Rural Funds Group (ASX: RFF)- Rural Funds Group announces higher distribution on 29% growth in income

  • Sep 03, 2018 AEST
  • Team Kalkine
Rural Funds Group (ASX: RFF)- Rural Funds Group announces higher distribution on 29% growth in income

Rural Funds Group announced final distribution of 2.6075 cents per stapled security on increased earnings of $44 million, an improvement of 29% on previous year. This increase of $9.77 million is mainly attributable to lease income earned from the Natal cattle property aggregation and valuation uplifts in the year ended 30 June 2018.

Group’s consolidated revenue increased from $41.573 million to $51.087 million in fiscal year 2018. The major chunk of group’s revenue comes from rental income which was $49 million in FY18.

Adjusted funds from operations rose to $32.32 million, compared from $25.59 million in prior year. AFFO growth of 26% reflects an additional lease income from acquisitions, capital expenditure, development and indexation. Pro forma gearing was well below the target range of 30%-35% to 25% in financial year 2018. 

In line with forecast, FY18 adjusted funds from operations (AFFO) per unit was 12.7 cps, payout ratio 79%, and total distributions per unit (DPU) was 10.03 cps, up 4% on FY17. Final distribution of 2.6075 cps, 100% unfranked, is payable on 31 October 2018 with record date of 28 September 2018.

Looking into FY19, RFF expects AFFO of 13.2 cps and distribution of 10.43 cps in consistence with 4% p.a. growth target.

RFF moved up 1.389% to $2.190 on 3 September 2018.

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