HY23 Interim 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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Stride Property Group
Consolidated Interim Financial Statements
for the six months ended 30 September 2022

Consolidated Interim
Financial Statements

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Notes
$000$000
Gross rental income46,08541,442
Direct property operating expenses(11,980)(10,780)
Net rental income
3.1
34,10530,662
Management fee income12,04912,199
Less corporate expenses
Corporate overhead expenses(9,236)(9,298)
Administration expenses(2,943)(2,804)
Project costs relating to Fabric Property Limited-(4,811)
Total corporate expenses
7.2
(12,179)(16,913)
Profit before net finance expense, other (expense)/income and income tax33,97525,948
Net finance expense
5.3
(8,713)(7,372)
Profit before other (expense)/income and income tax25,26218,576
Other (expense)/income
Net change in fair value of investment properties
3.2
(51,842)13,358
Share of (loss)/profit in equity-accounted investments
6.1
(9,103)37,511
Impairment of equity-accounted investment
1.5
(12,016)-
(Loss)/gain on disposal of investment properties(1,711)31
Hedge ineffectiveness of cash flow hedges63-
(Loss)/profit before income tax(49,347)69,476
Income tax expense
7.1
(3,783)(7,965)
(Loss)/profit after income tax attributable to shareholders(53,130)61,511
Other comprehensive (loss)/income:
Items that may be reclassified subsequently to profit or loss
Deferred tax on share based payment expense(110)109
Movement in cash flow hedges, net of tax5,2544,976
Changes in cash flow hedge reserve in equity-accounted investments1,383405
Items that will not be reclassified to profit or loss
Revaluation (deficit)/surplus
7.6
(100)300
Total other comprehensive income after tax6,4275,790
Total comprehensive (loss)/income after tax attributable to shareholders(46,703)67,301
Stride Property Limited (SPL) total comprehensive (loss)/income after tax attributable
to shareholders(51,791)61,732
Stride Investment Management Limited (SIML) total comprehensive income after tax attributable
to shareholders5,0885,569
Total comprehensive (loss)/income after tax attributable to shareholders(46,703)67,301
Earnings per share (EPS)
4.1
Basic EPS (cents)(9.83)13.00
Diluted EPS (cents)(9.83)12.95
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
3
The attached notes form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2022
Number of
shares
Share
capital
Retained
earnings
Other
reservesTotal
Notes
000$000$000$000$000
Balance at 31 Mar 22 (Audited)540,189858,740355,45416,8901,231,084
Transactions with shareholders:
Dividends paid
4.3
--(26,778)-(26,778)
Share based payment expense---943943
New shares issued in relation to
employee long term incentive rights142----
Total transactions with shareholders
142-(26,778)943(25,835)
Total other comprehensive income---6,4276,427
Loss after income tax--(53,130)-(53,130)
Total comprehensive (loss)/income
--(53,130)6,427(46,703)
Balance at 30 Sep 22 (Unaudited)540,331858,740275,54624,2601,158,546
Balance at 31 Mar 21 (Audited)472,828726,680291,423(317)1,017,786
Transactions with shareholders:
Dividends paid
4.3
--(23,449)-(23,449)
Share based payment expense---545545
New shares issued in relation to
employee long term incentive rights407----
Total transactions with shareholders
407-(23,449)545(22,904)
Total other comprehensive income---5,7905,790
Profit after income tax--61,511-61,511
Total comprehensive income
--61,5115,79067,301
Balance at 30 Sep 21 (Unaudited)473,235726,680329,4856,0181,062,183
4
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
The attached notes form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Financial Position
As at 30 September 2022
Unaudited
30 Sep 22
Audited
31 Mar 22
Notes
$000$000
Current assets
Cash at bank18,01620,621
Trade and other receivables
7.4
7,5434,229
Prepayments3,1251,130
Derivative financial instruments
5.2
240290
Other current assets7575
28,99926,345
Investment properties classified as held for sale
1.5
-94,253
28,999120,598
Non-current assets
Investment properties
3.2
1,305,2991,171,317
Deposit and other prepayments on investment property-1,583
Equity-accounted investments
6.1
294,053318,586
Loan to associate
7.3
3,3983,398
Other investments250250
Property, plant and equipment
7.6
7,3667,050
Derivative financial instruments
5.2
26,81519,535
1,637,1811,521,719
Total assets1,666,1801,642,317
Current liabilities
Trade and other payables
7.5
73,06422,547
Lease liability
3.2
43
Current tax liability3,7611,076
76,82923,626
Lease liability associated with investment properties classified as held for sale
1.5
-11,433
76,82935,059
Non-current liabilities
Bank borrowings
5.1
360,177304,395
Borrowings (joint operation participating interest)
6.4
40,00139,857
Lease liability
3.2
15,90715,910
Deferred tax liability14,72016,012
430,805376,174
Total liabilities507,634411,233
Net assets1,158,5461,231,084
Share capital858,740858,740
Retained earnings275,546355,454
Reserves24,26016,890
Equity1,158,5461,231,084
SPL equity1,145,0481,218,001
SIML equity (non-controlling interest)
5.5
13,49813,083
Equity1,158,5461,231,084
For and on behalf of the Board of Directors of SPL and SIML, dated 24 November 2022:

Tim Storey
Chair of the Boards
Ross Buckley
Chair of the Audit and Risk Committee
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
5
The attached notes form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Cash Flows
For the six months ended 30 September 2022
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Notes
$000$000
Cash flows from operating activities
Gross rental received44,84244,545
Management fee income11,96313,779
Other interest received119-
Direct property operating and corporate expenses(26,967)(28,382)
Interest paid(8,935)(7,297)
Borrowings establishment costs-(750)
Income tax paid(4,218)(9,245)
Net cash provided by operating activities16,80412,650
Cash flows from investing activities
Dividend income from equity-accounted investments
7.3
4,8704,536
Acquisition of investment properties
1.5
(131,590)(152,000)
Proceeds from disposal of investment properties
1.5
83,570-
Capital expenditure on investment properties(7,199)(9,003)
Seismic and other works on investment properties disposed of(208)(719)
Deposit and other prepayments made on investment property-(500)
Interest received in relation to the loan advance on 110 Carlton Gore Road, Auckland
1.5
2,418-
Property, plant and equipment purchased(55)(65)
Net cash applied to investing activities(48,194)(157,751)
Cash flows from financing activities
Drawdown on bank borrowings138,500168,100
Repayment of bank borrowings(82,900)-
Lease liabilities payments(37)(71)
Dividends paid
4.3
(26,778)(23,449)
Net cash provided by financing activities28,785144,580
Net decrease in cash and cash equivalents held(2,605)(521)
Opening cash and cash equivalents20,62123,024
Closing cash and cash equivalents18,01622,503
6
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
The attached notes form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2022
Reconciliation of (loss)/profit after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Notes
$000$000
(Loss)/profit after income tax attributable to shareholders(53,130)61,511
(Less)/add non-cash items:
Movement in deferred tax
7.1
(3,120)2,690
Net change in fair value of investment properties51,842(13,358)
Share of loss/(profit) in equity-accounted investments9,103(37,511)
Impairment of equity-accounted investment12,016-
Loss/(gain) on disposal of investment properties1,711(31)
Hedge ineffectiveness of cash flow hedges(63)-
Spreading of fixed rental increases(548)(696)
Capitalised lease incentives net of amortisation19022
Movement in loss allowance(123)-
Share based payment expense943545
Depreciation8993
Software asset expense-1,025
Borrowings establishment costs amortisation182220
Non-cash interest income
7.3
(91)(144)
Accrued interest movement in derivative financial instruments(195)-
18,80614,366
Movement in working capital items relating to investing activities(49,895)803
Movement in borrowings transaction costs classified as operating activities-(750)
(31,089)14,419
Movement in working capital:
(Increase)/decrease in trade and other receivables(3,314)1,933
Increase in prepayments(1,995)(1,996)
Increase in trade and other payables50,5172,264
Increase/(decrease) in current tax liability2,685(3,970)
Net cash provided by operating activities16,80412,650
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
7
The attached notes form part of and are to be read in conjunction with these financial statements.

Notes to the Interim Financial Statements
For the six months ended 30 September 2022
1.0General Information
9
1.1Reporting entity9
1.2Basis of preparation9
1.3New standards, amendments and interpretations9
1.4Significant accounting policies, estimates and judgements10
1.5Significant events and transactions10
1.6Non-GAAP measures11
2.0Operating Segments
12
3.0Property
14
3.1Net rental income14
3.2Investment properties15
3.3Capital expenditure commitments contracted for17
4.0Investor Returns
18
4.1Basic and diluted earnings per share (EPS)18
4.2Net tangible assets per share18
4.3Dividends paid18
4.4Distributable profit19
5.0Capital Structure and Funding
20
5.1Borrowings20
5.2Derivative financial instruments21
5.3Net finance expense21
5.4Share capital22
5.5SIML equity (non-controlling interest)22
6.0Investments in Property Entities
23
6.1Interests in associates and joint venture23
6.2Industre23
6.3Industre joint venture24
6.4Industre joint operation25
7.0Other
26
7.1Income tax26
7.2Total corporate expenses26
7.3Related party disclosures27
7.4Trade and other receivables29
7.5Trade and other payables29
7.6Property, plant and equipment29
7.7Contingent liabilities29
7.8Subsequent events30
8
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

1.0 General Information
This section sets out Stride Property Group’s accounting policies that relate to the unaudited consolidated interim financial statements
(financial statements) as a whole.
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 24 November 2022.
1.2 Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (GAAP), New Zealand
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34 Interim Financial Reporting
(IAS 34). Stride is a for-profit entity for the purposes of financial reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The financial
statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in conjunction with the
audited 2022 annual consolidated financial statements.
The consolidated statement of comprehensive income for the six months ended 30 September 2021 has been restated to eliminate the building
management fees charged from SIML to SPL. This has resulted in a restatement of direct property operating expenses which has decreased by
$0.6 million ($11.3 million to $10.8 million) and management fee income which has decreased by $0.6 million ($12.8 million to $12.2 million). There is no
impact on the net cash position, profit attributable to shareholders or the consolidated statement of financial position.
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 General Requirements for Climate-related Disclosures (NZ CS 3).
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 CS 3 establishes principles and
general requirements for application in providing climate disclosures. The XRB is aiming to publish these new standards by 31 December 2022.
Stride has commenced the process of identifying the impact of climate change on its business and assets, but to date has not undertaken any quantitative
assessment. To the extent that SPL is aware of climate change risks that impact specific properties, these would be made known to the valuers and
to the extent relevant reflected in the valuations. There are no climate related risks that are known to SPL that would be material to the valuations as
at 30 September 2022. The independent valuers that valued SPL’s investment properties have made no explicit adjustments to investment property
valuations in respect of climate change matters. However, SPL acknowledges the potential impact climate change may have on valuations in the future as
the impacts are better assessed and understood and the markets place greater emphasis on these matters.
At the date of approval of the financial statements, there were no relevant standards on issue but not applied.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2022
9

