AUD reporting

Rural Funds Group · RFF.AX

Cattle, almonds, macadamias, cropping, vineyards · Filing

Acres: 1,829,000
Book / acre: AUD 1,080
Market cap (USD): $565M
EV / acre (USD): $619

Sector KPIsestimate

WALT (yrs): 13.5
Top-10 tenants: 84% of rent
AFFO / share: AUD 0.12
Rent indexation: cpi
Water rights: AUD 80M

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (AUD M)	FMV (AUD M)	Note
Land / property	1,976	1,975	Per-property breakdown below
Water rights	80	—	Carried separately from land
Tangible total (ex-cash)	2,056	2,055
+ Cash & equivalents	8	8
Tangible total (incl. cash)	2,064	2,063
Reported total assets (BS)	2,100	—	Latest period 2025-06-30

Tangible book

AUD 2,064M

98% of total assets

Market cap

AUD 799M

39% of tangible book

Enterprise value

AUD 1,602M

78% of tangible book

Implied fair market analysis

As of 2025-06-30

Aggregate FMV

AUD 1,975M

Range AUD 1,622–2,334M · 1,828,775 acres

FMV vs. book

-0.0%

Book AUD 1,975M · FMV AUD 1,975M

Implied NAV / share

AUD 3.01

Range AUD 2.11–3.94

Live price vs. FMV NAV

-31.8%

Range -47.8% (high) to -2.4% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (20 of 20 properties): typical 5.5–7.3%

Reported NOI

AUD 95.1M

Cap rate at comp-based FMV

4.82%

Range 4.07–5.86%

Verdict

Below typical — comp-based FMV may be aggressive vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book AUD/acre	Avg FMV AUD/acre	Book (AUD M)	FMV (AUD M)	FMV range (AUD M)	FMV vs book
Almond orchards (NSW)	3	10,052	44,867	44,805	451	450	381–518	-0.1%
Cattle stations — central QLD developed	1	212,494	1,515	1,517	322	322	255–404	+0.1%
Macadamia orchards (TRG JV)	1	7,445	41,773	41,750	311	311	261–357	-0.1%
Cattle stations — northern QLD extensive	1	1,523,124	142	142	216	216	168–267	+0.1%
Water rights (intangible)	1	—	—	—	129	129	107–153	-0.3%
Macadamia orchards (RFF own)	1	1,818	56,106	56,360	102	102	85–118	+0.5%
Cattle feedlot infrastructure (industrial)	1	—	—	—	67	67	55–75	-0.4%
Other property infrastructure	1	—	—	—	63	63	50–75	+0.5%
Vineyards (SA + VIC)	1	1,576	37,437	37,230	59	59	49–68	-0.6%
Cattle stations — VIC alpine	1	16,054	3,301	3,293	53	53	45–61	-0.3%
Cropping (irrigated cotton + rotation)	1	12,265	4,158	4,135	51	51	43–59	-0.6%
Cropping (50% interest)	2	17,475	2,289	2,304	40	40	33–48	+0.7%
Cropping (high-value irrigated)	1	5,088	6,879	6,886	35	35	30–41	+0.1%
Cattle stations — WA	1	15,310	2,286	2,278	35	35	29–41	-0.4%
Cattle stations — NSW improved	1	4,270	5,386	5,442	23	23	19–28	+1.0%
Macadamia orchards (development)	1	1,500	10,667	10,850	16	16	12–21	+1.7%
Cropping (small)	1	304	6,579	6,586	2	2	2–2	+0.1%
Total	20	1,828,775	1,080	1,080	1,975	1,975	1,622–2,334	-0.0%

Properties

Per-property breakdown anchored to RFF's FY25 Annual Report (Note B1/C1) audited adjusted property values. RFF uniquely publishes individual property FMVs every year in its Annual Report — independent valuations cover ~68% of portfolio with directors' valuations on the remaining 32% (in-line with most recent independent mark). Total adjusted property assets: AUD $1,976M (incl water rights at directors' valuation, $1,857M excl water).

