NZX · NZX:NZL
New Zealand Rural Land Company
listed · Rural Land · FY-end 12-31
NZX-listed land owner, not a farmer. It buys rural property (dairy, pastoral, horticulture, forestry) and leases it to tenants, so earnings are rent plus revaluations — not milk or meat prices. The number management steers to is AFFO (adjusted funds from operations), not statutory NPAT, which can jump when farms are revalued. Dividends are now targeted at 90–100% of AFFO, paid quarterly.
- Cadence
- Annual, Interim
- Last reported
- FY25 · 27 Feb 2026
- Next window (est.)
- Interim · late Aug 2026
Latest numbers · FY25
NPAT fell on smaller revaluations; AFFO is the cash earnings measure.
- Revenue
- $22.3m
- NPAT
- $7.9m
- AFFO
- $7.9m
- AFFO per share
- 5.43 cps
- NAV per share
- $1.609
- Hectares owned
- 17,077 ha
- WALT
- 11.6 yrs
- Gearing
- 29.4%
History
Reports & sources
-
FY25 · Annual
Announced 27 Feb 2026 · period ended 31 Dec 2025
NPAT fell on smaller revaluations; AFFO is the cash earnings measure.
Revenue $22.3m · NPAT $7.9m · AFFO $7.9m · AFFO per share 5.43 cps · NAV per share $1.609 · Hectares owned 17,077 ha
-
FY24 · Annual
Announced 27 Feb 2025 · period ended 31 Dec 2024
Revenue $19.9m · NPAT $23.1m · AFFO $7.1m · AFFO per share 4.94 cps · NAV per share $1.603 · Hectares owned 17,503 ha