1.0 General Information (continued)
1.4 Significant accounting policies, estimates and judgements
Except as described below, the accounting policies applied in these financial statements are the same as those applied in Stride's consolidated financial
statements for the year ended 31 March 2022, except for the calculation of fair value of the Investore associate (refer note 6.1).
The policy for calculating the recoverable amount of Investore under fair value less cost of disposal method now includes a strategic investment premium.
Previously, SPL did not reflect the strategic investment premium that is associated with collectively owning more than the sum of individual shares. SPL
has assessed the impact of this change as $nil as at 31 March 2022 on the basis that:
•in the prior period the recoverable amount for the purposes of impairment testing was calculated on a value-in-use basis; and
•previous impairment assessments calculated on a fair value basis did not indicate an impairment and did not require further calculation of the
recoverable amount.
Therefore, there is no impact on the opening equity balances as at 1 April 2022 as a result of the change. The change in accounting policy will also be
reflected in Stride’s consolidated financial statements as at and for the year ending 31 March 2023.
1.5 Significant events and transactions
The financial position and performance of Stride was affected by the following events and transactions that occurred during the reporting period:
Acquisition of 110 Carlton Gore Road, Auckland
On 5 April 2022, SPL’s wholly owned subsidiary, Fabric Property Limited (Fabric), entered into an unconditional agreement in relation to the acquisition
of 110 Carlton Gore Road for $213.0 million. Fabric has paid deposits totaling $8.0 million, comprising of $1.0 million paid prior to 31 March 2022
recognised as deposit and other prepayments on investment property in the consolidated statement of financial position as at 31 March 2022, and
$7.0 million paid on the unconditional date. This property is under development and is currently expected to be completed in April 2023 at which time
the acquisition is expected to settle. The final settlement price will be subject to building measure on completion. Fabric will advance up to $186.5 million
to the vendor by way of a loan during the period of construction, provided certain milestones have been met. On the unconditional date, the $8.0 million
of deposits paid formed the first tranche under the loan facility. On 21 April 2022, Fabric advanced a further $124.5 million to the vendor. The vendor
pays interest on the amount outstanding at a rate of 5.0% p.a., with the loan amount to be set off against the purchase price on settlement. The remainder
of the purchase price (less an amount of $0.5 million) will be paid on settlement, with the final $0.5 million paid following a defects liability period. The
property will be fully leased on settlement at completion of the development, as the vendor has committed to take a lease of any remaining vacant space
at settlement in accordance with commercial terms agreed between the parties.
For accounting purposes, the agreement to purchase 110 Carlton Gore Road and the loan agreement are considered as a single contract with the
contractual substance being Fabric will pay (by way of loan drawdowns) to acquire control of the property from the unconditional date through to
settlement date. Fabric is providing the funding for the development and has security over the property. As at 30 September 2022, the loan advanced to
the vendor of $132.5 million has been recognised as $126.2 million of development investment property and $6.3 million of interest ($3.0 million earned
(refer note 4.4) and $3.3 million receivable (refer note 7.4)). Interest receivable is recognised on each loan drawdown with an equivalent adjustment to
the purchase price of the property. Interest payable by the vendor is recognised on an accrual basis, reducing the interest receivable asset. The interest
earned from the vendor is considered underlying earnings from operations and is included in distributable profit (refer note 4.4).
As at 30 September 2022, a payable of $53.4 million has been recognised (refer note 7.5) and represents the difference between the total consideration
payable of $213.0 million, less the loan advanced as at 30 September 2022 of $132.5 million and less the estimated cost to complete the construction
of the property as at 30 September 2022 of $27.1 million (refer note 3.2).
Divestment of investment properties
On 5 April 2022, Fabric entered into an agreement to sell four Auckland office properties, being 21-25 Teed Street, 35 Teed Street, 7-9 Fanshawe
Street and 80 Greys Avenue, for an aggregate price of $83.6 million, to Mansons CGR Limited. As part of the disposal, Fabric has committed to
undertake seismic upgrades at 21-25 Teed Street and 35 Teed Street, the cost of which is expected to be $0.8 million. As at 30 September 2022,
this work remains outstanding. In addition, Fabric has agreed to provide a rental guarantee for certain space at 80 Greys Avenue for a period of up to
12 months from 1 October 2022. A rental guarantee provision of $1.0 million has been recognised in trade and other payables in the consolidated
statement of financial position (refer note 7.5). The sale of 25 Teed Street completed on 29 April 2022, 35 Teed Street completed on15 July 2022, and
80 Greys Avenue and 7-9 Fanshawe Street both completed on 30 September 2022. As part of this transaction, the ground lease associated with the
$11.4 million right-of-use asset at 7-9 Fanshawe Street was novated to the purchaser.
Revaluation of investment properties
SPL undertook independent valuations of the portfolio as at 30 September 2022 which resulted in a net change in fair value of investment
properties of $(51.8) million (30 Sep 21: $13.4 million) (refer note 3.2) and a revaluation deficit on property, plant and equipment of $(0.1) million
(30 Sep 21: surplus of $0.3 million) (refer note 7.6).
The investment properties held by Investore Property Limited (Investore), Industre Property Joint Venture (Industre) and Diversified NZ Property Trust
(Diversified) were also valued by independent valuers as at 30 September 2022. SPL’s share of the valuation (loss)/gains are reflected in share
of (loss)/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 30 September 2022, the market value of SPL's investment in Investore, based on the closing quoted market price of Investore, 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. As at 30 September 2022, SPL has recognised an impairment loss of $(12.0) million
(30 Sep 21: $nil) (refer note 6.1).
10
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

1.0 General Information (continued)
1.6 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures: Profit before net finance expense, other (expense)/income
and income tax; and Profit before other (expense)/income and income tax. 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 net tangible assets per share which is a non-GAAP measure and is a common investment metric.
Note 4.4 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 period.
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.
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
11

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.
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 equity-accounted investments in Investore,
Industre joint venture and Diversified (refer note 6.1).
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 note 7.3 on related party disclosures and note 6.4 on Industre joint operation.
The following is an analysis of Stride’s results, by reportable segments.
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 22
Segment profit$000$000$000$000$000
Net rental income32,6681,437--34,105
Management fee income--18,373(6,324)12,049
Total corporate expenses(5,237)3,900(11,146)304(12,179)
Profit before net finance expense, other (expense)/income and
income tax27,4315,3377,227(6,020)33,975
Net finance expense(8,763)-248(8,713)
Profit before other (expense)/income and income tax18,6685,3377,229(5,972)25,262
Other (expense)/income
Net change in fair value of investment properties(52,045)203--(51,842)
Share of loss in equity-accounted investments(9,103)---(9,103)
Impairment of equity-accounted investment(12,016)---(12,016)
Loss on disposal of investment properties(2,166)455--(1,711)
Hedge ineffectiveness of cash flow hedges63---63
(Loss)/profit before income tax(56,599)5,9957,229(5,972)(49,347)
Income tax expense(1,752)-(2,031)-(3,783)
(Loss)/profit after income tax attributable to shareholders(58,351)5,9955,198(5,972)(53,130)
Total other comprehensive income/(loss) after tax6,537-(110)-6,427
Total comprehensive (loss)/income after tax attributable to shareholders(51,814)5,9955,088(5,972)(46,703)
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 7.3 for details on the composition of the transactions).
12
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

2.0 Operating Segments (continued)
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 21
Segment profit$000$000$000$000$000
Net rental income29,0251,637--30,662
Management fee income--18,130(5,931)12,199
Total corporate expenses(9,991)3,555(10,698)221(16,913)
Profit before net finance expense, other income and income tax19,0345,1927,432(5,710)25,948
Net finance expense(7,361)-(64)53(7,372)
Profit before other income and income tax11,6735,1927,368(5,657)18,576
Other income
Net change in fair value of investment properties12,858500--13,358
Share of profit in equity-accounted investments37,511---37,511
Gain on disposal of investment properties31---31
Profit before income tax62,0735,6927,368(5,657)69,476
Income tax expense(6,057)-(1,908)-(7,965)
Profit after income tax attributable to shareholders56,0165,6925,460(5,657)61,511
Total other comprehensive income after tax5,681-109-5,790
Total comprehensive income after tax attributable to shareholders61,6975,6925,569(5,657)67,301
SPL
SPL
eliminationsSIML
SIML
eliminationsTotal
Segment assets and liabilities$000$000$000$000$000
Balance at 30 Sep 22 (Unaudited)
Total assets1,651,904-17,704(3,428)1,666,180
Total liabilities507,007(1,711)4,206(1,868)507,634
Balance at 31 Mar 22 (Audited)
Total assets1,624,670-19,873(2,226)1,642,317
Total liabilities406,797(435)6,789(1,918)411,233
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
13

3.0 Property
This section covers property assets which generate SPL’s trading performance.
3.1 Net rental income
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
SPL$000$000
Gross rental income
Rental income35,57235,041
Service charge income recovered from tenants9,4228,867
Spreading of fixed rental increases548696
Capitalised lease incentives227333
Lease incentives amortisation(254)(198)
Capitalised lease incentives - COVID-19474353
Lease incentives amortisation - COVID-19(597)(448)
Movement in rental income abatement provision due to COVID-19693(3,202)
Total gross rental income46,08541,442
Direct property operating expenses
Rates and insurance(6,497)(5,658)
Property maintenance costs(2,797)(2,514)
Utilities(1,047)(899)
Other property operating expenses(1,722)(1,647)
Lease incentives amortisation(40)(62)
Movement in loss allowance123-
Total direct property operating expenses(11,980)(10,780)
Net rental income34,10530,662
Other property operating expenses includes operating expenses not recoverable from tenants and property leasing expenses. Salaries and wages costs
of $0.8 million (30 Sep 21: $0.7 million) charged by SIML to SPL have been eliminated in the direct property operating expenses.
14
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

3.0 Property (continued)
3.2 Investment properties
OfficeTown CentreIndustrial
Development
and otherTotal
SPL$000$000$000$000$000
Balance at 31 Mar 22 (Audited)649,050340,413181,854-1,171,317
Addition (refer note 1.5)---180,299180,299
Capital expenditure5,0026096-5,617
Spreading of fixed rental increases543(150)155-548
Capitalised lease incentives29234762-701
Lease incentives amortisation(208)(659)(24)-(891)
Transfer to property, plant and equipment(450)---(450)
Reclassification(14,250)(26,250)-40,500-
Net change in fair value(29,929)(10,899)(6,615)(4,399)(51,842)
Balance at 30 Sep 22 (Unaudited)610,050303,411175,438216,4001,305,299
Comprised of:
Investment property at valuation610,050287,500175,438216,4001,289,388
Lease liability-15,911--15,911
Balance at 30 Sep 22 (Unaudited)610,050303,411175,438216,4001,305,299
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.
SPL owns office buildings at 34 Shortland Street, Auckland, and 22 The Terrace, Wellington. Stride has offices located in these buildings and the value
attributable to these floor areas has been recognised as property, plant and equipment (refer note 7.6).
The investment properties were valued either by CVAS (NZ) Limited (Colliers), CVAS (WLG) Limited (Colliers Wellington), Jones Lang LaSalle Limited
(JLL), Savills (NZ) Limited (Savills), CBRE Limited (CBRE) or Bayleys Valuations Limited (Bayleys) as indicated. The valuations are dated effective
30 September 2022. The net change in fair value of $(51.8) million (31 Mar 22: $30.7 million) includes $(2,000) (31 Mar 22: $(71,000)) in relation to
the change in the value of the lease liabilities. In the current period, a revaluation movement of $0.2 million (31 Mar 22: $1.0 million) arising from the
elimination of the fees charged by SIML to SPL (refer note 7.3), has been reflected in the consolidated statement of financial position.
Included in the 30 September 2022 balance of investment property at valuation is an implicit right-of-use asset of $11.4 million
(31 Mar 22: $11.4 million) in relation to a peppercorn ground lease at 55 Lady Elizabeth Lane, Wellington, with an associated immaterial lease liability.
Total lease liability of $15.9 million (31 Mar 22: $27.3 million) is in respect of the ground lease at NorthWest Shopping Centre, Auckland
(31 Mar 22: NorthWest Shopping Centre, Auckland, and 7-9 Fanshawe Street, Auckland).
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2022
15

3.0 Property (continued)
Unaudited
30 Sep 22
Audited
31 Mar 22
Valuer$000$000
Office
34 Shortland Street, AucklandJLL54,20057,000
46 Sale Street, AucklandJLL145,500154,200
1 Grey Street, WellingtonCBRE64,90067,850
215 Lambton Quay, WellingtonColliers Wellington84,50091,000
20 Customhouse Quay, WellingtonColliers Wellington230,000232,000
22 The Terrace, WellingtonJLL30,95032,000
55 Lady Elizabeth Lane, Wellington-15,000
Office total610,050649,050
Town Centre
61 Silverdale Street, AucklandSavills99,500100,500
NorthWest Shopping Centre, AucklandColliers145,500152,500
NorthWest Two, AucklandColliers42,50044,000
Johnsonville Shopping Centre, Wellington (50%)-27,500
Town Centre total287,500324,500
Industrial (51.7% interest in Industre (joint operation) refer note 6.4)
(31 Mar 22: 51.7%)
30 Airpark Drive, AucklandBayleys23,54024,054
20 Rockridge Avenue, AucklandSavills15,41815,390
25 O’Rorke Road and 15 Rockridge Avenue, AucklandSavills74,13877,259
318 East Tamaki Road, AucklandJLL62,34265,151
Industrial total175,438181,854
Development and other
110 Carlton Gore Road, AucklandJLL175,900-
55 Lady Elizabeth Lane, WellingtonColliers Wellington14,250-
Johnsonville Shopping Centre, Wellington (50%)CBRE26,250-
Development and other total216,400-
1,289,3881,155,404
In determining the valuations, the valuers took into account:
•occupancy (leased area as a proportion of the total net lettable area) on individual investment properties (average is 96.4% at balance date)
(31 Mar 22: 96.6%);
•average lease term (weighted average lease term (WALT) at balance date is 6.8 years) (31 Mar 22: 6.5 years);
•discount rates (ranged from 6.00% to 8.25%) (31 Mar 22: 5.63% to 8.00%);
•estimated capital expenditure of $27.1 million for works to be completed at 110 Carlton Gore Road, Auckland, as well as an estimated
$26.0 million allowance to improve the seismic performance at 55 Lady Elizabeth Lane, Wellington.
Capitalisation rates ranged from 4.13% to 8.38% (31 Mar 22: 3.87% to 8.38%).
3.2
Investment properties (continued)
16
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

