FY22 Annual Results

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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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Annual Report 2022
Stride Property Group

Financial Highlights 2
Strategic Highlights 4
Chair and CEO’s Report 6
Board of Directors 10
People 12
Safety 14
Executive Team 16
Performance 18
Real Estate Investment Management Business 20
Products 22
SPL Look-Through Portfolio 24
SPL Places 26
SPL Places - Town Centres 27
SPL Places - Office 28
Industre 30
Diversified 35
Investore 36
Capital Management 38
Community Engagement 40
Climate-Related Disclosures 42
Five Year Financial Summary 60
Financial Statements 63
Independent Auditor’s Report 118
Corporate Governance 122
Statutory Disclosures 153
Implications of Investing in Stapled Securities 161
Glossary 162
Corporate Directory 164
Contents
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 161 of this report.
A copy of the waivers granted by NZX in respect of SPL, SIML and Stride’s “NS” designation
can be found at www.nzx.com/companies/SPG/documents
Stride Property GroupAnnual Report 20221

Financial Highlights
for 12 months ended 31 March 2022 (FY22)
$46.5m
profit before other income/
(expense) and income tax
from continuing operations
up $6.1m from FY21 ($40.4m)
$112.3m
profit after income tax
from continuing operations
down $19.7m from FY21 ($132.0m)
$124.7m
profit before income tax
from continuing operations
down $16.7m from FY21 ($141.3m)
$54.2m
distributable profit
1
after
current income tax
up $7.9m from FY21 ($46.3m)
Stride delivered
strong financial
results during
FY22
SPL’s directly held portfolio is valued
2

at $1.2bn as at 31 March 2022, a net
valuation gain of $30.7m or 2.6% since
31 March 2021
SPL’s look-through portfolio, including
SPL’s direct property holdings and
its interests in the Stride managed
entities, is valued at $1.7bn
SPL’s property
portfolio
continues to
demonstrate
strong metrics
1. See glossary on page 162.
2. Excludes lease liabilities. Includes SPL’s
51.7% interest in the unincorporated
component of the Industre Property
Joint Venture as at 31 March 2022 (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. Includes
the office properties located in Auckland:
7-9 Fanshawe Street, 80 Greys Avenue,
25 Teed Street and 35 Teed Street, which
are investment properties classified as
held for sale at $82.8m.
46 Sale Street, Auckland
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 202223

Strategic Highlights
$603m growth in assets under
management, growing from $3.0bn
as at 31 March 2021 to $3.6bn as at
31 March 2022
$24.3m management fee income
1

(FY21: $24.2m) with recurring
base management fees up 18.7%
from FY21
Industre’s portfolio has grown by
$239m since 31 March 2021 to
$849m, demonstrating the benefits
of Stride’s approach of managing both
listed and unlisted entities
Office portfolio repositioned to meet
changing market demands through
the acquisition of 46 Sale Street and
110 Carlton Gore Road and sale of four
office properties
2
Stride continues to assess options
for the establishment of Fabric
3
, its
office owning subsidiary, as a separate
managed Product
FY22 has seen
continued
growth in Stride’s
real estate
investment
management
business
215 Lambton Quay, Wellington
1. Net of management fees received from SPL.
2. The acquisition of 110 Carlton Gore Road,
Auckland, became unconditional on
5 April 2022. The divestment of the
Auckland office properties at 80 Greys
Avenue, 25 Teed Street and 35 Teed Street
became unconditional on 5 April 2022. The
divestment of the property at 7-9 Fanshawe
Street became unconditional on 2 May 2022.
3. Fabric Property Limited is a wholly owned
subsidiary of SPL.
4. See glossary on page162.
5. Green loans are loans made in accordance
with Fabric’s Green Finance Framework. For
more information see page 54.
Proactive capital
management
initiatives
supported
execution of
Stride’s strategy
$134m capital raise in late 2021
provided Stride with greater flexibility
to progress its strategic objectives,
and has subsequently enabled Stride
to confirm the acquisition of the office
property at 110 Carlton Gore Road
28.7% LVR
4
as at 31 March 2022, or
36.8% on a pro forma 31 March 2022
basis including committed acquisitions,
developments and disposals
Stride has high levels of interest rate
hedging, providing protection against
rising interest rates
$400m green loan
5
established in
Fabric, the first sustainable financing
instrument for Stride and its Products
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 202245

Chair and
CEO’s Report
Dear Shareholders
The Boards of
Directors of Stride
Property Limited (SPL)
and Stride Investment
Management Limited
(SIML) (which together
form Stride Property
Group) are pleased
to deliver Stride’s
annual report for
FY22. Stride has
continued to pursue
its strategic objectives
during FY22, while
also navigating the
challenges presented
by COVID-19.
Stride’s focus on pursuing strategic objectives has resulted in material growth
in Stride’s assets under management (AUM), with AUM growing by over
$600 million, or 20%, during FY22, from $3 billion as at 31 March 2021 to
$3.6 billion as at 31 March 2022. This demonstrates Stride’s commitment
to growing its real estate investment management business, a business
that is managed by SIML, with SPL holding an investment in each Stride
Product. This growth in AUM has contributed to the growth in recurring base
management fees, with these fees growing 18.7%, from $13.5 million in
FY21 to $16.1 million in FY22.
FY22 saw SPL commence a process to list its office property owning
subsidiary, Fabric Property Limited (Fabric), as a separate listed entity. Due
to market conditions, the Board of SPL made the decision to withdraw the
demerger and initial public offering on 21 September 2021, which we believe
was in the best interests of Stride shareholders as well as Fabric investors.
Stride remains committed to its strategy of growing its real estate investment
management business, and we expect this will include the establishment of
Fabric as a separate Stride Product at the appropriate time. To that end,
Stride has continued to refine its office portfolio since September 2021,
including committing to the acquisition of 110 Carlton Gore Road,
Newmarket, Auckland
1
, an office building that is currently under development
and targeting a 6 star Green Star Design & As Built rating, and the divestment
of four B grade office properties
2
from the existing office portfolio.
Collectively, these transactions further improve the overall quality and
sustainability of the Stride office portfolio, which we consider will ensure the
portfolio meets the demands of the market and has “enduring demand”.
Financial performance
Stride has again delivered positive financial results for FY22. Net rental
income at $65.8 million was $15.1 million higher than FY21, due primarily
to the acquisition of new office properties during FY21 and FY22. While
corporate expenses were higher than in FY21, primarily due to $4.5 million
of project costs related to Fabric, profit before other income / (expense)
and income tax from continuing operations at $46.5 million was $6.1 million
higher than FY21.
The net change in fair value of investment properties of $30.7 million was
lower than the prior year (FY21: $38.8 million), but this was partially offset by
increased share of profit from SPL’s investment in the Stride Products (FY22:
$65.6 million; FY21: $62.3 million). The carrying value of SPL’s investment in
Investore was impaired by $18.5 million, due in part to the current share price
of Investore’s shares on the NZX, and this was the primary driver for lower profit
before income tax from continuing operations of $124.7 million, down
$16.7 million from FY21 (FY21: $141.3 million). Stride remains confident in
the value of Investore and its underlying portfolio of properties which remain in
strong demand, but Investore’s recent share price performance has resulted in
the impairment assessment. Higher income tax expense (FY22: ($12.4 million);
FY21: ($9.4 million)) contributed to lower profit after income tax from continuing
operations for FY22 of $112.3 million (FY21: $132.0 million).
Distributable profit
3
after current income tax, which Stride considers to
more closely align with Stride’s underlying and recurring earnings from its
operations, was $54.2 million for FY22, up $7.9 million from FY21
($46.3 million).
Diversified business
Stride’s business comprises a real estate investment
management business (SIML) with a business that has direct
and indirect property investments (SPL). This results in
diversified revenue sources:
• Fees earned by SIML from its real estate investment
management business. These fees comprise both recurring
fees and activity and performance fees.
• Income from SPL’s direct property investments, primarily
comprising office and town centre properties.
• Income from SPL’s investment in the Stride Products –
Investore, Diversified, and Industre. These entities each
specialise in a different commercial property sector, and
accordingly provide a natural differentiation of income
given their different focus.
These diversified revenue sources provide a degree of resilience
in different market conditions.
Growth in assets under management
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.
SIML has been very active during FY22 in growing its assets
under management, with AUM growing by over $600 million,
with $430 million of this growth coming from existing Stride
Products. This growth has come from a range of commercial
asset sectors, and from a combination of acquisitions, asset
development and valuation growth. By way of example:
• Investore Property Limited (Investore), which has a focus
on large format retail property and is NZX listed, completed
$73.8 million of acquisitions during FY22. Investore also
has a conditional agreement to acquire a further parcel of
land for $10.5 million, which, if this acquisition proceeds,
represents an ongoing development opportunity for
Investore to continue to grow its portfolio. In addition,
Investore has continued to improve its existing portfolio,
through improvements completed in collaboration with its
tenants. These acquisitions and developments, together
with a reduction in the average market capitalisation rate
for Investore’s portfolio (to 4.81% as at 31 March 2022),
has contributed to an increase in the value of Investore’s
portfolio of $163.5 million during FY22.
• Industre Property Joint Venture (Industre), which invests
in industrial properties, and is a joint venture between
SPL and JPMAM, completed $87.7 million of acquisitions
during FY22, many of which have redevelopment
opportunities to deliver future portfolio growth, given their
strategic location for future industrial and logistics sites.
These acquisitions have contributed to Industre’s portfolio
growth during FY22, with its portfolio value increasing
by $239 million. Industre also has a strong development
pipeline, with three properties currently under construction,
for a total investment of $37.5 million. Industre has three
further properties that could be developed in the short
to medium term, although there is no commitment to this
development at present.
This growth in Stride’s Products, and therefore SIML’s assets
under management, were funded by investors in Stride’s
Products and did not require further capital contributions
from Stride. This is an important area of focus for Stride as it
continues to further establish itself as a real estate investment
manager, and evidences how Stride’s business model requires
less capital following the establishment of each of its Products.
SIML’s focus will continue to be supporting the Stride Products,
with a view to continuing to grow its real estate investment
management business.
Focus on office portfolio
Stride continues to focus on its office portfolio, as it considers
this portfolio is of sufficient quality and scale to become the next
Stride Product. To assist with delivering on Stride’s intentions
in this sector, Stride has repositioned its office portfolio to
ensure it continues to have enduring demand in a competitive
environment, given the recent trend towards occupiers
demanding higher quality, modern, and flexible workspaces,
which better complement flexible working arrangements.
Stride’s acquisitions of 46 Sale Street, Auckland, and
110 Carlton Gore Road, Auckland
1
, have focussed the portfolio
towards newer, higher quality, more sustainable properties,
with a higher weighting to the Auckland market. Stride has also
agreed to sell four B grade office assets
2
, and together these
transactions will result in the Stride office portfolio offering an
attractive set of investment characteristics on a pro forma
31 March 2022 basis, compared with the position as at
31 March 2022:
• Prime and A grade properties will comprise 85% of the
portfolio, up +14%
• Green assets
4
will comprise 74% of the portfolio, up +16%
• Auckland weighting of 50%, up +9%
• WALT of 7.8 years, up +1.4 years
• Weighted average age of the portfolio
5
of 9.7 years,
down -5.1 years
• Weighted average contract yield at 5.3%, down -0.3%
1. The acquisition of 110 Carlton Gore Road,
Auckland, became unconditional on 5 April
2022, and is expected to settle on completion
of the development, currently projected to
occur in early 2023.
2. The divestment of the Auckland office
properties at 80 Greys Avenue, 25 Teed Street
and 35 Teed Street became unconditional on
5 April 2022. The divestment of the property at
7-9 Fanshawe Street became unconditional on
2 May 2022.
3. See glossary on page 162.
4. Stride defines “green assets” as assets
achieving 4 star NABERSNZ or 4 star Green
Star ratings or better.
5. Property age measured since construction or
last major refurbishment.
Stride Property GroupAnnual Report 20227Stride Property GroupAnnual Report 20226

Chair and
CEO’s Report
Stride expects to establish Fabric as a separate Stride Product, and will
continue to monitor market conditions to determine the appropriate time to
progress this initiative.
SPL holds one office property directly, being 55 Lady Elizabeth Lane,
Wellington. As noted in the interim report for FY22, works are required to
improve the seismic performance of this property, although the exact
nature of the works required is still being understood. As a result, the
valuation of this property was reduced still further as at 31 March 2022,
to $15 million. Stride has notified the tenants of this property of the draft
seismic rating and continues to work with the tenants regarding the potential
strengthening works.
Capital management
In order to support the ongoing growth of Stride’s assets under management,
Stride continues to focus on capital management initiatives. During FY22,
Stride’s key capital management transactions included a capital raise,
debt refinancing, and interest rate hedging transactions, undertaken in
anticipation of the current rising interest rate environment.
In November and December 2021, Stride undertook a capital raise, in
order to provide Stride with greater flexibility for the establishment of its
office fund, as well as progressing other strategic initiatives as part of
Stride’s broader investment management strategy. This capital raise has
subsequently supported Stride entering into an unconditional agreement
to acquire the property at 110 Carlton Gore Road, Auckland, which, as
described, has improved the quality and attractiveness of the office portfolio.
Stride sought to raise $120 million through the capital raising, and with both
the placement and the retail offer being over subscribed, this resulted in
Stride raising $133.9 million.
Stride refinanced its debt facilities during FY22, and as part of this
transaction, $400 million of the facilities are classified as green loans
1
,
supported by Stride’s predominantly green rated office portfolio.
Stride considers its earnings are well insulated from increases in interest
rates over the short to medium term. As at 31 March 2022, Stride had
hedging in place equal to 110% of drawn debt, in anticipation of further
drawdowns associated with the committed growth of the office portfolio.
Proactive capital management is also a feature of the management of the
Stride Products, with the SIML team concluding a total of $1.4 billion of
debt transactions on behalf of Stride and the Stride Products during FY22,
including $1.3 billion of bank debt facilities that have been refinanced,
together with the issue of a further $125 million of listed bonds by
Investore. The Investore bond was issued at a margin of 1.15% per annum,
representing a record New Zealand low rate for an unrated issuance at the
time, demonstrating the demand for Investore’s portfolio.
People
The activity across the Stride portfolio and the Stride Products is
only possible with a high calibre team, and Stride is very proud of
its people. During FY22 Stride appointed a new Executive Team
member, Jessica Rod, as General Manager Office. Jessica has
been with Stride for nearly 20 years, and has been responsible
for a number of key transactions within the portfolio over that
time, including the recent acquisitions of 46 Sale Street and
110 Carlton Gore Road. Stride is very proud to be able to
promote internally for such an important position.
Governance
During FY22 Stride appointed an additional director, Ross
Buckley. Ross brings considerable management and financial
experience, having been a partner at KPMG for 26 years and
Executive Chair of KPMG for nearly 10 years. Ross retired from
the KPMG partnership in October 2020 to pursue a governance
career and is currently an independent director of ASB Bank
Limited, independent Chair of Service Foods Limited, Massey
University Council member, a member of the Audit Oversight
Committee of the Financial Markets Authority, and National
Council member and Chair of the Auckland Branch of the
Institute of Directors.
Director John Harvey, the Chair of the Stride Audit and Risk
Committee, announced his retirement from the Stride Boards
after more than 12 years of service. Stride is very fortunate to
have had a director of John’s calibre, particularly through the
formative years of Stride as a listed entity, including its listing
process, the establishment of Investore as a separate entity, the
creation of Industre, and the ongoing growth of Stride’s assets
under management. On behalf of the Stride Boards, we would
like to acknowledge the immense contribution of John Harvey
and wish him well in his retirement.
The appointment of Ross as a director was in anticipation of
John’s retirement, and we are pleased to announce that Ross
has been appointed as the Chair of the Stride Audit and Risk
Committee with effect from John’s retirement on 31 May 2022.
We know that Ross will bring a keen mind to the financial, risk
and audit responsibilities of the Committee.
Sustainability
A key focus for the Stride Boards during FY22 has been
Stride’s commitment to ensuring it has a sustainable business.
The Stride Sustainability Committee was established in late
2020, and has been very active in monitoring Stride’s progress
against its sustainability strategic plan during FY22. Key
activities have included:
• Improving the sustainable performance of the office
portfolio, including through obtaining green ratings and
positioning the portfolio to obtain NABERSNZ ratings
(which require 12 months of data, and accordingly a period
of time following installation of appropriate metering);
• Implementation of sustainability-focussed policies and
frameworks, including a Supplier Code of Conduct and
Community Engagement Framework;
• Completing Stride’s preliminary climate risk assessment;
• Implementing a software system to enable gathering
of greenhouse gas emissions data, and undertaking
a limited assurance review of the baseline data, to
provide the baseline for Stride to set its future emissions
reduction targets.
As a result of these activities and the focus of the Stride
Sustainability Committee, Stride is providing more detailed
information in this report on its climate risk exposure, aligned
with the principles of the Taskforce on Climate-related Financial
Disclosures, at page 42 and following. Stride is also publishing
its first greenhouse gas inventory report in FY22, in conjunction
with the release of this Annual Report.
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. Stride continues to explore options for establishing
Fabric, the office owning subsidiary of SPL, as a separate Stride
Product, and will monitor market conditions to determine the
appropriate time to undertake this strategic initiative.
FY23 will also see a continued focus on the growth of the
Stride Products, including Investore and Industre, both of which
have acquisition and development pipelines, providing future
growth opportunities.
The Boards confirm that they currently intend to pay a combined
cash dividend for SPL and SIML during FY23 of 9.91 cents
per share.
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
34 Shortland Street, Auckland
1. Green loans are loans made in accordance with Fabric’s Green Finance Framework. For more
information see page 54.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 202289

