29 May 2019

Stride pleased with full year despite slower growth in value

11:48 am on 29 May 2019

Property management and investment company Stride has posted a lower net profit, with slower growth in the value of its portfolio.

Westfield Queensgate Shopping Centre, Lower Hutt, Queens Drive and Bunny Street, Lower Hutt, Wellington 5011

Stride Investment Management owns Queensgate shopping mall in Lower Hutt. Photo: Screenshot / GoogleMaps

Its net profit fell 20 percent to $76.2 million, in the year to March, which included a smaller valuation gain than the year before.

The company's property portfolio was $966.3m as of 31 March, with a gain of $36.5m, compared with a $48.3m gain the year earlier.

Revenue from management and rents fell 2.4 percent to $73m.

The company said the drop in rental income reflected the sale of some assets over the period.

Chief executive Philip Littlewood said he was pleased with the result.

"We've delivered both on our distributable profit, which is in line with guidance, and a dividend of 9.91 cents, which is in line with guidance and also delivered an increase in our portfolio value of 4.2 percent," he said.

Stride had a near 20 percent stake in big box retail operator Investore, which reported a full year net profit of $38.6m, last week.