Stride lifts annual earnings 16% on expanded portfolio; looks to carve out management unit

Sun, 29 May 2016

By Paul McBeth May 30 (BusinessDesk) - Stride Property said full-year earnings rose 16 percent as an expanding portfolio boosted rental income, and announced plans to spin out its real estate investment management business as a standalone entity. Distributable profit, the favoured measure of property investors as it strips out unrealised movements in the value of their portfolio, rose to $37.1 million, or 11.22 cents per share, in the 12 months ended March 31 from $32.1 million, or 10.8 cents, a year earlier, Auckland-based Stride, forme...

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