NZ Rural Land reports $12.4m half-year profit

Rural land company, NZ Rural Land, has announced a net profit after tax of $12.4 million for the six months ending June 30 2024.

The company also reported adjusted funds from operations of $3.6m, excluding earnings from properties with put/call arrangements in place.

Highlights of the half-year period include the purchase of a 25% stake in NZ Rural Land's portfolio by Roc Partners, an increase in AFFO, and the resumption of dividend payments.

NZ Rural Land's dividend, equivalent to 75% of AFFO, will be paid in mid-October 2024.

The company's portfolio saw growth in diversification and yield, with the acquisition of forestry and horticultural properties.

It now owns 17,457 hectares of rural land, representing an 18.3% increase from the previous financial year.

NZ Rural Land's gearing has been lowered to 30.5%, with 64% of debt hedged.

A detailed results presentation is available on the company's website.