Half Year Financial Report and Presentation

www.nzrlc.co.nz
25 August 2023
New Zealand Rural Land Company (NZL:NZX) HY23
New Zealand Rural Land Co (NZX: NZL) is pleased to announce its financial results for the six months ended 30
June 2023. NZL recorded a net profit after tax of $2.5m for the period and adjusted funds from operations (AFFO)
of $2.7m.
NZL owns 14,487 hectares (35,798 acres) of high quality productive rural land in New Zealand which is 100%
tenanted on long-term leases with regular CPI adjustment provisions. NZL generates shareholder value through a
combination of asset value appreciation and cash flows from its long-term leases.
Results Summary for the six months ending 30 June 2023
A detailed results presentation is available at: https://www.nzrlc.co.nz/reports-presentations
Acquisitions
In April 2023, NZL announced the settlement of approximately 3,137 hectares of forestry estate. The total
acquisition cost was approximately $70m. Both forestry estates are leased to New Zealand Forest Leasing
(NZFL), one for a 20 year period, the second (737 total hectares) being a 16 year period - both have annual
CPI lease adjustments.
The purchase was funded in part with NZL’s inaugural Green Loan via Rabobank of $25.2m, the proceeds of
NZL’s pro-rata rights issue and a $12m convertible note issued to an entity associated with NZFL.
30 June 2023*31 December 2022**
Total Assets$362.6M$298.8M
Total Liabilities$148.1M$107.9M
Net Profit After Tax$2.5M$5.3M
AFFO
1
$2.7M$2.5M
Net Assets$214.5M$190.9M
Net Asset Value per Share$1.533$1.652
*6 month period from 1 January 2023 to June 2023
**6 month period from 1 July 2022 to 31 December 2022.
1
AFFO is a proxy for free cash flow commonly used by real estate investment trusts. AFFO is intended to provide investors with a clearer picture
of the company’s dividend paying ability.
E: info@nzrlc.co.nz | +64 9 217 2905

www.nzrlc.co.nz
Corporate Actions and Share Buyback
On 26 May 2023, NZL announced an upgrade to FY24 earnings guidance, suspension of the FY23 interim
dividend and an on-market share buyback.
Due to the accretive nature of NZL’s forestry acquisitions, NZL upgraded its FY24 AFFO guidance. FY24 is the
first full financial year in which the forests will be owned by NZL. FY24 AFFO is now forecast to be in the range of
$8.0m - $8.5m equating to 5.25 - 5.75 cents per share (a +4.8% increase on the 5.0 - 5.5 cps previously forecast).
The NZL Board considers that the current market price of NZL shares materially undervalues both the assets and
the free cashflow profile of the business making shares purchased at this level attractive and accretive on an
asset and free cashflow basis for shareholders.
Following the interim dividend suspension, NZL will use available cash flow to:
• acquire NZL shares through an on-market share buyback programme (306,327 purchased to date); and
• reduce the convertible note balance recently issued to acquire the forestry assets ($300,000 reduced to
date).
Outlook
NZL’s strategy is to own quality rural land in New Zealand, and to grow and diversify its portfolio while delivering
attractive risk-adjusted returns.
NZL’s leases incorporate regular, uncapped, CPI reviews. This means higher inflation results in higher than
anticipated rental growth. NZL is insulated from inflation-impacted and all other operational on-farm costs by
owning only the land.
NZL has interest rate hedging arrangements in place for 53% of its total borrowings at an average cost of
5.33%. NZL’s remaining debt is borrowed on a floating rate (BKBM plus bank margins) and the average cost
of NZL’s floating debt as at 24 August 2023 is 7.63%. Accordingly, NZL’s weighted average interest cost (fixed
and floating) is 6.42%.
From 1 July 2024, NZL will start to see the positive impact of rental growth with approximately 55% of the portfolio
(by lease income) due for CPI review. CPI accumulated since the leases began (1 June 2021) totals +12.6% to 31
December 2022 and is forecast to be more than +22.3% for the three years to 30 June 2024.
Rob Campbell
Chair
For further information please contact:
Richard Milsom
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
or
Christopher Swasbrook
Mobile: 021 928 262
Email: chris@nzrlc.co.nz
E: info@nzrlc.co.nz | +64 9 217 2905

---

Results announcement



Results for announcement to the market
Name of issuer New Zealand Rural Land Company Limited
Reporting Period 6 months to 30 June 2023
Previous Reporting Period 6 months to 30 June 2022
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$7,777,000 +18.6%
Total Revenue $7,777,000 +18.6%
Net profit/(loss) from
continuing operations
$2,492,000 (93.2%)
Total net profit/(loss) $2,492,000 (93.2%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay dividends
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.5108 $1.6221
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached unaudited financial statements for the period
ended 30 June 2023
Authority for this announcement
Name of person

authorised
to make this announcement
Christopher Swasbrook
Contact person for this
announcement
Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP

25/08/2023

Unaudited financial statements accompany this announcement.

---

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 months ended 30 June 2023
Interim Financial Statements

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 month period ended 30 June 2023
COMPILATION REPORT TO THE DIRECTORS & SHAREHOLDERS
Reporting Scope
Responsibilities
No Audit or Review Engagement Undertaken
Disclaimer of Liability
Deloitte LimitedDate
(as trustee for the Deloitte Trading Trust)
Chartered Accountants
Auckland
As detailed above, we have compiled the Financial Statements based on information provided to us which has not been subject to an
audit or review engagement. Accordingly, neither we nor any of our employees accept any responsibility for the reliability, accuracy or
completeness of the material from which the Financial Statements have been prepared, nor, accordingly, the accuracy of the Financial
Statements. We do not accept any liability of any kind whatsoever, including liability by reason of negligence, to any person for losses
incurred as a result of placing reliance on the compiled financial information.
Compilation Report
On the basis of information that you provided we have compiled, in accordance with 'Service Engagement Standard Number 2:
Compilation of Financial Information', the Interim Financial Statements of New Zealand Rural Land Company Limited and its subsidiaries
for the 6 month period ended 30 June 2023 as set out on the following pages.
The Interim Financial Statements of New Zealand Rural Land Company Limited and its subsidiaries have been prepared in accordance with
Generally Accepted Accounting Practice in New Zealand ('NZ GAAP'). They comply with New Zealand equivalents to International Financial
Reporting Standards ('NZ IFRS') and other applicable Financial Reporting Standards as appropriate for profit-oriented entities. We have
complied with relevant ethical requirements, including principles of integrity, objectivity, professional competence and due care.
You are solely responsible for the information contained in the Financial Statements and have determined that the financial reporting
basis stated above is appropriate to meet your needs and for the purpose that the Financial Statements were prepared. The Financial
Statements were prepared exclusively for your benefit. We do not accept responsibility to any other person for the contents of the
Financial Statements.
Our procedures use accounting expertise to undertake the compilation of the Financial Statements from information that you provided.
Our procedures do not include verification or validation procedures. No audit or review engagement has been performed and accordingly
no assurance is expressed.
2
24 August 2023

New Zealand Rural Land Company Limited and its subsidiaries
Directors' responsibility statement
For and on behalf of the Board
DirectorDirector
The Board of Directors of New Zealand Rural Land Company Limited authorised the financial statements for issue on 25
August 2023.
The directors are pleased to present the interim financial statements of New Zealand Rural Land Company Limited and its subsidiaries
for the 6 month period ended 30 June 2023.
3
Rob Campbell
Sarah Kennedy

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 month period ended 30 June 2023
(Unaudited)(Unaudited)
Notes
$'000$'000
Gross rental income
Rental income76,851 4,717
Net rental income6,851 4,717
Less overhead costs
Directors fees(114)(114)
Insurance(41)(40)
Management fees16.1(503)(331)
Repairs and maintenance(82)-
Professional, consulting and listing fees(292)(187)
Performance fee16.1- (4,115)
Total overhead costs(1,032)(4,787)
Profit / (Loss) before net finance (expense) / income, other income and income tax5,819 (70)
Finance income926 1,842
Finance expense(4,156)(1,521)
Net finance (expense) / income8(3,230)321
Profit before other income and income tax2,589 251
Other income
Change in fair value of investment property5- 35,342
Profit before tax2,589 35,593
Income tax (expense) / benefit9(97)919
Profit and total comprehensive income for the period2,492 36,512
CentsCents
Basic and diluted earnings per share181.92 37.27
Interim consolidated statement of comprehensive income
6 month period
ended 30 June
2023
6 month period
ended 30 June
2022
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
4

