That was an interesting read. Farms up 33% in 12 months. What...

That was an interesting read. Farms up 33% in 12 months. What does that mean?

As a holder it means to me that the price of our farms has gone up, this lifts the NTA
even higher against our SP, which is currently trading at a discount to NTA of around 35%

Yes it does mean that our management fees will go up, but what is more, we will also pay
quite a large, one off performance fee this year, of a few million dollars I would think

The management fees is .85%, which we do get a fair bit of value from, its not extremely
onerous, the performance fees is more onerous, as basically all agricultural land has
gone up in price in the last 12 months, maybe not 33% though.

The increase in NTA is good for all holders. The increase in valuations is not "pie in the sky"
like what something like a blue sky was, LAWD are respected valuers and land is a tangible
asset, not like an unlisted shoe company that loses money but is valued to perfection,
there are sales of other farms that indicate that our farms valuations are not out of the realms
of probability IMO


So how do you get exposure to broadacre farms without paying these management fees
if you either dont want to or cant afford to buy and operate a farm...well this is a new way

https://www.graincentral.com/property/boolah-brings-co-farming-to-investment-table/

I dont see DBF as a value trap, If management were only there for the fees, then IMO
there would not be a buyback and that recent purcase of 3% of the company at $1.75
per share would not have occured, that buyback was good for all holders

DBF is not without issues, mainly lack of operational profits IMO and climate change issues
and now maybe foot and mouth concerns, but the discount to NTA is why I am nearly
out of AACo and buying here

cheers grant