HY24 Result Delivers Income Growth and Dividend Resumption

www.nzrlc.co.nz
29 August 2024
NZL’s HY24 Result Delivers Income Growth and Dividend Resumption
New Zealand Rural Land Co (NZL.NZX) announces its financial result for the six months ending 30 June 2024
(HY24 end). NZL recorded a net profit after tax of $12.4m and Adjusted Funds From Operations (AFFO) of $3.6m,
excluding earnings from properties with put/call arrangements in place.
HY24 Highlights
• Roc Partners purchased 25% of NZL’s portfolio, validating strategy and partnering for future growth;
• AFFO grew from 1.53 cps in HY23 to 1.94 cps (+26.8%) in HY24. NZL forecasts FY24 AFFO of between 5.01
cps and 5.36cps (FY24 includes the rental adjustments and first half year of higher yielding acquisitions);
• Portfolio diversification and yield materially increased by forestry and horticultural acquisitions in HY24;
• WALT increased from 11.6 years (31 December 2023) to 12.7 years at HY24 end;
• 17,457 hectares of rural land now owned, an increase of +18.3% on FY23;
• Gearing lowered to 30.5% with 64.0% of debt hedged;
• HY24 forestry transactions reaffirm NZL’s partnership with New Zealand Forestry Leasing (NZFL) and continue
NZL’s contribution to the New Zealand Governments international and domestic greenhouse gas emissions
targets and biodiversity enhancements;
• Dividend reinstated at 75% of AFFO, equivalent to 1.46 cps. Dividend will be paid in mid-October 2024;
• Dividend reinvestment plan will be reinstated; and
• On-market share buyback programme continued, with 10,000 shares repurchased at an average price of
$0.88 per share, bringing the total shares repurchased to 621,327 since buyback was initiated in June 2023.
A detailed results presentation is available at: https://www.nzrlc.co.nz/reports-presentations.
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CPI Adjustments
CPI linked rental increases of +18.6% on 37.3% of NZL’s portfolio took effect mid 2024 a further 26.5% of NZL’s
portfolio was subject to a +4.0% increase on 15 April 2024.
NZL benefits from CPI adjustments for all of its properties and has received CPI adjusted rental payments from all
18 properties due for review by mid 2024. CPI for the three years ending mid 2024 was +18.6% and represents a
period of strong inflationary pressures. Reflecting this the portfolio’s total lease value has increased by ~$1.56m or
+7.6%. NZL’s dairy leases undergo CPI review every three years, in contrast to its horticultural and forestry leases
which undergo CPI review annually.
Roc Transaction
On 19 January 2024, NZL announced it had entered into an agreement to sell a 25% equity interest in its land
portfolio to Roc Partners (Roc). This transaction settled in early HY24 on 9 February 2024.
Roc acquired the equity interest for $44.2m in cash. NZL used the proceeds to repay the $11.8m owing on a
convertible note it drew down in April 2023 to partially fund its forestry acquisition. Further proceeds were used
to fund orchard and forestry land acquisitions detailed below, with the balance retained as working capital while
other opportunities are investigated.
Acquisitions
In February 2024, NZL announced its intention to acquire a 97 hectare horticultural property in Hawke’s Bay and a
1,105 hectare forestry estate in Manawatu-Whanganui. NZL has since settled both transactions and supplemented
the purchases with an additional 1,501 hectare forestry estate in the same well regarded forestry region. These
properties were collectively purchased for $34.9m and were leased to Kiwi Crunch, New Zealand Forest Leasing
and MM forests, for an average weighted lease term of 24.5 years a weighted average yield of 7.9% (by lease
value). All leases include annual CPI adjustments.
Following these transactions in HY24, NZL now owns 17,457 hectares of rural land (25% of which is owned by Roc)
with a 12.7 year WALT (by lease value) and 100% occupancy across eight tenants (this represents a 10% increase
in rural land asset value). The new properties add meaningful sector, income and tenant diversification to NZL’s
portfolio, with forestry and horticulture now comprising a 33% and 6% proportion of the company’s annual lease
income.
NZL is also pleased to announce that it has entered into an unconditional agreement to purchase 126 hectares of
high-quality horticultural land in one of Central Otago’s prime growing districts. The property will be purchased for
$13.3m, yielding 8.5% annually and will be leased to SI Orchards with annual CPI adjustments. The acquisition is to
be settled in part with $3.5m of NZL shares issued at NAV.
Dividend and Share Buyback Programme
NZL has reinstated dividend payments resolving to pay an interim dividend of 1.46 cps, representing 75% of HY24
AFFO. The dividend will be paid in mid October 2024.
NZL’s intention has always been to pay regular semi-annual dividends with an interim dividend paid in October
and final dividend paid in March each year. NZL’s amended dividend policy targets a pay-out of 60% - 90% of
AFFO. The pay-out range grants the company greater flexibility to deploy NZL’s cash operating earnings in ways
considered most beneficial to increasing shareholder value.
The company maintains a selective on-market share buyback programme. Pursuant to NZX Listing Rule 4.14.2,
buybacks may take place on and from 1 June 2023 for a period of 12 months. As per the policy released on 27
May 2024, the total number of shares that may be bought back shall not exceed 6,000,000 shares. Shares will
only be acquired if the acquisition price represents 90% or less of NZL’s prevailing net asset value per share.
During the period, NZL repurchased a total of 10,000 shares at an average price of $0.88 per share. Under the
programme, 621,327 shares have been acquired as at the date of this announcement.
NZL is also reinstating its dividend reinvestment plan which offers shareholders the opportunity to reinvest the
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net proceeds of cash dividends payable on some or all of their NZL shares into additional fully paid shares.
Outlook
NZL’s strategy is to own quality rural land in New Zealand; growing a diverse portfolio while delivering attractive
risk-adjusted returns as a ground lessor. NZL’s transactions to date have delivered on this strategy.
NZL’s leases incorporate regular CPI reviews. That means inflation results in rental growth. Meanwhile, NZL is
insulated from inflation, and all other operational on-farm costs by owning only the land.
Post the most recent acquisitions and Roc transaction, NZL forecasts FY24 AFFO of between $7.0m and $7.5m,
which excludes earnings from properties with put/call arrangements in place (~$1.2m).
Importantly, NZL has hedging arrangements in place for 64% of its total borrowings. Gearing amounts to 30.5% of
total assets.
Rob Campbell
Chair
For further information please contact:
Richard Milsom
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
E: info@nzrlc.co.nz | T: +64 9 217 2905

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New Zealand Rural Land Company Limited and its subsidiaries
For the 6 months ended 30 June 2024
Interim Financial Statements

New Zealand Rural Land Company Limited and its subsidiaries
Directors' responsibility statement
For the 6 month period ended 30 June 2024
For and on behalf of the Board
DirectorDirector
The Board of Directors of the Group authorised the financial statements for issue on 29 August 2024.
The directors are pleased to present the interim financial statements of New Zealand Rural Land Company Limited and its subsidiaries (the
"Group") for the 6 month period ended 30 June 2024.
2
Rob Campbell
Sarah Kennedy

