HY24 Interim Results

Half Year Results27 November 2023SPGReal Estate

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

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

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Stride Property Group
Consolidated Interim Financial Statements
for the six months ended 30 September 2023

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2023
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Notes$000$000
Gross rental income
48,038
46,085
Direct property operating expenses
(13,237)
(11,980)
Net rental income3.134,801
34,105
Guarantee income2,421
-
Management fee income10,268
12,049
Less corporate expenses
Corporate overhead expenses
7.2(9,081)
(9,236)
Administration expenses
7.2(2,644)
(2,943)
Total corporate expenses(11,725)
(12,179)
Profit before net finance expense, other (expense)/income and income tax35,765
33,975
Net finance expense
5.3(10,337)
(8,713)
Profit before other (expense)/income and income tax25,428
25,262
Other (expense)/income
Net change in fair value of investment properties
3.2(55,263)
(51,842)
Share of loss in equity-accounted investments
6.2(16,712)
(9,103)
Impairment of equity-accounted investment
-
(12,016)
Loss on disposal of investment properties
1.6(2,341)
(1,711)
Hedge ineffectiveness of cash flow hedges
5.2(391)
63
Loss before income tax(49,279)
(49,347)
Income tax expense
7.1(1,245)
(3,783)
Loss after income tax attributable to shareholders(50,524)
(53,130)
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss
Deferred tax on share based payment expense
137
(110)
Movement in cash flow hedges, net of tax
857
5,254
Changes in cash flow hedge reserve in equity-accounted investments
763
1,383
Items that will not be reclassified to profit or loss
Revaluation deficit
7.6-
(100)
Total other comprehensive income after tax1,757
6,427
Total comprehensive loss after tax attributable to shareholders(48,767)
(46,703)
Stride Property Limited (SPL) total comprehensive loss after tax attributable to shareholders
(52,924)
(51,791)
Stride Investment Management Limited (SIML) total comprehensive income after tax attributable
to shareholders
5.5
4,157
5,088
Total comprehensive loss after tax attributable to shareholders(48,767)
(46,703)
Earnings per share (EPS)4.1
Basic EPS (cents)(9.26)
(9.83)
Diluted EPS (cents)(9.26)
(9.83)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
3
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2023
Number of
shares
Share
capital
Retained
earnings
Other
reservesTotal
Notes000$000$000$000$000
Balance at 31 Mar 23 (Audited)543,321863,309192,27920,1491,075,737
Transactions with shareholders:
Dividends paid
4.3--(20,941)-(20,941)
Dividends reinvestment
4.36,7408,921--8,921
Share based payment expense
---959959
Forfeited employee incentive rights
---(25)(25)
New shares issued in relation to employee
incentive rights
199----
Total transactions with shareholders6,9398,921(20,941)934(11,086)
Total other comprehensive income
---1,7571,757
Loss after income tax
--(50,524)-(50,524)
Total comprehensive (loss)/income--(50,524)1,757(48,767)
Balance at 30 Sep 23 (Unaudited)550,260872,230120,81422,8401,015,884
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
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
4
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Financial Position
As at 30 September 2023
Unaudited
30 Sep 23
Audited
31 Mar 23
Notes$000$000
Current assets
Cash at bank
14,963
16,833
Trade and other receivables
7.42,510
7,729
Prepayments
3,392
212
Derivative financial instruments
5.2985
1,761
Other current assets
13
98
21,863
26,633
Assets classified as held for sale
-
30,500
21,863
57,133
Non-current assets
Investment properties
3.21,199,374
1,233,767
Equity-accounted investments
6.2249,259
268,096
Loan to associate
7.33,398
3,398
Other investments
250
250
Property, plant and equipment
7.65,943
6,238
Derivative financial instruments
5.223,161
21,581
1,481,385
1,533,330
Total assets1,503,248
1,590,463
Current liabilities
Trade and other payables
7.59,980
42,630
Lease liability
33
7
Current tax liability
1,316
1,880
11,329
44,517
Non-current liabilities
Bank borrowings
5.1398,923
401,769
Borrowings (joint operation participating interest)
6.340,512
40,400
Lease liability
27,657
15,903
Deferred tax liability
8,943
12,012
Derivative financial instruments
-
125
476,035
470,209
Total liabilities487,364
514,726
Net assets1,015,884
1,075,737
Share capital
872,230
863,309
Retained earnings
120,814
192,279
Reserves
22,840
20,149
Equity1,015,884
1,075,737
SPL equity
996,761
1,060,691
SIML equity (non-controlling interest)
5.519,123
15,046
Equity1,015,884
1,075,737
For and on behalf of the Boards of Directors of SPL and SIML, who authorised these consolidated interim financial statements for issue on
28 November 2023:
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 2023
5
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows
For the six months ended 30 September 2023
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Notes$000$000
Cash flows from operating activities
Gross rental received
51,810
44,842
Guarantee income in relation to 46 Sale Street, Auckland
2,421
-
Management fee income
10,208
11,963
Bank interest received
307
119
Direct property operating and corporate expenses
(27,561)
(26,967)
Interest paid
(11,075)
(8,935)
Income tax paid
(5,111)
(4,218)
Net cash provided by operating activities20,999
16,804
Cash flows from investing activities
Dividend income from equity-accounted investments
7.33,022
4,870
Interest received in relation to the loan advance on 110 Carlton Gore Road, Auckland
1.61,556
2,418
Acquisition of investment properties
1.6(35,366)
(131,590)
Net proceeds from disposal of investment properties
1.629,005
83,570
Capital expenditure on investment properties
(6,040)
(7,199)
Property, plant and equipment purchased
(18)
(55)
Seismic and other works on investment properties disposed of
-
(208)
Net cash applied to investing activities(7,841)
(48,194)
Cash flows from financing activities
Drawdown on bank borrowings
36,000
138,500
Repayment of bank borrowings
(39,000)
(82,900)
Lease liabilities payments
(8)
(37)
Dividends paid net of dividends reinvestment
4.3(12,020)
(26,778)
Net cash (applied to)/ provided by financing activities(15,028)
28,785
Net decrease in cash and cash equivalents held(1,870)
(2,605)
Opening cash and cash equivalents
16,833
20,621
Closing cash and cash equivalents14,963
18,016
Cash and cash equivalents consists of:
Cash at bank
14,682
17,807
Cash held for retentions
281
209
Cash and cash equivalents at balance date14,963
18,016
6
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2023
Reconciliation of loss after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Notes$000$000
Loss after income tax attributable to shareholders(50,524)
(53,130)
(Less)/add non-cash items:
Movement in deferred tax
7.1(3,302)
(3,120)
Net change in fair value of investment properties
55,263
51,842
Share of loss in equity-accounted investments
16,712
9,103
Impairment of equity-accounted investment
-
12,016
Loss on disposal of investment properties
2,341
1,711
Hedge ineffectiveness of cash flow hedges
391
(63)
Spreading of fixed rental increases
(900)
(548)
Capitalised lease incentives net of amortisation
500
190
Movement in loss allowance
(187)
(123)
Share based payment expense net of forfeited employee incentive rights
7.2934
943
Non-cash movements in property, plant and equipment recognised in profit and loss
388
89
Borrowings establishment costs amortisation
154
182
Non-cash interest income received
7.3(145)
(91)
Accrued interest movement in derivative financial instruments
(94)
(195)
21,531
18,806
Add/(less) activity reclassified to/(from) operating activities:
Movement in working capital items relating to investing activities
30,558
(49,895)
52,089
(31,089)
Movement in working capital:
Decrease/(increase) in trade and other receivables
5,219
(3,314)
Increase in prepayments and other current assets
(3,095)
(1,995)
(Decrease)/increase in trade and other payables
(32,650)
50,517
(Decrease)/increase in current tax liability
(564)
2,685
Net cash provided by operating activities20,999
16,804
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
7
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Notes to the Financial Statements
For the six months ended 30 September 2023
1.0General Information
9
1.1Reporting entity9
1.2Basis of preparation9
1.3New standards, amendments and interpretations9
1.4Significant judgements, estimates and assumptions9
1.5Non-GAAP measures10
1.6Significant events and transactions10
2.0Operating Segments
11
3.0Property
13
3.1Net rental income13
3.2Investment properties14
3.3Capital expenditure commitments contracted for16
4.0Investor Returns
17
4.1Basic and diluted earnings per share (EPS)17
4.2Net tangible assets (NTA) per share17
4.3Dividends paid17
4.4Distributable profit18
5.0Capital Structure and Funding
19
5.1Borrowings19
5.2Derivative financial instruments20
5.3Net finance expense20
5.4Share capital21
5.5SIML equity (non-controlling interest)21
6.0Investments in Property Entities
22
6.1Industre22
6.2Interests in associates and joint venture22
6.3Industre joint operation23
7.0Other
24
7.1Income tax24
7.2Total corporate expenses24
7.3Related party disclosures25
7.4Trade and other receivables27
7.5Trade and other payables27
7.6Property, plant and equipment27
7.7Contingent liabilities28
7.8Subsequent events28
8
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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, Fabric Property Limited (Fabric), Stride Holdings Limited,
and Stride Industrial 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 28 November 2023.
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 2023 annual consolidated financial statements.
1.3
New standards, amendments and interpretations
On 14 December 2022, the External Reporting Board issued the following standards:
• Aotearoa New Zealand Climate Standard 1 Climate-related Disclosures (NZ CS 1);
• Aotearoa New Zealand Climate Standard 2 Adoption of Aotearoa New Zealand Climate Standards (NZ CS 2); and
• Aotearoa New Zealand Climate Standard 3 General Requirements for Climate-related Disclosures (NZ CS 3).
NZ CS 1 contains the climate-related disclosure requirements for each of the four thematic areas (Governance, Strategy, Risk Management and Metrics
and Targets) and the assurance requirements for greenhouse gas emissions disclosures. NZ CS 2 provides optional adoption provisions. NZ CS 3
contains the principles, the underlying concepts such as materiality, and the general requirements. These standards have not been early adopted by
Stride however Stride has undertaken significant work in readiness of providing its first climate-related statement for the year ending 31 March 2024.
SPL and SIML are climate reporting entities and are each required under the Financial Markets Conduct Act 2013 to prepare climate statements. SPL
and SIML have applied to the Financial Markets Authority for an exemption to permit SPL and SIML, as stapled entities, to prepare a single document
comprising consolidated climate statements in respect of Stride Property Group for the purposes of the Financial Markets Conduct Act.
In May 2023, New Zealand Accounting Standards Board released an amendment to NZ IAS 1 Presentation of Financial Statements that is effective
for the accounting period that begins on or after 1 January 2024. The amendment applies to the reporting and classification of liabilities containing
covenants. This amendment has not been early adopted by Stride and the potential impact is still being assessed.
At the date of approval of the financial statements, there were no other relevant standards on issue but not applied.
1.4
Significant judgements, estimates and assumptions
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 2023.
In applying Stride’s accounting policies, the Boards and Management regularly evaluate judgements, estimates and assumptions that may have an impact
on the Group. The significant judgements, estimates and assumptions made in the preparation of these financial statements were the same as those
applied to the consolidated financial statements as at and for the year ended 31 March 2023.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
9

