Annual Shareholder Meetings 2019

Stride Property Group (NS)
NZX Announcement
29 August 2019



W strideproperty.co.nz
Stride Property Group
Annual Shareholder Meetings 2019

The Annual Shareholder Meetings of Stride Investment Management Limited and Stride Property
Limited will be held today at the Pullman Hotel, Auckland, commencing at 2.00pm.

Attached is a copy of the following:

• The Chairman and Chief Executive’s Address;

• The presentation for the Annual Shareholder Meetings.


End


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 Officer, 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
Mobile: 0275 580 033 - Email:
louise.hill@strideproperty.co.nz

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.

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Annual Meetings 2019
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Annual Meetings 2019 Chairman and Chief Executive
Address

Slide 1 – Stride Property Group Annual Meetings 2019
Good afternoon ladies and gentlemen.
My name is Tim Storey, and I am an Independent Director and Chairman of Stride Property Limited
(referred to as SPL) and Stride Investment Management Limited (referred to as SIML), the two
companies that comprise Stride Property Group (Stride).
On behalf of the Directors of each Board, the Chief Executive and the Executive Team, it’s my great
pleasure to welcome you to this year’s annual meetings of shareholders.
First, to some housekeeping matters - in the event of a fire, an alarm will sound. To e x i t the building,
head out the door you came in, turn right and then exit through the external fire exit doors at the end of
the corridor, and congregate on Princes Street. Please follow all instructions of Pullman staff in the
event of an evacuation.
The bathrooms are located out the door, turn left, and continue down the corridor to the end. If we can
be of any assistance, please approach one of our team.
Finally, as a matter of courtesy, please ensure your mobile phones are switched to silent.
Thank you.
Slide 2 – Board of Directors
I would now like to introduce your Directors and Executives who are seated next to me. Firstly, the
independent Directors of Stride Property Limited and Stride Investment Management Limited:
• John Harvey, who is the Chair of the Audit and Risk Committee. John has over 35 years’
professional experience as a chartered accountant and was a partner in
PricewaterhouseCoopers for 23 years where he held a number of management and
governance responsibilities. John retired from PwC in 2009 to pursue a career as a
professional independent director;
• Michelle Tierney has more than 20 years’ experience in the property industry, and is currently
the Chief Operating Officer for ASX listed SCA Property Group;
• David van Schaardenburg has worked in financial analysis and portfolio management roles for
over 30 years. As announced earlier this month, David will be retiring today and is not seeking
re-election as a director;

Annual Meetings 2019
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• Philip Ling has more than 30 years’ experience in funds and property management entities
throughout New Zealand, Australia, Asia Pacific and the United Kingdom; and
• And finally, our newest Directors, appointed in the past 6 months to the Stride Boards -
Jacqueline Robertson and Nick Jacobson - both of whom are standing for election today. I will
let them tell you about themselves during the formal part of the meeting.
Each of your Directors hold a number of governance roles in a number of entities, from domestic to
international, listed and non-listed, across a diverse range of industries. You can view each of the
Directors’ profiles in more detail and their other directorships on the Stride website or in the latest
Annual Report – hard copies of which are available here today.
Finally, a little bit about myself: I was appointed Chair of Stride in 2009 and have more than 30 years’
business experience across a range of sectors. I have practised as a lawyer in Australia and New
Zealand, retiring from the Bell Gully partnership in 2006, and I am a director of a number of private and
public entities.
I am standing for re-election today and look forward to your support. I believe I contribute to the
overall leadership and governance of Stride, and have seen it grow significantly over the last ten years,
a period of time during which Stride has evolved and grown to the business it is today.
Slide 3 – Management
In addition to the Board, we also have members of our Executive here today:
• Philip Littlewood, the Chief Executive Officer of Stride Investment Management Limited;
• Jennifer Whooley, the Chief Financial Officer of Stride Investment Management Limited; and
• Louise Hill, the General Manager Corporate Services and Company Secretary of Stride
Investment Management Limited and Stride Property Limited.
I acknowledge the attendance of other members of the Stride leadership team who are here today, and
you will have the opportunity to meet with them following the conclusion of the meetings.
I also welcome:
• Karen Shires, Stride Property Group’s audit partner from PricewaterhouseCoopers;
• Stride’s solicitors, Bell Gully; and
• Representatives of Computershare, the share registrar for Stride Property Group.
Slide 4 – Agenda
Moving to the formalities of the meetings, I record that the Notice of Meetings for Stride Property
Limited and Stride Investment Management Limited was dispatched to shareholders and Stride’s
auditors on 1 August 2019.
I am pleased to confirm that we have a quorum present for each of the meetings and accordingly, I
declare the annual meetings open.