New Zealand Rural Land Company Limited and its subsidiaries
Consolidated statement of financial position
At 30 June 2023
(Unaudited)(Audited)
As at 30 June
2023
As at 31
December 2022
Notes
$'000$'000
Current assets
Cash and cash equivalents229 1,942
Trade and other receivables482 269
Current tax receivable17 13
Total current assets728 2,224
Non-current assets
Investment property5275,597 267,360
Investment in forestry estate663,378 -
Deposit for forestry estate acquisition- 6,294
Loan receivable1019,733 19,144
Deferred tax assets818 915
Derivative assets112,318 2,506
Other non-current assets75 377
Total non-current assets361,919 296,596
Total assets362,647 298,820
Current liabilities
Trade and other payables2,214 594
Income in advance292 -
Borrowings1229,500 1,968
Convertible loan131,244 -
Other current liabilities169 319
Total current liabilities33,419 2,881
Non-current liabilities
Borrowings12104,000 105,000
Convertible loan1310,716 -
Total non-current liabilities114,716 105,000
Total liabilities148,135 107,881
Net assets214,512 190,939
Share capital14158,102 134,180
Share based payment reserve- 495
Retained earnings56,410 56,264
Total equity214,512 190,939
$$
Net Assets Value (NAV) per share17.21.5333 1.6517
Net Tangible Assets (NTA) per share17.21.5108 1.6221
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
5

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of changes in equity
For the 6 month period ended 30 June 2023
Notes
$'000$'000$'000$'000
Balance at 1 January 2022
113,467
-
18,283 131,750
Comprehensive Income
Profit for the period- - 36,512 36,512
Total comprehensive income- - 36,512 36,512
Transactions with shareholders
Contributed capital1416,366 - - 16,366
Transaction costs14(393)- - (393)
Performance fee payable in ordinary shares- 4,115 - 4,115
Dividends paid- -(1,947)(1,947)
Dividend reinvestment plan issues14192 - - 192
Balance at 30 June 2022
129,632 4,115 52,848 186,595
Balance at 31 December 2022
134,180 495 56,264 190,939
Comprehensive Income
Profit for the period- - 2,492 2,492
Total comprehensive income
- - 2,492 2,492
Transactions with shareholders
Contributed capital1423,880 - - 23,880
Transaction costs14
(453)- - (453)
Performance fee issued in ordinary shares14
495 (495)- -
Dividends paid15- - (2,346)(2,346)
Balance at 30 June 2023
158,102 - 56,410 214,512
Share capital
Retained
earningsTotal
Share based
payment
reserve
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
6

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of cash flows
For the 6 months ended 30 June 2023
(Unaudited)(Unaudited)
6 month period
ended 30 June
2023
6 month period
ended 30 June
2022
Notes
$'000$'000
Cash flows from operating activities
Lease income received
7,240 2,738
Payments to suppliers
(150) (317)
Management fees paid
(403) (276)
Income taxes (paid) / received
(4) 13
Interest paid
(3,588) (2,129)
Interest received
331 1,286
Net cash generated by operating activities3,426 1,315
Cash flows from investing activities
Payments for investment properties
(8,279) (28,997)
Payments for investment in forestry estate
(56,484) -
Payments for leasehold improvements
- (181)
Proceeds from disposals of assets
10 -
Net cash used in investing activities(64,753)(29,178)
Cash flows from financing activities
Proceeds from issue of ordinary shares23,875 16,322
Payment of transaction costs on issue of ordinary shares(347) (394)
Dividends paid(2,346) (1,756)
Proceeds from borrowings30,500 12,268
Repayment of borrowings(3,968) -
Proceeds from convertible loan12,000 -
Repayment of convertible loan(100) -
Net cash generated by financing activities59,614 26,440
Net decrease in cash and cash equivalents(1,713)(1,423)
Cash and cash equivalents beginning of the period1,942 2,427
Cash and cash equivalents at the end of the period229 1,004
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
7

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
1Reporting entity
2Basis of preparation
Revenue, expenses, assets and liabilities are recognised net of the amount of goods and services tax (GST) except:
•
•
3
Critical accounting estimates and judgements
• Fair valuation of investment property (note 5)
• Recognition of loan receivable (note 10)
3.1
Fair value estimation
•
•
•
These interim financial statements are for the 6 month period ending 30 June 2023. The comparative period is the 6 month period ended
30 June 2022. The Group changed its balance date from 30 June to 31 December in the last financial year to best align with the dairy
farming financial year.
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP), New
Zealand International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting Standard 34 (IAS 34)
Interim Financial Reporting. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
The financial statements have been prepared on the historical cost basis except for derivative financial instruments and investment
properties which are measured at fair value.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in
conjunction with the audited 6 months ended 31 December 2022 consolidated financial statements.
These financial statements are presented in New Zealand dollars, which is the Group's functional currency. All amounts have been
rounded to the nearest thousand, unless otherwise stated.
where the amount of GST incurred is not recovered from the taxation authority, it is recognised as part of the cost of
acquisition of an asset or as part of an item of expense; or
for receivables and payables which are recognised inclusive of GST (the net amount of GST recoverable from or payable to the
taxation authority is included as part of receivables or payables).
The Company is incorporated in New Zealand and registered under the Companies Act 1993. The Company is an FMC reporting entity for
the purposes of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. The Company was incorporated on 11
September 2020 and is domiciled in New Zealand. The Company is listed on the New Zealand Stock Exchange (NZX Limited) with ordinary
shares listed on the NZX Main Board. The address of the Company's registered office is 50 Customhouse Quay, Wellington Central,
Wellington, New Zealand.
The Group’s assets and liabilities that are measured at fair value are investment property and derivative financial instruments. Investment
property is measured using level 3 valuation techniques as further detailed in Note 5.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or
liability, either directly or indirectly; and
New Zealand Rural Land Company Limited and its subsidiaries
The preparation of these financial statements requires management to make estimates and assumptions. These affect the amounts of
reported revenue and expense and the measurement of assets and liabilities. Actual results could differ from these estimates. The
principal areas of judgement and estimation in these financial statements are:
Level 3 inputs are unobservable inputs for the asset or liability.
The consolidated interim financial statements for New Zealand Rural Land Company Limited (the "Company" or "Parent") and its
subsidiaries (the "Group") are for the economic entity comprising the Company and its subsidiaries. The Group's principal activity is
investment in New Zealand rural farmland and forestry land.
8

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
4
Segment information
5
Investment properties
Fair value of rural land investment properties:
As at 30 June 2023 (Unaudited)
Land area
Opening
balance
Additions /
(Disposals) ¹
Lease fee
amortisation
Capitalised
lease
incentive ²
Revaluation
gainCarrying value
Hectares$'000$'000$'000$'000$'000$'000
Canterbury
5,765
140,887 272(4) (88) -141,067
Otago3,50080,786-(2) --80,784
Southland
1,386
45,687 7(12) (109) -45,573
Manawatū-Whanganui
737
-8,173---8,173
Fair value of investment properties267,360 8,452 (18) (197) -275,597
¹
²Net of amortisation.
Included in the Group's total rental income, more than 10% was received from three significant customers, Performance Dairy Limited,
WHL Capital Limited, and New Zealand Forest Leasing (No.2) Limited. The total rental income derived in the 6 months ended 30 June
2023 from these customers was $1.556 million, $1.824 million and $1.050 million respectively (6 months ended 30 June 2022: $1.547
million, $1.600 million, and $nil respectively). No other single customer contributed 10% or more of the Group's total rental income (6
months ended 30 June 2022: Performance Livestock Limited: $0.679 million, Sustainable Grass Dairy Limited: $0.584 million).
Property valuations will be carried out at least annually by independent registered valuers.
Includes directly attributable acquisition costs.
Investment property is initially measured at cost and subsequently measured at fair value with any change there in recognised in profit or
loss. Any gain or loss arising from a change in fair value is recognised in profit or loss.
The Group operates in one business segment being New Zealand rural land.
Investment properties are derecognised when they have been disposed of and any gains or losses incurred on disposal are recognised in
profit or loss in the year of derecognition.
Location
Included in the Group's total gross finance income, excluding gains on the fair value of derivative instruments, more than 10% was
received as interest income from two significant customers. The total gross interest income derived in the 6 months ended 30 June 2023
from these customers was $0.302 million and $0.613 million respectively (6 months ended 30 June 2022: $0.276 million and $0.600
million respectively). No other single customer contributed 10% or more of the Group's total finance income (6 months ended 30 June
2022: nil).
Investment property is property held either to earn rental income, for capital appreciation or for both.
Initial direct costs incurred in negotiating and arranging operating leases and lease incentives granted are added to the carrying amount
of the leased asset.
9

