Rural Funds Management Limited (RFM) today released the Rural Funds Group (ASX: RFF, the Group) Financial Statements for the year ended 30 June 2023 (FY23) as summarised below.
Financial highlights
-- Property revenue increased 10.6% ($7.9m) to $81.8m, primarily due to rental income earned on macadamia developments.
-- Adjusted net asset value (NAV) increased 8.9% ($0.24) to $2.93 per unit, benefiting from externally revalued assets in the macadamia (up $21.9m, or 14%), almond (up $47.1m, or 12%), cattle (up $26.1m, or 10%), cropping (up $6.8m, or 7%) and vineyard (up $1.6m, or 3%) sectors (representing 67% of the portfolio).
-- Earnings of 30.1 cents per unit largely driven by property revenue and asset revaluations.
-- FY23 results in line with prior forecasts, including distributions per unit (DPU) of 11.73 cents and adjusted funds from operations (AFFO) of 10.7 cpu.
-- FY24 forecast AFFO growth of 4.7% (11.2 cpu) and distributions of 11.73 cpu.
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