HY20 Interim Report and Results

Stride Property Group (NS)
NZX Announcement
IMMEDIATE — 25 November 2019




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Stride Property Group – HY20 Interim Report and Results
Stride Property Group (n ote 1) (Stride) is pleased to announce that it has released its Interim
Report and Results presentation for the six months ended 30 September 2019 (HY20).
The six months to 30 September 2019 saw a strong result for Stride, which is detailed below.
Since 31 March 2019, Stride has announced two important strategic initiatives in order to further
develop its investment management business, being:
• The creation of Industre Property with $265m of establishment properties, and $102m
of committed developments; and
• Investore Property Limited’s (Investore) acquisition of three large format retail properties
from Stride Property Limited for $140.75m.
Stride Investment Management Limited (SIML) and Stride Property Limited (SPL) are also
pleased to announce a combined second quarter (1 July 2019 to 30 September 2019) dividend
of 2.4775 cents per share to be paid on 10 December 2019 to all shareholders on the register
as at the close of business on 3 December 2019, broken down as follows:
• SPL cash dividend for the second quarter of FY20 of 2.1575 cents per share.
• SIML cash dividend for the second quarter of FY20 of 0.32 cents per share.
The Dividend Reinvestment Plan remains suspended for the FY20 second quarter dividends.

Highlights for HY20 include:
Earnings – Stride Property Group (HY19 figures in brackets)
• Net rental income of $28.4m ($27.9m), up $0.4m
• Profit before income tax of $44.8m ($44.0m), up $0.8m
• Profit after income tax of $37.4m ($40.2m), down $2.8m
• Distributable profit (n ote 2) after current income tax of $19.3m or 5.27cps ($19.6m or
5.37cps), in line with HY19

Capital Management - SPL
Loan to Value Ratio (LVR) 35.0% as at 30 September 2019 (34.4% as at 31 March 2019)

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Performance Fee – SIML
SIML continues to deliver strong returns for shareholders in Investore, earning SIML $1m in
performance fees for HY20

Places – SPL (As at 31 March 2019 in brackets)
• $999.0 million total portfolio value (excluding land lease liability of $22.5m)
• Net valuation gain of $25.0m or 2.6% (excluding land lease liability movement), resulting
in Net Tangible Assets (NTA) per share of $1.97 (excludes value of management
contracts), up 5 cps from $1.92 as at 31 March 2019
• Portfolio occupancy 98.2% (97.6%), up 0.6%
• Weighted average lease term (WALT) 4.5 years (4.8 years)
• 127 leasing transactions, including rent reviews, renewals and new lettings completed
resulting in a +3.0% increase on previous rentals
• As at 30 September 2019, total sales (note 3) at NorthWest Shopping Centre and
NorthWest Two, and Silverdale Centre were up +4.3% and +5.8% (note 4) respectively
from the prior year

Transactions
• SPL has focussed on rationalisation of its office portfolio with the disposal of
33 Corinthian Drive, Auckland, on 1 April 2019, for a gross sale price of $50.5m,
representing an initial yield of 5.9%
• Acquisition of The Concourse, Auckland, completed on 27 June 2019 for $35m
• On 19 November 2019, Stride announced the conditional sale of its three remaining
large format retail assets to Investore for $140.75m, consistent with its strategy of
holding its exposure to large format retail property through Investore

Developments
Development projects totalling over $200m currently being managed by SIML. For SPL, these
projects include:
Industrial:
• 318 East Tamaki Road, Auckland (previously 11 Springs Road) – construction of a new
head office for Waste Management, with practical completion expected late 2019
• The Concourse, Auckland – resource consent granted and construction has commenced
to develop 2.2ha of vacant land into an industrial facility for Waste Management, with a
pre-committed 25 year lease and anticipated completion late 2020
Large format retail:
• Building extensions for both Rebel Sport and Briscoes at Bay Central Shopping Centre,
with new 10 year leases commencing from practical completion, expected late 2019

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People
Board refresh continues with:
• Appointment of Nick Jacobson to the Stride Boards in July 2019. Nick has extensive
international real estate advisory and capital markets experience
• David Van Schaardenburg retired as a director on 30 August 2019 after 9 years as a
director
People continue to be a key focus for the Stride Boards and executive, as attracting and retaining
the best people is seen as essential to the achievement of Stride’s strategy


Products - Existing
Investore Property Limited (Investore)
• SPL owns a 19.9% shareholding
• Acquisition of Countdown New Brighton, Christchurch, completed in August for $5.75m,
at an initial yield of 7.2%
• Countdown Dunedin South disposal completed on 1 April 2019 for a sale price of
$19.3m representing a +5.6% premium to book value (31 March 2018)
• Share buyback programme concluded at an average cost of $1.53 per share, compared
to the 30 September 2019 share price of $1.90 and net tangible assets per share of
$1.70
• Investore has a conditional agreement to purchase three large format retail properties
from Stride for $140.75m. At settlement, Investore’s portfolio value will grow to $891m
• FY20 dividend guidance confirmed at 7.60cps
Diversified NZ Property Trust (Diversified)
• SPL owns a 2% interest
• 145 leasing transactions completed, including rent reviews, renewals and new lettings,
resulting in a total increase on previous rentals of +2.4%
• Significant development activity underway, including Queensgate Shopping Centre
carpark and cinema rebuild and seismic strengthening works. H&M opened at Chartwell
Shopping Centre on budget and ahead of schedule in July 2019
• As at 30 September 2019, Diversified’s total investment property valuation increased to
$491.4m ($484.6m as at 31 March 2019) primarily due to the spend on the earthquake
rebuild at Queensgate Shopping Centre. If these works were completed the value of the
portfolio would be over $575m. Diversified is making an insurance claim for the costs of
the rebuild
Products – New – Creation of Industre
Stride’s product strategy is to grow its directly-held portfolio of commercial properties that may
be used to establish new investment management products, and to support and grow Stride’s
established products. This was evidenced during the period in review with the establishment of
Industre:

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• Industre will be Stride’s sector-specific investment management product focussed on
the industrial property sector in New Zealand, with a majority weighting to the Auckland
market. The vision for Industre is to grow a significant portfolio of high-quality New
Zealand industrial properties
• Industre is a joint venture with a group of international institutional investors, through a
special purpose vehicle and advised by J.P. Morgan Asset Management (together,
JPMAM)
• Initially JPMAM will commit approximately $70m to the establishment of Industre and
SPL will contribute 12 industrial properties owned by it, as well as the agreement to
acquire 439 Rosebank Road, Avondale, which SPL is party to. SPL will initially have an
approximately 70% shareholding in Industre, with JPMAM holding the remainder
• JPMAM has additionally allocated a further $115m of capital to fund near term growth
initiatives, subject to meeting certain investment return and approval thresholds, taking
JPMAM’s total equity committed to $185m. This $115m of JPMAM committed capital
will result in Industre having capacity to fund initial portfolio growth of over $190m
• Over the long term, the strategy is for JPMAM to fund further portfolio growth until the
respective shareholdings in the portfolio are 75% / 25% (JPMAM / SPL)
• The establishment of Industre is subject to Overseas Investment Office approval

Conclusion – Looking Ahead
• Stride’s strategy for its investment management business is to establish a group of
commercial property investment management products to provide growth in our
investment management business and continue to review opportunities in markets
adjacent to core commercial property sectors
• The recent growth of SPL’s industrial portfolio and the establishment of Industre,
together with the growth of Investore, are important steps in our delivery of this strategy
• Stride’s FY20 cash dividend guidance remains unchanged at a combined 9.91cps

Notes:

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.
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 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 interim financial statements for the six months ended
30 September 2019.
3. Total sales is the moving annual turnover (MAT) on a rolling 12-month basis.
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.

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Ends
Attachments provided to NZX:

• Stride Property Group – HY20 Interim Results Announcement – 251119
• Stride Property Group – HY20 Interim Report – 251119
• Stride Property Group – HY20 Interim Results Presentation – 251119
• Stride Property Group – NZX Results Notice – 251119
• Stride Property Limited – NZX Distribution Notice – 251119
• Stride Investment Management Limited – NZX Distribution Notice – 251119
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


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.

---

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 at page 38 of this report.
A copy of the waivers granted by NZX from certain NZX Listing Rules (October 2017) in respect of SPL, SIML
and Stride’s “NS” designation can be found at www.nzx.com/companies/SPG/documents. Until such time as
these waivers are reissued by NZX (or 30 June 2020 if these waivers are not reissued by that date), Stride will
continue to rely on them under the NZX Regulation Decision dated 19 November 2018 regarding the continuing
application of waivers granted under the previous NZX Main Board Listing Rules.
Highlights2
Chairman & CEO’s Report4
Execution of Strategy – Creation of Industre8
Consolidated Interim Financial Statements10
Implications of Investing in Stapled Securities 38
Corporate Directory39
Contents

2Stride Property Group Interim Report for the six months ended 30 September 20193Stride Property Group Interim Report for the six months ended 30 September 2019
$44.8 million profit before income tax, up $0.8 million from HY19
$37.4 million profit after income tax, down $2.8 million from HY19, largely due
to increased income tax expense
$24.3 million distributable profit
1
before current income tax, up $2.4 million
from HY19
$19.3 million distributable profit
1
after current income tax, down $0.4 million
from HY19
$1.97 net tangible assets per share as at 30 September 2019, up from
31 March 2019 ($1.92 per share)
9.91 cents per share combined Stride Property Group cash dividend targeted
for FY20
35.0% loan to value ratio as at 30 September 2019, consistent with 31 March
2019 (34.4%)
The Board refresh has continued with the appointment of Nick Jacobson to
the Stride Boards in July 2019. David Van Schaardenburg retired as a director on
30 August 2019 after serving for 9 years
People continue to be a key focus for the Stride Boards and executive, as
attracting and retaining the best people is seen as essential to achievement of
Stride’s strategy
Stride’s strategy is to establish a group of products in specific sectors to provide
growth in our investment management business – this was evidenced by the
announcement in September 2019 of the establishment of Industre
SIML continues to deliver strong returns for shareholders in Investore Property
Limited (Investore), earning Stride $1 million in performance fees for the period
ending 30 September 2019
On 19 November 2019 Stride announced the conditional sale of its three remaining
large format retail assets to Investore for $140.75 million, consistent with its strategy
of holding its exposure to large format retail property through Investore
1 Distributable profit is a non-GAAP financial measure adopted by Stride Property Group (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 interim financial statements.
(All figures for six months ended 30 September 2019 unless otherwise stated)
2 Excludes land lease liability of $22.5 million.
$999.0 million total portfolio

value
2
as at 30 September 2019
$25.0 million or 2.6% net valuation gain for the six months ended
30 September 2019
Stride has continued to focus on acquisition and development of its industrial
portfolio, supporting the establishment of Industre:
• The development of a new Waste Management head office at East Tamaki
continues, with practical completion expected late 2019
• Stride settled the acquisition of The Concourse, Auckland, in June 2019, and
plans are progressing for the development of an industrial facility for Waste
Management on site, with resource consent granted and construction commenced
Stride has focussed on rationalisation of its office portfolio with the disposal of
the office building at Corinthian Drive, Albany, Auckland, for $50.5 million gross
sale price before transaction costs, which settled 1 April 2019, representing an
initial yield of 5.9%
Nick Jacobson,
Director
Office Asset — Clearpoint
Fanshawe Street, Auckland
Industrial Asset — Laminex
O’Rorke Road, Auckland

