Stride Property Limited/Announcement

FY21 Annual Results

Full Year Results26 May 2021SPGReal Estate

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tim.storey@strideproperty.co.nz
philip.littlewood@strideproperty.co.nz

jennifer.whooley@strideproperty.co.nz
louise.hill@strideproperty.co.nz

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Stride
Property Group
Annual Report
2021

This document comprises the Annual 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 155 of this report.
A copy of the waivers granted by NZX in respect of
SPL, SIML and Stride’s “NS” designation can be found
at www.nzx.com/companies/SPG/documents
4 Performance
6 Chair and CEO’s Report
14 Board of Directors
16 Stride Overview
18 People
20 Executive Team
22 Products and Places
25 Town Centre Portfolio
26 Office Portfolio
30 Industre
34 Investore
36 Diversified
38 Portfolio
42 Investment Management Business
44 Capital Management
46 Sustainability
54 Community Engagement
56 Financial Summary
59 Financial Statements
113 Independent Auditor’s Report
119 Corporate Governance
147 Statutory Disclosures
155 Implications of Investing in Stapled Securities
156 Glossary
157 Corporate Directory
Contents
Stride Property GroupAnnual Report 20211

Stride’s focus for FY21
was continuing its strategy
of growing its investment
management business, through
commencement and growth of
Industre and development of its
office portfolio
The growth of SPL’s office
portfolio positions Stride to
establish a new office property
fund, which is expected to occur
in FY22, subject to market
conditions
Stride’s management fee income
was materially higher in FY21
($25.1m) than FY20 ($18.3m)
1
,
testament to Stride’s strategy
of growing its investment
management business
20 Customhouse Quay,
Wellington
1. Net of management fees received from SPL.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 202123

1. Certain prior year comparative information has been re-presented. See note 7.4 to the
consolidated financial statements for more information.
2. Excludes lease liabilities. Includes SPL’s 56.3% interest in the unincorporated
component of the Industre Property Joint Venture. For more information, see note 3.2 to
the consolidated financial statements. Includes value of Level 12, 34 Shortland Street,
which houses Stride’s head office and is shown in the consolidated financial statements
as property, plant and equipment.
3. See glossary on page156.
4. Net of management fees received from SPL.
5. Excludes lease liabilities. Includes value of Level 12, 34 Shortland Street, which houses
Stride’s head office and is shown in the consolidated financial statements as property,
plant and equipment.
6. Investore’s portfolio value excludes: (1) $7.0 million of seismic works to be completed
by SPL on the three large format retail properties acquired from SPL on 30 April 2020,
and the balance of the rental guarantee of $0.1 million from SPL; and (2) lease liabilities.
Portfolio value includes the property at 35 MacLaggan Street, Dunedin, which is
classified as property held for sale in Investore’s financial statements.
7. Compared to Investore’s property portfolio as at 31 March 2020, and including the
three properties acquired from SPL as if those properties had been acquired as at
that date, based on independent valuations of those three properties obtained in
preparation for acquisition in April 2020.
$132.0m profit
after income tax
from continuing operations
up from FY20 (–$0.1m)
$49.9m net rental income
from continuing operations
consistent with FY20 ($50.4m)
as a result of the transfer of
properties to Industre and Investore,
partially offset by acquisition of three
new office buildings
$40.4m profit
before other income/(expense)
and income tax
from continuing operations
up from FY20 ($29.8m)
$25.1m management
fee income
4

up from FY20 ($18.3m)
$46.3m distributable profit
3

after current income tax
up from FY20 ($37.7m)
11.58 cps distributable profit
3

after current income tax
up from FY20 (10.32cps)
Products
and Places
SIML has $3bn of assets under management
Industre Property Joint Venture commenced
operations 1 July 2020, and since
commencement Industre’s portfolio has grown
$212m to $610m as at 31 March 2021
Investore’s portfolio
6
is valued at $1.04bn as
at 31 March 2021, a net valuation gain
7
of
$139.3m or 15.5% since 31 March 2020
The Waste Management Auckland
headquarters developed by Stride and
owned by Industre won several awards at the
2020 Property Council NZ awards, including
the Green Building Award and Supreme Award
Stride has commenced an upgrade of the
office building at 22 The Terrace, Wellington,
to improve its seismic and sustainability
performance
People
Stride’s Board has established a
Sustainability Committee, which has a singular
focus on sustainability across Stride and the
Stride Products
New GM Investment, Adam Lilley, appointed in
February 2021
Stride demonstrated its commitment to its
employees, despite the prospect of negative
impacts from COVID-19, by introducing new
employee benefits, including increased annual
leave and paternity leave, and raising employer
KiwiSaver contributions to 5%
SPL’s office portfolio is valued at $580m
5
as at
31 March 2021, following the acquisition of
three new office properties during FY21
Stride is planning to create a new listed
property fund with a focus on the office sector
during FY22, if market conditions allow
On a look-through basis, including Stride’s
direct property holdings and its interests in
the Stride managed entities, Stride’s property
interests are worth $1.4bn, with a WALT
3
of
6.8 years
Stride
Portfolio
SPL’s total portfolio
is valued at $1.1bn
2

as at 31 March 2021
a net valuation increase of $43.6m or 4.2%
since 31 March 2020
29.3% loan to value ratio
as at 31 March 2021
down from 39.1% at 31 March 2020
N TA
3
of $2.15 per share
as at 31 March 2021
up from $1.91 at 31 March 2020
20 Customhouse Quay, Wellington
80 Greys Avenue,
Auckland
Performance
For 12 months ended 31 March 2021
1
Stride Property GroupAnnual Report 20215Stride Property GroupAnnual Report 20214

Dear Shareholders
Stride Property Group has delivered
very positive financial results for FY21,
in a year that was significantly disrupted
due to COVID-19. Stride has managed
the impacts of COVID-19 while also
delivering on its strategic objectives,
positioning Stride to take the next step
in growing its real estate investment
management business.
FY21 has been another active year for Stride, with a focus
on execution of Stride’s strategic objective of growing
its real estate investment management business. During
FY21, Stride’s Assets Under Management (AUM) increased
by $0.8 billion to $3.0 billion, with highlights that included:
• The establishment and growth of Industre,
with Industre acquiring seven properties since
commencement for a total purchase price of
$118 million, including one property acquired post
balance date for $10 million. The Industre portfolio
has grown to $610 million as at 31 March 2021.
• Investore’s $105 million equity capital raise and
post-balance date acquisitions. A number of capital
management initiatives were completed for Investore,
which have provided it with flexibility to continue
its strategy of targeted growth. Post balance date
Investore has settled on the acquisition of Countdown
Petone for $37.3 million, and has entered into a
conditional agreement to purchase development
land at Waimak Junction, Kaiapoi, North Canterbury.
Investore has reached agreement in principle with
Countdown to develop a new supermarket on this
land, which will leave 1.6 hectares remaining for
future development opportunities. The total capital
commitment associated with the acquisition (including
land cost and development cost for stage 1) is
expected to be $31 million and stage 1 is expected
to be completed in 2023. The acquisition remains
conditional on receipt of resource consents for the
development and concluding a final, documented
agreement to lease with Countdown.
• The growth of Stride’s directly-held portfolio of
office properties. SPL has acquired three additional
office properties during FY21 and tripled the value
of its office portfolio to $580 million as at 31 March
2021. This growth in Stride’s office portfolio has
positioned it to launch a new office property entity,
which is currently planned to occur during FY22,
subject to market conditions.
Shareholders will be familiar with Stride’s strategic pillars
of Performance, Products, Places and People. This year
we are modifying those pillars slightly to combine Products
and Places, and introduce a new pillar of Portfolio – this is
due to the evolution of Stride as an investor and manager,
with SPL developing portfolios of assets through special
purpose subsidiaries which could over time be used to
establish new Products. SPL will continue to hold an
1. See glossary on page 156.
interest in each of the Products that are created by Stride and
accordingly it will continue to have direct property ownership
interests as well as indirect interests through its shareholding
in each of the Stride Products. SPL will hold its ongoing
investments in these Products through entities which will
hold the underlying properties as long term investments. The
Stride portfolio (which we are now reporting as “Portfolio”)
should therefore be seen as a combination of directly-owned
property and “look through” interests in the properties owned
by each of the Stride Products.
Performance
Stride has delivered strong financial results for FY21,
due primarily to prudent financial management and a very
active period as manager of the Stride Products in a period
impacted by COVID-19. The Stride Board is very pleased
to deliver profit after tax from continuing operations of
$132.0 million, significantly higher than FY20 (FY20:
–$0.1 million).
The Board notes that certain prior year figures have been
re-presented as a result of the commencement of Industre
on 1 July 2020, which met the definition of a discontinued
operation. Accordingly, comparative information has been
re-presented to exclude the industrial portfolio.
Contributing to this higher profit after tax from continuing
operations is management fee income which, at
$25.1 million, is $6.8 million higher than FY20 (FY20:
$18.3m). This increase is due in large part to fees received
from Industre, which commenced operations during the year,
as well as higher asset management fees, performance fees
and leasing fees from Investore. This outcome demonstrates
the benefits of Stride’s strategy of growing its real estate
investment management business, through establishing
separate commercial property-owning entities and growing
those entities.
Net rental income from continuing operations was slightly
down on FY20 (FY21: $49.9 million; FY20: $50.4 million),
primarily as a result of the income lost through the sale of
three properties to Investore in April 2020 and the reduced
rental from the property at 22 The Terrace, Wellington, which
is undergoing refurbishment, balanced against higher income
from the three office properties acquired during the year.
The main expenses for Stride, which consist of corporate
expenses and net finance expenses, were both lower than
FY20 (corporate expenses – FY21: $21.1 million; FY20:
$22.4 million; net finance expenses – FY21: $13.4 million;
FY20: $16.5 million), leading to lower overall expenses
for FY21.
The revaluation movement in the SPL portfolio from
continuing operations was a material benefit to Stride’s
profit after tax from continuing operations for FY21, with
revaluation gains of $38.8 million for FY21, up by
$60.9 million on FY20 (FY20: –$22.2 million). In addition,
Stride’s share of profit in associates was $58.8 million
higher than FY20 (FY21: $62.3 million; FY20: $3.5 million),
which was driven by portfolio valuation gains in Investore
and Industre Property Joint Venture.
As a result, distributable profit
1
for FY21 was materially
higher than FY20, and higher than anticipated at the
commencement of FY21 when Stride announced its
dividend guidance for FY21. These financial results are very
pleasing and testament to Stride’s strategy of growing its
real estate investment management business as well as the
careful and disciplined management of the business during
the COVID-19 period.
Products and Places
Stride’s Products are the property-owning businesses it
manages, comprising, in addition to SPL itself:
• Investore Property Limited – an NZX listed entity that
owns large format retail property throughout the length
of New Zealand.
• Industre Property Joint Venture – a joint venture
between SPL and a group of international institutional
investors, through a special purpose vehicle and
advised by J.P. Morgan Asset Management (together,
JPMAM). Industre invests solely in industrial property,
primarily located in the Auckland region.
• Diversified NZ Property Trust – a private trust that
owns four shopping centres in New Zealand.

Investore was well placed to manage the impacts of
COVID-19 during FY21 due to the high proportion of
supermarkets in its portfolio, which were able to remain
open and trading under all Alert Levels imposed by the New
Zealand Government to manage COVID-19. The extremely
busy period for supermarkets during COVID-19 benefited
Investore through higher turnover rental, up 81% to
$1.0 million. However, it also meant that some supermarket
improvement projects were put on hold during this period.
Chair and CEO’s
Report
1 Grey Street,
Wellington
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 202167

Investore also took advantage of market conditions during
April and May 2020 to launch an equity capital raising to
raise funds to continue its strategy of targeted growth. This
has resulted in Investore having a relatively low loan to value
ratio as at 31 March 2021 of 26.8%, which is conservative
given its stable portfolio with a relatively long WALT
1
. Since
balance date, Investore acquired Countdown Petone and
has announced the conditional acquisition of development
land at Waimak Junction, Kaiapoi. Taking into account
these acquisitions, together with proposed and current
developments, Investore’s portfolio value would increase to
$1.1 billion and LVR
1
to 31.2% (on a pro forma 31 March
2021 basis assuming these transactions had completed at
that date). Investore will have $128 million of available debt
facility headroom to continue its growth strategy.
Industre commenced operations on 1 July 2020, and since
then Stride is proud to have delivered on Industre’s growth
aspirations, completing $108 million of acquisitions in
FY21, with a further acquisition for $10 million completed
post balance date.
As at 31 March 2021, Industre’s portfolio was worth
$610 million, and this has subsequently increased with the
additional acquisition completed since that date. Industre
has aspirations to continue to grow its portfolio and SIML
continues to actively seek acquisition and development
opportunities for Industre. As has been reported previously,
the Industre joint venture partner JPMAM
1
has committed
an amount of capital to fund growth initiatives, subject to
meeting certain investment return and approval thresholds,
providing Industre with available funding to continue to grow.
FY21 has been a challenging year for all shopping centre
operators due to the New Zealand Government enforced
closures and trading restrictions placed on centres and
retailers. However, SIML is pleased to report that in the
second half of FY21, the sales performance of retailers
rebounded significantly, resulting in stable occupancy and
Diversified’s portfolio value increasing to $466 million.
During FY21 SIML continued to manage the rebuild of part
of the Queensgate Shopping Centre that was damaged
during the 2016 Kaikoura earthquake. Rebuilding a carpark
and cinema complex in one corner of a functioning shopping
centre has provided a number of logistical challenges,
including ensuring safe entry and exit (particularly in the case
of an emergency) and ensuring tenants and visitors were
not unduly inconvenienced by the rebuild. The Boards would
like to take this opportunity to thank the SIML Development
Team and the Queensgate Shopping Centre Management
Team for their dedication to completing this rebuild in an
efficient and effective manner and navigating the challenges
of construction in a busy shopping centre environment.
This project is due to be completed progressively in stages
between late 2021 and mid 2022.
SPL Portfolio
Following the completion of the sale of the three large
format retail properties to Investore in April 2020, and the
commencement of Industre in July 2020, SPL’s directly-
held portfolio comprises office and town centre properties
2
.
SPL has been actively growing its office portfolio during
FY21, with the acquisition of three quality office buildings,
being 34 Shortland Street, Auckland, acquired for
$67.5 million (including allowance for capital upgrades
3
) in
September 2020, 215 Lambton Quay, Wellington, acquired
for $84.5 million in November 2020, and
20 Customhouse Quay, Wellington, acquired for
$228 million in December 2020. Each of these office
properties enhanced the SPL office portfolio through
their individual attributes, including location, quality,
tenant covenant, and opportunity to add value through
improvements.
SPL also owns an interest in each of the Stride Products.
SPL will be used to create and grow seed portfolios
through special purpose subsidiaries, which can be used
to establish new Products, and over time as more Stride
Products are created, the interests that SPL has in each
of the Products will become more important to its overall
portfolio value. Accordingly, it is appropriate to consider
SPL’s portfolio as comprising directly-held property
investments and indirect property investments through its
interest in each of the Stride Products.
On this basis, the SPL portfolio shows strong metrics, with a value
of $1.4 billion, 97.7% occupancy and a WALT
1
of 6.8 years.
People centred
Stride greatly values its people and strives to demonstrate
this to its employees. During FY21, at a time when the
financial impact and duration of COVID-19 was not certain,
Stride rewarded its employees for their dedication to
the business by improving employee benefits, including
increasing employer KiwiSaver contributions to 5% (when
employee contributions are 4% or greater),
extending paid paternity leave and long service
leave, and increasing annual leave by one week.
Fresh thinkers
At the commencement of Alert Level 4 restrictions in March
2020, SIML initiated an equity capital raising for Investore,
due to the unique position of Investore given its portfolio
of large format retail properties, primarily supermarkets.
This capital raising was brought to market in a very short
timeframe while working from home and raised
$105 million in gross proceeds, with net
proceeds being used to pay down debt and
provide funding flexibility to continue Investore’s
growth strategy.
People
Stride is incredibly proud of the way its team has
performed during this challenging year and the Board
would like to thank our people and their families for
their commitment to Stride during a period when
they were navigating not only increased business
pressures but also working from home while
managing families and other commitments. Stride
and its people have amply demonstrated its values of
nimble performers, discipline driven, fresh thinkers
and people centred during FY21.
Chair and CEO’s
Report
34 Shortland Street,
Auckland
Discipline driven
Stride’s clear focus on minimising the impacts of
COVID-19 on its business and taking advantage of
any opportunities that arose have resulted
in the financial impact of COVID-19 being
considerably less than originally anticipated.
1. See glossary on page 156.
2. Excluding SPL’s 56.3% interest in the Industre unincorporated component of the
Industre Property Joint Venture which is reported as part of the assets of SPL in the
consolidated financial statements (see note 3.2 to the consolidated financial statements
for further information).
3. SPL paid $66.4 million for the property at 34 Shortland Street, including
$2.25 million for building upgrades, and has committed a further sum for
additional upgrades.
Nimble performers
Stride’s people agreed 771 deals with tenants for rent
arrangements related to COVID-19 across all Stride
Products during FY21 – this is not work that was anticipated
at the commencement of the financial year, but
Stride’s people pitched in and did what was
needed to be done to manage the impacts of the
pandemic.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 202189

1. See glossary on page 156.
2. Estimate set out in Stride’s interim report for the six months ended
30 September 2020.
3. Estimate set out in Stride’s FY20 annual report, released on 23 June 2020.
4. Excluding depreciation deductions on acquisitions of property since 1 April 2020.
5. Including the tax impact of higher derivative break costs associated with the
settlement of the Industre transaction as a result of lower market interest rates.
FY21
impact on
distributable profit
1
Expected impact on
distributable profit
at HY21
2
Expected impact on
distributable profit
at FY20 Annual Results
3
Rent relief arrangements with tenants($3.3m)($3.7m - $4.2m)($5.8m - $8m)
Reduction in corporate costs from
original FY21 budget
$1.7m$1.0m - $2.2m$2.2m
Re-introduction of depreciation
allowances for commercial buildings
$1.1m
4
$1.1m
4
$1.1m
Lower interest and financing costs
5
$0.7m$0.5m$0.5m
Higher/(lower) SIML fees$0.2m($0.3m)($0.9m)
Total$0.3m($0.2m - $1.9m)($2.9m to $5.1m)
An update on the financial impact of COVID-19 on Stride is set out below:
291 transactions86 transactions28 transactions366 transactions
9 months7 months5 months10 months
COVID-19
Stride is pleased to have delivered a better than expected
outcome with respect to the financial impact of COVID-19.
An initial assessment of the expected financial impact was
provided in Stride’s annual report for FY20, and an update
as at 30 September 2020 set out in Stride’s interim report.
Stride is pleased to advise that due to the commitment of its
people in managing and minimising the financial impacts
of COVID-19 on its business, the overall financial impact
of COVID-19 for FY21 is now calculated to be a
$0.3 million increase in distributable profit
1
after current
income tax, compared with an initial estimate
3
of a reduction
in distributable profit
1
after current income tax of between
$2.9 million and $5.1 million for FY21. This is a testament
to Stride’s people and their commitment to the business,
and the Board was pleased that it had elected to reward
employees for their dedication through this period by
introducing improved benefits.
The Stride team delivered positive outcomes for the
Stride Products during the COVID-19 periods as well. As
shareholders will be aware, Stride’s strategy has been to
seek to assist tenants where it is needed through rent relief
arrangements while at the same time seeking to achieve a
benefit for the relevant Stride Product through an extension
of the lease term or early renewal – particularly where the
tenant may not have otherwise been contractually entitled
to rent relief.
Executing on this approach, Stride has agreed a
weighted average lease extension across all COVID-19
arrangements as follows:
Sustainability
The world is becoming more aware of the need to
change the way we live and work, in order to ensure we
maintain a healthy and productive planet for ourselves
and future generations. Stride is conscious of the impact
of its activities on the planet and its people, and seeks
to minimise any adverse consequences of its activities
on the planet while also meeting the expectations of
its shareholders in delivering a return on the funds
shareholders have invested in Stride.
In order to ensure that sustainability plays a key part in
decisions of the Board and actions of Management, and to
demonstrate its commitment to improving its performance in
this area, Stride has established a Sustainability Committee
of the Boards of Directors of SPL and SIML. This Committee
is chaired by Jacqueline Cheyne, who has extensive
experience in this field including through her time at Deloitte
New Zealand where she led the Corporate Responsibility
and Sustainability services function for nine years.
The Sustainability Committee has overseen the
development of a refreshed sustainability strategy, based
on three pillars:
• Protect the planet - We want to create efficient,
climate-resilient places that deliver long term value and
support a low carbon future.
• Contribute to a resilient community - We want to
provide leading health and safety performance and
support a connected and inclusive society.
• Develop shared prosperity - We want to foster
long-term prosperity by investing in and managing
outstanding places that reward everyone connected
with them.
The Sustainability Committee considers that it is important
that Stride’s actions demonstrate its commitment to
sustainability, and this has been achieved during FY21
through the following key activities:
• Stride has implemented a new software system to
measure its greenhouse gas emissions.
• Stride has developed an initial list of climate related
risks, which are reported on pages 50 and 51, and
plans to complete further work during FY22 to
complete its climate risk assessment, which will
allow Stride to report against the Taskforce on
Climate-related Financial Disclosures (TCFD)
framework from FY22.
• SPL assessed during FY21 that seismic strengthening
work was required at its building at 22 The Terrace,
Wellington. In planning that upgrade work, Stride
elected to take the opportunity to implement a number
of sustainability initiatives at the building. While this
increased the cost of the project, the Stride Board
was pleased to support these initiatives as they are
beneficial for the environment and also enable Stride
to deliver a higher quality building with associated
higher rentals. Stride is targeting a 5 star Green Star
Design and As-Built rating and a 5 star NABERSNZ
rating for the building.
Further detail on Stride’s approach to sustainability can be
found on pages 46 to 53 of this report.
Chair and CEO’s
Report
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20211011

1. See glossary on page156.
Governance
The Boards of SPL and SIML are proud to have guided
delivery of these very pleasing results for FY21. This has
been a particularly active year for both Management and
the Boards, given the intense monitoring and support
involved during the period impacted by COVID-19 and
Stride’s subsequent growth activity, including acquisitions
and an equity capital raising. The Boards are pleased that
this activity is evident in the financial results for FY21.
Stride’s distribution policy has been to distribute between
95% and 100% of distributable profit
1
, to support its
strategy of delivering consistent dividends, as well as long-
term growth for shareholders. Given Stride’s evolution into
becoming a diversified investor and investment manager,
and given the significant growth in the financial results for
FY21, the Boards have taken the opportunity to increase
the range of Stride’s distribution policy to distributing
between 80% and 100% of distributable profit
1
. This larger
range will provide Stride with the scope to continue to pay
investors consistent returns, while allowing flexibility to
reinvest capital into Stride’s growing businesses.
Future direction and outlook
Stride’s strategy is to establish a group of Products
in specific sectors to provide growth in its investment
management business. SPL has continued to grow its
office portfolio during FY22, to a value of $580 million as at
31 March 2021. In addition, as announced on 27 May
2021, Stride has an unconditional agreement to acquire
an additional Auckland office property at 46 Sale Street
for a purchase price of $152 million. This positions Stride
to create a new listed Product focused on the commercial
office property sector. The Boards plan to establish this
new Product during FY22, noting this remains subject to
market conditions.
The Boards confirm that they currently intend to pay a
combined cash dividend for SPL and SIML during FY22
of 9.91 cents per share. The Stride Boards will continue
to review dividend guidance if and when a new Product
is established, and will keep the market informed as
appropriate.
On behalf of the Boards and staff, thank you for your
continued support of Stride Property Group.
Tim Storey
Chair,
SPL and SIML
Philip Littlewood
Chief Executive Officer,
SIML
Chair and CEO’s
Report
46 Sale Street, Auckland
Stride Property GroupAnnual Report 202113Stride Property GroupAnnual Report 202112

Board of Directors
Tim Storey
LLB, BA
Independent Director and
Chair of the Board
Term of Office: Appointed to SPL on
1 April 2009 and to SIML on
16 February 2016; last elected 2019
annual meeting
Tim was appointed Chair of Stride in
2009. He has more than 30 years’
experience across a range of sectors
and has practiced as a lawyer in
New Zealand and Australia, retiring
from the Bell Gully partnership in
2006. Tim is a member of the Institute
of Directors in New Zealand (Inc) and
is Chair of LawFinance Limited
(ASX listed), a director of Investore
Property Limited and of a number of
private companies.
Jacqueline Cheyne
BAcc, FCA, CMInstD
Independent Director and Chair of
the Sustainability Committee
Term of Office: Appointed to SPL
and SIML on 13 March 2019; elected
2019 annual meeting
Jacqueline has 25 years of
experience in financial audit and
advisory services, including 11 years
as a partner at Deloitte in audit and
assurance. Jacqueline led Deloitte’s
Corporate Responsibility and
Sustainability services function for
Deloitte New Zealand for nine years.
Jacqueline is currently a Member
of the External Reporting Board,
a member of the Audit Oversight
Committee of the Financial Markets
Authority, chair of Snow Sports NZ,
and a director of New Zealand Green
Investment Finance Limited and
PaySauce Limited.
John Harvey
BCom, FCA, CFInstD
Independent Director and Chair of
the Audit and Risk Committee
Term of Office: Appointed to SPL on
15 September 2009 and to SIML on
16 February 2016; last elected 2018
annual meeting
John has over 35 years’ professional
experience as a chartered accountant,
including 23 years as a partner in
PwC. He is a chartered fellow of the
Institute of Directors in New Zealand
(Inc) and is a director of Port of
Napier Limited, Kathmandu Holdings
Limited, Heartland Bank Limited, and
Investore Property Limited.
Nick Jacobson
LLB, BCom
Independent Director
Term of Office: Appointed to SPL and
SIML on 18 July 2019; elected 2019
annual meeting
Nick has over 25 years’ experience
with leading global and investment
banks and global financial services
companies, specialising in real estate
advisory and capital markets across
Australia, Europe, and Asia. Nick
is currently Managing Director at
CapStra in Sydney, Australia, advising
on significant property transactions
and portfolios. Nick was previously
Managing Director and Head of
Investment Banking Services at
Goldman Sachs in Sydney, and
Chairman of Goldman Sachs’ Real
Estate Investment Banking division.
Michelle Tierney
BA, MBA
Independent Director
Term of Office: Appointed to SPL on
17 July 2014 and to SIML on
16 February 2016; last elected 2020
annual meeting
Michelle has more than 20 years’
experience in the property industry and
is currently the Chief Operating Officer
for SCA Property Group in Australia.
She was previously the General
Manager of Business Development
and Strategy for the National Australia
Bank Global Institutional Bank,
Fund Manager of the $3.8 billion
GPT Wholesale Shopping Centre
Fund and Head of Property & Asset
Management for ASX50 company The
GPT Group. Michelle is a member of
the Australian Institute of Company
Directors and the Women’s Leadership
Institute Australia.
Philip Ling
MSc, MRICS, CMInstD
Independent Director
Term of Office: Appointed to SPL and
SIML on 26 June 2017; last elected
2020 annual meeting
Philip has over 30 years’ experience
in funds and property management,
at both listed and unlisted entities,
throughout New Zealand, Australia,
the United Kingdom and Asia Pacific.
Philip was CEO, Asia Pacific, of
LaSalle Investment Management,
a Chicago-based global real estate
funds manager. Philip was LaSalle
Investment Management’s Chairman of
the Asia Pacific Investment Committee,
and a member of LaSalle’s Global
Management Committee. Philip is a
Chartered Surveyor and a Professional
Member of the Royal Institution of
Chartered Surveyors.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20211415

Stride Property Group consists of
Stride Investment Management
Limited (SIML) and Stride Property
Limited (SPL). SIML is the investment
manager and employer of staff for the
group, and SPL owns the property
portfolio and has an ownership
interest in each of the Stride
Products. The shares of SPL and
SIML are stapled
1
and together SPL
and SIML form Stride Property Group.
Under the stapled structure
arrangement, SPL remains a Portfolio
Investment Entity (or PIE) for tax
purposes, while SIML is not a PIE.
The structure of the Stride Property
Group business, as well as how it is
reported in this report, is set out on
this page.
1. For the implications of investing in stapled securities, see page 155.
2. As at 31 March 2021.
Shares stapled
1
to form
Stride Property Group
SPL’s interests in property, combining its direct ownership with
its look-through interests in the property of the Stride Products,
is shown in the Portfolio section, page 38.
Stride Investment
Management Limited (SIML)
Employer
People section,
see page 18
Manager of
SPL, Investore,
Industre and
Diversified
Investment Management
Business section, see page 42
Office
Portfolio
$580m
Town Centre
Portfolio
$310m

– Joint venture
with JPMAM
– Industrial
portfolio

$610m

– Private trust
with Australian
superannuation
investors
– Shopping
centre portfolio
$466m

– NZX Listed
– Large format
retail portfolio
$1,038m
100%
18.8%56.3%
2
2%
Stride Property
Limited (SPL)
Stride ProductsStride Places
See pages 24 to 29See pages 30 to 37
Stride Overview
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20211617

People
FY21 was dominated
by the impacts of
COVID-19 and required
a level of activity that
was unprecedented in
Stride’s history. The
pandemic posed a
number of challenges for
the Stride team, and we
are very proud of the way
our people responded to
those challenges.
Stride recognises that a successful business requires a great team and that
a company is only as strong as its people. Accordingly, during FY21 Stride
undertook a review of employee benefits, resulting in the following:
• Annual leave increased by one week.
• Christmas shutdown period increased to three weeks, to ensure that
employees have a genuine break to re-charge their batteries.
• KiwiSaver employer contributions increased to 5% of gross earnings
(provided employee contributions are at 4% or above). This employer
contribution is 2% above the minimum mandated by the New Zealand
Government.
• Long service leave and paid paternity leave increased.
The Stride Board determined to provide these benefits during a year impacted
by COVID-19, when earnings were uncertain, to demonstrate its commitment to
attracting and retaining the best calibre people.
$335m
new equity from capital
raising transactions in Stride
and Investore
$61m
developments completed
across 3 properties, with
$189m of developments in
progress
$1,056m
debt raised or refinanced
across 9 separate
transactions for SPL and
Stride Products
771 deals
agreed with tenants for rent
relief arrangements related to
COVID-19 across SPL and all
Stride Products
$488m
of acquisitions completed
across a total of 9 assets as at
31 March 2021
1/2 day
the time it takes for shopping
centres to pivot arrangements
as Alert Levels change
Stride Property GroupAnnual Report 202119Stride Property GroupAnnual Report 202118

Executive Team
Jennifer Whooley
CA
Chief Financial Officer
Jennifer has more than 25 years’
experience in the property industry
and is responsible for Stride’s overall
financial plans and policies, ensuring
the compliance of its accounting
practices. Jennifer is also responsible
for the people and culture function
within Stride. Prior to joining Stride,
Jennifer was Chief Accountant for
Fletcher Property. Jennifer was named
the EY CFO of the Year for 2018.
Fabio Pagano
MBA
Investore Fund Manager
Fabio joined Stride in 2018 and
brings over 15 years’ international
experience in retail management,
including at Coles Group in Australia,
where he led property teams across
the country. Fabio is responsible for
providing executive oversight and
focus on Investore’s business and
operations. His broad experience has
given him expertise across all aspects
of leasehold and freehold portfolios.
Recently, he held senior roles in the
New Zealand Government across
property and infrastructure areas.
Philip Littlewood
BProp, BCom, MBA
Chief Executive Officer
Philip joined Stride in 2014 and has
20 years’ experience in property
investment management in New
Zealand and overseas. Highlights
of his work history include six years
in the UK, including with Morgan
Stanley’s real estate merchant
banking division, and partnership in
a large private-equity real estate firm.
Prior to this, Philip held the position
of Investment Manager at AMP
Capital Investors.
Adam Lilley
BCom, LLB, CA
General Manager Investment
Adam is the most recent addition to
the Stride executive team, having
commenced as General Manager
Investment in April 2021. Adam was
previously Investment Manager at
Stride, and prior to rejoining Stride
was an Institutional Equities Research
Analyst at Craigs Investment Partners.
Mark Luker
Dip.Val.Prop
General Manager Development
Mark is responsible for Stride’s
development activities. He has over
25 years of experience in the property
development and investment industry,
acquired through complex large-scale
retail and commercial development
projects, both within New Zealand
and Australia. Mark joined Stride
from Kiwi Property Group, where he
held the roles of General Manager
Development and Project Director,
Sylvia Park.
Andrew Hay
BProp, MBA
General Manager
Commercial and Industrial
Andrew joined Stride in 2004 and has
more than 20 years’ property industry
experience. Andrew is responsible for
overseeing and growing the office and
industrial portfolios within Stride and
managing the business of Industre.
Andrew is currently Auckland Branch
President of the Property Council.
Louise Hill
BCom, LLB
General Manager
Corporate Services
Louise has more than 20 years’ legal
experience and is responsible for a
range of corporate functions within
Stride, including legal, governance,
compliance, IT, health and safety,
sustainability and risk. Louise’s
previous roles included Head of Legal
(NZ) for Fletcher Building and senior
associate in the corporate/commercial
team at Bell Gully.
Roy Stansfield
ACA
General Manager
Shopping Centres
Roy is responsible for the shopping
centre portfolios owned and managed
by Stride. His role includes all aspects
of asset management, retail leasing
and planning. Roy has 30 years’
experience in the retail shopping
centre industry. Prior to joining Stride,
he was employed by Challenge
Properties, St Lukes Group and
Kiwi Property Group.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20212021

Products and Places
Stride’s strategy is to
establish a group of
Products or entities in
specific commercial
property sectors to
provide growth in its
investment management
business.
An NZX listed
company, SPL’s
shares are stapled
with those of
SIML to create
Stride Property
Group
Directly owns
retail town centre
and office assets,
and holds an
interest in the
other Products
$890m
portfolio value
1
An NZX listed
company
Invests solely in
large format retail
property across
New Zealand
$1,038m
portfolio value
2
An Australian trust
majority owned
by Australian
superannuation
entities
Owns retail
shopping centres
in New Zealand
$466m
portfolio value
A joint venture
between Stride
and a group
of institutional
investors
advised by J.P.
Morgan Asset
Management
(JPMAM)
Invests solely
in industrial
properties,
primarily in the
Auckland region
$610m
portfolio value
This strategy results in Stride managing entities with clearly defined investment
parameters, providing diversified income sources and distinct balance sheets.
SPL will hold an interest in each Product that is developed, and which focusses on
a specific commercial property sector. Stride establishes new entities over time
as its portfolio of assets, held through a special purpose subsidiary, reaches an
appropriate level and as market conditions allow.
Portfolio composition
by value as at
31 March 2021:
Value of
investment
properties
3
($m)
Number of
investment
properties
SPL investment
in Stride
Products
Office and Town Centre
Portfolio
1
89014
4
100%
1,038
2
4318.8%
4664
4
2%
6101856.3%
Total3,00378
4
As at 31 March 2021,
the number and value of
properties managed by
SIML is as follows:
Office
Large Format Retail
Retail Shopping Centres /
Town Centres
Industrial
Committed developments
and acquisitions as at
31 March 2021
$1,038m
5
$502m
$641m
$502m
$466m
$37m
$23m
$913m
$310m
$580m
Office and
Town Centre
$31m
$641m
$610m
1. Excludes lease liabilities. Excludes SPL’s 56.3% interest in the unincorporated component of the Industre Property Joint
Venture. For more information, see note 3.2 to the consolidated financial statements. Includes the value of Level 12,
34 Shortland Street, which houses Stride’s head office and is shown in the consolidated financial statements as property,
plant, and equipment.
2. Investore’s portfolio value excludes: (1) $7.0 million of seismic works to be completed by SPL on the three large format
retail properties acquired from SPL on 30 April 2020, and the balance of the rental guarantee of $0.1 million from SPL;
and (2) lease liabilities. Portfolio value includes the property at 35 MacLaggan Street, Dunedin, which is classified as
property held for sale in Investore’s financial statements.
3. Excludes lease liabilities.
4. Includes Johnsonville Shopping Centre, which is owned 50:50 by SPL and Diversified.
5. Post balance date Investore has announced the unconditional acquisition of Countdown Petone for $37.3m (which
acquisition settled on 21 May 2021) and the conditional acquisition of development land at Waimak Junction, Kaiapoi,
North Canterbury, for $10.5m.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20212223

Following establishment
of Industre on 1 July
2020 and the sale of
SPL’s remaining large
format retail properties
to Investore in April
2020, SPL directly owns
office and town centre
properties
1
.
Overview of SPL portfolio
1
As at
31 March 2021
As at
30 September 2020
pro forma
2

As at
31 March 2020
Properties (no.)141426
Tenants (no.)347343388
Net Lettable Area (sqm)135,350134,667259,285
Net Contract Rental
3
($m)54.554.663.0
WA LT
3
(years)5.55.85.8
Occupancy Rate
(% by area)
97.696.798.1
Portfolio Value
4
($m)889.6
5
876.9
5
996.1
Net Valuation Movement
for 12 months ($m)
+16.7
Silverdale Centre,
Auckland
1. Excludes SPL’s 56.3% interest in the Industre unincorporated portfolio which is reported as part of the assets of SPL in the
consolidated financial statements (see note 3.2 to the consolidated financial statements for further information).
2. As at 30 September 2020, as if the acquisition of the properties at 215 Lambton Quay, Wellington (which settled on
30 November 2020) and 20 Customhouse Quay, Wellington (which settled on 18 December 2020) had settled as at
that date.
3. See glossary on page 156.
4. Excludes lease liabilities.
5. Includes the value of Level 12, 34 Shortland Street, which houses Stride’s head office, and is shown in the consolidated
financial statements as property, plant, and equipment.
6. Includes Johnsonville Shopping Centre, which is owned 50:50 by SPL and Diversified.
As at
31 March 2021
As at
30 September 2020
As at
31 March 2020
Properties
6
(no.)444
Tenants (no.)232235244
Net Lettable Area (sqm)65,73665,35665,356
Net Contract Rental
3
($m)22.522.722.9
WA LT
3
(years)4.34.54.3
Occupancy Rate
(% by area)
96.595.596.3
Portfolio Value
4
($m)309.9305.6302.0
Net Valuation Movement for
12 months ($m)
+4.9
SPL’s town centre assets have been chosen by Stride due to their individual
strategic strengths:
• NorthWest Shopping Centre is in a strong growth area, providing increased
customer traffic and demand for the products offered by tenants of the centre.
NorthWest Shopping Centre is a true mixed-use development, with over
7,700 sqm of office space, and has further potential for development.
This centre has performed well during FY21. While moving annual turnover
(MAT) was down 13.1% for the year, if travel-related retailers were excluded
MAT was up 1.2%, despite the centre having been closed for 20% of trading
days due to Alert Level restrictions. This continues a positive sales trend for the
centre, with MAT (excluding travel-related retailers) up 5.8% compared with the
year ended 31 March 2019.
• Silverdale Centre is also located in an area of Auckland that is experiencing
strong population growth, a developing region that will continue to
drive customer visitation. Silverdale Centre demonstrated strong sales
performance in FY21, with MAT up 1.7% and specialty retailer MAT up 4.1%
compared with the year ended 31 March 2020. This performance compares
even more favourably given the centre was also closed for 20% of trading
days due to COVID-19.
• Johnsonville Shopping Centre (owned 50:50 by SPL and Diversified) is
ideally located in a busy suburban Wellington location, directly beside the
railway line into Wellington’s CBD. Johnsonville Shopping Centre represents
a development opportunity and Stride is currently exploring options for the
redevelopment of this centre.
Places
Town
Centre
Portfolio
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20212425