1.0 General Information (continued)
1.5 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.
1.6 Significant events and transactions
The financial position and performance of Stride was affected by the following events and transactions that occurred during the current period:
Dividend reinvestment plan (DRP)
During the period 6,740,026 (30 Sep 22: nil) Stapled Securities were issued in accordance with the DRP.
Acquisition of 110 Carlton Gore Road, Auckland
On 31 May 2023, SPL's wholly owned subsidiary, Fabric, completed the acquisition of 110 Carlton Gore Road, Auckland, for a total consideration
of $213.8 million. Fabric provided funding for the development of the property and as at 31 March 2023 the loan advanced to the vendor was
$178.7 million which was recognised as $170.3 million of development investment property and $8.4 million of interest ($6.9 million received and
$1.5 million receivable). For the period up to 31 May 2023 Fabric received $1.6 million (30 Sep 22: $3.0 million received/earned) in relation to the
interest on the loan advanced to the vendor. The interest received from the vendor is considered underlying earnings from operations and is included in
distributable profit (refer note 4.4).
The vendor has provided a rental guarantee over certain unleased space for a period of six years from settlement date. Subsequent to settlement, part
of this space has been leased and the remaining rental guarantee receivable of $0.4 million, based on an expected leasing period of 16 months from
settlement, has been recognised in trade and other receivables in the consolidated statement of financial position (refer note 7.4).
Divestment of investment property
On 26 May 2023, Fabric entered into an unconditional agreement to divest the office property at 22 The Terrace, Wellington, for a gross sale price of
$29.4 million, resulting in a loss on disposal of $(2.3) million. Settlement occurred on 31 July 2023.
Revaluation of investment properties
SPL undertook independent valuations on the majority of the investment properties as at 30 September 2023 which resulted in a net reduction in
fair value of $(55.3) million (30 Sep 22: $(51.8) million net reduction) (refer note 3.2) and a revaluation deficit on property, plant and equipment of
$(0.3) million (30 Sep 22: $(0.1) million deficit) (refer note 7.6).
10
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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 share of profit in equity associates being
Investore, Industre joint venture and Diversified NZ Property Trust (Diversified) (refer note 6.2).
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre joint arrangement (Industre)
(refer note 6.1), Diversified and SPL (including Fabric). For the revenue earned from Investore, Industre and Diversified, refer to note 7.3 on related
party disclosures.
The following is an analysis of Stride’s results, by reportable segments.
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 23
Segment profit$000$000$000$000$000
Net rental income33,3291,472--34,801
Guarantee income2,421---2,421
Management fee income--15,878(5,610)10,268
Total corporate expenses(4,807)3,402(10,622)302(11,725)
Profit before net finance expense, other expense and income tax30,9434,8745,256(5,308)35,765
Net finance expense
(10,827)370450(330)(10,337)
Profit before other expense and income tax20,1165,2445,706(5,638)25,428
Other expense
Net change in fair value of investment properties
(55,512)249--(55,263)
Share of loss in equity-accounted investments
(16,712)---(16,712)
Loss on disposal of investment properties
(2,493)152--(2,341)
Hedge ineffectiveness of cash flow hedges
(391)---(391)
(Loss)/profit before income tax(54,992)5,6455,706(5,638)(49,279)
Income tax expense
441-(1,686)-(1,245)
(Loss)/profit after income tax attributable to shareholders(54,551)5,6454,020(5,638)(50,524)
Total other comprehensive income after tax
1,620-137-1,757
Total comprehensive (loss)/income after tax attributable
to shareholders(52,931)5,6454,157(5,638)(48,767)
Transactions between SPL and SIML include management fees and interest charged on the loan 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).
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
11

2.0 Operating Segments (continued)
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 22
Segment profit$000$000$000$000$000
Net rental income
32,6681,437--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 tax
27,4315,3377,227(6,020)33,975
Net finance expense(8,763)-248(8,713)
Profit before other (expense)/income and income tax
18,6685,3377,229(5,972)25,262
Other (expense)/income
Net change in fair value of investment properties(52,045)203--(51,842)
Share of profit 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)
SPL
SPL
eliminationsSIML
SIML
eliminationsTotal
Segment assets and liabilities$000$000$000$000$000
Balance at 30 Sep 23 (Unaudited)
Total assets
1,491,857-22,644(11,253)1,503,248
Total liabilities
495,270(9,974)3,521(1,453)487,364
Balance at 31 Mar 23 (Audited)
Total assets1,580,045-20,048(9,630)1,590,463
Total liabilities519,521(8,096)5,002(1,701)514,726
As at 30 September 2023, SPL had assets of $252.7 million (31 Mar 23: $271.5 million) relating to equity-accounted investments (refer note 6.2) and
loan to associate (refer note 7.3) which decreased by $18.8 million from the prior financial year.
12
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

3.0 Property
This section covers property assets which generate Stride’s trading performance.
3.1 Net rental income
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
SPL$000$000
Gross rental income
Rental income
37,779
36,265
Service charge income recovered from tenants
9,809
9,422
Spreading of fixed rental increases
900
548
Capitalised lease incentives
132
701
Lease incentives amortisation
(582)
(851)
Total gross rental income48,038
46,085
Direct property operating expenses
Rates and insurance
(7,107)
(6,497)
Property maintenance costs
(3,010)
(2,797)
Utilities
(1,361)
(1,047)
Other property operating expenses
(1,896)
(1,722)
Lease incentives amortisation
(50)
(40)
Movement in loss allowance
187
123
Total direct property operating expenses(13,237)
(11,980)
Net rental income34,801
34,105
Other property operating expenses includes operating expenses not recoverable from tenants and property leasing expenses. Salaries and wages
expenses of $0.8 million (30 Sep 22: $0.8 million) (refer note 7.3) charged by SIML to SPL have been eliminated in the direct property
operating expenses.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
13

3.0 Property (continued)
3.2 Investment properties
The movement in SPL's investment properties during the six months to 30 September 2023 is as follows:
OfficeTown CentreIndustrial
Development
and OtherTotal
SPL$000$000$000$000$000
Balance at 31 Mar 23 (Audited)547,400309,410150,010226,9471,233,767
Additions
---4,7834,783
Capital expenditure
3,199464522623,977
Spreading of fixed rental increases
8011799(17)900
Capitalised lease incentives
4871-13132
Lease incentives amortisation
(158)(402)(23)(49)(632)
Reclassification
195,443--(195,443)-
Remeasurement of lease liability
-11,710--11,710
Net change in fair value
(46,023)(8,903)(128)(209)(55,263)
Balance at 30 Sep 23 (Unaudited)700,710312,367150,01036,2871,199,374
Comprised of:
Investment properties at valuation
700,710284,750150,01036,2871,171,757
Lease liability
-27,617--27,617
Balance at 30 Sep 23 (Unaudited)700,710312,367150,01036,2871,199,374
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.
A revaluation movement of $0.2 million (30 Sep 22: $0.2 million) arising from the elimination of fees charged by SIML to SPL (refer note 2.0) has been
reflected in the consolidated statement of comprehensive income.
The lease liability of $27.6 million (31 Mar 23: $15.9 million) is in respect of the ground lease at NorthWest Shopping Centre, Auckland. The lease liability
was remeasured in April 2023 due to a market rent review on 1 April 2023.
SIML has an office located in the SPL owned office building at 34 Shortland Street, Auckland (31 Mar 23: 34 Shortland Street, Auckland, and
22 The Terrace, Wellington). The value attributable to this floor area has been recognised as property, plant and equipment (refer note 7.6).
14
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

3.0 Property (continued)
3.2 Investment properties (continued)
Valuation basis
All investment properties were valued by independent valuers as at 31 March 2023. The SPL Board has reviewed the fair value of the investment
properties as at 30 September 2023 and determined that a full independent valuation or desktop review be undertaken on the following
investment properties:
Unaudited
30 Sep 23
ValuationValuer$000
Office
34 Shortland Street, AucklandIndependent valuationJLL
44,700
46 Sale Street, AucklandIndependent valuationJLL
126,700
110 Carlton Gore Road, AucklandIndependent valuationJLL
181,110
1 Grey Street, WellingtonIndependent valuationCBRE
60,000
215 Lambton Quay, WellingtonIndependent valuationCBRE
72,700
20 Customhouse Quay, WellingtonIndependent valuationCBRE
215,500
Office total700,710
Town Centre
61 Silverdale Street, AucklandIndependent valuationCVAS (NZ)
102,000
NorthWest Shopping Centre, AucklandIndependent valuationJLL
142,500
NorthWest Two, AucklandIndependent valuationJLL
40,250
Town Centre total284,750
Industrial (51.7% interest in Industre joint operation refer note 6.3)
(31 Mar 23: 51.7%)
30 Airpark Drive, AucklandDesktop reviewSavills
21,729
20 Rockridge Avenue, AucklandDesktop reviewJLL
13,375
25 O’Rorke Road and 15 Rockridge Avenue, AucklandDesktop reviewCVAS (NZ)
62,523
318 East Tamaki Road, AucklandIndependent valuationCVAS (NZ)
52,383
Industrial total150,010
The above investment properties were independently valued either by CVAS (NZ) Limited (CVAS (NZ)), Jones Lang LaSalle Limited (JLL), CBRE Limited
(CBRE) or Savills (NZ) Limited (Savills) as indicated. All properties were valued using the same valuer as at 31 March 2023. The valuations and desktop
reviews are dated effective 30 September 2023. For these investment properties:

