FY26 Annual Results

Full Year Results27 May 2026SPGReal Estate

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5 PDF 6 PDF 7

Stride Property Group (NS)
NZX Announcement
IMMEDIATE — 28 May 2026

W strideproperty.co.nz

Stride Property Group
FY26 Annual Results

Stride Property Group (Stride) (Note 1) has released its Annual Report, Results Presentation, and
Sustainability Report for the 12 months ended 31 March 2026 (FY26).

• Significant strategic progress over the last 12 months, enhancing resilience, operating
strength and future growth optionality. $31.3 million profit after income tax, up $9.6
million on FY25 ($21.7 million)
• Distributable profit (Note 2) after current income tax for FY26 of $49.1 million, up 2% on
FY25 ($48.3 million)
• Distributable profit (Note 2) per share of 8.78 cents, up 0.14 cents on FY25
• SIML management fee income of $22.9 million, up $2.5 million on FY25
• FY26 combined cash dividend of 8.0 cents per share (cps) represents a payout ratio of
91.1% of combined Distributable profit (Note 2)
• Stride’s look-through investment portfolio (Note 3) demonstrates strong metrics with a
value (Note 4) of $1.4 billion, 6.6 years weighted average lease term (WALT), 94%
occupancy (Note 5) and 6.2% weighted average capitalisation rate
• Strong look-through investment portfolio (Note 3) rental growth of +2.3% on prior
rentals from new lettings, renewals and rent reviews
• SPL continues to have a robust balance sheet with bank LVR (Note 6) of 34%, materially
lower compared to 31 March 2025 of 39%, reflecting the sale of Silverdale Centre to
Investore. When considering SPL’s investments in the Stride Products (Note 7), SPL’s
gearing is 24% on a balance sheet basis (Note 8) or 35% on a look-through basis (Note
9)
• SIML continues to be an active investment manager and has undertaken a number of
strategic transactions for the Stride Products (Note 7), including acquisitions and
divestments for Investore along with key initiatives for Industre, including the completion
of 16A Wickham Street, Hamilton, and 14-20 Favona Road, Auckland (post balance
date), plus a new ~$70m development at 2-14 Patiki Road, Auckland
• SPL also entered into a conditional agreement with Auckland Council to acquire a 125-
year pre-paid ground lease at North Wharf, Wynyard Quarter, Auckland. Post balance
date, resource consent is being submitted

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• 79/100 GRESB score during FY26, improving 10 points from the prior year. Progress
continues towards meeting Stride’s sustainability targets, with a carbon reduction plan
underway
• Combined cash dividend guidance for FY27 of 8.0cps, in line with FY26
Stride’s Chair Tim Storey noted “FY26 marked a year of meaningful strategic progress for Stride,
enhancing resilience, operating strength and future growth optionality. Stride has successfully
executed on the funds management business via the expansion of Investore’s investment
mandate to capture convenience-based retail, sale of Silverdale Centre to Investore for $114
million, completion of Industre developments at 16A Wickham Street, Hamilton, and 14-20
Favona Road, Auckland, together valued at $93.7 million and commitment to the ~$70 million 2-
14 Patiki Road, Auckland, Industre development. Additionally, SPL has largely completed
refurbishments and significant leasing progress at 34 Shortland Street, Auckland, and 215
Lambton Quay, Wellington.”

SPL and SIML are pleased to announce fourth quarter (1 January 2026 to 31 March 2026) cash
dividends to be paid by each company on 16 June 2026 to all shareholders on the register as at
the close of business on 8 June 2026, as follows:
• SPL announces a cash dividend for the fourth quarter of FY26 of 1.5625cps
• SIML announces a cash dividend for the fourth quarter of FY26 of 0.4375cps

This brings the total combined cash dividend for Stride Property Group for FY26 to 8.0cps, in line
with previous guidance. The combined cash dividend of 8.0cps for FY26 represents a payout
ratio of 91.1% of Stride’s Distributable profit (Note 2) and 105.3% of AFFO (Adjusted Funds
from Operations).

The Board has resolved to suspend the dividend reinvestment plan for the FY26 fourth quarter
dividends of both SPL and SIML.

FY26 Overview:
Financial Performance – Stride Property Group
• Net rental income for FY26 was $58.9 million (FY25: $69.1 million), impacted by $(3.9)
million as a result of the Industre restructure, SPL’s industrial property Product, in the
prior year. In addition, the sale by SPL of Silverdale Centre to Investore during the year
resulted in lower net rental income of $(2.7) million, a further $(1.8) million was due to
IFRS movements over the periods, with the remaining $(1.7) million largely due to higher
vacancy and associated leasing costs on assets Stride is repositioning
• $22.9 million management fee income (Note 10), up 12% from FY25 of $20.4 million,
primarily due to growth from our management arrangements with Industre and Investore
• $31.3 million profit after income tax, up $9.6 million on FY25 ($21.7 million)
• Distributable profit (Note 2) after current income tax for FY26 of $49.1 million, up 2% on
FY25 ($48.3 million) driven by higher dividends from Industre
• FY26 combined cash dividend of 8.0cps, in line with guidance

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• Net tangible assets (NTA) per share of $1.69 as at 31 March 2026, down $(0.03) from
31 March 2025 ($1.72)
Active Real Estate Investment Management
• Assets under management of $3.3 billion, including $2.0 billion of open-ended external
assets under management
• SIML has delivered $93.7 million of new industrial developments for Industre at 16A
Wickham Street, Hamilton and 14-20 Favona Road, Auckland. Both developments are
targeting a 5 Green Star rating
• SIML helped to advance Investore's strategy of targeted growth through the divestment
of Woolworths Browns Bay, Auckland and Woolworths New Brighton, Christchurch for
$31.8 million, 5.2% above the combined book value (Note 11). Post balance date,
Investore entered into an unconditional agreement to divest Woolworths Greenlane,
Auckland for $35.9m, up 4.1% on 31 March 2026 book value
• SPL sold Silverdale Centre to Investore, retaining management and creating balance
sheet capacity for strategic growth initiatives
• Conditional agreement to acquire a 125-year pre-paid ground lease at North Wharf at
Wynyard Quarter, Auckland, for future development. Post balance date, resource
consent is being submitted
• SPL continued to reposition its office portfolio through targeted building upgrades and
initiatives to support leasing activity at 34 Shortland Street, Auckland, and 215 Lambton
Quay, Wellington. Test piling works at 55 Lady Elizabeth Lane, Wellington were
completed in January 2026, supporting the next stage of design and programme
development

SPL Office Portfolio (Note 12)
• LFL Rental Growth (Note 13) of +2.0% across 57,000 sqm, including +6.2% for
repositioned assets
• Portfolio value (Note 14) of $670 million as at 31 March 2026
• Repositioning works at 34 Shortland Street largely complete and planning and feasibility
at 1 Grey Street progressing
• Refurbishment works at 215 Lambton Quay to the lobby, café and end of trip now
complete
• Test piling works at 55 Lady Elizabeth Lane completed in January 2026, supporting the
next stage of design and programme development
• SPL’s office portfolio WALT of 6.7 years, and occupancy (Note 5) of 86% as at 31 March
2026. A small number of properties in the office portfolio are experiencing some
vacancy, primarily among those that are undergoing upgrades, and Stride expects leasing
activity to improve as the upgrades are completed and economic conditions improve

SPL Town Centre Portfolio (Note 12)
• LFL Rental Growth (Note 13) of +0.9% across 21,000 sqm

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• Portfolio value (Note 15) of $175 million as at 31 March 2026, down from 31 March
2025 reflecting the sale of Silverdale Centre to Investore
• LFL specialty MAT (Note 16) stabilised at +0.2% on FY25
• Specialty gross occupancy cost (Note 17) for the portfolio remains low at ~12% as at 31
March 2026
• SPL’s town centre portfolio has WALT of 3.6 years and occupancy (Note 5) of 92% as at
31 March 2026

Investore Property Limited (Note 12)
• LFL Rental Growth (Note 13) of +4.7% across 110,000 sqm
• Portfolio value (Note 18) of $1.1 billion as at 31 March 2026
• Acquired Bunnings New Lynn for $43 million and Silverdale Centre for $114 million
supported by $62.5 million subordinated convertible note capital raise
• Divestment of two supermarket properties for a combined sale price of $31.8 million,
+5.2% on combined book value (Note 11). Post balance date, Investore entered into an
unconditional agreement to divest Woolworths Greenlane for $35.9 million, +4.1% on
31 March 2026 book value

Industre Property Joint Venture (Note 12)
• LFL Rental Growth (Note 13) of +3.5% across 143,000 sqm
• Total portfolio valuation (Note 19) of $850 million as at 31 March 2026, reflecting a
4.7% net gain in fair value during FY26, due to development completions, along with
stabilising market rents and a relatively constant capitalisation rate
• $27 million (excluding land) development at 16A Wickham Street, Hamilton, completed.
The lease with Wattyl delivered a WALT of 15 years and a 6% yield on cost (including
land)
• $30 million (excluding land) development at 14-20 Favona Road, Auckland, completed
post balance date, leasing underway
• ~$70 million (excluding land) Patiki Road development approved for FY27/28, subject to
final construction pricing
• 22% of net Contract Rental with market reviews or lease expiries in FY27 and FY28, with
potential reversion to market of +15% (Note 20)

Diversified NZ Property Trust (Note 12)
• LFL Rental Growth (Note 13) of +2.1% across 54,000 sqm
• Total portfolio valuation (Note 21) of $446 million as at 31 March 2026, up from $407
million as at 31 March 2025, due to a combination of higher market rentals, lower
operating expenses and firmed cap rates
• Specialty gross occupancy cost (Note 17) for the portfolio reduced to 12.5% at 31
March 2026

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• The Diversified portfolio occupancy (Note 5) and WALT remain robust at 97% and 2.9
years respectively

Capital Management – SPL
• SPL continues to take a prudent and active approach to capital management, maintaining
its bank LVR (Note 6) at 34%, down from 31 March 2025 at 39%
• When factoring in SPL’s interests in its Products (Note 7), SPL’s gearing is:
• 23.8% on a balance sheet basis (Note 8)
• 35.1% on a look-through basis (Note 9)
• $166 million headroom as at 31 March 2026 provides capacity for future growth
opportunities

Sustainability
• GRESB score of 79/100 during FY26 was up 10 points from the prior year
• Climate-related targets progressed during FY26, including implementing a number of
projects in accordance with our carbon reduction plan, such as energy efficiency
software installed in Auckland office assets targeting efficiency improvement of HVAC
systems

Outlook
• Recent offshore developments have reintroduced inflation pressures and market
uncertainty, weighing on business and consumer confidence. Should Diversified
investors seek liquidity in FY27, associated project fees offset lost management fee
income in the near term, with a 5-6% impact to DPPS over longer term
• SPL’s capital management position is well funded and provides headroom for initiatives
• Stride’s near term focus is on growing income via asset positioning initiatives, realising
Industre’s development pipeline and continuing to grow our Products (Note 7)
• The Stride Boards confirm they intend to pay a combined cash dividend for SPL and
SIML during FY27 of 8.0cps, subject to market conditions

Notes:

1. Stride Property Group (Stride) comprises Stride Investment Management Limited (SIML) and Stride Property
Limited (SPL). A stapled security of the Stride Property Group comprises one share in SIML and one share in SPL.
The stapled securities are quoted on the NZX Main Board under the ticker code ‘SPG’. Information presented in
this NZX announcement is on a combined basis unless otherwise specified.
2. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for
determined non-recurring and/or non-cash items, share of profit/(loss) in equity-accounted investments,
dividends received from equity-accounted investments and current tax. Further information, including the
calculation of Distributable profit and the adjustments to profit/(loss) before income tax, is set out in the
consolidated financial statements for the year ended 31 March 2026.

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3. Look-through portfolio includes SPL's directly owned portfolio, plus SPL's proportionate ownership in the
portfolios of the Stride Products. Excludes properties categorised as 'Development and Other' in the respective
financial statements.
4. Look-through portfolio value excludes lease liabilities. In the case of SPL, includes: (1) the value of Stride's office
at 34 Shortland Street, Auckland, which is shown in the consolidated financial statements as 'Property, plant and
equipment'; and (2) the value of rental guarantee receivable. In the case of Investore, includes the value of rental
guarantee receivable.
5. Occupancy has been calculated including casual licences with an initial term greater than three months.
6. Bank Loan to Value Ratio (LVR) is calculated as bank debt as a percentage of the value of investment property for
mortgage security purposes.
7. The Stride Products comprise Investore Property Limited (Investore), Industre Property Joint Venture (Industre)
and Diversified NZ Property Trust (Diversified).
8. Balance sheet LVR includes SPL’s directly held property as well as the value of SPL’s interests in each of the
Stride Products, and SPL’s direct debt.
9. Look-through LVR includes SPL’s directly held property and debts, as well as its proportionate share of the
property and debt of each of the Stride Products.
10. Net of management fees received from SPL.
11. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025 book value for Woolworths
New Brighton.
12. Unless otherwise stated, all metrics exclude properties categorised as ‘Development and Other’ in the respective
financial statements.
13. The increase on prior rentals from new lettings, renewals and rent reviews completed during FY26 on a like-for-
like basis.
14. Includes all investment properties in SPL’s office portfolio, including investment properties classified as
‘Development and Other’ in the consolidated financial statements. Value includes: (1) the value of Stride’s office at
34 Shortland Street, Auckland, which is shown in the consolidated financial statements as ‘Property, plant and
equipment’; (2) the value of rental guarantee receivable.
15. Value excludes lease liabilities.
16. Moving annual turnover (MAT) comprises annual sales on a rolling 12-month basis, including GST.
17. Gross occupancy costs (excluding GST) expressed as a percentage of MAT.
18. Includes all properties in Investore’s portfolio, including properties classified as ‘Development and Other’ in
Investore’s consolidated financial statements. Value excludes lease liabilities and includes the value of rental
guarantee receivable.
19. Includes all properties in Industre’s portfolio, including properties classified as ‘Development and Other’ in
Industre’s consolidated financial statements.
20. Based on Industre’s independent valuation reports as at 31 March 2026 and comparing passing rent to market
rent on a face rental basis.
21. Includes all properties in Diversified’s portfolio, including properties classified as ‘Development and Other’ in
Diversified’s financial statements.

Ends
Attachments provided to NZX:
• Stride Property Group – FY26 Annual Results Announcement – 280526
• Stride Property Group – FY26 Annual Report – 280526
• Stride Property Group – FY26 Annual Results Presentation – 280526
• Stride Property Group – FY26 Sustainability Report – 280526
• Stride Property Group – NZX Results Announcement – 280526
• Stride Property Limited – NZX Distribution Notice – 280526
• Stride Investment Management Limited – NZX Distribution Notice – 280526

W strideproperty.co.nz
For further information please contact:
Tim Storey, Chair, Stride Investment Management Limited / Stride Property Limited
Mobile: 021 633 089 - Email: tim.storey@strideproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

Claire Fisher, GM Corporate Services, Stride Investment Management Limited
Mobile: 021 223 1401 - Email: claire.fisher@strideproperty.co.nz

A Stapled Security of the Stride Property Group comprises one ordinary share in Stride Property Limited and
one ordinary share in Stride Investment Management Limited. Under the terms of the constitution of each
company, the shares in each can only be transferred if accompanied by a transfer of the same number of
shares in the other.
Stapled Securities are quoted on the NZX Main Board under the ticker code SPG. Further information is
available at www.strideproperty.co.nz or at www.nzx.com/companies/SPG.

---

Annual Report
2026

This document comprises the Annual Report for each of Stride Investment Management
Limited (SIML) and Stride Property Limited (SPL), which are members of Stride Property
Group (Stride).
Each of SIML, SPL and Stride has been designated as “Non-Standard” (NS) by NZX.
The implications of investing in stapled securities of Stride are set out at page 120 of
this report.
A copy of the waivers granted by NZX in respect of SPL, SIML and Stride’s “NS”
designation can be found at www.nzx.com/companies/SPG/documents
Capitalised terms have
the meaning given in the
glossary on page 121.
Contents
FY26 Highlights5
Our Business8
Our Strategy12
North Wharf15
Chair and CEO’s Report16
Board of Directors20
People and Community22
Executive Team24
Products
SPL Office Portfolio26
SPL Town Centre Portfolio28
Investore30
Industre32
Diversified 36
Capital Management38
Five Year Financial Summary40
Consolidated Financial Statements43
Corporate Governance87
Statutory Disclosures111
Implications of Investing in Stapled Securities120
Glossary121
Corporate Directory122
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 202623

Stride’s real estate investment and management business has made meaningful
strategic progress in FY26, enhancing resilience, operating strength and future
growth optionality.
Financial Overview
for 12 months ended 31 March 2026 (FY26)
1. See glossary on page 121.
2. Net of management fees received from SPL.
215 Lambton Quay, Wellington
Distributable profit
1
after current
income tax, up $0.8m (FY25: $48.3m)
$49.1m
net rental income, down $(10.1)m
(FY25: $69.1m) primarily due to the
divestment of Silverdale Centre $(2.7)m
and Industre restructure $(3.9m)
$58.9m
net tangible assets (NTA) per share
as at 31 March 2026, down $(0.03)
from 31 March 2025 ($1.72)
$1.69
profit after income tax,
up $9.6m (FY25: $21.7m)
$31.3m
management fee income
2
,
up $2.5m (FY25: $20.4m)
$22.9m
combined cash dividend for FY26,
representing a combined payout ratio
of 91.1% of Stride’s Distributable profit
1
8.0cps
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 202645

Stride’s look-through
2
investment portfolio comprises directly held properties
and interests in the portfolios of the Stride Products
1
. Investment metrics have
been resilient over the past year.
WA LT
1
6.6 years
weighted average capitalisation rate
6.2%
occupancy
4
by area
94%
growth in look-through rental on prior
rentals from new lettings, renewals
and rent reviews during FY26
+2.3%
Investment Portfolio
1
Overview
as at 31 March 2026
Proactive Capital Management
34 Shortland Street, Auckland
value
3
$1.4bn
of SPL’s drawn debt fixed
95%
weighted average cost of debt
5.0%
bank LVR
5
, with balance sheet LVR
6
(which
includes the value of SPL’s interests in each of
Investore, Diversified and Industre) of 24%
34%
undrawn facility available to fund
growth initiatives, with no debt
facilities maturing until FY30
$166 million
1. See glossary on page 121.
2. Includes SPL’s directly owned properties, plus SPL’s proportionate ownership in
the portfolios of the other Stride Products. Excludes properties categorised as
'Development and Other' in the respective financial statements.
3. Excludes lease liabilities. In the case of SPL includes: (1) the value of Stride’s
office at 34 Shortland Street, Auckland, which is shown in the consolidated
financial statements as 'Property, plant and equipment'; and (2) the value of
rental guarantee receivable. In the case of Investore, includes the value of rental
guarantee receivable.
4. Occupancy has been calculated including casual licences with an initial term
greater than three months.
5. Calculated as bank debt as a percentage of the value of investment property for
mortgage security purposes.
6. Balance sheet LVR includes SPL’s directly held property as well as the value of
SPL’s interests in each of the Stride Products, and SPL’s direct debt.
as at 31 March 2026
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 202667

Stride is a real estate investment company comprising two entities: SIML, a
management company that provides investment management services to the
Stride Products
1
, and SPL, an asset owning company, which invests directly and
indirectly across the core commercial property asset classes.
Our Business
1. See glossary on page 121.
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.
Numbers may not sum due to rounding.
Note: Values in the chart above represent total portfolio values for each Stride Product, including properties categorised as ‘Development and Other’ in the respective financial
statements. Numbers may not sum due to rounding.
By investing in Stride, shareholders gain exposure to
multiple income streams diversified across commercial
property types and geographies, providing resilience
through variable market conditions.
SIML manages a group of entities that invest in commercial
property, which we call the Stride Products. These Products
comprise both listed and unlisted entities, providing diversification
of capital sources and opportunities in different market
conditions. SPL’s cornerstone shareholdings also ensure
alignment of interests between Stride and each of the Stride
Products. Stride will continue to build portfolios of assets within
SPL that could be used for the establishment of future Products,
when market and economic conditions are conducive.
Stride is an NZX-listed
entity which comprises
SPL and SIML. SPL and its
subsidiaries directly own a
portfolio of office and town
centre assets as well as
an interest in each of the
Stride Products. SIML is
the manager of the Stride
Products
Investore is an NZX-listed
entity with a focus on
convenience-based
retail properties across
New Zealand
Industre is a joint venture
between Stride and
JPMAM
1
and owns a
portfolio of industrial assets
primarily located in the
Auckland region
Diversified is a trust that
is primarily owned by two
Australian superannuation
entities, with SPL owning 2.2%.
Diversified owns shopping
centre assets in New Zealand
Portfolio composition by
value as at 31 March 2026
FY26 look-through
revenue sources
2
SPL's weighted
look-through
portfolio value as
at 31 March 2026
Property categorised as
'Development and Other'
Office
Convenience-based retail
Industrial
Retail shopping centres
Recurring management fees
Activity fees
Office
Convenience-based retail
Industrial
Retail shopping centres
36%
13%13%
17%
16%
5%
Office and
town centre
Sector
focus:
Convenience-
based retail
Industrial
Retail shopping
centres
Open-endedTerm:Open-endedOpen-ended
10 year review date
mid-2026
100%
SPL
investment:
18.8%49.0%2.2%
$423m

$670m
$175m
$879m
$1,128m
$1,109m
$20m
$34m
$850m
$712m
$137m
$446m
$23m

$681m
$198m
$879m
18.8%
49.0%
2.2%
$2,424m
$1,128m
$446m
$850m

$681m
$207m
$1,517m
$212m
$416m
Directly
held
Stride
Products
Weighted
look-through
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 202689

Our Business (cont.)
Key metrics as at 31 March 2026Management fees
2
In FY26 SIML earned $22.9 million of external management fee income
(up $2.5 million on FY25). Of this, $14.3 million came from our open-ended
Products, $5.9 million from our closed-ended Products, and $2.7 million from
salary and wages recovery.
• Open-ended Products grew their portfolios by more than $200 million during
FY26. This was mainly due to Industre completing the Wickham Street and
Favona Road (post balance date) developments, Investore acquiring Silverdale
Centre, and $50 million of gross revaluation uplifts.
• Our development pipeline includes Industre’s planned ~$70 million
development at 2-14 Patiki Road, Auckland, in FY27/28, subject to final
construction pricing.
• Diversified is a closed-ended fund. During 2026 the unitholders may
resolve to wind up Diversified. If this is approved, the SIML management
agreement will terminate on the sale of all Diversified's properties. In the
near term, associated project fees are expected to offset the reduction
in management fees; over the longer term, the impact is expected to be
around 5-6% of Stride’s annual DPPS
3
.
Activity fees
Recurring fees
Management fees
2
by
Product
Management fee income for FY26 grew by $2.5 million or 12% when compared to
FY25, primarily due to growth in Industre and Investore.
Diversified (management fees)
Diversified (salary and wage recovery)
Industre
Investore
FY26
$22.9m
$8.0m
$6.3m
$5.9m
$2.7m $20.4m
FY25
$7.0m
$5.2m
$5.5m
$2.6m
FY25
$20.4m
$16.5m $3.9m
$22.9m
FY26
$17.5m $5.4m
over the core commercial
property asset classes
4 portfolios
over 79 managed properties
1
761 tenancies
over 7 locations
108 staff
average executive tenure at Stride
14 years
215 Lambton Quay, Wellington
1. Including properties categorised as
'Development and Other' in the respective
financial statements.
2. Net of management fees received from SIML.
3. See glossary on page 121.
Numbers may not sum due to rounding.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20261011

Our Strategy
Stride combines an established property ownership platform with an investment management business, enabling Stride to earn
income from directly owned property and from fee-based management services, while aligning our interests with those of our
capital partners through co-investment in our managed Products.
This strategy is designed to deliver diversified exposure to the New Zealand commercial property market for our investors while
achieving greater operating leverage through our management business compared to traditional, more capital-intensive REITs.
Our strategy is guided by four strategic pillars: Performance, People, Places and Products.
Stride’s strategy is to become New Zealand's leading listed property investor
and fund manager, with a diversified platform of open-ended Products.
Products
Our Products are designed to match different investor risk/return objectives while leveraging our in-house capability
across origination, leasing, asset management and development.
Places
Stride aims to own and manage properties with
enduring demand. We prioritise locations with strong
fundamentals and assets that benefit from structural
demand drivers, including population growth,
infrastructure investment and supply constraints. Our
approach is to concentrate capital where we have
conviction, local market insight and the ability to
actively enhance asset quality and tenant outcomes.
People
Stride’s culture is defined by the four behaviours of
People Centred, Discipline Driven, Nimble Performers
and Fresh Thinkers. We invest in capability and
leadership, operate with clear accountability, and bring
together specialist expertise across investment, asset
management, development and sustainability. This
culture supports consistent execution, strong stakeholder
relationships and disciplined decision-making.
Performance
Stride has diverse sources of income from a
combination of recurring and activity-based
earnings and property investment income.
This diversification supports resilience through
market cycles and reflects the breadth of our
platform across ownership and investment
management:
• Real estate investment management
fees, comprising asset management
fees (ongoing, recurring fees) and
activity-based fees that depend on the
activities of the Stride Products (such
as leasing and development)
• Direct property income from SPL’s
directly owned property
• Indirect property income from SPL’s
investments in the Stride Products
110 Carlton Gore Road, Auckland
Stride Property GroupAnnual Report 202613Stride Property GroupAnnual Report 202612

FY26 Strategic AchievementsNorth Wharf - Wynyard Quarter
SPL has entered into a conditional agreement with Auckland
Council to acquire a 125-year pre-paid ground lease for
$17.5 million at North Wharf, Wynyard Quarter, Auckland.
• Stride has partnered with central Tāmaki tangata
whenua Ngāti Whātua Ōrākei as its cultural lead for
the development
• Stride proposes to redevelop the site over time into a
10,500 sqm to 12,500 sqm premium mixed-use retail
and office development
• The agreement with Auckland Council is conditional
on resource consent. Post balance date, resource
consent is being submitted. Auckland Council will
continue to manage the property until settlement
Indicative design render of North Wharf
Guided by our strategic pillars of Performance, People, Places and Products,
Stride has successfully executed on key strategic initiatives during FY26.
Continued repositioning
of SPL’s office portfolio
with building upgrades to
support leasing activity at
34 Shortland Street,
Auckland, and 215 Lambton
Quay, Wellington
Refinance and extension
of SPL's syndicated debt
facilities, resulting in no debt
facilities maturing until FY30
Conditional agreement with
Auckland Council to acquire
a 125 year pre-paid ground
lease at North Wharf as a
site for a high-quality prime
waterfront development
79/100 GRESB score
during FY26, an
improvement of 10 points
from the prior year
Sale of Silverdale Centre,
Auckland, to Investore for
$114 million, representing
a 6.8% initial yield and
creating balance sheet
flexibility for future
opportunities, while
maintaining management
of the property
Completion of the
developments at
16A Wickham Street,
Hamilton and post balance
date, 14-20 Favona Road,
Auckland, together valued
at $93.7 million at
31 March 2026
Commitment of
Industre’s ~$70 million
2-14 Patiki Road, Auckland,
industrial development
project, subject to final
construction pricing
Expansion of Investore’s
investment mandate
from large format retail to
include convenience-based
retail, unlocking a wider
but strategically aligned
investment market
Investore acquired
Silverdale Centre
(from SPL) and Bunnings
New Lynn, Auckland, for
$157 million, representing
a blended 6.6% initial yield
Stride Property GroupAnnual Report 202615Stride Property GroupAnnual Report 202614

Chair and CEO’s Report
Dear Shareholders
We are pleased to present Stride’s 2026 Annual Report. Stride successfully
executed on several important strategic objectives over the year, positioning the Stride
platform for growth in its enduring open-ended Products, as well as sourcing a future
high-quality development opportunity at North Wharf. Stride enters FY27 with capacity
to continue to optimise its direct portfolio and drive growth across the platform.
FY26 performance
Stride’s financial performance over the last twelve months
has delivered a pleasing result with profit after income tax up
$9.6 million to $31.3 million ($21.7 million in FY25).
Combined net rental income and management fee income
(excluding fees from SPL) for FY26 was $81.8 million (FY25
at $89.5 million), impacted by $(3.9) million as a result of the
restructure of Industre, SPL's industrial property Product,
in the prior year. In addition, the sale by SPL of Silverdale
Centre to Investore during the year resulted in lower net
rental income of $(2.7) million.
Despite this, Distributable profit
1
after current income tax for
FY26 of $49.1 million was up 2% from FY25 ($48.3 million),
driven by higher dividends from Industre.
During FY26, Investore progressed its targeted growth
strategy through the acquisition of Silverdale Centre,
Auckland, from SPL for $114 million, which had the benefit
of creating balance sheet flexibility for Stride for future
opportunities, while keeping this property within our group
of managed funds. Investore also acquired Bunnings New
Lynn, Auckland, for $43 million. These acquisitions were
partly funded by the recycling of two Woolworths-tenanted
properties at a combined sales price of $31.8 million, 5.2%
above book value
2
and post balance date agreed to dispose
of Woolworths Greenlane, Auckland, for $35.9 million.
Together these transactions improve Investore’s portfolio
by adding scale, increasing Auckland exposure, improving
tenant diversification, reducing average property age and
increasing exposure to leases with structured rental growth
to support returns over the medium to long-term. Investore
also expanded its investment mandate from large format
retail to convenience-based retail, unlocking a wider but
strategically aligned investment market.

The industrial developments at 16A Wickham Street,
Hamilton, and 14-20 Favona Road, Auckland, have now been
completed, and together were valued at $93.7 million at
31 March 2026. 16A Wickham Street was developed in
partnership with Industre’s existing tenant Wattyl. Both
developments are targeting a 5 Green Star Design and As
Built Rating. Looking forward, a ~$70 million (excluding land)
development project at Patiki Road, Auckland, has been
approved subject to final construction pricing.

SPL continued to reposition its office portfolio through
targeted building upgrades and initiatives to support
leasing activity at 34 Shortland Street, Auckland, and
215 Lambton Quay, Wellington, over the course of FY26.
SPL also entered into a conditional agreement with
Auckland Council to acquire a 125-year pre-paid ground
lease for North Wharf, Wynyard Quarter, Auckland, with the
intention to redevelop this site into a high-quality premium
retail and office waterfront asset.
Diversified will observe its 10-year anniversary later in
2026, at which time the fund will be subject to a review and
unitholders may seek liquidity. Stride estimates that if the
Diversified assets were sold and Diversified was wound up,
Stride’s Distributable profit
1
would reduce by around 5-6%
on a normalised basis.
Advancing our strategy
SPL (and its subsidiaries) directly owns office and town
centre properties and also has indirect ownership interests
in the convenience-based retail, industrial and shopping
centre properties respectively owned by Investore, Industre
and Diversified (the Products), which equate to a diversified
$1.4 billion Investment Portfolio
1
on a look-through basis.
FY26 marked a year of meaningful strategic progress
for Stride and its real estate investment management
business, enhancing resilience and operating strength
and growth optionality. The combined total portfolio
values of our external open-ended Products, Investore and
Industre, have increased by 12%, to $2.0 billion from $1.8
billion over the past 12 months.

Capital management
Stride continues to take a prudent approach to investment
and capital management. SPL’s bank LVR
1
as at
31 March 2026 was 34%, materially lower than 31 March
2025 when the LVR was 39%, reflecting the sale of
Silverdale Centre. At 31 March 2026, SPL had $166 million
of undrawn bank debt facility, providing flexibility to
execute on strategic growth initiatives.
This bank LVR only reflects SPL’s directly held office and
town centre properties and does not take into account SPL’s
interests in the Stride Products. When considering SPL’s
investments in the Stride Products, SPL’s gearing is 24%
on a balance sheet basis
3
or 35% on a look-through basis
4
.
Stride Board changes
The second half of FY26 saw a change in the composition
of the Stride Boards with the election of David Green at
Stride’s Annual Shareholders’ meeting in August 2025.
At that meeting, Tim Storey also announced his intention
to step down as Chair and Director by the 2026 Annual
Shareholder Meetings. It is expected that David Green will
be appointed as the new Chair.
David brings more than 30 years’ experience in the banking
and finance sector across the Asia Pacific region. During
his 14 years with ANZ Banking Group he held a number of
senior leadership positions, most recently as Singapore
CEO and Head of South East Asia, India & Middle East.
David is currently Chair of BT Funds Management (NZ)
Limited and a Director of Westpac New Zealand Limited
and EROAD Limited. David has been awarded fellowships
by Chartered Accountants Australia and New Zealand and
INFINZ. David is a member of the Audit and Risk Committee
and the Remuneration and Nomination Committee.
The Remuneration and Nomination Committee continues
to ensure that the Stride Boards are composed of
individuals with a range of appropriate skills, knowledge
and experience that are well aligned with Stride’s strategy.
The Committee is also responsible for managing the
Boards’ succession planning and regularly reviews the
skills required for the Stride Boards. A Directors' skills
matrix is presented in the Corporate Governance section
of this report.
1. See glossary on page 121.
2. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025
book value for Woolworths New Brighton.
3. Balance sheet LVR includes SPL’s directly held property as well as the value of
SPL’s interests in each of the Stride Products, and SPL’s direct debt.
4. Look-through LVR 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.
215 Lambton Quay, Wellington
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20261617

Chair and CEO’s Report (cont.)
People
During FY26 there have been changes to the Executive
Team, with a new GM Corporate Services in November
2025, and the GM Development announcing his retirement
in January 2026. The Board has been deliberate in
supporting the Chief Executive Officer to build a team with
the capability and alignment required to deliver on strategy.
Sustainability
Sustainability is an essential element of Stride’s business
strategy. As one of New Zealand’s leading real estate
investment and management businesses our focus is on
the ‘as built’ environment and the delivery of sustainable
property solutions for our tenants and their customers for
the long term.
During FY26, Stride’s total greenhouse gas emissions
increased. This was primarily driven by a higher New Zealand
grid electricity emissions factor, increased gas use at some
properties and elevated development activity. Stride
remains committed to its target of reducing scope 1 and 2
emissions by 42% by 2030 with a clear decarbonisation
pathway underway.
Stride achieved its highest ever GRESB score of 79 during
FY26, an improvement of 10 points from the prior year. This
reflects Stride’s strong ESG governance and continued
progress in embedding sustainability across our portfolios.
Our FY26 Sustainability Report can be found at
www.strideproperty.co.nz/investor-centre/
Outlook and dividend guidance
While the early part of 2026 showed improving levels
of economic activity across all sectors, recent offshore
developments have reintroduced inflation pressures
and market uncertainty, weighing on business and
consumer confidence.
The leasing market remains slower than prior years,
in our view as a result of the subdued macroeconomic
environment. While we see limited downside risk from this
point in the cycle, at this stage we do not expect a material
change in economic recovery until the second half of 2027
at the earliest.
In the near term, our focus is on delivering our active
portfolio initiatives by progressing our build-to-core
strategy, recycling non-core assets, active asset and
capital management, and disciplined cost management.
Our strong balance sheet provides capacity to invest in
strategically aligned, return-enhancing opportunities.
Government policy settings, including the Investment
Boost tax deduction, are also important inputs to
development feasibility. Our capital position is well funded
and we retain comfortable headroom.
The Boards remain mindful of ongoing volatility and
uncertainty in global markets and will continue to focus
Stride on growing its core Products and its management
business, while maintaining a prudent approach to capital
allocation and risk. We believe Stride is well placed
to navigate the current environment and to pursue
opportunities as market conditions continue to normalise.
The Boards confirm that subject to market conditions, the
intention is to pay a combined cash dividend for SPL and
SIML for FY27 of 8.00 cents per share, consistent with our
policy of targeting a total cash dividend that is between
80% and 100% of SPL’s Distributable profit and between
25% and 75% of SIML’s Distributable profit.
On behalf of the Boards and staff, we thank you for your
continued support of Stride Property Group.
Tim Storey
Chair,
SPL and SIML
Philip Littlewood
Chief Executive Officer,
SIML
20 Customhouse Quay, Wellington
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20261819

Tim Storey LLB, BA
Independent Director, Chair of the Board and Chair of the Remuneration and
Nomination Committee
Term of Office: Appointed to SPL on 1 April 2009 and to SIML on 16 February 2016; last
elected 2025 annual meeting
Tim was appointed Chair of Stride in 2009. He has more than 30 years’ experience across a
range of sectors and has practiced as a lawyer in New Zealand and Australia, retiring from the
Bell Gully partnership in 2006. Tim is a member of the Institute of Directors in New Zealand
(Inc) and is a director of Investore Property Limited and of a number of private companies.
Board of Directors
Nick Jacobson LLB, BCom
Independent Director
Term of Office: Appointed to SPL and SIML on 18 July 2019; last elected 2024 annual meeting
Nick has over 30 years’ experience with leading global investment banks and global financial
services companies, specialising in real estate advisory and capital markets across Australia,
Europe, and Asia. Nick is currently Chairman at Wingate in Sydney, Australia, responsible for
investing in significant CRE private credit transactions. Nick was previously Managing Director
and Head of Investment Banking Services at Goldman Sachs Australia, and Chairman of
Goldman Sachs’ Real Estate Investment Banking division.
Tracey Jones BCom, CA, CMInstD
Independent Director
Term of Office: Appointed to SPL and SIML on 11 April 2023; last elected 2023 annual meeting
Tracey has considerable experience in accounting and finance, as well as funds management.
Tracey worked for 15 years with Tappenden Holdings, including as COO and CFO, managing
a large investment portfolio that included a number of property interests. Tracey moved into
a governance career in 2016 and is currently an independent director of Partners Life and
independent chair of Amova Asset Management NZ. Tracey is also a director of a number of
private companies.
Craig Hopkins NZ Cert in Civil Engineering (Int)
Future Director
Craig is the CEO of Generation Homes New Zealand Limited, one of New Zealand’s top 10
group home builders, and has been involved in the construction industry for over 10 years.
Prior to that, Craig was group commercial manager for Precast New Zealand Limited and
asset manager for Kiwi Income Property Trust. Craig is also the Northern Region Chair and
National Board Member of the Building Institute Aotearoa. Craig has been appointed as a
future director and as such he participates in Stride Board meetings but does not vote or have
any role as a director.
Michelle Tierney GAICD BA (Journalism & Comm) PgDip (Bus Admin) MBA
Independent Director
Term of Office: Appointed to SPL on 17 July 2014 and to SIML on 16 February 2016; last
elected 2023 annual meeting
Michelle has more than 20 years’ experience in the property industry, including as the
Chief Operating Officer for SCA Property Group in Australia, General Manager of Business
Development and Strategy for the National Australia Bank Global Institutional Bank, and Fund
Manager of the $3.8 billion GPT Wholesale Shopping Centre Fund. Michelle is currently a director
of ASX-listed Growthpoint Properties Australia, ASX-listed Peet Limited, Cotton Research
& Development Corporation Australia, Uniting NSW.ACT, Sydney Water and Message Stick
Foundation Limited. Michelle is a member of the Australian Institute of Company Directors, the
Indigenous Advisory Group for Property Council of Australia, Chief Executive Women and Women
on Boards. Michelle is also Chair and Non-executive director of Career Trackers Indigenous
Internship Program Limited.
Ross Buckley BBS, FCA, FCPA, CMInstD
Independent Director and Chair of the Audit and Risk Committee
Term of Office: Appointed to SPL and SIML on 9 August 2021; last elected 2024 annual meeting
Ross has a strong background in auditing and management, with 27 years as a partner at the
global accounting and consulting firm KPMG, including nine years as Executive Chairman of
KPMG in New Zealand and a member of KPMG’s Asia Pacific Board and KPMG’s Global Council.
During his career with KPMG he managed the firm’s Audit, Risk and Tax practices, in addition
to the firm’s People, Performance and Culture function. Ross is a director of ASB Bank Limited,
Investore Property Limited, and Chair of Service Foods NZ Limited. Ross also currently chairs
the National Board, is a National Council Member, and Auckland Branch Committee Member
of the Institute of Directors of New Zealand. Ross is on the Council of Massey University, is the
Chair of the Auditor Oversight Committee of the Financial Markets Authority and the Chair of
Chapter Zero NZ Steering Committee.
David Green FCA
Independent Director
Term of Office: Appointed to SPL and SIML on 19 June 2025, last elected 2025 annual meeting
David is a professional director, investor and former executive with extensive leadership and
governance experience. During a career of more than 30 years in the banking and finance
sector he led teams delivering solutions for customers across a wide range of industry sectors
in the Asia Pacific Region, most recently as Singapore CEO and Head of South East Asia, India
& Middle East for ANZ Banking Group. David is currently Chair of BTNZ Funds Management
(NZ) Limited, an Independent Director of Westpac New Zealand Limited, where he chairs the
Board Audit Committee, and Lead Independent Director for EROAD Limited. David has been
awarded fellowships by the Chartered Accountants Australia and New Zealand and the Institute
of Finance Professionals in New Zealand (INFINZ).
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20262021

