Farm Leasing Arrangements
Tim Eggers
Field Agricultural Economist
teggers@iastate.edu
712-542-5171
www.extension.iastate.edu/feci
Agenda
What Prices are Relevant?
Trends in Farmland Values
Farmland Leasing Practices
DCP vs. ACRE
Determining a "Fair" Cash Rental Rate
Flexible Cash Leases
Beginning Farmer Tax Credit
General Farm Economy
Who Pays Property Taxes
Tools
• ISU Extension Staff Resources
• Ag Decision Maker
– Decision Aids
• Annual Surveys
• Publications
– Decision Tools
• Agricultural Management e-School
– Farm Leasing Arrangements course
• Non ISUE resources
– SoilView
– WebSoilSurvey
www.extension.iastate.edu/agdm
Hazards for 2010
• Interest rate increases
• Asset value declines
• Below break-even crop
insurance prices
• Missing the 2009 ACRE boat
• Missing the 2008 SURE boat
Power Mach Cost vs Invest. Cost
(Per Acre)
Low $96
Mid $76
High $72
Direct Corn Expenses
Direct Bean Expenses
2010 Crop Cost Estimates - Corn Following Soybeans
Low Yield
Medium Yield
High Yield
$722
$658
$594
Average Yield
Cost per bushel
$4.25/bu
$4.11/bu
$4.01/bu
2010 Crop Cost Estimates - Soybeans Following Corn
Low Yield
Medium Yield
$487
High Yield
$525
$449
Average Yield
Cost per bushel
$9.97/bu
$9.73/bu
$9.55/bu
2010 Break Even Costs by Crop Rotation & Yield
December 2009 Corn Futures
2009 Rental Rate Decision Time
December 2010 Corn Futures
Summer 2009
Corn Futures
$6.40 Dec 09
(August 2008)
(don’t forget the 50 cent basis)
$3.68 Dec 10
(August 2009)
$3.20 Dec 09
(August 2009)
November 2009 Soybeans
2009 Rental Rate Decision Time
November 2010 Soybeans
Summer 2009
Soybean Futures
(don’t forget the 90 cent basis)
$13.40 Nov 09
(August 2008)
$10.91 Nov 09
(August 2009)
$9.30 Nov 10
(August 2009)
$4.11
$3.20
$9.73
$8.29
www.ufmcoop.com
23 fewer operational plants
Not Producing
April 24,
2008
July 23,
2008
December 16,
2008
10
11
19
36
38
24
33
48
48
On Hold
February 13, May 1,
2009
2009
Operational
168
186
182
165
163
Planned
320
241
224
221
217
Under
Construction
73
63
46
19
21
17
19
18
Cancelled
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
Federal Reserve Bank of Chicago
• 2% increase April 2008 to April 2009
• 7% decrease January 2009 to April 2009
Iowa Farm & Land Chapter #2
Realtors Land Institute
Iowa State University Extension
Land Value Survey
November 2008
November 1, 2007 to November 1, 2008
Southwest
$3,626
Up 13.0%
Up $416
High
$4,642
Medium $3,425
Low
$2,298
Average Values All Grades
1950-2008
Percentage Change from
Previous Year, 1951-2008
Percentage Change Adjusted
for Inflation, 2008 Dollars
11%, 13%, 10%
1979, 1980, 1981
Who Purchased Farmland
14.1% to 16%
2008 Land Value Increases
up to 12%
16.1% or more
12.1% to 14%
Positive Factors Affecting
Land Values
Negative Factors Affecting
Land Values
Distribution of Iowa Farmland by Age of Owner and Year
30%
25%
20%
15%
10%
5%
0%
< 25
25-34
1982
35-44
1992
45-54
55-64
2002
65-74
2007
> 75
Percent of Iowa Farmland Owned Based on
Age and Gender, 2007
.29
30%
25%
.18
20%
15%
10%
5%
0%
<35
35 - 65
Female
>65
Male
Distribution of Iowa Farmland by Tenure Type
60%
50%
40%
30%
20%
10%
0%
Owner operator
Cash rent
1982
1992
2002
Crop share rent
2007
Percent of Leased Farmland by Lease Arrangement
80%
70%
60%
50%
40%
30%
20%
10%
0%
1982
1992
Cash rent
2002
Crop share
2007
Other
Crop Share 50-50 Lease
Landlord
Tenant
Labor
Land
½ inputs
½ inputs
Machinery
Management
½ income
½ income
us
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Fe
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Percent
