1. Farm Leasing Arrangements Trends Tim Eggers Field Ag Economist Iowa State University Extension

2. Farm Leasing Arrangements Presentation Components Farmland Value Trends Current Cash Lease Rates and Trends Farmland Leasing Trends and Emerging Issues

3. Farm Leasing Arrangements Average Value - All Grades (Nominal Dollars)

4. Farm Leasing Arrangements Average Value - All Grades (1982-84 Dollars)

5. Farm Leasing Arrangements Percentage Change (Nominal Dollars)

6. Farm Leasing Arrangements Percentage Change (1982-84 Dollars)

7. Farm Leasing Arrangements 2003 Land Buyers

8. Farm Leasing Arrangements Land Buyers - 1989 - 2003

9. Farm Leasing Arrangements 2003 Sales Activity

10. Farm Leasing Arrangements Sales Activity - 1987-2003

11. Farm Leasing Arrangements Positive Factors

12. Farm Leasing Arrangements Negative Factors

13. Farm Leasing Arrangements Distribution of Iowa Farmland By Ownership Type and Year

14. Farm Leasing Arrangements Distribution of Iowa Farmland By Tenure Type and Year

15. Farm Leasing Arrangements Distribution of Iowa Farmland By Financing Method and Year

16. Farm Leasing Arrangements Distribution of Iowa Farmland By Age of Owner and Year

17. Farm Leasing Arrangements Distribution of Iowa Farmland By Residence of Owner and Year

18. Farm Leasing Arrangements http://www.chicagofed.org/publications/agletter/may_2004.pdf Federal Reserve Bank of Chicago

19. Farm Leasing Arrangements Realtors Land Institute http://www.centralstatesland.com/pdf/ltv3-18-2004.pdf

20. Farm Leasing Arrangements Iowa Farmland Value Surveys Iowa State University Extension conducted annually around November 1st mailed survey sent to 1,100 licensed real estate brokers usually 500-600 responses released in mid-December Federal Reserve Bank of Chicago quarterly survey of ag lenders by state http://www.chicagofed.org/economic_research_and_data/ag_letter.cfm Realtors Land Institute semi-annual survey (March and September) compares land classification by corn production includes pasture and timber land http://www.centralstatesland.com/csmlsdisplay.asp?id=ed01

21. Farm Leasing Arrangements Land Ownership, Gender and Age Age< 3535-65> 65 199220021992200219922002 Female3%1%22%21%24%25% Male4%3%29%28%19%23%

22. Farm Leasing Arrangements Leased Farmland, Gender and Lease Type GenderCash rent Crop share Other renting Total Male32%14%<1%46% Female37%15%1%54%

23. Farm Leasing Arrangements Farmland Tenure in Iowa % of All Acres Owner Controlled: 46% Owner operated37% Custom farmed2% Gov't programs and other uses7% Leased:54% Cash rent37% Crop share16% Other type agricultural lease1% Total:100%

24. Farm Leasing Arrangements Iowa Cash Rent Survey Number of responses 1993–02 av. corn 1993–02 av. bean Avg. row crop CSR Corn and soybean cash rent $/acre Overall average High quality third Average Range Medium quality third Average Range Low quality third Average Range Typical corn yield High third Medium third Low third Average rents per Per bushel of corn Per bushel of bean Rent per CSR index Oats, hay, and pasture, Alfalfa hay Grass hay Oats Tillable pasture Improved pasture Permanent pasture Pasture, $/AUM Cornstalks

25. Farm Leasing Arrangements Returns to Owner, Corn

26. Farm Leasing Arrangements Net Returns to Tenant, Corn

27. Farm Leasing Arrangements Returns to Owner, Soybeans

28. Farm Leasing Arrangements Net Returns to Tenant, Soybeans

29. Farm Leasing Arrangements Farmland managed by a professional farm manager by ownership type Ownership type 198219922002 Percentages All ownership types2 %*5 %4 % Non-corporate2 %*4 % Corporate6 %*9 %14 % A A Includes both limited liability corporation and corporations * Denotes significant difference relative to 2002 figure at the 5 percent level

30. Farm Leasing Arrangements Characteristics of Leased Farmland Cash Rent Crop ShareOther Lease All Leased Acres Percent of leased acres69%30%1%100% Written leases67%44%n/a60% Leased to relative33%38%n/a35% Professional manager5%10%21%6% Owner resides on property34%29%28%33% Fixed term lease11%3%n/a9% Avg. tenure length (yrs.)916n/a11

31. Farm Leasing Arrangements Farm Land Leasing Characteristics

32. Farm Leasing Arrangements Farm Land Leasing Characteristics

33. Farm Leasing Arrangements Farm Land Leasing Characteristics

34. Farm Leasing Arrangements Farm Land Leasing Characteristics

35. Farm Leasing Arrangements Farm Land Leasing Characteristics

36. Farm Leasing Arrangements Farm Land Leasing Characteristics

37. Farm Leasing Arrangements Farm Land Leasing Characteristics

38. Farm Leasing Arrangements Farm Land Leasing Characteristics

39. Farm Leasing Arrangements Farm Land Leasing Characteristics

40. Farm Leasing Arrangements Farm Land Leasing Characteristics