Property	Category / crop	Acres	Acquired	Cost (AUD M)	Book (AUD M)	AUD/acre book	FMV AUD/acre	FMV (AUD M)	vs book	Comps
Cattle stations — Central QLD developed (Rewan + Comanche + Cerberus + Yarra + Homehill + Coolibah + Thirsty Creek + Kaiuroo + Wyseby) Central Queensland, Australia	Cattle stations — central QLD developed Cattle breeding/finishing (improved pasture + cropping)	212,494	—	—	322	1,515	1,517 1,200–1,900	322.4	+0.1%	RFF-FY25-AUDITEDAU-PASTORAL-QLD-2025 85,991 ha improved central QLD cattle country (Rewan 17,479 + Comanche 7,600 + Cerberus 8,280 + Yarra 4,090 + Homehill 4,925 + Coolibah 724 + Thirsty Creek 503 + Kaiuroo 27,879 + Wyseby 14,071). FY25 adjusted value AUD $322.4M = $1,517/acre
Macadamia orchards — TRG JV (Cygnet + Nursery Farm + Riverton + Maryborough + Rookwood Farms) Queensland (Maryborough + Bundaberg regions)	Macadamia orchards (TRG JV) Macadamias (40-year lease to The Rohatyn Group + global institutional)	7,445	—	—	311	41,773	41,750 35,000–48,000	310.8	-0.1%	RFF-FY25-AUDITEDAU-MACADAMIA-2025 3,013 ha leased to TRG JV under 40-year lease — RFF's biggest growth area FY23-25. Cygnet/Nursery 78 ha + Riverton 422 ha + Maryborough TRG 1,509 ha + Rookwood Farms TRG 1,004 ha. FY25 adjusted value AUD $310.82M (excludes Rookwood Farms development $16.275M). Lease revenue ramping from $9M FY23 → $20M FY26f (+122%)
Kerarbury Almond Orchard Darlington Point NSW, Australia	Almond orchards (NSW) Almonds (lessee Select Harvests)	6,252	—	—	288	46,065	46,010 39,000–53,000	287.7	-0.1%	RFF-FY25-AUDITEDAU-ALMOND-2025 2,530 ha planted (RFF's largest single property). FY25 adjusted value AUD $287.6M = $46,010/acre. Independent valuation May 2025 at $288M
Cattle stations — Northern QLD extensive (Mutton Hole + Oakland Park + Natal Aggregation) Northern Queensland, Australia	Cattle stations — northern QLD extensive Cattle breeding/finishing (extensive pastoral)	1,523,124	—	—	216	142	142 110–175	216.3	+0.1%	RFF-FY25-AUDITEDAU-PASTORAL-NORTH-2025 616,400 ha extensive cattle country (Mutton Hole 140,300 ha + Oakland Park 85,500 ha + Natal Aggregation 390,600 ha). FY25 adjusted value AUD $215.85M = $142/acre — lowest per-acre in portfolio reflecting extensive carrying capacity (~1 AE per 50-60 acres)
Water rights & entitlements (NSW + QLD) NSW Murrumbidgee + QLD various	Water rights (intangible) Water entitlements (separate intangible asset class)	25,419	—	—	129	5,075	5,060 4,200–6,000	128.6	-0.3%	RFF-FY25-AUDITED 25,419 ML of permanent water rights. Directors' valuation AUD $128.645M (book at historical cost $210.987M with directors' uplift to $361.228M reflecting market value above cost). Components: NSW River water 8,754 ML at $74.4M + QLD River 600 ML at $0.4M + Rookwood Weir 7,727 ML at $13.9M + NSW Ground water 8,338 ML at $39.9M. Acres column shows ML not acres
Macadamia orchards — RFF own mature (Swan Ridge + Moore Park + Bonmac + Beerwah + Bauple) Queensland (Bundaberg + SE QLD)	Macadamia orchards (RFF own) Macadamias (mature; mix of leased + RFF-operated)	1,818	—	—	102	56,106	56,360 47,000–65,000	102.5	+0.5%	RFF-FY25-AUDITEDAU-MACADAMIA-2025 736 ha mature own orchards. Swan Ridge 130 ha + Moore Park 104 ha + Bonmac 27 ha + Beerwah 340 ha + Bauple 135 ha. FY25 adjusted value AUD $102.46M = $56,360/acre — premium per-acre vs TRG JV reflecting older mature trees + closer-to-port logistics
Yilgah Almond Orchard NSW Sunraysia, Australia	Almond orchards (NSW) Almonds (lessee Olam)	2,310	—	—	99	42,857	42,800 36,000–49,000	98.9	-0.1%	RFF-FY25-AUDITEDAU-ALMOND-2025 935 ha planted; FY25 adjusted property value AUD $98.89M = $42,800/acre. Last independent valuation May 2024 at $111.5M. FY25 mark adopted on unencumbered basis (rent review in progress with Olam)
JBS feedlots finance lease (5 feedlots, 150K head capacity) NSW + QLD, Australia	Cattle feedlot infrastructure (industrial) Cattle feedlots (10-year finance lease to JBS Australia, expires 2028)	5	—	—	67	13,400,000	13,346,600 11,000,000–15,000,000	66.7	-0.4%	RFF-FY25-AUDITED 5 feedlots leased to JBS as finance lease (150K head capacity). FY25 carrying value AUD $66.733M. Acres column shows feedlot count not acreage. JBS pays guarantee fee of $5.75M (FY25). Sale put option exercisable by RFF
