Rural values keep climbing, page-12

The pic in today's results presentation shows nicely how the assets in the north have a reasonably good situation with rainfall and in south they're covered by the water entitlements.

In today's call Bryant stated that they are looking at additional asset purchases and added that they'd be in the existing sectors where RFF is already active in. Said they'd likely not plant another almond tree on the properties (the existing ones will continue to generate cash for the next two decades) and said any purchases in the almond sector are getting expensive due to the water entitlements being so expensive to acquire at the moment ("there's no bags of money there"). Mentioned RFF was among the first to establish almond farming in Riverina NSW and got their water at a more reasonable price point.

He also said that any and all assets they own would be for sale at any time at the right price. The are constantly looking at deploying retained cash, and also they could recycle the proceeds of sales to purchasing assets where there's more room for productivity increase through CAPEX investments.

He mentioned there's no lessee yet on the Comanche - that they had a suitable candidate but that the lease "fell through". They have had inspections on the property very recently and until a good lessee is found RFM guarantees the rent.