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 FY23 result with adjusted funds from operations +3% to NZ$51.6m and in line with our expectations.</li><li>SPG recorded solid rent growth with no COVID abatements in the period and rent reviews delivering solid outcomes for balance sheet portfolio with Office +6% and Town Centre +8% for both CPI linked reviews and releasing.</li><li>Asset management income was -5% with higher base fees being offset by a drop off in activity fees.</li></ul>

Stride Property Group (SPG) delivered a solid FY23 result with adjusted funds from operations +3% to NZ$51.6m and in line with our expectations.SPG recorded solid rent growth with no COVID abatements in the period and rent reviews delivering solid outcomes for balance sheet portfolio with Office +6% and Town Centre +8% for both CPI linked reviews and releasing.Asset management income was -5% with higher base fees being offset by a drop off in activity fees.

Stride Property Group: FY23 Result – Initial Thoughts