I am comfortable with capital management and the latest...

I am comfortable with capital management and the latest financial metrics.
Yes, gearing is at the upper end of target range but this is expected to reduce in FY24:


67% of debt now hedged and fixed with WAHR 2.55%.
LVR and ICR ratios well within bank covenants.
Debt facility limits adequate to cover FY24 capex requirements.

Forecast AFFO FY24 growth will see payout ratio reduce to 104% (down from 109%). Whilst many will consider this too high, Management appear to be achieving a balance of maintaining the distribution with their capital expenditure programs.

It is unfortunate that RFF entered a substantial growth strategy at a time of low interest rates. It is fortunate that founder/CEO David Bryant with over 26 years, and the Board with an average tenure of 13 years, have worked through many economic cycles and have a wealth of experience to meet the challenges now faced.

Market sentiment has been against all REITS and RFF has not been imune. NAV has increased 10% through asset revaluations and is now trading at a 33% discount. This is a solid report. I have changed my sentiment.