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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.3x - 1.5x | 1.4x |
| Historical Pb Multiple | 1.1x - 3.1x | 1.7x |
| Fair Value | $47.18 - $52.15 | $49.66 |
| Upside | 19.1% - 31.6% | 25.4% |
| Benchmarks | - | Full Ticker |
| STAG Industrial, Inc. | - | NYSE:STAG |
| Industrial Logistics Properties Trust | - | NasdaqGS:ILPT |
| First Industrial Realty Trust, Inc. | - | NYSE:FR |
| Prologis, Inc. | - | NYSE:PLD |
| LXP Industrial Trust | - | NYSE:LXP |
| Rexford Industrial Realty, Inc. | - | NYSE:REXR |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| STAG | ILPT | FR | PLD | LXP | REXR | |||
| NYSE:STAG | NasdaqGS:ILPT | NYSE:FR | NYSE:PLD | NYSE:LXP | NYSE:REXR | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 34.0% | NM- | 3.8% | 18.9% | -32.6% | 39.1% | ||
| 3Y CAGR | 0.2% | NM- | 2.0% | 8.3% | -53.4% | 33.0% | ||
| Latest Twelve Months | -1.9% | 11.4% | 4.6% | 22.0% | 58.9% | 15.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.7% | -8.5% | 54.2% | 47.1% | 52.9% | 28.8% | ||
| Prior Fiscal Year | 27.2% | -24.7% | 44.4% | 36.7% | 7.0% | 28.5% | ||
| Latest Fiscal Year | 24.6% | -21.6% | 42.7% | 43.5% | 10.6% | 28.1% | ||
| Latest Twelve Months | 24.6% | -21.6% | 42.7% | 43.5% | 10.6% | 28.1% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 6.1% | -5.4% | 12.9% | 7.0% | 9.0% | 2.9% | ||
| Prior Fiscal Year | 5.7% | -14.8% | 10.9% | 5.7% | 1.1% | 3.2% | ||
| Latest Twelve Months | 5.5% | -15.5% | 11.0% | 7.0% | 1.8% | 3.3% | ||
| Next Fiscal Year | 4.6% | -20.1% | 7.8% | 4.7% | -1.0% | 3.4% | ||
| Two Fiscal Years Forward | 5.2% | -19.5% | 8.7% | 5.8% | -0.2% | 3.9% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 8.5x | 0.5x | 10.9x | 12.0x | 7.2x | 10.0x | ||
| Price / LTM EPS | 34.3x | -2.4x | 24.9x | 27.2x | 68.3x | 34.3x | ||
| Price / Book | 1.9x | 0.4x | 2.8x | 1.9x | 1.3x | 1.1x | ||
| Price / Fwd Book | 1.9x | 0.5x | 2.7x | 1.9x | 1.4x | 1.1x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.4x | 1.9x | 2.8x | |||||
| Historical P/B Ratio | 1.1x | 1.7x | 3.1x | |||||
| Selected P/B Multiple | 1.3x | 1.4x | 1.5x | |||||
| (x) Book Value | 8,168 | 8,168 | 8,168 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | STAG | ILPT | FR | PLD | LXP | REXR | |
| Value of Common Equity | 6,487 | 231 | 7,162 | 101,241 | 2,591 | 9,013 | |
| (/) Shares Outstanding | 186.6 | 66.1 | 132.4 | 926.9 | 295.7 | 227.5 | |
| Implied Stock Price | 34.77 | 3.49 | 54.10 | 109.23 | 8.76 | 39.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34.77 | 3.49 | 54.10 | 109.23 | 8.76 | 39.61 | |
| 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 | |