Stride Property Group · NZX:SPG
Stride Property — Shareholder Meeting (July 2024)
30 slides from Stride Property's shareholder meeting presentation, Jul 1, 2024
Slide 1: Stride Property Group Annual Shareholder Meetings 2024
Stride Property Group Annual Shareholder Meetings 2024 Stride Property Group | Annual Results FY24
Slide 2: Boards of Directors
Boards of Directors 3% 14% Tim Storey Ross Buckley Jacqueline Cheyne Chair of Boards, Chair of the Audit and Risk Chair of the Sustainability 36% Independent Committee, Independent 16% Committee, Independent 11% 20% Nick Jacobson Tracey Jones Michelle Tierney Independent Independent Independent 34 S
Slide 3: Management
Management 3% 14% Philip Littlewood Jennifer Whooley Louise Hill 36% Chief Executive Officer Chief Financial Officer 16% Company Secretary and General Manager Corporate Services 20% 34 Shortland Street, Auckland Stride Property Group | Annual Shareholder Meetings 2024 3
Slide 4: Agenda
Agenda Chair’s Address Chief Executive Officer’s Address Consideration of 2024 Annual Report Resolution for Stride Property Limited Resolutions for Stride Investment Management Limited General Business and Shareholder Questions Stride Property Group | Annual Shareholder Meetings 2024 4
Slide 5: Chair's Address
Chair’s Address Stride Property Group | Annual Shareholder Meetings 2024 5 5
Slide 6: FY24 financial highlights
FY24 financial highlights Net rental income $72.3m up +1.7% from FY23 Loss after income tax $(56.1)m compared to $(116.7)m loss after income tax for FY23 Distributable profit1 after $59.1m current income tax up +2.6% from FY23 Net tangible assets $1.78 per share down (10.1)% from 31 March 2023 FY24
Slide 7: Capital management
Capital management As at 31 March 2024 37.2% 28.1% 73% 4.22% bank LVR1 balance SPL drawn SPL weighted on a sheet LVR3 debt fixed average cost committed2 on a on a of debt basis committed4 committed2 basis basis 1. Calculated as bank debt as a percentage of the value of investment property for mortga
Slide 8: Chief Executive Officer's Address
Chief Executive Officer’s Address Stride Property Group | Annual Shareholder Meetings 2024 8 8
Slide 9: Products
Products Stride has committed1 AUM of $3.2bn, including developments Portfolio composition by value as at 31 March 2024 Commitments 1 $8m $1,031m Property categorised as 'Development and $14m $1,003m Other' $35m $17m $284m $51m $777m Town Centre $50m $972m3 $414m $24m $705m $676m Office $390m 2 Note
Slide 10: Diversified revenue sources
Diversified revenue sources FY24 look-through revenue sources1 Stride combines a property investment business (SPL) with 3% an investment management Activity and 14% performance business (SIML) Recurring fees management fees 36% 16% Office Industrial 11% Large Format 20% Retail Retail Shopping Centr
Slide 11: Management fee income
Management fee income FY24 management fee1 income of $19.9m, down from FY23 • Recurring fees lower than FY23 primarily due to reduced portfolio valuations of managed products • Lower activity fees due to no performance fees and less transaction activity SIML management fees1 Activity and performance
Slide 12: Investore portfolio highlights
• Total portfolio valuation of $1.0bn as at 31 March 2024 • Strong portfolio1 metrics including WALT of 7.4 years and occupancy of 99.4% including post balance date lease agreements • Development of new Woolworths Waimakariri Junction, Kaiapoi, completed November 2023 • 88% drawn debt subject to a f
Slide 13: Industre portfolio highlights
• Disposal of two properties at a price 10% above combined book value • Total portfolio valuation of $726m as at 31 March 2024 • Development completed at 34 Airpark Drive, Auckland, delivering a 15% development margin • Commenced development of a new warehouse at 16A Wickham Street, Hamilton • Post
Slide 14: SPL office and town centre portfolio