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 month period ended 30 June 2024
(Unaudited)(Unaudited)
Notes
$'000 $'000
Rental income7 9,099 6,851
Total rental income 9,099 6,851
Less overhead costs
Directors fees(114)(114)
Insurance(44)(41)
Shareholder registry and communications(34)(58)
Management fees15(662)(503)
Repairs and maintenance(225)(82)
Professional, consulting and listing fees(370)(234)
Settlement of convertible loan(160) -
Total overhead costs(1,609)(1,032)
Profit before net finance expense, other income and income tax 7,490 5,819
Finance income 1,421 926
Finance expense(4,000)(4,156)
Net finance expense8(2,579)(3,230)
Profit before other income and income tax 4,911 2,589
Other income
Change in fair value of investment properties6 12,068 -
Movement in redeemable Limited Partnership units4.1(4,028) -
8,040 -
Profit before tax 12,951 2,589
Income tax expense9(567)(97)
Profit and total comprehensive income for the period 12,384 2,492
Cents Cents
Basic and diluted earnings per share17 9.18 1.92
Interim consolidated statement of comprehensive income
6 month period
ended 30 June
2024
6 month period
ended 30 June
2023
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.
3

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of financial position
As at 30 June 2024
(Unaudited)(Audited)
As at 30 June
2024
As at 31
December 2023
Notes
$'000 $'000
Current assets
Cash and cash equivalents
6,135 1,258
Trade and other receivables
1,164 378
Current tax receivable
4 7
Total current assets
7,303 1,643
Non-current assets
Investment properties6
393,806 346,281
Loan receivable10
21,000 20,363
Deferred tax assets
831 1,398
Derivative assets11
479 71
Other non-current assets
75 75
Total non-current assets
416,191 368,188
Total assets 423,494 369,831
Current liabilities
Trade and other payables
4,861 1,090
Income in advance
408 -
Borrowings12
75,500 29,500
Convertible loan13
- 11,980
Other current liabilities
169 169
Total current liabilities
80,938 42,739
Non-current liabilities
Borrowings12
53,288 104,000
Redeemable Limited Partnership units4.1 72,376 -
Total non-current liabilities
125,664 104,000
Total liabilities
206,602 146,739
Net assets 216,892 223,092
Share capital14
158,242 157,419
Retained earnings
58,650 64,772
Share based payment reserve
- 901
Total equity 216,892 223,092
$ $
Net Assets Value (NAV) per share16.2
1.5515 1.6016
Net Tangible Assets (NTA) per share16.2
1.5421 1.5910
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
Interim consolidated statement of changes in equity
For the 6 month period ended 30 June 2024
Notes
$'000 $'000 $'000 $'000
Balance at 1 January 2023 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 capital14 23,880 - - 23,880
Transaction costs14(453) - - (453)
Performance fee payable in ordinary shares 495 (495) - -
Dividends paid - - (2,346)(2,346)
Balance at 30 June 2023 158,102 - 56,410 214,512
Balance at 31 December 2023 157,419 901 64,772 223,092
Comprehensive income
Profit for the period - - 12,384 12,384
Total comprehensive income - - 12,384 12,384
Transactions with shareholders
Performance fee issued in ordinary shares 901 (901) - -
Share buy-backs14(56) - - (56)
Transaction costs14(22) - - (22)
Transaction costs (Land Trust)4 - - (4,258)(4,258)
Adjustment on recognition of redeemable LP units4 - - (14,248)(14,248)
Balance at 30 June 2024 158,242 - 58,650 216,892
Share capital
Retained
earnings
Total
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.
5

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of cash flows
For the 6 months ended 30 June 2024
(Unaudited)(Unaudited)
6 month period
ended 30 June
2024
6 month period
ended 30 June
2023
Notes $'000 $'000
Cash flows from operating activities
Lease income received
8,912 7,240
Payments to suppliers
(13) (150)
Management fees paid
(587) (403)
Income taxes received/(paid)
3 (4)
Interest paid
(3,822) (3,588)
Interest received
376 331
Net cash generated by operating activities 4,869 3,426
Cash flows from investing activities
Payments for investment properties
(33,077) (64,763)
Proceeds from disposals of assets
- 10
Net cash used in investing activities(33,077)(64,753)
Cash flows from financing activities
Proceeds from issue of ordinary shares - 23,875
Payments for share buy-backs14 (56) -
Payment of transaction costs - (347)
Payment of Land Trust transaction costs (4,258) -
Dividend paid - (2,346)
Proceeds from borrowings 24,483 30,500
Repayment of borrowings (29,195) (3,968)
Proceeds from redeemable Limited Partnership units4.1 54,100 -
Proceeds from convertible loan13 - 12,000
Repayment of convertible loan13 (11,989) (100)
Net cash generated by financing activities 33,085 59,614
Net increase/(decrease) in cash and cash equivalents 4,877 (1,713)
Cash and cash equivalents beginning of the period 1,258 1,942
Cash and cash equivalents at the end of the period 6,135 229
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

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
1Reporting entity
2Basis of preparation
3
Critical accounting estimates and judgements
•
Limited Partnership establishment and associated transactions (note 4)
•
Fair valuation of investment properties (note 6)
•
Recognition of loan receivable (note 10)
4
Significant transaction - Limited Partnership establishment and associated transactions
These interim financial statements are for the 6 month period ending 30 June 2024.
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:
New Zealand Rural Land Company Limited and its subsidiaries
The consolidated interim financial statements for New Zealand Rural Land Company Limited (the "Company" or "Parent" or "NZRLC") 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.
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 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 year ended 31 December 2023 consolidated financial statements.
In January 2024, the Company entered into an agreement to sell a 25% stake in its rural land portfolio to a group of investors in a Land Trust
("Land Trust") for $44.2 million.
The Company used $11.8 million of the proceeds to repay the convertible loan that it drew down in April 2023 to partially fund a forestry
acquisition (refer to note 13). The balance of the funds have been used for land acquisitions or is held for future opportunities.
The investment was mechanised through the establishment of a limited partnership, the New Zealand Rural Land Limited Partnership (the
“LP”). The portfolio of rural land assets and associated debt was transferred to the LP prior to Land Trust's investment. NZRLC’s investment
mandate continues in the LP with the same active strategy and manager (New Zealand Rural Land Management Limited Partnership).
The Company holds 75% of the partnership units and economic interest with Land Trust holding the other 25%. The LP is directed by New
Zealand Rural Land Investment GP Limited (the “GP”) with the Company and the Land Trust holding shares in the GP at the same proportion
as their LP units.
The Company’s directors represent the majority of the GP (75%) and can unilaterally direct disposals and subsequent acquisitions of
properties for land individually up to $5 million. Furthermore, the Company has the ability to make some changes to lease agreements. The
Company has concluded this provides it with sufficient power to direct the relevant activities of the LP and accordingly has concluded that it
controls and will consolidate the LP.
The accounting policies and methods of computation in the most recent annual financial statements are followed in these interim 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.
7

