|31 December 2019|
|Adjusted total assets2||$950.2m|
|Adjusted net asset value (NAV)2||$618.5m|
|Adjusted NAV per unit2||$1.84|
|Market capitalisation ($2.03 per unit)||$681.8m|
|Number of properties1||38|
|Weighted Average Lease Expiry (WALE)3||11.5 years|
|AFFO per unit (FY20 forecast)5||13.5 cents|
|Distributions per unit (FY20 forecast)||10.85 cents|
|FY21 forecast distribution yield (paid quarterly)6||5.6%|
|Distribution per unit FY20||10.85 cents|
|Distributions per unit FY21||11.28 cents|
1 Includes pro forma assets, including: WA cattle properties (settled Feb 2020), Wattlebank (settled Jan 2020), Swan Ridge South (forecast to settle Mar 2020) and Riverina Beef feedlot (forecast to settle Mar 2020).
2 Adjusted assets incorporates most recent independent property valuations, inclusive of water entitlements.
3 Lease expiries weighted by forecast FY20 rental income, expressed in years from 30 June 2019.
4 Gearing calculated as external borrowings (less cash balance)/adjusted total assets.
5 Assumes $7.5m increase to J&F Guarantee from Apr 2020 and Unitholder approval.
6 Calculated forecast FY21 distribution of 11.28 cpu divided by 24 February 2020 closing price of $2.03.