The National Council of Real Estate Investment Fiduciaries index returned 1.73% in the second quarter, a decline from 2.41% in the first quarter and down from 1.97% in the second quarter of 2013.

The quarterly return – composed of 0.78% appreciation and 0.95% income – was the lowest quarterly return since Q2 2011, when the index rose 1.48%. In its press release, NCREIF noted the return was below the index’s long-term average of 2.88% and below its second-quarter average of 2.26%.

Christopher Jay, chairman of the NCREIF Farmland Committee and director of financial analysis at Prudential Agricultural Investments, said in the release: "Both the income and appreciation returns for the Farmland index in the second quarter were lower than the second quarter returns from a year ago. However, the one-year total return is strong at 17.12%. There continues to be strong interest from institutional investors as well as local farmers on property that comes up for sale."