Rural Funds Group cut its full-year operating earnings forecast on Wednesday after it was hit with a triple whammy of higher interest rates, lower macadamia prices and the impact of flooding on a NSW almond property over the second half of calendar 2022.

The trust, which owns a $1.5 billion portfolio of cattle stations, vineyards, cotton farms and almond and macadamia orchards leased to producers including AACo, Olam, Treasury Wine Estates and Select Harvests, revised down its adjusted funds from operations (AFFO) forecast, or net cash generated by the group, by 0.6¢ per unit to 10.7¢ for the 2023 financial year, despite posting a 7 per cent rise in property revenue.