New Zealand Rural Land Co. Ltd. · NZX:NZL
New Zealand Rural Land — Shareholder Meeting (May 2025)
17 slides from New Zealand Rural Land's shareholder meeting presentation, May 21, 2025
Slide 1: Annual Shareholder Meeting Presentation
LISTED ON: 21 MAY 2025 2025 Annual Shareholder Meeting Presentation New Zealand Rural Land Company www.nzrlc.co.nz New Zealand Rural Land Company 1
Slide 2: Disclaimer
NEW ZEALAND RURAL LAND COMPANY OWNS AND LEASES SOME OF THE BEST AGRICULTURAL LAND IN THE WORLD. DISCLAIMER The information and opinions in this presentation were prepared by New Zealand Rural Land Company (NZL). NZL makes no representation or warranty as to the accuracy or completeness of the inform
Slide 3: ASM Agenda
ASM AGENDA 1. Chair’s Introduction 2. Presentation to Shareholders 3. Resolution 4. Questions New Zealand Rural Land Company 3
Slide 4: FY24 Result
FY24 RESULT Roc Partners purchased 25% of NZL portfolio, validating strategy and partnering for growth Portfolio diversification and rental yield materially increased by forestry and horticultural acquisitions in FY24 Partnered with New Zealand Forest Leasing to execute native regeneration on NZL’s
Slide 5: Portfolio Overview - As at 21 May 2025
PORTFOLIO OVERVIEW - AS AT 21 MAY 2025 Rural Sub-Sector Breakdown 33% 51% 6% 10% Dairy Support Apples Forestry Rural Asset Class Horticulture Forestry Pastoral Total Land Area (ha) 144 5,649 11,445 17,2381 Regions Hawke’s Bay and Otago Central North Island Canterbury, Otago & Southland Pastoral, For
Slide 6: Roc Partners Transaction
ROC PARTNERS TRANSACTION Overview On 19 January 2024 NZL announced it had entered into an agreement to sell a 25% equity interest in its land portfolio to Roc Partners (Roc). This transaction settled on 9 February 2024. Roc acquired the equity interest for approximately $44.2m in cash. NZL used the
Slide 7: New Acquisitions in FY24
0.05 NEW ACQUISITIONS IN FY24 Portfolio as at 31 December 2024 Diversity Increased 0.33 Four AFFO and WALT accretive acquisitions settled during FY24. Further diversifying NZL by tenant, geography and sub-sector while also increasing rental adjustment frequency1. • Twyford Orchards: Horticultural la
Slide 8: Corporate Actions
CORPORATE ACTIONS Dividend • NZL resolved to pay a final dividend of 2.54 cps bringing the total dividend for the year to 4.0 cps equivalent to ~80% of NZL’s FY24 AFFO*. • NZL’s dividend policy targets a pay-out ratio of 60% - 90% of AFFO. The pay-out range grants the company greater flexibility to
Slide 9: Outlook & FY25 Forecast
OUTLOOK & FY25 FORECAST NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, inflation will result in rental growth. Furthermore, NZL is insulated from inflation-impacted (and all other operational) on-farm costs by owning only the land. NZL has seen the positive impact of inflation
Slide 10: Select Asset Transactions Since Inception
SELECT ASSET TRANSACTIONS SINCE INCEPTION 19 January 2024 Roc Partners acquire a 25% equity interest in NZL’s land portfolio for the equivalent of ~$1.29 per share ($44.2m), a +52% premium to NZL’s share price of $0.85 at the time of the transaction. 8 November 2024 Southern Orchards - 126 hectares
Slide 11: NZL's Continued Cash Yield Growth
NZL’S CONTINUED CASH YIELD GROWTH • NZL has increased AFFO on both an absolute and per share basis every year since listing and is forecast to continue to do so1. Historically there is a strong correlation between cash yield and share price. • Since FY22 NZL’s AFFO has increased +99.7% on an absolut
Slide 12: Climate Change Reporting
CLIMATE CHANGE REPORTING • NZL released its annual Climate-Related Disclosures report on the 29th of April. • The report represents a significant step in deepening our understanding of how climate change may affect our business over time utilising the knowledge for a competitive advantage. It also s
Slide 13: Sign-up to Our Mailer
SIGN-UP TO OUR MAILER New Zealand Rural Land Company 13
Slide 14: Investor Day
INVESTOR DAY NZL will host an investor day over the coming months to engage leading analysts and institutional investors. The presentation will also be uploaded to NZX. New Zealand Rural Land Company 14
Slide 15: Resolutions
RESOLUTIONS New Zealand Rural Land Company 15
Slide 16: Resolutions
RESOLUTIONS To consider an, if thought fit, to pass the following ordinary resolutions: 1. Auditor’s Remuneration: That the Board be authorised to fix the fees and expenses of the Company’s Auditors New Zealand Rural Land Company 16
Slide 17: New Zealand Rural Land Co
New Zealand Rural Land Co The Rural Land Investors New Zealand Rural Land Company +64 9 217 2905 Level 1, 85 Fort Street info@nzrlc.co.nz Auckland Central www.nzrlc.co.nz Auckland 1010 nzrlc New Zealand nzrlc LISTED ON: New Zealand Rural Land Company 17
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