New Zealand Rural Land reports stable half-year results

New Zealand Rural Land Company has reported stable results for the first half of the 2025 financial year.

The company achieved a consolidated net profit after tax of $3.5 million and adjusted funds from operations (AFFO) of $3.9m.

AFFO per share increased by 39.2% to 2.7 cents.

The company said it expects FY25 AFFO to be between 5.17c and 5.52c.

The company also highlighted the impact of CPI-linked rental increases, which took effect in June 2025 and accounted for 13.8% of its portfolio.

NZL's portfolio now consists of 17,077 hectares of rural land, with a weighted average lease term of 12.3 years and 100% occupancy.

The company said it continues to have a positive outlook for agriculture and is targeting total AFFO of $9.4m by FY29.