FARMLAND LEASING ARRANGEMENTS AND LAND VALUES

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1 FARMLAND LEASING ARRANGEMENTS AND LAND VALUES Melissa O Rourke B.S., M.A., J.D. FARM & AGRIBUSINESS MANAGEMENT SPECIALIST Housed at ISU Extension Winneshiek County in Decorah morourke@iastate.edu Read about Kevin & Lisa Martin (Farmers) and Susie Williams & Sam Williams (Landowners). We ll discuss their viewpoints later today. 1

2 ISU Extension Farm Management Team Key Topics Today: Trends in... Farm land values Cash rental rates Costs of crop production -- resources Negotiating a fair cash lease rate 2017 Farm Leasing Considerations: Communications Legal issues... And much more! 2

3 The Goal? You leave here today with increased knowledge and confidence to assist you to - - Review current leasing arrangements... Take steps to plan for the future... and Know where to go for resources and assistance. Get familiar with Ag Decision Maker!! 3

4 4

5 Example: Calculating Cash Rent Tax Credit 160 acres cash rented $300 per acre $48,000 gross lease income $48,000 x 7% = $3360 Iowa income tax credit Can be used for flexible & crop-share leases too. 5

6 For More Information and to Apply: See 3-page application at: IowaFinanceAuthority.gov Beginning farmer s financial statement Beginning farmer s background letter Fees = start at $300 and depend on the length of the lease 6

7 You Answered We Listened: Which of the following would you consider to be your PRIMARY occupation? Answer Response % Non-farming landowner % Active farmer 97 29% Ag lender 24 7% Attorney or Accountant 8 2% Professional farm manager 3 1% Other (please specify) 53 16% Total % Intended Changes to Lease Arrangements: Move from an oral lease to a written lease agreement 9% Apply for the Beginning Farmer Tax Credit or Custom Farming Tax Credit 4% File and perfect a landlord's lien 3% Increase rent 3% Decrease rent 30% Change type of lease 9% Other 9% No changes will be made 24% N=382 excludes Not Lessors/Not Lessees 7

8 You answered, we listened: Why do you participate in farmland leasing meetings? 1. Gain knowledge on farmland leasing, rental market and trends 2. Improve knowledge for communicating with other parties involved 3. Gain knowledge on leasing practices You answered, we listened: What topics would you want covered at the 2016 Farmland Leasing Meeting? 1. Setting rates and determining what is fair 2. Costs of production, profitability 3. Taking care of the land 4. Types of leases 5. Legal updates negotiations, terminations 8

9 Thinking About Farmland Leasing from Two Different Perspectives -Meet Kevin & Lisa Martin -and- Susie Williams & Sam Williams Take 5 minutes to read through the cases. Take another 5-10 minutes to visit about the cases with others. These folks will be with us for the rest of the program. Susie and Sam Williams Kevin & Lisa Martin Different Perspectives What additional questions do you have now as the Martins, or the Williams siblings? Consider how each party in the farmland leasing arrangement thinks differently about how the other party interprets and uses information. What if Sue & Sam decided they wanted to consider a new tenant for 2017 what questions should they ask of the potential tenant(s)? 9

10 Why is it important for Kevin & Lisa Martin and Susie Williams and Sam Williams to think about farmland values? What are some sources of Iowa Farmland Value Data? 10

11 County Assessors Offices Some county assessors maintain a public (pdf) document of ag land sales for example: Most county assessor offices in Iowa offer a search tool to find information about real estate ownership, values and sales within the county. 11

12 Realty & Auction Websites Federal Reserve Bank Chicago Quarterly survey of ag lenders by state Annual Land Values Conference AgLetter: Quarterly Newsletter re: ag land values & credit Go to chicagofed.org and click on publications 12