•overall occupancy (leased area as a proportion of the total net lettable area) average was 97.1% at balance date;
•weighted average lease term at balance date was 6.7 years; and
•discount rates ranged from 6.75% to 8.63%.
Capitalisation rates (cap rate) ranged from 5.00% to 7.63% for the investment properties valued and the valuers took into account capital expenditure
works including commitments disclosed in note 3.3.
These investment properties were valued on a consistent approach to 31 March 2023 except for 110 Carlton Gore Road, Auckland, which
predominantly utilised the valuation methods of the Income Capitalisation approach and the Discounted Cash Flow approach to determine fair value as
at
30 September 2023. As at 31 March 2023, this property was under development and consequently the Residual approach was utilised to determine
fair value, 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.
Stride is conscious of the need to identify the impact of climate risk on its business and assets. The independent valuers that valued SPL’s investment
properties have considered climate risk and environmental factors and the associated impact on the value of a property. The valuers are not climate risk
experts but consider market transactional data as part of their valuation assessment and that market values may be impacted by climate risk factors, for
example, higher green rated properties or properties with sustainable features or which are less vulnerable to climate risk potentially having higher market
values than an equivalent property without such features. Accordingly, valuations can take these factors into account as part of the overall assessment of
a property's market value. Apart from the consideration of the factors above, the valuers have made no explicit adjustment in respect of climate risks.
The SPL Board deemed that a full independent valuation or desktop review was not required for the Development and Other properties being
55 Lady Elizabeth Lane, Wellington, and Johnsonville Shopping Centre, Wellington. A large component of these properties’ valuations is underpinned
by land value. Included in the 30 September 2023 balance of investment property at valuation is an implicit right-of-use asset of $9.1 million
(31 Mar 23: $9.1 million) in relation to a peppercorn ground lease at 55 Lady Elizabeth Lane, Wellington, with an associated immaterial lease liability.
The fair value recognised for these two investment properties is based on the independent valuations as at 31 March 2023 which is deemed to be
representative of these properties fair value as at 30 September 2023.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
15

3.0 Property (continued)
3.2 Investment properties (continued)
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the cap rate or discount rate, assuming the cap rate or
discount rate move equally on all the properties (excluding properties classified as Development and Other) is provided below. The metrics chosen are
those where movements are likely to have the most significant impact on fair value.
Cap rate %Discount rate %
Impact on fair value-0.25+0.25-0.25+0.25
As at 30 Sep 23 (Unaudited)
Change $000
49,784(45,914)21,338(20,828)
Change %
4(4)2(2)
As at 31 Mar 23 (Audited)
Change $00044,926(41,365)19,251(18,682)
Change %5(4)2(2)
3.3 Capital expenditure commitments contracted for
As at 30 September 2023, SPL has the following commitments:
•$8.8 million (31 Mar 23: $8.4 million) for building upgrades at 34 Shortland Street, Auckland;
•$0.2 million (31 Mar 23: $1.5 million) for various other capital expenditure to be undertaken.
As at 31 March 2023, SPL also had $34.3 million of commitments for further loan advances and final settlement payments to be made in relation to the
acquisition of 110 Carlton Gore Road, Auckland. These advances and payments were made in the current period.
As at 30 September 2023, SIML has $0.3 million (31 Mar 23: $nil) committed for the office fitout at 34 Shortland Street, Auckland.
Stride has no other material capital commitments as at 30 September 2023.
16
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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 measure (refer note 1.5) 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)
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Loss after income tax attributable to shareholders ($000)(50,524)
(53,130)
Weighted average number of shares for purpose of basic EPS (000)
545,531
540,321
Basic EPS - SPL (cents)
(10.00)
(10.79)
Basic EPS - SIML (cents)
0.74
0.96
Basic EPS - weighted (cents)(9.26)
(9.83)
Weighted average number of shares for purpose of diluted EPS (000)
549,202
543,402
Diluted EPS - SPL (cents)
(10.00)
(10.79)
Diluted EPS - SIML (cents)
0.74
0.96
Diluted EPS - weighted (cents)(9.26)
(9.83)
Weighted average number of shares for the purpose of diluted EPS has been adjusted for 3,670,618 (30 Sep 22: 3,182,163) rights issued under
SIML’s long term share incentive schemes and short term incentive rights. SPL has reported a loss after income tax attributable to shareholders for the six
months ended 30 September 2023 which results in an anti-dilutive position for SPL diluted EPS. Consequently, SPL's diluted EPS is reported as Basic
EPS of (10.00) cents (30 Sep 22: (10.79) cents).
4.2
Net tangible assets (NTA) per share
Unaudited
30 Sep 23
Audited
31 Mar 23
Unaudited
30 Sep 22
Number of shares on issue (000)
550,260
543,321540,331
Total assets ($000)
1,503,248
1,590,4631,666,180
Less total liabilities ($000)
(487,364)
(514,726)(507,634)
NTA ($000)1,015,884
1,075,7371,158,546
NTA per share (cents)185
198214
4.3 Dividends paid
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
The following dividends were declared and paid by SPL during the period:
Q4 2023 final dividend 1.7808 cents (Q4 2022 1.8455 cents)
9,680
9,972
Q1 2024 interim dividend 1.7375 cents (Q1 2023 2.0702 cents)
9,500
11,190
Total dividends paid - SPL19,180
21,162
The following dividends were declared and paid by SIML during the period:
Q4 2023 final dividend 0.060 cents (Q4 2022 0.632 cents)
326
3,415
Q1 2024 interim dividend 0.2625 cents (Q1 2023 0.4073 cents)
1,435
2,201
Total dividends paid - SIML1,761
5,616
Total dividends paid - Stride20,941
26,778
During the current period, $8.9 million ($8.2 million in SPL and $0.7 million in SIML) of dividends paid were reinvested in Stride as part of the DRP
(refer note 1.6) and 6,740,026 Stapled Securities were issued.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
17

4.0 Investor Returns (continued)
4.4 Distributable profit
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Loss before income tax(49,279)
(49,347)
Non-recurring, non-cash, and other adjustments:
Net change in fair value of investment properties
55,263
51,842
Loss on disposal of investment properties
2,341
1,711
Reversal of the lease liability movement in net change in fair value of investment properties and loss on
disposal of investment properties
(3)
(37)
Share of loss in equity-accounted investments
16,712
9,103
Impairment of equity-accounted investment
-
12,016
Project management and disposal fees eliminated in SIML
401
658
Rental surrender income received
3,750
-
Rental guarantee income
439
-
Dividend income from equity-accounted investments
3,022
4,870
Interest received/earned in relation to loan advance on 110 Carlton Gore Road, Auckland
1,556
2,964
Spreading of fixed rental increases
(900)
(548)
Capitalised lease incentives net of amortisation
500
190
Share based payment expense net of forfeited employee incentive rights
934
943
Non-cash movements in property, plant and equipment recognised in profit and loss
388
89
Borrowings establishment costs amortisation
154
182
Non-cash interest income
(145)
(91)
Hedge ineffectiveness of cash flow hedges
391
(63)
Distributable profit before current income tax35,524
34,482
Current tax expense(4,547)
(6,903)
Adjusted for:
Tax expense on depreciation recovered on disposal of investment properties
437
1,722
Distributable profit after current income tax31,414
29,301
Adjustments to funds from operations:
Maintenance capital expenditure
(341)
(1,064)
Incentives and associated landlord works
(1,160)
(2,196)
Adjusted Funds From Operations (AFFO)29,913
26,041
Weighted average number of shares for the purpose of basic distributable profit per share (000)
545,531
540,321
Basic distributable profit after current income tax per share - weighted (cents)5.76
5.42
AFFO basic distributable profit after current income tax per share - weighted (cents)5.48
4.82
Weighted average number of shares for the purpose of diluted distributable profit per share (000)
549,202
543,402
Diluted distributable profit after current income tax per share - weighted (cents)5.72
5.39
AFFO diluted distributable profit after current income tax per share - weighted (cents)5.45
4.79
18
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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 operation, refer note 6.3).
5.1 Borrowings
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Non-current
Bank facility drawn down
399,400
402,400
Unamortised borrowing establishment costs
(477)
(631)
Total net borrowings398,923
401,769
Weighted average interest rate of debt (inclusive of current interest rate derivatives, margins and
line fees) at balance date
4.06%
3.96%
Total
Undrawn
facility
Drawn
amount
30 Sep 23 (Unaudited)Expiry date$000$000$000
Facility A15 Dec 2024
100,000-100,000
Facility B15 Dec 2025
25,00018,5006,500
Facility F115 Dec 2024
100,000-100,000
Facility F215 Dec 2025
100,000-100,000
Facility F315 Dec 2026
100,0007,10092,900
Facility F415 Dec 2024
100,000100,000-
525,000125,600399,400
31 Mar 23 (Audited)
Facility A15 Dec 2024100,000-100,000
Facility B15 Dec 202525,00012,50012,500
Facility F115 Dec 2024100,000-100,000
Facility F215 Dec 2025100,000-100,000
Facility F315 Dec 2026100,00010,10089,900
Facility F415 Dec 2024100,000100,000-
525,000122,600402,400
SPL’s bank borrowings are via syndicated senior secured facilities with 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, 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 registered first 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.
Due to the net reduction in fair value of investment properties recognised in respect of the office portfolio as at 31 March 2023, the total value of assets
of Fabric were less than its total liabilities as at that date. This resulted in a deemed representation provided to the banking syndicate on 1 April 2023
that the value of Fabric’s assets is greater than its liabilities being incorrect. No action has been taken by the banking syndicate in respect of this deemed
representation, and a waiver has been provided by the banking syndicate which disapplies this deemed representation for the period 31 March 2023 to
31 March 2024. On 23 May 2023, Fabric issued 150.0 million new shares to its parent company, SPL, for total consideration of $150.0 million, which
was set off against $150.0 million of the advance provided by SPL. This share issue has resulted in Fabric's assets being greater than its liabilities as at
30 September 2023. 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 23: $ nil) however it does have a $3.0 million overdraft facility with ANZ which has not been utilised
during the current period.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
19

