NZX Retail Investor Webinar Presentation

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Stride Property Group
NZX Presentation 21 June 2022

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About Stride
Stride Property Group
•A fund manager and investor,
listed on the NZX
•Stride createsand manages
sustainable commercial
property funds for investors
Specialist real estate
investment manager
Managing one of NewZealand’s
largest property portfolios:
NZX-listed funds
•Investore Property Limited
•Stride Property Limited
Wholesale funds
•Diversified NZ Property Trust
•Industre Property JV
Our people
•Specialist real estate
investment, development and
management capability
Investment
philosophy
•People, Places, Products
and Performance
•Invest in properties with
enduring demand
NZ$3.8b AUM
1
82 properties
+14.0% p.a.
Total Shareholder Return
2
since inception
(16 Aug 2010 to 31 Mar 2022)
110+ employees
7 locations
NZX’s only
stapled security
1.As at 31 March 2022. Includes acquisitions and committed developments across Stride Property Limited (SPL) and the entities managed by Stride Investment Management Limited, being
Investore Property Limited, Industre Property Joint Venture and Diversified NZ Property Trust.
2.Stride total shareholder return based on reinvested dividends since listing on 16 August 2010 to 31 March 2022. Assumes that shares issued in Investore Property Limited on 12 July 2016
as part of demerger process were sold on-market and reinvested in Stride shares at their respective volume weighted average price on the same day.

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Strategy
VisionStrategic pillarsStrategy

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As at 31 March 2022
Stride investment metrics
$1.9bn
Investments held
directly and indirectly
1
98%
occupancy
Stride holds assets both
directly and indirectly
through holdings in each of
its managed entities.
These metrics are
presented on a look-
through basis.
$175m+
Future development pipeline
in Stride’s Products
7.3 years
Weighted average
lease term
35%
Loan to value ratio
96%
Current debt
hedged
1.As at 31 March 2022. Includes acquisitions and committed developments.

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Stride Property Group (Stride) -Consolidated
Financial Highlights
Distributable profit after
current income tax
Management fee income
1
$54.2m
up $7.9m from FY21
$24.3m
with recurring base management
fees up 19% from FY21
Net tangible assets
per share
$2.28
+$0.13 / +6.0% from
March 2021
Distributable profit
2
per share
10.95cps
Assets Under Management
$3.6bn
Up $0.6bn / +20%
Dividends per share
9.91cps
1.Net of management fees received from SPL.
2.Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined non-
recurring and/or non-cash items, share of profits in 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.

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Investment
Management
Business

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$738m
$325m
$493m
$1,201m
$849m
$131m
$58m
$5m
$38m
$1,194m
$1,260m
$497m
$887m
Acquisitions, developments and disposals
Industrial
Large Format Retail
Retail Shopping Centres/Town Centre
Office
Portfolio composition by value as at 31 March 2022
Products
Sector focus:Office and Town Centre
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Large Format RetailRetail Shopping CentresIndustrial
SPL investment:100%18.8%2.1%51.7%
Since 31 March 2021, Stride’s AUM has grown from $3.0bn to $3.6bn or $3.8bn including acquisitions,
developments and disposals, with external AUM increasing from $2.1bn to $2.5bn
Note: Numbers in chart may not sum due to rounding.
1.Acquisitions, developments and disposals include: (1) Stride: purchase price for 110 Carlton Gore Road; seismic strengtheningcosts for 34 Shortland Street; less the sale price for the disposal of four office properties; (2) Investore:
purchase price for the development land at WaimakJunction plus the estimated cost of Stage 1 of the development and $22.7m of capital expenditure across the existing portfolio;(3) Diversified: remaining seismic strengthening costs
for Queensgate Shopping Centre; (4) Industre: estimated costs of construction for three properties 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).
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Growth in AUM
Stride’s strategy is to create a group
of Products in specific commercial
property sectors to grow its
investment management business.
Stride has delivered significant
growth of $0.6bn / +20% in Assets
Under Management during FY22
215 Lambton Quay, Wellington
Note: Numbers in chart may not sum due to rounding.
1.Acquisitions, developments and disposals include: (1) Stride: purchase price for 110 Carlton Gore Road; seismic strengtheningcosts for 34 Shortland Street; less the sale price for the disposal of four office properties; (2) Investore:
purchase price for the development land at WaimakJunction plus the estimated cost of Stage 1 of the development and $22.7m of capital expenditure across the existing portfolio;(3) Diversified: remaining seismic strengthening costs
for Queensgate Shopping Centre; (4) Industre: estimated costs of construction for three properties under development.

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Stride derives its income from:
•Management fees
•Direct property income from SPL’s directly owned
property
•Indirect property income from SPL’s investment in the
Stride Products –Industre, Investore and Diversified
Diversified Income Sources
Stride combines a property ownership business
(SPL) with a real estate investment management
business (SIML)
FY22 look-through revenue sources
1
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).