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
4
Significant transaction - Limited Partnership establishment and associated transactions (continued)
4.1
Reconciliation of redeemable Limited Partnership units
$'000
Balance as at 31 December 2023-
Land Trust's share of the Limited Partnership's net assets at date of initial investment
58,443
Further contributions received from Land Trust
9,905
Revaluation movement
4,028
Balance as at 30 June 2024 72,376
4.2Group composition
Entity nameNature of entity
NZRLC Dairy Holdings LimitedSubsidiary - Intermediate holding company 100%100%
NZ Rural Land Investments Limited PartnershipSubsidiary - Operating entity75%0%
NZ Rural Land Investments GP LimitedSubsidiary - General partner75%0%
5
Segment information
6
Investment properties
The Group operates in one business segment being New Zealand rural land.
During the period, a distribution of $875,000 was declared from the LP to the Land Trust.
Investment property is property held either to earn rental income, for capital appreciation or for both.
Proportion of ownership
Investment property is initially measured at cost and subsequently measured at fair value with any change recognised in profit or loss. Any
gain or loss arising from a change in fair value is recognised in profit or loss. Initial direct costs incurred in negotiating and arranging operating
leases and lease incentives granted are added to the carrying amount of the leased asset.
As at 31 Dec
2023
As at 30 June
2024
The GP shareholder agreement requires profits (based on Adjusted Funds from Operations (AFFO)) to be distributed to the LP unit holders.
Accordingly, Land Trust's share of the profits has been allocated to the redeemable units liability which is subsequently reduced as and when
distributions are made (Refer to note 4.1).
Property valuations are carried out at least annually by independent registered valuers. Valuations performed on the forestry estates are
made and evaluated through discounted cash flows, with independent market inputs reviewed by independent valuers. During the 6 month
period ended 30 June 2024 only two properties were revalued (Kiwi Crunch Orchard and Piripiri Forest), as stated in revaluation gain in the
table below.
In February 2030, the Land Trust has the option to offer to sell its units in the LP to the Company. If there has been a significant financial
deterioration in the LP then that option can be exercised 2 years earlier. If the Company does not acquire the units, then Land Trust can sell
those units to a third party. After a subsequent 6-month period if no third party has purchased the units for at least 98% of the value
(determined based on independent asset valuations less associated debt) then Land Trust can require the LP to redeem the units. The
Company and Land Trust will then agree which LP assets are to be sold to fund the redemption. No assets can be sold resulting in proceeds
for less than 90% of their net asset value (determined using the most recent independent valuation reports).
The potential sale obligation for the LP to redeem Land Trust's units means the Group has classified Land Trust's interest in the LP as a
financial liability (redeemable LP units in the Interim Consolidated Statement of Financial Position). The Group has initially and subsequently
measured that liability based on the reporting date fair value, i.e. as if the redemption occurred at the reporting date. Movements in the
liability are reported in other income in the Profit and Loss as movement in redeemable LP units.
Included in the Group's total rental income, more than 15% 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 2024 from
these customers was $1.460 million, $1.824 million and $2.521 million respectively (6 months ended 30 June 2023: $1.556 million, $1.824
million, and $1.050 million respectively). All three significant customers have contributed more than 15% of the Group's total rental income
(6 months ended 30 June 2023: nil).
8

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
6
Investment properties (continued)
Fair value of rural land investment properties:
As at 30 June 2024 (Unaudited)
Land area
Opening
balance
Additions ¹
Lease fee
amortisation
Capitalised
lease
incentive ²
Revaluation
gain
Carrying value
Hectares
$'000$'000$'000$'000$'000$'000
Canterbury
6,332 133,116 3 (4) (88)- 133,027
Otago3,992
79,298 - (2)- - 79,296
Southland
1,386 44,166 4 (4) (9)- 44,157
Manawatū-Whanganui
4,768 89,701 14,278 (2)- 8,051 112,028
Hawke's Bay
97 - 18,406 - - 4,017 22,423
South Taranaki
686 - 2,316 - - - 2,316
Rangitikei Districts
195 - 559 - - - 559
17,456 346,281 35,566 (12) (97) 12,068 393,806
¹
²
As at 31 December 2023 (Audited)
Land area
Opening
balance
Additions ¹
Lease fee
amortisation
Capitalised
lease
incentive ²
Revaluation
gain
Carrying value
Location
Hectares$'000$'000$'000$'000$'000$'000
Canterbury 6,332 140,887 277 (6) (176) (7,866) 133,116
Otago 3,992 80,786 - (3)- (1,485) 79,298
Southland 1,386 45,687 9 (19)(120) (1,391) 44,166
Manawatū-Whanganui
3,044 - 71,573 (2)- 18,130 89,701
14,754 267,360 71,859 (30) (296) 7,388 346,281
¹
²
6.1Fair value measurement, valuation techniques and inputs
Location
Net of amortisation.
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.
Includes directly attributable acquisition costs.
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.
Net of amortisation.
Includes directly attributable acquisition costs.
In June 2024, the LP acquired a 1,500 hectare forestry estate for $7.3 million. The purchase was funded 75% by the Company and 25%
contribution from Land Trust.
The Group's investment properties were last independently valued at 31 December 2023. There have been no subsequent independent
valuations in the period ended 30 June 2024. The revaluation gain of investment properties above as at 30 June 2024 was determined by
utilising the same valuation methodology as used previously, but updating for market conditions.
In February 2024, the LP acquired apple and forestry land for a total of $27.6 million. The apple orchard land was approximately 97 hectares
and will be leased to Kiwi Crunch for 30 years generating $1.4 million of income in year one of the lease agreement. The LP also acquired
forestry land of approximately 1,119 hectares and will lease the land to New Zealand Forest Leasing Limited for a period of 16 years,
generating $760k of income in year one of the lease agreement. Both purchases were funded 75% by Company funding and 25% contribution
from Land Trust.
9

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
6.1Fair value measurement, valuation techniques and inputs (continued)
Key inputs used to measure fair value of pastoral:
30 June 202431 Dec 2023
Land growth rate2.75%2.75%
CPI2.00%
2.00%
Discount rate7.35%
7.35%
Terminal rate6.85%6.85%
Key inputs used to measure fair value of orchard assets:
30 June 202431 Dec 2023*
Land growth rate2.60%N/A
CPI2.20%N/A
Discount rate8.50%N/A
Terminal rateN/AN/A
For the forestry assets, a market approach has been used to assess the reversionary value.
The values adopted in these financial statements for the forestry assets are summarised as follows:
LeasePost-leaseTotal
As at 30 June 2024
$'000 $'000 $'000
Block One
57,13013,37070,500
Block Two
5,00114,20019,201
Block Three
6,16011,40817,568
Block Four*
N/AN/A7,300
68,29138,978114,569
LeasePost-leaseTotal
As at 31 December 2023
$'000 $'000 $'000
Block One
57,13013,37070,500
Block Two
5,00114,20019,201
62,13127,57089,701
*Block Four is measured at cost.
The tenants of both sites have leased the land to derive income from either carbon or timber. It is assumed based on the current pricing and
outlook that carbon will be the most likely income source, it is therefore assumed that the forests will not be harvested and will slowly revert
to native forest.
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.
Two forestry assets were acquired during the period ended 30 June 2024. The first asset was acquired as bare land with planting to be
completed in 2024, and is leased to a third party until 2040. The second acquisition is an established forestry asset with areas still to be
planted, leased to a third party with expiry in 2046.
The valuation of the forestry assets has been assessed utilising the income approach for the Group's interest as a lessor and discounted post-
lease cashflows. The value of the post lease period is based on estimated carbon production and carbon unit pricing.
The net present value of the income provided under the lease agreements have been assessed to be, in some instances, at a premium to
market leases. 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.
*The Group purchased their first orchard during the period ended 30 June 2024.
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. 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:
10

