Ann: Dividend/Distribution - RFF, page-34

The viability of a tenant is always an issue for a lessor, if they fail the lessor no longer receives rent. However the value of the land remains unchanged & still can be let to another tenant even if they have to spend capex to make it more attractive.
With the comments made concerning the age of the poultry sheds their value in the RFF books should be immaterial at this stage but would need to check that.

If RFF lost RFM Poultry's rental income $10.9m it would be a material hit but in no way would it be disastrous for the business & only temporary until they found another tenant. That's assuming all the RPM Poultry sites were shut down which is unlikely, most likely some sites are in worse shape than others financially.
This is why RFF has diversified it's tenant base.

With regard generally to chicken prices, Coles earlier this year increased it's cooked chicken prices because their supplier said the low prices were unsustainable. As outlined in the RPM Poultry presentation discussions are also been undertaken with customers re contracts.

This is the sort risk that is normal in business of any sort, what's surprising is that neither shorter even mentioned the viability of tenants even though this information is freely available from the RFM website. Just goes to show what poor quality researchers they are.