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
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.
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 2021; retired with effect from 31 May 2022
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, KMD Brands Limited
(formerly Kathmandu Holdings Limited), Heartland Bank Limited, and Investore
Property Limited.
Philip Ling
MSc, MRICS, CMInstD
Independent Director
Term of Office: Appointed to SPL and SIML on 26 June 2017; last elected 2020
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.
Ross Buckley
BBS, FCA, FCPA, CMInstD
Independent Director and Chair of the Audit and Risk Committee from
1 June 2022
Term of Office: Appointed to SPL and SIML on 9 August 2021; elected 2021
Ross retired from the global accounting and consulting firm KPMG in 2020, after
38 years with KPMG. Ross was Executive Chairman of KPMG in New Zealand and a
member of KPMG’s Asia Pacific Board and KPMG’s Global Council for nearly 10 years.
During his career with KPMG he managed the firm’s Audit, Risk and Tax practices,
in addition to the firms’ People, Performance and Culture function. Ross is currently
Chair of the Auckland Branch of the Institute of Directors, Massey University - Council
member, a member of the Audit Oversight Committee of the Financial Markets Authority,
a director of ASB Bank Limited, and Independent Chair of Service Foods Limited.
Nick Jacobson
LLB, BCom
Independent Director
Term of Office: Appointed to SPL and SIML on 18 July 2019; last elected 2021
Nick has over 30 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
Wingate in Sydney, Australia, investing in significant CRE private credit transactions.
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
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.
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
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.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20221011

People
These benefits included:
• An additional week of annual leave per year
• Provision of one week’s paid secondary carer leave for team members as they
grow their families. In the first year of this benefit, three employees have taken
this leave
• Increased long service leave entitlements for employees with 10 or more years
of service. In FY22 one team member celebrated 20 years of service with Stride
and 22 people celebrated 5 years of service
• Increased employer KiwiSaver contributions
Stride has a diverse workforce, and is proud of the fact that its workforce comprises
64% female and 36% male. In order to ensure Stride remains an open and inclusive
place for all people to work, Stride implemented a number of initiatives during FY22:
• All employees were encouraged to complete unconscious bias training
• Completed an equal pay assessment of selected comparative roles and levels
• External benchmarking of salaries
Stride intends to continue to progress its
diversity and inclusion practices, and has
committed to establish an employee Diversity
and Inclusion Committee to provide input on
initiatives to foster and encourage diversity
and inclusion at Stride.
Stride values its
people highly,
and this has been
demonstrated with
the introduction of
additional benefits
in FY22.
Stride’s teams have continued to deliver excellent results in often challenging
conditions, including as a result of ongoing lockdowns.
Corporate Services
Stride’s Corporate Services team manages governance, legal (including documenting
leasing transactions), health & safety, IT, risk, compliance, external communications,
insurance and sustainability across all of Stride and the Stride Products. This team won
the Stride “team of the year” for FY22 as a result of its commitment to meeting the
needs of its internal customers and quietly improving the way Stride does business.
Some key achievements included improving IT security and upgrading IT hardware,
including CCTV cameras at shopping centres; supporting the establishment of Fabric
and the acquisitions and divestments of office properties; commitment to Stride’s
internal process improvement projects; and materially improving Stride’s sustainability
practices, including completing a preliminary climate risk assessment, implementing
software to gather and calculate greenhouse gas emissions and implementing a
number of sustainability policies and objectives.
Development
The Stride Development team delivers major development and refurbishment
projects across all SIML-managed entities. This team successfully delivered
the award-winning Waste Management Auckland Headquarters, and has most
recently completed the refurbishment of the office building at 22 The Terrace,
Wellington and the rebuild of the carpark and cinema at the Queensgate
Shopping Centre in Wellington, which was demolished following the 2016
Kaikoura earthquake. The Development team completed over $150 million of
projects during FY22 and are currently working on more than $400 million of
additional developments across all Stride Products.
Office Asset Management
Stride’s office portfolio has grown significantly over the past two years, and to support
the growing office portfolio Jessica Rod was appointed as General Manager Office in
September 2021, leading a team of professionals focussed on delivering best practice
management of Stride’s office portfolio in Auckland and Wellington. This team has
had an active year, including managing lockdowns and consequent rent abatement
negotiations, working on the establishment of Fabric, and managing the acquisition
of 46 Sale Street and 110 Carlton Gore Road, as well as the disposal of four B grade
office properties.
Stride contributes 5% of gross
earnings to KiwiSaver for all
employees who are contributing
4% of their earnings or above. Since
introducing this initiative, 84% of
eligible employees have taken up
this benefit
Queensgate Shopping Centre,
Wellington
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20221213

Safety
With the increasing number of refurbishment and development projects managed by
SIML, SIML is proud of its progress in working with contractors to ensure these projects
are delivered safely. SIML appoints an external auditor to review contractor health
and safety performance for all major refurbishment and development projects. With a
significant amount of work having been completed over the last 12 months on a number
of sites, including an operational shopping centre, there was only one notifiable incident
during the 12 months to 31 March 2022.
Across the properties managed by SIML, incidents have reduced overall, although we
note this could be due, at least in part, to the impact of COVID-19, which has resulted in
fewer days of operation for office and shopping centre properties.
Stride continually seeks to ensure the safety of
all those who work in or visit places managed
by SIML. This approach presents continued
challenges given the varied nature of properties
managed by SIML and the activity levels across
Stride and the Stride Products.
95% average external safety audit
score for three large Wellington
development projects
43 recorded injuries across SIML
managed properties (FY21: 78)
74% of all recorded injuries
occurred at large retail sites
Main cause of incidents are slips
and trips
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20221415

Stride Property GroupAnnual Report 202217
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.
Philip Littlewood
BProp, BCom, MBA
Chief Executive Officer
Philip joined Stride in 2014 and has
overall responsibility for Stride Property
Group. Philip has more than 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.
Fabio Pagano
MBA
Investore Fund Manager
Fabio joined Stride in 2018 and
brings over 15 years’ international
experience in retail management.
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.
Immediately prior to joining Stride,
Fabio held senior roles in the New
Zealand Government across property
and infrastructure areas.
Adam Lilley
BCom, LLB, CA
General Manager Investment
Adam has 10 years’ experience in the
property and finance industries, and
was previously an Institutional Equities
Research Analyst at Craigs Investment
Partners, specialising in the NZ listed
property sector. Adam was previously
an Investment Manager at Stride
and rejoined in 2021 to lead Stride’s
Investment team.
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 Industrial
Andrew joined Stride in 2004 and has
more than 20 years’ property industry
experience. Andrew is responsible for
managing the business of Industre,
including overseeing and growing
Industre’s industrial portfolio. 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, insurance, 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.
Jessica Rod
BProp, BA
General Manager Office
Jessica is the most recent addition
to the Stride Executive Team, having
been appointed to the role of General
Manager Office during FY22. Jessica
has been with Stride for 20 years,
most recently in the role of Investment
Manager, where she was responsible for
a number of recent office acquisitions,
including the acquisition of the property
at 110 Carlton Gore Road.
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 GroupAnnual Report 202216

$37.7m
FY17
$38.8m
FY18
$38.8m
FY19
$37.7m
FY20
$46.3m
FY21
$54.2m
FY22
Stride combines a property ownership business (SPL) with a real estate investment
management business (SIML). This results in Stride having diverse sources of income:
• Real estate investment management fees, comprising asset management fees,
which are ongoing recurring fees, and activity based fees, which depend on the
activity of the Stride Products, such as leasing and development
• Direct property income from SPL’s directly owned property
• Indirect property income from SPL’s investment in the Stride Products
These diverse sources of income provide Stride with a level of resilience in different
market conditions and mean that Stride is not reliant on a particular category of income.
These diverse sources of
revenue have contributed to
Stride delivering growth in
distributable profit
2
since FY17,
particularly over the period since
FY20 when Stride grew its real
estate investment management
business with the establishment
of Industre.
Distributable profit
2
growth
FY22 look-through revenue sources
1
Activity and
performance fees
7%
Recurring
management fees
15%
Large Format Retail
10%
Management
fees
22%
Industrial
14%
Town Centre/Retail
Shopping Centres
19%
Office
35%
110 Carlton Gore Road, Auckland
1. 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 2022. Management
fees comprise FY22 management fees
from Stride Products (i.e. excluding fees
from SPL, but including SPL building
management fees which are recovered
from tenants).
2. See glossary on page 162.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20221819
Performance
Diversified
revenue sources

Real Estate Investment
Management Business
SIML will manage each of the Products and SPL will continue to own an interest in each
of the Products. Stride has seen considerable growth in its assets under management
during FY22, demonstrating the benefit of having distinct, diverse pools of capital for
each Stride Product focussed on a defined commercial property class.
Stride benefits from growth in its Products through:
• Activity based fees associated with acquisition and development activity
• Higher portfolio values resulting in higher ongoing recurring fees as SIML’s asset
management fee is calculated as a specified percentage of portfolio value
Stride’s strategy is
to create a group
of Products in
specific commercial
property sectors to
grow its investment
management
business.
SIML
Management Fees
AUM growth
$3.6bn
assets under management as at
31 March 2022
Up $603m from 31 March 2021
FY22 management fees
1
of $25.3m
18.7% growth in recurring fees from FY21
1. Net of management fees received from SPL but
includes SPL building management fees which
are recovered from tenants.
2. FY21 management fees included the one-
off establishment fee associated with the
commencement of Industre of $1.4m.
SIML management
fee
1
growth
$1.1m
$8.9m
FY17
$10.0m
$13.3m
FY18
$15.7m
$2.4m
$15.7m
$13.6m
FY19
$2.1m
$18.3m
$13.3m
FY20
$5.0m
$25.1m
$14.4m
FY21
$10.7m
2
$25.3m
$17.0m
FY22
$8.2m
Recurring fees
Activity and performance fees
Stride AUM
$895m
FY17
$2,078m
$660m
$523m
FY18
$902m
$2,178m
$738m
$538m
$966m
$2,212m
$761m
$485m
FY19
$996m
$2,171m
$761m
$414m
FY20
$890m
$3,003m
$1,038m
$466m
FY21
$610m
$1,063m
$3,606m
$1,201m
$493m
FY22
$849m
Note: Numbers in charts may not sum due to rounding.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20222021

1. Acquisitions, developments and disposals comprise: (1) Stride: purchase price for 110 Carlton Gore Road; seismic strengthening costs for 34 Shortland Street; less the
sale price for the disposal of the four office properties; (2) Investore: purchase price for the development land at Waimak Junction plus the estimated cost of Stage 1 of the
development; and capital expenditure of $22.7m across the existing portfolio; (3) Diversified: remaining seismic strengthening costs for Queensgate Shopping Centre;
(4) Industre: estimated costs of construction for three properties currently under development.
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).
Products
Each Stride Product is developed to invest in a specific commercial property sector
and has its own distinct balance sheet. Having a balance of listed and unlisted Products
means that Stride has a diversified source of capital for growing the Stride Products.
This growth potential has been demonstrated over the previous year, with assets under
management growing by 20%, with a strong pipeline of acquisitions and developments
for FY23.
Portfolio composition as at
31 March 2022 including
acquisitions, developments
and disposals
$1,194m
$738m
$325m
$131m
$1,260m
$1,201m
$58m
$497m
$493m
$5m
Sector focus
Office and Town
Centre
2
Large Format
Retail
Retail Shopping
Centres
Industrial
SPL Investment
100%18.8%2.1%51.7%
Description
An NZX listed
company, part of
Stride Property
Group
An NZX listed
company
An Australian trust
majority owned
by Australian
superannuation
entities
A joint venture
between Stride
and a group
of institutional
investors advised
by J.P. Morgan
Asset Management
(JPMAM)
$887m
$849m
$38m
Acquisitions, developments
and disposals
1
Retail Shopping Centres/Town Centre
Office
Industrial
Large Format Retail
FY22 AUM growth
Acquisitions/
Disposals
Developments,
capex and other
Acquisitions,
developments
and disposals
1
AUM as at
31 March
2021
$304m
$204m
$95m
Net
revaluation
movement
$232m
$3,003m
$890m
$466m
$1,038m
$610m
AUM as at
31 March
2022
$3,606m
$1,201m
$1,063m
$493m
$849m
Pro forma
AUM as at
31 March
2022
$3,838m
$1,260m
$1,194m
$497m
$887m
Note: Numbers in charts may not sum due to rounding.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20222223

1 Grey Street, Wellington
1. As at 31 March 2022, excluding committed
acquisitions, developments and disposals and
excluding lease liabilities.
SPL Look-Through
Portfolio
SPL’s weighted look-
through portfolio value
1

as at 31 March 2022
19%
13%
25%
43%
$10m
$226m
$439m
$1,063m
$325m
$738m
Directly held
$738m
$325m
$1,738m
Weighted
look-through
Products
$2,543m
$493m
$1,201m
$849m
18.8%
51.7%
2.1%
SPL’s property interests comprise its directly held portfolio together with its indirect
interest in each of the portfolios owned by the Stride Products as a result of the interest
SPL owns in each Stride Product. This results in SPL having exposure to each class of
commercial property owned by SPL and the Stride Products. On a look-through basis,
SPL’s portfolio shows strong investment metrics as at 31 March 2022, benefiting from
the diversity of the Stride Products combined with SPL’s places.
SPL’s look-through portfolio has a strong weighting to the office sector, as a result
of SPL building its office portfolio in anticipation of the establishment of Fabric as a
separate Product. It is expected that this will reduce over time as Fabric is established
as a Stride Product.
Look-through value ($m)1,738
Look-through WALT (years)
6.6
Look-through occupancy (%)
97.8
Retail Shopping Centres/
Town Centre
Office
Industrial
Large Format Retail
Retail Shopping Centres/
Town Centre
Office
Industrial
Large Format Retail
Stride Property GroupAnnual Report 202225Stride Property GroupAnnual Report 202224

1. Excludes SPL’s 51.7% interest as at 31 March
2022 in the unincorporated component of the
Industre Property Joint Venture 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 31 March 2022, as if the acquisition of
110 Carlton Gore Road, Auckland, and the
divestment of the office properties at
7-9 Fanshawe Street, 80 Greys Avenue, 25 Teed
Street and 35 Teed Street had all occurred as at
that date.
3. Includes Johnsonville Shopping Centre, which is
owned 50:50 by SPL and Diversified.
4. See glossary on page162.
5. Excludes lease liabilities; 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 the following office properties located in
Auckland: 7-9 Fanshawe Street, 80 Greys Avenue,
25 Teed Street, and 35 Teed Street, which are
investment properties classified as held for sale
at $82.8m.
7. Net valuation movements differ from the reported
net change in fair values of investment properties
in the consolidated financial statements due to
adjustments made on consolidation.
8. Sales data is not collected for all tenants at
Silverdale Centre as not all tenants are obliged
to provide this information under the terms of
their lease.
9. Excludes lease liabilities.
SPL
Places
To w n
Centres
SPL’s directly held portfolio consists of office and town centre properties.
SPL has focussed on growing and repositioning its office portfolio over
the past year, to ensure the office portfolio continues to demonstrate
“enduring demand”.
Stride continues to see strong growth in sales across its key town centre properties,
with moving annual turnover (MAT) at NorthWest growing by 5.6% (or +9.0% on a like
for like basis) and MAT at Silverdale Centre
8
growing by 3.2% (or 3.0% on a like for like
basis). The performance of these centres can be attributed to their locations, with both
centres located in high-growth regions of Auckland. SPL also owns a 50% interest in
Johnsonville Shopping Centre, which represents a future development opportunity.
The occupancy rates below exclude casually let units such as pop up shops or kiosks
let under licence. If these occupied units were included, the occupancy rate would be
98.0% as at 31 March 2022.
Overview of
SPL portfolio
1
Pro forma
2

31 March 2022

31 March 2022

31 March 2021
Properties
3
(no.)121514
Tenants (no.)321358347
Net Lettable Area
(sqm)
148,046151,212135,350
Net Contract Rental
4

($m)
67.963.054.5
WA LT
4
(years)6.65.65.5
Occupancy Rate
(% by area)
96.296.197.6
Portfolio Value
5
($m)1,193.01,062.8
6
889.6
FY22 Net Valuation
Movement
7
($3.7m)
(0.6%)

31 March 2022

31 March 2021
Properties
3
(no.)44
Tenants (no.)231232
Net Lettable Area (sqm)65,52665,736
Net Contract Rental
4
($m)22.022.5
WA LT
4
(years)4.14.3
Occupancy Rate (% by area)96.796.5
Portfolio Value
9
($m)324.5309.9
FY22 Net Valuation Movement
7
+$13.3m
+4.3%
NorthWest Shopping Centre,
Auckland
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20222627

1. The acquisition of 110 Carlton Gore Road,
Auckland, became unconditional on 5 April 2022.
2. The divestment of three office properties
(80 Greys Avenue, 25 Teed Street and 35 Teed
Street) became unconditional on 5 April 2022.
The divestment of the property at 7-9 Fanshawe
Street became unconditional on 2 May 2022.
The sale price includes a commitment by Fabric
to complete certain seismic strengthening works
in relation to two of the office properties for a total
of $0.8m.
3. As at 31 March 2022, as if the acquisition
of 110 Carlton Gore Road, Auckland, and
the divestment of the office properties at
7-9 Fanshawe Street, 80 Greys Avenue, 25 Teed
Street and 35 Teed Street had all occurred as at
that date.
4. See glossary on page 162.
5. Excludes lease liabilities. 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 the following office properties located
in Auckland: 7-9 Fanshawe Street, 80 Greys
Avenue, 25 Teed Street, and 35 Teed Street,
which are investment properties classified as held
for sale at $82.8m.
7. Net valuation movements differ from the reported
net change in fair values of investment properties
in the consolidated financial statements due to
adjustments made on consolidation.
8. Stride defines “green assets” as assets achieving
4 star NABERSNZ or 4 star Green Star ratings
or better.
9. Property age measured since construction or last
major refurbishment.
Office
Stride has indicated its intention to establish Fabric as its standalone
office-owning Product. Stride is focussed on developing a portfolio of office
properties that it considers will demonstrate enduring demand and therefore
form the basis for a successful Stride Product.
Including the acquisition of the property at 110 Carlton Gore Road, Auckland, and
the divestment of the four B grade Auckland office properties, SPL’s office portfolio
demonstrates strong characteristics with improved quality on a pro forma basis as at
31 March 2022.
Recent transactions
reposition Stride’s
office portfolio to meet
key trends in the New
Zealand office market.
Pro forma
3

31 March 2022

Compared with
31 March 2022
Valuation$868.5m+$130.2m
Prime and A grade properties85%+14%
Green assets
8
74%+16%
Auckland weighting (by value)50%+9%
WA LT
4
7.8 years+1.4 years
Weighted average age of portfolio
9
9.7 years-5.1 years
Weighted average contract yield5.3%-0.3%
$213m
Acquisition of
110 Carlton Gore Road,
Newmarket, Auckland
1
$152m
Acquisition of
46 Sale Street, Auckland
$83.6m
Divestment of four
non-core office properties
post balance date
2
Pro forma
3

31 March 2022

31 March 2022

31 March 2021
Properties (no.)81110
Tenants (no.)90127115
Net Lettable Area
(sqm)
82,52085,68769,614
Net Contract Rental
4

($m)
45.940.931.9
WA LT
4
(years)7.86.46.3
Occupancy Rate
(% by area)
95.795.498.6
Portfolio Value
5
($m)868.5738.3
6
579.7
FY22 Net Valuation
Movement
7
($17.0m)
(2.3%)
Key office market trends:
Market shift towards sustainably rated buildings
as occupiers become more conscious of the need
to ensure their business minimises its impact on
the environment
SPL office portfolio green rated
8
, up 16%
74%
High inflation and replacement costs will drive
rental growth
SPL’s office portfolio has been recently
constructed or redeveloped. SPL has also
“locked in” the acquisition price for 110 Carlton
Gore Road, with the property being acquired in
12 months’ time
73%
Flight to quality – occupiers are seeking to
upgrade to newer, high quality and well-located
spaces with flexible floorplates and lower density
workspace configurations in order to attract
existing employees back into the office and
enhance office productivity
SPL office portfolio Prime or A grade, up 14%
85%
Stride has been very
active in growing
and repositioning its
office portfolio over
the past 24 months to
meet market trends.
Stride Property GroupAnnual Report 202229Stride Property GroupAnnual Report 202228

Industre invests in the industrial sector, with a primary focus on properties
in the Auckland region. In continuing its strong growth trajectory, Industre
targets properties that are well-located, primarily on key transport routes,
with future development potential.
Industre’s portfolio has grown by over $450 million since commencement
on 1 July 2020, including acquisitions with a total purchase price of
$195 million.
Industre has a strong pipeline of future growth, with three projects currently
committed for development, for a total investment of $37.5 million, with each
property being built to a targeted minimum 4 star Green Star Design & As
Built standard.
Growth since the establishment of Industre has been funded by Stride’s
joint venture partner, JPMAM, with Stride’s interest in Industre reducing as
JPMAM invests to fund growth. Stride now has a 51.7% holding in Industre
as at 31 March 2022.
Portfolio
Overview
Industre Portfolio Growth
$849m
Portfolio value as at
31 March 2022
$87.7m
Acquisitions completed
during FY22
$239m
Growth in portfolio
during FY22
31 March 2022 31 March 2021
Properties (no.)2218
Tenants (no.)6739
Net Lettable Area (sqm)176,689173,330
Net Contract Rental
2
($m)31.227.4
WA LT
2
(years)9.39.7
Occupancy Rate (% by area)99.897.3
Portfolio Value ($m)849.4610.0
FY22 Net Valuation Movement
+$138.6m
+19.5%
$398m
Settlement on
30 June 2020
$610m
Portfolio value
31 March 2021
$88m
Acquisitions
completed
$12m
Developments
completed
$1m
Maintenance
capex and
other costs
$139m
Net valuation
movement
(12 months)
$849m
Portfolio value
31 March 2022
$38m
Committed
acquisitions and
developments
$887m
Total
estimated
pro forma
1
value
31 March 2022
Industre continues
to grow, through
a combination of
acquisitions and
developments.
1. Pro forma as at 31 March 2022 as if
committed acquisitions and developments
had been completed as at that date.
2. See glossary on page 162.
Penrose Campus, Auckland
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20223031

Industre’s Auckland
portfolio comprises
over 40 hectares
of strategically
located sites across
Auckland, close to
main arterial routes.
The large property
sizes present
future development
opportunity to
meet the growing
demands of the
logistics industry.
Industre also
owns properties
in Hamilton and
Gisborne.
1
1
1
1
16
18
16
20
20
20
Penrose
Campus
7.29ha
1 Ross Reid
Place
1.62ha
2-14 Patiki Road
4.62ha
7 Charann Place
0.52ha
48 Wilkinson
Road
4.48ha
8 Norman
Spencer Drive
2.42ha
30 and 34
Airpark Drive
3.06ha
14 Favona Road
2.39ha
415 East
Tamaki Road
1.98ha
22 Ha Crescent
1.10ha
8 Reg Savory
Place
0.64ha
439 Rosebank
Road
1.17ha
Auckland CBD
318 East
Tamaki Road
5.25ha
44.7ha
Total Auckland land size
$786.7m
Total Auckland portfolio
value as at 31 March 2022
15 Ride Way
1.38ha
Auckland
Airport
460 Rosebank
Road
2.78ha
Selwood Road /
The Concourse
4.00ha
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20223233

Portfolio Overview
31 March 202231 March 2021
Properties
1
(no.)44
Tenants (no.)356335
Net Lettable Area (sqm)105,185105,064
Net Contract Rental
2
($m)38.237.9
WA LT
2
(years)3.03.4
Occupancy Rate (% by area)94.293.8
Portfolio Value ($m)492.6465.6
FY22 Net Valuation Movement ($m)
($22.0m)
(4.3%)
Financial Information
1. Includes Johnsonville Shopping Centre, which is
owned 50:50 by SPL and Diversified.
2. See glossary on page 162.
*This information relates to the year to 31 March 2022. Stride’s share in Industre reduced from 56.33% as at 31 March 2021 to 51.74% as at 31 March 2022. Stride’s net share of
Industre’s profit is calculated on the weighted average participating interest during the period.
IndustreStride's interest
Joint
Venture
2022
Joint
Operations
2022
Total
2022
Joint
Venture
2022
Joint
Operations
2022
Total
2022
Assets
Current assets7,2078848,091
3,7294574,186
Investment properties497,931351,500849,431
257,612181,854439,466
Other non-current assets82,689-82,689
42,781-42,781
Total Assets
587,827352,384940,211
304,122182,311486,433
Liabilities
Current liabilities4,5479245,471
2,3544782,832
Borrowings243,60377,034320,637
126,03139,857165,888
Other non-current liabilities1,584-1,584
820-820
Total Liabilities
249,73477,958327,692
129,20540,335169,540
Net assets
338,093274,426612,519
174,917141,976316,893
IndustreStride's interest
Joint
Venture
2022
Joint
Operations
2022
Total
2022
Joint
Venture
2022
Joint
Operations
2022
Total
2022
Income19,32314,80834,131
10,2377,85218,089
Expenses(10,574)(7,735)(18,309)
(5,597)(4,088)(9,685)
Change in fair value of
investment properties
73,69964,917138,616
38,95534,38673,341
Net share of profit
*
82,44871,990154,438
43,59538,15081,745
Summarised Statement of Financial Position ($000)
Summarised Statement of Financial Performance ($000)
Stride is pleased to have delivered the completion of the rebuild of the carpark and
cinema complex at Queensgate Shopping Centre during FY22. The carpark was opened
in time for Christmas trading, with the cinema currently in the fit out stage, expected to be
open for trading later in 2022. These improvements to the centre are expected to drive
increased customer visitation, benefiting the whole centre.
Queensgate Shopping Centre,
Wellington
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20223435

1. 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 (including
non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and current tax. Further information, including the calculation of distributable profit and
the adjustments to profit before income tax, is set out in note 3.2 to Investore’s consolidated financial statements.
2. See glossary on page162.
3. Portfolio value as at 31 March 2022 excludes: (1) seismic works ($3.0m) to be completed by SPL in relation to 2 Carr Road, Auckland, acquired by Investore from SPL on 30 April
2020; and (2) lease liabilities.
4. Portfolio value as at 31 March 2021: (1) excludes seismic works and rental underwrites (total $7.1m) to be completed by SPL in relation to the three properties acquired by
Investore from SPL and settled on 30 April 2020; (2) includes 35 MacLaggan Street, Dunedin, which was held as property intended for sale; (3) excludes lease liabilities.
5. Loan to Value Ratio is calculated based on independent valuations, which include seismic works to be funded by SPL in relation to 2 Carr Road, Auckland, acquired by Investore
from SPL in April 2020. The independent valuations also exclude lease liabilities.
Investore completed $73.8 million of acquisitions during FY22 in execution
of its strategy of targeted growth. In addition, Investore has a further
conditional agreement to acquire development land at Waimak Junction,
Kaiapoi, for $10.5 million, which provides Investore with continued
development opportunities.
Investore has also focussed on improving its current portfolio during FY22,
through collaborating with key tenants to undertake capital projects that
improve the overall customer experience and drive increased customer
visitation to each property. Investore receives additional income as a result of
these projects, through rental return on the investment or by way of increased
turnover rent, and in addition these projects often deliver an increase in lease
tenure, adding value to Investore’s portfolio.
Investore’s portfolio continues to demonstrate strong metrics, with a net
valuation gain of $91 million or 8.2% in the 12 months to 31 March 2022,
and average market capitalisation rate of 4.81%, down 0.4% from
31 March 2021.
Investore’s continued focus during
FY22 on proactive capital management
has resulted in Investore having a
strong capital position in the current
rising interest rate environment.
Portfolio
Overview
$118.2m
profit after income tax,
down $43.1m from
FY21, due to a lower
revaluation movement
100%
debt hedged or fixed, with no debt
facilities expiring until FY24
7.90
cents per share cash
dividend for FY22, up
0.30 cents from FY21
$29.9m
distributable profit
1
after
current income tax, up
$0.8m from FY21
29.5%
Loan to Value Ratio
5
as at 31 March
2022, with $120m bank debt
facility headroom
$125m
5 year listed bonds issued
February 2022 at 4.00% per
annum interest rate
$34.3m
profit before other income/
(expense) and income tax,
up $4.3m from FY21
3.77%
weighted average interest rate
as at 31 March 2022, down from
4.04% as at 31 March 2021, due to
Investore’s proactive management
of debt

31 March 202231 March 2021
Properties (no.)4443
Tenants (no.)143130
Net Lettable Area (sqm)249,829246,272
Net Contract Rental
2
($m)60.257.1
WA LT
2
(years)9.19.8
Occupancy Rate (% by area)99.799.1
Portfolio Value ($m)1,201.3
3
1,037.9
4

FY22 Net Valuation Movement
+$91m
+8.2%
Investore continues to
deliver strong financial
results, through its
focus on investing
in large format retail
assets, an asset
class that remains in
demand.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20223637

Capital
Management
During FY22, Stride executed a number of capital management initiatives
designed to ensure it has an appropriate balance sheet for the future.
Stride takes an active
and prudent approach
to capital management,
particularly in the
current rising interest
rate environment.
As at 31 March 2022, Stride had hedging in place
equal to 110% of drawn debt, in anticipation of
further drawdowns associated with the committed
growth of the office portfolio
Existing bank debt facilities refinanced, increasing
available facilities to $600m to facilitate growth,
and resulting in a reduction in the weighted
average line fees and margin for the facilities
$400m of the newly arranged bank facilities are
classified as green loans
1
, supported by the office
portfolio owned by Fabric
$134m capital raise completed December 2021 to
provide greater balance sheet flexibility to support
continued growth of Stride’s funds management
business
28.7% LVR
2
as at 31 March 2022, or 36.8%
after taking into account committed acquisitions,
disposals and developments
31 March 202231 March 2021
Banking facility limit ($m)600455
Debt facilities drawn ($m)306261
Weighted average debt maturity (years)3.42.4
LVR (Covenant: ≤ 50%) (%)28.729.3
Mar-26
$25m
Mar-25
$100m
Mar-24
$280m
Mar-23
$320m
Mar-22
$335m
FY27
$140m
FY25FY24FY23FY26
$160m
1.24%
1.28%
1.35%
1.61%
1.60%
Debt expiry profile as at
31 March 2022
Fixed interest rate profile as at
31 March 2022
Stride considers
its earnings are
well insulated from
increases in interest
rates over the short to
medium term.
Notional fixed rate debt (net of
fixed-to-floating hedging)
Weighted average interest rate
of fixed rate debt (excluding
margin and line fees)
1. Green loans are loans made in accordance
with Fabric’s Green Finance Framework.
For more information see page 54.
2. See glossary on page162.
$300m
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20223839

