HY25 Interim Results

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

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

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Consolidated Interim Financial Statements
for the six months ended 30 September 2024

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2024
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Notes$000$000
Gross rental income
50,263
48,038
Direct property operating expenses
(14,257)
(13,237)
Net rental income3.136,006
34,801
Guarantee income-
2,421
Management fee income9,413
10,268
Less corporate expenses
Corporate overhead expenses
7.2(7,883)
(9,081)
Administration expenses
7.2(2,447)
(2,644)
Total corporate expenses(10,330)
(11,725)
Profit before net finance expense, other (expense)/income and income tax35,089
35,765
Net finance expense
5.3(9,717)
(10,337)
Profit before other (expense)/income and income tax25,372
25,428
Other (expense)/income
Net change in fair value of investment properties
3.2(3,582)
(55,263)
Share of profit/(loss) in equity-accounted investments
6.22,864
(16,712)
Gain/(loss) on disposal of investment properties
27
(2,341)
Hedge ineffectiveness of cash flow hedges
-
(391)
Profit/(loss) before income tax24,681
(49,279)
Income tax expense
7.1(6,222)
(1,245)
Profit/(loss) after income tax attributable to shareholders18,459
(50,524)
Other comprehensive (loss)/income:
Items that may be reclassified subsequently to profit or loss
Deferred tax on share based payment expense
247
137
Movement in cash flow hedges, net of tax
(7,120)
857
Changes in cash flow hedge reserve in equity-accounted investments
(2,050)
763
Total other comprehensive (loss)/income after tax(8,923)
1,757
Total comprehensive income/(loss) after tax attributable to shareholders9,536
(48,767)
Stride Property Limited (SPL) total comprehensive income/(loss) after tax attributable
to shareholders
5,060
(52,924)
Stride Investment Management Limited (SIML) total comprehensive income after tax attributable
to shareholders
5.54,476
4,157
Total comprehensive income/(loss) after tax attributable to shareholders9,536
(48,767)
Earnings per share (EPS)4.1
Basic EPS (cents)3.30
(9.26)
Diluted EPS (cents)3.28
(9.26)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
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 2024
Number of
shares
Share
capital
Retained
earnings
Other
reservesTotal
Notes000$000$000$000$000
Balance at 31 Mar 24 (Audited)558,408884,02293,65314,758992,433
Transactions with shareholders:
Dividends paid
4.3--(22,418)-(22,418)
Share based payment expense net of forfeited
employee incentive rights
7.2---605605
New shares issued in relation to employee
incentive rights
631----
Total transactions with shareholders631-(22,418)605(21,813)
Total other comprehensive loss
---(8,923)(8,923)
Profit after income tax
--18,459-18,459
Total comprehensive income/(loss)--18,459(8,923)9,536
Balance at 30 Sep 24 (Unaudited)559,039884,02289,6946,440980,156
Balance at 31 Mar 23 (Audited)
543,321863,309192,27920,1491,075,737
Transactions with shareholders:
Dividends reinvested/(paid)
4.3
6,7408,921(20,941)-(12,020)
Share based payment expense net of forfeited
employee incentive rights
7.2
---934934
New shares issued in relation to employee
incentive rights199----
Total transactions with shareholders
6,9398,921(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
4
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
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 2024
Unaudited
30 Sep 24
Audited
31 Mar 24
Notes$000$000
Current assets
Cash at bank
11,844
14,762
Trade and other receivables
7.42,798
4,248
Prepayments
3,812
176
Derivative financial instruments
5.22,478
6,535
20,932
25,721
Assets held for transfer to Industre joint venture
6.3142,087
-
163,019
25,721
Non-current assets
Investment properties
3.21,043,561
1,190,883
Equity-accounted investments
6.2224,474
222,354
Loan to associate
7.33,398
3,398
Property, plant and equipment
7.69,001
9,058
Derivative financial instruments
5.23,218
6,879
Other non-current assets
2,126
250
1,285,778
1,432,822
Total assets1,448,797
1,458,543
Current liabilities
Trade and other payables
7.510,329
16,096
Lease liability
7
7
Current tax liability
3,411
1,755
13,747
17,858
Borrowings (Industre joint operation participating interest) held for transfer to Industre
joint venture
6.338,635
-
52,382
17,858
Non-current liabilities
Bank borrowings
5.1382,367
374,598
Borrowings (Industre joint operation participating interest)
6.3-
40,297
Lease liability
27,604
27,607
Deferred tax liability
3,925
5,686
Derivative financial instruments
5.22,363
64
416,259
448,252
Total liabilities468,641
466,110
Net assets980,156
992,433
Share capital
884,022
884,022
Retained earnings
89,694
93,653
Reserves
6,440
14,758
Equity980,156
992,433
SPL equity
957,210
971,730
SIML equity (non-controlling interest)
5.522,946
20,703
Equity980,156
992,433
For and on behalf of the Boards of Directors of SPL and SIML, who authorised these consolidated interim financial statements for issue on
27 November 2024:
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 2024
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 2024
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Notes$000$000
Cash flows from operating activities
Gross rental received
49,886
51,810
Management fee income
10,002
10,208
Bank interest received
389
307
Direct property operating and corporate expenses
(28,459)
(27,561)
Interest paid
(10,552)
(11,075)
Share based payment costs
(516)
-
Income tax paid
(3,277)
(5,111)
Guarantee income in relation to 46 Sale Street, Auckland
-
2,421
Net cash provided by operating activities17,473
20,999
Cash flows from investing activities
Dividend income from equity-accounted investments net of dividends reinvested
7.33,418
3,022
Capital expenditure on investment properties
(7,182)
(6,040)
Capital expenditure on other investing activities
(1,876)
-
Property, plant and equipment purchased
(30)
(18)
Interest received in relation to the loan advance on 110 Carlton Gore Road, Auckland
-
1,556
Acquisition of investment properties
-
(35,366)
Net proceeds from disposal of investment properties
-
29,005
Net cash applied to investing activities(5,670)
(7,841)
Cash flows from financing activities
Drawdown on bank borrowings
11,200
36,000
Repayment of bank borrowings
(3,500)
(39,000)
Lease liabilities payments
(3)
(8)
Dividends paid net of dividends reinvestment
4.3(22,418)
(12,020)
Net cash applied to financing activities(14,721)
(15,028)
Net decrease in cash and cash equivalents held(2,918)
(1,870)
Opening cash and cash equivalents
14,762
16,833
Closing cash and cash equivalents11,844
14,963
Cash and cash equivalents consists of:
Cash at bank
11,534
14,682
Cash held for retentions
310
281
Cash and cash equivalents at balance date11,844
14,963
6
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
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 2024
Reconciliation of profit/(loss) after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Notes$000$000
Proft/(loss) after income tax attributable to shareholders18,459
(50,524)
Add/(less) non-cash items:
Movement in deferred tax
7.11,289
(3,302)
Net change in fair value of investment properties
3,582
55,263
Share of (profit)/loss in equity-accounted investments
(2,864)
16,712
(Gain)/loss on disposal of investment properties
(27)
2,341
Spreading of fixed rental increases
(936)
(900)
Capitalised lease incentives net of amortisation
(549)
500
Movement in loss allowance
380
(187)
Share based payment expense net of forfeited employee incentive rights
7.2605
934
Non-cash movements in property, plant and equipment recognised in profit and loss
87
388
Borrowings establishment costs amortisation
69
154
Non-cash interest income received
7.3(148)
(145)
Accrued interest movement in derivative financial instruments
92
(94)
Hedge ineffectiveness of cash flow hedges
-
391
20,039
21,531
Add activity reclassified to operating activities:
Movement in working capital items relating to investing activities
3,731
30,558
23,770
52,089
Movement in working capital:
Decrease in trade and other receivables
1,450
5,219
Increase in prepayments
(3,636)
(3,095)
Decrease in trade and other payables
(5,767)
(32,650)
Increase/(decrease) in current tax liability
1,656
(564)
Net cash provided by operating activities17,473
20,999
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
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 2024
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 for15
4.0Investor Returns
16
4.1Basic and diluted earnings per share (EPS)16
4.2Net tangible assets (NTA) per share16
4.3Dividends paid16
4.4Distributable profit17
5.0Capital Structure and Funding
18
5.1Borrowings18
5.2Derivative financial instruments19
5.3Net finance expense19
5.4Share capital20
5.5SIML equity (non-controlling interest)20
6.0Investments in Property Entities
21
6.1Industre21
6.2Interests in associates and joint venture21
6.3Industre joint operation22
7.0Other
23
7.1Income tax23
7.2Total corporate expenses23
7.3Related party disclosures24
7.4Trade and other receivables26
7.5Trade and other payables26
7.6Property, plant and equipment26
7.7Contingent liabilities27
7.8Subsequent events27
8
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