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
5
Investment properties (continued)
As at 31 December 2022 (Audited)
Land area
Opening
balanceAdditions ¹
Lease fee
amortisation
Capitalised
lease
incentive ²
Revaluation
gainCarrying value
LocationHectares$'000$'000$'000$'000$'000$'000
Canterbury5,765 139,808 -(4) (89) 1,172 140,887
Otago3,500 80,138 -(2) -650 80,786
Southland1,386 44,953 -(18) 316436 45,687
Fair value of investment properties264,899 -(24) 227 2,258 267,360
¹
²
5.1Fair value measurement, valuation techniques and inputs
Key inputs used to measure fair value:
30 June 202331 Dec 2022
Land growth rateN/A3%
CPIN/A
2%
Discount rateN/A
7.15%
Terminal rateN/A6.65%
The investment properties have been assessed on a fair value basis utilising the income approach for the Group's interest as lessor and a
market approach to assess the reversionary value of the assets at the expiry of the current lease terms. The valuation includes the
consideration made by the valuer for the applicable climate risks.
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
category of the property being valued, value the Group’s investment property portfolio at least every 12 months. The fair values are
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a
willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently and without compulsion.
Includes directly attributable acquisition costs.
The net present value of the income provided under the lease agreements have been assessed to be above prevailing market leases for
similar assets. This results in the Group's interest assessment in the leases being greater than the current fair value for the asset on the
basis of the fee simple valuation.
During the year there were no transfers of investment properties between levels of the fair value hierarchy. The valuation techniques
used in measuring the fair value of investment property, as well as the significant unobservable inputs used are as follows:
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group's investment properties were last valued by Colliers International, as at 31 December 2022. There have been no subsequent
valuations in the period ended 30 June 2023. A valuation was performed in the comparative period ended 30 June 2022 as this was the
Group's financial year-end before the subsequent change in balance date to 31 December in the last financial year.
Net of amortisation.
10

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
5.2Valuation methodology
Key valuation inputDescription
Land growth rateIncreaseDecrease
CPIIncreaseDecrease
Discount rateDecreaseIncrease
Terminal rateDecreaseIncrease
IncreaseDecrease
6Investment in forestry estate
$'000$'000
Opening Balance--
Additions63,378-
Gains/(Losses) attributable to fair value changes--
Closing Balance63,378-
7Rental income
(Unaudited)(Unaudited)
$'000$'000
Gross lease receipts7,3403,830
Straight line rental adjustments(109)946
Revenue received in advance adjustments(292)-
Amortisation of capitalised lease incentives(88)(59)
Rental income6,8514,717
8Finance income and expense
As at 31 Dec
2022
In April 2023, the acquisition of the forestry estate in Whanganui/Manawatu settled. The estate comprises of land and a forestry asset.
The Group has recognised $63.378 million in the statement of financial position, consisting of both investment property, the land, and a
biological asset, the forest.
The rate used to assess the terminal value of the property. Used in the
income approach.
6 month
period ended
30 June 2022
6 month
period ended
30 June 2023
The rate applied to the expected land value growth. Used in the income
approach.
The expected inflation increase applied to the lease income every three
years. Used in the income approach.
Decrease in
input
The valuer's assessment of the annual net market income per hectare
attributable to the property. Used in the income approach.
Increase in
input
Measurement sensitivity
As at 30 June
2023
Market rental assessment
The rate applied to discount future cashflows, it reflects transactional
evidence from similar types of property assets. Used in the income
approach.
Finance income includes interest income derived from financial assets and any gain on fair value of derivative instruments. Interest
income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of
income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the
effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to that asset's net carrying amount on initial recognition.
Rental income from investment property leased to clients under operating leases is recognised in the consolidated statement of
comprehensive income on a straight-line basis over the term of the lease, taking into account rent free periods. Where lease incentives
are provided to customers, the cost of incentives are recognised over the lease term on a straight-line basis as a reduction to rental
income.
Finance expense includes interest expense incurred on borrowings and any loss on fair value of derivative instruments. Interest expense
is recognised using the effective interest method. Gain on fair value of derivative instruments details are included in note 11.
11

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
8Finance income and expense (continued)
(Unaudited)(Unaudited)
$'000$'000
Finance income
Interest income
926882
Gain on fair value of derivative instruments-960
Finance expense
Interest expense(3,896)(1,521)
Loss on fair value of derivative instruments(260)-
Net finance (expense) / income(3,230)321
9Income taxes
$'000$'000
Current tax expense
--
Deferred tax expense / (benefit)
97(919)
Income tax expense / (benefit)
97(919)
Reconciliation of income tax expense to prima facie tax payable:
Profit before tax
2,58935,593
Income tax expense calculated at 28%
7259,966
Effect of expenses that are not deductible in determining taxable profit
3221
Effect of income that is not assessable in determining taxable profit
-(9,896)
Tax depreciation
(666)(910)
Gain on sale of fixed assets
--
Prior period adjustment
6(100)
Income tax expense / (benefit)
97(919)
10Loan receivable
(Unaudited)(Audited)
$'000$'000
Non-current:
McNaughtons home block
6,6176,321
Makikihi Farm
13,11612,823
Total loan receivable
19,73319,144
6 month
period ended
30 June 2023
On 1 June 2021, the Group acquired land at 30 Cooneys Road, Morven (McNaughtons home block) for $5.4 million and simultaneously
entered into a lease and a put and call agreement with Performance Dairy Limited (PDL), a related entity to the vendor. Under the call
agreement, PDL can acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group for
$5.4 million plus 10% interest compounding annually. Under the put agreement, from 1 June 2023 the Group can require PDL to acquire
the land on 31 May any year under the same pricing mechanism and notice requirements. The put and call option has a 99 year life.
6 month
period ended
30 June 2023
6 month
period ended
30 June 2022
6 month
period ended
30 June 2022
6 month
period ended
30 June 2023
6 month
period ended
31 Dec 2022
12

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
10Loan receivable (continued)
11Derivatives
(Unaudited)(Audited)
$'000$'000
Derivative assets
2,3182,506
2,3182,506
12Borrowings
(Unaudited)(Audited)
Notes$'000$'000
Current borrowings:
Rabobank facility
12.1
29,500 1,968
Non-current borrowings:
Rabobank facility
12.1
104,000 105,000
Total borrowings
133,500106,968
6 month
period ended
30 June 2023
6 month
period ended
31 Dec 2022
As at 30 June
2023
As at 31 Dec
2022
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost.
Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of
comprehensive income over the period of the borrowings using the effective interest method. Borrowings are classified as current
liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Key Judgement
On 2 August 2021, the Group acquired land at a North Canterbury Dairy Farm (Makikihi Farm) for $12 million and simultaneously entered
into a lease and a put and call agreement with Makikihi Robotic Dairy Limited (MRDL), a related entity to the vendor. Under the call
agreement, MRDL can acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group
for 12 million plus 10% interest compounding annually. Under the put agreement, from 1 August 2023 the Group can require MRDL to
acquire the land on 31 May any year under the same pricing mechanism and notice requirements. The put and call option has a 99 year
life.
The Group has determined that these arrangements have the substance of loans with 10% market interest rates per annum.
The loans are secured by a General Security Deed and cross guarantee from certain Van Leeuwen Group entities.
The loan receivable balances have been considered and determined no impairment is required at reporting date.
Derivative financial instruments, comprising interest rate swaps are classified as fair value through profit or loss ("FVTPL"). Subsequent to
initial recognition, changes in fair value of such derivatives and gains or losses on their settlement are recognised in the consolidated
statement of comprehensive income in finance income and expense.
13

