-
Investments
ON THIS PAGE:
Portfolio
The portfolio comprises 61 properties in five states as at 31 December 2025.
The below map presents information on the RFF property portfolio, including asset locations and sector information. Assets are invested in five core agricultural sectors; almonds, cattle, vineyards, cropping and macadamias. Further information on individual properties is presented in the tables below.
Below you will find more information on the individual sectors.
Almonds
Almonds
Location
New South Wales
Number of Properties
3
Size
ha
of mature orchards
31 DECEMBER 2025 VALUE
$
446.2
m
FY26 Forecast Revenue
$
32.7
m
2HY26 + FY27 FORECAST committed Capex*
$
1.6
m
Water Entitlements (ML)
Lessees
Notes:
*Forecast capex reflects committed capital expenditure, including both rentable and non-rentable amounts.
*Yilgah subject to Directors Valuation at 31 December 2025.
Cattle
Cattle
Location
Queensland, New South Wales, Victoria & Western Australia
Number of Properties
21
Size
ha
breeding and backgrounding land
150,000
head feedlot capacity
31 DECEMBER 2025 VALUE
$
634.5
m
FY26 Forecast Revenue
$
37.1
m
2HY26 + FY27 FORECAST committed Capex*
$
2.7
m
Water Entitlements (ML)
Lessees
Notes:
*Forecast capex reflects committed capital expenditure, including both rentable and non-rentable amounts. JBS Feedlots are not independently valued in financial statements as they are accounted for as a finance lease and are measured at amortised cost.
*Includes J&F Australia guarantee fee.
*JBS Feedlots are not independently valued in financial statements as they are accounted for as a finance lease and are measured at amortised cost.
Cropping
Cropping
Location
Queensland
Number of Properties
12
Size
ha
irrigated and dryland cropping land
31 DECEMBER 2025 VALUE
$
227.1
m
FY26 Forecast Revenue
$
8.2
m
2HY26 + FY27 FORECAST committed Capex*
$
5.2
m
Water Entitlements (ML)
Lessees
Notes:
*Forecast capex reflects committed capital expenditure, including both rentable and non-rentable amounts.
*Joint venture between TRG (The Rohatyn Group) and a global institutional investor.
Vineyards
Vineyards
Location
South Australia & Victoria
Number of Properties
6
Size
ha
of vineyard plantings
31 DECEMBER 2025 VALUE
$
60.7
m
FY26 Forecast Revenue
$
5.0
m
2HY26 + FY27 FORECAST committed Capex*
$
1.7
m
Water Entitlements (ML)
Lessees
Note:
*Forecast capex reflects committed capital expenditure, including both rentable and non-rentable amounts.
Macadamias
Macadamias
Location
Queensland
Number of Properties
19
Size
ha
mature orchards, 2,976 ha planted orchards, 37 ha development and 690 ha development phase
31 DECEMBER 2025 VALUE
$
464.0
m
FY26 Forecast Revenue
$
21.4
m
2HY26 + FY27 FORECAST committed Capex*
$
72.0
m
Water Entitlements (ML)
Lessees
Notes:
*Forecast capex reflects committed capital expenditure, including both rentable and non-rentable amounts.
*Joint venture between TRG (The Rohatyn Group) and a global institutional investor. TRG JV lease at Rookwood Farms is portion only.
JBS Feedlots
View property profile
Location
QLD/NSW
Size
n/a
Property Type
Feedlot
Lessee
Lessees
JBS Australia Pty Ltd
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
66.6
m
Valuer & Valuation Date
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Wyseby
View property profile
Location
Rolleston, QLD
Size
14,071 ha
Property Type
Backgrounding & finishing
Lessee
Lessees
Caldwell Family (Milong) Pty Limited
n/a
Acquisition Date
Jun 2023
Adjusted Property Value (31 DECEMBER 2025)
$
35.1
m
Valuer & Valuation Date
LAWD
Jul 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Thirsty Creek
View property profile
Location
Rockhampton, QLD
Size
503 ha
Property Type
Backgrounding
Lessee
Lessees
Mort & Co Lot Feeders Pty Ltd
n/a
Acquisition Date
March 2022
Adjusted Property Value (31 DECEMBER 2025)
$
7.0
m
Valuer & Valuation Date
CBRE
Apr 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Kaiuroo Aggregation
View property profile
Location
central QLD
Size
27,863 ha
Property Type
Cotton & cropping Breeding & backgrounding
Lessee
Lessees
n/a
Acquisition Date
April 2023
Adjusted Property Value (31 DECEMBER 2025)
$
98.8
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Beerwah
View property profile
Location
Beerwah, QLD
