Business
Did you miss the Rural Funds (ASX:RFF) 94% profit growth in HY21?
Rural Funds Group (ASX: RFF) reported its FY21 half-year result yesterday, which included a large increase in its statutory profit.
What happened with Rural Funds?
The agricultural real estate investment trust (REIT) announced that its earnings (total comprehensive income) per unit increased by 94% to 17.3 cents.
Rural Funds also reported that its adjusted net asset value (NAV) per unit – which includes water entitlements at market value – increased by 4% to $2.01.
The increase in earnings and adjusted net assets are largely driven by the sale of the Mooral almond orchard at a 21% premium to the book value. This money will be used for re-investing in other farms.
In terms of the adjusted funds from operations (AFFO), it…
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