Stride Property Group Interim Report for the six months ended 30 September 201954Stride Property Group Interim Report for the six months ended 30 September 2019
Dear Shareholders, on behalf of the Board and the Executive of Stride Property
Group (Stride), we are pleased to provide an update on the activities and results
of Stride for the first six months of the 2020 financial year (HY20). This six months
has been characterised by a strong focus on execution of the Stride strategy,
through the creation of the Industre joint venture, which was announced in
September. As shareholders will be aware, Stride’s strategy is built on the four
strategic pillars of performance, people, places and products, and as usual we
report our activity and results against each of these four pillars.
Performance The six months to 30 September 2019 saw a strong result for
Stride. While Stride had sold the Corinthian Drive, Auckland office building with
effect from 1 April 2019, net rental income was still higher than for the comparable
period in FY19, due to higher rental from the existing portfolio and additional net
rental income from the acquisition of The Concourse, Auckland, which was settled
in June 2019.
In addition, Stride’s management fee income was $1.9 million higher, contributed
to by $1 million in performance fees earned from Investore Property Limited
(Investore), as a result of Investore shareholder returns of 53.6% over the two year
measurement period to 30 September 2019, and higher transactional fees earned
on project management of developments, leasing transactions and disposals.
While corporate expenses were higher than the comparable period (HY20:
$11.6 million; HY19: $9.4 million), driven primarily by $1.4 million of one-off project
costs related to the establishment of Industre and higher staff costs as a result of
having the full Stride executive in place from January 2019, profit before other
income and income tax was largely consistent with the prior period, at $17.9 million
for HY20, compared with $18.0 million for HY19.
Overall, this led to profit before income tax of $44.8 million, $0.8 million higher
than the comparable period in HY19. Profit after income tax for HY20 was
$37.4 million, down from $40.2 million for HY19 and reflects a higher income tax
expense for HY20. The current period income tax reflects a $1.8 million tax expense
on the depreciation recovery on the sale of the property at Corinthian Drive, while
the prior period had a tax benefit of $1.6 million resulting from breaking $4 million
in interest rate swaps.
People The Board refresh has continued during FY20, with the appointment of
Nick Jacobson to the Boards of Stride Property Limited (SPL) and Stride Investment
Management Limited (SIML) in July 2019, and the retirement of David Van
Schaardenburg from the Boards of SPL and SIML in August 2019. Nick has
extensive international real estate advisory and capital markets experience, which
will be very beneficial for Stride as it continues to execute its strategy of growing
its real estate investment management business.
In addition, Stride continues to have a keen focus on people, as we are well aware
that establishing a portfolio of properties with enduring demand, and continuing
to implement Stride’s strategy of growing its investment management business,
will require a strong, committed team of people. This is evidenced by the increase
in corporate costs for the six months to 30 September 2019 – these costs are
not just people costs, but also for the ongoing development of our people, which
we believe contributes to a productive management team. The commitment and
expertise of our people is evidenced by the successful execution of several
projects, including the establishment of Industre, the sale of the Corinthian Drive
property, the sale of three large format retail assets to Investore, and a number of
development projects underway.
Chairman &
CEO’s Report
Waste Management Development,
East Tamaki Road, Auckland

Stride Property Group Interim Report for the six months ended 30 September 201976Stride Property Group Interim Report for the six months ended 30 September 2019
1 Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL by that
tenant under the terms of the relevant lease as at 30 September 2019, annualised for the 12 month period on
the basis of occupancy level for the relevant property as at 30 September 2019, and assuming no default by
the tenant.
2 Weighted average lease term.
3 Excludes land lease liability of $22.5 million.
4 Refer footnote 1 on page 2.
Products As we stated in our Annual Report for the year ended 31 March 2019,
Stride’s strategy is to establish a group of sector-specific commercial property
products, with Stride co-investing in the products to ensure long-term alignment
with investors. Over the short to medium term, Stride will look to use its balance
sheet to build portfolios of assets that can be used to establish these sector-
specific products.
Set out on pages 8 and 9 is an overview of Industre, which will be Stride’s industrial-
focussed product. This product is evidence of our strategy in action, and represents
what we see for the future of Stride – we will continue to grow base portfolios
of assets in specific sectors, and will seek to create products where portfolio and
market conditions allow.
Dividend Stride’s dividend policy, as declared by the Boards of SPL and SIML,
is to target a cash dividend to shareholders that is between 95% and 100% of
its distributable profit
4
.
The Boards reconfirm guidance for a combined annual cash dividend for SPL
and SIML of 9.91 cents per share to shareholders for FY20. The second quarterly
combined cash dividend for SPL and SIML of 2.4775 cents per share is due to
be paid on 10 December 2019.
Future — Delivery of Strategy As stated, 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. This
can be most recently demonstrated in the establishment of Industre, which is
outlined on the following pages.
We look forward to the next six months of the financial year, during which we hope
to progress towards satisfaction of the conditions to the establishment of Industre,
as well as building portfolios of products that could be used as the base for future
Stride products.
Thank you for your ongoing support of our company.
Places Stride remains focussed on developing a portfolio of places with enduring
demand, which can be utilised as the base for future products. SPL completed
the sale of the Corinthian Drive, Albany, Auckland, office building for $50.5 million
on 1 April 2019.
On 19 November 2019 Stride announced the conditional sale of SPL’s three
remaining large format retail assets, comprising Bunnings (Mt Roskill), Mt Wellington
Shopping Centre and Bay Central Shopping Centre for $140.75 million. This sale
remains subject to a number of conditions, including Investore shareholder approval
and consent of the Overseas Investment Office.
The SPL Board considers it has capacity to further grow its portfolio of commercial
properties with a view towards its future strategy of establishing sector specific
investment management products.
During the six months in review, SIML completed 127 leasing transactions for
SPL, resulting in an increase on previous rentals of +3.0% on an annualised
basis. This is evidenced in the improved valuations across the portfolio as at
30 September 2019.
Tim Storey
Chairman of the Boards of
SPL and SIML
Philip Littlewood
CEO of SIML
Overview
As at
30 September 2019
Properties (no.)26
Tenants (no.)391
Net Lettable Area (sqm)254,318
Net Contract Rental
1
($m)57.5
WA LT
2
(years)4.5
Occupancy Rate (% by area)98.2
Portfolio Value
3
($m)999.0

Stride Property Group Interim Report for the six months ended 30 September 201998Stride Property Group Interim Report for the six months ended 30 September 2019
The establishment of Industre Property (Industre) evidences Stride’s execution of
this strategy. Stride announced the establishment of Industre in September 2019.
Industre is Stride’s new industrial property focussed investment management
product, which was created following the strategic and successfully delivered
initiative to grow our portfolio of industrial property. The key facts are:
• Industre is a joint venture with a group of international institutional investors,
through a special purpose vehicle and advised by J.P. Morgan Asset Management
(together, JPMAM).
• Industre will own and develop for long term income producing purposes industrial
property in New Zealand, primarily located in the Auckland region.
• Over time, Stride will seek to establish a group of
sector-specific commercial property products
• Over the short to medium term, Stride will look
to use its balance sheet to build portfolios
of assets that can be used to establish these
sector-specific products
• Stride will co-invest in our products to ensure we
have a long-term alignment with our investors
Execution
of Strategy
Creation
of Industre
Stride’s stated
strategy:
• SPL will contribute all of its existing industrial properties to Industre, which is
intended to grow through the acquisition and development of industrial properties
over time. Industre will be managed by SIML.
• The vision for Industre is to grow a significant portfolio of high-quality New
Zealand industrial properties with a majority weighting to the Auckland market.
• Initially JPMAM will commit approximately $70 million to the establishment of
Industre and SPL will contribute 12 industrial properties owned by it, as well as
the agreement to acquire 439 Rosebank Road, Avondale, which SPL is party
to. SPL will initially have an approximately 70% shareholding in Industre, with
JPMAM holding the remainder.
• JPMAM has additionally allocated a further $115 million of capital to fund near
term growth initiatives, subject to meeting certain investment return and approval
thresholds, taking JPMAM’s total equity committed to $185 million. This $115 million
of JPMAM committed capital will result in Industre having capacity to fund initial
portfolio growth of over $190 million.
• Over the long term, the strategy is for JPMAM to fund further portfolio growth
until the respective shareholdings in the portfolio are 75% / 25% (JPMAM/SPL).
• The establishment of Industre is subject to Overseas Investment Office approval.
NZ Merchants
20 Rockridge Avenue, Auckland

Consolidated
Interim
Financial
Statements
11Stride Property Group Interim Report for the six months ended 30 September 201910Stride Property Group Interim Report for the six months ended 30 September 2019
The Concourse and Selwood Road
Henderson, Auckland
Consolidated Statement of Comprehensive Income12
Consolidated Statement of Changes in Equity13
Consolidated Statement of Financial Position14
Consolidated Statement of Cash Flows15
Notes to the Consolidated Interim Financial Statements17
Independent Review Report37

1312Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
The attached notes form part of and are to be read in conjunction with these 4nancial statements.The attached notes form part of and are to be read in conjunction with these 4nancial statements.
Notes
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Gross rental income36,96137,855
Direct property operating expenses(8,611)(9,911)
Net rental income3.128,35027,944
Management fee income9,1507,276
Less corporate expenses
Corporate overhead expenses(8,457)(7,800)
Administration expenses(1,816)(1,591)
One-off project costs1.5(1,364) –
Total corporate expenses(11,637)(9,391)
Profit before net finance expense, other income/(expense) and
income tax25,86325,829
Finance income101158
Finance expense(6,692)(7,299)
Finance expense – swap break expense(637)(703)
Finance expense – lease liability(740) –
Net finance expense(7,968)(7,844)
Profit before other income/(expense) and income tax 17,89517,985
Other income/(expense)
Net change in fair value of investment properties3.224,80023,601
Share of profit in associates2,1262,190
Gain on disposal of investment properties –344
Loss on disposal of other investments –(35)
Other expense – insurance recoveries –(19)
Profit before income tax44,82144,066
Income tax expense6.1(7,399)(3,844)
Profit after income tax attributable to shareholders37,42240,222
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss
Deferred tax on share based payment expense6410
Gross movement in cash flow hedges (2,936)(1,383)
Tax arising from cash flow hedges 822387
Changes in cash flow hedge reserve in associates(281)(211)
Total other comprehensive income/(loss) after tax(2,331)(1,197)
Total comprehensive income after tax attributable to shareholders35,09139,025
Stride Property Limited (SPL) total comprehensive income after tax
attributable to shareholders31,23736,906
Stride Investment Management Limited (SIML) total comprehensive
income after tax attributable to shareholders3,8542,119
Total comprehensive income after tax attributable to shareholders35,09139,025
Earnings per share 4.1
Basic earnings per share (cents) 10.24 11.01
Diluted earnings per share (cents) 10.21 11.00
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2019
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Other
reserves
$000
Total
$000
Balance at 31 Mar 19 (Audited)365,297500,647211,456(7,884)704,219
Transactions with shareholders:
Dividends paid – –(18,103) –(18,103)
Transfer to share capital on vesting of
employee long term incentive plan55102237(339) –
Share based payment expense – – –224224
Total transactions with shareholders
55102(17,866)(115)(17,879)
Other comprehensive income:
Deferred tax on share based payment
expense – – –6464
Movement in cash flow hedges, net of tax – – –(2,114)(2,114)
Change in cash flow reserve in associates – – –(281)(281)
Total other comprehensive income
– – –(2,331)(2,331)
Profit after income tax – –37,422 –37,422
Total comprehensive income – –37,422(2,331)35,091
Balance at 30 Sep 19 (Unaudited)
365,352500,749231,012(10,330)721,431
Balance at 31 Mar 18 (Audited)364,989500,205171,438(4,495)667,148
Transactions with shareholders:
Dividends paid – –(18,073) –(18,073)
Transfer to share capital on vesting of
employee long term incentive plan308442 –(442) –
Share based payment expense – – –201201
Total transactions with shareholders308442(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 at 30 Sep 18 (Unaudited)365,297500,647193,587(5,933)688,301
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2019

