Double-Digit Jumps in Farmland Sales

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1 Vol. 38 Issue 9 May 25, 2017 Double-Digit Jumps in Farmland Sales A trifecta of sales metrics shows a livelier farmland market for Farmers National Company compared to recent years. Sales volume, acres sold and transaction volume all have seen increases, according to the company. The gains occurred during the first half of the landowner services firm s fiscal year, which runs October through September. Real-estate sales volume jumped 21% during the period compared to a year ago and 38% from two years ago. Both individual sales transactions and acres sold posted gains. The company sold 10% more acres than a year ago and 27% more than two years ago. Transaction volume also has increased: It s 47% higher than the past two years. Farmers National Company reported 470 transactions involving 63,925 acres in the period ending this March. For this six-month period, we ve had good volume and activity considering the slow market, says Randy Dickhut, Farmers National Company senior vice president. Farmland sales and transactions peaked in 2013 for the company, Dickhut says. But this latest data marks the third year of improving activity since the steady fall that occurred after Selling Opportunity. For nonoperating landowners, today s prices offer an opportunity to sell and capture some of the land appreciation of the past few years, Dickhut says. So far, few farm operators are selling land, and investors continue to be in the market looking for opportunities to add acres to their hold- ings, he says. The slow decline in the land market is part of the reason some are selling. On the flip side, the current land market conditions also offer good buying opportunities. As land prices have softened over the last three to four years, it s a better buying point than it was, Dickhut says. The question is, will it decline more? Probably. How much? I don t know. It will be something to see how this plays out through the end of the year and into next year. Demand is still strong for land in most of the company s 28-state service area, Dickhut says. The number of buyers and sellers for good land in most markets is in equilibrium, and that seems to be helping our land sales, he says. As long as the seller is realistic about today s market price for land in their area, there are buyers looking to buy. Sara Schafer Sara Schafer Davis Michaelsen Mike Walsten Major Increases in 2017 Sales Activity Farmers National Company logged 470 farmland transactions involving 63,925 acres for the first half of its 2017 fiscal year, which runs from October through September. The company has seen significant transactions this year compared to the same period in 2016 and Non-operator landowners are driving those land sales. Sales Volume: 21% from % from 2015 Acres Sold: 10% from % from 2015 Transaction Volume: 47% Auction Sales: 12% Welcome to Your New LandOwner This issue marks our relaunch edition of LandOwner. Starting this month, the newsletter will feature the latest insights and trends about farmland prices and cash rents you ve depended on for years, as well as new features such as interviews with movers and shakers in the industry and a revamped design. At the helm is Sara Schafer, LandOwner editor, and Davis Michaelsen, LandOwner analyst. Mike Walsten, who recently retired as editor, will still provide guidance and analysis as a consultant and contributor. We re also pleased to tell you we have expanded your online access to land news and information. At our new online home, you ll find notable land sales, trends and reports, in addition to the best of Farm Journal s profit-building news and analysis on markets, policy and more. Visit today. FarmJournalPro.com

2 50% Drop in Land Values from Peak Possible in Kansas The No. 1 driver for farmland values in Kansas is profitability in the ag sector. After a multiyear run of strong farm income, farmers in the Sunflower State are now facing a potential fourth straight year of poor returns, says Mykel Taylor, ag economist at Kansas State University. In 2015, our dryland crop farmers had a net farm income of $4,500, Taylor says. Two years prior, we were at net farm income of about $170,000 that s a huge drop-off in a very short period of time. In 2016, farmers received a reprieve from low grain prices in the form of strong yields for major crops such as corn and wheat. Yet, Taylor says, farmers saw low or negative net farm income. What does this mean going forward? If we return to average yields