Independent property valuations and reconciliation to FY19 Financial Statements
In response to investor enquiries, Rural Funds Management Limited (RFM), as responsible entity for the Rural Funds Group (ASX:RFF), provides the following reconciliations to the FY19 Financial Statements:
Figure 1 shows AFFO derived from RFF assets, grouped by agricultural sector and adjusted for non-cash tax expenses. AFFO represents the underlying and recurring cash earnings from its operations from which distributions are funded.
Adjusted funds from operations (AFFO) by agricultural sector to net profit after tax.
Total adjusted property assets, which have been based on independent asset valuations, to Total adjusted assets.
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