SPL office and town centre portfolio • Stride’s office and town centre portfolio is valued at $1.0bn as at 31 March 2024 • 110 Carlton Gore Road, Auckland, a new 6 Green Star Design rated building, acquired May 2023 • 22 The Terrace, Wellington, sold July 2023 • SPL’s town centre assets of Silverdal
Slide 15: 34 Shortland Street, Auckland
34 Shortland Street, Auckland During FY24, refurbishment works progressed at 34 Shortland Street: • Lobby redeveloped • End of trip facilities installed • Floor upgrades continue • Mechanical upgrades in progress, targeting a minimum 4 Star NABERSNZ rating • Net market rentals increased by 15% since
Slide 16: Sustainability
Sustainability Stride Property Group | Annual Shareholder Meetings 2024 16 16
Slide 17: Progress against targets
Progress against targets Target FY24 Achievement Reduce scope 1 and 2 emissions 18.7% decrease from FY20 baseline year Improve energy and water efficiency Gas and electricity usage down 7.1% from FY23 Target 90% diversion of waste from 82% diversion of waste by weight from landfill landfill for deve
Slide 18: Transitioning to a low carbon future
Transitioning to a low carbon future Upgrades to Developments Acquisitions SIML and employee existing buildings emissions Carbon transition New developments New acquisitions Employee commuting plan developed target a 5 Green Star (excl development and business travel rating assets) target a emission
Slide 19: Outlook
Outlook • Challenging macroeconomic conditions continue, impacting activity in the short term • Market conditions may also create new opportunities for Stride’s real estate investment management business • Focus on delivering Industre’s development pipeline and SPL’s office upgrade initiatives • Str
Slide 20: Formal Business
Formal Business Stride Property Group | Annual Shareholder Meetings 2024 20 20
Slide 21: Stride Property Limited Resolution
Stride Property Limited Resolution Stride Property Group | Annual Shareholder Meetings 2024 21 21
Slide 22: Resolution 1: Auditor's remuneration
Resolution 1: Auditor’s remuneration That the Directors be authorised to fix the remuneration of PwC as auditor of Stride Property Limited for the ensuing year Stride Property Group | Annual Shareholder Meetings 2024 22
Slide 23: SPL proxy votes received
SPL proxy votes received Resolution 1: Auditor’s Remuneration Proxy Votes Lodged For Against Discretionary 351,765,533 95.43% 0.13% 4.44% Stride Property Group | Annual Shareholder Meetings 2024
Slide 24: Stride Investment Management Limited Resolutions
Stride Investment Management Limited Resolutions Stride Property Group | Annual Shareholder Meetings 2024 24 24
Slide 25: Resolution 1: Auditor's remuneration
Resolution 1: Auditor’s remuneration That the Directors be authorised to fix the remuneration of PwC as auditor of Stride Investment Management Limited for the ensuing year Stride Property Group | Annual Shareholder Meetings 2024 25
Slide 26: Resolution 2: Re-election of Director Ross Buckley
Resolution 2: Re-election of Director Ross Buckley That Ross Buckley be re- elected as a Director of Stride Investment Management Limited Stride Property Group | Annual Shareholder Meetings 2024
Slide 27: Resolution 3: Re-election of Director Nick Jacobson
Resolution 3: Re-election of Director Nick Jacobson That Nick Jacobson be re-elected as a Director of Stride Investment Management Limited Stride Property Group | Annual Shareholder Meetings 2024
Slide 28: SIML proxy votes received
SIML proxy votes received Resolution 1: Auditor’s Remuneration Proxy Votes Lodged For Against Discretionary 351,756,934 95.41% 0.13% 4.45% Resolution 2: Re-election of Director Ross Buckley Proxy Votes Lodged For Against Discretionary 351,791,464 95.25% 0.19% 4.56% Resolution 3: Re-election of Direc
Slide 29: General Business and Shareholder Questions
General Business and Shareholder Questions Stride Property Group | Annual Shareholder Meetings 2024 29 29
Slide 30: Thank you
Stride Property Group Level 12, 34 Shortland Street Thank you 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 nece
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