New Zealand Rural Land Co. Ltd. · NZX:NZL
New Zealand Rural Land — Shareholder Meeting (May 2024)
13 slides from New Zealand Rural Land's shareholder meeting presentation, May 24, 2024
Slide 1: 2024 Annual Shareholder Meeting Presentation
LISTED ON: 24 MAY 2024 2024 Annual Shareholder Meeting Presentation New Zealand Rural Land Company www.nzrlc.co.nz New Zealand Rural Land Company 1
Slide 2: Rural Land Co Disclaimer
NEW ZEALAND RURAL LAND CO OWNS AND LEASES SOME OF THE BEST FARMLAND IN THE WORLD, OFFERING AN UNPARALLELED INVESTMENT OPPORTUNITY. 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 acc
Slide 3: ASM Agenda
ASM AGENDA 1. Chair’s Introduction 2. Presentation to Shareholders 3. Resolutions 4. Questions New Zealand Rural Land Company 3
Slide 4: FY23 Result & Subsequent Events FY24
FY23 RESULT & SUBSEQUENT EVENTS FY24 FY23 NPAT of $10.9m and AFFO of $6.0m NAV per share has grown from $1.250 at listing to $1.602 as at 31 December 2023, total returns have been +32.6% or +9.9% CAGR* AFFO has grown from 4.13** cps in FY22 to 4.35 cps (+5.4%) in FY23. AFFO forecast to be 5.03 to 5.
Slide 5: Portfolio Overview - As at 24 May 2024
PORTFOLIO OVERVIEW - AS AT 24 MAY 2024 Rural Sub-Sector Breakdown 5% 21.0% 31% 55% 46.4% 32.5% 9% Dairy Support Forestry Apples Manawatū - Region Hawke’s Bay Canterbury Otago Southland Total Whanganui Land Area (ha) 97 4,256 6,333 3,991 1,386 16,0631 Pastoral Farms, Rural Asset Class Horticulture Fo
Slide 6: Roc Partners Transaction - Post Balance Date
ROC PARTNERS TRANSACTION - POST BALANCE DATE 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
Slide 7: New Acquisitions in FY24
Portfolio as at 24 May 2024 NEW ACQUISITIONS IN FY24 0.05 Diversity Increased Overview Subsequent to the settlement of the Roc transaction, NZL entered into two further 0.33 5% acquisitions that are accretive to AFFO and WALT, and further diversify NZL’s portfolio*. 31% 31% The first acquisition was
Slide 8: Summary of FY23 Acquisitions & Corporate Actions
SUMMARY OF FY23 ACQUISITIONS & CORPORATE ACTIONS Acquisitions On 14 April 2023, NZL announced the settlement of a forestry estate acquisition with a total area of approximately 2,400 hectares, for ~$63m and was leased to New Zealand Forest Leasing (NZFL) for a 20 year period with the first year’s le
Slide 9: Dividend Reinstatement & Share Buyback Programme
DIVIDEND REINSTATEMENT & SHARE BUYBACK PROGRAMME Dividend NZL has resolved to both amend its dividend policy and reinstate NZL’s dividend. The interim dividend will be based upon results for the period 1 January 2024 to 30 June 2024. NZL’s amended dividend policy targets a pay-out ratio of 60% - 90%
Slide 10: Outlook & FY24 Forecast
OUTLOOK & FY24 FORECAST NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, high 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 will start to see the positive impac
Slide 11: Resolutions
RESOLUTIONS New Zealand Rural Land Company 11
Slide 12: Resolutions
RESOLUTIONS To consider an, if thought fit, to pass the following ordinary resolutions: 1. Re-Election of Tia Greenaway: That Tia Greenaway, who retires as a Director in accordance with NZX Listing Rule 2.7.1 and NZL’s constitution, and being eligible, be re- elected as a Director of NZL. 2. Auditor
Slide 13: 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 13
New Zealand Rural Land Company — Shareholder Meeting (May 2024) on 6ix