Annual Meetings 2019
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The order of events for this afternoon will be as follows:
• Shortly Philip Littlewood and I will provide a brief overview of Stride’s financial and business
performance for the year in review.
• Following this, questions and comments from shareholders will be taken in relation to the
Annual Report and financial statements of Stride Property Group. Related to this, I note
recent comments from the Financial Markets Authority (FMA)
1
, in response to its findings
following a recent survey to better understand public and industry perceptions of audit quality,
and the suggestion made that perhaps auditors need to have more of a presence at
shareholder meetings. As noted, Stride’s audit partner Karen Shires is available here today to
take any questions from shareholders on the PricewaterhouseCoopers audit report and audit
process during discussion of the Annual Report and financial statements.
• We will then move to the formal business of the meeting of Stride Property Limited to consider
the two resolutions proposed in the Notice of Meetings.
• Following that, we will move to the formal business of the meeting of Stride Investment
Management Limited, to consider the six resolutions proposed in the Notice of Meetings.
• The process for discussion and voting on each of the resolutions will be outlined at the
appropriate time.
• And finally, we will attend to any general business and final questions.
At the conclusion of the meetings, please join the Directors and Executive Team for light refreshments.
Turning now to our formal presentation.
Slide 5 – Chairman’s Address - Tim Storey
On behalf of the Board, I am proud to be able to share with you:
1. An overview of our performance and activities for the financial year ended 31 March 2019
(FY19);
2. Detail around our recent activity; and
3. A glimpse of what’s on the horizon for Stride.
You will recall that when we listed as the stapled entity Stride Property Group in 2016, we set ourselves
the ambitious goal of building the best performing NZX-listed property investment and management
company. We set out to do this through:
1. Investing in the best places;
2. Managed by the best team; and

1. 20 May 2019 speech by Rob Everett, speaking to the Audit Forum New Zealand, https://www.fma.govt.nz/news-
and-resources/speeches-and-presentations/fma-audit-forum-speech/

Annual Meetings 2019
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3. Delivering the best performance.
This vision and the balance of our four strategic pillars of performance, people, places and products
guides our organisation in the day-to-day management of our portfolios and the growth we target for
our real estate investment management business.
As an organisation we have been very deliberate in the execution of our vision, which relies on the
following elements that we actively pursue:
• Develop and grow a real estate investment management business for the long term.
• Utilise our expertise to invest in and manage quality investment portfolios that attract the
highest demand and deliver market-leading returns.
• Focus on delivering value to our managed funds by creating sustainable products with growth
opportunities, while leveraging the specialist expertise that we have developed within SIML.
Articulated another way, if our funds are successful for our customers, shareholders will also
benefit.
Slide 6 – Delivering Performance
Turning now to our FY19 performance, if I had to articulate the two main themes underpinning our
performance and operations for the year-ended 31 March 2019, it would be:
• An underlying business that is stable and steadily growing in a considered and multi-faceted
manner through the two entities that make up Stride Property Group; and
• The continuing development of, and investment in, the foundations of Stride, positioning us for
the next phase of our targeted growth aspirations.
During the last financial year we delivered a solid result and we are satisfied with the performance
achieved across our business. Some of the key highlights are as follows:
• We delivered consistent and strong shareholder returns for FY19, with total shareholder
returns (TSR) of 24.6%. Total shareholder return is made up of our share price growth over
the year plus dividends.
2

• Stride’s profit after tax attributable to shareholders for the year was $76.2 million. Net rental
income was slightly down on the previous period, but this was expected due to the loss of
rental income from the divestments of the three Bunnings assets in the previous year - the
impact of which was $4.0 million - and the subsequent loss of rental from the Springs Road
property which is currently under development.
• What I would like to emphasise is that pleasingly - divested assets and current developments
aside - the growth of net rental income from the underlying Stride Property Limited portfolio
was up on FY18 by $2.6 million, and up by $3.4 million when you include the completed
development at Rockridge Avenue.

2. TSR is calculated as: (closing share price on the last traded day of the year to 31 March 2019 plus dividends paid
during the year to 31 March 2019 less the closing share price on the last traded day of the year to 31 March 2018)
divided by the closing share price on the last traded day of the year to 31 March 2018.

