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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Affo Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd Affo Multiple | 9.2x - 10.1x | 9.7x |
| Fair Value | $14.29 - $15.79 | $15.04 |
| Upside | -36.3% - -29.6% | -32.9% |
| Benchmarks | - | Full Ticker |
| NewLake Capital Partners, Inc. | - | OTCPK:NLCP |
| Plymouth Industrial REIT, Inc. | - | NYSE:PLYM |
| Rexford Industrial Realty, Inc. | - | NYSE:REXR |
| LXP Industrial Trust | - | NYSE:LXP |
| Industrial Logistics Properties Trust | - | NasdaqGS:ILPT |
| Innovative Industrial Properties, Inc. | - | NYSE:IIPR.PR.A |
| - | - | - |
| Select Price / LTM AFFO Ratio | ||||||||
| Benchmark Companies | ||||||||
| NLCP | PLYM | REXR | LXP | ILPT | IIPR.PR.A | |||
| OTCPK:NLCP | NYSE:PLYM | NYSE:REXR | NYSE:LXP | NasdaqGS:ILPT | NYSE:IIPR.PR.A | |||
| Historical AFFO Growth | ||||||||
| 5Y CAGR | NM | NM | NM | NM | NM | NM | ||
| 3Y CAGR | 27.7% | 20.0% | 30.7% | -4.9% | -35.5% | 13.1% | ||
| Latest Twelve Months | NM | NM | NM | NM | NM | NM | ||
| Historical AFFO Margin | ||||||||
| Fiscal Year Two Years Prior | 85.9% | 36.3% | 44.0% | 54.4% | 15.5% | 84.6% | ||
| Fiscal Year One Year Prior | 85.9% | 38.4% | 44.2% | 54.2% | 9.0% | 82.9% | ||
| Latest Fiscal Year | 87.4% | 38.4% | 46.4% | 48.6% | 7.0% | 82.1% | ||
| Latest Twelve Months | 87.4% | 38.4% | 46.4% | 48.6% | 7.0% | 82.1% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 5.3x | 3.1x | 7.8x | 6.0x | 0.4x | 4.3x | ||
| Price / LTM EPS | 9.9x | 4.4x | 26.8x | 56.3x | -1.8x | 8.4x | ||
| Price / LTM FFO | 6.3x | 8.9x | 14.0x | 11.5x | 5.4x | 6.4x | ||
| Price / LTM AFFO | 6.1x | 8.4x | 17.1x | 12.3x | 6.0x | 5.8x | ||
| Low | Mid | High | ||||||
| Benchmark Price / LTM AFFO | 6.0x | 8.4x | 17.1x | |||||
| Historical Price / LTM AFFO | 5.8x | 5.8x | 5.8x | |||||
| Selected Price / LTM AFFO | 7.9x | 8.3x | 8.7x | |||||
| (x) LTM Adjusted FFO | 253 | 253 | 253 | |||||
| (=) Equity Value | 2,005 | 2,111 | 2,216 | |||||
| (/) Shares Outstanding | 146.2 | 146.2 | 146.2 | |||||
| Implied Value Range | 13.71 | 14.43 | 15.16 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 13.71 | 14.43 | 15.16 | 22.42 | ||||
| Upside / (Downside) | -38.8% | -35.6% | -32.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NLCP | PLYM | REXR | LXP | ILPT | IIPR.PR.A | |
| Value of Common Equity | 261 | 613 | 7,184 | 2,135 | 185 | 3,278 | |
| (/) Shares Outstanding | 20.5 | 45.6 | 227.5 | 295.7 | 66.1 | 146.2 | |
| Implied Stock Price | 12.70 | 13.46 | 31.57 | 7.22 | 2.80 | 22.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.70 | 13.46 | 31.57 | 7.22 | 2.80 | 22.42 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |