New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Stride Property Group (SPG) delivered a solid 1H23 result of NZ$29.3m distributable income line but higher maintenance capex saw adjusted funds from operations (AFFO) below expectations</li><li>SPG recorded solid rent growth with no COVID abatements in the period and rent reviews delivering +5% lift on prior rents for the balance sheet portfolio</li><li>Given economic uncertainty, SPG is battening down the hatches with management of costs and capital management a big theme of the outlook section of the result presentation</li></ul>

Stride Property Group (SPG) delivered a solid 1H23 result of NZ$29.3m distributable income line but higher maintenance capex saw adjusted funds from operations (AFFO) below expectationsSPG recorded solid rent growth with no COVID abatements in the period and rent reviews delivering +5% lift on prior rents for the balance sheet portfolioGiven economic uncertainty, SPG is battening down the hatches with management of costs and capital management a big theme of the outlook section of the result presentation

Stride Property Group: 1H23 Result – Initial Thoughts