My take it that they have been more conservative by essentially freezing the distributions, instead if increasing by 4% pa that they had for many years maintained (even last year through franking credits, though not otherwise, granted).
Given the significant growth expected by the trees themselves as well as the rental income, the growth in income could be very substantial.
It would be nice to see exactly when the breakeven point will be expected, however I think this will be quite interest rate determinant so they can;t really say at the moment. I do think they anticipated long term that the earnings from Macadamias amongst others, is supposed to outdo the sold off Almond assets at a premium (& therefore capital value as well). It think they are behind the curve too because of short term interest rate moves & the rent reviews linked to inflation for example (as one metric used) tend to lag the fastest interest rate increases in history.
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My take it that they have been more conservative by essentially...
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