3.0 Property (continued)
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the market capitalisation rate and discount rate,
assuming the capitalisation rate or discount rate moved equally on all the properties, is as follows:
Cap rate %Discount rate %
Impact on fair value-0.25+0.25-0.25+0.25
As at 30 Sep 22 (Unaudited)
Change $00065,575(59,452)25,788(24,208)
Change %5(5)2(2)
As at 31 Mar 22 (Audited)
Change $00061,652(58,360)22,404(21,818)
Change %5(5)2(2)
The Land Value Approach has been used for Johnsonville Shopping Centre, Wellington, as this approach reflected the highest and best use for
the property.
Works are required to improve the seismic performance of the office property at 55 Lady Elizabeth Lane, Wellington, although the exact nature of the
works required is still being confirmed. This property has been fair valued by the Residual Approach, calculating what the property is expected to be
worth on completion of the works on the property and deducting all expected costs to complete them, including a profit and risk allowance.
The Residual Approach has also been used for the property at 110 Carlton Gore Road, Auckland, which is currently under development.
All other properties have been fair valued by a combination of both the Income Capitalisation and the Discounted Cash Flow approaches.
All properties were valued on a consistent approach to 31 March 2022.
3.3 Capital expenditure commitments contracted for
As at 30 September 2022, SPL has the following commitments:
•$80.5 million (31 Mar 22: $nil) further loan advances and final settlement payments to be made in relation to 110 Carlton Gore Road, Auckland, of
which $53.4 million is included in trade and other payables (refer note 7.5). Subsequent to balance date, $15.7 million of loan advances have been
made (refer note 7.8)
•$0.2 million (31 Mar 22: $2.5 million) for further building upgrades at 34 Shortland Street, Auckland
•$0.6 million (31 Mar 22: $2.9 million) to complete building upgrade works at 22 The Terrace, Wellington
•$1.3 million (31 Mar 22: $0.1 million) for various other capital expenditure works to be undertaken
Stride has no other material capital commitments as at 30 September 2022.
Subsequent to balance date, SPL has committed to a further $3.8 million for capital expenditure works, comprising $3.1 million at 34 Shortland Street,
Auckland, and $0.7 million at 55 Lady Elizabeth Lane, Wellington.
3.2
Investment properties (continued)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
17

4.0 Investor Returns
This section sets out Stride’s earnings per share, net tangible assets per share, dividends paid and how distributable profit is calculated.
Distributable profit is a non-GAAP measurement and is used by Stride to calculate profit available for distribution to shareholders by way
of dividends.
4.1 Basic and diluted earnings per share (EPS)
Basic and diluted EPS amounts are calculated by dividing (loss)/profit after income tax attributable to shareholders by the weighted average number of
shares on issue. Weighted average number of shares for the purpose of diluted EPS has been adjusted for 3,182,163 (30 Sep 21: 2,050,746) rights
issued under SIML’s long-term share incentive schemes and short term incentive rights.
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
(Loss)/profit after income tax attributable to shareholders ($000)(53,130)61,511
Weighted average number of shares for purpose of basic EPS (000)540,321473,174
Basic EPS - SPL (cents)(10.79)11.85
Basic EPS - SIML (cents)0.961.15
Basic EPS - weighted (cents)(9.83)13.00
Weighted average number of shares for purpose of diluted EPS (000)543,402475,062
Diluted EPS - SPL (cents)(10.79)11.80
Diluted EPS - SIML (cents)0.961.15
Diluted EPS - weighted (cents)(9.83)12.95
SPL has reported a loss after income tax attributable to shareholders for the six months ended 30 September 2022. As a loss after income tax
attributable to shareholders results in an anti-dilutive position for diluted EPS, the diluted EPS is reported as Basic EPS of (10.79) cents.
4.2
Net tangible assets per share
Unaudited
30 Sep 22
Audited
31 Mar 22
Unaudited
30 Sep 21
Number of shares on issue (000)540,331540,189473,235
Total assets ($000)1,666,1801,642,3171,595,010
Less total liabilities ($000)(507,634)(411,233)(532,827)
Net tangible assets (NTA) ($000)1,158,5461,231,0841,062,183
NTA per share (cents)214228224
4.3 Dividends paid
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
The following dividends were declared and paid by SPL during the period:
Q4 2022 final dividend 1.8455 cents (Q4 2021 1.6075 cents)9,9727,607
Q1 2023 interim dividend 2.0702 cents (Q1 2022 1.9345 cents)11,1909,155
Total dividends paid - SPL21,16216,762
The following dividends were declared and paid by SIML during the period:
Q4 2022 final dividend 0.632 cents (Q4 2021 0.870 cents)3,4154,117
Q1 2023 interim dividend 0.407 cents (Q1 2022 0.543 cents)2,2012,570
Total dividends paid - SIML5,6166,687
Total dividends paid - Stride26,77823,449
18
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

4.0 Investor Returns (continued)
4.4 Distributable profit
Accounting policy
Stride’s dividend policy is to target a total cash dividend to shareholders that is equivalent to the sum of 25% to 75% of SIML’s distributable profit
and 80% to 100% of SPL’s distributable profit. Distributable profit is presented to enable investors to see an earnings measure which more closely
aligns to Stride’s underlying and recurring earnings from its operations. Distributable profit is a non-GAAP measure and consists of (loss)/profit
before income tax, adjusted for determined non-recurring and/or non-cash items, share of (loss)/profit in equity-accounted investments, dividends
received from equity-accounted investments and current tax.
Adjusted Funds From Operations (AFFO) is also a non-GAAP measure and is intended as a supplementary measure of operating performance.
Although there is no standard meaning or measure per GAAP, AFFO has been determined based on guidelines established by the Property Council
of Australia. Cash spent during the period on capital expenditure as part of maintaining a building’s grade/quality, but not expensed as part of
distributable profit after current income tax, is adjusted to enable investors to see the cash generating ability of the business.
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
(Loss)/profit before income tax(49,347)69,476
Non-recurring, non-cash, and other adjustments:
Net change in fair value of investment properties51,842(13,358)
Reversal of the lease liabilities movement in net change in fair value of investment properties(2)(34)
Share of loss/(profit) in equity-accounted investments9,103(37,511)
Impairment of equity-accounted investment12,016-
Loss/(gain) on disposal of investment properties1,711(31)
Reversal of the lease liabilities movement in loss on disposal of investment properties(35)-
Hedge ineffectiveness of cash flow hedges(63)-
Project costs relating to Fabric Property Limited-4,811
Development and disposal fees eliminated in SIML658500
Dividend income from equity-accounted investments (refer note 7.3)4,8704,536
Spreading of fixed rental increases(548)(696)
Capitalised incentives net of amortisation19022
Share based payment expense943545
Software asset expense-1,025
Depreciation8993
Lease liability for head office-(170)
Borrowings establishment costs amortisation182220
Non-cash interest income(91)(144)
Interest earned in relation to loan advance on 110 Carlton Gore Road, Auckland2,964-
Distributable profit before current income tax34,48229,284
Current tax expense(6,903)(5,275)
Adjusted for:
Tax expense on bank borrowings capitalised interest-(14)
Tax expense on depreciation recovered on disposal of investment properties1,722186
Distributable profit after current income tax29,30124,181
Adjustments to funds from operations:
Maintenance capital expenditure(3,260)(1,063)
Adjusted Funds From Operations (AFFO)26,04123,118
`
Weighted average number of shares for the purpose of basic distributable profit per share (000)540,321473,174
Basic distributable profit after current income tax per share - weighted (cents)5.425.11
AFFO basic distributable profit after current income tax per share - weighted (cents)4.824.89
Weighted average number of shares for the purpose of diluted distributable profit per share (000)543,402475,062
Diluted distributable profit after current income tax per share - weighted (cents)5.395.09
AFFO diluted distributable profit after current income tax per share - weighted (cents)4.794.87
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
19

5.0 Capital Structure and Funding
Stride's capital structure includes debt and equity, comprising shares and retained earnings, as shown in the consolidated statement of
financial position. This section sets out Stride's funding exposure to interest rate risk and related financing costs (excluding borrowings within
Industre joint operations, refer note 6.4).
5.1 Borrowings
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Non-current
Bank facility drawn down361,100305,500
Unamortised borrowing costs(923)(1,105)
Total net borrowings360,177304,395
Weighted average interest rate for debt (inclusive of current interest rate derivatives, margins and
line fees) at balance date3.57%3.55%
Total
Undrawn
facility
Drawn
amount
30 Sep 22Expiry dateInterest rate$000$000$000
Facility A15 Dec 2024Floating100,000-100,000
Facility B15 Dec 2025Floating60,00047,50012,500
Facility C15 Dec 2026Floating40,00040,000-
Facility F115 Dec 2024Floating100,000-100,000
Facility F215 Dec 2025Floating100,000-100,000
Facility F315 Dec 2026Floating100,00051,40048,600
Facility F415 Dec 2024Floating100,000100,000-
600,000238,900361,100
31 Mar 22
Facility A15 Dec 2024Floating100,000-100,000
Facility B15 Dec 2025Floating60,00054,5005,500
Facility C15 Dec 2026Floating40,00040,000-
Facility F115 Dec 2024Floating100,000-100,000
Facility F215 Dec 2025Floating100,000-100,000
Facility F315 Dec 2026Floating100,000100,000-
Facility F415 Dec 2024Floating100,000100,000-
600,000294,500305,500
SPL’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited (ANZ), China Construction Bank Corporation
(New Zealand Branch), Industrial and Commercial Bank of China Limited, Auckland Branch, MUFG Bank Limited (Auckland Branch), The Hongkong and
Shanghai Banking Corporation Limited, incorporated in the Hong Kong SAR, acting through its New Zealand Branch, and Westpac New Zealand Limited.
The bank security on the facilities is managed through a security agent who holds a first registered mortgage on all the investment properties directly
owned by SPL and a registered first ranking security interest under a General Security Deed over substantially all the assets of SPL. SPL has been
compliant with bank covenants during the respective periods.
The carrying amount of the bank borrowings is considered a reasonable approximation of fair value.
In accordance with the Green Finance Framework (Framework) of Fabric, $400.0 million of the facilities are classified as green loan facilities. The
Framework has been developed to be consistent with the Asia Pacific Loan Market Association (APLMA) Green Loan Principles (2021).
SIML does not have any bank borrowings (31 Mar 22: $nil) however it does have a $3.0 million overdraft facility with ANZ which has not been utilised
during the current period.
20
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 22
Audited
31 Mar 22
SPL$000$000
Outstanding interest rate derivative contracts
Active interest rate derivative contracts335,000335,000
Forward dated interest rate derivative contracts30,000-
Total notional principal value of interest rate derivative contracts365,000335,000
Interest rate derivative assets - current240290
Interest rate derivative assets - non-current26,81519,535
Fair values of interest rate derivative contracts27,05519,825
Fixed interest rates range on active interest rate derivative contracts (excluding margins and line fees)0.39% - 1.80%0.39% - 1.80%
Weighted average fixed interest rate on active interest rate derivative contracts (excluding margins and
line fees)1.24%1.24%
Percentage of drawn debt fixed93%110%
During the current period, a three year fixed interest rate derivative contract with a notional value of $30.0 million was entered into, with an effective date
of 31 December 2024.
As at 30 September 2022, SPL had interest rate derivative contracts with a notional value of $35.0 million (31 Mar 22: $35.0 million), that had no
drawn bank borrowings hedged against them. As the hedged relationship for these contracts did not exist, the fair value movement of $0.1 million
(31 Mar 22: $1.3 million) has been recognised in other income in the consolidated statement of comprehensive income.
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisors using valuation techniques classified
as Level 2 in the fair value hierarchy (31 Mar 22: Level 2). Judgement is involved in determining the fair value by the independent treasury advisors. The
fair values are based on the present value of estimated future cash flows based on the terms and maturities of each contract and the current market
interest rates as at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. The valuations were based on
market rates at 30 September 2022 of between 3.87%, for the 90-day BKBM, and 4.43%, for the 10-year swap rate (31 Mar 22: 1.61% and 3.41%,
respectively). There have been no transfers between Level 1 and 2 during the respective periods. There were no changes to these valuation techniques
during the reporting period.
5.3
Net finance expense
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Finance income
Bank interest income1191
Other finance income91144
210145
Finance expense
Bank borrowings interest(8,036)(6,676)
Bank borrowings interest capitalised-49
Lease liabilities interest(887)(890)
(8,923)(7,517)
Net finance expense(8,713)(7,372)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
21

