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 half year results, released on 26 November 2025

Key Highlights

• Profit after income tax of $42.6m (up +$24.2m compared to HY25)

• Distributable profit after current income tax of $24.1m in line with HY25 (note 2)

• Stride Investment Management Limited (SIML) management fee income up +$2.3m from HY25 to $11.7m

• Balance sheet strength, with net tangible assets (NTA) of $1.75 (up +3 cents on 31 March 2025)

• Total committed assets under management (AUM) (note 3) of $3.3bn (up from $3.2bn at 31 March 2025), with external committed AUM of $2.4bn

• Stride Property Limited (SPL) committed (note 3) balance sheet loan to value ratio (LVR) of 22.9% (note 4) and committed bank LVR of 32.1% (note 5), as at 30 September 2025, providing headroom for growth

• SPL has entered into a conditional development agreement with Auckland Council to acquire a 125-year pre-paid ground lease at North Wharf, located on the waterfront in Wynyard Quarter, Auckland, for $17.5m

• Sale of Silverdale Centre by SPL to Investore Property Limited (Investore), post balance date for $114m creating balance sheet flexibility for growth, while retaining perpetual management

• Completed a $27m development (excluding land) of a 7,055sqm industrial facility for Industre, in Hamilton, post balance date, targeting a 5 star Green Star As Built rating

• Combined cash dividend of 2.0cps declared for SPL and SIML for the quarter ended 30 September 2025

Real Estate Investment Management business

Stride’s total committed AUM of $3.3bn (note 3) remained steady during HY26, with recurring management fee income up +$0.6m to $8.5m for the period (HY25: $7.9m). Activity based fees were up +$1.7m to $3.2m driven by elevated development activity.