Highlights:• Adjusted Funds from Operations (AFFO) growth of 3.2 cents per unit primarily a result of almond orchard developments and Select Harvests Ltd market rent review
• FY16 Earnings per unit higher due to substantial revaluation of almond orchards
• Total assets increased by $164.0m mostly due to:
–$51.5m almond orchard development capex;
–$113.5m acquisitions; and
–$5.5m revaluations
–($9.0m) disposals
• Expanded equity base from two Entitlement Offers:
–$61.0m July 2016 ($1.48/unit); and
–$78.6m June 2017 ($1.70/unit)
• Gearing reduction of 8%
• FY18 forecast AFFO to benefit from anticipated acquisitions using balance sheet capacity
• Improved FY17 AFFO payout ratio of 77%
• Improved portfolio diversification (properties/sectors)