During FY22 Chartwell Shopping Centre,
which is owned by Diversified and
managed by SIML, ran a competition to
design Chartwell’s new reusable tote bag
featuring the theme ‘Sustainability in our
Community’. There were two winners who
each received a $500 Chartwell gift card.
All shopping centres host a Christmas gift wrapping booth, with the centres providing
the space and wrapping materials and the proceeds going to a charity of choice. For
Christmas 2021, Chartwell raised $9,450 for The Waterboy, which will go towards
purchasing a mini-van for the charity. The goal of The Waterboy is to break down
barriers to provide personal development opportunities to disadvantaged or minority
youth and to use sport and mentoring as a major vehicle for creating stronger people.
The objectives of this charity align with Stride’s community engagement goal of
addressing social issues to generate shared value for both Stride and the community.
For 2021, Queensgate Shopping Centre raised $12,835 through their gift wrapping
service for the Wellington City Mission, which will be used to fund the Mission’s
continued support of the local community in Lower Hutt, including funding home visits
by Mission social workers to individuals and families in the Hutt City region. Queensgate
also partnered with The Breeze Wellington radio station and the initiative “Pack The
Bus this Christmas” to collect donations of food and presents for the Wellington
City Mission.
NorthWest Shopping Centre partners with The Salvation Army Westgate every
Christmas to provide a gift wrapping service to customers, with donations going to
The Salvation Army Westgate. For Christmas 2021, the gift wrapping service raised
$11,443, which was 8.2% higher than that raised in 2020 and the largest amount
raised since the partnership began in 2017. The Salvation Army uses the money
received to further develop children’s programmes in the NorthWest community. The
centre also hosted a toy donation crate, with eleven supermarket trolley loads of toys
being received and distributed to more than 200 families in need during Christmas.
Community
Engagement
Stride has implemented a new Community Engagement Framework which
governs Stride’s community investment activities. Stride aims to maximise
the positive impacts of its business activities on the community through:
• Actively engaging in partnerships that address social issues which
generate shared value for both Stride and the community at national
and local level
• Actively engaging with the communities in which Stride operates to
create mutually beneficial outcomes
At a national level, Stride will focus on organisations, programmes and
initiatives that provide opportunities for youth to access experiences
that would not otherwise have been available to them and encourage
continuing education.
At the local level Stride will focus on helping build the capacity of the
communities in which we operate. We seek to provide spaces that facilitate
social connection and cohesion and work with those organisations seeking
to create equality in the community.
Stride sponsors the Graeme Dingle Foundation and recently committed to
a further three year period of sponsorship with an increased contribution
in order to provide further support for the work of the Graeme Dingle
Foundation. The Graeme Dingle Foundation’s purpose is to inspire school
age New Zealand children to reach their full potential through programmes
that help build self-esteem, promote good values and which teach valuable
life, education and health skills. In addition to providing sponsorship, Stride
also encourages its employees to volunteer as a mentor for one of the
Graeme Dingle Foundation’s programmes.
Stride is committed to
actively engaging with
the communities in
which Stride operates
to create mutually
beneficial outcomes.
The shopping centres
managed by Stride
contribute to their
communities in a
range of ways, from
providing free space
to community groups,
to hosting Christmas
gift wrapping facilities
which raise money
for charities.
The centres collaborate
with their communities to
help support and develop
young people and people
in need, particularly their
local schools.
When a women’s accessory store ceased trading at Queensgate Shopping Centre
they left beyond a large amount of stock, and Queensgate took the opportunity to
support their local schools by donating a majority of this stock to three low decile high
schools in the Hutt Valley for use during the school ball season. The local schools were
very grateful and commented on how this simple effort made such a difference to
students’ lives.
NorthWest Shopping Centre has also supported its local schools, through their
“NorthWest Rewards Schools” initiative, where shoppers could vote for their favourite
school, with every dollar spent equating to one vote. Thirteen West Auckland schools
and almost 8,000 children took part in the initiative, with $6,000 being donated in total
to three schools as a result.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20224041

Climate-Related
Disclosures
A key focus for Stride during FY22 has been sustainability and establishing
the groundwork for Stride’s approach to the management of climate risk.
This work has included undertaking a preliminary climate risk assessment,
gathering greenhouse gas (GHG) emissions data across Scopes 1, 2 and 3,
and continuing to progress green ratings for Stride’s properties.
Stride is in the process of establishing its workplan for FY23, which will
include setting emissions reduction targets, further refining the climate
risk assessment and strategic response, preparing adaptation and
transition plans, developing a responsible investment policy which will
guide sustainable investments, and continuing to progress green building
certifications across Stride and the Stride Products.
Stride also completes the Global Real Estate Sustainability Benchmarking
(GRESB) assessment, which benchmarks Stride’s sustainability performance
against a peer group in the Asia Pacific region. Stride has been focussed
during FY22 on undertaking a number of activities and initiatives to improve
its sustainability practices, which we expect will improve Stride’s GRESB
score. Stride’s target is to be in the upper quartile of its peer group for the
GRESB assessment over time.
FY22 Highlights
Net anthropogenic GHG emissions have increased since 2010 across all
major sectors globally. An increasing share of emissions can be attributed
to urban areas. Emissions reductions in CO2 from fossil fuels and
industrial processes, due to improvements in energy intensity of GDP and
carbon intensity of energy, have been less than emissions increases from
rising global activity levels in industry, energy supply, transport, agriculture
and buildings. Average annual GHG emissions during 2010-2019 were
higher than in any previous decade (IPCC Report April 2022).
Climate risk assessment undertaken with preliminary
climate risk ratings established
Higher quality office portfolio:
• Refurbishment of 22 The Terrace, Wellington,
completed - 5 star Green Star Design rating
confirmed, and expected to achieve a
5 star Green Star As Built rating on completion
• Stride has an unconditional agreement to acquire
the property at 110 Carlton Gore Road, Auckland
1
–
this property is expected to achieve a 6 star Green
Star Design & As Built (v3.2) rating, and a 5 star
NABERSNZ rating
• Stride has agreed to sell four office properties
2
which
it considers do not currently meet Stride’s target
green benchmarks
Board-mandated minimum green ratings for acquisitions
and developments established, with sustainability factors
considered for every acquisition and development
GHG emissions data collected, and limited assurance
review completed on FY20, FY21 and FY22 Scope 1 and
Scope 2 emissions. This will provide us with a base to
begin to establish emissions reduction targets
1. This agreement became unconditional on
5 April 2022.
2. The divestment of the Auckland office
properties at 80 Greys Avenue, 25 Teed Street
and 35 Teed Street became unconditional on
5 April 2022. The divestment of the property at
7-9 Fanshawe Street became unconditional on
2 May 2022.
The risks of climate change
are increasingly well-
known and understood.
Stride recognises that
tackling the issues
caused by climate change
requires all individuals,
organisations and
governments to reduce
greenhouse gas emissions
and prepare for a low
carbon future.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20224243

Climate-Related
Disclosures
This section describes the role of the Stride Boards and the
SIML team in overseeing, assessing and managing climate-
related risks and opportunities.
Stride recognises the importance of understanding and strategically
responding to climate-related risks and opportunities to protect and
enhance company value. Accordingly, during FY21 Stride established
the Board Sustainability Committee, which is responsible for, among other
things, considering climate-related risks and initiatives and assessing
how they may impact on Stride’s business. The Sustainability Committee
has a formal charter that governs its operations and sets out its purpose,
and responsibilities.
Governance
Diagram 1:
Governance for managing
climate-related issues
Boards of Directors
SIML Executive Team
Climate Risk Working Group
Sustainability

Committee
SIML Safety and

Sustainability Manager
1
2
3
4
5
RoleDescription
Boards of Directors
The SPL and SIML Boards have ultimate responsibility for overseeing the assessment of, and
strategic response to, climate-related risks and opportunities for Stride. Climate-related risks are
considered in the performance of the Boards’ duties, primarily in relation to major investments
such as acquisitions and developments. By way of example, the Boards have determined to divest
four B grade office assets and commit to the acquisition of 110 Carlton Gore Road, Auckland,
which is expected to achieve a 6 star Green Star Design & As Built (v3.2) rating, and a 5 star
NABERSNZ rating on completion.
Sustainability Committee
The Sustainability Committee, chaired by Director Jacqueline Cheyne and including Director
Tim Storey, Stride Board Chair, and Director Philip Ling, plays a critical role in relation to Stride’s
response to climate change and its approach to sustainability. The Committee oversees Stride’s
sustainability activities, including environmental and social sustainability activities and climate risk
response; monitors progress in achieving Stride’s sustainability strategic objectives; and reviews
and recommends to the Boards Stride’s sustainability reporting.
The Committee meets quarterly and receives reports from the SIML Executive Team for each
meeting relating to progress against Stride’s sustainability strategic objectives and key projects,
including Stride’s climate risk assessment.
All Sustainability Committee papers and minutes are made available to the full Stride Boards, and
the Stride Boards receive a briefing on key activities of the Committee.
SIML Executive Team
SIML’s Chief Executive Officer is accountable for ensuring that Stride is identifying, assessing
and managing material risks, including climate change and other sustainability risks. The SIML
Executive Team has been involved in the development of the climate risk assessment. Each
member of the Executive Team is responsible for monitoring and assessing climate risk in their
area of responsibility, in conjunction with Stride’s sustainability team.
The SIML Executive Team reports to the Sustainability Committee on sustainability topics and
progress in addressing Stride’s sustainability strategic actions, as well as climate-related risks and
opportunities.
SIML Safety and
Sustainability Manager
SIML’s Safety and Sustainability Manager is responsible for formulating and driving
implementation of Stride’s environmental sustainability initiatives across Stride and the Stride
Products. The Safety and Sustainability Manager works closely with the asset managers and
facilities managers, as well as the fund managers, to implement sustainability initiatives to meet
the objectives of Stride, the Stride Products and their investors and tenants.
SIML’s Safety and Sustainability Manager reports directly to the General Manager Corporate
Services, who is a member of the Executive Team, and responsible for risk management across
Stride, providing a link between climate risk management and business risk processes.
Climate Risk
Working Group
During FY22 Stride formed a sustainability working group to provide input on Stride’s climate
risk assessment. This group was provided training on climate change and climate risks, along
with climate risk terminology, to assist them in undertaking their role. The working group
comprised all members of the SIML Executive Team, as well as participants from all areas of the
organisation to ensure a wide perspective was brought to consider climate risks for Stride and the
Stride Products.
Other working groups may be established for specific sustainability related projects as required.
1
2
3
4
5
Stride Property GroupAnnual Report 202245Stride Property GroupAnnual Report 202244

Stride recognises that effective risk management is essential to
achieve its strategic objectives
During FY22 Stride formed a climate risk working group to assess the impact of climate
risk on the business of Stride and the Stride Products, under two scenarios:
• The low carbon scenario, where the world transitions to a low carbon economy and
temperature rise is kept to between 0.3 and 1.7 degrees Celsius (Representative
Concentration Pathway (RCP) 2.6)
• The business as usual scenario, where carbon emissions are not constrained and
the temperature rise is between 2.6 and 4.8 degrees Celsius (RCP 8.5) and there
is a 300% increase in hot days (>25 degrees Celsius)
The working group held a number of workshops to assess the risks and opportunities
associated with climate risk, and the outcome was then moderated by the sustainability
team within Stride. The draft risk assessment was presented to the Board Sustainability
Committee, who also provided feedback and input on the assessment of the nature and
level of risks.
Given the longer-term nature of climate risk impacts, the climate risk assessment is
currently not integrated into Stride’s overall enterprise risk management process.
However, during FY23 Stride intends to better integrate the two risk approaches, to
ensure a comprehensive approach to risk across Stride and the Stride Products.
Climate Risk
Management
Climate-Related
Disclosures
Stride’s sustainability strategic plan has three pillars, which align with certain UN
Sustainability Development Goals. We have set a number of actions against each
strategic pillar, and set out our progress against those actions during FY22 below.
Progress against these actions is reported to every Sustainability Committee meeting
for review, with the exception of the health and safety action items, which remains the
responsibility of the full Boards.
Stride’s
Sustainability
Strategy
ObjectiveActionProgress
Contribute to a resilient community – We
want to provide leading health and safety
performance and support a connected and
inclusive society
Be vigilant to ensure all operations are
conducted safely, with a particular focus
on key health and safety risks, including
contractor management
Key health and safety metrics are outlined in
this report, and include an average of 95%
external audit safety scores across all major
development projects during the year
Develop shared prosperity – we want to
foster long term prosperity by investing in and
managing outstanding places that reward
everyone connected with them
Develop Community Engagement Programme
Framework
This framework has been developed,
and guides the approach of Stride to
its community involvement. For more
information on Stride’s community
involvement, see pages 40 and 41 of
this report
Develop Supplier Code of PracticeThe Supplier Code of Practice has been
developed, and is supported by Stride’s
Modern Slavery Policy which was recently
adopted by the Stride Boards. This will be
implemented during FY23 to ensure that
Stride’s suppliers support achievement of
its sustainability strategy
Develop a Green Financing FrameworkFabric Green Finance Framework
developed and implemented
Protect the planet – We want to create
efficient, climate-resilient places that
deliver long term value and support a low
carbon future
Establish green ratings for our office
properties - a minimum of a 4 star rating is
being targeted
4 office properties currently have green
ratings (Green Star or NABERSNZ). It has
been identified that additional metering
is required on the remaining portfolio to
enable a NABERSNZ rating to be achieved,
and we are nearing completion on installing
that additional metering. A minimum of
12 months’ data will then be required to
enable a rating to be obtained
Develop climate risk disclosure, including
starting the development of reporting in
line with the principles of the Taskforce on
Climate-related Financial Disclosures (TCFD)
Preliminary climate risk assessment and
strategy developed and reported as part of
this report
Set emissions reduction targetsA limited assurance review has recently
been completed over Scopes 1 and 2 GHG
emissions for FY20, FY21 and FY22. The
next step is to develop emissions reduction
targets during FY23
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20224647

