The total return for the fourth quarter was 2.34 percent, up from 0.97 percent the previous quarter, but down from 2.85 percent in the fourth quarter of 2018, according to National Council of Real Estate Investment Fiduciaries (NCREIF) in its fourth quarter 2019 results of the NCREIF Farmland Index.
The quarterly total return comprised a 2.23 percent income return and appreciation of 0.11 percent.
Fourth quarter income return for the Total Farmland Index was 4 basis points higher than last year, when the fourth quarter income return was 2.19 percent. Farmland values rose modestly in the fourth quarter, driven by annual cropland, posting modest appreciation of 0.11 percent, after registering flat appreciation of –0.01 percent in the third quarter.
The trailing four-quarter total farmland return was 4.81 percent through fourth quarter 2019, compared with 6.74 percent for the four quarters ending in the fourth quarter 2018. The annual total return comprised a 4.4