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 (SIPL) (together referred to as SPL), and Stride Investment Management Limited (SIML), each of SPL and SIML being a
“Stapled Entity”, and together the Stride Property Group (Stride). For accounting purposes, stapling gives rise to the combination of the Stapled Entities
into a consolidated group. For the purposes of financial reporting, one of the combining entities is required to be identified as the parent entity of the
consolidated group. In the case of Stride, SPL has been identified as the parent for the purposes of preparing the financial statements and consequently
SIML’s equity is presented as the non-controlling interest in the financial statements.
SPL is principally involved in the ownership of investment properties in New Zealand and SIML is principally involved in the management of real estate
investment entities in New Zealand. SPL and SIML are both domiciled in New Zealand, are both registered under the Companies Act 1993 and are both
FMC reporting entities under Part 7 of the Financial Markets Conduct Act 2013.
Shares of SPL and SIML are stapled and quoted on the Main Board equity securities market of NZX under the ticker code SPG.
The financial statements were approved for issue by the Board of Directors of SPL (SPL Board) and the Board of Directors of SIML (SIML Board),
together the “Boards”, on 27 November 2024.
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 2024 annual consolidated financial statements.
1.3
 New standards, amendments and interpretations
In May 2023, the New Zealand Accounting Standards Board released an amendment to NZ IAS 1 Presentation of Financial Statements (NZ IAS 1) 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 been adopted, although it has not materially impacted Stride's financial statements.
In May 2024, the External Reporting Board introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) (effective for
annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1 and primarily introduces a defined structure for the
statement of comprehensive income, disclosure of management-defined performance measures (a subset of non-GAAP measures) in a single note,
together with reconciliation requirements. Stride has not early adopted this standard and is yet to assess its impacts.
At the date of authorisation of these financial statements, Stride has not applied any new or revised NZ IFRS standards and amendments that have been
issued but are not yet effective.
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 2024.
In applying Stride's accounting policies, the Boards and Management regularly evaluate judgements, estimates and assumptions that may have an impact
on Stride Property Group. The significant judgements, estimates and assumptions made in the preparation of these financial statements were the same as
those applied in respect of the consolidated financial statements as at and for the year ended 31 March 2024.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2024
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 (NTA) 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:
Change in participating interest of Industre
On 30 April 2024, J.P. Morgan Asset Management (JPMAM) contributed $20.0 million equity into the Industre joint arrangement (Industre) resulting in
SPL's participating interest reducing from 51.7% to 49.6%.
Revaluation of investment properties
SPL undertook independent valuations on some of the portfolio as at 30 September 2024. The overall net reduction in fair value of the total portfolio was
$(3.6)
 million (30 Sep 23: $(55.3) million net reduction) (refer note 3.2).
10
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

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/(loss) in equity associates and
the joint venture being Investore Property Limited (Investore), Diversified NZ Property Trust (Diversified) and Industre joint venture (refer note 6.2).
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre (refer note 6.1), Diversified and SPL. For
the revenue earned from Investore, Industre and Diversified, refer 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 24
Segment profit$000$000$000$000$000
Net rental income34,0671,939--36,006
Management fee income--15,143(5,730)9,413
Corporate and administration expenses(4,605)3,378(9,794)691(10,330)
Profit before net finance expense, other (expense)/income and
income tax29,4625,3175,349(5,039)35,089
Net finance expense
(10,462)565638(458)(9,717)
Profit before other (expense)/income and income tax19,0005,8825,987(5,497)25,372
Other (expense)/income
Net change in fair value of investment properties
(3,736)154--(3,582)
Share of profit in equity-accounted investments
2,864---2,864
Gain on disposal of investment properties
27---27
Profit before income tax18,1556,0365,987(5,497)24,681
Income tax expense
(4,464)-(1,758)-(6,222)
Profit after income tax attributable to shareholders13,6916,0364,229(5,497)18,459
Total other comprehensive (loss)/income after tax
(9,170)-247-(8,923)
Total comprehensive income after tax attributable to shareholders4,5216,0364,476(5,497)9,536
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 2024
11

2.0 Operating Segments (continued)
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 23
Segment profit$000$000$000$000$000
Net rental income
33,3291,472--34,801
Guarantee income
2,421---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 tax
30,9434,8745,256(5,308)35,765
Net finance expense(10,827)370450(330)(10,337)
Profit before other expense and income tax
20,1165,2445,706(5,638)25,428
Other expense
Net change in fair value of investment properties(55,512)249--(55,263)
Share of profit 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 expense441-(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 tax1,620-137-1,757
Total comprehensive (loss)/income after tax attributable
to shareholders
(52,931)5,6454,157(5,638)(48,767)
SPL
SPL
eliminationsSIML
SIML
eliminationsTotal
Segment assets and liabilities$000$000$000$000$000
Balance at 30 Sep 24 (Unaudited)
Total assets
1,439,93247528,241(19,851)1,448,797
Total liabilities
483,436(16,858)5,295(3,232)468,641
Balance at 31 Mar 24 (Audited)
Total assets1,447,261-26,287(15,005)1,458,543
Total liabilities475,708(13,897)5,584(1,285)466,110
As at 30 September 2024, SPL had assets of $227.8 million (31 Mar 24: $225.8 million) relating to equity-accounted investments (refer note 6.2) and
loan to associate (refer note 7.3).
12
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

3.0 Property
This section covers property assets which generate Stride's trading performance.
3.1 Net rental income
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
SPL$000$000
Gross rental income
Rental income
37,897
37,779
Service charge income recovered from tenants
10,881
9,809
Spreading of fixed rental increases
936
900
Capitalised lease incentives
1,064
132
Lease incentives amortisation
(515)
(582)
Total gross rental income50,263
48,038
Direct property operating expenses
Rates and insurance
(7,879)
(7,107)
Property maintenance costs
(3,131)
(3,010)
Utilities
(1,364)
(1,361)
Other property operating expenses
(1,503)
(1,896)
Lease incentives amortisation
-
(50)
Movement in loss allowance
(380)
187
Total direct property operating expenses(14,257)
(13,237)
Net rental income36,006
34,801
Other property operating expenses include operating expenses not recoverable from tenants and property leasing expenses. Salaries and wages
expenses of $0.8 million (30 Sep 23: $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 2024
13

3.0 Property (continued)
3.2 Investment properties
The movement in SPL's investment properties during the six months to 30 September 2024 is as follows:
OfficeTown CentreIndustrial
Development
and OtherTotal
SPL$000$000$000$000$000
Balance at 31 Mar 24 (Audited)695,700311,114148,81935,2501,190,883
Capital expenditure
2,5032961081923,099
Spreading of fixed rental increases
8681161(4)936
Capitalised lease incentives
1,01844-21,064
Lease incentives amortisation
(160)(317)(22)(16)(515)
Assets held for transfer to Industre joint venture
--(142,087)-(142,087)
Disposals
--(6,237)-(6,237)
Net change in fair value
(4,229)213(642)1,076(3,582)
Balance at 30 Sep 24 (Unaudited)695,700311,361-36,5001,043,561
Comprised of:
Investment properties at valuation
695,700283,750-36,5001,015,950
Lease liability
-27,611--27,611
Balance at 30 Sep 24 (Unaudited)695,700311,361-36,5001,043,561
A revaluation movement of $0.2 million (30 Sep 23: $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 24: $27.6 million) is in respect of the ground lease at NorthWest Shopping Centre, Auckland.
Included in the 30 September 2024 balance of investment property at valuation is an implicit right-of-use asset of $9.1 million (31 Mar 24: $9.1 million)
in relation to a peppercorn ground lease at 55 Lady Elizabeth Lane, Wellington, with an associated immaterial lease liability.
SIML has an office located in the SPL owned office building at 34 Shortland Street, Auckland. 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 2024