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 23
Audited
31 Mar 23
SPL$000$000
Active interest rate derivative contracts
320,000
320,000
Forward dated interest rate derivative contracts
105,000
80,000
Total notional principal value of interest rate derivative contracts425,000
400,000
Interest rate derivative assets - current
985
1,761
Interest rate derivative assets - non-current
23,161
21,581
Interest rate derivative liabilities - non-current
-
(125)
Fair values of interest rate derivative contracts24,146
23,217
Fixed interest rates ranges on active interest rate derivative contracts (excluding margins and line fees)
0.53% - 1.80%
0.53% - 1.80%
Weighted average fixed interest rate on active interest rate derivative contracts (excluding margins and
line fees)
1.28%
1.28%
Percentage of drawn debt fixed
80%
80%
On 11 April 2023, SPL entered into forward-starting three year fixed interest rate swap agreements with a total notional value of $25.0 million and an
effective date of 31 December 2024.
SPL typically designates its interest rate derivatives as cash flow hedges of the interest flows on its variable rate borrowings. SPL enters into interest rate
swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount.
At 30 September 2023, SPL had interest rate derivative contracts with a notional value of $20.0 million (31 Mar 23: $20.0 million) that had no drawn
bank borrowings hedged against them. Consequently, the fair value movement of $(0.4) million (30 Sep 22: $0.1 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 23: 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 2023 of between 5.74%, for the 90-day BKBM, and 5.17%, for the 10-year swap rate (31 Mar 23: 5.23% and 4.30%
respectively). There were no changes to these valuation techniques during the reporting period. As at 30 September 2023, the fair value of the interest
rate derivatives includes an accrued interest asset of $0.4 million (31 Mar 23: $0.3 million).
5.3
Net finance expense
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Finance income
Bank interest income
307
119
Other finance income
145
91
Total finance income452
210
Finance expense
Bank borrowings interest
(9,930)
(8,036)
Lease liabilities interest
(859)
(887)
Total finance expense(10,789)
(8,923)
Net finance expense(10,337)
(8,713)
20
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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. SPL
and SIML shares are “stapled” and jointly listed on the NZX (Stapled Securities).
On 12 April 2023, the Boards of SPL and SIML issued 199,248 Stapled Securities pursuant to employee share incentive schemes operated by SIML.
During the current period, 6,740,026 (30 Sep 22: nil) Stapled Securities were issued in accordance with the dividend reinvestment plan (refer note 4.3).
Each of SPL and SIML has 550,259,750 shares on issue as at 30 September 2023 (31 Mar 23: 543,320,476).
5.5 SIML equity (non-controlling interest)
Total
Notes$000
Balance 31 Mar 23 (Audited)15,046
Transactions with shareholders:
Dividends paid
4.3(1,761)
Dividends reinvestment
4.3747
Other movements in reserves
934
Total transactions with shareholders(80)
Total other comprehensive income
137
Profit after income tax
4,020
Total comprehensive income4,157
Balance 30 Sep 23 (Unaudited)19,123
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
21

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 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 2023, SPL held a 51.7% interest in Industre (31 Mar 23: 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 accounting for the arrangements by SPL is a combination of a joint venture (equity-accounted) (refer note 6.2) and a joint operation (proportionate
share of assets, liabilities, revenue and expenses) (refer note 6.3). SIML is the manager of the joint arrangement.
6.2 Interests in associates and joint venture
Equity-accounted investments
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Investore
1
94,824
109,561
Diversified
2
1,476
1,334
Industre joint venture
2
152,959
157,201
249,259
268,096
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 2023, was $88.4 million
(31 Mar 23: $97.4 million).
2These equity-accounted investments do not have quoted market prices as they are not listed.
The majority of investment properties held by Investore and Industre were valued by independent valuers as at 30 September 2023. 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. The investment properties held by Diversified were not subject to independent valuations as
at 30 September 2023 and have been held at their respective 31 March 2023 independent valuations.
On 30 September 2023, the market value of the investment in Investore, based on the quoted closing market price of Investore's ordinary shares
of $1.27, was below the investment’s carrying amount under the equity method of accounting which is considered an impairment indicator. SPL
performed an impairment test using the fair value less costs of disposal (FVLCD) valuation approach (31 Mar 23: FVLCD).
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), the quoted market price at 30 September 2023 and brokerage costs of 0.2%. The determination
of the recoverable amount is considered to be Level 3 in the fair value hierarchy. The result of the impairment test was that the investment's recoverable
amount was greater than the carrying amount as at 30 September 2023 but less than the recoverable amount as at 31 March 2022 (which included
impairment losses). As a result, SPL has not recognised a reversal of previous impairment losses.
Share of
(loss)/profit in equity-accounted investments
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Investore
(12,529)
(5,204)
Diversified
19
318
Industre joint venture
(4,202)
(4,217)
(16,712)
(9,103)
22
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

6.0 Investments in Property Entities (continued)
6.3 Industre joint operation
SPL holds a 51.7% interest in a joint arrangement with JPMAM relating to the investment properties denoted in note 3.2. The Industre joint operation
holds the beneficial ownership of these properties. The agreement between SPL and JPMAM in relation to their co-ownership requires unanimous
consent from both parties for all relevant activities. The two parties have direct rights to the assets and are jointly and severally liable for the liabilities
incurred in relation to the co-owned properties. This arrangement is therefore classified as a joint operation and SPL recognises its direct right to the
jointly held assets, liabilities, revenues and expenses as described below.
Unaudited
6 months
30 Sep 23
100%
Unaudited
6 months
30 Sep 23
participating
interest
Unaudited
6 months
30 Sep 22
100%
Unaudited
6 months
30 Sep 22
participating
interest
Summarised statement of comprehensive income$000$000$000$000
Income
7,7574,014
7,7203,994
Expenses
(4,377)(2,264)
(4,462)(2,307)
Net change in fair value of investment properties
(248)(128)
(12,783)(6,615)
Net profit/(loss)3,1321,622
(9,525)(4,928)
Unaudited
30 Sep 23
100%
Unaudited
30 Sep 23
participating
interest
Audited
31 Mar 23
100%
Audited
31 Mar 23
participating
interest
Summarised statement of financial position$000$000$000$000
Assets
Current assets
1,080559
1,395722
Investment properties
289,950150,010
289,950150,010
291,030150,569
291,345150,732
Liabilities
Current liabilities
(318)(165)
(472)(244)
Borrowings
(78,304)(40,512)
(78,088)(40,400)
(78,622)(40,677)
(78,560)(40,644)
Net assets212,408109,892
212,785110,088
SPL’s portion of the borrowings in the Industre joint operation are with Industre Property Finance Limited (FinCo), which is part of 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 2023,
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.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
23

7.0 Other
This section contains additional information to assist in understanding the financial performance and position of Stride.
7.1 Income tax
SPL is a listed Portfolio Investment Entity (PIE) for the purposes of the Income Tax Act 2007 and is required to pay income tax to Inland Revenue in
accordance with this legislation.
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Income tax$000$000
Current tax expense
(4,547)
(6,903)
Deferred tax benefit
3,302
3,120
Income tax expense per the consolidated statement of comprehensive income(1,245)
(3,783)
Loss before income tax(49,279)
(49,347)
Prima facie income tax using the company tax rate of 28%13,798
13,817
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(15,474)
(14,516)
Share of loss in equity-accounted investments
(4,679)
(2,549)
Impairment of equity-accounted investment
-
(3,364)
Loss on disposal of investment properties
(655)
(479)
Assessable income
(738)
(1,137)
Depreciation
3,958
3,440
Depreciation recovered on disposal of investment properties
(437)
(1,722)
Non-deductible expenses
(461)
(283)
Expenditure deductible for tax
175
96
Temporary differences
(61)
(100)
Other adjustments
27
(148)
Over provision in prior period
-
42
Current tax expense(4,547)
(6,903)
Investment property depreciation
2,803
3,235
Other
499
(115)
Deferred tax charged to profit or loss3,302
3,120
Income tax expense per the consolidated statement of comprehensive income(1,245)
(3,783)
The comparative information in the above table has been restated in order to conform with the current period presentation.
Income tax expense arising from the Industre joint venture is $(0.14) million (30 Sep 22: $(0.25) million).
7.2
Total corporate expenses
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Corporate overhead expenses include:
Salaries and other short-term benefits
7,627
8,097
Revaluation deficit on property, plant and equipment recognised in profit and loss
300
-
Administration expenses include:
Share based payment expense
959
943
Forfeited employee incentive rights
(25)
-
24
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

7.0 Other (continued)
7.3 Related party disclosures
DiversifiedInvestore
Industre
joint
ventureDiversifiedInvestore
Industre
joint
venture
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 22
The following transactions with a related party
took place:
Asset management fee income
1,4632,7651,043
1,5463,0871,019
Salaries and wages recovery
1,152--
1,203--
Project management fee income
75410544
367111839
Building management fee income
76722063
92622038
Leasing fee income
54564251
61519116
Accounting fee income
87125-
87125-
Performance fee income
---
--600
Other fee income
3513973
358910
Total fee income4,1243,7231,974
4,7793,6512,622
Rent paid
(54)--
(57)--
Interest income received
145--
91--
Reinvestment of unit holder interest
(135)--
(74)--
Reinvestment of unit holder distributions
(93)--
(110)--
Dividend income
1
-2,258764
-2,7332,137
Interest expense
--(1,179)
--(842)
Unaudited
30 Sep 23
Unaudited
30 Sep 23
Unaudited
30 Sep 23
Audited
31 Mar 23
Audited
31 Mar 23
Audited
31 Mar 23
The following balances were receivable from/
(payable to) a related party:
Related party receivable
13029098
109258164
Interest-bearing loan
3,398--
3,398--
Borrowings
--(40,512)
--(40,400)
1Investore dividend income for the six months ended 30 September 2023 is stated net of $0.5 million (30 Sep 22: $nil) consideration paid for 388,009 shares in Investore's dividend
reinvestment plan.
Other fee income includes licencing, disposal, maintenance, sustainability and share buyback fees (30 Sep 22: licencing, maintenance and
sustainability fees).
The below fee income was earned by SIML from the Industre joint operation. It represents the participating interest held by the participant AP SG 17 Pte.
Limited. The management fees paid from SPL to SIML are eliminated in the consolidated statement of comprehensive income. The fee income receivable
represents the participating interest held by the participant AP SG 17 Pte. Limited.
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Asset management fee income
298
340
Performance fee income
-
430
Leasing fee income
80
58
Building management fee income
24
21
Other fee income
11
3
413
852
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Fee income receivable
7
13
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
25