As at
31 March 2021
As at 30 September
2020 pro forma
1

As at
31 March 2020
Properties (no.)10107
Tenants (no.)11510866
Net Lettable Area (sqm)69,61469,31137,670
Net Contract Rental
2
($m)31.931.913.2
WA LT
2
(years)6.36.64.6
Occupancy Rate
(% by area)
98.697.895.2
Portfolio Value
3
($m)579.7
4
571.3
4
186.1
Net Valuation Movement
for 12 months ($m)
+11.9
Office Portfolio
Stride has focused on growing its office
portfolio over the past 12 months, with the
acquisition of three office buildings during
FY21, growing the office portfolio to
$580m as at 31 March 2021, with a
further acquisition announced post
balance date for $152m.
Stride anticipates that it will create a
new listed Product focused on the office
market during FY22, subject to market
conditions. The office properties owned
by SPL will form the establishment
portfolio for that new Stride Product.
1. As at 30 September 2020, as if the acquisition of the properties at 215 Lambton Quay, Wellington (which settled on
30 November 2020) and 20 Customhouse Quay, Wellington (which settled on 18 December 2020) had settled as at
that date.
2. See glossary on page 156.
3. Excludes lease liabilities.
4. Includes the value of Level 12, 34 Shortland Street, which houses Stride’s head office and is shown in the consolidated
financial statements as property, plant and equipment.
20 Customhouse Quay, Wellington
Acquired in December 2020, 20 Customhouse
Quay is a premium grade office asset, constructed
in 2018. This stunning building is base isolated
and is rated 5 star Green Star NZ – Office Design.
Located in a prime central Wellington location, the
building is 100% occupied and houses Deloitte,
IAG and Kiwibank among its tenants.
215 Lambton Quay, Wellington
Acquired in November 2020, this building is a
16 level, grade A office building in the centre of
Wellington’s CBD. It is situated on its own block
of land, surrounded by key Wellington streets,
including Lambton Quay and Featherston Street,
with ground floor retail, including Nespresso. The
building was recently refurbished and has 100%
New Building Standard seismic rating. Major
tenants include ANZ, Grant Thornton and NZ
Government departments.
34 Shortland Street, Auckland
Acquired in September 2020, this building houses
Stride’s head office, and is located in the heart of
Shortland Street in Auckland. Stride is currently
undertaking a number of upgrades to this building,
including seismic strengthening and upgrades of
the lifts.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20212627

The recent office
acquisitions have meant
that Stride’s office portfolio
contains a number of
strategically located office
buildings in the Auckland
and Wellington region.
Regional diversification by asset value
as at 31 March 2021
25 Teed Street, Newmarket, Auckland
20 Customhouse Quay, Wellington
Wellington
75%
Auckland
25%
The strengths of Stride’s office portfolio are:
• Office locations in highly sought-after positions in the Auckland and
Wellington central business districts, with presence in fringe CBD areas,
such as Newmarket, Auckland.
• Stable and high quality tenants, with a focus on NZ Government tenants,
financial services, insurance and banking, which together make up over
half of the office portfolio gross rental as at 31 March 2021.
• A diversified mix of office types, enabling the portfolio to capture a wider
tenant pool, ensuring the portfolio demonstrates enduring demand.
• Strong metrics, with a WALT
1
of 6.3 years and 98.6% occupancy as at
31 March 2021.
Tenant classification by Contract Rental
1
Financial Services and Insurance
Banking
NZ Government Departments
Information Technology
Specialty Retail
Consultancy
Other
Utilities
Legal
23%
17%
15%
13%
9%
8%
7%
5%
3%
34 Shortland Street, Auckland
Office Portfolio
Lambton Quay
Lambton Quay
Featherston St
Customhouse Quay
Jervois Quay
Waterloo Quay
Grey St
The Terrace
Stout St
Bunny St
Bowen St
Whitmore St
Brandon St
WELLINGTON
MUSEUM
QUEENS
WHARF
WELLINGTON
DISTRICT
COURT
VICTORIA
UNIVERSITY
PARLIAMENT
BUILDINGS
Panama St
Johnston St
Waring Taylor St
1
3
2
4
5
7-9 Fanshawe St
35 Teed St
80 Greys Ave
25 Teed St
Auckland CBD &
Newmarket
Nelson St
Hobson St
Federal St
Albert St
Victoria St
Wellesley St
Queen St
Queen St
Mayoral Dr
Vincent St
Greys Ave
Fanshawe St
Custom St E
Shortland St
SKY TOWER
AOTEA CENTRE
ALBERT PARK
ART GALLERY
AUCKLAND
UNIVERSITY
1
2
3
Eden St
Morrow St
Teed St
Kent St
Seccombes Rd
Gillies Ave
Crowhurst St
5
4
WESTFIELD
Wellington CBD
22 The Terrace
1
20 Customhouse Quay
2
215 Lambton Quay
4
1 Grey Street
5
55 Lady Elizabeth Lane
3
80 Greys Avenue
2
34 Shortland Street
3
7-9 Fanshawe Street
1
25 Teed Street
4
35 Teed Street
5
Auckland CBD & Newmarket
1. See glossary on page156.
Auckland CBD Newmarket
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20212829

Industre is Stride’s
investment management
product focused on
the industrial sector
and invests primarily in
properties located in the
Auckland region.
SIML has been very
active during FY21 in
sourcing acquisition
opportunities on behalf
of Industre, to deliver
on the joint venture’s
ambition of growing its
portfolio of industrial
properties.
$398m
Settlement on
30 June 2020
$108m
Acquisitions
completed
1
$19m
Capex and costs
incurred
$85m
Net valuation
movement
(9 months)
$610m
Portfolio
value
31 March 2021
$31m
Committed
acquisitions and
developments
$641m
Total
estimated
pro forma value
31 March 2021
6 properties
acquired since commencement
1
,
with one further acquisition
completed post balance date
$108m
total purchase price to 31 March
2021
1
, rising to $118m following
completion of the post balance date
acquisition of 40-42 Wilkinson
Road, Ellerslie
JPMAM has contributed all of the equity for these acquisitions, in accordance with
the intentions of both JPMAM and SPL at commencement of the joint venture.
This has resulted in SPL’s interest in Industre reducing to 56.3% as at 31 March
2021. While SPL has the right to contribute equity in line with its proportionate
interest in the joint venture, Industre’s strategy over the long term is for JPMAM to
fund further portfolio growth until the respective shareholdings in the portfolio are
75% / 25% (JPMAM/SPL).
Having completed the acquisition of the property at 439 Rosebank Road in
December 2020, Industre has demolished the existing buildings on site, and is
currently planning to develop new, modern industrial units. This is an example
of the type of development that Industre specialises in – acquiring brownfield
sites and improving or redeveloping them to meet tenant needs and create
enduring demand.
Industre Portfolio Growth
Waste Management Auckland Headquarters,
318 East Tamaki Road, Auckland
Developed by Stride and owned by Industre
As at
31 March 2021
As at
30 September 2020
As at commencement
(1 July 2020)
Properties (no.)18
3
1613
Tenants (no.)393330
Net Lettable Area
(sqm)
173,330138,519119,686
Net Contract Rental
2

($m)
27.420.918.7
WA LT
2
(years)9.78.09.0
Occupancy Rate
(% by area)
97.398.2100.0
Portfolio Value ($m)610.0473.1397.7
Net Valuation
Movement
for 9 months ($m)
+85.5
Industre Portfolio
Stride’s development of
the Waste Management
Auckland headquarters was
very successful, delivering a
property that improved the
working environment for Waste
Management’s employees
and improved efficiency as a
number of Auckland operations
were consolidated onto the one
site. Completed in December
2019, this property is now
part of the Industre portfolio.
This property won a number of
awards at the Property Council
New Zealand Annual Awards for
2020, including the Supreme
Award, Green Building Award,
and Industrial Award. Stride is
currently pursuing a Green Star
– Design and As-Built rating for
this building.
1. Includes the acquisition of the property at
439 Rosebank Road, which was contracted to be
acquired prior to commencement of the joint venture.
The purchase price for this property was $8m, of
which $0.4m was previously paid as a deposit.
2. See glossary on page 156.
3. Post acquisition of the property at 468 Rosebank
Road, Avondale, this property is now reported as part
of 460 Rosebank Road.
Growth in portfolio
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20213031

Financial Information
* This information relates to the nine month period from 1 July 2020 to 31 March 2021. Stride’s share in Industre reduced from 68.25% as at 30 June 2020 to 56.33% as at 31 March 2021.
Stride’s net share of Industre’s profit is calculated on the weighted average participating interest during the period.
IndustreStride's interest
Joint Venture
2021
$000
Joint Operations
2021
$000
Total
2021
$000
Joint Venture
2021
$000
Joint Operations
2021
$000
Total
2021
$000
Assets
Current assets5,4761,3216,797
3,0097443,753
Investment properties322,375285,600607,975
181,600160,884342,484
Other non-current assets79,474-79,474
32,694-32,694
Total Assets
407,325286,921694,246
217,303161,628378,931
Liabilities
Current liabilities3,2921,4484,740
1,8158162,631
Borrowings189,96176,633266,594
94,97543,169138,144
Other non-current liabilities84-84
42-42
Total Liabilities
193,33778,081271,418
96,83243,985140,817
Net assets
213,988208,840422,828
120,471117,643238,114
IndustreStride's interest
Joint Venture
2021
$000
Joint Operations
2021
$000
Total
2021
$000
Joint Venture
2021
$000
Joint Operations
2021
$000
Total
2021
$000
Income9,17710,52819,705
5,5666,55312,119
Expenses(5,054)(4,494)(9,548)
(3,049)(2,799)(5,848)
Change in fair value of
investment properties
48,15835,81883,976
28,83921,45450,293
Net share of profit
*
52,28141,85294,133
31,35625,20856,564
Summarised Statement of Financial Position
Summarised Statement of Financial Performance
Cnr Selwood Road and The Concourse, Henderson, Auckland
Owned by Industre Property Joint Venture
48-60 Wilkinson Road, Ellerslie, Auckland
Owned by Industre Property Joint Venture
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20213233

Investore’s singular focus
on owning a resilient
portfolio of large format
retail property has meant
that Investore has been
well placed during the
periods impacted by
COVID-19, with over
80% of Investore’s
portfolio (by Contract
Rental
1
) able to remain
open and trading under
all COVID-19 Alert
Levels, and an even
greater proportion able
to open for click and
collect sales at
Alert Level 3.
As a result, Investore has delivered positive financial results for FY21, including
a very strong portfolio net valuation gain
2
of $139.3m or 15.5% over the
12 months to 31 March 2021.
As at
31 March 2021
As at
30 September 2020
As at
31 March 2020
Properties (no.)434340
Tenants (no.)13013078
Net Lettable Area
(sqm)
246,272246,191208,125
Net Contract Rental
1
($m)
57.157.147.5
WA LT
1
(years)9.810.211.5
Occupancy Rate
(% by area)
99.199.799.7
Portfolio Value
3
($m)1,037.9
4
980.3
4
761.4
Net Valuation
Movement for
12 months
2
($m)
+139.3
Investore Portfolio
1. See glossary on page 156.
2. Compared to Investore’s property portfolio as at 31 March
2020, and including the three properties acquired from SPL as
if those properties had been acquired as at that date, based on
independent valuations of those three properties obtained in
preparation for acquisition in April 2020.
3. Excludes lease liabilities.
4. Investore’s portfolio value excludes: (1) $7.0 million of seismic
works to be completed by SPL on the three large format retail
properties acquired from SPL on 30 April 2020 and the value of
the rental guarantee from SPL (as at 31 March 2021: $0.1m; as
at 30 September 2020: $0.4m); portfolio value as at 31 March
2021 includes the property at 35 MacLaggan Street, Dunedin,
which is classified as property held for sale in Investore’s
financial statements.
Countdown, Rotorua –
Owned by Investore Property Limited
Bunnings, Te Rapa –
Owned by Investore Property Limited
26.8% loan to
value ratio
a reduction of 4.5%
since 31 March 2020
Portfolio value
3,4
$1.038 bn
representing a net valuation gain
2
of
$139.3m or 15.5%
over the 12 months to 31 March 2021
$125m listed bonds
issued in August 2020 at a fixed interest rate of 2.4% pa
$105m equity capital raised in
April and May 2020

with net proceeds used to pay down debt and provide
funding flexibility for Investore to continue its targeted
growth strategy
Following balance date Investore
has acquired Countdown Petone
for $37.3m and has a conditional
agreement to acquire development
land at Waimak Junction, Kaiapoi,
for $10.5m. Investore has agreed in
principle to develop a new Countdown
supermarket on stage 1 of the site, for
a total expected capital commitment
of $31m (including land cost)
9.8 years WALT
1
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20213435

The four shopping centres owned by Diversified were significantly impacted by
COVID-19 during FY21. Although the centres are all located outside of Auckland,
and therefore avoided the Auckland restrictions imposed in August 2020 and
February 2021, the Alert Level 4 lockdown in April and May 2020 meant the
centres were unable to trade.
SIML has worked hard to minimise the impacts of COVID-19 on the Diversified
portfolio and seek to achieve a benefit for Diversified where Diversified has
agreed to provide rent relief arrangements with tenants, if possible. As a result,
Diversified has benefited from a weighted average lease extension of 10 months
agreed in return for rent relief arrangements.
In addition to managing the ever-changing COVID-19 impacts, Diversified has
continued with the rebuild of part of the Queensgate Shopping Centre during
FY21. This centre suffered damage in the Kaikoura earthquake in 2016 and
part of the carpark and the cinema complex are currently being rebuilt, with the
carpark due to be completed in late 2021 and the cinema complex targeting to
be open for Easter 2022. This will provide a welcome addition to the centre, and
is expected to drive increased visitation, given the lack of cinema facilities in the
wider Wellington region.
1. Johnsonville Shopping Centre is owned 50:50 by
Diversified and SPL. Tenant and Net Lettable Area
information in the table below includes 50% of
Johnsonville Shopping Centre.
2. See glossary on page 156.
Queensgate Shopping Centre,
Lower Hutt
As at
31 March 2021
As at
30 September 2020
As at
31 March 2020
Properties (no.)
1
444
Tenants (no.)335329340
Net Lettable Area (sqm) 105,064107,532107,522
Net Contract Rental
2

($m)
37.938.639.5
WA LT
2
(years)3.43.23.4
Occupancy Rate
(% by area)
93.892.693.6
Portfolio Value ($m)465.6460.2414.4
Net Valuation
Movement
for 12 months ($m)
(2.4)
Diversified
shopping
centres:
Chartwell
Shopping Centre
Hamilton
100 tenants
29,975 sqm
Johnsonville
Shopping Centre
1
Wellington
69 tenants
13,693 sqm
Queensgate
Shopping Centre
Wellington
144 tenants
54,203 sqm
Remarkables Park
Town Centre
Queenstown
56 tenants
14,041sqm
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20213637

Stride’s strategy of creating a group of
sector-specific commercial property
Products managed by SIML, with
SPL owning an interest in each Stride
Product, results in SPL having a
diversified portfolio worth $1.4bn and
strong investment metrics through
the combination of its directly-held
investment properties and SPL’s
indirect or look-through holdings in the
Stride Products.
SPL’s Weighted Look-Through
Portfolio Value
1

Office
Large Format Retail
Retail Shopping Centres /
Town Centres
Industrial
$580m
$890m
$310m
Directly-held
$2,113m
$1,038m
$466m
$610m
Products
$344m
$195m
$9m
$1,438m
$310m
$580m
weighted look-through
215 Lambton Quay, Wellington
30 Airpark Drive, Auckland
Owned by Industre Property Joint Venture
On a weighted look-through
basis, SPL’s portfolio shows a
strong weighting to the office
sector. This is a result of SPL
growing its office portfolio
over the past year.
Stride intends to establish an investment management Product using SPL’s office
assets, which will result in SPL’s interest in the office sector reducing. Stride
expects over time to hold a balanced portfolio of commercial property assets,
although the percentages will flex as Stride invests in different sectors through
special purpose subsidiaries before creating a new Product.
SPL’s Weighted Look-
Through Portfolio Value
1
Office
40%
Industrial
24%
Large Format Retail
14%
Retail Shopping
Centre
22%
1. As at 31 March 2021, excluding committed acquisitions and
developments, and excluding lease liabilities.
18.8%
2%
56.3%
Portfolio
Stride Property GroupAnnual Report 202139Stride Property GroupAnnual Report 202138

Portfolio
WA LT
1
as at
31 March 2021
(years)
Products
7.8
Directly-held
5.5
6.8
weighted
look-through
Occupancy % by NLA
1

as at 31 March 2021
Products
97.4%
Directly-held
97.6%
97.7%
weighted
look-through
SPL Look Through
Lease Expiry Profile
by Contract Rental
1
as at 31 March 2021
Year 1
15%
Year 2-3
21%
Year 4-5
20%
Year 10+
27%
Year 6-10
18%
1. See glossary on page 156.
SPL’s weighted look-through portfolio
benefits from the diversity of the
portfolios of the Stride Products
combined with SPL’s places, showing
strong metrics of 6.8 years WALT
1
and
97.7% occupancy.
Countdown Petone – Owned by
Investore Property Limited
Numbers in chart may not sum due to rounding.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20214041

Industrial
16%
Base
management
fees
14%
Large
Format
Retail
11%
Retail Shopping
Centres
25%
Office
34%
Investment
Management Business
Stride’s strategy is
to create a group
of Products in
specific commercial
property sectors to
grow its investment
management business.
SIML will manage
each of the Products
and SPL will continue
to own an interest in
each of the Products,
benefiting Stride
through the creation
of new investment
management entities.
The benefits of this strategy of developing Stride’s real estate investment
management business have been evident during the year in review:
• Each Stride Product has managed the impacts of COVID-19 differently, with
Investore benefiting from the demand for supermarkets during lockdown
periods.
• The Stride Products have demonstrated the benefits of having access to
separate pools of capital, with Industre continuing to grow through utilising
equity from JPMAM, Stride conducting an equity capital raise to fund the
acquisition of additional office properties to grow its office portfolio, and
Investore undertaking an equity capital raise to provide funding flexibility for
future growth.
• Management fee income was materially higher in FY21, up $6.8 million to
$25.1 million
1
primarily due to increased activity-based income.
1. Net of management fees received from SPL.
2. Stride’s revenue comprises SIML management fees and SPL revenue. SPL revenue comprises income derived from
SPL’s directly-held property plus revenue derived from its interests in the Stride Products which is calculated based on
net Contract Rental on a look-through basis as at 31 March 2021. Base management fees comprise estimated FY22
management fees from Stride Products (i.e. excluding fees from SPL) and exclude capex fees, planned maintenance fees,
leasing fees, development fees, performance fees and other one-off or activity based fees.
3. As at 31 March 2021, as if the following transactions had completed as at that date: (1) Investore’s acquisition of
Countdown Petone for $37.3m (which acquisition settled on 21 May 2021); (2) the conditional acquisition of Waimak
Junction, Kaiapoi, for $10.5m and completion of the stage 1 development; and (3) completion of seismic works on the
three properties acquired from SPL in April 2020.
4. Investore banking facility headroom as at 31 March 2021, as if the transactions described in footnote 3 had completed as
at that date.
5. As at 31 March 2021, as if the following transactions had completed as at that date: (1) Industre’s acquisition of 42-44
Wilkinson Road, Ellerslie for $10m; and (2) development of 439 Rosebank Road, Avondale.
6. Industre available capital, comprising available bank facilities as at 31 March 2021, and assuming additional capital is
contributed to maintain an LVR of 35%, as if the transactions described in footnote 5 had completed as at 31 March 2021.
7. As at 31 March 2021, as if the development of Queensgate Shopping Centre was complete as at that date.
8. As at 31 March 2021, as if the following transactions had completed as at that date: (1) SPL’s acquisition of 46 Sale St,
Auckland, for $152m; (2) refurbishment of 22 The Terrace, Wellington; and (3) capital upgrade works at 34 Shortland
Street, Auckland.
9. Balance of SPL banking facility headroom as at 31 March 2021 as if the transactions described in footnote 8 had
completed as at that date.
Stride Property Group’s
Revenue Sources
2
Available Growth for
Stride Products
$1,113m
3
$128m
4
Potential
AUM
$3,705m
$1,241m
$871m
$502m
$1,091m
$502m
7
$641m
5
$230m
6
$1,065m
8
$26m
9
$3 billion
FY21
$25.1m
$10.7m
$14.4m
FY20
$18.3m
$5.0m
$13.3m
FY19
$15.7m
$2.1m
$13.6m
FY18
$15.7m
$2.4m
$13.3m
FY17
$8.5m
$1.1m
$7.4m
SIML Management Fee Income
1
Activity and performance fees
Base fees
assets under management
as at 31 March 2021
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20214243

Capital Management
Stride has taken an active
and prudent approach
to capital management
during FY21, given the
uncertainties created
by COVID-19. During
FY21, Stride undertook
a number of capital
management initiatives
to ensure it maintained
an appropriate balance of
debt facilities and equity.
These initiatives included:
• Refinancing of $135m of debt for a further three years to June 2024.
• Additional $150m of facility committed in December 2020 to support
growth initiatives.
• Equity capital raising announced in November 2020, to raise additional
equity to support the acquisition of two office properties in Wellington, being
215 Lambton Quay and 20 Customhouse Quay. Stride sought to raise
$220m, through a $180m share placement and a share purchase plan
seeking to raise $40m. The share purchase plan was oversubscribed, and
Stride elected to accept $50m of applications, resulting in a total of $230m
of gross proceeds raised.
• New banks introduced to the SPL banking syndicate, adding diversification in
funding sources and supporting future growth.
As at 31 March 2021,
Stride’s LVR
1
is
29.3% and Stride
has $194 million
of bank facility
headroom to further
support its strategy
1. See glossary on page 156.
As at
31 March 2021
As at
31 March 2020
Banking facility limit$455m$505m
Debt facilities drawn$261m$386m
Weighted average debt maturity2.4 years1.8 years
LVR (Covenant: ≤ 50%)29.3%39.1%
The capital raising
undertaken by Stride in
November and December
2020 was very well
received by the market and
demonstrates support for
Stride’s strategy.
• $230 million successfully raised, representing approximately 30% of Stride’s
pre-raise market capitalisation.
• Share purchase plan over-subscribed at $2.14, representing a 7%
discount to Stride’s closing share price immediately before the capital raise
announcement and 7% premium to NTA.
• 11 new institutional investors provided significant demand, with new
investors from across New Zealand, Australia, US, UK, Germany, and
Hong Kong added to Stride’s register.
• Stride’s closing share price as at 31 March 2021 was $2.28, a +6.5%
premium to the price paid in the capital raising of $2.14.
FY25
$135m
FY24
$150m
FY23
$170m
FY22
Debt expiry profile
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20214445

Sustainability
Stride’s approach
to sustainability has
developed during FY21
under the oversight
of the Stride Board
Sustainability Committee.
This section sets out
Stride’s approach to
sustainability under
the focus areas of
governance, strategy,
risk management
and metrics.
Governance
Stride has established a Board Sustainability Committee to ensure a dedicated
focus at the Board level on the impact of climate-related issues on Stride’s
business and other areas of Stride’s sustainability performance. Given the
increasing focus of the New Zealand Government, regulators, investors and
tenants on sustainability matters, Stride has established a Board Sustainability
Committee to ensure it is able to meet the demands of these interest groups
while also delivering profitable performance for shareholders. The creation of this
Committee demonstrates Stride’s commitment to improving the sustainability of
Stride’s business and particularly its impact on the environment.
The Sustainability Committee is chaired by Director Jacqueline Cheyne, who has
significant experience in sustainability issues. Jacqueline is currently the chair of
the External Reporting Board Steering Group responsible for development of the
climate reporting standards, a Director of New Zealand Green Investment Finance
Limited and previously led Deloitte’s Corporate Responsibility and Sustainability
services function for Deloitte New Zealand for nine years. Other members of the
Committee are Tim Storey, the Stride Board Chair, and Director Philip Ling.
The Sustainability Committee appreciates that Stride has work to do to
demonstrate best practice in sustainability, but considers that important work
has been undertaken in this area during FY21, as reported in this section of the
Annual Report.
Strategy
Stride has refreshed its sustainability
strategic plan, which is focused on
three distinct goals. This plan sets
the primary objectives that Stride
considers in its decision-making.
Stride’s Sustainability Strategic Plan
Risk Management
During FY21 Stride’s Sustainability Committee considered the key risks, at a high
level, that may be faced by Stride in relation to climate change, and, in accordance
with the Taskforce on Climate-related Financial Disclosures (TCFD), categorised
those risks into two categories – transition risks, being those associated with
transitioning to a low-carbon economy, and physical risks, being risks arising as a
result of changes in the physical climate and acute climate events.
A summary of the key climate change risks assessed by the business and reported
to the Stride Sustainability Committee is set out on pages 50 and 51. During
FY22 Stride intends to undertake further work to refine these risks and prepare
a detailed and comprehensive climate risk assessment for Stride and the Stride
Products, in preparation for reporting against the TCFD framework from FY22.
Metrics
Stride has commenced the process of gathering emissions data to enable it to
record and report on its greenhouse gas emissions. Stride has subscribed to the
New Zealand-developed BraveGen software, which captures the greenhouse gas
emissions data for Stride and each of its Products.
Once the baseline year data has been determined, Stride will commission an
independent assurance of that data, to enable it to report confidently against its
baseline emissions. Stride expects that this data will be available for reporting
from FY22.
Contribute to a resilient
community
We want to provide leading health
and safety performance and support
a connected and inclusive society
Develop shared prosperity
We want to foster long-term
prosperity by investing in and
managing outstanding places
that reward everyone connected
with them
Protect the planet
We want to create efficient, climate-
resilient places that deliver long term
value and support a low carbon future
ObjectiveUN Sustainable Development Goals
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20214647

Key achievements for FY21 have been:
• Stride has implemented the BraveGen software system which allows Stride
to measure its greenhouse gas emissions and that of the Stride Products.
Stride intends to report on its greenhouse gas emissions from FY22.
• Stride has developed an initial list of climate related risks, which are reported
on pages 50 and 51. Stride intends during FY22 to complete further work to
formalise this climate risk assessment, which is a starting point for Stride to
set strategies and develop objectives to manage these risks.
• SPL assessed during FY21 that seismic strengthening work was required
at its building at 22 The Terrace, Wellington. In planning that upgrade
work, Stride determined to take the opportunity to implement a number of
sustainability initiatives. More information can be found on pages 52 and 53.
• Stride is currently assessing each of its office buildings to determine
whether work needs to be completed to enable the building to obtain a
NABERSNZ rating. NABERSNZ is a system for rating the energy efficiency
of office buildings, and is an independent tool backed by the New Zealand
Government. Stride expects that tenants will increasingly demand a
NABERSNZ rating as part of lease commitments from landlords, and the
New Zealand Government is leading the way in this regard. In order to obtain
a NABERSNZ rating, at least 12 months of energy consumption data is
required, and therefore some of SPL’s office buildings may need additional
metering and further time to determine landlord emissions and become
eligible to obtain a NABERSNZ rating.
Achievements
As signalled in the FY20 Annual
Report, a key focus for FY21
has been developing Stride’s
sustainability strategy, as well as
a commitment to completing a
baseline carbon emission calculation,
integrating sustainability into the
planning process, particularly for
major developments, and beginning
the climate risk assessment process.
Sustainability
Waste Management Auckland Headquarters,
318 East Tamaki Road, Auckland,
Developed by Stride and owned by Industre
Stride Property GroupAnnual Report 202149Stride Property GroupAnnual Report 202148

Transition Risks –
risks associated with
transitioning to a low-
carbon economy
RiskDescriptionPotential impact
Current and
emerging regulatory
changes
Regulatory changes/
increased standards
around climate change
and energy efficiency of
buildings (particularly for
building consents)
• Increased costs for development or
maintenance
• More restrictive requirements e.g.
planning/consent requirements
Changes to
energy prices
Potential supply
constraint from climate
impact on supply
Impact on energy
infrastructure due to
climate change leading
to higher energy prices
Increased cost of
producing electricity due
to higher costs for carbon
emitters through ETS
• Increased operational costs for
Stride and its tenants, leading to
higher total cost of occupation
for tenants
Changing
customer behaviour
Reduced demand from
customers for tenants
in carbon-intensive
industries
Customers choosing
more climate friendly
properties to work in
and/or visit
• Reduced revenue
• Increased vacancies
• Increased cost to ensure assets
remain competitive
Increased
expectations
from investors
and tenants
Investors and tenants
require buildings/
portfolios to be energy
efficient/low carbon
• Reduced demand for Stride
buildings if they have not sought to
manage carbon footprint, leading to
reduced revenue
• Possible benefit from
charging higher rents for
carbon efficient buildings
• Unable to attract key investors
• Increased costs from transition
to more efficient buildings &
technologies
Increased
litigation exposure
Climate-change litigation
occurs due to inadequate
or mis-timed climate
change response
• Increased costs from litigation
• Ability to insure against loss
compromised/not available
• Damage to reputation
Insurability of assets
compromised
Assets may become
uninsurable due to
exposure to climate
change events
• Increased costs from self-insurance
• Stranded assets if tenants/Stride
unable to obtain insurance
Physical Risks – risks
from changes in the
physical climate and
acute climate events
RiskDescriptionPotential impact
Increased frequency
of severe/extreme
weather events
Extreme weather events
causing damage to
assets increases e.g.
storms, floods, rainfall,
cyclones
• Ability to obtain insurance
compromised and/or increased
insurance costs
• Disruption to operations
• Higher operating and capital costs
to repair damage and improve
resilience of assets
Increased frequency
of fire events
Due to droughts,
heatwaves, and
similar events
• Threat to physical assets
• Disruption to operations
• Impact to air quality, surrounding
infrastructure e.g. roads, power
supply
• Increased insurance costs
Rising mean
temperatures
Average temperature
rises and increased
extreme heat events
• Increased operating expenses for
cooling buildings
• Increased expenditure to install/
upgrade cooling systems
• Spot price of electricity more
volatile
• Productivity of outdoor work
reduces, with impact on
construction costs, timeframes
• Cost of water increases
Sea level riseRising sea levels
over time may impact
on assets close to
waterfront
• Costs of repair from damage due to
sea surges, inundation
• Ability to insure assets
compromised
• Reduced asset life leading to early
write-off, stranded assets
• Assets inaccessible or isolated
due to damaged infrastructure e.g.
roads, rail, power
Water stressEase of access to water
reduced
• Water unavailable to undertake
business operations
• Cost of water increases
• Increased regulatory requirements
around use of water
Sustainability
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20215051

Climate Related
Opportunity –
22 The Terrace,
Wellington
During FY21, Stride identified that the office
building at 22 The Terrace, Wellington, required
seismic strengthening works to be completed. In
planning these works, Stride identified a number of
sustainability improvements that could be made to the
building at the same time as the seismic strengthening
and refurbishment works are completed. These
works, taken as a whole, will make the building more
attractive to tenants, while also saving money in the
long run due to reduced energy consumption.
The Stride Board has approved expenditure of at least
$2 million to implement sustainability initiatives at
22 The Terrace, targeting a 5 star Green Star Design
and As-Built rating, and a 5 star NABERSNZ rating.
The benefits of this strategy are:
• Reduce emissions associated with operation of
the building
• Improve attractiveness of the building to tenants,
which Stride expects will improve rent over time,
benefiting shareholders in SPL
• Extend the life of the building and reduce future
costs associated with implementing sustainability
initiatives, as these were undertaken at the time
of essential works
Installing water efficient tap and
bathroom hardware, LED lighting, and
efficient heating and air conditioning,
thus reducing resource consumption and
thereby reducing emissions
Creating a rainwater harvesting
system, which will reduce water
demand from the building
Improving the thermal performance of the
building by installing a thermal film system to
all glazed surfaces, repairing window seals
and frames and completing thermal insulation
works to the walls and roof. This improves the
efficiency of the heating and cooling system,
thus reducing energy consumption and thereby
reducing greenhouse gas emissions
Increasing the number of visitor cycle
spaces, encouraging visitors to the
building to reduce their dependence on
cars and motorised transport
Creating an end of trip facility, including
showers, bathrooms, cycle park facilities,
lockers and drying rooms, which makes it
easier for tenants to cycle, walk, or run to
work, thus reducing dependence on cars and
improving wellness
Establishing a waste management
facility, which enables tenants to
reduce their waste to landfill
Sustainability
Artist impression of 22 The Terrace, Wellington, once
upgrade works completed (expected November 2021)
Initiatives being
implemented include:
Stride Property GroupAnnual Report 202153Stride Property GroupAnnual Report 202152

Community
Engagement
One of the core pillars
of Stride’s Sustainability
Strategic Plan is to
“contribute to a resilient
community”, which
includes supporting a
connected and inclusive
society. This section of the
report outlines the ways in
which Stride contributes
to the societies in which
it operates.
Family Fun
The shopping centres managed by SIML have a strong focus on family
activities, as family is the heart of the community. A number of Stride’s
Shopping Centres host a toddler day, with free arts and crafts activities
for children. This is then amplified during school holidays with a number
of free events and education-based entertainment for children.
The centres recognised that COVID-19 posed a challenge to parents
to keep children entertained during the April 2020 school holidays and
responded accordingly – Johnsonville Shopping Centre sponsored
Zappo the Magician to produce a daily Facebook live show during the
April 2020 school holidays to engage and entertain children that were
locked down at home. This was very successful with around
785 engagements for each show.
Social distancing impacted a number of planned school holiday events and
shopping centres had to deftly change direction
to provide safe and entertaining fun for children.
NorthWest Shopping Centre devised a centre-
wide treasure hunt for children, which proved
very popular. Smiling children playing in open
spaces was all the reward our teams need for
their dedication and hard work.
Not all fun is for the children of course, and
during December Queensgate Shopping
Centre developed “Putt in the Hutt”, a mini-putt
activity situated within the centre. This was very
successful, with over 3,300 people participating.
Some local schools even incorporated Putt in the
Hutt into their end of year activity and donated to
the Wellington City Mission as their ‘fee for entry’.
NorthWest Shopping Centre ran a series of free
outdoor events that catered for the whole family,
including hosting free movies on a giant outdoor
screen, where locals could bring a beanbag or
blanket and settle in for a night under the stars
watching the stars in the latest releases.
Empathy
Contributing to a resilient community involves having a level
of empathy for all those in the community who may be facing
challenges, and this has been particularly true during FY21
given the unexpected challenges that COVID-19 presented.
Queensgate Shopping Centre participated in the Lower
Hutt Street Art Festival held during March 2021, with one
wall of Queensgate Shopping Centre turned into an outdoor
art gallery, showcasing the work of two internationally
acclaimed street artists, Berst (Dr Bobby Hung) and
Askew 1 (Elliot O’Donnell). The mural depicts EMPATHY
and was created to refresh their own artwork that was
painted more than 15 years ago.
Movies in the Square,
NorthWest Shopping Centre, Auckland
Queensgate Shopping Centre Mural, Wellington
NorthWest Shopping Centre supported their local
Salvation Army during FY21 in a number of ways.
The centre hosted a donation box, collecting
between 7 and 10 banana boxes of product every
week which were donated to families in need. The
centre also supported the Salvation Army with their
Christmas gift wrapping appeal, with donations
amounting to more than $10,500, an increase of
15% on the prior year.
To celebrate New Zealand Sign Language Week,
Queensgate Shopping Centre enlisted the help of
4-year-old Sign Language Week ambassador and
Lego enthusiast, Carter, to teach the Queensgate
Facebook community how to sign some common
words relevant to the shopping centre.
Queensgate and Chartwell Shopping Centres have
been long standing partners with Dress for Success,
who provide a service for women to achieve
economic independence, and offer professional
work attire for their clients. Members of the
community are able to donate clothing in the centres
and the centres also make their own donations.
Space
All of the SIML-managed shopping centres recognise that
contributing to a resilient community involves more than just
hosting fun events. Spaces are made available within the
centres for charities and community groups free of charge,
to enable these groups to engage with the local community
and raise awareness and funds to help support their cause.
Groups or events supported during FY21 include:
St JohnPink Ribbon
Annual Appeal
Safer Plates
Initiative
Breast Cancer
Foundation
Blind Low
Vision Red
Puppy Appeal
Heart
Foundation
Red CrossChild Cancer
Foundation
Women’s
Refuge
Daffodil DayCystic FibrosisHospice
Stride Property GroupAnnual Report 202155Stride Property GroupAnnual Report 202154

Five Year Financial Summary
1. Includes the reclassification of cash flow hedge reserve to the consolidated statement of comprehensive income for discontinued operations (2017 column).
2. See glossary on page 156.
3. Excludes lease liabilities. Includes SPL’s 56.3% interest in the unincorporated component of the Industre Property Joint Venture. For more information, see note 3.2 to the consolidated
financial statements. Includes value of Level 12, 34 Shortland Street, which houses Stride’s head office and is shown in the consolidated financial statements as property, plant and
equipment.
4. Excludes intangibles.
5. Excludes intangibles and after tax fair value of interest rate derivatives.
Financial
Summary
The Five Year Financial Summary table reflects the numbers in the financial statements for each respective year.
Represented
Five Year Financial Summary
2021
($m)
2020
($m)
2019
($m)
2018
($m)
2017
($m)
Net rental income
49.950.457.359.157.9
Profit before net finance expenses, other income/(expense) and
income tax from continuing operations
53.9
46.353.757.151.0
Net finance expenses
(13.4)
(16.5)(15.7)(16.3)(16.8)
Profit before other income/(expense) and income tax from
continuing operations
40.4
29.838.040.734.1
Other income/(expense)
100.9
(28.9)43.460.127.9
Profit before income tax from continuing operations
141.3
0.981.4100.862.1
Income tax expense
(9.4)
(1.0)(5.2)(5.5)(7.9)
Profit/(loss) after income tax from continuing operations
132.0
(0.1)76.295.354.2
(Loss)/profit from discontinued operations
1
(0.1)
25.40.00.0(0.9)
Profit attributable to shareholders
131.9
25.376.295.353.3
Basic earnings per share - weighted from continuing and
discontinued operations
32.99 cents
6.93 cents20.86 cents26.10 cents14.63 cents
Distributable profit
2
before income tax
52.4
47.745.848.445.5
Distributable profit after income tax
46.3
37.738.838.837.7
Basic distributable profit after income tax per share - weighted
11.58 cents
10.32 cents10.62 cents10.63 cents10.33 cents
Property values
3
1,050.5
996.1966.3902.2895.3
Bank debt drawn
261.0
386.2332.9307.7347.5
Loan to value ratio
29.3%
39.1%34.3%34.1%38.8%
NTA per share
4
$2.15
$1.91$1.92$1.82$1.67
Adjusted NTA per share
5
$2.15
$1.93$1.94$1.84$1.68
Values in the table above are calculated based on the numbers in the consolidated financial statements for each respective financial year and may not sum accurately due to rounding.
The Five Year Financial Summary table reflects the numbers in the financial statements for each respective year.
On 11 July 2016, SPL distributed shares in its subsidiary Investore to SPL shareholders and Investore issued shares to
investors in connection with its initial public offer (IPO). Investore entered into a listing agreement with NZX Limited (NZX) and
its ordinary shares were quoted, and commenced trading on the main board equity security market of NZX, on 12 July 2016.
The financial performance for Investore for the period ended 11 July 2016 (2017 column) has been presented as “Profit from
discontinued operations”.
On 1 July 2020, Industre commenced operations. Industre is a joint arrangement between SPL and a group of international
institutional investors, through a special purpose vehicle, advised by J.P. Morgan Asset Management (JPMAM). On 1 July 2020,
SPL held a 68.25% interest in Industre. This reduced to 56.33% as at 31 March 2021.
The accounting for the arrangements by SPL is a combination of a joint operation (proportionate share of assets, liabilities,
revenue and expenses) and joint venture (equity accounted). Only JPMAM’s special purpose vehicle’s participating interest
has been treated as discontinued in respect of the joint operation as SPL retained a partial direct ownership interest in the
properties. All of the financial performance and cash flows pertaining to the properties that have been transferred to the
Industre joint venture has have been treated as discontinued. The financial performance for the discontinued operations are for
the period ended 30 June 2020 (2021 column) and the year ended 31 March 2020 (2020 column) and has been presented
as “Profit/(loss) from discontinued operations”.
55 Lady Elizabeth Lane, Wellington
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20215657