1514Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
The attached notes form part of and are to be read in conjunction with these 4nancial statements.The attached notes form part of and are to be read in conjunction with these 4nancial statements.
Tim Storey
Chairman of the Board
John Harvey
Chair of the Audit and Risk Committee
For and on behalf of the Board of Directors of SPL and SIML, dated 25 November 2019:
Consolidated Statement of Financial Position
As at 30 September 2019
Notes
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Current assets
Cash at bank10,0945,364
Trade and other receivables6.39,9303,059
Prepayments 1,555232
Other current assets141646
Deposit on investment property4001,750
Inventory – development property –35,436
22,12046,487
Investment property classified as held for sale –50,082
22,12096,569
Non-current assets
Investment properties3.21,021,460880,735
Deposit on investment property –400
Work in progress3.41,8691,656
Other investments91,17791,368
Loan to associate3,3973,397
Software1,3711,482
Property, plant and equipment1,348822
1,120,622979,860
Total assets1,142,7421,076,429
Current liabilities
Trade and other payables21,10917,954
Current tax liability4,1391,638
Derivative financial instruments5.2137628
Lease liability1.3767 –
26,15220,220
Non-current liabilities
Bank borrowings5.1349,280332,399
Deferred tax liability10,47610,618
Derivative financial instruments5.213,0978,973
Lease liability1.322,306 –
395,159351,990
Total liabilities421,311372,210
Net assets721,431704,219
Share capital500,749500,647
Retained earnings231,012211,456
Reserves(10,330)(7,884)
Equity721,431704,219
SPL equity716,979701,703
SIML equity (non-controlling interest)4,4522,516
Equity
721,431 704,219
Consolidated Statement of Cash Flows
For the six months ended 30 September 2019
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Cash flows from operating activities
Gross rent received38,54439,932
Management fee income9,3327,542
Interest received101158
Dividends received33
Other income received – insurance recoveries –325
Interest paid(7,840)(7,199)
Direct property operating and corporate expenses(25,958)(22,342)
Income tax paid(4,154)(3,740)
Net cash provided by operating activities
10,02814,679
Cash flows from investing activities
Proceeds from disposal of investment properties50,165 –
Dividend income from associates1,9862,147
Acquisition of investment properties(33,250) –
Capital expenditure on investment properties(22,409)(8,661)
Inventory – development property expenditure –(40)
Software expenditure(64)(599)
Property, plant and equipment purchased(50)(39)
Proceeds from disposal of investments–459
Net cash applied to investing activities(3,622)(6,733)
Cash flows from financing activities
Dividends paid (18,103)(18,073)
Drawdown on bank borrowings66,64010,900
Repayment of bank borrowings(49,850)(300)
Lease liability payments(363) –
Swap break expense paid –(4,058)
Net cash applied to financing activities(1,676)(11,531)
Net increase/(decrease) in cash and cash equivalents held4,730(3,585)
Opening cash and cash equivalents 5,36410,006
Closing cash and cash equivalents10,0946,421

17Stride Property Group Interim Report for the six months ended 30 September 201917Stride Property Group Interim Report for the six months ended 30 September 2019
1.0 General Information18
1.1Reporting entity18
1.2Basis of preparation18
1.3Adoption of new standard — NZ IFRS 16 Leases19
1.4Significant accounting policies, estimates and judgements20
1.5Significant events and transactions20
2.0Operating Segments22
3.0Property25
3 .1Net rental income25
3.2Investment properties26
3.3Capital expenditure commitments contracted for28
3.4Work in progress28
4.0Investor Returns29
4 .1Basic and diluted earnings per share29
4.2Net tangible assets per share29
4.3Distributable profit30
4.4Dividends paid and proposed31
5.0Capital Structure and Funding32
5 .1Borrowings32
5.2Derivative financial instruments33
5.3Share capital33
6.0Other34
6 .1Income tax 34
6.2Related Party disclosures35
6.3Trade and other receivables36
6.4Contingent liabilities36
6.5Subsequent events36
Notes to the
Consolidated
Interim Financial
Statements
16Stride Property Group Interim Report for the six months ended 30 September 2019
The attached notes form part of and are to be read in conjunction with these 4nancial statements.
Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2019
Reconciliation of profit after income tax attributable to shareholders to net cash provided by operating
activities
Notes
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Profit after income tax attributable to shareholders37,42240,222
Add/(less) non-cash items:
Movement in deferred tax 6.1922739
Income tax movement in cash flow hedges (178)939
Net change in fair value of investment properties(24,800)(23,601)
Gain on disposal of investment properties –(344)
Share of profit in associates(2,126)(2,190)
Loss on disposal of other investments –35
Capitalised lease incentives(147)(349)
Lease incentives amortisation571629
Spreading of fixed rental increases(60)(188)
Movement in loss allowance (230)7
Share based payment expense224201
Depreciation267111
Software amortisation179121
Finance expense – swap break expense 637703
Accrued interest movement in derivative financial instruments 60(47)
Borrowings establishment cost amortisation9180
12,83217,068
Add activity classified as investing activity:
Movement in working capital items relating to investing activities(1,001)789
11,83117,857
Movement in working capital:
(Increase)/decrease in trade and other receivables(6,641)349
Increase in prepayments and other current assets(818)(1,308)
Increase/(decrease) in trade and other payables3,155(649)
Increase/(decrease) in tax payable2,501(1,570)
Net cash provided by operating activities10,02814,679

1918Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
This section sets out Stride Property Group’s accounting policies that relate to the unaudited
consolidated interim financial statements (financial statements) as a whole. Where an
accounting policy is specific to a note, the policy is described within the note to which it relates.
1.1 Reporting entity
The 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.
SPL is principally involved in the ownership of investment properties in New Zealand and SIML is principally
involved in the management of real estate investment entities in New Zealand. SPL and SIML are both
domiciled in New Zealand, are both registered under the Companies Act 1993 and are both FMC reporting
entities under Part 7 of the Financial Markets Conduct Act 2013.
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 25 November 2019.
1.2 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 have been prepared under the historical cost basis except for assets and liabilities
stated at fair value as disclosed.
The financial statements have been presented in New Zealand dollars and have been rounded to the nearest
thousand, unless stated otherwise.
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 2019 annual financial statements.
1.0 General Information
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
1.3 Adoption of new standard – NZ IFRS 16 Leases
Stride has adopted NZ IFRS 16 Leases from 1 April 2019 which has replaced the previous guidance in NZ IAS
17 Leases. As a lessor of investment property leased to customers, NZ IFRS 16 has resulted in no changes
to the recognition and measurement of leases as compared to existing accounting policies. However, where
Stride is a lessee it is required to recognise a lease liability reflecting future lease payments and a right-of-use
asset applying the fair value model given the ground lease is held solely for the purpose of holding the related
investment property building.
SIML has an operating lease for its head office where SIML is the lessee and SPL had four operating leases as
at 31 March 2019 where SPL was the lessee. There was one at each of the following properties:
• 7 - 9 Fanshawe Street, Auckland,
• 33 Customhouse Quay, Wellington (note 3.2),
• NorthWest Shopping Centre, Auckland, and
• NorthWest Two, Auckland.
As a lessee, Stride has applied NZ IFRS 16 using the simplified retrospective approach. Under this approach,
Stride has recognised a lease liability of $23,435,000 as at 1 April 2019, representing the present value of the
remaining lease cash flows. A corresponding right-of-use asset is embedded in the fair value of the underlying
investment property and has been added to property, plant and equipment respectively. The prior period
comparatives have not been restated, nor has an adjustment been made to equity, as permitted under the
specific transitional provisions in the standard.
On 29 April 2019, the option period held by Westgate Town Centre Limited (WTCL) to acquire SPL’s NorthWest
Two development came to an end and SPL acquired the land that had been subject to a ground lease (note 3.2).
New Accounting Policy from 1 April 2019
SPL leases various property under non-cancellable operating lease agreements. At the inception of a contract,
SPL assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Right-of-use assets are measured on initial recognition as the initial lease liability, plus any initial indirect costs
incurred, less any lease incentives received. Right-of-use assets that meet the definition of investment property
are presented within investment property. SPL applies the fair value model to investment property, including
right-of-use assets that meet the definition of investment property.
Investment property is adjusted for cash flows relating to lease liabilities already recognised separately on the
statement of financial position and also reflected in the investment property valuations.
Lease liabilities are measured based on the present value of the fixed and variable lease payments, less any
cash lease incentives receivable. Each lease payment is allocated between the liability and finance cost. The
finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the
remaining balance of the liability for each period.
1.0 General Information (continued)

2120Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
1.3 Adoption of new standard – NZ IFRS 16 Leases (continued)
Adjustments recognised on adoption of NZ IFRS 16
On adoption of NZ IFRS 16, SPL has recognised a right-of-use asset within the fair value of investment property
and a corresponding lease liability within interest bearing liabilities in relation to leases which had previously
been classified as operating leases under the principles of NZ IAS 17 Leases. SIML has recognised a right-of-use
asset within property, plant and equipment and a corresponding lease liability within interest bearing liabilities in
relation to its lease of its head office.
The liabilities were measured at the present value of the remaining lease payments, discounted at the rate as
specified in the lease for investment property being 6.25% for NorthWest Shopping Centre, Auckland, and 7.00%
for 7-9 Fanshawe Street, Auckland. The 5.13% discount rate was applied for property, plant and equipment, being
the estimated incremental borrowing rate applied to the lease liability as at 1 April 2019.
A reconciliation between SPL’s operating lease commitments disclosed as at 31 March 2019 and the lease
liabilities recognised on adoption of NZ IFRS 16 on 1 April 2019 is provided below.
SPL
$000
SIML
$000
Unaudited
$000
Operating lease commitments disclosed as at 31 March 2019 13,608 – 13,608
Operating lease commitments from next review to final
lease expiry 89,427 – 89,427
Operating lease commitments to final lease expiry on property,
plant and equipment – 819 819
Discounted using the lessee’s discount rate at the date
of initial application(80,372)(47)(80,419)
Lease liability recognised as at 1 April 2019
22,663 772 23,435
Of which were:
Current lease liabilities 412 326738
Non-current lease liabilities 22,251 44622,697
Lease liability recognised as at 1 April 2019 22,663 77223,435
The commitments shown as at 31 March 2019 reflected amounts payable under current signed lease contracts up
until the next rent review, at which time the terms of the leases may be renegotiated.
1.4 Significant accounting policies, estimates and judgements
The same accounting policies and methods of computation are followed in the financial statements as compared
with the most recent annual financial statements.
1.5 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:
Sale of 33 Corinthian Drive, Auckland
On 1 April 2019, SPL sold its commercial property tenanted by ASB Bank Limited at 33 Corinthian Drive,
Albany, Auckland, for $50.5 million gross before transaction costs.
Reclassification from inventory – development property to investment properties of NorthWest Two, Auckland
In April 2019, SPL reclassified NorthWest Two, Auckland, from inventory – development property to investment
properties (note 3.2).
Acquisition of The Concourse property, Auckland
On 27 June 2019, SPL acquired The Concourse, Henderson, Auckland, for $35.0 million excluding
transaction costs.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
1.0 General Information (continued)
1.5 Significant events and transactions (continued)
Revaluation of investment properties
SPL undertook independent valuations of the entire portfolio which resulted in a net change in fair value of
investment properties of $24,800,000 which includes ($203,000) in relation to the change in the value of the
lease liability.
Establishment of Industre Property (Industre)
On 5 September 2019, Stride announced the establishment of Industre, an industrial property focussed
investment management product. Industre is a joint venture with a group of international institutional investors,
through a special purpose vehicle, and advised by J.P. Morgan Asset Management (together, JPMAM). Industre
will own and develop for long term income producing purposes industrial property in New Zealand, primarily
located in the Auckland region. SPL will contribute all of its industrial properties to Industre, which is intended
to grow through the acquisition and development of industrial properties over time. Industre will be managed
by SIML.
Initially JPMAM will commit approximately $70 million to the establishment of Industre and SPL will contribute
its 12 industrial properties, including the on completion developments of 318 East Tamaki Road, Auckland,
(previously 11 Springs Road), and The Concourse Property, Auckland.
JPMAM has additionally allocated a further $115 million of capital to fund near term growth initiatives, subject
to meeting certain investment return and approval thresholds, taking JPMAM’s total equity committed to
$185 million. Over the long term, the strategy is for JPMAM to fund further portfolio growth until the respective
economic contributions to the portfolio are 75% / 25% (JPMAM / SPL).
While initial agreements have been signed, the commencement of the joint venture is subject to a number of
substantive conditions, the material ones being:
• Overseas Investment Office (OIO) approval.
• Finalisation of banking arrangements (including satisfaction of conditions precedent under the banking
facility) for Industre with its banking group – and to this end, funding has been committed by a syndicate of
banks under a terms sheet agreed with Stride Industrial Property Limited (SIPL) (a subsidiary of SPL) and
JPMAM.
• Agreement by SPL with its banks to amendments to its current banking arrangements to provide for the
establishment of Industre and transfer of properties to the joint venture.
• Finalising the terms of investment by SPL in the JPMAM Special Purpose Vehicle (SPV) – SPL will take
a small shareholding in the SPV (approximately $250,000) to assist in alignment of the interests of SPL
with its joint venture partner. The terms of this investment are to be finalised, and this will be a condition to
completion of the overall transaction and commencement of the joint venture.
The conditions are to be satisfied within nine months, subject to an extension to 12 months in the case of the
OIO approval condition in certain circumstances. Settlement is to occur on the last business day of the calendar
month that is at least 20 business days after the last condition is satisfied, subject to certain exceptions.
Should the conditions be fulfilled, the accounting for the arrangements by SPL will be a combination of a
joint venture (equity accounted) and a joint operation (proportionate share of assets and obligations), unless
circumstances change.
SPL has incurred $1,364,000 one-off project costs in relation to advisor fees for the establishment of Industre.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
1.0 General Information (continued)

