FARMLAND REAL ESTATE INVESTMENT TRUSTS
DOI:
https://doi.org/10.5937/ekoPolj1802745LKeywords:
real estate investment trusts, farmland, F-REITsAbstract
The modern era has brought the need for the establishment of farmland real estate investment trusts. The establishment of these trusts positively affects growth and development of agricultural sector and ultimately contributes to global poverty reduction and sustainable development of the world economy and society. The research objective is to highlight the importance of these institutional investors as a new mechanism for investing in farmland and an additional source of fnancing for the agricultural sector. No studies on this issue in domestic and insufficient number of them in foreign literature have been a motive for the conducted research. The intention is to introduce investment community with the basic characteristics of farmland real estate investment trusts, as well as the key factors that arouse interest and lead to investment in farmland as new asset class.
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References
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9. Johnson, M., Malcolm, B., & OConnor, I. (2006). The Role of Agribusiness Assets in Investment Portfolios. Australasian Agribusiness Review, 14(11), 1-35 (available at: http://ageconsearch.umn.edu/record/126096/fles/Johnson_Malcolm_O_Connor.pdf).
10. Kaplan, H. M. (1985). Farmland as a portfolio investment. The Journal of Portfolio Management, 11(2), 73-78. https://doi.org/10.3905/jpm.1985.408992
11. Koeninger, J. (2017). History of Institutional Farmland Investment. HighQuest Partners, Danvers, Massachusetts, U.S. (available at: http://www.globalaginvesting.com/wp-content/uploads/2017/04/Farmland_Investment_History_Koeninger_HQP.pdf).
12. Lins, D. A., Sherrick, B. J., & Venigalla, A. (1992). Institutional Portfolios: Diversifcation through Farmland Investment. Real Estate Economics, 20(4), 549-571. https://doi.org/10.1111/1540-6229.00596
13. Milanović, M., & Cvijanović, D. (2009). Problems and Possibilities of Economic Evaluation of Agro-Ecological Resources. Economics of Agriculture, 55, 5-30. [in Serbian: Милановић, М., & Цвијановић, Д. (2009). Проблеми одрживости и могућности економског вредновања агроеколошких ресурса] (available at: http://bsaae.bg.ac.rs/images/Ekonomika%20kompletna/2009/Tematski%20broj%20-%202009.pdf).
14. Nartea, G., & Eves, C. (2010). Role of farm real estate in a globally diversified asset portfolio. Journal of Property Investment & Finance, 28(3), 198-220 (available at: http://eprints.qut.edu.au/33283/1/c33283.pdf).
15. Painter, M. J. (2013a). North American Farmland Investment Performance Assessment Using E-V Analysis, CAPM and Value at Risk. 19th International Farm Management Congress, SGGW, Warsaw, Poland (available at: http://ifmaonline.org/wp-content/uploads/2014/08/13_Painter_P9-18v3.pdf).
16. Painter, M. J. (2013b). Gold, black gold, and farmland: should they all be part of your investment portfolio? International Journal of Agricultural Management, 2(2), 100-112. https://doi.org/10.5836/ijam/2013-02-05
17. Robaton, A. (2015). Farming REITs. REIT Magazine, Washington, U.S. (available at: https://www.reit.com/news/reit-magazine/january-february-2015/farming-reits.
2. de Laperouse, P. (2016). Agriculture: A New Asset Class Presents Opportunities for Institutional Investors. Global AgInvesting (available at: http://www.globalaginvesting.com/wp-content/uploads/2016/06/GAI_White-Paper_Institutional-Investment-in-Agriculture-1.pdf).
3. Đurić, K., & Njegovan, Z. (2016). Sustainable Intensifcation in Agriculture as a Factor of Achieving Food Security. Economics of Agriculture, 63(3), 929-942 (available at: http://bsaae.bg.ac.rs/images/Ekonomika%20kompletna/2016/EP%203%202016lq.pdf).
