Authors:
Graeme Newell
Chris Eves

Start Page: 317
End Page: 328
Volume: 13
Issue Number: 4
Year: 2007
Publication: Journal of Real Estate Portfolio Management

Abstract: Farmland is seen as a long-term investment that receives investor attention in many countries and potentially provides added value in a mixed asset portfolio. Using the National Council of Real Estate Investment Fiduciaries (NCREIF) farmland series, this paper analyses the risk-adjusted performance and portfolio diversification benefits of farmland in the United States over the 1984–2006 period. Recent years have seen significantly enhanced returns for U.S. farmland, with a slight reduction in risk; however, there has been some loss of portfolio diversification benefits for farmland with stocks and real estate.