Rural Funds Group (RFNDF) Q4 2026 Earnings Call Transcript

Good morning, and welcome to the financial results presentation for the Rural Funds Group for the full year ended 30 June 2026. My name is James Powell, General Manager of Investor Relations, and I'm joined today by David Bryant, Managing Director; Tim Sheridan, Chief Operating Officer; and Daniel Yap, Chief Financial Officer. After the presentation, we have allowed time to take questions from attendees via the methods outlined by the operator, and we encourage our unitholders to participate. Firstly, a brief introduction. The following slide highlights RFF's strategy to generate income and capital growth from developing and leasing agricultural assets, which will be a reoccurring theme in today's presentation. Also throughout the presentation, most metrics will be presented on a pro forma basis, adjusting for contracted asset sales announced in July. On this basis, the portfolio represents $1.8 billion of high-quality agricultural assets that are mainly leased to a majority of corporate and institutional lessees. Looking at the other attributes of RFF. The fund provides investors with quarterly distributions generated from a diversified portfolio of assets, both