with the current prices, it will be tough in 2017 to turn a profit, she predicts. Dramatic Drops. Taylor and her team crunched recent sales data from the Kansas Property Valuation Department and put it through several filters to estimate county-level market-based land values. In 2014, Kansas land values peaked, with an average per-acre price of $3,300. For 2016, the state-wide average price is $3,000 per acre, a 10.4% decline from Non-irrigated land dropped in value by 17% the largest drop for all 2016 Kansas Average Per-Acre Land Values Non-Irrigated: $1,776 Irrigated: $5,609 Pastureland: $1,278 Non-Irrigated: $1,766 Irrigated: $5,117 Pastureland: $1,271 Non-Irrigated: $1,210 Irrigated: $3,368 Pastureland: $871 Source: Kansas State University land classes. Irrigated land declined 12% and pasture land dropped 8%. Pasture land held the steadiest because many cattle ranchers are still in expansion mode, Taylor notes. The long-term indicators point to further deterioration in values, Taylor says. Projected income on a per-acre basis for Kansas farmers is $46 for 2016 and is expected to stay below $50 for the next few years. That equals a projected average per-acre land price of $999, a decline of about 50% from our peak in 2014, she says. That brings us down to where land values were in It will take a few more years to reach the bottom of the correction. This year could be possibly one of our worst years in terms of profitability. Non-Irrigated: $2,530 Pastureland: $1,821 Non-Irrigated: $2,301 Pastureland: $1,656 Non-Irrigated: $1,969 Irrigated: $5,491 Pastureland: $1,417 Non-Irrigated: $4,353 Pastureland: $3,133 Non-Irrigated: $3,130 Pastureland: $2,253 Non-Irrigated: $2,551 Pastureland: $1,836 Land sales dropped 18% in 2016 compared to 2015, Taylor says. In 2014, the state saw 2,333 sales, 2,502 sales in 2015 and 2,117 sales in The drop is not too surprising given that as prices were starting to soften, we had some sellers willing to put ground up to see if they would get a good price, she says. If they didn t, they didn t have to sell. Unenthusiastic Buyers. Overall, Taylor says, farmers are the biggest buyers of farmland in Kansas. When farmers are reluctant to buy because they are trying to guard their liquidity, demand falls, she says. That drop in demand isn t likely to be sufficiently supported by outside investors. Sara Schafer In Next Month s Issue Minnesota s Latest Cash Rent Data Land Values Update from the Dakotas Wells Fargo Bank s Economic Outlook Your Precious Land with Mike Walsten Eye-Catching Land Sales Follow us on Go online for more: FarmJournalPro.com Editor Sara Schafer, sschafer@farmjournal.com Analyst Davis Michaelsen, dmichaelsen@farmjournal.com Consultant/Columnist Mike Walsten, mwalsten@farmjournal.com Art Director Lindsey Benne Publisher Chip Flory Executive VP Chief Content Officer Charlene Finck Division President, Business Information Kris Carlson Editorial Headquarters: 6612 Chancellor Dr., Suite 300 Cedar Falls, IA (573) LandOwner is published once a month. Copyright 2017 by Farm Journal Media, 6612 Chancellor Drive, Cedar Falls, Iowa Periodicals postage paid at Cedar Falls, Iowa. Postmaster: Send address changes to: LandOwner, 102 Mackinlay Dr., Webster City, Iowa ISSN: Subscription services: (800) Subscription: $259 per year 2 FarmJournalPro.com

3 May 25, 2017 Q& A WITH PAUL PITTMAN CEO, Farmland Partners Inc. Paul Pittman founded Farmland Partners, a publicly traded (NYSE: FPI) real estate company, in 2014 by contributing 7,300 acres of his personal Midwest farmland. Today, the company owns $980 million of farmland across 17 states, on which more than 100 tenants are growing around 25 commercial crops. QWhat is your personal background and why did you start Farmland Partners? I m an unusual combination of ag guy, farm guy and finance guy. I would have become a farmer, but when I left college in 1985, it wasn t the right time to go into production agriculture unless you had a pretty good land base, which I didn t. So after the University of Illinois, I went to Harvard University where I got a master s in public policy and then to law school at the University of Chicago. Eventually I landed at Wall Street, first as a lawyer and then as a banker. Starting in the mid-1990s, I took all my capital and bought farmland because I believed in the long-term prospects of global food demand increase and land scarcity. I think it is a misunderstood asset class. People confuse farming risk with farmland risk. Farming is a risky business. Farmland is very different. You will never