Rural Funds Management Ltd (RFM), as responsible entity and manager of the Rural Funds Group (RFF), is pleased to announce RFF’s FY18 financial results.
Highlights of the financial results include:
- Adjusted funds from operations (AFFO) per unit of 12.7 cents – in-line with forecast;
- Distributions per unit (DPU) of 10.03 cents – in-line with forecast;
- Earnings of $44.0m – up 29%;
- Pro forma gearing of 25% – against a target range of 30%-35%;
- FY19 forecast AFFO per unit of 13.2 cents – 4% increase on FY18; and
- FY19 forecast distributions per unit of 10.43 cents – 4% increase on FY18.
Contributing to the 29% increase in earnings for the period was lease income from the Natal cattle property aggregation acquired in December 2017 as well as valuation increases on assets in the cattle, cotton, almond, macadamia and water sectors.
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