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Management Fee Income
Stride benefits from growth in the Stride Products through:
•Activity based fees associated with acquisitions 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 has delivered significant growth in its management
business:
•Total AUM of$3.6bnas at 31 March 2022, up +74% /
+12% p.a. since 31 March 2017
•External AUM of$2.5bnas at 31 March 2022, up +115% /
+17% p.a. since 31 March 2017 due to ongoing growth in
assets under management
Stride Investment Management Limited (SIML)
SIML management
fee
1
growth
FY22 management fee
1
income:
•$25.3m management fees
•19% growth in recurring fees from FY21
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Note: Numbers in chart may not sum due to rounding.
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 Industreof $1.4m.

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Portfolio
activity

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Execution of Stride’s office strategy over the past two years
has resulted in a rapid repositioning of Fabric’s portfolio
towards prime, modern, green office properties which will
benefit from enduring demand
Office Portfolio Repositioned
Fabric Portfolio (excludes 55 Lady Elizabeth Lane, Wellington)
Key Performance IndicatorPro forma
1
Mar-22Mar-20
Total portfolio value ($m)$853.5$723.3$146.9
Average age / last refurbishment (yrs)9.614.836.4
Number of properties7106
Number of tenants8111858
WALT (yrs)7.8 6.43.6
Occupancy rate (by area)95%95%94%
Weighted average contract yield (%)5.1%5.3%7.3%
10yr avg. maintenance capex0.3%0.5%1.6%
77
300
431
70
423
423
147
723
853
Mar-20Mar-22Pro forma
Assets by location ($m)
AucklandWellington
418
631
147
305
222
147
723
853
Mar-20Mar-22Pro forma
Green assets
2
($m)
Green AssetsOther
386
599
123
123
147
214
131
147
723
853
Mar-20Mar-22Pro forma
Assets by grade ($m)
PrimeA GradeB Grade
Note: Numbers in charts may not sum due to rounding.
1.As at 31 March 2022, as if the acquisition of 110 Carlton Gore Road and the divestment of 7-9 Fanshawe Street,
80 Greys Avenue, 25 Teed Street and 35 Teed Street had occurred as at that date.
2.Stride defines “green assets” as assets achieving 4 star NABERSNZ or 4 star Green Star ratings or better.

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Acquisitions completed by Stride’s Products in FY22 have
focused on building future development pipelines, with $130m
of active projects committed and a future pipeline of $175m+
across the Stride Products
Developments
Completions
1
(FY22)
Committed
projects
Remaining
spend
Future
Pipeline
$37m--$200m+
-$58m$58m$45m+
$109m$34m$5m-
$4m$38m$36m$130m+
Total
2
$150m$130m$99m$375m+
Green projects
3
%
97%95%93%100%
22 The Terrace, Wellington
1.Total cost of projects that achieved practical completion in FY22.
2.Total costs as at 31 March 2022.
3.Green projects are defined as projects that are targeting a minimum 4 star Green Star rating or 4 star NABERSNZ rating. Seismic
works, including the $109m Queensgate Shopping Centre carpark rebuild have been excluded from this calculation.

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During FY22 Stride has delivered significant progress
in its approach to sustainability and climate risk
Sustainability
Stride Property Group (Stride)
Climate risk assessment
undertaken, preliminary risk ratings established
Minimum green rating policy
established for acquisitions and developments
GHG emissions
reported for Scope 1 and Scope 2
Office portfolio repositioned
with acquisitions, refurbishments and divestments,
to 74% green rated by value
20 Customhouse Quay, Wellington

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Outlook

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•Stride continues to explore opportunities for establishing office as a
separate Stride Product
•Stride has $232m of committed growth across its platform, with over
$250m of balance sheet capacity across Investoreand Industreto
support future growth opportunities where appropriate
•Stride is conscious of the volatility in the current macroeconomic
environment, and more specifically the current upwards pressure on
inflation and interest rates. Stride has high levels of hedging to manage
this interest rate volatility over the near term
Outlook
46 Sale St, Auckland
Stride remains committed to its funds management
strategy and has successfully repositioned its office
portfolio over FY22 towards high quality, modern, and
green office properties which will benefit from enduring
demand

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Thank you
Stride Property Group
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320
Victoria Street West
Auckland 1142, New Zealand
P +64 9 912 2690
W strideproperty.co.nz
Important Notice: The information in this presentation is an overview and does not
contain all information necessary to make an investment decision. It is intended to
constitute a summary of certain information relating to the performance of Stride
Property Group for the twelve months ended 31 March 2022. Please refer to Stride
Property Group’s Annual Report 2022 for further information in relation to the twelve
months ended 31 March 2022. The information in this presentation does not purport to
be a complete description of Stride Property Group. In making an investment decision,
investors must rely on their own examination of Stride Property Group, including the
merits and risks involved. Investors should consult with their own legal, tax, business
and/or financial advisors in connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy,
adequacy or reliability of any statements, estimates or opinions or other information
contained in this presentation, any of which may change without notice. To the
maximum extent permitted by law, each of Stride Property Limited, Stride Investment
Management Limited (together, the Stride Property Group) and their respective
directors, officers, employees, agents and advisers disclaim all liability and
responsibility (including without limitation any liability arising from fault or negligence
on the part of Stride Property Group, its directors, officers, employees and agents) for
any direct or indirect loss or damage which may be suffered by any recipient through
use of or reliance on anything contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.