Annual Shareholder Meetings 2024

•
•

---

•
•
•
•
•

•
•
•
•

•
•
•

•
•
•
•

---

Stride Property Group | Annual Results FY24
Stride Property Group
Annual Shareholder Meetings 2024

Stride Property Group | Annual Shareholder Meetings 2024
Boards of Directors
36%
20%
11%
16%
14%
3%
2
34 Shortland Street, Auckland
Tim Storey
Chair of Boards,
Independent
Nick Jacobson
Independent
Ross Buckley
Chair of the Audit and Risk
Committee, Independent
Jacqueline Cheyne
Chair of the Sustainability
Committee, Independent
Tracey Jones
Independent
Michelle Tierney
Independent

Stride Property Group | Annual Shareholder Meetings 2024
Management
36%
20%
16%
14%
3%
3
34 Shortland Street, Auckland
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Louise Hill
Company Secretary and General
Manager Corporate Services

4
Stride Property Group | Annual Shareholder Meetings 2024
Chair’s Address
Chief Executive Officer’s
Address
Consideration of 2024 Annual
Report
Resolution for Stride Property
Limited
Resolutions for Stride
Investment Management
Limited
General Business and
Shareholder Questions
Agenda

5
Stride Property Group | Annual Shareholder Meetings 2024
5
Stride Property Group | Annual Shareholder Meetings 2024
Chair’s Address

Stride Property Group | Annual Shareholder Meetings 2024
FY24 financial highlights
1.Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined non-recurring and/or
non-cash items, share of profit/(loss) in equity-accounted investments, dividends received from equity-accounted investments and current
tax. Further information, including the calculation of distributable profit and the adjustments to profit/(loss) before income tax, is set out in
note 4.2 to the consolidated financial statements.
Loss after income tax
$(56.1)m
compared to $(116.7)m loss
after income tax for FY23
Distributable profit
1
after
current income tax
$59.1m
up +2.6% from FY23
Net tangible assets
per share
$1.78
down (10.1)% from
31 March 2023
Net rental income
$72.3m
up +1.7% from FY23
20 Customhouse Quay, Wellington
FY24 combined cash
dividend
8.0 cents
per share
6

Stride Property Group | Annual Shareholder Meetings 2024
Capital management
37.2%
bank LVR
1
on a
committed
2

basis
28.1%
balance
sheet LVR
3
on a
committed
4

basis

73%
SPL drawn
debt fixed
on a
committed
2

basis
4.22%
SPL weighted
average cost
of debt
7
1.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
Industre joint operation and associated bank debt which are reported as part of the assets and liabilities of SPL (refer note 7.3 to the consolidated financial statements for further information).
2.SPL commitments include: (1) building upgrades at 34 Shortland Street, Auckland, and 215 Lambton Quay, Wellington (committed post balance date); and (2) various capital expenditure commitments contracted for (refer note 3.4 to the
consolidated financial statements).
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 Industre joint operation debt.
4.Commitments include: SPL: (1) building upgrades at 34 Shortland Street, Auckland, and 215 Lambton Quay, Wellington (committed post balance date); and (2) various capital expenditure commitments contracted for (refer note 3.4 to the
consolidated financial statements); IPL: (1) various capital expenditure commitments; and (2) the reduced Q4 FY24 dividend; Industre: development of the property at 16A Wickham Street, Hamilton, and the purchase price of the property at
160 Higgins Road, Hamilton, which was committed to post balance date, together with the equity contributions from the JV partner associated with these transactions.
As at 31 March 2024

8
Stride Property Group | Annual Shareholder Meetings 2024
8
Stride Property Group | Annual Shareholder Meetings 2024
8
Chief Executive
Officer’s Address