Size
340 ha orchard
Property Type
Mature orchard
Lessee
Lessees
n/a
Acquisition Date
Dec 2021
Adjusted Property Value (31 DECEMBER 2025)
$
34.9
m
Valuer & Valuation Date
CBRE
Sept 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Bauple
View property profile
Location
Maryborough, QLD
Size
135 ha orchard
Property Type
Mature orchard
Lessee
Lessees
n/a
Acquisition Date
Dec 2021
Adjusted Property Value (31 DECEMBER 2025)
$
19.1
m
Valuer & Valuation Date
CBRE
Sept 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Baamba Plains
View property profile
Location
Central QLD
Size
4,130 ha
Property Type
Cotton & cropping
Lessee
Lessees
*TRG JV
n/a
Acquisition Date
Nov 2021
Adjusted Property Value (31 DECEMBER 2025)
$
23.7
m
Valuer & Valuation Date
Herron Todd White
Nov 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Coolibah
View property profile
Location
Rockhampton, QLD
Size
724 ha
Property Type
Backgrounding
Lessee
Lessees
Mort & Co Lot Feeders Pty Ltd
n/a
Acquisition Date
Dec 2021
Adjusted Property Value (31 DECEMBER 2025)
$
5.7
m
Valuer & Valuation Date
LAWD
May 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Maryborough macadamia properties (x10)
View property profile
Location
Wide Bay-Burnett QLD
Size
1,509 ha orchards
Property Type
Newly established orchards and planned planting sites
Lessee
Lessees
*TRG JV
n/a
Acquisition Date
Nov 2020
Adjusted Property Value (31 DECEMBER 2025)
$
161.7
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Rookwood Farms
View property profile
Location
Rockhampton, QLD
Size
1,004 ha orchard and 690 ha development area
Property Type
Newly planted orchard, planned planting site and identified development area.
Lessee
Lessees
*TRG JV
n/a
Acquisition Date
Dec 2020
Adjusted Property Value (31 DECEMBER 2025)
$
135.8
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Riverton
View property profile
Location
Rockhampton, QLD
Size
422 ha property
Property Type
Newly established orchard
Lessee
Lessees
*TRG JV
n/a
Acquisition Date
Nov 2020
Adjusted Property Value (31 DECEMBER 2025)
$
55.2
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Nursery Farm
View property profile
Location
Bundaberg, QLD
Size
41 ha orchard
Property Type
Tree nursery and newly established orchard
Lessee
Lessees
Dalwood Nursery Pty Ltd
*TRG JV
n/a
Acquisition Date
Mar 2020
Adjusted Property Value (31 DECEMBER 2025)
$
5.7
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Swan Ridge South
View property profile
Location
Bundaberg, QLD
Size
132 ha
Property Type
Cropping
Lessee
Lessees
n/a
Acquisition Date
Mar 2020
Adjusted Property Value (31 DECEMBER 2025)
$
2.0
m
Valuer & Valuation Date
CBRE
Sept 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Cygnet
View property profile
Location
Bundaberg, QLD
Size
37 ha orchard
Property Type
Newly established orchard
Lessee
Lessees
*TRG JV
n/a
Acquisition Date
Oct 2019
Adjusted Property Value (31 DECEMBER 2025)
$
4.5
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Moore Park
View property profile
Location
Bundaberg, QLD
Size
104 ha orchard
Property Type
Mature orchard
Lessee
Lessees
n/a
Acquisition Date
Mar 2016
Adjusted Property Value (31 DECEMBER 2025)
$
16.4
m
Valuer & Valuation Date
CBRE
Sept 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Swan Ridge
View property profile
Location
Bundaberg, QLD
Size
130 ha orchard
Property Type
Mature orchard
Lessee
Lessees
n/a
Acquisition Date
Mar 2016
Adjusted Property Value (31 DECEMBER 2025)
$
26.3
m
Valuer & Valuation Date
CBRE
Sept 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Bonmac
View property profile
Location
Bundaberg, QLD
Size
27 ha orchard
Property Type
Mature orchard
Lessee
Lessees
Rural Funds Management (RFM)
n/a
Acquisition Date
Mar 2016
Adjusted Property Value (31 DECEMBER 2025)
$
4.2
m
Valuer & Valuation Date
CBRE
Sept 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Rosebank
View property profile
Location
Grampians, VIC
Size
83 ha
Property Type
Lessee
Lessees
Treasury Wine Estates (ASX: TWE)
n/a
Acquisition Date
Aug 2003
Adjusted Property Value (31 DECEMBER 2025)
$
3.7
m
Valuer & Valuation Date
JLL
Jun 2024
Main Variety
Shiraz
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Murphy
View property profile
Location
Adelaide Hills, SA
Size
29 ha