Annual Meetings 2019
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• Stride Property Limited (SPL) achieved a positive net revaluation gain of $36.5 million,
representing a 4.2% increase, taking the total SPL portfolio value as at 31 March 2019 to
$966.3 million.
• We were very pleased to see the growth in the portfolio translate to increased value in our
investments, with NTA up 5.5% to $1.92 as at 31 March 2019.
• Finally, I note that Loan to Value Ratio is a key metric for the property sector, and while SPL’s
loan to value ratio was 34.4% as at 31 March 2019, consistent with the previous year at
34.1% on 31 March 2018, throughout the 12 months of FY19 the LVR was, on average, 5%
lower when compared to the prior year, reflecting the active repositioning of the portfolio
through the previously mentioned disposals, and the commencement of the development
projects, to enable future growth in assets that better fit with our long term strategy and
targeted growth profile.
Slide 7 – Delivering Performance
• Profit before other income/(expense) and income tax of $38 million, was down on FY18 by
$2.8 million, primarily due to the timing of properties under development and lower rental
income resulting from our disposals (totaling $5.8 million), partially offset by higher income
from the existing portfolio and the completed Rockridge development as previously outlined,
in an amount of $3.4 million.
• Despite some of the variability, distributable profit
3
after current income tax of $38.8 million
was consistent with FY18 at 10.62 cents per share.
• Total cash dividend for the year ended 31 March 2019 was 9.91cents per share, in line with
guidance. This dividend represented a payout of 93.4% of distributable profit after current
income tax, which is slightly below Stride’s payout policy of 95% to 100% of distributable
profit.
Slide 8 – Managed by the Best Team
As we continue to increase our focus on investment management, we are committed to building depth
and capability across a full range of services for our customers, from asset management to property
development, from financial and corporate services to investment management, positioning SIML as
New Zealand’s best, full-service property investor and manager.
Our people are an essential component to the success of Stride, and as Chairman it’s exciting to see
the depth of commercial and industry experience and diversity of skills amongst our Board and
Executive – which also flows through our organisation. With the appointment of two new executives in
the roles of Investore Fund Manager and General Manager Investment, Stride’s executive now number

3 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 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 4.3 to Stride’s consolidated financial statements for the year ended 31 March 2019.

Annual Meetings 2019
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eight and we have a total employee base of just over 100. We have collectively built a great team to
create and deliver environments people will enjoy and prosper in.
At a governance level there have also been some changes.
This is a good time to acknowledge the contribution of David van Schaardenburg, who, as you have
heard, is retiring as a director of both Stride Property Limited and Stride Investment Management
Limited at the conclusion of these meetings. On behalf of the Board and shareholders, I thank David
for his contribution to our business for over 9 years, providing a significant contribution to Stride
through a period of change. We wish him all the best.

As announced in July 2018, the Board is continuing its refresh programme, with the appointment of
two new Directors; Jacqueline Robertson in March 2019 and Nick Jacobson in July 2019.
Jacqueline’s considerable professional experience and broader financial sector skills, as well as her
knowledge of corporate responsibility and sustainability, are highly relevant and valuable to Stride.
Nick has a strong background in investment banking and property, which will be extremely beneficial to
Stride as we continue to execute our funds management strategy. Our new Directors will complement
the Board’s current skill and expertise mix.
The Board will continue to review its composition and skill set, to ensure Stride governance and
leadership remains industry leading.
As our CEO will comment shortly, our business remains vibrant and focussed on delivering on our
property funds management business.
With that, it is a good time for me to hand over to the Chief Executive, Philip Littlewood, who will provide
an overview of some of the operational highlights for FY19 and activity over recent months.
Slide 9 – Chief Executive’s Report – Philip Littlewood
Good afternoon everyone, it is a pleasure to be here and to share some of our highlights for the year.
Our integrated structure is unique in New Zealand and allows Stride to develop both our property
investment and our real estate investment management businesses.
Today I will firstly discuss Stride’s directly held portfolio, owned by SPL, and then will turn to discuss our
investment management business, SIML.
Slide 10 – Portfolio by Sector
As at 31 March 2019, Stride’s directly held portfolio was valued at $966 million, representing an
increase of $64 million or 7.1% on a gross basis, and $37 million or 4.2% on a net basis.
Stride’s directly-held properties can be grouped into four sectors, Office, Industrial, Large Format
Retail and Shopping Centres.
To provide some insight into the portfolio of each sector, as at 31 March 2019:
• Our office portfolio was valued at $237 million, made up of 8 properties, with 70 tenants,
including the likes of Meridian Energy in Wellington and Heartland Bank in Auckland, totaling

Annual Meetings 2019
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approximately forty-nine thousand square metres, with an occupancy rate of 95.5%,
generating $16 million in net contract rental
4
;
• Our industrial portfolio is valued at $263 million, made up of 11 properties, with 21 tenants,
including New Zealand Post, Laminex Group and Hydraulink, totalling approximately one
hundred thousand square metres, with an occupancy rate of 100%, generating $12 million in
net contract rental;

