Rural Funds Group Limited (ASX: RFF) is in the process of acquiring three cattle properties in Queensland's north for $53 million.
The agricultural real estate trust's share price has climbed about 31% in the past year to close on Monday at $2.10.
But the stock is down from $2.28 where it was trading at in mid-September following the company's announcement of its FY17 results, which presumably helped edge its share price up.
Rural Funds Group's total assets are now up to $660 million from $587.5 million recorded at the end of FY17.
And its debt to equity ratio has increased to 36.4% from 28.5%.
The company's latest acquisition is part of its drive to increase returns on cattle stations. It comprises an area of almost 400,000 hectares which includes breeding grounds.
In FY17 Rural Funds Group invested about $52 million in cattle properties and breeding herds.
The company now expects to collect $5.9 million in rent from its 6 cattle properties, comprising around 11% of its revenues for FY18.
It also expects to pocket $10.7 million from its poultry interests, $2 million from cotton, $3.7 million from macadamias and $3.7 million from vineyards.
But Rural Funds Group's biggest money maker for FY18 is expected to be almonds, forecast to contribute 49% of the company's revenue or $25.5 million.
The Rural Funds Group has leases in place for its almond properties with Olam International Limited and Select Harvests Limited (ASX: SHV).
On the nut front, the Select Harvests' share price has been tumbling since the company knocked back a takeover proposal from United Arab Emirates sovereign wealth fund Mubadala Investment Company.
Its share price closed on Monday at $4.75, down from $5.27 earlier this month when Mubadala was showing interest.
The Webster Limited (ASX: WBA) share price has also dropped with the Select Harvests share price over the past couple of weeks.
It closed on Monday at $1.32.