People and Community
Community involvement and support is important to Stride.
Stride sponsors the Keystone Trust, the Tania Dalton
Foundation and the Graeme Dingle Foundation. Stride’s
sponsorships are targeted towards maximising the positive
impacts of Stride’s business activities on the community
through actively engaging in partnerships that address
social issues at national and local levels.
The Graeme Dingle Foundation is a New Zealand
charity dedicated to inspiring young people to realise
their potential through school and community-based
programmes that help build self-esteem, promote good
values, and improve academic results. The Keystone Trust
provide scholarships to young people facing hardship to
support them in their studies in the fields of property or
construction, and the Tania Dalton Foundation supports
young people through sport, to unlock their talent and be
their best selves.
JLL Touch Rugby Tournament
For the third year in a row, Stride was proud to
participate in the Try for Charity touch rugby tournament
organised by Jones Lang LaSalle and the Keystone
Trust. This year the tournament raised $32,000 for the
Keystone Trust’s student hardship fund.
Dress for Success
Chartwell Shopping Centre ran a ‘Donate & Receive’
campaign in support of Dress for Success Hamilton,
a not-for-profit organisation that helps women across
the Waikato achieve economic independence through
professional clothing, styling advice and career support.
Shoppers donated more than 3,250 pieces of
high-quality, used women’s workwear. In return,
Chartwell provided each donor with a $15 Chartwell
gift card in recognition of their contribution.
Matariki and Lunar New Year
Celebrations
Johnsonville Shopping Centre hosted a programme
of community events to celebrate Matariki and Lunar
New Year.
The week-long Lunar New Year celebration featured
festive decorations across the Centre and a wide
range of activities including dumpling making, Tai Chi,
calligraphy, lion dancing, cultural fashion shows, music
and dance. Visitors also enjoyed a special appearance by
miniature ponies.
Ahead of Matariki, more than 300 people from the local
community gathered for an evening of family-friendly
activities across the Centre, including kapa haka, a
gallery opening involving five local schools, an interactive
light installation, a special film screening, children’s
creative activities and a star hunt.
Auckland Transport Fareshare
Stride currently provides head office employees with
a public transport benefit through Auckland Transport’s
(AT) Fareshare scheme. The benefit provides a discount
on public transport fares for commuting to and from
work. This initiative supports Stride’s commitment to
reducing greenhouse gas (GHG) emissions, as travel
associated with employee commuting is a material
contributor to our emissions profile.
During FY26, the shopping centres owned and managed by Stride provided rent-free space
to local and national charities and community groups, with an estimated value of $290,000.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20262223

Executive Team
1
Philip Littlewood
BProp, BCom, MBA
Chief Executive Officer
Philip joined the business in 2014
and has led Stride since 2017.
Philip has extensive experience
in property investment, funds
management, development, asset
management and financing.
Philip’s prior experience includes
roles in private equity and with
Morgan Stanley and AMP Capital
Investors, in New Zealand and the
United Kingdom.
Jennifer Whooley
CA
Chief Financial Officer
Jennifer has more than 30 years’
experience in the property industry
and is responsible for Stride’s
overall financial plans and policies,
as well as capital management and
portfolio reporting within Stride
and its managed entities. Jennifer is
also responsible for the people and
culture function within Stride. Prior
to joining Stride, Jennifer was Chief
Accountant for Fletcher Property.
Jennifer was named the EY CFO of
the Year for 2018.
Adam Lilley
BCom, LLB, CA
General Manager Investment
Adam has over 10 years’ experience
in the property and finance
industries and was previously an
Institutional Equities Research
Analyst at Craigs Investment
Partners, specialising in the NZ
listed property sector. Adam was
previously an Investment Manager at
Stride and rejoined in 2021, and now
leads the Investment, Industre and
Investore teams.
Claire Fisher
BA, LLB
General Manager
Corporate Services
Claire leads the Corporate Services
team overseeing legal, risk,
health and safety, technology and
sustainability as well as serving
as Company Secretary. Claire has
20 years of legal and corporate
finance experience. Her previous
roles include Chapman Tripp and
ANZ where she headed up the Loan
Syndications and Agency team. Her
most recent role was Chief Legal and
Risk Officer at Oceania Healthcare.
Jessica Rod
BProp, BA
General Manager Office
Jessica is responsible for growing
and managing Stride’s office
portfolio. Jessica has been with
Stride for over 20 years, and
prior to her current role was an
Investment Manager. Jessica has
been responsible for transforming
the office portfolio, including leading
a number of acquisition transactions
and building upgrade projects.
Roy Stansfield
ACA
General Manager
Shopping Centres
Roy is responsible for the shopping
centre portfolios owned and
managed by Stride. His role includes
all aspects of asset management,
retail leasing and planning. Roy has
30 years’ experience in the retail
shopping centre industry. Prior to
joining Stride, he was employed
by Challenge Properties, St Lukes
Group and Kiwi Property Group.
1. Post balance date, Mark Luker retired on
17 April 2026.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20262425

SPL Office Portfolio
As at
31 March 2026
As at
31 March 2020
W A LT
1
has increased,
supporting income security
6.7 years4.6 years
Average age
2
has decreased13 years31 years
Percentage of premium
grade assets (prime or A
grade) has increased
93%21%
Percentage of green
rated assets by value has
increased
75%21%
Office Investment
Portfolio
1
transformation
As at
31 March 2026
As at
31 March 2025
Properties (no.)66
Tenants (no.)7169
Net Lettable Area (sqm)72,31172,344
Net Contract Rental
1
($m)40.139.6
W A LT
1
(years)6.77.0
Occupancy Rate (% by area)85.78 7.7
Weighted Average Capitalisation Rate (%)6.25.9
Portfolio Value
3
($m)669.7694.5
Investment
Portfolio
1
metrics
Like-for-like Rental Growth
1
of 2.0% across 57,000 sqm, including 6.2% for
repositioned assets
34 Shortland Street: Repositioning works largely complete. Approximately
4,700 sqm of new lettings secured since project commencement in FY23, with
approximately 1,800 sqm remaining. 82% of current tenants are new to the
building over the last three years
215 Lambton Quay: Lobby, café and end-of-trip upgrades complete.
Approximately 3,600 sqm of new lettings secured since project commencement
in FY24
1 Grey Street: Repositioning planning and feasibility work progressing, including
scope definition and staging options
55 Lady Elizabeth Lane: Test piling completed, supporting the next stage of
design and programme development
FY26 highlights
1. See glossary on page 121.
2. Based on date of construction or last major refurbishment date.
3. Excludes lease liabilities. In the case of SPL includes (1) the value of Stride's office at 34 Shortland Street, Auckland, which is shown in the consolidated financial statements
as 'Property, plant and equipment'; and (2) the value of rental guarantee receivable.
34 Shortland Street, Auckland
SPL owns
7 office assets
Four assets are located in Wellington – 20 Customhouse Quay,
215 Lambton Quay, 1 Grey Street, and 55 Lady Elizabeth Lane

Three assets are located in Auckland – 34 Shortland Street,
110 Carlton Gore Road and 46 Sale Street
Stride has repositioned its office portfolio over the last 6 years into higher quality,
more sustainable and seismically resilient properties.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20262627

SPL Town Centre Portfolio
Like-for-like specialty MAT
1
stabilised, up 0.2% against FY25
Specialty GOC
1
as at 31 March 2026 remains low at ~12%
31 renewals and new lettings completed representing 21% of specialty tenants
by income, maintaining WALT
1
and sustaining core tenant offer
Leasing strategy focused on remix opportunities including relocating high
performing tenants into larger and higher profile spaces, allowing them to
increase their offerings
Forecast primary catchment growth for NorthWest Shopping Centre up 37% or
3.2% p.a. over 10 years from 2023-2033
2
Total portfolio valuation of $197.8 million as at 31 March 2026, representing a
3.3% net gain in fair value over FY26
Like-for-like Rental Growth
1
of 0.9% across 21,000 sqm
Evolution of
NorthWest –
10 year anniversary
10 years at NorthWest
As at
31 March 2026
As at
31 March 2025
Properties (no.)23
Tenants (no.)119153
Net Lettable Area (sqm)35,66658,675
Net Contract Rental
1
($m)13.321.0
W A LT
1
(years)3.63.6
Occupancy Rate
3
(% by area)91.795.5
Weighted Average Capitalisation Rate (%)7. 57. 4
Portfolio Value
4
($m)175.0281.5
Investment
Portfolio
1
metrics
FY26 highlights
1. See glossary on page 121.
2. Retail Catchment Analysis NorthWest Shopping Centre, prepared by JLL for Stride in September 2025.
3. Occupancy has been calculated including casual licences with an initial term greater than three months.
4. Excludes lease liabilities.
Since opening in FY16, NorthWest has evolved from a new 27,000 sqm retail
development into a major destination and community hub for the wider area with
continued expected catchment growth. The centre opened on 1 October 2015 with
anchor tenants Farmers and Woolworths and over 75 specialty stores, supported
by community celebrations that signalled its local focus from day one.
In 2016, Stage 2 expanded NorthWest to approximately 35,500 sqm, increasing
specialty stores and offices to over 110. Te Pūmanawa Square was introduced,
strengthening the mix of dining, retail and office activity at the heart of the centre.
The opening of Te Manawa Library in 2019 further broadened NorthWest’s role by
adding council services and flexible spaces for learning and connection.
Having celebrated its 10-year anniversary in FY26, NorthWest continues to reflect
steady growth and a deliberate shift from “shopping centre” to “place”, bringing
together retail, hospitality and community services in one accessible location.
Continued catchment growth, enhanced public transport connectivity, and further
development in the wider Westgate precinct, is expected to support NorthWest in
the future.
Stride owns NorthWest Shopping Centre and NorthWest Two, Auckland,
and 50% of Johnsonville Shopping Centre in Wellington.
On 1 October 2015, NorthWest opens
with a ribbon-cutting ceremony,
followed by a festive parade led by
Hobsonville Primary students and a full
day of community celebrations.
October 2015
NorthWest Shopping
Centre Grand Opening
Since opening in 2015, NorthWest
has grown into more than a shopping
destination. NorthWest is a vibrant
hub where community, retail, and
dining come together to offer
something special for everyone.
2019-2025
10 Years of NorthWest,
10 Years of Community
On Thursday 6 October 2016, Stage
2 of NorthWest opened, expanding
its area to approx. 35,500 sqm.
Restaurants, retailers, and offices
frame the vibrant new Te Pūmanawa
Square, the heart of the centre.
October 2016
Stage 2 Launches with
New Square
Opened on 6 April 2019, Te Manawa
brings more than books. The facility
offers council services, study zones, a
community kitchen, meeting rooms, and
Citizens Advice. It cements NorthWest’s
role as a true community hub.
April 2019
Te Manawa Library Opens
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20262829

During FY26, Investore executed on its targeted growth strategy by allocating
capital from the divestment of non-core and lower growth properties into
properties with stronger growth fundamentals located in key metro locations.
Investore capital
management
As at
31 March 2026
As at
31 March 2025
Properties (no.)4343
Tenants (no.)186142
Net Lettable Area (sqm)276,781247,875
5
Net Contract Rental
1
($m)73.563.0
W A LT
1
(years)5.96.8
Occupancy Rate (% by area)99.599.0
Weighted Average Capitalisation Rate (%)6.36.3
Portfolio Value
3
($m)1,108.5964.7
$225 million of bank debt facilities refinanced with term
extended, resulting in lower debt funding costs and two
additional banks entering the syndicate
$62.5 million convertible notes issued to help finance the
acquisition of the Silverdale Centre
$100 million additional debt facilities secured
4.2% weighted average cost of debt as at 31 March 2026
$75 million of new interest rate hedging entered into
40.1% Loan to Value Ratio
4
as at 31 March 2026, marginally
higher than 38.5% as at 31 March 2025 due to the $157 million
of acquisitions during the year, partially offset by $32 million
of disposals
Investment
Portfolio
1
metrics
FY26 highlights
1. See glossary on page 121.
2. 31 March 2025 book value for Woolworths
Browns Bay and 30 September 2025 book value
for Woolworths New Brighton.
3. Excludes lease liabilities and includes the value
of rental guarantee receivable.
4. Loan to Value Ratio is calculated based on
independent valuations which excludes
lease liabilities, and excludes the subordinated
convertible notes. Post balance date, Investore
announced the sale of Woolworths Greenlane,
reducing the LVR to 38.1% on a pro forma basis
(as if the sale had occurred as at 31 March 2026).
5. Net lettable area as at 31 March 2025 has been
restated to exclude certain areas to align with
market practice.
FY26 was an active year for Investore with the execution of several initiatives to
optimise the cost of capital and enhance balance sheet flexibility.
Investore is an NZX-listed property investment company with a focus on convenience-
based retail. As at 31 March 2026, Investore’s Investment Portfolio
1
comprised 43
properties valued at $1.1 billion with 186 tenancies across its properties.
Bunnings New Lynn, Auckland
Acquired Silverdale Centre for $114 million and Bunnings
New Lynn for $43 million, representing a blended 6.6% initial yield
Divested Woolworths Browns Bay and Woolworths New Brighton,
for a combined 5.2% premium to book value
2
Post balance date, the sale of Woolworths Greenlane became
unconditional for $35.9 million, representing a 5.4% initial yield.
The sale price is 4.1% above 31 March 2026 book value
Committed up to $6.2 million towards online expansion works at
Woolworths supermarkets at Dunedin, Upper Hutt and Kilbirnie
at a blended yield on cost of 7.2%
Investore continues to enhance the portfolio by partnering with tenants on
upgrades and refurbishments, supporting Woolworth's online focus. These
projects have increased rental income and, in some cases, extended lease tenure.
On behalf of Investore, SIML completed new lettings, renewals and rent reviews
during the period resulting in a Like-for-like Rental Growth
1
of 4.7%. This included
69 rent reviews which generated a 3.1% uplift on prior rentals and 29 mini major
and specialty new lettings and lease renewals which delivered a 17.8% uplift.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20263031

Total portfolio valuation of $849.5 million as at 31 March 2026,
representing a $66 million increase from 31 March 2025 driven by
development activity
Like-for-like Rental Growth
1
of 3.5% across 143,000 sqm
8 Reg Savory Place, Auckland, disposed for $13.6 million
(13% premium to 31 March 2025 book value)
22% of net Contract Rental
1
subject to market reviews or lease
expiries in FY27 and FY28, with potential reversion to market of
up to 15%
2
Development updates
• $27 million (excl. land) project at 16A Wickham Street,
Hamilton, completed in October 2025, in partnership with
Wattyl. WALT
1
of 15 years and a 6% yield on cost (incl. land)
• $30 million (excl. land) project at 14-20 Favona Road,
Auckland, completed post balance date in April 2026
• ~$70 million (excl. land) Patiki Road, Auckland, development
approved for FY27/28, subject to final construction pricing
As at
31 March 2026
As at
31 March 2025
Properties (no.)1819
Tenants (no.)5250
Net Lettable Area (sqm)177,177182,477
Net Contract Rental
1
($m)3 7. 936.3
W A LT
1
(years)9.09.1
Occupancy Rate (% by area)99.596.9
Weighted Average Capitalisation Rate (%)5.65.8
Portfolio Value ($m)712.2689.4
Investment
Portfolio
1
metrics
FY26 highlights
Industre continues to strengthen its industrial portfolio through high quality,
sustainable developments. The joint venture with JPMAM
1
has a proven history of
acquiring well-located properties with future development potential, and targets a
5 Green Star rating for all newly developed properties.
Industre's portfolio composition
by value ($ millions)
Acquisitions with future development potential
SIML managed developments
Assets at the commencement of JV
Committed development
3
Industre Investment
Portfolio
1
tenant
classification by net
Contract Rental
1
as at
31 March 2026
Waste management
Logistics
Manufacturing
Other
SIML concluded a number of rent reviews, renewals, and new lettings over FY26 on
behalf of Industre delivering an increase of 3.3% on prior rentals on a like-for-like basis.
Industrial leasing conditions have moderated over the period, with vacancy
increasing to ~2.3% in Auckland
4
primarily due to ongoing occupier consolidation
into higher-quality stock and additional speculative development supply. This has
resulted in industrial markets seeing higher incentive levels and a (2.7)% decline in
net effective rentals over the second half of 2025
4
. Demand continues to be focused
on modern, well-located assets in core Auckland markets, where a large proportion
of the Industre portfolio is located.
The total portfolio recorded a net valuation gain of $38.2 million up 4.7% for the
12 months to 31 March 2026 due to development completions along with stabilising
market rents and a relatively constant capitalisation rate.
1. See glossary on page 121.
2. Based on independent valuations as
at 31 March 2026.
3. Subject to final construction pricing.
4. CBRE, Auckland Property Market
Overview, February 2026.
27%
43%
19%
11%
As at
31 March 2026
~920
314
196
340
~70
SPL's industrial
portfolio at date of JV
agreement (September 2019)
257
257
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20263233

14-20 Favona Road, Auckland
During FY26 SIML, as manager of Industre, completed Hempel New Zealand’s
(Wattyl) purpose-built distribution centre. The project was delivered in close
partnership with Wattyl, with SIML working alongside Wattyl through design and
construction phases to meet operational, safety and sustainability requirements.
The development reflects a relationship that began in 2020, when Industre
acquired Wattyl’s existing distribution centre at Patiki Road in Auckland via a
short-term sale and leaseback as Wattyl planned its transition from the site.
SIML then collaborated closely with Wattyl to understand its needs and identify
a suitable next location. When no available property in Auckland met Wattyl's
requirements, SIML agreed to deliver a purpose-built facility in Hamilton.
Delivered on an open-book basis, the development aligned construction costs
and rent, giving Wattyl full transparency and ensuring the facility met operational
requirements. This mirrors SIML and Industre’s approach to the previous Waste
Management industrial developments. The property is secured on a 15-year lease,
underpinning income stability and reflecting a strong, long-term partnership with a
global occupier.
16A Wickham Street,
Hamilton, development
Sustainability principles
were a key driver, with the
development targeting a
5 Star Green Star Design &
As-Built rating, including
renewable energy
generation, rainwater
capture and reuse, and
landfill diversion.
2-14 Patiki
Road, Auckland,
development
An ~$70 million (excluding land) development of the Patiki Road distribution
centre (previously tenanted by Wattyl) has now been approved by Industre, subject
to final construction costs. The project is expected to be completed over FY27 and
FY28 and will target a 5 Green Star rating.
16A Wickham Street, Hamilton
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20263435

The Investment Portfolio
1
was independently valued at
$423 million as at 31 March 2026, up $39 million, or 10%, on the
portfolio value as at 31 March 2025. The increase was driven by
cap rate compression and an increase in net market rents
Like-for-like specialty MAT
1
for the portfolio was up 1.4%
against FY25
Foot traffic was up 2.9% on FY25
Specialty GOC
1
reduced to 12.5% as at 31 March 2026
Like-for-like Rental Growth
1
of 2.1% across 54,000 sqm
New lettings and renewals completed during FY26 had an average
WA LT
1
of 5.0 years. Key lease renewals included Woolworths, BNZ,
ASB, Glassons and Hallensteins
As at
31 March 2026
As at
31 March 2025
Properties (no.)22
Tenants (no.)252250
Net Lettable Area (sqm)85,54385,627
Net Contract Rental
1
($m)36.534.4
W A LT
1
(years)2.92.7
Occupancy Rate
2
(% by area)96.99 7.0
Weighted Average Capitalisation Rate (%)7. 98.3
Portfolio Value ($m)423.0384.0
Investment
Portfolio
1
metrics
FY26 highlights
1. See glossary on page 121.
2. Occupancy has been calculated
including casual licences with an initial
term greater than three months, and
excluding units held for committed
redevelopment or remix works.
Diversified invests in shopping centres, owning Queensgate Shopping Centre,
Wellington, Chartwell Shopping Centre, Hamilton, and 50% of Johnsonville Shopping
Centre, Wellington.
Queensgate Shopping Centre, Wellington
Under the terms of Diversified's Trust Deed, during 2026 the unitholders may resolve to wind up the Trust. If this is approved,
the SIML management agreement will terminate on the sale of all Diversified's properties and SIML will be entitled to project
and sale fees associated with the wind up.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20263637

Capital Management
Stride continues to take a prudent approach to capital management.
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 directly held property as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt.
3. Look-through LVR 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.
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.
5. Green loan facilities are made in accordance with the Green Finance Framework of Fabric Property Limited (Fabric, a wholly owned subsidiary of SPL), which requires that
the value of Fabric’s green assets (defined as properties rated at least 4 star NABERSNZ or 5 Green Star) exceeds the value of Fabric’s drawn green loans. The Framework
has been developed to be consistent with the Asia Pacific Loan Market Association Green Loan Principles (2025) and International Capital Market Association Green Bond
Principles (2021 with June 2022 Appendix).
Stride’s bank LVR
1
as at 31 March 2026 was 34%, materially
lower than the 39% recorded as at 31 March 2025. This
reduction reflects the sale of Silverdale Centre, which
created balance sheet capacity to fund new growth
initiatives. This LVR only reflects SPL’s directly held office
and town centre properties and does not take into account
SPL’s interests in the Stride Products. Considering SPL’s
investments in the Stride Products, SPL’s gearing was 24%
on a balance sheet basis
2
or 35% on a look-through basis
3
.
At 31 March 2026, Stride had $166 million of committed
undrawn bank debt facility, providing funding to execute
on growth initiatives.
As at
31 March 2026
As at
31 March 2025
Banking Facility Limit ($m)460460
Debt Facilities Drawn ($m)295390
Weighted Average Debt Maturity (years)4.02.1
Weighted Average Cost of Debt (%)5.04.9
Percentage of Drawn Debt Hedged (%)9572
LV R
1
(%) (Covenant: ≤ 50%) 3439
Interest Cover Ratio (Covenant: ≥ 2.125x)2.93.2
Weighted Average Lease Term
4
(years) (Covenant: > 3.0 years) 4.94.8
110 Carlton Gore Road, Auckland
Debt maturity profile
as at 31 March 2026
During FY26 SPL’s bank debt facilities were refinanced and extended, with no debt
facilities now maturing until FY30.
Green loan facilities
5
Bank facilities
FY30FY29FY28FY27FY31
$350m
$110m
Interest rate
management
Fixed rate
interest profile as at
31 March 2026
Stride actively monitors the cost of debt and will enter into interest rate hedges
when pricing is favourable.
Mar 28Mar 27Mar 26
$280m
3.6%
3.7%
3.6%
$230m
$100m
Weighted average fixed interest
rate (excl. margin and line fees)
Notional fixed rate debt
Stride Property GroupAnnual Report 202639Stride Property GroupAnnual Report 202638

Five Year Financial Summary
The five year financial summary table reflects the numbers in the consolidated
financial statements for each respective year.
NorthWest Shopping Centre, Auckland
Five Year Financial Summary
The five year financial summary table reflects the numbers in the consolidated financial
statements for each respective year
$m unless otherwise indicated20262025202420232022
Net rental income
58.9
69.172.371.165.8
Guarantee income
-
-2.4--
Management fee income
22.9
20.419.923.324.3
Profit before net finance expenses, other
(expense)/income and income tax
1
59.8
68.270.670.762.7
Net finance expenses
(18.1)
(18.8)(19.8)(17.1)(16.1)
Profit before other (expense)/income and
income tax
1
41.7
49.350.853.545.6
Other (expense)/income
(1.8)
(16.8)(102.8)(163.3)78.1
Profit/(loss) before income tax
39.9
32.5(52.0)(109.7)124.7
Income tax expense
(8.7)
(10.8)(4.1)(7.0)(12.4)
Profit/(loss) after income tax
31.3
21.7(56.1)(116.7)112.3
Basic earnings per share - weighted
5.59 cents
3.87 cents(10.22) cents(21.60) cents22.70 cents
Distributable profit
2
before current income tax
57.6
57.666.568.162.6
Distributable profit
2
after current income tax
49.1
48.359.157.654.2
Basic distributable profit after current income tax
per share - weighted
8.78 cents
8.64 cents10.76 cents10.66 cents10.95 cents
Property values
3
878.5
1,010.21,171.81,254.11,244.6
Total assets
1,287.8
1,397.71,458.51,590.51,642.3
Bank debt drawn
294.5
390.4375.0402.4305.5
Loan to value ratio
4
33.6%
38.7%36.7%36.4%28.7%
Total equity
945.7
959.7992.41,075.71,231.1
NTA per share
$1.69
$1.72$1.78$1.98$2.28
Values in the table above are calculated based on the numbers in the consolidated financial statements for each respective
financial year and may not sum due to rounding.
The Five Year Financial Summary contains certain information which is contained in the audited consolidated financial
statements of each respective year. Further information can be obtained by referring to those audited consolidated
financial statements.
Stride Property Group Annual Report 31 March 2026
1
1. Profit before net finance expense, other (expense)/income and income tax and Profit before (expense)/income and income tax are non-GAAP measures and have been
presented to assist investors in understanding the different aspects of Stride's financial performance.
2. See glossary on page 121.
3. Excludes lease liabilities. For more information, refer note 3.2 in the consolidated financial statements. Includes the value of Stride's office located at 34 Shortland Street,
Auckland, which is recognised in the consolidated financial statements as property, plant and equipment (refer note 8.7).
4. Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20264041

Consolidated
Financial Statements
Consolidated Statement of Comprehensive Income44
Consolidated Statement of Changes in Equity45
Consolidated Statement of Financial Position46
Consolidated Statement of Cash Flows47
Notes to the Financial Statements49
Independent Auditor's Report84
Consolidated
Financial Statements
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20264243

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2026
20262025
Notes$000$000
Gross rental income
88,466
97,711
Direct property operating expenses
(29,538)
(28,659)
Net rental income3.158,928
69,052
Management fee income22,909
20,415
Less corporate expenses
Corporate overhead expenses
(16,660)
(15,868)
Administration expenses
8.3
(5,409)
(5,447)
Total corporate expenses
(22,069)
(21,315)
Profit before net finance expense, other (expense)/income and income tax59,768
68,152
Net finance expense5.3
(18,066)
(18,835)
Profit before other (expense)/income and income tax41,702
49,317
Other (expense)/income
Net change in fair value of investment properties
3.2(34,106)
(29,525)
Share of profit in equity-accounted investments
7.135,318
20,471
Impairment of equity-accounted investment
7.1(2,051)
(8,776)
(Loss)/gain on disposal of investment properties
(926)
974
Hedge ineffectiveness of cash flow hedges
-
10
Profit before income tax39,937
32,471
Income tax expense
8.1
(8,662)
(10,819)
Profit after income tax attributable to shareholders31,275
21,652
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss
Deferred tax on share-based payment expense
31
163
Movement in cash flow hedges, net of tax
5.7(728)
(8,982)
Movement in cash flow hedges, net of tax, in equity-accounted investments
7.1916
(1,807)
Items that will not be reclassified to profit or loss
Revaluation deficit
8.7
(1,600)
(200)
Total other comprehensive loss after tax
(1,381)
(10,826)
Total comprehensive income after tax attributable to shareholders
29,894
10,826
Stride Property Limited (SPL) total comprehensive income after tax attributable to shareholders
20,292
2,078
Stride Investment Management Limited (SIML) total comprehensive income after tax attributable
to shareholders
5.6
9,602
8,748
Total comprehensive income after tax attributable to shareholders
29,894
10,826
Earnings per share (EPS)4.1
Basic EPS (cents)5.59
3.87
Diluted EPS (cents)5.55
3.85
44
Stride Property Group Annual Report 31 March 2026
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Consolidated Statement of Changes in Equity
For the year ended 31 March 2026
Number of
shares
Share
capital
Retained
earnings
Other
reservesTotal
Notes000$000$000$000$000
Balance at 31 Mar 25559,039884,59170,9694,109959,669
Transactions with shareholders:
Dividends paid
4.2--(44,760)-(44,760)
Employee incentive schemes
5.7
423781163(67)877
Total transactions with shareholders
423781(44,597)(67)(43,883)
Profit after income tax
--31,275-31,275
Total other comprehensive loss
---(1,381)(1,381)
Total comprehensive income/(loss)
--31,275(1,381)29,894
Balance at 31 Mar 26
559,462885,37257,6472,661945,680
Balance at 31 Mar 24
558,408884,02293,65314,758992,433
Transactions with shareholders:
Dividends paid
4.2
--(44,723)-(44,723)
Employee incentive schemes
5.7
6315693871771,133
Total transactions with shareholders
631569(44,336)177(43,590)
Profit after income tax--21,652-21,652
Total other comprehensive loss
---(10,826)(10,826)
Total comprehensive income/(loss)
--21,652(10,826)10,826
Balance at 31 Mar 25
559,039884,59170,9694,109959,669
Stride Property Group Annual Report 31 March 2026
45
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20264445

Consolidated Statement of Financial Position
As at 31 March 2026
20262025
Notes$000$000
Current assets
Cash
15,281
15,569
Debtors and other receivables
8.52,719
3,066
Prepayments
278
218
Derivative financial instruments
5.2
231
1,022
18,509
19,875
Non-current assets
Investment properties
3.2899,362
1,029,503
Deposit on investment property
1.91,750
-
Equity-accounted investments
7.1356,363
333,442
Loan to associate
7.11,565
3,398
Property, plant and equipment
8.77,120
8,777
Derivative financial instruments
5.2209
788
Other non-current assets
3.5
2,906
1,874
1,269,275
1,377,782
Total assets
1,287,784
1,397,657
Current liabilities
Trade and other payables
8.615,923
14,587
Lease liabilities
3.37
7
Current tax liability
2,701
2,587
Derivative financial instruments
5.2
182
-
18,813
17,181
Non-current liabilities
Borrowings
5.1293,847
390,129
Lease liabilities
3.327,593
27,600
Deferred tax liability
8.1819
1,579
Derivative financial instruments
5.2
1,032
1,499
323,291
420,807
Total liabilities
342,104
437,988
Net assets945,680
959,669
Share capital
885,372
884,591
Retained earnings
57,647
70,969
Reserves
5.7
2,661
4,109
Equity
945,680
959,669
SPL equity
922,082
936,758
SIML equity (non-controlling interest)
5.6
23,598
22,911
Equity
945,680
959,669
For and on behalf of the Boards of Directors of SPL and SIML, who authorised these consolidated financial statements for issue on 28 May 2026:
Tim Storey
Chair of the Boards
Ross Buckley
Chair of the Audit and Risk Committee
46
Stride Property Group Annual Report 31 March 2026
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Consolidated Statement of Cash Flows
For the year ended 31 March 2026
20262025
Notes$000$000
Cash flows from operating activities
Gross rental received
87,124
95,774
Management fee income
22,928
20,641
Interest received
417
659
Direct property operating and corporate expenses
(49,939)
(48,246)
Share-based payment costs
(725)
(516)
Interest paid
(18,482)
(18,704)
Borrowings establishment costs
(774)
-
Income tax paid
(8,977)
(10,280)
Net cash provided by operating activities
31,572
39,328
Cash flows from investing activities
Dividend income from equity-accounted investments net of dividends reinvested
8.413,155
7,113
Net proceeds from disposal of investment property
113,824
-
Capital expenditure on investment properties
(15,296)
(14,589)
Capital expenditure on other non-current assets
(2,782)
(1,624)
Property, plant and equipment purchased
(94)
(91)
Net cash provided by/(applied to) investing activities
108,807
(9,191)
Cash flows from financing activities
Drawdown on borrowings
420,800
18,900
Repayment of borrowings
(516,700)
(3,500)
Lease liabilities principal payments
(7)
(7)
Dividends paid
4.2
(44,760)
(44,723)
Net cash applied to financing activities
(140,667)
(29,330)
Net (decrease)/increase in cash held(288)
807
Opening cash
15,569
14,762
Closing cash at balance date
15,281
15,569
Cash consists of:
Cash
15,021
14,925
Cash held for retentions
260
644
Cash at balance date
15,281
15,569
Stride Property Group Annual Report 31 March 2026
47
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20264647