• Our retail portfolio consists of two sectors, Shopping Centres comprising four properties and
valued at $338 million – approximately 35% of Stride’s portfolio, and Large Format Retail,
comprising three properties and valued at $129 million – approximately 13% of Stride’s
portfolio. In aggregate these sectors had an occupancy rate of 96.3% across approximately
one hundred thousand square metres of net lettable area, generating net contract rental for
the period of $30 million.
Our strategy for our investment management business is to target specialist sectors, which will form
foundation portfolios for stand-alone future SIML products, as we have done with Investore and
Diversified, supporting Stride’s strategy of growing funds under management. We have made some
strong progress on this in the year to date and I’ll touch on this in more detail at the end of my
presentation.
Slide 11 – Investing in the Best Places
Our strategy for the places we create focusses on selecting assets and delivering outcomes that result
in market leading returns to shareholders. Over the past year, strong underlying market dynamics have
contributed to growth in property values across all commercial property sectors, particularly the
industrial, office and large format retail sectors.
Some of the key highlights across our portfolio of places for the year were:
• Portfolio occupancy was up as at 31 March 2019, to 97.6%. Since year end, I’m pleased to
report that occupancy has increased further to 98.2 % as at 31 July 2019.
• Over the 12 months to 31 March 2019, market rental across the portfolio grew by $3.3 million
or 5.9%, with a market capitalisation rate contraction of 26 basis points to 6.35%.
• There was significant growth in our underlying business during the year, with 270 leasing
transactions completed, resulting in annualised rental increases of 4.3% for the year, with
market reviews delivering increases of 8%, and CPI and fixed reviews contributing an increase
of 3%.
• For our retail assets, we continued to see strong sales performance, with comparable sales
5

growth of 4.7% for NorthWest Shopping Centre and NorthWes t Tw o and 4.4% for Silverdale

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 relevant 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. Comparable sales only includes sales from those tenancies which have traded for the past 24 months and includes
commercial services categories.

Annual Meetings 2019
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Centre
6
over the 12 months to 31 March 2019. Recent sales continue to support this trend,
with Moving Annual Turnover growth up 3.6% for NorthWest and 4.4% for Silverdale for the
12 months to 31 July 2019.
Slide 12 – Investing in the Best Places
Acquisitions
• We were pleased to announce during FY19 the industrial property acquisitions at The
Concourse, Henderson for $35 million, comprising a 1.8 hectare site with established
buildings and 2.2 hectares of development land, and the acquisition at 439 Rosebank Road,
for $8 million – with settlement of that acquisition due to occur in July 2020.
• These acquisitions align with SPL’s strategic investment focus on acquiring and developing
properties in key sought-after industrial locations which are well serviced, with connection to
significant roading infrastructure.
• Associated with the acquisition at The Concourse is the opportunity to work alongside Waste
Management on a second development following the Springs Road development, with Waste
Management again agreeing to a new 25-year lease for a purpose-built facility at the site
which is now under development and due to be completed in 2020. This approach to activity
is demonstrative of the importance SIML places on partnering with tenants.
Divestments
• There was limited divestment activity for SPL during the period, with one asset sold post
balance date - at 33 Corinthian Drive, for $50.5 million, representing a +4.7% premium to the
property’s book value in the consolidated interim financial statements as at 30 September
2018.
• This sale is an example of optimising the SPL portfolio for future growth and recycling non-
core assets, with the funds received from the sale to be redeployed into new investments as we
continue to develop our investment management strategy.
Slide 13 – Investing in the Best Places
Development Projects
• 12-months on from establishing an in-house development team, SIML has a growing pipeline
of development activity, with the team currently managing over $200 million of development
projects across our various products.
These include for SPL:

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.

Annual Meetings 2019
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o The large industrial project at Springs Road, East Tamaki, where we have partnered with
Waste Management to develop a new head office and logistical facilities site, with
completion expected towards the end of 2019.
o As previously mentioned, the development at the recently acquired property at The
Concourse, Henderson.
o A $5 million expansion project of the Briscoes and Rebel Sport premises at the Bay
Central shopping centre, in Tauranga with new 10-year leases to commence post
development. Our Bunnings tenanted property has also been earmarked for a $6 million
expansion, however we note that these works are currently on pause at the request of the
tenant, while Stride and the tenant review alternative options for the expansion of the site.
• For Diversified NZ Property Trust (Diversified), we have the rebuild project at Queensgate
continuing, as well as various other asset management and property upgrade works, which in
aggregate total over $100 million.
Overall this brief snapshot of our activity provides evidence of our strategy in action, our ability to
transact effectively in this market and produce results, and the skill set of our people and SIML as a
reliable and effective partner, with the ability to deliver.
Slide 14 – Products
I’ll now turn to our investment management business.
Our products are the funds we manage. Our investment management business, SIML, currently
manages three property portfolios – SPL, Investore Property Limited (Investore) and Diversified NZ
Property Trust (Diversified).
As at 31 March 2019, SIML was managing over $2.2 billion of investment property across the
portfolios of SPL, Investore and Diversified. There has been pleasing growth in funds under
management since listing in 2016 and we have further growth aspirations for our investment
management business.
The Investore mandate is focused on large format retail property, and Diversified owns four retail
shopping centres.
SPL owns a 19.9% stake in Investore, and a 2% interest in Diversified. Stride has a high level of
alignment with the success of its products, through its co-investment performance and through
management fees earned.
We have again continued to have a successful and highly active year for both Investore and Diversified.
Slide 15 – Products – Investore
For Investore:
• Many of you may also be shareholders in Investore and will know that Investore produced
strong FY19 results and completed a number of initiatives.