3.0 Property (continued)
3.2 Investment properties (continued)
Valuation basis
All investment properties were valued by independent valuers as at 31 March 2024. The SPL Board has reviewed the fair value of the investment
properties as at 30 September 2024 on an asset by asset basis after considering recent comparable transactional evidence of market sales, leasing
activity and capital expenditure and is satisfied there has been no significant change to the overall carrying value, other than the following investment
properties, which were subject to an independent valuation due to capital expenditure works or leasing activity undertaken during the current period.
Unaudited
30 Sep 24
Valuer$000
Town Centre
61 Silverdale Street, AucklandCVAS (NZ) Limited
107,000
NorthWest Shopping Centre, AucklandJones Lang LaSalle Limited
138,000
NorthWest Two, AucklandJones Lang LaSalle Limited
38,750
Town Centre total283,750
Development and Other
55 Lady Elizabeth Lane, WellingtonCVAS (WLG) Limited
13,000
Johnsonville Shopping Centre, Wellington (50%)Jones Lang LaSalle Limited
23,500
Development and Other total36,500
The above investment properties were valued using the same valuer (each being independent registered valuers who hold an annual practising certificate
with the Valuers Registration Board and are members of the New Zealand Institute of Valuers) as valued the respective property for the 31 March 2024
independent valuations.
With regards to these investment properties, the valuers took into account the following:
•overall occupancy (leased area as a proportion of the total net lettable area) average was 96.9% at balance date;
•average lease term (weighted average lease term) was 3.7 years at balance date; and
•discount rates ranged from 8.25% to 8.63%.
Works are required to improve the seismic performance of the office property at 55 Lady Elizabeth Lane, Wellington. The cost to complete stated in
the 30 September 2024 valuation was determined by Management using estimates of the ‘on cost‘ elements (design, consultant, legal and contingency
allowances) as well as relevant work costings for this property which were provided by a registered quantity surveyor and is the best available information
at the date of valuation. The final cost could be higher or lower and this could impact on the fair value of the property.
Capitalisation rates ranged from 7.00% to 7.63% for the investment properties valued.
3.3
 Capital expenditure commitments contracted for
As at 30 September 2024, SPL has committed to the following capital expenditure works:
•$2.9 million (31 Mar 24: $1.5 million) for further building upgrades at 34 Shortland Street, Auckland;
•$6.0 million (31 Mar 24: $ nil) for building upgrades at 215 Lambton Quay, Wellington; and
•$0.5 million (31 Mar 24: $1.2 million) for various other capital expenditure works to be undertaken.
Stride has no other material capital expenditure commitments as at 30 September 2024.
Subsequent to balance date, SPL has committed to a further $1.5 million for capital expenditure works for 55 Lady Elizabeth Lane, Wellington,
$0.9 million for 215 Lambton Quay, Wellington, and $0.8 million for 34 Shortland Street, Auckland.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2024
15

4.0 Investor Returns
This section sets out Stride's earnings per share, NTA 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 24
Unaudited
6 months
30 Sep 23
Profit/(loss) after income tax attributable to shareholders ($000)18,459
(50,524)
Weighted average number of shares for purpose of basic EPS (000)
558,984
545,531
Basic EPS - SPL (cents)
2.54
(10.00)
Basic EPS - SIML (cents)
0.76
0.74
Basic EPS - weighted (cents)3.30(9.26)
Weighted average number of shares for purpose of diluted EPS (000)
562,605
549,202
Diluted EPS - SPL (cents)
2.53
(10.00)
Diluted EPS - SIML (cents)
0.75
0.74
Diluted EPS - weighted (cents)3.28
(9.26)
Weighted average number of shares for the purpose of diluted EPS has been adjusted for 3,620,978 (30 Sep 23: 3,670,618) rights issued under
SIML’s long term share incentive schemes and short term incentive rights.
4.2
 Net tangible assets (NTA) per share
Unaudited
30 Sep 24
Audited
31 Mar 24
Unaudited
30 Sep 23
Number of shares on issue (000)
559,039
558,408550,260
Total assets ($000)
1,448,797
1,458,5431,503,248
Less total liabilities ($000)
(468,641)
(466,110)(487,364)
NTA ($000)980,156
992,4331,015,884
NTA per share (cents)175
178185
4.3 Dividends paid
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
The following dividends were declared and paid by SPL during the period:
Q4 2024 final dividend 1.9400 cents (Q4 2023 1.7808 cents)
10,845
9,680
Q1 2025 interim dividend 1.5625 cents (Q1 2024 1.7375 cents)
8,735
9,500
Total dividends paid - SPL19,580
19,180
The following dividends were declared and paid by SIML during the period:
Q4 2024 final dividend 0.0600 cents (Q4 2023 0.0600 cents)
342
326
Q1 2025 interim dividend 0.4375 cents (Q1 2024 0.2625 cents)
2,496
1,435
Total dividends paid - SIML2,838
1,761
Total dividends paid - Stride22,418
20,941
16
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

4.0 Investor Returns (continued)
4.4 Distributable profit
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Profit/(loss) before income tax24,681
(49,279)
Non-recurring, non-cash, and other adjustments:
Net change in fair value of investment properties
3,582
55,263
(Gain)/loss on disposal of investment properties
(27)
2,341
Reversal of the lease liability movement in net change in fair value of investment properties
(3)
(3)
Share of (profit)/loss in equity-accounted investments
(2,864)
16,712
Project management and disposal fees eliminated in SIML
154
401
Rental guarantee income
124
439
Dividend income from equity-accounted investments
3,418
3,022
Spreading of fixed rental increases
(936)
(900)
Capitalised lease incentives net of amortisation
(549)
500
Incentive to anchor tenant for early lease renewal
728
-
Share based payment expense net of forfeited employee incentive rights
605
934
Non-cash movements in property, plant and equipment recognised in profit and loss
87
388
Borrowings establishment costs amortisation
69
154
Non-cash interest income
(148)
(145)
Hedge ineffectiveness of cash flow hedges
-
391
Rental surrender income received
-
3,750
Interest received in relation to loan advance on 110 Carlton Gore Road, Auckland
-
1,556
Distributable profit before current income tax28,921
35,524
Current tax expense(4,933)
(4,547)
Adjusted for:
Tax expense on depreciation recovered on disposal of investment properties
79
437
Distributable profit after current income tax24,067
31,414
Adjustments to funds from operations:
Maintenance capital expenditure
(1,742)
(341)
Incentives and associated landlord works
(1,192)
(1,160)
Adjusted Funds From Operations (AFFO)21,133
29,913
Weighted average number of shares for the purpose of basic distributable profit per share (000)
558,984
545,531
Basic distributable profit after current income tax per share - weighted (cents)4.31
5.76
AFFO basic distributable profit after current income tax per share - weighted (cents)3.78
5.48
Weighted average number of shares for the purpose of diluted distributable profit per share (000)
562,605
549,202
Diluted distributable profit after current income tax per share - weighted (cents)4.28
5.72
AFFO diluted distributable profit after current income tax per share - weighted (cents)3.76
5.45
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
17

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.
5.1 Borrowings
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
Non-current
Bank facility drawn down
382,700
375,000
Unamortised borrowing establishment costs
(333)
(402)
Total net borrowings382,367
374,598
Weighted average interest rate of debt (inclusive of current interest rate derivatives, margins and
line fees) at balance date
4.08%
4.22%
Total
Undrawn
facility
Drawn
amount
30 Sep 24 (Unaudited)Expiry date$000$000$000
Facility A30 Nov 2026
60,000-60,000
Facility B30 Nov 2027
50,000-50,000
Facility F130 Nov 2026
100,000-100,000
Facility F230 Nov 2027
150,000-150,000
Facility F430 Nov 2026
100,00077,30022,700
460,00077,300382,700
31 Mar 24 (Audited)
Facility A30 Nov 202660,000-60,000
Facility B30 Nov 202750,00010,00040,000
Facility F130 Nov 2026100,000-100,000
Facility F230 Nov 2027150,000-150,000
Facility F430 Nov 2026100,00075,00025,000
460,00085,000375,000
SPL’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited (ANZ), China Construction Bank Corporation
(New Zealand Branch), Industrial and Commercial Bank of China Limited, Auckland Branch, 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.
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, $350.0 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 (2023) and International
Capital Market Association (ICMA) Green Bond Principles (2021 with June 2022 Appendix).
SIML does not have any bank borrowings (31 Mar 24: $ nil) however it does have a $3.0 million overdraft facility with ANZ, which has not been utilised
during the current period.
18
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 24
Audited
31 Mar 24
SPL$000$000
Active interest rate derivative contracts
280,000
280,000
Forward dated interest rate derivative contracts
205,000
130,000
Total notional principal value of interest rate derivative contracts485,000
410,000
Interest rate derivative assets - current
2,478
6,535
Interest rate derivative assets - non-current
3,218
6,879
Interest rate derivative liabilities - non-current
(2,363)
(64)
Fair values of interest rate derivative contracts3,333
13,350
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)
1.35%
1.35%
Percentage of drawn debt fixed
73%
75%
During the current period, SPL entered into the following forward-starting interest rate agreements:
•three year fixed agreements with a total notional value of $50.0 million and an effective date of 31 December 2025; and
•three year fixed agreement with a notional value of $25.0 million and an effective date of 31 January 2025.
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
derivatives that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount.
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 24: 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 2024 of between 4.87%, for the 90-day BKBM, and 3.90%, for the 10-year swap rate (31 Mar 24: 5.64% and 4.37%
respectively). There were no changes to these valuation techniques during the reporting period. As at 30 September 2024, the fair value of the interest
rate derivatives includes an accrued interest asset of $0.3 million (31 Mar 24: $0.4 million asset).
5.3
 Net finance expense
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Finance income
Bank interest income
389
307
Other finance income
148
145
Total finance income537
452
Finance expense
Bank borrowings interest
(9,396)
(9,930)
Lease liabilities interest
(858)
(859)
Total finance expense(10,254)
(10,789)
Net finance expense(9,717)
(10,337)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
19