5.0 Capital Structure and Funding (continued)
5.4 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are fully paid and have no par value.
Stride had 540,330,940 shares on issue as at 30 September 2022 (31 Mar 22: 540,188,683).
5.5 SIML equity (non-controlling interest)
Total
Notes
$000
Balance 31 Mar 22 (Audited)13,083
Transactions with shareholders:
Dividends paid
4.3
(5,616)
Other movements in reserves943
Total transactions with shareholders
(4,673)
Total other comprehensive loss(110)
Profit after income tax5,198
Total comprehensive income
5,088
Balance 30 Sep 22 (Unaudited)13,498
Balance 31 March 21 (Audited)13,693
Transactions with shareholders:
Dividends paid
4.3
(6,687)
Other movements in reserves545
Total transactions with shareholders
(6,142)
Total other comprehensive income109
Profit after income tax5,460
Total comprehensive income
5,569
Balance 30 Sep 21 (Unaudited)13,120
22
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

6.0 Investments in Property Entities
This section sets out how the investments in property entities held by SPL are accounted for in Stride.
6.1 Interests in associates and joint venture
Equity-accounted investments
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Investore
1
123,347143,248
Diversified
2
1,7301,287
Industre joint venture
2
168,976174,051
294,053318,586
1Fair value, based on Investore's quoted closing share price on the NZX Main Board on the last business day for the six months ended 30 September 2022, was $105.2 million (31 Mar 22: $119.0 million).
2These equity-accounted investments do not have quoted market prices as they are not listed.
On 30 September 2022, the market value of the investment in Investore, based on the quoted closing market price of Investore's ordinary shares of
$1.52, 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 by using the value in use (VIU) and fair value less costs of disposal (FVLCD)
valuation approaches. SPL has estimated the recoverable amount of the investment in Investore using the FVLCD valuation (as the higher of the two
valuation approaches). The key inputs and assumptions in determining the recoverable amount of this investment through the FVLCD approach are a
strategic investment premium of 17.5% (as determined by a third party) and brokerage costs of 0.2%. As at 30 September 2022, SPL has recognised an
impairment loss against the carrying amount of the investment of $(12.0) million (30 Sep 21: $nil).
Share of
(loss)/profit in equity-accounted investments
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Investore(5,204)10,687
Diversified318439
Industre joint venture(4,217)26,385
(9,103)37,511
6.2 Industre
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). As at 30 September 2022, SPL held a 51.7% interest in Industre (31 Mar 22: 51.7%). Over the long term, the strategy is
for JPMAM to fund further portfolio growth until the respective economic contributions to the portfolio are 75%/25% (JPMAM/SPL).
The agreement between SPL and JPMAM in relation to their co-ownership requires unanimous consent from both parties for all relevant activities. The
accounting for the arrangements by SPL is a combination of a joint operation (proportionate share of assets, liabilities, revenue and expenses) and joint
venture (equity-accounted). SIML is the manager of the joint arrangement.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2022
23

6.0 Investments in Property Entities (continued)
6.3 Industre joint venture
Industre joint venture comprises Industre Property Tahi Limited (Tahi), Industre Property Rua Limited (Rua) and Industre Property Finance Limited (FinCo).
SPL has rights to the net assets of these entities, and consequently, these entities are classified as a joint venture.
Tahi and Rua hold legal and beneficial ownership of certain properties. FinCo is a funding vehicle established to obtain bank borrowings and on-lend the
funds to Tahi, Rua and Industre joint operation. SPL’s wholly owned subsidiary, Stride Industrial Property Limited (SIPL), is a guarantor under the Industre
banking arrangements as Industre is a beneficial owner of property owned through the unincorporated joint venture of Industre and as such is jointly and
severally liable for Industre's bank debt. SIPL has the benefit of, and bears obligations under, a cross indemnity with JPMAM by way of the joint venture
arrangements. As at 30 September 2022, the value of the financial guarantee was $nil.
Tahi and Rua are eligible and have elected to be multi-rate PIEs of which the income tax liability arises to the investors. Accordingly, SPL recognises
current and deferred tax as part of its taxes in note 7.1 (rather than as part of the investment in the joint venture).
The difference between the closing carrying amount and share at carrying percentage for Industre joint venture relates to the $(0.9) million loss on sale
of properties in exchange for cash received from Industre joint venture in the financial year ended 31 March 2021. This difference has carried forward to
the balance as at 30 September 2022 and will be recognised over time when there are future changes in the participating interest.
Total
SPL$000
Carrying amount - 31 March 22 (Audited)174,051
Movement in cash flow hedges net of tax1,278
Loss(4,216)
Dividends paid(2,137)
Carrying amount - 30 Sep 22 (Unaudited)168,976
The below table shows Industre joint venture's revenues and expenses and SPL's share at the weighted average participating interest during the
respective period. Industre joint venture's income and expenses in the prior period have been restated, due to an elimination of intra-group financing
transactions. There is no change to SPL's share of net profit for the prior period.
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Summarised statement of comprehensive income$000$000
Income10,8969,296
Expenses(7,722)(5,032)
Net change in fair value of investment properties(11,324)44,995
Net (loss)/profit(8,150)49,259
SPL's share of net (loss)/profit at weighted average participating interest during the period(4,216)26,385
The below table summarises Industre joint venture's assets and liabilities and SPL's share based on the participating interest as at reporting date.
Unaudited
30 Sep 22
Audited
31 Mar 22
Summarised statement of financial position$000$000
Assets
Current assets4,3957,207
Investment properties504,017497,931
Other non-current assets86,29882,689
594,710587,827
Liabilities
Current liabilities(7,724)(4,547)
Borrowings - non-current(256,073)(243,603)
Other non-current liabilities(2,631)(1,584)
(266,428)(249,734)
Net assets328,282338,093
SPL's share in %51.7%51.7%
SPL's share of net assets at carrying percentages169,842174,917
24
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

6.0 Investments in Property Entities (continued)
6.4 Industre joint operation
SPL holds a 51.7% interest in a joint arrangement with JPMAM relating to the investment properties as denoted in note 3.2. The Industre joint operation
holds the beneficial ownership of certain properties. SPL recognises its direct right to the jointly held assets, liabilities, revenues and expenses of the
joint operation.
The table below summarises the assets, liabilities, revenues and expenses of the Industre joint operation, and represents SPL’s share included in the
financial statements on a proportionate basis.
Unaudited
6 months
30 Sep 22
100%
Unaudited
6 months
30 Sep 22
participating
interest
Unaudited
6 months
30 Sep 21
100%
Unaudited
6 months
30 Sep 21
participating
interest
Summarised statement of comprehensive income$000$000$000$000
Income7,7203,9947,2633,933
Expenses(4,462)(2,307)(3,214)(1,738)
Net change in fair value of investment properties(12,783)(6,615)37,91420,369
Net (loss)/profit(9,525)(4,928)41,96322,564
Unaudited
30 Sep 22
100%
Unaudited
30 Sep 22
participating
interest
Audited
31 Mar 22
100%
Audited
31 Mar 22
participating
interest
Summarised statement of financial position$000$000$000$000
Assets
Current assets816422884457
Investment properties339,100175,438351,500181,854
339,916175,860352,384182,311
Liabilities
Current liabilities(862)(446)(924)(478)
Borrowings(77,317)(40,001)(77,034)(39,857)
(78,179)(40,447)(77,958)(40,335)
Net assets261,737135,413274,426141,976
SPL’s portion of the borrowings in the Industre joint operation are with FinCo, which is in the Industre joint venture. This loan is on the same terms as
the banking facility with FinCo, however is payable on demand if called on by FinCo. As at 30 September 2022, SPL and JPMAM, as the participants,
have agreed these borrowings will not be called by FinCo in the next 12 months, unless called on by FinCo’s banking syndicate (which is a non-current
borrowing). As such SPL’s portion of the borrowings in the Industre joint operation have been classified as non-current in the consolidated statement of
financial position.
The below fee income was earned from the Industre joint operation and represents the participating interest held by the participant AP SG 17 Pte.
Limited. The management fees paid from SPL to SIML are eliminated in the consolidated statement of comprehensive income. The balance receivable
represents AP SG 17 Pte. Limited's portion of the Industre joint operation's performance fees and leasing fees owed to SIML.
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Asset management fee income340280
Performance fee income430272
Leasing fee income58-
Building management fee income2120
Project management fee income-7
Maintenance fee income32
852581
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Balance receivable269216
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
25

7.0 Other
This section contains additional information to assist in understanding the financial performance and position of Stride.
7.1 Income tax
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Income tax$000$000
Current tax(6,903)(5,275)
Deferred tax3,120(2,690)
Income tax expense per the consolidated statement of comprehensive income(3,783)(7,965)
(Loss)/profit before income tax(49,347)69,476
Prima facie income tax using the company tax rate of 28%
13,817(19,453)
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties(14,516)3,383
Impairment of equity-accounted investment(3,364)-
Reversal of lease liability movement17(19)
Non-taxable income(3,193)10,644
Assessable income(1,137)(477)
Depreciation3,4403,412
Depreciation recovered on disposal of investment properties(1,722)(186)
Non-deductible expenses(283)(1,964)
Expenditure deductible for tax96334
Temporary differences(100)(1,063)
Over provision in prior period42114
Current tax expense(6,903)(5,275)
Investment property depreciation3,235(4,044)
Other(115)1,354
Deferred tax charged to profit or loss3,120(2,690)
Income tax expense per the consolidated statement of comprehensive income(3,783)(7,965)
Income tax expense arising from the Industre joint venture (Tahi and Rua) is $(0.25) million (30 Sep 21: $(0.44) million).
7.2
Total corporate expenses
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Corporate overhead expenses include:
Salaries and other short-term benefits8,0977,449
Software asset expense-1,025
Administration expenses include:
Share based payment expense943545
Feasibility expenses9597
Valuation expenses163119
26
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

7.0 Other (continued)
7.3 Related party disclosures
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
The following transactions with a related party took place:$000$000
Diversified
Asset management fee income1,5461,476
Salaries and wages recovery1,2031,079
Project management fee income367995
Building management fee income926809
Leasing fee income615262
Accounting fee income8787
Licensing fee income3535
Total fee income4,7794,743
Rent paid(57)(57)
Interest income received (reinvested in units)91144
Investore
Asset management fee income3,0872,776
Performance fee income-1,667
Building management fee income220218
Disposal fee income-128
Accounting fee income125125
Leasing fee income1961
Maintenance fee income2712
Project management fee income1113
Sustainability fee income62-
Total fee income3,6514,990
Dividend income2,7332,682
Industre joint venture
Asset management fee income1,019732
Performance fee income600674
Acquisition fee income-427
Building management fee income3838
Project management fee income83923
Leasing fee income116-
Maintenance fee income10-
Total fee income2,6221,894
Dividend income2,1371,854
Interest expense(842)(689)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
27

7.0 Other (continued)
7.3 Related party disclosures (continued)
Unaudited
30 Sep 22
Audited
31 Mar 22
The following balances were receivable from/(payable to) a related party:$000$000
Investore - related party receivable6531
Diversified - related party receivable313118
Industre joint venture (Tahi/Rua/FinCo) - receivable5611,087
Diversified - interest-bearing loan3,3983,398
Industre joint venture (FinCo) - borrowings(40,001)(39,857)
Included within trade and other payables is a $5.0 million provision (31 Mar 22: $5.2 million) for seismic works in relation to a property divested to
Investore in the year ended 31 March 2021.
The following table details the transactions between SPL and SIML which are eliminated on consolidation (refer note 2.0):
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Management fees charged from SIML to SPL:
Building management fee500551
Asset management fee3,3143,115
Salaries and wages recovery786737
Project management fee240500
Performance fee461315
Maintenance fee3024
Leasing fee450564
Accounting fee125125
Disposal fee418-
Total6,3245,931
Rental charged from SPL to SIML:
Rental charge for offices279184
Service charge for offices5042
Total329226
Unaudited
30 Sep 22
Audited
31 Mar 22
The following balances were receivable between SPL and SIML:$000$000
SPL - related party receivable (recognised in SIML)1,711435
SIML - related party payable (recognised in SPL)(1,711)(435)
SIML provides ancillary services in accordance with the management agreement between SPL and SIML to ensure proper management of SPL. Payment
for these services by SPL to SIML is included in the total asset management fee paid.
28
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