2322Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
This section sets out how Stride’s revenue streams are reported internally, reflecting the two
operating segments being SPL and SIML.
SPL’s revenue streams are earned from investment properties owned in New Zealand, with no specific
exposure to geographical risk. Given SPL’s diverse client base, no one tenant represents greater than 10%
of the portfolio contract rental. SIML’s revenue streams are earned from the management of the real estate
investment of Investore Property Limited (Investore), Diversified NZ Property Trust (Diversified) and SPL.
For the revenue earned from Investore and Diversified, refer to note 6.2 on related party disclosures.
Segment profit
SPL
$000
SPL
eliminations
$000
SIML
$000
SIML
eliminations
$000
Unaudited
6 Months
30 Sep 19
$000
Net rental income27,2471,103 – –28,350
Management fee income – –14,623(5,473)9,150
Less corporate expenses
Corporate overhead expenses(2,615)2,615(8,457) –(8,457)
Administration expenses(1,086)125(855) –(1,816)
One-off project costs(1,364)– – –(1,364)
Total corporate expenses(5,065)2,740(9,312) –(11,637)
Profit before net finance expense, other
income and income tax22,1823,8435,311(5,473)25,863
Finance income97 –4 –101
Finance expense(6,681) –(11) –(6,692)
Finance expense – swap break expense(637) – – –(637)
Finance expense – lease liability(722) –(18) –(740)
Net finance expense
(7,943) –(25) –(7,968)
Profit before other income and income tax14,2393,8435,286(5,473)17,895
Other income
Net change in fair value of investment
properties22,7772,023 – –24,800
Share of profit in associates2,126 – – –2,126
Profit before income tax 39,1425,8665,286(5,473)44,821
Income tax expense(5,903) –(1,496) –(7,399)
Profit after income tax attributable to
shareholders
33,2395,8663,790(5,473)37,422
Total other comprehensive (loss)/income
after tax(2,395) –64 –(2,331)
Total comprehensive income after tax
attributable to shareholders30,8445,8663,854(5,473)35,091
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
2.0 Operating Segments
In the current period, the following expenses payable by SPL to SIML have been eliminated in the consolidated
statement of comprehensive income:
• direct property operating expenses included in net rental income $1,103,000 (30 Sep 18: $1,119,000)
• management and accounting fees included in corporate expenses $2,740,000 (30 Sep 18: $2,756,000)
• management fees in respect of capital expenditure on investment properties $1,370,000
(30 Sep 18: $140,000), development expenditure on work in progress $8,000 (30 Sep 18: $195,000) and
life to date management fees at NorthWest Two, Auckland, following the reclassification from inventory
– development property to investment property $645,000, are included in the net change in fair value of
investment properties
In the prior period, the following expenses payable by SPL to SIML were also eliminated in the consolidated
statement of comprehensive income:
• refinancing fees $25,000
• development expenditure on inventory – development property $12,000
Segment profit
SPL
$000
SPL
eliminations
$000
SIML
$000
SIML
eliminations
$000
Unaudited
6 Months
30 Sep 18
$000
Net rental income26,8251,119 – –27,944
Management fee income – –11,514(4,238)7,276
Less corporate expenses
Corporate overhead expenses(2,639)2,631(7,792) –(7,800)
Administration expenses(941)125(775) –(1,591)
Total corporate expenses(3,580)2,756(8,567) –(9,391)
Profit before net finance expense, other
income and income tax23,2453,8752,947(4,238)25,829
Finance income156 –2 –158
Finance expense(7,312)25(12) –(7,299)
Finance expense – swap break expense(703) – – –(703)
Net finance expense(7,859)25(10) –(7,844)
Profit before other income/(expense) and
income tax15,3863,9002,937(4,238)17,985
Other income
Net change in fair value of investment
properties23,254347 – –23,601
Gain on disposal of investment properties344 – – –344
Share of profit in associates2,190 – – –2,190
Loss on disposal of other investments(35) – – –(35)
Other expense – insurance recoveries(19) – – –(19)
Profit before income tax
41,1204,2472,937(4,238)44,066
Income tax expense(3,016) –(828) –(3,844)
Profit after income tax attributable to
shareholders38,1044,2472,109(4,238)40,222
Total other comprehensive (loss)/income
after tax(1,207) –10 –(1,197)
Total comprehensive income after tax
attributable to shareholders36,8974,2472,119(4,238)39,025
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
2.0 Operating Segments (continued)

2524Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
Segment assets and liabilities
SPL
$000
SPL
eliminations
$000
SIML
$000
SIML
eliminations
$000
Total
$000
Balance at 30 Sep 19 (Unaudited)
Total a s set s1,135,421(21)7,342 –1,142,742
Total liabilities418,420 –2,891 –421,311
Balance at 31 Mar 19 (Audited)
Total a s set s1,071,784 (667)5,312 –1,076,429
Total liabilities369,679(253)2,784 –372,210
As at 30 September 2019, SPL had assets of $94,575,000 relating to other investments and a loan to
associates which reduced by $190,000 from 31 March 2019.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
2.0 Operating Segments (continued)
This section covers property assets which generate Stride’s trading performance.
3.1 Net rental income
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
SPL
Gross rental income
Rental income and service charge income recovered from tenants37,14037,856
Capitalised lease incentives142189
Lease incentives amortisation(381)(378)
Spreading of fixed rental increases 60188
Total gross rental income 36,96137,855
Direct property operating expenses
Rates and insurance(3,523)(3,214)
Property maintenance costs(1,306)(1,524)
Ground and office rent –(952)
Utilities(694)(719)
Other non-recoverable property operating expenses(3,088)(3,502)
Total direct property operating expenses(8,611)(9,911)
Net rental income28,35027,944
Other non-recoverable property operating expenses represents operating expenses not recoverable from
tenants and property leasing expenses. Salaries and wages costs of $772,000 (30 Sep 18: $766,000) charged
by SIML to SPL have been eliminated in the direct property operating expenses.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
3.0 Property

2726Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
3.2 Investment properties
SPL
Office
$000
Industrial
$000
Retail
$000
Large Format
Retail
$000
Land/
Development
$000
Total
$000
Balance at 31 Mar 19 (Audited)186,800214,075384,16047,30048,400880,735
Initial add back of land lease liability6,741 –15,922 – –22,663
Additions– – – –35,00035,000
Subsequent capital expenditure2,4671444,4832616,07023,190
Capitalised lease incentives82 –65 – –147
Lease incentives amortisation(110)(200)(261) – –(571)
Spreading of fixed rental increases2260(23)1 –60
Reclassification– – (86,000) 86,000 –
–
Transfer from inventory – development
property – –35,436 – –35,436
Net change in fair value7,43810,3211,538(2,127)7,63024,800
Balance at 30 Sep 19 (Unaudited)203,440224,400355,320131,200107,1001,021,460
Comprising:
Investment property at valuation196,900224,400339,400131,200107,100999,000
Add back land lease liability6,540 –15,920 – –22,460
Total203,440224,400355,320131,200107,1001,021,460
On 10 April 2019, SPL gave WTCL notice to bring the option period held by WTCL to acquire SPL’s NorthWest
Two development to an end. On 29 April 2019, SPL advised that the option had expired. SPL acquired the land
and reclassified the property from inventory – development property to investment properties. SPL retains a
right of first refusal over Zones 1 and 2, being the land located immediately adjacent to NorthWest Two, should
WTCL wish to sell some or all of these properties. In addition, WTCL retains a right of first refusal over SPL’s
NorthWest Shopping Centre and NorthWest Two should SPL wish to sell either or both of these properties.
Included in 30 September 2019 balance of investment property at valuation, is an implicit right-of-use asset of
$22,680,000 in relation to a peppercorn ground lease at 33 Customhouse Quay, Wellington, with an associated
immaterial lease liability. The $22,460,000 land lease liability add back is in respect to the remaining two
investment properties with ground leases at 30 September 2019.
The net change in fair value of $24,800,000 (31 Mar 19: $23,601,000) includes ($203,000) (31 Mar 19: N/A)
in relation to the change in the value of the lease liability.
In the current period, a revaluation movement of $1,370,000 (31 Mar 19: $1,071,000), arising from the
elimination of the capital expenditure fees charged by SIML to SPL, has been reflected in the consolidated
statement of comprehensive income. Capital expenditure consists of fit-outs and other physical enhancements
to the investment properties, with ownership of such capital amounts being retained by SPL.
The 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 are dated effective 30 September 2019.
At 30 September 2019, SPL reclassified the properties at the corner Mt Wellington Highway & Penrose Road,
Auckland, and 65 Chapel Street, Tauranga, from retail to large format retail.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
3.0 Property (continued)
3.2 Investment properties (continued)
Valuer
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Office
7 - 9 Fanshawe Street, AucklandColliers9,5009,500
80 Greys Avenue, AucklandCBRE22,60020,200
21 - 25 Teed Street, AucklandColliers22,80022,800
35 Teed Street, AucklandJLL22,60021,600
33 Customhouse Quay, WellingtonJLL38,20035,750
1 Grey Street, WellingtonColliers Wellington60,50057,200
22 The Terrace, WellingtonColliers Wellington20,70019,750
Office total196,900186,800
Industrial
30 Airpark Drive, AucklandColliers29,50028,300
22 Ha Crescent, AucklandBayleys15,10014,500
8 Reg Savory Place, AucklandCBRE8,9508,725
20 Rockridge Avenue, AucklandCBRE16,75015,850
460 Rosebank Road, AucklandColliers19,10018,100
15 Rockridge Avenue, AucklandColliers25,90024,600
25 O’Rorke Road, AucklandColliers69,65066,600
415 East Tamaki Road, AucklandColliers18,90017,800
15 Ride Way, AucklandBayleys12,25011,550
34 Airpark Drive, AucklandColliers8,3008,050
Industrial total
224,400214,075
Retail
61 Silverdale Street, AucklandCBRE101,000100,500
NorthWest Shopping Centre, AucklandJLL170,000172,000
NorthWest Two, Auckland (reclassified from inventory –
development property)JLL38,500–
Johnsonville Shopping Centre, Wellington (50%)Colliers29,90030,060
Cnr Mt Wellington Highway & Penrose Road, AucklandColliers–36,500
65 Chapel Street, TaurangaCBRE–45,100
Retail total339,400384,160
Large Format Retail
2 Carr Road, Auckland Colliers45,20047,300
Cnr Mt Wellington Highway & Penrose Road, AucklandColliers37,500–
65 Chapel Street, TaurangaCBRE48,500–
Large Format Retail total131,20047,300
Land/Development
318 East Tamaki Road, AucklandColliers68,70048,400
The Concourse, AucklandJLL38,400–
Land/Development total107,10048,400
Total
999,000880,735
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
3.0 Property (continued)