Percent of Crop Share Acres with
Equal Division of Costs
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Crop Share 50-50 Lease
Landlord
Corn
Tenant
Land
$139
Labor
$ 29
½ inputs
$164
½ inputs
$164
Machinery
$ 66
Management
$ 43
½ income
$303
½ income
$303
Crop Share 50-50 Lease
Landlord
Soybeans
Tenant
Land
$ 99
Labor
$ 28
½ inputs
$108
½ inputs
$108
Machinery
$ 47
Management
$ 24
½ income
$207
½ income $207
Distribution of Cash Rented Land
by Payment Distribution
60%
50%
40%
30%
20%
10%
0%
100%
50 - 50
Thirds
One third/two
thirds
Other
Percent of Acres by Lease Type and Characteristic
80%
70%
60%
50%
40%
30%
20%
10%
0%
Cash
Crop Share
Written
Relative
All Leases
Fixed term
Percent of Cash Rented Acres by Cash Rent Type
or How the Other 10% Live
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Fixed
Yield only
Price only
Yield and Price
Putting a Lease Together
• Determine the goals for each party
– production with the highest potential return
– fair return to each party
– continuity of income year to year
– minimize risk
– improve communication skills
• Put the agreement in writing • Both parties should be accountable to
the lease arrangements established
Improving Negotiation Skills
• Focus on win-win situations
• Introduce funny money
• Don’t underestimate your position at the
bargaining table
• Formulate a resistance point
The “New” Farm Program
DCP same as before, Except:
2009-2012
83.3% instead of 85%
Payment limitations
Attribution
The ACRE option
ACRE Decision Points
Choices:
1. Stay with current program
2. Enroll in ACRE in 2009 (August 14 deadline)
3. Enroll in ACRE in a later year
ACRE Option
1-4 years,
from enrollment to end of program
Once the farm is in ACRE, it stays in
until the program ends in 2012
Landowner and tenant must sign
If the tenant changes it stays in ACRE
If the land sells it stays in ACRE
ACRE characteristics
Based on loss of revenue (price x yield)
Benefits calculated state-wide (trigger 1)
State guarantee is recalculated each year
It can’t change by more than 10% each year
Must have revenue loss on farm (trigger 2)
ACRE vs. CCP Corn
450
350
300
250
200
150
100
50
CCP pays
Bushels per planted acre
400
No CCP payments
0
1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00
$ per bushel
ACRE vs. CCP Soybeans
80
60
40
20
CCP pays
Bushels per planted acre
100
No CCP payments
0
5
6
7
8
9
10
11
12
$ per bushel
13
14
15
16
17
18
Determining A “Fair”
Cash Rent
Value
Leasing Opportunity
Soil Type: Acres: Percent:
---------- -------- -------T370B
61.47 23.2%
248
17.72 6.7%
T368
16.70 6.3%
212
11.71 4.4%
T369
87.78 33.1%
133
9.69
3.7%
220
60.11 22.7%
---------- --------------Totals
265.19 100.0%
CSR
----85
60
90
91
85
80
85
----83.73
Iowa Corn Suitability Rating
based yield estimation:
179 bushels per acre
Supporting Information
Location:
Tillable Acres:
Corn Yield:
Soybean Yield:
Corn Suitability Rating:
Page County
265 Acres
179 bu/Acre
49 bu/A
84 CSR
Calculating Cash Rent Values
Cash Rent Market Approach
ISU Extension Publication FM 1851 – Cash Rental
Rates for Iowa 2008 Survey (released in June)
Three Methods for Determining Cash Rent Values
Typical Cash Rent
Average Rent for Production
Average Rent for Corn Suitability Rating (CSR)
Calculating Cash Rent
1.Typical Cash Rent
Select the Area of the State/County
Area
10
County Page
Determine Overall average $ 159
High Quality Third =
$ 184
Middle Quality Third = $ 159
Low Quality Third =
$ 135
Calculating Cash Rent
2 a.