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
12.1Rabobank Facility
Total
Undrawn
facility
Drawn
amountFair value
30 June 2023 (Unaudited)
$'000$'000$'000$'000
Bank facility A1 June 20257.63%46,000 -46,000 46,000
Bank facility B1 June 20247.48%29,500 -29,500 29,500
Bank facility C1 June 20267.78%29,500 -29,500 29,500
Bank facility D14 April 20267.67%28,500 -28,500 28,500
133,500 -133,500 133,500
Total
Undrawn
facility
Drawn
amountFair value
31 December 2022 (Audited)
$'000$'000$'000$'000
Bank facility A1 June 20256.35%46,000 -46,000 46,000
Bank facility B1 June 20246.20%29,500 -29,500 29,500
Bank facility B31 January 20236.20%2,000321,9681,968
Bank facility C1 June 20266.50%29,500-29,50029,500
107,000 32 106,968 106,968
The terms of the borrowings include the following covenants that the Group must ensure at all times:
•
Interest coverage ratio is greater than 2.0;
•
Loan to valuation ratio does not exceed 40%; and
•
Capital expenditure in each financial year shall not exceed 120% of the budgeted forecast capital expenditure.
13
On 14 April 2023, the Group entered into a convertible loan agreement with New Zealand Forest Leasing Limited. The convertible loan
was for the face value of $12.360 million and is expected to be repaid within eighteen months from the date of the note being issued.
The agreement also requires for the Group to make quarterly interest payments based on the current outstanding principal amount, at
8% per annum.
Convertible Loan
The Group has entered into a revolving credit facility agreement with Rabobank on 21 May 2021 and renewed on 14 April 2023. The
facility agreement has a limit of $133,500,000 with floating interest rates ranging over the four tranches of the debt. Interest is payable
quarterly in arrears.
There is a general security deed over all of the assets of the Group as security of the borrowings.
The Group's interest cover ratio covenant is 1.6 for the period from 30 June 2023 to 31 December 2024, and 1.75 from 31 March 2025
onwards.
Effective
interest rateExpiry date
Expiry date
Effective
interest rate
In April 2024, the Group must make a $1.244 million repayment of the convertible loan. The Group will also make note redemptions from
the net proceeds of any capital raisings it may undertake during the term of the note or from the net proceeds (post any required debt
repayment) of asset disposals. After October 2024 and at that point, the note may convert to ordinary shares in the forest owning
subsidiary. Should conversion occur, there are then put and call arrangements to enable the Group to return to 100% ownership of the
forests.
The Group has complied with the financial covenants of its borrowing facilities during the 6 month period to June 2023.
14

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
13
(Unaudited)(Audited)
$'000$'000
Current:
Convertible loan
1,244 -
Non-current:
Convertible loan
10,716 -
Total borrowings
11,960-
14Issued capital
Notes
Authorised and issued
Balance at 31 December 2021 (Unaudited)113,46796,900,000
Rights issue to existing shareholders 16,36615,586,890
Dividend reinvestment192162,004
Transaction costs arising on issue of shares
(393) -
Balance at 30 June 2022 (Audited)
129,632112,648,894
Rights issue to existing shareholders
476 452,929
Performance fee issued in ordinary shares
4,115 2,499,747
Transaction costs arising on issue of shares
(43) -
Balance at 31 December 2022 (Audited)
134,180115,601,570
Rights issue to existing shareholders
23,880 24,004,913
Performance fee issued in ordinary shares
495 299,844
Transaction costs arising on issue of shares
(453) -
Balance at 30 June 2023 (Unaudited)
158,102139,906,327
15Dividends
16Related parties
16.1Remuneration of the Manager
• Providing administrative and general services;
• Sourcing and securing potential investors and communicating with investors;
• Sourcing opportunities for the sale and purchase of Land, and operators for lease agreements in respect of Land;
• Overseeing due diligence for and executing transactions for the sale and purchase, and leasing, of Land;
• Managing the Group’s Property, including Land owned by the Group;
• Arranging regular valuations and audits of the Group; and
• Administering the payment of dividends and distributions in respect of the Group.
The Manager is remunerated via management fees, transaction fees and performance fees.
As at 30 June
2023
As at 31 Dec
2022
Convertible Loan (continued)
All shares have equal voting rights, participate equally in any dividend distribution or any surplus on the winding up of the Company. The
shares have no par value.
The Group has appointed an external manager, New Zealand Rural Land Management Limited Partnership through a signed management
agreement. The Manager is responsible for all management functions of the Group, including:
During the period, total dividends of $2.346 million were declared. An ordinary dividend of $0.020 per share with no supplementary
dividend was issued in March 2023. No imputation credits were attached to the dividend.
$'000
No. of
ordinary
shares
15

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
16.1Remuneration of the Manager (continued)
Fees paid and owing to the Manager:
(Unaudited)(Unaudited)
Fees chargedFees charged
$'000$'000
Basic management services fee503 331
Land transaction fees878 358
Leasing fees60 120
Performance fee-4,115
Total
1,441 4,924
Management fee
Transaction fee
•
•
Performance fee
17Non-GAAP measures
17.1Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
A performance fee is payable to the Manager when the Group's net asset value ('NAV') per share exceeds the Group's NAV per share in
the immediately preceding financial year. This annual performance fee is calculated as 10% of the increase in NAV per share and is settled
through the issue of ordinary shares based on the NAV per share at that date. NAV per share is adjusted for the impact of capital
reconstructions (such as a rights issue at a premium or discount), with the intention of the calculation being neither prejudicial nor
advantageous to the Company or the Manager. Half of the ordinary shares issued are held in escrow and cannot be sold for 5 years. The
performance fee in the financial year ended 31 December 2023 will be calculated after the financial year end. The shares will be issued to
the Manager subsequent to balance date.
Non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information
presented by other entities. These measures should not be viewed in isolation, nor considered as a substitute for measures reported in
accordance with NZ IFRS.
Transaction fees incurred for the period ended 30 June 2023 were $0.878 million and $0.06 million (year ended 30 June 2022: $0.358
million and $0.120 million) in relation to the purchase and lease fee components (respectively). The purchase fee for the comparable
period was included in the initial carrying amount of the acquired investment property. The leasing fee for the comparative period has
been added to the carrying value of the leased asset (being investment properties) as part of the initial direct costs of arranging the lease.
Funds from operations ('FFO') is a non-GAAP financial measure that shows the Group's underlying and recurring earnings from its
operations and is considered industry best practice for a property fund to enable investors to see the cash generating ability of the
business. This is determined by adjusting statutory net profit (under NZ IFRS) for certain non-cash and other items. FFO has been
determined based on guidelines established by the Property Council of Australia and is intended as a supplementary measure of
operating performance. The Manager uses and considers Adjusted Funds From Operations ('AFFO') as a measure of operating cash flow
generated from the business, after providing for all operating capital requirements including maintenance capital expenditure, tenant
improvement works, incentives and leasing costs.
For each lease agreement entered into, a fee of $30,000.
For each purchase or sale of land, a fee equal to 1.25% of the acquisition or divestment cost of the land and improvements;
and
6 month
period ended
30 June 2022
6 month
period ended
30 June 2023
A fee is payable for the following transactions:
A monthly management fee is payable equal to 0.5% per annum of the Group's Net Asset Value, calculated on a monthly basis. The total
management fees for the period ended 30 June 2023 were $0.503 million (six months ended 30 June 2022: $0.331 million).
16

