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Research - JULY 28, 2020

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Farmland reflects stable asset valuations in second quarter

by Andrea Zander

The National Council of Real Estate Investment Fiduciaries Farmland Index reported a total return for the second quarter of 0.61 percent, up from –0.10 percent the previous quarter, but down from 0.73 percent in the second quarter of 2019.

Second quarter income return for the Total Farmland Index was 2 basis points lower than last year when the second quarter income return was 0.60 percent. Farmland values remained flat in the second quarter, with annual cropland posting appreciation of 0.03 percent and permanent cropland posting appreciation of 0.01 percent, after registering appreciation of –0.27 percent and –0.84 percent, respectively, in the first quarter. The trailing four-quarter total farmland return was 3.85 percent through second quarter 2020, compared to 5.67 percent for the four quarters ending in the second quarter 2019. The annual total return was comprised of a 4.23 percent income return and –0.37 percent appreciation.

The returns are detail

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