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 16 April 2024, the Boards of SPL and SIML issued 630,993 Stapled Securities pursuant to employee share incentive schemes operated by SIML.
Each of SPL and SIML has 559,038,938 shares on issue as at 30 September 2024 (31 Mar 24: 558,407,945).
5.5 SIML equity (non-controlling interest)
Total
Notes$000
Balance 31 Mar 24 (Audited)20,703
Transactions with shareholders:
Dividends paid
4.3(2,838)
Other movements in reserves
605
Total transactions with shareholders(2,233)
Total other comprehensive income
247
Profit after income tax
4,229
Total comprehensive income4,476
Balance 30 Sep 24 (Unaudited)22,946
20
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

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 JPMAM.
As at
30 September 2024, SPL held a 49.6% interest in Industre (31 Mar 24: 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 arrangement 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 24
Audited
31 Mar 24
$000$000
Investore
1
92,404
93,023
Diversified
2
1,700
1,657
Industre joint venture
2
130,370
127,674
224,474
222,354
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 2024, was $81.7 million
(31 Mar 24: $81.7 million).
2These equity-accounted investments do not have quoted market prices as they are not listed.
As at 30 September 2024, all of the investment properties held by Diversified were valued by independent valuers, whilst the investment properties held
by the Industre joint venture were subject to desktop reviews. The majority of investment properties held by Investore were not subject to independent
valuations as at 30 September 2024 and have been held at their respective 31 March 2024 independent valuations. SPL’s share of the valuation
gains/(loss) are reflected in share of profit/(loss) in equity-accounted investments.
On 30 September 2024, the market value of the investment in Investore, based on the quoted closing market price of Investore's ordinary shares
of $1.16, 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 24: 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 2024 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 2024 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
profit/(loss) in equity-accounted investments
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Investore
1,819
(12,529)
Diversified
(82)
19
Industre joint venture
1,127
(4,202)
2,864
(16,712)
SPL's share in the Industre joint venture reduced from 51.7% as at 31 March 2024 to 49.6% as at 30 September 2024. Consequently, the share of
profit/(loss) has been calculated on the weighted average participating interest during the relevant period.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2024
21

6.0 Investments in Property Entities (continued)
6.3 Industre joint operation
SPL holds a 49.6% (31 Mar 24: 51.7%) interest in a joint arrangement with JPMAM relating to the investment properties listed below. As at
30 September 2024, the investment properties held by the Industre joint operation were valued using the same valuer (each being independent
registered valuers who hold an annual practising certificate with the Valuers Registration Board and are members of the New Zealand Institute of Valuers)
as valued the respective investment property for the 31 March 2024 independent valuations.
Unaudited
30 Sep 24
participating
interest
Valuer$000
30 Airpark Drive, AucklandSavills (NZ) Limited
23,917
20 Rockridge Avenue, AucklandJones Lang LaSalle Limited
12,739
25 O’Rorke Road and 15 Rockridge Avenue, AucklandCVAS (NZ) Limited
57,945
318 East Tamaki Road, AucklandCVAS (NZ) Limited
47,486
Total142,087
The Industre joint operation holds the beneficial ownership of these investment 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 investment 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 24
100%
Unaudited
6 months
30 Sep 24
participating
interest
Unaudited
6 months
30 Sep 23
100%
Unaudited
6 months
30 Sep 23
participating
interest
Summarised statement of comprehensive income$000$000$000$000
Income
7,8663,927
7,7574,014
Expenses
(4,803)(2,396)
(4,377)(2,264)
Net change in fair value of investment properties
(1,310)(649)
(248)(128)
Net profit1,753882
3,1321,622
Unaudited
30 Sep 24
100%
Unaudited
30 Sep 24
participating
interest
Audited
31 Mar 24
100%
Audited
31 Mar 24
participating
interest
Summarised statement of financial position$000$000$000$000
Assets
Current assets
979485
1,120579
Assets held for transfer to Industre joint venture
286,650142,087
--
Investment properties
--
287,650148,819
287,629142,572
288,770149,398
Liabilities
Current liabilities
(742)(368)
(482)(250)
Borrowings associated with assets held for transfer to Industre
joint venture
(77,943)(38,635)
--
Borrowings
--
(77,888)(40,297)
(78,685)(39,003)
(78,370)(40,547)
Net assets208,944103,569
210,400108,851
The net profit has been calculated on the weighted average participating interest during the relevant period. 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.
During the current period, SPL and JPMAM approved the restructure of Industre (Restructure). The Restructure will result in the investment properties
held within the Industre joint operation being disposed of and sold to the Industre joint venture subsequent to the reporting date (refer note 7.8). As at
the reporting date, these assets were available for immediate sale in their present condition and the deemed sale through the Restructure was highly
probable. As a result of the Restructure, SPL has reclassified the investment properties associated with the Industre joint operation to assets held for
transfer to Industre joint venture and borrowings associated with the Industre joint operation have been reclassified as borrowings held for transfer to
Industre joint venture in the consolidated statement of financial position as at 30 September 2024. 
22
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

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 24
Unaudited
6 months
30 Sep 23
Income tax$000$000
Current tax expense
(4,933)
(4,547)
Deferred tax (expense)/benefit
(1,289)
3,302
Income tax expense per the consolidated statement of comprehensive income(6,222)
(1,245)
Profit/(loss) before income tax24,681
(49,279)
Prima facie income tax using the company tax rate of 28%(6,911)
13,798
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(1,003)
(15,474)
Share of profit/(loss) in equity-accounted investments
802
(4,679)
Gain/(loss) on disposal of investment properties
8
(655)
Assessable income
(179)
(738)
Depreciation
2,085
3,958
Depreciation recovered on disposal of investment properties
(79)
(437)
Non-deductible expenses
(202)
(461)
Expenditure deductible for tax
375
175
Temporary differences
(229)
(61)
Other adjustments
400
27
Current tax expense(4,933)
(4,547)
Investment property depreciation
(1,140)
2,803
Other
(149)
499
Deferred tax (charged)/credited to profit or loss(1,289)
3,302
Income tax expense per the consolidated statement of comprehensive income(6,222)
(1,245)
Income tax expense arising from the Industre joint venture (Industre Property Tahi Limited and Industre Property Rua Limited) is $(0.2) million
(30 Sep 23: $(0.1) million).
7.2
 Total corporate expenses
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Corporate overhead expenses include:
Salaries and other short-term benefits
6,733
7,627
Revaluation deficit on property, plant and equipment recognised in profit and loss
-
300
Administration expenses include:
Share based payment expense
701
959
Forfeited employee incentive rights
(96)
(25)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024
23

7.0 Other (continued)
7.3 Related party disclosures
DiversifiedInvestore
Industre
joint
ventureDiversifiedInvestore
Industre
joint
venture
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 23
The following transactions with a related party
took place:
Asset management fee income
1,2672,5711,026
1,4632,7651,043
Salaries and wages recovery
1,165--
1,152--
Project management fee income
61107110
75410544
Building management fee income
88822572
76722063
Leasing fee income
475189147
54564251
Accounting fee income
87125-
87125-
Other fee income
3579208
3513973
Total fee income3,9783,2961,563
4,1243,7231,974
Rent paid
(52)--
(54)--
Interest income received
148--
145--
Reinvestment of unit holder interest
(147)--
(135)--
Reinvestment of unit holder distributions
(63)--
(93)--
Dividends received
-2,2881,130
-2,733764
Dividends reinvested
---
-(475)-
Interest expense
--(1,203)
--(1,179)
Unaudited
30 Sep 24
Unaudited
30 Sep 24
Unaudited
30 Sep 24
Audited
31 Mar 24
Audited
31 Mar 24
Audited
31 Mar 24
The following balances were receivable from/
(payable to) a related party:
Related party receivable
25134106
60410367
Interest-bearing loan
3,398--
3,398--
Borrowings (Industre joint operation participating interest)
held for transfer to Industre joint venture
--(38,635)
---
Borrowings (Industre joint operation participating interest)
---
--(40,297)
Other fee income includes licencing, disposal, maintenance and sustainability fees (30 Sep 23: licencing, disposal, maintenance, sustainability and share
buyback fees).
The below fee income was earned by SIML from the Industre joint operation and it represents the participating interest held by JPMAM.
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Asset management fee income
327
298
Leasing fee income
186
80
Building management fee income
25
24
Other fee income
12
11
550
413
24
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