Financial
Statements
60 Consolidated Statement of Comprehensive Income
62 Consolidated Statement of Changes in Equity
63 Consolidated Statement of Financial Position
64 Consolidated Statement of Cash Flows
66 Notes to the Consolidated Financial Statements
113 Independent Auditor’s Report
20 Customhouse Quay, Wellington
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20215859

Notes
2021
$000
Re-presented
2020
$000
Gross rental income
66,428
66,548
Direct property operating expenses
(16,561)
(16,180)
Net rental income3.149,867
50,368
Management fee income25,057
18,279
Less corporate expenses
Corporate overhead expenses
(16,576)
(16,657)
Administration expenses
(4,475)
(5,625)
Project costs
-
(79)
Total corporate expenses(21,051)
(22,361)
Profit before net finance expense, other income/(expense) and income tax
from continuing operations53,87346,286
Finance income
20
210
Finance expense
(10,291)
(13,556)
Finance expense - swap termination expense
(1,380)
(1,274)
Finance expense - lease liabilities
(1,797)
(1,832)
Net finance expense5.3(13,448)
(16,452)
Profit before other income/(expense) and income tax from continuing
operations40,42529,834
Other income/(expense)
Net change in fair value of investment properties
3.238,759
(22,168)
Share of profit in equity-accounted investments
7.262,264
3,503
Gain on disposal of investment properties
313
-
Hedge ineffectiveness of cash flow hedges
5.2(419)
(8,218)
Impairment of work in progress
7.3-
(2,007)
Profit before income tax from continuing operations141,342
944
Income tax expense
8.1(9,390)
(1,010)
Profit after income tax from continuing operations attributable to shareholders131,952
(66)
(Loss)/profit from discontinued operations
7.4(81)
25,385
Profit attributable to shareholders131,871
25,319
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Deferred tax on share-based payment expense
161
17
Gross movement in cash flow hedges
2,527
6,351
Tax arising from cash flow hedges
-
(1,778)
Changes in cash flow hedge reserve in equity-accounted investments
(25)
30
Revaluation surplus
300
-
Total other comprehensive income after tax2,9634,620
Total comprehensive income after tax attributable to shareholders134,83429,939
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2021
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Notes
2021
$000
Re-presented
2020
$000
Stride Property Limited (SPL) total comprehensive income after tax
attributable to shareholders122,795(2,831)
Stride Investment Management Limited (SIML) total comprehensive income after
tax attributable to shareholders12,1207,385
Total comprehensive income after tax attributable to shareholders
from continuing operations134,9154,554
Total SPL comprehensive (loss)/income after tax from discontinued operations
(81)
25,385
Total comprehensive income after tax attributable to shareholders 134,834
29,939
Earnings per share (EPS) from continuing operations 4.1
Basic EPS (cents)33.01
(0.02)
Diluted EPS (cents)32.90(0.02)
EPS per share from continuing and discontinued operations4.1
Basic EPS (cents)32.996.93
Diluted EPS (cents)32.88
6.91
The re-presentation of the year ended 31 March 2020 is due to discontinued operations. Refer note 7.4.
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Consolidated Statement of Comprehensive Income (continued)
For the year ended 31 March 2021
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20216061

Consolidated Statement of Changes In Equity
For the year ended 31 March 2021
Notes
Number of
shares
000
Share
capital
$000
Retained
earnings
$000
Other
reserves
$000
Total
$000
Balance at 31 Mar 20 365,352500,749201,050(3,635)698,164
Transactions with shareholders:
Dividends paid
4.3-(41,530)-(41,530)
Transfer to share capital on vesting of employee long term
incentive plan5.655204-(204)-
Lapsed long term incentive rights
5.6---(159)(159)
Forfeited long term incentive rights
5.6--32(32)-
Share based payment expense
5.6---750750
New shares issued
5.4107,421225,727-225,727
Total transactions with shareholders107,476225,931(41,498)355184,788
Total other comprehensive income---2,9632,963
Profit attributable to shareholders
--131,871-131,871
Total comprehensive income after tax
attributable to shareholders--131,8712,963134,834
Balance at 31 March 21 472,828726,680291,423(317)1,017,786
Balance at 31 Mar 19
365,297500,647211,456(7,884)704,219
Transactions with shareholders:
Dividends paid
4.3
--(36,207)-(36,207)
Transfer to share capital on vesting of employee long term
incentive plan
5.6
55102-(102)-
Lapsed long term incentive rights
5.6
--482(482)-
Forfeited long term incentive rights
5.6
---(246)(246)
Share based payment expense
5.6
---459459
Total transactions with shareholders55102(35,725)(371)(35,994)
Total other comprehensive income---4,6204,620
Profit after income tax--25,319-25,319
Total comprehensive income
--25,3194,62029,939
Balance at 31 Mar 20
365,352500,749201,050(3,635)698,164
Consolidated Statement of Financial Position
As at 31 March 2021
Notes
2021
$000
2020
$000
Current assets
Cash at bank
23,024
12,098
Trade and other receivables
8.59,068
3,038
Prepayments
184
230
Other current assets
173
120
32,449
15,486
Investment property classified as held for sale
-
132,196
32,449
147,682
Non-current assets
Investment properties
3.21,071,881
891,399
Deposit and other prepayments on investment property
2,250
1,328
Equity-accounted investments
7.3265,707
103,874
Loan to associate
7.23,398
3,398
Other investments
250
-
Software
1,025
1,248
Property, plant and equipment
8.76,658
1,349
1,351,169
1,002,596
Total assets1,383,618
1,150,278
Current liabilities
Trade and other payables
8.622,145
17,011
Lease liabilities
3.371
630
Current tax liability
4,876
4,024
Derivative financial instruments
5.2553
8,521
27,645
30,186
Non-current liabilities
Bank borrowings
5.1259,860
385,865
Borrowings (joint venture participating interest)
7.343,169
-
Lease liabilities
3.327,383
27,479
Deferred tax liability
8.16,180
4,306
Derivative financial instruments
5.21,595
4,278
338,187
421,928
Total liabilities365,832
452,114
Net assets1,017,786
698,164
Share capital
726,680
500,749
Retained earnings
291,423
201,050
Reserves
5.6(317)
(3,635)
Equity1,017,786
698,164
SPL equity
1,004,093
692,531
SIML equity (non-controlling interest)
5.5
13,6935,633
Equity1,017,786
698,164
For and on behalf of the Board of Directors of SPL and SIML, dated 27 May 2021:
Tim Storey
Chair of the Board
John Harvey
Chair of the Audit and Risk Committee
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20216263

Consolidated Statement of Cash Flows
For the year ended 31 March 2021
Notes
2021
$000
2020
$000
Cash flows from operating activities
Gross rent received
65,400
77,387
Management fee income
24,168
17,989
Interest received
20
210
Dividends received
-
4
Direct property operating and corporate expenses
(29,984)
(43,975)
Interest paid
(11,632)
(15,318)
Borrowings establishment costs
(1,098)
(115)
Swap termination expenses
(9,293)
-
Income tax paid
(9,700)
(9,009)
Net cash provided by operating activities27,881
27,173
Cash flows from investing activities
Proceeds from disposal of investment properties
343,626
50,165
Dividend income from equity-accounted investments
7.26,599
4,095
Acquisition of investment properties
(358,033)
(33,250)
Capital expenditure on investment properties
(17,407)
(44,403)
Deposit and other prepayments on investment property
(2,250)
(500)
Investment in equity-accounted investments
7.2(85,149)
(12,944)
Investment in other investments
(250)
-
Software expenditure
(66)
(128)
Property, plant and equipment purchased
(5,781)
(133)
Net cash applied to investing activities(118,711)
(37,098)
Cash flows from financing activities
Dividends paid
4.3(41,530)
(36,207)
Drawdown on bank borrowings
398,910
111,240
Repayment of bank borrowings
(524,150)
(57,850)
Borrowings from joint venture
43,169
-
Net proceeds from capital raise
5.4225,727
-
Lease liabilities payments
(370)
(524)
Net cash provided by financing activities101,756
16,659
Net increase in cash and cash equivalents held10,926
6,734
Opening cash and cash equivalents
12,098
5,364
Closing cash and cash equivalents23,024
12,098
Stride Property Group (Stride) presents total group cash flows including continuing and discontinued operations. See note 7.4 for cash flows of
discontinued operations.
Consolidated Statement of Cash Flows (continued)
For the year ended 31 March 2021
Reconciliation of profit after income tax attributable to shareholders to net cash provided by operating activities
Notes
2021
$000
2020
$000
Profit after income tax attributable to shareholders
(including discontinued operations note 7.4)
131,871
25,319
(Less)/add non-cash items:
Movement in deferred tax
8.11,141
(7,716)
Income tax movement in cash flow hedges
8.1(387)
(357)
Net change in fair value of investment properties
(43,289)
1,756
Loss on disposal of investment properties
3,847
-
Share of profit in equity-accounted investments
(62,264)
(3,503)
Spreading of fixed rental increases
618
(224)
Capitalised lease incentives
(408)
(349)
Lease incentives amortisation
802
1,064
Capitalised lease incentives - COVID-19 abatements
(3,205)
-
Lease incentives amortisation - COVID-19 abatements
908
-
Rental income abatement provision due to COVID-19
413
-
Movement in loss allowance
8.547
105
Share based payment expense
750
459
Lapsed long term incentive rights
(159)
-
Forfeited long term incentive rights
(32)
(246)
Depreciation
480
694
Software amortisation
389
362
Hedge ineffectiveness of cash flow hedges
1,075
8,218
Amortisation of swap termination expenses
5.21,380
1,274
Accrued interest movement in derivative financial instruments
5.2(288)
57
Borrowings establishment cost amortisation
332
191
Work in progress impairment
-
2,007
34,021
29,111
Add activity reclassified to operating activities:
Movement in working capital items related to financing activities
2,413
-
Movement in working capital items relating to investing activities
791
(1,878)
Movement in borrowings transaction costs classified as operating activities
(9,293)
(1,947)
27,932
25,286
Movement in working capital:
Increase in trade and other receivables
(6,030)
(84)
(Increase)/decrease in prepayments and other current assets
(7)
528
Increase/(decrease) in trade and other payables
5,134
(943)
Increase in tax liability
852
2,386
Net cash provided by operating activities27,881
27,173
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20216465

Notes to the Financial Statements
For the year ended 31 March 2021
This section sets out Stride Property Group’s accounting policies that relate to the consolidated 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 financial statements and
consequently SIML’s equity is presented as the non-controlling interest in the 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 27 May 2021.

1.2 Basis of preparation
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP). Stride is a for-profit
entity for the purposes of financial reporting. The financial statements comply with New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS. The financial statements
also comply with International Financial Reporting Standards (IFRS). The financial statements were prepared in accordance with the Financial Markets
Conduct (Stride Property Group) Exemption Notice 2017 and waivers granted to Stride from certain of the NZX Listing Rules dated 1 January 2020
(NZX Listing Rules), which each permit SPL and SIML, subject to the conditions of the exemption notice and waivers (respectively), to prepare financial
statements in respect of Stride in place of separate financial statements of each Stapled Entity. These waivers (dated 28 May 2020) replace, and are of the
same effect as, the previous waivers granted to Stride from certain of the NZX Main Board Listing Rules dated 1 October 2017.
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.
Certain comparative information has been re-presented. Refer note 7.4 for more information.

1.3 New standards, amendments and interpretations
At the date of approval of the financial statements, there were no relevant standards in issue but not applied.
1.0 General Information
1.0 General information 67
1.1 Reporting entity 67
1.2 Basis of preparation 67
1.3 New standards, amendments and interpretations 67
1.4 Significant accounting policies,
estimates and judgements 68
1.5 Fair value estimation 68
1.6 Non-NZ GAAP measures 68
1.7 COVID-19 impacts 68
1.8 Significant events and transactions 69
2.0 Operating segments 70
3.0 Property 73
3.1 Net rental income 73
3.2 Investment properties 75
3.3 Lease liabilities 84
3.4 Capital expenditure commitments contracted for 85
4.0 Investor returns 86
4.1 Basic and diluted earnings per share (EPS) 86
4.2 Distributable profit 87
4.3 Dividends paid and proposed 88
5.0 Capital structure and funding 89
5.1 Borrowings 89
5.2 Derivative financial instruments 91
5.3 Net finance expense 92
5.4 Share capital 93
5.5 SIML equity (non-controlling interest) 93
5.6 Reserves 94
5.7 Capital risk management 94
6.0 Financial Instruments
and risk management 95
6.1 Financial assets at amortised cost 95
6.2 Financial liabilities at amortised cost 95
6.3 Fair values 96
6.4 Financial risk management 96
6.5 Interest rate risk 96
6.6 Credit risk 97
6.7 Liquidity risk 97
7.0 Equity-accounted investments 98
7.1 Industre 98
7.2 Interests in associates and joint venture 98
7.3 Interest in joint arrangements 102
7.4 Discontinued operations 104
8.0 Other 105
8.1 Income tax 105
8.2 Corporate expenses 107
8.3 Remuneration 107
8.4 Related party disclosures 109
8.5 Trade and other receivables 110
8.6 Trade and other payables 111
8.7 Property, plant and equipment 111
8.8 Investment in subsidiaries 112
8.9 Contingent liabilities 112
8.10 Subsequent events 112
Note
PageNote Page
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20216667

1.0 General Information (continued)1.0 General Information (continued)
1.4 Significant accounting policies, estimates and judgements
In the application of NZ IFRS, the Boards and management are required to make judgements, estimates and assumptions about carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that
are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual results may differ from the
estimates, judgements and assumptions made by the Boards and management.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
Judgements made by the Boards and management in the application of NZ IFRS that have significant effects on the financial statements and estimates
with a significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements as follows:
• Investment properties (note 3.2);
• Lease liabilities (3.3);
• Derivative financial instruments (note 5.2);
• Industre joint venture (note 7.0); and
• Deferred tax (note 8.1).

1.5 Fair value estimation
Stride classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making measurements. The fair
value hierarchy has the following levels:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly
(derived from prices); and
Level 3 - inputs for the asset or liability that are not based on observable market data.

1.6 Non-NZ GAAP measures
The consolidated statement of comprehensive income includes two non-NZ GAAP measures; Profit before net finance expense, other income/(expense)
and income tax from continuing operations; and Profit before other income/(expense) and income tax from continuing operations. These non-NZ GAAP
measures have been presented to assist investors in understanding the different aspects of Stride’s financial performance.
Note 4.2 sets out Stride’s calculation for distributable profit and Adjusted Funds From Operations (AFFO) which are both non-NZ GAAP measures.
Distributable profit is presented to provide an earnings measure which more closely aligns to Stride’s underlying and recurring earnings from its operations.
AFFO is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of maintaining a
building’s grade/quality, but not expensed as part of distributable profit after current income tax, is adjusted to reflect cash earnings for the year.
These non-NZ GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information
presented by other entities.

1.7 COVID-19 impacts
The global COVID-19 pandemic and resulting impacts on credit and property markets has increased the level of uncertainty around certain estimates
in these financial statements.
As at 31 March 2021, SPL has provided rent abatements of $3.2 million. Rental abatements that have been agreed with tenants have been accounted
for as lease modifications. In addition, SPL has provided for $0.4 million rental income abatements yet to be agreed with the affected tenants.
As at 31 March 2020, the independent valuations of SPL’s portfolio were reported on the basis of ‘material valuation uncertainty’, meaning less
certainty and a higher degree of caution should be applied to the valuations. As at 31 March 2021, the ‘material valuation uncertainty’ clause has been
removed on all but one of the independent valuations (refer note 3.2).
As part of its COVID-19 support package the New Zealand Government has reintroduced a 2% diminishing value depreciation deduction for
commercial properties, starting in April 2020 for SPL. This provided a reduction in current tax to SPL of approximately $1.1 million for the year ended
31 March 2021, excluding depreciation deductions on any investment property acquisitions from 1 April 2020.
1.8 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:
Divestment of properties to Investore Property Limited (Investore)
As at 31 March 2020, SPL had entered into conditional contracts to divest three large format retail properties being Bunnings Mt Roskill, Auckland,
Mt Wellington Shopping Centre, Auckland, and Bay Central Shopping Centre, Tauranga, to Investore for $140.75 million. The properties were
reclassified from investment properties to investment properties classified as held for sale and were held at $132.196 million, being the contracted
sales price excluding the seismic works SPL is to complete, estimated at $7.5 million, and rental guarantee costs of $0.6 million. SPL settled on the
divestment of the three properties on 30 April 2020. As at 31 March 2021, the seismic works had not commenced and $0.5 million of the rental
guarantee had been utilised or forgone by Investore.
Acquisition of shares in Investore
On 5 May 2020, SPL paid Investore $16.5 million (refer note 7.2) to acquire 10,013,516 shares in Investore’s equity capital raise. Following that
equity capital raising, SPL's shareholding in Investore reduced from 19.4% as at 31 March 2020 to 18.8%, being 69,201,977 shares.
Commencement of Industre Property Joint Venture (Industre)
On 1 July 2020, Industre commenced operations. Industre is a joint arrangement between SPL and a group of international institutional investors,
through a special purpose vehicle, advised by J.P. Morgan Asset Management (JPMAM). On 1 July 2020, SPL held a 68.25% interest in Industre.
This reduced to 56.33% as at 31 March 2021 (refer notes 7.2 and 7.3).
Funding
Effective from 24 April 2020, SPL refinanced $135 million of debt for a further three years to 30 June 2024. Post the settlement of the disposal
of the three large format retail properties to Investore and the settlement of Industre, SPL repaid $206 million in total of bank borrowings and
terminated $120 million of interest rate derivatives for a total cost of $9.29 million. Effective from 20 November 2020, SPL entered into a new
$100 million, three year facility which was further increased to $150 million effective from 19 February 2021. SPL has entered into $155 million of
interest rate derivatives for tenures of between 2-4 years. Refer to notes 5.1 and 5.2 for further detail.
Acquisition of investment properties
SPL acquired the following properties during the year:
• On 1 April 2020, an industrial property at 16 Wickham Street, Hamilton, for a purchase price of $10 million. This property became part of Industre;
• On 2 September 2020, SPL acquired an office building at 34 Shortland Street, Auckland, for a purchase price of $66.4 million, including an
allowance of $2.25 million for building upgrades which are expected to be completed within the next 12 months. SPL has acquired the 17-level
building except for levels 4-7, which are owned by another party. Stride’s head office is located in this building and the value attributable to this floor
has been recognised as property, plant and equipment (refer note 8.7);
• On 30 November 2020, an office building at 215 Lambton Quay, Wellington, for a purchase price of $84.5 million; and
• On 18 December 2020, an office building at 20 Customhouse Quay, Wellington, for a purchase price of $228 million.
Revaluation of investment properties
SPL undertook independent valuations of the entire portfolio as at 31 March 2021 which resulted in a net change in fair value of investment
properties of $43.3 million (2020: ($1.8 million)) (refer note 3.2). The investment properties held by Investore, Industre and Diversified NZ Property
Trust (Diversified) were also valued by independent valuers at 31 March 2021. SPL’s share of the valuation gains/(losses) are reflected in share
of profit in equity-accounted investments and for those properties in the Industre joint operation are reflected in net change in fair value of
investment properties.
Equity capital raise
During November and December 2020, Stride undertook an equity capital raise which resulted in a gross amount of $230 million raised, with
107,476,635 shares issued at $2.14 per share (refer note 5.4).
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20216869

2.0 Operating Segments (continued)
This section sets out how Stride’s revenue streams are reported internally, reflecting the two operating segments being SPL and SIML.
Accounting policy
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, identified as the
respective Board of each of SPL and SIML, as each makes all key strategic resource allocation decisions.
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. SPL’s revenue streams included the revenue streams earned from
the industrial investment properties divested to Industre.
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre, Diversified and SPL. For the revenue
earned from Investore, Industre and Diversified, refer to note 8.4 on related party disclosures and note 7.3 on Industre joint operation.
The following is an analysis of Stride’s results, by reportable segments.
Segment profit
SPL
$000
SPL
elimination
$000
SIML
$000
SIML
elimination
$000
2021
$000
Net rental income
49,3222,673--51,995
Management fee income
--35,010(9,953)25,057
Total corporate expenses
(8,145)5,334(18,247)-(21,058)
Profit before net finance expense, other income/(expense) and
income tax41,1778,00716,763(9,953)55,994
Net finance expense
(13,413)-(101)66(13,448)
Profit before other income/(expense) and income tax27,7648,00716,662(9,887)42,546
Other income/(expense)
Net change in fair value of investment properties42,2201,069--43,289
Share of profit in equity-accounted investments62,264---62,264
Hedge ineffectiveness of cashflow hedges(1,075)---(1,075)
Loss on disposal of investment properties(4,020)173--(3,847)
Profit before income tax 127,1539,24916,662(9,887)143,177
Income tax expense(6,603)-(4,703)-(11,306)
Profit after income tax attributable to shareholders120,5509,24911,959(9,887)131,871
Total other comprehensive income after tax2,802-161-2,963
Total comprehensive income after tax attributable to shareholders123,3529,24912,120(9,887)134,834
2.0 Operating Segments
Reconciliation of profit after income tax attributable to shareholders to profit after income tax from continuing operations
attributable to shareholders.
Segment profit
SPL
$000
SPL
elimination
$000
SIML
$000
SIML
elimination
$000
2021
$000
Profit attributable to shareholders120,5509,24911,959(9,887)131,871
Add back loss from discontinued operations81---81
Profit after income tax from continuing operations attributable
to shareholders120,6319,24911,959(9,887)131,952
In the current year, the following expenses payable by SPL to SIML have been eliminated in the consolidated statement of comprehensive income:
• direct property operating expenses $2,673,000 (2020: $2,356,000)
• management and accounting fees included in corporate expenses $5,334,000 (2020: $5,465,000)
• management fees in respect of capital expenditure on investment properties $1,069,000 (2020: $2,042,000) and divestment of investment
properties $173,000 (2020: $704,000)
In the prior year, following the reclassification from inventory – development property to investment property, $645,000 included in the net change in fair
value of investment properties was also eliminated in the consolidated statement of comprehensive income.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20217071

2.0 Operating Segments (continued)3.0 Property
Segment profit
SPL
$000
SPL
elimination
$000
SIML
$000
SIML
elimination
$000
2020
$000
Net rental income
56,7262,356--59,082
Management fee income
--28,682(10,403)18,279
Total corporate expenses
(11,302)5,690(18,163)-(23,775)
Profit before net finance expense, other income/(expense) and
income tax45,4248,04610,519(10,403)53,586
Net finance expense
(16,375)-(77)-(16,452)
Profit before other income/(expense) and income tax
29,0498,04610,442(10,403)37,134
Other income/(expense)
Net change in fair value of investment properties (5,225)3,469--(1,756)
Impairment of work in progress(2,007)---(2,007)
Share of profit in equity-accounted investments3,503---3,503
Hedge ineffectiveness of cash flow hedges(8,218)---(8,218)
Profit before income tax
17,10211,51510,442(10,403)28,656
Income tax expense(263)-(3,074)-(3,337)
Profit after income tax attributable to shareholders
16,83911,5157,368(10,403)25,319
Total other comprehensive income after tax
4,603-17-4,620
Total comprehensive income after tax attributable to shareholders
21,44211,5157,385(10,403)29,939
Reconciliation of profit after income tax attributable to shareholders to profit after income tax from continuing operations
attributable to shareholders.
Segment profit
SPL
$000
SPL
elimination
$000
SIML
$000
SIML
elimination
$000
2020
$000
Profit attributable to shareholders
16,83911,5157,368(10,403)25,319
Add back loss from discontinued operations
(25,385)---(25,385)
Profit after income tax from continuing operations
attributable to shareholders(8,546)11,5157,368(10,403)(66)
Segment assets and liabilities
SPL
$000
SPL
elimination
$000
SIML
$000
SIML
elimination
$000
Total
$000
Balance at 31 Mar 21
Total assets1,359,0913,86220,665-1,383,618
Total liabilities361,056(2,196)6,972-365,832
Balance at 31 Mar 20
Total assets1,139,8326979,749-1,150,278
Total liabilities447,998-4,116-452,114
As at 31 March 2021, SPL had assets of $269,105,000 (2020: $107,272,000) relating to other investments and loan to equity-accounted investments
(note 7.2) which increased by $161,833,000 from the prior year (2020: $12,507,000 increase).

This section covers property assets which generate Stride’s trading performance.
3.1 Net rental income
Accounting policy
Investment property is leased by SPL to tenants under operating leases with rent payable monthly. Rental income from investment properties is
recognised on a straight-line basis over the lease term. Lease incentives provided in relation to letting the investment properties are capitalised to the
respective investment properties in the consolidated statement of financial position and amortised on a straight-line basis over the non-cancellable
portion of the lease to which they relate, as a reduction of rental income. Where a lease provides for fixed rental increases over the term of the lease,
they are amortised on a straight-line basis over the non-cancellable portion of the lease to which they relate.
Income generated from service charges recovered from tenants are included in the gross rental income with the service charge expenses to tenants
shown in the direct property operating expenses. Such revenue is recognised in the accounting period the underlying expenses are incurred in
accordance with the contractual terms.
The recovery of employee expenses from SIML managed entities are included in the gross rental income (as service charges recovered from tenants)
with the employee related costs shown in corporate overhead expenses.
SPL
2021
$000
Re-presented
2020
$000
Gross rental income
Rental income
52,679
54,156
Service charge income recovered from tenants
12,282
12,405
Spreading of fixed rental increases
(325)
224
Capitalised lease incentives
409
342
Lease incentives amortisation
(639)
(579)
Capitalised lease incentives - COVID-19 abatements
3,387
-
Lease incentives amortisation - COVID-19 abatements
(952)
-
Rental income abatement provision due to COVID-19
(413)
-
Total gross rental income from continuing operations66,42866,548
Direct property operating expenses
Movement in loss allowance
47
-
Rates and insurance
(7,390)
(6,290)
Property maintenance costs
(3,926)
(4,425)
Utilities
(1,301)
(1,361)
Other non-recoverable property operating expenses
(3,991)
(4,104)
Total direct property operating expenses from continuing operations(16,561)(16,180)
Net rental income from continuing operations49,86750,368
As at 31 March 2021, a provision of $0.4 million for rental income abatements in relation to COVID-19 yet to be finalised was provided for.
Other non-recoverable property operating expenses represent operating expenses not recoverable from tenants and property leasing expenses. Salaries
and wages costs of $1.5 million (2020: $1.5 million) charged by SIML to SPL have been eliminated in the direct property operating expenses.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20217273

3.0 Property (continued)
3.1 Net rental income (continued)
Accounting policy
Leases are classified at their inception as either an operating or finance lease based on the economic substance of the agreement so as to reflect the
risks and rewards incidental to ownership. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are
classified as operating leases.
Properties leased out under operating leases are included in investment properties in the consolidated statement of financial position.
SPL has determined that it retains all significant risks and rewards of ownership of properties and has therefore classified the leases as operating leases.
The future aggregate minimum rentals receivable under non-cancellable operating leases from continuing operations are as follows:
2021
$000
Re-presented
2020
$000
Within one year
60,515
45,175
Between one and two years
51,520
37,738
Between two and three years
43,516
30,633
Between three and four years
36,819
24,613
Between four and five years
28,712
20,473
Later than five years
182,498
122,108
Future rentals receivable403,580
280,740
3.2 Investment properties
Accounting policy
Investment properties are held either to earn rental income or for capital appreciation or both. Investment property is initially stated at cost, including
related transaction costs and then at fair value as determined at least every 12 months by an independent registered valuer.
The fair value of an investment property represents the estimated price for which a property could be sold for at the date of valuation in an orderly
transaction between market participants. The predominant methods for assessing the current fair value of an investment property are the Income
Capitalisation and the Discounted Cash Flow approaches. Each approach derives a value based on market inputs, including:
• recent comparable transactions where available;
• forecast future rentals, based on the actual location, type and quality of the investment property, and supported by the terms of any existing
lease, other contracts or external evidence such as current market rents for similar properties;
• vacancy assumptions based on current and expected future market conditions after expiry of any current lease; and
• appropriate discount rates derived from recent comparable market transactions reflecting the uncertainty in the amount and timing of
cash flows.
In addition, consideration is given to the maintenance and capital requirements including necessary investments to maintain functionality of the
property for its expected useful life.
Any gain or loss arising from a change in the fair value of the investment property is recognised in the consolidated statement of comprehensive
income within net change in fair value of investment properties. Subsequent expenditure is capitalised to the asset's carrying amount only when it is
probable that future economic benefits associated with the item will flow to SPL and the cost of the item can be measured reliably. All other repairs
and maintenance costs are expensed to the consolidated statement of comprehensive income during the period in which they are incurred.
Investment properties are de-recognised when they have been disposed of. The net gain or loss on disposal is calculated as the difference between
the carrying amount at the time of the disposal and the net proceeds on the disposal and is included in the consolidated statement of comprehensive
income in the reporting period in which the disposal occurs.
SPL leases various properties 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 consolidated statement of financial
position and also reflected in the investment property valuations.
3.0 Property (continued)
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20217475

3.0 Property (continued)
3.2 Investment properties (continued)
Office
$000
Retail
$000
Industrial
$000
Development
$000
Large
Format
Retail
$000
Total
$000
Balance at 31 Mar 19 186,800384,160214,07548,40047,300880,735
Initial add back of lease liabilities11,62215,922---27,544
Acquisition --16,02018,980-35,000
Subsequent capital expenditure3,0176,30279134,9622,05547,127
Capitalised lease incentives2299721-2349
Lease incentives amortisation (253)(445)(366)--(1,064)
Spreading of fixed rental increases53(137)134174-224
Reclassification-(86,000)--86,000-
Transfers from work in progress--97,500(97,500)--
Transfers from inventory-35,436---35,436
Transfer to investment properties classified as held for sale----(132,196)(132,196)
Net change in fair value(3,854)(37,415)23,26519,409(3,161)(1,756)
Balance at 31 Mar 20 197,614317,920351,44024,425-891,399
Disposals
--(228,816)(30,811)-(259,627)
Property acquisitions
371,899-10,000--381,899
Subsequent capital expenditure
1,9202,1209698,627-13,636
Spreading of fixed rental increases
(230)(452)64--(618)
Capitalised lease incentives
15324510--408
Lease incentives amortisation
(222)(383)(197)--(802)
Capitalised lease incentives - COVID-19 abatements
5232,114568--3,205
Lease incentives amortisation - COVID-19 abatements
(178)(661)(61)(8)-(908)
Reclassification
(11,000) --11,000--
Net change in fair value
12,8224,86326,907(1,303)-43,289
Balance at 31 Mar 21 573,301325,766160,88411,930-1,071,881
Comprised of:
Investment property at valuation
561,800309,850160,88411,930-1,044,464
Lease liabilities
11,50115,916---27,417
Balance at 31 Mar 21573,301325,766160,88411,930-1,071,881
SIML does not hold investment properties but provides management services over SPL’s investment property portfolio.
The net change in fair value of $43,289,000, being $38,759,000 from continuing operations and $4,530,000 from discontinued operations
(refer note 7.4), (2020: ($1,756,000)) includes ($33,000) (2020: $62,000) in relation to the change in the value of the lease liabilities. In the current year,
a revaluation movement of $1,069,000 (2020: $3,469,000), arising from the elimination of the fees charged by SIML to SPL (refer note 2.0), 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.
On 30 June 2020, SPL transferred its industrial properties to Industre joint venture including the transfer of industrial properties to the Industre joint
operation, for which SPL retains rights to jointly held assets, liabilities, revenues and expenses in proportion to its remaining participating interest. The
transfer resulted in a disposal of industrial properties of $228 million including property under development. Subsequent decreases in participating
interest in the Industre joint operation resulted in further disposals of $31 million during the period.
During the year three office properties were acquired by SPL, being 34 Shortland Street, Auckland ($66.4million in total being $60.7 million investment
property and $5.7 million property, plant and equipment (note 8.7)), 215 Lambton Quay, Wellington, ($84.5 million) and 20 Customhouse Quay, Wellington,
($228 million).
3.2 Investment properties (continued)
Valuations are performed by independent registered valuers who hold an annual practising certificate with the Valuers Registration Board and are
members of the New Zealand Institute of Valuers. Valuers are engaged on terms ensuring that no valuer values the same investment property for more than
three consecutive years. All valuations are dated effective 31 March 2021.
At each reporting date, SIML’s asset managers verify all major inputs to the independent valuation report and assess property valuation movements when
compared to the prior year valuation report. SIML’s executive team review the valuations performed by the independent valuers for financial reporting
purposes. This team reports directly to SIML’s Chief Executive Officer. Discussions of valuation processes and results are held between members of
SIML’s executive team and the independent valuers. Discussions of valuation processes and results are also held between SIML’s Chief Executive Officer
and Audit and Risk Committee, at least once every six months, in line with SPL’s reporting dates. This review includes a review of specific independent
valuations and discussions with the independent valuers as considered necessary. Ultimately, SPL’s directors are responsible for reviewing and approving
the investment property valuations.
Investment property measurements are categorised as Level 3 in the fair value hierarchy. During the year there were no transfers of investment properties
between levels of the fair value hierarchy (2020: nil transfers).
The following tables provide a summary of the valuation of the individual investment properties, their net lettable area, market capitalisation rate (cap rate),
contract yield, occupancy and weighted average lease term (WALT) for the purpose of providing further detail of the assets which are considered to be the
most relevant to the operations of SPL.
3.0 Property (continued)
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20217677

3.2 Investment properties (continued)
As at 31 Mar 21Valuer
Net
lettable
area
m
2
$000
Cap
rate
%
Contract
yield
%
Occupancy
%
WA LT
years
Office
7 - 9 Fanshawe Street, AucklandCBRE4,80810,8008.638.5586.62.2
34 Shortland Street, AucklandSavills8,12857,700 5.75 6.36 100.0 2.1
80 Greys Avenue, AucklandColliers
1
5,65822,700 6.75 7.22 100.0 2.2
21 - 25 Teed Street, AucklandCBRE4,02726,900 5.63 6.32 100.0 2.0
35 Teed Street, AucklandJLL2,86522,200 5.38 5.00 92.9 6.6
*
55 Lady Elizabeth Lane, WellingtonJLL5,21742,750 5.63 5.98 100.0 8.1
1 Grey Street, WellingtonCBRE10,49265,750 6.25 6.14 100.0 3.3
215 Lambton Quay, WellingtonColliers
2
10,93485,000 5.60 6.00 99.0 3.2
20 Customhouse Quay, WellingtonColliers
2
17,484228,000 4.50 4.48 99.9 12.3
Office total69,614561,8005.355.5298.66.4
Retail
61 Silverdale Street, AucklandSavills23,00897,000 6.38 6.73 99.1 4.6
NorthWest Shopping Centre, AucklandColliers
1
27,978149,000 6.75 7.88 97.5 4.3
NorthWest Two, AucklandColliers
1
7,90436,500 6.25 7.10 98.0 4.6
Johnsonville Shopping Centre,
Wellington (50%)
CBRE6,84627,3507.88 6.19 82.3 2.7
Retail total65,736309,8506.677.2896.54.3
Industrial (56.33% participating
interest in Industre (joint operation)
refer note 7.3)
30 Airpark Drive, AucklandBayleys8,88722,2514.804.04100.03.7
20 Rockridge Avenue, AucklandSavills4,88613,3514.634.44100.03.5
**
25 O’Rorke Road and 15 Rockridge
Avenue, Auckland
Savills20,33162,1904.834.5796.93.7
318 East Tamaki Road, AucklandJLL5,49563,0924.254.25100.023.8
Industrial total39,599160,8844.584.3698.411.3
Development
***
22 The Terrace, WellingtonJLL-11,930----
Total 174,9501,044,4645.625.8697.86.2
*
Previously known as 33 Customhouse Quay, Wellington.
**
25 O’Rorke Road and 15 Rockridge Avenue, Auckland, have been combined and are now valued and reported as one property as at 31 March 2021.
***
The investment property at 22 The Terrace, Wellington, is under development and consequently the net lettable area, contract yield %, occupancy % and
WALT are not applicable
The cap rate %, contract yield %, occupancy % and WALT years for the property class totals and the total of investment properties are weighted averages.
The totals may not sum due to rounding.
Colliers
1
refers to the valuer CVAS (NZ) Limited and Colliers
2
refers to the valuer CVAS (WLG) Limited.
3.2 Investment properties (continued)
As at 31 Mar 20Valuer
Net
lettable
area
m
2
$000
Cap
rate
%
Contract
yield
%
Occupancy
%
WA LT
years
Office
7 - 9 Fanshawe Street, AucklandCBRE4,81710,4009.1311.64100.02.7
80 Greys Avenue, AucklandColliers
1
5,45020,8007.006.7786.61.7
21 - 25 Teed Street, AucklandCBRE4,08824,7006.256.1190.92.5
35 Teed Street, AucklandJLL2,87421,0005.506.1493.07.7
*55 Lady Elizabeth Lane, WellingtonJLL5,21739,2006.006.40100.08.9
1 Grey Street, WellingtonColliers
2
10,44357,6006.887.12100.04.1
22 The Terrace, WellingtonColliers
2
4,78112,3507.759.2589.32.0
Office total
37,670186,0506.657.0895.24.6
Retail
61 Silverdale Street, AucklandSavills22,94895,0006.386.7899.14.6
NorthWest Shopping Centre, AucklandColliers
1
27,542148,0006.758.2599.04.3
NorthWest Two, AucklandColliers
1
7,90034,0006.507.4395.64.8
Johnsonville Shopping Centre,
Wellington (50%)
Colliers
1
6,96625,0007.576.8577.02.5
Retail total
65,356302,0006.677.5896.34.3
Industrial (100% ownership)
30 Airpark Drive, AucklandBayleys15,77632,5005.384.84100.04.7
20 Rockridge Avenue, AucklandSavills8,67418,2505.505.25100.04.5
15 Rockridge Avenue, AucklandSavills9,11326,0005.135.22100.05.4
25 O’Rorke Road, AucklandSavills27,07272,5505.385.43100.03.7
318 East Tamaki Road, AucklandJLL9,75598,0004.754.73100.024.8
Sub-total
70,390247,3005.365.27100.09.0
Industrial (properties sold to Industre
(joint venture) in 2021 refer note 7.3)
22 Ha Crescent, AucklandColliers
1
7,38014,8005.755.53100.01.3
8 Reg Savory Place, AucklandBayleys4,0259,8005.255.00100.03.4
460 Rosebank Road, AucklandJLL12,19319,6006.386.15100.03.7
415 East Tamaki Road, AucklandBayleys9,65518,2506.136.54100.01.1
15 Ride Way, AucklandCBRE5,02712,0505.385.34100.03.4
34 Airpark Drive, AucklandCBRE-8,4906.255.01100.07.8
1-3 Selwood Road & 6-12 The Concourse,
Auckland
JLL9,89921,1506.136.00100.03.6
Sub-total
48,179104,1405.365.27100.09.0
Development (property sold to Industre
(joint venture) in 2021 refer note 7.3)
**
11 Selwood Road, AucklandJLL-24,425----
Industrial total
118,569375,8655.365.27100.09.0
Total
221,595863,9156.126.5098.16.0
*
Previously known as 33 Customhouse Quay, Wellington.
**
The investment property at 11 Selwood Road, Auckland, was under development and consequently the net lettable area, contract yield %, occupancy %
and WALT were not applicable.
The cap rate %, contract yield %, occupancy % and WALT years for the property class totals and the total of investment properties are weighted averages.
The totals may not sum due to rounding.
Colliers
1
refers to the value CVAS (NZ) Limited and Colliers
2
refers to the value CVAS (WLG) Limited.
3.0 Property (continued)3.0 Property (continued)
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20217879

