Slide 1: Stride Property Group Annual Results
Stride Property Group Annual Results for the year ended 31 March 2025 (FY25) Stride Property Group | Annual Results FY25
Slide 2: Contents
Contents 3 Overview 4 Financial overview 5 Sector update 6 Markets update 7 Investment management business 10 Portfolio 18 Sustainability 20 FY25 consolidated financial results 23 Capital management 26 Outlook 28 Glossary 30 Appendices Capitalised and technical terms are defined in the glossary on p
Slide 3: Overview
Overview Stride Property Group as at 31 Mar 25 Stride’s look-through Investment Portfolio1 Value WACR WALT Occupancy $1.5bn 6.2% 6.6 years 95% Investment management business Total AUM External AUM External management fees $3.2bn $2.2bn $20.4m for FY25 Capital management Bank LVR2 Balance sheet LVR3
Slide 4: Financial overview
110 Carlton Gore Road, Auckland Financial overview Stride Property Group 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 Distributable Profit per share 8.64cps down (2.12)cps from FY24 SIML management fee income $20.4m
Slide 5: Sector update
Sector update Office Town Centres • Flight to quality remains a key theme reflected in the increased • Consumer confidence up vs. 2023 lows, but spending still spread between occupancy and average rentals across different cautious. Total MAT down (2.2)% on FY24, but on average building grades1 is up
Slide 6: Markets update
Markets update 20 Customhouse Quay, Wellington Direct investment and institutions Equities and debt • Capitalisation rates stabilising across all asset classes • Lower term deposit rates (~4%) are making dividend yields for LPVs (5%-10% gross) more attractive • Evident rise in LFR and industrial tra
Slide 7: Investment management business
Investment management business Stride Property Group | Annual Results FY25 7 7
Slide 8: Diversified portfolio and revenue sources
Diversified portfolio and revenue sources Stride combines a property investment FY25 look-through revenue sources2 business (SPL) with an investment management business (SIML) 3% Activity and 15% performance Recurring fees SPL’s weighted look-through portfolio value1 management as at 31 Mar 25 fees
Slide 9: SIML management fee income
SIML management fee income External management fees by type FY25 external management fee income $20.4m, up $20.4m $19.9m from FY24’s $19.9m Activity and $3.9m $3.7m performance fees • $16.5m recurring fees, up $0.3m from FY24. Recurring fees Stabilised valuations support future recurring fees • SIML
Slide 10: Portfolio
Portfolio Stride Property Group | Annual Results FY25 10 10
Slide 11: Products
Products Stride has AUM of $3.2bn over four Products Portfolio composition by value as at 31 Mar 25 Industre development commitments Property categorised as 'Development and Other' $1,010m $989m $35m $24m $833m $282m $49m Town Centre $95m $965m $407m $23m $694m $689m Office $384m Sector focus: Offic
Slide 12: FY25 highlights
Woolworths, Greenlane FY25 highlights • Total portfolio valuation of $1.0bn as at 31 Mar 25 • Divestment of two regional supermarket properties for a combined sale price of $54.3m, to support the acquisition of Bunnings Westgate, Auckland, for $51.0m 1 • Divestment of Woolworths Mt Roskill, Auckland
Slide 13: FY25 highlights
16A Wickham Street, Hamilton Development FY25 highlights • Acquisition of 7.9 hectares of land in Hamilton, providing future development opportunities • 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 c
Slide 14: FY25 highlights
Queensgate Shopping Centre, Wellington FY25 highlights • Rent reviews generated an uplift of +3.5% on prior rentals • Renewals to leading brands such as Whitcoulls, Hallensteins, Glassons and ANZ • Specialty GOC for the portfolio remained steady at ~13% as at 31 Mar 25, despite specialty MAT decreas
Slide 15: SPL Town Centre portfolio
SPL Town Centre portfolio FY25 highlights • Rent reviews and renewals drove a +5.7% uplift on prior rentals, primarily driven by CPI linked reviews • New tenants include Look Sharp, Lovisa, Connor and Gecko in the Village • Specialty MAT decreased (1.5)% to $129m against FY24 • Specialty GOC for the
Slide 16: SPL Office portfolio
SPL Office portfolio FY25 highlights • Refurbishment commenced at 215 Lambton Quay, including lobby upgrade and new end of trip facilities • Sustainability upgrades at 34 Shortland Street completed, targeting 4 star NABERSNZ rating • Rent reviews and renewals over 51,000 sqm provided a +3.2% uplift
Slide 17: Developments
