JBS deal
- A lie RFM has not received equity for free, covered by RFM in their response
- RFF receives a fee for providing the guarantee but has no risk as it is guaranteed by JBS parent, good deal for RFF
- Irrelevant they are not the tenant
Assets
- Growing assets is also in RFF unit holders interests, increases profits & distributions
- Doh!
- Well done, living things die eventually
- There is also a tradeable market for water rights, RFF has taken conservative view & valued at less than market rates as viewed as unsustainable
- This happens when property values increase faster than rents, yields go down. Look at the yields on residential properties over the last 20 years.
Profit & loss
- Capital items must be capitalised & not charged to P&L, basic accounting
- You can't extend the useful life of an asset that dies.
- A correct statement but irrelevant, distributions are paid out of cash generated which is approx 25% higher.
Valuations
- Wrong management compares valuations with market values to ensure they are appropriate , per conference call
- Correct, however interest rates are falling globally. Interest rates should be reviewed regularly & changed as appropriate
- That is incorrect, per the E&Y report it states only one of the valuerers used visits the properties
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17 | 29937 | 2.050 |
7 | 10389 | 2.040 |
8 | 36946 | 2.030 |
Price($) | Vol. | No. |
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2.080 | 6018 | 13 |
2.090 | 13017 | 11 |
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