3.0 Property (continued)
3.2 Investment properties (continued)
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the market capitalisation rate or discount rate, assuming
the capitalisation rate or discount rate moved equally on all the properties is provided below. The metrics chosen are those where movements are likely to
have the most significant impact on fair value. In the prior year, due to the independent valuations of SPL's portfolio being reported on the basis of 'material
valuation uncertainty', SPL increased the range in the sensitivities (shown as ‘N/A’ in the current year).
Cap rate %
Impact on fair value-0.75-0.50-0.25+0.25+0.50+0.75
As at 31 Mar 21
Change $000
N/A N/A 53,535 (47,995) N/A N/A
Change %
N/A N/A 5 (4) N/A N/A
As at 31 Mar 20
Change $000138,300 85,710 30,480 (25,995) (71,490) (103,535)
Change %16 10 3 (3) (8) (12)
Discount rate%
Impact on fair value-0.75-0.50-0.25+0.25+0.50+0.75
As at 31 Mar 21
Change $000
N/A N/A 20,507 (29,073) N/A N/A
Change %
N/A N/A 2 (3) N/A N/A
As at 31 Mar 20
Change $00049,207 32,544 15,726 (16,300) (31,883) (47,186)
Change %6 4 2 (2) (4) (5)

The following tables were additional sensitivities that were provided as a result of COVID-19 in the prior year.
Gross market rental
Impact on fair value-10.0%-5.0%+5.0%+10.0%
As at 31 Mar 20 (change $000)
Office(20,220)(10,150)10,34021,070
Retail(26,500)(12,500)15,00029,500
Industrial (25,860)(13,200)15,96531,590
Total
(72,580)(35,850)41,30582,160
As at 31 Mar 20 (change %)
Office(11)(5)511
Retail(9)(4)510
Industrial (7)(3)48
Weighted average total
(8)(4)59
COVID-19 rental rebate
Impact on fair value-75.0%-50.0%+50.0%+75.0%
As at 31 Mar 20 (change $000)
Office2,1021,401(1,401)(2,102)
Retail8,0585,372(5,372)(8,058)
Industrial 1,279853(853)(1,279)
Total
11,4397,626(7,626)(11,439)
As at 31 Mar 20 (change %)
Office11(1)(1)
Retail32(2)(3)
Industrial 0000
Weighted average total
11(1)(1)
3.2 Investment properties (continued)
As at 31 March 2020, the independent valuations of SPL’s portfolio were reported on the basis of ‘material valuation uncertainty’, meaning less certainty
and a higher degree of caution should be applied to the valuations. As at 31 March 2021, the ‘material valuation uncertainty’ clause has been removed on
all of the independent valuations, with the exception of Johnsonville Shopping Centre, Wellington.
Breakdown of valuations by valuer
2021
$000
2020
$000
CVAS (NZ) Limited (Colliers
1
)
208,200
242,600
CVAS (WLG) Limited (Colliers
2
)
313,000
69,950
Savills (NZ) Limited (Savills)
230,242
211,800
Jones Lang LaSalle Limited (JLL)
139,971
223,375
CBRE Limited (CBRE)
130,800
55,640
Bayleys Valuations Limited (Bayleys)
22,251
60,550
1,044,464
863,915
A valuation is determined based on a range of unobservable inputs. They are unobservable as they are not freely available or explicit in the market and
are developed by analysing transactional data. Key unobservable inputs are the capitalisation rate, discount rate, gross market rent, rental growth rates
and terminal yield. The following table details the key unobservable inputs and the ranges adopted across the various investment property classes by
various valuers:
Cap
rate
%
Discount
rate
%
Gross
market
rental
$/m2
Rental
growth
rate
%
Terminal
yield
%
As at 31 Mar 21
Office
4.50-8.636.00-9.00350-7901.84-2.965.13-8.63
Retail
6.25-7.887.63-8.13335-594(0.07)-2.346.25-6.50
Industrial
4.25-4.836.00-6.44108-5112.40-2.504.50-5.07
Total portfolio4.25-8.636.00-9.00108-790(0.07)-2.964.50-8.63
As at 31 Mar 20
Office5.50-9.137.25-9.50349-6332.11-2.735.63-9.13
Retail6.38-7.577.63-9.24336-6081.53-2.156.25-7.79
Industrial4.75-6.386.50-9.00102-1922.09-2.465.00-6.63
Total portfolio
4.75-9.136.50-9.50102-6331.53-2.735.00-9.13
In the prior year, in addition to the above key unobservable inputs, due to COVID-19 the valuers also made assumptions around rental rebates for
tenancy occupancy disruption. In the current year, the assumptions around rental rebates for tenancy occupancy disruption has been removed on all the
independent valuations, with the exception of Johnsonville Shopping Centre, Wellington. The following table details the rental rebate allowances adopted
across the various investment classes:
COVID-19 rental rebates
2021
$000
2020
$000
Office
-
(2,803)
Retail
(209)
(10,744)
Industrial
-
(1,705)
Total portfolio(209)
(15,252)
3.0 Property (continued)
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20218081

3.0 Property (continued)3.0 Property (continued)
3.2 Investment properties (continued)
The key inputs used to measure fair value of investment properties, along with their sensitivity to significant increase or decrease, are stated below:
Fair value measurement
sensitivity to significant:
Significant inputDescription
Increase
in inputDecrease in inputValuation method
Cap rateThe capitalisation rate is applied to the market rental to
assess an investment property’s value. The capitalisation
rate is derived from detailed analysis of factors such as
comparable sales evidence and leasing transactions in
the open market, taking into account location, tenant
covenant – lease term and conditions, WALT, size and
quality of the investment property.
DecreaseIncreaseIncome
Capitalisation
Discount rateThe discount rate is applied to future cash flows of
an investment property to provide a net present value
equivalent. The discount rate adopted takes into account
recent comparable market transactions, prospective
rates of return for alternative investments and apparent
risk.
DecreaseIncreaseDiscounted Cash
Flow
Gross market
rental
The valuer’s assessment of gross market rental for both
occupied and vacant areas of the investment property.
IncreaseDecreaseIncome
Capitalisation and
Discounted Cash
Flow
Rental growth rateThe rental growth rate applied to the market rental in the
10-year cash flow projection.
IncreaseDecreaseDiscounted Cash
Flow
Terminal yieldThe rate used to assess the terminal value of the
property.
DecreaseIncreaseDiscounted Cash
Flow
COVID-19 rental
rebates
The COVID-19 rental rebate allowances made in
the 10-year cash flow projection to allow for
tenant disruption
DecreaseIncreaseDiscounted Cash
Flow
Generally, a change in the assumption made for the adopted capitalisation rate is accompanied by a directionally similar change in the adopted discount
rate. It may also result in an adjustment to the terminal yield.
When calculating fair value using the Income Capitalisation approach, the gross market rent has a strong interrelationship with the adopted capitalisation
rate, given the methodology involves assessing the total gross market income receivable from the investment property and capitalising this in perpetuity to
derive a capital value. In theory, an increase in the gross market rent and an increase (softening) in the adopted capitalisation rate could potentially offset
the impact to the fair value. A decrease in the gross market rent and a decrease (tightening) in the adopted capitalisation rate could also potentially offset
the impact to fair value. A directionally opposite change in the gross market rent and the adopted capitalisation rate could potentially magnify the impact on
the fair value.
When assessing a discounted cash flow, the adopted discount rate and adopted terminal yield have a strong interrelationship in deriving a fair value, given
the discount rate will determine the rate in which the terminal value is discounted to the present value.
An increase (softening) in the adopted discount rate and a decrease (tightening) in the adopted terminal yield could potentially offset the impact to the fair
value. A decrease (tightening) in the discount rate and an increase (softening) in the adopted terminal yield could also potentially offset the impact to fair
value. A directionally similar change in the adopted discount rate and the adopted terminal yield could potentially magnify the impact to the fair value.
3.2 Investment properties (continued)
Valuation techniques used:
• Income Capitalisation approach - is based on the current contract and market income and an appropriate market yield or return for the
particular investment property. Adjustments are then made to the value to reflect under or over renting, pending capital expenditure, and
upcoming expiries, including allowance for lessee incentives and leasing expenses.
• Discounted Cash Flow approach - adopts a ten-year investment horizon and makes appropriate allowances for rental income growth and
leasing expenses on expiries, with an estimated terminal value at the end of the investment period. The terminal yield is used to derive the terminal
value. Terminal yield rate estimates are based on comparable transaction data and also consider matters such as building age and the market
environment at the end of the investment period (10 years). The present value reflects the market-based income and expenditure projections,
discounted at a rate of return referred to as a discount rate. In selecting the discount rate, many factors are considered, including the degree of
apparent risk, market attitudes toward future inflation, the prospective rates of return for alternative investments and the rates of return earned by
comparable properties in the past.
In deriving a market value under each approach, all assumptions are based, where possible, on market-based evidence and transactions for properties
with similar locations, construction detail and quality of lessee covenant. The adopted market value is a combination of both the Income Capitalisation
and the Discounted Cash Flow approaches.
In the current year the property at 22 The Terrace, Wellington, has been fair valued by calculating what the property is expected to be worth on
completion of the seismic and building upgrade works of the property and deducting all expected costs to complete the development, being the
Residual Approach. In the prior year, the property at 11 Selwood Road, Auckland, was being developed for Waste Management and was also fair
valued under the Residual Approach.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20218283

3.0 Property (continued)3.0 Property (continued)
3.3 Lease liabilities
Accounting policy
Stride leases, as lessee, various property under non-cancellable operating lease agreements. At the inception of a contract, Stride 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.
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 the Statement of Comprehensive Income over the
lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case
for leases in Stride, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
SIML has an operating lease for its head office where SIML is the lessee. 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 this lease. The right-of-use asset is depreciated over the term of the lease.
The total lease liability at 31 March 2021 is $37,000 (2020: $625,000). A 5.13% discount rate was applied for property, plant and equipment, being the
estimated incremental borrowing rate applied to the lease liabilities as at 1 April 2019. This lease and right-of-use asset is eliminated in these
financial statements .
SPL is committed under three operating leases where SPL is the lessee. There is one at each of the following properties:
• NorthWest Shopping Centre, Auckland;
• 7 - 9 Fanshawe Street, Auckland; and
• 55 Lady Elizabeth Lane, Wellington (previously known as 33 Customhouse Quay, Wellington).
The SPL leases relate to ground rent on leasehold properties and contain renewal and termination options exercisable only by SPL.
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 lease term is reassessed if an option is
actually exercised (or not exercised) or Stride becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a
significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee.
Included in the 31 March 2021 balance of investment property at valuation, is an implicit right-of-use asset of $23,490,000 (2020: $22,670,000) in
relation to a peppercorn ground lease at 55 Lady Elizabeth Lane, Wellington, with an associated immaterial lease liability.
The total lease liabilities amount of $27,417,000 is in respect of the two investment properties with ground leases at 31 March 2021
(2020: $27,484,000). Refer to note 6.7 for maturity profile.
Right-of-use asset
2021
$000
2020
$000
Opening balance28,109
28,633
Reclassification
(306)
-
Depreciation
(349)
(524)
Closing balance27,454
28,109
Lease liabilities
Opening balance28,109
28,633
Reclassification
(285)
-
Cash lease payments
(2,166)
(2,356)
Finance lease interest
1,796
1,832
Closing balance27,454
28,109
Current liabilities
71
630
Non-current liabilities
27,383
27,479
Total lease liabilities27,454
28,109
3.4 Capital expenditure commitments contracted for
As at 31 March 2021, SPL has the following commitments:
• $0.6 million (2020: $0.7 million) in total for various capital expenditure works to be undertaken on investment properties in this financial year.
• $15.8 million to undertake seismic and building upgrade works at 22 The Terrace, Wellington.
Subsequent to balance date, SPL has committed to a further $2.6 million 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 31 March 2021.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20218485

This section sets out Stride’s earnings per share and how distributable profit is calculated. Distributable profit is a non-NZ 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 (EPS)
Accounting policy
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.
2021
$000
Re-presented
2020
$000
Profit after income tax from continuing operations attributable to shareholders 131,952(66)
Weighted average number of shares for the purpose of basic EPS (000)
399,790
365,344
Basic EPS - SPL
30.02
(2.04)
Basic EPS - SIML
2.99
2.02
Basic EPS - weighted (cents)33.01
(0.02)
Weighted average number of shares for the purpose of diluted EPS (000)
401,062
366,492
Basic EPS - SPL
29.92
(2.03)
Basic EPS - SIML
2.98
2.01
Basic EPS - weighted (cents)32.90
(0.02)
(Loss)/profit after income tax attributable to shareholders - discontinued operations (81)
25,385
Weighted average number of shares for the purpose of basic EPS (000)
399,790
365,344
Diluted EPS - SPL
(0.02)
6.95
Diluted EPS - SIML
0.00
0.00
Diluted EPS - weighted (cents)(0.02)
6.95
Weighted average number of shares for the purpose of diluted EPS (000)
401,062
366,492
Diluted EPS - SPL
(0.02)
6.93
Diluted EPS - SIML
0.00
0.00
Diluted EPS - weighted (cents)(0.02)
6.93
Profit attributable to shareholders from continuing and discontinued operations131,871
25,319
Weighted average number of shares for the purpose of basic EPS (000)
399,790
365,344
Basic EPS - SPL
30.00
4.91
Basic EPS - SIML
2.99
2.02
Basic EPS - weighted (cents)32.99
6.93
Weighted average number of shares for the purpose of diluted EPS (000)
401,062
366,492
Diluted EPS - SPL
29.90
4.90
Diluted EPS - SIML
2.98
2.01
Diluted EPS - weighted (cents)32.88
6.91
Weighted average number of shares for the purpose of diluted EPS has been adjusted for 544,916 (2020: 890,729) rights issued under SPL’s long-term
share incentive schemes as at 31 March 2021.
Profit after income tax attributable to shareholders is higher in 2021 than 2020 by $132.0 million mainly due to:
• higher net valuation movement of $60.9 million across the portfolios;
• higher share of profit in equity-accounted investments of $58.8 million primarily due to revaluation gains; and
• higher management fees of $6.8 million due to growth in assets under management and performance fees.
4.0 Investor Returns4.0 Investor Returns (continued)
4.2 Distributable profit
Accounting policy
Stride’s dividend policy as at 31 March 2021 is to target a cash dividend to shareholders that is between 80% and 100% of its distributable profit.
Distributable profit is presented to enable investors to see an earnings measure which more closely aligns to Stride’s underlying and recurring
earnings from its operations. Distributable profit is a non-NZ GAAP measure and consists of profit/(loss) before income tax, adjusted for determined
non-recurring and/or non-cash items, share of profits in equity-accounted investments, dividends received from equity-accounted investments and
current tax.
Adjusted Funds From Operations (AFFO) is also a non-NZ GAAP measure and is intended as a supplementary measure of operating performance.
Although there is no standard meaning or measure per GAAP, AFFO has been determined based on guidelines established by the Property Council
of Australia. Cash spent during the period on capital expenditure as part of maintaining a building’s grade/quality, but not expensed as part of
distributable profit after current income tax, is adjusted to enable the investors to see the cash generating ability of the business.
2021
$000
2020
$000
Profit before income tax (including discontinued operations note 7.4) 143,177
28,656
Non-recurring, non-cash, and other adjustments:
Net change in fair value of investment properties
(43,289)
1,756
Reversal of the lease liabilities movement in investment properties
(61)
(62)
Loss on disposal of investment properties
3,847
-
Disposal fee income eliminated in SIML
704
253
Acquisition and development fee income eliminated in SIML
1,242
2,120
Share of profit in equity-accounted investments
(62,264)
(3,503)
Dividend income from equity-accounted investments
6,599
4,095
Spreading of fixed rental increases
618
(224)
Capitalised lease incentives - rent free
(348)
(342)
Lease incentives amortisation - rent free
738
695
Capitalised lease incentives - cash incentives
(60)
(7)
Lease incentives amortisation - cash incentives
64
369
Capitalised lease incentives - COVID-19 abatements
(3,205)
-
Lease incentives amortisation - COVID-19 abatements
908
-
Share based payment expense
750
459
Depreciation
480
694
Lease liabilities for head office
(505)
(462)
Elimination of gain on acquisition on head office lease liabilities and assets
(16)
-
Software amortisation
389
362
Finance expense - swap termination expense
1,380
1,274
Hedge ineffectiveness of cash flow hedges
1,075
8,218
Forfeited long term incentive rights
(191)
(246)
Borrowings establishment costs amortisation
332
191
Work in progress impairment
-
2,007
Project costs
-
1,443
Distributable profit before current income tax52,364
47,746
Current tax expense (10,165)
(11,053)
Adjusted for:
Tax expense on bank borrowings capitalised interest
(50)
(338)
Tax expense on depreciation recovered on disposal of investment properties
3,700
1,709
Tax expense on disposal of investment property on revenue account
840
-
Income tax movement in cash flow hedges
(387)
(357)
Distributable profit after current income tax46,302
37,707
Adjustments to funds from operations:
Maintenance capital expenditure
(3,008)
(5,895)
Adjusted Funds From Operations (AFFO)43,294
31,812
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20218687

4.0 Investor Returns (continued)
4.2 Distributable profit (continued)
2021
$000
2020
$000
Weighted average number of shares for the purpose of basic distributable profit per share (000)
399,790
365,344
Basic distributable profit after current income tax per share - weighted (cents)11.58
10.32
AFFO basic distributable profit after current income tax per share - weighted (cents)10.83
8.71
Weighted average number of shares for the purpose of diluted distributable profit per share (000)
401,062
366,492
Diluted distributable profit after current income tax per share - weighted (cents)11.54
10.29
AFFO diluted distributable profit after current income tax per share - weighted (cents)10.79
8.68
4.3 Dividends paid and proposed
Accounting Policy
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved.
2021
$000
2020
$000
The following dividends were declared and paid by SPL during the year:
Q4 2020 final dividend 2.1575 cents (Q4 2019 2.2075 cents)
7,882
8,065
Q1 2021 interim dividend 1.9275 cents (Q1 2020 2.1575 cents)
7,042
7,882
Q2 2021 interim dividend 1.9025 cents (Q2 2020 2.1575 cents)
8,995
7,883
Q3 2021 interim dividend 1.7275 cents (Q3 2020 2.1575 cents)
8,168
7,883
Total dividends paid - SPL32,087
31,713
The following dividends were declared and paid by SIML during the year:
Q4 2020 final dividend 0.32 cents (Q4 2019 0.27 cents)
1,169
987
Q1 2021 interim dividend 0.55 cents (Q1 2020 0.32 cents)
2,010
1,169
Q2 2021 interim dividend 0.575 cents (Q2 2020 0.32 cents)
2,719
1,169
Q3 2021 interim dividend 0.75 cents (Q3 2020 0.32 cents)
3,545
1,169
Total dividends paid - SIML9,443
4,494
Total dividends paid - Stride41,530
36,207
Supplementary dividends of $159,899 (2020: $199,447) were paid to SPL shareholders not resident in New Zealand for which SPL received a foreign
investor tax credit entitlement.
Supplementary dividends of $81,076 (2020: $40,477) were paid to SIML shareholders not resident in New Zealand for which SIML received a foreign
investor tax credit entitlement.
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
Accounting policy
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any
difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive
income over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless SPL has an
unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
2021
$000
2020
$000
Non-current
Bank facility drawn down
261,000
386,240
Unamortised borrowings establishment costs
(1,140)
(375)
Total net borrowings259,860
385,865
Weighted average interest rate for debt (inclusive of current interest rate
derivatives, margins and line fees) at balance date
4.13%
3.61%
31 March 21
Expiry
date
Interest
rate
Total
$000
Undrawn
facility
$000
Drawn
amount
$000
Fair
value
$000
Bank Facility A31 Aug 2022Floating
170,000-170,000170,000
Bank Facility B30 Jun 2024Floating
134,938134,938--
Bank Facility C11 Dec 2023Floating
150,00059,00091,00091,000
454,938193,938261,000261,000
31 March 20
Bank Facility A31 Aug 2022Floating200,000-200,000200,000
Bank Facility B9 Jun 2021Floating200,00013,760186,240186,240
Bank Facility C6 Nov 2021Floating105,000105,000--
505,000118,760386,240386,240
Effective from 24 April 2020, SPL refinanced $135 million of debt for a further three years to 30 June 2024. SPL reduced its total available facilities post
the settlement of the disposal of the three large format retail properties to Investore and the settlement of Industre to $305 million.
Key changes to SPL’s facility agreement, which took effect from the completion of Industre, are as follows:
• the entities involved in Industre, and their properties, fall outside the guaranteeing group for the SPL facility; and
• margins and line fees 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.
Effective from 20 November 2020, SPL entered into a new $100 million, three year facility which was further increased to $150 million effective from
19 February 2021.
SPL’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited (ANZ), Commonwealth Bank of Australia (New
Zealand Branch), Westpac New Zealand Limited, China Construction Bank Corporation (New Zealand Branch), Industrial and Commercial Bank of China
Limited, Auckland Branch, MUFG Bank Limited (Auckland Branch), and The Hongkong and Shanghai Banking Corporation Limited, incorporated in
the Hong Kong SAR, acting through its New Zealand Branch. The bank security on the facilities is managed through a security agent who holds a first
registered mortgage on all the investment properties directly owned by SPL and a registered first ranking security interest under a General Security Deed
over substantially all the assets of SPL.
SIML does not have any bank borrowings (2020: nil) however, it does have a $3 million overdraft facility with ANZ (2020: $3 million), which has not been
utilised during the current year.
5.0 Capital Structure and Funding
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20218889

5.0 Capital Structure and Funding (continued)
5.1 Borrowings (continued)
Net debt reconciliation
Below sets out an analysis of net debt and the movements in net debt.
2021
$000
2020
$000
Cash and cash equivalents23,024
12,098
Borrowings
(259,860)
(385,865)
Lease liabilities
(27,454)
(28,109)
Net debt(264,290)
(401,876)
Liabilities from financing activities
Borrowings
$000
Leases
$000
Sub-total
$000
Cash
$000
Total
$000
As at 1 Apr 19
(332,399)(28,633)(361,032)5,364(355,668)
Cash flows(53,390)524(52,866)6,734(46,132)
Re-assessment-----
Other changes (76)-(76)-(76)
As at 31 Mar 20(385,865)(28,109)(413,974)12,098(401,876)
Cash flows
125,240504125,74410,926136,670
Re-assessment
-151151-151
Other changes
765-765-765
As at 31 Mar 21(259,860)(27,454)(287,314)23,024(264,290)
Other changes include non-cash movements, including accrued interest expense which will be presented as operating cash flows in the consolidated
statement of cash flows when paid.
5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Accounting policy
Interest rate derivatives (derivative financial instruments) are initially recognised at fair value on the date a derivative contract is entered into and
are subsequently measured at their fair value at each reporting date. Fair value of over-the-counter derivatives, such as interest rate swaps, is
determined using valuation techniques which maximise the use of observable data and rely as little as possible on entity-specific estimates.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to
ensure that an economic relationship exists between the hedged item and hedging instrument.
Hedge ineffectiveness for interest rate swaps may occur due to:
• the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan; and
• differences in critical terms between the interest rate swaps and loans.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow
hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within the consolidated
statement of comprehensive income.
When a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is
recognised when the forecast transaction is ultimately recognised in profit or loss.
SPL
2021
$000
2020
$000
Notional value of interest rate derivative contracts230,000
195,000
Interest rate derivative liabilities - current
553
8,521
Interest rate derivative liabilities - non-current
1,595
4,278
Fair values of interest rate derivatives2,148
12,799
Fixed interest rates ranges
0.39%-3.59%
2.70% - 3.59%
Weighted average fixed interest rate (excluding margins)
1.52%
3.00%
Percentage of drawn debt fixed
88%
50%
Following the disposal of the three large format retail properties to Investore and the settlement of Industre:
• interest rate derivative contracts with a notional value of $120 million were terminated on 30 June 2020 for a cost of $9,293,000. Of the total swap
termination costs incurred, $1,075,000 (31 Mar 2020: $8,218,000) ($419,000 from continuing operations and $656,000 from discontinued
operations (refer note 7.4)) has been recognised as hedge ineffectiveness in the current year.
• $1,380,000 has been expensed to finance expense - swap termination expense in the consolidated statement of comprehensive income. This
expense relates to swap termination costs recognised in equity as other reserves as at 31 March 2020 in relation to interest rate derivative contracts
that had a notional value of $100 million, that were terminated in April 2018 for a cost of $4,058,000 which was being amortised to finance expense
over the remaining life of the interest rate derivative contract. The $1,380,000 has been expensed in the current year as the hedged future cash
flows are no longer expected to occur.
SPL typically designates its interest rate derivatives as cash flow hedges of the interest flows on its variable rate borrowings. SPL enters into interest
rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. SPL
has not hedged 100% of its floating rate borrowings, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional
amount of the swaps.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20219091

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments (continued)
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisors using valuation techniques classified
as Level 2 in the fair value hierarchy (2020: Level 2). Judgement is involved in determining the fair value by the independent treasury advisors. The fair
values are based on the present value of estimated future cash flows based on the terms and maturities of each contract and the current market interest
rates as at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. The valuations were based on market rates
at 31 March 2021 of between 0.35%, for the 90-day BKBM, and 1.96%, for the 10-year swap rate (2020: 0.49% and 0.91%, respectively). There have
been no transfers between Level 1 and 2 during the respective periods. There were no changes to these valuation techniques during the reporting period.
As at 31 March 2021, the fair value of the interest rate derivatives includes an accrued interest liability of $15,593 (2020: $303,205).
The following sensitivity analysis represents the change in fair value of the interest rate derivatives and shows the effect on equity if the floating interest
rates on swaps (hedged bank borrowings) had been 0.25% higher or lower, with other variables remaining constant.
20212020
Gain/(loss)
on -0.25%
$000
Gain/(loss)
on +0.25%
$000
Gain/(loss)
on -0.25%
$000
Gain/(loss)
on +0.25%
$000
Impact on equity(1,355)1,343
(458)455
Impact on profit--
(917)909
SPL does not hold derivative financial instruments for trading purposes.
SIML does not hold any interest rate derivatives (2020: nil).
5.3 Net finance expense
Accounting policy
Interest income is recognised on a time-proportional basis using the effective interest rate.
Where SPL borrows funds specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs capitalised are the actual
borrowing costs incurred on that borrowing, less any investment income on the temporary investment of those borrowings. A qualifying asset is one
that takes six months or longer to prepare for its intended use or sale. Where SPL borrows funds generally and uses them to fund a qualifying asset,
the amount of borrowing costs capitalised is determined by applying a capitalisation rate to the expenditure on that asset. The capitalisation rate
is the weighted average of the borrowing costs applicable to the borrowings that are outstanding during the period, other than borrowings made
specifically for the purpose of funding a qualifying asset.
SPL
2021
$000
2020
$000
Finance income
Bank interest income
20
14
Other finance income
-
196
Total finance income from continuing operations20
210
Finance expense
Bank borrowings interest
(10,471)
(14,764)
Bank borrowings interest capitalised
179
1,208
Finance expense - swap termination expense (note 5.2)
(1,380)
(1,274)
Finance expense - lease liabilities
(1,796)
(1,832)
Total finance expense from continuing operations(13,468)
(16,662)
Net finance expense from continuing operations(13,448)
(16,452)
In the current year $179,000 of bank borrowing interest expense was capitalised using an average capitalisation rate of 2.41% including line fee and
margin cost (2020: $1,208,000 and 2.89%).
Other borrowing costs are expensed when incurred and are recognised using the effective interest rate.
5.0 Capital Structure and Funding (continued)
5.4 Share capital
Accounting policy
Shares are classified as equity when there is no obligation to transfer cash or other assets. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
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.
SPL and SIML shares are “stapled” and jointly listed on the NZX (Stapled Securities). Each of SPL and SIML has 472,828,313 shares on issue as at
31 March 2021 (2020: 365,296,799).
Stapling of shares is a contractual and constitutional arrangement between the two Stapled Entities whereby each Stapled Entity’s equity securities are
combined with (or stapled to) the equity securities issued by the other Stapled Entity. The Stapled Entities have the same shareholders, and their shares
cannot be traded or transferred independently of one another. The Stapled Securities are traded as a single economic unit with a single quoted price.
During November and December 2020, Stride undertook an equity capital raise which resulted in total gross proceeds of $230 million, comprising
a placement for $180 million and a share purchase plan for $50 million, to partly fund the acquisitions of 215 Lambton Quay, Wellington, and
20 Customhouse Quay, Wellington. Of the total gross proceeds from the placement, $175 million was allocated to SPL and $5 million was allocated to
SIML. The total gross proceeds of $50 million from the share purchase plan was allocated to SPL.
The Boards of SPL and SIML did not issue any Stapled Securities under the SIML long term share incentive scheme during the year.
5.5 SIML equity (non-controlling interest)
Notes
Total
$000
Balance at 31 Mar 20 5,633
Transactions with shareholders:
Dividends paid
4.3(9,443)
Other movements in reserves
387
Issued capital net of capital raising expenses
4,996
Total transactions with shareholders(4,060)
Total other comprehensive income161
Profit after income tax
11,959
Total comprehensive income12,120
Balance at 31 Mar 2113,693
Balance at 31 Mar 19
2,516
Transactions with shareholders:
Dividends paid
4.3
(4,494)
Other movements in reserves226
Total transactions with shareholders
(4,268)
Total other comprehensive income
17
Profit after income tax7,368
Total comprehensive income
7,385
Balance at 31 Mar 20
5,633
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20219293

5.0 Capital Structure and Funding (continued)
5.6 Reserves
Reserves consist of the following Stride reserves
2021
$000
2020
$000
Cash flow hedge reserve
(1,549)
(4,076)
Share option reserve
887
371
Associate reserve - cash flow hedge
45
70
Property, plant and equipment revaluation reserve
300
-
Closing balance(317)
(3,635)
Cash flow hedge reserve - SPL
Opening balance(4,076)
(8,649)
Amortisation of swap termination interest
1,380
1,274
Current tax on swap termination interest
(387)
(357)
Movement in fair value of interest rate derivatives
2,130
(3,141)
Deferred tax on fair value movements
(596)
879
Hedge ineffectiveness of cash flow hedges
-
8,218
Deferred tax on ineffective hedges
-
(2,300)
Closing balance(1,549)
(4,076)
Share option reserve - SIML
Opening balance371
725
Share based payment expense
750
459
Deferred tax on share based payment expense
161
17
Forfeited employee long term incentive plan rights
(32)
(246)
Lapsed employee long term incentive rights
(159)
(482)
Transfer to share capital on vesting of employee long term incentive plan
(204)
(102)
Closing balance887
371
Associate reserve - cash flow hedge - SPL
Opening balance70
40
Changes in reserves of associate
(25)
30
Closing balance45
70
Property, plant and equipment revaluation reserve - SPL
Opening balance-
-
Changes in revaluation surplus
300
-
Closing balance300
-
Gains and losses recognised in the cash flow hedge reserve on interest rate derivative contracts (interest rate swaps) will be reclassified in the same
period in which the hedged forecast cash flows affect profit or loss until the repayment of the bank borrowings.
5.7 Capital risk management
Stride’s objectives when managing capital are to safeguard Stride’s ability to continue as a going concern in order to provide returns for shareholders, and
to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, Stride may adjust the amount of
dividends paid to shareholders, return capital to shareholders, buy back shares, issue new shares or sell assets to reduce borrowings. As part of its capital
risk management, SPL is required to comply with covenants imposed under its banking facility. The Board regularly monitors these covenants and provides
six-monthly compliance certificates to the banks as part of this process.
Following the disposal of the three large format retail properties to Investore and the settlement of Industre, interest rate derivative contracts with a notional
value of $120 million were terminated on 30 June 2020 for a cost of $9,293,000. The banking syndicate has agreed for SPL to exclude the $9,293,000
from the interest cover ratio financial covenant.
SPL has complied with these covenants during the relevant periods.
This section sets out Stride’s exposure to financial assets and liabilities that potentially subject Stride to financial risk and how Stride
manages those risks.
Accounting policy
A financial instrument is recognised if Stride becomes a party to the contractual provisions of the instrument. Financial assets are de-recognised if
Stride’s contractual rights to the cash flows expire, or if Stride transfers them without retaining control or substantially all risks and rewards of the
asset. Financial liabilities are de-recognised if Stride’s obligations specified in the contract are extinguished.
Stride classifies its financial assets and financial liabilities in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss); and
• those to be measured at amortised cost.
Summary of financial instruments
2021
$000
2020
$000
Financial assets at amortised cost
Cash at bank
23,024
12,098
Trade and other receivables
9,068
3,038
NZX bond
75
75
Total financial assets 32,167
15,211
Financial assets at fair value through profit or loss
Loan to associate
3,398
3,398
Total non-derivative financial assets at fair value through profit or loss3,398
3,398
Financial liabilities at amortised cost
Trade and other payables
22,145
17,011
Lease liabilities
27,454
28,109
Borrowings (joint venture participating interest)
43,169
-
Bank borrowings
259,860
385,865
Derivative financial instruments
Used for hedging
2,148
12,799
Total financial liabilities354,776
443,784
6.1 Financial assets at amortised cost
Accounting policy
Depending on the purpose for which the assets were acquired, Stride classifies its assets as financial assets at fair value through profit or loss and
financial assets at amortised cost. Classification is determined at initial recognition and this designation is re-evaluated at every reporting date.
Financial assets at amortised cost are those assets with fixed or determinable payments that are not quoted in an active market. They are included
in current assets, except for those with maturities greater than 12 months after balance date, which are classified as non-current assets.
On initial recognition of a financial asset, Stride assesses on a forward-looking basis, the expected credit loss associated with its financial assets
carried at amortised cost. At each reporting date, the credit risk on a financial asset, apart from trade and other receivables, is assessed to
determine whether there has been a significant increase in the credit risk by considering both forward looking information and the financial history of
counterparties to assess the probability of default or likelihood that full settlement is not received.
6.2 Financial liabilities at amortised cost
Liabilities in this category are measured at amortised cost and include borrowings and trade and other payables.
6.0 Financial Instruments and Risk Management
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20219495

6.0 Financial Instruments and Risk Management (continued)
6.3 Fair values
The carrying value of the following financial assets and liabilities approximate their fair value: cash at bank, trade and other receivables, other current assets,
deposits on investment properties, trade and other payables and bank borrowings.
6.4 Financial risk management
Stride’s activities expose it to a variety of financial risks: interest rate risk, credit risk and liquidity risk. Stride’s overall risk management strategy focuses on
minimising the potential negative economic impact of unpredictable events on its financial performance.
Risk management is the responsibility of the Boards. The Boards identify and evaluate financial risks in close co-operation with management. The Boards
provide written principles for overall risk management, as well as written policies covering specific areas, such as interest rate risk, credit risk, use of
derivative financial instruments and non-derivative financial instruments, and investing excess liquidity.
6.5 Interest rate risk
As Stride has no significant interest bearing assets, its income and operating cash flows are substantially independent of changes in market interest rates.
SPL's interest rate risk arises from bank borrowings (note 5.1) which are issued at variable rates and expose SPL to cash flow interest rate risk. The long
term interest rate policy provides bands that are applied on a rolling basis, which provide for both a high level of fixed interest rate cover over the near term,
as well as a lengthy period of known fixed interest rate cover for a portion of term debt. SPL manages its cash flow interest rate risk by using floating to
fixed interest rate derivatives which have the economic effect of converting borrowings from floating to fixed rates.
As at 31 March 2021, SPL had fixed 88% of its drawn debt (2020: 50%). As SPL holds interest rate derivatives, there is a risk that their economic value
will fluctuate because of changes in market interest rates. The value of interest rate derivatives is disclosed in note 5.2.
SPL's exposure to interest rate fluctuations is limited to the extent of all the non-hedged portions of bank borrowings which at balance date was
$31,000,000 (2020: $191,240,000). If floating interest rates were 0.25% higher or lower, with other variables remaining constant, the 12-month finance
expense would be higher or lower by $77,500 respectively (2020: $478,100).
SPL's exposure to variable interest rate risk and the weighted average interest rate for interest bearing financial assets and liabilities is as follows:
2021
$000
2020
$000
Financial assets
Cash at bank
23,024
12,098
NZX bond
75
75
Loan to associate
3,398
3,398
Financial liabilities
Bank borrowings
259,860
385,865
Borrowings (joint venture participating interest)
43,169
-
Interest rates applicable at balance date
Cash at bank
0.00%
0.00%
NZX bond
1.23%
2.14%
Loan to associate
3.33%
4.54%
Bank borrowings
1.39%
1.90%
Borrowings (joint venture participating interest)
2.86%
-
Weighted average interest rate for drawn debt (inclusive of current interest rate
derivatives, margins and line fees) of the bank borrowings
4.13%
3.61%
Trade and other receivables and payables are interest free and have settlement dates within one year. All other assets and liabilities are non-interest bearing.
6.0 Financial Instruments and Risk Management (continued)
6.6 Credit risk
Stride incurs credit risk from trade receivables, loan to associate and transactions with financial institutions including cash balances and interest rate
derivatives. Stride is not exposed to any concentrations of credit risk apart from the loan to associate and the accrued income receivable from AP SG 17
Pte. Limited.
The risk associated with trade receivables is managed with a credit policy which includes performing credit evaluations on all customers requiring credit
and ensures that only those customers with appropriate credit histories are provided with credit. In addition, receivable balances are monitored on an
ongoing basis, with the result that Stride's exposure to bad debts is not significant.
As SPL has a wide spread of tenants over different industry sectors, it is not exposed to any significant concentration of credit risk.
The risk from financial institutions is managed by placing cash and deposits with high credit quality financial institutions only. Stride has placed its cash and
deposits with ANZ Bank New Zealand Limited and Westpac New Zealand Limited, both AA- rated (Standard & Poor’s).
With respect to the credit risk arising from interest rate swap agreements, there is limited risk as all counterparties are registered banks in New Zealand
whose credit ratings are all AA- (Standard & Poor’s).
The maximum exposure to credit risk is the carrying amount of each class of financial assets as reported in note 6.0.
6.7 Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities,
and the ability to close out market positions. Stride’s liquidity position is monitored on a regular basis and is reviewed quarterly by the Boards to ensure
compliance with internal policies and banking covenants as per SPL's syndicated lending facility.
SPL generates sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and has the bank facility available
to cover potential shortfalls. Further detail about the undrawn bank facility available is given in note 5.1.
The following table outlines Stride’s liquidity profile, as at 31 March, based on contractual non-discounted cash flows.
Total
$000
0-6 mths
$000
6-12 mths
$000
1-2 yrs
$000
2-5 yrs
$000
>5 yrs
$000
As at 31 Mar 21
Trade and other payables
22,14522,145----
Secured bank borrowings
277,0933,6403,640175,34794,466-
Lease liabilities
123,3339619241,8485,628113,972
Derivative financial instruments
6,6301,6641,3922,0591,515-
429,20128,4105,956179,254101,609113,972
As at 31 Mar 20
Trade and other payables17,01117,011----
Secured bank borrowings400,6014,0524,052190,985201,512-
Lease liabilities101,8341,1821,1841,9799,24388,246
Derivative financial instruments16,6472,9272,9275,4035,390-
536,09325,1728,163198,367216,14588,246
SPL’s portion of the borrowings in the Industre joint operation are with FinCo, which is in the Industre joint venture. This loan is on the same terms as the
banking facility with FinCo, however is payable on demand if called on by FinCo (refer note 7.3 for details).
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20219697

