Stride Property Ltd & Stride Investment Management Ltd (NS) Analysis

Overview

Stride Property Group is a stapled group comprising Stride Property Limited ("Stride") and Stride Investment Management Limited ("SIML"). Stride is a listed portfolio investment entity (PIE) that invests in New Zealand office, retail and industrial property. SIML is a real estate investment manager. SIML currently manages Diversified NZ Property Trust and its predecessor fund Diversified NZ Property Fund Limited, Stride and Investore Property Limited ("Investore"). Investore is an NZX listed property company specialising in large format retail assets.

Stride Property Group was formed in July 2016 when SIML was demerged from Stride in a distribution of all of the SIML shares to Stride shareholders and the shares of each company were stapled so that they could only be transferred as a parcel of one Stride share and one SIML share.

Originally known as DNZ Property Fund Limited (DNZ), Stride Property Limited was established on 30 September 2008 through the amalgamation of DNZ Foundation Property Fund Limited, DNZ Income Property Fund Limited, DNZ Retail Property Fund Limited and DNZ Tauranga Property Fund Limited.

Shares in Stride began trading on the NZX Main Board on 16 August 2010 at $0.97. The company entered the S&P/NZX50 on 18 October 2010.

On 25 September 2015, DNZ Property Fund Limited was renamed to Stride.

Each of Stride Property Limited ("Stride") and Stride Investment Management Limited ("SIML") (together, the "Stride Property Group"), has been granted Listing with a 'Non-Standard' ("NS") designation.

The NS designation was assigned to SPG, due to Stride and SIML having constitutions that require Stride to have a board of directors which mirrors the composition of SIML's board of directors (and shareholders of Stride consequently not voting directly on the appointment or removal of Stride directors).

For further information, please see a copy of the waiver under Documents on SPG's homepage on nzx.com.

Performance

The following information was extracted from Stride Property Group Limited's full year results, released on 28 May 2026

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

• Net tangible assets (NTA) per share of $1.69 as at 31 March 2026, down $(0.03) from 31 March 2025 ($1.72)