Average Rents Per Unit – Corn Yield
Select the Area of the State/County
Determine Average Rent for Corn
Farm’s Average Corn Yield (bu/A)
Times rent per bushel of Corn yield
Equals the Average Rent for Corn Acre
179
$ 1.05
$ 188
Calculating Cash Rent
2 b.
Average Rents Per Unit – Soybean Yield
Select the Area of the State/County
Determine Average Rent for Soybeans
Farm’s Average Soybean Yield (bu/A)
49
Times rent per bushel of Soybean yield
$ 3.39
Equals the Average Rent for Soybean Acres $166
Calculating Cash Rent
2. Average Rents Per Unit – Corn & Soybeans
Add the Average Rent for Both
Corn Average Rent
Soybean Average Rent
$ 188
$ 166
Average Rent Corn & Soybeans $ 177
Using Corn Suitability Rating (CSR)
3. Average Rents Per CSR Index Point
Select the Area of the State/County
Determine the Average Cash Rent using CSR
Farm’s Average Corn Suitability Rating
84
Times rent per CSR index point
$ 2.16
Equals the Average Rent for all Row Crop Acres
$ 181
Source: ISU Extension Publication FM- 1851
Overall Average
Average all 3 Methods
Method 1: Typical Cash Rent
$ 184
Method 2: Average Rents per Unit
$ 171
Method 3: Average Rents per CSR Index Point $ 181
Average $181 /A
$181/A X 265 Tillable Acres =
$47,965
Split Payments of $23,983 and $23,982
Source: ISU Extension Publication FM- 1851
Cash Lease Calculations
Gross Income Method
Tenant Residual Method
Crop Share Method
Return on Investment Method
Assumptions
•
•
•
•
265 crop acres
179 bushel corn yield
49 bushel Soybean yield
Direct Government Payments
– 2002-07 average $22.00 / acre
• DCP change is 83.3% instead of 85% ($0.45 less)
• ACRE change is 20% less ($4.75 less)
– plus the $0-159 ACRE payment if triggers are tripped
Share of Gross Income
CORN:
(179 bu X $3.20) + $22 = $595
SOYBEANS: (49 bu X $8.29) + $22 = $428
Iowa cash rents typically are equal to about 30 to 40 percent of the gross
income from producing corn, and 35 to 45 percent of the gross income
from producing soybeans.
Cash Rental Rate
CORN:
$ 595/ac x 35% = $ 208
SOYBEANS:
$ 428/ac x 40% = $ 171
Average
$ 190
Tenant Residual Method
CORN:
$ 595 - $445 = $ 149
SOYBEAN:
$ 428 - $304 = $ 124
Average:
$ 137
Crop Share Method 50-50 Share
Corn:
50% of gross minus owner’s costs
$297 - $165 = $132
Soybeans:
50% of gross minus owner’s costs
$214 - $108 = $106
Average:
$119
(1) The owner is assumed to pay 50 percent of the costs for seed, fertilizer, lime,
pesticides, crop insurance, interest and miscellaneous, and drying and storage.