7.0 Other (continued)
7.3 Related party disclosures (continued)
The following table details the transactions between SPL and SIML, which are eliminated on consolidation (refer note 2.0).
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Charged from SIML to SPL:
Building management fee
580
500
Asset management fee
3,277
3,314
Salaries and wages recovery
828
786
Project management fee
249
240
Performance fee
-
461
Leasing fee
361
450
Accounting fee
125
125
Maintenance fee
38
30
Disposal fee
152
418
Total fees charged5,610
6,324
Interest on loan
370
-
Charged from SPL to SIML:
Rental and service charges for offices
335
329
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
The following balances were receivable/(payable) between SPL and SIML:
SPL - related party receivable (recognised in SIML)
174
96
SIML - related party payable (recognised in SPL)
(174)
(96)
SPL - related party loan receivable (recognised in SIML)
9,800
8,000
SIML - related party loan payable (recognised in SPL)
(9,800)
(8,000)
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.
On 23 February 2023, the Boards approved SIML and SPL to enter into a loan agreement on commercial terms under which SIML will loan
up to $20.0 million to SPL. SPL will utilise the funds for general corporate purposes. As at 30 September 2023, SIML had loaned $9.8 million
(31 Mar 23: $8.0 million) to SPL. The average interest rate charged for the six month period ended 30 September 2023 was 8.01%. On consolidation,
the loan and interest earned/paid are eliminated.
26
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

7.0 Other (continued)
7.4 Trade and other receivables
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Current
Trade and other receivables
2,111
2,642
Less loss allowance
(516)
(703)
Trade and other receivables net of loss allowance
1,595
1,939
Rental guarantee receivable in relation to 110 Carlton Gore Road, Auckland (refer note 1.6)
390
-
Related party receivable (refer note 7.3)
525
544
Interest receivable in relation to 110 Carlton Gore Road, Auckland
-
1,496
Rental surrender income receivable
-
3,750
2,510
7,729
7.5 Trade and other payables
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Unsecured liabilities
Trade payables
1,359
1,458
Development and capital expenditure payables and accruals
944
2,127
Seismic work accruals
64
162
Retention accruals
281
209
Rent in advance
932
1,183
Operating expense recovery accruals
105
178
Tenant deposits held
768
736
Employee entitlements
1,907
2,339
Other accruals and payables
3,620
4,083
Rental guarantee in relation to 80 Greys Avenue, Auckland
-
462
Settlement payable in relation to 110 Carlton Gore Road, Auckland
-
29,693
9,980
42,630
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 23
Audited
31 Mar 23
$000$000
Property, plant and equipment
5,943
6,238
SIML has an office at 34 Shortland Street, Auckland, (31 Mar 23: 34 Shortland Street, Auckland, and 22 The Terrace, Wellington) which is a
property owned by SPL and therefore held as investment property (refer note 3.2) (31 Mar 23: investment property and assets classified as held
for sale respectively). The value attributable to this premise of $5.4 million (31 Mar 23: $6.1 million) has been recognised as property, plant and
equipment (31 Mar 23: $5.7 million property, plant and equipment and $0.4 million assets classified as held for sale) with a revaluation deficit of
$(0.3) million recognised within profit and loss (30 Sep 22: $(0.1) million recognised within other comprehensive income) in the consolidated statement of
comprehensive income. SPL sold 22 The Terrace, Wellington, to a third party on 31 July 2023.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2023
27

7.0 Other (continued)
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 Industre joint venture (refer note 6.2). The total facility under the Industre banking arrangement is $355.0 million
(31 Mar 23: $355.0 million) and as at 30 September 2023 $239.0 million (31 Mar 23: $271.4 million) of bank debt had been drawn down.
Stride has no other contingent liabilities at balance date (31 Mar 23: $ nil).
7.8 Subsequent events
On 31 October 2023, SPL received $15.4 million from Industre by way of distribution following the divestment of two investment properties in the
Industre joint venture. SPL's interest has remained at 51.7% following the receipt. SPL has used the proceeds to reduce bank debt.
On 9 November, SPL received a new tax binding ruling to enable SPL to retain its PIE tax structure up until and including the period ending on
31 May 2029.
On 24 November 2023, SPL refinanced its syndicated bank facilities, reducing the available facility by $65.0 million to $460.0 million and extending the
expiry dates to between November 2026 and November 2027. The changes will take effect from 30 November 2023.
On 28 November 2023, SPL declared a cash dividend for the period 1 July 2023 to 30 September 2023 of 1.7375 cents per share, to be paid on
22 December 2023 to all shareholders on SPL’s register at the close of business on 6 December 2023. At 1.7375 cents per share, the total dividend
payment will be $9,560,763. This dividend will carry imputation credits of 0.233603 cents per share. This dividend has not been recognised in the
financial statements.
On 28 November 2023, SIML declared a cash dividend for the period 1 July 2023 to 30 September 2023 of 0.2625 cents per share, to be paid on
22 December 2023 to all shareholders on SIML’s register at the close of business on 6 December 2023. At 0.2625 cents per share, the total dividend
payment will be $1,444,432. This dividend will carry imputation credits of 0.102083 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 7% of SIML’s
equity as at 30 September 2023.
On 28 November 2023, the Boards of SIML and SPL resolved that the DRP will operate for the second quarter dividends for the period 1 July 2023 to
30 September 2023, with a 2% discount being applied when determining the issue price. The last date for receipt of an application for participation in the
DRP in respect of this dividend is 5pm on 7 December 2023.
28
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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 2023, 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 these 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 2023, 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 areas of tenancy marketing and operating expenditure audits for Stride. In addition, 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
28 November 2023
Auckland
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023
29

Corporate Directory
Board of Directors
Tim Storey (Chair)
Ross Buckley
Jacqueline Cheyne
Nick Jacobson
Tracey Jones (appointed 11 April 2023)
Michelle Tierney
Philip Ling (resigned 11 April 2023)

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

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

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

Auditor
PwC
PwC Tower
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
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

30
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2023

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

---

Stride Property Group
Interim Results
Presentation
for the six months ended
30 September 2023

2
Stride Property Group | Interim Results HY24
Stride Property Group | Interim Results HY24
Capitalised and technical terms are defined in the glossary on page 28.
3Overview
7Investment management business
10Portfolio
17Sustainability
19HY24 consolidated interim financial results
22Capital management
25Outlook
27Glossary
29Appendices
Contents

3
Stride Property Group | Interim Results HY24
Weighted average cost
of debt
4.06%
Occupancy
3
96%
WALT
6.3 years
Value
2
$1.0bn
Overview
WACR
6.3%
Total AUM
$3.2bn
on a committed
4
basis
External AUM
$2.2bn
on a committed
4
basis
Drawn debt fixed
86%
on a committed
6
basis
Stride Property Group
SPL office and town centreportfolio
1
Investment management business
Capital management
1.Portfolio metrics exclude properties classified as ‘Development and Other’ in note 3.2 in the consolidated interim financial statements. For SPL’s office portfolio, this is 55 Lady Elizabeth Lane, Wellington; for SPL’s town centre portfolio, this is SPL’s
50% share of Johnsonville Shopping Centre, Wellington.
2.Includes: (1) the value of Stride’s office at 34 Shortland Street, Auckland, which is shown in the consolidated interim financial statements as property, plant and equipment; and (2)the value of the rental guarantee receivable in relation to 110 Carlton
Gore Road, Auckland 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) lease liabilities; and (3)
properties classified as ‘Development and Other’ in note 3.2 in the consolidated interim financial statements.
3.Occupancy is calculated including casual licenceswith an initial term greater than three months, and excluding units held for committed redevelopment or remix works.
4.Commitments include: (1) SPL: building upgrades at 34 Shortland Street, Auckland, and various capital expenditure commitments contracted for (refer note 3.3 to the consolidated interim financial statements); (2) IPL:completion of the development of
Woolworths HakarauRoad, Kaiapoi, and other capital expenditure commitments; and (3) Industre: completion of the development of 34 Airpark Drive, Auckland.
5.Net of management fees received from SPL.
6.SPL commitments include: (1) building upgrades at 34 Shortland Street, Auckland; (2) various capital expenditure commitments contracted for (refer note 3.3 to the consolidated interim financial statements); (3) the remaining estimated FY24 impact of
capital management initiatives that Stride has implemented; and (4) the impact of the distribution from Industrewhich occurred on 31 October 2023 (refer page 5).
30 September2023
Management fees
5
$10.3m
for HY24
Committed
6
LVR
36%

4
Stride Property Group | Interim Results HY24
Stride Property Group
Financial overview
1.See glossary on page 28.
2.Refer footnote 4 on page 3.
Loss after income tax
$(50.5)m
compared to $(53.1)m loss
after income tax for HY23
Distributable profit
1
after
current income tax
$31.4m
up +$2.1m / +7.2% from HY23
Net tangible assets per share
$1.85
down $(0.13) / (6.6)%
from 31 March 2023
Distributable profit per share
5.76cps
up 0.34cps/ +6.3% from HY23
Assets under management (committed
2
)
$3.2bn
as at 30 September 2023
110 Carlton Gore Road, Auckland

5
Stride Property Group | Interim Results HY24
1.Refer to footnote 6 on page 3.
2.Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes. Includes SPL’s office and town centre properties and the debt associated with these properties and excludes SPL's interest in the
Industrejoint operation and associated bank debt which are reported as part of the assets and liabilities of SPL (see note 6.3 to theconsolidated interim financial statements for further information).
3.Balance sheet LVR includes SPL’s office and town centre properties, as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt which excludes Industrejoint operation debt. Commitments for the Stride
Products include: IPL: (1) the development of Woolworths HakarauRoad, Kaiapoi; (2) other capital expenditure commitments; (3) reduced borrowing due to Investore’srevised FY24 dividend guidance; and (4) reduced borrowing due to the
retained income from Investore’sdividend reinvestment plan which is assumed to continue for the balance of the distributions related to FY24 with participationat the same rate as the FY24 Q1 dividend; and Industre: completion of the
development of 34 Airpark Drive, Auckland, and the impact of the distribution to the joint venture partners on 31 October 2023.
Stride has successfully executed on the capital management initiatives announced in November 2022, reducing SPL’s
committed
1
bank LVR
2
to35.8%, or 26.8% on a balance sheet
3
basis
SPL (excl. Industre joint operation assets and debt)
Cost
management
initiatives implemented
Disposal of 22
The Terrace
settled July 2023
Refined
dividend policy
announced HY23
DRP
implemented
$13m reinvested to date
Industre
distribution
$15m received post
balance date, following two
asset disposals
Executing on capital management initiatives
36.4%
+3.0%
(1.5%)
(1.3%)
+2.3%
38.9%
(1.5%)
+0.5%
(2.1%)
35.8%
Bank LVR
31 Mar 23
Acquisition of 110
Carlton Gore Road
Disposal of
22 The Terrace
Refined dividend
policy and DRP
Capex,
revaluations and
other
Bank LVR
30 Sep 23
Industre distributionCommited capital
expenditure
Refined dividend
policy and DRP
Committed
bank LVR