13 Agricultural land values in the Seventh Federal Reserve District fell 4 percent from a year ago in the first quarter of 2016 their largest year-over-year decline since the third quarter of There was a decrease of 1 percent in good farmland values in the first quarter of 2016 relative to the fourth quarter of 2015, based on the survey responses of 200 District agricultural bankers. Cash rental rates for District farmland experienced a significant drop of 10 percent for 2016 compared with 2015 even larger than the decrease of last year relative to Demand to purchase agricultural land was markedly lower in the three- to six-month period ending with March 2016 compared with the same period ending with March Moreover, the amount of farmland for sale, the number of farms sold, and the amount of acreage sold were all down during the winter and early spring of 2016 compared with a year ago. Nearly two-thirds of the responding bankers expected farmland values to decrease during the second quarter of 2016, with the rest expecting farmland values to remain stable. AgLetter Federal Reserve Bank of Chicago 13

14 Realtors Land Institute See your book at page 35 Semi-annual survey (March and September) Compares land classification by corn production Most recent survey always available on Ag Decision Maker 14

15 - Dollars per acre and percent change from The Iowa farmland market is showing weakness following significant increases in value over the past decade. Based on the Iowa State University Farmland Value Survey, 2015 Iowa land values have decreased two years in a row since However, despite these decreases, current Iowa farmland values are still more than double what they were 10 years ago, 75 percent higher than the 2009 values and 14 percent 15

16 Value in each year of $1,000 invested in 1950 in Iowa farmland or the S&P Iowa State University Farmland Value Survey Conducted annually since 1941 Mailed to 1100 licensed real estate brokers; responses Released annually in mid-december November 1 to November 1 Latest and historical surveys found on Ag Decision Maker website SEE YOUR BOOK page 27 16

17 Land value per acre ($/acre) 8/1/2016 Iowa Farmland Value Portal Farmland Value per Acre

18 $ per acre Percent of Sales Average Land Value per Acre 8/1/2016 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Farmland Values for Crop Reporting District 3 by Year High Medium Low $1,300 14% % 80% 70% 60% 50% 40% 30% 20% 10% 0% Iowa Farmland Purchases by Farmers and Investors and Land Values Farmers Investors Average Land Value $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 18

19 Northeast counties 2014 & 2015 farmland values Percent Change 2014 to

20 Crop Reporting District 3 Crop Reporting District 2 District Farmland Values Predictions in Five Years Increase 5% or more Increase 0-5% Stay the same Decrease 0-5% PERCENT Decrease 5-10% Decrease 10% or more Northwest North Central Northeast West Central Central East Central Southwest South Central Southeast STATE

21 SUMMARY: Land Value Survey Farmland values hit a historic peak of $8,716 per acre in 2013, but declined 8.9% to $7,943 the following year. Drop in value in 2015 is smaller than 2014; but marks the third time values have fallen since The 3.9% percent decline may seem less than what many people speculated, but this is not out of line due to a mix of factors, including a lot of cash in hand for many farmers, market expectation of this decline early on, robust livestock returns, and strong recreational demand. Despite decreasing again, farmland values are still more than 2X the reported values from 10 years ago, and almost 14 % higher than 2011 values. Farm income & interest rates are key to watch For more info visit Impacts for Kevin & Lisa Martin? For Susie Williams and Sam Williams? Landlord-Tenant Communication: It s a 2-way street Farmland owners need to be open to learning about current farming challenges, conditions, costs of productions Producers need to listen to the interests and goals of farmland owners; and be willing to share information about inputs, yields, and crop plans 21

22 Communication Methods: Newsletter Facebook, Twitter, blog Phone calls Stop by for a cup of coffee Annual or periodic meetings KEY: Don t limit communication to annual rent payment and rent negotiations. More farmland owners require written annual report as a lease condition. Owner agrees: Information provided by the Tenant (such as yields, management practices) is kept confidential. Proprietary business information needs to be shared to negotiate lease terms but it is not to be shared in the coffee shop. 22

23 Winning Communication Strategies: Communicate regularly, not just once a year Producers: Take time to share and educate Owners about current trends in agriculture, farm costs Provide regular crop reports during growing season Maintain farm appearance Treat landowners like family with respect and kindness. Communication-Negotiation Process Tips: Start early, use data Base conversations on facts Producers: Know your costs, overhead, breakeven points Producers: Understand challenges landowners face with declining revenues Producers: Share information on yields, prices, records, satellite photos, fertility records, government payments, crop insurance Landowners: Know your costs, know what you need Landowners: Learn about production costs 23