Developments During FY25, the following Industre development projects commenced: Favona development, Favona Road 14-20 Favona Road, Auckland • SIML is managing the development of new industrial buildings at 14-20 Favona Road, Auckland • The project includes two multi unit warehouse buildings for up
Slide 18: Sustainability
Sustainability Stride Property Group | Annual Results FY25 18 18
Slide 19: Progress against targets
Progress against targets Stride continues to make progress against its sustainability targets Target FY25 Progress Reduce scope 1 and 2 emissions by 42% from 12.3% reduction from FY20 baseline year FY20 baseline year by 2030 Improve energy and water efficiency This remains a work in progress. Energy
Slide 20: FY25 Consolidated financial results
FY25 Consolidated financial results Stride Property Group | Annual Results FY25 20 20
Slide 21: Financial performance
Financial performance Stride Property Group (Stride) - Consolidated Change 31 Mar 25 31 Mar 24 $m $m $m % Net rental income 69.1 72.3 (3.3) (4.5) Guarantee income - 2.4 (2.4) (100.0) Management fee income 20.4 19.9 +0.6 +2.8 Total corporate expenses (21.3) (24.0) +2.7 +11.1 Profit before net finance
Slide 22: Distributable Profit
Distributable Profit Change Stride Property Group (Stride) - Consolidated 31 Mar 25 31 Mar 24 $m $m $m % Profit/(loss) before income tax 32.5 (52.0) +84.4 +162.5 Non-recurring, non-cash and other adjustments: - Net change in fair value of investment properties 29.5 75.8 (46.3) (61.0) - Share of (pro
Slide 23: Capital management
Capital management Stride Property Group | Annual Results FY25 23 23
Slide 24: Capital management – debt facilities
Capital management – debt facilities • Bank LVR1 was 38.7% as at 31 Mar 25, with balance sheet As at As at gearing, taking into account investments in the Stride Products, Syndicated debt facilities 31 Mar 25 31 Mar 24 of 29.0% • Post balance date refinance commitment to result in the Debt facility
Slide 25: Capital management – cost of debt
Capital management – cost of debt • As at 31 Mar 25, SPL had $280m of active interest rate swaps, representing 72% of drawn debt As at As at Cost of debt 31 Mar 25 31 Mar 24 • $125m of hedging entered into during the year at a weighted average rate of 3.6%. $50m of these have start dates post Weight
Slide 26: Outlook
Outlook Stride Property Group | Annual Results FY25 26 26
Slide 27: Outlook
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 remain
Slide 28: Glossary
Glossary Stride Property Group | Annual Results FY25 28 28
Slide 29: Glossary
Glossary AUM Assets under management Contract Rental Contract 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 basi
Slide 30: Appendices
Appendices Stride Property Group | Annual Results FY25 30 30
Slide 31: Appendix 1: Total AUM
Appendix 1: Total AUM Stride’s strategy is to AUM movements over FY25 create a group of Products in core +$49m $3,239m $3,153m +$31m +$26m $3,190m commercial property +$70m - $(11)m sectors which form the $(79)m basis of its investment $1,023m $1,010m $1,010m management business Total AUM is $3.2bn
Slide 32: Appendix 2: Investment Portfolio by sector
Appendix 2: Investment Portfolio by sector Town Centre/ Overview Total Office Industrial Large Format Retail Retail Shopping Centres Office and Town Centre portfolio Properties (no.) 9 6 3 Net Contract Rental ($m) 60.6 39.6 21.0 WALT (years) 5.9 7.0 3.6 Occupancy (% by area) 91.2 87.7 95.5 Portfolio
Slide 33: Appendix 3: SPL Office and Town Centre portfolio
Appendix 3: SPL Office and Town Centre portfolio As at As at SPL Overview 31 Mar 25 31 Mar 24 Location by Contract Rental Properties (no.) 9 9 Tenants (no.) 222 230 Net Lettable Area (sqm) 131,019 131,213 Wellington 33% Net Contract Rental ($m) 60.6 61.9 WALT (years) 5.9 5.9 Occupancy (% by area) 91
Slide 34: Appendix 4
Appendix 4 Net Contract Rental $2.1m $61.9m $60.6m $(2.6)m $(0.8)m As at Rent reviews Net Leasing Impact Other items As at 31 Mar 24 (includes unrecovered opex 31 Mar 25 due to vacancies) Profit before other expense and income tax $50.8m $1.9m $2.7m $49.3m $0.6m $(2.0)m $(2.4)m $(2.2)m FY24 Net rent
Slide 35: Appendix 4 (cont.)
Appendix 4 (cont.) Net Tangible Assets per share $0.09 $(0.02) $0.04 $(0.02) $1.78 $(0.05) $(0.02) $1.72 $(0.08) As at Operating profit Income tax Movement in cash Net reduction in fair Impairment of Share of profit in Dividends As at 31 Mar 24 before tax expense flow hedges, net of value of investm
Slide 36: Thank you
Stride Property Group Level 12, 34 Shortland Street Auckland 1010, New Zealand Thank you 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