hit the home run owning farmland. You won t wake up one day and collect enough rent to pay for the farm in one year. But at the same time, the farmer absorbs a lot of that risk and you as a landowner are insulated in many ways. Q What qualities do you look for in a piece of land to buy? We like to buy high-quality farms with good water and tenants in the area. Otherwise you have risk. QWhat do you see as the makeup of farmland ownership and management 20 years from now? Many commentators think you will see operations and land ownership separate. I don t think that will or should happen. I believe farmers should own 20% or 30% of what they farm and rent the rest from longterm, stable landowners, some of whom will be institutions or wealthy families who continue to own land but not farm. Then you have farmers owning substantial parts of the land they farm so they also share in the long-term land appreciation. What makes U.S. agriculture so productive is it is an industry full of reasonably small holders who own their own farms and are their own businessmen. I hope that doesn t go away. QWhat benefits do landlords receive from contributing their land to your company? For many landowners, who are not farmers, selling their land or contributing it to a REIT like ours can have substantial estate planning and tax planning benefits. They can convert their farmland (a hard asset to pass on particularly if you have multiple heirs in the next generation) into something that can be more easily divided. If landowners sell us a farm in exchange for equity in our company, they end up with a diversified portfolio of nationwide farmland. They ll get a dividend of 4.5% to 6% and avoid all the management headaches of managing an individual farm. QWhy do landowners secondguess doing business with Farmland Partners? There is a visceral, human attraction to owning the farm. People should not make light of that. You can live and raise food on it, which you can t do on any other investment. But there becomes a point where it is frankly expensive for the luxury of direct ownership. To me there is a simple analysis: If you drive out and see your farm once a month, it suggests to me you care deeply about it and should continue owning it directly. Q Why has Farmland Partners seen such large growth? The reason we re growing so fast is farmland is a huge untapped market. There is $30 billion of farmland for sale every year. Finding good deals is not hard. Even if only 10% of those deals are good, that s still $3 billion. We grew $500 million to $600 million of new assets in the past year. We re just a drop in the bucket in a really big market. Q What is your favorite leadership quote? If you are going through hell, keep going. Winston Churchill (attributed) FarmJournalPro.com 3

4 May 25, 2017 Farmland Values Find Footing After steady declines in much of the Midwest, Great Plains and South, farmland values appear to have stabilized, according to the 2017 first-quarter reports from four Federal Reserve KANSAS CITY Q vs. Q NON-IRRIGATED CROPLAND 3.5% IRRIGATED CROPLAND 7.6% RANCHLAND 2.7% CASH RENTAL RATES NON-IRRIGATED 3% IRRIGATED 5% RANCHLAND 1% Profit margins and cash flows are tight in the 10 th District, which has tugged farmland values lower. Financial stress among producers and lender concerns have become more regional as economic conditions have worsened in the western portion of the district due to weakness in cattle and wheat markets more than in the east, report Nathan Kauffman, assistant vice president and Omaha branch executive, and Matt Clark, assistant economist. Although farmland values continue to trend lower, the economists say, the declines have remained modest in comparison to the crisis of the 1980s. banks. For instance, the Federal Reserve Bank of Chicago reports farmland values are unchanged from a year ago. This is the first pause in the current downturn since the third quar- Worse Conditions in the West Compared to 2015, farmland values in Wyoming, Colorado, northern New Mexico and the western thirds of Nebraska, Kansas and Oklahoma have seen sharper declines compared to the eastern portion of the region. West -15% East -1% West -24% East -3% Declining machinery and land values are hurting the ability to restructure losses. Kansas lender KANSAS CITY DALLAS ter of 2015, says David Oppedahl, senior business economist for the Chicago bank. Farmland values have seen more strength in the St. Louis and Dallas regions, shrugging off recent quarters of declines or building on incremental increases. Yet in the