Consolidated Statement of Cash Flows (continued)
For the year ended 31 March 2026
Reconciliation of profit after income tax attributable to shareholders to net cash provided by operating activities
20262025
Notes$000$000
Profit after income tax attributable to shareholders31,275
21,652
(Less)/add non-cash items:
Deferred tax benefit
8.1(429)
(293)
Net change in fair value of investment properties
34,106
29,525
Share of profit in equity-accounted investments
(35,318)
(20,471)
Impairment of equity-accounted investment
2,051
8,776
Loss/(gain) on disposal of investment properties
926
(974)
Spreading of fixed rental increases
(1,465)
(2,336)
Capitalised lease incentives net of amortisation
(144)
(1,023)
Movement in loss allowance
365
167
Share-based payment expense net of forfeited employee incentive rights
1,602
1,416
Depreciation
126
170
Borrowings establishment costs amortisation
392
131
Non-cash interest income received
8.4(61)
(285)
Accrued interest movement in derivative financial instruments
58
405
Hedge ineffectiveness of cash flow hedges
-
(10)
33,484
36,850
(Less)/add activity reclassified from/to operating activities:
Share-based payment costs classified as operating activities
(725)
(516)
Borrowings establishment costs classified as operating activities
(774)
-
Movement in working capital items relating to investing activities
(2,150)
2,531
29,835
38,865
Movement in working capital:
Decrease in debtors and other receivables
347
1,182
Increase in prepayments
(60)
(42)
Increase/(decrease) in trade and other payables
1,336
(1,509)
Increase in current tax liability
114
832
Net cash provided by operating activities
31,572
39,328
48
Stride Property Group Annual Report 31 March 2026
The attached notes form part of and are to be read in conjunction with these consolidated financial statements.
Notes to the Financial Statements
For the year ended 31 March 2026
1.0General Information
50
1.1Reporting entity50
1.2Basis of preparation50
1.3Basis of consolidation50
1.4New standards, amendments and interpretations50
1.5Changes to accounting policies and disclosure of material accounting policies50
1.6Fair value estimation51
1.7Significant judgements, estimates and assumptions51
1.8Non-GAAP measures51
1.9Significant events and transactions52
2.0Operating Segments
53
3.0Property
55
3.1Net rental income55
3.2Investment properties56
3.3Lease liabilities61
3.4Capital expenditure commitments contracted for61
3.5Other non-current assets61
4.0Investor Returns
62
4.1Basic and diluted earnings per share (EPS)62
4.2Dividends paid62
4.3Distributable profit63
5.0Capital Structure and Funding
64
5.1Borrowings64
5.2Derivative financial instruments65
5.3Net finance expense66
5.4Capital risk management66
5.5Share capital66
5.6SIML equity (non-controlling interest)67
5.7Reserves67
6.0Risk Management
68
6.1Financial instruments68
6.2Financial risk management69
6.3Credit risk69
6.4Interest rate risk69
6.5Liquidity risk70
7.0Investments in Property Entities
71
7.1Interests in associates and joint venture71
7.2Joint operations75
8.0Other
76
8.1Tax76
8.2Remuneration78
8.3Administration expenses79
8.4Related party disclosures80
8.5Debtors and other receivables82
8.6Trade and other payables82
8.7Property, plant and equipment83
8.8Contingent liabilities83
8.9Subsequent events83
Stride Property Group Annual Report 31 March 2026
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1.0 General Information
This section sets out Stride Property Group’s accounting policies that relate to the consolidated financial statements (financial statements)
as a whole. Where an accounting policy is material and specific to a note, the policy is described within the note to which it relates.
1.1 Reporting entity
The financial statements presented are those of Stride Property Limited and its 100% owned 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 (refer note 5.6).
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 referred to as the Boards) on 28 May 2026.
1.2 Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (GAAP). Stride is a for-profit
entity for the purposes of financial reporting. The financial statements comply with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS. The financial
statements also comply with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards). The financial statements
were prepared in accordance with the Financial Markets Conduct (Stride Property Group) Exemption Notice 2022 and waivers granted to Stride from
certain NZX Listing Rules in May 2020, which each permit SPL and SIML, subject to the conditions of the exemption notice and waivers (respectively), to
prepare financial statements in respect of Stride in place of separate financial statements of each Stapled Entity. The Financial Markets Conduct (Stride
Property Group) Exemption Notice 2022 applies to accounting periods up to and including the accounting period ended 31 March 2026.
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.
1.3 Basis of consolidation
The financial statements have eliminated in full all intra-group transactions and balances between group companies on consolidation.
1.4 New standards, amendments and interpretations
On 23 May 2024, the New Zealand Accounting Standards Board of the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure
in Financial Statements (effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1 Presentation
of Financial Statements 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 assessing the impact of the new accounting standard, particularly with respect to the structure of Stride's statement of comprehensive
income, the statement of cash flows and the additional disclosures required for management-defined performance measures.
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.
1.5 Changes to accounting policies and disclosure of material accounting policies
No changes to accounting policies have been made during the year and policies have been consistently applied to all years presented.
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Stride Property Group Annual Report 31 March 2026
1.0 General Information (continued)
1.6 Fair value estimation
Stride classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making measurements. The fair
value hierarchy has the following levels:
Level 1quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly
(derived from prices); and
Level 3inputs for the asset or liability that are not based on observable market data.
The Boards and management review significant unobservable inputs and valuation adjustments. If third party information is used to measure fair
values, then the Boards and management assess the evidence obtained from the third parties to support the conclusion that such valuations meet the
requirements of NZ IFRS, including the level of the fair value hierarchy in which such valuations should be classified.
1.7 Significant judgements, estimates and assumptions
In the application of NZ IFRS, the Boards and management are required to make judgements, estimates and assumptions about carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that
are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual results may differ from the
judgements, estimates and assumptions made by the Boards and management. Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
Judgements made by the Boards and management in the application of NZ IFRS that have significant effects on the financial statements and estimates
with a significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements as follows:
•Investment properties (note 3.2);
•Lease liabilities (note 3.3);
•Derivative financial instruments (note 5.2);
•Interests in associates - Investore Property Limited (Investore) (note 7.1);
•Interests in joint venture - Industre joint venture (note 7.1); and
•Deferred tax (note 8.1).
1.8 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 4.3 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.
Note 8.1 sets out current tax expense excluding divestments and current tax expense on divestments which are both non-GAAP measures and
are included to provide an assessment of current tax for SPL's recurring earnings from operations. Current tax expense on divestments relates to
depreciation recovered on the divestment of investment properties.
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.
Stride Property Group Annual Report 31 March 2026
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1.0 General Information (continued)
1.9 Significant events and transactions
The financial position and performance of Stride was affected by the following events and transactions that occurred during the year:
Bank debt refinance
On 30 June 2025, SPL's $460.0 million bank debt facilities were refinanced, extending the maturity of each facility to either 30 June 2029 or
30 June 2030. As part of this refinance, Bank of China Limited, Auckland Branch, joined the bank syndicate (refer note 5.1).
Ground lease and development agreement for 1-47 Jellicoe Street, North Wharf, Auckland
On 21 August 2025, SPL entered into a conditional development agreement with Auckland Council for the acquisition of a 125-year prepaid ground
lease and future development of the property at North Wharf in Wynyard Quarter, Auckland. The proposed long-term ground lease for the land will be
acquired via a prepaid ground rental totalling $17.5 million, with additional payments potentially due to Auckland Council dependent on the financial
returns and finalised floor area of the development. As at 31 March 2026, SPL has paid a $1.75 million deposit, with $0.5 million of the deposit being
non-refundable. The lease is expected to commence upon issue of the development resource consent, currently estimated to occur in mid 2027.
Disposal of 61 Silverdale Street, Auckland, (Silverdale Centre) and Investore management agreement amendments
On 20 October 2025, the shareholders of Investore approved amendments to the management agreement with SIML and the agreement to sell the
Silverdale Centre to Investore became unconditional. The amendments to the management agreement support Investore to pursue a broader range of
future investment opportunities.
On 31 October 2025, the sale of the Silverdale Centre settled for a value of $114.0 million, with net proceeds used to repay borrowings. Under the terms
of this disposal, SPL will either undertake works or reimburse part of the purchase price for certain seismic strengthening works up to a maximum of
$0.8 million (refer note 8.6).
Revaluation of investment properties
SPL undertook independent valuations of the portfolio as at 31 March 2026 which resulted in a net reduction in fair value of $(34.1) million
(2025: $(29.5) million net reduction) (refer note 3.2) and a revaluation deficit on property, plant and equipment of $(1.6) million
(2025: $(0.2) million deficit) (refer note 8.7).
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Stride Property Group Annual Report 31 March 2026
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 in equity-accounted
investments, being Investore, Industre joint venture and Diversified NZ Property Trust (Diversified) (refer note 7.1).
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre joint venture, Diversified and SPL (refer
note 8.4).
The following is an analysis of Stride’s results, by reportable segments.
SPL
SPL
eliminationsSIML
SIML
eliminations2026
Segment profit$000$000$000$000$000
Net rental income56,4722,456--58,928
Management fee income--33,154(10,245)22,909
Corporate expenses
Accounting and asset management fees
(5,823)5,823---
Salaries and other benefits
--(15,046)630(14,416)
Share-based payment expense
--(1,755)-(1,755)
Forfeited employee incentive rights
--153-153
Technology expenses
--(893)-(893)
Feasibility expenses
(685)---(685)
Other expenses
(1,795)-(3,073)395(4,473)
Total corporate expenses
(8,303)5,823(20,614)1,025(22,069)
Profit before net finance expense, other (expense)/income and
income tax48,1698,27912,540(9,220)59,768
Net finance expense
(19,132)942903(779)(18,066)
Profit before other (expense)/income and income tax29,0379,22113,443(9,999)41,702
Other (expense)/income
Net change in fair value of investment properties
(34,334)228--(34,106)
Share of profit in equity-accounted investments
35,318---35,318
Impairment of equity-accounted investment
(2,051)---(2,051)
Loss on disposal of investment properties
(1,496)570--(926)
Profit before income tax26,47410,01913,443(9,999)39,937
Income tax expense
(4,790)-(3,872)-(8,662)
Profit after income tax attributable to shareholders21,68410,0199,571(9,999)31,275
Total other comprehensive (loss)/income after tax
(1,412)-31-(1,381)
Total comprehensive income after tax attributable to shareholders
20,27210,0199,602(9,999)29,894
Transactions between SPL and SIML include management fees, salaries and wages recovery, interest charged on the loan from SIML to SPL and net
rental income charged from SPL to SIML (refer note 8.4).
Stride Property Group Annual Report 31 March 2026
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2.0 Operating Segments (continued)
SPL
SPL
eliminationsSIML
SIML
eliminations2025
Segment profit$000$000$000$000$000
Net rental income
65,9173,135--69,052
Management fee income
--31,278(10,863)20,415
Corporate expenses
Accounting and asset management fees(6,493)6,493---
Salaries and other benefits--(14,331)945(13,386)
Share-based payment expense--(1,512)-(1,512)
Forfeited employee incentive rights--96-96
Technology expenses--(847)-(847)
Feasibility expenses(581)---(581)
Other expenses
(2,032)-(3,633)580(5,085)
Total corporate expenses
(9,106)6,493(20,227)1,525(21,315)
Profit before net finance expense, other (expense)/income and
income tax
56,8119,62811,051(9,338)68,152
Net finance expense
(20,306)1,1771,262(968)(18,835)
Profit before other (expense)/income and income tax
36,50510,80512,313(10,306)49,317
Other (expense)/income
Net change in fair value of investment properties(29,632)107--(29,525)
Share of profit in equity-accounted investments20,471---20,471
Impairment of equity-accounted investment(8,776)---(8,776)
Gain on disposal of investment properties974---974
Hedge ineffectiveness of cash flow hedges
10---10
Profit before income tax
19,55210,91212,313(10,306)32,471
Income tax expense
(7,091)-(3,728)-(10,819)
Profit after income tax attributable to shareholders
12,46110,9128,585(10,306)21,652
Total other comprehensive (loss)/income after tax
(10,989)-163-(10,826)
Total comprehensive income after tax attributable to shareholders
1,47210,9128,748(10,306)10,826
SPL
SPL
eliminationsSIML
SIML
eliminationsTotal
Segment assets and liabilities$000$000$000$000$000
Balance at 31 Mar 26
Total assets
1,275,87271830,548(19,354)1,287,784
Total liabilities
354,592(17,263)6,950(2,175)342,104
Balance at 31 Mar 25
Total assets1,386,68849630,054(19,581)1,397,657
Total liabilities450,712(16,861)7,143(3,006)437,988
As at 31 March 2026, SPL had assets of $357.9 million (2025: $336.8 million) relating to equity-accounted investments (refer note 7.1) and loan to
associate (refer note 8.4).
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Stride Property Group Annual Report 31 March 2026
3.0 Property
This section covers property assets which generate Stride’s trading performance.
3.1 Net rental income
Accounting policy
Investment property is leased by SPL to tenants under operating leases with rent payable monthly. Rental income from investment properties is
recognised on a straight-line basis over the non-cancellable lease term. Lease incentives provided in relation to letting the investment properties are
capitalised to the respective investment properties in the consolidated statement of financial position and amortised on a straight-line basis over the
non-cancellable portion of the lease to which they relate, as a reduction of net rental income. Where a lease provides for fixed rental increases over
the term of the lease, they are amortised on a straight-line basis over the non-cancellable portion of the lease to which they relate.
Income generated from service charges recovered from tenants is included in gross rental income with the service charge expenses to tenants
shown in the direct property operating expenses. Such revenue is recognised in the accounting period the underlying expenses are incurred in
accordance with the contractual terms. The recovery of employee related expenses from SIML managed entities are included in the gross rental
income (as service charges recovered from tenants) with the employee related expenses included in corporate overhead expenses.
20262025
SPL$000$000
Gross rental income
Rental income
65,954
73,238
Service charge income recovered from tenants
20,903
21,114
Spreading of fixed rental increases
1,465
2,336
Capitalised lease incentives
1,011
2,152
Lease incentives amortisation
(867)
(1,129)
Total gross rental income
88,466
97,711
Direct property operating expenses
Rates and insurance
(15,779)
(15,857)
Property maintenance costs
(6,370)
(6,324)
Utilities
(2,906)
(2,611)
Other property operating expenses
(4,118)
(3,700)
Movement in loss allowance
(365)
(167)
Total direct property operating expenses
(29,538)
(28,659)
Net rental income
58,928
69,052
Other property operating expenses include operating expenses not recoverable from tenants and property leasing expenses. Salaries and wages
expenses of $1.8 million (2025: $1.7 million) (refer note 8.4) charged by SIML to SPL have been eliminated in the direct property operating expenses.
As a lessor, SPL has determined that it retains substantially all the risks and rewards of ownership of properties and has therefore classified all leases as
operating leases. The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
20262025
$000$000
Within one year
56,791
63,748
Between one and two years
53,946
57,851
Between two and three years
49,629
52,007
Between three and four years
45,154
46,321
Between four and five years
34,341
41,375
Later than five years
130,159
155,562
Future rentals receivable
370,020
416,864
Stride Property Group Annual Report 31 March 2026
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3.0 Property (continued)
3.2 Investment properties
Accounting policy
Investment properties are held either to earn rental income or for capital appreciation or both. Investment property is initially stated at cost,
including related transaction costs, and then at fair value as determined at least every 12 months by an independent registered valuer. Subsequent
expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow
to SPL and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed to the consolidated statement of
comprehensive income during the period in which they are incurred.
The fair value of an investment property represents the estimated price for which a property could be sold for at the date of valuation in an orderly
transaction between willing market participants. Any gain or loss arising from a change in the fair value of the investment property is recognised in
the consolidated statement of comprehensive income within net change in fair value of investment properties.
Investment properties are de-recognised when they have been disposed of. The net gain or loss on disposal is calculated as the difference
between the carrying amount at the time of the disposal and the net proceeds on the disposal and is included in the consolidated statement of
comprehensive income in the reporting period in which the disposal occurs.
Right-of-use assets are measured on initial recognition as the initial lease liability, plus any initial direct costs incurred, less any lease incentives
received. Right-of-use assets that meet the definition of investment property are presented within investment properties at fair value.
Investment property is adjusted for cash flows relating to lease liabilities already recognised separately in the consolidated statement of financial
position and also reflected in the investment property valuations.
SIML does not hold investment properties but provides management services in respect of SPL’s investment property portfolio.
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 8.7).
Valuations are performed by independent registered valuers who hold an annual practising certificate with the Valuers Registration Board and are
members of the New Zealand Institute of Valuers. Valuers are engaged on terms ensuring that no valuer values the same investment property for more
than three consecutive years. All valuations are dated effective 31 March 2026.
At each reporting date, management verifies all major inputs to the independent valuation reports and assess property valuation movements when
compared to the prior year valuation reports. SIML’s executive team review the valuations performed by the independent valuers for financial reporting
purposes. This team reports directly to SIML’s Chief Executive Officer. Discussions of valuation processes and results are held between members of
SIML’s executive team and the independent valuers. Discussions of valuation processes and results are also held between SIML’s Chief Executive
Officer and the Audit and Risk Committee at least once every six months, in line with Stride’s reporting dates. This review includes a review of specific
independent valuations and discussions with the independent valuers as considered necessary. Ultimately, the SPL Board is responsible for reviewing
and approving the investment property valuations.
Investment property measurements are categorised as Level 3 in the fair value hierarchy (refer note 1.6). During the current year, there were no transfers
of investment properties between levels of the fair value hierarchy (2025: nil transfers) during the year.
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Stride Property Group Annual Report 31 March 2026
3.0 Property (continued)
3.2 Investment properties (continued)
OfficeTown CentreIndustrial
Development
and OtherTotal
SPL$000$000$000$000$000
Balance at 31 Mar 24
695,700311,114148,81935,2501,190,883
Capital expenditure10,8421,19510996413,110
Spreading of fixed rental increases2,14512371(3)2,336
Capitalised lease incentives1,954186-122,152
Lease incentives amortisation(365)(670)(59)(35)(1,129)
Transfer of properties to Industre joint venture--(142,087)-(142,087)
Disposals--(6,237)-(6,237)
Net change in fair value
(24,380)(2,841)(616)(1,688)(29,525)
Balance at 31 Mar 25685,896309,107-34,5001,029,503
Capital expenditure
13,0271,312-2,01716,356
Spreading of fixed rental increases
1,321143-11,465
Capitalised lease incentives
91086-151,011
Lease incentives amortisation
(443)(397)-(27)(867)
Disposal
-(114,000)--(114,000)
Net change in fair value
(37,849)6,349-(2,606)(34,106)
Balance at 31 Mar 26
662,862202,600-33,900899,362
Comprised of:
Investment properties at valuation685,896281,500-34,5001,001,896
Lease liabilities (refer note 3.3)
-27,607--27,607
Balance at 31 Mar 25
685,896309,107-34,5001,029,503
Investment properties at valuation
662,862175,000-33,900871,762
Lease liabilities (refer note 3.3)
-27,600--27,600
Balance at 31 Mar 26
662,862202,600-33,900899,362
Stride is conscious of the need to identify the impact of climate risk on its business and assets and has continued to focus on sustainability and climate
change initiatives, noting that it may face physical and transitional climate-related risks in the future. During the current year, SPL committed to and
invested in a number of sustainability initiatives across its portfolio. These works included: installation of LED lights at 34 Shortland Street, Auckland,
NorthWest Shopping Centre, Auckland, and 215 Lambton Quay, Wellington, and completion of end of trip facilities at 215 Lambton Quay, Wellington,
with showers and secure bike parking, to encourage more active forms of transport for workers at this office property. The cost of these sustainability
initiatives, which are all related to the transition to a low carbon future, have been included in the capital expenditure for the year ended 31 March 2026.
No property owned by SPL suffered any material damage due to the physical impacts of climate change during the current year (2025: nil).
The independent valuers that valued SPL’s investment properties have considered Environmental, Social and Governance (ESG) factors and the
associated impact on the value of a property. The valuers are not ESG experts but consider market transactional data as part of their valuation
assessment and that market values may be impacted by environmental and climate risk factors, impacts of a building on the health and wellbeing
of tenants and local communities, and how a building is managed to encourage sustainable practices. For example, higher green rated properties, or
properties with sustainable features, or which are less vulnerable to climate risk, potentially may have higher market values than an equivalent property
without such features. Accordingly, valuations can take these factors into account as part of the overall assessment of a property's market value. Apart
from the consideration of the factors above, the valuers have made no explicit adjustment in respect of ESG and climate risk factors.
A revaluation movement of $0.6 million (2025: $0.6 million) arising from the elimination of fees charged by SIML to SPL (refer note 8.4) has been
reflected in the consolidated statement of comprehensive income.
Stride Property Group Annual Report 31 March 2026
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3.0 Property (continued)
3.2 Investment properties (continued)
The following tables provide a summary of the valuation of the investment properties, their net lettable area (NLA), market capitalisation rate (cap rate),
contract yield, occupancy and weighted average lease term (WALT) for the purpose of providing further detail of the assets which are considered to be
the most relevant to the operations of SPL. Properties classified as 'Development and Other' relate to SPL's development initiatives. The NLA, cap rate %,
contract yield %, occupancy %, and WALT years are not applicable for properties classified as 'Development and Other'. The cap rate %, contract yield %,
occupancy % and WALT years for the total investment properties are weighted averages. The totals may not sum due to rounding.
NLA
Cap
rate
Contract
yieldOccupancyWA LT
As at 31 Mar 26m
2
$000%%%years
Office
34 Shortland Street, Auckland8,08746,3007.386.3977.74.1
46 Sale Street, Auckland11,352115,0006.137.4398.13.3
110 Carlton Gore Road, Auckland14,174173,8626.006.56100.08.2
1 Grey Street, Wellington10,44949,5007.504.0456.03.4
215 Lambton Quay, Wellington10,74466,2007.004.0765.45.7
20 Customhouse Quay, Wellington
17,505212,0005.505.71100.09.1
Office total
72,311662,8626.185.9985.76.7
Town Centre total35,666175,0007.487.4991.73.6
Development and Other total
33,900
107,977871,7626.456.3087.75.9
As at 31 Mar 25
Office
34 Shortland Street, Auckland8,10046,2007.255.0366.02.5
46 Sale Street, Auckland11,352118,5005.757.29100.03.7
110 Carlton Gore Road, Auckland14,174182,7465.505.98100.09.2
1 Grey Street, Wellington10,44959,2007.006.4889.43.0
215 Lambton Quay, Wellington10,76564,2506.752.6153.35.0
20 Customhouse Quay, Wellington
17,505215,0005.505.49100.010.1
Office total
72,344685,8965.925.7187.77.0
Town Centre total58,675281,5007.357.4595.53.6
Development and Other total
34,500
131,0191,001,8966.346.2191.25.8
20262025
Breakdown of valuations by valuer$000$000
Bayleys Valuations Limited
486,612
301,246
CVAS (WLG) Limited
327,700
-
Savills (NZ) Limited
46,300
46,200
CBRE Limited
11,150
279,250
Jones Lang LaSalle Limited
-
267,200
CVAS (NZ) Limited
-
108,000
Total
871,762
1,001,896
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Stride Property Group Annual Report 31 March 2026
3.0 Property (continued)
3.2 Investment properties (continued)
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the cap rate or discount rate, assuming the cap rate or
discount rate move equally on all the properties (excluding properties classified as 'Development and Other') is provided below. The metrics chosen are
those where movements are likely to have the most significant impact on fair value.
Cap rate %Discount rate %
Impact on fair value-0.25+0.25-0.25+0.25
As at 31 Mar 26
Change $000
35,300(33,000)15,173(14,825)
Change %
4(4)2(2)
As at 31 Mar 25
Change $00040,550(39,050)17,393(17,184)
Change %4(4)2(2)
Predominant valuation methods used:
•Income Capitalisation method - is based on the current contract and market rental and an appropriate market yield or return for the particular
investment property. Adjustments are then made to the value to reflect under or over renting, pending capital expenditure, and upcoming lease
expiries, including allowance for lessee incentives and leasing expenses.
•Discounted Cash Flow method - adopts a ten-year investment horizon and makes appropriate allowances for rental income growth and leasing
expenses on expiries, with an estimated terminal value at the end of the investment period. The terminal yield is used to derive the terminal value.
Terminal yield rate estimates are based on comparable transaction data and also consider matters such as building age and the market environment
at the end of the investment period. The present value reflects the market based rental and expenditure projections, discounted at a rate of return
referred to as a discount rate. In selecting the discount rate many factors are considered, including the degree of apparent risk, market attitudes
toward future inflation, the prospective rates of return for alternative investments and the rates of return earned by comparable properties in
the past.
The adopted market value is a combination of both the Income Capitalisation and the Discounted Cash Flow methods, other than as follows.
Works are required to improve the seismic performance of the office property at 55 Lady Elizabeth Lane, Wellington. This property has been fair valued
utilising the Residual method, calculating what the property is expected to be worth on completion of the works and deducting all expected costs to
complete the works, including a profit and risk allowance and holding costs. The cost to complete stated in the 31 March 2026 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 was 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. SPL has discussed the seismic status of the building and the potential works
required with tenants and all of the office tenants have surrendered or terminated their leases.
The valuation for Johnsonville Shopping Centre, Wellington, utilises the Land Value method, which involves direct comparison with other property sales.
This method reflects the highest and best use for the property.
All properties were valued on a consistent method to 31 March 2025.
Stride Property Group Annual Report 31 March 2026
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3.0 Property (continued)
3.2 Investment properties (continued)
A valuation is determined based on a range of unobservable inputs, which are not freely available or explicit in the market and are developed by analysing
transactional data. Key unobservable inputs are the cap rate, discount rate, gross market rental, rental growth rate and terminal yield. The following table
details the key unobservable inputs and their ranges (excluding properties classified as 'Development and Other') along with their sensitivity to significant
increase or decrease:
Valuation input range
Fair value
measurement
sensitivity
to significant:
Significant
input
Description20262025
Increase
in input
Decrease
in input
Valuation
method
Cap rateThe cap rate is applied to the market rental
to assess an investment property’s value. It
is derived from detailed analysis of factors
such as comparable sales evidence and leasing
transactions in the open market taking into
account location, tenant covenant - lease term
and conditions, WALT, size and quality of the
investment property.
5.50-7.63 %
5.50-7.63 %DecreaseIncreaseIncome
Capitalisation
Discount rateThe discount rate is applied to future cash
flows of an investment property to provide a
net present value equivalent. The discount rate
adopted takes into account recent comparable
market transactions, prospective rates of return
for alternative investments and apparent risk.
7.25-8.75 %
6.50-8.63 %DecreaseIncreaseDiscounted
Cash Flow
Gross market
rental
The valuer’s assessment of gross market rental
for both occupied and vacant areas of the
investment property.
525-990
$/m
2
406-996
$/m
2
IncreaseDecreaseIncome
Capitalisation
and Discounted
Cash Flow
Rental growth
rate
The rental growth rate applied to the market
rental in the 10-year cash flow projection.
2.05-2.95 %
1.90-2.90 %IncreaseDecreaseDiscounted
Cash Flow
Terminal yieldThe rate used to assess the terminal value of
the property.
6.00-8.00 %
5.75-7.75 %DecreaseIncreaseDiscounted
Cash Flow
Profit and risk
allowance
This allowance reflects the risk and surety
surrounding cost of remedial works, timing of
works as well as assumed future occupancy
arrangements following completion of all
required works.
DecreaseIncreaseResidual
Forecast
development
costs
All costs associated with the development
of the property. This cost typically
includes construction costs, consultancy costs
and financing.
DecreaseIncreaseResidual
When calculating fair value using the Income Capitalisation method, the gross market rental has a strong interrelationship with the adopted cap rate, given
the methodology involves assessing the total gross market rental receivable from the investment property, deducting total outgoings to achieve a net
market rental and capitalising this in perpetuity to derive a capital value. An increase in the gross market rental and an increase (softening) in the adopted
cap rate could potentially offset the impact to the fair value. A decrease in the gross market rental and a decrease (tightening) in the adopted cap rate
could also potentially offset the impact to fair value. A directionally opposite change in the gross market rental and the adopted cap rate could potentially
magnify the impact to the fair value.
When assessing fair value using the Discounted Cash Flow method, the adopted discount rate and adopted terminal yield have a strong interrelationship
in deriving a fair value, given the discount rate will determine the rate at which the terminal value is discounted to the present value. An increase (softening)
in the adopted discount rate and a decrease (tightening) in the adopted terminal yield could potentially offset the impact to the fair value. A decrease
(tightening) in the adopted discount rate and an increase (softening) in the adopted terminal yield could also potentially offset the impact to fair value. A
directionally similar change in the adopted discount rate and the adopted terminal yield could potentially magnify the impact to the fair value.
60
Stride Property Group Annual Report 31 March 2026
3.0 Property (continued)
3.3 Lease liabilities
Accounting policy
Lease liabilities are measured based on the present value of the fixed and variable lease payments, less any cash lease incentives receivable. Each
lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive
income over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee’s incremental
borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
SIML has an operating lease for its office at 34 Shortland Street, Auckland, where SIML is the lessee and SPL is the lessor. SIML has recognised a
right-of-use asset within property, plant and equipment and corresponding lease liability within interest bearing liabilities in relation to this lease. The lease
liability and right-of-use asset are eliminated in the financial statements.
SPL is committed under two operating leases where SPL is the lessee. The SPL leases relate to ground rent on leasehold properties and contain renewal
and termination options exercisable only by SPL. There is one at each of the following properties:
•55 Lady Elizabeth Lane, Wellington; and
•NorthWest Shopping Centre, Auckland.
Included in the investment property valuation of 55 Lady Elizabeth Lane, Wellington, is an implicit right-of-use asset of $6.7 million (2025: $9.5 million) in
relation to a peppercorn ground lease with an associated immaterial lease liability.
The lease liability of $27.6 million (2025: $27.6 million) is in respect of the ground lease at NorthWest Shopping Centre, Auckland.
20262025
Lease liabilities$000$000
Opening balance27,607
27,614
Cash lease payments
(1,724)
(1,724)
Finance lease interest
1,717
1,717
Closing balance
27,600
27,607
Current liabilities
7
7
Non-current liabilities
27,593
27,600
Total lease liabilities
27,600
27,607
3.4 Capital expenditure commitments contracted for
As at 31 March 2026, SPL has the following major capital expenditure commitments:
•$5.0 million (2025: $0.8 million) for further building upgrades at 34 Shortland Street, Auckland;
•$3.8 million (2025: $3.0 million) for further building upgrades at 215 Lambton Quay, Wellington;
•$15.8 million (2025: $ nil) for the balance of the proposed long-term ground lease of the property at North Wharf in Wynyard Quarter, Auckland,
(refer note 1.9); and
•$1.0 million (2025: $ nil) for various other capital expenditure to be undertaken.
3.5 Other non-current assets
Other non-current assets of $2.9 million (2025: $1.9 million) primarily consists of work in progress development costs for the future development
property at North Wharf in Wynyard Quarter, Auckland.
Stride Property Group Annual Report 31 March 2026
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4.0 Investor Returns
This section sets out Stride’s earnings per share, dividends paid and how distributable profit is calculated. Distributable profit is a non-GAAP
measure (refer note 1.8) 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)
20262025
Profit after income tax attributable to shareholders ($000)
31,275
21,652
Weighted average number of shares for the purpose of basic EPS (000)
559,443
559,011
Basic EPS - SPL (cents)
3.88
2.33
Basic EPS - SIML (cents)
1.71
1.54
Basic EPS - weighted (cents)
5.59
3.87
Weighted average number of shares for the purpose of diluted EPS (000)
563,747
562,626
Diluted EPS - SPL (cents)
3.85
2.32
Diluted EPS - SIML (cents)
1.70
1.53
Diluted EPS - weighted (cents)
5.55
3.85
Basic and diluted EPS amounts are calculated by dividing profit after income tax attributable to shareholders by the weighted average number of shares
on issue. Weighted average number of shares for the purpose of diluted EPS has been adjusted for 4.30 million (2025: 3.62 million) rights issued under
SIML’s employee incentive schemes.
4.2 Dividends paid
20262025
$000$000
The following dividends were declared and paid by SPL during the year:
Q4 2025 final dividend 1.5625 cents (Q4 2024 1.9400 cents)
8,742
10,845
Q1 2026 interim dividend 1.5625 cents (Q1 2025 1.5625 cents)
8,742
8,735
Q2 2026 interim dividend 1.5625 cents (Q2 2025 1.5625 cents)
8,742
8,735
Q3 2026 interim dividend 1.5625 cents (Q3 2025 1.5625 cents)
8,742
8,735
Total dividends paid - SPL
34,968
37,050
The following dividends were declared and paid by SIML during the year:
Q4 2025 final dividend 0.4375 cents (Q4 2024 0.0600 cents)
2,448
335
Q1 2026 interim dividend 0.4375 cents (Q1 2025 0.4375 cents)
2,448
2,446
Q2 2026 interim dividend 0.4375 cents (Q2 2025 0.4375 cents)
2,448
2,446
Q3 2026 interim dividend 0.4375 cents (Q3 2025 0.4375 cents)
2,448
2,446
Total dividends paid - SIML
9,792
7,673
Total dividends paid - Stride
44,760
44,723
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved.
Supplementary dividends of $0.34 million (2025: $0.42 million) were paid to SPL shareholders not resident in New Zealand for which SPL received a
foreign investor tax credit entitlement.
Supplementary dividends of $0.19 million (2025: $0.15 million) were paid to SIML shareholders not resident in New Zealand for which SIML received a
foreign investor tax credit entitlement.
62
Stride Property Group Annual Report 31 March 2026
4.0 Investor Returns (continued)
4.3 Distributable profit
Accounting policy
Stride’s dividend policy is to target a total cash dividend to shareholders that is equivalent to the sum of 25% to 75% of SIML’s distributable profit
and 80% to 100% of SPL’s distributable profit. Distributable profit is presented to enable investors to see an earnings measure which more closely
aligns with Stride’s underlying and recurring earnings from its operations. Distributable profit is a non-GAAP measure and consists of profit/(loss)
before income tax, adjusted for determined non-recurring and/or non-cash items, share of profit/(loss) in equity-accounted investments, dividends
received from equity-accounted investments and current tax.
AFFO is also a non-GAAP measure and is intended as a supplementary measure of operating performance. Although there is no standard meaning
or measure per GAAP, AFFO has been determined based on guidelines established by the Property Council of Australia. 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 enable investors to see the cash generating ability of the business.
20262025
$000$000
Profit before income tax39,937
32,471
Non-recurring, non-cash, and other adjustments:
Net change in fair value of investment properties
34,106
29,525
Loss/(gain) on disposal of investment properties
926
(974)
Share of profit in equity-accounted investments
(35,318)
(20,471)
Impairment of equity-accounted investment
2,051
8,776
Project management and disposal fees eliminated in SIML
1,205
556
Rental guarantee income
115
180
Rental surrender cash/(non-cash) received
380
(375)
Dividend income from equity-accounted investments
13,155
7,905
Incentive to anchor tenant for early lease renewal
61
1,506
Share-based payment expense net of forfeited employee incentive rights
1,602
1,416
One-off project costs
513
398
Depreciation
126
170
Non-cash interest income
(61)
(285)
IFRS lease adjustments
(1,609)
(3,359)
Other IFRS adjustments
385
124
Hedge ineffectiveness of cash flow hedges
-
(10)
Distributable profit before current income tax57,574
57,553
Current tax expense excluding divestments (refer note 8.1)
(8,469)
(9,246)
Distributable profit after current income tax
49,105
48,307
Adjustments to funds from operations:
Maintenance capital expenditure
(3,065)
(4,080)
Incentives and associated landlord works
(3,530)
(2,137)
AFFO
42,510
42,090
Weighted average number of shares for the purpose of basic distributable profit per share (000)
559,443
559,011
Basic distributable profit after current income tax per share - weighted (cents)8.78
8.64
AFFO basic distributable profit after current income tax per share - weighted (cents)7.60
7.53
Weighted average number of shares for the purpose of diluted distributable profit per share (000)
563,747
562,626
Diluted distributable profit after current income tax per share - weighted (cents)8.71
8.59
AFFO diluted distributable profit after current income tax per share - weighted (cents)7.54
7.48
Stride Property Group Annual Report 31 March 2026
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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 includes Stride's funding exposure to interest rate risk and related financing costs.
5.1 Borrowings
Accounting policy
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost, any
difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive
income over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless SPL has an
unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
20262025
$000$000
Bank facilities drawn down
294,500
390,400
Unamortised borrowing establishment costs
(653)
(271)
Total net borrowings
293,847
390,129
Weighted average cost of borrowings (inclusive of current interest rate derivatives, margins and
line fees) at balance date
5.04%
4.92%
Total
Undrawn
facility
Drawn
amount
As at 31 Mar 26Expiry date$000$000$000
Facilities A, B, C30 June 2029
110,000105,0005,000
Facilities F1, F2, F3, F4, F530 June 2030
350,00060,500289,500
460,000165,500294,500
As at 31 Mar 25
Facilities A, F1, F430 Nov 2026260,00069,600190,400
Facilities B, F230 Nov 2027
200,000-200,000
460,00069,600390,400
SPL’s borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited (ANZ), Bank of China Limited, Auckland Branch
(effective from 30 June 2025), China Construction Bank Corporation (New Zealand Branch), Industrial and Commercial Bank of China Limited, Auckland
Branch, and Westpac New Zealand Limited (Westpac). 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. On 30 June 2025, the facilities were refinanced, extending the maturity of each facility to either 30 June 2029 or
30 June 2030.
In accordance with the Green Finance Framework (Framework) of Fabric, $350.0 million (2025: $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 Green Loan Principles (2025) and
International Capital Market Association Green Bond Principles (2021 with June 2022 Appendix).
SIML does not have any borrowings (2025: $ nil) however it does have a $3.0 million overdraft facility with ANZ which has not been utilised during the
current year (2025: $3.0 million overdraft facility not utilised).
20262025
Summary of net debt$000$000
Cash
15,281
15,569
Borrowings - non-current
(293,847)
(390,129)
Lease liabilities
(27,600)
(27,607)
Net debt
(306,166)
(402,167)
64
Stride Property Group Annual Report 31 March 2026
5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Accounting policy
Interest rate derivatives (derivative financial instruments) are initially recognised at fair value on the date a derivative contract is entered into and
are subsequently measured at their fair value at each reporting date. Fair value of over-the-counter derivatives, such as interest rate derivatives, is
determined using valuation techniques which maximise the use of observable data and rely as little as possible on entity-specific estimates.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to
ensure that an economic relationship exists between the hedged item and hedging instrument.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow
hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within the consolidated
statement of comprehensive income.
When a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is
recognised when the forecast transaction is ultimately recognised in profit or loss.
20262025
SPL$000$000
Active interest rate derivative contracts
280,000
280,000
Forward dated interest rate derivative contracts
-
75,000
Total notional principal value of interest rate derivative contracts
280,000
355,000
Interest rate derivative assets - current
231
1,022
Interest rate derivative assets - non-current
209
788
Interest rate derivative liabilities - current
(182)
-
Interest rate derivative liabilities - non-current
(1,032)
(1,499)
Fair values of interest rate derivative contracts
(774)
311
Fixed interest rates ranges on active interest rate derivative contracts (excluding margins and line fees)
1.60% - 4.25%
1.47% - 4.25%
Weighted average fixed interest rate on active interest rate derivative contracts (excluding margins and
line fees)
3.56%
2.98%
Percentage of drawn debt fixed
95%
72%
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. SPL
does not hold derivative financial instruments for trading purposes. SIML does not hold any interest rate derivatives (2025: $ nil).
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 (2025: 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 31 March 2026 of between 2.54% for the 90-day BKBM, and 4.32% for the 10-year swap rate (2025: 3.61% and 4.11%, respectively). There were
no changes to these valuation techniques during the reporting period.
The following sensitivity illustrates the impact on equity as a result of the change in fair value of the interest rate derivatives and shows the effect
if the market interest rates had been 0.25% lower or higher, with other variables remaining constant. There is no impact on profit for the current or
comparative year.
20262025
Gain/(loss)Gain/(loss)Gain/(loss)Gain/(loss)
on -0.25%on +0.25%on -0.25%on +0.25%
$000$000$000$000
Impact on equity(1,150)1,143
(1,802)1,787
Stride Property Group Annual Report 31 March 2026
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5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Accounting policy
Interest income is recognised on a time-proportional basis using the effective interest rate.
Interest costs charged on borrowings are recognised as incurred. Costs associated with the establishment of borrowings are amortised over the
term of the relevant borrowings.
20262025
$000$000
Finance income
Bank interest income
259
659
Other finance income
219
285
Total finance income
478
944
Finance expense
Borrowings interest
(16,827)
(18,062)
Lease liabilities interest
(1,717)
(1,717)
Total finance expense
(18,544)
(19,779)
Net finance expense
(18,066)
(18,835)
5.4 Capital risk management
Stride’s objectives when managing capital are to safeguard Stride’s ability to continue as a going concern in order to provide returns for shareholders,
and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, Stride may adjust the amount
of dividends paid to shareholders, operate a dividend reinvestment plan, return capital to shareholders, buy back shares, issue new shares or sell assets
to reduce borrowings. As part of its capital risk management, SPL is required to comply with covenants (interest cover ratio, loan to value ratio, WALT
and green loan ratio) imposed under its banking facilities. The SPL Board regularly monitors these covenants and provides six-monthly compliance
certificates to the banking syndicate as part of this process. SPL has complied with these covenants during the relevant periods.
5.5 Share capital
Each of SPL and SIML have one class of shares. The shares of SPL rank equally with each other and the shares of SIML 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).
Stapling of shares is a contractual and constitutional arrangement between the two Stapled Entities whereby each Stapled Entity’s equity securities are
combined with (or stapled to) the equity securities issued by the other Stapled Entity. The Stapled Entities have the same shareholders, and their shares
cannot be traded or transferred independently of one another. The Stapled Securities are traded as a single economic unit with a single quoted price.
On 16 April 2025, the Boards issued 423,098 Stapled Securities pursuant to employee incentive schemes operated by SIML.
Each of SPL and SIML had 559,462,036 shares on issue as at 31 March 2026 (2025: 559,038,938).
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Stride Property Group Annual Report 31 March 2026
5.0 Capital Structure and Funding (continued)
5.6 SIML equity (non-controlling interest)
20262025
$000$000
Opening balance22,911
20,703
Transactions with shareholders:
Dividends paid (refer note 4.2)
(9,792)
(7,673)
Transfer to share capital on vesting of employee incentive rights
781
569
Other movements in reserves
96
564
Total transactions with shareholders
(8,915)
(6,540)
Total other comprehensive income
31
163
Profit after income tax (refer note 2.0)
9,571
8,585
Total comprehensive income
9,602
8,748
Closing balance
23,598
22,911
5.7 Reserves
20262025
Reserves consist of the following Stride reserves$000$000
Cash flow hedge reserve
(526)
202
Share option reserve
1,273
1,309
Equity-accounted investments reserve - cash flow hedge
914
(2)
Revaluation surplus
1,000
2,600
Closing balance
2,661
4,109
Cash flow hedge reserve - SPL
Opening balance202
9,184
Movement in fair value of interest rate derivatives
(1,028)
(12,633)
Deferred tax on fair value movements
300
3,651
Closing balance
(526)
202
Share option reserve - SIML
Opening balance1,309
969
Share-based payment expense
1,755
1,512
Deferred tax on share-based payment expense
31
163
Transfer to share capital on vesting of employee incentive rights
(1,506)
(852)
Lapsed employee incentive rights
(163)
(387)
Forfeited employee incentive rights
(153)
(96)
Closing balance
1,273
1,309
Equity-accounted investments reserve - cash flow hedge - SPL
Opening balance(2)
1,805
Changes in reserves of associate
916
(1,807)
Closing balance
914
(2)
Revaluation surplus - SPL
Opening balance2,600
2,800
Revaluation deficit
(1,600)
(200)
Closing balance
1,000
2,600
Gains and losses recognised in the cash flow hedge reserve on interest rate derivatives will be reclassified in the same period in which the hedged
forecast cash flows affect profit or loss until the repayment of the borrowings.
Stride Property Group Annual Report 31 March 2026
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6.0 Risk Management
This section sets out Stride’s exposure to financial assets and liabilities that potentially subject Stride to financial risk and how Stride
manages those risks.
6.1 Financial instruments
A financial instrument is recognised if Stride becomes a party to the contractual provisions of the instrument. Financial assets are de-recognised if
Stride’s contractual rights to the cash flows expire, or if Stride transfers them without retaining control or substantially all risks and rewards of the asset.
Financial liabilities are de-recognised if Stride's obligations specified in the contract are extinguished.
Stride classifies its financial assets and financial liabilities in the following measurement categories:
•those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss); and
•those to be measured at amortised cost.
Classification is determined at initial recognition and this designation is re-evaluated at every reporting date. The carrying values of all financial assets and
liabilities in the consolidated statement of financial position approximate their estimated fair values.
The following financial assets and liabilities that potentially subject Stride to financial risk have been recognised in the financial statements:
2026
Restated
2025
Summary of financial instruments$000$000
Financial assets at amortised cost
Cash
15,281
15,569
Debtors and other receivables
2,719
3,066
Total financial assets at amortised cost
18,000
18,635
Financial assets at fair value through profit or loss
Loan to associate
1,565
3,398
Total non-derivative financial assets at fair value through profit or loss
1,565
3,398
Derivative financial instruments
Used for hedging
440
1,810
Total financial assets
20,005
23,843
Financial liabilities at amortised cost
Trade and other payables recognised as financial liabilities
10,576
9,425
Lease liabilities
27,600
27,607
Borrowings
293,847
390,129
Total financial liabilities at amortised cost
332,023
427,161
Derivative financial instruments
Used for hedging
1,214
1,499
Total financial liabilities
333,237
428,660
Comparatives for the year ended 31 March 2025 have been restated to include tenant deposits and other accruals and payables, excluding Goods
and Services Tax payable from trade and other payables. This resulted in an increase to trade and other payables recognised as financial liabilities of
$3.8 million ($5.6 million to $9.4 million). The amounts have been included on the basis they meet the definition of financial liabilities.
68
Stride Property Group Annual Report 31 March 2026
6.0 Risk Management (continued)
6.2 Financial risk management
Stride’s activities expose it to a variety of financial risks: credit risk, interest rate risk and liquidity risk. Part of Stride’s overall risk management strategy
focuses on minimising the potential negative economic impact of unpredictable events on its financial performance.
Risk management is the responsibility of the Boards. The Boards identify and evaluate financial risks in close co-operation with management. The Boards
provide written principles for overall risk management, as well as written policies covering specific areas, such as interest rate risk, credit risk, use of
derivative financial instruments and non-derivative financial instruments, and investing excess liquidity.
6.3 Credit risk
Stride incurs credit risk from debtors, accrued income receivable, loan to associate and transactions with financial institutions including cash balances and
interest rate derivatives. Stride is not exposed to any concentrations of credit risk apart from the loan to associate.
The risk associated with debtors is managed with a credit policy which includes performing credit evaluations on customers requiring credit and ensures
that only those customers with appropriate credit histories are provided with credit. In addition, debtor balances are monitored on an ongoing basis, with
the result that Stride's exposure to bad debts is not significant.
As SPL has a wide spread of tenants over different industry sectors, it is not exposed to any significant concentration of credit risk.
The risk from financial institutions is managed by placing cash and deposits with high credit quality financial institutions only. Stride has placed its cash
and deposits with ANZ and Westpac, both AA- rated (Standard & Poor’s).
With respect to the credit risk arising from interest rate derivative agreements, there is limited risk as all counterparties are registered banks in
New Zealand whose credit ratings are all AA- (Standard & Poor’s).
The maximum exposure to credit risk is the carrying amount of each class of financial assets as reported in note 6.1.
6.4 Interest rate risk
As Stride has no significant interest bearing assets, its operating income is substantially independent of changes in market interest rates.
SPL's interest rate risk arises from borrowings (refer note 5.1) which are issued at variable rates and expose SPL to cash flow interest rate risk. SPL's long
term interest rate hedging policy provides bands that are applied on a rolling basis, which provide for both a high level of fixed interest rate cover over the
near term, as well as a lengthy period of known fixed interest rate cover for a portion of term debt. SPL manages its cash flow interest rate risk by using
floating to fixed interest rate derivatives which have the economic effect of converting borrowings from floating to fixed rates.
As SPL holds interest rate derivatives, there is a risk that their economic value will fluctuate because of changes in market interest rates. The value of
interest rate derivatives is disclosed in note 5.2. As at 31 March 2026, SPL had fixed 95% of its drawn debt (2025: 72% fixed). The impact on SPL’s
profit or loss as a result of a reasonably possible change in interest rates is not material.
SPL's exposure to variable interest rate risk and the weighted average interest rate for interest bearing financial assets and liabilities is as follows:
Interest rates applicable at balance date:20262025
Cash at bank
0.00% - 1.25%
0.00% - 2.75%
Loan to associate
4.27%
7.25%
Borrowings
3.51%
3.18%
Weighted average cost of borrowings (inclusive of current interest rate derivatives, margins
and line fees)
5.04%
4.92%
Debtors and other receivables and payables are interest free and have settlement dates within one year. All other assets and liabilities are
non-interest bearing.
Stride Property Group Annual Report 31 March 2026
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6.0 Risk Management (continued)
6.5 Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit
facilities, and the ability to close out market positions. Stride’s liquidity position is monitored by management on a regular basis and is reviewed quarterly
by the Boards to ensure compliance with internal policies and banking covenants as per SPL's banking facilities.
SPL generates sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and has bank facilities available
to cover potential shortfalls (refer note 5.1).
The following table outlines Stride’s liquidity profile, as at 31 March, based on contractual undiscounted cash flows. Refer note 6.1 for explanation of
restatement of comparatives.
Total0-6 mths6-12 mths1-2 yrs2-5 yrs>5 yrs
$000$000$000$000$000$000
As at 31 Mar 26
Trade and other
payables recognised as
financial liabilities
10,57610,576
----
Borrowings
331,3292,4282,7516,937319,213
-
Lease liabilities
150,0998628621,7245,171141,480
Derivative financial instruments
19,8054,9884,6497,4462,722
-
511,80918,8548,26216,107327,106141,480
As at 31 Mar 25 (Restated)
Trade and other
payables recognised as
financial liabilities9,4259,425----
Borrowings406,2845,4235,423198,237197,201-
Lease liabilities151,8238628621,7245,171143,204
Derivative financial instruments
28,5684,1794,5739,63510,181-
596,10019,88910,858209,596212,553143,204
70
Stride Property Group Annual Report 31 March 2026
7.0 Investments in Property Entities
This section sets out how the investments in property entities held by SPL are accounted for in Stride.
7.1 Interests in associates and joint venture
Accounting policy
Interests in associates and the joint venture are accounted for using the equity method and are initially recognised in the consolidated statement
of financial position at cost, adjusted for the post-acquisition change in SPL’s share of their net assets and liabilities. Under this method, SPL’s
share of profits and losses after tax of associates and profit and loss before tax of the joint venture are included in SPL’s profit before taxation.
Adjustments to the carrying amount are also made for SPL’s share of changes in the associates’ and the joint venture’s other comprehensive
income. SPL’s accounting policy is not to take account of the effects of transactions recorded directly in equity outside profit or loss and other
comprehensive income.
Under the equity method, gain or loss resulting from the transfer of investment properties to associates and the joint venture in exchange for cash
or shares is recognised only to the extent of the other investors’ interest in the associates or the joint venture, however when cash and shares are
received, the portion of the gain or loss relating to cash is recognised in full.
At each reporting date, SPL assesses its equity-accounted investments to determine whether there is any indication of impairment. If any
such indication exists, then the investments’ recoverable amount is estimated as a single asset by comparing its recoverable amount with its
carrying amount.
The recoverable amount is the greater of its value in use (VIU) and its fair value less costs of disposal (FVLCD). VIU is based on the estimated future
cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or cash generating unit. FVLCD is the price that would be received to sell an asset in an orderly transaction between
market participants at the measurement date, less the costs of disposal and includes a strategic premium that is associated with collectively owning
more than the sum of the individual shares.
If the carrying amount of an equity-accounted investment exceeds its recoverable amount, an impairment loss is recognised in profit or loss and
is applied to the carrying amount of equity-accounted investment. Such impairment loss is not allocated to the underlying assets that make up the
carrying amount of the equity-accounted investment. Impairment loss is subsequently reversed only to the extent that the recoverable amount of the
investment subsequently increases.
The associates and joint venture of SPL are principally involved in the ownership of investment properties in New Zealand. They are equity-accounted
investments in SPL.
Ownership interestCarrying amount
Entity
Country of
incorporation
Ownership
Nature of
relationship
20262025
2026
$000
2025
$000
Investore
1
New ZealandSharesAssociate
18.8%
18.8%
87,137
87,553
Diversified
2
AustraliaUnitsAssociate
2.2%
2.2%
4,521
1,814
Industre joint venture
2
New ZealandSharesJoint venture
49.0%
49.6%
264,705
244,075
356,363
333,442
1Fair value, based on Investore's quoted closing share price on the NZX Main Board on the last business day for the year ended 31 March 2026, was $74.3 million
(2025: $74.7 million).
2These equity-accounted investments do not have quoted market prices as they are not listed.
Stride Property Group Annual Report 31 March 2026
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7.0 Investments in Property Entities (continued)
7.1 Interests in associates and joint venture (continued)
Investore
Given the extent of SPL's equity investment as at balance date of 18.8% (2025: 18.8%), the appointment of SIML as manager, and that two of
SIML's current directors are also directors of Investore, the SPL Board has concluded that SPL has 'significant influence' over Investore. As such, SPL's
investment in Investore has been treated as an interest in an associate. SPL is not subject to any escrow arrangements that prevent it from selling or
otherwise disposing of any shares that it holds.
As at 31 March 2026, the market value of the investment in Investore, based on the quoted closing market price of Investore's ordinary shares
of $1.05, 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 FVLCD approach (2025: 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% (2025: 17.5%) as determined by a third party in February 2026, the quoted closing share price on the NZX Main Board on the last
business day for the year ended 31 March 2026, and brokerage costs of 0.2%. The determination of the recoverable amount is considered to be Level 3
in the fair value hierarchy (refer note 1.6). The result of the impairment test was that the investment's recoverable amount was lower than the carrying
amount as at 31 March 2026. As a result, SPL determined an impairment loss of $(2.1) million (2025: $(8.8) million impairment loss) against the carrying
amount of the investment.
The difference between the closing net assets and share at carrying percentage for Investore largely relates to the $(29.3) million cumulative impairment
loss (2025: $(27.2) million cumulative impairment loss).
The estimated sensitivity on the recoverable amount under the FVLCD approach, if the strategic investment premium and quoted closing market price of
Investore's ordinary shares were to (decrease)/increase, is provided below:
Strategic investment premium %Market share price (% change)
-2.50+2.50-2.50+2.50
As at 31 March 2026
Change $000
(1,854)1,854(2,178)2,178
Change %
(2)2(3)3
As at 31 March 2025
Change $000(1,863)1,863(2,189)2,189
Change %(2)2(3)3
Diversified
Given the appointment of SIML as manager, and that one of SIML's current directors is also on Diversified's Investment Committee, the SPL Board has
concluded that SPL retains 'significant influence' over Diversified. As such, SPL's investment in Diversified has been treated as an interest in an associate.
As at 31 March 2026, SPL has an interest-bearing loan receivable of $1.6 million (2025: $3.4 million) with Diversified. On 5 March 2026, Diversified
prepaid $1.8 million of the outstanding noteholder loan balance and simultaneously issued new units to the same value, as a non-cash transaction. The
maturity date of the remaining noteholder loans was extended to 31 August 2028 (2025: 12 August 2026). The weighted average interest rate for
the current year was 6.10% (2025: 8.14%) and the interest was payable quarterly. Interest earned on this loan was $0.2 million (2025: $0.3 million)
(refer note 8.4).
Following delivery of Diversified’s annual financial statements for the year ended 31 March 2026, or at any time thereafter if requested by a unitholder
of Diversified, Equity Trustees Limited (as Trustee of Diversified) must convene a meeting of unitholders for the purposes of approving the termination
of Diversified by special resolution (requiring approval of unitholders holding at least 75% of the units of Diversified present and voting). If approved,
Diversified will undertake an orderly process of winding up its business and affairs. At the date Stride's financial statements have been issued, no request
has been made by a unitholder to wind up Diversified.
Industre joint venture
Industre joint venture comprises Industre Property Holdings Limited (HoldCo) and its subsidiaries, Industre Property Tahi Limited (Tahi), and Industre
Property Rua Limited (Rua). SPL has rights to its proportionate share of the net assets of these entities, based on its ownership interest in HoldCo. SPL’s
wholly owned subsidiary, SIPL, owns 49.0% (2025: 49.6%) of HoldCo as at 31 March 2026.
HoldCo, Tahi and Rua are eligible and have elected to be multi-rate Portfolio Investment Entities (PIE) of which the income tax liability arises to
the investors. Accordingly, SPL recognises current and deferred tax from its ownership interest in the Industre joint venture as part of its taxes in
note 8.1 (rather than as part of the investment in the joint venture).
Summarised financial information for associates and joint venture
The following tables provide summarised financial information for the associates and the joint venture of SPL and reflect the amounts presented in the
financial statements of the relevant associates and joint venture, not SPL’s share of those amounts.
All investment properties held by Investore, Industre joint venture and Diversified were valued by independent registered valuers as at 31 March 2026.
SPL’s share of the valuation gains/(losses) are reflected in share of profit/(loss) in equity-accounted investments.
SPL's ownership interest in the Industre joint venture reduced from 49.6% to 49.0% on 28 April 2025. Consequently, the net share of profit for 2026
has been calculated on the weighted average proportionate holding during the current year.
72
Stride Property Group Annual Report 31 March 2026
7.0 Investments in Property Entities (continued)
7.1 Interests in associates and joint venture (continued)
Investore
Industre joint
ventureDiversified
202620262026
Summarised statement of comprehensive income$000$000$000
Net rental income
65,45536,26235,588
Corporate expenses
(8,211)(4,451)(3,414)
Net finance expense
(20,624)(13,944)(17,778)
Other income
2,15440,00533,724
Income tax expense
(7,069)-(1,833)
Profit31,70557,87246,287
Other comprehensive income/(loss)
1,5451,289(200)
Total comprehensive profit
33,25059,16146,087
Summarised statement of financial position
Assets
Current assets
8,4955,6665,212
Investment properties
1,141,136849,535445,750
Other non-current assets
2,7361,59644
1,152,367856,797451,006
Liabilities
Current liabilities
(11,976)(11,850)(12,135)
Borrowings - current
(124,714)-
Borrowings - non-current
(386,539)(303,848)(142,182)
Other non-current liabilities
(16,033)(842)(84,942)
(539,262)(316,540)(239,259)
Net assets
613,105540,257211,747
Reconciliation to carrying amounts
Opening net assets604,399492,40485,792
Profit
31,70557,87246,287
Other comprehensive income/(loss)
1,5451,289(200)
Reinvestment of units issued
--2,706
Dividends paid
(24,544)(17,008)(7,780)
Issue of units
--84,942
Equity contribution
-5,700-
Closing net assets
613,105540,257211,747
Total 2026
$000
SPL’s share in % as at 31 Mar 2618.8%49.0%2.2%
SPL's share in investees' closing net assets384,729115,450264,7054,574
Opening carrying amount333,44287,553244,0751,814
Movement in cash flow hedges, net of tax
916286634(4)
Profit
35,3185,97128,361986
Reinvestment of units issued
61--61
Dividends paid
(13,155)(4,622)(8,365)(168)
Impairment of equity-accounted investment
(2,051)(2,051)--
Issue of units
1,832--1,832
Closing carrying amount
356,36387,137264,7054,521
Stride Property Group Annual Report 31 March 2026
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7.0 Investments in Property Entities (continued)
7.1 Interests in associates and joint venture (continued)
Investore
Industre joint
ventureDiversified
202520252025
Summarised statement of comprehensive income$000$000$000
Net rental income62,25026,05335,590
Corporate expenses(7,873)(3,585)(3,478)
Finance income217155138
Finance expense(19,422)(13,520)(24,010)
Other income/(expense)13,35717,823(10,892)
Income tax expense
(10,179)-(2,176)
Profit/(loss)
38,35026,926(4,828)
Other comprehensive loss
(852)(3,178)(1,342)
Total comprehensive profit/(loss)
37,49823,748(6,170)
Summarised statement of financial position
Assets
Current assets12,8095,7865,612
Investment properties1,001,709783,990406,500
Other non-current assets
15026498
1,014,668790,040412,210
Liabilities
Current liabilities(17,276)(10,694)(19,197)
Borrowings - non-current(377,148)(280,619)(137,338)
Other non-current liabilities
(15,845)(6,323)(169,883)
(410,269)(297,636)(326,418)
Net assets
604,399492,40485,792
Reconciliation to carrying amounts
Opening net assets
587,051248,45079,200
Profit/(loss)38,35026,926(4,828)
Other comprehensive loss(852)(3,178)(1,342)
Reinvestment of units issued--12,762
Dividends paid(24,328)(6,631)-
Dividends reinvested4,178--
Issue of shares-206,837-
Equity contribution
-20,000-
Closing net assets
604,399492,40485,792
Total 2025
$000
SPL’s share in % as at 31 Mar 25
18.8%49.6%2.2%
SPL's share in investees' closing net assets
359,738113,810244,0751,853
Opening carrying amount
222,35493,023127,6741,657
Movement in cash flow hedges, net of tax(1,807)(127)(1,654)(26)
Profit/(loss)20,4717,22213,356(107)
Reinvestment of units issued290--290
Dividends paid(7,905)(4,581)(3,324)-
Dividends reinvested792792--
Impairment of equity-accounted investment(8,776)(8,776)--
Issue of shares102,525-102,525-
Unwind of investment property establishment revaluation reserve921-921-
Deemed equity contribution with a corresponding reduction in
SPL's interest
4,577-4,577-
Closing carrying amount
333,44287,553244,0751,814
74
Stride Property Group Annual Report 31 March 2026
7.0 Investments in Property Entities (continued)
7.2 Joint operations
Industre joint operation
Due to a restructure, the Industre joint operation ceased on 31 October 2024, with revenue and expenses related to the prior period being recognised
up to that date. The assets and liabilities of the Industre joint operation were transferred to the Industre joint venture entities on 31 October 2024 and
consequently are no longer separately recognised.
2026
100%
2026
participating
interest
2025
100%
2025
participating
interest
Summarised statement of comprehensive income$000$000$000$000
Income
--
9,2614,619
Expenses
--
(5,680)(2,831)
Net change in fair value of investment properties
--
(1,255)(622)
Net profit
--
2,3261,166
Johnsonville joint operation
SPL holds a 50% interest in a joint arrangement with Diversified relating to the investment property at Johnsonville Shopping Centre, Wellington. The
agreement between SPL and the Trustee of Diversified in relation to their co-ownership requires unanimous consent from all parties for all relevant
activities. The two parties have direct rights to the asset and are jointly and severally liable for the liabilities incurred in relation to the co-owned asset. 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. SIML is the manager of the joint arrangement.
Summarised statement of comprehensive income
2026
50% interest
2025
50% interest
$000$000
Share of rental income
2,490
2,635
Share of expenses
(1,851)
(1,771)
Net share of profit
639
864
Summarised statement of financial position
Assets
Current assets
108
287
108
287
Liabilities
Current liabilities
(415)
(502)
(415)
(502)
Net liabilities
(307)
(215)
Stride Property Group Annual Report 31 March 2026
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8.0 Other
This section contains additional information to assist in understanding the financial performance and position of Stride.
8.1 Tax
Accounting policy
Income tax expense comprises current and deferred tax and is recognised in the consolidated statement of comprehensive income for the year.
Current and deferred tax is calculated on the basis of the laws enacted or substantively enacted at the reporting date.
SPL is a listed PIE for the purposes of the Income Tax Act 2007 and is required to pay tax to Inland Revenue in accordance with the Income Tax
Act 2007.
20262025
Income tax$000$000
Current tax expense excluding divestments
(8,469)
(9,246)
Current tax expense on divestments
(622)
(1,866)
Deferred tax benefit
429
293
Income tax expense per the consolidated statement of comprehensive income
(8,662)
(10,819)
Profit before income tax39,937
32,471
Prima facie income tax using the company tax rate of 28%(11,182)
(9,092)
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(9,550)
(8,267)
Share of profit in equity-accounted investments
9,889
5,732
Impairment of equity-accounted investment
(574)
(2,457)
(Loss)/gain on disposal of investment properties
(259)
273
Assessable income
(1,047)
(812)
Depreciation
4,466
4,414
Non-deductible expenses
(691)
(562)
Expenditure deductible for tax
217
374
Temporary differences
(89)
23
Other adjustments
275
901
Over provision in prior period
76
227
Current tax expense excluding divestments
(8,469)
(9,246)
Current tax expense on divestments(622)
(1,866)
Current tax expense total(9,091)
(11,112)
Investment property depreciation
488
521
Other temporary differences
(59)
(228)
Deferred tax credited to profit or loss
429
293
Income tax expense per the consolidated statement of comprehensive income
(8,662)
(10,819)
Imputation credits available for use in subsequent reporting periods
8,021
7,979
Income tax expense arising from the Industre joint venture is $0.8 million (2025: $0.6 million).
Imputation credits available for use in subsequent reporting periods are based on a rate of 28% (2025: 28%) and represent the balance of the
imputation credit account as at the end of the reporting period, adjusted for imputation credits arising from provisional income tax paid.
76
Stride Property Group Annual Report 31 March 2026
8.0 Other (continued)
8.1 Tax (continued)
Accounting policy
Deferred tax is provided, using the liability method, on all temporary differences between the tax base of assets and liabilities and their carrying
amounts for financial reporting purposes. Temporary differences include:
•tax liability arising from accumulated depreciation claimed on investment properties, where applicable;
•tax liability arising from certain prepayments and other assets; and
•tax asset/liability arising from the unrealised gains/losses on the revaluation of interest rate derivatives.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the carrying amounts of the investment
property will be recovered through sale. Investment properties are independently valued each year and the valuation includes a split between the
land and building components. Deferred tax is provided on the depreciation claimed to date on the building component of the investment properties
and this places reliance on the valuation split provided by the valuers.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and when the deferred tax assets and liabilities relate
to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to
settle the balances on a net basis.
2025
Recognised in
profit or loss
Recognised
in other
comprehensive
income2026
$000$000$000$000
Deferred tax assets
Other temporary differences
2,547(186)312,392
2,547(186)312,392
Deferred tax liabilities
Derivative financial instruments
(86)(49)300165
Depreciation on investment properties
(3,279)488-(2,791)
Other temporary differences
(761)176-(585)
(4,126)615300(3,211)
Net deferred tax liability
(1,579)429331(819)
20242025
$000$000$000$000
Deferred tax assets
Other temporary differences
2,1612231632,547
2,1612231632,547
Deferred tax liabilities
Derivative financial instruments(3,737)-3,651(86)
Depreciation on investment properties(3,800)521-(3,279)
Other temporary differences
(310)(451)-(761)
(7,847)703,651(4,126)
Net deferred tax liability
(5,686)293
3,814(1,579)
Stride Property Group Annual Report 31 March 2026
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8.0 Other (continued)
8.2 Remuneration
Long term incentive plan
SIML operates a long term incentive plan for its executive team that is intended to align the interests of key employees with the interests of shareholders
and provide a continuing incentive to key employees over the long term horizon. SIML receives services from the employees in exchange for the
employees receiving share-based payments only if specified hurdles, relating to the performance of Stride, are achieved. SIML has a number of schemes
in place. The table below summarises the types of schemes and movement of the share performance rights during the current year:
Schemes for performance rights issued (000)
FY24FY25FY2620262025
(3 year)(3 year)(3 year)TotalTotal
Opening balance9641,027-1,991
1,768
Rights granted
--1,4971,497
1,027
Rights exercised
(634)--(634)
(275)
Rights forfeited
(99)(137)(230)(466)
(165)
Rights lapsed
(231)--(231)
(364)
Closing balance
-8901,2672,157
1,991
The key features of the plan are as follows:
•the rights are granted for nil consideration and have a nil exercise price;
•rights do not carry any dividend or voting rights prior to vesting;
•each right that vests entitles the employee to receive one fully paid ordinary share in each of SPL and SIML. The shares issued on vesting carry full
voting and dividend rights; and
•the individual must remain an employee of SIML as at the relevant vesting date for any rights to vest.
Under the schemes 50% of the rights are subject to a relative Total Shareholder Return (TSR) hurdle and 50% are subject to an achievement of strategic
initiatives hurdle to be met before they will vest. Under the FY24 scheme 73% of the performance conditions were met as at 31 March 2026 and
consequently 73% of the rights were exercised and vested and 27% lapsed.
The share performance rights are measured at fair value at grant date, which is in reference to the fair value of the instruments granted rather than the fair
value of the services from the employees. The key features of the relative TSR performance conditions are as follows:
•the benchmark comparator is seven companies;
•the proportion of the rights subject to the relative TSR performance condition which vest is dependent on Stride’s TSR performance relative to the
TSR performance of the seven benchmarked companies making up the NZX Property Index; and
•the percentage of the TSR related rights which vest scales according to the relative ranking of Stride’s TSR.
The fair value of rights granted in relation to the FY26 TSR performance proportion was independently determined using the Monte Carlo simulation
model. The key assumptions adopted were:
•a risk free rate of 3.42%;
•a TSR testing start price of $1.18 (being the average 20 day share price up to but not including 1 April 2025, the start of the performance period);
•volatility (standard deviation) for Stride and the comparator companies was based on the annualised volatility for the three years prior to grant date
with the volatility for Stride being 22.3% and the average for the comparator group being 18.4%; and
•all data used to derive the valuation was pre-tax (to Stride and the employee).
The key features of achievement of the strategic initiatives component of the FY26 scheme are as follows:
•the proportion of rights which vest is dependent on certain Key Performance Indicators (KPI) being met over the performance period; and
•the percentage of the strategic initiatives related rights which vest scales according to the level of KPI’s achieved. A 70% probability of achieving
this component has been assumed.
Further share performance rights under the long term incentive plan may be issued on an annual basis. However, the terms of the plan, eligible
participants and offers of further share performance rights may be modified by the SIML Board from time to time, subject to the requirements of the
NZX Listing Rules and applicable laws.
78
Stride Property Group Annual Report 31 March 2026
8.0 Other (continued)
8.2 Remuneration (continued)
Short term incentive plan
During the current year, the SIML Board granted 801,189 rights to executives and other employees of SIML as part of the FY25 short term incentive
compensation for these employees in connection with their performance during FY25. Of those rights granted, 82,985 were forfeited due to ceased
employment. These rights will vest after the 31 March 2027 balance date, if the relevant employee remains employed by SIML.
Fixed remuneration incentive plan
During the current year, the SIML Board granted 497,471 rights to executives of SIML as part of the FY26 fixed remuneration incentive compensation
for these employees. Of those rights granted, 63,348 were forfeited due to ceased employment. These rights will vest after the 31 March 2027 balance
date, if the relevant employee remains employed by SIML.
20262025
Key management personnel expenses$000$000
Salaries and other short-term benefits
3,331
3,349
Post-employment benefits
167
167
Share-based payment expense
1,336
1,226
Forfeited employee incentive rights
(133)
(82)
4,701
4,660
Key management personnel includes the Chief Executive Officer and the members of the executive team. In the current year, key management personnel
received dividends of $0.2 million (2025: $0.1 million).
8.3 Administration expenses
20262025
$000$000
Administration expenses include:
Auditors’ remuneration - PricewaterhouseCoopers
- Audit and review of financial statements
474
474
- Other assurance and related services - tenancy marketing and operating expenditure audits
25
24
499
498
There were no non-assurance services provided by PricewaterhouseCoopers (2025: $ nil).
Stride Property Group Annual Report 31 March 2026
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8.0 Other (continued)
8.4 Related party disclosures
Accounting policy
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre joint venture, Diversified and
SPL. Under the various management agreements, SIML is entitled to receive management fees for various services performed including: asset
management, building management, project management, leasing, accounting services and performance fees. In addition, SIML is entitled to
certain acquisition fees under the Industre joint venture management agreement. SIML recognises all fees except performance fees, acquisition
fees and disposal fees on a monthly basis in accordance with the pattern of service and as performance obligations are met. Acquisition and
disposal fees are recognised on the settlement of the property transactions. Performance fees are recognised when earned in accordance with the
contractual agreements.
SIML recovers employee related expenses from the managed entities.
DiversifiedInvestore
Industre
joint
ventureDiversifiedInvestore
Industre
joint
venture
2026
$000
2026
$000
2026
$000
2025
$000
2025
$000
2025
$000
The following transactions with a related party
took place:
Asset management fee income
2,4735,4913,691
2,5355,1512,637
Salaries and wages recovery
2,691--
2,650--
Project management fee income
2366211,972
1542721,131
Building management fee income
1,720527224
1,798446167
Leasing fee income
1,156524379
788253325
Accounting fee income
175250-
175250-
Disposal fee income
-159-
-396-
Acquisition fee income
---
--190
Project fee income
-75-
--100
Other fee income
9532166
7018365
Total fee income
8,5467,9686,332
8,1706,9514,615
Rent paid
(105)--
(105)--
Interest income received
199--
285--
Reinvestment of unitholder interest
(61)--
(290)--
Reinvestment of unitholder distributions
(59)--
(143)--
Repayment of noteholder loans
(1,832)--
---
New units issued
1,832--
---
Distribution/dividends received
1684,6228,365
-4,5813,324
Dividend reinvested
---
-(792)-
Interest expense
---
--(1,407)
The following balances were receivable from a
related party:
Related party receivable
131510112
168141322
Interest-bearing loan
1,565--
3,398--
Other fee income includes licencing, maintenance, sustainability and refinancing fees (2025: licencing, maintenance, and sustainability fees).
On 31 October 2025, the sale of the Silverdale Centre to Investore settled for $114.0 million.
The following fee income earned by SIML from the Industre joint operation represented the participating interest held by the participant AP SG 17
Pte. Limited.
20262025
$000$000
Asset management fee income
-
382
Leasing fee income
-
186
Other fee income
-
43
-
611
80
Stride Property Group Annual Report 31 March 2026
8.0 Other (continued)
8.4 Related party disclosures (continued)
The following table details the transactions between SPL and SIML, which are eliminated on consolidation (refer note 2.0).
20262025
$000$000
Charged from SIML to SPL:
Asset management fee
5,573
6,243
Salaries and wages recovery
1,752
1,748
Project management fee
635
556
Building management fee
931
1,085
Leasing fee
467
913
Accounting fee
250
250
Maintenance fee
67
68
Disposal fee
570
-
Total fees charged
10,245
10,863
Interest on loan
942
1,177
Charged from SPL to SIML:
Rental and service charges for head office
761
679
The following balances were receivable/(payable) between SPL and SIML:
SPL - related party receivable (recognised in SIML)
463
61
SIML - related party payable (recognised in SPL)
(463)
(61)
SPL - related party loan receivable (recognised in SIML)
16,800
16,800
SIML - related party loan payable (recognised in SPL)
(16,800)
(16,800)
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 year, $0.6 million (2025: $0.9 million) of personnel costs directly attributable to particular SPL projects were capitalised, of which
$0.4 million (2025: $0.4 million) has been reflected as a revaluation movement in the consolidated statement of comprehensive income.
Property insurance is generally arranged by SIML on behalf of each of the SIML managed entities in order to optimise premium costs. The premiums
associated with the insured properties are charged to each entity.
A loan agreement, based on commercial terms, exists between SIML and SPL under which SIML can lend funds to SPL for general corporate purposes.
On 27 June 2025, the loan agreement was amended to increase the total funds that SIML can lend to SPL to up to $30.0 million (2025: up to
$20.0 million). As at 31 March 2026, SIML had loaned $16.8 million (2025: $16.8 million) to SPL. The average interest rate charged for the year ended
31 March 2026 was 5.61% (2025: 7.73%). On consolidation, the loan and interest earned/paid are eliminated.
Directors' benefits
Directors' fees recognised in administration expenses comprise the following:
20262025
$000$000
Directors’ fees
490
484
Chair's fees
180
176
670
660
In the current year, the Directors received dividends of $33,593 (2025: $24,192). No other benefits have been provided by Stride to a Director for
services as a Director or in any other capacity (2025: nil).
Key management personnel benefits
Key management personnel compensation, which are related party transactions, are disclosed in note 8.2.
Stride Property Group Annual Report 31 March 2026
81
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8.0 Other (continued)
8.5 Debtors and other receivables
Accounting policy
Debtors and other receivables are recognised at their fair value and subsequently measured at amortised cost using the effective interest rate
method. Stride has applied the simplified approach to measuring expected credit loss as prescribed by NZ IFRS 9 Financial Instruments, which uses
a lifetime expected loss allowance. A loss allowance is made when there is objective evidence (such as the probability of insolvency or significant
financial difficulties of the debtor) that Stride will not be able to collect all of the amounts due under the original terms of the invoice.
20262025
$000$000
Debtors
3,012
3,001
Less loss allowance
(1,185)
(820)
Debtors net of loss allowance
1,827
2,181
Rental guarantee receivable in relation to 110 Carlton Gore Road, Auckland
139
254
Related party receivable (refer note 8.4)
753
631
2,719
3,066
Less than 30 days due
1,977
2,623
Over 30 days due
742
443
Carrying amount
2,719
3,066
8.6 Trade and other payables
Accounting policy
Trade and other payables represent unsecured liabilities for goods and services provided to Stride prior to the end of the financial year which are
unpaid. Trade and other payables are usually paid within 30 days of recognition. The carrying amounts of trade and other payables are assumed to
be the same as their fair values due to their short-term nature.
20262025
$000$000
Trade payables
1,563
1,659
Development and capital expenditure payables and accruals
4,185
2,867
Seismic accruals (refer note 1.9)
750
-
Retentions held
260
644
Prepaid rental income
1,023
1,191
Operating expense recovery accruals
829
458
Property operating expense accruals
1,178
823
Tenant deposits held
913
909
Employee entitlements
3,615
3,268
Other accruals and payables
1,607
2,768
15,923
14,587
Other accruals and payables include Goods and Services Tax and other corporate expense accruals. Certain comparative amounts have been reclassified
to conform with the current year's presentation.
82
Stride Property Group Annual Report 31 March 2026
8.0 Other (continued)
8.7 Property, plant and equipment
Accounting policy
Land and buildings are recognised at fair value as determined by an independent registered valuer. A revaluation surplus/(deficit) is credited/
(debited) to other reserves in shareholders’ equity. All other property, plant and equipment is recognised at historical cost less depreciation.
SIML has an office at 34 Shortland Street, Auckland, which is a property owned by SPL and therefore held as investment property (refer note 3.2).
The value attributable to this premise of $6.7 million (2025: $8.3 million) has been recognised as property, plant and equipment with a revaluation
deficit of $(1.6) million recognised within other comprehensive income (2025: $(0.2) million revaluation deficit) in the consolidated statement of
comprehensive income.
20262025
$000$000
Opening balance8,777
9,058
Purchases
94
91
Depreciation
(126)
(170)
Revaluation deficit
(1,600)
(200)
Disposals
(25)
(2)
Closing balance
7,120
8,777
8.8 Contingent liabilities
Stride has no material contingent liabilities at balance date (2025: $ nil).
8.9 Subsequent events
On 16 April 2026, the Boards issued 958,150 Stapled Securities pursuant to the employee incentive schemes operated by SIML.
On 16 April 2026, the SIML Board granted 1,414,305 rights to executives and other employees of SIML under the long term incentive scheme for FY27
(the period 1 April 2026 to 31 March 2029).
On 16 April 2026, the SIML Board granted 1,073,235 rights to executives and other employees of SIML as part of the FY26 short term incentive
compensation in connection with the employees' performance during FY26 and in addition, granted 473,947 rights to executives and other employees of
SIML as part of their FY27 fixed remuneration compensation. These rights vest after 31 March 2028 if the relevant employee remains employed by SIML
at that time.
On 28 April 2026, the Industre joint venture partner contributed $5.7 million of equity resulting in SPL's proportionate holding in Industre joint venture
reducing from 49.0% to 48.5%.
On 28 May 2026, SPL declared a cash dividend for the period 1 January 2026 to 31 March 2026 of 1.5625 cents per share, to be paid on
16 June 2026 to all shareholders on SPL’s register at the close of business on 8 June 2026. This dividend will carry imputation credits of 0.313645
cents per share. This dividend has not been recognised in the financial statements.
On 28 May 2026, SIML declared a cash dividend for the period 1 January 2026 to 31 March 2026 of 0.4375 cents per share, to be paid on
16 June 2026 to all shareholders on SIML’s register at the close of business on 8 June 2026. 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 10.4% of SIML’s equity as at 31 March 2026.
Stride Property Group Annual Report 31 March 2026
83
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20268283

