I agree Tarvold
I have been in this from the beginning and bought more every year and every capital raise. It is a bedrock of my portfolio and at maximum allowable weighting. Most of the RFF assets have been accumulated while the company has been listed, through equity raisings and some debt also. They are real tangible assets rather than goodwill which is what makes it attractive. The latest raising for the feed lots was a bit more complicated and I didn't really approve of it as it seemed more of a financial deal but I went along with it anyway as they seemed to know what they were doing. The NTA goes up each year, in part due to asset appreciation but also because equity raisings have been done at a premium to NTA - this obviously increases the average NTA.
It does make me nervous when any of these REIT's trade at more than 20% premium to NTA, and I won't mind if this finds it feet again between $1.80 and $2.00. I am certainly not a buyer at $2.35, but if it all settles back down again and they area able to debunk all of this I'll happily resume buying under $2.00
I am completely at a loss as to how asset valuations, mostly (improved) land, can be 100% inflated when most of them have been bought on market in the last 5 years, and they have since been independently re-valued. When they were purchased they came with a plan for rent, capital improvements, long WALE and regular rent increases above inflation.
So if there is any truth to this and it goes belly up like Bluesky it will surely be one of the biggest ever scandals and deliberate deceptions, and I also would not be able to trust in investing in any individual stocks again. Where there is smoke there is usually fire though, and I will await the response from RFF with intense interest...
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