrose Road, Auckland
96.1
352 9,011 97.1
Johnsonville Shopping Centre (50%), Wellington
93.2
4736,924 90.3
Silverdale Centre, Auckland
98.9
244 22,951 98.9
65 Chapel Street, Tauranga
100.0
-16,592 100.0
NorthWest Shopping Centre, Auckland
96.9
859 27,521 96.2
NorthWest Two, Auckland
88.2
934 7,900 92.0
Retail Total96.9
2,86290,899
96.9
Large Format Retail Total100.0-11,601100.0
Total98.92,862252,03896.7
Table may not sum accurately due to rounding.
22
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Conclusion

Conclusion
Performance
•Completed asset disposals and higher valuations have contributed to lower bank LVR of 34.2% as at 30 September 2018, down
from 38.8% as at 30 September 2017, and higher NTA of $1.88, up six cents from $1.82 as at 31 March 2018
•Management fee income expected to be higher over the second half of FY19 as development activity on committed projects
increases
•Targeting a combined 9.91cps cash dividend for Stride Property Group for FY19
Places
•Significant leasing transactions across all sectors resulting in an improved lease expiry profile for the next two years
•Higher rentals from leasing activity, together with strong market demand, has contributed to an uplift in valuations
•Continued activity in development and acquisition opportunities to add value to the portfolio and considered divestments to maintain
balance sheet capacity
People
•Executive team completed – Investore Fund Manager and General Manager Investment to support Stride’s strategy for growth
•Board refresh to be continued over next 24 months
Products
•Stride’s strategy is to establish a group of commercial property funds to provide growth in our investment management business
•Investore and Diversified are performing well and both have further opportunities for growth
24
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Appendices

Appendix 1
26
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Appendix 2
23.Refer footnote 7 page 9.
27
Stride Property Group (NS) | Interim Results Presentation for the six months ended 30 September 2018

Thank you
Important Notice: The information in this presentation is an overview and does not
contain all information necessary to make an investment decision.It is intended to
constitute a summary of certain information relating to the performance of Stride
Property Group for the six months ended 30 September 2018. Please refer to Stride
Property Group’s Interim Report 2018 for further information in relation to the six
months ended 30 September 2018. The information in this presentation does not
purport to be a complete description of Stride Property Group. In making an
investment decision, investors must rely on their own examination of Stride Property
Group, including the merits and risks involved. Investors should consult with their
own legal, tax, business and/or financial advisors in connection with any acquisition
of securities.
No representation or warranty, express or implied, is made as to the accuracy,
adequacy or reliability of any statements, estimates or opinions or other information
contained in this presentation, any of which may change without notice. To the
maximum extent permitted by law, each of Stride Property Limited, Stride
Investment Management Limited (together, the Stride Property Group) and their
respective directors, officers, employees, agents and advisers disclaim all liability
and responsibility (including without limitation any liability arising from fault or
negligence on the part of Stride Property Group, its directors, officers, employees
and agents) for any direct or indirect loss or damage which may be suffered by any
recipient through use of or reliance on anything contained in, or omitted from, this
presentation.
This presentation is not a product disclosure statement or other disclosure
document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Wellesley Street
Auckland 1141, New Zealand
P+64 9 912 2690
Wstrideproperty.co.nz

---

Unaudited results for announcement to the market

Reporting Period Six months to 30 September 2018
Previous Reporting Period Six months to 30 September 2017

Amount (NZ$000s) Percentage change
1

Revenue from ordinary activities
1
$35,220 (5.39)%
Profit (loss) from ordinary activities
after tax attributable to security
holders
$40,222 20.83%
Net profit (loss) attributable to
security holders
$40,222 20.83%

Interim Dividend
Amount per security
(NZ$)
Imputed amount per security (NZ$)
SPL $0.022075 $0.003841
SIML $0.0027 $0.001050

Record Date 7 December 2018
Dividend Payment Date 17 December 2018

Other Financial Information
30 September 2018
(NZ$)
30 September 2017
(NZ$)
Net tangible assets per share
2
$1.88 $1.70
Adjusted net tangible assets per
share
3

$1.89 $1.72
Basic earnings/(loss) per share $0.1101 $0.0912
Diluted earnings/(loss) per share $0.1100 $0.0912
Basic distributable profit
4
after
current tax per share
$0.0537 $0.0541
Diluted distributable profit
4
after
current tax per share
$0.0536 $0.0541

1. Revenue from ordinary activities for the six months ending 30 September 2017 (HY17) was reported as being net rental
income. Following the demerger and stapling in FY17, Stride’s revenue from ordinary activities now incorporates both
property ownership and real estate investment management activities, consequently revenue from ordinary activities is
now reported as net rental income and management fee income. Revenue from ordinary activities (comprising net rental
income and management fee income) for HY17 was $37,226,000.
2. Excludes intangibles.
3. Excludes intangibles and the after tax fair value of interest rate derivatives.
4. Distributable profit is a non-GAAP financial measure adopted by Stride Property Group to assist Stride Property Group
and investors in assessing Stride Property Group’s profit available for distribution. It is defined as profit/(loss) before
income tax adjusted for determined 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 4 to the unaudited consolidated interim financial statements for
the six months ended 30 September 2018.
Comments:
Each of Stride Property Limited (SPL), Stride Investment Management Limited (SIML)
comprise the Stride Property Group (Stride). Each of SPL, SIML and Stride has been
designated as a “Non-Standard” (NS) issuer listed on the NZX Main Board. A copy of
the waivers granted by NZX in respect of SPL, SIML and Stride's "NS" designation can
be found at www.nzx.com/companies/SPG/documents
.
The financial information for this announcement has been extracted from the audited
consolidated interim financial statements of Stride and further commentary is set out
in the accompanying announcement and its attachments.

STRIDE PROPERTY GROUP (NS)

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CallDividend
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:
7 December 201817 December 2018
$
$NZ$0.001743
$8,063,927
Date Payable
17 December 2018
In dollars and cents
Retained Earnings
$0.009879
$0.012196
$$0.003841
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
2211
Jennifer WhooleyDirectors' Resolution
09 912 269009 912 26932018

---

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
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapital
CallDividend
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
2211
Jennifer WhooleyDirectors' Resolution
09 912 269009 912 26932018
Enter N/A if not
applicable
Ordinary Shares of Stride Investment Management LimitedNZSPGE0001S2
In dollars and cents
Retained Earnings
$0.002700
$$0.000188$0.001050
$
$NZ$0.000476
$986,301
Date Payable
17 December 2018
7 December 201817 December 2018

Stride Appoints General Manager Investment Sale of 33 Corinthian Drive, Albany, Auckland

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.