Rural Funds Management Ltd (RFM), as responsible entity and manager for the Rural Funds Group (RFF), is pleased to announce RFF’s first half FY2017 financial results.
Highlights of the half year financial results as compared to the previous corresponding period include:
- Earnings of 8.55 cents per unit (cpu), up 150%
- Adjusted funds from operations (AFFO) of 6.29 cpu, up 48%
- Distributions of 4.82 cpu, up 8%
- Adjusted total assets of $552.4m, up 36%
The results were primarily a result of acquisitions, ongoing almond orchard developments and lease indexation.
The acquisition of cattle and cotton properties in Queensland during the period is consistent with RFM’s strategy to expand the sector and climatic diversification within the RFF portfolio.
RFM Managing Director, David Bryant said the half year results reflected a period of solid growth for the Rural Funds Group.
“Cattle and cotton are sectors where RFM has existing expertise and knowledge. RFM will continue to use its fund and farm management expertise to drive returns for investors,” said Mr Bryant.
Forecast FY17 distribution guidance of 9.64 cpu, up 8% on the FY16 is maintained along with AFFO of $12.42 cpu, up 34% on the FY16 actual.