Tocabil Almond Orchard NSW Sunraysia, Australia	Almond orchards (NSW) Almonds (lessee Olam)	1,490	—	—	64	42,953	42,860 36,000–49,000	63.9	-0.2%	RFF-FY25-AUDITEDAU-ALMOND-2025 603 ha planted; FY25 adjusted value AUD $63.86M = $42,860/acre. Independent valuation May 2025 at $64M
Other infrastructure (cattle finance leases + plant + equipment) Various Australia	Other property infrastructure Cattle finance leases (DA & JF Camm Pty), plant, equipment, receivables	1	—	—	63	63,000,000	63,326,000 50,000,000–75,000,000	63.3	+0.5%	RFF-FY25-AUDITED Cattle finance leases other (DA & JF Camm Pty Ltd, breeders) $20.078M + Plant and equipment - other $19.345M + Other receivables and equipment leases $23.903M = $63.326M residual to reconcile to RFF's reported $1,975.557M total adjusted property assets
Vineyards — South Australia + Victoria (Kleinig + Geier + Hahn + Mundy/Murphy + Rosebank) SA Barossa + VIC, Australia	Vineyards (SA + VIC) Wine grapes (lessee Treasury Wine Estates + others)	1,576	—	—	59	37,437	37,230 31,000–43,000	58.7	-0.6%	RFF-FY25-AUDITEDAU-VINEYARD-2024 638 ha across 5 vineyards: Kleinig 206 ha, Geier 244 ha, Hahn 50 ha, Mundy/Murphy 55 ha, Rosebank 83 ha. FY25 adjusted value AUD $58.67M — June 2024 independent valuations; ~stable YoY
Cattle station — Cobungra (VIC alpine) Cobungra VIC, Australia	Cattle stations — VIC alpine Cattle breeding (alpine grazing)	16,054	—	—	53	3,301	3,293 2,800–3,800	52.9	-0.3%	RFF-FY25-AUDITED 6,497 ha Victorian alpine cattle country. FY25 adjusted value AUD $52.854M
Lynora Downs Cropping Central QLD, Australia	Cropping (irrigated cotton + rotation) Cotton + grains (myBMP-accredited)	12,265	—	—	51	4,158	4,135 3,500–4,800	50.7	-0.6%	RFF-FY25-AUDITEDAU-CROP-2025 4,963 ha central QLD cotton property. FY25 adjusted value AUD $50.719M; independent Jul 2024 valuation $50M. RFF's FY25 'grow on' cotton growing initiative driving emissions efficiency
Maryborough Cropping Maryborough QLD, Australia	Cropping (high-value irrigated) Mixed cropping	5,088	—	—	35	6,879	6,886 5,800–8,000	35	+0.1%	RFF-FY25-AUDITED 2,059 ha high-value Maryborough cropping (3 properties sold during year, retained core). FY25 adjusted value AUD $35.031M
Cattle stations — WA aggregation (Petro + High Hill + Willara) Western Australia	Cattle stations — WA Cattle breeding (mixed grazing)	15,310	—	—	35	2,286	2,278 1,900–2,700	34.9	-0.4%	RFF-FY25-AUDITED 6,196 ha WA cattle country (Petro 2,942 + High Hill 1,601 + Willara 1,653). FY25 adjusted value AUD $34.86M = $2,278/acre. Independent Jan 2025 valuations
Baamba Plains Cropping (50% interest sold to TRG Dec 2024) Central QLD, Australia	Cropping (50% interest) Cotton + grains	10,205	—	—	23	2,254	2,287 1,900–2,700	23.3	+1.5%	RFF-FY25-AUDITED 4,130 ha; RFF retains 50% after Dec-2024 sale of 50% interest to TRG. FY25 adjusted value AUD $23.341M (down from $45.2M FY24)
Cattle station — Dyamberin (NSW Northern Tablelands) NSW Northern Tablelands, Australia	Cattle stations — NSW improved Cattle breeding (high-rainfall improved pasture)	4,270	—	—	23	5,386	5,442 4,500–6,500	23.2	+1.0%	RFF-FY25-AUDITED 1,728 ha NSW Northern Tablelands — highest per-acre cattle country in portfolio reflecting rainfall + carrying capacity premium. FY25 adjusted value AUD $23.235M
Mayneland Cropping (50% interest sold to TRG Dec 2024) Central QLD, Australia	Cropping (50% interest) Cotton + grains	7,270	—	—	17	2,338	2,329 1,900–2,750	16.9	-0.4%	RFF-FY25-AUDITED 2,942 ha; RFF retains 50% after Dec-2024 sale of 50% interest to TRG-managed entity. FY25 adjusted value AUD $16.933M (down from $30.5M FY24 reflecting 50% disposal)
Macadamia orchards — Rookwood Farms development (additional) Queensland	Macadamia orchards (development) Macadamias (under development for FY26)	1,500	—	—	16	10,667	10,850 8,000–14,000	16.3	+1.7%	RFF-FY25-AUDITED Additional Rookwood Farms development; ~690 ha plantings planned FY26; current FY25 adjusted value AUD $16.275M reflects partial development stage
Swan Ridge South Cropping QLD, Australia	Cropping (small) Mixed cropping	304	—	—	2	6,579	6,586 5,500–7,700	2	+0.1%	RFF-FY25-AUDITED 123 ha small cropping property

Comparable land transactions and surveys

8 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
RFF-FY25-AUDITED	RFF FY25 Annual Report (30 June 2025) — total adjusted property assets AUD $1,975.557M (incl water rights at directors' valuation). Per-property values disclosed in Note B1/C1; independent valuations cover ~68% of portfolio with directors' valuations on 32%. FY25 revaluation movement: +$15.2M (1.2%) on independently-valued properties + (0.5%) overall. Adjusted NAV per unit AUD $3.08	RFF full portfolio (audited per-property)	1,828,854	$1,080	Jun 2025	RFF FY25 Annual Report (filed Sep 30 2025)
AU-PASTORAL-NORTH-2025	Northern Australian extensive pastoral 2025 — $100-200 AUD/acre (Channel Country, northern QLD, NT)	Northern Australia	—	$150	Apr 2025	Elders Rural + LAWD pastoral comps 2025
AU-PASTORAL-QLD-2025	Central / improved Queensland pastoral H1 2025 — $1,200-2,000 AUD/acre	Central + Western Queensland	—	$1,500	Apr 2025	LAWD + Colliers Rural H1 2025
AU-ALMOND-2025	Australian almond orchard transactions H1 2025 — $30-50K AUD/acre (mature orchards with water entitlements)	NSW + Victoria, Australia	—	$40,000	Apr 2025	Colliers Rural + LAWD H1 2025 ag-real-estate report
AU-MACADAMIA-2025	Australian macadamia orchards 2025 — $35-65K AUD/acre (TRG JV-style 40-year leased developments at lower end; mature standalone at upper end)	Queensland + NSW Northern Rivers	—	$50,000	Apr 2025	Australian Macadamia Society 2025 land report
AU-CROP-2025	Australian H1 2025 cropping transactions — $4-7K AUD/acre (irrigated cotton/grain)	NSW + QLD irrigated	—	$5,500	Apr 2025	ABS land transaction reports H1 2025
AU-VINEYARD-2024	Australian premium vineyard transactions 2024 — $30-45K AUD/acre (SA Barossa + VIC)	SA Barossa + VIC	—	$37,000	Sep 2024	Australian Wine Industry land report 2024
RFF-FY24-AUDITED	RFF FY24 Annual Report (30 June 2024) — total adjusted property value AUD $1,951.712M	RFF full portfolio	1,828,854	$1,067	Jun 2024	RFF FY24 Annual Report

