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:
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Adjusted funds from operations (AFFO) by agricultural sector to net profit after tax.
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Total adjusted property assets, which have been based on independent asset valuations, to Total adjusted assets.
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.
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