7.0 Other (continued)
7.4 Trade and other receivables
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Current
Trade and other receivables3,8253,700
Less loss allowance(800)(923)
Trade and other receivables net of loss allowance3,0252,777
Interest receivable - in relation to 110 Carlton Gore Road, Auckland (refer note 1.5)3,310-
Related party receivable (refer notes 6.4 and 7.3)1,2081,452
7,5434,229
7.5 Trade and other payables
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Unsecured liabilities
Trade payables1,8282,952
Settlement payable - in relation to 110 Carlton Gore Road, Auckland (refer note 1.5)53,400-
Rental guarantee - in relation to 80 Greys Avenue, Auckland (refer note 1.5)1,034-
Development and capital expenditure payables and accruals3,1353,802
Seismic work accruals (refer note 7.3)4,9845,178
Rental income abatement provision due to COVID-193081,001
Retention accruals574739
Rent in advance1,1441,519
Operating expense recovery accruals220540
Tenant deposits held869831
Employee entitlements1,7872,302
Other accruals and payables3,7813,683
73,06422,547
Other accruals and payables include Goods and Services Tax, direct property operating expense accruals and other corporate expense accruals.
7.6
Property, plant and equipment
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Property, plant and equipment7,3667,050
Stride has offices at 34 Shortland Street, Auckland, and 22 The Terrace, Wellington (31 Mar 22: 34 Shortland Street, Auckland), which are held as
investment property (refer note 3.2). The value attributable to these premises of
$6.8 million (31 Mar 22: $6.4 million) has been recognised as property,
plant and equipment, with a revaluation deficit of $(0.1) million (31 Mar 22: surplus of $0.4 million) recognised within other comprehensive (loss)/income
in the consolidated statement of comprehensive income.
7.7
Contingent liabilities
SPL’s wholly owned subsidiary, Stride Industrial Property Limited (SIPL), is a guarantor under the Industre banking arrangements as SIPL is a
beneficial owner of property owned through the unincorporated joint venture of Industre (refer note 6.3). The total facility under the Industre banking
arrangement is $355.0 million (31 Mar 22: $355.0 million) and as at 30 September 2022, $256.9 million of bank debt had been drawn down
(31 Mar 22: $244.6 million).
Stride has no other contingent liabilities at balance date (31 Mar 22: $nil).
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2022
29

7.0 Other (continued)
7.8 Subsequent events
Further advances totaling $15.67 million, being $7.83 million on 14 October 2022 and $7.83 million on 15 November 2022, have been made to the
vendor of 110 Carlton Gore Road, Auckland.
The SPL property at 55 Lady Elizabeth Lane, Wellington, requires works to improve its seismic performance. SPL has been in discussions with the
tenants of the building regarding the seismic status of the building and the potential works required. After discussions with Meridian Energy Limited
(Meridian), which occupied 2,875 sqm of space in the building, Meridian elected to leave the premises to provide more certainty to its staff. SPL and
Meridian have reached a commercial agreement with Meridian under which Meridian surrendered the lease of its premises effective 31 October 2022.
AMP Services Limited terminated their lease with effect from 31 August 2022 and Macquarie Asset Management (NZ) Limited terminated their lease
with effect from 31 October 2022, both in accordance with the terms of their leases.
On 22 November 2022, Fabric entered into a forward-starting 3 year fixed interest rate swap agreement with a notional value of $25 million, with an
effective date of 31 December 2024.
On 22 November 2022, SPL instructed the banking syndicate to cancel $75 million of banking facilities ($35 million of facility B and the full $40 million
of facility C) effective 29 November 2022, reducing SPL's total banking facilities to $525 million.
On 24 November 2022, SPL declared a cash dividend for the period 1 July 2022 to 30 September 2022 of 1.39532 cents per share, to be paid on
9 December 2022 to all shareholders on SPL’s register at the close of business on 2 December 2022. At 1.39532 cents per share, the total dividend
payment will be $7,539,346. This dividend will carry imputation credits of 0.542624 cents per share. This dividend has not been recognised in the
financial statements.
On 24 November 2022, SIML declared a cash dividend for the period 1 July 2022 to 30 September 2022 of 0.44552 cents per share, to be paid on
9 December 2022 to all shareholders on SIML’s register at the close of business on 2 December 2022. At 0.44552 cents per share, the total dividend
payment will be $2,407,282. This dividend will carry imputation credits of 0.173258 cents per share. This dividend has not been recognised in the
financial statements. SIML’s equity (non-controlling interest) consists largely of retained earnings and the declared dividend represents 18% of SIML’s
equity as at 30 September 2022.
On 24 November 2022, the Boards of SPL and SIML approved the adoption of a dividend reinvestment plan to take effect from 5 December 2022 (and
accordingly does not apply to the dividend declared on 24 November 2022). The plan enables holders of Stride’s stapled securities to reinvest some or
all of the dividends received from SIML and SPL in shares to be issued by each of SPL and SIML.
30
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

Independent auditor’s review report
To the shareholders of Stride Property Limited and Stride Investment Management Limited
Report on the consolidated interim financial statements

Our conclusion
We have reviewed the consolidated interim financial statements of Stride Property Group, which consists of Stride Property Limited and its controlled
entities (SPL) and Stride Investment Management Limited (SIML) (together Stride or the Group), which comprise the consolidated statement of financial
position as at 30 September 2022, and the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the six months ended on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 30 September 2022, and its financial performance and cash
flows for the six months then ended, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities
for the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our firm
carries out other services for the Group in the area of tenancy marketing and operating expenditure audits for Stride. Certain partners and employees of
our firm may deal with the Group on normal terms within the ordinary course of trading activities. The provision of these other services has not impaired
our independence.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of SPL and SIML respectively are responsible on behalf of Stride for the preparation and fair presentation of these consolidated interim
financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of the consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the consolidated interim financial statements, taken as a whole, are
not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and
other review procedures. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing and International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that
we might identify in an audit. Accordingly, we do not express an audit opinion on these consolidated interim financial statements.
Who we report to
This report is made solely to the shareholders of SPL and SIML, as a body. Our review work has been undertaken so that we might state those matters
which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders of SPL and SIML, as a body, for our review procedures, for this report, or for the conclusion we
have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel Shuttleworth.
For and on behalf of:
Chartered Accountants
24 November 2022
Auckland
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022
31

Corporate Directory
Board of Directors
Tim Storey (Chair)
Ross Buckley
Jacqueline Cheyne
Nick Jacobson
Philip Ling
Michelle Tierney


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

Auditor
PwC
PwC Tower
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119,
Victoria Street West, Auckland 1142
T +64 9 488 8777
F +64 9 488 8787
E enquiry@computershare.co.nz

Legal Adviser
Bell Gully
Level 21, Vero Centre
48 Shortland Street, Auckland 1010
PO Box 4199, Auckland 1140

Bankers
ANZ Bank New Zealand Limited
China Construction Bank Corporation (New Zealand Branch)
Industrial and Commercial Bank of China Limited, Auckland Branch
MUFG Bank Limited (Auckland Branch)
The Hongkong and Shanghai Banking Corporation Limited (New Zealand Branch)
Westpac New Zealand Limited

32
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2022

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

---

1
Stride Property Group HY23 Interim Results Presentation
Interim Results
Presentation
For the six months ended
30 September 2022
24 November 2022

2
Capitalised and technical terms are defined in the glossary on page 31.
3Introduction
4Market update
5HY23 financial overview
6Highlights
7Investment management business
11Portfolio
19Sustainability
21HY23 consolidated interim financial results
25Capital management
28Outlook
31Glossary
33Appendices
Contents

3
Stride Property Group HY23 Interim Results Presentation
Introduction
Inflation
Interest rate rises have been
significant; rental growth and
capitalisationrates early to mid
cycle
The past six months have provided a dynamic background for the commercial property investment market.
We currently observe three key investment themes influencing the market and returns: inflation impacts, a
strong occupancy market, and lower transactional activity
Stride is taking steps to adapt to the current macro-economic environment, including prudent capital
management initiatives and repositioning the portfolio through disposals to improve resilience
Strong occupancy
market
Broad based tenant demand
across all sectors
Core capital
being patient
Investment volumes and capital
flows down, waiting for a
stabilisedmacro environment

4
Stride Property Group HY23 Interim Results Presentation
Market update
1.Wellington Property Market Monitor, CBRE, September 2022 (data as at June 2022).
2.Excludes properties categorised as ‘Development and other’ in the consolidated interim financial statements. For SPL’s Officeportfolio, these properties are (1) 55 Lady Elizabeth Lane, Wellington; and (2) 110 Carlton Gore Road, Auckland.
For SPL’s Town Centre portfolio, this is SPL’s 50% share of Johnsonville Shopping Centre, Wellington.
3.Auckland Property Market Monitor, CBRE, September 2022 (data as at June 2022).
4.Excludes properties categorised as ‘Development and other’, namely (1) 439 Rosebank Road, Auckland; (2) 34 Airpark Drive, Auckland; and (3) 14, 14a & 20FavonaRoad, Auckland.
Office
•Flight to quality, construction cost inflation, and increasing
ESG and seismic requirements are supportive of the outlook
for quality properties and managers
•Wellington Prime CBD office vacancy at 1.5%, down from
4.4% on prior year
1
•75% of SPL’s Office portfolio
2
base rentals are subject to
review in FY24; 26% of these rent reviews are linked to CPI
Town Centres
•Relaxation of COVID-19 restrictions supportive of strong
trading. SPL Town Centre
2
specialty MAT up 7.6% against
year ending 30 Sep 19, on a like for like basis
•Australian-based retailers back in the market with borders
reopening and actively looking to invest in store networks
•CPI linked reviews delivering strong rental growth of 8.7%,
while new lettings have generated 6.3% increase in base
rent against Mar 22 market rent, with reduced incentives
Industrial
•Record low vacancy levels and high demand continue to
support strong rental growth outlook
•Auckland Grade A industrial vacancy at 0.1%; Grade B
industrial vacancy at 0.6%
3
•23% of Industre’snet Contract Rental is subject to market
review or expiry over the remainder of FY23 & FY24
4
Large Format Retail (LFR)
•“Everyday needs” tenants are resilient throughout the
economic cycle
•Investore completed 41 rent reviews over 41,752 sqm (17%
of the portfolio), resulting in a 4.4% increase on previous
rentals
•11% of Investore’sCountdown-anchored stores (which are
currently below the turnover threshold) have a fixed uplift of
3%-5% over the next 18 months

55
Stride Property Group HY23 Interim Results Presentation
1.Net of management fees received from SPL.
2.See glossary on page 32.
•$34.1m net rental income, up 11.2% (HY22: $30.7m) primarily due to
impact of COVID-19 rental abatements in HY22
•$12.0m management fee income
1
, down 1.2% (HY22: $12.2m), cycling
from a higher level of activity-based and performance fee income in HY22.
Recurring management fee income of $8.9m was up 16% (HY22: $7.6m)
due to significant growth in the Investore and Industre portfolios over the
past 18 months
•$25.3m profit before other (expense)/income and income tax, up 36%
(HY22: $18.6m), or 8% after allowing for project costs in relation to Fabric
Property Limited in HY22
•$(53.1)m loss after income tax (HY22: $61.5m profit after income tax) on
account of net portfolio devaluation of $(51.8)m and losses from
investments in Stride Products
•Weighted average capitalisation rate as at 30 Sep 22 for SPL’s directly held
portfolio softened by 28bps to 5.6%, or by 27bps to 5.3% on a look-through
basis. SPL’s directly held portfolio value is down (4.3)% in the six months to
30 September 2022, or (3.6)% on a look-through basis
•$29.3m distributable profit
2
after current income tax, up 21.2%
(HY22: $24.2m)
•NTA per share of $2.14, down 6.1% on 31 Mar 22. NTA does not include
the value of SIML’s management contracts
Loss after income tax
$(53.1)m
HY22: $61.5m profit after income tax
Profit before other
(expense)/income and
income tax
$25.3m
+36% against HY22
Net tangible assets (NTA) per share
$2.14
Excludes value of SIML’s management contracts
Stride Property Group
HY23 financial overview
Distributable profit
2
after
current income tax
$29.3m
+21% against HY22

