The Land Report

2018.1

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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A National Roundup of Rural Real Estate News COMPILED BY STEPHEN O'KEEFE, CFA GREAT 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. WEST 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. NORTHEAST 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. 22 The LandReport | S P R I N G 2 0 1 8 LANDREPORT.COM A National Roundup of Rural Real Estate News COMPILED BY STEPHEN O'KEEFE, CFA G REAT LAKES New Issue Gardner Denver Holdings Up From 2017 IPO GDI makes pumps and compressors used to retool oilfield infrastruc- ture. Shares are up 80% from IPO; analysts expect 2018 sales to jump 44%. GREAT PLAINS Seritage Acquires 253 Sears Locations Nationwide SRG's big-box portfolio is anchored by Sears. The downside? If the retailer files for bankruptcy. The upside? Omaha's Warren Buffet has backed SRG. SOUTH Dubai-Funded Firm Pays $126.5M for Florida Ranch Latt Maxcy sold the last of its 150,000-acre empire to Optimum Agriculture and the government of Dubai. Dean Saunders brokered the sale. W EST Has Vail Resorts Topped Out? Over the last year, MTN has rallied four times and peaked in the mid-$230s. Yet in each instance, it failed to break out above $236. P.S. Analysts are calling for lower EPS. MTN. SOUTHWEST WildHorse Surges Following 2016 IPO WRD IPOed in 2016 and has since doubled in value from $11 in September 2017 to $28 today. Analysts expect strong sales to continue. MIDWEST Churchill Downs Makes a Big Move CHDN has delivered double-digit earnings growth in seven of the last eight quarters. Analysts expect EPS to jump to 50% in 2018 and 21% in 2019. PACIFIC Terreno Realty's Revenues Grow by 34% Since 2013 T he San Francisco-based firm owns and operates industrial real estate in six major US coastal markets with significant competi- tive advantages. N ORTHEAST Trading in $150s, Praxair Ready to Go to the Next Level PX produces and sells industrial gases globally and enjoys double-digit growth. Currently trading at $155, if it breaks $160, a $190 target is in sight. WALL STREET BULL © STUART MONK / SHUTTERSTOCK.COM

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