New Zealand Rural Land Suspends 2026 Earnings Guidance
New Zealand Rural Land (NZE:NZL) suspended its 2026 earnings guidance after Kiwi Crunch Farms, a tenant accounting for 5.8% of rental income in its 75%-owned land partnership, entered voluntary administration and receivership, according to a Thursday filing with the New Zealand bourse.The company said two additional leases with entities controlled by Wade Glass, who ultimately controls Kiwi Crunch Farms, account for a further 7.3% of rental income and remain unaffected, but are being closely monitored, per the filing.The leases for Kiwi Crunch Farms and the additional properties remain in effect, and all outstanding and future rentals remain payable by the tenants, the filing said.Additionally, the company will proceed with the acquisition of the remaining Roxburgh East property from SI Orchards to secure full ownership rights, while the property will continue to be leased back to SI Orchards, the filing added.