Independent auditor’s report (continued)
Description of the key audit matterHow our audit addressed the key audit matter
Valuation of investment property
As disclosed in Note 3.2 of the financial statements, SPL’s
investment property portfolio was valued at $872 million
(excluding lease liabilities) as at 31 March 2026.
The valuation of SPL’s investment property portfolio is
inherently subjective due to, amongst other factors, the
individual nature of each property, its location, and the expected
future rental income for each property. A small percentage
difference in any one of the key individual assumptions used
in the property valuations, when aggregated, could result in
a material misstatement of the overall valuation of investment
properties and considering the significance of investment
property to Stride, this is a key audit matter.
The valuations were performed by independent registered
valuers (the Valuers) as engaged by SIML, the Manager. The
Valuers are experienced in the markets in which SPL operates
and are rotated across the portfolio on a three-yearly cycle.
In determining a property's valuation, the Valuers predominantly
used two approaches: the Income Capitalisation approach and
the Discounted Cash Flow approach, to arrive at a range of
valuation outcomes, from which the Valuers derive a point
estimate. For properties reported as Development and Other,
the Residual approach or the Land Value approach was used.
For each property, the Valuers take into account property
specific information such as the current tenancy agreements
and rental income earned by the asset. They then apply
assumptions in relation to capitalisation rate, discount rate,
gross market rental, rental growth rate and terminal yield. The
Residual approach also incorporates deductions for estimated
development costs and a profit and risk allowance. The
Land Value approach involves direct comparison with other
property sales.
The valuation of investment properties is inherently subjective given that there are
assumptions, estimates and methodologies that may result in a range of values.
We held discussions with the Manager to understand the movements in SPL’s
investment property portfolio, changes in the condition of each property, and the
controls in place over the valuation process.
We also held separate discussions with each of the Valuers to gain an understanding
of the assumptions and estimates used and the valuation methodologies applied, as
well as the impact of climate-related risks on the investment property portfolio.
In assessing the individual valuations, we read the valuation reports for all properties.
On a sample basis, we obtained an understanding of the key inputs in the valuations,
agreed contractual rental and lease terms to lease agreements with tenants,
considered whether seismic assessments and/or capital maintenance requirements
had been taken into account in the valuations with reference to supporting
documentation, and that changes in tenant occupancy risks were also incorporated.
In addition, where the Residual approach was used, we obtained evidence to
support the estimated cost to complete and assessed the reasonableness of the
profit and risk allowance deducted from the ‘as if complete’ valuation.
On a sample basis, we also engaged our own in-house valuation expert to
critique and independently assess the work performed and assumptions used by
the Valuers.
We considered whether or not there was a bias in determining significant
assumptions in individual valuations and found no evidence of bias.
We also assessed the Valuers’ qualifications, expertise, and objectivity, and we
found no evidence to suggest that the objectivity of any Valuer, in their performance
of the valuations, was compromised.
We confirmed that the valuation approach for each property was in accordance with
relevant accounting standards and suitable for use in determining the fair value of
investment properties at 31 March 2026.
We also considered the appropriateness of disclosures made in the
financial statements.
Our audit approach
Overview
Overall group materiality: $2.8 million, which represents approximately 5% of profit before tax excluding the net change in fair value
of investment properties (including Stride’s share of profit/(loss) in equity-accounted investments arising from valuation movements of
investment properties) and impairment of an equity-accounted investment.
We chose this benchmark because, in our view, it is reflective of the metric against which the performance of Stride is most commonly
measured by users.
We selected transactions and balances to audit based on the overall group materiality to Stride rather than determining the scope of
procedures to perform by auditing only specific subsidiaries or entities.
As reported above, we have one key audit matter, being valuation of investment property.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular,
we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making
assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of
internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement
due to fraud.
Stride Property Group Annual Report 31 March 2026
85
Independent auditor’s report
To the shareholders of Stride Property Limited and Stride Investment Management Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the 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), present fairly, in all material respects,
the financial position of Stride as at 31 March 2026, its financial performance, and its cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards Accounting Standards
(IFRS Accounting Standards).
What we have audited
Stride’s financial statements comprise:
•the consolidated statement of financial position as at 31 March 2026;
•the consolidated statement of comprehensive income for the year then ended;
•the consolidated statement of changes in equity for the year then ended;
•the consolidated statement of cash flows for the year then ended; and
•the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International Standards on Auditing
(ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of Stride in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including
International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board (PES 1) and the International
Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for
Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities
in accordance with PES 1 and the IESBA Code.
In our capacity as auditor and assurance practitioner, our firm also provides other assurance services. In addition, certain partners and employees of our
firm may deal with Stride on normal terms within the ordinary course of trading activities of the businesses. The firm has no other relationship with, or
interests in, Stride.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current
year. This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on this matter.
pwc.co.nz
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
84
Stride Property Group Annual Report 31 March 2026
Materiality
Group
Scoping
Key Audit
Matters
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20268485

Independent auditor’s report (continued)
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance about whether the financial
statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the financial
statements as a whole as set out above. These, together with qualitative considerations, helped us to determine the scope of our audit, the nature, timing
and extent of our audit procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial statements as
a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into
account the structure of Stride, the accounting processes and controls, and the industry in which Stride operates.
Other information
The Directors of SPL and SIML are responsible for the other information. The other information comprises the information included in the Annual report,
but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of audit opinion or assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the financial statements
The Directors of SPL and SIML are responsible, on behalf of Stride, for the preparation and fair presentation of the financial statements in accordance
with NZ IFRS and IFRS Accounting Standards, and for such internal control as the Directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors of SPL and SIML are responsible for assessing Stride’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Directors either intend to liquidate
SPL or SIML or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the shareholders of SPL and SIML, as a body. Our audit work has been undertaken so that we might state those matters
which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than Stride and the shareholders of SPL and SIML, as a body, for our audit work, for this report, or for the opinions we
have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Samuel Shuttleworth.
For and on behalf of:
PricewaterhouseCoopersAuckland
28 May 2026
86
Stride Property Group Annual Report 31 March 2026
Corporate
Governance
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20268687

Corporate Governance
The Boards of SPL and SIML are committed to high standards of corporate
governance. The Boards regularly review Stride’s governance structures and
processes against best practice.
This section outlines the corporate governance policies and practices of the
Boards of SPL and SIML. This statement is current as at 1 May 2026.
SPL and SIML are New Zealand companies incorporated
under the Companies Act. SPL and SIML are ‘Stapled
Entities’, their ordinary shares are stapled and quoted on
the NZX Main Board under the single ticker code ‘SPG’,
meaning one SPL share and one SIML share must be
traded together.
Stride has a ‘non-standard’ (NS) designation due to its
stapled structure. Relevant waivers from the NZX Listing
Rules are set out on pages 115 and 116, the investment
implications of investing in such stapled securities are
described on page 120.
Shareholders can find further information on Stride at
www.strideproperty.co.nz, including governance charters
and policies, strategy and business information, and copies
of announcements, presentations and reports. Annual and
interim reports are available online, and hard copies
(where available) can be requested from Stride’s Share
Registrar (see the Corporate Directory at the back of this
Annual Report).
Stride offers electronic communication options for
shareholders to and from both Stride and its Share
Registrar and encourages electronic delivery where
possible to reduce costs and support sustainability by
avoiding printed documents.
This section of the Annual Report reflects Stride’s
compliance with the requirements of the NZX Corporate
Governance Code revised on 31 January 2025 (NZX Code)
for the year ended 31 March 2026, together with other
statutory disclosures. Stride considers its practices to be
materially consistent with the NZX Code. A compliance
table is provided from page 117.
As shareholders will be aware, and as outlined in this
Annual Report, Stride is both a property owner and
investor (through SPL) and real estate investment manager
(through SIML). Set out in Diagram 1 is an overview of
the Stride corporate structure, including an outline of
the entities managed by SIML and in which SPL holds an
ownership interest.
Diagram 1 – Corporate Structure
NZX-listed Stride Property Group
Management
Agreements
2.2%
49.0%
100%
18.8%
Fabric Property
Limited
Office owning entity
Stride Property
Limited
Property
owning entity
Stride Investment
Management
Limited
Real estate
investment
manager
Diversified NZ Property
Trust
Owned primarily by
Australian superannuation
entities and owns
shopping centres
Industre
Joint Venture
Owned by SPL and the
Industre Joint Venture
partner. Invests in
industrial property
Investore
Property Limited
NZX listed entity owning
convenience-based
retail property
Ownership
Interests
1. See glossary on page 121.
46 Sale Street, Auckland
Stride Property GroupAnnual Report 202689Stride Property GroupAnnual Report 202688

Principle 1 – Ethical Standards
The Code of Ethics is supported by the
policies below.
Conflicts Policy
Sets requirements to identify, disclose and manage
conflicts so decisions are made in Stride’s best interests.
Protected Disclosures Policy
Provides a safe way to report serious wrongdoing and
protects people who raise concerns in good faith from
retaliation.
Securities Trading Policy
Sets rules for trading Stride securities, including
prohibitions on inside information, approvals and blackout
periods, and consequences of breaches.
Market Disclosure Policy
Outlines the continuous disclosure obligations and
how Stride identifies and promptly releases material
information, including roles, approvals and responses to
market queries.
Human Rights Policy
Commits Stride to respect human rights by fostering
an inclusive workplace free from discrimination and
harassment, opposing forced/child labour, and respecting
privacy and freedom of association.
Where to find Stride’s Policies
and Procedures
Other policies set expected standards for employees,
contractors and Directors, including Gifts and Hospitality,
Health and Safety, Modern Slavery, and the Supplier Code
of Conduct. Stride also has a Remuneration Policy which is
described in the Remuneration Report beginning on page 98.
Key governance documents are available on Stride’s
website: www.strideproperty.co.nz/investor-centre/
Employees can access Stride’s Code of Ethics, together
with other supporting policies, on the company intranet,
and are regularly provided with training in relation to the
Code of Ethics, Conflicts Policy, Securities Trading Policy,
Market Disclosure Policy, Protected Disclosures Policy,
and other relevant policies.
Stride’s Code of Ethics sets the expectations for Directors
and SIML employees when conducting Stride’s business.
In summary, those expectations are:
• Act honestly, with integrity, respect and fairness,
in Stride’s best interests
• Follow all laws, regulations and Stride policies
• Protect Stride assets and confidential/sensitive
information
• Protect Stride’s reputation and avoid conflicts
of interest
• Prioritise health and safety
Directors set high standards of ethical behaviour, model this behaviour
and hold management accountable for these standards being followed
throughout the organisation.
Stride recognises employees who demonstrate these
behaviours through regular “In Stride” awards at
company-wide meetings. Colleagues can nominate
peers, with winners decided by the SIML Executive Team.
The Stride Boards review the Code of Ethics regularly to
ensure it remains fit for purpose. It was last reviewed in
March 2026.
Discipline driven
We do the basics exceptionally well,
using rigorous processes to manage
risk and seize opportunities.
Fresh thinkers
We seek better ways to create value
from properties, combining practical
action with new ideas.
Nimble performers
We stay responsive and make fast
decisions as conditions change.
People centred
We put people first and create places
tenants enjoy and thrive in.
Stride is guided by four behaviours as set out
in its Code of Ethics as set out below.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20269091

