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Rural Funds (RFF) investor relations material
Rural Funds H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net property income rose 9% year-over-year, driven by new leases and macadamia orchard developments, with results and distributions per unit in line with guidance.
AFFO per unit increased 4.5% year-over-year to 11.5 cents, slightly exceeding guidance.
Distributions totaled 11.73 cents per unit, with a payout ratio of 102%, marking the third consecutive year of improvement.
Independent valuations on 68% of the portfolio resulted in a 1.2% uplift in book values.
Divestments of $89M completed or contracted, including $19M settled post-period.
Financial highlights
Net property income reached $95.1M, up 9.2% year-over-year, mainly from macadamia development capex.
AFFO per unit grew 4.5% to 11.5 cents, surpassing forecasts.
Adjusted NAV per unit declined from $3.14 to $3.08, mainly due to mark-to-market interest rate swaps.
Gearing increased marginally to 39.3%, with pro forma gearing at 38.8% after asset sales.
Payout ratio improved to 102%, third consecutive year of improvement.
Outlook and guidance
FY26 AFFO forecast at 11.7 cents per unit, with distributions expected to remain constant and a 100% payout ratio.
Revenue from macadamia leases projected to rise 18% in FY26, with continued growth as further CapEx is deployed.
Asset sales and debt facilities fully fund FY26 CapEx, maintaining gearing within target range.
Focus areas for FY26 include non-core asset sales and staged development of Rookwood Farms and Kaiuroo.
Distribution yield forecast at 6.0% based on recent unit price.
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