Annual Shareholder Meetings 2025

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Stride Property Group | Annual Shareholder Meetings 2025
Stride Property Group
Annual Shareholder Meetings 2025

Stride Property Group | Annual Shareholder Meetings 2025
Boards of Directors
36%
20%
11%
16%
14%
3%
2
34 Shortland Street, Auckland
Tim Storey
Chair of Boards,
Independent
Nick Jacobson
Independent
Ross Buckley
Chair of the Audit and Risk
Committee, Independent
Tracey Jones
Independent
David Green
Independent
Michelle Tierney
Independent
Craig Hopkins
Future Director

Stride Property Group | Annual Shareholder Meetings 2025
Management
36%
20%
16%
14%
3%
3
34 Shortland Street, Auckland
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer and
Company Secretary

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Stride Property Group | Annual Shareholder Meetings 2025
Agenda
Chair’s Address
Chief Executive Officer’s Address
Outlook
Resolution for Stride Property Limited
Resolutions for Stride Investment
Management Limited
General Business and Shareholder Questions

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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
Chair’s
Address

Stride Property Group | Annual Shareholder Meetings 2025
Stride Property Group
FY25 Financial Overview
Profit after
income tax
$21.7m
up +$77.8m from FY24
Distributable profit after
current income tax
$48.3m
down $(10.8)m from FY24
Net tangible
assets (NTA)
as at 31 Mar 25
$1.72
down $(0.06) from 31 Mar 24
110 Carlton Gore Road, Auckland
FY25 combined
cash dividend
8.0cps
6

Stride Property Group | Annual Shareholder Meetings 2025
Capital Management
7
Stride Property Limited as at 31 March 2025
38.7%
Bank LVR
1
29.0%
Balance
sheet LVR
2

72.0%
Drawn debt
fixed
4.5%
Weighted
average cost
of debt
pro forma for refinance
post balance date
1.Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
2.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.

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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
8
Chief
Executive
Officer’s
Address

Stride Property Group | Annual Shareholder Meetings 2025
$694m
$282m
$384m
$965m
$689m
$35m
$24m
$95m
$23m
$49m
$1,010m
$989m
$833m
$407m
Industre development commitments
Property categorised as 'Development and Other'
Portfolio composition by value as at 31 Mar 25
Products
Sector focus:Office and Town CentreLarge Format RetailIndustrialRetail Shopping Centres
SPL investment:
100%18.8%49.6%2.2%
9
Office
Town Centre
Stride has AUM of $3.2bn over four Products

Stride Property Group | Annual Shareholder Meetings 2025
Office
Retail Shopping
Centres / Town Centre
Large Format
Retail
Industrial
Recurring
management
fees
Activity and
performance
fees
$706m $706m
$304m $304m
$407m
$9m
$989m
$186m
$784m
$389m
$1,010m
$2,179m
$1,594m
Directly heldStride ProductsWeighted
look-through
SPL’s weighted look-through portfolio value
1
as at 31 Mar 25
Office
Retail Shopping Centres / Town Centre
Large Format Retail
Industrial
Diversified Portfolio and Revenue Sources
Stride combines a property investment
business (SPL) with an investment
management business (SIML)
1.Values represent total portfolio values for each Stride Product, including properties categorised as
'Development and Other' in the respective financial statements and excluding commitments.
2.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.
FY25 look-through revenue sources
2
35%
20%
11%
16%
15%
3%
10
34 Shortland Street, Auckland
49.6%
18.8%
2.2%

Stride Property Group | Annual Shareholder Meetings 2025
$7.0m
$7.3m
$5.2m
$4.1m
$5.5m
$6.0m
$2.6m
$2.4m
$20.4m
$19.9m
FY25FY24
External management fees by product
Diversified (staff recharges)
Diversified (management fees)
Industre
Investore
SIML Management Fee Income
11
FY25 external management fee income
$20.4m, up from FY24
•$16.5m recurring fees, up $0.3m from FY24.
Stabilised valuations support future
recurring fees
•SIML’s management business is profitable
on recurring fees alone
•Development and transactional activity
expected to improve over next 24 months;
20% upfront tax deduction for new capital
expenditure will support feasibilities
•All Stride’s Products are perpetual except
for Diversified. If Diversified assets were
sold and wound up, this would reduce
Stride’s distributable profit by 5-6% on a
normalised basis
$16.5m
$16.2m
$3.9m
$3.7m
$20.4m
$19.9m
FY25FY24
External management fees by type
Recurring fees
Activity and
performance fees
Perpetual
contracts

