Rural Funds Management Limited (RFM) have today released the Rural Funds Group (ASX: RFF) (the Group) Financial Statements for the year ended 30 June 2022 (FY22) as summarised below.
Financial highlights
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Earnings (total comprehensive income) increase of 52% to 55.6 cents per unit (cpu).
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Adjusted net asset value (NAV) increase of 24% to $2.69 per unit.
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Adjusted funds from operations (AFFO) of 11.7 cpu, in line with distributions.
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Distributions per unit (DPU) of 11.73 cents, in line with forecast.
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Gearing of 30%, at the lower end of the target range of 30-35%.
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Interest rate hedge duration of 8.6 years.
The increase in earnings were largely driven by revaluations in the cattle sector (up $105m), almond sector (up $18m) and water entitlements (up $12m). Revaluations also contributed to the increase in adjusted net assets combined with acquisitions of $179m and development capex of $46m.
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