Principle 2 – Board Composition
and Performance
Boards Charter
The Stride Boards have adopted a Charter (available on
Stride’s website www.strideproperty.co.nz/investor-
centre/) that sets out their roles and responsibilities and
reflects a commitment to high standards of governance,
operational quality and accountability. The Stride Boards
oversee the management and operation of SPL and SIML
respectively, represent shareholders’ interests, and ensure
Stride’s operations support its strategic and business
objectives within a framework of regulatory and ethical
compliance. The Charter notes that the SPL Board has
appointed SIML as its manager, and the SIML Board has
delegated authority to SIML’s Chief Executive Officer for
Stride’s operations and administration in line with the
Delegations of Authority. Directors review the Charter
annually to ensure it remains fit for purpose. It was last
reviewed in March 2026.
Independence of Directors
Due to the stapled structure of SPL and SIML, the
Board of each company comprises the same people.
Director profiles can be found on the Stride website at
www.strideproperty. co.nz/#board and on pages 20 and
21 of this Annual Report.
All of the SPL and SIML Directors are considered to be
‘Independent Directors’ under the Listing Rules, which in
summary means that they are free of any direct or indirect
interest, position, association or relationship that could
reasonably influence, or could reasonably be perceived to
influence, in a material way, the Director’s capacity to bring
an independent view to decisions in relation to Stride, act
in the best interests of Stride, and represent the interests
of Stride’s shareholders generally, including having regard
to the factors described in the NZX Code.
The Boards have reviewed the status of each of the
Directors and, taking into account the waiver granted
by NZX Regulation in relation to the independence of
Directors that is summarised on page 115, confirm that,
as at the date of the release of this Annual Report and after
considering the relevant factors set out in the NZX Code,
all Directors are ‘Independent Directors’.
To ensure an effective board, there is a balance of independence,
skills, knowledge, experience and perspectives.
Independent Chair
The Board considers that Stride’s Chair – Tim Storey – is
an independent director, having regard to the factors set
out in the NZX Corporate Governance Code, including his
length of tenure. Tim Storey is independent of Stride's CEO.
Directors of Subsidiary Companies
The subsidiaries of SPL and their directors as at 31 March
2026 are set out in Table 1. All subsidiaries are wholly owned
direct subsidiaries of SPL.
No remuneration or additional fees were paid to any
director of a subsidiary in respect of that directorship.
SIML had no subsidiaries as at 31 March 2026.
Table 1 – Stride Property Limited Subsidiaries
and their Directors as at 31 March 2026
SubsidiaryDirectors
Stride Holdings LimitedTim Storey, David Green,
Michelle Tierney, Nick
Jacobson, Ross Buckley,
Tracey Jones
Stride Industrial
Property Limited
Tim Storey,
Philip Littlewood
Fabric Property Limited Tim Storey,
Philip Littlewood
Appointment of New Directors
Director candidates may be nominated by the SIML Board,
the Stride Remuneration and Nomination Committee, or a
SIML shareholder and are elected by SIML shareholders.
Under SPL’s Constitution, SIML Directors are automatically
appointed as SPL Directors.
The Boards assess composition and required skills,
complete appropriate background checks, and provide
shareholders with clear information including any material
adverse findings. Selection considers relevant qualities
and experience (including property, business/finance and
governance), and Stride’s strategy and succession needs.
Any Director appointed to a casual vacancy must retire and
stand for election at the first Annual Shareholder Meeting
after appointment.
New Directors receive a formal appointment letter
covering key terms (including expectations, time
commitment, remuneration, indemnity/insurance, term and
confidentiality), required compliance with relevant policies/
charters (including Codes and disclosure/trading policies)
and access to corporate information. On appointment
Directors disclose interests, are briefed on conflict
management, and complete an induction programme with
key SIML management.
Independent Advice
Directors may access information and obtain independent
advice they consider necessary to fulfil responsibilities and
exercise independent judgement. The Executive Team and
other relevant Stride staff members have access to Board
members at any time.
Diversity Policy
The Stride Boards recognise that diverse perspectives
strengthen performance. Stride is committed to
promoting diversity on the SPL and SIML Boards and,
through SIML (Stride’s employing entity), across the
workplace by attracting, developing and retaining talent
from a broad pool.
Stride’s Diversity Policy sets out this commitment and is
available on Stride’s website: www.strideproperty.co.nz/
investor-centre/
Merit
Individuals are evaluated based on their individual
skills, performance and capabilities
Fairness & Equity
Stride does not tolerate any discrimination or
harassment in the workplace of any kind, including,
but not limited to, in recruitment, promotion and
remuneration
Promotion of Diverse Ideas
Stride values diversity in skills, backgrounds, and
ideas which come from a diverse workforce
Culture
Stride believes that diversity is a strong contributor
to a rich workplace culture, where individuals are free
to be themselves and thrive within Stride
Stride views diversity and inclusion as encompassing
attributes such as gender, experience, capability, ethnicity,
age, national origin, sexual orientation, disability, race,
family and cultural heritage, and religious belief. The
Diversity Policy sets out four key principles:
Employees and contractors must act in ways that support
diversity, equity and inclusion and promote the objectives
in Stride’s Diversity Policy.
Stride has completed its FY26 assessment of diversity
objectives and progress. Diversity and inclusion remain an
ongoing focus for the Stride Boards.
SIML is committed to fair and balanced reward and
remuneration outcomes, supported by methodologies
such as:
• External benchmarking of salaries
• Completion of an internal equal pay assessment of
selected comparative roles and levels.
SIML’s performance management framework includes
objective review of KPIs and measures for individuals and
teams, resulting in an overall performance rating for each
employee.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20269293

Table 2 – Gender composition of the Boards and Officers of SPL and SIML
As at 31 March 2026As at 31 March 2025
Directors Officers
1
DirectorsOfficers
1
Male4 (67%)4 (57%)3 (60%)4 (57%)
Female2 (33%)3 (43%)2 (40%)3 (43%)
Gender DiverseNilNilNilNil
Board Performance and Meetings Schedule
Performance
The Boards reviews their performance annually, including
collective skills, knowledge, experience and perspectives,
to identify any gaps and to ensure they continue to
govern Stride effectively and monitor performance in
the best interests of shareholders. This process includes
considering director tenure to help maintain the required
majority of independent directors. Directors also undertake
appropriate professional development to remain current
and to support the effective discharge of their duties.
During FY26, Stride Directors completed an Artificial
Intelligence workshop covering the fundamentals of
generative AI and AI agents, AI risk, privacy and governance
frameworks, Board and executive oversight responsibilities,
human-in-the-loop controls and guardrails, and the
strategic and operational impacts of AI adoption. During
FY26, the Board engaged the Institute of Directors
to conduct an independent evaluation of the Boards’
performance.
Meetings
The Boards’ Charter sets meeting requirements and
processes for SPL and SIML. Meeting frequency differs
due to each Board’s business. SIML meets at least eight
times a year and SPL at least five times, with additional
meetings and conference calls as required for Directors to
carry out their duties.
Directors also attend ad-hoc briefings with SIML senior
management and investor briefings related to their SPL and
SIML directorships. These are not included in Table 3 but
are an important part of Stride Director responsibilities.
1. Officer is defined in Listing Rule 3.8.1(c) to mean a person, however designated, who is concerned or takes part in the management of the issuer’s business and reports
directly to the Board or a person who reports to the Board. Stride considers the Executive Team of SIML, which consists of the Chief Executive Officer (who reports directly to
the Board) plus his direct reports to comprise the Officers of SIML.
2. Although the Remuneration and Nomination Committee held only one official meeting in FY26, there were a number of ad-hoc Committee meetings held in relation to
upcoming Board vacancies.
3. David Green was appointed as an Independent Director with effect from 19 June 2025.
SIML Board SPL Board
Audit and Risk
Committee
Remuneration and
Nomination Committee
Number of Meetings8541
2
Tim Storey8541
David Green
3
7431
Ross Buckley8541
Michelle Tierney854N /A
Nick Jacobson854N /A
Tracey Jones8541
Table 3 - Directors’ Meeting Attendance for FY26
Director Skills
The Boards comprise Directors with a complementary
mix of skills, experience and diversity. Directors maintain
currency in the knowledge required for SPL and SIML
governance, with particular focus on the property industry,
funds management, climate change, macroeconomic
factors, and regulatory and governance practice.
Director development includes briefings from senior
managers and industry experts and site visits to relevant
properties. Directors may also access external education
and professional development at Stride’s expense.
Set out in Table 4 is a summary of the skills and experience
among Directors of the Boards.
318 East Tamaki Road, Auckland
Table 4: Board Skills Matrix
Capital markets
Strategic Leadership
Property
Legal
Governance
Financial Reporting
Funds Management
Climate and Sustainability
Risk Management
Health and Safety
AI Governance
Highly CompetentCompetentAware
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20269495

Committees play an important role in Stride’s governance
framework, allowing a subset of the Boards to focus on a
particular area of importance for the Stride Boards, while
still ensuring the Boards as a whole remain responsible
for decision-making. The Stride Boards have established
two permanent committees to assist with the exercise
of their duties - the Audit and Risk Committee and the
Remuneration and Nomination Committee.
The Stride Boards previously established a Sustainability
Committee to assist with implementing the Boards’
goals regarding sustainability, as well as overseeing
the development and reporting of climate risks and
Stride's greenhouse gas inventory. During FY25, the
Boards determined to disestablish the Sustainability
Committee, with the Audit and Risk Committee assuming
the responsibilities previously held by the Sustainability
Committee. The Boards consider that sustainability and
climate risk are now an integrated part of Stride’s business
operations, and therefore a separate committee is no
longer required. In addition, the Boards consider that
climate risk should be assessed using the same framework
as business risks, and that climate risk reporting should
be given the same level of scrutiny as applies to financial
reporting. Accordingly it is appropriate for climate risk and
sustainability reporting to be overseen by the Audit and
Risk Committee.
Audit and Risk Committee
The Audit and Risk Committee assists the Boards in
discharging their duties with respect to financial reporting,
compliance and risk management. The Committee
operates under a regularly reviewed Charter, available at
www.strideproperty.co.nz/investor-centre/. The charter
was last reviewed in March 2026.
The Charter requires that the Audit and Risk Committee
is comprised solely of non-executive directors and has at
least three members, with a majority being Independent
Directors. In addition, the Charter requires the Committee
be chaired by an Independent Director who is not the
Boards’ Chair. Members must be financially literate, with
at least one member having accounting/related financial
expertise.
The Boards consider the Committee suitably skilled. The
Chair is an independent Director with 27 years as a KPMG
audit partner, no prior relationship with PwC and is not the
Chair of the Boards.
The Committee meets four times a year.
SIML management may only attend Committee meetings
at the invitation of the Committee.
The external auditor is invited to attend all meetings, and
the Committee may meet privately with the auditor without
management.
Remuneration and Nomination Committee
Stride’s Remuneration and Nomination Committee assists
the Boards by overseeing executive remuneration to attract
and retain talent, and by planning Board composition and
succession, including identifying and nominating external
candidates to fill vacancies.
The Committee’s role, membership and procedures are set
out in a Charter on the Stride website (www.strideproperty.
co.nz/investor-centre/) which was last reviewed in March
2026. The Committee comprises four Directors all of whom
are independent. SIML employees attend by invitation only.
The Committee meets at least twice a year, with additional
meetings as needed.
Control Transaction Protocol
The Boards have adopted a Takeover Protocol (available
on Stride’s website www.strideproperty.co.nz) that sets
procedures for any control transaction. It provides for
an independent takeover committee of Independent
Directors to be formed to oversee the process and ensure
compliance with Listing Rules and legislative requirements,
and it governs communications with the bidder, the market
and investors. While it currently focuses on takeovers under
the Takeovers Code, it would be adapted for other control
transactions where required.
Interests of Directors in Stride Securities
A table outlining the interests of each Director in Stride
securities is at page 112. Stride does not have a policy
which requires Directors to own stapled securities in Stride,
but notes that each Director does own stapled securities,
helping to ensure alignment of interests between the
Directors and shareholders of Stride.
Principle 3 – Board Committees
The Board should use committees where this will enhance its
effectiveness in key areas, while still retaining board responsibility.
The Boards are committed to maintaining the highest
standards of financial and non-financial reporting
and to ensuring the timely disclosure of all material
information in accordance with the Listing Rules and the
recommendations of the NZX Corporate Governance
Code. Stride’s Market Disclosure Policy sets out the
responsibilities, processes and guidance that reflect
this commitment. A copy of the Policy is available at
www.strideproperty.co.nz/investor-centre/.
A Disclosure Committee has been established to help
Stride meet its continuous disclosure obligations in a
timely manner.
The Audit and Risk Committee oversees the quality,
integrity, and timeliness of the Group’s financial
reporting, including the review of disclosure documents.
Stride discloses its climate-related risks and
opportunities. These disclosures are available on
the Stride website and in the public registry at
www.companiesoffice.govt.nz/all-registers/
climate-related-disclosures.
Principle 4 – Reporting and Disclosures
The Boards demand integrity in financial and non-financial reporting
and in the timeliness and balance of corporate disclosures.
439 Rosebank Road, Auckland
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20269697

Attracting, retaining and motivating talented people and
rewarding them for delivering business objectives is
important to the Stride Boards. This section of the Annual
Report sets out Stride’s approach to remuneration of the
Boards and its Executive Team and also includes statutorily
required remuneration information.
Remuneration Governance
The Remuneration and Nomination Committee considers
the remuneration of the Chief Executive Officer and, on
recommendation from the Chief Executive Officer, the
Executive Team that reports directly to the Chief Executive
Officer. The Remuneration and Nomination Committee
does not have the power of decision making but is
mandated to recommend remuneration to the SIML Board.
Remuneration Policy
Stride has established a Remuneration Policy which covers
remuneration for Directors, the SIML Chief Executive
Officer and the other members of the Executive Team, and
all SIML employees.
The Remuneration Policy supports SIML to attract, retain
and motivate high calibre people with remuneration
programmes that are market-competitive, flexible and
affordable to achieve the company’s business objectives.
SIML’s remuneration policy is guided by the principles that
remuneration should:
• Be aligned with the company’s values, culture and
corporate strategy
• Support the attraction, retention and engagement
of employees
• Be equitable and flexible
• Appropriately reflect market conditions and
organisational context
• Recognise individual performance and competency,
rewarding individuals for achieving high performance
The Remuneration Policy is available on Stride’s website,
at www.strideproperty.co.nz/investor-centre/. It was last
reviewed in March 2025.
Director Remuneration
Directors are remunerated in the form of Directors’ fees,
approved by shareholders, including a higher level of
fees for the Chair of the Boards, and Chair of the Audit
and Risk Committee, to reflect the additional time and
responsibilities that these positions involve.
Directors are paid through a contribution from both SIML
and SPL. However, under waivers granted by NZX, there is
no requirement that Directors’ remuneration be authorised
by separate resolutions of SPL and SIML.
The Boards are conscious of their obligation to ensure
Directors’ fees are set and managed in a manner which is
fair, flexible and transparent. At the same time, the Boards
seek to ensure that Directors’ fees are set at an appropriate
level to assist Stride to secure and maintain the skills and
experience at Board level necessary to govern the business
and enhance the long term value of Stride for shareholders.
The Stride Boards have a policy of reviewing Director
remuneration every two years, with shareholders last
approving an increase in Directors’ remuneration at the
Annual Shareholder Meeting held in 2025. Whenever
Director remuneration is reviewed, the Boards obtain
independent advice as to the remuneration of directors
of comparable listed companies in New Zealand, and a
copy of the summary remuneration report is provided to
shareholders whenever changes to Director remuneration
are proposed to shareholders.
The Boards have an allowance for additional work and
attendance, which remains at the level that has applied
for the past seven years of $144,500. The Boards may
determine the allocation of all or part of this allowance to
remunerate Directors for significant extra attendances and
work. During FY26 this allowance was not utilised.
No Director of SPL or SIML is entitled to any remuneration
from Stride other than by way of Directors’ fees and the
reasonable reimbursement of travelling, accommodation
and other expenses incurred in the course of performing
their duties or exercising their role as a Director.
Directors do not participate in any Stride share or option
plan. Directors have no retirement benefit and do not
receive any share options or rights or other form of
remuneration, except as set out in Table 5.
All Directors of SPL and SIML and their subsidiary
companies are entitled to the benefit of an indemnity from
each of SPL and SIML and the benefit of insurance cover
in respect of all liabilities (to the extent permitted by law)
which arise out of the performance of their normal duties as
Directors, subject to certain exceptions such as deliberate
breach of duty.
Principle 5 – Remuneration
The remuneration of directors and executives is transparent,
fair and reasonable.
Table 5 – Director Remuneration FY26
Director Annual Remuneration
Remuneration for Committee
Roles or Additional
AttendancesTotal FY26 Fees Paid
Tim Storey
(Chair of Boards)
$176,000
1 April 2025 – 31 August 2025
$183,000
1 September 2025 – 31 March
2026
Nil$180,083
Ross Buckley
(Chair of Audit and
Risk Committee)
$99,000$15,000
1 April 2025 – 31 August 2025
$17,500
1 September 2025 –
31 March 2026
$115,458
David Green $99,000
from 19 June 2025
to 31 March 2026
Nil$77,550
Michelle Tierney$99,000Nil$99,000
Nick Jacobson$99,000Nil$99,000
Tracey Jones $99,000Nil$99,000
Total$670,091
Notes:
(1) Total Directors’ fees exclude GST and reimbursed costs directly associated with carrying out Director duties. Total Directors’ fees include fees paid by SPL and SIML.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 20269899

Executive Remuneration
SIML is committed to a fair and reasonable remuneration
framework for its Executive Team, being those persons
described on pages 24 and 25 of this Annual Report. In
determining an executive’s total remuneration, external
benchmarking is undertaken by independent remuneration
advisors every two years to ensure comparability and
competitiveness, along with consideration of the
individual’s performance, skills, expertise and experience.
Total executive remuneration can be made up of
three components: fixed remuneration, a short term
incentive scheme, and an executive long term share
incentive scheme.
It is SIML’s policy to pay fixed remuneration at the market
median, and for short and long term incentives to be set
at or above the upper quartile, such that total potential
remuneration is at the upper quartile. This enables SIML
to attract and retain talented people, while also rewarding
high performance when appropriate.
Fixed
remuneration
Fixed remuneration consists of base salary, KiwiSaver and other benefits. Fixed remuneration is externally
benchmarked against NZX-listed property entities on a biannual basis by independent advisers.
Short term
incentive
scheme
SIML operates a short term incentive scheme under which the Executive may be eligible to receive a cash incentive
on an annual basis in addition to their base salary. Entitlement to the cash incentive is subject to pre-agreed
hurdles being met, which are aligned with Stride’s performance targets and sustainability objectives for the year. In
addition, the Executive may also be eligible for share rights as part of their short term incentive compensation.
Executive long
term share
incentive
scheme
SIML operates a long term share incentive scheme for the Executive Team, intended to align the interests of
key employees with the interests of shareholders and provide a continuing incentive to key employees over the
long term, while also seeking to retain executive employees. The long term share incentive scheme drives longer
term decision-making and encourages the creation of sustainable value for Stride’s shareholders. In addition,
ownership of Stride shares by executives over time helps to ensure alignment of interests between executives
and shareholders.
Short Term Incentive
SIML operates a short term incentive scheme under which
selected permanent, full time employees may be eligible to
receive an incentive on an annual basis in addition to their
base salary. The purpose is to provide incentives to achieve
certain annual objectives which are aligned with achieving
Stride’s strategic goals, including sustainability objectives
and targets.
Key performance indicators are set on an annual basis
at the start of the financial year for each individual who
has been invited to participate in the short term incentive
scheme. Achievement of these key performance indicators
is considered at the end of each financial year, with
individual short term incentive awards dependent on the
level of achievement of the key performance indicators.
Performance measures include:
• Earnings measures
• Key portfolio metrics such as occupancy and WALT
• Advancing key strategic objectives and projects,
including ESG objectives and treasury and capital
management projects
• Delivery of major leasing and development projects
Short term incentives are entirely discretionary. Short
term incentive awards for the Executive Team are reviewed
by the Remuneration and Nomination Committee, which
then makes a recommendation to the Board of SIML for
approval.
Short term incentives comprise a combination of cash and
share performance rights. Short term incentives are paid in
cash up to 60% of the total entitlement, with the balance
being share performance rights. Where share performance
rights are granted, one share will be issued by each of SIML
and SPL in respect of each share performance right two
years after the grant of the right, provided that the recipient
remains employed at the vesting date (subject to a “good
leaver provision”).
Long Term Incentive
Share performance rights under the SIML long term share
incentive scheme may be issued on an annual basis at the
discretion of the Board. The scheme provides for selected
employees to be granted rights to be issued shares for nil
consideration if certain performance hurdles are met. The
key features of the plan for rights awarded in FY26 are as
follows:
• The rights are granted for nil consideration and have
a nil exercise price
• Rights do not carry any dividend or voting rights
prior to vesting
• Each right that vests entitles the employee to
receive one fully paid ordinary share in each of SPL
and SIML. The shares issued on vesting carry full
voting and dividend rights
• The individual must remain an employee of SIML
at the relevant vesting date for any rights to vest
(subject to the “good leaver” provision)
Performance is determined over a three-year vesting
period, and the vesting of rights depends on certain
hurdles being met. For the rights granted during FY26,
those hurdles comprised a relative total shareholder return
metric and a condition related to achievement of strategic
initiatives, as more particularly described in Table 6 below.
If an employee is made redundant due to a change
of control event occurring in relation to SIML or the
employee’s role is restructured following such an event, all
unvested rights at the relevant date will vest.
Further details of the SIML long term share incentive
scheme can be found in note 8.2 to the consolidated
financial statements.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026100101

Hurdle DescriptionRequirement for Vesting
Relative Total
Shareholder Return
(TSR)
50% of rights are
subject to Stride’s
TSR growth
performance,
relative to
constituents of the
NZX Property Index
No rights for this component vest if Stride’s TSR is negative at
the end of the performance period. For vesting of rights to occur,
Stride’s TSR over the three year performance period would need to
outperform the TSR of the bottom two constituents of the comparator
group, at which point 20% of the rights to which the condition relates
(i.e. 20% of 50% of the total rights) would vest. For 100% of the rights
to which this condition relates to vest, Stride would need to have a
TSR over the three year performance period equal to or greater than
the TSR of the second best performer in the comparator group over
the period
Achievement of
Strategic Initiatives
Condition
50% of rights are
subject to Stride
achieving certain
strategic initiatives
during FY26
50% of the rights to which this condition relates will vest if Stride
achieves certain specified performance targets as set by the Board,
with 100% vesting for outperformance. The strategic initiatives
include growth targets for the Stride Products (acquisitions and
developments), strategically identified disposals, capital management
initiatives, investment fund metrics, financial targets, and
sustainability objectives
Table 6 – FY26 Long Term Incentive Hurdles
Chief Executive Officer Remuneration
Philip Littlewood is the Chief Executive Officer of SIML.
The Chief Executive Officer’s remuneration, like all
Executive Team members, comprises a combination of
fixed remuneration, discretionary short term incentive
and participation in the long term incentive scheme. Fixed
remuneration comprises a combination of cash and share
performance rights. The following sets out the mix of these
components, assuming achievement of all hurdles for all
performance based pay:
The Chief Executive Officer is not entitled to any
redundancy, retirement or termination payments, except as
may be provided to other staff. As noted in relation to the
terms of the executive long term share incentive scheme,
if the Chief Executive Officer is made redundant or his role
is restructured as a result of a change of control event of
SIML, all unvested rights will vest. This term applies to all
rights issued in accordance with the executive long term
share incentive scheme and accordingly is not specific to
the Chief Executive Officer.
The Chief Executive Officer remuneration detail provided in
Table 7 relates to salary and other benefits paid, incentive
payments accrued, KiwiSaver, and the value of share rights
vesting in favour of Philip Littlewood in relation to the
period ended 31 March 2026.
Performance based remuneration
35%
Fixed
remuneration
33%
Long term
incentive
(shares)
32%
Short term
incentive
Table 7 – Chief Executive Officer Remuneration
Year
Fixed
remuneration
Short term
incentive
(cash) (STI)
Short term
incentive
(rights) (STI)
1
Long term
incentive (LTI)
Special
Share
Award
Base
salary
Other
benefits
EarnedAmount
earned
as a %
of target
award
Total cash
based
remuneration
Number
of shares
vested
Amount
vested
as a %
of target
award
Amount
vested
as a % of
maximum
award
Number
of shares
vested
Amount
vested
as a % of
maximum
award
Number
of shares
vested
Market
price
Total
package
paid in cash/
shares
earned
FY26 $615,000 $65,867 $323,700 60% $1,004,567 114,295 40%67% 368,066 80%133,188 1.18 $1,730,915
FY25 $615,000 $54,296 $295,200 60% $964,496 59,773 30%60% 153,749 50%NIA1.11 $1,201,507
(1) Short term incentive share performance rights reflect the value of rights vesting in relation to the relevant period. Short term incentive performance rights vest two years
after being granted, subject to continued employment.
Table 8 – Chief Executive Officer Pay for Performance Outcomes
DescriptionPerformance measures
Short term
incentive
Set at 65-97.5% of at-risk
pay, with payout based on a
combination of financial and
non-financial performance
measures
Performance hurdleShort term
incentive
weighting
Weighted
outcome
(of maximum)
Advancing key strategic objectives40%24%
Earnings measures (distributable profit, free cash
flow targets)
40%24%
Delivery of development projects10%7%
Delivery of key sustainability objectives10%5%
Total100%60%
Long term
incentive
Vesting of rights granted
under the long term incentive
scheme for FY24, should the
performance hurdles be met
Performance hurdleLong term
incentive
weighting
Weighted
outcome
Relative TSR: 50% of rights vest subject to
Stride’s TSR growth performance, relative to
constituents of the NZX Property Index. 20%
of the rights to which this condition relates will
vest if Stride’s TSR outperforms the bottom
two constituents of the comparator group, with
straight line increases of 20% increments, and
100% of the rights to which this condition relates
vesting when Stride’s TSR equals or exceeds the
second ranked comparator company.
50%60%
Strategic Initiatives: 50% of the rights to
which this condition relates will vest if Stride
achieves certain specified performance targets
as set by the Board, with 100% vesting for
outperformance. The strategic initiatives include
growth targets (acquisitions and developments),
strategically identified disposals, capital
management initiatives, investment fund metrics,
financial targets, and sustainability objectives.
50%100%
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026102103

Table 9 – Chief Executive Officer Remuneration Summary
Total Remuneration
Percentage
STI against
target
Percentage
vested LTIs against
maximumLTI performance period
FY26$1,730,91560%80%1 April 2023 – 31 March 2026
FY25$1,201,50760%50%1 April 2022 – 31 March 2025
FY24$1,529,95683%37.5%1 April 2021 – 31 March 2024
FY23$1,096,11351%10%1 April 2020 – 31 March 2023
Rights awarded
post FY26
Shares vesting and lapsed
during FY26
Scheme
Grant
date
Vesting
date
Opening
balanceNumber
Market
price at
grant
date
Number
vested
Market
price at
vesting
dateLapsed
Closing
balance
FY24 LTI
Rights
12 April
2023
31 March
2026
460,082-$1.32368,066$1.1892,016-
FY24 STI
Rights
16 April
2024
31 March
2026
114,295-$1.28114,295$1.18--
FY25 LTI
Rights
16 April
2024
31 March
2027
476,223-$1.28476,223
FY26 LTI
Rights
16 April
2025
31 March
2028
701,051-$1.11701,051
FY25 STI
Rights
16 April
2025
31 March
2027
124,669-$1.11124,669
FY26 Fixed
Remuneration
Rights
16 April
2025
31 March
2027
181,598-$1.11181,598
FY27 LTI
Rights
16 April
2026
31 March
2029
-715,231$1.18715,231
FY27 STI
Rights
16 April
2026
31 March
2028
-185,960$1.18185,960
FY27 Fixed
Remuneration
Rights
16 April
2026
31 March
2028
-185,271$1.18185,271
Total2,570,003
Table 10 – Chief Executive Officer Share Rights
Remuneration of employees
There were 56 SIML employees who received remuneration
and benefits in excess of $100,000 (not including
Directors) in their capacity as employees during the year
ended 31 March 2026, as set out in Table 11.
Table 11 – Remuneration Range

(Note 1)
Number of
employees
Number of
employees
Number of
employees
$100,000–$109,9994$200,000–$209,9991$370,000–$379,9991
$110,000–$119,9994$210,000–$219,9992$450,000–$459,9991
$120,000–$129,9997$230,000–$239,9992$500,000–$509,9991
$130,000–$139,9993$240,000–$249,9992$560,000–$569,9991
$140,000–$149,9995$260,000–$269,9991$570,000–$579,9991
$150,000–$159,9993$280,000–$289,9991$790,000–$799,9991
$160,000–$169,9994$290,000–$299,9992$1,730,000–$1,739,9991
$170,000–$179,9991$300,000–$309,9991
$180,000–$189,9991$330,000–$339,9991
$190,000–$199,9993$350,000–$359,9991
Note 1: This includes salary and benefits paid, short term incentive earned for FY26, the value of short term incentive share rights vesting in relation to the period ended
31 March 2026, employer KiwiSaver contributions, and the value of share rights vesting in relation to the period ended 31 March 2026 under the executive long term
incentive scheme.
KiwiSaver
Employees who are eligible to contribute to KiwiSaver
receive SIML contributions. SIML contributes 5% of gross
taxable earnings (including short-term incentives) provided
employees are contributing at a rate of 4% or higher (which
will increase to 5% should this be an option for employee
contributions in the future). This increased benefit (well in
excess of the statutory minimum of 3.5%) is intended to
attract and retain the highest calibre of employees.
As at 31 March 2026, 92% of eligible employees are
contributing at or above 4% of their gross taxable earnings
and therefore qualify for SIML to contribute 5% of gross
taxable earnings.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026104105

The Stride Boards consider effective risk management
essential. They oversee and approve Stride’s risk strategy
and policies and ensure appropriate risk management
and compliance systems are in place. The Audit and Risk
Committee supports the Boards in relation to business and
climate risk management and financial reporting.
Risks are regularly discussed at every Board and Audit and
Risk Committee meeting with specific focus on the key risk
to Stride’s business during turbulent and volatile times.
Stride’s business risk management framework is
supported by risk-based policies appropriate to the
business, including the Treasury Policy, Conflicts Policy,
relevant Investment Mandates for each Stride Product,
and Delegations of Authority. The framework integrates
risk management into operations and formalises it within
internal controls and corporate governance.
Stride takes a managed approach to risk, setting tolerances
for risk taking based on consequence, likelihood, and
potential benefits or opportunities. Risks are assessed
across a range of business impact categories.
SIML management maintains risk registers for Stride and
each Stride Product, documenting key risks, mitigations,
and residual risk ratings. Mitigations are assigned where
appropriate and their effectiveness is regularly reviewed.
SIML management provides the Stride Boards with a
business risk update at least twice a year, covering risk
trends and emerging/critical risks, and comparing current
risk ratings with the Boards’ risk appetite to identify where
further mitigation may be needed.
Climate risks are integrated into Stride’s risk
management framework and assessed using the same
criteria as other business risks. Material climate risks
and their ratings are described in Stride’s Sustainability
Report which can be found at www.strideproperty.co.nz/
investor-centre/.
Table 12 summarises key business risks reported to and
monitored by the Audit and Risk Committee and the
Stride Boards.
For FY26, the key risk remains challenging and uncertain
macroeconomic conditions, which are dampening
consumer and business confidence and economic activity.
This affects Stride through interest rate risk, potential
vacancies, rising costs, and reduced activity across the
Stride Products, impacting revenue and performance.
Principle 6 – Risk Management
Stride’s Directors have a sound understanding of the material risks faced by the
business and how to manage them. The Boards regularly verify that Stride has
appropriate processes that identify and manage potential and material risks.
Key Risk DescriptionControl
Economic conditionsChallenging economic conditions impact Stride
through loss of revenue (both rental income and
management fees) and impact on share price.
Seek to ensure that the portfolios Stride owns and
manages demonstrate “enduring demand” and meet
tenant expectations, in order to maximise the value
of the portfolios and performance of the businesses,
to the extent possible. Stride actively monitors
market conditions, and looks to manage risk where
practicable.
Interest rate
fluctuations
The impact of interest rates affects not only
SPL’s debt funding costs, but also results in
higher capitalisation rates, which can reduce the
value of properties owned and managed by Stride
if rents are not rising at the same rate to offset the
higher capitalisation rates. The reduced value of
properties owned by SPL impacts the loan to value
ratio and impacts Stride’s net profit after tax. In
addition, if the value of properties managed by
SIML reduces, then this results in reduced asset
management fees, which are based on the value of
the managed portfolios.
Stride is conscious of the impact of interest rates
and has taken a proactive approach to interest rate
hedging, to manage the impact of this risk.
Rising operational
costs
Rising operational costs, such as local council
rates, impact Stride’s operating costs, and also
impacts tenants’ total cost of occupancy,
resulting in potentially lower rents, impacting
valuations of properties.
Stride seeks to manage the impact of rising costs
where possible, particularly the cost of rates and
insurance, which materially impact operating
expenses for tenants.
Market growthThe inability to continue to execute transactions
may impact on Stride’s growth aspirations, SIML’s
reputation and transaction fees. A competitive
market means it may become difficult to secure
transactions at reasonable values, impacting SIML’s
growth strategy.
Lower share price, trading below net tangible assets,
is affecting this risk, making it difficult to execute a
transaction that requires capital to fund growth.
SIML management and the Boards continue to
maintain a high level of focus on the market and
execution of transactions. Stride’s strategy of having
a range of listed and unlisted managed entities
provides some level of resilience in different market
conditions.
Financing availability
and cost
An inability to refinance debt funding could require
SPL to sell assets or may inhibit Stride’s ability to
grow. Both of these will impact Stride’s profitability
and growth strategy.
SPL has a policy of renewing its financing facilities at
least 12 months before they are due to mature. There
has been no issue with refinancing facilities to date.
Risk of portfolio
requiring seismic
strengthening due to
changing assessment
guidelines
As the guidelines and regulations regarding seismic
risk and how this is determined change, this could
result in the seismic rating of buildings reducing
over time. Tenants may then require seismic
strengthening upgrades to occupy a property, which
may have a material cost to Stride.
Stride monitors changes in seismic regulations and
standards, and the approach of engineers to seismic
assessments, and seeks to ensure that its properties
remain seismically resilient.
Cyber attackCyber attacks can result in the loss of data or
inability to operate if critical systems are subject to a
ransom attack.
SIML moved to cloud-based services which has
resulted in less risk of server failure, and reliance on
cloud-provider security.
SIML continually monitors its cyber security
performance and takes a conservative approach
to cyber risk. SIML regularly conducts penetration
testing and has recently undertaken an IT security
assessment across the business, seeking to
continuously strengthen and improve resilience to
cyber-threats and data loss.
Stride’s insurance policy covers cyber related events.
Table 12 – Key Risks to Stride’s Business
34 Airpark Drive, Auckland
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026106107

Key Risk DescriptionControl
Health and safety riskStride is aware of the ongoing risk of critical health
and safety risks occurring. Stride’s critical health and
safety risks include violence / abuse at shopping
centres owned and managed by Stride as well as a
wide range of risks associated with construction and
facilities management (such as working at height,
traffic management, falling objects, hot works and
exposure to hazardous substances).
Stride takes a conservative approach to this risk.
SIML has a health and safety team which implements
processes to manage health and safety risk and
monitors the implementation of these processes
to ensure documented procedures are being
undertaken to manage risk.
SIML monitors all health and safety incidents, as well
as near misses, and investigates the root causes of
the serious incidents and near misses to identify
learnings, which should lead to prevention of future
incidents.
Risk of termination of
SIML’s management
agreements with
Stride Products
If SIML performs poorly and breaches the
management agreements related to the Stride
Products, this could ultimately result in termination,
impacting Stride’s management fee income and its
reputation.
Stride has a governance and legal team that monitor
compliance with its legal obligations, including the
management agreements. There are limited grounds
for termination contained in the agreements.
Risk of physical
impacts of climate
change
This represents the risks that SIML faces from
significant physical climate hazards.
Climate transition risks, being the ability to move
to, and thrive in, a low carbon economy, are actively
embedded within a wide range of other strategic and
operational risks.
SIML maintains a comprehensive sustainability
strategy, including greenhouse gas emission targets
aligned to a 1.5°C climate future, site specific carbon
reduction plans, Green Star building strategy, as well
as a range of tenant and community engagement
projects to support sustainability initiatives.
Physical climate risks are also managed through
SIML’s business continuity framework and insurance
programme.
Table 12 – Key Risks to Stride’s Business (cont.)
Health and Safety
The Boards consider effective health and safety governance
critical to Stride’s ongoing success and to the wellbeing
of our people and others who occupy or visit Stride
properties. Stride’s Health and Safety Policy (available at
www.strideproperty.co.nz/investor-centre/) sets out our
approach and underpins our health and safety strategy.
Health and safety risks across all owned and managed
sites are assessed and reported to the Boards using a
consistent methodology aligned with the approach used for
other risks. Risks are evaluated for impact and likelihood to
determine an overall rating, with specific mitigation plans
established for each. SIML works closely with tenants and
contractors to minimise, and where practicable eliminate,
property-related risks.
Health and safety is reviewed at every Board meeting.
Reporting includes lead and lag indicators such as training
completion, property assessments and risk reviews
undertaken, incidents since the last report, and associated
hazards. The Boards consider and address systemic issues
indicated by incidents and hazards to support continual
improvement in performance.
Contractor management remains a key health and
safety risk for Stride. During FY26, Stride maintained
its contractor management framework and delivered
comprehensive training to Stride team members who
regularly engage contractors. SIML continues to work with
contractors to confirm appropriate practices and that risks
to staff, the public and tenants are effectively managed.
For major developments, SIML engages an external firm
to regularly audit on-site health and safety practices, with
review findings reported to the Board.
As an owner and manager of properties, Stride aims to
ensure its properties do not create health and safety risks
for occupants or visitors. Stride supports this objective
by undertaking regular external risk assessments, with
recommendations promptly closed out, prioritising those of
highest significance.
PwC is Stride’s independent auditor. The relationship
between Stride and its external auditor is governed by
the Audit and Risk Committee Charter, which includes
audit independence guidelines. The Charter is available at
www.strideproperty.co.nz/investor-centre/.
The external auditor is invited to attend all Audit and Risk
Committee meetings, supporting regular communication
with the Committee in addition to routine engagement
with management. Directors may also contact the
external auditor directly to obtain independent advice and
information as required.
Stride’s audit independence guidelines set out the
non-audit services the external auditor may provide
without compromising independence. All non-audit
services must be pre-approved by the Chair of the Audit
and Risk Committee and SIML’s Chief Financial Officer.
The Committee monitors non-audit services and confirms
they do not impair auditor independence. In FY26, PwC, as
auditor, did not provide any services other than audit and
review services, financial statement assurance and other
assurance services.
The audit independence guidelines require compliance
with the Listing Rules, including rotation of the lead audit
partner at least every five years. The current lead audit
partner has held the role since the FY22 audit and will be
rotated in FY27. The Audit and Risk Committee has decided
not to adopt a policy of mandatory audit firm rotation, given
the limited pool of New Zealand audit firms and potential
conflicts arising from Stride’s use of other major firms for
non-audit services.
To support shareholder engagement at the Annual
Shareholder Meeting, the external auditor attends in order
to respond to shareholder questions regarding the audit of
the annual financial statements.
Stride does not maintain an internal audit function.
Instead, it commissions project-specific internal reviews
by external consultants on a case-by-case basis. These
reviews may assess internal controls, financial reporting,
risk management and the integrity of information reported
to the Boards, with findings reported to the relevant Board
or Committee.
Principle 7 – Auditors
The Board ensures the quality and independence
of the external audit process.
20 Customhouse Quay, Wellington
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026108109

The Boards consider transparent, timely communication
with shareholders essential to support informed
participation in Stride’s governance. Shareholders should
receive relevant information on investment performance
and material matters affecting their holdings.
Stride is committed to appropriate financial and non-financial
reporting and maintains processes to ensure disclosures are
clear, balanced and objective.
Stride publishes interim and audited full-year financial
statements prepared in accordance with applicable
financial reporting standards. The Audit and Risk
Committee oversees the preparation of these statements
in line with its responsibilities. The annual report includes
financial and non-financial disclosures, including progress
against Stride’s strategic pillars of Performance, People,
Portfolio and Products. Stride also issues an investor
presentation for each reporting period, summarising
key activities and metrics and providing forward-looking
information on strategic initiatives.
SPL and SIML hold their Annual Shareholder Meeting
concurrently, with separate voting on resolutions for SIML
and for SPL. SIML and SPL shareholders have one vote
per share held in the relevant entity and may vote on major
transactions in accordance with the Companies Act and the
Listing Rules.
SPL and SIML have recently held physical-only meetings
in Auckland. While hybrid meetings have not been held
to date, the Boards will continue to assess this option,
balancing potential shareholder benefits against the
additional cost. Shareholder feedback on meeting format,
including demand for a hybrid meeting, is welcomed.
Shareholders may submit questions or requests for
information at any time via Stride’s website
(www.strideproperty.co.nz) or by emailing
admin@strideproperty.co.nz.
To support full participation, the Boards will endeavour,
where practicable, to distribute Notices of Meeting at least
20 working days before each shareholder meeting. Notices
of Meeting and meeting transcripts are available on Stride’s
website and the NZX.
Stride is committed to ensuring stapled security holders
can vote on major decisions and complies with the Listing
Rules requirements relating to changes in the essential
nature of the business, including major transactions
under the Companies Act. No major decisions were put to
shareholders for approval during FY26.
Stride did not seek additional equity capital during
FY26 but offers a Dividend Reinvestment Plan to all
eligible shareholders, unless the Boards resolve that the
Dividend Reinvestment Plan will not operate for one or
more dividends.
Principle 8 – Shareholder Relations
and Reporting
The Boards respect the rights of shareholders and foster constructive
relationships with shareholders that encourage them to engage with Stride.
Statutory Disclosures
The general disclosures of interest made by Directors of the Boards during the period 1 April 2025 to 31 March 2026, together
with the existing entries as at 31 March 2026 pursuant to section 140 of the Companies Act are shown in Table 13. Directors’
interests in shares are shown on page 112.
DirectorCompanyPosition
Tim
Storey
Investore Property Limited
Prolex Limited
Prolex Investments Limited
Prolex Management Limited
Director
Director
Director
Director
David
Green
1
Westpac New Zealand Limited
BT Funds Management (NZ) Limited
EROAD Limited
Abner & Hobson Limited
Casa Verde Investments Limited
Director
Chair
Director
Director
Director
Ross
Buckley
Investore Property Limited
ASB Bank Limited
Service Foods NZ Limited
Institute of Directors

Massey University

Auditor Oversight Committee of the Financial Markets Authority
Chapter Zero NZ Steering Committee (1)
Director
Director
Chair
Chair of National Board, Auckland
Branch Committee Member
Council Member and Chair of
Finance and Audit Committee
Chair
Chair
Michelle
Tierney
Growthpoint Properties Australia
Peet Limited
Cotton Research & Development Corporation Australia
Uniting NSW.ACT
CareerTrackers Indigenous Internship Program Limited (not for profit) (1)
Assemble Holdco 1 Pty Limited (1)
Message Stick Foundation Limited (1)
Indigenous Advisory Group for Property Council of Australia (1)
Chief Executive Women(1)
Women on Boards(1)
Australian Institute of Company Directors (1)
Sydney Water (1)
Director
Director
Director
Director
Director
Director
Director
Member
Member
Member
Member
Director
Nick
Jacobson
Atmos Capital Partners Pty Limited
Capstra Pty Limited
Wingate Group and related entities
Saxonwold Pty Limited
Director
Director
Chair
Director
Tracey
Jones
Partners Life Limited and related companies
Amova Asset Management NZ Limited
LamCam Limited
RC Custodian Limited
NGodwi Trust
Welcome Limited
Daffodil Trust and Andrews Family Trust (1)
NZ Commercial Distributors Limited (1)
Keith Andrews Holdings Limited (1)
Director
Chair
Director
Director
Trustee
Chair
Trustee
Director
Director
Disclosures of Interest
Table 13 – Interests Register Entries
1. David Green was appointed as an Independent Director with effect from 19 June 2025.
2. Entries added by notices given by Directors during the year ended 31 March 2026 are referenced (1).
110 Carlton Gore Road, Auckland
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026110111