Climate-Related
Disclosures
Strategy
Climate Change Risks
and Opportunities
The Strategy section provides information on the strategic
implications of climate change for Stride
Stride’s business strategy is to own and manage a diversified, high quality
portfolio of property assets located in New Zealand. Stride takes a long term
approach to its business and asset ownership. This long term investment
approach aligns with Stride’s sustainability goals, as Stride considers the
long term impact of changes in regulation and climate change on its business
and the assets it owns and manages.
Stride has begun the process of assessing the impact of climate change on
its business and its strategy, beginning with a climate risk assessment, which
is described on the following pages. The Stride Sustainability Committee
and Stride Boards consider climate risk as part of the inputs in their overall
strategic decision making, with further work on the impact of climate risk on
the Stride strategy to be undertaken during FY23.
Stride is working to ensure our team is sufficiently skilled to identify the key
risks and opportunities from climate change. We use external expertise
where we consider this will support the SIML team to address and manage
risks. Accountability for Stride’s sustainability and climate-related targets and
outcomes will be reinforced through key performance indicators for the
Chief Executive Officer, the Executive Team and SIML’s Safety and
Sustainability Manager. These KPIs will be linked to short term incentive
remuneration, with performance against KPIs reported regularly to the
Sustainability Committee.
Stride’s plan to manage the impacts of climate risk is linked to
its business and asset life cycles to ensure that decisions are
made in alignment with business imperatives, and with a longer-
term decision-making process given the life of property assets.
Sustainability and climate risk implications are considered as
part of Stride’s overall decision-making approach, particularly in
relation to material financial investments.
In preparing the climate risk assessment, Stride adopted
the following timeframes, which have been set taking into
consideration business planning cycles and asset lifespans.
Low Carbon Scenario – Less than 2°C Temperature Rise
Climate transition issues are more material in the low carbon scenario, where the focus on reducing carbon is much greater in the
short term, driven by: growth of energy efficiency, renewables and low carbon technology; faster decarbonisation of transport and
industry; changing methods of transportation; divestment from fossil fuels; more rapidly evolving investor mandates and financial
institutional appetite for climate mitigation; increasing tenant demand for green properties, and faster evolution of climate regulation
and carbon pricing.
Transition climate risks arise from the transition to a lower carbon economy. Transitioning to a
lower carbon economy may entail extensive policy, legal, technology, and market changes to
address mitigation and adaptation requirements related to climate change. Depending on the
nature, speed, and focus of these changes, transition risks may pose varying levels of financial and
reputational risk to organisations.
Physical climate risks resulting from climate change can be event driven or due to longer-term
shifts in climate patterns. Physical risks may have financial implications for organisations, such as
direct damage to assets and indirect impacts from supply chain disruption.
Short timeframe: To end of 2025
Long timeframe: 2036 – 2050
Medium timeframe: 2026 – 2035
RiskImpact
Timeframe and
preliminary risk ratingResponse / Next Steps
Increasing expectation
of tenants and occupiers
for low carbon, energy
efficient buildings
that support changing
modes of transport and
electrification. Need
to remain current with
technological advances,
such as growth of
electrification of transport,
divestment from fossil fuels
and growth of renewables
and low carbon technology
• Potential tenant vacancies if
properties do not meet tenant
sustainability demands
• Opportunity to be an “early mover”
to greener buildings and therefore
attract higher rent
• Increased capital expenditure
required to upgrade buildings to
be more energy efficient
• Increasing expectation from
tenants and customers that
electric vehicle infrastructure is
provided, requiring additional
capital expenditure
• Need to consider alternative
electricity generation options
such as solar energy to meet
tenant demands for energy
efficient solutions
Short / medium timeframe
Moderate risk
Stride has established a policy of
targeted minimum green ratings
for properties that it acquires or
develops, which will assist with
ensuring its properties meet the
demands of tenants
Stride’s repositioning of its
office portfolio away from older,
less efficient and non-core
buildings to a greener portfolio
demonstrates its commitment to
addressing this risk
Stride plans to set emissions
reduction targets during FY23
Transition risks and opportunities
During FY22 Stride formed a climate risk working group to undertake
preliminary work to identify climate risks, related opportunities and the
impact of climate risk on its business strategies using two scenarios -
a low carbon scenario where temperature rise is kept to between 0.3 and
1.7 degrees Celsius (RCP 2.6), and a “business as usual” scenario where
carbon emissions are not constrained and the temperature rise is between
2.6 and 4.8 degrees Celsius (RCP 8.5).
Outlined on the following pages is Stride’s preliminary assessment of climate
risks and opportunities that are most likely to materially affect Stride under the
low carbon and the business as usual scenarios.
Stride Property GroupAnnual Report 202249Stride Property GroupAnnual Report 202248

Climate-Related
Disclosures
RiskImpact
Timeframe and
preliminary risk ratingResponse / Next Steps
Policy and legal changes
- Increasing standards
for buildings, including
embodied carbon
assessments and
operational emissions
assessments at the time of
building consent
• More costly to develop
buildings, due to the need to
ensure buildings meet the
required standards. Rents may
need to increase in order to
make development of new
buildings feasible, but this will be
market dependent
• There is currently an element of
uncertainty around requirements
for future building consents, which
could impact commitment for new
buildings given the long timeframe
for the build process
Short / medium timeframe
Moderate risk
Stride currently assesses
embodied carbon as part of its
process for new construction
projects
Continue to monitor Building Act
and consents amendments, and
adapt as required
Increased urbanisation
with move of population to
main cities
• Opportunity for assets located
in urban areas with increasing
demand for properties – Stride’s
office assets are well-located
in urban areas and town centre
assets are located in growing
areas. As cities become more
highly populated, this could lead
to higher demand for well-located
assets, driving higher asset values
Medium timeframe
Opportunity
Continue to focus on investing
in sustainable assets in central
urban locations that are likely
to benefit from increasing
urbanisation
Chronic and acute physical climate issues become most material under this scenario,
as short-term efforts required to decarbonise fall short of environmental requirements.
Under this scenario, greater focus and investment will be on adapting to higher
temperatures and associated impacts, such as higher sea levels and more extreme
weather events.
This may include more immediate investment to strengthen asset physical resilience;
exiting assets that are in high-risk zones; careful due diligence on the impacts of
forecast sea level rise and storms on existing assets; building properties that factor in
higher resilience to storms, floods and wind, and have back up or alternative energy
sources; deepening relationships with insurers and energy suppliers to monitor and
maintain stable contracts and affordable access.
Business as Usual
Scenario - 4°C
Temperature Rise
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20225051

Climate-Related
Disclosures
RiskImpact
Timeframe and
preliminary risk ratingResponse / Next Steps
Increase in sea level
rise including greater
sea surge events
• Asset values reduce, or useful
life of asset is impacted,
particularly for those assets
located in coastal areas
• Properties in exposed areas are
damaged due to sea level rise and
the likelihood of larger sea surges
and inundation
• Less tenant demand for properties
at risk of sea level rise due to
potential impacts on operation
resulting from sea surge or
inundation
• Increased costs of maintenance
and repair due to likely damage
from sea and possibly more robust
building materials required
• Increased costs of insurance
and/or inability to insure against
this risk
• Potential for higher rates as
Councils seek increased funding
to implement protection measures
against sea inundation
Medium/long timeframe
Moderate risk
Sea level rise risks are considered
as part of due diligence for new
assets
Sea level rise risk has been
assessed across the office
portfolio. All office properties
are at very low risk of inundation
over the next 20 years, assuming
present day water levels. All office
properties have very low or low
risk of inundation over the period
of 20 to 50 years (assuming
a 0.5m sea level rise over this
period), with no likely risk of
internal flooding of the buildings
The response to this risk will be
further informed by the individual
property risk assessments to be
undertaken in FY23
Rising temperatures• Increased operating costs due
to cooling are borne primarily by
tenants, however Stride will bear
increased operating costs for
building common areas
• Tenants may demand more
energy efficient properties due
to increased operating costs of
cooling, or this may impact on
the amount they can afford to pay
in rent, thus impacting capital
expenditure or income
• Developments become more
expensive as construction
workers are able to spend
less time outdoors due to high
temperatures, prolonging
timeframes for development and
increasing costs
Medium timeframe
Moderate risk
The need to future proof for rising
temperatures is considered as
part of capital upgrades across
the portfolio, such as the recent
improvements to 22 The Terrace,
Wellington
The response to this risk will also
be further informed by individual
property risk assessments to be
undertaken during FY23
RiskImpact
Timeframe and
preliminary risk ratingResponse / Next Steps
Increased water scarcity
from more and/or longer
drought events, less rainfall,
change in seasons (longer
summers, shorter winters)
• Increased operating costs from
greater water consumption due
to increased heat and an increase
in the price of water will impact
tenants, but Stride will also bear
the costs of increased water
consumption for common areas
• Increased operating costs,
including higher water costs, may
impact the amount that tenants
are prepared to pay for rent for
premises
Medium timeframe
Moderate risk
Consider the need to develop
water-efficient buildings as part
of property development
Risk impact to be further
considered by individual
property risk assessments to be
undertaken during FY23
Increased frequency and
severity of extreme weather
events such as cyclones,
storms, floods, fire
• Increased operational costs from
repairing damage to properties
• Increased capital expenditure
from improving the resilience of
assets to extreme weather events
• Demand from tenants for
properties that are resilient to
extreme weather events may
impact demand for Stride’s
properties, if Stride does not
invest to make its properties
resilient
• Insurance costs expected to
rise, and while insurance costs
are primarily borne by tenants,
this impacts overall costs of
occupancy, thus potentially
impacting amount of rent tenants
can bear
Medium timeframe
High risk
Ensure new developments are
constructed to be resilient to
climate risks
Risk impact to be further
considered by individual
property risk assessments to be
undertaken during FY23
Physical risks
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20225253

Climate-Related
Disclosures
Response to climate risk
Stride considers climate risk on its business, particularly when considering major investment decisions
such as acquisitions and developments.
Climate risks and opportunities are considered as part of due
diligence investigations for acquiring assets, to ensure that our
investments are consistent with our long term risk appetite. The
Stride Boards have implemented a policy that it will only acquire
properties that have or can achieve a minimum 4 star Green
Star rating or 4 star NABERSNZ rating or equivalent, and target
acquisitions that have or can achieve a 5 star Green Star rating or
5 star NABERSNZ rating or equivalent. Where the property is not
currently certified and Stride has obtained advice that the property
is currently not of a standard that will achieve the required minimum
rating, Stride will factor the capital expenditure required to improve
the building into its considerations for the acquisition.
As an example, Stride recently decided to recycle capital through
agreeing to sell four non-core office buildings that it assessed
required major upgrades to reach a minimum 4 star Green Star or
NABERSNZ rating, to support Stride committing to acquire an office
building that is currently under development at 110 Carlton Gore
Road, Auckland, which is expected to achieve a 6 star Green Star
Design & As Built (v3.2) rating, and a 5 star NABERSNZ rating.
Development planning takes into consideration climate risk and
tenant demand to ensure an asset’s resilience to foreseeable climate
impacts while also retaining strong tenant demand. The Stride Boards
have a policy related to developments or major refurbishments of a
whole building, which requires Stride to incorporate sustainability
initiatives in that development or refurbishment, targeting a 5 star
Green Star rating (or equivalent), and a minimum 4 star Green Star
rating (or equivalent).
Examples of this include the major redevelopment of 22 The Terrace,
Wellington, where sustainability initiatives were incorporated in
the building upgrade, which was initially undertaken to seismically
strengthen the building. A 5 star Green Star Design rating has been
confirmed for this building, and it is expected to achieve a 5 star
Green Star As Built rating on completion of the works.
Stride has put in place a Green Finance Framework for Fabric, which owns office assets. This Framework requires that the value of Fabric’s green
assets (which are defined as properties rated at least 4 star NABERSNZ or 5 star Green Star) exceeds the value of Fabric’s green loans. The
Framework complies with the Green Loan Principles published by the Asia Pacific Loan Market Association, the Loan Market Association and the
Loan Syndication and Trading Association dated February 2021.
Fabric prepares a use of proceeds report to confirm its compliance with the Framework on an annual basis, and this is subject to an external
assurance review.
For FY23 Stride plans to:
• further refine its climate risk assessment, including taking steps to quantify the
impact of each risk and opportunity, as well as define metrics that will assist us to
monitor each risk
• assess the impact of climate risk on individual properties through a property-
specific risk assessment. This will assist with the development of an adaptation
plan for Stride
Stride understands that a sectoral climate risk scenario for the buildings and materials
industry is to be developed, which is part of the recommendations of the New Zealand
External Reporting Board in their work on developing climate disclosure standards for
New Zealand. Stride has indicated an intention to be part of the development of this
sectoral scenario, which we understand is to be led by the New Zealand Green Building
Council during FY23. We will then assess any impact from those scenarios on our
strategy and business and adapt our climate risk assessment and strategic response
as appropriate.
FY23 – Next Steps
Stride Property GroupAnnual Report 202255Stride Property GroupAnnual Report 202254

Climate-Related
Disclosures
Metrics
and Targets
Tracking key indicators and progress against targets is
important to enable Stride to measure and manage climate-
related risks and opportunities
Stride recognises that it needs to contribute to the transition to a low carbon
economy. As part of this commitment, Stride is collecting GHG emissions
data which will enable Stride to put in place an emissions reduction plan.
Stride is pleased to present its first Greenhouse Gas Inventory Report,
which accompanies this Annual Report. Stride understands its Scope 1 and
Scope 2 emissions, and is working with tenants to gather their emissions
data, which is Scope 3 emissions for Stride and the Stride Products. Scope
3 tenant emissions are materially larger than Scope 1 and Scope 2 for
Stride, and accordingly represent opportunities to achieve reductions, if we
are able to work collaboratively with tenants to achieve reductions.
Scope 1Scope 2Scope 3
GHG emissions which
are a direct result of
sources that are owned
or controlled by an
organisation, such as
emissions associated
with fuel combustion
in boilers, furnaces,
vehicles, etc
GHG emissions from the
indirect consumption of
an energy commodity
(the most common is the
emissions from the use
of electricity produced
by burning coal or gas in
another facility)
Indirect emissions, other
than Scope 2 emissions,
that are generated in the
wider economy, and include
emissions from the goods we
buy and activities we facilitate
Refrigerants (such as air
conditioning)
Natural gas, for example
used for heating / boilers
Diesel used in generators
Electricity used in
common areas, for
example lifts and lighting
of common areas, and
embedded electricity
network emissions
Waste
Water
Flights, accommodation and
fuel used in non-fleet vehicles
Construction
(embodied carbon)
Tenant electricity/gas
Approach to
Measuring
Greenhouse
Gas Emissions
Stride prepares its GHG emissions inventory in accordance with the GHG Protocol
Corporate Accounting and Reporting Standard.
Stride has adopted the “operational control” approach for accounting purposes to
report GHG emissions for each Stride Product. This approach means that:
• Stride and each Stride Product account for base build emissions (such as
refrigeration, natural gas and electricity associated with heating, cooling and
lighting in common areas)
• Tenant GHG emissions are Scope 3 emissions for Stride and Stride Products
• SIML will report 100% of the emissions for Stride and each Stride Product on the
basis that SIML is the property and fund manager and therefore has “operational
control” of the Stride Products. Each Stride Product will still report emissions
generated by its activities, including its owned properties, and the reports will
make clear that these emissions have also been reported by Stride to explain any
double accounting
Accounting for GHG emissions using the operational control approach is, we consider,
the most appropriate method and will enable us to “manage what we measure”. The
contributors to Stride’s GHG emissions and their categorisation are set out below.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20225657

