12 New Farms Added to Farmland Portfolio in the Third Quarter
Ceres Farms, LLC delivered net returns of 0.35% for the third quarter of 2016, and 2.05% year-to-date. The Fund has 509 investors and assets of $527 million as of September 30, 2016. Property holdings consist of 265 farms with 88,394 acres, and an average market value of $5,538 per acre.
In the third quarter, the portfolio management team evaluated 111 properties (89 auctions and 22 private transactions) and contracted to purchase 12 farms. They purchased these 12 farms, totaling 4,429 acres, for $22.5 million or $5,085 per acre as they continue to find high quality farms at attractive values. [See Table above] Ceres has 75 auctions on the calendar so far in 4Q16, and will purchase properties that meet valuation targets.