Indemnity and Insurance
In accordance with section 162 of the Companies Act and
the Constitutions of each of SIML and SPL, each of SIML
and SPL has entered into a deed of access, indemnity and
insurance to indemnify its Directors and the Directors of its
subsidiaries for liabilities or costs they may incur for acts
or omissions in their capacity as a Director to the extent
permitted under the Companies Act. The indemnity does
not cover wilful default or fraud, criminal liability, liability
for failure to act in good faith and in the best interests of
the relevant company, or liabilities that cannot be legally
indemnified.
SIML and SPL also have a Directors’ and Officers’ Liability
Insurance Policy in place. Among other things, the
Directors’ and Officers’ Liability Insurance Policy excludes
cover for deliberate dishonesty, insider trading, fines and
penalties (except for legally indemnifiable civil fines or civil
penalties), liability arising out of a breach of professional
duty other than as a professional director, and liability for
which the insured is legally indemnified.
In authorising any insurance to be effected, each Director
signs a certificate confirming that, in their opinion, the cost
of the insurance is fair to SIML and SPL.
Use of Group Information
No notices have been received by the SIML Board or SPL
Board under section 145 of the Companies Act with regard
to the use of Stride information received by Directors in
their capacities as Directors of Stride or any subsidiary
company of SPL.
Directors’ Interests in Shares and
Share Transactions
Set out in the table below are the interests of each Director
in shares in each of SIML and SPL as at 31 March 2026.
Directors’ Interests in Shares and Share Transactions
Set out in the table below are the interests of each Director in shares in each of SIML and SPL as at 31 March 2026.
Director
Number of shares as at
31 March 2025
Change in shareholding in SIML
and SPL during FY26
Number of shares as at
31 March 2026
Tim Storey 159,916Nil159,916
David GreenN /A+100,000100,000
Ross Buckley65,000+45,000110,000
Michelle Tierney 10,000Nil10,000
Nick Jacobson 65,000Nil65,000
Tracey Jones 7,235+42,76550,000

Set out in the table below are disclosures made by Stride Directors in respect of changes in shareholdings in SPL and SIML
during the period 1 April 2025 to 31 March 2026 for the purposes of section 148(2) of the Companies Act:
Director
Date of
Transaction
Nature of
Transaction
Number and Class
of Shares
Nature of
Interest
Consideration Paid or
Received
Tracey Jones29 May 2025On-market
share acquisition
42,765 stapled
securities
Beneficial owner$1.16 per share
Ross Buckley11 June 2025On-market
share acquisition
45,000 stapled
securities
Beneficial owner$1.15 per share
David Green8 January 2026On-market
share acquisition
100,000 stapled
securities
Beneficial owner$1.39 per share

Directors are not required to hold shares in Stride but may choose to do so in order to demonstrate alignment of interests in the
performance of Stride with shareholders.
NameNumber of ordinary shares% of ordinary shares
BNP Paribas Nominees (NZ) Limited - NZCSD72,990,41113.05
Accident Compensation Corporation - NZCSD65,430,27911.70
Forsyth Barr Custodians Limited52,082,5259.31
HSBC Nominees (New Zealand) Limited - NZCSD49,875,3258.91
Apex Custodian Nominees (NZ) Limited - NZCSD24,266,0404.34
Custodial Services Limited22,353,6234.00
JBWere (NZ) Nominees Limited19,670,4653.52
Citibank Nominees (New Zealand) Limited - NZCSD17,836,5273.19
New Zealand Depository Nominee Limited16,962,8403.03
Generate KiwiSaver Public Trust Nominees Limited14,303,7062.56
JPMorgan Chase Bank NA NZ Branch - Segregated
Clients Acct - NZCSD
14,274,8862.55
FNZ Custodians Limited12,079,8812.16
HSBC Nominees (New Zealand) Limited A/C
State Street - NZCSD
11,873,6342.12
Adminis Custodial Nominees Limited10,896,9061.95
PT (Booster Investments) Nominees Limited6,453,9021.15
Forsyth Barr Custodians Limited5,953,6421.06
ANZ Custodial Services New Zealand Limited - NZCSD4,445,9470.79
HSBC Nominees A/C NZ Superannuation Fund
Nominees Limited - NZCSD
4,249,2030.76
BNP Paribas Nominees (NZ) Limited - NZCSD2,475,8130.44
Francis Ivor Charles Jasper & Redmond Trustee
Company No 20 Limited
2,000,0000.36
Total430,475,55576.94
Twenty Largest Registered Shareholders as at 31 March 2026
Numbers may not sum due to rounding.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026112113

Substantial Product Holders as at 31 March 2026
As at 31 March 2026, the names of all persons who are substantial product holders in SIML and SPL pursuant to sub-part 5 of
Part 5 of the Financial Markets Conduct Act 2013 are noted below:
Name
Date of substantial
product holder notice
Number of shares
held at date of notice
% of ordinary shares
held at date of notice
Accident Compensation
Corporation (ACC)
11 December 202565,456,46811.70
Forsyth Barr Investment
Management Limited
8 December 202545,335,3978.10
ANZ New Zealand Investments
Limited and related bodies
corporate
27 February 202630,454,3645.44
Westpac Banking Corporation
(including related bodies
corporate)
27 February 202628,110,8245.02
The number of ordinary shares listed in the table are as per the last substantial product holder notice filed by the relevant shareholder on or prior to 31 March 2026. As
substantial product holder notices are required to be filed only if the total holding of a shareholder changes by 1% or more since the notice filed, the number noted on this table
may differ from that shown in the list of 20 largest shareholdings.
Distribution of Ordinary Shares and Shareholdings as at 31 March 2026
RangeTotal holders% of holdersShares% of shares
1 - 499611.4011,9940.00
500 - 999571.3140,0560.01
1,000 - 1,9991573.61231,2800.04
2,000 - 4,99956312.961,913,1090.34
5,000 - 9,99998022.556,946,7171.24
10,000 - 49,9991,98945.7843,258,1547.7 3
50,000 - 99,9993097.1 120,940,9563.74
100,000 - 499,9991854.2632,947,3465.89
500,000 - 999,999150.359,890,9601.77
1,000,000 and over290.67443,281,46479.23
Total4,345100.00559,462,036100.00
Numbers may not sum due to rounding.
Donations
During FY26 neither SPL nor SIML made any donations,
including political donations or lobbying activities.
SPL is a sponsor of the Graeme Dingle Foundation and
SIML is a sponsor of the Keystone New Zealand Property
Education Trust and the Tania Dalton Foundation.
During the year SPL paid $37,500 in sponsorship to the
Graeme Dingle Foundation. SIML paid $10,000 to Keystone
New Zealand Property Education Trust, and $6,500 to the
Tania Dalton Foundation by way of sponsorship.
Credit Rating
As at the date of this Annual Report, Stride does not have a
credit rating.
Exercise of NZX Disciplinary Powers
The NZX did not exercise any of its powers under Listing
Rule 9.9.3 in relation to Stride during FY26.
Auditor’s Fees
PwC has continued to act as auditor for Stride and the
amounts payable by Stride and its subsidiaries to PwC
for audit fees and non-audit work fees undertaken in
respect of FY26, are set out in note 8.3 to the consolidated
financial statements.
NZX Waivers
During FY26 Stride was granted or relied on certain
waivers from the Listing Rules, which are described below.
A copy of these waivers are available at: www.nzx.com/
companies/SPG/documents.
NZX Regulation Decision dated 28 May 2020 –
Non-Standard Designation Waiver
Ruling on the Definition of “Associated Person”
A ruling that, for the purposes of the definition of
“Associated Person” in the Listing Rules, Investore is not an
“Associated Person” of SIML and accordingly, Investore is
not a “Related Party” of SIML.
Ruling on definition of “Disqualifying Relationship”
A ruling that, for the purposes of the definition of
“Disqualifying Relationship” in the Listing Rules, any
reference to “Issuer” shall be a reference to the “Stapled
Group” (Stride).
Listing Rules 2.2 to 2.5 and 2.7 to 2.8
This waiver permits:
• the SPL Board and the SIML Board to be made up of
the same people;
• an SPL Board member to be deemed to be appointed
(or removed) to the SPL Board if appointed to (or
removed from) the SIML Board; and
• the SPL Board members to retire from the SPL Board
by rotation at the same time as they retire from the
SIML Board.
Listing Rule 2.10.1
This waiver permits the Directors of one Stride company to
vote on matters in which they are “interested” due to being
a Director of the other Stride company. Directors will not be
permitted to vote on matters in which they are “interested”
by virtue of a relationship or interest other than their
directorship of the Stapled Entities.
Listing Rule 2.11
This waiver permits the pooling of Director remuneration
for Stride, and the approval of Director remuneration by
way of a single resolution of SIML shareholders.
Listing Rules 2.14.1, 2.14.2, 7.8 and 7.9
This waiver permits Stride to provide consolidated
notices, reports and communications (including notices of
meetings) to shareholders. This will not affect the obligation
for each of SPL and SIML to hold separate meetings (albeit
that they will occur one after the other).
Listing Rule 4.6.1
This waiver permits SPL to issue shares to SIML employees
under a SIML employee share plan (if any), in order to
ensure that the number of SPL shares on issue is the same
as the number of SIML shares on issue at all times.
Listing Rules 3.13.1, 3.14.2 and 3.15
This waiver permits the Stride companies to announce,
via NZX, issues, acquisitions, conversions or redemptions
of securities on a consolidated basis. Dividends will be
separately announced by each of SPL and SIML.
Listing Rule 5.2.1
This waiver permits:
• each of SPL and SIML to enter into one or more
Material Transactions (as defined in the Listing Rules)
for the purposes of enabling SPL and/or SIML to
establish or acquire new property investment vehicles
without shareholder approval; and
• SPL and SIML to enter into one or more “Material
Transactions” for the purposes of enabling SIML
to establish or acquire new property management
opportunities without shareholder approval.
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026114115

Ruling on definition of “Average Market Capitalisation”
and “Average Market Price”
A ruling that the term “Issuer” in the definition of “Average
Market Price” refers to the “Stapled Group” (Stride) and
the term “Quoted Equity Securities” in the definition of
“Average Market Capitalisation” refers to the stapled
securities of SPL and SIML.
Ruling on the definition of “Material Information”
A ruling that the reference to “price of quoted financial
products of the listed issuer” in the definition of “Material
Information” should be read as applying to the price of the
stapled securities of SPL and SIML. This ruling requires that
any announcement must explain whether the information is
material to SPL or SIML.
Listing Rules 3.5, 3.6.1(a), 3.7 and 3.8
This waiver permits the Stride companies to provide certain
information required in annual and half year reports on a
consolidated basis, rather than by and in respect of each
Stride company individually. This waiver is subject to the
additional condition that each of the Stride companies
release individual financial statements to the extent
required by applicable financial reporting legislation.
Listing Rule 8.3
This waiver permits the Stride companies to provide
consolidated statements of shareholdings to shareholders
which shows their overall Stride holding, rather than their
shareholding in each Stride company separately.
Financial Reporting Exemptions
The financial statements for each Stride company were
prepared in accordance with the Financial Markets Conduct
(Stride Property Group) Exemption Notice 2022. This
exemption allows SPL and SIML, subject to conditions set
out in the exemption notice, to prepare financial statements
in respect of Stride, while they remain stapled (in place of
separate financial statements for each company).
NZX Corporate Governance Code
For the reporting period, Stride considers that its corporate governance practices are materially consistent with the NZX Code.
Set out below is a table confirming compliance and indicating where the relevant requirements and recommendations of the
NZX Code can be found.
Code
ProvisionRecommendationComplianceLocation
Principle 1 – Ethical Standards
1.1 The Board should document minimum standards of ethical behaviour to
which the issuer’s directors and employees are expected to adhere (a code
of ethics).
Ye sPage 90
1.2 An issuer should have a financial product dealing policy which applies to
employees and directors.
Ye sPage 91
Principle 2 – Board Composition & Performance
2.1The board of an issuer should operate under a written charter which sets
out the roles and responsibilities of the board. The board charter should
clearly distinguish and disclose the respective roles and responsibilities
of the board and management.
Ye sPage 92
2.2Every issuer should have a procedure for the nomination and appointment
of directors to the board.
Ye sPage 93
2.3An issuer should enter into written agreements with each newly
appointed director establishing the terms of their appointment.
Ye sPage 93
2.4Every issuer should disclose information about each director in its annual
report or on its website, including:
• profile of experience, length of service, and ownership interests;
• the director’s attendance at board meetings; and
• the board’s assessment of the director’s independence, including
a description as to why the board has determined the director to
be independent if one of the factors listed in table 2.4 of the NZX
Code applies to the director, along with a description of the interest,
relationship or position that triggers the application of the relevant
factor.
Ye sPage 20, 21,
95, 112
2.5An issuer should have a written diversity policy which includes
requirements for the board or a relevant committee of the board to set
measurable objectives for achieving diversity (which, at a minimum,
should address gender diversity) and to assess annually both the
objectives and the entity’s progress in achieving them. An issuer should
disclose its diversity policy or a summary of it.
Ye sPage 93
2.6Directors should undertake appropriate training to remain current on how
to best perform their duties as directors of an issuer.
Ye sPage 94
2.7The board should have a procedure to regularly assess director, board
and committee performance.
Ye sPage 94
2.8A majority of the board should be independent directors.Ye sPage 92
2.9An issuer should have an independent chair of the board.Ye sPage 92
2.10The chair and the CEO should be different people.Ye sPage 92
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026116117

Code
ProvisionRecommendationComplianceLocation
Principle 3 – Board Committees
3.1An issuer’s audit committee should operate under a written charter. An
audit committee should only comprise non-executive directors of the
issuer. One member of the committee should be both independent and
have an adequate accounting or financial background. The chair of the
audit committee should be an independent director and not the chair of the
board.
Ye sPage 96
3.2Employees should only attend audit committee meetings at the invitation
of the audit committee.
Ye sPage 96
3.3An issuer should have a remuneration committee which operates under
a written charter (unless this is carried out by the whole board). At least a
majority of the remuneration committee should be independent directors.
Management should only attend remuneration committee meetings at
the invitation of the remuneration committee.
Ye sPage 96
3.4An issuer should establish a nomination committee to recommend
director appointments to the board (unless this is carried out by the whole
board), which should operate under a written charter. At least a majority
of the nomination committee should be independent directors.
Ye sPage 96
3.5An issuer should consider whether it is appropriate to have any other
board committees as standing board committees. All committees should
operate under written charters. An issuer should identify the members of
each of its committees, and periodically report member attendance.
No other committee
has been
established by
Stride
N /A
3.6The board should establish appropriate protocols that set out the
procedure to be followed if there is a ‘control transaction’ for the issuer
including the procedure for any communication between the issuer’s
board and management and the bidder. The board should disclose the
scope of independent advisory reports to shareholders. These protocols
should include the option of establishing an independent control
transaction committee, and the likely composition and implementation of
an independent control transaction committee.
Ye sPage 96
Principle 4 – Reporting & Disclosure
4.1An issuer’s board should have a written continuous disclosure policy.Ye sPage 91
4.2An issuer should make its code of ethics, board and committee charters
and the policies recommended in the NZX Code, together with any other
key governance documents, available on its website.
Ye sPage 91
4.3Financial reporting should be balanced, clear and objective.Ye sFinancial
Statements
4.4An issuer should provide non-financial disclosure at least annually,
including considering environmental, social sustainability and governance
factors and practices. It should explain how operational or non-financial
targets are measured. Non-financial reporting should be informative,
include forward looking assessments, and align with key strategies and
metrics monitored by the board.
Ye sPage 110
Principle 5 – Remuneration
5.1An issuer should have a remuneration policy for the remuneration
of directors. An issuer should recommend director remuneration to
shareholders for approval in a transparent manner. Actual director
remuneration should be clearly disclosed in the issuer’s annual report.
Ye sPages 98
and 99
Code
ProvisionRecommendationComplianceLocation
Principle 5 – Remuneration (cont.)
5.2An issuer should have a remuneration policy for remuneration of executives
which outlines the relative weightings of remuneration components and
relevant performance criteria.
Partially – the
remuneration
policy describes
the components
of executive
remuneration, but
the performance
criteria and relative
weightings are set
out in letters and
plan rules, as these
may change over
time
Page 98
5.3An issuer should disclose the remuneration arrangements in place for
the CEO in its annual report. This should include disclosure of the base
salary, short term incentives and long term incentives and the performance
criteria used to determine performance based payments.
Ye sPage 102
Principle 6 – Risk Management
6.1An issuer should have a risk management framework for its business and
the issuer’s board should receive and review regular reports. An issuer
should report the material risks facing the business and how these are
being managed.
Ye sPages
106-108
6.2An issuer should disclose how it manages its health and safety risks
and should report on its health and safety risks, performance and
management.
Ye sPage 108
Principle 7 – Auditors
7.1The board should establish a framework for the issuer’s relationship with
its external auditors. This should include procedures:
• for sustaining communication with the issuer’s external auditors;
• to ensure that the ability of the external auditors to carry out their
statutory audit role is not impaired, or could reasonably be perceived
to be impaired;
• to address what, if any, services (whether by type or level) other
than their statutory audit roles may be provided by the auditors to the
issuer; and
• to provide for the monitoring and approval by the issuer’s audit
committee of any service provided by the external auditors to the
issuer other than in their statutory audit role.
Ye sPage 109
7. 2The external auditor should attend the issuer’s Annual Meeting to answer
questions from shareholders in relation to the audit.
Ye sPage 109
7. 3Internal audit functions should be disclosed.Ye sPage 109
Principle 8 – Shareholder Rights & Relations
8.1An issuer should have a website where investors and interested
stakeholders can access financial and operational information and key
corporate governance information about the issuer.
Ye sPage 88
8.2An issuer should allow investors the ability to easily communicate with the
issuer, including by designing its shareholder meeting arrangements to
encourage shareholder participation and by providing shareholders the
option to receive communications from the issuer electronically.
Ye sPage 110
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026118119

Code
ProvisionRecommendationComplianceLocation
Principle 8 – Shareholder Rights & Relations (cont.)
8.3Quoted equity security holders should have the right to vote on major
decisions which may change the nature of the issuer in which they are
invested.
Ye sPage 110
8.4If seeking additional equity capital, issuers of quoted equity securities
should offer further equity securities to existing equity security holders
of the same class on a pro rata basis, and on no less favourable terms,
before further equity securities are offered to other investors.
Ye sPage 110
8.5The board should ensure that the notice of annual or special meeting of
quoted equity security holders is posted on the issuer’s website as soon
as possible and at least 20 working days prior to the meeting.
Ye sPage 110
Implications of Investing in Stapled Securities
The practical implications of a shareholder holding a stapled
security include that:
• The shareholder is a shareholder of both SPL and SIML
• In order to sell a SPL share or a SIML share, the
corresponding SIML share or SPL share, as applicable,
also needs to be sold to the same purchaser
• Market disclosures via NZX may be made in respect
of the Stride companies as a whole, but each of
SPL and SIML will continue to be obliged to make
announcements under the Listing Rules according
to the nature of the disclosure (for example,
announcements about the declaration of a dividend
or the passing of a resolution at a meeting of
shareholders would be made by the relevant company)
• The only quoted price of a SPL share and/or a SIML
share on the NZX Main Board will be the quoted price
for the stapled security
• The materiality of “Material Information” for continuous
disclosure purposes under the Listing Rules will be
assessed against the potential effect on the price
of stapled securities as there will not be a separate
quoted price available for each of SPL and SIML. Any
disclosure of “Material Information” made by Stride
will explain whether the information is material to SPL
and/or SIML
• New stapled security issues will result in equal
numbers of SPL shares and SIML shares being issued
• Shareholders are entitled to attend, or vote by proxy,
at separate meetings of shareholders of each of
SPL and SIML. For some transactions involving both
Stride companies (for example, an issuance of stapled
securities being made with shareholder approval
under the Listing Rules), resolutions might be required
from shareholders in respect of the same matter. In
that case, the relevant transaction will only be able to
proceed if the respective resolutions are approved at
shareholder meetings of both SPL and SIML
• Distributions will be received, to the extent declared,
from each of SPL and SIML
Tim Storey
Chair of
the Boards
Ross Buckley
Chair of the Audit and
Risk Committee
Directors’ Statement
This Annual Report is dated 28 May 2026 and is signed for and on behalf of the Boards of Directors of Stride Property Limited
and Stride Investment Management Limited by:
Glossary
Companies ActCompanies Act 1993
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 basis of
the occupancy level for the relevant property as at the relevant date, and assuming no default by the tenant
Distributable profit
Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined
non-recurring and/or non-cash items, share of profit/(loss) in equity-accounted investments, dividends received from
equity-accounted investments and current tax. Further information, including the calculation of distributable profit and the
adjustments to profit/(loss) before income tax, is set out in note 4.3 to the consolidated financial statements
DiversifiedDiversified NZ Property Trust, a Stride Product
DPPSDistributable Profit Per Share
FabricFabric Property Limited, a wholly owned subsidiary of SPL, formerly Stride Office Property Limited
FMCAFinancial Markets Conduct Act 2013
FYThe financial year ended on 31 March of the relevant year
Gross occupancy cost
(GOC)
Total gross occupancy costs (excluding GST) expressed as a percentage of MAT
Industre or Industre
Property Joint Venture
The joint arrangement between SPL (through its wholly owned subsidiary, Stride Industrial Property Limited) and JPMAM
(through its special purpose vehicle, SP (NZ) 1 Limited). Industre is a Stride Product
InvestoreInvestore Property Limited, a Stride Product
Investment Portfolio
The 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 financial statements.
JPMAMA group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management
Like-for-like
Rental Growth
The increase on prior rentals from new lettings, renewals and rent reviews completed during FY26 on a like-for-like basis.
Lease Expiry Profile
Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for the
portfolio as at 31 March 2026, as a percentage of Contract Rental
Listing RulesThe main board listing rules of NZX
LV RLoan to value ratio
MAT or moving
annual turnover
Moving annual turnover, which is annual sales on a rolling 12 month basis, including GST
NLANet Lettable Area
NZXNZX Limited
NZX CodeNZX Corporate Governance Code
ProductAny or all, as the context may require, of Diversified, Investore, and Industre, being entities or funds managed by SIML
REITReal Estate Investment Trust
SIMLStride Investment Management Limited
SIML BoardThe Board of Directors of SIML
SPLStride Property Limited
SPL BoardThe Board of Directors of SPL
Stride Stride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or BoardsThe Boards of SPL and SIML together
WA LT
Weighted Average Lease Term, which is the lease term remaining to expiry across a property or portfolio and weighted by
rental income
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026120121

Corporate Directory
Board of Directors
Tim Storey (Chair)
David Green, appointed 19 June 2025
Ross Buckley
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, Level 27
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
T +64 9 355 8000
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
Bank of China Limited, Auckland Branch
China Construction Bank Corporation (New Zealand Branch)
Industrial and Commercial Bank of China Limited,
Auckland Branch
Westpac New Zealand Limited
20 Customhouse Quay, Wellington
Stride Property GroupStride Property GroupAnnual Report 2026Annual Report 2026122123

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
Annual Results
for the year ended
31 March 2026 (FY26)

Stride Property Group | Annual Results FY26
Capitalised and technical terms are defined in the glossary on page 29.
Numbers in charts may not sum due to rounding.
Unless otherwise stated, property portfolio metrics: (1) exclude properties reported as ‘Development and
Other’ and ‘Assets classified as held for sale’ in the respective financial statements; (2) exclude lease
liabilities; (3) for SPL’s office portfolio, includes Level 12, 34 Shortland Street, Auckland, which is reported
as ‘Property, plant and equipment’ in the consolidated financial statements; and (4) includes the value of
rental guarantees receivable.
3Overview
4Financial overview
5Key achievements
6Our sectors
7Investment management business
11Products
18Sustainability
20FY26 consolidated financial results
23Capital management
26Outlook
28Glossary
30Appendices
Contents
2

Stride Property Group | Annual Results FY26
Weighted average
cost of debt (WACD)
5.0%
Occupancy
94%
WALT
6.6 years
Value
$1.4bn
Overview
WACR
6.2%
Total AUM
$3.3bn
Open-ended external
2
AUM
$2.0bn
Drawn debt fixed

95%
Stride Property Group as at 31 Mar 26
Stride’s look-through
1
Investment Portfolio
Investment management business
Capital management
1.Comprising SPL’s directly held portfolio and SPL’s proportionate ownership in the portfolios of each of the Stride Products.
2.Represents the Investore and Industre portfolios which are subject to perpetual management contracts.
3.Balance sheet LVR includes SPL’s directly held property, as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt.
4.Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
External management fees
$22.9m up 12% on FY25
3
Balance sheet LVR
3
24%
Bank LVR
4
34%

Stride Property Group | Annual Results FY26
Stride Property Group
Financial overview
Profit after income tax
$31.3m
up +$9.6m on FY25
Distributable profit after
current income tax
$49.1m
up +$0.8m on FY25
Net tangible assets (NTA)
as at 31 Mar 26
$1.69
down $(0.03) on 31 Mar 25
Distributable profit per share
8.78cps
up +0.14cps on FY25
SIML management fee income
20 Customhouse Quay, Wellington
4
$22.9m
up +$2.5m on FY25
FY26 combined cash dividend
8.0cps

Stride Property Group | Annual Results FY26
Key achievements
5
20 Customhouse Quay, Wellington
Stride made meaningful strategic progress in FY26, enhancing resilience,
operating strength and future growth optionality
Execution on funds management business
✓Expansion of Investore’s investment mandate to capture
convenience-based retail, unlocking broader opportunities for growth
✓Sale of Silverdale Centre to Investore for $114m
✓$94m of development completions for Industre at Wickham Street,
Hamilton, and Favona Road, Auckland (post balance date)
✓Commitment to ~$70m Patiki Road, Auckland, development for Industre
Creating enduring demand in SPL’s direct portfolio
✓Near completion of refurbishments and significant leasing progress at
34 Shortland Street and 215 Lambton Quay
✓Conditional agreement to acquire a 125-year pre-paid ground lease at
North Wharf, Wynyard Quarter for future development (subject to
resource consent approval)
Active capital management
✓Extension to FY30+ of SPL’s syndicated debt facilities, with improved
margin pricing reducing the WACD by ~50bps
North Wharf, Wynyard Quarter, Auckland

Stride Property Group | Annual Results FY26
Our sectors
Office
•Auckland prime and A sectors continue to outperform B grade
•Leased space per employee is stabilising at 11sqm, compared
to 13sqm pre-COVID and 17sqm 20 years ago
1
•Wellington market conditions remain challenging, with
incentives increasing to over 20%. Flight to quality continues,
but general economic conditions are more important
•LFL Rental Growth of +2.0%, or +6.2% for repositioned assets
Town centres
•MAT +5.4% on FY25
•Specialty GOC reduced to ~12% from ~14% LFL
between 31 Mar 25 and 31 Mar 26, driven by a
combination of sales growth and reduced insurance costs
•Increased investment interest in high-quality, well located
shopping centres
•LFL Rental Growth of +1.8%
Industrial
•Auckland vacancy rose to ~2.3%
2
•Occupiers continue to consolidate out of lower quality stock
•Higher incentives have resulted in net effective rents
declining by (2.7)% over second half of 2025
2
•LFL Rental Growth of +3.5%
Convenience-based retail
•Investor interest has strengthened over FY26
•Geopolitical and economic uncertainty highlight the
benefits of exposure to non-discretionary retail tenants
•Investore’s occupancy remains high at 99.5% and WALT
5.9 years
•LFL Rental Growth of +4.7%
6
1.CBRE, Coming back into alignment, March 2026
2.CBRE, Auckland Property Market Overview, February 2026.

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
Investment
management
business
7

Stride Property Group | Annual Results FY26
Office
Retail shopping
centres
Convenience -
based retail
Industrial
Recurring
management
fees
Activity
fees
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.
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.
FY26 look-through revenue sources
2
36%
13%
13%
17%
16%
5%
8
34 Shortland Street, Auckland
49.0%
18.8%
2.2%
$681m $681m
$198m
$207m
$446m
$1,128m
$212m
$850m
$416m
$879m
$2,424m
$1,517m
Directly heldStride ProductsWeighted
look-through
SPL’s weighted look-through portfolio value
as at 31 Mar 26
1
Office
Retail shopping centres / town centre
Convenience-based retail
Industrial

Stride Property Group | Annual Results FY26
FY26 external management fee income $22.9m (+$2.5m on FY25), with $14.3m from open-ended Products, $5.9m from
closed-ended Products, and $2.7m from salary and wages recovery
•$200m+ growth in open-ended Products AUM over FY26, driven by the completion of Industre’s Wickham Street and Favona Road
(post balance date) developments, Investore’s acquisition of Silverdale Centre, and $50m further gross revaluation uplifts
•Pipeline includes Industre’s ~$70m development project at Patiki Road over FY27/28, subject to final construction pricing
•Diversified is a closed-ended fund with a review date mid-2026, when unitholders may resolve to wind up the fund. Associated project
fees to offset lost management fee income in near term, with longer term impact expected to be 5-6% of Stride’s annual DPPS
FY26 management fee income
9
$8.0m
$6.3m
$14.3m
$5.9m
$22.9m
$6.4m
$3.9m
$4.4m
$2.7m
$1.5m
$2.4m
$1.4m
InvestoreIndustreTotal
open-ended
Products
DiversifiedDiversified
salary and wages
recovery
Total
fee income
Recurring fees
Activity fees

Stride Property Group | Annual Results FY26
Share price gap to net tangible assets
10
SPG’s $1.15 share price
1
represents a 32% discount to the $1.69 31 Mar 26 reported NTA per share, or
a 40% discount to SPG’s $1.92 adjusted NTA
An 8.0cps dividend offers a compelling 6.9% cash yield, or 10.4% pre-tax for a 33% taxpayer, on the
current share price. This represents a 5.7% spread to the 10-year NZ government bond rate of 4.7%
1.Share price based on the 5-day VWAP (volume weighted average price) ended 22 May 26.
2.Management contract values internally estimated based on 5% of AUM that is subject to open-ended management contracts. Recent NZ internalisation transactions have been at ~6%+.
$1.69
$1.92
$1.15
$1.59
$0.47
$0.16
($0.53)
+$0.18
2
+$0.05
Direct property
portfolio and
other
Stake in
Industre
Stake in
Investore
Borrowings Reported
NTA
Investore and
Industre mgmt.
contracts
Investore stake
marked to
NTA
Adjusted
NTA
Share price

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
11
Products

Stride Property Group | Annual Results FY26
Portfolio composition by value as at 31 Mar 26
Products
Sector focus:Office and town centreConvenience-based retailIndustrialRetail shopping centres
Term:Open-endedOpen-endedOpen-ended10yr review date mid-2026
SPL investment:
100%18.8%49.0%2.2%
12
Office
Town centre
Stride has AUM of $3.3bn over four Products
Property categorised as ‘Assets classified as held for sale’
Property categorised as ‘Development and Other’
$670m
$175m
$423m
$1,109m
$712m
$137m
$879m
$1,128m
$850m
$446m

Stride Property Group | Annual Results FY26
FY26 highlights
•LFL Rental Growth of +4.7% across 110,000sqm
•Portfolio valuation of $1.1bn, +$140m on 31 Mar 25
•Acquired Bunnings New Lynn for $43m and Silverdale Centre for $114m.
Supported by $62.5m subordinated convertible note capital raise
•Divested Woolworths Browns Bay and Woolworths New Brighton for
$31.8m, +5.2% on combined book value
1
. Post balance date, entered
into an unconditional agreement to divest Woolworths Greenlane for
$35.9m, +4.1% on 31 Mar 26 book value
•Committed up to $6.2m towards online expansion works at Woolworths
supermarkets at Dunedin, Upper Hutt and Kilbirnie at a blended yield on
cost of 7.2%
31 Mar 2631 Mar 25
Number of properties4343
Portfolio value$1,109m$965m
WACR6.3%6.3%
WALT5.9 years6.8 years
Net Lettable Area276,781 sqm247,875 sqm
2
Number of tenants186142
Occupancy99.5%99.0%
Investment Portfolio snapshot
13
1.31 Mar 25 book value for Woolworths Browns Bay and 30 Sep 25 for Woolworths New Brighton.
2.NLA as at 31 Mar 25 has been restated to exclude certain areas to align with market practice.
Bunnings New Lynn, Auckland

Stride Property Group | Annual Results FY26
FY26 highlights
•LFL Rental Growth of +3.5% across 143,000sqm
•Total portfolio valuation of $850m, +4.7% net fair value gain over FY26
•Development updates:
−$27m (excl. land) project at 16A Wickham Street, Hamilton, completed in
Oct 25; lease with Wattyl delivered a WALT of 15 years and a 6% yield on
cost (incl. land)
−~$30m (excl. land) project at Favona Road, Auckland, completed post
balance date in Apr 26; leasing underway
−~$70m (excl. land) Patiki Road, Auckland, development completion during
2028, subject to final construction pricing. Early works have commenced
•8 Reg Savory Place, Auckland, disposal for $13.6m, +13% on book value
1
•22% of net Contract Rental is subject to market review or expiry in FY27 and FY28,
with potential reversion to market of +15%
2
31 Mar 2631 Mar 25
Number of properties
1819
Portfolio value
$712m$689m
WACR
5.6%5.8%
WALT
9.0 years9.1 years
Net Lettable Area
177,177 sqm182,477 sqm
Number of tenants
5250
Occupancy
99.5%96.9%
14
Investment Portfolio snapshot
14-20 Favona Road, Auckland
1.Book value as at 31 Mar 25.
2.Based on independent valuations as at 31 Mar 26.

Stride Property Group | Annual Results FY26
FY26 highlights
•LFL Rental Growth of +2.1% across 54,000sqm
•LFL MAT up +2.4%, with foot traffic up +2.9%
•Specialty GOC for the portfolio reduced to 12.5% at 31 Mar 26
•Occupancy and WALT remain robust at 97% and 2.9 years
•Total portfolio valuation of $446m as at 31 Mar 26, up from $407m as at
31 Mar 25 due to a combination of higher market rentals, lower
operating expenses and firmed cap rates
31 Mar 2631 Mar 25
Number of properties22
Portfolio value$423m$384m
WACR7.9%8.3%
WALT2.9 years2.7 years
Net Lettable Area85,543 sqm85,627 sqm
Number of tenants252250
Occupancy96.9%97.0%
Queensgate Shopping Centre, Wellington
15
Investment Portfolio snapshot

Stride Property Group | Annual Results FY26
SPL Town centre portfolio
FY26 highlights
1
•LFL Rental Growth of +0.9% across 21,000sqm
•LFL specialty MAT stabilised at +0.2% against FY25, with Mar 26 quarter showing
return to growth at +5.6%. Specialty GOC remains low at ~12%
•31 leasing transactions completed equating to 21% of specialty tenants by income
•Sustained development at Westgate reinforces long term population growth story
for NorthWest catchment, with +37% forecast over 2023-2033
•Silverdale Centre sold to Investore, retaining management and creating balance
sheet capacity for strategic growth initiatives
•Total portfolio
2
valuation of $198m, +3.3% net gain over FY26
31 Mar 2631 Mar 25
Number of properties
2 3
Portfolio value
$175m $282m
WACR
7.5%7.4%
WALT
3.6 years 3.6 years
Net Lettable Area35,666 sqm58,675 sqm
Number of tenants
119153
Occupancy91.7%95.5%
16
Investment Portfolio snapshot
1.Comprises NorthWest Shopping Centre and NorthWest Two, referenced as ‘NorthWest’.
2.As at 31 Mar 26 (incl. 50% Johnsonville Shopping Centre).
Refer appendix 3 for metrics on SPL’s combined directly held office and town centre portfolio.
NorthWest Shopping Centre, Auckland

Stride Property Group | Annual Results FY26
SPL Office portfolio
FY26 highlights
•LFL Rental Growth of +2.0% across 57,000sqm, including +6.2% for
repositioned assets
•Repositioning progress:
−34 Shortland Street: Works largely complete. ~4,700sqm of new lettings
now complete, ~1,800sqm remaining
−215 Lambton Quay: Lobby, café and end of trip upgrades now
complete, including new lettings of ~3,600sqm, ~3,700sqm remaining
−1 Grey Street: Repositioning planning and feasibility progressing
−55 Lady Elizabeth Lane: Test piling complete, supporting the next stage
of design and programme development
31 Mar 2631 Mar 25
Number of properties
66
Portfolio value
$670m$694m
WACR
6.2%5.9%
WALT
6.7 years7.0 years
Net Lettable Area
72,311 sqm72,344 sqm
Number of tenants
7169
Occupancy
85.7%87.7%
Refer appendix 3 for metrics on SPL’s combined directly held office and town centre portfolio.
17
Investment Portfolio snapshot
20 Customhouse Quay, Wellington

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
18
Sustainability

Stride Property Group | Annual Results FY26
Progress on sustainability
19
Office
Town Centre
FY26 Scope 1 and 2 emissions were 2,111 tCO2e (+27%
on FY25), primarily driven by the increase in the FY26
electricity emissions factor
1
Energy efficiency software installed in Auckland office
assets, targeting efficiency improvement of HVAC
1.For SIML and each of the Products in aggregate.
Auckland Transport’s Fareshare programme implemented
at Stride’s head office to encourage more sustainable
travel
21 Investore buildings now certified under Green Star
Performance, making this the largest portfolio of buildings
by number, rated with this tool in New Zealand
110 Carlton Gore Road, Auckland
79/100 GRESB score achieved during FY26, an
improvement of +10 points from the prior year

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
FY26 consolidated
financial results
20

Stride Property Group | Annual Results FY26
31 Mar 26
$m
31 Mar 25
$m
Change
$m%
Net rental income
58.969.1(10.1)(14.7)
Management fee income
22.920.4+2.5+12.2
Total corporate expenses
(22.1)(21.3)(0.8)(3.5)
Profit before net finance expense, other (expense)/income and income tax
59.868.2(8.4)(12.3)
Net finance expense
(18.1)(18.8)+0.8+4.1
Profit before other(expense)/income and income tax
41.749.3(7.6)(15.4)
Other (expense)/income
1
(1.8)(16.8)+15.1+89.5
Profit before income tax
39.932.5+7.5+23.0
Income tax expense
(8.7)(10.8)+2.2+19.9
Profit after income tax attributable to shareholders
31.321.7+9.6+44.4
1.Other (expense)/income includes net reduction in fair value of investment properties of $(34.1)m (2025: $(29.5)m net reduction), share of profit in equity-accounted investments$35.3m (2025: $20.5m profit), impairment of equity-accounted
investment $(2.1)m (2025: $(8.8)m), (loss)/gain on disposal of investment properties $(0.9)m loss (2025: $1.0m gain).
Values in the table above are calculated based on the numbers in the consolidated financial statements for each respective financial period and may not sum due to rounding.
Financial performance
Stride Property Group (Stride) - Consolidated
21
Impact of $(8.4)m due to:
•Restructure of Industre in FY25 $(3.9)m
•Disposal of Silverdale Centre $(2.7)m
•IFRS movement over the periods $(1.8)m
Remaining $(1.7)m movement largely due to higher vacancy and
leasing costs on assets we are repositioning

Stride Property Group | Annual Results FY26
31 Mar 26
$m
31 Mar 25
$m
Change
$m%
Profit before income tax
39.932.5+7.5+23.0
Non-recurring, non-cash and other adjustments:
- Net change in fair value of investment properties
34.129.5+4.6+15.5
- Share of profit in equity-accounted investments
(35.3)(20.5)(14.8)(72.5)
- Impairment of equity-accounted investment
2.18.8(6.7)(76.6)
- Dividend income from equity-accounted investments
13.27.9+5.3+66.4
- Project management and disposal fees eliminated in SIML
1.20.6+0.6+116.7
- Loss/(gain) on disposal of investment properties
0.9(1.0)+1.9+195.1
- Share-based payment expense net of forfeited employee incentive rights
1.61.4+0.2+13.1
- Other movements
(0.1)(1.7)+1.6+94.5
Distributable profit before current income tax
57.657.6+0.0+0.0
Current tax expense excluding divestments
(8.5)(9.2)+0.8+8.4
Distributable profit after current income tax
49.148.3+0.8+1.7
Basic Distributable profit after current income tax per share – weighted
8.78cps8.64cps
Adjustments to funds from operations:
- Maintenance capital expenditure
(3.1)(4.1)+1.0+24.9
- Incentives and associated landlord works
(3.5)(2.1)(1.4)(65.2)
Adjusted Funds From Operations (AFFO)
42.542.10.4+1.0
Basic AFFO Distributable profit after current income tax per share – weighted
7.60cps7.53cps
Basic weighted average number of shares (million)
559.4559.0
Values in the table above are calculated based on the numbers in the consolidated financial statements for each respective financial period and may not sum due to rounding.
Distributable profit
Stride Property Group (Stride) - Consolidated
22

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
Capital
management
23

Stride Property Group | Annual Results FY26
•Bank debt facilities refinanced and extended.
No debt facilities maturing until FY30
•33.6% bank LVR
1
as at 31 Mar 26, down from 38.7%
as at 31 Mar 25
•23.8% balance sheet gearing
3
as at 31 Mar 26, taking
into account investments in the Stride Products
•$166m headroom provides funding capacity for future
growth opportunities
Syndicated debt facilities
As at
31 Mar 26
As at
31 Mar 25
Debt facility limit $460m$460m
Debt facilities drawn$295m$390m
Weighted average maturity of debt facilities4.0 years2.1 years
Debt metrics
Bank LVR
1
Covenant: ≤ 50%
33.6%38.7%
Look-through gearing
2
35.1%38.1%
Balance sheet gearing
3
23.8%29.0%
Interest Cover Ratio
Covenant: ≥ 2.125x
2.9x3.2x
Weighted Average Lease Term
4
Covenant: > 3.0 years
4.9 years4.8 years
1.Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
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.Balance sheet gearing includes SPL’s directly held property, as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt.
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
24
$350m
$110m
FY27FY28FY29FY30FY31
Debt maturity profile
as at 31 Mar 26
Bank facilities
Green loan facilities