This section sets out how the equity accounted investments held by SPL are accounted for in Stride.
7.1 Industre
Industre owns and develops industrial properties for long term income producing purposes. SPL contributed all its industrial properties to Industre, as part
of the establishment of the joint venture.
Initially JPMAM committed approximately $70 million to the establishment of Industre and 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).
The agreement between SPL and JPMAM in relation to their co-ownership requires unanimous consent from both parties for all relevant activities. The
accounting for the arrangements by SPL is a combination of a joint operation (proportionate share of assets, liabilities, revenue and expenses) and joint
venture (equity accounted). SIML is the manager of the joint arrangement.
7.2 Interests in associates and joint venture
Accounting policy
Interests in associates and the joint venture are accounted for using the equity method and are stated in the consolidated statement of financial
position at cost, adjusted for the movement in SPL’s share of their net assets and liabilities. Under this method, SPL’s share of profits and losses
after tax of associates and profit and loss before tax of the joint venture are included in SPL’s profit before taxation. Adjustments to the carrying
amount are also made for SPL’s share of changes in the associates’ and the joint venture’s other comprehensive income. SPL’s accounting policy is
not to take account of the effects of transactions recorded directly in equity outside profit or loss and other comprehensive income.
Under the equity method, gain or loss resulting from transfer of investment properties to associates and the joint venture in exchange for cash or
shares is recognised only to the extent of the other investors’ interest in the associates or the joint venture, however when cash and shares are
received, the portion of the gain or loss relating to cash is recognised in full.
Set out below are the associates and the joint venture of SPL as at 31 March 2021, which, in the opinion of the directors, are material to SPL.
Entity
Country of
incorporationOwnership

20212020
Nature of
relationship
Measurement
method
InvestoreNew ZealandShares
18.8%
19.4%AssociateEquity
DiversifiedAustraliaUnits
2.0%
2.0%AssociateEquity
Industre joint ventureNew ZealandShares
56.3%
-Joint VentureEquity
Carrying
amount
2021
$000
Fair value
amount
2021
$000
Carrying
amount
2020
$000
Fair value
amount
2020
$000
Equity-accounted investments
Investore
144,923148,541
103,42897,661
Diversified
1,227-
446-
Industre joint venture
119,557-
--
265,707148,541
103,87497,661
The principal place of business for Investore, Diversified and Industre joint venture is New Zealand.
The fair value for Investore is based on the quoted market price for Investore shares on the last business day for the year ended 31 March. Diversified
does not have a quoted market price as it is an Australian Unit Trust that is not listed. Industre joint venture does not have a quoted market price as it is not listed.
7.0 Equity-accounted Investments
7.0 Equity-accounted Investments (continued)
7.2 Interests in associates and joint venture (continued)

Given the extent of SPL's equity investment as at balance date of 18.8% (2020: 19.4%), the appointment of SIML as manager, and that two of SIML's
current directors are also directors of Investore, the SPL Board has concluded that SPL has "significant influence" over Investore. As such, SPL's
investment in Investore has been treated as an interest in an associate. SPL is not subject to any escrow arrangements that prevent it from selling or
otherwise disposing of any shares that it holds. The daily average ownership interest for the year was 18.9% which has been used to recognise SPL’s share
of Investore’s profit.
Given the appointment of SIML as manager, and that one of SIML's current directors is also on Diversified's Investment Committee, the SPL Board has
concluded that SPL retains "significant influence" over Diversified. As such, SPL's investment in Diversified has been treated as an interest in an associate.
As at 31 March 2021, SPL has an interest-bearing loan receivable of $3,397,660 (2020: $3,397,660) with Diversified. This loan is due for repayment on
12 August 2026.

joint venture
Industre joint venture comprises of Industre Property Tahi Limited (Tahi), Industre Property Rua Limited (Rua) and Industre Property Finance Limited (FinCo).
Tahi and Rua hold legal and beneficial ownership of certain industrial properties. SPL has rights to the net assets of these entities, and consequently these
entities are classified as a joint venture. FinCo is a funding vehicle established to obtain bank borrowings and on-lend the funds to Tahi, Rua and Industre
joint operation, which are financial guarantors in the funding arrangement. As at 31 March 2021, the value of the financial guarantee was nil.
Tahi and Rua are eligible and have elected to be multi-rate PIEs of which the income tax liability arises to the investors. Accordingly, SPL recognises current
and deferred tax as part of its taxes in note 8.1 (rather than as part of the investment in the joint venture).
Summarised financial information for associates and joint venture
The following tables provide summarised financial information for the associates and the joint venture of SPL and reflects the amounts presented in the
financial statements of the relevant associates, not SPL’s share of those amounts. They have been amended to reflect adjustments made by Stride when
using the equity method, including fair value adjustments and modifications for differences in accounting policy.
SPL’s share of profit for Industre joint venture in 2021 relates to the period 1 July 2020 to 31 March 2021. SPL’s share in the Industre joint venture
reduced from 68.25% as at 30 June 2020 to 56.33% as at 31 March 2021 and consequently, the net share of profit has been calculated on the
weighted average participating interest during the period.
The movement between the closing carrying amount and share at carrying percentage for Industre joint venture relates to the $914,000 loss on sale of
properties in exchange for cash received from Industre joint venture.
Ownership Interest
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 20219899

7.0 Equity-accounted Investments (continued)
7.2 Interests in associates and joint venture (continued)

Summarised financial information for associates and joint venture (continued)
Summarised statement of comprehensive income
Investore
2021
$000
Industre
joint venture
2021
$000
Diversified
2021
$000
Net rental income
55,8137,53929,753
Corporate expenses
(9,224)(1,911)(3,353)
Finance income
4-5
Finance expense
(16,644)(1,725)(15,875)
Other income
139,01748,15821,652
Income tax expense
(7,706)-(1,492)
Profit161,26052,06130,690
Other comprehensive income
3,0512201,849
Total comprehensive income 164,31152,28132,539
Summarised statement of financial position
Assets
Current assets
18,1095,47618,130
Investment properties
1,043,872322,375465,550
Other non-current assets
8,86979,4749,497
1,070,850407,325493,177
Liabilities
Current liabilities
(7,011)(3,292)(22,865)
Borrowings – current
--(4,688)
Borrowings – non-current
(277,363)(189,961)(227,077)
Other non-current liabilities
(20,802)(84)(177,199)
(305,176)(193,337)(431,829)
Net assets765,674213,98861,348
Reconciliation to carrying amounts
Opening net assets526,691-22,328
Initial investment on 30 June 2020
-100,881-
Profit
161,26052,06130,690
Other comprehensive income
3,0512201,849
Reinvestment of unitholder funds
--6,481
Issue of shares/units net of capital raising expenses
102,65263,184-
Dividends paid
(27,980)(2,358)-
Closing net assets765,674213,98861,348
Total
2021
$000
SPL’s share in %18.8%56.3%2.0%
Share at carrying percentages265,645143,947120,4711,227
Opening carrying amount
103,874103,428-446
Movement in cash flow hedges net of tax
(25)(172)11037
Profit
62,26430,40431,246614
Disposal of other investments
(481)-(481)-
Reinvestment of unitholder funds
130--130
Issue of shares
85,14916,52268,627-
Deemed equity contribution with a corresponding
reduction in SPL’s interest
21,395-21,395-
Dividends received
(6,599)(5,259)(1,340)-
Closing carrying amount265,707144,923119,5571,227
7.0 Equity-accounted Investments (continued)
7.2 Summarised financial information for associates and joint venture (continued)
Summarised statement of comprehensive income
Investore
2020
$000
Diversified
2020
$000
Net rental income48,07435,682
Corporate expenses(7,451)(4,364)
Finance income5245
Finance expense (13,926)(16,761)
Other income/(expense)7,698(123,965)
Income tax (expense)/benefit(5,832)1,776
Profit/(loss)
28,615(107,587)
Other comprehensive loss(464)(2,540)
Total comprehensive income/(loss)
28,151(110,127)
Summarised statement of financial position
Assets
Current assets6,0527,404
Investment properties772,547414,100
Other non-current assets8,02611,293
786,625432,797
Liabilities
Current liabilities(7,282)(16,260)
Borrowings - current-(213,845)
Borrowings- non-current(236,946)(180,364)
Other non-current liabilities(15,706)-
(259,934)(410,469)
Net assets
526,69122,328
Reconciliation to carrying amounts
Opening net assets
443,209128,416
Profit/(loss) 28,615(107,587)
Other comprehensive loss(464)(2,540)
Reinvestment of unitholder funds-4,039
Issue of shares net of capital raising expenses76,032-
Dividends paid(20,701)-
Closing net assets
526,69122,328
Total
2020
$000
SPL’s share in %
19.4%2.0%
Share at carrying percentages
102,624102,178446
Opening carrying amount
91,36888,8432,525
Movement in cash flow hedges net of tax3081(51)
Profit/(loss) 3,5035,655(2,152)
Reinvestment of unitholder funds124-124
Issue of shares12,94412,944-
Dividends received(4,095)(4,095)-
Closing carrying amount
103,874103,428446
There is nil comparative for Industre.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021100101

7.0 Equity-accounted Investments (continued)
7.3 Interest in joint arrangements
Accounting policy
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of
each investor, rather than the legal structure of the joint arrangement.
SPL holds a 50% interest in a joint arrangement with Diversified relating to the investment property at Johnsonville Shopping Centre, Wellington.
SPL holds a 56.33% interest in a joint arrangement with JPMAM relating to the investment properties as denoted in note 3.2.

Johnsonville joint operation
The agreement between SPL and Equity Trustees Limited (as trustee of Diversified) in relation to their co-ownership requires unanimous consent
from all parties for all relevant activities. The two parties have direct rights to the asset and are jointly and severally liable for the liabilities incurred in
relation to the co-owned asset. This arrangement is therefore classified as a joint operation and SPL recognises its direct right to the jointly held assets,
liabilities, revenues and expenses as described below. SIML is the manager of the joint arrangement.
Summarised financial information
2021
$000
2020
$000
Assets
Current assets
394
306
394
306
Liabilities
Current liabilities
490
327
Non-current liabilities
-
-
490
327
Net liabilities(96)
(21)
Share of rental income
2,825
3,281
Share of expenses
(1,643)
(1,454)
Impairment of work in progress
-
(2,007)
Net share of profit/(loss)1,182
(180)
In the prior year, due to COVID-19 and the uncertain economic climate, the development opportunity in relation to the redevelopment of Johnsonville
Shopping Centre, Wellington, remained under review and as a consequence, the work in progress costs of $2,007,000 were fully impaired.
7.0 Equity-accounted Investments (continued)
7.3 Interest in joint arrangements (continued)
joint operation
SPL holds a 56.33% interest in a joint arrangement with JPMAM relating to the investment properties as denoted in note 3.2. The Industre joint
operation holds the beneficial ownership of these properties. The agreement between SPL and JPMAM in relation to their co-ownership requires
unanimous consent from both parties for all relevant activities. The two parties have direct rights to the asset and are jointly and severally liable for the
liabilities incurred in relation to the co-owned properties. This arrangement is therefore classified as a joint operation and SPL recognises its direct right
to the jointly held assets, liabilities, revenues and expenses as described below. SIML is the manager of the joint arrangement.
Summarised financial information
2021
100%
$000
2021
Participating
interest
$000
Assets
Current assets
1,321744
Investment properties
285,600160,884
286,921161,628
Liabilities
Current liabilities
1,448816
Borrowings
76,63343,169
78,08143,985
Net assets208,840117,643
Income
10,5286,553
Expenses
(4,494)(2,799)
Net change in fair value of investment properties
35,81821,454
Net share of profit*41,85225,208
* This information relates to the nine month period from 1 July 2020 to 31 March 2021. SPL’s share in the Industre joint operation reduced from
68.25% as at 30 June 2020 to 56.33% as at 31 March 2021. The average ownership interest for the period has been used to recognise SPL’s net
share of the Industre joint operation’s profit.
SPL’s portion of the borrowings in the Industre joint operation are with FinCo, which is in the Industre joint venture. This loan is on the same terms as
the banking facility with FinCo, however is payable on demand if called on by FinCo. As at 31 March 2021 SPL and JPMAM, as the participants, have
agreed these borrowings will not be called by FinCo in the next 12 months, unless called on by FinCo’s banking syndicate (which is a non-current
borrowing). As such SPL’s portion of the borrowings in the Industre joint operation have been classified as non-current in the consolidated statement
of financial position.
The below fee income was earned from the Industre joint operation. It represents the participating interest held by the participant AP SG 17 Pte.
Limited. The management fees paid from SPL to SIML are eliminated in the consolidated statement of comprehensive income. The balance receivable
represents the participating interest held by the participant AP SG 17 Pte. Limited.
2021
$000
Acquisition fee income
472
Asset management fee income
315
Performance fee income
293
Building management fee income
25
Project management fee income
11
Leasing fee income
6
Maintenance fee income
3
1,125
Balance receivable
233
There is nil comparative for Industre joint operation.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021102103

7.0 Equity-accounted Investments (continued)
7.4 Discontinued operations
Industrial investment properties were considered a major portfolio (sector) of SPL’s operations and were distinguished operationally and for financial
purposes from the other sectors. Discontinued operations refer to a core part of an entity’s operation that has been divested.
As the establishment of Industre saw SPL divest a significant portion of its industrial portfolio, this meets the definition of a discontinued operation.
Only JPMAM’s special purpose vehicle’s participating interest has been treated as discontinued in respect of the joint operation as SPL retained a
partial direct ownership interest in the properties. All of the financial performance and cash flows pertaining to the properties that are transferred to the
Industre joint venture (refer note 7.2) have been treated as discontinued.
The financial performance and cash flow information for the discontinued operations are for the period ended 30 June 2020 (2021 column) and the
year ended 31 March 2020.
SPL
2021
$000
2020
$000
Gross rental income
2,529
10,219
Direct property operating expenses
(401)
(1,505)
Net rental income2,128
8,714
Less corporate expenses
Administration expenses
(7)
(50)
One-off project costs
-
(1,364)
Total corporate expenses(7)
(1,414)
Profit before other income/(expense) and income tax 2,121
7,300
Other income/(expense)
Net change in fair value of investment properties (note 3.2)
4,530
20,412
Hedge ineffectiveness of cash flow hedges (note 5.6)
(656)
-
Loss on disposal of investment properties
(4,160)
-
Profit before income tax 1,835
27,712
Income tax expense (note 8.1)
(1,916)
(2,327)
(Loss)/profit after income tax from discontinued operations(81)
25,385
Net cash (outflow)/inflow from operating activities(456)
4,625
Net cash inflow/(outflow) from investing activities142,234
(42,080)
Net cash (outflow)/inflow from financing activities(196,450)
33,430
This section contains additional information to assist in understanding the financial performance and position of Stride.
8.1 Income tax
Accounting policy
Income tax expense comprises current and deferred tax and is recognised in the consolidated statement of comprehensive income for the year.
Current and deferred tax is calculated on the basis of the laws enacted or substantively enacted at the reporting date.
SPL is a listed Portfolio Investment Entity (PIE) for the purposes of the Income Tax Act 2007 and is required to pay tax to Inland Revenue as in accordance
with the Income Tax Act 2007.
Income tax
2021
$000
2020
$000
Current tax
(10,165)
(11,053)
Deferred tax
(1,141)
7,716
Income tax expense per the consolidated statement of comprehensive income from
continuing and discontinued operations
(11,306)
(3,337)
Profit before income tax (including discontinued operations note 7.4)143,177
28,656
Prima facie income tax using the company tax rate of 28% (40,090)
(8,024)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties
11,821
(1,463)
Reversal of lease liability movement
(499)
11
Non-taxable income
15,061
1,182
Assessable income
(385)
(27)
Depreciation
4,345
2,827
Depreciation recovered on disposal of investment properties
(3,700)
(1,709)
Non-deductible expenses
(637)
(4,236)
Expenditure deductible for tax
3,241
533
Over provision in prior year
428
417
Temporary differences
250
(564)
Current tax expense(10,165)
(11,053)
Investment property depreciation
89
6,196
Other
(1,230)
1,520
Deferred tax charged to profit or loss(1,141)
7,716
Income tax expense per the consolidated statement of comprehensive income from
continuing and discontinued operations(11,306)(3,337)
Income tax expense from continuing operations
(9,390)
(1,010)
Income tax expense from discontinued operations
(1,916)
(2,327)
Income tax expense per the consolidated statement of comprehensive income from
continuing and discontinued operations(11,306)(3,337)
Imputation credits available for use in subsequent reporting periods6,631
5,962
In the current year, the income tax expense arising from the swap termination expense in the cash flow hedges has been shown in other comprehensive
income of ($387,000) (2020: ($357,000)). Income tax expense arising from the Industre joint venture (Tahi and Rua) is ($319,000) (2020: nil).
Imputation credits available for use in subsequent reporting periods are based on a rate of 28% (2020: 28%) and represent the balance of the imputation
account as at the end of the reporting period, adjusted for imputation credits arising from provisional income tax paid.
8.0 Other
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021104105

8.0 Other (continued)
8.1 Income tax (continued)
Accounting policy
Deferred tax is provided, using the liability method, on all temporary differences between the tax base of assets and liabilities and their carrying
amounts for financial reporting purposes. Temporary differences include:
• tax liability arising from accumulated depreciation claimed on investment properties, where applicable;
• tax asset arising from the allowance for impairment;
• tax liability arising from certain prepayments and other assets; and
• tax asset/liability arising from the unrealised gains/losses on the revaluation of interest rate swaps.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the carrying amounts of the investment
property will be recovered through sale. Investment properties are independently valued each year and the valuation includes a split between the
land and building components. Deferred tax is provided on the depreciation claimed to date on the building component of the investment properties
and this places reliance on the valuation split provided by the valuers.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and when the deferred tax assets and liabilities relate
to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to
settle the balances on a net basis.
2020
$000
Recognised in
profit or loss
$000
Recognised
in other
comprehensive
income
$000
2021
$000
Deferred tax assets
Derivative financial instruments
3,584(2,387)(596)601
Other temporary differences
1,134581(137)1,578
4,718(1,806)(733)2,179
Deferred tax liabilities
Depreciation on investment properties
(7,253)89-(7,164)
Deferred tax on properties on revenue account
(1,176)1,176--
Reinstatement receipts
(224)100-(124)
Other
(371)(700)-(1,071)
(9,024)665-(8,359)
Net deferred tax liabilities(4,306)(1,141)(733)(6,180)
2019
$000

$000

$000
2020
$000
Deferred tax assets
Derivative financial instruments2,6192,386(1,421)3,584
Other temporary differences 694423171,134
3,3132,809(1,404)4,718
Deferred tax liabilities
Depreciation on investment properties(13,449)6,196-(7,253)
Deferred tax on properties on revenue account-(1,176)-(1,176)
Reinstatement receipts (381)157-(224)
Other(101)(270)-(371)
(13,931)4,907-(9,024)
Net deferred tax liabilities
(10,618)7,716(1,404)(4,306)
8.2 Corporate expenses
2021
$000
2020
$000
Corporate overhead expenses include:
Salaries and other short-term benefits
13,592
13,415
Depreciation
480
694
Software amortisation
389
362
Administration expenses include:
Auditors’ remuneration
- Audit and review of financial statements
365
257
- Other assurance and related services - tenancy marketing and operating expenditure audits, and
agreed upon procedures in respect of proxy voting (2020)
30
38
395
295
Share based payment expense
750
459
Feasibility expenses
608
2,761
SPL incurred $608,000 (2020: $2,761,000) on feasibility costs on projects that did not proceed. SPL is committed to exploring opportunities that it
considers will advance Stride’s overall funds management strategy, although in these cases it determined not to proceed due to the overall perceived risks
following due diligence.
Subsequent to balance date, the Auditor has been engaged to perform an investigating accountant's role which will result in a limited assurance report.
8.3 Remuneration
2021
$000
2020
$000
Key management personnel expenses
Salary and other short-term benefits - current employees
3,632
3,367
Share based payment expense
750
459
Forfeited long term incentive rights
(32)
(246)
4,350
3,580
Key management personnel includes the Chief Executive Officer and the members of the executive team. In the current year key management personnel
received dividends of $101,965 (2020: $101,299).
8.0 Other (continued)
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021106107

8.3 Remuneration (continued)
Long term incentive plan
SIML operates a long term incentive plan for its executive team that is intended to align the interests of key employees with the interests of shareholders
and provide a continuing incentive to key employees over the long term horizon. SIML receives services from the employees in exchange for the employees
receiving share based payments only if specified hurdles, relating to the performance of Stride, are achieved.
The share performance rights are measured at fair value at grant date, which is in reference to the fair value of the instruments granted rather than the fair
value of the services from the employees. The fair value is determined using the share price at grant date adjusted for expected dividends and probability of
meeting the performance hurdles. The fair value of rights granted during the year is independently determined using the Monte Carlo simulation model.
The plan provides for the selected employees to be granted rights to be issued shares for nil consideration if certain performance hurdles are met. SIML
has a number of schemes in place. The table below summarises the types of schemes and movement of the share performance rights during the year:
Schemes for performance rights issued (000)
FY19
(3 year)
FY20
(3 year)
FY21
(3 year)
2021
Total
2020
Total
As at 31 Mar 20448443-891
912
Rights granted
--598598
459
Rights exercised
(265)--(265)
(55)
Rights forfeited
(7)(37)(53)(97)
(148)
Rights lapsed
(176)--(176)
(277)
As at 31 Mar 21-406545951
891
All schemes provide granted rights to be converted into shares for nil consideration if certain performance hurdles are met. Rights under the FY19
scheme were subject to performance conditions that Total Shareholder Returns (TSR) (relative and absolute) and Distributions per Security were met
before a right would vest. With regards to the FY19 (3 year) scheme, 60% performance conditions were met and consequently 60% of the rights were
exercised and 40% lapsed.
One executive team member ceased employment during the year and consequently the rights previously granted to them were forfeited.
Rights under the FY20 and FY21 schemes are subject to the performance conditions that TSR (relative and absolute) is met before a right will vest.
The key features of the plan are as follows:
• the rights are granted for nil consideration and have a nil exercise price;
• rights do not carry any dividend or voting rights prior to vesting;
• each right that vests entitles the employee to receive one fully paid ordinary share in each of SPL and SIML. The shares issued on vesting carry full
voting and dividend rights; and
• the individual must remain an employee of SIML as at the relevant vesting date for any rights to vest.
The participating employees will be liable for the income tax cost of the award of shares and may choose to sell some or all shares to fund this cost upon
issue of the shares. The participants receive one share for every performance right that vests on a tranche date for nil consideration.
Further share performance rights under the long term incentive plan may be issued on an annual basis. However, the terms of the plan, eligible participants,
and offers of further share performance rights may be modified by the SIML Board from time to time, subject to the requirements of the NZX Listing Rules
and applicable laws.
Special share award
A special share award was granted to executives on 16 December 2020. Post balance date, the Boards of SIML and SPL resolved to issue 142,257
ordinary shares in each of them (i.e. 142,257 Stapled Securities) under a SIML special share award to executives in respect of exceptional performance in
FY21 (refer note 8.10). A further 142,257 ordinary shares in each of SIML and SPL (i.e. 142,257 Stapled Securities) will be issued post 31 March 2022 to
those individuals who remain an employee of SIML as at 31 March 2022.
8.0 Other (continued)
8.4 Related party disclosures
Accounting policy
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre, Diversified and SPL.
Under the various management agreements SIML is entitled to receive management fees for various services performed including; asset
management, building management, project management, transaction fees, leasing fees, accounting services fees and performance fees. In
addition, SIML is entitled to certain acquisition fees under the Industre management agreement.
SIML recognises all fees except performance fees, acquisition fees and disposal fees on a monthly basis in accordance with the pattern of service
and as performance obligations are met. Acquisition and disposal fees are recognised on the settlement of the property transactions. Performance
fees are recognised when earned in accordance with the contractual agreements.
The following transactions with a related party took place:
2021
$000
2020
$000
Diversified
Asset management fee income
2,597
3,014
Salaries and wages recovery
2,377
2,395
Building management fee income
1,543
1,890
Project management fee income
2,076
2,036
Leasing fee income
1,384
1,136
Accounting fee income
175
175
Licensing fee income
70
66
Total fee income10,222
10,712
Rent paid
(133)
(114)
Investore
Asset management fee income
4,965
4,109
Performance fee income
2,076
1,523
Leasing fee income
449
45
Building management fee income
428
396
Accounting fee income
250
250
Capital raising fee income
89
-
Project management fee income
96
131
Maintenance fee income
40
33
Disposal fee income
-
97
Total fee income8,393
6,584
Dividend income
5,259
4,095
Consideration paid for shares
(16,522)
(12,944)
Consideration received for the disposal of investment properties
140,750
-
Industre joint venture
Acquisition fee income
1,886
-
Asset management fee income
687
-
Project management fee income
1,023
Performance fee income
636
-
Building management fee income
56
-
Leasing fee income
194
-
Maintenance fee income
13
-
Total fee income4,495
-
Consideration received for the disposal of investment properties
206,066
-
Consideration paid for shares
(53,028)
-
8.0 Other (continued)
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021108109

Directors’ benefits
Directors’ fees recognised in administration expenses comprise the following:
2021
$000
2020
$000
Directors’ fees
493
490
Chair's fees
168
162
661
652
In the current year Tim Storey, John Harvey, Jacqueline Cheyne, Nick Jacobson and Philip Ling received dividends of $31,056 (2020: Tim Storey,
John Harvey and David van Schaardenburg (period 1 April 2019 to 29 August 2019) $26,945). No benefits (other than fees and dividends) have been
provided by Stride to a Director for services as a Director or in any other capacity (2020: nil).

8.5 Trade and other receivables
Accounting policy
Trade and other receivables are recognised at their fair value and subsequently measured at amortised cost using the effective interest rate method.
Stride has applied the simplified approach to measuring expected credit loss as prescribed by NZ IFRS 9 Financial Instruments, which uses a
lifetime expected loss allowance. A loss allowance is made when there is objective evidence (such as the probability of insolvency or significant
financial difficulties of the debtor) that Stride will not be able to collect all of the amounts due under the original terms of the invoice.
2021
$000
2020
$000
Current
Trade and other receivables
4,445
2,472
Less loss allowance
(551)
(598)
Accrued income receivable from AP SG 17 Pte. Limited
3,000
-
Related party receivable (notes 7.3 and 8.4)
2,174
1,164
Carrying amount9,068
3,038
Less than 30 days overdue
6,596
2,360
Over 30 days overdue
2,472
678
Carrying amount9,068
3,038
Movement in loss allowance
Opening balance(598)
(493)
Reduction in loss allowance
71
206
Additional loss allowance
(24)
(311)
Closing balance(551)
(598)
Bad debts and movement in loss allowance in the consolidated statement
of comprehensive income
- Bad debts written off
(290)
(262)
- Movement in loss allowance
47
(105)
(243)
(367)
Included in 31 March 2021 trade and other receivables balance is $3,000,000 (2020: nil) accrued income expected to be received from AP SG 17 Pte.
Limited, a participant in the Industre joint operation. The income is a result of The Concourse Development profit as contemplated under arrangements
between the two participants.
8.0 Other (continued)8.0 Other (continued)
8.6 Trade and other payables
Accounting policy
Trade and other payables represent unsecured liabilities for goods and services provided to Stride prior to the end of the financial year which are
unpaid. Trade and other payables are usually paid within 30 days of recognition. The carrying amounts of trade and other payables are assumed to
be the same as their fair values due to their short term nature.
2021
$000
2020
$000
Current
Unsecured liabilities
Trade payables
2,867
2,277
Development and capital expenditure payables
538
278
Development and capital expenditure accruals
1,026
7,503
Seismic works accrual for properties divested (note 1.8)
7,546
-
Retention accruals
461
1,532
Rent and income received in advance
1,884
1,946
Operating expense recovery accruals
907
223
Tenant deposits held
924
787
Other accruals and payables
5,992
2,465
22,145
17,011
Other accruals and payables include Goods and Services Tax, direct property operating expense accruals, employee short term incentives and holiday pay
accruals and other corporate expense accruals.

8.7 Property, plant and equipment
Accounting policy
Land and buildings are recognised at fair value as determined at least every 12 months by an independent registered valuer. A revaluation surplus is
credited to other reserves in shareholders’ equity. All other property, plant and equipment is recognised at historical cost less depreciation.
2021
$000
2020
$000
Property, plant and equipment6,658
1,349
On 2 September 2020, SPL acquired the office building at 34 Shortland Street, Auckland. Stride’s head office is located in this building and the value
attributable to this floor of $6.0 million has been recognised as property, plant and equipment.
Property, plant
and equipment
$000
Right-of-use
asset
$000
Total
2021
$000
Property, plant
and equipment
$000
Right-of-use
asset
$000
Total
2020
$000
Opening balance7246251,349
820-820
Purchases/initial recognition
5,794-5,794
1351,0881,223
Depreciation
(197)(283)(480)
(231)(463)(694)
Derecognition
-(305)(305)
---
Revaluation
300-300
---
Closing balance6,621376,658
7246251,349
2021
$000
2020
$000
Cost
1,671
1,602
Right-of-use Asset
315
1,088
Valuation
6,000
-
Accumulated depreciation
(1,328)
(1,341)
Net book value6,658
1,349
8.4 Related party disclosures (continued)
The following balances were receivable from/(payable to) a related party:
2021
$000
2020
$000
Investore – related party receivable
707
617
Diversified - related party receivable
329
547
Industre joint venture (Tahi/Rua/FinCo) - receivable
905
-
Diversified - interest-bearing loan
3,398
3,398
Industre joint venture (FinCo) - borrowings
(43,169)
-
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021110111

8.0 Other (continued)
8.8 Investment in subsidiaries
Accounting policy
A subsidiary is an entity controlled by the Parent whereby the Parent has power over the investee, is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of the subsidiaries are included in the financial statements of Stride from the date that control commences until the date that
control ceases. The subsidiaries apply the same accounting policies as Stride.
The acquisition method of accounting has been used to consolidate the subsidiaries of the Parent. All inter-group transactions and balances between
group companies have been eliminated on consolidation.

Subsidiaries of Stride Property Limited
SPL has the following subsidiaries. They are 100% owned, have a 31 March balance date, and are principally involved in the ownership of investment
properties.
• Stride Holdings Limited
• Stride Industrial Property Limited
• Stride Office Property Limited. This company was incorporated on 20 November 2020.

8.9 Contingent liabilities
Stride has no contingent liabilities at balance date (31 Mar 2020: nil).

8.10 Subsequent events
On 13 April 2021, the Boards of SIML and SPL resolved to issue 406,710 ordinary shares in each of them (i.e. 406,710 Stapled Securities) under the
SIML long term incentive scheme (264,453 ordinary shares) and special share award to executives in respect of exceptional performance for FY21
(142,257 ordinary shares).
On 13 April 2021, the SIML Board resolved to grant 663,993 rights under the FY22 long term incentive scheme to selected employees and granted
293,830 rights to executives and other employees of SIML as part of the FY21 short term incentive compensation for these employees in connection
with their exceptional performance during FY21. These rights vest on 31 March 2023, if the relevant employee remains employed by SIML at that time.
On 26 May 2021, SPL entered into an unconditional agreement to acquire the property at 46 Sale Street, Auckland, for $152.0 million. Settlement is
expected to occur on 30 June 2021.
On 27 May 2021, SPL declared a cash dividend for the period 1 January 2021 to 31 March 2021 of 1.6075 cents per share, to be paid on
14 June 2021 to all shareholders on SPL’s register at the close of business on 4 June 2021. At 1.6075 cents per share, the total dividend payment
will be $7,607,253. This dividend will carry imputation credits of 0.620359 cents per share. This dividend has not been recognised in the financial
statements.
On 27 May 2021, SIML declared a cash dividend for the period 1 January 2021 to 31 March 2021 of 0.87 cents per share, to be paid on
14 June 2021 to all shareholders on SIML’s register at the close of business on 4 June 2021. At 0.87 cents per share, the total dividend payment
will be $4,117,145. This dividend will carry imputation credits of 0.338333 cents per share. This dividend has not been recognised in the financial
statements. SIML’s equity (non-controlling interest) consists largely of retained earnings and the declared dividend represents 30% of SIML’s equity as
at 31 March 2021.
Our opinion
In our opinion, the accompanying consolidated financial statements of Stride Property Group, which consists of Stride Property Limited (SPL) and
Stride Investment Management Limited (SIML) (together Stride), present fairly, in all material respects, the financial position of Stride as at 31 March
2021, its financial performance and its cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
Stride's consolidated financial statements comprise:
• the consolidated statement of financial position as at 31 March 2021;
• the consolidated statement of comprehensive income for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International Standards on Auditing
(ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial
statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of Stride in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and
the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out tenancy marketing and operating expenditure audits for Stride and is performing an investigating accountant's role which will result
in the issuance of a limited assurance report. The provision of these other services has not impaired our independence as auditor of Stride.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements
of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Independent auditor’s report
To the shareholders of Stride Property Group
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021112113

Independent auditor’s report (continued)Independent auditor’s report (continued)
To the shareholders of Stride Property GroupTo the shareholders of Stride Property Group
Description of the key audit matterHow our audit addressed the key audit matter
Valuation of investment property
As disclosed in note 3.2, the SPL portfolio of investment properties
comprising: office, industrial, retail and development was valued at
$1,044.5 million as at 31 March 2021 (excluding lease liabilities).
Due to the subjectivity in valuing investment properties, where a small
difference in any one of the key market input assumptions, when
aggregated, could result in a material misstatement of the valuation of
investment properties and the significance of investment property to
Stride, this is a key audit matter.
The valuations were performed on behalf of SPL by independent
registered valuers (the “Valuers”).
Two approaches are generally used to determine the fair value of
an investment property: the income capitalisation method and the
discounted cash flow method to arrive at a range of valuation outcomes,
from which the valuers derive a point estimate. For SPL’s property under
development, the residual approach has been used.
For each investment property, key assumptions and estimates are made
in respect of:
• market rentals (for both the income capitalisation and discounted
cash flow method)
• the capitalisation rate (for the income capitalisation method) to
apply to market rentals
• discount rate (for the discounted cash flow method) derived from
comparable market transactions
• the rental growth rate to apply to the market rentals and the
terminal yield to assess the terminal value (for the discounted cash
flow method)
• the estimated cost to complete and the profit and risk allowances
deducted from the ‘as if complete’ valuation (for the residual
approach).
The following assumptions are also taken into account:
• vacancy assumption based on current and expected future market
conditions after expiry of any current lease
• maintenance and capital requirements including any necessary
investments to maintain functionality of a property for its expected
useful life or to address any seismic related matters.
The valuation of investment properties is inherently subjective given that
there are alternative assumptions and valuation methods that may result
in a range of values for a property.
In assessing the valuations, we performed the procedures below.
We held discussions with Stride Investment Management Limited (the
Manager) to understand:
• movements in SPL’s investment property portfolio
• changes in the condition of each property
• the controls in place over the valuation process.
On a sample basis, with particular emphasis on properties with significant
or unusual fluctuations in key inputs compared to other investment
properties held by SPL within the same sector or as compared to market
information, we read individual valuation reports and performed the
following procedures:
• obtained an understanding of the key inputs that caused the
valuation to have a significant or unusual change
• agreed the forecast contractual rental and lease terms to lease
agreements with tenants
• considered whether seismic assessments and/or capital
maintenance requirements had been taken into account in the
valuations with reference to supporting documentation, including
support from third parties.
We also analysed and considered the underlying reason for differences
outside a threshold, between the income capitalisation method value and
the discounted cash flow method value by property.
For the property under development valued using the residual approach,
we obtained evidence to support the estimated cost to complete and
assessed the reasonableness of profit and risk allowances deducted from
the ‘as if complete’ valuation.
We held separate discussions with the valuers to gain an understanding
of the assumptions and estimates used and the valuation methodology
applied. We also sought to understand and consider restrictions
imposed on the valuation process (if any) and the market conditions at
balance date.
We engaged our own in-house valuation experts to critique and
independently assess, based on our experts’ market and valuation
knowledge, the work performed, and assumptions and estimates made
by the valuers on a sample basis.
We have considered the adequacy of the disclosures in the consolidated
financial statements.
Description of the key audit matterHow our audit addressed the key audit matter
Accounting for the Industre transaction
As disclosed in notes 1.8, 7.1, 7.2 and 7.3 of the consolidated financial
statements, the forming of Industre Property Joint Venture (“Industre”)
was a significant event and transaction during the year. Industre is a joint
arrangement between SPL and J.P. Morgan Asset Management (JPMAM)
and commenced operations on 1 July 2020.
On commencement, SPL contributed all of its industrial properties to
Industre and held a 68.25% interest on that date.
The accounting for the arrangements by SPL is a combination of a joint
operation (‘Industre operation’) and joint venture (‘Industre joint venture’).
Given the significance of this transaction and the complexity of the
recognition and measurement principles, this is a key audit matter.
The Manager, aided by their external technical accounting expert,
was required to exercise considerable professional judgement in
determining the appropriate accounting treatment. Significant accounting
considerations included:
• whether SPL and JPMAM have joint control of the entities forming
Industre
• how to measure the loss on disposal of investment properties arising
from SPL’s transfer of the properties to Industre
• whether the investment properties acquired by Industre from SPL
constituted asset acquisitions or a business combination
• whether the disposal of the investment properties by SPL meets the
definition of discontinued operations.
We performed a detailed assessment of the accounting treatment for this
transaction with the involvement of our internal technical experts.
We:
• obtained and reviewed key contracts
• considered the independent technical accounting advice adopted
by the Manager
• assessed the accounting treatment against the relevant accounting
standards in respect of:
-SPL and JPMAM having joint control
-SPL accounting for its ongoing interest either as a joint operation
or a joint venture
-measurement of the loss on disposal of investment properties
transferred to Industre on commencement of operations;
-the disposal of the investment properties meeting the definition
of discontinued operations
-the contribution of the investment properties to Industre not
meeting the definition of a business combination and, as a result,
SPL’s equity contribution in Industre being recognised at the fair
value of the investment properties at 30 June 2020
• reviewed the accounting entries to record the disposal of the
investment properties to Industre
• agreed the key inputs used in the calculation of the loss on disposal
of the investment properties to relevant documents
• considered the adequacy of the disclosures in the consolidated
financial statements.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021114115