Annual Meetings 2019
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• These initiatives included the successful renewal of two key leases in Rotorua and Hamilton, a
$100 million inaugural bond issue, an on-market share buyback, completion of Investore’s
divestment programme with the sale of its asset at Dunedin South at a 5.6% premium to book
value, and the commencement of a SIML-appointed dedicated resource for Investore.
• The culmination of many of these initiatives contributed to an increase in FY19 dividend
guidance from 7.46 cents per share to 7.60 cents per share.
• This portfolio activity and sales evidence also contributed to a six cents per share gain in net
tangible assets value to $1.70 per share, and takes the total gain in net tangible assets since
listing in July 2016 to 15.6%.
• Investore’s performance since listing has translated into SIML earning its first performance fee
of $0.5 million in relation to its management of Investore, as a result of the total return
delivered to Investore shareholders over the 24 months to 31 March 2019.
Slide 16 – Products – Diversified
In the case of Diversified:
• SIML, on behalf of Diversified, has had another highly active year, including the completion of
290 leasing transactions, with a 2% increase in rental – a positive result for our retail team in
what has included some challenging circumstances associated with the rebuild of Queensgate
Shopping Centre following the 2016 Kaikoura earthquake.
• In particular, the rebuild has resulted in some constraints around normal trading, with reduced
car parking supply and facilities. However, we are pleased to report that the rebuild project is
well underway and the centre can look forward to a strong future with a new cinema complex to
anchor the entertainment precinct.
• Diversified continues to invest in its assets in order to make them contemporary and relevant
for its customers, driving continued demand for the centres – this is evident most recently with
the very successful opening of H&M in Chartwell. SIML is confident that the introduction of the
iconic international fashion retailer to Chartwell will increase the appeal of the centre to both
customers and potential new tenants.
Slide 17 – Future Property Product
As we have explained today, Stride is targeting a sustainable and long-term structure for our business
for the future. This means considered investment to build quality portfolios of assets, providing further
growth opportunities for our existing and future investment management Products.
We are targeting establishing a new SIML-managed product during this financial year.
We expect this will be in the industrial sector, as this sector has been a significant focus for Stride
recently. We have successfully grown our industrial portfolio to $263 million as at 31 March 2019,
with a further $100 million of property development underway in this sector. That would take our
committed industrial portfolio value to over $360 million, representing an increase in value of almost

Annual Meetings 2019
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$150 million since March 2018. In our view, this growth has put Stride into a position to establish a
SIML-managed product in this sector.
We are well advanced with the establishment of Stride’s next investment management product, which
we expect will be consistent with our strategy as follows:
1. The product will be sector-specific, and as noted above we are focussed on the industrial
sector;
2. The new product is likely to be in the form of a wholesale vehicle with a long term, enduring
structure, and will provide a clear path way for Stride to grow its investment management
business;
3. It will leverage SIML’s core management capabilities across all investment, asset and
development management services;
4. And finally, as with our other products, Stride will continue to hold a significant and long
term holding, both in the industrial property sector and in the industrial product.
We look forward to being able to update you on this exciting initiative as developments progress.
And so on that note, it’s my pleasure to hand you back to Tim Storey to provide an overview of the
outlook going forward.
Slide 18 – Focus on the Year Ahead
Thanks Phil.
As we bring this presentation to a close, you can see Stride is well placed for the future. We have built
strong foundations since listing, positioned the business for growth and are starting to build capability
and depth within our business and with the assets we are targeting, as we execute our strategy and
deliver on performance.
Stride is investing for the long term. We will invest in places with ‘enduring demand’, which attract the
highest demand in all market conditions. This will support our strategy of establishing a group of
products in specific sectors to provide growth in our investment management business. Our focus will
be to:
• Maintain a diversified investment portfolio through a combination of investments in our
investment management products and our directly-held portfolio.
• Support and grow Stride’s established investment management products through carefully
considered transaction and development activity, while maintaining our cornerstone
shareholdings.
• Grow our directly-held portfolio of commercial office properties, with a view to establishing a
sector-specific investment management office product in the future.
• Review new investment management opportunities in markets adjacent to the core
commercial property sector.