Climate-Related
Disclosures
Greenhouse
Gas Emissions
Stride is currently tracking Scope 1, 2 and 3 GHG emissions, although Scope 3
emissions are the most challenging for collection of data, as they are primarily tenant
emissions, such as gas, water and electricity consumed by tenants and therefore rely
on tenants sharing this data with Stride or providing authority for Stride to access this
data directly from suppliers.
Stride’s FY20, FY21 and FY22 Scope 1 and 2 GHG emissions were recently subject
to a limited assurance review undertaken by Deloitte, and have been published as part
of Stride’s Greenhouse Gas Inventory Report for the year to 31 March 2022. This will
provide us with a base to begin to establish emissions reduction targets, which we
expect to undertake during FY23.
Set out below is a summary of the Scope 1 and 2 GHG emissions reported by Stride,
which includes all of the emissions for SPL, Investore, Industre and Diversified. As can
be seen, emissions have increased for most entities between FY20 and FY22, with
the exception of Diversified. The primary reasons for these changes are:
• Stride – SPL acquired the office properties at 20 Customhouse Quay,
215 Lambton Quay and 34 Shortland Street part way during the year in FY21,
which means FY21 only has a part period impact on Scope 1 and 2 emissions
for these properties, where FY22 will have the full year impact of Scope 1 and 2
emissions for these properties. In addition, FY22 reflects emissions from
46 Sale Street, which was acquired in July 2021. One of SPL’s office buildings
also experienced a mechanical issue which saw a refrigerant gas release during
FY22, impacting FY22 emissions. This issue has been addressed.
• Diversified – Diversified has been working to replace old refrigeration units with
newer units which has improved Scope 1 emissions for Diversified during FY22.
In addition, FY22 was impacted by a longer period of closures for Chartwell
Shopping Centre, located in Hamilton.
• Investore – Investore’s emissions have increased due to the acquisition of
centres with common areas, such as Mt Wellington Shopping Centre and Bay
Central Shopping Centre, acquired in April 2020.
The Boards consider that Stride has taken important steps in
identifying and responding to climate risks, but it appreciates that
there is still a lot of work to do.
Set out below are the key climate change response activities planned for FY23 and
how these actions contributes to Stride better meeting its sustainability objectives.
Another important metric for Stride in relation to climate risk is the number of
its properties that have a green rating. Stride has focused on obtaining more
green ratings for its offices during FY22. 57% of Stride’s office properties
are green rated as at 31 March 2022, although this increases to 74% on a
pro forma 31 March 2022 basis, assuming the acquisition of 110 Carlton
Gore Road, Auckland (expected to achieve a 6 star Green Star Design & As
Built (v3.2) rating, and a 5 star NABERSNZ rating) and the divestment of four
Auckland office properties, being 25 Teed Street, 35 Teed Street, 80 Greys
Avenue and 7-9 Fanshawe Street, none of which are green rated. Assessments
are also underway in relation to the remaining office properties to seek ratings
for these properties, with a target of obtaining 100% green ratings for Stride’s
office properties. Stride is also working with JPMAM on green ratings for select
industrial properties which form part of the Industre portfolio.
Next Steps
Green ratings
Diversified Scope 1
Diversified Scope 2
Stride Property Scope 1
Industre Scope 1
Stride Property Scope 2
Industre Scope 2
Investore Scope 1
Investore Scope 2
1728.78
tCO
2
-e
FY22
1,805.88
tCO
2
-e
FY21
2019.72
tCO
2
-e
FY20
Further refine climate risk assessment
Quantify climate-related risks and opportunities
Define metrics to assist with monitoring each climate risk identified and
track data for each metric
Better understanding
and management
of climate
risks, enabling
development of
a comprehensive
climate risk
adaptation plan
Set emissions reduction targets
Undertake a climate risk assessment on a property by property basis
Work to gather more Scope 3 data, particularly tenant emissions data
Establish a climate
change transition
plan, which will assist
Stride to create
efficient, climate-
resilient places that
deliver long term value
and support a low
carbon future
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20225859

Five Year
Financial Summary
Five Year Financial Summary
The five year financial summary table reflects the numbers in the consolidated financial statements for each respective year.
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 68.3% interest in Industre. This has
reduced to 51.7% as at 31 March 2022 (31 March 2021: 56.3%).
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 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 have been presented as “Profit/(loss) from
discontinued operations”.
2200222222002211220022002200119922001188
FFiivvee YYeeaarr FFiinnaanncciiaall SSuummmmaarryy(($$mm))(($$mm))(($$mm))(($$mm))(($$mm))
Net rental income
1
6655..8850.750.457.359.1
Management fee income
1
2244..3324.218.315.715.7
Profit before net finance expenses, other income/
(expense) and income tax from continuing operations
6
622..7753.946.353.757.1
Net finance expenses(
(1166..11))(13.4)(16.5)(15.7)(16.3)
Profit before other income/(expense) and income tax
from continuing operations
4
466..5540.429.838.040.7
Other income/(expense)7
788..11100.9(28.9)43.460.1
Profit before income tax from continuing operations1
12244..77141.30.981.4100.8
Income tax expense(
(1122..44))(9.4)(1.0)(5.2)(5.5)
Profit/(loss) after income tax from continuing operations1
11122..33132.0(0.1)76.295.3
(Loss)/profit from discontinued operations-
-(0.1)25.4--
Profit attributable to shareholders1
11122..33131.925.376.295.3
Basic earnings per share - weighted from continuing and
discontinued operations
2
222..77 cceennttss32.99 cents6.93 cents20.86 cents26.10 cents
Distributable profit before income tax
2
6622..6652.447.745.848.4
Distributable profit after income tax5
544..2246.337.738.838.8
Basic distributable profit after income tax per share
- weighted
1
100..9955 cceennttss11.58 cents10.32 cents10.62 cents10.63 cents
Property values
3
11,,224444..661,050.5996.1966.3902.2
Total assets1
1,,664422..331,383.61,150.31,076.41,011.7
Bank debt drawn3
30055..55261.0386.2332.9307.7
Loan to value ratio2
288..77%%29.3%39.1%34.3%34.1%
Total equity1
1,,223311..111,017.8698.2704.2667.1
NTA per share$
$22..2288$2.15$1.91$1.92$1.82
Adjusted NTA per share
4
$$22..2255$2.15$1.93$1.94$1.84
12021 figure has been restated to eliminate the building management fees charged from SIML to SPL.
2Distributable 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.
3Excludes lease liabilities. Includes investment properties classified as held for sale and SPL’s 51.7% interest in the unincorporated component of the Industre Property Joint Venture. For more information,
refer note 3.2 in the consolidated financial statements. Includes the value of Stride’s head office located at 34 Shortland Street, Auckland, which is recognised in the consolidated financial statements as
property, plant and equipment, refer note 8.7 in the consolidated financial statements.
4Excludes after tax fair value of interest rate derivatives.
Stride Property Group
Annual Report 2022
61
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20226061

Financial
Statements
Consolidated Statement of Comprehensive Income 64
Consolidated Statement of Changes in Equity 65
Consolidated Statement of Financial Position 66
Consolidated Statement of Cash Flows 67
Notes to the Consolidated Financial Statements 69
Independent Auditor’s Report 118
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20226263

Consolidated Statement of Changes in Equity
For the year ended 31 March 2022
NNuummbbeerr ooff
sshhaarreess
SShhaarree
ccaappiittaall
RReettaaiinneedd
eeaarrnniinnggss
OOtthheerr
rreesseerrvveessTToottaall
Notes
000000$$000000$$000000$$000000$$000000
BBaallaannccee aatt 3311 MMaarr 2211447722,,882288772266,,668800229911,,442233((331177))11,,001177,,778866
TTrraannssaaccttiioonnss wwiitthh sshhaarreehhoollddeerrss::
Dividends paid
4.3
----((4488,,555577))--((4488,,555577))
Transfer to share capital on vesting of employee long term
incentive rights
5.6
4
40077663344--((663344))--
Lapsed long term incentive rights
5.6
----229966((229966))--
Share based payment expense
5.6
------11,,00449911,,004499
New shares issued
1.8
6666,,995544113311,,442266----113311,,442266
TToottaall ttrraannssaaccttiioonnss wwiitthh sshhaarreehhoollddeerrss
6677,,336611113322,,006600((4488,,226611))1111998833,,991188
Total other comprehensive income------1177,,0088881177,,008888
Profit after income tax----111122,,229922--111122,,229922
TToottaall ccoommpprreehheennssiivvee iinnccoommee
----111122,,2299221177,,008888112299,,338800
BBaallaannccee aatt 3311 MMaarr 2222554400,,118899885588,,774400335555,,4455441166,,88990011,,223311,,008844
BBaallaannccee aatt 3311 MMaarr 2200365,352500,749201,050(3,635)698,164
T
Trraannssaaccttiioonnss wwiitthh sshhaarreehhoollddeerrss::
Dividends paid
4.3
--(41,530)-(41,530)
Transfer to share capital on vesting of employee long term
incentive rights
5.6
55204-(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
107,421225,727--225,727
T
Toottaall ttrraannssaaccttiioonnss wwiitthh sshhaarreehhoollddeerrss
107,476225,931(41,498)355184,788
Total other comprehensive income---2,9632,963
Profit after income tax
--131,871-131,871
T
Toottaall ccoommpprreehheennssiivvee iinnccoommee
--131,8712,963134,834
B
Baallaannccee aatt 3311 MMaarr 2211472,828726,680291,423(317)1,017,786
Stride Property Group
Annual Report 2022
65
The attached notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2022
2200222222002211
Notes
$$000000$$000000
Gross rental income8899,,00225566,428
Direct property operating expenses
((2233,,119911))(15,739)
N
Neett rreennttaall iinnccoommee
3.1
6
655,,88334450,689
M
Maannaaggeemmeenntt ffeeee iinnccoommee2244,,22772224,235
L
Leessss ccoorrppoorraattee eexxppeennsseess
Corporate overhead expenses
8.2
((1177,,446699))(16,583)
Administration expenses
8.2
(
(55,,443355))(4,468)
Project costs relating to Fabric Property Limited
1.8
((44,,553333))-
T
Toottaall ccoorrppoorraattee eexxppeennsseess((2277,,443377))(21,051)
P
Prroofifitt bbeeffoorree nneett fifinnaannccee eexxppeennssee,, ootthheerr iinnccoommee//((eexxppeennssee)) aanndd iinnccoommee ttaaxx ffrroomm
ccoonnttiinnuuiinngg ooppeerraattiioonnss6622,,66669953,873
Net finance expense
5.3
((1166,,113366))(13,448)
P
Prroofifitt bbeeffoorree ootthheerr iinnccoommee//((eexxppeennssee)) aanndd iinnccoommee ttaaxx ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss4466,,55333340,425
O
Otthheerr iinnccoommee//((eexxppeennssee))
Net change in fair value of investment properties
3.2
3300,,66662238,759
Share of profit in equity-accounted investments
7.2
6
655,,66007762,264
Impairment of equity-accounted investment
7.2
(
(1188,,446611))-
(Loss)/gain on disposal of investment properties(
(993300))313
Hedge ineffectiveness of cash flow hedges
5.2
11,,225500(419)
P
Prroofifitt bbeeffoorree iinnccoommee ttaaxx ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss112244,,666611141,342
Income tax expense
8.1
((1122,,336699))(9,390)
P
Prroofifitt aafftteerr iinnccoommee ttaaxx ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss111122,,229922131,952
Loss from discontinued operations
7.4
--(81)
P
Prroofifitt aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss111122,,229922131,871
O
Otthheerr ccoommpprreehheennssiivvee iinnccoommee::
IItteemmss tthhaatt mmaayy bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
Deferred tax on share based payment expense((5588))161
Movement in cash flow hedges, net of tax
5.6
1
144,,5588992,527
Changes in cash flow hedge reserve in equity-accounted investments2
2,,115577(25)
I
Itteemmss tthhaatt wwiillll nnoott bbee rreeccllaassssiififieedd ttoo pprroofifitt oorr lloossss
Revaluation surplus
8.7
440000300
T
Toottaall ootthheerr ccoommpprreehheennssiivvee iinnccoommee aafftteerr ttaaxx1177,,0088882,963
T
Toottaall ccoommpprreehheennssiivvee iinnccoommee aafftteerr ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss112299,,338800134,834
Stride Property Limited (SPL) total comprehensive income after tax attributable to shareholders1
11177,,885500122,795
Stride Investment Management Limited (SIML) total comprehensive income after tax attributable
to shareholders
1111,,55330012,120
Total comprehensive income after tax attributable to shareholders from continuing operations1
12299,,338800134,915
Total SPL comprehensive loss after tax from discontinued operations
7.4
--(81)
T
Toottaall ccoommpprreehheennssiivvee iinnccoommee aafftteerr ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss112299,,338800134,834
E
Eaarrnniinnggss ppeerr sshhaarree ((EEPPSS)) ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss
4.1
B
Baassiicc EEPPSS ((cceennttss))2222..770033.01
D
Diilluutteedd EEPPSS ((cceennttss))2222..663332.90
E
EPPSS ppeerr sshhaarree ffrroomm ccoonnttiinnuuiinngg aanndd ddiissccoonnttiinnuueedd ooppeerraattiioonnss
4.1
B
Baassiicc EEPPSS ((cceennttss))2222..770032.99
D
Diilluutteedd EEPPSS ((cceennttss))2222..663332.88
64Stride Property Group
Annual Report 2022
The attached notes form part of and are to be read in conjunction with these financial statements.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20226465

Consolidated Statement of Cash Flows
For the year ended 31 March 2022
2200222222002211
Notes
$$000000$$000000
CCaasshh flfloowwss ffrroomm ooppeerraattiinngg aaccttiivviittiieess
Gross rental received8866,,99555565,809
Management fee income2
255,,99661123,346
Interest received1
120
Direct property operating and corporate expenses(
(4477,,882299))(29,984)
Interest paid(
(1144,,772299))(11,632)
Borrowings establishment costs(
(11,,222266))(1,098)
Swap termination expenses(
(333377))(9,293)
Income tax paid
((1122,,446677))(9,700)
N
Neett ccaasshh pprroovviiddeedd bbyy ooppeerraattiinngg aaccttiivviittiieess3366,,33229927,468
C
Caasshh flfloowwss ffrroomm iinnvveessttiinngg aaccttiivviittiieess
Dividend income from equity-accounted investments
8.4
99,,4444336,599
Acquisition of investment properties
1.8
(
(115522,,330077))(358,033)
Capital expenditure on investment properties(
(1199,,000066))(16,994)
Seismic works on investment properties disposed of(
(22,,334455))-
Deposit and other prepayments made on investment property
3.4
(
(11,,558833))(2,250)
Property, plant and equipment purchased(
(119955))(5,781)
Software expenditure-
-(66)
Proceeds from disposal of investment properties-
-343,626
Investment in equity-accounted investments-
-(85,149)
Investment in other investments
--(250)
N
Neett ccaasshh aapppplliieedd ttoo iinnvveessttiinngg aaccttiivviittiieess((116655,,999933))(118,298)
C
Caasshh flfloowwss ffrroomm fifinnaanncciinngg aaccttiivviittiieess
Net proceeds from capital raise
1.8
113311,,442266225,727
Drawdown on bank borrowings1
17733,,660000398,910
Repayment of bank borrowings(
(112299,,110000))(524,150)
Lease liabilities payments(
(110088))(370)
Dividends paid
4.3
(
(4488,,555577))(41,530)
Borrowings from joint venture
--43,169
N
Neett ccaasshh pprroovviiddeedd bbyy fifinnaanncciinngg aaccttiivviittiieess112277,,226611101,756
N
Neett ((ddeeccrreeaassee))//iinnccrreeaassee iinn ccaasshh aanndd ccaasshh eeqquuiivvaalleennttss hheelldd((22,,440033))10,926
Opening cash and cash equivalents
2233,,00224412,098
C
Clloossiinngg ccaasshh aanndd ccaasshh eeqquuiivvaalleennttss2200,,66221123,024
Stride Property Group (Stride) presents total group cash flows including continuing and discontinued operations. See note 7.4 for cash flows of discontinued operations
for 2021.
Stride Property Group
Annual Report 2022
67
The attached notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Financial Position
As at 31 March 2022
2200222222002211
Notes
$$000000$$000000
CCuurrrreenntt aasssseettss
Cash at bank2200,,66221123,024
Trade and other receivables
8.5
4
4,,2222999,068
Prepayments1
1,,113300184
Derivative financial instruments
5.2
2
29900-
Other current assets
7755173
2
266,,33445532,449
Investment properties classified as held for sale
3.5
9944,,225533-
112200,,55998832,449
N
Noonn--ccuurrrreenntt aasssseettss
Investment properties
3.2
11,,117711,,3311771,071,881
Deposit and other prepayments on investment property
3.4
1
1,,5588332,250
Equity-accounted investments
7.2
3
31188,,558866265,707
Loan to associate
8.4
3
3,,3399883,398
Other investments2
25500250
Software
1.4
-
-1,025
Property, plant and equipment
8.7
7
7,,0055006,658
Derivative financial instruments
5.2
1199,,553355-
11,,552211,,7711991,351,169
T
Toottaall aasssseettss11,,664422,,3311771,383,618
C
Cuurrrreenntt lliiaabbiilliittiieess
Trade and other payables
8.6
2222,,55447722,145
Lease liabilities
3.3
3
371
Current tax liability1
1,,0077664,876
Derivative financial instruments
5.2
--553
2233,,66226627,645
Lease liability associated with investment properties classified as held for sale
3.3
1111,,443333-
3355,,00559927,645
N
Noonn--ccuurrrreenntt lliiaabbiilliittiieess
Bank borrowings
5.1
330044,,339955259,860
Borrowings (joint operation participating interest)
7.3
3
399,,88557743,169
Lease liabilities
3.3
1
155,,99110027,383
Deferred tax liability
8.1
1
166,,0011226,180
Derivative financial instruments
5.2
--1,595
337766,,117744338,187
T
Toottaall lliiaabbiilliittiieess441111,,223333365,832
NNeett aasssseettss11,,223311,,0088441,017,786
Share capital8
85588,,774400726,680
Retained earnings3
35555,,445544291,423
Reserves
5.6
1166,,889900(317)
E
Eqquuiittyy11,,223311,,0088441,017,786
SPL equity1
1,,221188,,0000111,004,093
SIML equity (non-controlling interest)
5.5
1133,,00883313,693
E
Eqquuiittyy
11,,223311,,0088441,017,786
For and on behalf of the Boards of Directors of SPL and SIML, dated 27 May 2022:
TTiimm SSttoorreeyy
Chair of the Boards
J
Joohhnn HHaarrvveeyy
Chair of the Audit and Risk Committee
66Stride Property Group
Annual Report 2022
The attached notes form part of and are to be read in conjunction with these financial statements.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20226667