6
Stride Property Group HY23 Interim Results Presentation
Occupancy
3
97%
Portfolio WALT
5.6 years
Value
2
$904m
Highlights
WACR
5.7%
Total AUM
$3.7bn
on a committed basis
4
Committed
5
LVR
38%
External AUM
$2.6bn
on a committed basis
4
Development projects underway
$110m
across the Stride Products
Drawn debt fixed
76%
on a committed basis
5
Cost of debt
3.6%
weighted average
Green loan facilities
6
$400m
Stride Property Group
SPL Office and Town Centre portfolio
1
Investment management business
Capital management
1.Refer footnote 2 on page 4.
2.Includes the value of the floor space at 34 Shortland Street, Auckland, and 22 The Terrace, Wellington, which house SIML’s offices, and are shown in the consolidated interim financial statements as property, plant and equipment, and excludes (1)
SPL's interest in the Industre joint operation which is reported as part of the assets of SPL (see note 3.2 to the consolidated interim financial statements for further information); (2) 110 Carlton Gore Road, Auckland, which acquisition is due to settle
in 2023; (3) lease liabilities; and (4) properties categorised as ‘Development and other’ in the consolidated interim financial statements (refer footnote 2 on page 4).
3.Occupancy includes casual licenses with an initial term greater than three months or units held for committed redevelopment or remix works.
4.Commitments include: (1) SPL: the settlement of 110 Carlton Gore Road, Auckland; seismic works in relation to the disposal of2 CarrRoad, Auckland and 25 & 35 Teed Street, Auckland; various capital expenditure commitments contracted for
(refer note 3.3 to the consolidated interim financial statements); and reduced borrowing due to Stride’s revised FY23 dividend guidance (refer page 29); (2) Investore: stage 1 development at WaimakJunction, Kaiapoi, plus $9.2m of capital
expenditure across the existing portfolio; and (3) Industre: estimated costs of construction for three committed developments.
5.SPL commitments include (1) the settlement of 110 Carlton Gore Road, Auckland; (2) seismic works in relation to the disposal of 2 CarrRoad, Auckland and 25 & 35 Teed Street, Auckland; (3) various capital expenditure commitments contracted for
(refer note 3.3 to the consolidated interim financial statements); and (4) reduced borrowing due to Stride’s revised FY23 dividend guidance (refer page 29).
6.Facilities are classified as green loans under a Green Finance Framework that has been developed to be consistent with the Asia Pacific Loan Market Association (APLMA) Green Loan Principles (2021).
As at 30 Sep 22

77
Stride Property Group HY23 Interim Results Presentation
Investment
management
business
7

8
$1,201m
$1,200m
$1,236m
$493m
$483m
$483m
$849m
$843m
$864m
$1,063m
$945m
$1,151m
$3,606m
($83m)
+$37m
+$26m
+$8m
($124m)
$3,471m
+$263m$3,733m
AUM
as at Mar-22
DisposalsAcquisitionsDevelopmentsMaintenance
capex and
other items
Net
revaluation
movement
AUM
as at Sep-22
Committed
acquisitions
and
developments
Pro forma
AUM as at
Sep-22
AUM movements over HY23
Total AUM
Stride’s strategy is to create a
group of Products in core
commercial property sectors
which form the basis of its
investment management
business
Total AUM is $3.5bn as at
30 Sep 22, or $3.7bn including
committed acquisitions and
developments
1
Note: Numbers in chart may not sum due to rounding.
1.Refer to footnote 4 on page 6.
1

9
Stride derives its revenue 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 revenue sources
Stride combines a property ownership
business (SPL) with a real estate investment
management business (SIML)
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 30 Sep 22. Management fees comprise HY23
management fees from Stride Products (i.e. excluding fees from SPL).
HY23 look-through revenue sources
1
Activity
and
performance
fees
6%
Recurring
management
fees
16%
Industrial
15%
Large
Format
Retail
10%
Retail
Shopping
Centres
21%
Office
32%

1010
Stride Property Group HY23 Interim Results Presentation
$6.2m
$6.1m
$6.2m
$7.6m
$8.9m
$0.6m
$2.6m
$6.5m
$4.6m
$3.2m
$6.8m
$8.7m
$12.7m
$12.2m
$12.0m
HY19HY20HY21HY22HY23
SIML management fee income
HY23 management fee
1
income:
•$12.0m total management fees, in line with HY22 ($12.2m)
•$8.9m recurring fees, representing 16% growth compared to HY22
•Lower activity fees due to cyclically lower performance fees and transaction activity
Note: Numbers in chart may not sum due to rounding.
1.Net of management fees received from SPL.

11
Portfolio
11

12
Stride Property Group HY23 Interim Results Presentation
$617m
2
$288m
2
$456m
$1,180m
3
$778m
$41m
$20m
$65m
$206m
$36m
$21m
$1,151m
$1,236m
$483m
$864m
Office
Retail Shopping Centres / Town Centre
Large Format Retail
Industrial
Property categorised as 'Developments and other'
Commitments
Portfolio composition by value as at 30 Sep 22
Products
Sector focus:Office and Town CentreLarge Format RetailRetail Shopping CentresIndustrial
SPL investment:
100%18.8%2.1%51.7%
1
Stride’s total AUM is $3.5bn. Including committed acquisitions and developments
1
, total AUM
increases to $3.7bn, while external AUM increases from $2.5bn to $2.6bn
Note: Numbers in chart may not sum due to rounding.
1.Refer footnote 4 on page 6.
2.Refer footnote 3 on page 6.
3.Investore’sportfolio value excludes (1) “Other” properties as described in note 2.2 to Investore’sconsolidated interim financial statements, and (2) lease liabilities.

13
Stride Property Group HY23 Interim Results Presentation
318 East Tamaki Road, Auckland
HY23 highlights
1
•During HY23 15 rent reviews were completed over 44,000 sqm, all of
which were fixed, resulting in +2.6% increase to previous rentals
•Industre’sportfolio is ~8% under-rented
2
. 23% of net Contract Rental is
subject to market review or expiry over the remainder of FY23 and
FY24, with an additional 21% in FY25
•Portfolio valuation of $778.3m as at 30 Sep 22, reflecting a net
valuation decrease of (2.6)%, driven by +30bps cap rate expansion,
partially offset by +4.5% market rental growth
•Auckland Grade A industrial vacancy is currently 0.1%
3
, reflecting
strong tenant demand and limited supply. 93% of the Industreportfolio
is located in Auckland
30 Sep 22
1
31 Mar 22
Number of properties
1922
Portfolio value
$778.3m$849.4m
WACR
4
4.6%4.3%
WALT
9.1 years9.3 years
Net Lettable Area
176,803 sqm176,689 sqm
Occupancy
99.8%99.8%
Portfolio Snapshot
1.Refer footnote 4 on page 4.
2.Based on Industre’svaluation reports as at 30 Sep 22 and comparing passing rent to market rent on a face
rental basis.
3.Auckland Property Market Monitor, CBRE, September 2022 (data as at June 2022).
4.Weighted average market capitalisation rate.

14
Stride Property Group HY23 Interim Results Presentation
Countdown, Petone,
Wellington
Countdown, Browns Bay, Auckland
HY23 highlights
1
•$1.18bn portfolio value
2
, with 99.5% occupancy (by area) and WALT
of 8.5 years
•‘Everyday needs’ tenants contribute 73% of Contract Rental,
resulting in a resilient income stream in varying market conditions
•Property acquisitions
3
of $28.1m completed in HY23 including
development land at WaimakJunction, Kaiapoi, with stage 1
development commenced
•Distributable profit after income tax of $15.4m, up +16% from HY22
•Loan to Value Ratio (LVR)
4
32.6%, well within long term board target
range of 30% to 40%
•91% drawn debt fixed for an average period of 3.8 years
30 Sep 22
1
31 Mar 22
Number of properties
4444
Portfolio value
2
$1,180.5m$1,201.3m
WACR
5.0%4.8%
WALT
8.5 years9.1 years
Net Lettable Area
249,829 sqm249,829 sqm
Occupancy
99.5%99.7%
1.Excludes “Other” properties as described in note 2.2 to Investore’sconsolidated interim financial statements.
2.Refer to footnote 3 on page 12.
3.Property acquisitions in HY23 comprise (1) land at WaimakJunction, Kaiapoi, for $10.1m; and (2) the
lessor’s interest in land at 3 Averill Street, Papakura, Auckland, for $18.0m.
4.LVR is calculated based on independent valuations, which include seismic works to be funded by SPL in
relation to 2 CarrRoad, Auckland, acquired by Investore from SPL and settled on 30 April 2020.
Portfolio Snapshot

15
Stride Property Group HY23 Interim Results Presentation
HY23 highlights
1
•MAT
2
increased by $23.6m (+6%) against year ending 30 Sep 19
(pre-COVID-19)
•Rent reviews have generated a +6% increase against previous base rent
•15 new lettings have been completed, increasing base rent against
Mar 22 market rents for those units by +9%
•Net valuation loss of (3.8)% to $456m, driven by weighted average cap
rate increase of +33bps, however this was partially offset by strong
leasing activity
•Majority of insurance claim for QueensgateShopping Centre settled with
insurers
•New Zealand’s second IMAX theatre scheduled to be opened by Event
Cinemas at Queensgate Shopping Centre in December, expected to drive
increased customer visitation to the centre
30 Sep 22
1
31 Mar 22
Number of properties
34
Portfolio value
$456.4$492.6m
WACR
7.3%6.9%
WALT
2.9 years3.0 years
Net Lettable Area
97,438 sqm105,185 sqm
Occupancy
97.8%
3
94.2%
Portfolio Snapshot
QueensgateShopping Centre
1.Excludes 50% share of Johnsonville Shopping Centre, Wellington, categorised as ‘Development and other’.
2.Sales for Chartwell Shopping Centre, Hamilton, for the 12 month period ended 30 September 2022 exclude the
month of October 2021 due to limited operations caused by lockdown conditions during that month, with sales for
the 11 month period ending 30 September 2022 then annualised.
3.30 Sep 22 occupancy includes casual licenses with an initial term greater than three months or units held for
committed redevelopment or remix works.

16
Stride Property Group HY23 Interim Results Presentation
1.Refer footnote 2 on page 4.
2.In calculating Moving Annual Turnover figures: (1) sales data is not collected for all tenants at Silverdale Centre, Auckland, as not all tenants are obliged to provide this information under the terms of their lease; (2) sales for Silverdale Centre,
Auckland, and NorthWestShopping Centre, Auckland, for the 12 month period ended 30 September 2022 exclude the months of October and November 2021 due to limited operations caused by lockdown conditions during those months, with sales
for the 10 month period ending 30 September 2022 then annualised.
3.Excludes lease liabilities.
4.30 Sep 22 occupancy includes casual licenses with an initial term greater than three months or units held for committed redevelopment or remix works.
SPL
Town Centre portfolio
HY23 highlights
1
•MAT
2
improved to $229m (+16%) against year ending 30 Sep 19
•Rent reviews have generated a +5% increase to base rental, driven by
positive leasing demand and strong sales performance
•17 new deals (4 new lettings and 13 renewals) have been committed,
generating a +10% increase in base rent against Mar 22 market rent
•Net valuation loss of (3.2)% to $287.5m due to an increase in the
weighted average cap rate of +33bps, partially offset by a +2.4%
increase in market rentals
•New tenants to the portfolio include Dusk, Resonate, and Anime House
30 Sep 22
1
31 Mar 22
Number of properties
34
Portfolio value
3
$287.5m$324.5m
WACR
6.6%6.5%
WALT
4.0 years4.1years
Net Lettable Area
58,679sqm65,526 sqm
Occupancy
98.6%
4
96.7%
Portfolio Snapshot
Design Dairy to blur faces

17
Stride Property Group HY23 Interim Results Presentation
SPL
Office portfolio
HY23 highlights
1
•Four non-core office assets sold
•Only 0.9% of ContractRental expiring over the remainder of FY23 and
6.1% in FY24
•Rent reviews completed across 40% of the portfolio during HY23 with
an increase of +4.9% on previous base rental
•Net valuation loss
2
of $(28.9)m or (4.5)% for HY23; driven
predominantly by a weighted average cap rate expansion of +28bps
•SPL is in the design and consenting phase for seismic upgrade works
at 55 Lady Elizabeth Lane, Wellington. A further update will be provided
with FY23 annual results
Pro forma
1,3
30 Sep 22
1
31 Mar 22
Number of properties
7611
Portfolio value
2
$819.8m $616.8m$738.3m
WACR
5.2%5.3%5.1%
WALT
7.5 years 6.6 years6.4 years
Net Lettable Area
77,297sqm 63,216sqm85,687sqm
Occupancy
95.9%95.0%95.4%
Portfolio Snapshot
SPL office, use deleted slide for stats etc
Include portfolio optimization –sale of 4x non-core
1.Refer footnote 2 on page 4.
2.Includes the value of the floor space at 34 Shortland Street, Auckland, and 22 The Terrace, Wellington, which
house SIML’s offices, and are shown in the consolidated interim financial statements as property, plant and
equipment, and excludes (1) 110 Carlton Gore Road, Auckland, which acquisition is due to settle in 2023 (except
for pro forma column); (2) lease liabilities and (3) properties categorised as ‘Development and other’ in the
consolidated interim financial statements (refer footnote 2 on page 4).
3.As at 30 Sep 22, as if the acquisition of 110 Carlton Gore Road had occurred as at that date.