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
6.1Fair value measurement, valuation techniques and inputs (continued)
The post lease valuation of the forestry assets has the following key inputs used to measure fair value:

30 June 202431 Dec 2023
Discount rate
9.60%9.60%
New Zealand Unit ("NZU") market price Jan 2040*
$206N/A
Long term NZU price growth rate from 2031
2.10%2.10%
6.2Valuation methodology
Key valuation inputDescription
Land growth rateIncreaseDecrease
CPIIncreaseDecrease
Discount rateDecreaseIncrease
Terminal rateDecreaseIncrease
IncreaseDecrease
IncreaseDecrease
7Rental income
(Unaudited)(Unaudited)
$'000$'000
Gross lease receipts
9,3147,340
Straight line rental adjustments(11)(109)
Revenue received in advance adjustments(116)(292)
Amortisation of capitalised lease incentives(88)(88)
Total rental income9,099 6,851
8Finance income and expense
Rental income is earned 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.
6 month period
ended 30 June
2023
6 month period
ended 30 June
2024
*NZU pricing has been forecast and the mid-point is adopted for these purposes. These dates relate to the dates of the end of the five leases.
Finance income includes interest income derived from financial assets and any fair value gain of derivative instruments. Interest income is
accrued using the effective interest rate method. The effective interest rate exactly discounts estimated future cash receipts through the
expected life of the financial asset to its gross carrying amount.
The rate applied to discount future cashflows, it reflects transactional
evidence from similar types of property assets. Used in the income
approach.
The expected inflation increase applied to the lease income every three
years. Used in the income approach.
Measurement sensitivity
Decrease in
input
The rate used to assess the terminal value of the property. Used in the
income approach.
The rate applied to the expected land value growth. Used in the income
approach.
The valuer's assessment of the annual net market income per hectare
attributable to the property. Used in the income approach.
Increase in
input
Value adopted by management based on advice from third parties.Forecast NZU prices
Market rental assessment
The current value is also driven by the volumes of estimated carbon sequestration over the life of the forest which has been modelled by
external experts based on comparable properties and the I300 method which is used to express the productivity of a site in terms of volume
growth for Pinus radiata. It is the mean annual volume increment in cubic metres per hectare of a 300 stem per hectare Radiata pine stand at
age 30 years. As a measure of productivity used in modelling and forecasting tree growth and stand yield, it is relevant even where crops are
not intended to be thinned to a stocking as low as 300 stems per hectare or grown to age 30.
11

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
8Finance income and expense (continued)
(Unaudited)(Unaudited)
$'000$'000
Finance income
Interest income
972926
Gain on fair value of derivative instruments449-
Finance expense
Interest expense(4,000)(3,896)
Loss on fair value of derivative instruments- (260)
Net finance expense(2,579)(3,230)
9Income taxes
(Unaudited)(Unaudited)
$'000$'000
Deferred tax expense
567 97
Income tax expense / (benefit)
567 97
Reconciliation of income tax expense to prima facie tax payable:
Profit before tax
12,951 2,589
Income tax expense calculated at 28%
3,626 725
Effect of expenses that are not deductible in determining taxable profit
- 32
Effect of income that is not assessable in determining taxable profit
(2,643)-
Tax depreciation
(87)(666)
Prior period adjustment
(329)6
Income tax expense / (benefit)
567 97
10Loan receivable
(Unaudited)(Audited)
$'000$'000
Non-current:
McNaughtons home block
7,274 6,943
Makikihi Farm
13,726 13,420
Total loan receivable
21,000 20,363
6 month period
ended 30 June
2023
Finance expense includes interest expense incurred on borrowings and any fair value loss on derivative instruments. Interest expense is
recognised using the effective interest method.
As at 31 Dec
2023
6 month period
ended 30 June
2024
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
2024
6 month period
ended 30 June
2023
As at 30 June
2024
12

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
10Loan receivable (continued)
11Derivatives
(Unaudited)(Audited)
$'000$'000
Derivative assets
479 71
479 71
12Borrowings
(Unaudited)(Audited)
$'000$'000
Current:
Rabobank facility
75,500 29,500
Non-current:
Rabobank facility
53,288 104,000
Total borrowings
128,788 133,500
12.1Rabobank facility
Total facility
Undrawn
facility
Drawn amount
30 June 2024 (Unaudited)
$'000$'000$'000
Bank facility A1 Jun 20257.63% 46,000 - 46,000
Bank facility B1 Sep 20247.48% 29,500 - 29,500
Bank facility C1 Jun 20267.78% 29,500 4,712 24,788
Bank facility D14 Apr 20267.75% 28,500 - 28,500
133,500 4,712 128,788
Borrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently classified and measured 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 using the effective interest method (refer to note 8). 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.
As at 30 June
2024
As at 31 Dec
2023
Effective
interest rate
Expiry date
Derivative financial instruments, comprising interest rate swaps are classified and measured at fair value through profit or loss ("FVTPL").
Changes in fair value of such derivatives and gains or losses on their settlement are recognised in the Interim Consolidated Statement of
Comprehensive Income in finance income and expense.
As at 30 June
2024
As at 31 Dec
2023
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 tenant Group entities. The loan receivable balances have been
considered and determined no impairment is required at reporting date.
13

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
12.1Rabobank facility (continued)
Total facility
Undrawn
facility
Drawn amount
31 December 2023 (Audited)
$'000$'000$'000
Bank facility A1 Jun 20257.60% 46,000 - 46,000
Bank facility B1 Jun 20247.46% 29,500 - 29,500
Bank facility B1 Jun 20267.76%29,500 - 29,500
Bank facility C14 Apr 20267.72%28,500 - 28,500
133,500 - 133,500
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
(Unaudited)(Audited)
Current:
$'000$'000
Convertible loan
- 11,980
14Issued capital
Authorised and issued
Balance at 31 December 2022 (Audited)
134,180 115,601,570
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)
158,102 139,906,327
Share buy-backs
(530) (611,327)
Transaction costs arising on issue of shares
(153)-
Balance at 31 December 2023 (Audited)
157,419 139,295,000
Share buy-backs
(56) (63,066)
Performance fee issued in ordinary shares
901 564,139
Transaction costs arising on issue and buy-back of shares
(22)-
Balance at 30 June 2024 (Unaudited)
158,242 139,796,073
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.
Effective
interest rate
No. of ordinary
shares
As at 30 June
2024
As at 31 Dec
2023
There is a general security deed over all of the assets of the Group as security of the borrowings.
In February 2024, NZRLC repaid the convertible loan using funds received from Land Trust (note 4). The convertible note was repaid in cash
and did not convert to shares.
The Group has complied with the financial covenants of its borrowing facilities during the 6 month period to June 2024.
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.
$'000
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. Tranche B was due to expire on the 1 June 2024 but has been extended to 1 September 2024 at the same terms.
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 was expected to be repaid within eighteen months from the date of the note being issued. The
agreement required the Group to make quarterly interest payments based on the current outstanding principal amount, at 8% per annum.
Convertible loan
Expiry date
14