Stride Property Group | Annual Shareholder Meetings 2024
$705m
$284m
$390m
$972m
3
$676m
$35m
$17m
$24m
$50m
$8m
$14m
$51m
$1,031m
$1,003m
$414m
$777m
Commitments
Property categorised as 'Development and
Other'
Portfolio composition by value as at 31 March 2024
Products
Stride has committed
1
AUM of $3.2bn, including
developments
1.Commitments include: SPL: (1) building upgrades at 34 Shortland Street, Auckland, and 215 Lambton Quay, Wellington (committed post balance date); and (2) various capital expenditure commitments contracted for (refer note 3.4 to the
consolidated financial statements); IPL: (1) various capital expenditure commitments; and (2) the reduced Q4 FY24 dividend; Industre: development of the property at 16A Wickham Street, Hamilton, and the purchase price of the property at
160 Higgins Road, Hamilton, which was committed to post balance date, together with the equity contributions from the JV partner associated with these transactions.
2.Excludes: (1) SPL’s 51.7% interest in the joint operation component of Industre Property Joint Venture which is reported as part of assets of SPL in the consolidated financial statements (refer note 3.2 to the consolidated financial statements);
and (2) lease liabilities. Includes: (1) the value of Stride’s office at 34 Shortland Street, Auckland, which is shown in the consolidated financial statements as ‘Property, plant and equipment’; and (2) the value of the rental guarantee receivable in
relation to 110 Carlton Gore Road, Auckland.
3.Excludes lease liabilities.
1
Note: Numbers in chart may not sum due to rounding.
9
Office
Town Centre
2

Stride Property Group | Annual Shareholder Meetings 2024
Office
Retail Shopping
Centres
Large Format
Retail
Industrial
Recurring
management
fees
Activity and
performance
fees
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 income derived from its directly
held property plus revenue derived from its interests in the Stride Products which is calculated
based on net Contract Rental on a look-through basis as at 31 March 2024. Management fees
comprise FY24 management fees from Stride Products (i.e. excluding fees from SPL).
FY24 look-through revenue sources
1
36%
20%
11%
16%
14%
3%
10

Stride Property Group | Annual Shareholder Meetings 2024
Management fee income
FY24 management fee
1
income of $19.9m, down from FY23
•Recurring fees lower than FY23 primarily due to reduced portfolio
valuations of managed products
•Lower activity fees due to no performance fees and less transaction activity
1.Net of management fees received from SPL.
SIML management fees
1
Recurring fees
Activity and performance fees
$12.6m
$12.3m
$13.5m
$16.1m
$17.6m
$16.2m
$2.1m
$5.0m
$10.7m
$8.2m
$5.7m
$3.7m
$14.7m
$17.3m
$24.2m
$24.3m
$23.3m
$19.9m
FY19FY20FY21FY22FY23FY24
11

Stride Property Group | Annual Shareholder Meetings 2024
•Total portfolio valuation of $1.0bn as at 31 March 2024
•Strong portfolio
1
metrics including WALT of 7.4 years and
occupancy of 99.4% including post balance date lease
agreements
•Development of new Woolworths Waimakariri Junction,
Kaiapoi, completed November 2023
•88% drawn debt subject to a fixed interest rate as at 31 March
2024
1.Portfolio metrics exclude properties classified as ‘Development and Other’ in Investore’s consolidated
financial statements for the relevant period.
12
•Sales growth contributed to strong leasing activity
•Specialty moving annual turnover
2
increased +3.4% against
FY23
•Rent reviews generated an uplift of +5.9%

on prior rentals
2
•Total portfolio valuation of $414m as at 31 March 2024
2. Metrics exclude properties classified as ‘Development and Other’ in Diversified’s financial statements.
1.Portfolio metrics exclude properties classified as ‘Development and Other’ in Investore’s consolidated financial statements for the relevant period.

Stride Property Group | Annual Shareholder Meetings 2024
•Disposal of two properties at a price 10%
above combined book value
•Total portfolio valuation of $726m as at
31 March 2024
•Development completed at 34 Airpark
Drive, Auckland, delivering a 15%
development margin
•Commenced development of a new
warehouse at 16A Wickham Street,
Hamilton
•Post balance date Industre acquired
7.9 hectares of land in Hamilton, providing
future development opportunities
13

Stride Property Group | Annual Shareholder Meetings 2024
SPL office and town
centre portfolio
•Stride’s office and town centre portfolio is
valued at $1.0bn as at 31 March 2024
•110 Carlton Gore Road, Auckland, a new
6 Green Star Design rated building, acquired
May 2023
•22 The Terrace, Wellington, sold July 2023
•SPL’s town centre assets of Silverdale
Centre and NorthWest Shopping Centre are
located in fast-growing regions of Auckland,
with moving annual turnover increasing
during FY24
•166 rent reviews and lease renewals
completed across the office and town centre
portfolios during FY24, delivering a 4.9%
uplift on prior rentals
14

Stride Property Group | Annual Shareholder Meetings 2024
34 Shortland Street, Auckland
During FY24, refurbishment
works progressed at
34 Shortland Street:
•Lobby redeveloped
•End of trip facilities installed
•Floor upgrades continue
•Mechanical upgrades in
progress, targeting a minimum
4 Star NABERSNZ rating
•Net market rentals increased
by 15% since September 2022,
which was prior to works
commencing
34 Shortland Street, Auckland
15