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
17.1Reconciliation of net profit after tax to adjusted funds from operations (AFFO) (continued)
(Unaudited)(Unaudited)
Notes
$'000$'000
Net profit after tax2,49236,512
Adjustments
Unrealised net (gain) in value of investment properties5-(35,342)
Performance fee payable in shares-4,115
Unrealised net (gain) / loss on derivatives8260 (960)
Deferred tax expense / (benefit)997 (919)
Amortisation of rent free incentives78859
Amortisation of lease fee25 31
Funds from operations ('FFO')2,9623,496
FFO per share (cents)2.123.10
Adjustments
Incentives and leasing costs109 (1,110)
Future maintenance capital expenditure¹(332)(178)
Adjusted funds from operations ('AFFO')2,7392,208
AFFO per share (cents)1.961.96
17.2Net assets per share and net tangible assets per share
(Unaudited)(Audited)
Notes
$'000$'000
Total assets362,647 298,820
(Less): Total liabilities(148,135) (107,881)
Net assets214,512190,939
(Less): Deferred tax asset(818) (915)
(Less): Derivative asset
11
(2,318) (2,506)
Net tangible assets211,376187,518
Number of shares issued ('000)139,906 115,602
Net assets per share ($)1.5333 1.6517
Net tangible assets per share ($)1.5108 1.6221
The Group presents net assets per share and net tangible assets per share in these financial statements. The Group believes that these
non-GAAP measures provide useful additional information to readers. Net tangible assets per share is a required disclosure under the
NZX Listing Rules and net assets per share is a measure monitored by management and required for calculating the Manager's
performance fee. The calculation of the Group's net assets per share, net tangible assets per share, and its reconciliation to the
consolidated statement of financial position is presented below:
As at 30 June
2023
As at 31 Dec
2022
6 month
period ended
30 June 2022
¹ Represents amounts set aside each financial period for future expected maintenance capital expenditure as considered prudent by the
Manager. These amounts do not qualify for recognition as liabilities on the balance sheet under NZ GAAP.
6 month
period ended
30 June 2023
17

Notes to the interim financial statements
For the 6 month period ended 30 June 2023
New Zealand Rural Land Company Limited and its subsidiaries
18Earnings per share
(Unaudited)(Unaudited)
Profit after income tax ($'000)2,492 36,512
Weighted average number of shares for the purpose of basic and diluted EPS ('000)129,699 97,956
Basic and diluted earnings per share (cents)1.9237.27
19Contingent liabilities and contingent assets
20Capital commitments
21Subsequent events
There are no contingent liabilities or assets as at 30 June 2023 (30 June 2022: nil).
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income
tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of
ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
6 month
period ended
30 June 2023
6 month
period ended
30 June 2022
Basic and diluted earnings per share amounts are calculated by dividing profit after income tax attributable to shareholders by the
weighted average number of shares on issue.
There were no material adjusting events subsequent to balance date.
The Group has no capital commitments as at 30 June 2023.
18

---

1
NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
RESULT FOR THE PERIOD ENDING 30 JUNE 2023
Rural Land Co
New Zealand
The Rural Land Investors
25 AUGUST 2023

v
DISCLAIMER
The information and opinions in this presentation were prepared by New Zealand Rural
Land Company (NZL). NZL makes no representation or warranty as to the accuracy
or completeness of the information in this report. Opinions including estimates and
projections in this report constitute the current judgment of NZL as at the date of this
report and are subject to change without notice. Such opinions are not guarantees or
predictions of future performance. This report is provided for information purposes only
and does not constitute investment advice. Neither NZL, nor any of its Board members,
officers, employees, advisers (including New Zealand Rural Land Management
Limited) or any other representatives will be liable for any damage, loss or cost
incurred by any recipient of this report or other person in connection with this report.

New Zealand Rural Land Co owns and
leases some of the best farmland in
the world, offering an unparalleled
investment opportunity.
Rural Land Co
New Zealand
The Rural Land Investors

4
NEW ZEALAND RURAL LAND COMPANY
Highlights
1
INTRODUCTION
*Based on a share price of $0.85 as at 24 August 2023.
NAV per share has grown from $1.25 at listing to $1.534.
Share price is currently trading at a -44.6% discount to NAV/sh
*
.
Diversification via forestry acquisition (forestry now 30% of lease income).
Buy-back continues. The Board considers NZL to still be materially undervalued.
Accretive acquisitions boost full year Adjusted Funds From Operations (AFFO) per share.
Green Loan funding with a portion of proceeds earmarked for plantings.
“Enduring Land for Life” programme launched and adopted on-farm.
Native Plantings and other initiatives.

5
NEW ZEALAND RURAL LAND COMPANY
FY2023 1HY - Financial Highlights
Total Returns
Net asset value per share has grown from $1.25 at IPO
*
to
$1.534
**
(at 30 June 2023), a total return CAGR of +14.6%
including dividends and a total return of +40.7%
***
.
1
INTRODUCTION
* 21 December 2020
**As at 23 August 2023.
***Assumes full participation at rights issues.
***As at 23 August 2023.
Significant Discount to NAV
Increasing AFFO/Share Guidance
A share price of $0.85 (24 August 2023), representing
a -44.6% discount to NAV, offers a compelling entry
point for a quality, defensive asset, with a strong rental
income growth outlook.
Strong uplift in AFFO guidance driven by forestry
acquisition. FY23 AFFO per share post forestry
acquisition is forecast to be 4.2 - 4.6 cps, FY24
AFFO per share is forecast to be 5.7 - 6.0 cps. This
represents an AFFO mid point CAGR of +31.4% from
FY22 - FY24.
Share Buy-Back Ongoing
NZL’s share Buy-back continues. The Board considers
NZL to still be materially undervalued, and thus
continues to purchase shares on market. To date NZL
has repurchased 306,327 shares and intends to make
further repurchases at current levels as cashflow
permits.

6
NEW ZEALAND RURAL LAND COMPANY
FY2023 1HY - Operational Highlights
1
INTRODUCTION
Enduring Land For Life
Green Loan
NZL has recently published its programme it utilises
to ensure our land and partnerships are enduring.
Titled “Enduring Land for Life” (working title) this
programme focuses on five vital & interconnected
areas: environmental, economic, social, animal welfare
and mana whenua. A sixth area, governance, ensures
oversight and measurement of performance. It can
be found on our website at https://www.nzrlc.co.nz/
sustainability which also includes specific detail related
to individual projects and initiatives. This will be updated
on an ongoing basis.
Commitments between NZL and tenants are developed
and refined jointly, incorporating industry best practice,
latest scientific research and learnings from leading
tenants. Joint commitments to preserve the land are
made binding by our leases and NZL incorporates
regular audits to monitor this.
As part of its recent forestry acquisitions NZL established
a green loan programme. The green loan follows
the Asia Pacific Loan Market Association Green Loan
Principles. Working within these principles enables NZL
to align itself with UN Sustainable Development Goal 15
which aims to protect, restore and promote sustainable
use of terrestrial ecosystems, sustainably manage
forests, combat desertification, and halt and reverse
land degradation and halt biodiversity loss. A portion of
proceeds from the loan have be earmarked for native
plantings, and the promotion of biodiversity on several
of our farms.
* 21 December 2020
**Unaudited NAV/sh for the 6 months to 30 June 2023.
Diversification
NZL’s recent forestry acquisition added meaningful sector,
income and tenant diversification to NZL’s portfolio.
As a proportion of value, forestry land now represents
~30% of NZL’s lease income. NZL’s forestry leases will
also roll more frequently than its pastoral leases, with
annual uncapped CPI adjustments. NZL also benefits
from an increase in WALT (11.6 years from 9 years) and
an increase in its tenant base to eight large tenants from
a previous seven.
Planting & Other Initiatives
NZL continues mapping its current portfolio for marginal
land which can be enhanced with replanting. Two
properties are earmarked for planting in FY23.
NZL has initiated work on several special projects
across its portfolio. These include a solar pump upgrade
(from diesel), improved effluent systems on some of our
farms, native regeneration and predator control at NZL’s
forestry estate in partnership with our tenant.

7
NEW ZEALAND RURAL LAND COMPANY
FY2023 1HY Key Financial Metrics
$1.534
NAV per Share
$362.7m
Total Assets
$214.5m
Net Asset Value (NAV)
+31.4%
FY22-FY24 Forecast AFFO
per share CAGR*
37.1%
**
Gearing
1
INTRODUCTION
*From FY22 to full year FY24 based on actuals and guidance. Represents a forecast and may differ from actual results.
**Total tangible assets divided by total bank debt.

