Farmland Partners Inc. (FPI)

Industry: REIT - Specialty Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
SMA	16	Smartstop Self Sto	263	-	-	23.06	23.06	55.56	49.45
CQE.AX	17	Charter Hall Socia	162	20.87	25.58	178.57	178.57	11.77	9.12
RFF.AX	18	Rural Funds Group	149	1.53	0.89	14.34	11.32	-	6.86
ARF.AX	19	Arena REIT	138	10.64	10.07	51.26	58.69	8.82	7.58
DCRU.SI	20	Digital Core REIT	102	3.30	3.30	74.21	74.21	168.34	31.38
APR-UN.TO	21	Automotive Propert	71	13.36	5.87	17.87	14.80	15.20	15.14
IMPACT.BK	22	Impact Growth Real	67	13.80	12.83	15.62	15.62	21.85	15.78
FPI	23	Farmland Partners	53	6.82	4.66	5.86	5.05	28.51	21.20
SAMTB.ST	24	Samtrygg Group AB	48	-	-	6.67	6.67	17.40	27.36
KSTN.TA	25	Keystone REIT Ltd.	42	3.29	3.29	4.55	4.55	3.41	4.45
BAREIT.BK	26	BA Airport Leaseho	38	11.08	11.08	11.83	11.83	12.49	12.47
SERE.L	27	Schroder European	35	-	-	-	-	23.77	13.30
INETREIT.BK	28	INET Freehold and	22	6.20	6.20	7.12	7.12	11.15	11.07
UV1.SI	29	Regal Internationa	18	-	-	79.99	79.99	29.14	-
PW	30	Power REIT	2	-	-	27.14	35.38	70.56	-
QHOP.BK	31	Quality Hospitalit	2	14.67	14.67	11.10	9.75	5.97	10.23

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.64	6.20	14.98	13.32	13.85	11.07
Full Range Median Multiple	10.86	8.14	16.75	15.21	16.30	12.47
Industry Multiple	9.87	9.38	37.38	37.97	32.53	16.48
Market Implied Multiple	6.71	4.59	5.76	4.97	28.02	20.84
Company (FPI) Multiple	6.82	4.66	5.86	5.05	28.51	21.20
(*) Net Income / EBITDA / Revenue	69	101	78	90	16	22
Winsorized Enterprise Value	N/A	N/A	1,169	1,205	222	239
Full Range Median Enterprise Value	N/A	N/A	1,307	1,376	261	269
(-) Net Debt	-13	-13	-13	-13	-13	-13
Winsorized Equity Value	733	625	1,182	1,218	235	252
Full Range Median Equity Value	748	820	1,320	1,389	274	282
(/) Shares Outstanding	43	43	43	43	43	43
Winsorized Fair Value	$16.97	$14.47	$27.36	$28.19	$5.44	$5.82
Full Range Median Fair Value	$17.32	$18.98	$30.56	$32.16	$6.35	$6.53
Current Price	$10.70	$10.70	$10.70	$10.70	$10.70	$10.70
Upside / Downside	58.59%	35.24%	155.73%	163.49%	-49.17%	-45.56%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.88	$10.13	$19.15	$19.74	$3.81	$4.08
Buy / Don't Buy	BUY	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy