Rural Funds Group
Rural Funds Group (ASX: RFF) is an Australian agricultural REIT that owns and leases 61 properties across five sectors — almonds, cattle, vineyards, cropping and macadamias — to institutional operators such as JBS, AAC, Treasury Wine Estates, Select Harvests and Olam, distributing income quarterly to unitholders.
- Company typePublic
- Founded1997
- HeadquartersCanberra, Australia
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Rural Funds Group does
Rural Funds Group (ASX: RFF) is an Australian agricultural real estate investment trust that owns and leases a $2.1 billion portfolio of 61 properties across five Australian states (NSW, QLD, SA, WA, VIC), spanning five core sectors: almonds, cattle, vineyards, cropping and macadamias. The group operates under a stapled-security structure (Rural Funds Trust and RF Active) and is externally managed by Rural Funds Management (RFM), which has run the vehicle since 1997 and employs 258 staff including specialist fund managers, agronomists and horticulturists. Its technology platform layers precision-farming tools onto the physical assets — telemetry-enabled irrigation pumping, AI-vision autonomous tractors deployed on macadamia orchards, and a Permanent Sample Plot network instrumented with sap flow sensors — with cultivar R&D conducted in conjunction with the University of Queensland.
The business model is a sale-and-leaseback / develop-and-lease model: RFF acquires or develops agricultural land and water entitlements, then leases the improved assets to institutional tenant operators under long-dated triple-net leases (13.2-year weighted average lease expiry). Lessees include JBS Australia, Australian Agricultural Company, Treasury Wine Estates, Select Harvests and Olam Orchards Australia, with additional JV lessees in cattle and cotton. Revenue is therefore largely contractual rent, supplemented by water and carbon-related income streams (Kaiuroo soil carbon, Oakland Park HIR), and is distributed quarterly to unitholders, with FY26 forecast distributions of 11.73 cents per unit.
Operationally, the group is mid-cycle in a deleveraging program: gearing stood at 39.1% against a 30–35% target as at 31 December 2025, the Distribution Reinvestment Plan was suspended in December 2024, and a $260 million asset sales plan has been launched over a 12-month horizon. A March 2026 unitholder vote is scheduled to increase the J&F Guarantee supporting the JBS Australia cattle financing facility, while a 50% interest in Baamba Plains and Mayneland was sold into a joint venture with Traditional Owners in 2025, illustrating the use of partial monetization and partnerships as both financial and ESG tools.
Rural Funds Group firmographics
Firmographics- Name
- Rural Funds Group
- Legal name
- Rural Funds Management Limited
- Website
- https://ruralfunds.com.au
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Rural Funds Group (ASX: RFF) is an Australian agricultural REIT that owns and leases 61 properties across five sectors — almonds, cattle, vineyards, cropping and macadamias — to institutional operators such as JBS, AAC, Treasury Wine Estates, Select Harvests and Olam, distributing income quarterly to unitholders.
- Ownership category
- akta.pro rank
Rural Funds Group industry classification
Industry- Product category
- Agricultural REIT
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)
Keywords
Where Rural Funds Group is headquartered
LocationHeadquarters
- HQ city
- Canberra
- HQ country
- Australia
- HQ region
- Oceania
Offices3 records
Markets served
Rural Funds Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Rental Income from Agricultural Properties: RFF generates income by developing and leasing Australian agricultural assets to tenant operators. Properties are leased under long-term agreements with rent linked to capital expenditure. Portfolio includes almonds, cattle, vineyards, cropping, and macadamia properties across Australia.
- Quarterly Distributions to Unitholders: RFF pays quarterly distributions to unitholders. FY26 forecast distributions are 11.73 cents per unit. The Distribution Reinvestment Plan (DRP) was suspended in December 2024.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | FY26 Forecast Distributions |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Rural Funds Group product offering
Product offeringCore offering
Rural Funds Group is an ASX-listed agricultural real estate investment trust that owns a diversified portfolio of Australian agricultural assets — including almond orchards, cattle stations, vineyards, cropping land, and macadamia farms — and earns income primarily by leasing these assets and associated infrastructure to established agricultural operators under long-term lease arrangements. The stapled security pays quarterly distributions to unitholders derived from contracted lease income and capital growth in rural land and water assets.