Methodology

Rural Funds Group is uniquely well-disclosed within the comp set: as an Australian REIT under IFRS, RFF carries investment property at FAIR VALUE (book = FMV by definition), AND publishes per-property values in the Annual Report (Note B1/C1). Independent valuations cover ~68% of portfolio; directors' valuations on remaining 32% (in line with most recent independent mark, with revaluations every 24 months minimum). This file uses RFF's FY25 audited per-property values as the gold-standard FMV source. All 16 land rows + 3 non-land rows tie directly to RFF's published Note C1 schedule. Total adjusted property assets: AUD $1,975.557M (incl water rights at directors' valuation = $1,856.762M without directors' uplift). CRITICAL CHANGES vs prior version of this file: • Prior version aggregated to 6 sectors with old data tied to ~AUD $1,587M (FY23-era mark) • Added 16 individual property rows + 3 non-land rows (JBS feedlot, water rights, other infra) • TRG JV macadamia development surfaced as separate row (AUD $310.8M = 16% of total) — major buildout FY23-25 missed by old aggregation • Cattle land split into 5 sub-region rows (Northern QLD extensive at $142/acre vs Central QLD developed at $1,517/acre vs NSW Northern Tablelands at $5,442/acre vs WA at $2,278/acre vs VIC alpine at $3,293/acre) — proper differentiation by carrying capacity / pasture quality • Total acres updated: 1.69M → 1.83M (740,107 ha = total cattle + cropping + macadamia + almond + vineyard land) • Mayneland + Baamba Plains 50% sales to TRG (Dec-2024) reflected in reduced FY25 values • Per-property cap rate ranges align with RFF's disclosed valuation inputs (Note C1 page 64): discount rates 6.5-14.5%, terminal cap rates 7.75-9.0%; my land-only cap rates of 5.5-8.0% reflect the bare-land portion stripped of bearer-plant risk KEY INSIGHT: RFF is the cleanest NAV reporter in the comp set — the FMV from this file should match within ±2% of RFF's published Adjusted NAV per unit (AUD $3.08). The Live-price-vs-NAV comparison shows pure market-vs-NAV discount. SECTOR PRICING ANCHORS (per RFF FY25 audited): - Almond orchards (NSW): $42-46K AUD/acre (3 properties, $450M total) - Macadamia orchards: $42K AUD/acre TRG JV (40-year lease) vs $56K AUD/acre RFF own mature - Vineyards (SA + VIC): $37K AUD/acre (5 properties, $59M) - Cropping (irrigated): $2-7K AUD/acre depending on infrastructure - Cattle stations: WIDE range — $142/acre extensive northern QLD to $5,442/acre NSW Northern Tablelands - Water rights: $5,060 AUD/ML weighted (25,419 ML, $128.6M) RFF's revenue split (FY26f): Cattle 36% + Almonds 29% + Macadamias 21% + Cropping 5% + Vineyards 4% + Other 4%. WALE 13.9 years, 84% of portfolio leased. Pro forma gearing 38.8%. MACADAMIA DEVELOPMENT CYCLE: TRG JV macadamia revenue ramping from $9M FY23 → $20M FY26f (+122% on lease commencement). 690 ha additional plantings on Rookwood Farms FY26. AFFO payout ratio improving 110% FY23 → 100% FY26f as developments complete. INDEPENDENT VALUATIONS PERFORMED FY25: - Almonds: Kerarbury (May 2025), Tocabil (May 2025); Yilgah on directors' (rent review) - Cattle: Rewan, Kaiuroo, Natal Aggregation, Oakland Park, Mutton Hole, Petro, High Hill, Willara, Wyseby (all FY25) - Macadamias: Swan Ridge, Moore Park, Bonmac, Cygnet, Nursery Farm, Riverton, Maryborough TRG, Rookwood Farms TRG, Rookwood Farms, Beerwah, Bauple (all Sep 2024 - April 2025) - Cropping: Lynora Downs (Jul 2024), Swan Ridge South (Sep 2024) - Water: 8,338ML Murrumbidgee Groundwater, 8,754ML Murrumbidgee Riverwater (June 2025)