16
Stride Property Group | Annual Shareholder Meetings 2024
16
Stride Property Group | Annual Shareholder Meetings 2024
Sustainability
16
Sustainability

Stride Property Group | Annual Shareholder Meetings 2024
Progress against targets
TargetFY24 Achievement
Reduce scope 1 and 2 emissions18.7% decrease from FY20 baseline year
Improve energy and water efficiencyGas and electricity usage down 7.1% from FY23
Target 90% diversion of waste from
landfill for development activities
82% diversion of waste by weight from landfill
Remove gas from all propertiesCarbon transition plan developed, including
removal of gas from offices
Develop plan to remove harmful
refrigerants
R22 refrigerant replacement programme
commenced, and is ongoing
Reduce waste to landfillTenant waste to landfill increased for FY24,
although total waste across operations decreased
from FY23
17

Stride Property Group | Annual Shareholder Meetings 2024
Transitioning to a low carbon future
Upgrades to
existing buildings
Carbon transition
plan developed
Developments
New developments
target a 5 Green Star
rating

Acquisitions
New acquisitions
(excl development
assets) target a
5 Green Star rating
where appropriate
SIML and employee
emissions
Employee commuting
and business travel
emissions are the
initial focus, followed
by other operational
emissions
18

Stride Property Group | Annual Shareholder Meetings 2024
Outlook
•Challenging macroeconomic conditions
continue, impacting activity in the short term
•Market conditions may also create new
opportunities for Stride’s real estate
investment management business
•Focus on delivering Industre’s development
pipeline and SPL’s office upgrade initiatives
•Stride Boards confirm they intend to pay a
combined cash dividend for SPL and SIML
during FY25 of 8.0 cents per share, subject
to market conditions
19

20
Stride Property Group | Annual Shareholder Meetings 2024
20
Stride Property Group | Annual Shareholder Meetings 2024
Formal
Business
20

21
Stride Property Group | Annual Shareholder Meetings 2024
21
Stride Property Group | Annual Shareholder Meetings 2024
21
Stride Property
Limited Resolution

Stride Property Group | Annual Shareholder Meetings 2024
Resolution 1: Auditor’s remuneration
22
That the Directors be authorised to fix the
remuneration of PwC as auditor of Stride
Property Limited for the ensuing year

Stride Property Group | Annual Shareholder Meetings 2024
SPL proxy votes received
Resolution 1: Auditor’s Remuneration
Proxy Votes LodgedForAgainstDiscretionary
351,765,53395.43%0.13%
4.44%

24
Stride Property Group | Annual Shareholder Meetings 2024
24
Stride Property Group | Annual Shareholder Meetings 2024
24
Stride Investment
Management
Limited Resolutions

Stride Property Group | Annual Shareholder Meetings 2024
Resolution 1: Auditor’s remuneration
25
That the Directors be authorised to fix the
remuneration of PwC as auditor of Stride
Investment Management Limited for the
ensuing year

Stride Property Group | Annual Shareholder Meetings 2024
Resolution 2: Re-election of Director Ross Buckley
That Ross Buckley be re-
elected as a Director of Stride
Investment Management
Limited

Stride Property Group | Annual Shareholder Meetings 2024
Resolution 3: Re-election of Director Nick Jacobson
That Nick Jacobson be
re-elected as a Director of
Stride Investment
Management Limited

Stride Property Group | Annual Shareholder Meetings 2024
SIML proxy votes received
Resolution 1: Auditor’s Remuneration
Proxy Votes LodgedForAgainstDiscretionary
351,756,934
95.41%0.13%4.45%
Resolution 2: Re-election of Director Ross Buckley
Proxy Votes LodgedForAgainstDiscretionary
351,791,464
95.25%0.19%4.56%
Resolution 3: Re-election of Director Nick Jacobson
Proxy Votes LodgedForAgainstDiscretionary
351,595,162
95.24%0.19%4.57%

29
Stride Property Group | Annual Shareholder Meetings 2024
29
Stride Property Group | Annual Shareholder Meetings 2024
General Business
and Shareholder
Questions
29

30
Stride Property Group | Annual Shareholder Meetings 2024
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 year ended 31 March 2024. Please refer to the Stride
Property Group Annual Report 2024 for further information in
relation to the year ended 31 March 2024. 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.