The Land Report

FALL 2015

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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16 The LandReport | FA L L 2 0 1 5 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 Farmland Values Rise in Michigan and Wisconsin Ag land values may have c ooled in the Corn Belt, but states farther north enjoyed solid gains. Turn to page 28 to learn more from the Chicago Fed. GREAT PLAINS Is Garmin Well Priced Compared to Apple and Fitbit? Known primarily for its dashboard navigation devices, GRMN is now focusing on your wrist, not your car. With a P/E ratio of 15, it's a safe bet. SOUTH Rayonier Makes Several Timberland Acquisitions in 2015 Year-to-date, the timber REIT has acquired 35,000 acres of timberland in the South and the Pacific Northwest for approxi- mately $88 million. WEST Rare Earths Not So Rare In 2010, Molycorp IPOed at $14. By 2011, it was t rading at $79. Its 2012 price target? $105. Unfor- tunately, the discovery of new supplies led MCP to file for Chapter 11 in June. SOUTHWEST Country Club Owner/Operator Shows Strength Shares of Dallas-based ClubCorp have surged 70% since its 2013 IPO. Analysts expect EPS to double in 2015 and push higher in 2016. MIDWEST Nexus Sues to Allow Surveyors to Set Pipeline Route Property owners and public officials are fighting an uphill battle versus Nexus Gas Transmission, which has plans to build a $2B gas pipeline in Ohio. PACIFIC Obama Designates 3 New National Monuments President Obama relied on executive powers granted by the Antiquities Act to protect more than 1 mil- lion acres in California, Nevada, and Texas. NORTHEAST Apple Computer Buys 36,000 Acres of Timberland AAPL partnered with The C onservation Fund to buy 36,000 acres in Maine and North Carolina to sustain- ably harvest materials for paper and packaging. WALL STREET BULL © STUART MONK / SHUTTERSTOCK.COM

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