Two stocks with dividend yield above 5%

Acquisition and expansion of water resources:Recently, Rural Funds Group (ASX: RFF) reported that RFF Kerarbury asset value has increased by $35 million, and this is expected to positively impact HY17 total comprehensive income and net assets (although a non-cash item). Late last year, RFF through Rural Funds Management Ltd (RFM) has contracted to purchase Lynora Downs, a 4,800-hectare cotton property located in central Queensland at a purchase price of $26.5 million. RFM and Queensland Cotton Corporation Pty Ltd have established a joint venture, CotJV which would lease and operate Lynora Downs for a period of five years with an option to extend for a further five years. The property has 780 hectares of developed irrigation fields and substantial water entitlement. The group is developing further water storage and irrigation area at an expected cost of $5.7 million. In October 2016, the Group acquired high security Murrumbidgee water resources. These two developments would add over 25,000 ML to RFF’s water portfolio. Recently RFM Director, Mr Julian Widdup has been appointed to RFM Audit Committee. For FY17, the group has guided adjusted funds from operations of 12.42 cents per unit and distributions of 9.64 cents.



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