The National Council of Real Estate Investment Fiduciaries Farmland index returned 2.41% during the quarter, comprising 1.53% appreciation and 0.88% income return for the three months ended March 31. The first-quarter return is more than three percentage points lower than a year ago, but higher than the long-term first-quarter average since the index's inception (1.84%). According to NCREIF, the 0.88% income return was the lowest since the first quarter of 2010.
The trailing four-quarter return was 17.44% - split between 8.42% appreciation and 8.57% income.
According to the NCREIF release, annual cropland (2.42% total return) slightly outperformed permanent cropland during the quarter; and annual cropland posted its second-lowest income returns since the index began in 1991.