8
NEW ZEALAND RURAL LAND COMPANY
INTRODUCTION
Summary of FY2023 1HY
On 14 April 2023, NZL announced the settlement of a forestry
estate acquisition which comprises five individual properties with
a total area of approximately 2,400 hectares. The total acquisition
cost was ~$63m. The estate is leased to New Zealand Forest
Leasing (NZFL) for a 20 year period with the first year’s lease
payment being ~$5m.
NZL funded the purchase with $25.2m of borrowings from
Rabobank. These borrowings were in the form of a green loan
established within a green financing framework managed and
reported on in line with Asia Pacific Loan Market Association’s
Green Loan Principles.
The equity component of the purchase was funded from the
proceeds of NZL’s pro-rata rights issue and a $12m convertible note
issued to an entity associated with NZFL. The note is unsecured
and pays an 8% p.a. coupon. NZL can redeem any part of the note
at any time without penalty.
On 28 April 2023, NZL announced the settlement of a
supplementary forestry acquisition for a purchase cost of
approximately $8m. NZL acquired 100% of the forest which has a
total area of 737ha. The forest is leased to NZFL for a period of 16
years. The purchase was funded through a combination of debt
from capacity in the previously established green loan facility and
equity remaining from the pro-rata rights issue.
1
INTRODUCTION
On 26 May 2023 NZL announced an upgrade of FY24 earnings
guidance, suspension of the FY23 interim dividend and an on-
market share buyback.
NZL announced an upgrade to its forecast FY24 AFFO on 26
May 2023. This was due to the accretive nature of NZL’s forestry
acquisitions, FY24 is the the first full financial year in which the
forests will be owned by NZL. NZL’s FY24 AFFO forecast is
unchanged at $8.0m - $8.5m.*
The NZL Board considers that the current market price of NZL
shares materially undervalues both the assets and the free
cashflow profile of the business making shares purchased at this
level attractive and accretive on an asset and free cashflow basis
for shareholders.
In the Directors’ opinion, buying back shares was more attractive
for shareholders than paying dividends and the Board resolved to
suspend NZL’s dividend policy for the current six-month period.
NZL will use available cash flow to:
• acquire NZL shares through an on-market share buyback
programme; and
• initiate its buyback program, repurchasing a small amount of
shares and remains in the market for further purchases; and
• repay the convertible note recently issued to acquire the
forestry assets.
AcquisitionsCorporate Actions
*Assumes 100% of forest owned

9
NEW ZEALAND RURAL LAND COMPANY
Updates from the Timber, Carbon & Dairy Markets
In April 2023, NZL acquired a 2,400ha forestry estate in Manawatu-Whanganui and, in the same month added a further 737 ha in the same region. Both
estates are leased long term to New Zealand Forest Leasing (NZFL).
The Carbon market / Emissions Trading Scheme (ETS) market has seen significant volatility with the current carbon/NZU price at approximately $65*. The
volatility was largely attributed to increased uncertainty. The government’s decision in December 2022 to decline the Climate Change Commission’s (CCC)
price control recommendations for 2023-2027 played a crucial role in driving down prices from nearly $90 to below $35. The CCC’s advice was rejected due to
concerns carbon price increases would exacerbate inflation. It is worth reiterating that NZL is sheltered from price swings in NZU’s as NZL only owns the
land, not the derived carbon or timber revenues, and has an experienced, well capitalised tenant in NZFL.
Recently, the price of NZU’s have increased to ~$65 after the climate change minister James Shaw offered some market certainty and announced the
government would adopt the Climate Change Commissions advice.
Due to an ongoing review of the Emissions Trading Scheme (ETS) there is further short-term market uncertainty. The consultation has been triggered by
concern around the possibility that the current settings of the ETS do not provide adequate incentives for businesses to reduce their emissions directly,
instead promoting reliance on carbon offsets through forest planting (consultation closed 11 August 2023). The government is inviting submissions on four
potential amendments to the current frame work. We believe our properties in the forestry sector are supported by long term tailwinds in the carbon price
and timber sectors alongside a well established market participant in NZFL.
Fonterra’s FY23 mid point milk price is currently $6.75 kg/ms, which is lower than some farmer’s cost of production. NZL and NZRLM are offering support
to tenants with access to advice and operational support experts. All leases continue to be current and we continue to monitor and offer assistance where
useful.
INTRODUCTION
1
Timber & Carbon
Dairy Market
*As at 18 August 2023.

10
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
NZL FINANCIALS & RETURN METRICS FOR
PERIOD ENDING 30 JUNE 2023

11
NEW ZEALAND RURAL LAND COMPANY
Adjusted Funds From Operations (AFFO)
1.96cps
AFFO
2.12cps
FFO
NZ$00030 June 2023
*
30 June 2022
**
Variance%
Net Profit After Tax2,49236,512(34,020)(93.1%)
Adjusted for:
Unrealised Net Gain on Investment Properties-(35,342)(35,342)-
Performance Fee Payable in Shares-4,115(4,115)-
Unrealised Net Gain on Derivatives260(960)+1,220+127.1%
Deferred Tax Expense / (Benefit)97(919)+1,016+110.6%
Amortisation of Rent Free Incentives8859+29+49.2%
Amortisation of Lease Fee2531(6)(19.4%)
Funds from Operations (FFO)2,9623,496(534)(15.2%)
FFO per Share2.123.10(0.98)(31.2%)
Adjusted Funds from Operations
Incentives and Leasing Costs109(1,110)+1,219(109.8%)
Future Maintenance Capital Expenditure(332)(178)+154+86.5%
Adjusted Funds from Operations (AFFO)2,7392,208+35124.0%
AFFO per share (cents)1.961.96--
2
FINANCIALS
AFFO is a proxy for free cash flow commonly used by REITs. AFFO is intended to provide investors with a clearer picture of the company’s free cash flow.
*6 month period to 30 June 2023.
**6 moth period to 30 June 2022.
Note: REIT - Real Estate Investment Trust, AFFO - Adjusted Funds From Operations, FFO - Funds From Operations
FY23 AFFO/share is forecast to be between 4.2 cps and 4.6 cps while FY24 AFFO per share is forecast to be between 5.7 cps and 6.0 cps.

12
NEW ZEALAND RURAL LAND COMPANY
Profit & Loss Statement
NZ$000
30 June 2023
*
30 June 2022
**
Variance%
Gross Rental Income
Rental Income
6,8514,717+2,134+45.2%
Net Rental Income
6,8514,717+2,134+45.2%
Less Overhead Costs
Directors Fees
(114)(114)0-
Insurance
(41)(40)+1+2.5%
Management Fees
(503)(331)+172+52.0%
Repairs and Maintenance
(82)-+82-
Professional, Consulting and Listing Fees
(292)(187)(105)+56.2%
Performance Fee
-(4,115)(4,115)-
Total Overhead Costs
(1,032)(4,787)(3,755)(78.4%)
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
5,819(70)+5,889+8,412.9%
Finance Income9261,842(916)(49.7%)
Finance Expense(4,156)(1,521)+2,635+173.3%
Net Finance Income(3,230)321(3,551)(1,106.3%)
Profit /(Loss) Before Other Income and Income Tax2,589251+2,338+931.5%
Other Income
Change in Fair Value of Investment Property-35,342(35,342)-
Profit / (Loss) Before Tax2,58935,593(33,004)(92.7%)
Income Tax Expense(97)919(966)(105.1%)
Profit / (Loss) and Total Comprehensive Income for the
Period
2,49236,512(34,020)(93.2%)
Earnings per Share (EPS) (cents)1.9237.27(35.45)(94.85%)
$6.85m
NPAT
1.92cps
EPS
2
FINANCIALS
+45.2%
Increase in Rental Income
*6 month period to 30 June 2023.
**6 month period to 30 June 2022.