Great Plains, significantly lower farm income is still pressuring farmland values down. Sara Schafer CHICAGO ST. LOUIS CHICAGO Q vs. Q GOOD FARMLAND Unchanged CASH RENTAL RATES, CROPLAND 7% The first quarter of 2017 marked an end to five straight quarters of declines in farmland values for the 7 th District. The demand to purchase agricultural land in the three- to six-month period ending with March 2017 was lower than in the same period ending with March 2016, reports David Oppedahl, senior business economist for the region. Additionally, the amount of farmland for sale, the number of farms sold and the amount of acreage sold were down during the winter and early spring of 2017 compared with a year ago. Looking ahead, 69% of bankers expect farmland values to be stable during the second quarter of 2017, while 29% expect a decline. In 2016, the majority expected further declines. Drops in Cash Rental Rates In the 7 th District, 80% of the land farmed by someone other than the owner is rented on a cash basis. Cash rental rates across the district fell in 2017 relative to Prices of farmland have stayed surprisingly steady. Illinois lender % Change Illinois 6% Indiana 8% Iowa 8% Michigan 5% Wisconsin 4% 7 th District 7% DALLAS ST. LOUIS For the next three months, 11 th District lenders Q vs. Q Q vs. Q predict the following farmland value trends. DRYLAND 4.6% QUALITY FARMLAND 10% IRRIGATED 7.8% Up RANCH OR PASTURELAND 7.2% RANCHLAND 1.9% Stable 5.3% Predicted 86.6% CASH RENTAL RATES Farmland DRYLAND 0.7% Value RANCH OR PASTURELAND 0.7% Trends IRRIGATED 4.6% RANCHLAND 38.6% Although all three land categories in the 11 th District posted strong increases in values, irrigated cropland came in strongest with a 7.8% year-over-year increase for the first quarter of Lenders report 2016 proved positive for most of their customers, and demand for ag loans decreased for a sixth consecutive quarter. But many lenders are nervous about future livestock and grain prices. Down 8.1% Livestock yearling operations and crop production continue to struggle with maintaining profitable margins. Ranch sales seem to be slowing. New Mexico lender CASH RENTAL RATES QUALITY FARMLAND 0.9% Values for both land types posted the highest increases in three-and-a-half years for the first quarter of These strong values are surprising, considering proportionately more bankers in the region reported year-over-year declines in farm income for their customers. Yet cash rents for quality farmland declined slightly versus Although no bankers cited declining farmland values as their top concern, the majority do not expect these healthy value increases to continue into the second quarter of % of all farm loans were current or had 33% no significant repayment problems What Is Your Top Concern This Year? of customers had borrowed up to their loan limit in the first quarter of Further declines in farm incomes (62% of bankers) 2 Rising interest rates (14% of bankers) 3 Unusual weather patterns (14% of bankers) Real estate values fell in 2016; however, recent land sales are showing some strength, which has helped to bring prices back up slightly. Illinois lender 4 FarmJournalPro.com FarmJournalPro.com 5

5 Texas Land Marks 6 Years of Gains Texas rural land values rose again in 2016, marking six consecutive years of increases, according to data gathered by the Texas Real Estate Center (REC) and Texas A&M University. The statewide value of an acre of Texas rural land rose 5% in 2016 to an average value of $2,554 per Dollars Per Acre Number of Sales Acres (1,000) $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 6,000 5,000 4,000 3,000 2,000 1, Q1 Source: Texas Real Estate Center 6 FarmJournalPro.com Texas Rural Land Sales Volume Texas Rural Land Acres Sold 1966 Q Q2 Texas Rural Land Values 1975 Q1 Nominal Median Price Real Median Price 1981 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q2 acre a record high. This follows a 1% rise in The 5% rise in 2016 results in a five-year annual compound growth rate of 6.7%. On an inflation-adjusted (real) basis, the statewide average rose 3.5% to an average value of $444 per acre, again a record. The five-year annual compound growth rate on a real basis is 5.1%. Texas rural land values peaked in 2008 at $1,914 per acre on a nominal basis and $374 per acre on an inflation-adjusted basis. Values declined through 2010 and then began to climb again in Prices have marked new highs six years in a row on both a nominal and real basis. The trend toward higher prices continued into the first quarter of 