Product overview
Rural Funds Group (ASX: RFF) is a single, unified agricultural REIT product structured as a stapled security comprising Rural Funds Trust and RF Active. The fund operates as a direct property ownership and development vehicle, holding 61 properties across five Australian states spanning the almonds, cattle, cropping, macadamias, and vineyards sectors. RFM (Rural Funds Management) acts as the responsible entity and manager, deploying its 'Managing good assets with good people' philosophy to own, develop, and lease agricultural infrastructure to institutional-quality lessees. The product is distinct from the manager entity and is differentiated by its precision-based approach to asset management and sustainability initiatives.
Differentiator
Problem solved
Functional benefit
Products and services
- Rural Funds Group (ASX: RFF) stapled security An ASX-listed agricultural real estate investment trust that owns and leases a diversified portfolio of Australian agricultural assets, including almond orchards, cattle stations, vineyards, cropping land, and macadamia farms. It pays quarterly distributions to retail and institutional unitholders and is managed externally by Rural Funds Management.
- Agricultural property leasing Long-term leases of RFF-owned farmland, water entitlements, and associated infrastructure to established agricultural operators across multiple sectors, generating contracted rental income for the fund.
Quantifiable outcome
- Net property income up 7% to $49 million in H1 FY26
- +3 more outcomes
Companies that use Rural Funds Group
Customer profileNamed customers11 records
Segments1 record
Ideal customer profiles2 records
Rural Funds Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature5 records
Rural Funds Group partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- The Rohatyn Group (TRG)coreJoint venture between TRG and a global institutional investor for macadamia orchard properties including Maryborough properties (x10), Rookwood Farms, Riverton, Nursery Farm, Cygnet, and Swan Ridge macadamia orchard properties. TRG JV also includes portion of cropping properties Baamba Plains, Mayneland, and Swan Ridge cropping.
- University of QueenslandminorCollaboration with University of Queensland to develop improved macadamia cultivars, contributing to varietal selection for higher-yielding orchards.
- Southern Cross UniversityminorPartnership with Southern Cross University for long-term rate-response trial examining phosphorus interaction with other key nutrients for macadamia production. Includes systematic leaf and soil sampling to monitor nutrient dynamics.
- Clean Energy RegulatorminorRegulatory body for carbon farming projects. RFM has applied for soil carbon project at Kaiuroo Aggregation and received conditional approval for Human-Induced Regeneration project at Oakland Park.
- Tagalaka Indigenous RangersminorPartnership with local Tagalaka Indigenous rangers for carbon project mapping using LiDAR technology at Oakland Park for baseline stratification.
- WYLD ProjectsminorCollaboration with WYLD Projects in FY25 to support habitat restoration efforts for the white-throated snapping turtle.
- University of SydneyminorHosting University of Sydney as part of National Soil Carbon Innovation Challenge (NSCIC) to develop lower-cost technological solutions for measuring soil organic carbon.
- Western Local Land ServicesminorPartnership with Western Local Land Services for Tocabil Sandhill Pine Woodlands Restoration project to regenerate endangered ecological community.
Scale indicators15 records
Recent moves9 records
Expansion highlights5 records
Rural Funds Group competitors and assessment
Company assessmentRegional players
- GrainCorp: ASX-listed agribusiness with large-scale Australian grain handling and storage infrastructure. Comparable regional operator in Australian agriculture with adjacent farmland and water-asset exposure, though not a pure REIT.
- Elders Limited: ASX-listed Australian agribusiness providing rural inputs, agency services and livestock markets. Overlaps with RFF's tenant/customer base across broadacre cropping and cattle sectors in Australia.
Direct peers
- Farmland Partners Inc. US-listed farmland REIT owning farmland across the US, leasing to operators and farming in-house. Comparable to RFF in sale-and-leaseback strategy, diversified row-crop and permanent-crop portfolio, and REIT distribution model.
- Gladstone Land Corporation: US-listed farmland REIT that acquires and leases farmland to farm operators on long-term triple-net leases. Directly comparable to RFF in structure, lease-based income model and agricultural real estate focus.
Others
- Costa Group Holdings: ASX-listed major Australian horticultural producer with permanent-crop assets (citrus, berries, avocado, mushrooms). Comparable to RFF as a permanent-crop agriculture operator that may also be a tenant or competitor on similar Australian farmland.
- Australian Agricultural Company (AACo): ASX-listed largest integrated cattle producer in Australia and a current RFF tenant (Comanche, Rewan, Homehill). Comparable as a large-scale Australian cattle landowner/operator and counterparty to RFF's leases.
- Prime Super / Aware Super Agricultural Investments: Major Australian super funds that have built direct agricultural property portfolios (including farmland and water). Comparable institutional capital pool operating in the same Australian agricultural real estate investment space as RFF.
Broad incumbents
- TIAA / Nuveen (Global Agriculture & Timber): Operates one of the world's largest direct farmland investment programmes through Westchester. Comparable to RFF as institutional-scale agricultural real estate investor with long-term leased income mandates.
- Macquarie Asset Management — Real Assets Agriculture: Macquarie's agricultural real assets platform invests in farmland and agribusiness globally. A broad incumbent operating in the same large-scale agricultural real estate investment space as RFF/RFM.
- Hancock Agricultural Investment Group: One of the largest institutional farmland managers globally, part of Manulife Investment Management, investing in farmland across the US, Australia and Canada. Directly comparable to RFM's large-scale, multi-region agricultural real estate mandate.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Rural Funds Group social profiles
Digital presenceRural Funds Group compliance and trust
Trust signalCompliance6 records
Rural Funds Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rural Funds Group leadership team
Management profileNumber of profiles
Profiles1 record
Rural Funds Group subsidiaries and ownership
Company hierarchySubsidiaries2 records
Rural Funds Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rural Funds Group M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rural Funds Group
What does Rural Funds Group do?
Rural Funds Group is an ASX-listed agricultural real estate investment trust that owns a diversified portfolio of Australian agricultural assets — including almond orchards, cattle stations, vineyards, cropping land, and macadamia farms — and earns income primarily by leasing these assets and associated infrastructure to established agricultural operators under long-term lease arrangements. The stapled security pays quarterly distributions to unitholders derived from contracted lease income and capital growth in rural land and water assets.
Is Rural Funds Group a public or private company?
Rural Funds Group is a public company. It is classified as public and is currently operating.
When was Rural Funds Group founded?
Rural Funds Group was founded in 1997. It employs 101 to 250 people.
Where is Rural Funds Group based?
Rural Funds Group is headquartered in Canberra, Australia, in the Oceania region.
How does Rural Funds Group make money?
Two revenue lines are on record. Rental Income from Agricultural Properties are the primary driver. The others are quarterly Distributions to Unitholders.
Who are Rural Funds Group's main competitors?
Regional players on record are GrainCorp and Elders Limited. Direct peers are Farmland Partners Inc. and Gladstone Land Corporation. Others are Costa Group Holdings, Australian Agricultural Company (AACo) and Prime Super / Aware Super Agricultural Investments. Broad incumbents are TIAA / Nuveen (Global Agriculture & Timber), Macquarie Asset Management — Real Assets Agriculture and Hancock Agricultural Investment Group.
Does Rural Funds Group have an API?
No public API is recorded for Rural Funds Group.
What industry is Rural Funds Group in?
Rural Funds Group's product category is Agricultural REIT. Its primary akta.pro industry code is FSANAEAK, Natural Resources Funds (Timberland, Farmland, Minerals). Its NAICS code is 525 and its SIC code is 6798.