13
NEW ZEALAND RURAL LAND COMPANY
Balance Sheet
NZ$00030 June 202331 December 2022Variance%
Current Assets
Cash and Cash Equivalents2291,942(1,713)(88.2%)
Other Current Assets499282+217+77.0%
Total Current Assets7282,224(1,496)(67.3%)
Non-Current Assets
Investment Property275,597267,360+8,237+3.08%
Investment in forestry estate63,367-+63,367-
Deposit for Forestry Estate Acquisition-6,294(6,294)-
Loan receivable19,73319,144+589+3.08%
Derivative Assets2,3182,506(188)(7.5%)
Other Non-Current Assets9431,292(349)(27.0%)
Total Non-Current Assets361,919296,596+65,323+22.0%
Total Assets362,647298,820+63,827+21.4%
Current Liabilities
Trade and Other Payables2,214594+1,620+272.7%
Income in Advance292-+292-
Borrowings29,5001,968+27,532+1,399.0%
Convertible Note1,244-+1244-
Other Current Liabilities169319(150)(47.0%)
Total Current Liabilities33,4192,881+30,528+1060.0%
Non-Current Liabilities
Borrowings104,000105,000(1,000)(0.95%)
Convertible Note10,716-+10,716-
Total Non-Current Liabilities114,716105,000+9,716+9.25%
Total Liabilities148,135107,881+40,254+37.3%
Net Assets214,512190,939+23,573+12.4%
Total Equity214,544190,939+23,605+12.4%
$214.5m
Total Equity
$362.7m
Total Assets
*Shares on issue as at 30 June 2023 - 139,906,327
**Shares on issue as at 31 December 2022 - 115,601,570
2
FINANCIALS
+12.4%
Increase in NAV

14
NEW ZEALAND RURAL LAND COMPANY
Debt Summary
2.0 Years
*
Weighted Average Term
to Expiry
6.42%
*
Weighted Average
Interest Cost
Key Metrics30 June 202331 December 2022
Debt Drawn ($m)133.5107.0
Debt to Total Assets37.1%36.1%
Interest Coverage Ratio1.8x2.4x
Weighted Average Term to Expiry (Years)2.02.4
Weighted Average Debt Cost6.42%5.6%
% of Debt Hedged53%39%
Total Debt Facilities Available ($m)133.5107.0
NZL Debt Facility Expiry Profile as at 30 June 2023
* As at 30 June 2023
** Gearing is calculated as: bank debt / total tangible assets
37.1%
*
Gearing
**
Key Banking Partner
NZL has hedging arrangements in place for 53% of its total borrowings costing, on average, 5.33%. The remaining debt is floating and the cost of the
floating debt component is 7.63%. Accordingly, NZL’s weighted average cost of debt is currently 6.42%.
34%
22%22%
22%
0%
10%
20%
30%
40%
50%
FY23FY24FY25FY26FY27
Tranche ATranche B
Tranche C
Gr een Loan
2
FINANCIALS

15
NEW ZEALAND RURAL LAND COMPANY
1.250
1.360
1.652
1.533
$1.0 0
$1.10
$1.20
$1.3 0
$1.4 0
$1.50
$1.60
$1.70
IPO as at 21 Dec 202031-Dec-2131-Dec-2230/06/2023 (Unaudited)
Net Asset Value Per Share
Total Returns
Dividends per Share Since Listing
Since listing on the NZX, 21 December 2020, NZL has delivered total returns (NAV per share growth plus dividends) of +40.7%*.
NZL delivered $2,559m in AFFO in the six months to June 2023, +15.9% from the six months to June 2022 ($2,208m). NZL remains on track to meet its full
year AFFO guidance as it will capture the first full six months of lease income from its forestry estate over the second half of the year.
FY23 AFFO/share is forecast to be between 4.2 cps and 4.6 cps while FY24 AFFO per share is forecast to be between 5.7 cps and 6.0 cps.
*This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 139,906,000 on issue as at 30 June 2023. Calculation assumes full participation in rights issues.
** Adjusted to reflect the change in balance date from 30 June 2022 to 31 December 2022.
*** Declared dividend for 6 months ending 31 December 2022.
****CAGR calculation is from FY22 - FY24 and includes forecasts, as such actual results may differ.
NAV Performance Since Listing
+8.5% CAGR
2
FINANCIALS
0.80
3.95
6.25
8.25
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
FY21 AFFO
Actual
FY22 AFFO
Actual
FY23 AFFO
Guidance - Midpoint
FY24 AFFO
Guidance - Midpoint
AFFO/share (cents)
AFFO $m
AFFO
AFFO/Share
AFFO & AFFO/Share
+31.4%
AFFO/Share CAGR
****
2.01
1.6
2.03***
0
1
2
3
4
5
6
31-Dec-21FY 22**FY 23 - D ivi de nd
Suspended (Curren tly)
cps

16
NEW ZEALAND RURAL LAND COMPANY
SECTION 2
NZL PORTFOLIO OVERVIEW
AS AT 30 JUNE 2023
*6 month period to 30 June 2023.

17
NEW ZEALAND RURAL LAND COMPANY
Portfolio Overview
1
WALT is weighted by lease value.
2
One of our tenants leases farms in both Canterbury and North Otago.
Region
OtagoCanterburySouthlandManawatu - WhanganuiTotal
Land Area (ha)
3,9916,3331,3863,13714,847
Rural Asset Class
Pastoral FarmsPastoral FarmsPastoral FarmsForestry
Pastoral Farms &
Forestry
Current Use
Dairy & SupportDairy & SupportDairy & Support Forestry & Carbon
Dairy, Support, Forestry
& Carbon
WALT (years)
1
7. 88.88.318.911.6
# Tenants
23318
2
Occupancy
100%100%100%100%100%
3
PORTFOLIO OVERVIEW
21.0%
46.4%
32.5%
Rural Sub Sector Breakdown

18
NEW ZEALAND RURAL LAND COMPANY
Tenant Concentration, Lease Profile & Lease Overview
Tenant Concentration as % of Lease Value
NZL expects tenant diversification to increase as it continues to grow its asset base.
NZL’s Weighted Average Lease Term (WALT) is currently 11.5 years* (100% occupancy).
NZL’s pastoral farm leases all have three, six and nine year uncapped CPI increases with tenant rights of renewal in years 10 or 11.
NZL’s forestry leases all have annual uncapped CPI increases.
All leases are triple net leases, tenants are responsible for all repair and maintenance costs.
Lease Expiry Profile by Value
* As at 18 August 2023
3
PORTFOLIO OVERVIEW
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY22FY24FY26FY28FY30FY32FY34FY36FY38FY40FY42
$m
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7Tenancy 8
6%
22%
7%
3%
19%
10%
3%
30%
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7Tenancy 8

19
NEW ZEALAND RURAL LAND COMPANY
SECTION 3
NZL OPERATIONAL UPDATE &
OUTLOOK

20
NEW ZEALAND RURAL LAND COMPANY
Operational Update
4
OPERATIONAL UPDATE
NZL continues to work on mapping its current portfolio for marginal land which can be enhanced with planting and a programme to increase biodiversity.
The mitigation of erosion is a key outcome of this planting with potential for carbon sequestration and sediment control. Two properties marginal areas are
planned to start planting in FY23.
NZL has initiated work on several special projects across its portfolio. These include a solar pump upgrade (from diesel), improved effluent systems on
some farm, planned/budgeted during purchase, and native regeneration and predator control at NZL’s forestry estate in partnership with our tenant New
Zealand Forestry Leasing.
Release of NZL’s sustainability programme - “Enduring Land for Life” (working title). Visit our website https://www.nzrlc.co.nz/ for further detail.

EnvironmentEconomic
Governance
Oversight and management of goals; skills and commitment to “Enduring Land for Life” vision. Strength and diversity.
SocialAnimal Welfare
✓ Soil Health
✓ Water Quality
✓ Biodiversity
✓ Emissions reduction per unit of
production
✓ Land Selection
✓ Partnering with tenants
✓ Creating a virtuous circle of growth,
investment, job creation, community
opportunities
✓ Care of people
✓ Health and safety
✓ Warm, safe living conditions
✓ Enabling career and personal growth
✓ Fair pay
✓ Five freedoms
✓ Prioritising animal wellbeing
✓ Nutrition and care
✓ Adequate shelter

Mana Whenua
✓ Prioritising relationships with mana
whenua / te ahi kaa
We know that the success of any strategy starts with the tone at the top, and we value strong and diverse governance. Having the right mix of skills
and commitment ensures NZL has the capability and vision needed to achieve our mission.
Enduring Land for life: The Framework
1
2
3

21
NEW ZEALAND RURAL LAND COMPANY
Outlook
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, high inflation will result in rental growth. Furthermore, NZL is insulated from inflation-
impacted (and all other operational) on-farm costs by owning only the land.
As announced to the market on 26 May 2023, post the forestry acquisition in April 2023, NZL’s AFFO for FY23 (1 January 2023 to 31 December 2023) is
forecast to be between $6.0m and $6.5m with FY24 AFFO forecast to be between $8.0m and $8.5m
**
. These forecasts remain unchanged.
FY23 AFFO per share post forestry acquisition is forecast to be between 4.2 cps and 4.6 cps while FY24 AFFO per share is forecast to be between 5.7 cps
and 6.0 cps.
From 1 July 2024, NZL will start to see the positive impact of inflation with approximately 55% of the portfolio (by lease income) due for CPI rental review.
CPI accumulated since the leases began (1 June 2021) totals +12.6% to 31 December 2022 and is forecast to be approximately +22.3% for the three years
to 30 June 2024.
NZL has hedging arrangements in place for 53% of its total borrowings costing, on average, 5.33%*. The remaining debt is floating and the cost of the
floating debt component is 7.63%. NZL’s weighted average cost of debt is 6.42%.
NZL’s investment properties are valued annually. The most recent valuation was in December 2022 and the next valuation occurs in December 2023. The
rural land market in the last 6 months remains resilient considering market conditions. The REINZ All Farm Price Index has declined a largely immaterial
-2.39% in the 6 month period from December 2022.
4
OUTLOOK
*as at 30 June 2023
**AFFO forecasts assume that NZL acquires 100% of the forest estate.