18
Stride Property Group HY23 Interim Results Presentation
Acquisitions completed by Stride’s Products in HY23 have
included properties with future development pipelines.
$110m of active projects currently committed with a future
pipeline of $650m+ across the Stride Products
1.Total cost of projects (excluding land) that achieved practical completion in HY23.
2.Total costs as at 30 Sep 22, excluding land.
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 Queensgate Shopping Centre carpark rebuild, have been excluded from this calculation.
Developments
Completions
1
(HY23)
Committed
projects
Remaining
spend
Future
Pipeline
---
$235m+
-$30m$29m
$45m+
$110m$38m$2m
$100m+
-$43m$19m
$270m+
Total
2
$110m$111m$50m
$650m+
Green projects
3
-89%83%
QueensgateShopping Centre
18

19
Sustainability
19

20
HY23 progress
Stride continues to focus on ensuring the sustainability of its properties and business, with a particular focus on the
environment and climate change. Stride annually completes the Global Real Estate Sustainability Benchmark (GRESB)
process to assess its sustainability performance, targeting 70 points for FY23, and upper quartile performance over time
Greenhouse gas emissions
•Scope 1 and 2 emissions measured
•Measurement of Scope 3 emissions commenced
•Setting emissions reduction targets
•Property decarbonisation assessments underway to
support emissions reduction
Climate risks and opportunities
•Refining climate change scenarios and climate risks /
opportunities
•Developing internal price of carbon to assist
quantifying costs and benefits of decisions
•Physical risk assessments for properties underway
Green ratings
•6 out of 8 office properties
1
currently green rated
•Green rating improvement plan underway for two
office properties
•Exploring options for green ratings for town centres
People and community
•Employee engagement survey completed HY23
•Tenant engagement survey in progress
•Continued support for community initiatives that
improve social outcomes in our communities
1.Includes 110 Carlton Gore Road, Auckland, which acquisition is due to settle in 2023.

21
HY23 consolidated
interim financial
results
21

22
Stride Property Group HY23 Interim Results Presentation
30 Sep 22
$m
30 Sep 21
$m
Change
$m%
Net rental income
34.130.7+3.4+11.2
Management fee income
12.012.2(0.2)(1.2)
Total corporate expenses
(12.2)(16.9)+4.7+28.0
Profit before net finance expense, other income/(expense) and income tax
34.025.9+8.0+30.9
Net finance expense
(8.7)(7.4)(1.3)(18.2)
Profit before other (expense)/income and income tax
25.318.6+6.7+36.0
Other (expense)/income
1
(74.6)50.9(125.5)(246.6)
(Loss)/profit before income tax
(49.3)69.5(118.8)(171.0)
Income tax expense
(3.8)(8.0)+4.2+52.5
(Loss)/profit after income tax attributable to shareholders
(53.1)61.5(114.6)(186.4)
1.Other (expenses)/income includes net devaluation of investment properties of $(51.8)m (30 Sep 21: revaluation $13.4m), impairment of equity-accounted investment of $(12.0)m (30 Sep 21: $nil) and share of loss in equity-accounted
investments$(9.1)m (30 Sep 21: profit $37.5m). HY23 includes loss on disposal of investment properties $(1.7)m (30 Sep 21: profit of $0.03m) and hedge ineffectiveness of cashflow hedges $0.1m (30 Sep 21: $nil).
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum accurately due to rounding.
Interim financial performance
Stride Property Group (Stride) -Consolidated

23
Stride Property Group HY23 Interim Results Presentation
30 Sep 22
$m
30 Sep 21
$m
Change
$m%
(Loss)/profit before income tax
(49.3)69.5(118.8)(171.0)
Non-recurring, non-cash and other adjustments:
-Net change in fair value of investment properties51.8(13.4)+65.2+488.1
-Impairment of equity-accounted investment12.0-+12.0+100.0
-Interest earned in relation to loan advance on 110 Carlton Gore Road, Auckland3.0-+3.0+100.0
-Development and disposal fees eliminated in SIML0.70.5+0.2+31.6
-Share of loss/(profit) in equity-accounted investments9.1(37.5)+46.6+124.3
-Dividend income from equity-accounted investments4.94.5+0.3+7.4
-Project costs relating to Fabric Property Limited-4.8(4.8)(100.0)
-Share based payment expense0.90.5+0.4+73.0
-Spreading of fixed rental increases and capitalisedincentives net of amortisation(0.4)(0.7)+0.3+46.9
-Other movements1.81.0+0.8+86.8
Distributable profit before current income tax
34.529.3+5.2+17.8
Adjusted current tax expense
(5.2)(5.1)(0.1)(1.5)
Distributable profit after current income tax
29.324.2+5.1+21.2
Basic distributable profit after current income tax per share -weighted
5.42cps5.11cps
Adjustments to funds from operations:
-Maintenance capital expenditure
(3.3)(1.1)(2.5)(234.4)
Adjusted Funds From Operations (AFFO)
26.023.1+2.9+12.6
AFFO basic distributable profit after current income tax per share –weighted
4.82cps4.89cps
Weighted average number of shares (million)
540.3473.2
1.See glossary on page 32.
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum accurately due to rounding.
Distributable profit
1
Stride Property Group (Stride) -Consolidated

24
Stride Property Group HY23 Interim Results Presentation
As at
30 Sep 22
As at
31 Mar 22Change
Investment Properties
1
($m)
1,296.11,244.6+51.5
Bank debt drawn ($m)361.1305.5+55.6
Equity ($m)1,158.51,231.1(72.5)
Shares on issue (million)540.3540.2+0.1
NTA per share $2.14$2.28($0.14)
Adjusted NTA per share
2
$2.11$2.25($0.14)
1.Includes SPL’s 51.7% (31 Mar 22: 51.7%) interest in the Industre joint operation. Includes the value of the floor space at 34Shortland Street, Auckland, and 22 The Terrace, Wellington, which house SIML’s offices, and are
shown in the consolidated interim financial statements as property, plant and equipment. For more information, see notes 3.2 and7.6 to the consolidated interim financial statements. Excludes lease liabilities.
2.Excludes the after tax fair value of interest rate derivatives.
Financial summary
Stride Property Group (Stride) -Consolidated
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum accurately due to rounding.

25
Capital
management
25

26
$200m
$100m$100m
$100m
$25m
$35m
$40m
FY23FY24FY25FY26FY27
Debt maturity profile
30 Sep 22
Green loan facilities
Facilities cancelled post-
balance date
•SPL’s bank covenant LVR
1
was 32% as at 30 Sep 22, or 38%
on a committed basis
2
•SPL’s debt covenants only factor in the value of SPL’s directly
held investment property. When factoring in SPL’s interests in
its products, SPL’s committed
3
gearing is:
•36% on a look-through
4
basis
•28% on a balance sheet
5
basis
•$75m of facilities cancelled post balance date to reduce
line fee costs
Debt facilities
As at
30 Sep 22
As at
31 Mar 22
Banking facility limit
(ANZ, WBC, ICBC,
CCB, HSBC, MUFG)
$600m$600m
Debt facilities drawn$361m$306m
Weighted average maturity of debt facilities2.9 years3.4 years
Debt covenants
Bank LVR
1
Covenant: ≤ 50%
32.2%28.7%
Interest Cover Ratio
Covenant: ≥ 2.125x
3.9x3.4x
Weighted Average Lease Term
7
Covenant: > 3.0 years
5.2 years5.2 years
Gearing measures
Look-through gearing
4
32.8%29.0%
Balance sheet gearing
5
23.9%20.0%
1.Calculated as bank debt as a percentage of investment property. Includes (1) SPL’s office and retail properties, (2) debt associated with these properties, and (3) the ‘as is’ value of 110 Carlton Gore Road (in accordance with SPL’s debt facility
agreement), and excludes SPL's interest in the Industre joint operation and associated bank debt which are reported as part of the assets and liabilities of SPL (see note 3.2 to the consolidated interim financial statements for further information).
2.Refer footnote 5 on page 6.
3.Refer footnote 4 on page 6.
4.Look-through gearing includes SPL’s directly-held property (including loan to vendor of 110 Carlton Gore Road) and debt as well as its proportionate share of the property and debt of each of the Stride Products.
5.Balance sheet gearing includes SPL’s office and town centreproperties (including loan to vendor of 110 Carlton Gore Road) as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt.
6.Refer footnote 6 on page 6.
7.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted by theincome applicable to each lease and a current market rental with nil term for vacant space.
Capital management –debt facilities
SPL (excl. Industrejoint operation assets and debt)
6

27
Cost of debt
As at
30 Sep 22
As at
31 Mar 22
Weighted average cost of debt
(incl. margins & line fees)
3.6%3.6%
Weighted average interest rate on current swaps
(excl. margins & line fees)
1.24%1.24%
Weighted average hedging term remaining 2.5 years3.0 years
% of drawn debt hedged93%110%
$335m
$320m
$280m
$130m
$55m
$30m
1.24%
1.28%
1.35%
2.10%
2.78%
3.76%
Sep-22Sep-23Sep-24Sep-25Sep-26Sep-27
Fixed rate interest profile
As at 30 Sep 22
Notional fixed rate debt
Weighted average fixed interest rate (excl. margin and line fees)
Capital management –cost of debt
SPL (excl. Industrejoint operationassets and debt)
•As at 30 Sep 22, SPL had $335m active interest rate swaps,
representing 93% of drawn debt. This falls to 76% after
considering commitments
1
•$30m, 3 year forward starting swap entered into in HY23, with
an effective date of 31 December 2024. Additional $25m of
forward starting swaps entered into post balance date
•Weighted average cost of debt increased by only 2bps over the
period, at 3.6%, compared to a ~225bps increase in floating
rates
•SPL considers its hedging position offers good protection
against changes in interest rates over the short to medium term
1.Refer footnote 5 on page 6.

28
Outlook
28

29
Stride Property Group HY23 Interim Results Presentation
Prudent capital management initiatives
Refined dividend policy
1
for SIML
25%-75%
of distributable profit. SPL’s dividend policy
remains unchanged at 80%-100% of
distributable profit
FY23 full year forecast distributable
profit after current income tax
10.0 –10.5cps
DRP
in effect following the Q2 dividend
Initiatives reflect market conditions and Stride’s
transition to a maturing real estate investment
manager
The increase in interest rates and inflation over the last six months has been
significant. While Stride has strong interest rate hedging in place and a stable
distributable profit profile which comfortably covers existing dividend guidance,
Stride considers that being proactive and taking a prudent approach to cost
and capital management in this environment is the best pathway to protect
shareholder value. Accordingly, Stride is implementing the following initiatives:
✓Cost management to right-size the business in a time of slower
activity, growth and access to capital
✓Disposal(s) of selected properties of $30-60m, provided
appropriate value can be achieved
✓A refined dividend policy that is more appropriate for Stride’s
investment management business and which will enable Stride to
retain capital
✓The establishment of a Dividend Reinvestment Plan (DRP)
1.Stride’s refined dividend policy is to pay a dividend equivalent to 25%-75% of SIML’s distributable profit after current tax, and 80%-100%
of SPL’s distributable profit after current tax. Dividends will be paid so that the payout ratios of SPL and SIML each year are the same.

