Yeah I'm aware that it's trading at discount.... I talked about...

Yeah I'm aware that it's trading at discount.... I talked about the same adjusted NAV a couple of posts earlier... I was saying that I wouldn't touch it today if it was priced at NAV for the reasons above

We only have RFF NAV data going back to December 2013, and the last nine years has been a single cycle in terms of farmland pricing (continuous upward growth). RFM are decent managers, and they outperformed the index by 1-2% p.a. - which is about what their fees are - so in the end NAV growth for unitholders (after fees) ended up being dead on the index. Or in terms of numbers, national farmland CAGR from Dec 2013 to December 2022 was 11.5% (Rural Bank data). Over the same time, RFF's adjusted NAV (including water entitlements) grew 11.9% p.a., but it's regular NAV - which might be a better comparison to the index - only grew 10.5%.

Point being that it's the farmland index which drives the bulk of NAV change, not active management. Just as RFF NAV rode the bull up, it would stagnate or decline if that's what national farmland prices did (just look at office REITs, many of which have excellent management teams). IMHO this is why the stock has dumped 40% - possible mean reversion for farmland price growth over the coming years is being priced in. Maybe the market is right, maybe it's completely off, who knows..