Expected Rent:
(3.8%) X $4,500 / acre = $171 / acre
Corn
Soybeans
Cash Rent Survey
Per Bushel Yield
Per CSR Point
Gross Income
Tenant Residual
Crop Share
Return on Investment
$184
$188
$181
$208
$149
$132
$171
$184
$166
$181
$171
$124
$106
$171
Average
$173
$158
July 2009
July 2008
July 2007
July 2006
$165 --- 30% decrease
$237 --- 27% increase
$186 --- 43% increase
$130
61 CSR
164 Corn
45 Beans
Crop Share
$98.46
Tenant’s Residual
$94.81
58 CSR
160 Corn
44 Beans
Crop Share
$84.46
Tenant’s Residual
$93.23
49 CSR
137 Corn
34 Beans
Crop Share
$54.74
Tenant’s Residual
$7.38
Flexible Cash Leases
Desire:
Terminated tenants want cash rent leases to be
renewed by September 1 for the following year
Current Reality:
Prices and yields are very unpredictable
Solution:
Flexible lease contract
Advantages
Price and production risk
shared as well as profit
opportunities
Actual rent adjusts as
production or price change
Owner does not have to be
involved in decision making
about inputs or marketing
Disadvantages
Owner and producer share
in risks
Not as well understood as
traditional cash lease or
crop share
More difficult to calculate
Owner benefits from
tenant’s management
skills
Tenant loses windfall profit
potential from high prices
Types of Flexible Cash Leases
• Rent varies with both price and yield
– Matches tenant’s ability to pay
• Rent varies with yield only
– Could have high yields, low prices
• Rent varies with price, only
– Could have low yields, high prices
A Flexible Cash Lease is a Cash Lease
< April 2007
cash lease, crop share lease, or scheme or device
April 2007 – December 2008
Either a cash or a crop share lease
> December 2008
Flexible cash leases are recognized as cash
leases in federal register clarification of FCE 2008
Agricultural Asset Transfer Tax Credit
Iowa Agricultural Development Authority
505 5th Avenue, Suite 327
Des Moines, Iowa 50309-2322
Ph: 515-281-6444
Fax: 515-281-8618
Email: iada@iowa.gov
A Division of the
Treasurer of the State of Iowa
State Income Tax Credits
• Non refundable
• Can carry unused credits forward 5 years
• No carry back
What Is An Ag
Asset?
• Agricultural land
• Agricultural improvements
• Depreciable agricultural property
– Breeding livestock
– Machinery/Equipment
• Does not have to be traditional cow & plows.
Key Provisions
Taxpayer
• Owner of record of the asset
• Eligible to own land under corporate farming
laws
• Not at fault for terminating a prior lease
• Not a party to pending administrative or judicial
action relating to violation of CAFO’s
• Not classified a habitual violator by DNR
• Can have more than 1 tax credit/lessee
• At fault termination, repay redeemed credits
Key Provisions
Beginning Farmer
• Net worth less than $300,000
• Have sufficient education, training and/or
knowledge
• Have access to working capital
• Actively participate in management and labor
of the operation and assume financial risk
• 18 years or older
Other Provisions
•
•
•
•
•
Two – Five Year Lease Term
Credit Good For Term of Lease
Renewable at Expiration(with qualification)
5% of Gross Income = Cash Contract
15% of Gross Income = Commodity Share
Agreement
• Lease value not substantially higher/lower
than market
Other Provisions
•
•
•
•
•
Began with 2007 tax year
Cash or Crop Share Leases
Related party transactions OK
Can’t rent from owned entity
“Rent to own” is not eligible
Other Provisions
• Leases Can Be Non-Traditional (if reasonable)
• Crop Share
– Income determined by county average
– Monthly average of county posted price
– No Yield Monitors
• Submit FSA Form 156
– Documents Acres & Ownership
Application/Approval
Procedures
• Obtain application from IADA
– Taxpayer application
– Beginning farmer application
• Submit applications & copy of lease to IADA
• Applications due 15th of month
• Considered @ board mtg. (4th Wednesday)
For Additional Information
IOWA AGRICULTURAL
DEVELOPMENT AUTHORITY
505 5TH Ave., Suite 327
Des Moines, IA 50309
515/281-6444
iada@iowa.gov
www.iada.state.ia.us
What the Records Show
Make sure the data
doesn’t get in the way
of seeing the problem.