2928Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
3.2 Investment properties (continued)
The valuers took into account:
• occupancy (leased area as a proportion of the total net lettable area) on individual investment properties
(average is 98.2% at balance date) (31 Mar 19: 98.0%);
• average lease term (weighted average lease term (WALT) at balance date is 4.5 years) (31 Mar 19: 4.5 years);
• discount rates (ranged from 6.25% to 9.75%) (31 Mar 19: 6.50% to 9.75%), and
• capital expenditure works of $23,190,000 including capital expenditure works of $15,235,000 relating to
the 318 East Tamaki Road, Auckland, development.
Capitalisation rates ranged from 4.88% to 10.25% (31 Mar 19: 5.00% to 10.25%).
3.3 Capital expenditure commitments contracted for
As at 30 September 2019, SPL has the following commitments:
• $75,742 (31 Mar 19: $68,135) in total for various capital expenditure works to be undertaken on investment
properties in this financial year.
• Development expenditure of $5,348,000 at Bay Central Shopping Centre, 65 Chapel Street, Tauranga, in
relation to the expansion of Rebel Sports and Briscoes premises, expected to be completed by December
2019. As at balance date $3,695,265 has been incurred, including SIML development fees of $142,129,
which have been eliminated in the consolidated statement of financial position.
• Development expenditure of $6 million at 2 Carr Road, Auckland, involving expanding the retail space and
trade sales area, following which Bunnings will enter into a new 10-year lease for the premises. The works
are expected to be completed over the next eighteen months.
• The Concourse property includes an area of development land on which SPL has agreed to develop
an industrial facility for Waste Management who will enter into a 25-year lease upon completion of the
development. The agreement allows for base development costs of $15 million, and for expansion of the
scope of works of up to $8 million with an associated higher rental. As at balance date $846,028 has been
incurred including SIML development fees of $17,113, which have been eliminated in the consolidated
statement of financial position.
• $8 million in relation to a contract to acquire an industrial property at 439 Rosebank Road, Auckland, with
completion anticipated in July 2020. A deposit of $400,000 has been paid.
• Development expenditure of $43 million in total, including SIML development fees, with Waste Management
at 318 East Tamaki Road, Auckland, under an agreement with Waste Management approximately an
additional $10 million of development expenditure in total, including SIML development fees for the
expansion of the scope of works have been agreed. The development includes a new head office, workshop
and depot, with completion due in late December 2019. As at balance date $37,994,100 has been incurred
including SIML development fees of $1,879,091, which have been eliminated in the consolidated statement
of financial position.
Subsequent to balance date, SPL has committed to a further $169,000 in total for capital expenditure works to
be undertaken on investment properties in this financial year.
Stride has no other material capital commitments as at 30 September 2019.
3.4 Work in progress
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Johnsonville Shopping Centre, Wellington1,8691,656
Work in progress costs for Johnsonville Shopping Centre, Wellington, have been incurred in relation to the
redevelopment of the shopping centre.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
3.0 Property (continued)
This section sets out Stride’s earnings per share and how distributable profit is calculated.
Distributable profit is a non-GAAP measurement and is used by Stride to calculate profit
available for distribution to shareholders by way of dividends.
4.1 Basic and diluted earnings per share
Basic and diluted earnings per share amounts are calculated by dividing profit after income tax attributable to
shareholders by the weighted average number of shares on issue.
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Profit after income tax attributable to shareholders 37,42240,222
Weighted average number of shares for the purpose of basic earnings
per share (000)365,336365,198
Basic earnings per share – SPL 9.2010.43
Basic earnings per share – SIML1.040.58
Basic earnings per share – weighted (cents)10.2411.01
Weighted average number of shares for the purpose of diluted earnings
per share (000)366,540365,737
Diluted earnings per share – SPL 9.1810.43
Diluted earnings per share – SIML1.030.57
Diluted earnings per share – weighted (cents)
10.2111.00
Weighted average number of shares for the purpose of diluted distributable profit per share has been adjusted
for 1,187,838 (30 Sep 18: 539,066) rights issued under SPL’s long-term share incentive schemes.
4.2 Net tangible assets per share
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Unaudited
30 Sep 18
$000
Net assets721,431704,219688,301
Less: Software(1,371)(1,482)(1,535)
Net tangible assets720,060702,737686,766
Closing shares on issue365,352365,297365,297
Net tangible assets per share$1.97$1.92$1.88
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
4.0 Investor Returns

3130Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
4.3 Distributable profit
Accounting policy
Stride’s dividend policy is to target a cash dividend to shareholders that is between 95% and
100% of its distributable profit. Distributable profit is a non-GAAP measure and consists of
profit or 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.
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Profit before income tax 44,82144,066
Non-recurring and/or non-cash adjustments:
Net change in fair value of investment properties(24,800)(23,601)
Reversal of the land lease liability movement in investment properties(203)–
Gain on disposal of investment properties–(344)
Disposal fee income eliminated in SIML253–
Share of profit in associates(2,126)(2,190)
Dividend income from associates1,9862,147
One-off project costs1,364–
Capitalised lease incentives – rent free(142)(189)
Lease incentives amortisation – rent free381378
Capitalised lease incentives – cash incentives(5)(160)
Lease incentives amortisation – cash incentives190251
Spreading of fixed rental increases(60)(188)
Development fee income eliminated in SIML1,378337
Share based payment expense 224201
Depreciation 267111
Lease liability for head office(160)–
Software amortisation179121
Finance expense – swap break expense 637703
Borrowings establishment costs amortisation9180
Loss on disposal of other investments–35
Other income – insurance recoveries–118
Distributable profit before current income tax24,27521,876
Current tax expense (6,477)(3,105)
Adjusted for:
Tax expense on bank borrowings capitalised interest(152)(13)
Tax expense on depreciation recovered on disposal of investment properties1,785(90)
Income tax movement in cash flow hedges (178)939
Distributable profit after current income tax19,25319,607
Adjustments to funds from operations:
Maintenance capital expenditure(3,788)(3,114)
Adjusted Funds From Operations (AFFO)15,46516,493
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
4.0 Investor Returns (continued)
4.3 Distributable profit (continued)
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Weighted average number of shares for the purpose of basic
distributable profit per share (000)365,336365,198
Basic distributable profit after current income tax per share –
weighted (cents)5.275.37
AFFO basic distributable profit after current income tax per share
– weighted (cents)4.234.52
Weighted average number of shares for the purpose of diluted
distributable profit per share (000)366,540365,737
Diluted distributable profit after current income tax per share –
weighted (cents) 5.255.36
AFFO diluted distributable profit after current income tax per share –
weighted (cents)4.224.51
4.4 Dividends paid and proposed
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
The following dividends were declared and paid by SPL during the year:
Q4 2019 final dividend 2.2075 cents (Q4 2018 2.00 cents)8,0657,306
Q1 2020 interim dividend 2.1575 cents (Q1 2019 2.2075 cents)7,8838,064
Total dividends paid15,94815,370
SPL dividend approved subsequent to balance date:
Q2 2020 interim dividend 2.1575 cents (note 6.5) (Q2 2019 2.2075 cents).
The following dividends were declared and paid by SIML during the year:
Q4 2019 final dividend 0.27 cents (Q4 2018 0.47 cents)9861,717
Q1 2020 interim dividend 0.32 cents (Q1 2019 0.27 cents)1,169986
Total dividends paid2,1552,703
SIML dividend approved subsequent to balance date:
Q2 2020 interim dividend 0.32 cents (note 6.5) (Q2 2019 0.27 cents).
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
4.0 Investor Returns (continued)

3332Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
Stride's capital structure includes debt and equity, comprising shares and retained earnings
as shown in the consolidated statement of financial position. This section sets out how Stride
manages its capital structure, funding exposure to interest rate risk and related financing costs.
5.1 Borrowings
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Non-current349,640332,850
Bank facility drawn down(360)(451)
Unamortised borrowing costs349,280332,399
Total net borrowings
Total bank facility available400,000400,000
Bank facility drawn down349,640332,850
Undrawn bank facility available50,36067,150
Facility A200,000200,000
Facility B200,000200,000
Total bank facility available400,000400,000
Bank facility expiry dates
Facility A31 Aug 202231 Aug 2022
Facility B9 Jun 20219 Jun 2021
Weighted average interest rate for drawn debt (inclusive of current interest
rate derivatives, margins and line fees) at balance date4.01%4.63%
Interest rate on the facility (excluding margin)2.38%2.97%
On 5 September 2019, SIPL and JPMAM entered into a commitment letter with ANZ and Westpac to provide
funding to enable the establishment of Industre. Finalisation of banking arrangements (including satisfaction of
conditions precedent under the banking facility) for Industre with its banking group is still to be completed. SPL
is to agree with its banks amendments to its current banking arrangements to provide for the establishment of
Industre and transfer of properties to the joint venture.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
5.0 Capital Structure and Funding
5.1 Borrowings (continued)
Key changes to SPL’s facility agreement, to take effect from completion of Industre arrangements, are as follow:
• The subsidiaries involved in Industre, and their properties, will fall outside the guaranteeing group for
the SPL facility. Other mechanical changes have been made to allow these subsidiaries to undertake the
transactions required to implement the joint venture.
• Margins and line fees will vary depending on the mix of assets held by SPL. Lower margins and fees will
apply where SPL’s asset and tenant mix is sufficiently diversified to allow improved capital treatment from its
lenders’ perspective.
• Reducing the overall facility amount from $400 million to $340 million.
After the financial close of Industre, SPL is expected to have approximately $181 million of headroom available
from banking resources to help fund further portfolio growth. This headroom will, to the extent not cancelled,
increase to reflect the amount prepaid to the SPL lenders on completion of the sale of the three large format
retail properties to Investore, as described in note 6.5.
Subsequent to balance date, SPL entered into an additional $105 million bank facility for two years (refer
note 6.5). This facility will be repaid and cancelled on the completion of Industre arrangements.
SIML does not have any bank borrowings (31 Mar 19: nil) however, it does have a $3 million overdraft facility
with ANZ, which has not been utilised during the current period.
5.2 Derivative financial instruments
SPL
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Total active interest rate derivative contracts215,000255,000
Fixed interest rates ranges2.70% - 3.99%2.70% - 4.00%
Weighted average interest rate3.09%3.22%
Percentage of drawn debt hedged61%77%
As at 30 September 2019, the fair value of the interest rate derivatives was a liability of $13,233,650 including
an accrued interest liability of $306,840 (31 Mar 19: liability of $9,600,899 including an accrued interest
liability of $246,576), determined using valuation techniques classified as Level 2 in the fair value hierarchy
(31 Mar 19: Level 2).
5.3 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued
shares are fully paid and have no par value.
On 22 May 2019, the Boards of SPL and SIML resolved to issue 54,879 ordinary shares in each of them
(i.e. 54,879 Stapled Securities) under the SIML long term share incentive scheme.
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
5.0 Capital Structure and Funding (continued)

3534Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
This section contains additional information to assist in understanding the financial performance
and position of Stride.
6.1 Income tax
With effect from 1 April 2019, SPL received a new tax binding ruling to enable SPL to retain its PIE tax
structure up until the period ending on 31 May 2024.
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
Profit before income tax44,82144,066
Prima facie income tax using the company tax rate of 28% (12,550)(12,338)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties6,3776,511
Non-taxable income655942
Assessable income(10)(38)
Depreciation 1,2091,408
Depreciation (recovered)/loss on disposal of investment properties(1,785)90
Non-deductible expenses(824)(272)
Expenditure deductible for tax291535
Temporary differences16057
Current tax expense(6,477)(3,105)
Investment property depreciation(884)(550)
Other(38)(189)
Deferred tax charged to profit or loss(922)(739)
Income tax expense per the consolidated statement of
comprehensive income(7,399)(3,844)
In the current period, the income tax expense arising from the swap break expense in the cash flow hedges has
been shown in other comprehensive income of ($178,000) (30 Sep 18: income tax benefit of $939,000).
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
6.0 Other
6.2 Related party disclosures
Unaudited
6 Months
30 Sep 19
$000
Unaudited
6 Months
30 Sep 18
$000
The following transactions with a related party took place:
Diversified
Distribution income163202
Interest income70104
Asset management fee income1,5071,650
Salaries and wages recovery1,1881,170
Building management fee income975938
Project management fee income865178
Leasing fee income454231
Accounting fee income8887
Licensing fee income3342
Rent paid(67)(56)
Investore
Dividend income1,9861,945
Asset management fee income2,0452,030
Performance fee income1,008–
Building management fee income201205
Accounting fee income125125
Disposal fee97–
Leasing fee income4511
Project management fee income4278
Maintenance fee income1113
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
The following balances were receivable from a related party
Investore502541
Diversified – related party receivable72149
Diversified – interest-bearing loan3,3973,397
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
6.0 Other (continued)