Stride Property Group | Annual Results FY26
Cost of debt
As at
31 Mar 26
As at
31 Mar 25
Weighted average cost of debt
(incl. margins & line fees)
5.0%4.9%
Weighted average interest rate on
current swaps (excl. margins & line fees)
3.6%3.0%
Weighted average
hedging term remaining
1.9 years2.3 years
% of drawn debt hedged95%72%
Capital management – cost of debt
Weighted average cost of debt at 5.0% vs 4.9% at
31 Mar 25. Offsetting movements included:
•$75m of hedging with 1.6% average rate matured
over the year
•Lower drawn debt increased the effective line fee
as a percentage of drawn debt
•Competitive banking market drove tighter margins
at the refinancing
•The benefit of lower OCR settings has been
tempered by interest rate hedging - 95% hedged at
31 Mar 26
25
$280m$230m$100m
3.6%
3.7%
3.6%
Mar 26Mar 27Mar 28
Fixed rate interest profile
as at 31 Mar 26
Notional fixed rate debt
Weighted average fixed interest rate (excl. margin & line fees)

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
Outlook
26

Stride Property Group | Annual Results FY26
Outlook
•Recent offshore developments have reintroduced
inflation pressures and market uncertainty, weighing on
business and consumer confidence
•Should Diversified investors seek liquidity in FY27,
associated project fees offset lost management fee
income in near term with a 5-6% impact to DPPS over
longer term
•SPL capital management position tidy, well funded and
provides headroom for initiatives
•Near term focus is on growing income via our asset
repositioning initiatives, realising Industre’s development
pipeline and continuing to grow our Products
•The Stride Boards confirm they intend to pay a
combined cash dividend for SPL and SIML during FY27
of 8.0 cents per share subject to market conditions
27
20 Customhouse Quay, Wellington

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
Glossary
28

Stride Property Group | Annual Results FY26
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 before income tax, is set out in note 4.3 to the consolidated financial statements
DiversifiedDiversified NZ Property Trust, a Stride Product
FYThe financial year ended 31 March of the relevant year
HYThe six month period ended 30 September of the relevant year
GOCTotal gross occupancy costs (excluding GST) expressed as a percentage of MAT
IndustreA joint venture between SPL and JPMAM (through its special purpose vehicle, SP (NZ) 1 Limited). 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’ 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 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 31 March 26, as a percentage of
Contract Rental
LFL Rental GrowthThe increase on prior rentals from new lettings, renewals and rent reviews completed during FY26 on a like-for-like basis
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 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
StrideStride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or BoardsThe Boards of SPL and SIML together
ProductsAny 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
29

Stride Property Group | Annual Results FY26
Stride Property Group | Annual Results FY26
Appendices
30

Stride Property Group | Annual Results FY26
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 31 Mar 26
31
$989m
$1,128m
$(35)m
$1,094m
$407m
$446m
$446m
$784m
$850m
~+$70m
1
~$920m
$1,010m
$879m
$879m
$3,190m
$(156)m
+$160m
+$38m
+$35m
+$37m
$3,302m
~$3,338m
AUM
as at Mar 25
DisposalsAcquisitionsDevelopmentsMaintenance
capex
and other
items
Net
revaluation
movement
AUM
as at Mar 26
Industre's
Patiki Road
development
commitment
Investore
disposal
Pro forma
AUM
as at Mar 26
AUM movements over FY26
1. Subject to final construction pricing

Stride Property Group | Annual Results FY26
Overview
As at Mar 26
TotalOfficeIndustrial
Convenience-
based retail
Town centre/
retail shopping centres
Office and town centre portfolio
Properties (no.)
8
62
Net Contract Rental

($m)
53.4
40.113.3
WALT (years)
5.9
6.73.6
Occupancy (% by area)
88
8692
Portfolio valuation ($m)
845
670175
Percentage of portfolio (% by value)
100
79
21
Stride ProductsSPLIndustreInvestoreDiversified
Properties (no.)
63
18432
Net Contract Rental ($m)
147.9
37.973.536.5
WALT

(years)
5.9
9.05.92.9
Occupancy (% by area)
99
9999.597
Portfolio valuation ($m)
2,244
7121,109423
SPL investment metrics on a weighted, look-through basis
SPL investment in managed entities100%49.0%18.8%2.2%
Portfolio valuation ($m)
1,411
8453492099
WALT (years)
6.6
5.99.05.92.9
Occupancy (% by area)
94
889999.597
Percentage of portfolio (% by value)
1006025151
Appendix 2: Investment Portfolio by sector
32

Stride Property Group | Annual Results FY26
SPL Overview
As at
31 Mar 26
As at
31 Mar 25
Properties (no.)
89
Tenants (no.)
190222
Net Lettable Area (sqm)
107,977131,019
Net Contract Rental

($m)
53.4 60.6
WALT (years)
5.9 5.9
Occupancy (% by area)
8891
Portfolio Valuation ($m)
845 976
Weighted Average Age (years)
12.411.8
Weighted Average Capitalisation Rate (%)
6.56.3
Appendix 3: SPL Office and town centre portfolio
Location by Contract Rental
Sector by Contract Rental
Lease Expiry Profile by Contract Rental
as at 31 Mar 26
33
Auckland
64%
Wellington
36%
8%
9%
6%
18%
10%
5%
2%
42%
FY27FY28FY29FY30FY31FY32FY33FY34+
Office
73%
Town centre
27%

Stride Property Group | Annual Results FY26
Appendix 4
34
$49.3m
$41.7m
$(3.9)m
$(2.7)m
$(1.7)m
$(1.8)m
$2.5m
$(0.8)m
$0.8m
FY25Industre
FY25 restructure
Net rental decrease
- disposal of
Silverdale Centre
Net rental decrease
- directly held
portfolio
IFRS
movements
Higher management
fee income
Higher corporate
expenses
Lower net finance
expense
FY26
Profit before other (expense)/income and income tax
$60.6m
$53.4m
$1.5m
$(2.1)m
$1.2m
$(7.7)m
As at
31 Mar 25
Rent reviewsNet leasing impactOther items
(includes unrecovered opex
due to vacancies)
Silverdale Centre
disposal
As at
31 Mar 26
Net Contract Rental

Stride Property Group | Annual Results FY26
Appendix 4 (cont.)
35
$1.72
$1.69
$0.07
$(0.02)
$(0.06)
$0.06
$(0.08)
As at
31 Mar 25
Profit before other
(expense)/income and
income tax
Income tax
expense
Net change in
fair value of
investment properties
Share of profit in
equity-accounted
investments
Dividends
paid
As at
31 Mar 26
Net Tangible Assets per share
$1,010.3m
$878.5m
$16.4m
$1.6m
$(114.0)m
$(35.7)m
As at
31 Mar 25
Capital expenditureIFRSSilverdale Centre disposalNet change in fair valueAs at
31 Mar 26
Investment Property
1

1. Includes the value of Stride's office located at 34 Shortland Street, Auckland, of $6.7m.

Stride Property Group | Annual Results FY26
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 2026. Please
refer to Stride Property Group’s consolidated financial statements for further
information in relation to the year ended 31 March 2026. 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.

---

Stride Property Group
FY26 Sustainability Report

GRESB score improvements
Stride achieved its highest ever GRESB score of 79 during FY26, an improvement
of 10 points from the prior year. Stride’s managed funds also improved, with
Investore and Diversified both scoring 71.
Remove gas from all properties
Although scope 1 gas emissions increased in FY26 due to higher use of
buildings, Stride continues to progress its carbon transition plan, completing
the design phase for the replacement of gas boilers with electric heat pumps at
34 Shortland Street, Auckland, and 215 Lambton Quay, Wellington. These are
the two largest carbon reduction projects, and Stride is committed to complete
them during FY27.
Reduce scope 1 and 2 GHG emissions by 42% from our
FY20 baseline year by 2030
Our scope 1 and 2 emissions increased in FY26, driven by higher energy use and
a much higher electricity emissions factor. We remain focused on achieving our
2030 target and key initiatives to support this are outlined in our carbon reduction
page on page 12.
Reduce waste to landfill by 25% by FY30, including
construction waste
Stride completed industrial development projects for Industre at 16A Wickham
Street, Hamilton and 14-20 Favona Road, Auckland (post balance date) which
have achieved over 90% diversion of waste from landfill by weight.
Target 5 Green Star rating for developments
Both of Industre's industrial developments are targeting 5 Star Green Star
Design and As Built ratings.
FY26 Summary

About this report
Changes proposed to the NZ Climate-Related Disclosures regime under the Financial Markets Conduct
Act 2013 (FMCA) mean that Stride will not be required to produce a climate-related disclosure for FY26.
Despite this, Stride considers it is important to communicate our sustainability and climate-related
strategy with our stakeholders reflecting our commitment to transparent reporting.
Stride made good progress during FY26, updating our overall sustainability strategy, with key actions
and targets now defined to 2030. Our updated transition plan outlines how we intend to continue
progressing this strategy and our operations towards a low carbon future. We have reviewed our key
risks and opportunities, focusing on our most material impacts. This has enabled us to explore our
management of these risks and opportunities in greater depth, integrating our transition response and
linking our key metrics. We used new data sources during FY26 to assess physical risk exposure and
will continue to build our asset-specific knowledge.
Our governance approach has remained consistent with prior years, and is outlined on page 19.
Our greenhouse gas emissions (GHG) profile is set out on page 15, and the GHG inventory report can be
found in the Appendix from page 23. Our science-based target, with progress to date and key actions
we intend to take to achieve our target can be found on page 12.
Disclaimer
This report sets out Stride’s current understanding and response to climate-related risks and opportunities as they
impact Stride, and the current and anticipated impacts of climate change, which are expected to evolve over time. This
report contains estimates and assumptions about future external physical and transitional changes driven by climate
change and their anticipated impacts on our business and these are subject to inherent uncertainties and limitations.
This report contains forward looking statements, including climate scenarios, targets, assumptions, climate projections,
forecasts, statements of future intentions, estimates and judgements.
Forward-looking statements involve assumptions, forecasts and projections which are inherently uncertain and subject
to limitations. While Stride has taken reasonable care in making these forward-looking statements, these statements,
together with the risks and opportunities described in this report, and our strategies to achieve our targets, may not
eventuate or may be more or less significant than anticipated.
There are many factors that could cause actual results, performance or achievement of climate-related metrics and
targets to differ materially from those described, many of which are outside of Stride’s control. Nothing in this report
should be interpreted as legal, financial, tax or other advice or guidance.
Contents
03About Stride Property Group
05Sustainability Strategy
06Stride’s Transition Plan
08Managing Our Climate-Related Risks and Opportunities
12Our Carbon Reduction Plan
15Metrics and Targets
19Governance and Risk Management
22Scenario Analysis
23Appendix 1: Greenhouse Gas Inventory Report
37Appendix 2: Independent Assurance Report
This document comprises the FY26 Sustainability Report for each of Stride
Investment Management Limited (SIML) and Stride Property Limited (SPL), which are
members of Stride Property Group (Stride). Each of SPL, SIML and Stride has been
designated as “Non-Standard” (NS) by NZX. For more information, see the FY26
Annual Report for Stride, which is available at www.strideproperty.co.nz.
Stride Property GroupSustainability Report 2026
2

About Stride Property Group
Key metrics as at 31 March 2026
Stride is a real estate investment company comprising two
entities: Stride Property Limited (SPL), an asset owning
company, which invests in commercial property, and Stride
Investment Management Limited (SIML), a management
company that provides investment management services to
the Stride Products
1
.
$1.4bn
Look-through
2
portfolio value
$3.3bn
SIML assets under management
10
Number of properties directly owned by SPL
79
Number of properties managed by SIML
Portfolio composition by value as at 31 March 2026
Property categorised as
‘Development and Other’
Numbers in chart may not sum due to rounding.
Office and
town centre
Sector
focus:
Convenience-based
retail
Industrial
Retail shopping
centres
Open-endedTerm:Open-endedOpen-ended
10 year review date
mid-2026
100%
SPL
investment:
18.8%49.0%2.2%
$423m

$670m
$175m
$879m
$1,128m
$1,109m
$20m
$34m
$850m
$137m
$712m
$446m
$23m
1. Any or all as the context may require of Diversified NZ Property Trust (Diversified), Investore Property Limited (Investore)
and Industre Property Holdings Limited (Industre).
2. Includes SPL's directly owned properties, plus SPL's proportionate ownership in the portfolios of the other Stride Projects.
Excludes properties categorised as 'Development and Other' in the respective financial statements.
SPL directly owns a portfolio of office and town centre properties. In addition, SPL
owns an interest in each of the Stride Products. SIML manages the portfolios and
business of SPL, and the Stride Products.
Stride Property GroupSustainability Report 2026
3

About Stride Property Group (cont.)
Stride is an NZX-listed entity which
comprises SPL and SIML. SPL is the
property owning entity, directly owning a
portfolio of office and town centre assets
as well as an interest in each of the Stride
Products. SIML is the manager of the
Stride Products
Investore is an NZX-listed entity and
owns a portfolio of convenience-based
retail properties across New Zealand
Industre is a joint venture between Stride
and JPMAM
2
and owns a portfolio of
industrial assets primarily located in the
Auckland region
Diversified is a trust that is primarily
owned by two Australian superannuation
entities. Diversified owns shopping centre
assets in New Zealand
NZX-listed Stride Property Group
Management
Agreements
2.2%
49.0%
100%
18.8%
Fabric Property
Limited
Office owning entity
Stride Property
Limited
Property

owning entity
Stride Investment
Management
Limited
Real estate
investment
manager
Diversified NZ Property
Trust
Owned primarily by
Australian superannuation
entities and owns
shopping centres
Industre
Joint Venture
Owned by SPL and
the Industre joint
venture partner.
Invests in industrial
property
Investore
Property Limited
NZX-listed entity owning
convenience-based

retail property
Ownership
Interests
1. Further detail of SIML's organisational boundary for GHG reporting is outlined on page 25.
2. A group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management.
Set out in Diagram 1 is an overview of the Stride corporate
structure, including an outline of the entities managed by SIML,
and in which SPL holds an ownership interest.
For the purposes of greenhouse gas (GHG) reporting SIML
applies an 'operational control' approach to identify and
determine the boundary of SIML’s GHG inventory. SIML’s
organisational boundary for GHG reporting encompasses SIML,
SPL, Investore, Industre and Diversified, on the basis that SIML
is the property and fund manager and therefore has 'operational
control'. This approach allows Stride to focus on those emission
sources over which it has operational control and can therefore
implement management actions consistent with SIML’s
sustainability strategy.
1
Diagram 1 - Corporate Structure
Stride Property GroupSustainability Report 2026
4

Sustainability Strategy
Planet
Mitigate our impact
on the planet
Reduce emissions
and waste
Reduce scope 1
and 2 emissions
by 42% by 2030
Develop sustainable
buildings
Make sure our buildings
are resilient and fit for
purpose for tenants
Reduce the risk of
modern slavery in our
supply chain
Ensure health, safety
and wellbeing
Promote inclusivity
and connectivity
Take action on
biodiversity
Create enduring shared value
Purpose
Goals
Focus
Areas
Targets
People
Take care of our
people and partners
Places
Invest in and manage
outstanding places
Complete modern
slavery risk
assessment
Target 5 Green Star rating
for developments
Reduce waste to landfill
by 25% by FY30, including
construction waste
20 Customhouse Quay, Wellington

Our refreshed targets consolidate and streamline Stride’s existing sustainability commitments,
removing duplication while maintaining focus on key priorities.
Our target to reduce scope 1 and 2 emissions by 42% by 2030 remains central to our strategy.
Existing initiatives; including gas removal (excluding tenant process load), and energy and water
efficiency improvements, have been consolidated into this workstream. We have reconsidered
our commitment to offset to net zero by 2030, with a continued focus on prioritising direct
emissions reductions ahead of offsetting.
Our commitment to achieving 5 Star Green Star ratings for developments continues.
Supporting elements, including waste diversion and embodied carbon reduction, are
embedded within these requirements and will be delivered through this target.
Several prior targets have now been or are nearing completion. This includes the phase-out
of harmful refrigerants (with final R22 replacements in Investore scheduled for FY27) and the
integration of physical climate risk assessments into our annual climate risk programme.
New targets have been introduced to address emerging priorities. These include undertaking a
modern slavery risk assessment in anticipation of New Zealand legislation, and a portfolio-wide
waste target of a 25% reduction to landfill. Delivery will focus on improving diversion from
shopping centres and office assets.
During FY26, Stride refined and simplified its sustainability strategy.
Stride Property GroupSustainability Report 2026
5

Stride’s Transition Plan
Stride’s transition plan supports its strategy of creating,
developing and investing in places with enduring demand.
Stride’s transition plan comprises three core elements: how
Stride will transition its strategy and portfolio towards a
low carbon future, responding to its identified physical and
transitional risks, and decarbonising its portfolio
and operations.
Transition our strategy and portfolio towards a low carbon future
Stride’s strategy is to own and manage buildings that exhibit enduring demand, using these quality
assets to grow its real estate investment management business. Enduring demand means owning
and managing properties that are sustainable and resilient to transitional and physical risks for the
lifespan of the buildings. Stride has experience in creating a portfolio fit for a low carbon future,
through acquisitions, disposals, developments and refurbishments.
Our key transition risks centre around the need to transition our portfolio to a lower carbon
future to meet the expectations of stakeholders, including tenants, investors and regulators. Our
transition plan addresses this risk through ongoing progress in improving the energy efficiency and
sustainability of the assets we own and manage.
Developments and
major refurbishments
Upgrades to
existing buildingsAcquisitions
Sustainability initiatives are
incorporated into assets that
are developed by Stride, with
new developments or major
refurbishments targeting a
5 Green Star rating.
This objective ensures new
developments minimise
whole of life emissions and
provide a sustainable place
for occupants of the building.
Stride is committed to
operating and maintaining
buildings in the most
efficient manner possible,
including through
implementing its carbon
transition plan, which sets
out a roadmap to reducing
greenhouse gas emissions
across existing office and
town centre buildings
consistent with its emissions
reduction target.
When Stride acquires a new
asset, it considers physical and
transition climate-related risks
associated with the asset.
Stride will target assets that
are 5 Green Star rated, or can
achieve this rating, where
appropriate, taking into account
the type and age of the asset,
noting that limited ratings exist
for some categories of asset.
Stride Property GroupSustainability Report 2026
6

Stride’s Transition Plan (cont.)
Stride’s approach differs by sector, and takes into account tenant and investor demand and the strategy of each of its Products
1
. By delivering
on a portfolio-by-portfolio strategy aligned with sustainability objectives, this ensures that the properties owned and managed by Stride
continue to have enduring demand, and that Stride’s business and that of its Products continue to be sustainable for the long term.
Office Properties
Over the past few years Stride has focused on
transforming its office portfolio into a high-quality,
sustainable portfolio of newer assets to meet tenant
demand, given the 'flight to quality' observed among
tenants for office property. This strategy has been
beneficial, with better quality, more sustainable
properties attracting higher rents and with higher
occupancy levels as compared with lower grade
properties.
Convenience-based Retail Properties
Investore’s sustainability strategy, which is supported by
SIML, is to target 5 Green Star ratings for newly developed
properties. Investore’s approach is to work with its tenants to
seek to achieve common sustainability goals, to enable the best
outcome for Investore, its tenants and the planet.
Investore has been undertaking ratings of properties with the
Green Star Performance tool, and in FY26 rated 21 buildings,
making this the largest portfolio in New Zealand rated with this
tool by number.
Industrial Properties
Industre’s approach is to identify properties with
underutilised sites in preferred locations, where the
existing assets provide short-term income until the
asset can be redeveloped. Industre, through SIML
as manager, then redevelops these sites, often in
collaboration with tenants, to provide investors with
prime industrial assets with enduring tenant demand
and enhanced returns. When developing new assets,
Industre targets 5 Green Star rated developments.
Industre has also begun to rate properties using
the Green Star Performance tool, starting with five
buildings in FY26.
Town Centres
Diversified owns Queensgate Shopping Centre in Wellington and Chartwell Shopping Centre in
Hamilton. Stride also owns Northwest Shopping Centre and NorthWest Two, an energy efficient
town centre located in Auckland. In addition, Stride and Diversified jointly own Johnsonville
Shopping Centre in Wellington, which is a development opportunity. Consistent with its overall
sustainability objectives, Stride will seek to improve the energy efficiency of the shopping centres
that it owns and manages. Stride is part of an industry working group that is working to introduce
a NABERS rating for shopping centres in New Zealand. Stride is investigating the feasibility of
installing solar panels at the shopping centres.
FY24
73%
FY25
74%
FY26
75%
% of office portfolio by value
2
having
a 4 star NABERSNZ rating or 5
Green Star rating or better:
FY24
32%
FY25
23%
FY26
51%
% of Industre industrial buildings by
value
2
having a green rating – Green
Star Design & As Built or Green Star
Performance:
FY24
43%
FY25
39%
FY26
53%
% of Investore convenience-based
retail buildings by value
2
having a
green rating – Green Star Design &
As Built or Green Star Performance:
1. Products means any or all as the context may require of Diversified NZ Property Trust (Diversified), Investore Property Limited
(Investore) and Industre Property Holdings Limited (Industre).
2. Excludes properties reported as 'Development and Other' or 'Assets held for sale', lease liabilities and includes the value of rental
guarantees receivable in the respective financial statements. In the case of SPL includes the value of Stride’s office at 34 Shortland
Street, Auckland, which is shown in the consolidated financial statements as 'Property, plant and equipment'.
Stride Property GroupSustainability Report 2026
7

Managing our climate-related risks and opportunities
Stride has identified climate risks and opportunities for its business, and assessed its exposure.
The process undertaken is described in the Governance and Risk Management section on page 21,
and the climate scenarios are described on page 22.
IssueRisk
Potential
financial impactsOpportunityCurrent and anticipated impacts and strategy
Metrics to monitor the risk,
including capital deployed
Asset
sustainability
performance
Regulations
requiring
improved
energy
efficiency or
introducing
carbon caps for
both existing
and new
buildings
Value of assets may be affectedAcquire
properties
that may be
'stranded' and
improve them to
realise value
No legislation in relation to energy efficiency or requiring the
disclosure of performance data has been introduced. Stride will
monitor legal obligations and the introduction of legislation. To
assist with this, Stride is a member of the New Zealand Green
Building Council.
The New Zealand Government previously had a policy that all
offices it occupied had a minimum 4 star green rating. This has
now been removed, but we still see Government Departments
citing this requirement as one factor in their leasing decisions
Stride seeks to gain green ratings where possible. Stride's
green rating progress and strategy is outlined on page 7
Percentage of eligible buildings
that have a green rating by value:
Legal riskRegulatory or
litigation action
against Stride
Products as
a result of
not meeting
regulatory
requirements
Costs of any regulatory fines or
litigation defence costs
Stride does not
anticipate any
opportunities
associated with
this risk
Following the Government's 2025 decision to narrow the New
Zealand climate-related disclosures regime, and the Financial
Markets Authority's no-action approach for affected entities
pending legislative change, Stride is no longer presenting this
report as a mandatory Climate-related Disclosures report under
Part 7A of the Financial Markets Conduct Act 2013. Stride
continues with its sustainability reporting on a voluntary basis
Stride will monitor legal obligations and the introduction of
legislation. To assist with this, Stride is a member of the New
Zealand Green Building Council and the Property Council of
New Zealand
No metric associated with this risk
Transition risks
We anticipate these risks as being most likely to have the greatest impact in the Orderly and Disorderly scenarios, and over the medium time horizon.
FY24
73%
32%
42%
FY25
74%
23%
39%
FY26
75%
51%
53%
StrideInvestoreIndustre
Stride Property GroupSustainability Report 2026
8

Managing our climate-related risks and opportunities (cont.)
IssueRiskPotential financial impactsOpportunityCurrent and anticipated impacts and strategy
Metrics to monitor the risk,
including capital deployed
Tenant
preferences
Failure to
keep up with
technology
advances and
expectations
of tenants
for energy
efficiency,
renewables
and low carbon
technology
Tenant demand may change,
which in turn affects rental income
and asset value
Benefits from
being a 'first
mover' to a low
carbon world
increase tenant
demand
Tenants, particularly office tenants, are demanding higher
quality, more sustainable buildings and work with us on
projects to decarbonise facilities and make them more resilient
to climate-related risks. Tenants are also starting to require
certain upgrades to the building or a Green Star/NABERSNZ
rating when signing a lease. In FY26, CAPEX upgrades related
to sustainability were undertaken as, detailed on page 13
Stride engages with tenants on sustainability, and has an
annual tenant engagement survey focused on sustainability
with a response rate of 60% by number in FY26
Contribution to costs incurred by
tenants in replacing lighting with
low energy LED lights during FY26:
$762,000
Capital deployed for sustainability
initiatives on active developments
during FY26:
$568,000
Investor
expectations
and reputation
Investors
seek to exit
as a result of
not meeting
expectations
or mandates;
high debt costs
due to lender
requirements
Banks may impose higher debt
funding costs if there is a failure
to meet lender expectations
regarding transitioning to a low
carbon future
Investor demand for Stride can
impact share price, impacting the
ability to raise capital and fund
growth objectives
Increased
demand for
Stride's skills
as a manager
in transitioning
buildings to
energy efficient,
low carbon
properties
Investors, particularly institutional investors, are becoming
more focused on ensuring that companies they invest in are
meeting their expectations regarding a transition to a low
carbon future
Stride engages with investors on sustainability regularly,
and sought feedback on its sustainability strategy and
this voluntary climate statement during FY26
Stride reports to GRESB, an investor-led sustainability
benchmark
Stride GRESB Score:
Investore GRESB Score:
Diversified GRESB Score:
Transition risks
FY24
68
FY25
69
FY26
79
FY24
63
FY25
67
FY26
71
FY24
58
FY25
66
FY26
71
Stride Property GroupSustainability Report 2026
9

Managing our climate-related risks and opportunities (cont.)
IssueRiskPotential financial impactsOpportunityCurrent and anticipated impacts and strategy
Metrics to monitor the risk,
including capital deployed
Cost of
development
Carbon price
increases,
impacting cost
of materials,
construction
operations
and building
operations
Increased capital expenditure
would be incurred if the carbon
price rises, which could impact
feasibility of projects and/or the
value of buildings
There may be less construction
occurring in our managed entities
if the carbon price impacts project
feasibility or products are not
available, resulting in lower
SIML activity-based fees. In
addition, if property values of the
Stride Products are impacted,
this will impact SIML asset
management fees
Stride has not
identified any
opportunities
associated with
this risk
We have not seen a material change in the carbon price that
would trigger any impacts on Stride. Stride monitors the
carbon price, while at the same time seeking to 'get ahead of
the curve' by upgrading and improving the energy efficiency
of buildings in the short term, so that if the carbon price
does impact the cost of materials in the future, this impact is
minimised to the extent practicable
Stride embodied carbon
reduction target:
Energy &
infrastructure
Move to more
renewable
energy,
coupled with
price shocks
for fossil fuels
results in
increased cost
and uncertainty
of supply of
energy
Change in the costs associated
with operating assets
Acquire
properties
that may be
'stranded' and
improve them to
realise value
We have experienced uncertainty of supply and increased
costs for gas, due to dwindling supply as several suppliers have
exited the market and others not taking on new customers.
During our latest contract negotiation, only one supplier
provided pricing, which contributed to a 55% increase against
the previous rates. Stride is committed to removing
gas from its properties, and has a detailed plan for removing
gas from office and shopping centre properties
We have also seen price volatility for electricity due to
non-renewable generation costs and weather impacts on
hydro storage, but we expect this to stabilise as new renewable
energy comes online
We have installed solar panels and rainwater capture on all
developments completed during FY26. We are exploring
solar panels on suitable existing assets
Capital deployed for R22
replacement program in FY26:
$3,830,000
Percentage of assets with
gas equipment:
19%
Transition risks
FY24FY25FY26
10%
15%
26%
Stride Property GroupSustainability Report 2026
10

RiskPotential impactsNumber of buildings exposed to hazardsCurrent impacts
Acute physical risk such
as increased frequency
and severity of extreme
weather events
May lead to increased capital expenditure to retrofit buildings to
improve their resilience to weather events, as well as increased
operational costs from repairing damage
May also result in increased costs of insurance and potentially
the inability to obtain insurance coverage in certain areas or for
specific risks
Extreme events may also cause disruption to supply chains and
tenant businesses, potentially resulting in the inability to pay
rent
9 properties are exposed to fluvial flooding, and
20 properties are exposed to pluvial flooding
(using a 1 in 50 year event, Disorderly scenario)
77 properties are exposed to windstorm events
We have not experienced
any material impacts
(including financial
impacts) due to physical
risks in FY26. Insurance
premiums have stabilised
Chronic physical risk,
such as higher mean
temperatures, changing
weather patterns, sea
level rise
Increased operating costs due to greater load on plant
and equipment, which also increases repair and maintenance
costs
Greater demands on air conditioning plant may result in higher
operating costs, more frequent maintenance and even early
replacement of systems. A lack of cooling performance would
also lead to poor tenant experience
Property rates may increase as local councils incur higher costs
to maintain, repair and increase the resilience of infrastructure
that may be impacted by more frequent extreme weather,
droughts or sea level rise
68 properties are exposed to heatwaves, with 42 of these rating
as significant by 2050
Our current portfolio has no significant exposure to sea level
rise
We don’t expect a significant change in the exposure to
precipitation or storms by 2050
We have not experienced
any material impacts
(including financial
impacts) due to chronic
physical risks in FY26
The installation of new
HVAC equipment at
Investore and Diversified
sites as part of the R22
replacement programme
is expected to minimise
the risk of overheating in
the short to medium-term
Physical risks
We anticipate these risks as being most likely to have the greatest impact in the Disorderly and Hot House scenarios, and over the longer time horizon.
Managing our climate-related risks and opportunities (cont.)
Stride Property GroupSustainability Report 2026
11

Stride's emissions increased in FY26,
with material contributors to the
increase being higher national grid
electricity emission factor, increased
gas use in some buildings and
increased refrigerant leakage
Our Carbon Reduction Plan
Note: Projects represent estimated emissions reduction potential only. Projects may be implemented at different times, depending on feasibility and project demands, taking into consideration other building projects.
Following the
completion of R22
replacement program,
HVAC units replaced
with more efficient and
lower GWP units as they
reach end of life
A combination of solar
installations and grid
decarbonisation brings
scope 2 emissions
down each year from
FY27-FY30
Removal of gas boilers at
34 Shortland Street, Auckland, and
215 Lambton Quay, Wellington.
Energy efficiency tuning of HVAC
started at all office buildings
Scope 1 and 2 target
developed
Carbon reduction plan developed,
first upgrades to office buildings
completed, R22 refrigerant
program rolled out
FY30FY23FY21FY20FY26FY29FY25FY24FY22FY28FY27
2500
0
500
2000
1000
1500
Scope 1Scope 2Target: 42% reduction by 2030
During FY26 Stride has continued to refine our
carbon reduction plan. We have now completed
the design and begun to order the components
for the two largest projects in our plan – the
replacement of gas boilers at 34 Shortland
Street, Auckland, and 215 Lambton Quay,
Wellington.
Gas boilers will be replaced with an electric heat
pump at these properties. It is anticipated that
the replacement project will commence at the
end of 2026, timed with summer when heating
loads are lowest.
We have also partnered with BTune to carry out
extensive efficiency tuning of HVAC equipment
across all of our office assets. The results
from this are promising, and we have already
achieved a 19% reduction in energy used for the
HVAC at 46 Sale Street, Auckland.
We have also commenced work on a transition
plan for our convenience-based retail and
industrial assets in the Investore and Industre
Products. These are typically single tenanted
assets, where we have limited operational
control, and emissions arising from these
buildings are considered in our Scope 3
emissions. Regardless, decarbonising these
assets is important, and so we have begun
identifying opportunities for larger scale
decarbonisation. Key projects identified include
the removal of all gas equipment and the
installation of solar panels. Investore is now
engaging with its anchor tenants to explore
these initiatives.
Stride has a target to reduce scope 1 and 2 emissions by
42% by 2030, compared to our 2020 base year.
Stride Property GroupSustainability Report 2026
12

Our Carbon Reduction Plan (cont.)
Capital expenditure in support of carbon reduction
During FY26, capital expenditure was incurred in support of the carbon reduction plan.
ProductAmountCommentary
$1,447,000
1
Stride has upgraded the lobby and installed end of trip facilities at 215 Lambton Quay, Wellington. Stride considers that the installation of end of
trip facilities is sustainability expenditure as it encourages occupants of the building to take active forms of transport. The aggregate total spend
over FY25 and FY26 on the end of trip facilities was $1,100,000.
Stride contributed $137,000 for LED lights in the fitout of tenant spaces at 34 Shortland Street, Auckland, and 215 Lambton Quay, Wellington and
spent $210,000 on LED lighting at Northwest Shopping Centre.
$3,620,000During FY26, Investore spent $3,360,000 on the replacement of air conditioning units that use high global warming potential (GWP) and
ozone-depleting R22 refrigerant. A total of 68 units were replaced, leaving just 2 sites with R22 refrigerants remaining in Investore's portfolio,
down from the 18 sites originally identified.
A further $260,000 was spent on contributions for tenant LED lighting upgrades.
$723,000SIML has completed its development of the two new industrial buildings for Industre, 16A Wickham Street, Hamilton, and 14-20 Favona Road,
Auckland (post balance date).
Each of these developments incorporate a number of sustainability initiatives and are both targeting 5 Green Star rating.
The cost of the sustainability initiatives incorporated into these building projects was not separately tracked but the consultant spend on these
initiatives is estimated to be approximately $230,000 for 16A Wickham Street and $338,000 for 14-20 Favona Road.
Industre also replaced 506 lights with energy efficient LED fittings at a cost of $155,000 during FY26.
$470,000Diversified is also targeting the replacement of HVAC units using high GWP refrigerants such as R22. During FY26, $470,000 was spent on the
replacement of HVAC units with high efficiency units that utilise R32 gas, an industry standard for refrigerant.
1. Includes expenditure on 215 Lambton Quay, Wellington, end of trip facilities incurred during FY25.
Stride Property GroupSustainability Report 2026
13

Scope 3: Managing emissions in our operations
SIML’s commuting
Stride undertakes staff surveys on commuting habits twice a year, which has
provided insights on ways that Stride can assist employees with reducing their
commuting emissions. During FY26, Stride reviewed its commuting and travel
benefits and refined them in line with staff survey feedback.
SIML joined Auckland Transport’s Fareshare programme during FY26, whereby
SIML subsidises trips on public transport to and from the head office. SIML leases
two electric cars for employees to use for business purposes, reducing their need
to drive their personal cars to work and also ceased all fuel card benefits, to end
subsidies which encouraged travel in personal cars.
Our surveys showed that these initiatives increased the amount of public transport
use to 35% of overall mode share for commuting trips to and from head office.
Stride Property GroupSustainability Report 2026
14

Metrics and Targets
This section is intended to
enable users to understand
how Stride measures and
manages its climate-related
risks and opportunities.
Greenhouse gas emissions profile
Purchased goods and services
Capital goods
Business travel
Waste from Stride operations
Employee commuting
Scope 1
Natural gas for common areas
Fugitive emissions from air conditioning systems
Diesel for generators and sprinkler pumps
Scope 2
Electricity consumption
Embedded network lines losses
Tenant electricity
Tenant gas
Tenant water
Waste generated in operations
30,411.84 tCO2-e
2110.74 tCO2-e
Upstream
Scope 3 emissions
Scope 1 and 2
emissions
Downstream
Scope 3 emissions
Greenhouse gas reporting
Stride’s FY26 greenhouse gas inventory
report is outlined in Appendix 1. Stride
reports on its own emissions plus 100%
of the emissions for each of the Stride
Products, being Industre, Investore
and Diversified, on the basis that SIML
is the property and fund manager and
therefore has 'operational control'
of these assets and their emissions.
See page 4 for a description of the
corporate structure of Stride and
the Stride Products. McHugh and
Shaw is engaged to provide a limited
assurance conclusion in respect of
Stride’s greenhouse gas inventory, and
their report can be found on page 37
and following. Further detail regarding
Stride's greenhouse gas inventory,
including the standard that the
greenhouse gas emissions have been
measured in accordance with, are set
out in Stride's greenhouse gas inventory
report in Appendix 1 from page 23.
Stride Property GroupSustainability Report 2026
15

Metrics and Targets (cont.)
Greenhouse gas inventory
46 Sale Street, Auckland
Stride’s emissions increased for FY26, with scope 1 and 2 emissions increasing
by 27% compared to the prior period. Material contributors to the increase
include the following
1
:
19% of the 27% increase can be attributed to a higher
national grid electricity emission factor (being an
increase of 38%) reported by MfE in 2025, affecting both
scope 2 and scope 3 (tenant) electricity
4% resulted from gas use increase due to a combination
of lower energy efficiency in some buildings, and higher
occupancy. Our gas boiler replacements scheduled for
FY27 at 34 Shortland Street, Auckland, and 215 Lambton
Quay, Wellington, will reduce gas use materially as
outlined in the carbon reduction plan on page 12.
2% resulted from an increase in refrigerant leakage
emissions, particularly affecting Investore. Investore has
been progressing with its R22 replacement programme
which is nearing completion. We are investigating the
replacement of other high GWP units, namely R410A,
as they reach the end of their useful life.
Looking forward, in addition to considering the
replacement of R410A refrigerant units and scheduled
gas boiler replacements at 34 Shortland Street, Auckland,
and 215 Lambton Quay, Wellington, Stride is focused on
investigating other mechanisms like Power Purchase
Agreements to manage the risk of a high grid electricity
emissions factor, particularly as we approach target year
2030. Initiatives like installation of solar panels on existing
buildings are also being considered.
For FY26, we reviewed our scope 3 boundaries and
excluded emissions that we considered as beyond our
control or influence, including gas used by tenants in
equipment they have provided (process load) and waste
from single-tenant properties where we are not involved
in the management of waste services. FY24 and FY25
inventories have been restated to reflect these changes
and correct prior errors.
Scope 3 emissions increased on FY25 but remain below
FY24 levels. The primary driver was capital goods, which
rose 91% due to two active development projects which
reflects the intermittent nature of construction activity.
Scope 1 and 2 data coverage remained at 100%. For
scope 3, we continue to improve tenant data through
enhanced metering and the implementation of
emissions-tracking software Deepki to automate data
collection and support efficiency improvements.
A summary of Stride's reported greenhouse gas
emissions is set out on page 17, with further detail
provided in the Greenhouse Gas Inventory Report
included in Appendix 1 (from page 23). Emissions
intensities and data coverage can be found on page 18.
1. Other factors such as diesel use and electricity use contribute to the
27% increase.
Stride Property GroupSustainability Report 2026
16

Metrics and Targets (cont.)
Table 1: SIML Greenhouse Gas
Emissions Inventory Summary FY26
CategoryFY26FY25Commentary
Stationary diesel 18 16
Natural gas 466 396 Increase due to higher occupancy and lower energy efficiency in some buildings
Fugitive emissions from air conditioning systems 501 462 Refrigerant leakage increased, particularly affecting Investore
Scope 1 Emissions Tonnes of CO2-e 985 874
Electricity consumption (location based) 1,079 750 National grid electricity emissions factor increased by 38%
Embedded network line losses 47 38
Scope 2 - location based approach 1,125 788
Scope 1 and 2 Emissions Tonnes of CO2-e 2,111 1,662
Category 1 - Purchased goods & services 4,346 5,349
Category 2 - Capital goods 13,744 7,204 Increase associated with the delivery of two new property developments
Category 3 - Transmission & distribution losses - electricity 86 50
Category 3 - Transmission and distribution losses -
stationary energy
15 15
Category 6 - Fleet fuel 9 44 Fuel cards were discontinued in July 2025 and replaced with electric pool cars
Category 1 - Water 13 15
Category 6 - Business travel
(flights, accommodation, rental vehicles)
47 42
Category 7 - Employee commuting
(incl. working from home)
120 99
Category 5 - Waste generated in operations 863 1,019 Commencement of new waste targets and reductions
Category 13 - Downstream leased assets –
tenant consumption
11,170 9,190 Increase to tenants due to National grid electricity emissions factor increase
Total Scope 3 30,412 23,026
Total Scope 1, 2 and 3 tCO2-e emissions 32,523 24,689
Note: Numbers in the table may not sum due to rounding.
Stride Property GroupSustainability Report 2026
17

Metrics and Targets (cont.)
Key metrics
The key metrics that Stride considers
most relevant for its business, including
those that Stride monitors as part of
its regular assessment of performance
against its sustainability strategic plan,
are set out in the table on the right.
MetricFY26FY25FY24Commentary
GHG emissions
intensity
Scope 1 and 2 emissions
per sqm net lettable area
(NLA) (tCO2-e)
0.00320.00250.0020Emissions intensity for FY26 per square metre of NLA
has increased across all scopes from FY25 and FY24.
FY26 scope 1 and 2 emissions have increased primarily
due to a higher emissions factor for electricity, but we
have also seen increased natural gas consumption and
refrigerant leakage in FY26.
Scope 3 emissions intensity has also increased from
FY25, but remains steady with FY24. The primary
driver is a higher spend on construction due to the two
active industrial developments in FY26. The electricity
emissions factor on tenant electricity has a material
impact as well.
Scope 3 GHG emissions
per sqm NLA (tCO2-e)
0.0460.0340.048
Total GHG emissions per
sqm NLA (tCO2-e)
0.0490.0370.050
Energy intensity –
consumption as a
percentage of floor
area
Scope 1 gas (kWh)3.63.03.1Scope 1 and 2 energy intensity as a percentage of
floor area have both increased slightly for FY26. This
remains a focus for Stride, and work on the carbon
reduction plan will continue to address this.
Scope 3 intensity has dropped again for FY26, and is
significantly lower than FY24. Our engagement with
tenants on energy efficiency remains a larger focus.
Scope 2 electricity (kWh)16.716.115.8
Scope 1 and 2 (kWh)20.319.118.9
Scope 3 tenant gas and
electricity
1
(kWh)
153.6174.6200.6
Energy
consumption
data coverage
(actual data as
a percentage of
total data including
estimated)
Scope 1 and 2100%100%99.0%Our strong action on data collection continues in FY26,
with a second year of all actual scope 1 and 2 data.
Scope 387.1%96.1%76.0%Data collection for scope 3 energy consumption has
reduced slightly from a high point in FY25, but still far
exceeds FY24.
In order to increase data coverage and reduce workload
for Stride and tenants, we partnered with emissions
software Deepki to focus on automation, and we also
continue to work on remote metering.
Stride Property GroupSustainability Report 2026
18

