Rural Funds Group Reports Earnings Results for the Year Ended June 30, 2018; Reaffirms Earnings Guidance for Fiscal Year 2019
August 15, 2018 at 07:14 pm EDT
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Rural Funds Group reported earnings results for the year ended June 30, 2018. For the period the company reported revenues from ordinary activities of $51,087,000. Net profit after income tax was $36,032,000. Total comprehensive income attributable to
unitholders was $44,012,000. Adjusted funds from operations (AFFO) per unit were 12.7 cents.
The company reaffirms fiscal 2019 AFFO and distributions forecasts of 13.2 and 10.43 cents per unit respectively. The company is forecast to maintain a conservative payout ratio of 79% and has a weighted average lease expiry of over 12 years.
Rural Funds Group is an Australia-based real estate investment trust (REIT). The Company owns a diversified portfolio of agricultural assets that are leased predominantly to corporate agricultural operators. It is primarily engaged in the development and leasing of agricultural properties and equipment. The Company leases almond orchards, macadamia orchards, vineyards, cattle properties, cropping properties, agricultural plants and equipment, cattle, and water rights. The Company holds three almond orchards approximately 4,068 planted hectares; six vineyards approximately 636 planted hectares; 13 macadamia orchards approximately 1,906 planted hectares; seven properties with areas to be developed into macadamia orchards with 2,520 hectares; 23 cattle properties made up of 18 breeding, backgrounding, and finishing properties and five cattle feedlots with a combined capacity of 150,000 head, and 15 cropping properties approximately 14,573 hectares.