Property Type
Lessee
Lessees
Treasury Wine Estates (ASX: TWE)
n/a
Acquisition Date
Apr 2000
Adjusted Property Value (31 DECEMBER 2025)
$
4.1
m
Valuer & Valuation Date
JLL
Jun 2021
Main Variety
Cabernet Sauvignon
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Mundy & Murphy
View property profile
Location
Adelaide Hills, SA
Size
55 ha
Property Type
Lessee
Lessees
Treasury Wine Estates (ASX: TWE)
n/a
Acquisition Date
Apr 2000
Adjusted Property Value (31 DECEMBER 2025)
$
5.3
m
Valuer & Valuation Date
JLL
Jun 2024
Main Variety
Cabernet Sauvignon
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Kleinig
View property profile
Location
Barossa, SA
Size
206 ha
Property Type
Lessee
Lessees
Treasury Wine Estates (ASX: TWE)
n/a
Acquisition Date
May 2002
Adjusted Property Value (31 DECEMBER 2025)
$
22.1
m
Valuer & Valuation Date
JLL
Jun 2024
Main Variety
Shiraz
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Location
Barossa, SA
Size
50 ha
Property Type
Lessee
Lessees
Treasury Wine Estates (ASX: TWE)
n/a
Acquisition Date
Feb 2000
Adjusted Property Value (31 DECEMBER 2025)
$
3.8
m
Valuer & Valuation Date
JLL
Jun 2024
Main Variety
Shiraz
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Location
Barossa, SA
Size
243 ha
Property Type
Lessee
Lessees
Treasury Wine Estates (ASX: TWE)
n/a
Acquisition Date
Sep 2000
Adjusted Property Value (31 DECEMBER 2025)
$
25.8
m
Valuer & Valuation Date
JLL
Jun 2024
Main Variety
Shiraz
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Mayneland
View property profile
Location
Central QLD
Size
2,942 ha
Property Type
Cotton & cropping
Lessee
Lessees
*TRG JV
n/a
Acquisition Date
Sep 2018
Adjusted Property Value (31 DECEMBER 2025)
$
18.9
m
Valuer & Valuation Date
Herron Todd White
Nov 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Maryborough cropping properties (x 7)
View property profile
Location
Wide Bay-Burnett QLD
Size
1,857 ha
Property Type
Cropping
Lessee
Lessees
n/a
Acquisition Date
Nov 2020
Adjusted Property Value (31 DECEMBER 2025)
$
32.6
m
Valuer & Valuation Date
CBRE
Oct 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Lynora Downs
View property profile
Location
Arcadia Valley, QLD
Size
4,963 ha
Property Type
Cotton & cropping
Lessee
Lessees
Cotton JV Pty Ltd (Cotton JV)
n/a
Acquisition Date
Dec 2016
Adjusted Property Value (31 DECEMBER 2025)
$
51.0
m
Valuer & Valuation Date
LAWD
Jul 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Location
Rockhampton, QLD
Size
4,090 ha
Property Type
Backgrounding
Lessee
Lessees
n/a
Acquisition Date
May 2020
Adjusted Property Value (31 DECEMBER 2025)
$
35.9
m
Valuer & Valuation Date
LAWD
May 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Riverina Beef (cattle feedlot)
View property profile
Location
Yanco, NSW
Size
n/a
Property Type
Feedlot
Lessee
Lessees
JBS Australia Pty Ltd
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
14.3
m
Valuer & Valuation Date
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Location
Rolleston, QLD
Size
17,479 ha
Property Type
Backgrounding & finishing
Lessee
Lessees
Australian Agricultural Company (ASX: AAC)
n/a
Acquisition Date
Aug 2016
Adjusted Property Value (31 DECEMBER 2025)
$
72.8
m
Valuer & Valuation Date
LAWD
Jul 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Prime City (cattle feedlot)
View property profile
Location
Griffith, NSW
Size
n/a
Property Type
Feedlot
Lessee
Lessees
JBS Australia Pty Ltd
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
22.4
m
Valuer & Valuation Date
n/a
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Petro, High Hill & Willara (WA properties x3)
View property profile
Location
South West, WA
Size
6,196 ha
Property Type
Breeding & backgrounding
Lessee
Lessees
Stone Axe Pastoral Company
n/a
Acquisition Date
Feb 2020
Adjusted Property Value (31 DECEMBER 2025)
$
34.9
m
Valuer & Valuation Date
LAWD
Jan 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Oakland Park
View property profile
Location
Croydon, QLD
Size
85,500 ha
Property Type
Cattle breeding
Lessee
Lessees
Cattle JV Pty Ltd
n/a
Acquisition Date
Aug 2016
Adjusted Property Value (31 DECEMBER 2025)
$
10.2
m
Valuer & Valuation Date
CBRE
May 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Natal Aggregation
View property profile
Location
