The Land Report

Summer 2017

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

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18 The LandReport | S U M M E R 2 0 1 7 A National Roundup of Rural Real Estate News COMPILED BY STEPHEN O'KEEFE, CFA LANDREPORT.COM G REAT LAKES $17.3M Easement to Protect 67,347 Acres in Wisconsin The state's DNR has extin- guished development rights on 100 square miles of forestland straddling the Mississippi and Great Lakes watersheds. GREAT PLAINS Waurika Farms Sells at Auction for $11M Hall & Hall Auctions sold the Drummond family's Oklahoma cattle opera- tion for $1,833 per acre, well above pre-sale estimates. SOUTH American Forest Management Buys International Forestry Consultants AFM currently manages 4.5M acres of privately owned timberland. The ac- quisition launches it into the Pacific Northwest. W EST Sporting Ranch Capital Management Debuts Jay Ellis will topline the Dallas-based private equity fund, which focuses on undervalued ranch properties across the Rocky Mountain West. SOUTHWEST Arizona Governor Vetoes Legislation Seeking Federal Lands The bill demanded Uncle Sam turn over title to 48,000 square miles of public lands. Jan Brewer respectfully declined. MIDWEST Farmland Values Continue to Climb in Seventh District The Chicago Fed reports that farmland values in this key agricultural belt continued their climb in 1Q. Complete details on pages 24-25. PACIFIC George Lucas Shelves Movie Studio Plans for Grady Ranch Despite great effort, the Marin County landowner failed to sway opponents of his studio. He saw more jobs. They saw more traffic. Everyone loses. N ORTHEAST Nantucket's Swain's Neck on Market for $59M The 1997 sale of the 68-acre estate to Russell Phelon set a New England record. Gary Winn at Maury People Sotheby's has the listing. A National Roundup of Rural Real Estate News COMPILED BY STEPHEN O'KEEFE, CFA GREAT LAKES Minnesota-Based Mosaic Disappoints The Street Again Analysts had forecast a 22 percent increase in 2017 earnings, but they have since lowered their expectations to a lowly 1 percent this year. GREAT PLAINS Analysts Recalibrate Expectations for Deere Upward DE has surged from $109 to the $130 price target we set in early 2017. A pause with consolidation at the current level would be a healthy development. SOUTH Vulcan Materials About to Break Out and Up? Demand for VMC paving and construction materials strengthens. Analysts see 2017 earning to be up 43 percent over 2016 with another 35 percent in 2018. WEST Vail Resorts Continues to Climb Higher Last fall, we thought MTN p eaked when it hit $160. Mistake. Now it's above $200. Expect Vail's climb to continue thanks to dou- ble-digit earnings growth. SOUTHWEST Forestar Group Accepts Offer from D.R. Horton FOR nixed merger plans with Starwood Capital Group and instead agreed to have homebuilder DHI buy a 75 percent stake for $17.75 per share. MIDWEST Resurgence in Drilling Activity Benefits Fairmount Ohio-based fracking sand supplier FMSA has been up and down since oil prices bottomed in 2016. Stronger earnings signal upward movement. PACIFIC Limoneira Poised to Move Up By As Much as 20 Percent Based in Ventura County, California's Citrus Capital, LMNR grows oranges, lemons, and avocados on 11,000 acres. Analysts peg growth at 22 percent. NORTHEAST Marcellus Shale Producers Compete With Permian Basin Three-dollar natural g as has producers in the Marcellus Shale battling those in the Permian Basin for key customers in the Midwest.

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