3736Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
Notes to the Consolidated Interim Financial Statements — For the six months ended 30 September 2019
6.0 Other (continued)
6.3 Trade and other receivables
As at 30 September 2019, SPL has a receivable of $7,826,000 for the recovery of additional works completed
on the development at 318 East Tamaki Road, Auckland, from Waste Management as specified in the
agreement to lease. At 30 September 2019, SPL was in discussion with Waste Management as to what
proportion of the additional works will be received in cash with the remainder rentalised. This will be finalised
by 31 March 2020.
6.4 Contingent liabilities
Stride has no contingent liabilities at balance date (31 Mar 2019: nil).
6.5 Subsequent events
Effective from 11 November 2019, SPL entered into an additional $105 million bank facility for two years.
This facility will be repaid and cancelled on the completion of Industre arrangements.
On 19 November 2019, SPL announced that it had entered into a conditional agreement to sell three large
format retail properties to Investore for $140.75 million, being 2 Carr Road, Auckland, Mt Wellington Shopping
Centre, Auckland, and Bay Central Shopping Centre, 65 Chapel Street, Tauranga. As part of the sale, SPL has
agreed to:
• complete certain seismic strengthening work on all three properties;
• complete the Rebel Sports and Briscoes expansion at Bay Central Shopping Centre; and
• provide a rental underwrite for a period of up to two years in respect of four specific specialty tenancies.
That underwrite will fall away if the relevant premises are leased to a new tenant.
Taking into consideration the above commitments agreed by SPL, the net sales price is in line with the valuation
of these assets as at 30 September 2019 of $131.2 million.
The transaction remains conditional on Investore completing due diligence to its satisfaction, the Investore
Board of Directors approving the transaction, Investore shareholders (other than SPL and its directors)
approving the acquisition (as the transaction is a material transaction with a related party for Investore) and
receipt of approval to the transaction from the Overseas Investment Office. Although the timing of settlement
remains subject to satisfaction of these conditions, SPL expects the transaction to settle during April 2020.
Investore announced a capital raise to support the acquisition, comprising a $65 million placement and a retail
offer of up to $15 million. On 19 November 2019, SPL agreed to subscribe for its proportionate share of the
total amount to be raised in the placement, being $12.944 million. Allotment of these shares is due to occur
on 25 November 2019, and SPL will pay for the shares on that date.
On receipt of the net sale proceeds, SPL will pay down existing bank debt to at least the level required to
comply with its loan to value ratio covenant.
On 25 November 2019, SPL declared a cash dividend for the period 1 July 2019 to 30 September 2019 of
2.1575 cents per share, to be paid on 10 December 2019 to all shareholders on SPL’s register at the close
of business on 3 December 2019. This dividend will carry imputation credits of 0.630568 cents per share.
This dividend has not been recognised in the financial statements.
On 25 November 2019, SIML declared a cash dividend for the period 1 July 2019 to 30 September 2019
of 0.32 cents per share, to be paid on 10 December 2019 to all shareholders on SIML’s register at the close
of business on 3 December 2019. This dividend will carry imputation credits of 0.124444 cents per share.
This dividend has not been recognised in the financial statements.
There have been no other material events subsequent to 30 September 2019.
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 12 to 36, which comprise the consolidated statement of financial position as at 30 September 2019,
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 fair
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 auditor 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
performed agreed procedures in respect of proxy voting at the 2019 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 do not present fairly, in all material respects, the financial position of Stride as at
30 September 2019, and its financial performance and cash flows for the period then ended, 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
25 November 2019

3938Stride Property Group Interim Report for the six months ended 30 September 2019Stride Property Group Interim Report for the six months ended 30 September 2019
Under the terms of a waiver granted by NZX to Stride, Stride is required to update shareholders on the implications
of investing in a stapled security of Stride, as set out below. This waiver was granted under the NZX Listing Rules
applying prior to 2019. Stride has now transitioned to the new NZX Listing Rules, and has applied to NZX for
certain waivers to continue to apply under the new NZX Listing Rules. This is being worked through by NZX, and
in the meantime, holders of securities must be advised as follows.
The practical implications 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 companies as a whole, but each of SPL and
SIML will continue to be obliged to make announcements under the 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 both SPL and SIML
• Distributions will be received, to the extent declared, from each of SPL and SIML
Implications of Investing in Stapled SecuritiesCorporate Directory
Board of Directors
Tim Storey (Chairman)
John Harvey
Philip Ling
Michelle Tierney
Jacqueline Robertson
Nick Jacobson (appointed 18 July 2019)
David van Schaardenburg (retired 30 August 2019)
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
Level 22, 188 Quay Street
Private Bag 92162
Auckland 1142
Legal Adviser
Bell Gully
Level 21, Vero Centre
48 Shortland Street
Auckland 1010
PO Box 4199
Auckland 1140
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
Westpac New Zealand Limited

41Stride Property Group Interim Report for the six months ended 30 September 2019

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
Stride Property Group

---

Contents
Page
Highlights3
Financial Performance
10
Capital Management
15
Portfolio Overview
18
Conclusion
26
Appendices
28
2
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Highlights

Earnings
•Net rental income of $28.4m ($27.9m), up $0.4m
•Profit before income tax of $44.8m ($44.0m), up $0.8m
•Profit after income tax of $37.4m ($40.2m), down $2.8m
•Distributable profit
1
after current income tax of $19.3m or 5.27cps ($19.6m or 5.37cps), in
line with HY19
•Combined 9.91cps cash dividend guidance for Stride Property Group (Stride) for FY20
Valuation
•$999.0 million total portfolio value (excluding land lease liability of $22.5m)
•Net valuation gain of $25.0m or 2.6% (excluding land lease liability movement), resulting in
Net Tangible Assets (NTA) per share of $1.97 (excludes value of management contracts),
up 5 cps from $1.92 as at 31 March 2019
Capital management
•Loan to Value Ratio (LVR) 35.0% (34.4% as at 31 March 2019)
Performance fee
•Stride Investment Management Limited (SIML) continues to deliver strong returns for
shareholders in Investore Property Limited (Investore), earning SIML $1m in performance
fees for HY20
Profit after income tax
$37.4m
Distributable profit
1
after
current income tax
$19.3m
NTA per share
$1.97
LVR at
35.0%
1.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 interim financial statements for the six months ended 30 September 2019.
Values above are calculated based on the numbers in the financial statements for each respective financial period and may notsu m accurately due to rounding.
Performance
(Six months ended 30 September (HY19) figures in brackets)
4
Stride Property Group (Stride) -Consolidated
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Positive portfolio activity
•Portfolio occupancy 98.2% (97.6%), up 0.6%
•Weighted average lease term (WALT) 4.5 years (4.8 years)
•127 leasing transactions, including rent reviews, renewals and new
lettings completed resulting in a +3.0% increase on previous rentals
•As at 30 September 2019, total sales
2
at NorthWest Shopping Centre and
NorthWest Two, and Silverdale Centre were up +4.3% and +5.8%
3
respectively from the prior year
Transactions
•Stride has focussed on rationalisation of its office portfolio with the
disposal of 33 Corinthian Drive, Auckland, on 1 April 2019, for a gross
sale price of $50.5m, representing an initial yield of 5.9%
•Acquisition of The Concourse, Auckland, completed on 27 June 2019 for
$35m
•On 19 November 2019, Stride announced the conditional sale of its three
remaining large format retail assets to Investore for $140.75m, consistent
with its strategy of holding its exposure to large format retail property
through Investore
Developments
Development projects totalling over $200m currently being managed by SIML.
For SPL, these projects include:
Industrial:
•318 East Tamaki Road, Auckland (previously 11 Springs Road) –
construction of a new head office for Waste Management, with practical
completion expected late 2019
•The Concourse, Auckland – resource consent granted and construction
has commenced to develop 2.2ha of vacant land into an industrial facility
for Waste Management, with a pre-committed 25 year lease and
anticipated completion late 2020
Large format retail:
•Building extensions for both Rebel Sport and Briscoes at Bay Central
Shopping Centre, with new 10 year leases commencing from practical
completion, expected late 2019
Places
(As at 31 March 2019 figures in brackets)
5
Stride Property Limited (SPL)
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
2.Total sales is the moving annual turnover (MAT) on a rolling 12-month basis.
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.

People
Our values
Fresh
thinkers
Nimble
performers
People
centred
Board Refresh – Stride
•Appointment of Nick Jacobson to the Stride Boards in July 2019. Nick has extensive international real estate advisory
and capital markets experience
•David Van Schaardenburg retired as a director on 30 August 2019 after 9 years as a director
Our people
•People continue to be a key focus for the Stride Boards and executive, as attracting and retaining the best people is
seen as essential to the achievement of Stride’s strategy
6
Discipline
Driven
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Products -existing
7
Investore Property Limited (Investore)
• SPL owns a 19.9% shareholding
• Acquisition of Countdown New Brighton, Christchurch, completed in Augustfor
$5.75m, at an initial yield of 7.2%
• Countdown Dunedin South disposal completed on 1 April 2019 for a sale price of
$19.3m representing a +5.6% premium to book value (31 March 2018)
• Share buyback programme concluded at an average cost of $1.53 per share,
compared to the 30 September 2019 share price of $1.90 and net tangible assets
per share of $1.70
• Investore has a conditional agreement to purchase three large format retail
properties from Stride for $140.75m. At settlement, Investore’s portfolio value will
grow to $891m
• FY20 dividend guidance confirmed at 7.60cps
Diversified NZ Property Trust (Diversified)
• SPL owns a 2% interest
• 145 leasing transactions completed, including rent reviews, renewals and new
lettings, resulting in a total increase on previous rentals of +2.4%
• Significant development activity underway, including Queensgate Shopping
Centre carpark and cinema rebuild and seismic strengthening works. H&M
opened at Chartwell Shopping Centre on budget and ahead of schedule in July
2019
• As at 30 September 2019, Diversified’s total investment property valuation
increased to $491.4m ($484.6m as at 31 March 2019) primarily due to the spend
on the earthquake rebuild at Queensgate Shopping Centre. If these works were
completed the value of the portfolio would be over $575m. Diversified is making
an insurance claim for the costs of the rebuild
Portfolio Composition by Value
4
●Office
●Industrial
●Large Format Retail
●Retail Shopping Centres
●Large Format Retail
●Retail Shopping Centres
$999m
$751m
$491m
20%
13%
34%
33%
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
4.Portfolio value as at 30 September 2019 and excludes land lease liability.

