RFF Webinar, page-163

you're assuming the rent payed by related entities is above market rent to inflate asset values. By that logic you have disproved the Bonitas report, because they say SHV are paying well below market rent.

In any case an independent valuer will assess the asset value by reviewing both market rent of comparable properties and the lease agreement, bank valuation would likely take the conservative of the two.

Ag properties are a lot different to the 'four walls and a roof' of a Charter Hall retail property. Its not easy to go down the road a find a new almond farm to lease.

I dont believe the related entities are set up because no one else will lease the farms, more likely that RFM want more funds under management (more fees) and have investors interested in farms and are happy with RFM management.