Our audit approach
Overview
Overall materiality: $2.0 million, which represents approximately 5% of profit before
tax from continuing operations excluding valuation movements relating to investment
properties (including Stride’s share of profit in equity-accounted investments arising from
valuation movements of investment properties).
We chose profit before tax excluding valuation movements relating to investment
properties as the benchmark because, in our view, it is the benchmark against which the
performance of Stride is most commonly measured by users, and is a generally accepted
benchmark.
We agreed with the Audit and Risk Committee that we would report to them misstatements
identified during our audit above $100,000, which represents approximately 5% of our
overall materiality, as well as misstatements below that amount that, in our view, warranted
reporting for qualitative reasons.
We selected transactions and balances to audit based on their materiality to Stride rather
than determining the scope of procedures to perform by auditing only specific subsidiaries
or entities.
As reported above, we have two key audit matters, being:
• Valuation of investment property
• Accounting for the Industre transaction
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In
particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management
override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material
if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated
financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the
consolidated financial statements as a whole as set out above. These, together with qualitative considerations, helped us to determine the scope of
our audit, the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the
consolidated financial statements as a whole.
How we tailored our audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a
whole, taking into account the structure of Stride, the accounting processes and controls, and the industry in which Stride operates.
The scope of our audit and the nature, timing and extent of audit procedures performed were determined by our risk assessment, the financial
significance of components and other qualitative factors (including history of misstatement through fraud or error).
Independent auditor’s report (continued)
To the shareholders of Stride Property Group
Materiality
Group

scoping
Key audit
matters
Other information
The Directors of SPL and SIML respectively are responsible for the other information. The other information comprises the information included in the
Annual Report, but does not include the consolidated financial statements and our auditor's report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of audit opinion or
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of
this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Responsibilities of the Directors for the consolidated financial statements
The Directors of SPL and SIML respectively are responsible, on behalf of Stride, for the preparation and fair presentation of the consolidated financial
statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors of SPL and SIML respectively are responsible for assessing Stride’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either
intend to liquidate SPL or SIML or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements, as a whole, are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the shareholders of SPL and SIML, as a body. Our audit work has been undertaken so that we might state those matters
which we are required to state to them in an auditor’s 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 audit work, for this report or for the opinions we
have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Karen Shires.
For and on behalf of:
Chartered Accountants
27 May 2021
Auckland
Independent auditor’s report (continued)
To the shareholders of Stride Property Group
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021116117

Corporate
Governance
46 Sale Street,
Auckland
Stride Property GroupAnnual Report 2021119Stride Property GroupAnnual Report 2021118

The Stride Investment Management
Limited (SIML) and Stride Property
Limited (SPL) Boards believe that strong
corporate governance is an essential
foundation for a sustainable and
successful business.
This section of the Annual Report
provides an overview of the corporate
governance policies and practices
adopted and followed by the Boards
of Directors of SPL and SIML. This
statement is current as at 1 May 2021.
Overview of Stride and its Governance Framework
SPL and SIML are both companies incorporated in
New Zealand under the Companies Act. SPL and SIML are
‘Stapled Entities’, with the ordinary shares of SPL and SIML
stapled together and quoted on the Main Board equity
securities market of NZX under a single ticker code ‘SPG’.
This means that one share of SIML and one share of SPL
must be traded together as a single parcel. SPL and SIML
are together referred to as “Stride Property Group”
or “Stride”.
Stride has a ‘non-standard’ (NS) designation due to its
stapled structure. The waivers from the Listing Rules that
have been granted by NZX to give effect to that stapled
structure are described on pages 153 and 154. The
implications of investing in the stapled securities of SPL and
SIML are described on page 155.
The Stride Boards are committed to the highest standards
of business behaviour and accountability, and regularly
review and assess Stride’s governance structures and
processes to ensure these are consistent with best
practice standards.
This section of the Annual Report provides an overview of
Stride’s corporate governance framework and includes
commentary on compliance by Stride with each of the eight
corporate governance principles and recommendations of
the NZX Code for the year ended 31 March 2021, together
with other legal and regulatory disclosures.
For the reporting period, Stride considers that its corporate
governance practices are materially consistent with the
NZX Code, with the exception that no Remuneration
Committee or Nominations Committee was established for
the financial year ended 31 March 2021 as the functions
that would have been performed by these committees were
undertaken by the Stride Boards as a whole. However,
the Boards have now established a Remuneration and
Nomination Committee.
Stride’s governance framework is set out in Diagram 1.
Stride’s Website
For additional information on the key corporate
governance documents and policies of SIML
and SPL, please refer to the Stride website at
www.strideproperty.co.nz
Diagram 1 – Governance Framework
Corporate
Governance

SPL
(Property Investment)

• Office
• Town Centres
Delegations of Authority
SIML
(Real Estate Manager)
SIML CEO / Management
External Auditor
Boards of Directors
Audit & Risk Committee
Risk Management /
Internal Controls
ACCOUNTABILITY
RISK MANAGEMENT
Shareholders

Appointment
of Directors
2%
18.8%
56.3%
• Large Format Retail•Retail Shopping Centres

•Industrial
Commenced 1 July 2020
External
Stakeholders
Management Agreement
Shares stapled
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021120121

Directors should set high standards of
ethical behaviour, model this behaviour
and hold management accountable
for these standards being followed
throughout the organisation.
The Stride Boards set high standards of ethical behaviour
which inform the overall corporate governance practices of
SPL and SIML. Stride and the Stride Boards adopt an ethics-
based approach to their operations and decision-making.
There are four key behaviours that guide Stride’s business
operations and differentiate Stride from other organisations:
These behaviours are displayed on the walls of
Stride’s head office and guide Stride employees
in their daily business and decision-making. Stride
celebrates employees who demonstrate these
behaviours through regular “In Stride” awards at
company-wide meetings. All employees are able to
nominate their colleagues for an “In Stride” award,
with the awards decided by the SIML executive team.
This encourages employees to think about how they
demonstrate these behaviours and ensure that these
behaviours guide them in their day-to-day work.
Code of Ethics
To support and reinforce the Stride behaviours, Stride
has adopted a Code of Ethics which sets the standard
expected by the Stride Boards and the employees of
SIML when conducting Stride’s business.
The Code of Ethics sets the following standards for
directors and employees:
Act with honesty, integrity and fairness, and
demonstrate respect for others
Adhere to all legal and compliance obligations
Protect Stride’s assets and resources,
including its confidential or sensitive
information, and ensure this protection
extends to the Stride Products
Make every effort to protect the reputation
and brand of SPL and SIML and avoid a
conflict between an individual’s private
activities and the business activities of Stride
The Code of Ethics is supported by other policies,
including the Stride Conflicts Policy, Protected
Disclosures Policy, Securities Trading Policy and
Market Disclosure Policy (which is described in the
commentary related to Principle 4).
Conflicts Policy
Stride takes a conservative approach to conflicts of
interest, given the role of SIML as manager of SPL and
the Stride Products - Investore, Diversified and Industre.
The principles that govern the management of conflicts
of interest are addressed in a number of governance
documents, including the Constitution of each of SPL and
SIML, the Stride Boards’ charter, the Code of Ethics, and
other internal policies.
The Boards have adopted a Conflicts Policy which guides
Directors and SIML employees when a conflict of interest
may arise and sets out procedures for managing conflicts of
interest. The purpose of the Conflicts Policy is to protect the
integrity of decision-making within SPL and SIML, as well as
the Stride Products, the reputation of each of those entities,
those who work within them, and those who own them.
As part of the Conflicts Policy, SIML has adopted an
Acquisition and Leasing Protocol which assists SIML
management and employees in making decisions in the
event of any conflict between the interests of the portfolios
managed by SIML. All transactions in which SIML has, or
may be perceived to have, a conflict of interest (which can
include personal, related party and fund conflicts) will be
conducted in accordance with the Conflicts Policy and
established protocols. SIML’s conflicts manager, who is the
Company Secretary of SIML, oversees the application of the
Conflicts Policy and reports to the SIML Board to ensure
that all conflicts are managed in an appropriate manner.
SIML considers conflict of interest issues on a transaction-
by-transaction basis and will employ specific and additional
procedures for specific transactions as appropriate.
Protected Disclosures Policy
Stride has a Protected Disclosures Policy which provides a
safe process for employees to make an allegation of serious
wrongdoing within Stride.
The following procedure is specified in the policy for
employees to report wrongdoing:
• The wrongdoing is reported to the Disclosure Officer
(the Company Secretary), or where the employee
believes the Disclosure Officer is or may be involved in
the wrongdoing or where it is inappropriate to make the
disclosure to the Disclosure Officer due to the nature
of the information, the information may be reported
NZX Principle 1:
Code of Ethical Behaviour
to the Chief Executive Officer of SIML or a Director of
SPL or SIML, or to an appropriate authority such as the
Police or Serious Fraud Office where appropriate.
• The employee should specify that he or she believes
on reasonable grounds that the information is true,
that he or she wishes to disclose the information so
that the wrongdoing can be investigated, and that he
or she wishes the disclosure to be protected in terms
of the policy.
All reports of wrongdoing will be investigated within
20 working days of the disclosure being made and the
findings of the report will be communicated to the disclosing
employee. The identity of the disclosing employee will be
kept confidential, except with the consent of the disclosing
employee or where required for the investigation.
Securities Trading Policy
The Boards have adopted a Securities Trading Policy which
governs trading in Stride securities by Stride Directors
and SIML employees. The Securities Trading Policy raises
awareness about the insider trading provisions within
the Financial Markets Conduct Act 2013 (FMCA) and
reinforces those requirements with additional internal
compliance requirements.
Stride Directors and employees of SIML who wish to
trade in stapled securities of Stride must comply with
the Securities Trading Policy, which sets limited trading
windows and requires all persons to whom the policy
applies to obtain approval prior to trading. Speculative
trading is not permitted, and Directors and employees are
required to hold stapled securities for a minimum of six
months, except in exceptional circumstances and with the
prior approval of the Company Secretary.
People centred
The success of every place we are involved with ultimately
depends on satisfying the wants and needs of people.
At Stride we imagine ourselves in our tenants’
shoes and create the environment they will enjoy
and prosper in.
Discipline driven
Stride people go to great lengths to do the basics of our
business incredibly well. That means getting all the details
right and having a rigorous process to evaluate
every opportunity. We astutely navigate risk,
managing downside and seizing opportunities.
Fresh thinkers
Stride people are at the forefront of new thinking on
capturing the optimum value for people from
properties. Our feet are firmly on the ground while
our heads continuously scan new horizons for
better ways of doing things.
Nimble performers
Our flat, tight structure and our size allow Stride
and our people to be highly responsive to
changing conditions and make fast decisions.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021122123

To ensure an effective board, there should
be a balance of independence, skills,
knowledge, experience and perspectives.
The Role of the Stride Boards
The SPL Board and the SIML Board are each responsible
for overseeing the effective management and operation of
SPL and SIML respectively. The Boards’ role is to represent
the interests of Stride’s shareholders and ensure that the
operations of Stride are managed so as to achieve Stride’s
strategy and business objectives, within a framework of
regulatory and ethical compliance. The Stride Boards have
adopted a Board charter which sets out the Boards’ roles
and responsibilities. This charter is available on Stride’s
website. The Boards’ charter notes that the Board of SPL
has appointed SIML as its manager, and the Board of SIML
has delegated authority to the Chief Executive Officer of
SIML for the operations and administration of Stride, in
accordance with the Delegations of Authority.
Directors review the Boards’ charter annually, to ensure
it remains consistent with the Boards’ objectives and
responsibilities. A summary of the principal responsibilities
of the Boards and management and how they interact is set
out in Diagram 2.
The Composition of the Boards and
Director Appointment
The Constitution of each of SPL and SIML and the Boards’
charter set out the parameters for the composition of each
Board, which at all times will be identical due to the ‘Stapled
Entity’ structure. The parameters for the composition of the
Boards are as follows:
• A minimum of three Directors
• A maximum of eight Directors
• At least two of the Directors will be Independent
Directors (as defined in the Listing Rules) and ordinarily
resident in New Zealand
The Boards’ charter also requires that the Boards
should comprise:
Directors with an appropriate range of
skills and experience
Directors who have a proper understanding of, and
skill set to deal with, current and emerging issues
of the business
Directors who can effectively review and challenge
the performance of SIML management and
exercise independent judgement

NZX Principle 2:
Board Composition and
Performance
All of the SPL and SIML Directors are considered to be
‘Independent Directors’ under the Listing Rules, which
in summary means that they are free of any business or
other relationship that could reasonably influence, or
could reasonably be perceived to influence, in a material
way, the Director’s capacity to bring an independent
view to decisions in relation to Stride, act in the best
interests of Stride, and represent the interests of Stride’s
shareholders generally.
The Boards have reviewed the status of each of the
Directors and, taking into account the waiver granted
by NZX Regulation in relation to the independence of
Directors that is summarised on page 153, confirm that,
as at the date of the release of this Annual Report and
after considering the relevant factors set out in the NZX
Code, all Directors are independent. An overview of each
of the Directors of SPL and SIML, their status and date
of appointment is set out on pages 14 and 15, with their
attendance at meetings set out on page 134.
In determining that all SPL and SIML Directors are
‘Independent Directors’, careful consideration has been
given to the factors set out in the NZX Code:
• None of the Directors have been employed in an
executive role by Stride;
• None of the Directors currently or within the last
12 months have held a senior role in a provider of
material professional services to Stride or any of its
subsidiaries;
• None of the Directors currently or within the last
three years have had a material business relationship
or material contractual relationship (other than as a
director) with Stride;
• None of the Directors are substantial product holders
of Stride or have any association with a substantial
product holder of Stride;
• None of the Directors have close family ties with any of
the persons listed above;
• None of the Directors have been directors of Stride for
a length of time that may compromise independence.
Diagram 2 – Boards and Management
Roles and Responsibilities
Boards set the strategic
direction of SPL/SIML and the
operating frameworks that
govern management of the
businesses of SPL/SIML; report
to shareholders on performance
and key business matters.
Management gives effect to strategy set
by Boards, and undertakes day-to-day
operations of the businesses of SPL and
SIML, in accordance with Delegations of
Authority; ensures SPL/SIML are meeting
their legal, regulatory, financial reporting
and other statutory obligations; reports
to Boards on financial and operational
performance, including health and safety
and risk management considerations.
Boards monitor performance of
management and the organisation and
review Stride’s internal decision-making
strategy and any strategic policies,
procedures and Board and committee
charters; ensure management has
appropriate resources to give effect to
strategic objectives; review and approve
budgets; set remuneration policy and
review and approve remuneration
arrangements for senior management.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021124125

Directors Tim Storey and John Harvey have been directors
of SPL since 2009. The Board has considered this
length of tenure and does not consider that it prejudices
the independence of either Director Tim Storey or John
Harvey, given their governance experience and approach
to Board duties.
The Stride Company Secretary is an employee of SIML
and reports directly to the Chief Executive Officer, and
accordingly participates in the SIML long-term incentive
scheme for senior employees. The Company Secretary
has a legal background and understands the need to
apply impartiality in the role, including the need to ensure
appropriate Board oversight of the business of SPL and
SIML. The Company Secretary has direct access to the
Board Chair and the Chair of the Audit and Risk Committee
where needed.
Independence of Board Chair
The Chair of the Boards is Tim Storey, an independent
Director. The Chief Executive Officer of SIML is Philip
Littlewood, and accordingly there is separation between the
Chair and the Chief Executive Officer.
Appointment of Directors
Potential candidates for appointment as a Director are
nominated by the SIML Board (prior to the establishment
of the Stride Remuneration and Nomination Committee
in 2021) or a SIML shareholder, and are voted on by the
shareholders of SIML. Under SPL’s Constitution, persons
who are appointed as Directors of SIML are automatically
appointed as Directors of SPL.
The Boards may appoint Directors to fill a casual vacancy,
but where a Director is appointed to fill a casual vacancy, the
Director is required to retire and stand for election at the first
Annual Shareholder Meeting after his or her appointment.
To be eligible for selection, candidates must demonstrate
the appropriate qualities and experience for the role of
Director and will be selected on a range of factors, including
property industry knowledge, business acumen, financial
markets, and governance experience. Other factors include
background, professional expertise, and qualifications,
measured against the Boards’ assessment of its overall
skills and needs at the time and having regard to the
strategy of Stride.
Before appointing a new director, the Boards undertake
appropriate pre-appointment checks, including background
checks on education, employment experience, criminal
history, and bankruptcy. No new directors were appointed
to the Boards during FY21.
All new Directors are appointed by way of a formal letter of
appointment setting out the key terms and conditions of
their appointment, including expected time commitment,
remuneration entitlements, and indemnity and insurance
arrangements. New Directors are provided with an
induction pack containing key governance information,
policies and charters, and relevant information necessary
to prepare new Directors for their role. New Directors also
meet each of the key members of management of SIML
as part of an induction programme, designed to provide
new Directors with an overview of Stride, its strategy and
operations, and the markets in which it operates.
Directors’ Skills and Experience
The Boards include Directors who collectively have a
mix of skills, knowledge, experience, and diversity that
enhance the Boards’ operations and assist the Boards
to meet their responsibilities. A balance is maintained
between long serving Directors with experience and
knowledge of the property sector and Stride’s history, and
new Directors who bring fresh perspective and insight. Set
out in Diagram 3 is a summary of the skills and experience
among Directors of the Boards. Individual Director profiles
are set out on the Stride website and on pages 14 and 15
of this Annual Report.
Diagram 3 – Boards’ Skills Matrix
Female
Male
Independent
100%
67%
33%
1012 years
510 years
05 years
Capital Markets
Financial
Property
Legal
Sustainability
Funds
Management
Strategic
Leadership
Risk
Management
Governance
4
4
2
2
6
6
5
1
6

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* Tenure is determined by taking the earliest date of appointment across SPL and SIML.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021126127

Professional Development, Training and
Independent Advice
The Boards understand the importance of ensuring they
remain current in the knowledge and skills required to
be a Director of SPL and SIML, particularly focussed
on knowledge specific to the property industry, funds
management business, macroeconomic factors and new
regulatory and governance practices, all of which may
impact on Stride’s business and operations. Director
development and education includes briefings from senior
SIML managers and industry experts, and attendance
at conferences. Directors also have access to external
education and professional development training at
Stride’s expense.
Directors are entitled to access such information and
to seek such independent advice as they individually or
collectively consider necessary to fulfil their responsibilities
and permit independent judgement in decision-making.
Boards’ Review
The Boards undertake an annual evaluation of their
performance. In FY21 the Boards undertook a formal
review and evaluation process, facilitated by an external
governance expert. The review focussed on the
effectiveness of the entire Boards, including the leadership
of the Chair and the contribution of individual Directors,
the role of senior management, the dynamics among the
Boards and executives, as well as all Board processes,
structures and activities. The review also revisited the
recommendations provided during the FY20 Board review
to determine how well these have been implemented and
whether improvements are required. The review comprised
interviews and surveys, eliciting the perspectives of Board
members and senior executives.
The recommendations have been reviewed by the Boards
as a whole and are being implemented. One of the
recommendations regarded structure and function of Board
committees, following which the Boards have established
the Remuneration and Nomination Committee. The
recommendations will assist the Boards in their ongoing
development and in the effective functioning of the Boards.
Diversity
The Stride Boards recognise that different perspectives
contribute to a more successful business, and that different
perspectives are often the result of diversity. Stride is
committed to promoting diversity on the SPL and SIML
Boards and SIML, which is the employing entity of Stride, is
committed to promoting diversity within the workplace by
attracting, recruiting, developing, promoting and retaining
the best employees from a diverse pool of individuals. The
Stride Boards acknowledge and value the role that diversity
plays in strengthening Stride and its performance.
Stride has adopted a Diversity Policy which sets out its
commitment to diversity within the organisation. Stride
considers that diversity and inclusion embodies a wide
range of individual attributes, including gender and
ethnicity, age, national origin, sexual orientation, disability
and religious belief.
Stride’s Diversity Policy embraces four key principles:
Merit - Individuals are evaluated based on their
individual skills, performance and capabilities
Fairness & Equality - Stride does not tolerate any
discrimination or harassment in the workplace
of any kind, including, but not limited to, in
recruitment, promotion and remuneration
Promotion of Diverse Ideas - Stride values diversity
in skills, backgrounds, and ideas which come from
a diverse workforce
Culture - Stride believes that diversity is a strong
contributor to a rich workplace culture, where
individuals are free to be themselves and thrive
within Stride
Stride has conducted its annual assessment of its diversity
objectives for FY21 and its progress towards achieving
these objectives. Stride believes that a focus on diversity
and inclusion is an ongoing endeavour and will be a
constant consideration and focus for the Stride Boards.
PolicyObjectiveFY21 Performance
Stride is committed to promoting
diversity on its Board by attracting,
developing and retaining the
highest calibre of Directors from a
diverse pool of individuals
Improve representation of
women on the Boards
Where there is a vacancy on the Boards, the Boards will ensure that
recruitment includes at least one female on the shortlist wherever possible.
There has been no Board recruitment during FY21.
Gender split remains
Male
67%
Female
33%
(FY20: 67% Male / 33% Female)
Stride is committed to promoting
diversity within the workplace by
attracting, recruiting, developing,
promoting and retaining the
highest calibre of employees from
a diverse pool of individuals
Improve representation of
women in the Executive and
Leadership Team
As at 31 March 2021, there was one vacancy on the Executive team, being
the General Manager Investment. Accordingly, at 31 March 2021, the gender
split for the executive team was:
Male
71%
Female
29%
(FY20: 75% Male / 25% Female).
Subsequent to balance date the General Manager Investment role has been
filled by a male, following which the gender split in the executive team has
returned to 75% male and 25% female.
The leadership gender split is more balanced:
Male
56%
Female
44%
(FY20: 29% Male / 71% Female)
It is Stride’s policy that all executive and leadership recruitment will include at
least one female in the shortlist wherever possible.
In addition to external recruitment, Stride also values internal recruitment
highly, and during FY21 there were two internal promotions, both of which
were females.
Stride believes that diversity
is an essential component of
a successful business and
acknowledges and values
the role that diversity plays in
strengthening Stride and its
performance
Establish a diversity and
inclusion programme to
improve understanding of
diversity in the workplace
Stride defines diversity as more than just gender. Stride tracks metrics
including age and ethnicity.
Average age FY21 is 42
(FY20: 41)
Company-wide gender split
Male
37%
Female
63%
(FY20: 37% Male/63% Female)
Unconscious bias training has been identified to be implemented across
SIML during FY22, commencing with sessions for the SIML-managed
shopping centres.
Stride has completed an assessment with Diversity Works so that further
guidance can be provided on appropriate initiatives for FY22.
Table 1 – Diversity Objectives and FY21 Performance
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021128129

During FY21, Stride has advanced its diversity
practices through:
• Participation in the Property Council New Zealand
Diversity and Inclusion Survey 2020. Stride is a
founding partner sponsor to the Property Council
New Zealand Diversity and Inclusion initiative, which
has been established to promote diversity across the
property industry.
• Becoming a Diversity Works member and completing
the Diversity and Inclusion Stocktake in order to
benchmark Stride’s diversity and inclusion position
against other New Zealand companies. Stride intends
to continue to work with Diversity Works during FY22
to advance its diversity and inclusion practices to
ensure they are best practice and support current and
future employees.
As at 31 March 2021As at 31 March 2020
DirectorsOfficers
*
DirectorsOfficers
*
Male4 (67%)5 (71%)4 (67%)6 (75%)
Female2 (33%)2 (29%)2 (33%)2 (25%)
Gender Composition of the Boards and Officers of SPL and SIML
* Officer is defined in Listing Rule 3.8.1(c) to mean a person, however designated, who is concerned or takes part in the management of the issuer’s
business and reports directly to the Board or a person who reports to the Board. Stride considers the executive team of SIML, which consists of the
Chief Executive Officer (who reports directly to the Board) plus his direct reports to comprise the Officers of SIML.
• Stride revised and improved its flexible work policy to
encourage employees to work from home if and when
they need to. Stride’s policy is that employees should
be in the office more than they are not, and everyone
should work in the office on Mondays and Fridays
in order to promote the Stride culture and enhance
collaboration. Outside of that, employees can choose
to work from home as it suits them. This supports those
employees who have dependents at home, particularly
when they are unwell.
The board should use committees
where this will enhance its effectiveness
in key areas, while still retaining board
responsibility.
Committees play an important role in Stride’s governance
framework, allowing a subset of the Boards to focus on a
particular area of importance for the Stride Boards, while
still ensuring the Boards as a whole remain responsible for
decision-making.
The Stride Boards have established an Audit and Risk
Committee to assist in the exercise of the Boards’ financial
oversight and risk functions. In addition, during FY21 the
Boards established a permanent Sustainability Committee,
which assists with progressing the sustainability objectives
of the Boards across SPL and SIML. Following balance
date the Boards have also established a Remuneration and
Nomination Committee. Prior to this, these functions were
undertaken by the Boards as a whole.
In addition, the Boards appoint other committees from time
to time as necessary to deal with projects relating to Stride’s
activities. During FY21, a Due Diligence Committee was
established to oversee planning and preparation for the
equity capital raising undertaken during November and
December 2020.
The purpose of the Due Diligence Committee was to
ensure that Stride met its legal obligations in relation to
the equity capital raise. The members of the Due Diligence
Committee comprised a subset of the Boards, together with
representatives of SIML management and advisers.
Audit and Risk Committee
Stride’s Audit and Risk Committee operates under a written
charter, which is reviewed annually by the Committee to
ensure that it remains appropriate and current. The charter
requires that the Audit and Risk Committee be comprised
solely of non-executive Directors, have at least three
members, with the majority of members being Independent
Directors. The Chair of the Audit and Risk Committee is to
be an Independent Director and may not be the Chair of the
Boards. All Committee members must be financially literate
and at least one member will have accounting or related
financial management expertise.
All Directors are members of the Audit and Risk Committee,
with Director John Harvey the Chair of the Committee.
NZX Principle 3:
Board Committees
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021130131

The Boards consider that the Audit and Risk Committee
has the appropriate level of financial acumen and risk
management experience necessary for the Committee to
fulfil its responsibilities. Director John Harvey was formerly
a partner at PwC, the audit firm for Stride. However, as
John Harvey retired from the PwC partnership in 2009, the
Board has determined that his prior relationship with PwC
does not prejudice the independence of the auditor.
Meetings of the Audit and Risk Committee are held at
least twice a year, and are generally held four times per
year, having regard to Stride’s reporting and audit cycle.
Additional meetings are held at the discretion of the Chair,
or if requested by any Audit and Risk Committee member,
the Chief Executive Officer of SIML or the external auditor.
The NZX Code recommends that employees should only
attend Audit and Risk Committee meetings at the invitation
of the Committee. The Chief Executive Officer and senior
management of SIML, and the external auditor, have a
standing invitation to attend Audit and Risk Committee
meetings. The Audit and Risk Committee are free to, and
do, meet separately with the external auditor, without senior
management of SIML present, to discuss audit matters.
The Audit and Risk Committee provides assistance to the
Boards in fulfilling their responsibility to investors in relation
to the reporting practices of Stride, and the quality, integrity
and transparency of the financial reports of Stride. The role
and responsibilities of the Audit and Risk Committee are
summarised in Diagram 4.
Financial ReportingAudit FunctionsRisk Management
• Review the financial statements of
Stride with management and the
external auditor and obtain the external
auditor's views on disclosures and
content of the financial statements to be
presented to investors
• Review with management and the
external auditor the results of analysis
of significant financial reporting issues
and practices, including changes of
accounting principles
• Review judgements about the quality
of accounting principles and clarity of
financial disclosure used in Stride’s
financial reporting
• Review and recommend financial reports
to the Boards
• Meet with the external auditor and SIML
management to review the proposed
scope of the audit and half year review
and the procedures to be utilised
• Review the internal audit functions
undertaken by SIML and receive a
summary of findings from completed
internal audits
• Report the results of the annual audit
to the Boards, including whether the
financial statements comply with legal
and regulatory requirements
• Review the nature and scope of other
professional services provided by
the external auditor to consider the
risk of these services to the auditor’s
independence
• Assess and confirm to the Boards the
independence of the external auditor
• Recommend the appointment or
discharge of the external auditor and
establish the external auditor’s fees,
subject to shareholder approval
• Ensure that management has
established a risk management
framework to effectively identify,
monitor, manage and report key
business risks
• Review the procedures for identifying
key business risks and controlling their
financial impact
• Review management’s reports on
the effectiveness of systems for
internal control, financial reporting
and risk management
• Review key business risks and controls
• Review insurance policy terms and cover
adequacy and recommend the adoption
of cover to the Boards
Diagram 4 – Role and Responsibilities of Audit and Risk Committee
Sustainability Committee
The Stride Sustainability Committee held its first meeting in
September 2020. The role of the Sustainability Committee
is to identify and consider all relevant environmental, social
and governance matters as they relate to the business of
Stride, and assist the Boards to integrate environmental
and social principles into the governance of the business.
The Sustainability Committee acknowledges that overall
responsibility for governance remains with the Boards.
The Sustainability Committee comprises three Board
members, being Jacqueline Cheyne (Chair of the
Committee), Tim Storey and Philip Ling. Jacqueline Cheyne
is uniquely placed to lead this committee, given her role as
Chair of the External Reporting Board Steering Committee
responsible for development of climate reporting standards,
her role as a director of New Zealand Green Investment
Finance Limited, and her experience with sustainability
matters during her time as a partner of Deloitte, where she
led the Corporate Responsibility and Sustainability Services
function for Deloitte New Zealand for nine years.
The Sustainability Committee meets at least twice a year.
Additional meetings are held at the discretion of the Chair,
or if requested by any Committee member or the Chief
Executive Officer of SIML.
The primary roles of the Sustainability Committee are set
out in Diagram 5.
Due Diligence Committee
During FY21 a temporary Board Committee was
established to oversee the equity capital raising undertaken
in November and December 2020 to partially fund
the acquisition of two Wellington office properties, at
215 Lambton Quay and 20 Customhouse Quay. Four
of the six Stride Directors formed the Due Diligence
Committee, along with members of SIML management and
representatives of Stride’s advisers.
The key function of the Due Diligence Committee was to
oversee and coordinate the due diligence process for the
equity capital raising, which comprised an institutional
placement and a retail offer.
The Due Diligence Committee was responsible for ensuring
that all material information known to Stride was disclosed
to the market and that the offer materials did not contain
any statement that was false, misleading, or deceptive
or which was unsubstantiated, and contained all of the
information required by statute and the Listing Rules. The
Due Diligence Committee also established a system of
continuing enquiry, review, and monitoring of developments
between the date of the offer materials and the allotment
of shares, to ensure no material information arose which
should be disclosed to the market during this period.
Diagram 5 – Role and Responsibilities of Sustainability Committee
Oversees sustainability
reporting by Stride
Reviews resourcing required
and recommends resources
and activities to the Boards
in connection with the
Sustainability Strategic Plan
Reviews Stride’s performance
against determined sustainability
initiatives and outcomes
achieved, and reviews community
sponsorship and support initiatives
Reviews and recommends
to the Boards the Stride
Sustainability Policy and
Strategic Plan
Reviews and recommends
for approval Stride’s
sustainability objectives,
targets and performance
indicators
Oversees implementation
of Stride’s Sustainability
Strategic Plan, including
overseeing the climate risk
assessment process
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021132133

Boards and Committee Meetings and Attendance
The Boards’ charter sets out the meeting requirements and
process for each of SPL and SIML. Due to the nature of
the business of each Board, different meeting frequencies
are scheduled. The Board of SIML meets a minimum of
8 times per year and the Board of SPL a minimum of
5 times per year, with additional meetings and conference
calls scheduled as deemed necessary throughout the year
for Directors to undertake their duties. Directors attend
briefings with senior managers of SIML on an ad-hoc basis
and attend investor briefings in connection with their role
as a Director of SPL and SIML. These attendances are
not included in the disclosure in Table 2, but comprise an
important element of Stride Director responsibilities.
The Boards met more regularly during FY21 due to
the need to oversee the business given the impact of
COVID-19 and the activity undertaken by the SPL and SIML
businesses during the year, including acquisitions and the
equity capital raising in November and December 2020.
At each Board meeting, the Boards receive written reports
and presentations from SIML’s Chief Executive Officer
and senior management covering a review of operations
and financial results for the period in review, an overview
of matters for Board approval, an outline of key health,
safety and sustainability matters and, as appropriate, risk
and governance reports. The Boards regularly consider
performance against strategy, set strategic plans and
approve initiatives to meet each of SPL’s and SIML’s
strategic objectives.
The number of Board and Committee meetings held during
the year and details of Directors’ attendance at those
meetings are disclosed in Table 2.
Takeover Protocols
The Boards have adopted takeover protocols, available
on Stride’s website, which set out the procedure to be
followed in the event a takeover offer for Stride is made
or it is foreseeable that an offer may be imminent. The
protocols provide for an independent takeover committee
to be formed, comprising independent Directors of Stride,
to oversee the takeover process and ensure compliance
with Stride’s obligations under the Takeovers Code. The
protocols also govern the procedure for communications
with the bidder, and with the market and investors.
Table 2 - Directors’ Meeting Attendance
SPL BoardSIML Board
Audit and Risk
Committee
Sustainability
Committee
Due Diligence
Committee
Number of Meetings FY211012537
Tim Storey1012537
John Harvey101257
Michelle Tierney10125
Philip Ling1012537
Jacqueline Cheyne1012537
Nick Jacobson10125
The board should demand integrity in
financial and non-financial reporting,
and in the timeliness and balance of
corporate disclosures.
Market Disclosure Policy
Stride’s Market Disclosure Policy ensures Stride meets
its obligations to keep the market informed of all material
information. Both SPL and SIML are committed to:
Ensuring that shareholders and the market are
provided with full and timely information about
their activities
Complying with the general and continuous
disclosure principles contained in statute and in
the Listing Rules
Ensuring that all market participants have equal
opportunities to receive externally available
information issued by Stride
The Market Disclosure Policy obliges all Directors of SPL
and SIML and executive officers of SIML to inform the Chief
Executive Officer of SIML or the SIML General Manager
Corporate Services (who is also the Disclosure Officer
under the Policy) of any potentially material information or
proposal immediately after the relevant person becomes
aware of that information or proposal. A Disclosure
Committee, comprising the Stride Chair and SIML’s Chief
Executive Officer, Chief Financial Officer and General
Manager Corporate Services, is responsible for making
decisions about what information is material information
and ensuring that appropriate disclosures are made in a
timely manner to the market.
Access to Key Governance Documents
The Boards’ charter and the charters of the standing
Committees, being the Audit and Risk Committee and
the Sustainability Committee (and, after 31 March 2021,
the Remuneration and Nomination Committee), as well as
annual and interim reports, announcements, key corporate
governance policies and other investor-related material are
available on the Stride website at www.strideproperty.co.nz.
SIML does not presently include its remuneration
policy on the Stride website, as its policy contains
commercially sensitive information pertaining to how
employees are remunerated.
NZX Principle 4:
Reporting and Disclosure
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021134135

Financial Reporting
Stride’s Audit and Risk Committee oversees SPL and
SIML’s financial reporting, to ensure reporting is balanced,
clear and objective. Further information on the role
and responsibilities of the Audit and Risk Committee is
contained in the commentary related to Principle 3.
Non-Financial Reporting
Risks
The Audit and Risk Committee establishes processes
to identify and consider the material business risks
faced by SPL and SIML. The Stride Boards regularly
receive risk management reports and review key risks
to the businesses of SPL and SIML, and the controls
implemented to manage exposure to those risks. All
identified risks have specific mitigation strategies where
appropriate, and SIML management regularly reviews the
effectiveness of these strategies.
Environmental Sustainability, Social Responsibility and
Corporate Governance
Stride is committed to ensuring that Environmental
Sustainability, Social Responsibility and Corporate
Governance (ESG) are key considerations in the operation
and governance of its business.
Stride believes that the key elements of a sustainable
business strategy include balancing prosperity, planet
and people, which align with Stride’s four strategic pillars
of Performance, People, Places, and Products. The
Stride Boards believe there needs to be an equal focus
and balance among each of Stride’s pillars to create a
successful and sustainable business.
During FY21, Stride refreshed its sustainability strategic
plan, which is focused on three distinct goals. This plan
sets the primary objectives that Stride considers in its
decision-making.
Stride’s Sustainability Strategic Plan
Objective
Contribute to a resilient
communityDevelop shared prosperityProtect the planet
DescriptionWe want to provide leading health
and safety performance and support
a connected and inclusive society
We want to foster long-term
prosperity by investing in and
managing outstanding places that
reward everyone connected with them
We want to create efficient, climate-
resilient places that deliver long term
value and support a low carbon future
UN Sustainable
Development Goals
Climate Risks
During FY21 Stride’s Sustainability Committee considered
the key risks, at a high level, that may be faced by Stride
in relation to climate change, and, in accordance with
the Taskforce on Climate-related Financial Disclosures,
categorised those risks into two categories – transition
risks, being those associated with transitioning to a low-
carbon economy; and physical risks, being risks arising
as a result of changes in the physical climate and acute
climate events.
A summary of the high level climate change risks assessed
by the business and reported to the Stride Sustainability
Committee is set out on pages 50 and 51 of this Annual
Report. During FY22 Stride intends to undertake further
work, through the Sustainability Committee, to refine these
risks and develop a detailed and comprehensive climate
risk assessment for Stride and its managed entities.
Community Involvement
Community involvement continues to be a focus for Stride,
given its role as owner and manager of buildings within
communities. During FY21 Stride undertook a number
of initiatives aimed at developing relationships with the
local community and seeking to support community and
educational groups in the areas in which it operates.
Stride considers that this involvement was particularly
important during FY21, due to the impact of COVID-19
on our communities. Some of the key ways in which Stride
contributes to the communities in which it operates are set
out in Diagram 6, and further information can be found on
pages 54 and 55 of this Annual Report.
Diagram 6 – Stride’s Community Initiatives
SponsorshipTime, space and resources
• Stride is a proud sponsor of Keystone New Zealand Property
Education Trust which provides grants to students who
would not otherwise be able to afford tertiary education
• Stride is also a sponsor of the Graeme Dingle Foundation
whose aim is to inspire all New Zealand school age children
to reach their full potential
• Stride is a Founding Partner Sponsor to the Property Council
New Zealand Diversity and Inclusion initiative, which aims to
promote diversity in the property industry
• Stride sponsors a promising young female athlete through
the Tania Dalton Foundation. The student chosen by Stride
is located in an area that is relevant to Stride, being an area
where Stride has employees who manage a shopping centre
• All SIML managed shopping centres provide free activities
for children during the school holidays, and during the April
2020 school holidays when New Zealand was in Alert Level
4 lockdown, Johnsonville Shopping Centre provided a daily
Facebook live magic show to help keep children entertained
• Chartwell and Queensgate Shopping Centres support
“Dress for Success”, a charity which assists women to re-
enter the workforce, through being a collection point
for clothes
• SIML-managed shopping centres provide space for
community groups and charities, to assist them to achieve
their objectives. The organisations that benefited from this
space during FY21 included St John, Safer Plates Initiative,
Red Cross, Child Cancer Foundation, Women’s Refuge,
Breast Cancer Foundation, Heart Foundation and a number
of hospices
• Stride undertook a number of collections of donations
during FY21 for City Mission, the Salvation Army and other
charities in need, including through annual gift wrapping
services where members of the public make a donation
in return for having their gifts wrapped using resources
donated by the centres
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021136137