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
15Related parties
15.1Remuneration 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.
(Unaudited)(Unaudited)
Fees chargedFees charged
Fees paid and owing to the Manager:
$'000$'000
Basic management services fee
662 503
Land transaction fees
327 878
Leasing fees
120 60
Transaction fee
869 -
Other
3 -
Total 1,981 1,441
Management fee
Transaction fee
•
•
Performance fee
Transaction fees incurred for the period ended 30 June 2024 were $0.327 million and $0.12 million (year period 30 June 2023: $0.878 million
and $0.06 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.
The Group, in conjunction with Land Trust (note 4), 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:
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 2024 will be calculated after the financial year end. The shares will be issued to the
Manager subsequent to balance date.
On 9 February 2024, Land Trust purchased a 25% equity stake in the LP. The Manager charged the Group 1.25% of the transaction price
($0.869 million) for the sale (refer to note 4).
A fee is payable for the following transactions:
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
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 2024 were $0.662 million (six months ended 30 June 2023: $0.503 million).
For each lease agreement entered into, a fee of $30,000.
6 month period
ended 30 June
2023
6 month period
ended 30 June
2024
15

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
16Non-GAAP measures
16.1Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
(Unaudited)(Unaudited)
Notes
$'000$'000
Net profit after tax12,384 2,492
Adjustments
Unrealised net gain in value of investment properties6(12,068) -
Unrealised movement in redeemable Limited Partnership units4.14,028 -
Unrealised net (gain) / loss on derivatives8 (449) 260
Deferred tax expense / (benefit)9 567 97
Amortisation of rent free incentives788 88
Amortisation of lease fee 14 25
Capitalised interest loan receivable10 (633) (595)
Funds from operations ('FFO')3,931 2,367
FFO attributable to the Land Trust (cents) 869 -
FFO attributable to the Company (cents) 3,061 -
Company FFO per share (cents)2.19 1.69
Adjustments
Incentives and leasing costs 11 109
Future maintenance capital expenditure¹(355)(332)
Adjusted funds from operations ('AFFO')3,587 2,144
AFFO attributable to the Land Trust (cents)872 -
AFFO attributable to the Company (cents)2,715 -
Company AFFO per share (cents)1.94 1.53
16.2Net assets per share and net tangible assets per share
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.
6 month period
ended 30 June
2023
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.
6 month period
ended 30 June
2024
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.
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.
16

Notes to the interim financial statements
For the 6 month period ended 30 June 2024
New Zealand Rural Land Company Limited and its subsidiaries
16.2Net assets per share and net tangible assets per share (continued)
(Unaudited)(Audited)
Notes
$'000$'000
Total assets 423,494 369,831
(Less): Total liabilities (206,602) (146,739)
Net assets216,892 223,092
(Less): Deferred tax asset (831) (1,398)
(Less): Derivative asset11 (479) (71)
Net tangible assets215,582 221,623
Number of shares issued ('000) 139,796 139,295
Net assets per share ($) 1.5515 1.6160
Net tangible assets per share ($) 1.5421 1.5910
17Earnings per share
(Unaudited)(Unaudited)
Profit after income tax ($'000) 12,384 2,492
Weighted average number of shares for the purpose of basic and diluted EPS ('000) 134,861 129,699
Basic and diluted earnings per share (cents)9.18 1.92
18Contingent liabilities and contingent assets
19Capital commitments
20Subsequent events
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.
The Group has no capital commitments as at 30 June 2024 (30 June 2023: nil).
There are no contingent liabilities or assets as at 30 June 2024 (30 June 2023: nil).
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 31 Dec
2023
6 month period
ended 30 June
2024
6 month period
ended 30 June
2023
As at 30 June
2024
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.
In August 2024, the LP entered into a sale and purchase agreement for an orchard in Roxburgh. Settlement is expected in November 2024.
The LP also paid a distribution to the unit holders in August 2024 of $3.5 million.
17

---

1
New Zealand Rural Land Company
Rural Land Company
New Zealand
Result for the six months ending
30 June 2024
29 AUGUST 2024
LISTED ON:
www.nzrlc.co.nz
2024

2
New Zealand Rural Land Company
2
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.
Rural Land Co
New Zealand
The Rural Land Investors

3
New Zealand Rural Land Company
Higher yielding further diversified portfolio following recent
acquisitions
AFFO per share has grown from 1.53 cps in HY23 to 1.94 cps
(+26.8%) in HY24
Gearing lowered to 30.5%
Dividend resumed with a payout of 1.46 cents per share equivalent
to 75% of HY24 AFFO*
Roc Partners purchase 25% of NZL portfolio, validating strategy
and partnering for growth
Partnering with New Zealand Forest Leasing to execute the native
regeneration of NZL’s forestry properties
3
KEY MESSAGES
* NZL’s AFFO after deducting Roc’s share of AFFO

4
New Zealand Rural Land Company
HY24 NPAT of $12.4m and AFFO of $3.6m
NAV per share has grown from $1.250 at listing to $1.552 as at 30
June 2024, total company returns have been +28.6%
*
.
AFFO forecast to be 5.01 to 5.36cps in FY24 due to further
acquisitions and CPI linked rental increases
CPI linked rental increases of +18.6% on 37.3% of NZL’s portfolio
took effect in mid-2024 (a further 26.5% of NZL’s portfolio was
subject to a +4.0% increase on 15 April 2024
On-market Share Buyback Programme continued with a further
10,000 shares repurchased at an average cost of $0.88 per share
bringing the total shares repurchased under the programme to
621,327
4
HY24 RESULT
* This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 139,796,055 on issue as at 30 June
2024. Calculation assumes full participation in rights issues, plus dividend accumulated to 30 June 2024.

5
New Zealand Rural Land Company
HY24 - FINANCIAL HIGHLIGHTS & METRICS
Total Returns
Net asset value per share has grown from $1.25 at IPO*
to $1.552 (at 30 June 2024); total company returns
have been +28.6% (NAV growth plus dividends)**.
* 21 December 2020
** This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 139,796,055 on
issue as at 30 June 2024. Calculation assumes full participation in rights issues.
***AFFO per share is based on the portion of the consolidated company’s total AFFO attributable to NZL.
Increasing AFFO
HY24 AFFO per share was 1.94 cps***. Full year AFFO
per share is expected to be in line with previous
guidance of 5.01 - 5.36 cps due to the impact of CPI
increases and higher yielding recent acquisitions.
$1.552
NAV per Share
$423.5m
Total Assets
$216.9m
Net Asset Value (NAV)
30.5%
Gearing
Dividend Resumption
NZL has resumed its dividend and consequently
has resolved to pay an interim dividend of 1.46 cps
equivalent to 75% of NZL’s HY24 AFFO per share***.