Governance and Risk Management
This section is a summary of Stride’s approach to governance and management of climate-related risk.
For a more comprehensive overview, see our FY25 Sustainability Report and Climate-Related Disclosures
Governance
Risk management, including climate
risk management, is the responsibility of
the Boards of SPL and SIML, specifically the
Audit and Risk Committee, which ensures
a cohesive and consistent approach to the
management of climate risk and business risk.
While Stride does not have a formal
employee climate risk forum or committee,
climate risks are regularly discussed among
team members and the executive team,
particularly those responsible for asset
management, strategy and sustainability.
Sustainability is embedded in our approach to
management of our business.
SIML management
CEO
Responsible for meeting the Boards' sustainability expectations and
reporting progress to the Boards
Executive team
• Responsible for sustainability and climate reporting
• Responsible for business and climate-related risk management
• Ensures the risks in each business area are identified, monitored and
escalated appropriately
• Responsible for implementing controls for climate-related risks
SIML Senior Sustainability
Advisor
Provides expertise in relation
to climate-related risks and
sustainability, including developing
and implementing specific actions
to assist in achieving Stride’s
overall sustainability objectives
SIML Staff
Implement actions to manage and
monitor climate-related risks in
their relevant area of responsibility,
including implementing the carbon
reduction plan
Stride Boards
• Approve Stride's Sustainability Strategic Plan, including
objectives, targets and performance indicators
• Approve Stride's overall strategy and strategic objectives
and ensure sustainability and climate-related risks are
considered as part of the strategy and business plan
• Review and approve climate scenarios and consider the
impact of scenarios on Stride's strategy
Audit and Risk Committee
• Review and recommend to the Boards for approval
Stride's sustainability objectives, targets, and
performance indicators, and monitor achievement
against determined sustainability initiatives and
outcomes
• Review resourcing required and recommend resources
and activities to the Boards in connection with the
Sustainability Strategic Plan
• Oversee adoption and implementation of a
climate-related risk assessment process
• Provide strategic guidance and feedback to the Boards
and SIML management on Stride's sustainability
policies, frameworks, initiatives and performance
Reports on progress against targets and metrics twice per year
Climate-related risks reviewed annually, and relevant targets set,
along with the sustainability budget
Stride Property GroupSustainability Report 2026
19

Governance and Risk Management (cont.)
Board climate skills evaluation and training
The Boards monitor expertise across their directors to ensure they have an appropriate skills matrix
1

including climate-related and sustainability skills. During the previous reporting period, FY25,
all Stride Directors completed the Institute of Directors Climate Change Governance Essentials
training course, focused on assessing climate-related risks. Our Directors have considerable
experience and expertise in managing climate-related risks, as well as sustainability more generally.
The Chair of the Audit and Risk Committee also acts as the Chair of the Chapter Zero steering
committee. Chapter Zero is part of a global network of board directors committed to taking action
on climate change as part of the Climate Governance Initiative.
Sustainability-linked remuneration
As noted on page 101 of the FY26 Annual Report, SIML operates a Short Term Incentive (STI)
scheme, with awards for the Executive Team reviewed by the Remuneration and Nomination
Committee, which then makes a recommendation to the Board of SIML for approval.
STI performance measures include ESG objectives, which comprise equal weighting for Stride's
GRESB score and the GHG emissions reduction achieved.
Position%STI based on ESG objectives
CEO10%
CFO10%
GM Office15%
GM Corporate Services20%
GM Investment10%
GM Shopping Centres10%
Short term incentives comprise a combination of cash and share performance rights. STI are paid
in cash up to 60% of the total entitlement, with the balance being share performance rights. Where
share performance rights are granted, one share will be issued by each of SIML and SPL in respect
of each share performance right two years after the grant of the right, provided that the recipient
remains employed at the vesting date (subject to a 'good leaver provision').
1. See page 95 of Annual Report.
Stride Property GroupSustainability Report 2026
20

Governance and Risk Management (cont.)
Climate Risk Management Framework
Stride has a Climate Risk Management Framework which describes the scope of
climate-related risks that may be considered relevant to Stride, and the process for
identifying, assessing and managing those climate-related risks, as well as the process
that will be followed to ensure an ongoing review of these risks.
Stride, with support from external experts, initially identified climate-related risks and
opportunities during the scenario analysis process in 2021. That process identified physical
risks (acute and chronic) and transition risks (associated with transitioning to a low carbon
and climate-resilient economy) and assessed how those risks may impact Stride over time
under each of the scenarios considered. Stride’s entire value chain was considered when
assessing risks and opportunities.
Since then, risks have been updated on an annual basis, incorporating new data and
information as we have built our knowledge. When considering the risk rating of
climate-related risks, Stride uses the same rating framework used to assess the impact
of enterprise risks which considers impacts on people, environmental, financial, operational
and governance criteria. During FY27, Stride will undertake a review of its enterprise risks,
including how the risk management policy and framework explicitly integrates climate
change within its risk artefacts.
During FY26, we have partnered with software provider Deepki to enable more analysis
of our physical risk exposure. Deepki uses multiple data source inputs, such as the NASA
Earth Exchange Global Daily Downscaled Projections. We compared exposure at SSP2-4.5
and SSP5-8.5. While these pathways do not align exactly with our scenarios, they provide a
robust indication of possible exposure at warming levels above and below our selected Hot
House World Scenario.
Time horizons
Climate-related risks differ from enterprise risks in terms of the likely timeframe over which
the risk could emerge. Our time horizons reflect this, with the long time horizon reaching
out to 2100, to align with the expected lifespan of some of our development and acquisition
projects. The time horizons for the climate-related risks are short term (present day to 2030),
medium term (2031 – 2050) and long term (2051 to 2100).
Stride Property GroupSustainability Report 2026
21

Scenario Analysis
Stride was an active participant in the development of the sector scenarios for the construction and
property sector, including being involved in both the leadership group and the technical working group.
The sector scenario analysis for the construction and property sector was led by the New Zealand Green
Building Council. More detailed descriptions of each scenario, as well as the sources of data used to
construct each scenario, are available on the New Zealand Green Building Council’s website:
www.nzgbc.org.nz/
OrderlyDisorderly Hot House World
Climate change
policy ambition
1.5°C above pre-industrial levels by 21002°C above pre-industrial levels by 21003°C of physical warming above pre-industrial levels
by 2100
Policy and
regulatory outcomes
Energy and carbon limits for new buildings are
phased in rapidly.
Regulatory changes are well-signalled and
broadly supported.
Significant regulatory changes are introduced
without warning and applies unevenly to sectors
and geographies.
New Zealand does not enact any additional climate
policy. Regulatory changes are slow and focus on
adaptation and managing the effects of extreme
weather events.
Market behaviours
and trends
Companies move towards buildings with
sustainability and energy efficient features quickly.
Investors and tenants are undecided on key
features when selecting companies to lease from
or invest in.
There is more demand for buildings that are resilient
to direct climate-related physical events and
infrastructure failures.
Supply chainAs the carbon price and demand to decarbonise
buildings increases, this results in significant
demand for low carbon building products, materials,
and technologies, which leads to increased costs in
the short term.
Low carbon technology initially slow to develop
across all sectors. Sudden changes in regulation
lead to spikes in demand for low carbon products,
causing price shocks.
Increasing frequency and severity of weather events
such as storms result in more frequent and severe
damage to infrastructure assets and more frequent
and longer blackouts of supply.
Physical risksBy 2050, New Zealand is still dealing with severe
climate related events, but the combination of
managed retreat and infrastructure investment has
mitigated long-term physical risks.
New Zealand faces moderately severe physical
impacts of climate change with an increase
in extreme wind speeds, rainfall intensity, and
number of hot days by 2050.
New Zealand faces severe physical impacts of
climate change with increased extreme wind speeds,
increase in rainfall intensity, and a significant
increase in the number of hot days.
Stride Property GroupSustainability Report 2026
22

Appendix 1: Greenhouse
Gas Inventory Report
1 April 2025 – 31 March 2026
Stride Property GroupSustainability Report 2026
23

Introduction
This document is the annual greenhouse gas (GHG)
report for Stride Investment Management Limited (SIML)
and the entities within its organisational boundary.
This report has been prepared in accordance with The
Greenhouse Gas Protocol - A Corporate Accounting
and Reporting Standard, Revised Edition (Greenhouse
Gas Protocol) and the Corporate Value Chain (Scope
3) Accounting and Reporting Standard (2011) (the
Corporate Value Chain Standard).
Stride Property GroupSustainability Report 2026
24

Organisational Boundary
SIML’s organisational boundary for GHG reporting encompasses the entities listed below.
Each entity reports on emissions generated by its activities, including the properties they own.
SIML applies an operational control approach to identify and determine the boundary of SIML’s
GHG inventory. SIML will report on its own emissions plus 100% of the emissions for each
SIML managed fund on the basis that SIML is the property and fund manager and therefore
has 'operational control'
1
.
Organisational Boundary Managed Entities
Stride Investment
Management Limited
(SIML)
Described on page 3. SIML is the employer of staff for the group.
Stride Property Limited
(SPL)
Described on page 3.
Fabric Property Limited
(Fabric)
SPL’s office-owning subsidiary which invests in office property
within Wellington and Auckland (established 1 November 2020).
Diversified NZ Property
Trust (Diversified)
Described on page 4.
Johnsonville Shopping
Centre
Owned 50:50 by SPL and Diversified. Johnsonville Shopping
Centre’s emissions have been accounted for within SPL’s and
Diversified’s emissions, split 50:50 to reflect the ownership.
Investore Property
Limited (Investore)
Described on page 4. Investore owns 100% of Investore Property
(Carr Rd) Limited as shown in the table on the left.
Industre Property Joint
Venture (Industre)
Described on page 4. Industre includes Industre Property Tahi
Limited and Industre Property Rua Limited). (Established 1 July
2020).
31 March
2026
31 March
2025
31 March
2024
31 March
2020
Total number of properties
under management
79818269
Net lettable area under
management (NLA)
2
666,120672,235672,993574,932
1. A company has operational control over an operation if it has the authority to introduce and implement operating policies
at the operation. This consolidation approach allows us to focus on those emission sources over which we have operational
control and can therefore implement management actions consistent with SIML’s sustainability strategy.
2. NLA reflects only those properties that have greenhouse gas emissions.
Stride Investment Management Limited
Management Agreements
Johnsonville
Shopping Centre
Fabric Property
Limited
Stride Property Group
Investore Property
(Carr Rd) Limited
Stride Property
Limited
Diversified NZ
Property Trust
Investore
Property Limited
Industre
Joint Venture
Acquisitions and Divestments
During FY26 Investore disposed of Woolworths Browns Bay and Woolworths New Brighton
and Industre sold the property 8 Reg Savory Place. Investore also purchased Bunnings New
Lynn, and SPL sold Silverdale Centre to Investore.
Stride Property GroupSustainability Report 2026
25

Operational Boundary
The FY26 GHG emissions inventory report covers scope 1, 2 and 3 emissions where the group
has sufficiently reliable measurements for scope 3 categories (including emissions from tenant
energy consumption). Improving the accuracy and extent of our scope 3 measurement is an
ongoing area of focus.
Scope 1 and scope 2 emissions include the 'base build' emissions (refrigeration and
natural gas associated with heating and cooling, and stationary diesel and electricity).
Scope 3 emissions are indirect emissions and currently include business travel (flights,
accommodation, and rental vehicles), electricity not in scope 2 (transmission and distribution
losses and tenant electricity), fleet fuel (petrol and diesel in vehicles owned by employees and
used on company business), stationary energy – natural gas (transmission and distribution
losses and tenant gas where Stride provides the infrastructure, such as in food courts),
employee commuting (including working from home), purchased goods and services, water,
and waste.
SIML’s emissions arising from office operations such as electricity and waste are included in
the entity level data. SIML has an office in properties owned by Fabric and SPL, and offices in
several Diversified properties.
A summary of exclusions is included in Table 4 on page 35 and uncertainties is provided in
Table 2 on pages 32 and 33.
Baseline Year
The baseline year for SIML's scope 1 and 2 emissions is 1 April 2019 to 31 March 2020 (FY20).
This was chosen as the baseline year because it was the first year SIML had reliable data to
support its scope 1 and scope 2 emissions. The baseline year for SIML's scope 3 emissions is
1 April 2023 to 31 March 2024 (FY24). This was chosen as the baseline year because it was the
first year SIML measured an extensive set of scope 3 categories. It is noted that the 2020 base
year used IPCC AR4 GWP values, while all reported years from 2024 onwards use IPCC AR5
GWP values.
SIML’s baseline recalculation policy is that if SIML’s managed NLA changes by more than
10% due to company or portfolio acquisitions or divestments a recalculation of the baseline
is required, or if there is a discovery of significant or cumulative errors that are collectively
significant, or changes in GHG emission calculation methodology. The divestments and
acquisition in FY26 did not meet the threshold for triggering a recalculation of the baseline,
but the discovery of errors in FY24 and FY25, as well as a change in the emissions factors
used for the calculation of categories 1 and 2 (purchased goods and services and capital
goods) did trigger a baseline recalculation.
The thinkstep-anz emissions factors are materially lower than the EORA database used
previously. Several material errors were also identified in FY24 and FY25's scope 3 emissions,
which resulted in overstatements.
We also used this opportunity to better align our Operational Boundary with our operations,
excluding tenant gas where we do not provide the equipment, and tenant waste where we do
not have any involvement in the service, such as at single tenant properties.

Methodologies and Uncertainties
Emissions for scope 1, scope 2 and scope 3 have been quantified using the calculation-based
method based on activity multiplied by greenhouse gas emission factors. Emission factors
have been sourced from the official Ministry for the Environment publications except for those
set out below. Stride used the most recently published factors as at the balance date, which
were the 2025 Ministry for the Environment emission factors. Stride has not recalculated
its historic emissions to reflect the newer emissions factors. These emission factors use the
global warming potentials (GWPs) published in the IPCC’s Fifth Assessment Report (AR5). It is
noted that the 2020 base year used IPCC AR4 GWP values, while all reported years from 2024
onwards use IPCC AR5 GWP values.
The following emission factors have been sourced and calculated using different methods:
• The emissions for the upstream purchased goods and services have been calculated
using the thinkstep-anz Spend-Based Emission Factors for New Zealand database
corrected for inflation. This is a change from FY24 and FY25, and accordingly, a
recalculation of FY24 emissions was undertaken.
• For employee commuting, the emissions were calculated using the Abley survey tool.
The results from the October 2025 and April 2026 surveys were averaged to give the
FY26 emissions. To minimise uncertainties in the accuracy of the inventory, data has
been sourced wherever possible from a verifiable source, as detailed in Table 2 on pages
31-33.
Assurance of GHG Inventory
McHugh and Shaw have been appointed as the third-party independent assurance provider for
the FY26 Greenhouse Gas Inventory Report.
A limited level of assurance has been given by McHugh and Shaw over the scope 1,
scope 2 and scope 3 emissions for FY26 included in this report as set out
in Appendix 2.
Stride Property GroupSustainability Report 2026
26

Scope 1 Emissions Tonnes of CO2-e
CategoryFY26FY25FY24FY20
Stationary diesel18.1816.2560.492.79
Natural gas465.68396.05403.61416.20
Fugitive emissions from air conditioning systems501.42461.52249.78276.82
Total Scope 1985.28873.83713.88695.81
Scope 2 Emissions Tonnes of CO2-e
CategoryFY26FY25FY24FY20
Electricity consumption (location based)1,078.66750.03789.211,198.80
Electricity consumption (market based)1,210.41
Embedded network line losses46.8038.4238.240.00
1

Total Scope 2 (location based)1,125.46788.45827.451,198.80
Total Scope 1 & 2 tCO2-e emissions (location based)2,110.741,662.281,541.331,894.61
Table 1: SIML Greenhouse Gas Emissions
Inventory Summary FY26
Greenhouse Gas Inventory (All Managed Entities) FY26
1. Embedded network losses: Accurate data was not
available for FY20. This was an exclusion in FY20.
Stride Property GroupSustainability Report 2026
27

Scope 3 Emissions Tonnes of CO2-e
CategoryFY26FY25FY24FY20
Category 1 - Purchased goods & services4,345.815,349.38 10,420.00
Category 2 - Capital goods13,743.817,203.586,835.00
Category 3 - Transmission & distribution losses - electricity85.5949.5690.57N /A
Category 3 - Transmission and distribution losses -
stationary energy
14.8215.2714.24
Category 6 - Fleet fuel8.8543.7759.33
Category 1 - Water13.2615.1827.08
Category 6 - Business travel (flights, accommodation, rental
vehicles)
46.8141.8483.20
Category 7 - Employee commuting (incl. working from home)120.2798.67106.96
Category 5 - Waste generated in operations862.641,019.81,063.04
Category 13 - Downstream leased assets – tenant consumption11,169.979,190.4810,320
Total Scope 3 30,411.8423,026.30 32,209.12
Total Scope 1, 2 & 3 tCO2-e emissions 32,522.5824,688.5833,750.45
Table 1: SIML Greenhouse Gas Emissions
Inventory Summary FY26 (cont.)
Greenhouse Gas Inventory (All Managed Entities) FY26 (cont.)
Note: Numbers in the table may not sum due to rounding.
1. Embedded network losses were excluded for FY20 due to unavailable data.
Stride Property GroupSustainability Report 2026
28

Category
Stride
Property Limited
Fabric
Property Limited
Industre
Joint Venture
Investore
Property Limited
Diversified NZ
Property Trust SIML
Scope 1 Emissions Tonnes of CO2-e
Stationary diesel4.611.4610.940.830.340.00
Natural gas35.60345.780.004.6879.620.00
Fugitive emissions from air conditioning systems66.3840.4013.47246.49134.680.00
Total Scope 1106.59387.6424.41252.00214.640.00
Scope 2 Emissions Tonnes of CO2-e
Electricity consumption (location based)176.90352.5427.2616.40552.370.00
Embedded network line losses7.289.080.000.8329.620.00
Total Scope 2 (location based)176.90352.5427.2616.40552.370.00
Total scope 1 & 2 tCO2-e emissions (location based)283.49740.1751.67268.0767.010.00
Scope 3 Emissions Tonnes of CO2-e
Category 1 - Purchased goods & services1,448.900.00478.461,016.831,401.630.00
Category 2 - Capital goods2,633.750.006,930.983,151.481,027.600.00
Category 3 - Transmission & Distribution losses
– electricity
13.4526.812.071.2542.010.00
Category 3 - Transmission & Distribution losses
– gas
1.1311.010.000.152.530.00
Category 6 - Fleet fuel0.000.000.000.000.008.85
Category 1 - Water2.541.382.194.732.420.00
Greenhouse Gas Inventory FY26 (Split by Managed Entity)
Stride Property GroupSustainability Report 2026
29

Category
Stride
Property Limited
Fabric
Property Limited
Industre
Joint Venture
Investore
Property Limited
Diversified NZ
Property Trust SIML
Scope 3 Emissions Tonnes of CO2-e
Category 6 - Business travel
(flights, accommodation, rental vehicles)
0.000.000.000.000.0046.81
Category 7 - Employee commuting
(including working from home)
0.000.000.000.000.00120.27
Category 5 - Waste generated in operations 294.5033.380.00151.87382.900.00
Category 13 - Downstream leased assets
– tenant consumption
769.61451.452,089.736,402.351,456.830.00
Total Scope 3 5,163.87524.029,503.4210,728.654,315.94175.93
Total scope 1, 2 & 3 tCO2-e emissions (location based)5,447.361,264.199,555.0910,997.055,082.95175.93
Greenhouse Gas Inventory FY26 (Split by Managed Entity) (cont.)
Stride Property GroupSustainability Report 2026
30

GHG Emissions Source Inclusions
SIML includes scope 1, 2 and 3 emissions from all relevant Kyoto Protocol gases in our carbon inventory. The emissions sources in Table 2 have been included in the GHG emissions inventory.
Table 2: Included Emission Sources, Data Source and Assumptions
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Scope 1 Direct Emissions
Stationary diesel
1
Fuel used to 'top up' generators for back up to
essential building operations if the electricity
supply fails
100% of data sourced from suppliersEmails from suppliers providing quantity used, in litres, during the
year. Data quality is considered high.
Fuel used to 'top up' sprinkler pumps100% of data sourced from suppliersEmails and spreadsheets from suppliers providing quantity used,
in litres, during the year. Data quality is considered high.
Natural gas - stationary
2
Fuel used for heating within properties100% of data sourced from suppliersSuppliers provide a summary of the consumption used by each
ICP across all properties. Check meters at shopping centre
sites provide readings for tenant consumption. Data quality is
considered high.
Fugitive emissions from air
conditioning systems
3
Leakage and replacement quantities100% of data sourced from suppliersAnnual or quarterly report for each property provided by suppliers.
Data quality is considered high.
Scope 2 Indirect Emissions
Electricity consumption
4
Electricity used in common parts of properties
managed by SIML and offices leased by SIML
100% of data sourced from electricity
suppliers and embedded network
operators
Invoices and spreadsheets from suppliers providing quantity
used in kWh.
Embedded network
lines losses
Embedded network losses operated within
properties
100% of data sourced from embedded
network suppliers
Reliable external report from embedded network suppliers.
Data quality is considered high.
Notes to Table 2:
1. Diesel used in building backup generators and sprinkler pumps: 34 Shortland Street is part of a body corporate. SIML’s portion of the diesel consumption is 85.875% based on the allocation of costs between the two owners of the
property using the generator services.
2. Natural Gas: For Johnsonville Shopping Centre data is read on internal check meters and allocated to tenants accordingly. The remainder is landlord consumption for heating.
3. Fugitive Emissions from air conditioning systems: Scope 1 air conditioning refrigerant used in SIML managed properties includes: R134A, R22, R32, R404A, R410A, R454B.
4. Electricity: 34 Shortland Street is part of a body corporate. SIML’s portion of the common parts electricity consumption is 85.875% based on the allocation of costs between the two owners of the property using the electricity for
common parts of the building.
Stride Property GroupSustainability Report 2026
31

GHG Emissions Source Inclusions (cont.)
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Scope 3 Indirect Emissions
Category 5 -
Waste generated
in operations
Waste generated from operations in
multi-tenanted properties and
single-tenanted sites
100% of data sourced from waste
contractors (spreadsheets and
downloads from web portal)
Waste data received from waste contractors considered reliable
as it is sourced from an independent third-party. Data quality is
considered high
Category 1 -
Water
Water used in properties owned by all funds100% of data sourced from local water
provider in areas properties are situated
Data is obtained from individual invoices. Data quality is
considered high
Category 3 -
Transmission and
distribution losses
Emissions from the transmission and distribution
of electricity and reticulated gas
100% of data sourced from electricity
and gas suppliers
Invoices and spreadsheets from suppliers providing quantity used,
in kWh. Data quality is considered high
Category 6 -
Fleet fuel
Fuel card expenditure for employees with
fuel cards
100% of data sourced from providerFleet fuel consists of consumption from fuel cards provided to
some employees and used in employee vehicles for business
purposes
Fuel cards were ceased in July 2025
Data quality is considered high
Category 6 -
Business travel
Accommodation, flights, & rental vehicles100% of data sourced from travel
provider
Spreadsheets of usage is provided direct from the relevant
provider on a monthly or quarterly basis. Data quality is considered
high
Business travel is relevant to SIML only, as the managed entities
do not have employees
Category 13 -
Downstream leased
assets
Tenant electricity and gasData provided from tenants directly or
from metering installed at properties.
Approximately 50% from tenants and
50% from metering
Data is provided by the supplier and/or tenant, or where Stride has
metering installed
Data quality is considered fit for purpose
Category 7 -
Employee commuting
Emissions from employee commutingSurveys have been carried out by Abley
using their CarbonWise tool to capture
employee commuting emissions. Two
surveys were undertaken to capture any
seasonal impact. The results from the
October 2025 and April 2026 surveys
were averaged to give the FY26 result
This data is considered reliable. The survey is completed by an
independent third party which in turn has had its survey results
verified by Toitū as carbon compatible for GHG reporting
Table 2: Included Emission Sources, Data Source and Assumptions (cont.)
Stride Property GroupSustainability Report 2026
32

GHG Emissions Source Inclusions (cont.)
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Scope 3 Indirect Emissions
Category 1 -
Purchased products
and services
Operational expenses related to activities
(cradle to gate emissions e.g. office supplies,
consultants)
We have used a spend based
methodology for calculating emissions
from the purchased goods and services.
Data was sourced from each managed
entity's general ledger, excluding spend
on things already directly accounted
for such as electricity. We used the
thinkstep-anz emissions factor set,
corrected for inflation to determine
emissions
This data is considered reliable. The emissions were calculated
by Stride based on Stride’s expenditure on purchased goods and
services which are not already included in other scopes or scope
3 categories. Any spend already considered in other categories of
scope 3 or considered immaterial was excluded. Once the above
spend categories were excluded, the general ledger codes of the
top 95% of spend was used to categorise the data into relevant
categories based on the thinkstep-anz database. The associated
emissions were calculated by multiplying the expenditure with the
relevant thinkstep-anz emission factor.
Category 2 -
Capital goods
Expenses related to development activities
(cradle to gate emissions on CAPEX projects e.g.
materials, contractors)
We have used a spend based
methodology for calculating emissions
from the capital goods. Data was
sourced from each managed entity's
general ledger. We used the thinkstep-
anz emissions factor set, corrected for
exchange rates and inflation to determine
emissions
This data is considered reliable. The emissions were calculated
by Stride based on Stride’s expenditure on purchased goods and
services which are not already included in other scopes or scope
3 categories. Any spend already considered in other categories of
scope 3 or considered immaterial was excluded. Once the above
spend categories were excluded, the general ledger codes of the
top 95% of spend was used to categorise the data into relevant
categories based on the thinkstep-anz database. The associated
emissions were calculated by multiplying the expenditure with the
relevant thinkstep-anz emission factor.
Table 2: Included Emission Sources, Data Source and Assumptions (cont.)
Stride Property GroupSustainability Report 2026
33

Greenhouse Gas Inventory FY26
SIML includes scope 1, scope 2 and scope 3 emissions from the six Kyoto Protocol gases in its inventory expressed as carbon dioxide equivalent (CO2e). These gases are Carbon Dioxide (CO
2
),
Methane (CH
4
), Nitrous Oxide (N
2
O) and Hydrofluorocarbons (HFCs). SIML does not have emissions of PFCs, NF3, or SF6.
The 2025 Ministry for the Environment emission factors used in this report can be found through this link MfE 2025 Emissions Factors. The thinkstep-anz Spend-Based Emissions Factors for
New Zealand can be found through this link thinkstep-anz Spend Based Emissions Factors
Table 3: Greenhouse Gas Emissions by Greenhouse Type
Scope 1 Emissions CO
2
-eEmissions (tonnes)
Source CO
2
-eCO
2
CH
4
N
2
OHFCs
Scope 1985.23482.461.100.24501.4164
Scope 21,125.461,092.9730.392.110.00
Scope 312,195.4411,017.791,146.2031.620.00
Total 14,306.1312,593.221,177.6933.97501.42
Emissions not included in the
split by Greenhouse Gas Type
18,216.77
Total32,522.90
Notes to Table 3:
1. A breakdown in gases is not available for the emissions calculated using the spend based methodology. This includes purchased goods & services and capital goods. These have therefore been removed from Table 3 calculation, total of 18089.6 tCO2e.
2. A breakdown in gases is not available for the emissions associated with employee commuting, recycling, or accommodation emissions. These have therefore been removed from Table 3 calculation, total of 127.1 tCO2e.
Stride Property GroupSustainability Report 2026
34

The following emissions sources have been excluded from the FY26 inventory.
Table 4: Emissions Source Exclusions
ScopeGHG Protocol CategoryGHG Emissions SourceReason for Exclusion
Upstream (purchased goods and services)
3Category 4 - Upstream transportation
and distribution
Emissions from transportation of products
purchased by company. This data will be
included in the purchased goods & services
and capital goods categories
Not applicable to Stride activities.
3Category 6 - Business travelMileage and Taxi/UberReliable data is not available for FY26. Not material.
3Category 9 - Downstream leased assets
(properties)
Gas for equipment not associated with the
lease (tenant provided)
The equipment is owned and operated by the tenant, and Stride has no bearing
on this in its lease agreement with the tenant. If accounted for, this would be
material.
3Category 9 - Downstream leased assets
(properties)
Tenant waste for single tenanted properties
where tenants organise their own waste
collection
Stride does not account for waste where tenants directly organise collection
with a contractor. Where Stride provides facilities for waste, if accounted for, this
would be material.
3Category 8 - Upstream leased assets Emissions associated with ground leases
and limited other leased assets such as
photocopiers
There are no emissions associated with ground leases and emissions associated
with leased equipment is included in purchased goods and services and capital
goods categories. This is not considered material.
GHG Emissions Source Exclusions
Stride Property GroupSustainability Report 2026
35

Olly Ng
Senior Sustainability Advisor
Stride Investment Management Limited
28 May 2026
Ross Buckley
Independent Director and Chair of Stride
Audit and Risk Committee
28 May 2026
Prepared by: Approved by:
Table 4: Emissions Source Exclusions (cont.)
ScopeGHG Protocol CategoryGHG Emissions SourceReason for Exclusion
Downstream (sold goods and services)
3Category 9 - Downstream transportation
and distribution
Not applicable to Stride activities
3Category 10 - Processing of sold productsNot applicable to Stride activities
3Category 11 - Use of sold productsNot applicable to Stride activities
3Category 12 - End of life of sold productsNot applicable to Stride activities
3Category 14 - FranchisesNot applicable to Stride activities
3Category 15 - InvestmentsNot applicable to Stride activities
GHG Emissions Source Exclusions (cont.)
Stride Property GroupSustainability Report 2026
36

Appendix 2: Independent
Assurance Report
Stride Property GroupSustainability Report 2026
37

INDEPENDENT ASSURANCE REPORT ON STRIDE INVESTMENT MANAGEMENT LIMITED’S GREENHOUSE GAS (GHG) DISCLOSURES
TO THE DIRECTORS OF STRIDE INVESTMENT MANAGEMENT LIMITED (SIML)
Registered address: Level 2, 34 Shortland Street, Auckland, 1010, New Zealand
Our Assurance Conclusion
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that
the gross GHG emissions, and gross GHG emissions methods, assumptions and estimation uncertainty, within the scope of our limited assurance
engagement (as outlined below) included in the SIML Sustainability Report and GHG Emissions Inventory Report for the year ended 31 March 2026,
are not fairly presented and not prepared, in all material respects, in accordance with the Greenhouse Gas Protocol Corporate Accounting and
Reporting Standards.
Scope of the Assurance Engagement
We have undertaken a limited assurance engagement for the GHG disclosures within the SIML Sustainability Report and GHG Emissions Inventory
Report for the year ended 31 March 2026 (GHG Statement).
• GHG Emissions Scope 1, 985 tCO2e, on page 17.
• GHG Emissions Scope 2 (location-based), 1,125 tCO2e, on page 17.
• GHG Emissions Scope 3, 30,412 tCO2e, on page 17.
It is important to note that the level of assurance obtained in a limited assurance engagement is considerably lower than that involved in reasonable
assurance engagement. Although we considered the effectiveness of management’s internal controls when determining the nature and extent of our
procedures, our assurance engagement was not designed to provide assurance on internal controls for emission sources subject to limited assurance.
Our procedures did not include testing controls or performing procedures related to assignment of gas emissions by Scope within the measurement
software.
Our assurance is limited to policies, and procedures in place as of 28 May 2026, ahead of the publication of SIML’s Sustainability Report for FY 2026.
Our assurance engagement does not extend to any other information included, or referred to, in the following:
• SIML Sustainability Report on pages 1 to 14 and 18 to 22; and
• Investore Property Limited (managed entity) Sustainability Report including on pages 1 to 13 and 16 to 17.
We have not performed any procedures with respect to the excluded information and, therefore, no conclusion is expressed on it.
Stride Property GroupSustainability Report 2026
38

Key Matters to the GHG Assurance Engagement
In this section we present those matters that, in our professional judgement, were most significant in undertaking the assurance engagement over
the GHG Statement. These matters were addressed in the context of our assurance engagement, and in forming our conclusion. We did not reach a
separate assurance conclusion on each individual key matter.
Key MatterProcedures to address the Key Matter
Financial-spend
• As explained on page 34 of the Sustainability Report SIML has measured
the Scope 3 emissions from Purchased goods & services and Capital
goods using the spend-based approach. The spend-based components
account for approximately 55% of the SIML total GHG emissions for the
period ending 31 March 2026. This calculation method estimates emissions
by multiplying the value of purchased goods and services with relevant
emission factors. However, this method involves inherent uncertainty and
may result in significant discrepancies between estimated and actual
emissions. Due to the high level of estimation, improvements to the
calculation method or assumptions could lead to material changes and
restatements of previously reported amounts. This year, SIML used New
Zealand-derived emission factors instead of international sources, resulting
in a material restatement of emissions in the "Scope 3 - Purchased goods
and services" and "Scope 3 - Capital goods" categories.
Financial-spend
• In considering SIML measurement and disclosure of Scope 3 emissions
measured using the spend-based approach we:
• Ensured we understood the spend-based calculation method, along with its
assumptions and estimation uncertainties;
• Assessed whether the application of the spend-based calculation approach by
SIML aligned with the GHG Protocol;
• Assessed the reasonableness of the selected spend-based emission factors
and their application in the calculation process;
• Assessed the categorisation of SIML’s dollar spend on purchased goods and
services and capital goods through analysis and inquiry;
• Assessed the disclosures made by SIML in relation to the spend-based
calculation method, assumptions and uncertainties in estimating these
emission sources and in relation to the restatements made to previously
reported emissions totals, as disclosed on page 17.
Emphasis of Matter
• There are no emphasis of matter to report.
Other Matter
• The FY20 Scope 1 & 2 base year emissions was not subject to assurance.
Comparative Information
The comparative GHG disclosures (that is GHG disclosures for the period ended 31 March 2024 and 31 March 2025) have been subject to limited
assurance by Deloitte Limited with their assurance reports dated 28 May 2024 and 28 May 2025.
Materiality
Based on our professional judgement, quantitative materiality for the reported GHG emissions has been determined as 1% for individual emission
sources, and not totalling more than 5% of the gross emissions total of the emissions inventory. Qualitative materiality has been determined with due
consideration to relevance to users of the GHG Statement, as well as the potential impact of omission, misstatement, or obscurement of any information.
Competence and Experience of the Engagement Team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance and environmental practitioners.
The assurance lead retains overall responsibility for the assurance conclusion provided.
Stride Property GroupSustainability Report 2026
39

SIML’s Responsibilities for the GHG Statement
SIML is responsible for the preparation and fair presentation of the GHG Statement in accordance with Greenhouse Gas Protocol Corporate
Accounting and Reporting Standards. This responsibility includes designing, implementing and maintaining a data management system relevant to
the preparation and fair presentation of GHG Statement that is free from material misstatement.
Inherent Uncertainty in GHG Quantification
GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values
needed to combine emissions of different gases.
Our Responsibilities
Our responsibility is to express an opinion on the GHG Statement based on our verification. We are responsible for planning and performing the
verification to obtain assurance that the GHG Statement is free from material misstatement.
As we are engaged to form an independent conclusion on the GHG Statement prepared by SIML management, we are not permitted to be involved in
the preparation of the GHG information as doing so may compromise our independence.
Other Relationships
Other than in our capacity as assurance practitioners, and the provision of the assurance for this engagement, we have no relationship with, or
interests, in SIML.
Independence and Quality Management Standards Applied
This assurance engagement was undertaken in accordance with:
• ISO 14064-3:2019 Greenhouse gases – Part 3: Specification with guidance for the validation and verification of greenhouse gas assertions; and
• NZ SAE 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures issued by the External Reporting Board. NZ SAE 1 is founded
on the fundamental principles of independence, integrity, objectivity, professional competence and due care, confidentiality, and professional
behaviour.
Professional and ethical standards are held in high regard and our quality management system aligns with the standards ISO 9001:2015 and
ISO 14065:2020, and we comply with the Carbon and Energy Professionals New Zealand Code of Ethics and Code of Professional Conduct.
GHG Reporting Protocols against which Assurance was Conducted
• Greenhouse Gas Protocol – A Corporate Accounting and Reporting Standard, revised edition, 2024.
• Greenhouse Gas Protocol Scope 2 Guidance: An amendment to the GHG Protocol Corporate Standard, 2015.
• Greenhouse Gas Protocol – Corporate Value Chain (Scope 3) Accounting and Reporting Standard, 2011.
Summary of Work Performed
Our verification strategy used a combined data and controls testing approach. Evidence-gathering procedures included but were not limited to:
• Enquiries to obtain an understanding of the overall governance and internal control environment, risk management processes and procedures
relevant to GHG information;
• Evidence to support the reporting boundaries, organisational and legal structure reported;
Stride Property GroupSustainability Report 2026
40

• Recalculation of the GHG emissions;
• Strategic analysis of the GHG information;
• Evaluation of relationships among GHG and non-GHG data;
• Interview of personnel involved in data collection;
• Review of emissions factors used within the calculations for source appropriateness;
• Review of uncertainty and data quality;
• Review of information management and record keeping processes; and
• Review of the assumptions, estimations and quantification methodologies.
• Seeking written representation from governance on key assertions
Limited Assurance Conclusion
Our limited assurance verification engagement was performed in accordance with NZ SAE 1, and ISO 14064-3: 2019 – Specification with guidance
for the verification and validation of greenhouse gas statements, issued by the International Organization for Standardization (ISO). This requires that
we comply with ethical requirements (as outlined above), and plan and perform the verification to obtain limited assurance that the GHG Statement is
free from material misstatement.
Limited Assurance Procedures
• Limited sample testing, tracing and retracing of data trails back to primary data including diesel fuel, electricity, natural gas, refrigerant loss, business travel,
staff commuting, purchased goods and services, capital goods, air travel, rental cars, accommodation, waste to landfill, rental cars, employee surveys, and
tenant electricity and gas records;
• Transmission and distribution losses (TDL) calculations.
The data examined during the verification were historical in nature. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Jeska McHugh, Assurance Lead
CEP NZ Certified Carbon Auditor (#CCA1005)
McHugh & Shaw Limited
Christchurch, New Zealand
28 May 2026
Neil Gilbert, Independent Reviewer
Constantia Consulting Limited
On behalf of McHugh & Shaw Limited
Papamoa, New Zealand
28 May 2026
This report including the opinion expressed herein, is issued to the Directors of SIML in accordance with the terms of our engagement dated 9 December 2025 for the purpose of reporting GHG emissions. We
consent to the release of this report by you to interested parties (including Investore Property Limited), but we disclaim any assumption of responsibility for any reliance on this report by any other party than SIML.
Stride Property GroupSustainability Report 2026
41

---

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 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$81,837 (8.53)%
Total Revenue $81,837 (8.53)%
Net profit/(loss) from
continuing operations
$31,275 44.44%
Total net profit/(loss) $31,275 44.44%
Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.01562500
Imputed amount per Quoted
Equity Security
$0.00313645
Record Date 08/06/2026
Dividend Payment Date 16/06/2026
Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00437500
Imputed amount per Quoted
Equity Security
$0.00170139
Record Date 08/06/2026
Dividend Payment Date 16/06/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.69 $1.72
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Annual Report and Results
presentation for the twelve months ended 31 March 2026.

Authority for this announcement
Name of person

authorised
to make this announcement
Claire Fisher
Contact person for this
announcement
Claire Fisher
Contact phone number +64 21 223 1401
Contact email address claire.fisher@strideproperty.co.nz
Date of release through MAP

28 May 2026

Audited consolidated financial statements accompany this announcement.

---

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 X Quarterly
Half Year Special
DRP applies
Record date 08/06/2026
Ex-Date (one business day before the
Record Date)
05/06/2026
Payment date (and allotment date for
DRP)
16/06/2026
Total monies associated with the
distribution
1

$8,756,565
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01876145
Gross taxable amount
3
$0.01120160
Total cash distribution
4
$0.01562500
Excluded amount (applicable to listed
PIEs)
$0.00755985
Supplementary distribution amount $0.00142326

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
$0.00313645
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
Jennifer Whooley
Contact person for this
announcement
Jennifer Whooley
Contact phone number +64 21 536406
Contact email address jennifer.whooley@strideproperty.co.nz
Date of release through MAP

28/05/2026

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.

---

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 X Quarterly
Half Year Special
DRP applies
Record date 08/06/2026
Ex-Date (one business day before the
Record Date)
05/06/2026
Payment date (and allotment date for
DRP)
16/06/2026
Total monies associated with the
distribution
1

$2,451,838
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
Jennifer Whooley
Contact person for this
announcement
Jennifer Whooley
Contact phone number +64 21 536406
Contact email address jennifer.whooley@strideproperty.co.nz
Date of release through MAP

28/05/2026

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.

SPH Notice - Forsyth Barr Investment Management Limited SPH Notice - ANZ Bank New Zealand Limited

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.