4. Fairbairn, M. (2014). "Just another asset class"?: Neoliberalism, fnance, and the construction of farmland investment. In S. A. Wolf & A. Bonanno (Eds.), The Neoliberal Regime in the Agri-Food Sector: Crisis, Resilience, and Restructuring (pp. 245-262). Routledge, New York, U.S. (available at: https://www.taylorfrancis.com/books/e/9781136667060/chapters/10.4324%2F9780203583111-21)
5. Farmland Partners (2016). Annual Report to Stockholders (available at: http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_FPI_2016.pdf).
6. FBR & Co (2016). Financial Services/Real Estate: Specialty REITs (available at: https://static1.squarespace.com/static/570c2f74c2ea513f7d9ada16/t/57d7dde7893fc09c3373a11a/1473764840289/593040a0-03cd-4589-a486-89ea4a32d721.pdf).
7. Gladstone Land (2016). Annual Report (available at: http://fles.shareholder.com/downloads/AMDA-2M064C/5730768933x0x935759/6F518A82-A131-4F6E-960E-C2F08144BCF5/GladstoneLAND_2016AR.pdf).
8. Hennings E., Sherrick, B. J., & Barry, P. J. (2005). Portfolio Diversifcation Using Farmland Investments. American Agricultural Economics Association Annual Meeting, Providence, Rhode Island, U.S. (available at: http://ageconsearch.umn.edu/bitstream/19273/1/sp05he05.pdf).
9. Johnson, M., Malcolm, B., & OConnor, I. (2006). The Role of Agribusiness Assets in Investment Portfolios. Australasian Agribusiness Review, 14(11), 1-35 (available at: http://ageconsearch.umn.edu/record/126096/fles/Johnson_Malcolm_O_Connor.pdf).
10. Kaplan, H. M. (1985). Farmland as a portfolio investment. The Journal of Portfolio Management, 11(2), 73-78. https://doi.org/10.3905/jpm.1985.408992
11. Koeninger, J. (2017). History of Institutional Farmland Investment. HighQuest Partners, Danvers, Massachusetts, U.S. (available at: http://www.globalaginvesting.com/wp-content/uploads/2017/04/Farmland_Investment_History_Koeninger_HQP.pdf).
12. Lins, D. A., Sherrick, B. J., & Venigalla, A. (1992). Institutional Portfolios: Diversifcation through Farmland Investment. Real Estate Economics, 20(4), 549-571. https://doi.org/10.1111/1540-6229.00596
13. Milanović, M., & Cvijanović, D. (2009). Problems and Possibilities of Economic Evaluation of Agro-Ecological Resources. Economics of Agriculture, 55, 5-30. [in Serbian: Милановић, М., & Цвијановић, Д. (2009). Проблеми одрживости и могућности економског вредновања агроеколошких ресурса] (available at: http://bsaae.bg.ac.rs/images/Ekonomika%20kompletna/2009/Tematski%20broj%20-%202009.pdf).
14. Nartea, G., & Eves, C. (2010). Role of farm real estate in a globally diversified asset portfolio. Journal of Property Investment & Finance, 28(3), 198-220 (available at: http://eprints.qut.edu.au/33283/1/c33283.pdf).
15. Painter, M. J. (2013a). North American Farmland Investment Performance Assessment Using E-V Analysis, CAPM and Value at Risk. 19th International Farm Management Congress, SGGW, Warsaw, Poland (available at: http://ifmaonline.org/wp-content/uploads/2014/08/13_Painter_P9-18v3.pdf).
16. Painter, M. J. (2013b). Gold, black gold, and farmland: should they all be part of your investment portfolio? International Journal of Agricultural Management, 2(2), 100-112. https://doi.org/10.5836/ijam/2013-02-05
17. Robaton, A. (2015). Farming REITs. REIT Magazine, Washington, U.S. (available at: https://www.reit.com/news/reit-magazine/january-february-2015/farming-reits.
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Published
2018-06-27
How to Cite
Leković, M., Cvijanović, D., & Jakšić, M. (2018). FARMLAND REAL ESTATE INVESTMENT TRUSTS. Ekonomika Poljoprivrede, 65(2), 745–755. https://doi.org/10.5937/ekoPolj1802745L
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