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 24
Unaudited
6 months
30 Sep 23
$000$000
Charged from SIML to SPL:
Building management fee
625
580
Asset management fee
3,253
3,277
Salaries and wages recovery
838
828
Project management fee
154
249
Leasing fee
702
361
Accounting fee
125
125
Maintenance fee
33
38
Disposal fee
-
152
Total fees charged5,730
5,610
Interest on loan
565
370
Charged from SPL to SIML:
Rental and service charges for offices
259
335
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
The following balances were receivable/(payable) between SPL and SIML:
SPL - related party receivable (recognised in SIML)
58
97
SIML - related party payable (recognised in SPL)
(58)
(97)
SPL - related party loan receivable (recognised in SIML)
16,800
13,800
SIML - related party loan payable (recognised in SPL)
(16,800)
(13,800)
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.
During the current period, $0.5 million (31 Mar 24: $ nil) of personnel costs directly attributable to particular SPL projects were capitalised.
A loan agreement, based on commercial terms, exists between SIML and SPL under which SIML can loan funds up to $20.0 million to SPL for general
corporate purposes. As at 30 September 2024, SIML had loaned $16.8 million (31 Mar 24: $13.8 million) to SPL. The average interest rate charged for
the six month period ended 30 September 2024 was 8.17% (31 Mar 24: 8.12%). On consolidation, the loan and interest earned/paid are eliminated.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2024
25

7.0 Other (continued)
7.4 Trade and other receivables
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
Trade and other receivables
3,255
3,817
Less loss allowance
(1,033)
(653)
Trade and other receivables net of loss allowance
2,222
3,164
Rental guarantee receivable in relation to 110 Carlton Gore Road, Auckland
185
276
Related party receivable (refer note 7.3)
391
775
Interest receivable in relation to 110 Carlton Gore Road, Auckland
-
33
2,798
4,248
7.5 Trade and other payables
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
Trade payables
915
1,127
Development and capital expenditure payables and accruals
756
4,769
Seismic work accruals
-
151
Retention accruals
310
256
Rent in advance
1,214
804
Operating expense recovery accruals
105
241
Tenant deposits held
894
821
Employee entitlements
2,560
3,605
Other accruals and payables
3,575
4,322
10,329
16,096
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 24
Audited
31 Mar 24
$000$000
Property, plant and equipment
9,001
9,058
SIML has an office at 34 Shortland Street, Auckland, which is a property owned by SPL and therefore held as investment property. The value attributable
to this premise of $8.5 million (31 Mar 24: $8.5 million) has been recognised as property, plant and equipment.
26
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

7.0 Other (continued)
7.7 Contingent liabilities
SPL’s wholly owned subsidiary, 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 24: $355.0 million) and as
at 30 September 2024, $266.4 million (31 Mar 24: $273.9 million) of bank debt had been drawn down.
Subsequent to balance date, following the Restructure of Industre, (refer note 7.8) SIPL will no longer be the guarantor under the Industre
banking arrangements.
Stride has no other contingent liabilities at balance date (31 Mar 24: $ nil).
7.8 Subsequent events
On 31 October 2024, Industre was restructured. This Restructure resulted in the investment properties held by the Industre joint operation being
transferred to the Industre joint venture entities, which are accounted for as a joint venture (equity-accounted) by SPL. As a result of this, SPL's portion of
the Industre joint operation will cease to exist in SPL's financial statements. Following the Restructure, the two parties, SPL and JPMAM, continue to have
unanimous consent for all relevant activities.
On 27 November 2024, SPL declared a cash dividend for the period 1 July 2024 to 30 September 2024 of 1.5625 cents per share, to be paid on
17 December 2024 to all shareholders on SPL’s register at the close of business on 5 December 2024. At 1.5625 cents per share, the total dividend
payment will be $8,734,983. This dividend will carry imputation credits of 0.498652 cents per share. This dividend has not been recognised in the
financial statements.
On 27 November 2024, SIML declared a cash dividend for the period 1 July 2024 to 30 September 2024 of 0.4375 cents per share, to be paid on
17 December 2024 to all shareholders on SIML’s register at the close of business on 5 December 2024. At 0.4375 cents per share, the total dividend
payment will be $2,445,795. This dividend will carry imputation credits of 0.170139 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 11% of SIML’s
equity as at
30 September 2024.
On 27 November 2024, the Boards of SIML and SPL resolved that the dividend reinvestment plan will not operate for the dividends for the period
1 July 2024 to 30 September 2024.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2024
27

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 2024, 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 notes, comprising material accounting policy information and other
explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 30 September 2024, 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. The provision of these 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:
PricewaterhouseCoopers
27 November 2024
Auckland

PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, pwc.co.nz
28
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2024

Board of Directors
Tim Storey (Chair)
Ross Buckley
Jacqueline Cheyne
Michelle Tierney
Nick Jacobson
Tracey Jones
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West
Auckland 1142, New Zealand
T +64 9 912 2690
W strideproperty.co.nz
Auditor
PwC
PwC Tower
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119, Victoria Street West
Auckland 1142
T +64 9 488 8777
F +64 9 488 8787
E enquiry@computershare.co.nz
Legal Adviser
Bell Gully
Level 14, Deloitte Building
1 Queen Street, Auckland 1010
PO Box 4199, Auckland 1140
Bankers
ANZ Bank New Zealand Limited
China Construction Bank Corporation
(New Zealand Branch)
Industrial and Commercial Bank of China Limited,
Auckland Branch
Westpac New Zealand Limited
Corporate Directory

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 HY25
Stride Property Group
Interim Results
for the six months ended
30 September 2024 (HY25)

2
Stride Property Group | Interim Results HY25
3Overview
4HY25 financial overview
5Sector update
6
Investment management
business
9Portfolio
16Sustainability
18
HY25 consolidated interim
financial results
21Capital management
24Outlook
26Glossary
28Appendices
Capitalised and technical terms are defined in the glossary on page 27.
Numbers in charts may not sum due to rounding
Contents
Unless otherwise stated, property portfolio metrics: (1) exclude properties
reported as ‘Development and Other’ or ‘Assets held for sale’ in the
respective financial statements; (2) exclude lease liabilities; and (3) for
SPL’s office portfolio, includes Level 12, 34 Shortland Street, Auckland,
which is reported as ‘Property, plant and equipment’ in the consolidated
interim financial statements.

Stride Property Group | Interim Results HY25
SPL weighted
average cost of debt
4.08%
Occupancy
96%
WALT
6.8 years
Value
$1.5bn
Overview
WACR
6.2%
Total AUM
$3.3bn
on a committed
2
basis
External AUM
$2.2bn
on a committed basis
SPL drawn debt fixed
70.8%
on a committed basis
Stride Property Group as at 30 Sep 24
Stride’s look-through portfolio
1
Investment management business
Capital management
1.Comprising SPL’s directly held office and town centre portfolios and SPL’s proportionate ownership in the portfolios of each of the Stride Products.
2.Commitments include: SPL: (1) building upgrades at 34 Shortland Street, Auckland, and 215 Lambton Quay, Wellington; and (2) various capital expenditure commitments contracted for (refer note 3.3 to the consolidated interim financial
statements); Investore: (1) sale of Pak’nSave New Plymouth and Woolworths Invercargill, (2) acquisition of Bunnings Westgate, and (3) various other capital expenditure; Industre: (1) development at 14-20 Favona Road, Auckland;
(2) development at 16A Wickham St, Hamilton; and (3) completion of the acquisition of 160 Higgins Road, Hamilton; together with the equity contributions from the joint venture partners associated with this transaction.
3.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 properties in the Industre joint operation and associated bank debt which are reported as part of the assets and liabilities of SPL (refer note 6.3 to the consolidated interim financial statements).
4.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.
External management fees
$9.4m
for HY25
3
Balance sheet LVR
4
28.7%
on a committed basis
Bank LVR
3
38.2%
on a committed basis