Notes to the Financial Statements
For the year ended 31 March 2022
1.0General Information
70
1.1Reporting entity70
1.2Basis of preparation70
1.3New standards, amendments and interpretations71
1.4Significant accounting policies, estimates
and judgements
71
1.5Fair value estimation72
1.6Non-GAAP measures72
1.7COVID-19 impacts72
1.8Significant events and transactions73
2.0Operating Segments
74
3.0Property
76
3.1Net rental income76
3.2Investment properties78
3.3Lease liabilities85
3.4Capital expenditure commitments contracted for86
3.5Investment properties classified as held for sale86
4.0Investor Returns
87
4.1Basic and diluted earnings per share (EPS)87
4.2Distributable profit88
4.3Dividends paid89
5.0Capital Structure and Funding
90
5.1Borrowings90
5.2Derivative financial instruments92
5.3Net finance expense93
5.4Share capital94
5.5SIML equity (non-controlling interest)94
5.6Reserves95
5.7Capital risk management95
6.0Risk Management
96
6.1Financial instruments96
6.2Fair values97
6.3Financial risk management97
6.4Interest rate risk97
6.5Credit risk98
6.6Liquidity risk98
7.0Investments in Property Entities
99
7.1Industre99
7.2Interests in associates and joint venture99
7.3Interest in joint arrangements103
7.4Discontinued operations105
8.0Other
106
8.1Income tax106
8.2Total corporate expenses108
8.3Remuneration108
8.4Related party disclosures111
8.5Trade and other receivables114
8.6Trade and other payables115
8.7Property, plant and equipment115
8.8Investment in subsidiaries116
8.9Contingent liabilities116
8.10Subsequent events117
Stride Property Group
Annual Report 2022
69
Consolidated Statement of Cash Flows (continued)
For the year ended 31 March 2022
2200222222002211
Notes
$$000000$$000000
PPrroofifitt aafftteerr iinnccoommee ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss ((iinncclluuddiinngg ddiissccoonnttiinnuueedd
ooppeerraattiioonnss nnoottee 77..44))
111122,,229922131,871
A
Adddd//((lleessss)) nnoonn--ccaasshh iitteemmss::
Movement in deferred tax
8.1
33,,7700221,141
Income tax movement in cash flow hedges-
-(387)
Net change in fair value of investment properties(
(3300,,666622))(43,289)
Share of profit in equity-accounted investments(
(6655,,660077))(62,264)
Impairment of equity-accounted investment1
188,,446611-
Loss on disposal of investment properties9
933003,847
Hedge ineffectiveness of cash flow hedges(
(11,,225500))1,075
Spreading of fixed rental increases(
(11,,443377))618
Capitalised lease incentives net of amortisation(
(994433))(1,903)
Movement in loss allowance3
3772247
Share based payment expense1
1,,004499750
Forfeited and lapsed long term incentive rights-
-(191)
Depreciation2
20033480
Software asset expense
1.4
1
1,,002255-
Software amortisation-
-389
Borrowings establishment cost amortisation1
1,,226611332
Non-cash interest income received(
(224455))-
Amortisation of swap termination expenses-
-1,380
Accrued interest movement in derivative financial instruments
((6622))(288)
3
399,,00889933,608
(
(AAdddd))//lleessss aaccttiivviittyy rreeccllaassssiififieedd ((ffrroomm))//ttoo ooppeerraattiinngg aaccttiivviittiieess::
Movement in working capital items relating to financing activities--2,413
Movement in working capital items relating to investing activities(
(22,,112277))791
Movement in borrowings transaction costs classified as operating activities
((11,,222266))(9,293)
3
355,,77336627,519
M
Moovveemmeenntt iinn wwoorrkkiinngg ccaappiittaall::
Decrease/(increase) in trade and other receivables44,,883399(6,030)
Increase in prepayments and other current assets(
(884488))(7)
Increase in trade and other payables4
400225,134
(Increase)/decrease in current tax liability
((33,,880000))852
N
Neett ccaasshh pprroovviiddeedd bbyy ooppeerraattiinngg aaccttiivviittiieess3366,,33229927,468
68Stride Property Group
Annual Report 2022
The attached notes form part of and are to be read in conjunction with these financial statements.
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20226869

1.0 General Information (continued)
1.3 New standards, amendments and interpretations
In October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 was passed. It amends the Financial
Markets Conduct Act 2013, the Financial Reporting Act 2013 and the Public Audit Act 2001, mandating certain entities to disclose climate-related
information. Entities are expected to publish climate-related statements for annual financial periods commencing on or after 1 January 2023 based
upon climate standards issued by the External Reporting Board (XRB). Stride's first climate-related statement will be required for the year ending
31 March 2024.
The XRB intends to issue the following:
•Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1);
•Aotearoa New Zealand Climate Standard 2: Adoption of Climate-related Disclosures (NZ CS 2); and
•Aotearoa New Zealand Climate-related Disclosures Concepts (NZ CRDC).
NZ CS 1 will be the primary disclosure standard and will be based on the recommendations of the Task Force on Climate-related Financial Disclosures
(TCFD). NZ CS 2 will be an adoption standard to enable entities to begin their climate-related disclosure journey. NZ CRDC will be an authoritative
notice containing key concepts, such as materiality. Stride continues to monitor the developments and guidance of the new climate-related disclosure
requirements, with XRB aiming to publish these new standards by 31 December 2022.
At the date of approval of the financial statements, there were no relevant standards on issue but not applied.
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 (note 3.3);
•Derivative financial instruments (note 5.2);
•Investment in associates - Investore Property Limited (Investore) (note 7.2);
•Industre joint venture (note 7.2); and
•Deferred tax (note 8.1).
SIML previously capitalised cost incurred in configuring its property management software as an intangible asset as SIML considered it would benefit
from those costs to implement the cloud-based software over the expected term of the cloud computing arrangement. Following the publication of the
IFRS Interpretations Committee (IFRIC) agenda decision on Configuration or Customisation Costs in a Cloud Computing Arrangement in March 2021
(and ratified by the International Accounting Standards Board (IASB) in April 2021), SIML has reconsidered its accounting treatment and adopted the
principles set out in the IFRIC agenda decision, which is to recognise those costs as intangible assets only if the activities create an intangible asset that
SIML controls and the intangible asset meets the recognition criteria. As a result of this change in accounting policy, $1.0 million previously capitalised
and included as software has been expensed and included in corporate overhead expenses for the year ended 31 March 2022 (refer note 8.2).
Stride Property Group
Annual Report 2022
71
1.0 General Information
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 and its subsidiaries Stride Holdings Limited, Stride Industrial Property Limited
and Fabric Property Limited (together referred to as 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 2022.
1.2 Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (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 2022 and waivers granted to Stride from certain of the NZX Listing Rules on May 2020,
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. Stride notes that the Financial Markets Conduct (Stride Property Group)
Exemption Notice 2022 came into force on 26 May 2022 and applies to Stride’s accounting period ended 31 March 2022 and subsequent accounting
periods, up to and including the accounting period ending 31 March 2026. The exemption notice is of the same effect as Stride’s previous Financial
Markets Conduct (Stride Property Group) Exemption Notice 2017, which expired on 6 April 2022.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The financial
statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
The consolidated statement of comprehensive income for the year ended 31 March 2021 has been restated to eliminate the building management
fees charged from SIML to SPL. This has resulted in a restatement of direct operating expenses which has decreased by $0.8 million ($16.6 million to
$15.7 million) and management fee income which has decreased by $0.8 million ($25.1 million to $24.2 million). There is no impact on the net cash
position, profit attributable to shareholders or the consolidated statement of financial position.
The consolidated statement of cash flows for the year ended 31 March 2021 has been restated to correctly present the impact of rental income
abatement provision due to COVID-19 and to eliminate the building management fees charged from SIML to SPL. This has resulted in a restatement
of net cash provided by operating activities and net cash applied to investing activities as follows: gross rent received has increased by $0.4 million,
($65.4 million to $65.0 million), management fee income has decreased by $0.8 million ($24.2 million to $23.3 million) and capital expenditure on
investment properties has decreased by $0.4 million (($17.4 million) to ($17.0 million)). A corresponding restatement has also been made to the
rental income abatement provision due to COVID-19 non-cash adjustment, from $0.4 million to $nil, which formed part of the reconciliation of profit
after income tax attributable to shareholders to net cash provided by operating activities. With regard to the presentation adjustment for the rental
income abatement provision due to COVID-19 there is no impact on the net cash position, the consolidated statement of comprehensive income or the
consolidated statement of financial position.
70Stride Property Group
Annual Report 2022
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20227071

1.0 General Information (continued)
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 year:
Acquisition of investment property
On 30 June 2021, SPL acquired an office property at 46 Sale Street, Auckland, for a purchase price of $152.0 million. SPL incurred $0.3 million of costs
in relation to the acquisition.
Withdrawal of proposed demerger and initial public offering (IPO) of Fabric Property Limited (Fabric)
On 13 September 2021, Stride announced the proposed demerger and IPO of SPL's wholly owned subsidiary, Fabric, which was to be Stride's
latest managed product, investing in office properties. Due to market conditions, the Boards made the decision to withdraw the demerger and IPO on
21 September 2021. The Boards are conscious of ensuring that the process is in the best interests of Stride shareholders as well as Fabric investors.
Stride remains committed to its strategy of growing its real estate investment management business, and the Boards will continue to consider the next
steps for Stride's office portfolio, within Stride or as a separate entity. As at 31 March 2022, SPL incurred $4.5 million in project costs relating to Fabric,
which have been expensed to the consolidated statement of comprehensive income.
Equity capital raise
During November and December 2021, Stride undertook an equity capital raise which resulted in a gross amount of $133.9 million raised, with
66,953,660 shares issued at $2.00 per share (refer note 5.4). Net proceeds, after transaction costs, of $131.4 million were used to repay
$129.1 million of bank borrowings.
Bank debt facility refinancing
On 16 December 2021, SPL completed the refinancing of its bank debt facilities across a consortium of six banks, increasing total facilities available
from $455.0 million to $600.0 million (refer note 5.1).
During the year, SPL entered into $200.0 million of interest rate derivatives for tenures of between 3-5 years (refer note 5.2).
Investment properties reclassified as investment properties held for sale
As at 31 March 2022, four Auckland office properties being: 21-25 Teed Street, 35 Teed Street, 7-9 Fanshawe Street and 80 Greys Avenue, with an
aggregate value of $82.8 million and a right-of-use asset of $11.4 million in respect to a ground lease at 7-9 Fanshawe Street, were reclassified from
investment properties to investment properties held for sale (refer note 3.5).
Revaluation of investment properties
SPL undertook independent valuations of the entire portfolio as at 31 March 2022 which resulted in a net change in fair value of investment properties of
$30.7 million (2021: $43.3 million) (refer note 3.2 ) and a revaluation surplus on property, plant and equipment of $0.4 million (2021: $0.3 million) (refer
note 8.7). The investment properties held by Investore, Industre Property Joint Venture (Industre) and Diversified NZ Property Trust (Diversified) were
also valued by independent valuers as at 31 March 2022. 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, reflected in net change in fair value of investment properties.
Impairment of equity-accounted investment - Investore
On 31 March 2022, the market value of the investment in Investore, based on the quoted market price, was below the investment’s carrying amount
under the equity method of accounting. SPL assessed whether objective evidence of impairment exists, the outcome of which was that an impairment
test has been performed. SPL has estimated the investment’s recoverable amount by performing value in use (VIU) and fair value less costs of disposal
valuation approaches. SPL has estimated the recoverable amount of the investment in Investore using VIU (as the higher of the two valuation approaches)
resulting in an impairment loss of $18.5 million (2021: $ nil) against the carrying amount of the investment (refer note 7.2).
Stride Property Group
Annual Report 2022
73
1.0 General Information (continued)
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-GAAP measures
The consolidated statement of comprehensive income includes two non-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-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 of distributable profit and Adjusted Funds From Operations (AFFO) which are both non-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-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 COVID-19 Response (Management Measures) Legislation Act 2021, which was enacted in November 2021, mandated rent abatement by landlords
and resulted in SPL incurring additional rent abatement costs. For the year ended 31 March 2022, SPL provided rental abatements of $2.6 million
(2021: $3.4 million). Rental abatements accounted for as lease modifications amounted to $1.8 million (2021: $3.4 million). As a lease modification, the
reduction in rental income is capitalised and spread over the remainder of the tenant's non-cancellable lease term. The remaining $0.8 million (2021:
$ nil) of rental abatements were not treated as lease modifications and the reduction in rent was recognised in the period the rent relief occurred. In
addition, SPL has provided for $1.0 million (2021: $0.4 million) rental income abatements yet to be agreed with the affected tenants. The assumptions on
future impacts of COVID-19 considered by the valuers in their valuations are detailed in note 3.2.
72Stride Property Group
Annual Report 2022
Stride Property GroupStride Property GroupAnnual Report 2022Annual Report 20227273

