Stride Property Group · NZX:SPG
Stride Property — Shareholder Meeting (August 2019)
34 slides from Stride Property's shareholder meeting presentation, Aug 29, 2019
Slide 1: Annual Shareholder Meetings 2019
Stride Property Group (NS) Annual Shareholder Meetings 2019
Slide 2: Board of Directors
Board of Directors Tim Storey John Harvey Michelle Tierney David van Schaardenburg Independent Independent Independent Independent Philip Ling Jacqueline Robertson Nick Jacobson Independent Independent Independent Stride Property Group | Annual Shareholder Meetings 2 2
Slide 3: Management
Management Philip Littlewood Jennifer Whooley Louise Hill Chief Executive Chief Financial Officer General Manager Corporate Services and Company Secretary Stride Property Group | Annual Shareholder Meetings 3 3
Slide 4: Agenda
Agenda Chairman’s Address Chief Executive’s Report Shareholder Questions Formal Business of Stride Property Limited Formal Business of Stride Investment Management Limited General Business and Shareholder Questions Grey Street, Wellington 4
Slide 5: Chairman's Address
25 O’Rorke Road, Auckland Chairman’s Address Tim Storey 5
Slide 6: Delivering Performance
Delivering Performance Stride Property Group (Stride) – Consolidated Profit after income tax $76.2m Property portfolio1 value $966.3m Net tangible asset per share $1.92 Loan to Value Ratio 34.4% 1. Includes: Corinthian Drive, Auckland, which was subject to an agreement for sale and subsequently sett
Slide 7: Delivering Performance
Delivering Performance Stride Property Group (Stride) – Consolidated Profit before other income/(expense) $38.0m and income tax Distributable profit2 after current income tax $38.8m Total cash dividend for FY19 9.91cps 2. Distributable profit is a non-GAAP financial measure adopted by Stride to assi
Slide 8: Managed by the Best Team
Managed by the Best Team At Stride, we attract and retain people with deep industry knowledge who are discipline driven, people centred, fresh thinkers and nimble performers. We build great teams to create the environments our people will enjoy and prosper in. Stride Property Group | Annual Sharehol
Slide 9: Chief Executive's Report
Chief Executive’s Report Philip Littlewood New Waste Management Development Springs Road, Auckland 9
Slide 10: Portfolio by Sector
Portfolio by Sector — At a Glance Stride Property Limited Retail Retail Large Format Retail Retail Shopping Overview as at 31 March 2019 Total Portfolio1 Office Industrial and LFR Centres3 Centres Properties (no.) 26 8 11 3 4 Tenants (no.) 381 70 21 49 241 Net Lettable Area (sqm) 252,014 48,606 100,
Slide 11: Investing in the Best Places
Investing in the Best Places Stride Property Limited (As at 31 March 2018 figures in brackets) • Portfolio1 occupancy 97.6% (96.7%), up 0.9% • Market rental across the portfolio grew by $3.3m or 5.9% • 270 leasing transactions, including rent reviews, renewals and new lettings completed across 69% o
Slide 12: Investing in the Best Places: Acquisitions and Divestments
Investing in the Best Places Stride Property Limited The Concourse, Auckland Acquisitions • The Concourse, Auckland, for $35m, including established buildings and adjacent vacant land of 2.2ha which will be developed, with a pre- committed 25 year lease to Waste Management commencing on completion o
Slide 13: Investing in the Best Places: Developments
Investing in the Best Places Stride Property Limited Developments $200m of development projects on SIML managed properties Stride • 11 Springs Road, Auckland – new head office for Waste Management • The Concourse, Henderson • Bay Central, Tauranga – $5m extension and upgrades for Rebel Sport and Bri
Slide 14: Portfolio Composition by Value
Products Portfolio Composition by Value (as at 31 March 2019) $966m1 $761m2 $485m SPL owns a 19.9% shareholding SPL owns a 2% interest ● Office ● Industrial ● Large Format Retail /LFR Centres3 ● Large Format Retail ● Retail Shopping Centres ● Retail Shopping Centres 1. Includes: Corinthian Drive, Au
Slide 15: Diversified Property Fund Highlights
Products Countdown Corner Hukanui & Thomas Roads Rototuna, Hamilton • Renewal of two key expiries being the Countdown-operated properties in Hamilton and Rotorua, for 5 years and 10 years respectively • $100m six year inaugural bond issue • 1.7m shares purchased and cancelled • Completed disposal of
Slide 16: Fund Highlights and Developments
Products • 290 leasing transactions completed, including rent reviews, renewals and new lettings, resulting in a total increase on previous rentals of +1.9% • Significant development underway, including Queensgate Shopping Centre carpark and cinema rebuild, seismic strengthening works • Introduction
Slide 17: Future Property Product
Future Property Product Targeting establishing a new product this financial year, expected to be in the industrial sector In line with Stride’s strategy, this product will: • Be a sector-specific investment management product, with an enduring structure • Grow Stride’s investment management business