2017, according to preliminary data from Charles Gilliland, research economist with Texas REC. Values are up 4.7% versus a year earlier and up 1.8% versus the fourth quarter of 2016 (see top chart). Values are higher in the Panhandle and South Plains region of the state, as well. This is the region most dependent on grain, cotton and cattle prices with little influence from energy prices. That area saw values rise 10.9% to an average value of $1,162 per acre and 9.2% on an inflationadjusted real basis. This follows a 7% annual decrease in 2015 on a nominal basis and an 8% decline on a real basis. The five-year annual compound rate is remarkable for the region, according to the data. The rate is 7.6% on a nominal basis and 6% on a real basis. These positive compound gains have occurred despite declines in 2013 and Farm managers and real-estate brokers in that area indicate dairies remain active buyers of cropland. As expected, the strongest demand is for irrigated cropland with good to average water. The low number of properties for sale is also a factor. The total number of properties sold in 2016 rivals the level just before the price collapse in 2008, Gilliland notes. Yet the amount of land sold has remained restricted compared to the quantity that changed hands in the 2003 to 2008 period. The current number of acres sold is 40% to 50% lower than it was during the mid-2000s. This underlines a change in the market with a sharp drop in the size of tracts offered for sale. Divestiture of timberland by wood and paper companies after 2002 contributed to some of those hefty acreage numbers reported in 2003 through But the total number of acres sold remains below the 1992 to 1996 and 1999 to 2001 levels. Mike Walsten

6 May 25, 2017 YOUR PRECIOUS LAND Iowa Farmland Pros See Values Stabilizing Stabilizing. That s the call for the Iowa farmland market from several hundred land professionals at the recent Iowa State University (ISU) Soil Management and Land Valuation Conference. Since 1964, attendees at the conference have projected average land values for the end of the year and into the future. Attendees include real-estate brokers, farm managers, farm operators, farmland investors and farm lenders. Their responses include a wide range of optimistic and pessimistic projections. This year s poll finds attendees looking for a statewide average farmland price of $7,863 an acre by year end essentially no change from their opinion in In addition, they project a statewide average farmland price of $7,849 an acre by the end of 2018, also a similar prediction from last year. This translates into two years of basically no change in the average value of an acre of Iowa farmland. That s a sign this group of land pros sees the state s Price Per Acre Source: Iowa State University farmland market stabilizing after declining from its 2013 highs. The group also expects values will edge higher after They project an average acre of Iowa farmland to rise by nearly 6%, reaching $8,307 an acre by They expect that uptrend to continue, projecting values will rise to $9,632 an acre (a 22.5% increase) by 2025, and surge to $12,841 an acre (a 63% increase) by Cash Rents Decline 5%. Iowa cash rental rates decreased 4.8% in 2017, according to the annual Iowa Land Value Survey of farm operators, landowners, ag lenders and professional farm managers by ISU. The survey found the statewide average cash rent declined to $219 an acre for 2017, marking the fourth consecutive year of decreases. This year s average is down 18.9% from the high of $270 an acre marked in 2013 (see chart below). The percentage decrease nearly matches the cumulative 17.4% decline in the value Iowa Cash Rents Down For Fourth Consecutive Year $300 $250 $200 $150 $100 $50 $0 $214 $270 $ MIKE WALSTEN mwalsten@farmjournal.com For 45 years, Mike Walsten covered business trends in agriculture and the land market. Today he serves as a contributor for LandOwner, since retiring from the editor role. of farmland reported in the 2016 Land Values Survey. The 18.9% decline from the record high is only a third of the cumulative decrease in the price of corn from the 2012/13 high to current prices, notes ISU Extension Economist Alejandro Plastina. This year s average is $5 higher than the $214 statewide average found in the 2011 survey. Although values declined on average, the southeast crop reporting district reported a 1.5% increase in average cash rent to $204 an acre. The north-central district posted the steepest decline for all districts of 10.3% to $218 an acre, down from $243 a year earlier. On a land-quality basis, cash rent for high-quality cropland declined 5%, from $270 an acre in 2016 to $256 an acre in The average cash rent for high-quality cropland is down 21.9% from the 2013 high. Medium-quality land decreased 4.6%, from $230 per acre in 2016 to $220 in 2017, and is down 18.9% versus Low-quality land experienced a 4.4% decline, from $191 per acre in 2016 to $183 in 2017, accumulating a 13.9% decline since FarmJournalPro.com 7