Stride Property Group | Interim Results HY25
Stride Property Group
HY25 financial overview
Profit after income tax
$18.5m
up $69.0m from HY24
Distributable Profit after
current income tax
$24.1m
down $(7.3)m from HY24
Net tangible assets (NTA)
as at 30 Sep 24
175cps
down (3)cps from 31 Mar 24
Distributable Profit per share
4.31cps
down (1.45)cps from HY24
Assets under management (committed)
as at 30 Sep 24
$3.3bn
4
46 Sale Street, Auckland

Stride Property Group | Interim Results HY25
Sector update
1.CBRE New Zealand “Auckland Yield & Rent Update – June 2024”.
Office
•Supply of new office developments slowing as the market
adjusts to the macroeconomic environment
•Companies continue to encourage employee presence in the
office with flight to quality remaining a key theme as
occupiers seek to attract and retain the best talent
•Rent reviews and renewals completed across SPL’s office
portfolio during HY25 delivered an increase of +3.5% on
prior rentals
Town Centres
•Rent reviews completed during HY25 resulted in an increase
of +3.6% on prior rentals
•Macroeconomic headwinds continue to impact consumer
confidence and discretionary spending, reflected in specialty
sales reduction of (0.6)% or (2.8)% on a like-for-like basis
Industrial
•Continued low vacancy levels across Auckland sustained by
the demand-supply imbalance for high quality stock
•After 35%
1
growth over the past 5 years, rental levels are
stabilising. HY25 rent reviews provided an uplift of +4.4% on
prior rentals with the majority fixed or CPI (+3.4%) and the
balance being market reviews (+25.8%)
•24% of Industre’s net Contract Rental is subject to market
review or expiry in the remainder of FY25 and FY26, providing
potential to capture reversion to market
Large Format Retail
•Non-discretionary, everyday needs tenants continue to be
more resilient to impacts from challenging economic
conditions
•LFR property transaction activity is showing early signs of
recovery as cost of capital reduces, supportive of existing
Investore valuations and NTA
•Investore rent reviews completed during HY25 delivered
+4.6% increase on prior rentals
5

6
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Investment
Management
Business

Stride Property Group | Interim Results HY25
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.Look-through revenue comprises external management fee income and net Contract Rental from SPL’s directly
held property and from the Stride Products, based on SPL’s proportionate ownership.
HY25 look-through revenue sources
1
35%
21%
11%
16%
14%
3%
7
34 Shortland Street, Auckland
20 Customhouse Quay, Wellington

Stride Property Group | Interim Results HY25
Management fee income
HY25 external management fee income of $9.4m
•$7.9m recurring fees are broadly in line with HY24, and remain up on HY22 due to completed
development projects adding to assets under management since then
•Fewer developments were completed in HY25 resulting in lower activity fees; however committed
developments and transactions are expected to add ~$4m of activity fees over the remainder of
FY25 and FY26
External SIML management fees
Recurring fees
Activity and performance fees
8
$6.2m
$6.1m
$6.2m
$7.6m
$8.9m
$8.1m
$7.9m
$0.6m
$2.6m
$6.5m
$4.6m
$3.2m
$2.1m
$1.5m
$6.8m
$8.7m
$12.7m
$12.2m
$12.0m
$10.3m
$9.4m
HY19HY20HY21HY22HY23HY24HY25

9
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Portfolio

Stride Property Group | Interim Results HY25
$705m
$284m
$386m
$916m
$675m
$37m
$77m
$24m
$70m
$13m
$4m
$73m
$1,037m
$998m
$410m
$818m
Commitments
Property categorised as 'Development and Other'
and held for sale
Portfolio composition by value as at 30 Sep 24
Products
Sector focus:
Directly held
Office and Town Centre
Large Format RetailRetail Shopping CentresIndustrial
SPL investment:
100%18.8%2.1%49.6%
Stride has committed AUM of $3.3bn
10
Office
Town Centre

Stride Property Group | Interim Results HY25
Bunnings Westgate, Auckland
HY25 highlights
•Unconditional agreements entered into to sell two regional, non-core
supermarket properties for a combined sale price of $54.3m and to acquire
Bunnings Westgate for $51.0m cash
1

•33 rent reviews completed over 27,000 sqm resulting in +4.6% increase on
prior rentals
•Refinanced $225m bank facilities to extend maturity profile. All bank debt
facilities now categorised as green loans
30 Sep 2431 Mar 24
Number of properties4345
Portfolio value$916.5m$971.9m
WACR6.4%6.4%
WALT7.0 years7.4 years
Net Lettable Area242,084 sqm255,898 sqm
Occupancy99.3%99.1%
1.The purchase price for Bunnings Westgate comprises $51m payable in cash, plus up to a further $7m of Investore shares as part
consideration, dependent on the value of Investore’s net tangible assets as at two specified dates – for more information see Investore’s
NZX announcement dated 22 Aug 24.
Investment Portfolio snapshot
11

Stride Property Group | Interim Results HY25
439 Rosebank Road, Auckland
HY25 highlights
•New commitment to develop 5 Green Star industrial facility at Favona
Road, Auckland, for cost of $33m (excl. land) and an expected yield on
cost of 6%+ (incl. land)
•Development progressing at 16A Wickham Street, Hamilton, with total
project costs estimated at $28m (excl. land), estimated to provide a yield
on cost between 6.25% and 6.75% (incl. land)
•Expected reversion to market of +14.7%
1
across the portfolio. 14.1% of
net Contract Rental is subject to market review or expiry over the
remainder of FY25, with an additional 9.6% in FY26
•Total portfolio valuation of $745m as at 30 Sep 24, reflects a net reduction
in fair value of (0.2)%, with developments expected to take value to
~$810m
•Post balance date, a restructure of Industre was completed, including
streamlining the corporate and banking structures, with weighted average
margin and line fees on bank debt reducing by ~40bps
30 Sep 2431 Mar 24
Number of properties
1919
Portfolio value
$675.1m$676.4m
WACR
5.8%5.8%
WALT
9.3 years10.0 years
Net Lettable Area
182,226 sqm181,528 sqm
Occupancy
99.3%97.8%
Investment Portfolio snapshot
1.Based on independent valuations as at 30 Sep 24.
12

Stride Property Group | Interim Results HY25
HY25 highlights
•Specialty MAT decreased (2.2)% to $226.4m against HY24
•Specialty GOC for the portfolio remained steady at ~13.0% as at
30 Sep 24
•Rent reviews generated an uplift of +2.8%

on prior rentals, driven by
CPI and fixed % increases
•Total portfolio valuation of $410m as at 30 Sep 24, reflects a net
reduction in fair value of (1.4)% over the six months to 30 Sep 24
30 Sep 2431 Mar 24
Number of properties22
Portfolio value$386.0m$390.0m
WACR8.3%8.1%
WALT3.0 years3.0 years
Net Lettable Area85,698 sqm85,713 sqm
Occupancy96.1%96.6%
Investment Portfolio snapshot
13
Chartwell Shopping Centre, Hamilton

Stride Property Group | Interim Results HY25
SPL
Town Centre portfolio
HY25 highlights
•Specialty MAT increased +2.5% to $131.3m against HY24
•Specialty GOC for the portfolio remained steady at ~11.0% as at 30 Sep 24
•Rent reviews drove a +4.8% uplift on prior rentals, primarily driven by CPI
related reviews
•Total portfolio value of $307m represents net reduction in fair value of $(0.3)m
or (0.1)% for HY25
30 Sep 2431 Mar 24
Number of properties
3 3
Portfolio value
$283.8m $283.5m
WACR
7.4%7.3%
WALT
3.7 years 3.8 years
Net Lettable Area
58,675 sqm58,675 sqm
Occupancy
96.9%97.8%
Investment Portfolio snapshot
NorthWest Two, Auckland
14
Refer appendix 3 for metrics on SPL’s combined directly held office and town centre portfolio

Stride Property Group | Interim Results HY25
SPL
Office portfolio
HY25 highlights
•Rent reviews and renewals over 31,000 sqm provided a +3.5% uplift on prior rentals
•Refurbishment works underway at 215 Lambton Quay
•Sustainability upgrades at 34 Shortland Street completed, targeting 4 star
NABERSNZ rating
•Prime assets occupancy is 100%, with the remaining assets having occupancy of
69%, which is expected to improve after current upgrade projects at these properties
are delivered
•Pre-development works at 55 Lady Elizabeth Lane are progressing. A further update
is expected to be provided mid 2025
30 Sep 2431 Mar 24
Number of properties
66
Portfolio value
$704.5m$704.5m
WACR
5.9%5.9%
WALT
7.4 years6.9 years
Net Lettable Area
72,504 sqm72,538 sqm
Occupancy
87.6%94.6%
Investment Portfolio snapshot
215 Lambton Quay, Wellington
15
Refer appendix 3 for metrics on SPL’s combined directly held office and town centre portfolio