2.0 Operating Segments (continued)
SSPPLL
SSPPLL
eelliimmiinnaattiioonnssSSIIMMLL
SSIIMMLL
eelliimmiinnaattiioonnss22002211
SSeeggmmeenntt pprroofifitt$$000000$$000000$$000000$$000000$$000000
NNeett rreennttaall iinnccoommee49,3223,495--52,817
M
Maannaaggeemmeenntt ffeeee iinnccoommee--35,010(10,775)24,235
T
Toottaall ccoorrppoorraattee eexxppeennsseess(8,145)5,334(18,247)-(21,058)
P
Prroofifitt bbeeffoorree nneett fifinnaannccee eexxppeennssee,, ootthheerr iinnccoommee//((eexxppeennssee)) aanndd
iinnccoommee ttaaxx
41,1778,82916,763(10,775)55,994
Net finance expense
(13,413)-(101)66(13,448)
P
Prroofifitt bbeeffoorree ootthheerr iinnccoommee//((eexxppeennssee)) aanndd iinnccoommee ttaaxx27,7648,82916,662(10,709)42,546
O
Otthheerr iinnccoommee//((eexxppeennssee))
Net change in fair value of investment properties42,2201,069--43,289
Share of profit in equity-accounted investments62,264---62,264
Loss on disposal of investment properties(4,020)173--(3,847)
Hedge ineffectiveness of cash flow hedges
(1,075)---(1,075)
P
Prroofifitt bbeeffoorree iinnccoommee ttaaxx127,15310,07116,662(10,709)143,177
Income tax expense
(6,603)-(4,703)-(11,306)
P
Prroofifitt aafftteerr iinnccoommee ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss120,55010,07111,959(10,709)131,871
Total other comprehensive income after tax
2,802-161-2,963
T
Toottaall ccoommpprreehheennssiivvee iinnccoommee aafftteerr ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss123,35210,07112,120(10,709)134,834
Reconciliation of profit after income tax attributable to shareholders to profit after income tax from continuing
operations attributable to shareholders
SSPPLL
SSPPLL
eelliimmiinnaattiioonnssSSIIMMLL
SSIIMMLL
eelliimmiinnaattiioonnss22002211
SSeeggmmeenntt pprroofifitt$$000000$$000000$$000000$$000000$$000000
PPrroofifitt aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss120,55010,07111,959(10,709)131,871
Add back loss from discontinued operations
81---81
P
Prroofifitt aafftteerr iinnccoommee ttaaxx ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss aattttrriibbuuttaabbllee
ttoo sshhaarreehhoollddeerrss120,63110,07111,959(10,709)131,952
The SPL and SIML eliminations for the year ended 31 March 2021 have been restated due to the elimination of building management fees (refer
note 1.2)
SSPPLL
SSPPLL
eelliimmiinnaattiioonnssSSIIMMLL
SSIIMMLL
eelliimmiinnaattiioonnssTToottaall
SSeeggmmeenntt aasssseettss aanndd lliiaabbiilliittiieess$$000000$$000000$$000000$$000000$$000000
BBaallaannccee aatt 3311 MMaarr 2222
Total assets11,,662244,,667700--1199,,887733((22,,222266))11,,664422,,331177
Total liabilities440066,,779977((443355))66,,778899((11,,991188))441111,,223333
BBaallaannccee aatt 3311 MMaarr 2211
Total assets1,365,091-20,665(2,138)1,383,618
Total liabilities361,056-6,972(2,196)365,832
The elimination for segment total assets and total liabilities in the prior year has been restated. This elimination relates to the lease liability and
right-of-use asset in relation to the operating lease for SIML's head office at 34 Shortland Street, Auckland, where SIML is the lessee. In the prior year,
the elimination was recognised as a SPL elimination.
As at 31 March 2022, SPL had assets of $322.0 million (2021: $269.1 million) relating to equity-accounted investments (refer note 7.2) and loan to
equity-accounted investments (refer note 8.4) which increased by $52.9 million from the prior financial year (2021: $161.8 million increase).
Stride Property Group
Annual Report 2022
75
2.0 Operating Segments
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 Auckland and Wellington in New Zealand. Given SPL’s diverse client base, no
one tenant represents greater than 10% of the portfolio contract rental. SPL also generates income from its share of profit in equity associates being
Investore, Industre joint venture and Diversified (refer to note 7.2).
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 joint venture and Diversified, refer to note 8.4 on related party disclosures and to note 7.3 on Industre joint operation.
The following is an analysis of Stride’s results, by reportable segments.
SSPPLL
SSPPLL
eelliimmiinnaattiioonnssSSIIMMLL
SSIIMMLL
eelliimmiinnaattiioonnss22002222
SSeeggmmeenntt pprroofifitt$$000000$$000000$$000000$$000000$$000000
NNeett rreennttaall iinnccoommee6622,,55999933,,223355----6655,,883344
MMaannaaggeemmeenntt ffeeee iinnccoommee----3366,,555544((1122,,228822))2244,,227722
TToottaall ccoorrppoorraattee eexxppeennsseess((1155,,003399))77,,448844((2200,,441144))553322((2277,,443377))
PPrroofifitt bbeeffoorree nneett fifinnaannccee eexxppeennssee,, ootthheerr iinnccoommee aanndd iinnccoommee ttaaxx4477,,5566001100,,7711991166,,114400((1111,,775500))6622,,666699
Net finance expense((1166,,111155))--((112233))110022((1166,,113366))
PPrroofifitt bbeeffoorree ootthheerr iinnccoommee aanndd iinnccoommee ttaaxx3311,,4444551100,,7711991166,,001177((1111,,664488))4466,,553333
OOtthheerr iinnccoommee
Net change in fair value of investment properties2299,,667711999911----3300,,666622
Share of profit in equity-accounted investments6655,,660077------6655,,660077
Impairment of equity-accounted investment((1188,,446611))------((1188,,446611))
Loss on disposal of investment properties((993300))------((993300))
Hedge ineffectiveness of cash flow hedges11,,225500------11,,225500
PPrroofifitt bbeeffoorree iinnccoommee ttaaxx110088,,5588221111,,7711001166,,001177((1111,,664488))112244,,666611
Income tax expense((77,,994400))--((44,,442299))--((1122,,336699))
PPrroofifitt aafftteerr iinnccoommee ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss110000,,6644221111,,7711001111,,558888((1111,,664488))111122,,229922
Total other comprehensive income after tax1177,,114466--((5588))--1177,,008888
TToottaall ccoommpprreehheennssiivvee iinnccoommee aafftteerr ttaaxx aattttrriibbuuttaabbllee ttoo sshhaarreehhoollddeerrss111177,,7788881111,,7711001111,,553300((1111,,664488))112299,,338800
Transactions between SPL and SIML include management fees charged from SIML to SPL and net rental income charged from SPL to SIML. These
transactions are eliminated on consolidation (refer note 8.4 for details on the composition of the transactions).
74Stride Property Group
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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 and investment properties classified as held for sale as
separately disclosed 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, including investment properties
classified as held for sale of $16.0 million, are as follows:
2200222222002211
$$000000$$000000
Within one year6688,,88999960,515
Between one and two years6
611,,00553351,520
Between two and three years5
522,,44996643,516
Between three and four years4
422,,88004436,819
Between four and five years3
366,,88334428,712
Later than five years
118833,,555566182,498
F
Fuuttuurree rreennttaallss rreecceeiivvaabbllee444455,,664422403,580
Stride Property Group
Annual Report 2022
77
3.0 Property
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 or investment properties classified as held for sale 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 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.
2200222222002211
SSPPLL$$000000$$000000
GGrroossss rreennttaall iinnccoommee
Rental income6699,,44885552,679
Service charge income recovered from tenants1
188,,00336612,282
Spreading of fixed rental increases1
1,,443377(325)
Capitalised lease incentives8
89900409
Lease incentives amortisation(
(556600))(639)
Capitalised lease incentives - COVID-191
1,,7766113,387
Lease incentives amortisation - COVID-19(
(11,,002233))(952)
Rental income abatement provision due to COVID-19
((11,,000011))(413)
T
Toottaall ggrroossss rreennttaall iinnccoommee ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss8899,,00225566,428
D
Diirreecctt pprrooppeerrttyy ooppeerraattiinngg eexxppeennsseess
Rates and insurance((1111,,669955))(7,390)
Property maintenance costs(
(55,,773300))(3,926)
Utilities(
(11,,880099))(1,301)
Other property operating expenses(
(33,,446600))(2,725)
Lease incentives amortisation(
(112255))(444)
Movement in loss allowance
((337722))47
T
Toottaall ddiirreecctt pprrooppeerrttyy ooppeerraattiinngg eexxppeennsseess ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss((2233,,119911))(15,739)
N
Neett rreennttaall iinnccoommee ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss6655,,88334450,689
76Stride Property Group
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3.0 Property (continued)
3.2 Investment properties (continued)
OOfffificceeTToowwnn CCeennttrreeIInndduussttrriiaallDDeevveellooppmmeennttTToottaall
SSPPLL$$000000$$000000$$000000$$000000$$000000
BBaallaannccee aatt 3311 MMaarr 2200119977,,661144331177,,992200335511,,4444002244,,442255889911,,339999
Disposals--(228,816)(30,811)(259,627)
Additions371,899-10,000-381,899
Subsequent capital expenditure1,9202,1209698,62713,636
Spreading of fixed rental increases(230)(452)64-(618)
Capitalised lease incentives15324510-408
Lease incentives amortisation(222)(383)(197)-(802)
Capitalised lease incentives - COVID-195232,114568-3,205
Lease incentives amortisation - COVID-19(178)(661)(61)(8)(908)
Reclassification(11,000)--11,000-
Net change in fair value
12,8224,86326,907(1,303)43,289
B
Baallaannccee aatt 3311 MMaarr 2211557733,,330011332255,,776666116600,,8888441111,,99330011,,007711,,888811
Addition115522,,330077------115522,,330077
Recognition of prepayment in investment properties11,,668844------11,,668844
Subsequent capital expenditure33,,77002288885544661155,,9955552200,,558888
Spreading of fixed rental increases11,,332244((225533))336666--11,,443377
Capitalised lease incentives55441111889977338877889900
Lease incentives amortisation((336655))((330088))((77))((55))((668855))
Capitalised lease incentives - COVID-1911880011,,5544333388--11,,776611
Lease incentives amortisation - COVID-19((118899))((882255))((22))((77))((11,,002233))
Reclassification3322,,000000----((3322,,000000))--
Disposals----((1133,,993322))--((1133,,993322))
Transfer to investment properties classified as held for sale((9944,,225533))------((9944,,225533))
Net change in fair value((2211,,118822))1133,,4411663344,,33888844,,0044003300,,666622
BBaallaannccee aatt 3311 MMaarr 2222664499,,005500334400,,441133118811,,885544--11,,117711,,331177
Comprised of:
Investment property at valuation6
64499,,005500332244,,550000118811,,885544--11,,115555,,440044
Lease liabilities (note 3.3)--1155,,991133----1155,,991133
BBaallaannccee aatt 3311 MMaarr 2222664499,,005500334400,,441133118811,,885544--11,,117711,,331177
Capital expenditure consists of seismic strengthening, base-build fit-outs and other physical enhancements to the investment properties, with ownership
of such capital amounts being retained by SPL.
During the year, the $13.9 million of disposals in relation to industrial investment properties relates to a reduction in SPL's proportionate ownership in the
Industre joint operations (refer note 7.2).
The net change in fair value of $30.7 million (2021: $43.3 million, being $38.8 million from continuing operations and $4.5 million from discontinued
operations) includes ($71,000) (2021: ($33,000)) in relation to the change in the value of the lease liabilities. In the current year, a revaluation movement
of $1.0 million (2021: $1.1 million) arising from the elimination of fees charged by SIML to SPL (refer note 2.0), has been reflected in the consolidated
statement of comprehensive income.
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 2022.
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 the 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 (2021: nil transfers).
Stride Property Group
Annual Report 2022
79
3.0 Property (continued)
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 properties and investment properties
classified as held for sale. 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.
SIML does not hold investment properties but provides management services over SPL’s investment property portfolio.
In the prior financial year, SPL acquired an office building at 34 Shortland Street, Auckland. 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). As at 31 March 2021, there was a $2.3 million
prepayment recognised in relation to future building upgrade works at 34 Shortland Street, Auckland. The total cost of the building upgrade works has
been re-assessed as $1.5 million with the remaining $0.8 million being released to the vendor. During the current year, $0.9 million of building upgrade
works have been completed with $0.6 million of additional works expected to be completed within the next 12 months.
78Stride Property Group
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3.0 Property (continued)
3.2 Investment properties (continued)
NNeett
lleettttaabbllee
aarreeaa
CCaapp
rraattee
CCoonnttrraacctt
yyiieellddOOccccuuppaannccyyWWAALLTT
AAss aatt 3311 MMaarr 2211VVaalluueerrmm
22
$$000000%%%%%%yyeeaarrss
OOfffificcee
7-9 Fanshawe Street, AucklandCBRE4,80810,8008.638.5586.62.2
34 Shortland Street, AucklandSavills8,12857,7005.756.36100.02.1
80 Greys Avenue, AucklandColliers
1
5,65822,7006.757.22100.02.2
21-25 Teed Street, AucklandCBRE4,02726,9005.636.32100.02.0
35 Teed Street, AucklandJLL2,86522,2005.385.0092.96.6
55 Lady Elizabeth Lane, WellingtonJLL5,21742,7505.635.98100.08.1
1 Grey Street, WellingtonCBRE10,49265,7506.256.14100.03.3
215 Lambton Quay, WellingtonColliers
2
10,93485,0005.606.0099.03.2
20 Customhouse Quay, WellingtonColliers
2
17,484228,0004.504.4899.912.3
O
Offfificcee ttoottaall69,614561,8005.355.5298.66.4
T
Toowwnn CCeennttrree
61 Silverdale Street, AucklandSavills23,00897,0006.386.7399.14.6
NorthWest Shopping Centre, AucklandColliers
1
27,978149,0006.757.8897.54.3
NorthWest Two, AucklandColliers
1
7,90436,5006.257.1098.04.6
Johnsonville Shopping Centre, Wellington (50%)CBRE
6,84627,3507.886.1982.32.7
T
Toowwnn CCeennttrree ttoottaall65,736309,8506.677.2896.54.3
I
Inndduussttrriiaall ((5566..33%% iinntteerreesstt iinn IInndduussttrree ((jjooiinntt
ooppeerraattiioonn)) rreeffeerr nnoottee 77..22))
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, AucklandSavills20,33162,1904.834.5796.93.7
318 East Tamaki Road, AucklandJLL
5,49563,0924.254.25100.023.8
I
Inndduussttrriiaall ttoottaall39,599160,8844.584.3698.411.3
D
Deevveellooppmmeenntt
*22 The Terrace, WellingtonJLL-11,930----
174,9501,044,4645.625.8697.86.2
* The investment property at 22 The Terrace, Wellington, was under development and consequently the net lettable area, contract yield %, occupancy %
and WALT were not applicable.
Stride Property Group
Annual Report 2022
81
3.0 Property (continued)
3.2 Investment properties (continued)
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. Colliers
1
refers to the valuer CVAS (NZ) Limited and Colliers
2
refers to the valuer CVAS (WLG) Limited.
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.
NNeett
lleettttaabbllee
aarreeaa
CCaapp
rraattee
CCoonnttrraacctt
yyiieellddOOccccuuppaannccyyWWAALLTT
AAss aatt 3311 MMaarr 2222VVaalluueerrmm
22
$$000000%%%%%%yyeeaarrss
OOfffificcee
34 Shortland Street, AucklandJLL8,12857,0005.504.2767.02.6
46 Sale Street, AucklandJLL11,352154,2004.635.27100.06.5
55 Lady Elizabeth Lane, WellingtonColliers
2
5,21715,0005.3817.62100.07.1
1 Grey Street, WellingtonCBRE10,49267,8506.136.46100.04.9
215 Lambton Quay, WellingtonColliers
2
10,93491,0005.405.3998.33.2
20 Customhouse Quay, WellingtonColliers
2
17,505232,0004.504.55100.011.2
22 The Terrace, WellingtonJLL
4,81132,0005.885.3185.84.9
O
Offfificcee ttoottaall6688,,443399664499,,00550055..001155..33449944..8866..99
TToowwnn CCeennttrree
61 Silverdale Street, AucklandSavills23,008100,5006.256.79100.03.6
NorthWest Shopping Centre, AucklandColliers
1
27,766152,5006.507.2096.74.7
NorthWest Two, AucklandColliers
1
7,90444,0005.636.11100.03.8
Johnsonville Shopping Centre, Wellington (50%)CBRE
6,84727,5008.385.6382.02.3
T
Toowwnn CCeennttrree ttoottaall6655,,552266332244,,55000066..446666..77999966..7744..11
IInndduussttrriiaall ((5511..77%% iinntteerreesstt iinn IInndduussttrree ((jjooiinntt
ooppeerraattiioonn)) rreeffeerr nnoottee 77..22))
30 Airpark Drive, AucklandBayleys8,16224,0544.503.50100.02.7
20 Rockridge Avenue, AucklandSavills4,48815,3904.003.63100.02.5
25 O’Rorke Road and 15 Rockridge Avenue, AucklandSavills18,62677,2593.873.76100.06.9
318 East Tamaki Road, AucklandJLL
5,04765,1513.883.88100.022.8
I
Inndduussttrriiaall ttoottaall3366,,332222118811,,88554433..996633..7766110000..001111..99
117700,,22887711,,115555,,44004455..225555..55009966..6666..55
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