6
Stride Property Group | Interim Results HY24
Sector update
1.Portfolio metrics exclude properties classified as ‘Development and Other’ and properties classified as held for sale in the respective consolidated interim financial statements.
2.JLL Office Sentiment Survey 2023.
3.Includes all town centre properties managed by SIML, other than Johnsonville Shopping Centre, Wellington, which is classified as ‘Development and Other’ in the respective financial statements.
4.Sales data includes GST. 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.
5.Statistics NZ, electronic card transactions reflects data to 30 October 2023 (electronic sales data is seasonally adjusted).
Office
1
•Flight to quality continues, with location and quality being
occupiers’ most important requirements
2
•Increased focus on attracting workers back to the office, with
occupier demands reflecting this sentiment
•Rent reviews and renewals completed across SPL’s office
portfolio during HY24 delivered an increase of +4.5% on prior
rentals
Town Centres
1,3
•Strong tenant mix and reduced vacancy has driven Moving
Annual Turnover (MAT)
4
growth of +12.4% from 30 Sep 22.
Stats NZ reported a decline in retail card transactions since
March (-1.2%)
5
,indicating the retail sector may be softening
•Specialty Gross Occupancy Cost (GOC)
4
at 12.5% of sales as
at 30 Sep 23, down from 13.0% as at 30 Sep 22
•CPI linked reviews continue to deliver strong rental growth of
6.2% on prior rentals, while new lettings and renewals drove a
5.7% uplift on prior rentals
Industrial
1
•Continued trend of strong occupier demand supports outlook
for well-located, quality assets
•Net market rental growth within Industre’sportfolio continues
with a 2.7% uplift from Mar 23
•24% of Industre’s net Contract Rental is subject to market
review or expiry over remainder of FY24 and FY25,
providing potential to capture reversion to market
Large Format Retail
•Non-discretionary, everyday needs tenants less susceptible
to impacts from challenging economic conditions
•Investore’slargest tenant, Countdown, rebranding to
Woolworths and investing in a network-wide store refresh
•Tenants’ focus on online fulfilment capability from existing
store network creating opportunities, such as Investore’s
recently announced deal at Countdown Greenlane

7
Stride Property Group | Interim Results HY24
7
Stride Property Group | Interim Results HY24
Investment
management business

8
Stride Property Group | Interim Results HY24
Office
Retail Shopping Centres
Large Format Retail
Industrial
Recurring
management
fees
Activity and
performance
fees
Stride derives its revenue from:
•Management fees
•Direct property income from SPL’s directly owned property
•Indirect property income from SPL’s investments in the
Stride Products: Industre, Investore and Diversified
Diversified revenue sources
Stride combines a property investment
business (SPL) with an 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 September 2023. Management fees comprise HY24 management fees fromStride Products (i.e. excluding fees from SPL).
HY24 look-through revenue sources
1
Woolworths HakarauRoad, Kaiapoi
37%
20%
10%
15%
14%
4%

9
Stride Property Group | Interim Results HY24
$6.2m
$6.1m
$6.2m
$7.6m
$8.9m
$8.1m
$0.6m
$2.6m
$6.5m
$4.6m
$3.2m
$2.1m
$6.8m
$8.7m
$12.7m
$12.2m
$12.0m
$10.3m
HY19HY20HY21HY22HY23HY24
Management fee income
HY24 management fee
1
income of $10.3m, down from HY23 (HY23: $12.0m)
•$8.1m recurring fees, down $0.7m from HY23 due to disposals and lower property
valuations in managed products
•Lower activity fees due to no performance fees and reduced transaction activity
Note: Numbers in chart may not sum due to rounding.
1.See footnote 5 page 3.
SIML management fees
1
Activity and performance fees
Recurring fees

10
Stride Property Group | Interim Results HY24
10
Stride Property Group | Interim Results HY24
10
Portfolio

11
Stride Property Group | Interim Results HY24
$707m
$285m
$387m
$933m
$662m
$36m
$60m
$25m
$80m
$9m
$21m
$1m
$1,037m
$1,014m
$412m
$743m
Commitments
Property categorised as 'Development and Other'
and held for sale
2
Portfolio composition by value as at 30 Sep 23
Products
Sector focus:Office and Town CentreLarge Format RetailRetail Shopping CentresIndustrial
SPL investment:
100%18.8%2.1%51.7%
Stride has committed
1
AUM of $3.2bn, includingdevelopments
Note: Numbers in chart may not sum due to rounding.
1.Refer footnote 4 on page 3.
2.Excludes lease liabilities.
3.Refer footnote 2 on page 3.
3
1
2

12
Stride Property Group | Interim Results HY24
439 Rosebank Road, Auckland
HY24 highlights
1
•Disposal of two properties for an aggregate sales price of $43.5m,
10% above the combined book value
•13 rent reviews completed over 25,000 sqm, resulting in +7.5%
increase on prior rentals
•Potential reversion to market of +15.2%
2
across the portfolio. 5.3% of
net Contract Rental is subject to market review or expiry over the
remainder of FY24, with an additional 18.9% in FY25
•Total portfolio valuation
3
of $742m as at 30 Sep 23 reflects a reduction
in fair value of (1.4)%. Cap rate expansion of +27bps over HY24 was
partially offset by +2.7% market rental growth
•Development at 34 Airpark Drive, Auckland completed in Oct 23 for
$27m, tenanted by DHL. Development is targeting a 5 Green Star As
Built rating and will deliver a 5.8% yield on cost (incl. land)
30 Sep 2331 Mar 23
Number of properties
1819
Portfolio value
$662.1m$715.9m
WACR
5.5%5.2%
WALT
9.7 years9.7 years
Net Lettable Area
174,778 sqm185,049 sqm
Occupancy
99.8%99.9%
Portfolio Snapshot (excl. Development and Other
1
)
1.Portfolio metrics exclude properties classified as ‘Development and Other’ in Industre’sfinancial
statements for the relevant period, unless otherwise stated.
2.Based on Industre’s valuation reports as at 30 September 2023 and comparing passing rent to market
rent on a face rental basis.
3.Includes all assets in Industre’s portfolio, including assets classified as ‘Development and Other’ in
Industre’s financial statements.

13
Stride Property Group | Interim Results HY24
Woolworths Browns Bay, Auckland
HY24 highlights
1
•Total portfolio valuation
2
of $1.0bn as at 30 Sep 23
•29 rent reviews completed over 27,000 sqm resulting in a 3.2% increase
on prior rentals
•Including Countdown Hamilton (Anglesea) lease extension agreed post
balance date, renewals completed represent 77% of all FY24 expiries by
Contract Rental
•Distributable profit after current income tax of $15.3m, broadly
consistent with HY23 at $15.4m
•89% drawn debt fixed for an average period of 2.8 years
•Development of a new Woolworths at HakarauRoad, Kaiapoi, is due to
open in Dec 23, targeting a 5 Green Star rating
30 Sep 2331 Mar 23
Number of properties4144
Portfolio value$933.2m$1,033.2m
WACR6.2%5.7%
WALT7.7 years8.1 years
Net Lettable Area242,387 sqm249,906 sqm
Occupancy99.2%99.5%
3
1.Portfolio metrics exclude properties classified as ‘Development and Other’ and properties classified as
assets held for sale in Investore’s financial statements for the relevant period, unless otherwise stated.
2.Includes all assets in Investore’s portfolio, including assets classified as ‘Development and Other’ and
properties classified as held for sale in the interim consolidated financial statements. Excludes lease
liabilities.
3.Vacant tenancies with current or pending development works are excluded from the occupancy metric.
Portfolio Snapshot (excl. Development and Other
1
)

14
Stride Property Group | Interim Results HY24
HY24 highlights
1
•EVENT Cinemas opening at Queensgate Shopping Centre in Dec 22 has
contributed to growth in portfolio MAT
2
, +13.8% against 30 Sep 22
•Rent reviews generated uplift of +4.9%on prior rentals
•Specialty GOC
2
improved to 13.3% as at 30 Sep 23 from 13.7% as at
30 Sep 22
•Improved occupancy and tenant mix from new deals agreed with brands
such as Forever New, Build-A-Bear, and Maki Mono
•Sale of Remarkables Park Town Centre settled Apr 23, above the most
recent independent valuation
30 Sep 2331 Mar 23
Number of properties22
Portfolio value$387.0m
3
$387.0m
WACR7.8%7.8%
WALT3.0 years2.9 years
Net Lettable Area84,546 sqm84,424 sqm
Occupancy
4
98.1%97.5%
Portfolio Snapshot (excl. Development and Other
1
)
Queensgate Shopping Centre, Wellington
1.Portfolio metrics exclude properties classified as ‘Development and Other’ and properties classified as assets held for sale in
Diversified’sfinancial statements for the relevant period, unless otherwise stated.
2.Sales data includes GST.
3.Properties were not independently valued at 30 September 2023 and have been held at their 31 March 2023 independent valuations.
4.Occupancy has been calculated including casual licenceswith an initial term greater than three months, and excluding units held for
committed redevelopment or remix works.

