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
- HY26 · 27 Aug 2026
- Next window (est.)
- Annual · late Feb 2027
Latest numbers · HY26
AFFO excludes put/call properties. FY26 AFFO guidance remains suspended pending Kiwi Crunch tenant replacement. HY26 dividends 2.68 cps.
- NPAT
- $4.7m
- AFFO
- $3.6m
- AFFO per share
- 2.45 cps
- NAV per share
- $1.597
- Hectares owned
- 17,077 ha
- WALT
- 11.1 yrs
- Gearing
- 30.4%
- Dividend
- 2.68 cps
History
Reports & sources
-
HY26 · Interim
Announced 27 Aug 2026 · period ended 30 Jun 2026
AFFO excludes put/call properties. FY26 AFFO guidance remains suspended pending Kiwi Crunch tenant replacement. HY26 dividends 2.68 cps.
NPAT $4.7m · AFFO $3.6m · AFFO per share 2.45 cps · NAV per share $1.597 · Hectares owned 17,077 ha · WALT 11.1 yrs
-
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