The remuneration of directors and
executives should be transparent, fair
and reasonable.
Directors’ Remuneration
Directors are remunerated in the form of Directors’ fees,
approved by shareholders, including a higher level of
fees for the Chair of the Boards and Chair of the Audit
and Risk Committee, to reflect the additional time and
responsibilities that these positions involve.
Directors are paid through a contribution from both SIML
and SPL. However, under waivers granted by NZX, there is
no requirement that Directors’ remuneration be authorised
by separate resolutions of SPL and SIML.
Directors’ remuneration was reviewed in 2019, in
accordance with the two-yearly review cycle that Stride
previously signalled to the market. The SIML Board is
conscious of its obligation to ensure Directors’ fees are
set and managed in a manner which is fair, flexible and
transparent. At the same time, the SIML Board seeks
to ensure that Directors’ fees are set at an appropriate
level to assist Stride to secure and maintain the skills and
experience at Board level necessary to govern the business
and enhance the long-term value of Stride for shareholders.
When the Board reviews Directors’ fees on a two-yearly
cycle, it obtains a report from Ernst & Young, comparing
Stride Director fees against market comparable fees given
the size, type of business and nature of the organisation.
NZX Principle 5:
Remuneration
The SIML Board has an allowance for additional work and
attendance, of $144,500 per annum. The Boards may
determine the allocation of all or part of this allowance for
additional work and attendances to remunerate Directors
for significant extra attendances and work. For the
year in review this allowance was not utilised. Directors
contributed additional time and attendance due to the
need for additional meetings during the period directly
impacted by COVID-19, and for those who formed part
of the Due Diligence Committee in relation to the equity
capital raising conducted in November and December
2020. However, Directors did not receive additional
remuneration for these attendances.
No Director of SPL or SIML is entitled to any remuneration
from Stride other than by way of Directors’ fees and the
reasonable reimbursement of travelling, accommodation
and other expenses incurred in the course of performing
duties or exercising their role as a Director. Directors do not
participate in any Stride share or option plan. No Director
of a subsidiary company of Stride (a list of subsidiary
companies and directors is set out in the Statutory
Disclosures on page 149) received any remuneration or
other benefits during the period in relation to their duties
as directors of a subsidiary company, other than the benefit
of an indemnity from each of SPL and SIML and the benefit
of insurance cover in respect of all liabilities (to the extent
permitted by law) which arise out of the performance
of their normal duties as Directors, subject to certain
exceptions such as deliberate breach of duty. Directors
have no retirement benefit and do not receive any share
options or rights or other form of remuneration.
Table 3 – Director Remuneration FY21
Director Remuneration
Tim Storey (Chair)$167,500
John Harvey (Chair of Audit and Risk Committee)$109,000
Michelle Tierney$96,000
Philip Ling$96,000
Nick Jacobson$96,000
Jacqueline Cheyne$96,000
Total$660,500
* Total Directors’ fees exclude GST and reimbursed costs directly associated with carrying out Director duties. Total Directors’ fees include fees paid by
SPL and SIML.
Senior Management Remuneration
SIML is committed to a fair and reasonable remuneration framework for its executives. In determining an executive’s total
remuneration, external benchmarking is undertaken by independent remuneration advisors every two years to ensure
comparability and competitiveness, along with consideration of the individual’s performance, skills, expertise and experience.
Total executive remuneration can be made up of three components: fixed remuneration, a short-term incentive scheme and an
executive long-term share incentive scheme.
Fixed remuneration
Fixed remuneration consists of base salary. It is SIML’s policy to pay fixed remuneration for executives in the upper
quartile, in order to attract and retain talented people.
Short-term incentive
scheme
SIML operates a short term incentive scheme under which selected permanent, full-time employees may be eligible
to receive an incentive on an annual basis in addition to their base salary. Entitlement to the incentive is subject to pre-
agreed hurdles being met, which are aligned to Stride’s performance targets for the year.
Executive long-term
share incentive
scheme
SIML operates a long-term share incentive scheme for the executive team, intended to align the interests of key
employees with the interests of shareholders and provide a continuing incentive to key employees over the long term.
Share performance rights under the SIML long-term share incentive scheme may be issued on an annual basis at the
discretion of the Board.
The scheme provides for selected employees to be granted rights to be issued shares for nil consideration if certain
performance hurdles are met. The key features of the plan for rights awarded in FY21 are as follows:
• The rights are granted for nil consideration and have a nil exercise price
• Rights do not carry any dividend or voting rights prior to vesting
• Each right that vests entitles the employee to receive one fully paid ordinary share in SPL and SIML. The shares
issued on vesting carry full voting and dividend rights
• The individual must remain an employee of SIML at the relevant vesting date for any rights to vest
Further details of the SIML long-term share incentive scheme can be found in note 8.3 to the consolidated financial
statements.
Performance is determined over a three year vesting period, and the vesting of rights depends on certain hurdles being
met. For the rights granted during FY21, those hurdles comprised:
• Relative Total Shareholder Return (TSR) – 50% of rights are subject to Stride’s TSR growth performance,
relative to constituents of the NZX Property Index.
• Absolute Total Shareholder Return (TSR) – 50% of rights are subject to Stride’s absolute TSR performance
compared to certain thresholds.
Table 4 – Long Term Share Performance Rights
Year ended
31 March 2021
Year ended
31 March 2020
Opening balance890,729911,964
Rights granted597,901458,805
Rights exercised(264,455)(54,879)
Rights forfeited97,206(148,555)
Rights lapsed(176,303)(276,606)
Closing balance950,666890,729
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021138139

KiwiSaver
All employees are eligible to contribute and receive
matching SIML contributions of up to 4% of gross taxable
earnings (including short-term incentives). From 1 April
2021, the SIML Board has determined to increase
the employer KiwiSaver contributions to 5%, provided
employees are contributing at a rate of 4% or higher (which
will increase to 5% should this be an option for employee
contributions in the future).
Philip Littlewood
Year ended
31 March 2021
Year ended
31 March 2020
Salary615,000615,000
KiwiSaver33,21031,242
Other9,84513,217
Subtotal658,055659,459
Pay for performance
Short Term Incentive387,450166,050
Executive Long Term Incentive106,922112,238
Special Share Award221,070
Subtotal543,242218,288
Total remuneration 1,373,497937,747
Executive Long-term Incentive relates to the rights granted during the year, with a total value of $106,922 under the FY2021
Share Scheme (3 Year) which has a vesting period up to 31 March 2023.
Special Share Award was granted in respect of exceptional performance in FY21. On 13 April 2021, the SIML Board resolved
to issue 50% of the shares. The remaining 50% balance will be issued post 31 March 2022 on the basis that Philip Littlewood
remains employed as at 31 March 2022.
Chief Executive Officer Remuneration
The Chief Executive Officer remuneration detail provided
in Table 5 relates to salary and other benefits paid,
incentive payments accrued, KiwiSaver, and the value of
share rights issued to Philip Littlewood for the year ended
31 March 2021.
Table 5 – Chief Executive Officer Remuneration
Table 6 - Breakdown of CEO pay for performance (FY21)
Philip LittlewoodDescriptionPerformance measuresPercentage achieved
STI
Set at a maximum of 60% of
salary, with payout based on a
combination of financial and
non-financial performance
measures
• Stride achieving a specified level of
distributable profit per share
• Successful implementation of certain
strategic initiatives associated
with growing Stride’s investment
management business
100% of STI payment awarded
LT I
Vesting of rights granted under
the long term incentive scheme
for FY19, should the specified
performance hurdles be met.
Award set at a maximum of
50% of salary
• Relative Total Shareholder Return (TSR)
– 50% of rights vest subject to Stride’s
TSR growth performance, relative to
constituents of the NZX Property Index
• Absolute Total Shareholder Return
(TSR) – 50% of rights vest subject to
Stride’s absolute TSR performance
compared to certain thresholds
60% of rights vested, directly
related to achievement of
performance hurdles
Number of employeesNumber of employees
$100,000 - $109,9994$310,000 - $319,9991
$110,000 - $119,9995$320,000 - $329,9991
$120,000 - $129,9992$340,000 - $349,9991
$130,000 - $139,9993$350,000 - $359,9991
$150,000 - $159,9993$440,000 - $449,9991
$170,000 - $179,9993$550,000 - $559,9991
$180,000 - $189,9992$560,000 - $569,9991
$200,000 - $209,9992$580,000 - $589,9991
$210,000 - $219,9991$590,000 - $599,9991
$220,000 - $229,9995$720,000 - $729,9991
$230,000 - $239,9991$1,370,000 - $1,379,9991
$300,000 - $309,9991
The Chief Executive Officer is not entitled to any redundancy, retirement or termination payments, except as may be provided to
other staff.
* This includes salary and benefits paid, employer KiwiSaver contributions, the value of share rights issued to members of the executive team, and the
value of the special share award granted to certain employees and executives in respect of exceptional performance.
Remuneration of employees
There were 43 SIML employees who received remuneration and benefits in excess of $100,000 (not including Directors) in
their capacity as employees during the year ended 31 March 2021, as set out in Table 7.
Table 7 – Remuneration Range
*
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021140141

Directors should have a sound
understanding of the material risks faced
by the issuer and how to manage them.
The board should regularly verify that
the issuer has appropriate processes
that identify and manage potential and
material risks.
Risk Management Framework
The Stride Boards consider effective management of risks
to the operations and business of Stride to be an essential
part of their responsibilities. The Boards are responsible
for overseeing and approving the Stride risk management
strategy and policies, as well as ensuring effective audit,
risk management and compliance systems are in place.
The Audit and Risk Committee assists the Boards in
fulfilling their risk assurance and audit responsibilities.
Stride has a risk management framework in place,
supported by a set of risk-based policies appropriate for
the business, including a Treasury Policy, Conflicts Policy,
Investment Mandates across each Stride Product where
relevant, and Delegations of Authority. The principal
purpose of this framework is to integrate risk management
into Stride’s operations, and to formalise risk management
as part of Stride’s internal control and corporate
governance arrangements.
As part of the risk management framework, SIML
management maintains a comprehensive risk register for
the Stride business and for each of the Stride Products,
recording the key risks to the relevant business and
operations, and assigning each risk a risk rating based on
the likelihood and impact of the risk, as well as mitigation
strategies and the risk rating after implementation of the
mitigation strategies.
The Stride Boards receive a report on the material risks
facing the business every six months, as well as mitigation
strategies that are in place to manage those risks. This
report also includes notification of any changes to the risk
level or any new material risks that the business is facing.
These risks include financial, operational, compliance,
reputational, and health and safety risks, among others.
The key risk facing Stride during FY21 was the impact
of COVID-19, particularly given that Stride owns and
manages a number of retail shopping centres. Stride was
also cognisant of the different opportunities and challenges
posed by COVID-19 for the various Stride Products and
ensured that the approach to COVID-19 was tailored to the
needs of each Stride Product.
NZX Principle 6:
Risk Management
As reported in the “Sustainability” section of this report,
the Board is conscious of the risks posed by climate
change, and during FY22 will complete a climate risk
assessment for Stride and the Stride Products to develop a
comprehensive understanding of the risks posed to Stride’s
business through climate change and the response to
climate change.
Management of Health and Safety Risk
Stride is committed to ensuring that all persons, including
employees, consultants and contractors, tenants, and
members of the public, are safe from harm at work or while
on any site owned or managed by Stride. Stride’s overriding
health and safety objective is:
Our people are healthy and return
home safe and well

The Stride Boards acknowledge that effective governance of
health and safety is essential for the continued success of Stride
and its operations, the wellbeing of our people and others who
occupy or visit properties that are owned or managed by Stride.
The Stride health and safety charter is available on the Stride
website at www.strideproperty.co.nz. This charter reflects
that the Boards as a whole are responsible for the governance
of health and safety and have responsibility for leading the
health and safety culture and vision at Stride. The Board of
SIML also recognises that it plays a key role in managing health
and safety risks at properties owned by SPL and the Stride
Products in its role as manager of the Stride Products.
Health and safety risks at all sites, whether owned or
managed, are assessed and reported to the Boards, using
the same risk assessment methodology used to assess and
report on other risks. Health and safety risks are identified
and considered in terms of their impact, likelihood and
overall risk rating, with specific mitigating plans in place for
each risk. SIML works closely with tenants and contractors
to minimise and, where practicable, eliminate all property
related risks.
Contractor management remains a key health and safety
risk faced by Stride. Stride works hard to develop and
embed a positive health and safety culture throughout its
area of influence, including tenants, contractors and the
supply chain. SIML continues to work with contractors to
ensure that appropriate health and safety practices are
employed, and that contractors are minimising risk to staff,
public and tenants in undertaking their activities. Stride
remains vigilant in its engagement and management of
contractors to seek to ensure the work undertaken is safe
for all those involved, both those completing the work
and those in the area. For major developments SIML will
engage an external firm to audit health and safety practices
on site on a monthly basis, with the results of that review
reported to the Board.
During FY21, the key health and safety issue facing
Stride was the impact of COVID-19 on its operations and
those of the Stride Products and tenants. A number of
sites managed by SIML had tenants that were considered
‘essential businesses’ within the Government definition
on the www.covid19.govt.nz website, and therefore
the sites those tenants operated from were required to
be kept operational. Stride, in conjunction with these
tenants, identified those contractors that were required
to keep the sites operational and safe, and identified and
reviewed those contractors’ processes and procedures
for safe operating. As the alert levels changed, Stride’s
key focus was ensuring appropriate information was
provided to contractors and tenants regarding operational
expectations such as physical distancing, contact
tracing and sanitising, and monitoring to ensure these
expectations were being met.
During FY21 the SIML Board reviewed its health and
safety practices against best practice to ensure that it was
exercising its due diligence obligations in relation to health
and safety within Stride. The Board has requested SIML
management to undertake an external review of health
and safety practices during FY22, in accordance with the
Board’s policy of having an independent review every two
years, to ensure practices remain current and appropriate.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021142143

The board should ensure the quality
and independence of the external
audit process.
External Audit Function and Audit Independence
PwC is the auditor of Stride. The key framework for the
relationship between the issuer and its external auditor
is comprised in the Audit and Risk Committee charter,
which includes the audit independence guidelines. These
guidelines require compliance with the Listing Rules, which
require rotation of the lead audit partner at least every five
years. FY21 represents the fifth audit for Stride’s current
audit partner, and accordingly a new audit partner within
PwC will be appointed for FY22 for Stride.
Stride does not have a policy of rotating its audit firm,
on the basis that there is a limited pool of external audit
firms within New Zealand and Stride engages the other
major firms for non-audit services, meaning they would be
conflicted if approached to act as auditor. The Audit and
Risk Committee will continue to consider rotating Stride’s
audit firm on an ongoing basis as appropriate.
The audit independence guidelines also set out a
description for determining the non-audit services that may
be provided by the external auditor without compromising
the external auditor’s independence. The Audit and Risk
Committee regularly monitor non-audit services provided
by the external auditor and confirm whether these services
prejudice the maintenance of independence of the auditor.
The purpose of the audit independence framework is to
ensure that audit independence is maintained, both in fact
and appearance, so that Stride’s external financial reporting
is reliable and credible. For FY21, PwC, as auditor, did not
provide any services other than audit and review of financial
statements and other assurance services.
The Audit and Risk Committee meet at least twice a year
with the external auditor. The external auditor is invited
to attend meetings of the Audit and Risk Committee as
required, with Directors free to make direct contact with the
external auditor as necessary to obtain independent advice
and information. In the interests of encouraging active
participation by shareholders at the Annual Shareholder
Meetings, Stride’s external auditor is in attendance to
answer any questions shareholders may have in relation to
the audit of the annual financial statements.
NZX Principle 7:
Auditors
Internal Audit Function
Stride does not employ internal auditors. Instead, Stride
adopts a process of project-specific internal audits, through
engaging consultants to undertake internal reviews or
assessments on a project-by-project basis. Selected
consultants are engaged to assess, amongst other things,
Stride’s internal control systems, financial reporting
system, risk management and the integrity of the financial
information reported to the Boards. Project based reviews
or assessments can operate both with and independently
from management, with all findings reported to the relevant
Board or Committee.
The board should respect the rights of
shareholders and foster constructive
relationships with shareholders that
encourage them to engage with the issuer.
Investor Communications
The Boards believe transparent and open communication
with shareholders is important to ensure effective
participation by shareholders in the business of Stride.
Shareholders deserve to be provided with all relevant
information about the performance of their investment and
to be informed on any significant matters relating to their
investment in Stride. Stride is committed to notifying the
market of any material information related to its operations
as required by the Listing Rules.
All announcements are posted on Stride’s page on the
NZX website, www.nzx.com. Following release on the
NZX, copies of the announcements and information
released to NZX are posted on Stride’s website,
www.strideproperty.co.nz.
The Boards have adopted a Market Disclosure Policy
that establishes procedures aimed at ensuring Directors
and management are aware of and fulfil their disclosure
obligations under the Listing Rules (as addressed under
Principle 4). Significant market announcements, including
the announcement of the half year and full year results, the
accounts for those periods and any advice of a change in
earnings forecast, require prior review and approval of
each Board.
In addition to these general disclosure obligations,
the Market Disclosure Policy requires Directors and
management to regularly consider whether there is any
information that may require disclosure in accordance with
the Market Disclosure Policy, the Listing Rules, the FMCA
and best practice in this area. Board agendas include a
consideration of any matters for disclosure as the last item
on the agenda, and the Boards turn their mind to whether
anything that has arisen or been discussed during the
meeting requires disclosure.
Management and the Boards are also in contact between
meetings as matters arise, and consideration is given to
whether any matters are material and require disclosure.
NZX Principle 8:
Shareholder Rights
and Relations
The Stride website has copies of all presentations and
reports released by Stride, and shareholders are encouraged
to refer to the website www.strideproperty.co.nz for
information on SPL and SIML.
Stride’s annual reports and interim reports are available
electronically on Stride’s website and investors can request
hard copies (where available) by contacting Stride’s Share
Registrar (whose contact details can be found in the
Corporate Directory at the back of this Annual Report).
Each notice of meeting for shareholder meetings and
transcripts of those meetings are made available on Stride’s
website and on the NZX. Stride encourages investors to
receive investor communications by electronic means
where possible.
Notice of Shareholder Meetings
In order for shareholders to fully participate in shareholder
meetings, the Boards will endeavour where possible, to
distribute the Notice of Meetings at least 20 working
days prior to any shareholder meetings. During FY21
shareholders were given at least 20 working days’ notice of
the Annual Shareholder Meetings of SPL and SIML held on
29 July 2020.
Annual Shareholder Meetings
SPL and SIML hold their Annual Shareholder Meetings
at the same time, with separate votes held in relation
to shareholder resolutions of SIML and shareholder
resolutions of SPL. SIML and SPL shareholders have one
vote per share they hold in SIML and SPL respectively, and
have the right to vote on major decisions in accordance with
the Listing Rules.
Shareholders are encouraged to attend the SIML and SPL
Annual Shareholder Meetings and take the opportunity
to meet the Stride Boards and SIML senior managers.
All Directors and SIML senior managers attend the
shareholder meetings and are available for questions. The
Chair provides time for questions from the floor and these
are answered by the appropriate member of the Boards or
SIML management.
Stride’s external auditor attends the meeting and is
available to take questions on the preparation of the
financial statements and the auditor’s report.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021144145

Equity Capital Raise
Stride undertook an equity capital raise during November and
December 2020 (the Capital Raise), comprising:
• a $180 million underwritten share placement
(Placement); and
• a share purchase plan to eligible shareholders of up to
$40 million, with Stride having a discretion as to whether
to accept additional applications (SPP).
The Capital Raise was successfully completed on
15 December 2020 and Stride elected to accept additional
applications of $10 million under the SPP. Accordingly,
approximately 107.5 million shares were issued at $2.14 per
share, equating to $230 million of gross proceeds raised. The
net proceeds of the Capital Raise were used to partly fund
the acquisitions of 215 Lambton Quay and 20 Customhouse
Quay, and to capitalise SIML.
The SPP permitted each eligible shareholder to apply for up
to $50,000 of additional shares in Stride, under NZX Listing
Rule 4.3.1(c) as modified by the class waiver and ruling
issued by NZX Regulation dated 19 March 2020. The effect
of the class waiver and ruling issued by NZX Regulation was
to temporarily increase the aggregate issue price of shares
that may be issued to each shareholder under a Share
Purchase Plan to $50,000 in any 12 month period, for a
short period of time, to assist issuers to raise capital given
the impacts of COVID-19.
The Stride Board determined, having received advice on
options for the structure of the Capital Raise, to undertake
the Capital Raise by way of the Placement and SPP (rather
than under a pro rata structure such as a rights or entitlement
offer) for a number of reasons:
• Due to the timing of release of Stride’s interim results
on 25 November 2020 and entry into the agreement to
acquire the property at 20 Customhouse Quay (late on
24 November 2020) and the unconditional agreement
to acquire the property at 215 Lambton Quay
(19 November 2020), the Placement and SPP were able
to be completed before the Christmas holiday period,
while other forms of capital raising may not have been
able to be completed in this time period;
• The Placement and SPP could be, and was, sized
and structured in such a way as to enable almost
all shareholders to apply for at least their pro rata
shareholding in Stride;
• Overall, 99% of the SPP participants by number had the
ability to at least receive their pro rata allocation through
the SPP;
• By relying on the NZX class waiver and ruling, the SPP
of up to $50,000 worth of shares per registered holder
enabled approximately 98% of Stride’s shareholders to
participate in the SPP to a level which at least maintained
their pre-offer holding; and shareholders with holdings
of up to $400,000 were able to main their pro rata
shareholding. Stride expects that shareholders with
holdings greater than this amount would likely have been
able to participate in the Placement either directly as an
institution or indirectly through the retail broker channel;
• Overall, approximately 99.6% of eligible shareholders
had the ability to participate to maintain at least their
pro rata shareholding through the Capital Raise,
taking into account Stride’s total eligible shareholders
and those who were able to participate in either the
Placement or SPP;
• The SPP enabled smaller shareholders to participate in
the equity raising at the same price as institutions in the
Placement but with the benefit of having a longer offer
period to consider participation.
Statutory
Disclosures
Stride Property GroupAnnual Report 2021147Stride Property GroupAnnual Report 2021146

Disclosures of Interest
The general disclosures of interest made by Directors of the Boards during the period 1 April 2020 to 31 March 2021 pursuant
to section 140 of the Companies Act 1993 are shown in Table 8. Directors' interests in shares are shown on page 150.
Table 8 – Interests Register Entries
DirectorCompany Position
Tim StoreyInvestore Property LimitedDirector
Prolex LimitedDirector
Prolex Investments LimitedDirector
Prolex Management LimitedDirector
LawFinance LimitedChair
John HarveyInvestore Property LimitedDirector
Pomare Investments LimitedDirector / Shareholder
Kathmandu Holdings LimitedDirector
Heartland Bank LimitedDirector
Port of Napier LimitedDirector
RCP (2)Advisor to the Board
Philip LingSkymark Capital LimitedDirector / Shareholder
Jones Lang LaSalleShareholder
Jacqueline CheyneAudit Oversight Committee of the Financial Markets Authority Member
Risk and Assurance Committee MBIEMember
Broader Perspectives LimitedDirector
Audit & Risk and Investment Committee of the Nikau FoundationIndependent Member
External Reporting BoardMember
New Zealand Green Investment Finance LimitedDirector
Christchurch City Council Audit and Risk Management Committee (1)Independent Member
Snow Sports NZChair
PaySauce Limited (1)Director
Michelle TierneyNil
Nick JacobsonAtmos Capital Partners Pty LimitedDirector
CapStra Pty LimitedDirector
Saxonwold Pty LimitedDirector
(1) Entries added by notices given by Directors during the year ended 31 March 2021.
(2) Entries removed by notices given by Directors during the year ended 31 March 2021.
DirectorNature of the Interest
Tim Storey and John HarveyAn interest noted by Directors Tim Storey and John Harvey, who are Directors of Investore Property Limited,
and are interested in the issue by Investore Property Limited of shares to SPL as part of the equity capital
raisings conducted by Investore Property Limited during FY21.
The following declarations of interest were made pursuant to section 140(1) of the Companies Act 1993:
Directors of Subsidiary Companies
The subsidiaries of SPL and their directors as at 31 March 2021 are as set out in Table 9. All subsidiaries are wholly owned
direct subsidiaries of SPL.
No additional fees were paid to the Directors in respect of any directorship of subsidiaries.
SIML had no subsidiaries as at 31 March 2021.
Table 9 – Stride Property Limited Subsidiaries and their Directors
Subsidiary Directors
Stride Holdings LimitedTim Storey, John Harvey, Philip Ling, Michelle Tierney, Jacqueline Cheyne, Nick Jacobson
Stride Industrial
Property Limited
Tim Storey, Philip Littlewood
Stride Office Property LimitedTim Storey, Philip Littlewood
*
*Philip Littlewood ceased as a director of Stride Office Property Limited on 10 May 2021.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021148149

Indemnity and Insurance
In accordance with section 162 of the Companies Act and the Constitutions of each of SIML and SPL, each of SIML and SPL
has entered into a deed of access, indemnity and insurance to indemnify its Directors and the Directors of its subsidiaries
for liabilities or costs they may incur for acts or omissions in their capacity as a Director to the extent permitted under the
Companies Act. The indemnity does not cover wilful default or fraud, criminal liability, liability for failure to act in good faith and in
the best interests of the relevant company, or liabilities that cannot be legally indemnified.
SIML and SPL also have a Directors’ and Officers’ Liability Insurance Policy in place. Among other things, the Directors’ and
Officers’ Liability Insurance Policy excludes cover for deliberate dishonesty, insider trading, fines and penalties (except for
legally indemnifiable civil fines or civil penalties), liability arising out of a breach of professional duty other than as a professional
director, and liability for which the insured is legally indemnified.
In authorising any insurance to be effected, each Director signs a certificate stating that, in their opinion, the cost of the
insurance is fair to SIML and SPL.
Use of Group Information
No notices have been received by the SIML Board or SPL Board under section 145 of the Companies Act with regard to the
use of Stride information received by Directors in their capacities as Directors of Stride or any subsidiary company of SPL.
Loans to Directors
There are no loans to Directors.
Directors’ Interests in Shares
Directors disclosed the following relevant interests in shares in each of SIML and SPL as at 31 March 2021:
DirectorRelevant interest held in ordinary shares
Tim Storey149,916
John Harvey138,234
Philip Ling10,000
Jacqueline Cheyne10,500
Nick Jacobson65,000
Directors are not required to hold shares in Stride, but may choose to do so in order to demonstrate alignment of interests in the
performance of Stride with shareholders.
Twenty Largest Registered Shareholders as at 31 March 2021
NameNumber of ordinary shares% of ordinary shares
Accident Compensation Corporation - NZCSD 51,092,65010.81
ANZ Wholesale Trans-Tasman Property Securities Fund - NZCSD 36,156,5747.65
JBWere (NZ) Nominees Limited 27,666,3345.85
FNZ Custodians Limited26,870,1145.68
Forsyth Barr Custodians Limited 19,457,3614.12
Citibank Nominees (New Zealand) Limited - NZCSD 19,428,6004.11
BNP Paribas Nominees (NZ) Limited - NZCSD 18,394,9933.89
HSBC Nominees (New Zealand) Limited - NZCSD 17,537,9333.71
Generate KiwiSaver Public Trust Nominees Limited - NZCSD 13,707,4732.90
New Zealand Depository Nominee Limited 13,486,0202.85
TEA Custodians Limited Client Property Trust Account - NZCSD 12,498,7732.64
ANZ Wholesale Property Securities - NZCSD 11,695,4232.47
National Nominees Limited - NZCSD 11,628,8972.46
MFL Mutual Fund Limited - NZCSD 7,848,1461.66
Mint Nominees Limited - NZCSD 7,338,0531.55
Hobson Wealth Custodians Limited 7,023,3641.49
HSBC Nominees A/C NZ Superannuation Fund Nominees Limited -
NZCSD
6,031,3411.28
PT (Booster Investments) Nominees Limited4,537,1830.96
BNP Paribas Nominees (NZ) Limited - NZCSD 3,622,8620.77
Custodial Services Limited <A/C 4>3,346,3390.71
Total319,368,43367.54
Numbers may not sum due to rounding.
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021150151

Substantial Product Holders as at 31 March 2021
*
As at 31 March 2021, the names of all persons who are substantial product holders in SIML and SPL pursuant to sub-part 5 of
part 5 of the FMCA are noted below:
Date of substantial
product holder notice
Number of ordinary
shares held at date of
notice
% of
ordinary shares held
at date of notice
Accident Compensation Corporation3 April 202040,985,29511.22
ANZ New Zealand Investments Limited and related
bodies corporate
3 July 201945,387,00912.42
* The number of ordinary shares listed in the table are as per the last substantial product holder notice filed by the relevant shareholder on or before
31 March 2021. As substantial product holder notices are required to be filed only if the total holding of a shareholder changes by 1% or more since
the last notice filed, the number noted in this table may differ from that shown in the list of the 20 largest shareholdings.
Distribution of Ordinary Shares and Shareholdings as at 31 March 2021
RangeTotal holders% of holdersShares% of shares
1 - 499530.9812,8750.00
500 - 999400.7428,0530.01
1,000 - 1,9991763.26259,5450.05
2,000 - 4,99971913.302,449,1870.52
5,000 - 9,9991,30124.069,185,8801.94
10,000 - 49,9992,54847.1255,072,24111.65
50,000 - 99,9993376.2322,416,3414.74
100,000 - 499,9991893.5033,248,8277.03
500,000 - 999,999130.249,216,9661.95
1,000,000 and over310.57340,938,39872.11
Total5,407100.00472,828,313100.00
Donations
During FY21 SIML made donations of $6,825.
SPL is a sponsor of the Graeme Dingle Foundation, and
SIML is a sponsor of the Keystone New Zealand Property
Education Trust and also sponsors a promising young
athlete through the Tania Dalton Foundation.
During the year SPL paid $63,250 to the Graeme Dingle
Foundation, and SIML paid $11,500 to Keystone New
Zealand Property Education Trust and $10,000 to Tania
Dalton Foundation by way of sponsorship.
SPL is also a Founding Partner Sponsor to the Property
Council New Zealand Diversity and Inclusion Initiative.
Credit Rating
As at the date of this Annual Report, Stride does not have a
credit rating.
Exercise of NZX Disciplinary Powers
The NZX did not exercise any of its powers under Listing
Rule 9.9.3 in relation to Stride during FY21.
Auditor’s Fees
PwC has continued to act as auditor for Stride and the
amounts payable by Stride and its subsidiaries to PwC for audit
fees and non-audit work fees undertaken in respect of FY21
are set out in note 8.2 to the consolidated financial statements.
NZX Waivers
During FY21 Stride was granted or relied on certain
waivers from the Listing Rules, which are described in this
section. NZX Regulation reviewed the waivers that had
been granted to Stride in relation to the Listing Rules dated
1 October 2017 and issued a new set of waivers on
28 May 2020. A copy of these waivers is available at
www.nzx.com/companies/SPG.
Ruling on the Definition of “Associated Person”
A ruling that, for the purposes of the definition of
“Associated Person” in the Listing Rules, Investore is not an
“Associated Person” of SIML and accordingly, Investore is
not a “Related Party” of SIML.
Ruling on definition of “Disqualifying Relationship”
A ruling that, for the purposes of the definition of
“Disqualifying Relationship” in the Listing Rules, any
reference to “Issuer” shall be a reference to the “Stapled
Group” (Stride).
Listing Rules 2.2 to 2.5 and 2.7 to 2.8
This waiver permits:
• The SPL Board and the SIML Board to be made up of
the same people;
• An SPL Board member to be deemed to be appointed
(or removed) to the SPL Board if appointed to (or
removed from) the SIML Board; and
• The SPL Board members to retire from the SPL Board
by rotation at the same time as they retire from the
SIML Board.
Listing Rule 2.10.1
This waiver permits the Directors of one Stride company to
vote on matters in which they are “interested” due to being
a Director of the other Stride company. Directors will not be
permitted to vote on matters in which they are “interested”
by virtue of a relationship or interest other than their
directorship of the Stapled Entities.
Listing Rule 2.11
This waiver permits the pooling of Director remuneration for
Stride, and the approval of Director remuneration by way of
a single resolution of SIML shareholders.
Listing Rules 2.14.1, 2.14.2, 7.8 and 7.9
This waiver permits Stride to provide consolidated notices,
reports and communications (including notices of meetings)
to shareholders. This will not affect the obligation for each
of SPL and SIML to hold separate meetings (albeit that they
will occur one after the other).
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021152153

Listing Rule 4.6.1
This waiver permits SPL to issue shares to SIML employees
under a SIML employee share plan (if any), in order to
ensure that the number of SPL shares on issue is the same
as the number of SIML shares on issue at all times.
Listing Rules 3.13.1, 3.14.2 and 3.15
This waiver permits the Stride companies to announce,
via NZX, issues, acquisitions, conversions or redemptions
of securities on a consolidated basis. Dividends will be
separately announced by each of SPL and SIML.
Listing Rule 5.2.1
This waiver permits:
• each of SPL and SIML to enter into one or more
Material Transactions (as defined in the Listing Rules)
for the purposes of enabling SPL and/or SIML to
establish or acquire new property investment vehicles
without shareholder approval; and
• SPL and SIML to enter into one or more “Material
Transactions” for the purposes of enabling SIML
to establish or acquire new property management
opportunities without shareholder approval.
Ruling on definition of “Average Market Capitalisation”
and “Average Market Price”
A ruling that the term “Issuer” in the definition of “Average
Market Price” refers to the “Stapled Group” (Stride) and the
term “Quoted Equity Securities” in the definition of “Average
Market Capitalisation” refers to the stapled securities of
SPL and SIML.
Ruling on the definition of “Material Information”
A ruling that the reference to “price of quoted financial
products of the listed issuer” in the definition of “Material
Information” should be read as applying to the price of the
stapled securities of SPL and SIML. This ruling requires that
any announcement must explain whether the information is
material to SPL or SIML.
Listing Rules 3.5, 3.6.1(a), 3.7 and 3.8
This waiver permits the Stride companies to provide certain
information required in annual and half year reports on a
consolidated basis, rather than by and in respect of each
Stride company individually. This waiver is subject to the
additional condition that each of the Stride companies
release individual financial statements to the extent
required by applicable financial reporting legislation.
Listing Rule 8.3
This waiver permits the Stride companies to provide
consolidated statements of shareholdings to shareholders
which shows their overall Stride holding, rather than their
shareholding in each Stride company separately.
Equity Capital Raise
In addition, in connection with the Capital Raise undertaken
in November and December 2020, Stride relied on the
class waiver and ruling issue by NZX Regulation dated
19 March 2020 to increase the limit per registered holder
to $50,000, which is outlined below.
Limb (a) of the definition of “Share Purchase Plan”
The definition of Share Purchase Plan in the Listing Rules
provides that the consideration payable for the equity
securities issued under the Share Purchase Plan must not
exceed $15,000 per registered holder in any 12 month
period. This definition was amended by way of a class
waiver and ruling issued by NZX Regulation dated
19 March 2020 to increase the limit per registered holder
to $50,000.
Financial Reporting Exemption
The financial statements for each Stride company were
prepared in accordance with the Financial Markets Conduct
(Stride Property Group) Exemption Notice 2017. This
exemption allows SPL and SIML, subject to conditions set
out in the exemption notice, to prepare financial statements
in respect of Stride, while they remain stapled (in place of
separate financial statements for each company).
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 Main Board 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
Tim Storey
Chair of
the Board
John Harvey
Chair of the Audit and
Risk Committee
Implications of Investing
in Stapled Securities
Directors’ Statement
This Annual Report is dated 27 May 2021 and is signed for
and on behalf of the Boards of Directors of Stride Property
Limited and Stride Investment Management Limited by:
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021154155

Companies Act
Companies Act 1993
Contract Rental
Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL (or the
relevant landlord) 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
Distributable Profit
Distributable profit is a non-GAAP measure and consists of 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 4.2 to the consolidated financial statements
Diversified
Diversified NZ Property Trust, a Stride Product
FMCA
Financial Markets Conduct Act 2013
FY20
The financial year ended 31 March 2020
FY21
The financial year ended 31 March 2021
FY22
The financial year ended 31 March 2022
Industre or Industre
Property Joint Venture
The joint venture between SPL (through its wholly owned subsidiary, Stride Industrial Property Limited) and
JPMAM, which commenced on 1 July 2020. Industre is a Stride Product
Investore
Investore Property Limited, a Stride Product
JPMAM
A group of international institutional investors, through a special purpose vehicle, and advised by J.P.
Morgan Asset Management
Lease Expiry Profile
Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under
each lease, for the portfolio as at 31 March 2021, as a percentage of Contract Rental
Listing Rules
The main board listing rules of NZX
LV R
Loan to value ratio
Moving Annual Turnover
The annual sales on a rolling 12 month basis, excluding GST
NLA
Net Lettable Area
NZX
NZX Limited
NZX Code
NZX Corporate Governance Code 2020
SIML
Stride Investment Management Limited
SIML Board
The Board of Directors of SIML
SPL
Stride Property Limited
SPL Board
The Board of Directors of SPL
Stride
Stride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or Boards
The Boards of SPL and SIML together
Stride Product
Any or all, as the context may required, of Diversified, Investore, and Industre, being entities or funds
managed by SIML
WA LT
Weighted Average Lease Term, which is the lease term remaining to expiry across a property or portfolio
and weighted by rental income
Glossary
Board of Directors
Tim Storey (Chair)
John Harvey
Michelle Tierney
Philip Ling
Nick Jacobson
Jacqueline Cheyne (formerly Robertson)
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West
Auckland 1142, New Zealand
T +64 9 912 2690
W strideproperty.co.nz
Auditor
PwC
PwC Tower
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119, Victoria Street West
Auckland 1142
T +64 9 488 8777
F +64 9 488 8787
E enquiry@computershare.co.nz
Legal Adviser
Bell Gully
Level 21, Vero Centre
48 Shortland Street, Auckland 1010
PO Box 4199, Auckland 1140
Bankers
ANZ Bank New Zealand Limited
China Construction Bank Corporation
(New Zealand Branch)
Commonwealth Bank of Australia (New Zealand Branch)
Industrial and Commercial Bank of China Limited,
Auckland Branch
MUFG Bank, Ltd (Auckland Branch)
Westpac New Zealand Limited
The Hongkong and Shanghai Banking Corporation Limited
(New Zealand Branch)
Corporate
Directory
Stride Property GroupStride Property GroupAnnual Report 2021Annual Report 2021156157

Stride Property Group
Level 12, 34 Shortland Street,
Auckland 1010
PO Box 6320, Victoria Street West
Auckland 1142, New Zealand
T +64 9 912 2690
W strideproperty.co.nz

---

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
1
Stride Property Group
Annual Results
2021

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
2
Capitalised and technical terms are defined in the glossary on page 39.
3Highlights
4Execution of Strategy
10COVID-19 Update
11Performance, People, Products, Places
21Sustainability
25FY21 Results
30Capital Management
33Conclusion
39Glossary
Contents

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
3
Stride Property Group (Stride) -Consolidated
Highlights
1.Net of management fees received from SPL.
2.See glossary on page 39.
3.Based on weighted average number of shares.
Assets Under
Management (AUM)
$3.0bn
Up $0.8bn from 31 March 2020
Stride’s management
fee income
1
$25.1m
Up $6.8m on FY20
Distributable Profit
2
Per Share (DPPS)
11.58cps
3
Up 12.2% on FY20
New SIML Product
Industre established
In partnership with JPMAM
2
Property Council NZ
Supreme Award
Waste Management
Auckland HQ
Green Building award winner
Industrial award winner
771 COVID deals
completed
Average WALT increase
of 8.5months
across all Stride Products

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
4
Execution of Strategy

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
5
Investment management business
•New industrial Product established: Industre commenced 1 July 2020, with
AUM subsequently increasing by $212m to $610m as at31 March 2021
•Investore -first Product to reach $1bn:net valuationincrease
1
of $139.3m or
15.5% for FY21
•Management fee income
2
of $25.1m:materially higher in FY21 (FY20: $18.3m)
Growth in Office Portfolio
•$380m completed office acquisitions
•$152m post balance date acquisition:unconditional agreement to acquire
46 Sale Street, Auckland
•Targeting launch of listed office Product in FY22, subject to market conditions
FY21 milestones
FY21 was an extraordinary year for Stride, having successfully
managed the impacts of COVID-19 while also achieving significant
milestones in growing its real estate investment management strategy
1.Compared to Investore’s property portfolio as at31 March 2020, and including the three properties acquired from SPL as if those
properties had been acquired as at that date, based on independent valuations of those three properties obtained in preparation for
acquisition in April 2020.
2.Net of management fees received from SPL.
20 Customhouse Quay, Wellington
215 Lambton Quay, Wellington

