Abstract
Farmland is seen as a long-term investment that receives investor attention in many countries and potentially provides added value in a mixed-asset portfolio. Using the National Council of Real Estate Investment Fiduciaries (NCREIF) farmland series, this paper analyses the risk-adjusted performance and portfolio diversification benefits of farmland in the United States over the 1984-2006 period. Recent years have seen significantly enhanced returns for U.S. farmland, with a slight reduction in risk; however, there has been some loss of portfolio diversification benefits for farmland with stocks and real estate.
Original language | English |
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Number of pages | 11 |
Journal | Journal of Real Estate Portfolio Management |
Publication status | Published - 2007 |
Keywords
- United States
- farms
- real estate investment