As it currently stands RFF are paying over 101.1% of AFFO out in distributions in FY22 ie part of it is being paid out of debt.
This is not good nor is it sustainable, even if they finalise macadamia leases during the year it is unlikely to provide much coverage.
The 4% distribution increase IMO is in doubt past FY22 IMO on current metrics.
I'm also concerned that RFF is focusing on buying more cattle properties at a time when valuations are at an all time high, Gina Rinehart for instance is cashing out her cattle investments.
I can't understand why people are buying at these levels other than for a 'dumb' yield buy or because agricultural investments are in vogue.
For me you either ignore the short term issues ( if you're holding for an indefinite period) & ride it out trusting the mnngt to get back to at least a 5% AFFO coverage or you sell.
I'm on the fence.
As it currently stands RFF are paying over 101.1% of AFFO out in...
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