22
NEW ZEALAND RURAL LAND COMPANY
Summary
NZL provides investors with exposure to:
*Based on the closing share price of $0.83 as at 18 August 2023
Favourable Industry
Dynamics
A Proven Value Add
Acquirer of Land
Attractive Total ReturnsHigh Quality Tenants
with Attractive WALT
A Significant Growth
Opportunity
Long term demand for key
commodities and food
vs declining availability
of productive land drives
land values. Productive
rural land is finite in supply
and its value is founded
on worldwide population
growth, growing food
demand, and yield-
boosting innovation
Increasing scarcity of
productive land globally is
mirrored in New Zealand.
New Zealand is one of the
world’s lowest-cost and
lowest-carbon emitting
producers of protein, fibre
and timber in the world.
Successfully acquired
more than 14,800 hectares
of pastoral farm land and
forestry since listing on 21
December 2020.
NAV per share increased
from $1.250 (21 December
2020) to $1.533 as at 30
June 2023. This represents
total increase in NAV of
+22.7% .
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on
issue at IPO to ~139.9m
shares on issue as at 30
June 2023
NAV has grown by +22.7%
since NZL’s IPO. NZL has
paid/declared a total of
5.64 cps in dividends since
listing with the most recently
declared dividend (2.03 cps)
+26.9% higher than that paid
for the six months ended 30
June 2022 (1.60 cps).
Farmland does not
typically experience the
same volatility that mark
economic changes. It usually
experiences peaks and
plateaus – appreciating
at an attractive rate when
times are positive but not
necessarily retreating when
conditions are tough, this
is driven by its increasing
scarcity.
All tenants have significant
operating experience,
robust balance sheets and
governance frameworks.
11.5 year WALT (by value).
NZL provides unique
investment exposure as it
is currently the only pure-
play listed exposure to
New Zealand rural land.
NZL provides inflation
hedging and stable income
via CPI-linked leases
(uncapped).
NZL’s strategy is to
continue to grow its
portfolio, both in dairy
and other attractive
agricultural opportunities,
to ultimately provide scale
and diversified exposure to
high quality New Zealand
rural land.
NEW ZEALAND
Rural Land Co
4
SUMMARY

23
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 1
NZL COMPANY STRUCTURE & OWNERSHIP,
INDEX INCLUSIONS, RESEARCH COVERAGE
AND INVESTOR RELATIONS CONTACTS

24
NEW ZEALAND RURAL LAND COMPANY
Key People
ROB CAMPBELL
Independent Chair
Chancellor - AUT
Chair - Ara Ake
CHRISTOPHER SWASBROOK
Non-Independent Director
Managing Director – Elevation Capital Mgmt Limited
Board Member – Financial Markets Authority (FMA)
Member - NZX Lisiting Sub Committee
Director – Bethunes Investments Limited, McCashin’s
Brewery Limited, Ruapehu Alpine Lifts Limited,
Swasbrook Securities Limited and Swimtastic Limited
Previously a Partner of Goldman Sachs JBWere Pty
Limited & Co-Head of Institutional Equities at Goldman
Sachs JBWere (NZ) Limited
SARAH KENNEDY
Independent Director
CEO - Calocurb Limited
Previously CEO - Designer Textiles
International
Previously Vice President International
Farming - Fonterra
Previously CEO / Member of the Board
of Directors - Vitaco Health Limited
Previously CEO - Healtheries of New
Zealand Ltd
TIA GREENAWAY
Independent Director
Hailing from Ngāti Tūwharetoa and
Waikato-Tainui
CFO - Tupu Angitu
Various roles on Iwi and Ahu Whenua
Trusts and Committees
SHELLEY RUHA
Director
Director - Heartland Bank
Director - Allied Farmers
Director - Icehouse
Director - 9 Spokes
Previously - BNZ Senior Management Team and leader of BNZ
Partners
RICHARD MILSOM
Executive Director & Founder
Consultant - Elevation Capital Management Limited
Managing Director - Allied Farmers
CEO – Bellevue Enterprises Limited – Bovine & Porcine Genetic
Improvement & Sustainable Pork Production Company
Director - W2 Dairies
INFINZ Emerging Leader 2017
HAYDEN DILLON
Founder & Consultant
Managing Partner Findex (Waikato) & Head of Agribusiness New
Zealand for Findex.
Independent Director - Williams Holdings Limited
Independent Director - Aquila Sustainable Farms Limited and
associated Limited Partner Farms.
Independent Director Rowing New Zealand.
Trustee - South Waikato Investment Fund
Chairman - Bioceta Limited
Previously - Senior Partner Bank Of New Zealand – Waikato
Previously - Corporate Relationship Manager Food Fibre &
Beverage National Australia Bank - Melbourne
Fellow FINSIA
RURAL PROPERTY MANAGERS
Rural Property Managers
RURAL VALUERS
Independent Consultants
XAVIER LYNCH
General Manager - Corporate
Executive, Corporate Finance - Bancorp Merchant Bankers
Senior Analyst, Corporate Finance - Deloitte New Zealand
Analyst - Todd Property Group
Investment Analyst - Crown Irrigation Investments Limited
CHRISTOPHER SWASBROOK
Founder & Consultant
See above.
AGRICULTURAL ENVIRONMENTAL SPECIALISTS
Independent Consultants
FARM CONSULTANTS
Independent Consultants
New Zealand Rural Land Co
The Rural Land Investors
New Zealand Rural Land Management
1
APPENDIX

25
NEW ZEALAND RURAL LAND COMPANY
Foreign Ownership Rules & Levels
New Zealand Buyer
NZL is highly advantaged
because it is a
New Zealand buyer
of rural land.
Current Listed Company
Foreign Ownership Rules
Under the Overseas Investment
Amendment Act 2021, NZL can have
foreign domiciled shareholders of up
to 49.9% of its share register (subject
to certain share parcel restrictions).
Private companies in NZ are limited to
less than 25%.
Current NZL Foreign
Ownership
As at 30 June 2023, NZL had
foreign domiciled shareholders
amounting to ~21.89% of its
share register.
1
APPENDIX

26
NEW ZEALAND RURAL LAND COMPANY
Index Inclusions and Broker Research Coverage
FTSE Global Micro Cap IndexS&P / NZX All Real Estate Index
Broker Research Coverage
Kieran Carling
kieran.carling@craigsip.com
Nicholas Hill
nicholas.hill@craigsip.com
Arie Dekker
arie.dekker@jarden.co.nz
Vishhal Bhula
vishal.bhula@jarden.co.nz
Index Inclusions
1
APPENDIX
MSCI World Micro Cap Index
S&P / NZX Micro Cap Index

27
NEW ZEALAND RURAL LAND COMPANY
Investor Relations Contacts
Christopher Swasbrook
chris@nzrlc.co.nz
+64 21 928 262
Level 4, The Blade
12 St Marks Road
Remuera
Auckland 1050
New Zealand
Richard Milsom
richard@nzrlm.co.nz
+64 21 274 2476
Level 1
85 Fort Street
Auckland Central
Auckland 1010
New Zealand
1
APPENDIX

v
New Zealand Rural Land Company
Level 1, 85 Fort Street
Auckland Central
Auckland 1010
New Zealand
+64 9 217 2905
info@nzrlc.co.nz
www.nzrlc.co.nz

nzrlc
nzrlc
listed on:
Rural Land Co
New Zealand
The Rural Land Investors