New Zealand Rural Land Company
666
HY24 OPERATING OVERVIEW
SECTION 1

7
New Zealand Rural Land Company
NEW ACQUISITIONS IN HY24
Acquisition 1: Twyford OrchardsAcquisition 2: Forestry EstateAcquisition 3: Forestry EstateAcquisition 4: Southern Orchards
LocationHawke’s BayManawatū-WhanganuiTaranaki, Whanganui & RangitikeiOtago
Asset ClassApple Orchard, HorticultureForestryForestryApple Orchard, Horticulture
Area97 ha1,105 ha1,501 ha126ha
Purchase Price~$18.1m~$9.5m~$7.3m~$13.2m
TenantKiwi CrunchNew Zealand Forest LeasingMM Forests LimitedKiwi Crunch
Lease TypeTriple Net LeaseTriple Net LeaseTriple Net LeaseTriple Net Lease
Lease Term 30 years16 years22 years30 Years
Year 1 Rent ~$1.35m$760k$657k$1.13m
Lease Rate 7.50%8.00%9.00%8.50%
Rent ReviewsAnnual adjustments of 2.5% or CPI,
which ever is higher
Annual CPI adjustmentsAnnual CPI adjustmentsAnnual adjustments of 2.5% or CPI,
which ever is higher
Overview of Higher AFFO, WALT and Diversity
During the period NZL settled three acquisitions. These acquisitions are accretive
to AFFO and WALT, further diversify NZL’s portfolio, and increase rental adjustment
frequency*.
The first acquisition was the land supporting three apple orchards located in the
Hawke’s Bay region. The properties have a total land area of approximately 97 hectares
of which 82 hectares are planted in a range of apple varieties. This marks NZL’s entry
into a new sub-sector (Horticulture).
The second acquisition was a forestry property located in close proximity to NZL’s
existing estates in the Manawatū-Whanganui region. This property has a total area of
approximately 1,105 hectares and is leased to New Zealand Forest Leasing (NZFL).
The third acquisition was a portfolio of forestry properties located in Taranaki,
Whanganui and Rangitikei. These properties have a total area of 1,501ha and are leased
to MM Forests Limited.
Subsequent to the end of the period NZL entered into an unconditional agreement to
purchase an additional apple orchard located in the Otago region. Settlement will take
place in two tranches with the first occurring in November 2024 with $3.5m settled in
NZL shares at NAV.
*The properties were acquired through a newly formed Limited Partnership 75% owned by NZL and 25% owned by Roc Partners
Portfolio as at 30 June 2024
Diversity Increased
0.53
0.09
0.33
0.05
DairySupport
Forestry
Apples
WALT IncreasedGearing Lowered
Summary of Acquired Properties
11.6
Years
12.7
Years
+9.8%
36.2%
Debt/Assets
30.5%
Debt/Assets
-15.8%

New Zealand Rural Land Company
8
New Zealand Rural Land Company
NZL FINANCIALS & RETURN METRICS
for the period ending 30 June 2024
SECTION 2

9
New Zealand Rural Land Company
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
1.94cps
AFFO
2.19cps
FFO
NZ$00030 June 202430 June 2023
Net Profit After Tax12,3842,492
Adjusted for:
Unrealised Net Gain on Investment Properties(12,068)-
Unrealised Movement in Redeemable Limited Partnership Units4,028-
Unrealised Net Gain on Derivatives(449)260
Deferred Tax Expense / (Benefit)56797
Amortisation of Rent Free Incentives8888
Amortisation of Lease Fee1425
Capitalised Interest Loan Receivable*(633)(595)
Funds from Operations (FFO)3,9312,367
FFO Attributable to the Land Trust869-
FFO Attributable to NZL3,061
-
Company FFO per Share (cents)2.191.69
Adjusted Funds from Operations
Incentives and Leasing Costs11109
Future Maintenance Capital Expenditure(355)(332)
Adjusted Funds from Operations (AFFO)3,5872,144
AFFO Attributable to the Land Trust872-
AFFO Attributable to NZL2,715-
Company AFFO per Share (cents)1.941.53
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.
*Capitalised interest on loan receivables removed as this is non-cash income and AFFO serves as a proxy for free cash flow.

10
New Zealand Rural Land Company
PROFIT & LOSS STATEMENT
NZ$00030 June 202430 June 2023
Gross Rental Income
Rental Income
9,0996,851
Net Rental Income
9,0996,851
Less Overhead Costs
Directors Fees
(114)(114)
Insurance
(44)(41)
Shareholder Registry & Communication
(34)(58)
Management Fees
(662)(503)
Repairs and Maintenance
(225)(82)
Professional, Consulting and Listing Fees
(370)(234)
Loss on Convertible Loan
(160)-
Total Overhead Costs
(1,609)(1,032)
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
7,4905,819
Finance Income1,421926
Finance Expense(4,000)(4,156)
Net Finance Income(2,579)(3,230)
Profit /(Loss) Before Other Income and Income Tax4,9112,589
Other Income
Change in Fair Value of Investment Property12,068
Movement in Redeemable Limited Partnership Units(4,028)-
Profit / (Loss) Before Tax12,9512,589
Income Tax Expense(567)(97)
Profit / (Loss) and Total Comprehensive Income for
the Period
12,3842,492
Earnings per Share (EPS) (cents)9 .1 81.92
$12.38m
NPAT
9.18cps
EPS

11
New Zealand Rural Land Company
BALANCE SHEET
NZ$00030 June 202431 December 2023
Current Assets
Cash and Cash Equivalents6,1351,258
Trade and Other Receivables 1,164378
Current Tax Receivable47
Total Current Assets7,3031,643
Non-Current Assets
Investment Property393,806346,281
Loan Receivable21,00020,363
Deferred Tax Assets8311,398
Derivative Assets47971
Other Non-Current Assets7575
Total Non-Current Assets416,191368,188
Total Assets423,494369,831
Current Liabilities
Trade and Other Payables4,8611,090
Income in Advance408-
Borrowings 75,50029,500
Convertible Note- 11,980
Other Current Liabilities 169169
Total Current Liabilities80,93842,739
Non-Current Liabilities
Borrowings53,288104,000
Redeemable Limited Partnership Units72,376-
Total Non-Current Liabilities125,664104,000
Total Liabilities206,602146,739
Net Assets216,892223,092
Net Asset Value (NAV) per Share1.55151.6016
$216.9m
Total Equity/ Net Asset
Value
$423.5m
Total Assets

12
New Zealand Rural Land Company
DEBT SUMMARY
1.2 Ye1.2 Years
**
Weighted Average Term
to Expiry
6.6%6.6%
**
Weighted Average
Interest Cost
Key Metrics30 June 202430 June 2023
Debt Drawn ($m)128.8133.5
Debt to Total Tangible Assets30.5%37.1%
Interest Coverage Ratio2.25x1.8x
Weighted Average Term to Expiry (Years)1.22.0
Weighted Average Debt Cost6.6%6.4%
% Of Debt Hedged64%53%
Total Debt Facilities Available ($m)133.5133.5
NZL Debt Facility Expiry Profile
* Gearing is calculated as: bank debt / total tangible assets
** As at 30 June 2024
30.5%
*
Gearing
Key Banking Partner
NZL has hedging arrangements in place for 64.0% of its total borrowings costing, on average, 6.2%. The remaining debt is floating
and the cost of the floating debt component is 7.2%. Accordingly, NZL’s weighted average cost of debt is currently 6.6%.
64.0%64.0%
Hedged