FINBIN Key Ratios
Definition
Current Ratio
Liquidity
Working Cap to Gross
Ability to pay today’s bills
Available dollars to total
revenue
Solvency
Debt to Asset Ratio
Profitability
(cost)
ROA
Return on all assets
ROE
Return on net worth
Repayment
Efficiency
Owed vs Owned
Term Debt Coverage
Ability to pay notes this
year
Oper Expense Ratio
% of total revenue used
for operations
By Net Farm Income 2008, Minnesota
Crop Farms Crop Farms
Low 20%
High 20%
Current Ratio
1.39
2.50
Working Cap to
Gross
22 %
51 %
Solvency
Debt to Asset Ratio
52 %
43 %
Profitability
(cost)
ROA
1%
18 %
ROE
-6 %
26 %
Repayment
Term Debt Coverage
0.9
4.7
Efficiency
Oper Expense Ratio
81 %
59 %
Liquidity
By Age, Minnesota, 2008
Crop Farms
Crop Farms
51-60 Yr
<31 Yr Old
Old
Current Ratio
1.66
2.06
Working Cap to
Gross
26 %
43 %
Solvency
Debt to Asset Ratio
64 %
43 %
Profitability
(cost)
ROA
15 %
12 %
ROE
27 %
17 %
Repayment
Term Debt Coverage
3.2
3.0
Efficiency
Oper Expense Ratio
68 %
64 %
Liquidity
By Crop Acres, Minnesota, 2008
Crop Farms Crop Farms
251 – 1,000 A > 2,000 A
Current Ratio
2.02
1.95
Working Cap to
Gross
40 %
40 %
Solvency
Debt to Asset Ratio
45 %
48 %
Profitability
(cost)
ROA
12 %
15 %
ROE
18 %
23 %
2.9
3.8
62 %
65 %
Liquidity
Repayment
Term Debt
Coverage
Efficiency
Oper Expense Ratio
FINBIN Key Ratios
by Crop Acres, 2008, Minnesota
Hog Farms Hog Farms
< 100 Acres >100 Acres
Current Ratio
0.96
1.67
Working Cap to
Gross
-1 %
19 %
Solvency
Debt to Asset Ratio
71 %
53 %
Profitability
(cost)
ROA
-13 %
1%
ROE
-62 %
-4 %
Repayment
Term Debt Coverage
-2.3
0.6
Efficiency
Oper Expense Ratio
105 %
93 %
Liquidity
By Crop Acres, Minnesota
Hog Farms Hog Farms
< 100 Acres <100 Acres
2008
2006
Current Ratio
0.96
1.77
Working Cap to
Gross
-1 %
14 %
Solvency
Debt to Asset Ratio
71 %
50 %
Profitability
(cost)
ROA
-13 %
15 %
ROE
-62 %
24 %
Repayment
Term Debt Coverage
-2.3
2.2
Efficiency
Oper Expense Ratio
105 %
87 %
Liquidity
By Crop Acres, 2008, Minnesota
Dairy Farms Dairy Farms
< 100 Acres > 100 Acres
Liquidity
Current Ratio
1.36
1.82
Working Cap to
Gross
5%
14 %
Solvency
Debt to Asset Ratio
52 %
47 %
Profitability
(cost)
ROA
12 %
8%
ROE
21 %
11 %
Repayment
Term Debt Coverage
1.9
1.7
Efficiency
Oper Expense Ratio
80 %
76 %
By Gross Farm Income, 2008,
Minnesota
Beef Farms Beef Farms
< $500,000 > $500,000
Current Ratio
1.78
1.50
Working Cap to
Gross
39%
27 %
Solvency
Debt to Asset Ratio
42 %
53 %
Profitability
(cost)
ROA
2%
9%
ROE
-2 %
13 %
Repayment
Term Debt Coverage
1.1
2.4
Efficiency
Oper Expense Ratio
76 %
76 %
Liquidity
Iowa Property Taxes
The Iowa property tax is primarily a tax on "real
property," which is mostly land, buildings,
structures, and other improvements that are
constructed on or in the land, attached to the
land, or placed upon a foundation. Typical
improvements include a building, house or
mobile home, fences, and paving.
http://www.iowa.gov/tax/educate/78573.html
Following Five Classes are
Assessed
•
•
•
•
•
residential
agricultural
commercial
industrial
utilities/railroad [This class is assessed at
the state level.]
How is property tax rate
determined?
1. The value of property is established.
2. The assessments of all taxable properties are added
together.
3. The Department examines total assessed values and
equalizes them.
• A process called "equalization" is applied every two years.
• The "assessment limitation" or “rollback” is applied every
year.
4. Budgets are established.
5. A tax rate is established.
6. Credits are subtracted.
Equalization
In Step 3 above, the Iowa Department of Revenue is responsible for "equalizing"
assessments every two years.