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
6
Building out the Stride platform
Since the establishment of Stride’s REIM platform in FY17, Stride’s
look-through portfolio weightings have changed as follows:
•Officehas doubled to 40% in FY21 following acquisitions
•Industrialhas increased to 24% in FY21 following completed
acquisitions and developments and strong revaluations
•Large format retail (LFR)has reduced to 14% due to divestment of
SPL’s remaining directly-held LFR assets in April 2020 to Investore and
growth of other asset classes
•Town Centrehas reduced to 22% in FY21, as Stride’s strategic focus
has been on growing and establishing its industrial and office exposure
•Base management fee income has grown to 14% of Stride’s total
revenue for FY21, rising to 23% when including activity-based fees
Mar-17
Mar-17
Mar-21
Mar-21
Stride Property Group (Stride) -Consolidated
1.As at 31 March for the relevant period and excluding lease liabilities.
2.Stride’s revenue comprises SIML management fees and SPL revenue. SPL revenue comprises income derived from SPL’s
directly-held property plus revenue derived from its interests in the Stride Products which is calculated based on net
Contract Rental on a look-through basis as at 31 March for the relevant period. Base management fees comprise
management fees from Stride Products (i.e. excluding fees from SPL) and exclude activity or performance based fees.
Execution of strategy is delivering greater scale to Stride’s
real estate investment management (REIM) platform,
which is leading to increased diversification across property
sectors and income sources
Office
21%
Industrial
18%
Large
Format
Retail
28%
Town
Centre
33%
Office
40%
Industrial
24%
Large
Format
Retail
14%
Town
Centre
22%
Office
34%
Industrial
16%
Large
Format
Retail
11%
Town
Centre
25%
Base
management
fees
14%
Stride’s weighted look-through portfolio value
1
Stride’s look-through revenue sources
2
Office
20%
Industrial
14%
Large Format
Retail
26%
Town Centre
27%
Base
management
fees
13%

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
7
SIML growth from establishment
Total AUM by Product
SIML management fees by type (excl. SPL)
Stride has delivered significant growth post the establishment of SIML
and listing of Investore in FY17:
•Total AUM of$3.0bnas at 31 March 2021, up +44% / +9.6% p.a. since
Mar-17
•External AUM of$2.1bnas at 31 March 2021, up +79% / +15.6% p.a.
since Mar-17. Key drivers were the establishment of Industre and
ongoing growth in Investore
•Pipeline of $0.3bn
2
AUM growth across Stride’s REIM platform, with
planning underway for establishment of a listed office Product in FY22,
subject to market conditions
•Activity based income:external activity-based income was $10.7m for
FY21, significantly above FY17 of $1.1m
1.As at 31 March 2021 excluding lease liabilities.
2.As at 31 March 2021 and including future pipeline: (1) Stride: the acquisition of 46 Sale Street, Auckland, which is unconditional and expected to settle on 30 June 2021, and the committed developments at 34 Shortland Street, Auckland,
and 22 The Terrace, Wellington; (2) Industre: the committed development at 439 Rosebank Road, Auckland and the acquisition of40-42 Wilkinson Road, Auckland which settled post balance date on 19 April 2021; (3) Diversified: the
committed development at Queensgate Shopping Centre and (4) Investore: the acquisition of Countdown Petone which settled postbalance date on 21 May 2021 and a conditional agreement to acquire 3.5ha of development land at
WaimakJunction, Kaiapoi, together with the expected cost of development of stage 1 of the WaimakJunction property.
Stride Property Group (Stride) -Consolidated
SIML’s management fee income has continued to grow
alongside the growth in its investment management platform
Fee income has provided an important contribution to Stride’s
earnings across a volatile FY21
Investore/DNZPT
established
Industre
established
1
Future
pipeline
2
Pre-Investore
$310m
$755m
$780m
$895m
$890m
$660m
$1,038m
$1,113m
$116m
$523m
$466m
$502m
$610m
$641m
$896m
$2,079m
$3,003m
$3,321m
FY14FY17FY21Pro forma
Town CentreOffice
StrideInvestore
DiversifiedIndustre
$1.3m
$7.4m
$14.4m
$0.2m
$1.1m
$10.7m
$1.5m
$8.5m
$25.1m
FY14FY17FY21
Base feesActivity and performance fees

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
8
46 Sale Street, Auckland
•Unconditional agreement to acquire 46 Sale Street, Auckland for $152m
•Settlement expected to occur on 30 June 2021
•Premium grade building, constructed in 2017
•WALT
1
of 7.4 years with major tenant AA Insurance comprising 46% of net
income
•4.5 star NABERSNZ and 5 star Green Star NZ –Design and As-Built
1.See glossary on page 39.
46 Sale Street, Auckland
Office Acquisition
Key metrics
Purchase price ($m)
152
Net income ($m)
7.9
Initial Yield (%)
5.2
WALT
1
(years)
7.4
Net Lettable Area (sqm)
11,266
Occupancy (% by area)
100%

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
9
Key portfolio highlights
1
•High quality portfolio:over 70% portfolio weighting towards Premium and
A grade properties
•Robust operating metrics:portfolio WALT
2
of6.5 years and occupancy of
99%
•Major cities concentration:59% of the portfolio (by asset value) located in
Wellington CBD, with the remaining 41% in Auckland CBD or CBD fringe
•Strong green credentials:over 60% of the portfolio
3
at establishment will be
green assets
4
Growth in Office Portfolio
1.As at31 March 2021, as if the acquisition of 46 Sale Street, Auckland, which is unconditional and expected to settle on 30 June 2021, had completed as at that date.
2.See glossary on page 39.
3.By value and includes 22 The Terrace, Wellington, which is currently being refurbished, including seismic strengthening worksand upgrades targeting a 5 Star Green Star and 5 Star NABERSNZ.
4.‘Green’ assets are properties that are already certified or targeting either a minimum 5-Star Green Star rating, or a minimum 4-Star NABERSNZ rating.
Key metrics (pro forma)31 Mar 21
Number of properties11
Number of tenants121
Net Lettable Area (sqm)80,880
Net Contract Rental ($m)39.9
WALT
2
(years)6.5
Occupancy rate (by area)99%
Total Portfolio Value ($m)$732
Office portfolio overview
1
46 Sale Street, Auckland
27%
16%
14%
13%
10%
7%
7%
4%
2%
Financial Services and Insurance
Information Technology
Banking
NZ Government Departments
Other
Specialty Retail
Consultancy
Utilities
Legal
Tenant classification by Contract Rental
1

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
10
1.See glossary on page 39.
2.Estimate set out in Stride’s FY21 Interim Report, released 25 November 2020.
3.Estimate set out in Stride’s FY20 Annual Report, released on 23 June 2020.
4.Excluding depreciation deductions on acquisitions of property since 1 April 2020.
5.Including the tax impact of higher derivative break costs associated with the settlement of the Industre transaction as a resultof lower market interest rates.
Impacted item
FY21
impact on
distributable
profit
1
Expected
impact on
distributable
profit at HY21
Interim
Results
2
Expected
impact on
distributable
profit at FY20
Annual
Results
3
Rent relief arrangements
with tenants
($3.3m)($3.7m-$4.2m)($5.8m -$8m)
Reduction in corporate
costs from original FY21
budget
$1.7m$1.0m-$2.2m$2.2m
Re-introduction of
depreciation allowances for
commercial buildings
4
$1.1m$1.1m$1.1m
Lower interest and
financing costs
5
$0.7m$0.5m$0.5m
Higher/(lower) SIML fees$0.2m($0.3m)($0.9m)
Total impact$0.3m
($0.2m to
$1.9m)
($2.9m to
$5.1m)
•The financial impact of COVID-19 for FY21 was a $0.3m
increase in distributable profit
1
. This compares favourably
to the initial estimated impact of a decrease of
$2.9m -$5.1m in June 2020. The difference is primarily
due to higher investment management income and better
than expected rent relief arrangements
•SIML completed 771 COVID-19 transactions across all
Stride Products, with a weighted average lease extension
of 8.5 monthsachieved
COVID-19 Update
Stride delivered a better than expected
outcome following the financial impact of
COVID-19
Stride Property Group (Stride)

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
11
PerformancePeople
ProductsPlaces

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
12
1.Net of management fees received from SPL.
2.See glossary on page 39.
3.Excludes lease liabilities. Includes Stride’s 56.3% interest in the unincorporated component of the Industre Property Joint Venture and the value of
Level 12, 34 Shortland Street, which houses Stride’s head office and is shown in the consolidated financial statements as property, plant and
equipment.
4.Includes SPL’s office and retail properties only. Excludes SPL's interest in the Industre unincorporated portfolio which is reported as part of the assets
of SPL in the consolidated financial statements (see note 3.2 to the consolidated financial statements for further information).
Performance
Financial highlights
•$49.9m net rental income from continuing operations, down from FY20
($50.4m), due to transfer of properties to Industre and Investore, partially
offset by acquisition of new office buildings
•$25.1m management fee income
1
, up from FY20 ($18.3m)
•$40.4m profit before other income/(expense) and income tax from
continuing operations, up from FY20 ($29.8m)
•$132.0m profit after income tax from continuing operations, up from FY20
(-$0.1m)
•$46.3m distributable profit
2
after current income tax, up from FY20
($37.7m). DPPS 11.58cps up from 10.32cps from FY20
•Revised distribution policy of between 80% and 100% of distributable
profit
2
allows Stride to deliver consistent distributions while allowing
flexibility to reinvest capital for further growth
•FY21 combined cash dividend of 9.91cps in line with guidance
•Net valuation movement
3
$43.6m or +4.2%
•Net Tangible Assets (NTA) per share of $2.15 as at31 March 2021
•LVR
4
as at31 March 2021 29.3%
Profit after income tax from continuing operations
$132.0m
Distributable profit
2
after current income tax
$46.3m
Management feeincome
1
$25.1m
LVR
3
as at31 March 2021
29.3%
Stride Property Group (Stride) -Consolidated

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
13
•Despite the challenges of COVID-19, Stride undertook
a review of employee benefits in order to retain and
attract the best calibre people:
•Annual leave increased by one week
•KiwiSaver employer contributions increased to 5%
of gross earnings when employee contribution is at
least 4%
•Long service leave and paid paternity leave
increased
•New GMInvestment, Adam Lilley, appointed in
February 2021
People
FY21 was dominated by the impacts of COVID-19. The pandemic posed a number of challenges for
the Stride team and we are proud of the way our people responded to those challenges

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
14
Portfolio composition by value as at 31 March 2021
Since 31 March 2020, Stride’s AUM has grown from $2.2bn to $3.3bn including committed acquisitions
and developments, with AUM in Stride Products increasing from $1.2bn to $2.3bn
Products
Sector focus:Office and Town Centre
2
Large Format RetailRetail Shopping CentresIndustrial
SPL investment:100%18.8%2.0%56.3%
1.Committed developments and acquisitions include: (1) Stride: the acquisition of 46 Sale Street, Auckland, which is unconditionaland expected to settle on 30 June 2021, and the committed developments at 34 Shortland Street,
Auckland, and 22 The Terrace, Wellington; (2) Industre: the committed development at 439 Rosebank Road, Auckland and the acquisition of 40-42 Wilkinson Road, Auckland which settled post balance date on 19 April 2021; (3)
Diversified: the committed development at Queensgate Shopping Centre and (4) Investore: the seismic works of $7.0m to be completed by SPL on the three large format retail properties acquired from SPL on 30 April 2020, the
acquisition of Countdown Petone which settled post balance date on 21 May 2021 and a conditional agreement to acquire 3.5ha of development land at Waimak Junction, together with the expected cost of development of stage 1 of the
Waimak Junction property.
2.Stride office and town centre property excludes SPL's interest in the Industre unincorporated portfolio which is reported as part of the assets of SPL in the consolidated financial statements (see note 3.2 to the consolidated financial
statements for further information).
$580m
$310m
$466m
$1,038m
$610m
$175m
$75m
$37m
$31m
$1,065m
$1,113m
$502m
$641m
Committed developments and acquistions
Industrial
Large Format Retail
Retail Shopping Centres/Town Centre
Office
1

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
15
15
$68.5m
acquisition of Countdown Petone and Waimak
Junction land (including stage 1 development)
announced
4
$1.04bn
Portfolio value
1
net valuation gain of 15.5% for 12-month period
2
99.1%
Portfolio Occupancy
26.8%
Loan to Value Ratio
3
$230m
Additional equity raised and
second listed bond issued
9.8 years
WALT
Countdown, Petone
1.As at 31 March 2021. Portfolio value excludes (1) seismic works of $7.0m to be completed by SPL on the three large format retailproperties acquired from SPL on 30 April 2020, and the balance of the rental guarantee of $0.1m; and (2)
lease liabilities. Portfolio value includes the property at 35 MacLaggan Street, Dunedin, which is classified as property held for sale in the Investore financial statements.
2.Compared to Investore’s property portfolio as at 31 March 2020, and including the three properties acquired from SPL as if thoseproperties had been acquired as at that date, based on independent valuations of those three properties
obtained in preparation for the acquisition in April 2020.
3.LVR is calculated based on independent valuations, which include seismic works and rental underwrites to be funded by SPL in relation to the three properties acquired from SPL and settled in April 2020.
4.Post-balance date Investore has announced it has entered into two agreements (1) an unconditional agreement to acquire CountdownPetone, which settled on 21 May 2021; and (2) a conditional agreement to acquire 3.5ha of development
land at Waimak Junction. The agreement to acquire land at Waimak Junction remains conditional on receipt of resource consentsfor the development and concluding a final, documented agreement to lease with Countdown.

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
16
16
Queensgate rebuild continues
Cinema targeting to be open Easter 2022
$466m
Portfolio value
net valuation decline of 0.6% for FY21
10 months
Weighted average lease extension
from COVID-19 negotiations
Sales performance positive
MAT
1
was resilient despite COVID-19 lockdowns,
with MAT down 5.3%
2
from FY20
1.See glossary on page 39.
2.On a like for like basis and excluding travel-related retailers.
Queensgate Shopping Centre

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
17
17
$10.0m
acquisition of land
1
adjacent to the recently
purchased 48-60 Wilkinson Rd, completed
post-balance date
$610m
Portfolio value as at31 March 2021
growth of $212m since commencement
$108m
of acquisitions completed in FY21
9.7 years
WALT
439 Rosebank Road
development commenced
48-60 Wilkinson Rd, Ellerslie
1.At 40-42 Wilkinson Rd, Ellerslie, Auckland.

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
18
SPL Overview
As at
31 Mar 21
1
As at
31 Mar 20
Properties (no.)
1426
Tenants (no.)
347388
Net Lettable Area (sqm)
135,350259,285
Net Contract Rental
2
($m)
54.563.0
WALT
2
(years)
5.55.8
Occupancy (% by area)
97.698.1
Portfolio Valuation
3
($m)
889.6
4
996.1
5
Weighted average capitalisation rate (%)
5.86.7
SPL Places
1.Excludes SPL’s 56.3% interest in the Industre unincorporated portfolio which is reported as part of the assets of SPL in the consolidated financial statements (see note 3.2 to the consolidated financial statements for further information).
2.See glossary on page 39.
3.Excludes lease liabilities.
4.Includes value of Level 12, 34 Shortland Street, which houses Stride’s head office, and is shown in the consolidated financial statements as property, plant and equipment.
5.The portfolio as at 31 March 2020 includes the three large format retail properties that SPL agreed to sell to Investore for $140.75m. These properties were classified as investment properties held for sale and were recorded at $132.2m as at
31 March 2020, after allowing for the cost of certain seismic upgrade works that SPL has committed to undertake on the properties, a rental underwrite and disposal costs. This transaction settled on 30 April 2020.
Excluding COVID-19 negotiations, SIML completed
201 lease transactions for SPL during FY21:
•144 rent reviews over 38,625 sqm for a total
annual rental of $19.5m
•39 lease renewals over 6,824 sqm for a total
annual rental of $2.6m
•18 new lettings completed over 5,879 sqm for a total
annual rental of $1.8m
Lease expiry profile by Contract Rental
1
18%
23%
21%
16%
22%
Year 1Years
2-3
Years
4-5
Years
6-10
Years
10+
Auckland
56%
Wellington
44%
Office
58%
Retail
42%
Location by Contract Rental
1
Sector by Contract Rental
1

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
19
Office Highlights
•Net valuation movement of +$11.9m or +2.1% for FY21
•As a result of the three office transactions, the office portfolio
WALT has increased from 4.6 years to 6.3 years
•Increase in occupancy from 95.2% to 98.6%
•Seismic upgrade and refurbishment programme at 22 The
Terrace, Wellington, well progressed and targeting completion
in November 2021
Office Overview
As at
31 Mar 21
As at
31 Mar 20
Properties (no.)
107
Tenants (no.)
11566
Net Lettable Area (sqm)
69,61437,670
Net Contract Rental
1
($m)
31.913.2
WALT
1
(years)
6.34.6
Occupancy (% by area)
98.695.2
Portfolio Valuation
2
($m)
579.7
3
186.1
Weighted average capitalisation rate (%)
5.46.7
SPL Office Portfolio
1.See glossary on page 39.
2.Excludes lease liabilities.
3.Includes value of Level 12, 34 Shortland Street, which houses Stride's head office, and is shown in the consolidated financial statements as property, plant and equipment.
Auckland
30%
Wellington
70%
Location by Contract Rental
1
Tenant diversification by Contract Rental
1
23%
17%
15%
13%
9%
8%
7%
5%
3%
Financial Services and Insurance
Banking
NZ Government Departments
Information Technology
Specialty retail
Consultancy
Other
Utilities
Legal

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
20
Town Centre Overview
As at
31 Mar 21
As at
31 Mar 20
Properties
3
(no.)
44
Tenants (no.)
232244
Net Lettable Area (sqm)
65,73665,356
Net Contract Rental
1
($m)
22.5
22.9
WALT
1
(years)
4.34.3
Occupancy (% by area)
96.596.3
Portfolio Valuation
2
($m)
309.9302.0
Weighted average capitalisation rate (%)
6.76.7
SPL Town Centre Portfolio
1.See glossary on page 39.
2.Excludes lease liabilities.
3.Includes Johnsonville Shopping Centre, Wellington which is owned 50:50 by SPL and Diversified.
Location by Contract Rental
1
Tenant classification by Contract Rental
1
Town Centre Highlights
•Net valuation movement of +$4.9m or +1.6% for FY21
•Stable occupancy and WALT despite the challenges of COVID-19
•MAT
1
for NorthWest was -13.1% for the year to 31 March 2021,
despite having lost 20% of trading days due to Alert Levels 3 and
4 in Auckland.When excluding travel-related retailers, MAT was
+1.2%
•MAT
1
for Silverdale Shopping Centre was +1.7% over the same
period, with specialty retailer MAT +4.1%, also despite having lost
20% of trading days
Auckland
91%
Wellington
9%
2%
3%
3%
5%
10%
10%
20%
47%
Other
Kiosk
Restaurant
Foodcourt
Office
Mini-major
Major
Specialty

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
21
Sustainability

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
22
Governance
•During FY21 Stride established a Board Sustainability Committee, chaired by Director Jacqueline Cheyne,to demonstrate its commitment to
progressing its sustainability programme
Achievements
•SIML has implemented the New Zealand-developed BraveGen software product to track and report on greenhouse gas emissions and resource
usage across all buildings it manages. Once the baseline year emissions have been independently reviewed, Stride intends to report on its
greenhouse gas emissions, compared with the baseline year
•Stride has developed an initial list of climate related risks, which will allow Stride to set strategies and develop objectives to manage risks, and
prepare to report against the Taskforce on Climate-related Financial Disclosures (TCFD) framework from FY22
•SPL is currently assessing each of its office buildings to obtain NABERSNZ ratings
Sustainability Strategic Plan
Purpose –To Create Enduring Shared Value
Sustainability
Stride Property Group (Stride)
Contribute to a
resilient community
We want to provide leading health and
safety performance and support a
connected and inclusive community
Protect the planet
We want to create efficient, climate-
resilient places that deliver long term
value and support a low carbon future
Develop shared
prosperity
We want to foster long termprosperity
by investing in and managing
outstanding places that reward
everyone connected with them

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
23
22 The Terrace
Sustainable Improvements
We have taken the opportunity to
incorporate sustainability initiatives as part of
the seismic upgrade and refurbishment
project at 22 The Terrace, to improve the
sustainable outcomes of this property and to
position the property as a more desirable
location for tenants. We are targeting 5-star
Green Star Design and As-Built rating and 5-
star NABERSNZ rating
Establishing a waste management facility to
enable tenants to reduce waste to landfill
Creating a rainwater harvesting system,
which will reduce water demand
Installing water efficient tap and bathroom
hardware, LED lighting, and efficient heating
and air conditioning, thus reducing resource
consumption and emissions
Improving the thermal performance of the
building, and thus reducing energy
consumption and greenhouse gas emissions
Creating an end of trip facility, including
showers, bathrooms, cycle park facilities,
lockers and drying rooms, reducing
dependence on cars and improving
wellbeing
Increasing the number of visitor cycle
spaces to encourage visitors to reduce their
dependence on cars
Stride Property Group (Stride)
22 The Terrace
refurbishment project

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
24
Waste Management Auckland Headquarters
The building won the following awards at the Property
Council New Zealand Awards for 2020:
•Overall Supreme Award
•Green Building Award due to its sustainability initiatives
•Industrial Award
Waste Management Auckland Headquarters, 318 East Tamaki Road, Auckland
(Developed by Stride, owned by Industre)
Stride Property Group (Stride)
This world class Auckland headquarters built by
Stride, now owned by Industre, triumphed at the
2020 Property Council New Zealand Awards

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
25
FY21 Results

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
26
2021
Actual
$m
Re-presented
2020
Actual
$m
Change
$m%
Net rental income
49.950.4(0.5)(1.0)
Management fee income
25.118.3+6.8+37.1
Corporate expenses
(21.1)(22.4)+1.3+5.9
Profit before net finance expense, other income/(expense) and income tax from
continuing operations
53.946.3+7.6+16.4
Net finance expense
(13.4)(16.5)+3.0+18.3
Profit before other income/(expense) and income tax from continuing operations
40.429.8+10.6+35.5
Other income/(expense)
1
100.9(28.9)+129.8+449.3
Profit before income tax from continuing operations
141.30.9+140.4N/A
Income tax expense
(9.4)(1.0)(8.4)(829.7)
Profit after income tax from continuing operations
132.0(0.1)+132.0N/A
(Loss) / profit from discontinued operations
(0.1)25.4(25.5)(100.3)
Profit attributable to shareholders
131.925.3+106.6+420.8
1.Other income/(expenses) includes net gain in fair value of investment properties of $38.8m (2020: loss of $22.2m) and share of profit in equity-accounted investments $62.3m (2020: $3.5m). 2020 also includes hedge ineffectiveness of
cashflow hedges ($8.2m) and an impairment of work in progress ($2.0m).
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.
Financial Performance
Stride Property Group (Stride) -Consolidated

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
27
2021
Actual
$m
2020
Actual
$m
Change
$m%
Profit before income tax (including discontinued operations)
143.228.7+114.5+399.6
Non-recurring, non-cash and other adjustments:
-Net change in fair value of investment properties
(43.3)1.8(45.0)(2565.3)
-Reversal of lease liability movement in investment properties
(0.6)(0.5)(0.1)(11.1)
-Loss on disposal of investment properties3.80.0+3.8+100.0
-Fee income eliminated in SIML
1.92.4(0.4)(18.0)
-Share of profit in equity-accounted investments
(62.3)(3.5)(58.8)(1677.4)
-Dividend income from equity-accounted investments
6.64.1+2.5+60.2
-Lease incentives net of amortisation
(1.3)0.1(1.4)(1096.1)
-Depreciation and software amortisation, lease liability for head office
0.91.1(0.2)(17.7)
-Hedge ineffectiveness of cash flow hedges
1.18.2(7.1)(86.9)
-Finance expense –swap break expense, borrowings establishment costs amortisation
1.41.3+0.1+8.3
-Other
0.94.2(3.3)(77.9)
Distributable profit before current income tax
52.447.7+4.6+9.7
Current tax expense
(6.1)(10.0)+4.0+39.6
Distributable profit
1
after current income tax
46.337.78.6+22.8
Basic distributable profit after current income tax per share -weighted
11.58cps10.32cps
Weighted average number of shares (million)
399.8365.3
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.
1.See glossary on page 39.
Distributable Profit
1
Stride Property Group (Stride) -Consolidated

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
28
2021
Actual
$m
2020
Actual
$m
Change
$m%
Distributable profit after current income tax
46.337.78.6+22.8
Adjustments to funds from operations:
-FY21 Maintenance capital expenditure
(3.0)(5.9)+2.9+49.0
Adjusted Funds From Operations (AFFO)
43.331.811.5+0.4
AFFO basic distributable profit after current income tax per share –weighted
10.83cps8.71cps
AFFO Distributable Profit
Stride Property Group (Stride) -Consolidated
Values in the table above are calculated based on the numbers in the financial statements for each respective financial period and may not sum accurately due to rounding.

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
29
As at
31 March 2021
As at
31 Mar 2020
Change
$m
Investment Properties
1
($m)
1,050.5996.148.4
Bank debt drawn ($m)261.0386.2125.2
Equity ($m)1,017.4698.2319.2
Shares on issue (million)472.8365.4107.4
NTA per share $2.15$1.91$0.24
Adjusted NTA per share
2
$2.15$1.93$0.23
1.Includes Stride’s 56.3% interest in the unincorporated component of the Industre Property Joint Venture. Includes value of Level12, 34 Shortland Street, which houses Stride's head office, and is
shown in the consolidated financial statements as property, plant and equipment For more information, see notes 3.2 and 8.7 to the consolidated financial statements. Excludes lease liabilities.
2.Excludes the after tax fair value of interest rate derivatives.
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.
Financial Summary
Stride Property Group (Stride) -Consolidated

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
30
Capital Management

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
31
•$230m oversubscribed capital raise completed in November
2020 to support office acquisitions
•Next debt facility maturing is $170m in August 2022 (FY23)
•Available undrawn facility $194m at 31 March 2021
•LVR
1
of 29.3% as at 31 March 2021. Including SPL’s holdings in
other Stride Products, SPL’s LVR is 29.6%
•LVR
1
increasing to 39.7% following acquisition of 46 Sale Street,
Auckland (31 March 2021 pro forma basis)
•Additional lenders brought into facility to support growth strategy
Debt facilities
As at
31 Mar 2021
As at
31 Mar 2020
Banking facility limit
(ANZ, CBA, WBC, ICBC, CCB, HSBC,
MUFG)
$455m$505m
Debt facilities drawn$261m$386m
Weighted average maturity of debt facilities2.4 years1.8 years
Debt covenants
Loan to Value Ratio
(Drawn Debt / Property Values)
Covenant: ≤ 50%
29.3%
1
39.1%
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
3.3x2.6x
Weighted Average Lease Term
2
Covenant: > 3.0 years
5.4 years5.7 years
1.Includes SPL’s office and retail properties only. Excludes SPL's interest in the Industre unincorporated portfolio which is reported as part of the assets of SPL in the consolidated financial statements (see note 3.2 to the consolidated financial
statements for further information).
2.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted by theincome applicable to each lease and a current market rental with nil term for vacant space.
Capital Management –Debt Facilities
$170m
$150m
$135m
FY22FY23FY24FY25
Debt maturity profile
SPL (excl. Industre properties and debt)

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
32
•$120m of fixed rate hedging broken in relation to the
establishment of Industre
•$155m of fixed rate hedging entered into following office
acquisitions
Capital Management –Cost of Debt
SPL (excl. Industre unincorporated joint venture assets and debt)
Cost of debt
As at
31 Mar 2021
As at
31 Mar 2020
Weighted average cost of debt
(incl. margins & line fees)
4.13%3.61%
Weighted average interest rate on current
swaps
(excl. margins & line fees)
1.52%3.00%
Weighted average hedging term remaining
(incl. forward starting swaps)
2.6 years2.9 years
% of drawn debt hedged88%50%
$230m
$195m
$120m
$80m
1.52%
1.24%
0.78%
0.77%
0.50%
0.70%
0.90%
1.10%
1.30%
1.50%
1.70%
-20.0
$30m
$80m
$130m
$180m
$230m
Mar-21Mar-22Mar-23Mar-24
Fixed rate interest profile
Notional fixed rate debt
Weighted average interest rate of fixed rate debt (excl. margin and line fees)

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
33
Conclusion

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
34
•SPL has grown its office portfolio during
FY21 and has entered into an unconditional
agreement to acquire 46 Sale Street,
Auckland post-balance date
•This positions Stride to create a new listed
Product focused on the commercial office
property sector, which is planned to occur
during FY22, subject to market conditions
•The Stride Boards confirm they currently
intend to pay a combined cash dividend for
SPL and SIML during FY22 of 9.91 cents
per share. The Stride Boards will continue to
review dividend guidance if and whena new
Product is established and will keep the
market informed as appropriate
Conclusion
20 Customhouse Quay, Wellington
Stride has demonstrated its commitment
to pursue growth in its investment
management business over FY21,
and this will continue in FY22

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
35
OverviewTotal PortfolioOffice
1
IndustrialLarge Format Retail
Town Centre/
Retail Shopping Centres
Office and retail portfolio
2
Properties (no.)
15
114
4
Net Contract Rental
3
($m)
62.4
39.922.5
WALT
3
(years)
5.7
6.54.3
Occupancy Rate (% by area)
97.7
98.896.5
Portfolio Valuation ($m)
1,065
755310
Percentage of Portfolio (% by value)
1007129
Stride Products
2
IndustreInvestoreDiversified
Properties (no.)
65
18434
4
Net Contract Rental
3
($m)
122.4
27.457.137.9
WALT
3
(years)
7.8
9.79.83.4
Occupancy Rate (% by area)
97.4
97.399.193.8
Portfolio Valuation ($m)
2,256
641
5
1,113
6
502
7
SPL investment metrics on a committed, weighted, look-through basis
5
SPL investment in managed entities56.3%18.8%2.0%
Portfolio Valuation ($m)
1,645
755361209319
WALT
3
(years)
6.9
6.59.79.84.3
Occupancy Rate (% by area)
97.8
98.897.399.196.5
Percentage of Portfolio (% by value)
100
40241422
Appendix 1: Portfolio by Sector
1.As at31 March 2021, as if the acquisition of 46 Sale Street, Auckland, which is unconditional and expected to settle on 30 June 2021, and the committed developments at 34 Shortland Street, Auckland, and 22 The Terrace, Wellington had
completed at that date.
2.Stride office and retail property excludes SPL's interest in the Industre unincorporated portfolio which is reported as part of the assets of SPL in the consolidated financial statements (see note 3.2 to the consolidated financial statements for further
information).
3.See glossary on page 39.
4.Includes Johnsonville Shopping Centre, Wellington which is owned 50:50 by SPL and Diversified.
5.Includes the committed development at 439 Rosebank Road, Auckland and the acquisition of 40-42 Wilkinson Road, Auckland which settled post balance date on 19 April 2021.
6.Includes the seismic works of $7.0m to be completed by SPL on the three large format retail properties acquired from SPL on 30 April 2020, the acquisition of Countdown Petone which settled post balance date on 21 May 2021 and a conditional
agreement to acquire 3.5ha of development land at WaimakJunction, together with the expected cost of development of stage 1 of the WaimakJunction property.
7.Includes the committed development at Queensgate Shopping Centre

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
36
1.Includes the committed development at 439 Rosebank Road, Auckland and the acquisition of 40-42 Wilkinson Road, Auckland which settled post balance date on 19 April 2021.
2.Includes the committed development at Queensgate Shopping Centre.
3.Includes the seismic works of $7.0m to be completed by SPL on the three large format retail properties acquired from SPL on 30 April 2020, the acquisition of Countdown Petone which settled post balance date on 21 May 2021 and a
conditional agreement to acquire 3.5ha of development land at WaimakJunction, together with the expected cost of development of stage 1 of the WaimakJunction property.
4.Includes the acquisition of 46 Sale Street, Auckland, which is unconditional and expected to settle on 30 June 2021, and the committed developments at 34 Shortland Street, Auckland, and 22 The Terrace, Wellington.
5.Available capital comprises Industre’s committed banking facilities available for future developments and acquisitions, plus JPMAM’s capital contribution up to a 35% LVR.
Appendix 2: AUM
$1,038m
$75m
3
$1,113m$1,113m
$128m
$1,241m
$610m
$31m
1
$641m$641m
$230m
5
$871m
$466m
$37m
2
$502m$502m
$502m
$890m
$175m
4
$1,065m
$26m
$1,091m
$2,113m
$2,256m
$3,321m
$3,705m
External AUM as
at Mar-21
Industre
developments and
committed
acquisitions
Diversified
Queensgate
development
Investore
developments and
committed
acquisitions
Pro forma external
AUM
Stride office and
retail as at Mar-21
Acquisitions and
committed
developments
Total pro forma
AUM
Available capitalTotal pro forma
AUM plus
available capital

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
37
Appendix 3:
$29.8m
($7.1m)
$6.5m
($0.5m)
$3.4m
($1.0m)
($0.4m)
($1.3m)
$3.0m
$6.8m
$1.3m
$40.4m
Year ending 31
Mar 20
Net rental
reduction from
disposals
Net rental
increase from
acquisitions
Spreading of
Fixed rental
increases
Covid 19
Abatements
Capitalised
Covid 19
Amortisation
Covid 19
Provision
Accrual
Net rental
decrease from
remaining
portfolio
Lower net
finance
expense
Higher
management
fees income
Lower
corporate
expenses
31 Mar 21
Profit before other income and tax for continuing operations
Sumsmaynotaddduetorounding

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
38
Appendix 3 (cont.)
$1.91
$2.15
$0.04
$0.09
$0.08
$0.13
($0.02)
$0.01
($0.09)
As at
31 Mar 2020
Equity capital raiseProfit before other
income and income
tax
Net change in fair
value of Investment
properties
Share of profit in
associate
Income tax expenseOther
comprehensive
income
Dividends paidAs at
31 Mar 2021
Net Tangible Assets per share
1.Excluding impact of NZ IFRS 16 Leases and excludes value of Level 12, 34 Shortland Street, which houses Stride’s head office,and is shown in the consolidated financial statements as property, plant and equipment.
Sumsmaynotaddduetorounding
$863.9m
$1,044.5m
$1,196.5m
($259.6m)
$43.3m
$13.6m
$381.9m
$1.3m
$152.0m
As at
31 Mar 2020
DisposalsNet change in fair
value
Capital
expenditure
AcquisitionsCapitalised
lease incentives
As at
31 Mar 2021
Sale Street
acquistion
As at
31 Mar 2021
(Pro forma)
Investment Property
1

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
39
Glossary

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
40
Contract RentalContract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL (or the relevant landlord) bythat 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
Distributable profitDistributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined non-recurring and/or non-cash items, share of profits in
equity-accounted investments, dividends received from equity-accounted investments and current tax. Further information, including the calculation of distributable profit and
the adjustments to profit before income tax, is set out in note 4.2 to the consolidated financial statements
DiversifiedDiversified NZ Property Trust, a Stride Product
FY20The financial year ended 31 March 2020
FY21The financial year ending 31 March 2021
FY22The financial year ending 31 March 2022
HY21The six months ended 30 September 2020
IndustreIndustre Property Joint Venture, a joint venture between SPL (through its wholly owned subsidiary, Stride Industrial PropertyLimited) and JPMAM, which commenced on 1 July
2020 and which focuses on owning and developing for ownership industrial property. Industre is a Stride Product
InvestoreInvestore Property Limited, a Stride Product
JPMAMA group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management
Lease Expiry ProfileRepresents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theportfolio as at 31 March 2021, as a percentage
of Contract Rental
LVRLoan to Value Ratio
MATMoving Annual Turnover, which is the annual sales on a rolling 12 month basis (excluding GST)
NTANet Tangible Assets
SIMLStride Investment Management Limited
SPLStride Property Limited
Stapled securityA stapled security comprising one ordinary share in SPL and one ordinary share in SIML
StrideStride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or BoardsThe Boards of SPL and SIML together
Stride ProductAny or all, as the context may require, of Diversified, Investore and Industre, being entities or funds managed by SIML
WALTWeighted Average Lease Term which is the lease term remaining to expiry across a property or portfolio and weighted by rentalincome
Glossary

Stride Property Group Annual Results Presentation for the year ended 31 March 2021
41
Thank you
Stride Property Group
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320
Victoria Street West
Auckland 1142, New Zealand
P +64 9 912 2690
W strideproperty.co.nz
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 twelve months ended
31 March 2021. Please refer to Stride Property Group’s Annual Report 2021 for further information in
relation to the twelve months ended 31 March 2021. The information in this presentation does not
purport to be a complete description of Stride Property Group. In making an investment decision,
investors must rely on their own examination of Stride Property Group, including the merits and risks
involved. Investors should consult with their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability
of any statements, estimates or opinions or other information contained in this presentation, any of
which may change without notice. To the maximum extent permitted by law, each of Stride Property
Limited, Stride Investment Management Limited (together, the Stride Property Group) and their
respective directors, officers, employees, agents and advisers disclaim all liability and responsibility
(including without limitation any liability arising from fault or negligence on the part of Stride Property
Group, its directors, officers, employees and agents) for any direct or indirect loss or damage which
may be suffered by any recipient through use of or reliance on anything contained in, or omitted from,
this presentation.
This presentation is not a product disclosure statement or other disclosure document.

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Stride Property Group
Reporting Period 12 months to 31 March 2021
Previous Reporting Period 12 months to 31 March 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$74,924 9.14%
Total Revenue $77,052 (0.40%)
Net profit/(loss) from
continuing operations
$131,952 200,027.27%
Total net profit/(loss) $131,871 420.84%
Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.01607500
Imputed amount per Quoted
Equity Security
$0.00620359
Record Date 04/06/2021
Dividend Payment Date 14/06/2021
Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00870000
Imputed amount per Quoted
Equity Security
$0.00338333
Record Date 04/06/2021
Dividend Payment Date 14/06/2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.15 $1.91
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Annual Report and Annual Results
presentation for the year ended 31 March 2021.

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

27 May 2021

Audited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019

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 X Quarterly
Half Year Special
DRP applies
Record date 04/06/2021
Ex-Date (one business day before the
Record Date)
03/06/2021
Payment date (and allotment date for
DRP)
14/06/2021
Total monies associated with the
distribution
1

$7,607,253
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02227859
Gross taxable amount
3
$0.02215567
Total cash distribution
4
$0.01607500
Excluded amount (applicable to listed
PIEs)
$0.00012292
Supplementary distribution amount $0.00281507
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
6

28%

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
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“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.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Imputation tax credits per financial
product
$0.00620359
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
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

27/05/2021

---

Template
Distribution Notice

Updated as at 18 December 2019

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 X Quarterly
Half Year Special
DRP applies
Record date 04/06/2021
Ex-Date (one business day before the
Record Date)
03/06/2021
Payment date (and allotment date for
DRP)
14/06/2021
Total monies associated with the
distribution
1

$4,117,145
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01208333
Gross taxable amount
3
$0.01208333
Total cash distribution
4
$0.00870000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00153529
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

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
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“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.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.00338333
Resident Withholding Tax per
financial product
$0.00060417
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
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

27/05/2021

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Stride Property Limited
Stride Investment Management Limited

Issue of Employee Shares and Rights SPH Notice – Harbour Asset Mgmt Ltd & Jarden Securities Ltd

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