16
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Sustainability

Stride Property Group | Interim Results HY25
Transition plan progress
17
New
developments
Upgrades to
existing buildings
Transition plan
objective
New developments or major refurbishments
target a 5 Green Star rating
Stride’s carbon transition plan contains actions
to support Stride’s target of reducing scope 1
and 2 greenhouse gas emissions by 42% by
2030
Achievements
•Industrial development at 34 Airpark Drive,
Auckland, achieved 5 Green Star Design & As
Built Rating
•Industrial development at 439 Rosebank Road,
Auckland, achieved 5 Green Star Design & As
Built Rating
•Industrial development in progress at
16A Wickham Street, Hamilton, targeting
5 Green Star rating
•110 Carlton Gore Road, Auckland, office
property achieved 5.5 star NABERSNZ rating
•Mechanical upgrades completed at
34 Shortland Street, Auckland, office
property, targeting 4 star NABERSNZ rating
•Carbon reduction upgrades underway at
215 Lambton Quay, Wellington, office
property

18
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
HY25
Consolidated
Interim
Financial
Results

Stride Property Group | Interim Results HY25
30 Sep 24
$m
30 Sep 23
$m
Change
$m%
Net rental income
36.034.8+1.2+3.5
Guarantee income
0.02.4(2.4)(100.0)
Management fee income
9.410.3(0.9)(8.3)
Corporate and administration expenses
(10.3)(11.7)+1.4+11.9
Profit before net finance expense, other expense and income tax
35.135.8(0.7)(1.9)
Net finance expense
(9.7)(10.3)+0.6+6.0
Profit before other expense and income tax
25.425.4(0.1)(0.2)
Other expense
1
(0.7)(74.7)+74.0+99.1
Profit/(loss) before income tax
24.7(49.3)+74.0+150.1
Income tax expense
(6.2)(1.2)(5.0)(399.8)
Profit/(loss) after income tax attributable to shareholders
18.5(50.5)+69.0+136.5
1.Other expense includes net reduction in fair value of investment properties of $(3.6)m (30 Sep 23: $(55.3)m net reduction), share of profit in equity-accounted investments$2.9m (30 Sep 23: $(16.7)m loss).
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 - Consolidated
19

Stride Property Group | Interim Results HY25
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
Stride Property Group - Consolidated
20
30 Sep 24
$m
30 Sep 23
$m
Change
$m%
Profit/(loss) before income tax
24.7(49.3)+74.0+150.1
Non-recurring, non-cash and other adjustments:
- Net change in fair value of investment properties3.655.3(51.7)(93.5)
- Share of (profit)/loss in equity-accounted investments(2.9)16.7(19.6)(117.1)
- Dividend income from equity-accounted investments3.43.0+0.4+13.1
- Project management and disposal fees eliminated in SIML0.20.4(0.2)(61.6)
- Share based payment expense net of forfeited employee incentive rights0.60.9(0.3)(35.2)
- Other movements(0.7)8.5(9.1)(107.7)
Distributable Profit before current income tax
28.935.5(6.6)(18.6)
Adjusted current tax expense
(4.9)(4.1)(0.7)(18.1)
Distributable Profit after current income tax
24.131.4(7.3)(23.4)
Basic Distributable Profit after current income tax per share – weighted
4.31cps
5.76cps
Adjustments to funds from operations:
- Maintenance capital expenditure
(1.7)(0.3)(1.4)(410.9)
- Incentives and associated landlord works
(1.2)(1.2)(0.0)(2.8)
Adjusted Funds From Operations (AFFO)
21.129.9(8.8)
(29.4)
AFFO basic Distributable Profit after current income tax per share – weighted
3.78cps
5.48cps
Weighted average number of shares (million)
559.0545.5

21
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Capital
Management

Stride Property Group | Interim Results HY25
$200m
$150m
$60m
$50m
FY25FY26FY27FY28
Debt maturity profile
as at 30 Sep 24
Bank facilities
Green loan
facilities
•SPL’s bank LVR
1
was 37.4% as at 30 Sep 24, or 38.2% on a committed
basis
•When factoring in SPL’s interests in its products, committed

gearing is:
•38.9% on a look-through
2
basis
•28.7% on a balance sheet
3
basis
•The weighted average maturity of debt facilities is 2.6 years
Syndicated debt facilities
As at
30 Sep 24
As at
31 Mar 24
Banking facility limit $460m$460m
Debt facilities drawn$383m$375m
Weighted average maturity of debt facilities2.6 years3.1 years
Debt metrics
Bank LVR
1
Covenant: ≤ 50%
37.4%36.7%
Look-through gearing
2
37.6%37.4%
Balance sheet gearing
3
28.2%27.6%
Interest Cover Ratio
Covenant: ≥ 2.125x
3.4x3.4x
Weighted Average Lease Term
4
Covenant: > 3.0 years
4.9 years5.5 years
1.Refer footnote 3 on page 3.
2.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.
3.Refer footnote 4 on page 3.
4.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)
22

Stride Property Group | Interim Results HY25
Cost of debt
As at
30 Sep 24
As at
31 Mar 24
Weighted average cost of debt
(incl. margins & line fees)
4.08%4.22%
Weighted average interest rate on
current swaps (excl. margins & line
fees)
1.35%1.35%
Weighted average hedging term
remaining
1.6 years1.7 years
% of drawn debt hedged73%75%
Capital management – cost of debt
SPL (excl. Industre joint operation assets and debt)
•As at 30 Sep 24, SPL had $280m active interest rate swaps,
representing 73% of drawn debt
•$75m of forward starting swaps entered into in HY25 at an average
rate of 3.65%
•Weighted average cost of debt at 4.08%, decreased by -14bps over
HY25 owing to beginning of RBNZ easing cycle
23
$280m
$230m$230m
$180m
$50m
1.35%
2.86%
3.57%
3.80%
3.72%
Sep 24Sep 25Sep 26Sep 27Sep 28
Fixed rate interest profile
as at 30 Sep 24
Notional fixed rate debt
Weighted average fixed interest rate (excl. margin and line fees)

24
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Outlook

Stride Property Group | Interim Results HY25
Outlook
•Current macroeconomic conditions expected to
continue during FY25, but RBNZ easing is
supporting cost of capital
•Signs of improving market conditions are
evidenced by transactional activity, and
expected to create new opportunities for Stride’s
real estate investment management business
•Focus will remain on delivering Industre’s
development pipeline and SPL’s remaining asset
repositioning initiatives at 34 Shortland Street,
Auckland, and 215 Lambton Quay, Wellington
•The Stride Boards confirm they intend to pay a
combined cash dividend for SPL and SIML
during FY25 of 8.0 cents per share
25
110 Carlton Gore Road, Auckland

26
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Glossary

Stride Property Group | Interim Results HY25
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 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 4.4 to the consolidated interim financial statements
DiversifiedDiversified NZ Property Trust, a Stride Product
FYThe financial year ended 31 March of the relevant year
GOCTotal gross occupancy costs (excluding GST) expressed as a percentage of MAT
HYThe six month period ended 30 September of the relevant year
Industre or Industre Property
Joint Venture
A joint arrangement between SPL (through its wholly owned subsidiary, Stride Industrial Property Limited) and JPMAM. Industre is a Stride Product
Investment PortfolioThe investment portfolio of SPL or the relevant Stride Product, which (1) excludes properties reported as ‘Development and Other’ or ‘Assets held for sale’ in the respective financial
statements; (2) excludes lease liabilities; and (3) for SPL’s office portfolio, includes Level 12, 34 Shortland Street, Auckland, which is reported as ‘Property, plant and equipment’ in the
consolidated interim financial statements
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 2024, 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. Occupancy for retail properties is calculated including casual licences with an initial
term greater than three months, and excluding units held for committed redevelopment or remix works
SIMLStride Investment Management Limited
SPLStride Property Limited and its subsidiaries, as applicable
StrideStride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or BoardsThe Boards of SPL and SIML together
Stride ProductAny or all, as the context may require, of Diversified, Investore and Industre, being entities or funds managed by SIML
WACRWeighted average market capitalisation rate
WALTWeighted average lease term which is the lease term remaining to expiry across a property or portfolio and weighted by rental income
Glossary
27