Annual Meetings 2019
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We see our value proposition as identifying and managing properties with enduring demand and
managing investment management products which deliver leading returns for our shareholders and
investors, with SPL owning a share in each specific property sector product.
We will evolve our sustainability strategy, a journey that we have just started to formalise and articulate.
You will have seen from our Annual Report that we have completed a sustainability materiality matrix
and framework, identifying a broad range of issues that are material to our business operations and to
our stakeholders.
Finally, in terms of dividend guidance, the Board has confirmed a target combined cash dividend of
9.91 cents per share for the 2020 financial year, in line with that for 2019. As noted, this dividend is
expected to be within the policy range of 95% to 100% of distributable profit.
Consistent with this guidance, earlier today we announced to the market a combined cash dividend for
SPL and SIML of 2.4775 cents per share for the first quarter of FY20, being the period 1 April 2019 to
30 June 2019, to be paid on 20 September 2019.

End


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 Officer, 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
Mobile: 0275 580 033 - Email:
louise.hill@strideproperty.co.nz


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.

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Stride Property Group (NS)
Annual Shareholder
Meetings 2019

2
Board of Directors
Tim Storey
Independent
John Harvey
Independent
Michelle Tierney
Independent
David van Schaardenburg
Independent
Philip Ling
Independent
Jacqueline Robertson
Independent
Nick Jacobson
Independent
Stride Property Group | Annual Shareholder Meetings 2

3
Management
Philip Littlewood
Chief Executive
Jennifer Whooley
Chief Financial Officer
Louise Hill
General Manager Corporate
Services and Company Secretary
Stride Property Group | Annual Shareholder Meetings 3

Agenda
4
Chairman’s Address
Chief Executive’s Report
Shareholder Questions
Formal Business of
Stride Property Limited
Formal Business of Stride
Investment Management Limited
General Business and
Shareholder Questions
Grey Street, Wellington

5
25 O’RorkeRoad, Auckland
Chairman’s
Address
Tim Storey

Stride Property Group | Annual Shareholder Meetings 6
Delivering Performance
Stride Property Group (Stride) – Consolidated
Profit after income tax
$76.2m
Property portfolio
1
value
$966.3m
Net tangible asset per share
$1.92
Loan to Value Ratio
34.4%
1.Includes: Corinthian Drive, Auckland, which was subject to an agreement for sale and subsequently settled on 1 April 2019 and
NorthWest Two, Auckland which, as at 31 March 2019, was classified as inventory in the consolidated financial statements.
Refer notes 3.6 and 3.7 to the consolidated financial statements for the year ended 31 March 2019.

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Profit before other
income/(expense)
and income tax
$38.0m
Distributable profit
2
after
current income tax
$38.8m
Total cash dividend for FY19
9.91cps
Delivering Performance
Stride Property Group (Stride) – Consolidated
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 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 4.3 to the consolidated financial statements for the year ended 31 March 2019.

Managed by the Best Team
Stride Property Group | Annual Shareholder Meetings
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At Stride, we attract and retain people
with deep industry knowledge who are
discipline driven, people centred, fresh
thinkers and nimble performers.
We build great teams to create the
environments our people will enjoy
and prosper in.

9
Chief
Executive’s
Report
Philip Littlewood
New Waste Management Development Springs Road, Auckland

Overview as at 31 March 2019Total Portfolio
1
OfficeIndustrial
Retail
Large Format Retail
and LFR Centres
3
Retail
Retail Shopping
Centres
Properties (no.)
268
11
34
Tenants (no.)
38170
21
49241
Net Lettable Area (sqm)
252,01448,606
100,919
37,20565,284
Net Contract Rental
2
($m)
58.115.7
12.2
8.122.2
WALT (years)
4.84.9
4.4
4.94.9
Occupancy Rate (% by area)
97.695.5
100.0
99.194.7
Portfolio Valuation ($m)
966.3236.9
262.5
128.9338.0
Percentage of Portfolio (% by value)
10025
27
1335
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Portfolio by Sector
—At a Glance Stride Property Limited
1.Includes: Corinthian Drive, Auckland, which was subject to an agreement for sale and subsequently settled on 1 April 2019 andNorthWestTwo, Auckland which, as at 31 March 2019, was classified as inventory in the consolidated
financial statements. Refer notes 3.6 and 3.7 to the consolidated financial statements for the year ended 31 March 2019.
2.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.
3.LFR Centres is defined as Mt Wellington and Bay Central Shopping Centres included within the ‘Retail’ category of Investment Properties in the consolidated financial statements. See note 3.3 to the consolidated financial statements for
the year ended 31 March 2019.

