The Land Report

Rockies 2018

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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82 The LandReport | R O C K I E S 2 0 1 8 LANDREPORT.COM 7 Consider this aspect to the IX: in its 128-year history, the ranch has only had two ownership groups. That's the definition of a legacy cattle operation, and it's just one of many elements that makes the IX such a standout. The ranch's single-iron IX brand was first registered in 1877 when Montana was still a territory. Listing broker Dave Johnson has been selling ranches in Montana for more than three decades. He doesn't consider the opportunity to acquire the IX a once-in-a-generation opportunity. In his opinion, given its track record, the IX is a once-in-three-generations opportunity. The 126,225-acre cattle ranch includes 59,809 deeded acres, 39,054 acres of state leased land, 9,527 acres of BLM lease, and 17,835 of private leased land. The real tally is the ranch's P&L: Through 2016, the adjusted five-year average net income, calculated on the basis of EBITDA, was $1.8 million. The wildlife component of this Big Paw Mountains property is equally impressive (above). The most recent published reports list the big-game populations on the IX at approximately 425 elk, 295 mule deer, 300 whitetails, 355 antelope, and 39 mountain lions. THE IX RANCH $58 million Chouteau County, Montana Listed by Hall and Hall www.hallhall.com 7

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