28
Stride Property Group | Interim Results HY25
Stride Property Group | Interim Results HY25
Appendices

Stride Property Group | Interim Results HY25
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 $3.3bn
as at 30 Sep 24 when
taking into account
committed
developments and
property transactions
29
$989m
$994m
$998m
$414m
$410m
$410m
$726m
$745m
$818m
$1,023m
$1,025m
$1,037m
$3,153m
+$20m
+$5m
+$9m
$(14)m
$3,173m
+$90m$3,263m
AUM
as at Mar 24
AcquisitionsDevelopmentsMaintenance
capex
and other items
Net revaluation
movement
AUM
as at Sep 24
CommitmentsPro forma AUM
as at Sep 24
AUM movements over HY25

Stride Property Group | Interim Results HY25
OverviewTotalOfficeIndustrialLarge Format Retail
Town Centre/
Retail Shopping Centres
Office and Town Centre portfolio
Properties (no.)
9
63
Net Contract Rental

($m)
60.1
39.121.0
WALT (years)
6.1
7.43.7
Occupancy (% by area)
91.7
87.696.9
Portfolio Valuation ($m)
988
705284
Percentage of Portfolio (% by value)
1007129
Stride ProductsSPLIndustreInvestoreDiversified
Properties (no.)
64
19432
Net Contract Rental ($m)
130.7
35.060.834.9
WALT

(years)
6.6
9.37.03.0
Occupancy (% by area)
98.8
99.399.396.1
Portfolio Valuation ($m)
1,978
675916386
SPL investment metrics on a weighted, look-through basis
SPL investment in managed entities100%49.6%18.8%2.1%
Portfolio Valuation ($m)
1,504
9883351738
WALT (years)
6.8
6.19.37.03.0
Occupancy (% by area)
95.6
91.799.399.396.1
Percentage of Portfolio (% by value)
1006622111
Note: Numbers in tables may not sum due to rounding.
Appendix 2: Investment Portfolio by sector
30

Stride Property Group | Interim Results HY25
6%
12%
8%
9%
8%
12%
7%
37%
FY25FY26FY27FY28FY29FY30FY31FY32+
SPL Investment Portfolio overview
As at
30 Sep 24
As at
31 Mar 24
Properties (no.)
99
Tenants (no.)
225230
Net Lettable Area (sqm)
131,178131,213
Net Contract Rental

($m)
60.161.9
WALT (years)
6.1 5.9
Occupancy (% by area)
91.796.0
Portfolio Valuation ($m)
988.3 988.0
Weighted Average Age (years)
11.611.1
Weighted Average Capitalisation Rate (%)
6.36.3
Appendix 3: SPL Office and Town Centre portfolio
Location by Contract Rental
Sector by Contract Rental
Lease expiry profile by Contract Rental
as at 30 Sep 24
31
Office
64%
Town
Centre
36%
Auckland
66%
Wellington
34%

Stride Property Group | Interim Results HY25
Appendix 4
32
$25.4m
$25.4m
$2.2m
$(0.7)m
$(2.7)m
$(0.9)m
$1.4m
$0.6m
HY24Net rental increase -
acquisition
Net rental reduction -
divestments
Net rental decrease -
remaining portfolio
Lower management fee
income
Lower corporate
overhead expenses and
administration
expenses
Lower net finance
expense
HY25
Profit before other expense and income tax
$61.9m
$60.1m
$1.2m
$(2.3)m
$(0.7)m
As at
31 Mar 24
Rent reviewsNet Leasing ImpactOther items
(includes unrecovered opex
due to vacancies)
As at
30 Sep 24
Net Contract Rental

Stride Property Group | Interim Results HY25
Appendix 4 (cont.)
33
$1.78
$1.75
$0.05
$(0.02)
$(0.01)
$(0.02)
$0.01
$(0.04)
As at
31 Mar 24
Operating profit
before tax
Income tax expenseMovement in cash
flow hedges, net of
tax
Net reduction in fair
value of investment
properties
Share of profit in
associates
Dividends
paid
As at
30 Sep 24
Net Tangible Assets per share
$1,171.8m
$1,024.5m
$(6.2)m
$(142.1)m
$3.1m
$(3.6)m
$1.5m
As at
31 Mar 24
Disposals Assets held for transfer to
Industre joint venture
Capital expenditureNet reduction in fair valueIFRSAs at
30 Sep 24
Investment Property

Stride Property Group | Interim Results HY25
1. SPL’s participating interest reduced from 51.7% as at 31 Mar 24 to 49.6% as at 30 Sep 24. Consequently, the net share of profit has been calculated on the weighted average participating interest during the relevant period.
Summarised statement of financial position ($000)
Summarised statement of comprehensive income ($000)
Appendix 5: Industre summarised financial information
IndustreSPL’s interests
Joint ventureJoint operations
Total
Joint ventureJoint operations
Total
unauditedunauditedunauditedunauditedunauditedunaudited
30 Sep 2430 Sep 24
30 Sep 24
30 Sep 2430 Sep 24
30 Sep 24
Income12,2797,86620,1456,1273,92710,054
Expenses(3,864)(2,389)(6,253)(1,926)(1,190)(3,116)
Net finance expense(5,790)(2,414)(8,204)(2,891)(1,206)(4,097)
Net change in fair value of investment properties(370)(1,310)(1,680)(183)(649)(832)
Net share of profit
1
2,2551,7534,0081,1278822,009
IndustreSPL’s interests
Joint ventureJoint operations
Total
Joint ventureJoint operations
Total
unaudited unaudited unauditedunaudited unaudited unaudited
30 Sep 2430 Sep 24
30 Sep 24
30 Sep 2430 Sep 24
30 Sep 24
Assets
Current assets5,181 9796,1602,5684853,053
Investment properties458,140 286,650744,790227,091142,087369,178
Other non-current assets81,299 -81,29940,298-40,298
Total assets544,620287,629832,249269,957142,572412,529
Liabilities
Current liabilities(6,874)(742)(7,616)(3,407)(368)(3,775)
Borrowings(266,162)(77,943)(344,105)(131,931)(38,635)(170,566)
Other non-current liabilities(6,873)-(6,873)(3,407)-(3,407)
Total liabilities(279,909)(78,685)(358,594)(138,745)(39,003)(177,748)
Net assets
264,711208,944473,655131,212103,569234,781
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 due to rounding.
For further information refer to note 6.0 to the consolidated interim financial statements.

Stride Property Group | Interim Results HY25
Thank you
Stride Property Group
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320
Victoria Street West
Auckland 1142, New Zealand
P +64 9 912 2690
W strideproperty.co.nz
Important Notice: The information in this presentation is an
overview and does not contain all information necessary to
make an investment decision. It is intended to constitute a
summary of certain information relating to the performance of
Stride Property Group for the six months ended 30 September
2024. Please refer to Stride Property Group’s consolidated
interim financial statements for further information in relation to
the six months ended 30 September 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.

---

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 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$45,419 (4.36)%
Total Revenue $45,419 (4.36)%
Net profit/(loss) from
continuing operations
$18,459 136.54%
Total net profit/(loss) $18,459 136.54%
Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.01562500
Imputed amount per Quoted
Equity Security
$0.00498652
Record Date 05/12/2024
Dividend Payment Date 17/12/2024
Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00437500
Imputed amount per Quoted
Equity Security
$0.00170139
Record Date 05/12/2024
Dividend Payment Date 17/12/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.75 $1.85
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 2024.

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

27 November 2024

The consolidated interim financial statements reviewed by the independent auditor in
accordance with NZ SRE 2410 (Revised) 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
Record date 05/12/2024
Ex-Date (one business day before the
Record Date)
04/12/2024
Payment date (and allotment date for
DRP)
17/12/2024
Total monies associated with the
distribution
1

$8,734,983
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02061152
Gross taxable amount
3
$0.01780900
Total cash distribution
4
$0.01562500
Excluded amount (applicable to listed
PIEs)
$0.00280252
Supplementary distribution amount $0.00226279


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
$0.00498652
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)

Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

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

Section 5: Authority for this announcement
Name of person

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

27/11/2024






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
Record date 05/12/2024
Ex-Date (one business day before the
Record Date)
04/12/2024
Payment date (and allotment date for
DRP)
17/12/2024
Total monies associated with the
distribution
1

$2,445,795
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.00607639
Gross taxable amount
3
$0.00607639
Total cash distribution
4
$0.00437500
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00077206


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
$ 0.00170139

Resident Withholding Tax per
financial product
$ 0.00030382
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)

Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

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

Section 5: Authority for this announcement
Name of person

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

27/11/2024





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.