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Investing in the Best Places
Stride Property Limited (As at 31 March 2018 figures in brackets)
• Portfolio
1
occupancy 97.6% (96.7%), up 0.9%
• Market rental across the portfolio grew by
$3.3m or 5.9%
• 270 leasing transactions, including rent
reviews, renewals and new lettings completed
across 69% of the portfolio resulting in a 4.3%
increase on previous rentals
• Comparable sales
2
for FY19 at NorthWest
Shopping Centre and NorthWestTwo, and
Silverdale Centre – up 4.7% and 4.4%
3
respectively from the prior year
1.Includes: Corinthian Drive, Auckland, which was subject to an agreement for sale and subsequently settled on 1 April 2019 andNorthWestTwo, Auckland which, as at 31 March 2019, was classified as inventory in the consolidated
financial statements. Refer notes 3.6 and 3.7 to the consolidated financial statements for the year ended 31 March 2019.
2.Comparable sales include sales from tenancies which have traded for the past 24 months and includes commercial services categories.
3.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.
NZ Merchants, 20 Rockridge
Avenue, Auckland

Acquisitions
• The Concourse, Auckland, for $35m, including
established buildings and adjacent vacant land
of 2.2ha which will be developed, with a pre-
committed 25 year lease to Waste Management
commencing on completion of the development,
anticipated to be in late 2020
• 439 Rosebank Road, Auckland, for $8m,
settlement expected in July 2020
Divestments
• $50.5m disposal of 33 Corinthian Drive,
Auckland, representing an initial yield of
5.9% and +4.7% premium to book value
(30 September 2018)
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33 Corinthian Drive, Auckland
Investing in the Best Places
Stride Property Limited
The Concourse, Auckland

Developments
$200m of development projects on SIML
managed properties
Stride
• 11 Springs Road, Auckland –new head
office for Waste Management
• The Concourse, Henderson
• Bay Central, Tauranga – $5m extension and
upgrades for Rebel Sport and Briscoes
Diversified
• Queensgate earthquake rebuild continues,
making good progress
Allan Lockie SIML Development Manager &
Luis HillerProject Manager, Haydn & Rollett
Waste Management Development
Springs Road, Auckland
Stride Property Group | Annual Shareholder Meetings 13
Investing in the Best Places
Stride Property Limited

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Portfolio Composition by Value (as at 31 March 2019)
●Office
●Industrial
●Large Format Retail/LFR Centres
3
●Retail Shopping Centres
●Large Format Retail
●Retail Shopping Centres
$966m
1
$761m
2
$485m
1.Includes: Corinthian Drive, Auckland, which was subject to an agreement for sale and subsequently settled on 1 April 2019 andNorthWestTwo, Auckland which, as at 31 March 2019, was classified as inventory in the consolidated
financial statements. Refer notes 3.6 and 3.7 to the consolidated financial statements for the year ended 31 March 2019.
2.Includes the property at Dunedin South which was subject to an agreement for sale and purchase, and subsequently settled on 1April 2019.
3.LFR Centres is defined as Mt Wellington and Bay Central Shopping Centres included within the ‘Retail’ category of Investment Properties in the consolidated financial statements. See note 3.3 to the consolidated financial statements for
the year ended 31 March 2019.
Products
SPL owns a 2% interest
SPL owns a 19.9% shareholding

• Renewal of two key expiries being the
Countdown-operated properties in
Hamilton and Rotorua, for 5 years
and 10 years respectively
• $100m six year inaugural bond issue
• 1.7m shares purchased and cancelled
• Completed disposal of Countdown
Dunedin South for a sale price of $19.3m
representing a +5.6% premium to book
value (31 March 2018)
• FY19 dividend increased to 7.60cps
(up 0.14cps or 1.9% on FY18 dividend)
• Inaugural performance fee of $0.5m to SIML
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Products
Countdown
Corner Hukanui& Thomas Roads
Rototuna, Hamilton

• 290 leasing transactions completed,
including rent reviews, renewals and new
lettings, resulting in a total increase on
previous rentals of +1.9%
• Significant development underway, including
Queensgate Shopping Centre carpark and
cinema rebuild, seismic strengthening works
• Introduction of H&M to Chartwell Shopping
Centre
Stride Property Group | Annual Shareholder Meetings 16
Products

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Targeting establishing a new product this
financial year, expected to be in the industrial
sector
In line with Stride’s strategy, this product will:
• Be a sector-specific investment
management product, with an enduring
structure
• Grow Stride’s investment management
business
• Leverage Stride’s existing investment
management capabilities
• Continue to provide Stride with a significant
and long term holding in the sector
Future Property Product
25 O’RorkeRoad, Auckland