The Department compares the assessors’ abstracts to a "sales assessment ratio
study" it has completed independently of the assessors. If the assessment (by
property class) is 5 percent or more above or below the sales ratio study, the
Department increases or decreases the assessment.
There is no sales ratio study for agricultural and industrial property.
Equalization occurs on an entire class of property, not on an individual property. Also,
equalization occurs on an assessing jurisdiction basis, not on a statewide basis.
Equalization is important because it helps maintain equitable assessments among
classes of property and among assessing jurisdictions. This contributes to a more
fair distribution of state aid, such as aid to schools. It also helps to equally distribute
the total tax burden within the area.
Rollbacks
More than 20 years ago, residential property values were rising quickly. To help
cushion the impact of high inflation, the Legislature passed an assessment limitation
law called rollback.
Increases in assessed values for residential and agricultural property are subject to
this assessment limitation formula. If the statewide increase in values of homes and
farms exceeds 4 percent due to revaluation, their values are "rolled back" so that the
total increase statewide is 4 percent.
Rollback is also available for industrial and commercial property when necessary.
This does not mean that the assessment on your home will increase by only 4
percent. The rollback is applied on a class of property, not an individual property. This
means that the statewide total taxable value can increase by only 4 percent due to
revaluation.
Assessment
Residential, commercial and industrial real estate
assessed at 100 percent of market value
Agricultural real estate
assessed at 100 percent of productivity and net earning
capacity value.
The assessor considers the productivity and
net earning capacity of the property.
Agricultural income as reflected by production,
prices, expenses, and various local conditions
is taken into account.
For further property tax
information
•
•
•
•
•
http://www.iowa.gov/tax/locgov/proptax120707.pdf
www.iowa.gov/tax/taxlaw/PTC-Feb5-04.pps
http://www.iowa.gov/tax/locgov/PolkCoRule.pdf
http://www.iowa.gov/tax/educate/78573.html
http://www.iowa.gov/tax/locgov/iowa-propertytax.html
Hazards for 2008 – July 2007
• Lower crop insurance prices
• Higher input costs
– rent, fuel, fertilizer, seed, machinery, and drying
• Yields
– low or at insurance coverage levels
• Price
– average or below break even
• Increased world supplies or low ethanol prices
Hazards for 2009 – July 2008
• Economic Profits Hangover
• Lower Crop Insurance Prices
• Farm Bill implementation
–ACRE confusion
• Estate and general tax issues to
be addressed with new
legislature in 2009
Other Resources
•
Materials from this meeting
–
•
Online Courses – Ag Management e-School
–
•
http://www.extension.iastate.edu/pubs/
Articles and spreadsheets
–
•
http://dbs.extension.iastate.edu/calendar/
Publications – rental survey, land value survey, etc.
–
•
http://www.extension.iastate.edu/ames
Workshops, meetings, conferences
–
•
http://www.extension.iastate.edu/feci/Leasing/vflm.html
http://www.extension.iastate.edu/agdm/
Private Consultation
–
http://www.extension.iastate.edu/ag/fsfm/fsfarmmg.html
Farm Lease Arrangements
Land Leasing Confidence
A.M.E.S.
Agricultural
Management
e-school
An ISU
Extension
Outreach
Institute
•
•
•
•
•
•
•
•
•
•
Introduction to Farm Leases
Cash Rent Leases
Crop Share Leases
Custom Farming
Renting Buildings
Renting Hay and Pasture Land
Legal and Tax Considerations
Conservation and Environmental Considerations
USDA Agencies and Programs
Owner and Operator Relations
Farmland Ownership
Purchase Plan
A.M.E.S.
Agricultural
Management
e-school
An ISU
Extension
Outreach
Institute
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•
•
•
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Land Value Trends
Using Soils Information
Appraisal Techniques
Financing Considerations
Feasibility of a Land Purchase
Thank You!
Tim Eggers
Field Ag Economist
ISU Page County Extension
311 East Washington
Clarinda, Iowa 51632
(712) 542-5171
teggers@iastate.edu
www.extension.iastate.edu/feci
Our Mission
ISU Extension builds
We believe in . . .
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research-based learning
• Access
opportunities to improve
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quality of life in Iowa
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