New Zealand Rural Land Co reports increased portfolio value

New Zealand Rural Land Co (NZX:NZL) reported a consolidated net profit after tax of NZD 23.1m for the year ended December 31, 2024, with adjusted funds from operations (AFFO) of NZD 7.1m. Key highlights included the sale of a 25% stake in its land portfolio to Roc Partners for NZD 44.2m, validating the company's strategy and enabling further acquisitions. Portfolio diversification increased with forestry and horticultural acquisitions, extending the weighted average lease term (WALT) to 12.5 years. AFFO rose to 4.94 cps, and a dividend of 4.00 cps was reinstated. The company also restructured borrowing arrangements, increasing available debt capital to NZD 140.0m and reducing gearing to 29.6%. Looking ahead, NZL forecasts FY25 AFFO of between 5.25 cps and 5.60 cps. Post balance date, NZL settled a transaction which involved the acquisition of land from an existing tenant, which receives increased rental revenue.