15
Stride Property Group | Interim Results HY24
1.Portfolio metrics exclude properties classified as ‘Development and Other’ in the consolidated financial statements for the relevant
period, unless otherwise stated.
2.Refer footnote 4 on page 6.
3.Includes all assets in SPL’s Town Centre portfolio, including assets classified as ‘Development and Other’ in the interim consolidated
financial statements.
4.Excludes lease liabilities.
5.Refer to footnote 3 on page 3.
SPL
Town Centre portfolio
HY24 highlights
1
•Continued strong performance with MAT
2
growth of +8.2% against 30 Sep 22
•Rent reviews and renewals drove a +5.1% uplift on prior rentals, primarily
driven by CPI related reviews
•Specialty GOC
2
for the portfolio decreased to 11.1% as at30 Sep 23 from
11.9% as at30 Sep 22
•Total portfolio
3
reduction in fair value of $(8.9)m or (2.8)% for HY24, driven
partially by +33bps cap rate softening
1
over HY24, partially offset by +1.6%
market rental growth
30 Sep 2331 Mar 23
Number of properties
3 3
Portfolio value
4
$284.8m $293.5m
WACR
7.3%7.0%
WALT
4.2 years 4.5 years
Net Lettable Area
58,755 sqm58,679 sqm
Occupancy
5
98.5%99.2%
Portfolio Snapshot (excl. Development and Other
1
)
Silverdale Centre, Auckland

16
Stride Property Group | Interim Results HY24
SPL
Office portfolio
HY24 highlights
1
•Settlement of the acquisition of the new building at 110 Carlton Gore
Road, Auckland, rated 6 Green Star (Design)
•Disposal of 22 The Terrace, Wellington, settled Jul 23
•First floor of turnkey suites completed at 34 Shortland Street,
Auckland, with building refurbishment in progress
•Rent reviews and renewals across 19,000 sqm provided a +4.5%
uplift on prior rentals
•Only 0.1% of Contract Rental expiring in FY24 and 11.4% in FY25
•Total portfolio
2,3
reduction in fair value of $(46.0)m or (6.0)% for
HY24, driven partially by +34bps cap rate softening
1
over HY24 on
a like-for-like basis, partially offset by +1% market rental growth
30 Sep 2331 Mar 23
Number of properties
65
Portfolio value
3
$706.5m$553.1m
WACR
5.9%5.7%
WALT
7.3 years6.2 years
Net Lettable Area
72,542 sqm58,384 sqm
Occupancy
94.2%95.4%
Portfolio Snapshot (excl. Development and Other
1
)
1.Portfolio metrics exclude properties classified as ‘Development and Other’ and classified as held for sale in the
consolidated financial statements for the relevant period, unless otherwise stated.
2.Includes all assets in SPL’s office portfolio, including assets classified as ‘Development and Other’ in the consolidated
financial statements.
3.Includes: (1) the value of Stride’s office at 34 Shortland Street, Auckland, which is shown in the consolidated interim
financial statements as property, plant and equipment; and (2) the value of the rental guarantee receivable in relation
to 110 Carlton Gore Road, Auckland.
34 Shortland Street, Auckland

17
Stride Property Group | Interim Results HY24
17
Stride Property Group | Interim Results HY24
Sustainability
17
Sustainability

18
Stride Property Group | Interim Results HY24
Continued focus on sustainability
Stride continues to focus on the ongoing sustainability of its portfolio and business activities, including monitoring progress
against targets and measuring its overall sustainability performance
Targets
•Stride has set a target of reducing scope 1 and 2 GHG emissions by
42% by 2030 from the FY20 baseline year
•Work continues with Beca to develop specific decarbonisationplans
and timeframes in working towards this target
Benchmarking and ratings
•Works planned to improve the energy efficiency of 34 Shortland Street,
Auckland to enable this building to achieve a minimum 4 star
NABERSNZ rating
•Stride’s Global Real Estate Sustainability Benchmark score continues to
improve, up 6 points to 68% for 2023, and 72% for the development
assessment
Strategy and risk
•Work is underway to integrate climate risk into Stride’s overall
enterprise risk assessment
•Physical risk assessments for properties in progress, to quantify
physical risk across properties

19
Stride Property Group | Interim Results HY24
19
Stride Property Group | Interim Results HY24
HY24
consolidated interim
financial results
19

20
Stride Property Group | Interim Results HY24
30 Sep 23
$m
30 Sep 22
$m
Change
$m%
Net rental income
34.834.1+0.7+2.0
Guarantee income
2.4-+2.4+100.0
Management fee income
10.312.0(1.8)(14.8)
Total corporate expenses
(11.7)(12.2)+0.5+3.7
Profit before net finance expense, other (expense)/income and income tax
35.834.0+1.8+5.3
Net finance expense
(10.3)(8.7)(1.6)(18.6)
Profit before other (expense)/income and income tax
25.425.3+0.2+0.7
Other (expense)/income
1
(74.7)(74.6)(0.1)(0.1)
Loss before income tax
(49.3)(49.3)+0.1+0.1
Income tax expense
(1.2)(3.8)+2.5+67.1
Loss after income tax attributable to shareholders
(50.5)(53.1)+2.6+4.9
1.Other (expense)/income includes net reduction in fair value of investment properties of $(55.3)m (30 Sep 22: $(51.8)m net reduction), share of loss in equity-accounted investments$(16.7)m (30 Sep 22: $(9.1)m loss), loss on disposal of
investment properties $(2.3)m (30 Sep 22: $(1.7)m loss) and hedge ineffectiveness of cashflow hedges $(0.4)m (30 Sep 22: $0.1m). The prior period also included impairment of equity-accounted investment $(12.0)m.
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.
Financial performance
Stride Property Group (Stride) -Consolidated

21
Stride Property Group | Interim Results HY24
30 Sep 23
$m
30 Sep 22
$m
Change
$m%
Loss before income tax
(49.3)(49.3)+0.1+0.1
Non-recurring, non-cash and other adjustments:
-Net change in fair value of investment properties55.351.8+3.4+6.6
-Share of loss in equity-accounted investments16.79.1+7.6+83.6
-Loss on disposal of investment properties2.31.7+0.6+36.8
-Rental surrender income received3.8-+3.8+100.0
-Dividend income from equity-accounted investments3.04.9(1.8)(37.9)
-Interest received/earned in relation to loan advance on 110 Carlton Gore Road, Auckland
1.63.0(1.4)(47.5)
-Project management and disposal fees eliminated in SIML0.40.7(0.3)(39.1)
- Share based payment expensenet of forfeited employee incentive rights0.90.9(0.0)(1.0)
- Other movements0.811.7(10.9)(93.0)
Distributable profit before current income tax
35.534.5+1.0+3.0
Adjusted current tax expense
(4.1)(5.2)+1.1+20.7
Distributable profit after current income tax
31.429.3+2.1+7.2
Basic distributable profit after current income tax per share – weighted
5.76cps5.42cps
Adjustments to funds from operations:
- Maintenance capital expenditure
(0.3)(1.1)+0.7+68.0
- Incentives and associated landlord works
(1.2)(2.2)+1.0+47.2
Adjusted Funds From Operations (AFFO)
29.926.03.9+14.9
AFFO basic distributable profit after current income tax per share – weighted
5.48cps4.82cps
Weighted average number of shares (million)
545.5540.3
1. See glossary on page 28.
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

22
Stride Property Group | Interim Results HY24
22
Stride Property Group | Interim Results HY24
Capital
management
22

23
Stride Property Group | Interim Results HY24
$300m
$125m
$100m
$260m
$200m
FY24FY25FY26FY27FY28
Debt maturity profile
Bank facilities as at 30 Sep 23
Post-balance date refinance
•SPL’s bank LVR
1
was 38.9% as at 30 Sep 23, or 35.8% on a committed
2

basis
•When factoring in SPL’s interests in its products, committed
3
gearing is
36% on a look-through
4
basis and 27% on a balance sheet
5
basis
•Continued operation of DRP with an average participation of 42%,
resulting in $9m reinvested in HY24
•Post balance date, $15m distribution from Industre illustrates sources of
liquidity outside directly held property reflected in bank LVR
•Post balance date, SPL has refinanced its bank debt facilities and
reduced total facility size by $65m. On a pro forma basis the weighted
average maturity has subsequently increased from 1.8 years to 3.6 years
Syndicated debt facilities
As at
30 Sep 23
As at
31 Mar 23
Banking facility limit $525m$525m
Debt facilities drawn$399m$402m
Weighted average maturity of debt facilities1.8 years2.3 years
Debt metrics
Bank LVR
1
Covenant: ≤ 50%
38.9%36.4%
Look-through gearing
4
37.5%36.3%
Balance sheet gearing
5
28.7%27.3%
Interest Cover Ratio
Covenant: ≥ 2.125x
3.4x3.6x
Weighted Average Lease Term
6
Covenant: > 3.0 years
5.3 years4.9 years
1.Refer footnote 2 on page 5.
2.Refer footnote 6 on page 3.
3.Refer footnotes 4 and 6 on page 3.
4.Look-through gearing includes SPL’s directly-held property and debt as well as its proportionate share of the property and debt of each of the Stride Products.
5.Balance sheet LVR includes SPL’s office and town centre properties, as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt, which excludes Industrejoint operation debt. Commitments for the Stride Products
include: IPL: (1) the development of Woolworths HakarauRoad, Kaiapoi; (2) other capital expenditure commitments; (3) reduced borrowing due to Investore’srevised FY24 dividend guidance; and (4) reduced borrowing due to the retained income
from Investore’sdividend reinvestment plan which is assumed to continue for the balance of the distributions related to FY24 with participationat the same rate as the FY24 Q1 dividend; and Industre: completion of the development of 34 Airpark
Drive, Auckland and the impact of the distribution to the joint venture partners on 31 October 2023.
6.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted by the income applicable to each lease and a current market rental with nil term for vacant space.
Capital management –debt facilities
SPL (excl. Industre joint operation assets and debt)

24
Stride Property Group | Interim Results HY24
$320m
$280m
$205m
$130m
$80m
1.28%
1.35%
2.78%
3.46%
3.93%
Sep-23Sep-24Sep-25Sep-26Sep-27
Fixed rate interest profile
As at 30 Sep 23
Notional fixed rate debt
Weighted average fixed interest rate (excl. margin and line fees)
Cost of debt
As at
30 Sep 23
As at
31 Mar 23
Weighted average cost of debt
(incl. margins & line fees)
4.06%3.96%
Weighted average interest rate on current
swaps (excl. margins & line fees)
1.28%1.28%
Weighted average hedging term remaining 1.9 years2.2 years
% of drawn debt hedged80%80%
Capital management –cost of debt
SPL (excl. Industre joint operation assets and debt)
•As at 30 Sep 23, SPL had $320m active interest rate swaps,
representing 80% of drawn debt. This increases to 86% after
considering commitments
1
•Weighted average cost of debt at 4.06% increased by only +10bps
over HY24, compared to a +75bps increase in the OCR, resulting
from SPL’s strong hedging position
•$65m facilities cancelled post balance date will support cost of debt
1.Refer footnote 6 on page 3.

