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Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) FY21 Annual Results

Thursday 27th May 2021

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Stride Property Group has delivered very positive financial results for FY21, in a year that was significantly disrupted due to COVID-19. Stride has managed the impacts of COVID-19 while also delivering on its strategic objectives, positioning Stride to take the next step in growing its real estate investment management business.

Stride is pleased to report profit after income tax from continuing operations for FY21 of $132.0m, compared with $(0.1m) for FY20. Stride’s total portfolio is valued at $1.1bn as at 31 March 2021, representing a net valuation increase of $43.6m or 4.2% since 31 March 2020. Distributable profit per share for FY21 is 11.58 cents, a significant increase on FY20 (10.32cps).

SPL and Stride Investment Management Limited (SIML) are also pleased to announce fourth quarter (1 January 2021 to 31 March 2021) dividends to be paid by each company on 14 June 2021 to all shareholders on the register as at the close of business on 4 June 2021, as follows:

• SPL announces a cash dividend for the fourth quarter of FY21 of 1.6075 cents per share.

• SIML announces a cash dividend for the fourth quarter of FY21 of 0.87 cents per share.

This brings the total combined cash dividend for Stride Property Group for FY21 to 9.91cps, in line with guidance.

The FY21 combined cash dividend represents a payout of 86% of distributable profit. Given Stride’s evolution into becoming a diversified investor and investment manager and given the significant growth in the financial results for FY21, the SPL and SIML Boards have taken the opportunity to increase the range of Stride’s distribution policy to distributing between 80% and 100% of distributable profit (previously 95% to 100%). This larger range will provide Stride with the scope to continue to pay investors consistent returns, while allowing flexibility to reinvest capital into Stride’s growing businesses.

The Dividend Reinvestment Plan remains suspended for the FY21 fourth quarter dividends.

Please see the links below for details

Stride Property Group - FY21 Annual Results Announcement - 270521.pdf

Stride Property Group - FY21 Annual Report - 270521.pdf

Stride Property Group - FY21 Annual Results Presentation - 270521.pdf

Stride Property Group - NZX Results Announcement - 270521.pdf

Stride Property Limited - NZX Distribution Notice - 270521.pdf

Stride Investment Management Limited - NZX Distribution Announcement - 270521.pdf

Stride Property Group - Shareholder Communications Notice - 270521.pdf

Source: Stride Property Ltd & Stride Investment Management Ltd

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