Stride Property Group | Annual Shareholder Meetings 2025
Woolworths, Greenlane
•Total portfolio valuation of $1.0bn as at 31 Mar 25
•Divestment of Woolworths Mt Roskill, Auckland, at an 11%
premium to book value as at 31 Mar 24, plus two regional
supermarket properties for an aggregate sales price of
$79.3m. Proceeds received from the divestment of these
three properties were recycled to support the acquisitions of
Bunnings Westgate, Auckland, for $51m
1
and Bunnings
New Lynn, for $43m
12
•Rent reviews generated an uplift of +3.5%

on prior
rentals
•Specialty gross occupancy cost for the portfolio
remained steady at ~13% as at 31 Mar 25, despite
specialty moving annual turnover decreasing (3.7)% to
$224m against FY24
•Total portfolio valuation of $407m as at 31 Mar 25
Queensgate Shopping Centre, Wellington
1.Up to a further $3.5m of Investore shares may be issued to the vendor as part consideration, refer to Investore FY25 Annual Report for further detail.

Stride Property Group | Annual Shareholder Meetings 2025
•Total portfolio valuation of $784m as at 31 Mar 25
•Acquisition of 7.9 hectares of land in Hamilton, providing
future development opportunities
•New lettings and renewals completed over 38,000 sqm,
generating an increase of +20.3% on prior rentals, on a like-
for-like basis
•Potential reversion to market of +7.6%
1
across the portfolio.
15.1% of net Contract Rental is subject to market review or
expiry over FY26, with an additional 8.0% in FY27
13
16A Wickham Street, Hamilton
Development
Developments
Favona Road
•Development of a 5 Green Star industrial facility at Favona
Road, Auckland has commenced, for cost of ~$30m (excl. land)
and an expected yield on cost of 6%+ (incl. land)
Wickham Street
•Development progressing at 16A Wickham Street, Hamilton,
with total project costs estimated at ~$28m (excl. land),
estimated to provide a yield on cost of 6% (incl. land)
1.Based on independent valuations as at 31 Mar 25.
Favona Road Development

Stride Property Group | Annual Shareholder Meetings 2025
•Stride’s office and town centre portfolio is valued at
$1.0bn as at 31 Mar 25
•Refurbishment commenced at 215 Lambton Quay,
including lobby upgrade and new end of trip facilities
•Refurbishment works at 34 Shortland Street largely
complete targeting a 4 star NABERSNZ rating
•Moving annual turnover decreased (1.8)% from
FY24, and has increased by 3.2% p.a. since FY19
•Specialty gross occupancy cost for the portfolio
remained steady at ~11% as at 31 Mar 25
14
NorthWest Shopping Centre, Auckland
Office and Town Centre portfolio

Stride Property Group | Annual Shareholder Meetings 2025
Progress against Targets
Sustainability TargetFY25 Progress
Reduce scope 1 and 2 greenhouse gas emissions
by 42% from FY20 baseline year by 2030
12.3% reduction from FY20 baseline year
Improve energy and water efficiencyEnergy and water meters installed at Industre’s sites, allowing
better monitoring of usage
Target 90% diversion of waste from landfill for
development activities, minimum 75%
Active developments are targeting a minimum 90% diversion,
with both projects on track to achieve this target
10% reduction in embodied carbon in
developments
New industrial developments are targeting at least 10%
reduction in upfront carbon
Remove gas from all properties other than
shopping centres by 2027
Carbon reduction plan in progress
Develop plan to remove harmful refrigerantsOffice and industrial free of R22 refrigerants; targeting removal of
R22 from Investore portfolio by end of FY27
Reduce waste to landfill by 10% year on year
from FY20
Working with tenants to help reduce waste
15
Refer to Stride’s FY25 Sustainability Report and Climate-Related Disclosures for further information.

