Stride Property Limited

Today, Stride announced its HY25 Interim Results for the six months ended 30 September 2024 (HY25). Stride’s strategy to invest in high quality properties with enduring demand, supported by its diversified and enduring investment management business, has delivered strong results. While macroeconomic conditions have been challenging during HY25, the commencement of the interest rate easing cycle is expected to support asset valuations and transactional activity for SIML’s investment management business. For further information on Stride’s portfolio and financial performance, please see the HY25 Presentation and Consolidated Interim Financial Statements available on Stride’s website https://lnkd.in/g3W5Bntk. For more information regarding the key financial metrics from the HY25 Interim Results, please refer to the carousel below.

At Stride, we believe in the power of giving back to the community. Today, some of our Stride team had the incredible opportunity to participate in Te Hōnonga a Iwi: Restoring Rosedale Park Volunteer Day, where we came together with Graeme Dingle Foundation corporate partners and other organisations to build a vertical community garden. Te Hōnonga a Iwi is an award-winning project that is leading regenerative environmental sustainability. Volunteering not only helps those in need, but it also fosters teamwork, empathy, and personal growth. We are proud to be part of a team that values collaboration, compassion, and positive change. Graeme Dingle Foundation #tehōnongaaiwi

We are very pleased to welcome DUAL New Zealand Limited to 34 Shortland Street and are thrilled to have them as part of our tenant community.

Stride, as manager of Investore Property Limited, is pleased to announce Investore’s Interim Results for the six months ended 30 September 2024 (HY25).   The underlying metrics of Investore’s portfolio of well-located, high quality large format retail properties remain resilient, providing a defensive rental income stream, which is supported by proactive capital management and a strong hedging outlook. Investore’s portfolio is largely tenanted by businesses that focus on non-discretionary, everyday needs such as supermarkets, hardware stores, homewares and general retailers.   Profit before other expense and income tax of $17.1m was marginally down $(0.5)m from HY24 at $17.6m, primarily as a result of higher finance expenses. Profit after income tax attributable to shareholders of $9.7m was up from the HY24 loss after income tax due to a smaller net reduction in the fair value of investment properties.   Delivering on Investore’s targeted growth strategy of recycling into assets that exhibit strong growth fundamentals over the medium to long term, Investore entered into unconditional agreements to sell two non-core regional properties at Invercargill (now settled) and New Plymouth, and an unconditional agreement to acquire Bunnings Westgate.   The Investore portfolio is valued at $1.0 billion with a portfolio occupancy of 99% and a WALT of 7 years. The Board confirmed FY25 dividend guidance of 6.50 cents per share.    During HY25 Investore refinanced $225m of bank facilities, with these now being classified as green loans in accordance with Investore’s Green Finance Framework which was adopted during the period.   For more information on Investore’s portfolio and its financial results please refer to Investore’s Investor Centre link below for the HY25 Consolidated Interim Financial Statements and associated Presentation https://lnkd.in/gsNx9tXs

Today, to celebrate Matariki, Stride employees gathered to enjoy delicious kai, reflect on the past by honouring those who have passed, celebrate the present by giving thanks for what we have, and look to the future by setting goals and embracing new opportunities. Our Shopping Centres are also holding in-centre campaigns this coming weekend to celebrate Matariki. NorthWest Shopping Centre is running an exciting Matariki Star Hunt with prize packs to be won, Chartwell Shopping Centre is offering Matariki kite and lantern kits for children to assemble, and Queensgate Shopping Centre has activated a space to decorate terracotta pots which children can take home, together with a microgreen kit to grow their own microgreens. Mānawatia a Matariki Aotearoa! 🌟🌠

Stride’s CEO, Philip Littlewood is celebrating a milestone, having joined Stride (formerly DNZ) 10 years ago today!   Phil has more than 25 years’ experience in property investment management in New Zealand and overseas. During his time at Stride, he has been instrumental in the evolution from DNZ into the Stride Property Group. Some of his key highlights of his time with us have been: • Setting a clear strategy for Stride’s future, to be New Zealand’s leading commercial property investment management business  • Growing Stride’s capabilities across a range of disciplines, with the Stride team growing from 28 in 2014 to over 100 today  • Growing Stride’s total portfolio of assets under management (AUM) from ~$870m in FY15 to $3.2bn today  • Transforming the way we operate by embedding values that emphasise entrepreneurship, excellence and sustainability into our culture Under Phil’s leadership, Stride has significantly grown its real estate investment management business, including: • The IPO of the large format retail portfolio of Investore Property Limited, a $1.0bn NZX listed company   • Growth in Diversified NZ Trust from $116m in AUM in 2014 to $414m today  • Established the Industre Property Joint Venture. Phil led the investment strategy for Industre which has seen it grow from $360m in AUM in 2020, to over $750m today  • Established a high-quality $700m+ office portfolio through an intensive sales and acquisition programme, with the purpose to develop a complementary set of high-performing office assets with high levels of seismic resilience, sustainability and overall amenities for tenants Thank you Phil for your vision, leadership and commitment to Stride. We don’t even mind your occasional singing around the office 😊   

Today, Stride announced its FY24 Annual Results for the year ended 31 March 2024. Stride has continued to benefit from its diversified business model, which incorporates a property investment business with a real estate investment management business, to deliver positive underlying earnings. Stride has also delivered its first mandatory climate-related disclosures for FY24, providing a strong platform for integrating climate risk into our business strategy and processes. Economic conditions have continued to remain challenging during FY24, with elevated inflation driving higher interest rates which, in turn, have impacted property capitalisation rates. Stride has benefited from several initiatives during FY24 to manage its LVR, including continued operation of the Dividend Reinvestment Plan, receipt of a distribution from Industre following the sale of two properties (demonstrating SPL’s sources of liquidity over and above its directly held property portfolio), and the sale of its office property at 22 The Terrace, Wellington. Stride is pleased to have seen property valuations stabilising over the second half of FY24 but is conscious of elevated interest rates and a softer economy, which are expected to persist for the remainder of the year. However, current market conditions are expected to create new opportunities for Stride’s real estate investment management business, positioning the business to deliver new investment management and development initiatives as conditions improve. For further information on Stride’s portfolio and financial performance, please see the FY24 Annual Report, Presentation and Sustainability Report and Climate-Related Disclosures available on Stride’s website (link below). For more information regarding the key financial metrics from the FY24 Annual Results, please refer to the carousel below. https://lnkd.in/gwbJZaeZ

Stride, on behalf of Investore Property Limited, is pleased to announce Investore’s FY24 Annual Results for the year ended 31 March 2024, delivering resilient operating earnings due to its quality large format retail portfolio across NZ that serves everyday needs and attracts repeat visitation. The Investore portfolio is valued at $1.0 billion and consists of 45 properties with a portfolio occupancy of 99.1% and a WALT of 7.4 years. FY25 dividend guidance of 6.50 cents per share was announced. During FY24, Investore undertook a number of initiatives to optimise the portfolio, including the completion of a new Woolworths in Waimakariri Junction, Kaiapoi, which incorporated a number of sustainability features. For more information on Investore’s portfolio and its financial results please refer to Investore’s Investor Centre link below for the FY24 annual report and presentation. https://lnkd.in/gsNx9tXs

We were pleased to partner with 4WoRK for our impressive new office fitout at 34 Shortland Street. The redesigned space provides an inviting and collaborative environment for visitors and staff.