13
New Zealand Rural Land Company
TOTAL RETURNS
Dividends per Share
Since listing on the NZX (21 December 2020), NZL has delivered total company returns of +28.6%
*
(NAV per share growth plus dividends).
NZL delivered $3.6m in AFFO (1.94 cps**) in the six months to 30 June 2024.
Post the most recent acquisitions and Roc transaction, NZL forecasts FY24 AFFO of between $7.0m and $7.5m. This excludes earnings from
properties with put/call arrangements in place (~$1.2m).
* This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 139,796,055 on issue as at 30 June 2024. Calculation assumes full participation in
rights issues.
**AFFO per share is based on the portion of the consolidated company’s total AFFO attributable to NZL.
NAV Performance
AFFO & AFFO/sh

New Zealand Rural Land Company
14
SUSTAINABILITY PROGRAMME
as at 30 June 2024
SECTION 3

15
New Zealand Rural Land Company
SUSTAINABILITY PROGRAMME
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.
NZL has initiated work on several special projects across its portfolio. These include a solar pump upgrade (from diesel), improved effluent
systems on some farms, (budgeted capex at 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”. Visit our website 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

16
New Zealand Rural Land Company
HY24 SUSTAINABILITY HIGHLIGHTS
SPOTLIGHT ON: Native Forest Regeneration
In the first half of FY24, NZL completed two forestry land acquisitions, deploying a further $16.8m into 2,606 hectares of high quality forestry land in the
Manawatū-Whanganui region. These transactions serve to further diversify NZL’s rural land portfolio, and continue it’s contribution to the New Zealand
Governments international and domestic greenhouse gas emissions targets, and biodiversity initiatives.
NZL partners with its tenant New Zealand Forest Leasing which has a large nationwide carbon sequestration and native regeneration project underway. This
involves using pines as a “nurse crop” and using a variety of methods to ensure long-term native regeneration. The methodology of “Nurse Crop” coupled
with native regeneration has a two fold effect on sustainability. The Pinus Radiata nurse crop delivers unmatched early growth rates, sequestering atmospheric
greenhouses gases at high rates, which are the primary perpetrator in the global fight against climate change. Alongside exceptional carbon sequestration, the
fast growth rates create a forest canopy and starve out grass and weeds, creating an optimal micro-climate for shade tolerant native species to successfully
establish.
Particular active management initiatives to enable native regeneration include: Fire Management, Large Scale Intensive Pest Animal Control, Pest Plant Control
and Forest Health Monitoring.
The FY24 forestry transactions reaffirmed NZL’s partnership with New Zealand Forest Leasing (NZFL). NZFL are a best-in-class manager and execute the
native regeneration on NZL’s properties. Their team mimic the natural regeneration process with techniques such as enabling seed dispersal from existing
native stands, planting natives and thinning the nurse crop canopy. As regeneration progresses, native bird and insect species increase. These species are
protected by NZFL’s active pest management program which is the largest in New Zealand.
NZFL’s Active Forestry Management for Native Regeneration

17
New Zealand Rural Land Company
HY24 SUSTAINABILITY HIGHLIGHTS (CONT)
Enduring Land For Life
Green Loan
NZL has published the programme it uses to ensure land and
partnerships are enduring.
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 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.
Other Initiatives
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.

New Zealand Rural Land Company
181818
DIVIDEND AND OUTLOOK
SECTION 4

19
New Zealand Rural Land Company
DIVIDEND REINSTATEMENT & SHARE BUYBACK PROGRAMME
Dividend
Share Buyback Programme
NZL has resolved to pay a dividend of 1.46 cps equivalent to 75% of NZL’s
HY24 AFFO*.
NZL’s dividend policy targets a pay-out ratio of 60% - 90% of AFFO. The
pay-out range grants the company greater flexibility to deploy NZL’s cash
operating earnings in ways most beneficial to increasing shareholder value.
NZL is also reinstating its dividend reinvestment plan which offers
shareholders the opportunity to reinvest the net proceeds of cash dividends
payable on some or all of their NZL shares into additional fully paid shares.
NZL maintains a selective on-market buyback programme. Pursuant to
NZX Listing Rule 4.14.2 buybacks may take place over a 12 month period
commencing on 1 June 2024.
As per the policy released on 27 May 2024, the total number of shares that
may be bought back shall not exceed 6,000,000 shares. Shares will only be
acquired if the acquisition price represents 90% or less of NZL’s prevailing net
asset value per share.
The board will regularly determine the exact capital allocation to the buyback
programme while considering prevailing market conditions.
During the period NZL repurchased a total of 10,000 shares at an average
price of $0.88 per share. NZL may acquire up to a further 5,990,000 shares
under this programme.
* NZL’s AFFO after deducting Roc’s share of AFFO

20
New Zealand Rural Land Company
OUTLOOK & FY24 FORECAST
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, 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.
NZL has seen the impact of inflation in 2024, with many of its leases having
successfully undergone CPI review. These include:
• 100% of leases for forestry assets acquired in FY23 in April 2024. CPI
accumulated since the leases began in April 2023 was +4.0%, and the leases
have therefore increased by +4.0%.
• 57% of NZL’s pastoral leases were subject to review through July 2024. CPI
accumulated since the leases began was +18.6%, with the leases subsequently
adjusted by this amount.
NZL has hedging arrangements in place for 64% of its total borrowings costing,
on average, 6.2%. The remaining debt is floating and the cost of the floating debt
component is 7.2%. NZL’s weighted average cost of debt is 6.6%.
NZL still retains cash from the Roc Partners transaction following its orchard and
forestry acquisitions. NZL will continue to investigate options for deploying this cash
in a way which best serves its shareholders.
Post the most recent acquisitions and Roc transaction, NZL forecasts FY24 AFFO
of between $7.0m and $7.5m (Note: this excludes earnings from properties with
put/call arrangements in place). AFFO per share of 5.01 to 5.36 cents (Based on
139,796,055 shares on issue).
Dividend payout ratio in keeping with NZL’s new policy is 60-90% of AFFO.

New Zealand Rural Land Company
21
APPENDICES

22
New Zealand Rural Land Company
INVESTMENT SUMMARY
NZL PROVIDES INVESTORS WITH EXPOSURE TO:
*This land is owned via an LP, 75% owned by NZL and 25% by Roc Partners
* This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 139,796,055 on issue as at 30 June 2024. Calculation assumes full participation in rights issues,
plus dividend accumulated to 30 June 2024.
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
17,457 hectares of pastoral,
forestry and horticultural
land since listing on 21
December 2020*.
NAV per share increased
from $1.250 (21 December
2020) to $1.552 as at 30
June 2024. This represents
total increase in NAV per
share of +24.2% .
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on
issue at IPO to ~139.8m
shares on issue as at 30
June 2024
All tenants have significant
operating experience,
robust balance sheets and
governance frameworks.
12.7 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
NAV per share has grown
by +24.2% since NZL’s IPO.
NZL has paid/declared
a total of 5.64 cps in
dividends. Total company
returns have been
+28.6%**.
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.