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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
Outlook
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Stride Property Group | Annual Shareholder Meetings 2025
Outlook
•Macroeconomic conditions remain challenging however
lower interest rates are supportive of increased market
activity, creating opportunities for Stride’s Products and
real estate investment management business
•Continued focus on delivering Industre’s development
pipeline and SPL’s remaining asset repositioning
initiatives
•Further potential asset recycling to fund strategic
investment opportunities
•SIML will continue to focus on opportunities that
supports growth in Stride’s core portfolios and the
development of one or more future Products when
market conditions are conducive
•The Stride Boards confirm they intend to pay a
combined cash dividend for SPL and SIML during FY26
of 8.0 cents per share, subject to market conditions
17
110 Carlton Gore Road, Auckland

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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
Formal
Business
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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
Stride Property
Limited
Resolution
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Stride Property Group | Annual Shareholder Meetings 2025
Resolution 1:
Auditor’s Remuneration
20
That the Directors be authorised to fix the
remuneration of PwC as auditor of Stride
Property Limited for the ensuing year.

Stride Property Group | Annual Shareholder Meetings 2025
SPL Proxy Votes Received
Resolution 1: Auditor’s Remuneration
Proxy Votes LodgedForAgainstDiscretionary
364,312,83494.06%0.12%
5.81%

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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
Stride Investment
Management
Limited
Resolutions
22

Stride Property Group | Annual Shareholder Meetings 2025
Resolution 1:
Auditor’s Remuneration
23
That the Directors be authorised to fix the
remuneration of PwC as auditor of Stride Investment
Management Limited for the ensuing year.

Stride Property Group | Annual Shareholder Meetings 2025
Resolution 2: Re-election of Director Tim Storey
That Tim Storey be
re-elected as a Director of
Stride Investment
Management Limited.

Stride Property Group | Annual Shareholder Meetings 2025
Resolution 3: Election of Director David Green
That David Green be
elected as a Director of Stride
Investment Management Limited.

Stride Property Group | Annual Shareholder Meetings 2025
Resolution 4: Directors’ Remuneration
Table 1: Proposed Director Fee Increase
Current
aggregate
1

director fees
per annum
Proposed
aggregate
1

director fees
per annum
Proposed
Increase
($)
Proposed
Increase
(%)
Chair
$176,000$183,000+$7,000+4.0%
Non-executive Directors (x5)
$99,000$99,000--
Chair of the Audit and Risk
Committee
$15,000$17,500+$2,500+17%
Allowance for Additional
Work and Attendance
2
$144,500$144,500--
1.Aggregate Fees are the combined annual Director fees for SPL and SIML.
2.The allowance for additional work and attendance is an aggregate sum available to the Boards to remunerate Directors for significant extra attendances and work. It is
not an amount payable per Director. The allowance for additional work and attendances has not been allocated to Directors for the past seven financial years.

Stride Property Group | Annual Shareholder Meetings 2025
Resolution 4:
Directors’ Remuneration
27
That, in accordance with NZX Listing Rule 2.11.1, the
amount payable to any person who from time to time holds
office as a Director of Stride Investment Management
Limited be increased as set out in Table 1 contained in the
Explanatory Notes to the Notice of Meeting dated 30 July
2025, with effect from 1 September 2025.

Stride Property Group | Annual Shareholder Meetings 2025
SIML proxy votes received
Resolution 1: Auditor’s Remuneration
Proxy Votes LodgedForAgainstDiscretionary
364,462,819
94.07%0.13%5.81%
Resolution 2: Re-election of Director Tim Storey
Proxy Votes LodgedForAgainstDiscretionary
289,725,398
90.18%2.35%7.47%
Resolution 3: Election of Director David Green
Proxy Votes LodgedForAgainstDiscretionary
364,425,550
93.93%0.11%5.96%
Resolution 4: Directors’ Remuneration
Proxy Votes LodgedForAgainstDiscretionary
364,228,144
92.17%1.96%5.87%

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Stride Property Group | Annual Shareholder Meetings 2025
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Stride Property Group | Annual Shareholder Meetings 2025
General
Business and
Shareholder
Questions
29

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Stride Property Group | Annual Shareholder Meetings 2025
Thank you
Stride Property Group
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320
Victoria Street West
Auckland 1142, New Zealand
P +64 9 912 2690
W strideproperty.co.nz
Important Notice: The information in this presentation is an overview and does not
contain all information necessary to make an investment decision. It is intended to
constitute a summary of certain information relating to the performance of Stride
Property Group for the year ended 31 March 2025. Please refer to Stride Property
Group’s consolidated financial statements for further information in relation to the year
ended 31 March 2025. 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.