7 EYE-CATCHING LAND SALES Here s a listing of recent sales reported to us by real estate brokers and auctioneers across the country. If you have recent land sales you d like to share, contact us at (319) or dmichaelsen@profarmer.com. For more land sales, visit $11,000 PER ACRE Adams County, Ill. May 10: 38.1 acres tillable; approximately 1.5 miles north of Coatsburg, Ill.; PI 129.4; Dale Bolton, Sullivan Auctioneers, Hamilton, Ill., $9,288 PER ACRE Miami County, Ind. April 13: acres 7 miles southeast of Peru, Ind.; corn PI 145.2; soybean PI Marianne Blair, Halderman Real Estate Services, Wabash Ind., $8,791 PER ACRE Brown County, Minn. April 2017: tillable acres; southeast of Springfield, Minn.; CPI Darrell Hylen, Wingert Realty and Land Services, Inc, Mankato, Minn., $8,578 PER ACRE Watonwan County, Minn. April 2017: 76.1 tillable acres south of St. James, Minn.; CPI Darrell Hylen, Wingert Realty and Land Services, Inc, Mankato, Minn., $5,155 PER ACRE Monroe County, Mo. May 4: 41.7 acres; 1.5 miles north of Holiday, Mo. Tract 1: 36.7 acres; 23.5 acres tillable with the balance in hardwood timber and wooded draws. Tract 2: 5 acres with 1,800 sq. ft. ranch style home built in 2009 adjacent to tillable tract. Average for both parcels $5, per acre. Dale Bolton, Sullivan Auctioneers, Hamilton Ill., $5,057 PER ACRE Phillips County, Colo. March 28: total acres in 2 tracts approximately 7 miles east of Holyoke, Colo. Tract 1: 160 total acres with acres pivot irrigated; 12.1 acres in CRP; 1.2 acres grass and 11.9 acres dryland; PLC 148 bu. Tract 2: total acres with acres pivot irrigated; 47.1 acres in CRP and 5.8 acres dryland crop area; PLC 148 bu. Mark Reck, Reck Agri Realty & Auction, Sterling, Colo., $4,700 PER ACRE Sedgwick County, Kan. May 4: tillable, non-irrigated acres north of Wichita, Kan.; 39 acres currently planted to wheat; 47 acres intended to be planted to corn; 23 acres of alfalfa. Plot includes easement for VORTAC facility. Jeremy Sundgren, Sundgren Realty, El Dorado, Kan., $3,450 PER ACRE Putnam County, Ill. May 15: 79.2 total acres approximately 6.5 miles northwest of Henry, Ill; 11.4 tillable with the balance in mature timber $2,410 $5,057 $800 $1,869 $2,194 $8,791 $8,578 $3,400 $3,450 $9,288 $11,000 $5,155 $4,700 with creek; PI on tillable acres; timber suitable for hunting or recreation. Kevin Haas, Sullivan Auctioneers, Hamilton, Ill., $3,400 PER ACRE Wayne County, Iowa May 18: 56.5 total acres inside the Corydon, Iowa, city limits. Tract 1: 35.2 acres tillable currently in hay production with a lake; CSR2: Tract 2: 21.3 acres tillable currently in hay production; CSR2: Both tracts improved with city water, electric and other city amenities. Dale Bolton, Sullivan Auctioneers, Hamilton, Ill., $2,410 PER ACRE Perkins County, Neb. April 28: total acres in 2 tracts, 1 located 4.5 miles south of Brandon, Neb., and the other located 3 miles north of Brandon, both in Perkins County, Neb. Tract 1: total acres with 122 acres pivot irrigated; 28.1 acres dryland and 4.2 acres of road; PLC corn yield of 135 bu. and 40 bu. for wheat. Tract 2: 232 total acres with pivot irrigated; 65 acres dryland and 6.7 acres road; PLC corn yield of 135 bu. and 40 bu. for wheat. Mark Reck, Reck Agri Realty & Auction, Sterling, Colo., $2,194 PER ACRE Kingfisher County, Okla. May 16: 155 total acres 4 miles east of Hennessey, Okla.; acre wheat base and PLC yield of 31 bu.; improvements include an office building with electricity and water; well suitable for rental. Justin Choate, Wiggins Auctioneers, Enid, Okla., $1,869 PER ACRE Alfalfa County, Okla. May 11: total acres in 2 tracts east of Aline, Okla. Tract 1: 160 acres total with acres tillable and eight-tower irrigation system; PLC wheat yield of 37 bu. Tract 2: 62.5 total acres with 55.5 acres tillable and the balance in waterway; PLC wheat yield of 29 bu. Jeff Crissup, Wiggins Auctioneers, Enid, Okla., $800 PER ACRE Lane County, Kan. May 9: acres with 19.5 grassland acres and CRP acres; 8 miles southwest of Utica, Kan. Donald L. Hazlett, Farm & Ranch Realty, Inc, Colby, Kan., FarmJournalPro.com