Queensland cattle and cotton property acquisitions: Rural Funds Group’s (ASX: RFF) stock edged up 0.235% on August 27, 2018, before market close. The group is now acquiring two Queensland properties. The company is acquiring Cattle property Cerberus for the purchase price of $10.0m. RFF is also acquiring Cotton property Mayneland for the purchase price of $18.0m.
The settlement of the properties is expected to occur in September 2018 and will be debt funded. As at 30 June 2018, the pro forma gearing was 25%, with a target range of 30-35%. FY19 adjusted funds from operations is expected to be of 13.2 cents per unit while distributions of 10.43 cents per unit have been announced.
The group has otherwise witnessed adjusted funds from operations per unit (12.7 cents) as per the expectations and forecasts for FY18 and earnings have been up by 29%. The group is focused on its climatic diversification strategy to have better businesses.
Meanwhile, RFF stock has risen 0.42% in three months as on August 24, 2018 and is trading at a P/E of 15.07x.
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