24 Communication Setbacks? Ask for more time Be aware of your non-verbal communication Focus on what the other person is saying and what they really mean Request more information to clarify points. Ask if other party has areas of compromise or negotiation. Stick to building trust, use tact and logic Try to understand the other party s perspective new truck Use a third-party to help mediate, guide discussion Farm Lease Basics: A Few Pointers Strong preference for written leases See your book page 94 (short form) Legal issues, including lease termination Communication fundamentals 24

25 Why should a farm lease be written? Provides more assurance that the parties understand one another. Lease of more than 1 year must be in writing to be enforceable. Lease of 5 years or more must be in writing and recorded at the county recorder s office. Shouldn t a handshake be good enough? Don t rely on selective memory. Be sure that you cover all the provisions that you intend to cover. Define meaning of terms. Put things in writing because you value the relationship... and because you don t want there to be later misunderstandings! 25

26 A Few Examples.... Fencing Hunting rights Crop residue (stover) Assuring the Rent is Paid How can parties assure one another that the rent will be paid? 26

27 First Step? -- Use a written lease. And, be sure that: (1) The legal description and parcel number in the lease is accurate. (2) The parties to the lease are properly identified. (3) The lease terms are clear. Additional tools to assure rent payment may include: Require all rent paid on March 1. (Reduction for interest paid by the borrower may be a consideration.) Require irrevocable letter of credit from the Producer/Tenant s lender. Require Landlord s name be included as Payee on checks for crops. File and perfect a Landlord Lien this includes recording the lease seek professional legal assistance for this. 27

28 Farm Lease Termination: Does lease termination mean the end of the Owner Tenant relationship? Not necessarily but it means either the Owner (or the Tenant) want to make some changes for the next year. See your book page 97 Without written notice of termination, lease automatically renews under the same terms and conditions for the following crop year. Farm Lease Termination: Iowa Code 562.6: Amended in 2016 to clarify that whether the lease is oral or written, the termination notice must be in writing! Notice cannot be contained within the lease it must be a separate written notice. Serve written notice on or before September 1 (this terminates the current least on the following March 1). Serve in person (have them sign the notice and keep a copy); or by Certified US Mail (keep copy of receipt, return receipt optional); or by publication if neither in-person or mail can be accomplished. 28

29 Turn to page 37 in your book We ll look at the 2016 Cash Rental Rate survey and walk through some calculations and ways to think about how to arrive at a number that is fair to both the Owner and the Producer. When you have time, read through this page that explains the survey methodology and information. Average/Typical Cash Rents for Corn & Soybean Acres p 38 29

30 We re focusing on counties in Crop Reporting Districts 2 or 3 State and Crop Reporting District Average Rent by Year $300 $266 $281 $277 $273 $250 $223 $200 $150 $144 $157 $190 $186 $192 State District 3 $

31 Projected 2016 ARC-CO Payments Corn Lyon Sioux $72 $64 Osceola $60 O'Brien $76 Dickinson Emmet $25 $21 Clay $61 Palo Alto $64 Kossuth $62 Winnebago $35 Hancock $52 Worth $36 Cerro Gordo $36 Mitchell $35 Floyd $54 Howard $39 Chickasaw $37 Winneshiek $72 Fayette Allamakee $67 Clayton Plymouth $72 Woodbury $12 Monona $67 Harrison Cherokee $42 Mills $46 Ida Fremont $72 Crawford Pottawattamie 2016 Corn ARC-CO Payment $0 $50 - $76 $25 - $50 $1 - $25 $0 - $1 No Data Shelby Buena Vista Sac $55 $73 Montgomery $30 Page $41 $25 Carroll Audubon Cass Pocahontas Calhoun $35 $52 $29 Taylor $34 $30 Guthrie Adair Adams $49 Greene $14 Humboldt $27 Webster $42 $26 Union $37 Ringgold Dallas $25 $57 $0 Boone $37 Madison Wright Hamilton $48 $16 Clarke $0 Decatur $27 $13 Polk $0 Story $20 Warren $0 Franklin Hardin $48 Wayne $46 $57 Jasper Marion Lucas $0 $0 Marshall Butler Grundy $70 $11 Monroe $73 $75 Appanoose Tama Poweshiek Mahaska $60 Davis Bremer $34 Black Hawk $23 Wapello $6 Benton Iowa Keokuk $67 $1 $13 $0 $0 $15 $49 Buchanan $32 $71 Jefferson $0 Van Buren $0 $60 Linn $72 Johnson $70 Washington $0 Henry Lee $72 Delaware $0 $32 $72 Jones Cedar $71 $73 Dubuque Muscatine $63 Louisa $48 Des Moines $45 $71 Jackson Clinton $53 $74 Scott $40 *Payments based on yield and price projections as of 7/13/2016 Projected 2016 ARC-CO Payments Soybeans *Payments based on yield and price projections as of 7/11/