• Delivering on results while positioning the
business to execute on our strategy
• Establish a group of commercial property
funds to provide growth in our investment
management business and continue to
review opportunities in markets adjacent to
core commercial property sectors
• Development of comprehensive
sustainability initiatives
• Targeting a combined 9.91cps cash
dividend for FY20
Stride Property Group | Annual Shareholder Meetings
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Focus on the Year Ahead

25 O’Rorke Road, Auckland
19
Formal
Business
33 Customhouse Quay, Wellington

25 O’Rorke Road, Auckland
20
NZ Merchants
20 Rockridge Avenue, Auckland
25 O’RorkeRoad, Auckland
Stride
Property
Limited
Resolutions

That the Directors be authorised
to fix the remuneration of
PricewaterhouseCoopers
as auditor of Stride Property
Limited for the ensuing year
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Resolution 1 – Auditor’s Remuneration

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Resolution 2 – Adoption of a New Constitution
That the existing Constitution of Stride Property Limited
be revoked, and a new Constitution, in the form
described in the Explanatory Notes to the Notice of
Meetings dated 1 August 2019, and tabled at the
Annual Shareholder Meeting on 29 August 2019
(as signed by the Chairman of the Board for the
purpose of identification), be adopted with effect on
and from 29 August 2019

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Resolution 1. Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.38%0.1%2.53%
Resolution 2. Adoption of a New Constitution
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.33%0.03%2.64%
SPL Proxy Votes Received

24
Stride
Investment
Management
Limited
Resolutions

Stride Property Group | Annual Shareholder Meetings
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That the Directors be authorised
to fix the remuneration of
PricewaterhouseCoopers
as auditor of Stride Investment
Management Limited for the
ensuing year
Resolution 1 – Auditor’s Remuneration

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That Tim Storeybe re-elected as a
Director of Stride Investment
Management Limited
Resolution 2 – Re-election of Director

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Resolution 3 – Election of Director
That Jacqueline Robertson, who
was appointed by the Board as
a Director of Stride Investment
Management Limited on
13 March 2019, be elected as
a Director of Stride Investment
Management Limited

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Resolution 4 – Election of Director
That Nick Jacobson, who was
appointed by the Board as a
Director of Stride Investment
Management Limited on
18 July 2019, be elected as a
Director of Stride Investment
Management Limited

Stride Property Group | Annual Shareholder Meetings
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Resolution 5 – Directors’ Remuneration
1.Aggregate Fees are the combined annual Director fees for SPL and SIML
2.If the proposed resolution is passed, the increase will take effect from 1 September 2019
Table1 – Proposed Remuneration Structure
Current Aggregate
Director Fees
1
per annum
Proposed
Aggregate
Director Fees
1
(per annum)
2
Amount of
Proposed
Increase
Percentage of
the Proposed
Increase
Chair$155,000$167,500$12,5008.1%
Non – Executive Directors (x5)$90,000$96,000$6,0006.7%
Chair of the Audit and Risk
Committee
$10,000$13,000$3,00030%
Total Annual Fees $615,000$660,500$45,5007.4%
Allowance for additional work
and attendance
$145,000$144,500-$500(0.3)%
Total Annual Fees $760,000$805,000$45,0005.9%

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That, with effect from
1 September 2019, the
aggregate Directors’ fee pool
for Stride Investment
Management Limited, pursuant
to Listing Rule 2.11.1(a),
be increased by $45,000
from $760,000 to $805,000
Resolution 5 – Directors’ Remuneration

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31
Resolution 6 – Adoption of a New Constitution
That the existing Constitution of Stride Investment
Management Limited be revoked, and a new
Constitution, in the form described in the Explanatory
Notes to the Notice of Meetings dated 1 August
2019, and tabled at the Annual Shareholder Meeting
on 29 August 2019 (as signed by the Chairman
of the Board for the purpose of identification),
be adopted with effect on and from 29 August 2019

Stride Property Group | Annual Shareholder Meetings 32
Resolution 1. Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.38%0.1%2.53%
SIML Proxy Votes Received
Resolution 2. Re-election of Director Tim Storey
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.53%0.06%2.41%
Resolution 3. Election of Director Jacqueline Robertson
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.47%0.05%2.48%
Resolution 4. Election of Director Nick Jacobson
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.46%0.01%2.53%
Resolution 5. Directors’ Remuneration
Proxy votes lodgedForAgainstDiscretionary
163,500,62373.6%23.93%2.48%
Resolution 6. Adoption of a Constitution
Proxy votes lodgedForAgainstDiscretionary
163,500,62397.36%0.03%2.61%

33
20 Rockridge Avenue, Auckland
General
Business &
Shareholder
Questions

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 year ended
31 March 2019. Please refer to Stride Property Group’s Annual Report 2019 for further
information in relation to the year ended 31 March 2019. 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.
Stride Property Group | Annual Shareholder Meetings
34
Thank you