Products - new
Creation of Industre
•Industre will be Stride’s sector-specific investment management product
focussed on the industrial property sector in New Zealand, with a
majority weighting to the Auckland market. The vision for Industre is to
grow a significant portfolio of high-quality New Zealand industrial
properties
•Industre is a joint venture with a group of international institutional
investors, through a special purpose vehicle and advised by
J.P. Morgan Asset Management (together, JPMAM)
•Initially JPMAM will commit approximately $70m to the establishment of
Industre and SPL will contribute 12 industrial properties owned by it, as
well as the agreement to acquire 439 Rosebank Road, Avondale, which
SPL is party to. SPL will initially have an approximately 70%
shareholding in Industre, with JPMAM holding the remainder
•JPMAM has additionally allocated a further $115m of capital to fund
near term growth initiatives, subject to meeting certain investment return
and approval thresholds, taking JPMAM’s total equity committed to
$185m. This $115m of JPMAM committed capital will result in Industre
having capacity to fund initial portfolio growth of over $190m
•Over the long term, the strategy is for JPMAM to fund further portfolio
growth until the respective shareholdings in the portfolio are 75% / 25%
(JPMAM / SPL)
•The establishment of Industre is subject to Overseas Investment
Office approval
8
Grow its directly-held portfolio
of commercial properties that
may be used to establish new
investment management
products, and to support and
grow Stride’s established
products
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
Stride’s Product strategy:

$1,242m
$141m
$85m
$265m
$102m
$1,834m
External AUM as
at 30-Sep-19
IPL conditional
acquisitions
DNZPT
development
cost-to-complete
Industre
establishment
properties
Industre
committed
developments
Pro forma
external AUM
SPG external AUM growth
SIML AUM growth
Stride Investment Management Limited
Significant growth of SIML’s Assets Under
Management (AUM)
Stride has recently announced two strategic initiatives in order to
further develop its Investment Management business, including:
1.The creation of Industre Property with $265m of establishment
properties, and $102m of committed developments; and
2.IPL’s acquisition of three LFR properties from SPL for $140.75m.
These initiatives, together with the Diversified’s $85m cost-to-
complete at Queensgate,continue our strategy to grow SIML’s
external Investment Management business (being Investore,
Diversified and Industre and excluding SPL’s directly held portfolio).
In aggregate they will add approximately $600m to SIML’s investment
management business, taking AUM to over $1.8 billion. Adjusting for
SPL’s cornerstone holdings in each Product, pro forma external AUM
will be $1.4 billion, up from $1.1 billion, representing growth of
approximately $300m.
After settlement of these initiatives, Stride will have a Loan to Value
Ratio of less than 15%, providing significant balance sheet capacity
for Stride to further grow our product strategy.
9
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
External AUM growth of $592 million

Financial
Performance

11
Financial Performance
Stride - Consolidated
Unaudited
30 Sep 19
$m
Unaudited
30 Sep 18
$m
Change
$m%
Net rental income
28.427.9+0.4+1.5
Management fee income9.27.3+1.9+25.8
Corporate expenses (11.6)(9.4)(2.2)(23.9)
Profit before net finance expense, other income/(expense) and income tax25.925.80.0+0.1
Net finance expense(8.0)(7.8)(0.1)(1.6)
Profit before other income/(expense) and income tax
17.9
18.0(0.1)(0.5)
Other income/(expense)
5
26.926.1+0.8+3.2
Profit before income tax
44.8
44.1+0.8+1.7
Income tax expense(7.4)(3.8)(3.6)(92.5)
Profit after income tax attributable to shareholders
37.440.2
(2.8)(7.0)
5. Other income includes net change in fair value of investment properties of $24.8m for HY20 and $23.6m for HY20.
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.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Distributable Profit
6
12
Stride - Consolidated
Unaudited
30 Sep 19
$m
Unaudited
30 Sep 18
$m
Change
$m%
Profit before income tax
44.844.1+0.8+1.7
Non-recurring and non-cash adjustments:
- Net change in fair value of investment properties(24.8)(23.6)(1.2)(5.1)
- Reversal of the land lease liability movement in investment properties(0.2)0.0(0.2)(100.0)
- Disposal fee income eliminated in SIML0.30.0+0.3+100.0
- Share of profit in associates(2.1)(2.2)+0.1+2.9
- Dividend income from associates2.02.1(0.2)(7.5)
- One-off project costs1.40.0+1.4+100.0
- Capitalised lease incentives (0.1)(0.3)+0.1+46.0
- Lease incentives amortisation0.60.60.0+3.4
- Spreading of fixed rental increases(0.1)(0.2)+0.1+68.1
- Development fee income eliminated in SIML 1.40.3+1.0+308.9
- Depreciation and software amortisation, lease liability for head office0.30.2+0.1+23.3
- Finance expense – swap break expense, borrowings establishment costs amortisation0.70.8(0.1)(7.0)
- Other0.20.00.2+2,140.0
Distributable profit before current income tax24.321.92.4+11.0
Current tax expense(5.0)(2.3)(2.8)(121.3)
Distributable profit after current income tax
19.3
19.6(0.4)(1.8)
Basic distributable profit after current income tax per share - weighted
5.27cps
5.37cps
Weighted average number of shares (million)
365.3
365.2
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.
6.Refer footnote 1 on page 4.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

13
AFFO Distributable Profit
Stride - Consolidated
Unaudited
30 Sep 19
$m
Unaudited
30 Sep 18
$m
Change
$m%
Distributable profit after current income tax19.319.6(0.4)(1.8)
Adjustments to funds from operations:
- Maintenance capital expenditure
(3.8)
(3.1)(0.7)(21.6)
Adjusted Funds From Operations (AFFO)15.516.5(1.0)(6.2)
AFFO basic distributable profit after current income tax per share – weighted
4.23cps
4.52cps
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.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
HY20 Maintenance capital expenditure
WorksProperty
Cost
($000)
Works associated with new leases NorthWest Shopping Centre and NorthWest Two 871
Make good works 80 Grey Avenue464
Other including common area upgrades Various 322
Sub-total 1,657
Other including HVAC upgrades Various 2,131
Sub-total
2,131
Total 3,788

14
Financial Summary
Stride - Consolidated
Unaudited
30 Sep 19
$m
Audited
31 Mar 19
$m
Change
$m
Portfolio valuation
7
999.0966.332.7
Bank debt drawn349.6332.916.8
Bank loan to value ratio (LVR) (%)35.034.40.5
Equity721.4704.217.2
Shares on issue (million)365.4365.30.1
NTA per share $1.97$1.92$0.05
Adjusted NTA per share
8
$2.00$1.94$0.05
7.Excludes land lease liability of $22.5m (31 Mar 19: N/A).
8. Excludes the after tax fair value of interest rate derivatives.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
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.

Capital
Management

Capital Management –Debt Facilities
Highlights
•Next debt facility maturing is $200m in June 2021 (FY22)
•Drawn facilities increased by $17m, largely due to Waste
Management development at 318 East Tamaki Road, Auckland,
and acquisition of The Concourse, Auckland, offset by the
disposal of 33 Corinthian Drive, Auckland
•$50m of banking facility headroom available at balance date
•Additional $105m facility secured effective 11 November 2019
•SPL will reduce its banking facilities to $340m on settlement of
the Industre transaction
$200m $200m
FY20FY21FY22FY23
Debt maturity profile as at 30 Sep 19
Debt facilities
As at
30 Sep 2019
As at
31 Mar 2019
Banking facility limit
(ANZ, BNZ, CBA, Westpac)
$400m$400m
Debt facilities drawn$350m$333m
Weighted maturity of debt facilities2.3 years2.8 years
Debt covenants
Loan to Value Ratio
(Drawn Debt / Property Values)
Covenant: ≤ 50%
35.0%34.4%
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
2.8x2.9x
Weighted Average Lease Term
9
Covenant: > 3.0 years
4.5 years4.8 years
9.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weightedby the income applicable to each lease and a current market rental with nil term for vacant space.
16
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL

Capital Management –Cost of Debt
Highlights
•$40m of swaps matured with a weighted average rate of 3.92%
•Hedging has fallen from 77% of drawn debt to 61%
$215m
$195m
$185m
$120m
$80m
3.09%
3.00%
2.97%
3.07%
2.92%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
Sep-19Sep-20Sep-21Sep-22Sep-23
$0m
$50m
$100m
$150m
$200m
$250m
$300m
Hedging profile as at 30 Sep 2019
Notional value of active swaps
Weighted average interest rate on active swaps (excl. margin and line fees)
Cost of debt
As at
30 Sep2019
As at
31 Mar 2019
Weighted average cost of debt
(incl. margins & line fees)
4.01%4.63%
Weighted average interest rate
on current swaps (excl. margins
& line fees)
3.09%3.22%
Weighted average hedging term
remaining
(incl. forward starting swaps)
3.1 years3.1 years
% of drawn debt hedged61%77%
17
SPL
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Portfolio
Overview

Portfolio Overview
Overview
As at
30 Sep 19
As at
31 Mar 19
Properties (no.)2626
Tenants (no.)391381
Net Lettable Area (sqm)254,318252,014
Net Contract Rental
10
($m)57.558.1
WALT (years)4.54.8
Occupancy Rate (% by area)98.297.6
Portfolio Valuation ($m)999.0966.3
SIML completed 127 lease transactions for SPL during the six
months ended 30 September 2019:
•87 rent reviews over 62,528sqm for a total annual rental of $14.1m
•21 lease renewals over 6,551sqm for a total annual rental of $2.6m
•19 new lettings completed over 4,113sqm for a total annual rental of $1.6m
●31 Mar 2019
●30 Sep 2019
●80% Auckland
●15% Wellington
●5% Other North Island
SPL Portfolio Location by Value
12
SPL Lease Expiry
Profile
11
by Contract
Rental
10
SPL Portfolio Sector by Value
12
●20% Office
●33% Industrial
●34% Retail Shopping Centres
●13% Large Format Retail
7.1%
13.8%
20.4%
3.8%
13.4%
21.2%
FY20FY21FY22
19
10.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.
11.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 2019, as a percentage of Contract Rental.
12.Refer footnote 4 on page 7.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL

Industrial
Overview
As at
30 Sep 19
As at
31 Mar 19
Properties (no.)1211
Tenants (no.)2721
Net Lettable Area (sqm)114,118100,919
Net Contract Rental
13
($m)13.612.2
WALT (years)3.94.4
Occupancy Rate (% by area)100.0100.0
Portfolio Valuation ($m)331.5262.5
Percentage of Portfolio
(% by value)
3327
●100% Auckland
Location by Contract Rental
13
Highlights
•Net valuation movement +$18.0m or +6.0% in HY20
•9 rent reviews over 35,863sqm for a total annual rental of $4.3m, increase of
+2.3% on an annualised basis
•Aeroqual, a tenant at 460 Rosebank Road, Auckland, renewed for a further
term of 4 years (expiry June 2024) with the market rental still to be finalised
•Acquisition of The Concourse completed June 2019, and plans are
progressing for the development of an industrial facility on 2.2ha of vacant
land for Waste Management, with a pre-committed 25 year lease and
anticipated completion in late 2020
•Development of head office facility for Waste Management at 318 East
Tamaki Road, Auckland, remains on track for completion in late 2019
•Post balance date: NZ Merchants, 20 Rockridge Avenue, Auckland, has
renewed for a further term of four years, reducing the expiry profile for the
industrial portfolio to 4.8% in the 18 month period to FY21
Major lease expiries FY20 and FY21 as at 30 Sep 19
FY
TenantProperty
% of Industrial
Contract Rental
12
FY20Smart Solutions6-12 The Concourse, Auckland
1.2
FY21NZ Merchants20 Rockridge Avenue, Auckland
7.0
Balance FY20 andFY21
3.6
Total
11.8
13.Refer footnote 10 on page 19.
20
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL

Office
Overview
As at
30 Sep 19
As at
31 Mar 19
Properties (no.)78
Tenants (no.)6870
Net Lettable Area (sqm)37,67048,606
Net Contract Rental
14
($m)13.215.7
WALT (years)4.74.9
Occupancy Rate (% by area)95.895.5
Portfolio Valuation ($m)196.9236.9
Percentage of Portfolio
(% by value)
2025
●42% Auckland
●58% Wellington
Location by Contract Rental
14
Highlights
•Net valuation movement +$7.7m or +4.1% for HY20
•20 rent reviews over 10,386sqm for a total annual rental of $4.0m, increase
of +4.8%, or +2.9% on an annualised basis
•Heartland Bank, 35 Teed Street, Auckland, renewed to November 2029. As a
result WALT for this property increased from 5.1 years (31 March 2019) to
7.6 years at balance date
•Disposal of 33 Corinthian Drive, Auckland, completed on 1 April 2019
•Post balance date: No major expiries remain in FY20 following AT&T, 7-9
Fanshawe Street, Auckland, renewing for a further term of four years
•Post balance date: Level 5, 80 Greys Avenue, Auckland, leased from
December 2019 for 3 year term, leaving one level remaining vacant, and
increasing the office occupancy from 95.8% to 97.7%
Major lease expiries FY20 and FY21 as at 30 Sep 19
FYTenantProperty
% of Office
Contract Rental
13
FY20AT&T7-9 Fanshawe Street, Auckland
0.8
FY21Clearpoint7-9 Fanshawe Street, Auckland
3.4
FY21Ministry of Education22 The Terrace, Wellington
3.0
FY21IPFX7-9 Fanshawe Street, Auckland
2.1
Balance FY20 and FY21
9.2
Total
18.5
21
14. Refer footnote 10 on page 19.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL

Retail: Large Format Retail
Highlights
•Net valuation movement -$1.0m or -0.8% for HY20, contributed to by a net
decline in 2 Carr Road, Auckland, of -$2.1m (-4.5%) due to seismic works
required
•20 rent reviews over 8,456qm for a total annual rental of $2.2m, increase of
+2.8%, or +2.7% on an annualised basis
•Building extensions for both Rebel Sport and Briscoes at Bay Central
Shopping Centre, with new 10 year leases commencing from practical
completion, expected late 2019
•Post balance date: No major expiries remain in FY20 following the
successfully back to back leasing of the Chamber of Commerce space at
Bay Central Shopping Centre, Tauranga, for a 9 year term
•Post balance date: On 19 November 2019, SPL announced the conditional
sale of its large format retail portfolio for $140.75m
Location by Contract Rental
15
●59% Auckland
●41% Tauranga
22
Overview
As at
30 Sep 19
As at
31 Mar 19
Properties (no.)33
Tenants (no.)5049
Net Lettable Area (sqm)37,20237,205
Net Contract Rental
15
($m)8.18.1
WALT (years)4.84.9
Occupancy Rate (% by area)99.199.1
Portfolio Valuation ($m)131.2128.9
Percentage of Portfolio (% by value)1313
Major lease expiries FY20 and FY21 as at 30 Sep 19
FYTenantProperty
% of Large format
retail Contract
Rental
14
FY20Chamber of Commerce65 Chapel Street, Auckland
2.8
FY21Countdown
Cnr Mt Wellington Highway &
Penrose Road
15.3
Balance
2.6
Total
20.7
15. Refer footnote 10 on page 19.
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL

Retail: Shopping Centres
Overview
As at
30 Sep 19
As at
31 Mar 19
Properties (no.)44
Tenants (no.)246241
Net Lettable Area (sqm)65,32765,284
Net Contract Rental
16
($m)22.622.2
WALT (years)4.64.9
Occupancy Rate (% by area)96.094.7
Portfolio Valuation ($m)339.4338.0
Percentage of Portfolio (% by value)3435
Location by Contract Rental
16
●90% Auckland
●10% Wellington
Highlights
•Net valuation movement +$0.4m or +0.1% for HY20
•38 rent reviews over 7,823sqm for a total annual rental of $3.5m, an increase
of +3.3% on an annualised basis
•Successful leasing period for NorthWest Shopping Centre and NorthWest
Two with an increase in occupancy to 99.4% and 87.5% (97.4% and 81.9%
as at 31 March 2019) respectively
•Total sales
17
(September 2019) at NorthWest Shopping Centre and
NorthWest Two, and Silverdale Shopping Centre up +4.3% and +5.8%
18
respectively from the prior year
Major lease expiries FY20 and FY21 as at 30 Sep 19
FYTenantProperty
% of Shopping
Centres Contract
Rental
15
FY20VariousJohnsonville Shopping Centre (50%)
4.7
FY21VariousJohnsonville Shopping Centre (50%)
1.7
FY21VariousNorthWest Shopping Centre
8.2
Balance
3.6
Total
18.2
23
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL
16.Refer footnote 10 on page 19.
17.Refer footnote 2 on page 5.
18.Refer footnote 3 on page 5.

SPL Portfolio Metrics by sector
•Total portfolio value of $536m, after establishment of Industre and
divestment of large format retail assets
•Industrial and large format retail property will be held in Stride’s
indirect portfolio, no-longer forming part of SPL’s directly held
portfolio
•SPL’s directly held portfolio will be weighted to sectors where SPL
has not yet established sector-specific products
•Total look-through value of investment property is $986m
•When taking into account SPL’s investments in Stride’s products, industrial
property will comprise 27% of SPL’s total look-through portfolio
•When taking into account the divestment of SPL’s large format retail to
Investore, large format retail will comprise 18% of SPL’s total look-through
portfolio
•Shopping Centres, including SPL’s 2% investment in Diversified NZ
Property Trust and its directly held investments, will comprise 35%
•Office, all directly-held on SPL’s balance sheet, will comprise 20%. This
sector has been identified for future portfolio growth
SPL’s directly-held portfolio
(following establishment of Industre and
divestment of large format retail assets)
SPL’s look-through portfolio
19
(following establishment of Industre and
divestment of large format retail assets)
24
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
SPL
19.Assumes the committed developments at 318 East Tamaki Road (previously 11 Springs Road) and The Concourse are complete.
Office
37%
Retail
Shopping
Centre
63%
Office
20%
Industrial
27%
Large Format
Retail
18%
Retail Shopping
Centre
35%

SPL Portfolio Metrics
Portfolio Value ($m)WALT(years)Occupancy % by NLA
SPL’s directly-held and look-through portfolio metrics
•Following the establishment of Industre and the divestment of large format retail assets, Stride will hold its investments in industrial and large format retail
property through Industre and Investore respectively
•When SPL’s directly-held investment properties are combined with SPL’s look-through holdings in the other SIML-managed products,including
its approximate 70% holding in Industre
20
, its 19.9% holding in Investore Property Limited and its 2% holding in Diversified NZ Property Trust,
SPL’s $986m look-through portfolio shows strong investment metrics, including 98.1% occupancy and a WALT of 7.0 years
25
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019
20.Assumes the committed developments at 318 East Tamaki Road (previously 11 Springs Road) and The Concourse are complete).
95.9%
98.5%
98.1%
Directly-heldSIML Investment
Products
Weighted look-
through
536536
450
986
Directly-heldWeighted look-through
SPLSIML Investment Products
4.7
7.9
7.0
Directly-heldSIML Investment
Products
Weighted look-
through
SPL

Conclusion

Conclusion
Looking ahead
•Stride’s strategy for its investment management business is to establish a
group of commercial property investment management products to provide
growth in our investment management business and continue to review
opportunities in markets adjacent to core commercial property sectors
•The recent growth of SPL’s industrial portfolio and the establishment of
Industre, together with the growth of Investore, are important steps in our
delivery of this strategy. Stride’s future investment management strategy is
to:
1.Maintain a diversified investment portfolio through a
combination of investments in our investment management
products and our directly-held portfolio
2.Support and grow Stride’s established investment
management products through carefully considered transaction
and development activity, while maintaining our cornerstone
shareholdings
3.Grow our directly-held portfolio of commercial properties, with
a view to establishing sector-specific investment management
products in the future
4.Review new investment management opportunities in markets
adjacent to the core commercial property sector
Stride’s FY20 cash dividend guidance remains unchanged at a combined
9.91cps
27
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Appendices

Appendix 1: Portfolio by Sector
OverviewTotal Portfolio
1
OfficeIndustrial
Large Format Retail
Shopping
Centres
Directly – held portfolio
Properties (no.)
11
74
Tenants (no.)
274
68206
Net Contract Rental($m)
35.8
13.222.6
WALT (years)
4.7
4.74.6
Occupancy Rate (% by area)
95.9
95.896.0
Portfolio Valuation ($m)
536
197339
Percentage of Portfolio (% by value)
10037 63
SIML Investment ProductsIndustre
2
Investore
4
Diversified
5
Properties (no.)
60
13434
Tenants (no.)
501
29130342
Net Contract Rental ($m)
117.5
19.6 55.342.6
WALT (years)
7.9
10.4 10.83.1
Occupancy Rate (% by area)
98.5
100.099.794.1
Portfolio Valuation ($m)
1,758
375
3
891491
SPL investment metrics on a committed, weighted, look-through basis
6
SPL investment in managed entities70%19.9%2.0%
Portfolio Valuation ($m)
986
197 262 177 349
WALT (years)
7.0
4.7 10.4 10.8 4.6
Occupancy Rate (% by area)
98.1
95.8100.099.796.0
Percentage of Portfolio (% by value)
100
2027 18 35
Notes:
1.Metrics as at 30 September 2019.
2.Assumes Industre is completed and the committed developments at 318 East Tamaki Road (previously 11 Springs Road) and The Concourse are complete.
3.30 September 2019 valuations plus estimated completion value for The Concourse and 318 East Tamaki Road and the acquisition of 439 Rosebank Road at $8.0m.
4.Assumes the divestment of the large format retail assets from SPL to Investore is completed.
5.Includes Johnsonville Shopping Centre, Wellington which is owned 50:50 by SPL and Diversified.
6.Metrics in this section are weighted according to SPL’s proportionate investment in SIML’s investment product.
29
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

Appendix 2
30
Net contract Rental
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

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 2019. Please refer to Stride Property
Group’s Interim Report 2019 for further information in relation to the six months ended
30 September 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.
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
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.
31
Stride Property Group I Interim Results Presentation for the six months ended 30 September 2019

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019


Results for announcement to the market
Name of issuer Stride Property Group
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$37,500 6.47%
Total Revenue $37,500 6.47%
Net profit/(loss) from
continuing operations
$37,422 (6.96%)
Total net profit/(loss) $37,422 (6.96%)
Interim Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.02157500
Imputed amount per Quoted
Equity Security
$0.00630568
Record Date 3 December 2019
Dividend Payment Date 10 December 2019
Interim Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00320000
Imputed amount per Quoted
Equity Security
$0.00124444
Record Date 3 December 2019
Dividend Payment Date 10 December 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.97 $1.88
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Interim Report and Interim Update
presentation for the six months ended 30 September 2019.

Authority for this announcement
Name of person

authorised
to make this announcement
Louise Hill
Contact person for this
announcement
Louise Hill
Contact phone number +64 275 580033
Contact email address louise.hill@strideproperty.co.nz
Date of release through MAP

25 November 2019

Unaudited financial statements accompany this announcement.

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuer STRIDE PROPERTY LIMITED
Financial product name/description Ordinary Shares of Stride Property Limited
NZX ticker code SPG
ISIN (If unknown, check on NZX website) NZSPGE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 03/12/2019
Ex-Date (one business day before the
Record Date)
02/12/2019
Payment date (and allotment date for DRP) 10/12/2019
Total monies associated with the
distribution
1

$7,882,462
Source of distribution Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02788068
Total cash distribution
3
$0.02157500
Excluded amount $0.00536039
Supplementary distribution amount $0.00286140
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed Partially imputed
If fully or partially imputed, please state
imputation rate as % applied
23% (being imputation tax credits per financial
product divided by gross distribution per
financial product)
Imputation tax credits per financial product $0.00630568
Resident Withholding Tax per financial
product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Start date and end date for determining
market price for DRP

Date strike price to be announced (if not
available at this time)

Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation notice
for this distribution in accordance with DRP
participation terms

Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Louise Hill
Contact person for this announcement Louise Hill
Contact phone number +64 275 580 033
Contact email address
louise.hill@strideproperty.co.nz
Date of release through MAP

25/11/2019

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuer STRIDE INVESTMENT MANAGEMENT LIMITED
Financial product name/description Ordinary Shares of Stride Investment
Management Limited
NZX ticker code SPG
ISIN (If unknown, check on NZX website) NZSPGE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 03/12/2019
Ex-Date (one business day before the
Record Date)
02/12/2019
Payment date (and allotment date for DRP) 10/12/2019
Total monies associated with the
distribution
1

$1,169,125
Source of distribution Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.00444444
Total cash distribution
3
$0.00320000
Excluded amount $0
Supplementary distribution amount $0.00056471
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed Fully imputed
If fully or partially imputed, please state
imputation rate as % applied
28% (being imputation tax credits per financial
product divided by gross distribution per
financial product)
Imputation tax credits per financial product $0.00124444
Resident Withholding Tax per financial
product
$0.00022222
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Start date and end date for determining
market price for DRP

Date strike price to be announced (if not
available at this time)

Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation notice
for this distribution in accordance with DRP
participation terms

Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Louise Hill
Contact person for this announcement Louise Hill
Contact phone number +64 275 580 033
Contact email address
louise.hill@strideproperty.co.nz
Date of release through MAP

25/11/2019