Charters Towers, QLD
Size
390,600 ha
Property Type
Backgrounding & finishing
Lessee
Lessees
DA and JF Camm Pty Ltd
n/a
Acquisition Date
Dec 2017
Adjusted Property Value (31 DECEMBER 2025)
$
187.2
m
Valuer & Valuation Date
LAWD
May 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Mutton Hole
View property profile
Location
Carpentaria, QLD
Size
140,300 ha
Property Type
Large-scale cattle breeding
Lessee
Lessees
Cattle JV Pty Ltd
n/a
Acquisition Date
Jul 2016
Adjusted Property Value (31 DECEMBER 2025)
$
19.7
m
Valuer & Valuation Date
CBRE
May 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Mungindi (cattle feedlot)
View property profile
Location
Mungindi, QLD
Size
n/a
Property Type
Feedlot
Lessee
Lessees
JBS Australia Pty Ltd
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
2.7
m
Valuer & Valuation Date
n/a
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Homehill
View property profile
Location
Rockhampton, QLD
Size
4,925 ha
Property Type
Breeding & backgrounding
Lessee
Lessees
Australian Agricultural Company (ASX: AAC)
n/a
Acquisition Date
Jun 2020
Adjusted Property Value (31 DECEMBER 2025)
$
20.8
m
Valuer & Valuation Date
LAWD
May 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Dyamberin
View property profile
Location
New England, NSW
Size
1,729 ha
Property Type
Breeding & backgrounding
Lessee
Lessees
Stone Axe Pastoral Company
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
23.3
m
Valuer & Valuation Date
CBRE
Dec 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Comanche
View property profile
Location
Rockhampton, QLD
Size
7,600 ha
Property Type
Breeding & backgrounding
Lessee
Lessees
Australian Agricultural Company (ASX: AAC)
n/a
Acquisition Date
Jul 2018
Adjusted Property Value (31 DECEMBER 2025)
$
36.2
m
Valuer & Valuation Date
LAWD
May 2024
Main Variety
Developments
Initial
5-year Development
Initial
0 ha
5-year Development
Pasture
Initial
5-year Development
Cobungra
View property profile
Location
East Gippsland, VIC
Size
6,497 ha
Property Type
Breeding & backgrounding
Lessee
Lessees
Stone Axe Pastoral Company
n/a
Acquisition Date
Mar 2019
Adjusted Property Value (31 DECEMBER 2025)
$
52.9
m
Valuer & Valuation Date
CBRE
Feb 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Cerberus
View property profile
Location
Rockhampton, QLD
Size
8,280 ha
Property Type
Breeding & backgrounding
Lessee
Lessees
Acton Cattle Company Pty Ltd
Clarke Creek Energy Pty Ltd (portion of property)
n/a
Acquisition Date
Sep 2018
Adjusted Property Value (31 DECEMBER 2025)
$
26.2
m
Valuer & Valuation Date
LAWD
May 2024
Main Variety
Developments
Initial
0 ha
5-year Development
Initial
5-year Development
Initial
5-year Development
Caroona (cattle feedlot)
View property profile
Location
Quirindi, NSW
Size
n/a
Property Type
Feedlot
Lessee
Lessees
JBS Australia Pty Ltd
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
10.5
m
Valuer & Valuation Date
n/a
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Beef City (cattle feedlot)
View property profile
Location
Toowoomba, QLD
Size
n/a
Property Type
Feedlot
Lessee
Lessees
JBS Australia Pty Ltd
n/a
Acquisition Date
Oct 2018
Adjusted Property Value (31 DECEMBER 2025)
$
16.8
m
Valuer & Valuation Date
n/a
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Kerarbury
View property profile
Location
Darlington Point, NSW
Size
2,530 ha orchard
Property Type
Lessee
Lessees
Olam Orchards Australia Pty Ltd
n/a
Acquisition Date
Oct 2015
Adjusted Property Value (31 DECEMBER 2025)
$
287.0
m
Valuer & Valuation Date
LAWD
May 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Tocabil
View property profile
Location
Hillston, NSW
Size
603 ha orchard
Property Type
Lessee
Lessees
Olam Orchards Australia Pty Ltd
n/a
Acquisition Date
Oct 2014
Adjusted Property Value (31 DECEMBER 2025)
$
63.9
m
Valuer & Valuation Date
LAWD
May 2025
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development
Yilgah
View property profile
Location
Hillston, NSW
Size
935 ha orchard
Property Type
Lessee
Lessees
Select Harvests Ltd
n/a
Acquisition Date
Jun 2008
Adjusted Property Value (31 DECEMBER 2025)
$
95.3
m
Valuer & Valuation Date
LAWD
May 2024
Main Variety
Developments
Initial
5-year Development
Initial
5-year Development
Initial
5-year Development