23
New Zealand Rural Land Company
PORTFOLIO OVERVIEW - AS AT 30 JUNE 2024
1
25% owned by Roc. Numbers are rounded.
2
WALT is weighted by lease value.
3
One of our tenants leases farms in both Canterbury and North Otago.
Region
Hawke’s Bay
Central North
Island
CanterburyOtagoSouthlandTotal
Land Area (ha)
975,6496,3323,9921,38617,457
1
Rural Asset Class
HorticultureForestryPastoralPastoralPastoral
Pastoral, Forestry &
Horticulture
Current Use
Apples & PearsForestry & Carbon Dairy & SupportDairy & SupportDairy & Support
Dairy, Support,
Forestry, Carbon,
Apples & Pears
WALT (years)
2
29.818.47. 97. 87. 912.7
# Tenants
122228
3
Occupancy
100%100%100%100%100%100%
21.0%
46.4%
32.5%
Rural Sub-Sector Breakdown
51%
10%
6%
33%
DairySupportApplesForestry

24
New Zealand Rural Land Company
ROC PARTNERS TRANSACTION
Overview
On 19 January 2024 NZL announced it had entered into an agreement to sell
a 25% equity interest in its land portfolio to Roc Partners (Roc). This transaction
settled on 9 February 2024.
Roc acquired the equity interest for approximately $44.2m in cash.
NZL used the proceeds to repay the $11.8m owing on a convertible note it drew
down in April 2023 to partially fund its forestry acquisition. A further $26.2m of
the proceeds were used to fund orchard and forestry land acquisitions.
• Capital recycling at a premium - the transaction is highly value accretive to
shareholders given the value of the 25% sold versus the implied share price value
of the rural land portfolio.
• Improved financial position - the proceeds of the transaction enabled NZL
to repay its convertible note, and have the financial capacity to capitalise on
opportunities that are NAV and AFFO accretive.
• Strategic partner – Roc Partners has extensive experience in rural property
investment and conducted extensive due diligence as part of the transaction. NZL
and Roc have already co-invested (through the LP) in two acquisitions successfully
growing the portfolio.
Key Points
The strategic benefits of this transaction were as follows:

25
New Zealand Rural Land Company
TENANT CONCENTRATION, LEASE PROFILE & LEASE OVERVIEW - AS AT 30 JUNE 2024
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 12.7 years (100% occupancy).
NZL’s pastoral farm leases all have three, six and nine year CPI increases with tenant rights of renewal in years 10 or 11.
NZL’s forestry leases all have annual CPI increases.
NZL’s horticultural assets have annual rental increases of 2.5% or CPI whichever is greater.
All leases are triple net leases, tenants are responsible for all repair and maintenance costs.
Lease Expiry Profile by Value
35%
16%
3%
5%
2%
30%
6%
3%
Tenant 1Tenant 2Tenant 3Tenant 4Tenant 5Tenant 6Tenant 7Tenant 8

26
New Zealand Rural Land Company
Carbon markets rallied strongly in 2023 with the price of New Zealand Emissions Units (NZUs) rising to $75 from $33. This comes after the
government made a U-turn on it’s alignment with Climate Change Amendment Regulations, which lay out rules surrounding auctions, limits and
price controls for NZUs in the Emissions Trading Scheme (ETS). From the December 2023 auction, the number of NZUs available were reduced and
auction price controls manipulated to reduce demand, steering more emitters down the path of reducing emissions, as opposed offsetting them.
This strategy aims to support New Zealand’s ability to achieve its emission budgets and meet its international climate change commitments.
CARBON & DAIRY MARKET UPDATES
NZU Historical Pricing
Carbon
Dairy
In December 2023, Fonterra increased its forecast 2024 Farmgate Milk Price by $0.25, to a midpoint of $7.50 per kilogram of milk solids (kgMS); with the
forecast range moving to $7.00 - 8.00 per kgMS. This is an improvement on Fonterra’s FY23 mid point milk price of $6.75 kgMS. While demand is improving,
deep structural shifts in the Chinese export market, in conjunction with climate and geopolitical factors, are a potential risk to this positive outlook. So although
demand is expected to rise, the timing and extent of this recovery is uncertain.
ETS Review
Judicial Review
Decision
First Auction with
New Settings
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
NZU Price

27
New Zealand Rural Land Company
KEY PEOPLE
ROB CAMPBELL
Independent Chair
Chancellor - AUT
Chair - Ara Ake
CHRISTOPHER SWASBROOK
Non-Independent Director & Founder
Managing Director – Elevation Capital
Board Member – Financial Markets Authority (FMA)
Director – Bethunes Investments Limited, McCashin’s
Brewery 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
Managing Director - Allied Farmers & New Zealand Rural Land
Management
Consultant – Bellevue Enterprises Limited – Bovine & Porcine
Genetic Improvement & Sustainable Pork Production Company
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.
Chairman - Bioceta Limited
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
JOSH JENKINS
Investment Associate
Consultant - True Range - Kenya
Analyst - Airponix Limited - United Kingdom
Livestock Specialist - HHC & Glenthorne Station - NZ
New Zealand Rural Land Management

28
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 August 2024, NZL had
foreign domiciled shareholders
amounting to ~22.5% of its share
register.

29
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
Nicholas Hill
nicholas.hill@craigsip.com
Kieran Carling
kieran.carling@craigsip.com
Arie Dekker
arie.dekker@jarden.co.nz
Vishhal Bhula
vishal.bhula@jarden.co.nz
Index Inclusions
MSCI World Micro Cap Index
S&P / NZX Micro Cap Index

30
New Zealand Rural Land Company
INVESTOR RELATIONS CONTACTS
Richard Milsom
richard@nzrlm.co.nz
+64 21 274 2476
Level 1
85 Fort Street
Auckland Central
Auckland 1010
New Zealand
Xavier Lynch
xavier@nzrlm.co.nz
+64 27 282 8046
Level 1
85 Fort Street
Auckland Central
Auckland 1010
New Zealand

31
New Zealand Rural Land Company
LISTED ON:
Rural Land Co
New Zealand
The Rural Land Investors
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

---

Results announcement

Results for announcement to the market
Name of issuer New Zealand Rural Land Company Limited
Reporting Period 6 Months to 30 June 2024
Previous Reporting Period 6 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$10,520 +35.3%
Total Revenue $10,520 +35.3%
Net profit/(loss) from
continuing operations
$12,384 +397.0%
Total net profit/(loss) $12,384 +397.0%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.0146
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date 20/09/2024
Dividend Payment Date 18/10/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.5421 $1.5108
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached unaudited interim financial statements for the six
months ended 30 June 2024
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Milsom
Contact person for this
announcement
Richard Milsom
Contact phone number 021 274 2476
Contact email address richard@nzrlm.co.nz
Date of release through MAP

29/08/2024
Unaudited financial statements accompany this announcement.

---

Distribution Notice

Updated as at 18 December 2019

14391576_1



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer New Zealand Rural Land Company Limited
Financial product name/description Ordinary Shares
NZX ticker code NZL
ISIN (If unknown, check on NZX
website)
NZNZLE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 20 September 2024 (5pm)
Ex-Date (one business day before the
Record Date)
19 September 2024
Payment date 18 October 2024
Total monies associated with the
distribution
1

$2,041,022
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01460000
Gross taxable amount
3
$0.00000000
Total cash distribution
4
$0.01460000
Excluded amount (applicable to listed
PIEs)
$0.01460000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

% N/A

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Imputation tax credits per financial
product
$ N/A
Resident Withholding Tax per
financial product
$ N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
88c
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Richard Milsom
Contact person for this
announcement
Richard Milsom
Contact phone number 021 274 2476
Contact email address r
ichard
@nzrlm.co.nz
Date of release through MAP

29/08/2024