In November 2022 Stride updated its dividend policy to one that is more appropriate for Stride’s transition to a maturing real estate investment management business, and which will enable Stride to retain capital.

Stride’s dividend policy is to target a total cash dividend equivalent to 25%-75% of the distributable profit after current tax of SIML, and 80%-100% of the distributable profit after current tax of SPL.

Stride may change its dividend policy from time to time, and will notify shareholders if and when this occurs. Dividends are paid quarterly, although the payment of dividends is not guaranteed by SPL or SIML. The tax treatment of dividends received from SIML and SPL is dependent on whether the recipient is a New Zealand resident and whether they are an individual, trustee or corporate. We recommend shareholders seek independent advice if they have any queries regarding the tax treatment of dividends.

Stride operates a dividend reinvestment plan which provides eligible shareholders with an opportunity to invest the net proceeds of the cash dividends payable on their shares in additional fully paid ordinary shares in each of SIML and SPL. The plan lets eligible shareholders conveniently increase their shareholding in Stride without incurring brokerage fees.

Participation in the plan is entirely optional for eligible shareholders. Shareholders may elect to participate in the plan in respect of all or part of their stapled securities. If you elect to participate only in respect of part of your stapled securities, you will continue to receive cash dividends in respect of the remainder of your stapled securities. Shareholders who wish to continue to receive their dividends in cash do not need to do anything.

The plan is only available to eligible shareholders, being shareholders with a registered address in New Zealand, Australia or the United Kingdom (as at the record date for a particular dividend). Further details on the plan can be found in the Dividend Reinvestment Plan Offer Document.

Shareholders who wish to apply or change their participation or withdraw from the plan can do so online by visiting the website of Stride’s share registrar, Computershare Investor Services. Once you have logged in, select “My Profile”, then “Reinvestment Plans” from the lefthand menu. Select Stride Property Group in the holding line and “Apply” to select your participation level.