32 Projected 2016 ARC-CO Payments Crop Reporting District 3 $/Base Acre Corn Payment Soybeans Payment *Payments based on yield and price projections as of 7/13/

33 What is the Iowa Nutrient Reduction Strategy? Voluntary, science-based program to reduce Nitrogen and Phosphorous impact on water Includes cities, industry and agriculture A practice-based approach to show meaningful and measureable progress A framework for innovation and verification of new practices and technologies Financial Impact? If cover crops result in a decreased level of profitability, will the Landowner decrease the cash rental rate to provide an incentive to the Producer-Tenant to adopt the strategy? $-50 $-40 $-30 $20 $-10 $0 $10 $20 33

34 Questions to ask producers: Are you raising cover crops? Yes How many acres? Why? Does it work financially? What s happening with your production (yields, weed pressure, burn down, differences from year to year)? Are there social pressures? What is cost of production? It is the sum of costs related to making or producing a product. - Land - Crop Inputs - Machinery - Labor - Page 78 starting point for cost of production data. 34

35 ISU Estimated Costs of Production Released late December or early January each year Numbers from several sources: Iowa Farm Business Association ISU Department of Agriculture and Land Stewardship Survey of input suppliers around Iowa Often used as a gauge for planning purposes by ag businesses and financial institutions Page 78 in your book... Looking ahead Preliminary numbers indicate another year of economic losses. Economic losses are not necessarily cash losses. Cash Outlay Expenses Operating costs, variable machinery costs, hired labor Land costs if the land is cash rented, or in the process of being purchased 35

36 Corn following Soybeans Land, $ Preharvest machinery, $36.90 Labor, $33.80 Harvest machinery, $89.85 Seed, chemicals, etc., $ Soybeans following Corn Land, $ [CATEGORY NAME], [VALUE] Seed, chemicals, etc., $ Labor, $29.25 Harvest machinery, $

37 Fixed Cash Lease Determining a Fair Rental Rate Interactive Decision Tool 37

38 Computing a Cropland Cash Rental Rate see page 65 We ll walk through calculations for 4 different bases for cash rent calculations: 1. What others are charging 2. Average rent for production (yields) 3. Average rent for CSR 4. Return on Value Other flexible methods Do Your Farmland Fact Finding 1. Land value estimate for tillable acres ($/acre) 2. Number of Tillable Acres (If you don t know, check county USDA FSA Office: Form 578 completed annually) 3. Corn Suitability Rating? (CSR/CSR2) (See County Assessor's Office or NRCS Soil Survey) 4. Special features? Drainage issues, irregular field shapes (See tile, terrace maps, aerial photos) 5. Most recent 5-Year Actual/Average Yields on that farm (Corn & Soybeans). Source: Johnson, ISU Extension, May

39 Method #1: What s the going rate? Rumors often inaccurate. Compare to many others, not just one Remember, seemingly small differences in land quality can make a big difference in appropriate rents. Let s take an Example... a fictional parcel in Winneshiek County: Location: Winneshiek County Tillable Acres in parcel: 75 Acres Corn Yield: 167 bu/acre Soybean Yield: 45 bu/acre These are the yields on that farm/parcel ideally, a 5-year rolling average. Corn Suitability Rating: 82 CSR2 39

40 Method #1: Typical Cash Rent Start at page 37, then go to appropriate District page (1, 2, 3 etc) Example parcel in Winneshiek page 41 Determine Overall as well as High, Middle, Low averages for county Determine where your parcel fits Select an appropriate figure from the survey information Note on Example parcel CSR2 is high, but yields a little below average. p 41 40

41 Method #1: Typical Cash Rent... continued.... Example parcel CSR2 (82) is higher than county average (78); but yields (167 & 45) are a little lower than county average (174-corn; 50-beans). Winneshiek County high quality rent is $286, medium quality rent is $245. Average ($286 + $245) /2 = $ We ll use $266 as a typical rent for this parcel, based on the ISU survey. Method #2: Average Rents per Yield (corn & beans) Corn Yield calculation Parcel s average corn yield = 167 bu/a Times rent per bushel of Corn yield $ 1.40 Average Rent for Corn Acres: $ X $1.40 = $ Soybean Yield calculation Parcel s average bean yield = 45 bu/a Times rent per bushel of bean yield $ 4.86 Average Rent for Bean Acres: $ X $4.86 = $

42 Method #2: Average the corn & bean calculations Average Rent for Corn Acres: $ Average Rent for Bean Acres: $ ($ $218.70) / 2 = $ ($226) Average Rent, Corn & Soybean Acres: $226 Method #3: Corn Suitability Rating calculation Corn Suitability Rating calculation Parcel s CSR2 = 82 Times rent per CSR index point $ 3.12 Average Rent for Corn Acres: $ CSR X $3.12/CSR point = $ ($256) Rent based on CSR2 only = $256 42

43 Method #4: Rent based on Return on Value/Investment Market value of cropland/parcel = $/acre Winneshiek County average: $7,054 (ISU Survey-Dec 2015) My Parcel value = $7,200 Desired return on value = 2.75% $7,200 X 2.75% = $198/acre ($198) Overall Average Method Average of all 4 Methods Method 1: Typical Cash Rent $ 266 Method 2: Average Rent per yield $ 226 Method 3: Average Rent per CSR2 Point $ 256 Method 4: Return on Investment/Value $ 198 Average $ /acre $ /A X 75 Tillable Acres =$17, But we don t stop here. Consider.... Source: ISU Extension Publication FM

44 See p37 in Leasing book: Additional Methods of Farmland Lease Valuation? See your book on page 69 Flexible Farm Lease Agreements: 5. Gross Income Method 6. Tenant Residual Method 7. Crop Share Method Crop Share Equivalent Method: See book pages for discussion and an example. 44

45 Crop Share Lease Landlord Tenant Land ½ inputs Labor ½ inputs Machinery Management ½ income ½ income Crop Share Corn Lease 2016 Landlord Tenant Corn Land $105 ½ inputs $195 Labor $ 31 ½ inputs $195 Machinery $ 92 Management - $ 18 ½ income $300 ½ income $300 45

46 Crop Share Lease 2016 Landlord Tenant Soybean Land $146 ½ inputs $ 81 Labor $ 27 ½ inputs $ 81 Machinery $ 72 Management $ 47 ½ income $227 ½ income $227 Other Flexible Cash Rent Examples: File C2-22 on Ag Decision Maker 46

47 Share of Gross Income CORN: (151 bu X $3.97) = $ 599 SOYBEANS: (46 bu X $9.85) = $ 453 Iowa cash rents typically are equal to about 30 to 40 percent of the gross income from producing corn, and 35 to 45 percent of the gross income from producing soybeans. Cash Rental Rate CORN: $ 599/ ac x 30% = $ 180 SOYBEANS: $ 453/ ac x 40% = $ 181 Average $ 180 Tenant Residual Method CORN: $ 599- $ 572 = $ 27 SOYBEAN: $ $ 321 = $ 132 Average: $ 80 47

48 Corn Soybeans Cash Rent Survey Per Bushel Yield Per CSR Point Return on Investment Gross Income Tenant Residual Crop Share Average $242 $242 $242 $239 $242 $242 $195 $195 $180 $181 $ 27 $132 $195 $ 81 $188 Other Resources: Inside Back Cover of Your Book 48

49 Thank-you! Please contact ISU Extension with your Farm Management questions! Melissa O Rourke B.S., M.A., J.D. FARM & AGRIBUSINESS MANAGEMENT SPECIALIST Housed at ISU Extension Winneshiek County in Decorah morourke@iastate.edu

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