25
Stride Property Group | Interim Results HY24
25
Stride Property Group | Interim Results HY24
Outlook
25

26
Stride Property Group | Interim Results HY24
Outlook
1.Refer footnote 6 on page 3.
Diversified platform
exposure to all four core commercial property classes
Committed to sustainability
2030 net zero target
Capital management initiatives
36% LVR and 86% of drawn debt hedged on a committed basis
1
8.00cps
FY24 combined cash dividend guidance confirmed
•The investment backdrop of the New
Zealand commercial property market
remains challenging with limited
transactional activity
•Stride’s high quality portfolio continues
to exhibit strong fundamentals
•Stride is successfully executing on
capital management initiatives that will
support its balance sheet for the future
and position it to achieve its strategic
goals when conditions are conducive

27
Stride Property Group | Interim Results HY24
27
Stride Property Group | Interim Results HY24
Glossary
27

28
Stride Property Group | Interim Results HY24
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) by that tenant under the terms of the relevant lease
as at the relevant date, annualised for the 12-month period on the basis of the occupancy level for the relevant property as at the relevant date, and assuming no default by
the tenant
Distributable 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
DRPDividend Reinvestment Plan
FYThe financial year ended 31 March
GOCTotal gross occupancy costs (excluding GST) expressed as a percentage of MAT
HYThe six month period ended 30 September
IndustreIndustre Property Joint Venture, a joint venture between SPL (through its wholly owned subsidiary, Stride Industrial Property Limited) 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 the portfolio as at 30 September 2023, as a
percentage of Contract Rental
LFRLarge Format Retail
LVRLoan to Value Ratio
MATMoving Annual Turnover, which is the annual sales on a rolling 12-month basis, including GST
NTANet Tangible Assets
OccupancyTotal net lettable area that is leased, calculated as leased area as a proportion of total net lettable area
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 capitalisationrate
WALTWeighted average lease term which is the lease term remaining to expiry across a property or portfolio and weighted by rental income
Glossary

29
Stride Property Group | Interim Results HY24
29
Stride Property Group | Interim Results HY24
Appendices
29

30
Stride Property Group | Interim Results HY24
Appendix 1: 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 $3.2bn as at
30 Sep 23, and when
taking into account
committed developments
1
Note: Numbers in chart may not sum due to rounding.
1.Refer footnote 4 and 6 on page 3.
$1,062m
$993m
$1,014m
$467m
$412m
$412m
$786m
$742m
$743m
$913m
$1,028m
$1,037m
$3,229m
($130m)
+$198m
+$20m
+$7m
($150m)
$3,174m
+$31m$3,205m
AUM
as at Mar 23
DisposalsAcquisitionsDevelopmentsMaintenance
capex
and other items
Net revaluation
movement
AUM
as at Sep 23
Committed
developments
Pro forma AUM
as at Sep 23
AUM movements over HY24

31
Stride Property Group | Interim Results HY24
Overview
1
TotalOfficeIndustrialLarge Format Retail
Town Centre/
Retail Shopping Centres
Office and Town Centre portfolio
Properties (no.)
9
63
Net Contract Rental($m)
61.8
41.220.6
WALT (years)
6.3
7.34.2
Occupancy (% by area)
2
96.2
94.298.5
Portfolio Valuation ($m)
3
991
707285
Percentage of Portfolio (% by value)
100
71
29
Stride ProductsSPLIndustreInvestoreDiversified
Properties (no.)
61
18412
Net Contract Rental ($m)
125.5
32.459.333.8
WALT(years)
7.0
9.77.73.0
Occupancy (% by area)
2
99.2
99.899.298.1
Portfolio Valuation ($m)
3
1,982
662933387
SPL investment metrics on a weighted, look-through basis
SPL investment in managed entities100%51.7%18.8%2.1%
Portfolio Valuation ($m)
3
1,518
9913431768
WALT (years)
7.1
6.39.77.73.0
Occupancy (% by area)
2
97.9
96.299.899.298.1
Percentage of Portfolio (% by value)
1006523111
Numbers may not sum due to rounding.
1.Portfolio metrics exclude properties classified as ‘Development and Other’ and held for sale in the consolidated financial statements for the relevant period, unless otherwise stated.
2.Refer footnote 3 on page 3.
3.Refer footnote 2 on page 3.
Appendix 2: Portfolio by sector

32
Stride Property Group | Interim Results HY24
4%
13%
10%
8%
12%
4%
10%
40%
FY24FY25FY26FY27FY28FY29FY30FY31+
SPL Overview
As at
30 Sep 23
As at
31 Mar 23
Properties (no.)
98
Tenants (no.)
241233
Net Lettable Area (sqm)
131,297117,063
Net Contract Rental($m)
61.8 51.9
WALT (years)
6.3 5.5
Occupancy (% by area)
2
96.297.3
Portfolio Valuation ($m)
3
991.3 846.6
Weighted Average Age (years)
10.2 12.0
Weighted Average Capitalisation Rate (%)
6.36.2
Appendix 3: SPL Office and Town Centre portfolio
1
1.Portfolio metrics exclude properties classified as ‘Development and Other’ in the consolidated financial statements for the relevant period, unless otherwise stated.
2.Refer footnote 3 on page 3.
3.Refer footnote 2 on page 3.
Location by Contract Rental
Sector by Contract Rental
Auckland
64%
Wellington
36%
Lease expiry profile by Contract Rental
30 Sep 23
Office
65%
Retail
35%

33
Stride Property Group | Interim Results HY24
Charts may not sum due to rounding.
1. Refer footnote 1 on page 3,
Appendix 4
$51.9m
$61.8m
$10.9m
$0.9m
($1.5m)
($0.3m)
As at
31 Mar 23
Office acquisition
(110 CGR)
Rent reviewsNet Leasing ImpactOther itemsAs at
30 Sep 23
Net Contract Rental
1
$25.3m
$25.4m
$3.2m
($2.2m)
$2.1m
($1.8m)
$0.5m
($1.6m)
HY22Net rental increase -
acquisition
Net rental reduction -
divestments
Net rental reduction -
remaining portfolio
offset by guarantee
income
Lower management fee
income
Lower corporate
overhead expenses and
administration
expenses
Higher net finance
expense
HY23
Profit before other expense and income tax

34
Stride Property Group | Interim Results HY24
1.Includes the value of Stride’s office at 34 Shortland Street, Auckland, which is shown in the consolidated interim financial statements as property, plant and equipment and excludes lease liabilities.
2.Includes 22 The Terrace, Wellington, which was included within assets classified as held for sale at 31 March 2023.
Charts may not sum due to rounding.
Appendix 4 (cont.)
$1.98
$1.85
$0.05
($0.11)
($0.03)
($0.04)
As at
31 Mar 23
Operating profit before taxNet reduction in fair value of
investment properties
Share of loss in associatesDividends
paid
As at
30 Sep 23
Net Tangible Asset per share
$1,254.1m
2
$1,177.2m
($29.4m)
$4.8m
$5.3m
($57.9m)
$0.4m
As at
31 Mar 23
DisposalsAcquisitionsCapital expenditureNet reduction in fair value
and loss on disposal
IFRSAs at
30 Sep 23
Investment Property
1

35
Stride Property Group | Interim Results HY24
*Relates to the six months ended 30 Sep 23. SPL’s share in Industre remained at 51.7% throughout this period.
For further information please refer to note 6.0 of the consolidated interim financial statements.
Sums may not add due to rounding.
Summarised statement of financial position($000)
Summarised statement of comprehensive income ($000)
Appendix 5: Industre summarised financial information
IndustreSPL’s interests
JointJointJointJoint
ventureoperations
Total
ventureoperations
Total
unauditedunauditedunauditedunauditedunauditedunaudited
30-Sep-2330-Sep-23
30-Sep-23
30-Sep-2330-Sep-23
30-Sep-23
Income11,9427,75719,6996,1794,01410,193
Expenses(9,350)(4,377)(13,727)(4,837)(2,264)(7,101)
Net change in fair value of investment properties(14,097)(248)(14,345)(7,293)(128)(7,421)
Profit on sale of investment properties3,382-3,3821,749-1,749
Net share of (loss)/profit*(8,123)3,132(4,991)(4,202)1,622(2,580)
IndustreSPL’s interests
JointJointJointJoint
ventureoperations
Total
ventureoperations
Total
unaudited unaudited unauditedunaudited unaudited unaudited
30-Sep-2330-Sep-23
30-Sep-23
30-Sep-2330-Sep-23
30-Sep-23
Assets
Current assets6,2491,0807,3293,2335593,792
Investment properties452,130289,950742,080233,916150,010383,926
Other non-current assets85,679-85,67944,327-44,327
Total assets544,058291,030835,088281,476150,569432,045
Liabilities
Current liabilities(3,879)(318)(4,197)(2,007)(165)(2,172)
Borrowings(240,215)(78,304)(318,519)(124,279)(40,512)(164,791)
Other non-current liabilities(2,639)-(2,639)(1,365)-(1,365)
Total liabilities(246,733)(78,622)(325,355)(127,651)(40,677)(168,328)
Net assets
297,325212,408509,733153,825109,892263,717

36
Stride Property Group | Interim Results HY24
Stride Property Group | Interim Results HY24
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 monthsended 30 September
2023. Please refer to Stride Property Group’s consolidated interim financial
statements for further information in relation to the six months ended 30
September 2023. 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 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$47,490 2.89%
Total Revenue $47,490 2.89%
Net profit/(loss) from
continuing operations
$(50,524) 4.90%
Total net profit/(loss) $(50,524) 4.90%
Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.01737500
Imputed amount per Quoted
Equity Security
$0.00233603
Record Date 06/12/2023
Dividend Payment Date 22/12/2023
Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00262500
Imputed amount per Quoted
Equity Security
$0.00102083
Record Date 06/12/2023
Dividend Payment Date 22/12/2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.85 $2.14
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 2023.

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

28 November 2023

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 June 2023

Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

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 X
Record date 06/12/2023
Ex-Date (one business day before the
Record Date)
05/12/2023
Payment date (and allotment date for
DRP)
22/12/2023
Total monies associated with the
distribution
1

$9,560,763
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01971103
Gross taxable amount
3
$0.00834296
Total cash distribution
4
$0.01737500
Excluded amount (applicable to listed
PIEs)
$0.01136807
Supplementary distribution amount $0.00106005

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.

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%
Imputation tax credits per financial
product
$0.00233603
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
05/12/2023 11/12/2023
Date strike price to be announced (if
not available at this time)
12/12/2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
To be determined and announced on 12/12/2023
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
07/12/23
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

28/11/2023

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.

---

Template
Distribution Notice

Updated as at June 2023

Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

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 X
Record date 06/12/2023
Ex-Date (one business day before the
Record Date)
05/12/2023
Payment date (and allotment date for
DRP)
22/12/2023
Total monies associated with the
distribution
1

$1,444,432
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.00364583
Gross taxable amount
3
$0.00364583
Total cash distribution
4
$0.00262500
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00046324

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.

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%
Imputation tax credits per financial
product
$0.00102083
Resident Withholding Tax per
financial product
$0.00018229
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
05/12/2023 11/12/2023
Date strike price to be announced (if
not available at this time)
12/12/2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
To be determined and announced on 12/12/2023
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
07/12/23
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

28/11/2023

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.

SPH Notice – ANZ New Zealand Investments Limited D&O Ongoing Disclosure

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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