Slide 18: Focus on the Year Ahead
Focus on the Year Ahead • Delivering on results while positioning the business to execute on our strategy • Establish a group of commercial property funds to provide growth in our investment management business and continue to review opportunities in markets adjacent to core commercial property sect
Slide 19: Formal Business
Formal Business 25 O’Rorke Road, Auckland 33 Customhouse Quay, Wellington 19
Slide 20: Stride Property Limited Resolutions
Stride NZ Merchants 20 Rockridge Avenue, Auckland Property Limited Resolutions 25 O’Rorke Road, Auckland 25 O’Rorke Road, Auckland 20
Slide 21: Resolution 1 – Auditor's Remuneration
Resolution 1 – Auditor’s Remuneration That the Directors be authorised to fix the remuneration of PricewaterhouseCoopers as auditor of Stride Property Limited for the ensuing year Stride Property Group | Annual Shareholder Meetings 21
Slide 22: Resolution 2 – Adoption of a New Constitution
Resolution 2 – Adoption of a New Constitution That the existing Constitution of Stride Property Limited be revoked, and a new Constitution, in the form described in the Explanatory Notes to the Notice of Meetings dated 1 August 2019, and tabled at the Annual Shareholder Meeting on 29 August 2019 (as
Slide 23: SPL Proxy Votes Received
SPL Proxy Votes Received Resolution 1. Auditor’s Remuneration Proxy votes lodged For Against Discretionary 163,500,623 97.38% 0.1% 2.53% Resolution 2. Adoption of a New Constitution Proxy votes lodged For Against Discretionary 163,500,623 97.33% 0.03% 2.64% Stride Property Group | Annual Shareholder
Slide 24: Stride Investment Management Limited Resolutions
Stride Investment Management Limited Resolutions 24
Slide 25: Resolution 1 – Auditor's Remuneration
Resolution 1 – Auditor’s Remuneration That the Directors be authorised to fix the remuneration of PricewaterhouseCoopers as auditor of Stride Investment Management Limited for the ensuing year Stride Property Group | Annual Shareholder Meetings 25
Slide 26: Resolution 2 – Re-election of Director
Resolution 2 – Re-election of Director That Tim Storey be re-elected as a Director of Stride Investment Management Limited Stride Property Group | Annual Shareholder Meetings 26
Slide 27: Resolution 3 – Election of Director
Resolution 3 – Election of Director That Jacqueline Robertson, who was appointed by the Board as a Director of Stride Investment Management Limited on 13 March 2019, be elected as a Director of Stride Investment Management Limited Stride Property Group | Annual Shareholder Meetings 27
Slide 28: Resolution 4 – Election of Director
Resolution 4 – Election of Director That Nick Jacobson, who was appointed by the Board as a Director of Stride Investment Management Limited on 18 July 2019, be elected as a Director of Stride Investment Management Limited Stride Property Group | Annual Shareholder Meetings 28
Slide 29: Resolution 5 – Directors' Remuneration
Resolution 5 – Directors’ Remuneration Table 1 – Proposed Remuneration Structure Proposed Current Aggregate Amount of Percentage of Aggregate Director Fees1 Proposed the Proposed Director Fees1 per annum Increase Increase (per annum) 2 Chair $155,000 $167,500 $12,500 8.1% Non – Executive Directors (
Slide 30: Resolution 5 – Directors' Remuneration
Resolution 5 – Directors’ Remuneration That, with effect from 1 September 2019, the aggregate Directors’ fee pool for Stride Investment Management Limited, pursuant to Listing Rule 2.11.1(a), be increased by $45,000 from $760,000 to $805,000 Stride Property Group | Annual Shareholder Meetings 30
Slide 31: Resolution 6 – Adoption of a New Constitution
Resolution 6 – Adoption of a New Constitution That the existing Constitution of Stride Investment Management Limited be revoked, and a new Constitution, in the form described in the Explanatory Notes to the Notice of Meetings dated 1 August 2019, and tabled at the Annual Shareholder Meeting on 29 Au
Slide 32: SIML Proxy Votes Received
SIML Proxy Votes Received Resolution 1. Auditor’s Remuneration Proxy votes lodged For Against Discretionary 163,500,623 97.38% 0.1% 2.53% Resolution 2. Re-election of Director Tim Storey Proxy votes lodged For Against Discretionary 163,500,623 97.53% 0.06% 2.41% Resolution 3. Election of Director Ja
Slide 33: General Business & Shareholder Questions
General Business & Shareholder Questions 20 Rockridge Avenue, Auckland 33
Slide 34: Thank you
Thank you Important Notice: The information in this presentation is an overview and does not contain all information necessary to make an investment decision. It is intended to constitute a summary of certain information relating to the performance of Stride Property Group for the year ended 31 Marc
Stride Property Group — Shareholder Meeting (August 2019) on 6ix