30
Outlook
1.Refer footnote 5 on page 6.
Diversified
platform
exposure to all four
core commercial
property classes
REIM
business
management fees now
represent 22% of
revenue
With its resilient portfolio,
prudent capital management and
its Real Estate Investment
Management (REIM) business to
provide earnings diversification,
Stride considers it is well
positioned to weather the current
economic conditions
Stride still intends to establish a
new Stride Product when market
conditions are conducive
The Boards provide updated
dividend guidance of 8.00cps for
FY23 (previously 9.91cps), and
have approved a 1.84cps
combined cash dividend for Q2
which will be paid 9 December
2022
Repositioned
portfolio
focus on properties
which exhibit enduring
demand over the cycle
ESG strategy
in place
to help ensure
sustainability of
properties and
business into the future
Capital
management
initiatives
38% LVR and 76% of
drawn debt hedged on
a committed basis
1
8.00cps
FY23 combined cash
dividend guidance,
reflecting a
payout ratio of
76%-80% forecast
distributable profit
30

31
Glossary
31

32
Stride Property Group HY23 Interim Results Presentation
AUMAssets under management
Contract RentalContract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL (or the relevant landlord) bythat tenant under the terms of the relevant lease
as at the relevant date, annualised for the 12-month period on the basis of the occupancy level for the relevant property as at the relevant date, and assuming no default by
the tenant
Distributable profitDistributable profit is a non-GAAP measure and consists of (loss)/profit before income tax, adjusted for determined non-recurring and/or non-cash items, share of (loss)/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 (loss)/profit before income tax, is set out in note 4.4 to the consolidated interim financial statements
DiversifiedDiversified NZ Property Trust, a Stride Product
FYThe financial year ended 31 March
HYThe six-month period ended 30 September
IndustreIndustre Property Joint Venture, a joint venture between SPL (through its wholly owned subsidiary, Stride Industrial PropertyLimited) and JPMAM, which commenced on 1 July
2020 and which focuses on owning and developing for ownership industrial property. Industre is a Stride Product
InvestoreInvestore Property Limited, a Stride Product
JPMAMA group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management
Lease expiry profileRepresents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theportfolio as at 30 September 2022, as a
percentage of Contract Rental
LFRLarge Format Retail
LVRLoan to Value Ratio
OccupancyLeased area by total Net Lettable Area
MATMoving Annual Turnover, which is the annual sales on a rolling 12 month basis (excluding GST)
NTANet Tangible Assets
SIMLStride Investment Management Limited
SPLStride Property Limited
StrideStride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or BoardsThe Boards of SPL and SIML together
Stride ProductAny or all, as the context may require, of Diversified, Investore and Industre, being entities or funds managed by SIML
WACRWeighted average market capitalisation rate
WALTWeighted average lease term which is the lease term remaining to expiry across a property or portfolio and weighted by rentalincome
Glossary

33
Appendices
33

34
Stride Property Group HY23 Interim Results Presentation
OverviewTotal PortfolioOfficeIndustrialLarge Format Retail
Town Centre/
Retail Shopping Centres
Office and Town Centre portfolio
1
Properties (no.)
9
63
Net Contract Rental($m)
53.8
33.020.8
WALT (years)
5.6
6.64.0
Occupancy Rate (% by area)
2
96.7
95.098.6
Portfolio Valuation ($m)
3
904
617288
Percentage of Portfolio (% by value)
100
68
32
Stride ProductsIndustre
4
Investore
5
Diversified
7
Properties (no.)
66
19443
Net Contract Rental ($m)
129.5
31.360.537.7
WALT(years)
7.0
9.18.52.9
Occupancy Rate (% by area)
99.2
99.899.597.8
2
Portfolio Valuation ($m)
2,415
7781,180
6
456
SPL investment metrics on a committed, weighted, look-through basis
SPL investment in managed entities51.7%18.8%2.1%
Portfolio Valuation ($m)
1,539
904
1
403222
6
10
WALT (years)
6.7
5.69.18.52.9
Occupancy Rate (% by area)
98.2
96.799.899.597.8
2
Percentage of Portfolio (% by value)
100
5926141
1.Refer footnote 2 on page 4.
2.Refer footnote 4 on page 16.
3.Refer footnote 2 on page 6.
4.Refer footnote 4 on page 4.
5.Refer footnote 1 on page 14.
6.Refer footnote 3 on page 12.
7.Refer footnote 1 on page 15.
Appendix 1: Portfolio by sector

35
Stride Property Group HY23 Interim Results Presentation
SPL Overview
Pro
forma
1,2
As at
30 Sep 22
1
As at
31 Mar 22
Properties (no.)
10 9 15
Tenants (no.)
248 243358
Net Lettable Area (sqm)
135,976 121,895 151,212
Net Contract Rental($m)
64.6 53.8 63.0
WALT (years)
6.45.6 5.6
Occupancy (% by area)
97.1
3
96.7
3
96.1
Portfolio Valuation
4
($m)
1,107.0904.31,062.8
Weighted Average Age (years)
9.2
11.213.3
Weighted average capitalisation
rate (%)
5.65.7
5.5
Appendix 2: SPL Office and Town Centre portfolio
1.Refer footnote 2 on page 4.
2.As at 30 Sep 22, as if the acquisition of 110 Carlton Gore Road had occurred as at that date.
3.Refer footnote 4 on page 16.
4.Refer footnote 2 on page 6.
Lease expiry profile by Contract Rental
1
Auckland
57%
Wellington
43%
Location by Contract Rental
1
Office
60%
Retail
40%
Sector by Contract Rental
1
7%
8%
13%
12%
8%
10%
5%
36%
6%
7%
11%
11%
7%
9%
5%
45%
FY23FY24FY25FY26FY27FY28FY29FY30+
30 Sep 22Pro Forma

36
Stride Property Group HY23 Interim Results Presentation
Sums may not add due to rounding.
Appendix 3
$18.6m
$25.3m
$2.1m
($0.7m)
$0.1m
($1.1m)
$3.1m
($0.2m)
($0.1m)
$4.8m
($1.3m)
HY22Net rental
increase -
acquisition
Net rental
reduction -
divestments
Net rental
increase -
development
Net rental
reduction -
remaining
portfolio
IFRS &
COVID-19
movements
Lower
management
fee income
Higher
corporate
overhead
expenses and
administration
expenses
Lower
project costs
relating to
Fabric Property
Limited
Higher
net finance
expense
HY23
Profit before other (expense)/income and income tax
$63.0m
$53.8m
$64.6m
$1.0m
($4.2m)
($5.9m)
$10.9m
As at
31 Mar 22
Rent reviewsReclassification and other
items
DisposalsAs at
30 Sep 22
Office acquisition
(110 Carlton Gore Road)
Pro forma
30 Sep 22
Net Contract Rental

37
Stride Property Group HY23 Interim Results Presentation
$1,155.4m
$1,289.4m
$180.3m
$5.6m
($51.8m)
($0.1m)
As at
31 Mar 22
AcquisitionsCapital expenditureNet Change in Fair valueIFRS & otherAs at
30 Sep 22
Investment Property
1
1.Excludes lease liabilities. Opening investment property (as at 31 Mar 22) excludes four investment properties that were classified as held for sale in the consolidated financial statements for the year ended 31 Mar 22. Refer to note 3.2
in the consolidated interim financial statements.
Sums may not add due to rounding.
Appendix 3 (cont.)
$2.28
$2.14
$0.05
($0.01)
$0.01
($0.10)
($0.02)
($0.02)
($0.05)
As at
31 Mar 22
Operating profit
before tax
Income tax
expense
Movement in cash
flow hedges, net of
tax
Net change in fair
value of
Investment
properties
Impairment of
equity- accounted
investments
Share of profit in
associate
Dividends
paid
As at
30 Sep 22
Net Tangible Asset per share
Net change in fair value

38
Stride Property Group HY23 Interim Results Presentation
*Relates to the six months ended 30 Sep 22. SPL’s share in Industre remained at 51.7% throughout this period.
For further information please refer to note 6 of the consolidated interim financial statements.
Sums may not add due to rounding.
IndustreSPL’s interests
Joint
venture
Unaudited
30 Sep 22
Joint
operations
Unaudited
30 Sep 22
Total
Unaudited
30 Sep 22
Joint
venture
Unaudited
30 Sep 22
Joint
operations
Unaudited
30 Sep 22
Total
Unaudited
30 Sep 22
Assets
Current assets4,3958165,2112,2744222,696
Investment properties504,017339,100843,117260,760175,438436,198
Other non-current assets86,298-86,29844,648-44,648
Total assets594,710339,916934,626307,682175,860483,542
Liabilities
Current liabilities7,7248628,5863,9964464,442
Borrowings256,07377,317333,390132,48340,001172,484
Other non-current liabilities2,631-2,6311,361-1,361
Total liabilities266,42878,179344,607137,84040,447178,287
Net assets328,282261,737590,019169,842135,413305,255
Summarisedstatement of financial position($000)
IndustreSPL’s interests
Joint
venture
Unaudited
30 Sep 22
Joint
operations
Unaudited
30 Sep 22
Total
Unaudited
30 Sep 22
Joint
venture
Unaudited
30 Sep 22
Joint
operations
Unaudited
30 Sep 22
Total
Unaudited
30 Sep 22
Income10,8967,72018,6165,6373,9949,631
Expenses(7,722)(4,462)(12,184)(3,995)(2,307)(6,302)
Net change in fair value of investment properties(11,324)(12,783)(24,107)(5,858)(6,615)(12,473)
Net loss*(8,150)(9,525)(17,675)(4,216)(4,928)(9,144)
Summarisedstatement of comprehensive income ($000)
Appendix 4: Industre summarisedfinancial information

39
Stride Property Group HY23 Interim Results Presentation
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 six months
ended 30 September 2022. Please refer to Stride Property Group’s
consolidated interim financial statements for further information in
relation to the six months ended 30 September 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.

---

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



Results for announcement to the market
Name of issuer Stride Property Group
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$46,154 7.68%
Total Revenue $46,154 7.68%
Net profit/(loss) from
continuing operations
$(53,130) (186.37)%
Total net profit/(loss) $(53,130) (186.37)%
Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.01395320
Imputed amount per Quoted
Equity Security
$0.00542624
Record Date 02/12/2022
Dividend Payment Date 09/12/2022
Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00445520
Imputed amount per Quoted
Equity Security
$0.00173258
Record Date 02/12/2022
Dividend Payment Date 09/12/2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.14 $2.24
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Consolidated Interim Financial
Statements and Interim Results presentation for the six months
ended 30 September 2022.

Authority for this announcement
Name of person

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

24 November 2022

The consolidated interim financial statements reviewed by the independent auditor in
accordance with NZ SRE 2410 accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer STRIDE PROPERTY LIMITED
Financial product name/description Ordinary Shares of Stride Property Limited
NZX ticker code SPG
ISIN (If unknown, check on NZX
website)
NZSPGE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 02/12/2022
Ex-Date (one business day before the
Record Date)
01/12/2022
Payment date (and allotment date for
DRP)
09/12/2022
Total monies associated with the
distribution
1

$7,539,346
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2

$0.01937944
Gross taxable amount
3

$0.01937944
Total cash distribution
4
$0.01395320
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount
$0.00246233
Section 3: Imputation credits and Resident Withholding Tax
5

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

28%

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

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

Imputation tax credits per financial
product
$0.00542624
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
Start date and end date for
determining market price for DRP

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

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

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

Section 5: Authority for this announcement
Name of person

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

24/11/2022

---

Template
Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer STRIDE INVESTMENT MANAGEMENT LIMITED
Financial product name/description Ordinary Shares of Stride Investment Management
Limited
NZX ticker code SPG
ISIN (If unknown, check on NZX
website)
NZSPGE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 02/12/2022
Ex-Date (one business day before the
Record Date)
01/12/2022
Payment date (and allotment date for
DRP)
09/12/2022
Total monies associated with the
distribution
1

$2,407,282
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.00618778
Gross taxable amount
3
$0.00618778
Total cash distribution
4

$0.00445520
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00078621
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

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

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

28%
Imputation tax credits per financial
product
$0.00173258
Resident Withholding Tax per
financial product
$0.00030939
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

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

24/11/2022





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