Rural Funds Management Limited (RFM) today released the Rural Funds Group (ASX: RFF, the Group) Financial Statements for the year ended 30 June 2024 (FY24) as summarised below.
Financial highlights
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Property revenue increased 8.0%, or $6.5m, to $88.4m, primarily due to additional rental income earned on macadamia developments.
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Adjusted net asset value (NAV) increased 7.2%, or $0.21, to $3.14 per unit, benefiting from independent assets valuations conducted on 69% of assets.
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Adjusted funds from operations (AFFO) increased 2.8% to 11.0 cents per unit (cpu).
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Earnings of 30.3 cents per unit, or $117.2m, largely driven by property revenue and independent property valuations.2
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Distributions per unit (DPU) of 11.73 in line with forecasts.
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FY25 forecast AFFO growth of 3.6%, to 11.4 cpu, and forecast distributions of 11.73 cpu.
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