ANALYSIS of OREGON FARM PROPERTY SALES

Transcription

1 ANALYSIS of OREGON FARM PROPERTY SALES Published Spring 2018 Lead Author: Dr. Megan Horst, Portland State University, Urban Studies & Planning, Planning Oregon With support from PSU graduate students: Chris De Venicia, PhD student Ansel Carr, Master of Urban Studies student Sarah Baca, Master of Urban Studies Student Andrea Villaroel, former PhD student And feedback from: Access to Land Committee of the Oregon Community Food Systems Network And other anonymous reviewers

2 Table of Contents Overview......p. 2 Statewide Look p. 7 County Specific Analysis..... p. 11 Regional Analysis..... p. 15 Central p. 18 Coastal p. 22 Columbia Gorge......p. 26 Northeastern p. 30. Southeastern p. 34 Southern......p. 38 Willamette Valley......p. 42 *Note that all figures and tables are numbered starting with 1 by section. 1

3 Overview INTRODUCTION Who owns farmland matters, for our agricultural economy and workers, rural and peri-urban communities, environment, food system, and our landscape. This report examines recent changes in ownership of privately owned farm property (including ranch properties) in Oregon. We look at both Exclusive Farm Use zoned properties as well as properties that are receiving special farm properties tax assessment. 1 The 2016 report The Future of Oregon s Agricultural Land 2 shared initial findings from an examination of farm properties purchases in four pilot counties. This report expands on that pilot study by sharing a statewide look, a detailed examination by seven regions, and a brief look at 33 out of 36 counties. 3 Specifically, this report presents data on recent farm property transfers in Oregon in (as recorded by county tax assessors), particularly focusing on the number of properties and acres being transferred, sales prices, and the kinds of buyers that are acquiring land. We focused on this time period because we aimed to avoid the impact of the Recession, and to capture the most recent data possible (this effort was initiated in early 2016). This document provides a lot of summary data, figures, tables and maps. RESEARCH MOTIVATIONS One motivation for this report is the prediction of a massive transfer of farm properties ownership in Oregon, due to an aging farmer population as well as broader changes in agriculture including increasing economic consolidation. Nationally it is widely believed that around 70 percent of all U.S. agricultural land will likely change ownership within the next 20 years. The Future of Oregon s Agricultural Land report noted that in this state, over 10 million acres, or about two thirds of Oregon s agricultural land, will pass to new owners in the next 20 years. How that land changes hands, for how much, who acquires it, and what they do with the land will impact Oregon for generations. This report offers insight into the actors currently buying farm properties. A second motivation for this report is interest in the price of farmland. Farmland prices nationally have been rising, with mixed impacts. On the one hand, people selling farm properties benefit from high prices per property and per acre. On the other hand, those looking to buy farm properties- especially beginning and small-scale, direct market farmers- are concerned about affordability as prices rise. There is also concern that the price of farm properties is climbing too high relative to the amount of income that can be generated by farming. The USDA reports that Oregon farm real estate values rose 5% between , and equaled about $2,300 per acre. The USDA uses different methods for identifying farms and assessing land value than we do in this report. 4 We show that buyers in paid higher sales prices per acre than the USDA reports. 1 Explained in more detail in Methods section. 2 Source: Brekken, C. A., Gwin, L., Horst, M., McAdams, N., Martin, S., & Stephenson, G. (2016). The Future of Oregon's Agricultural Land. Accessed at properties_final.pdf 3 Individual county reporting forthcoming in a subsequent online report. Also, this analysis does not include Multnomah, Klamath, or Umatilla counties. Multnomah is not included due to its more urban landscape. Klamath and Umatilla Counties did not respond to our multiple data requests. 4 Source: USDA. (2017). Land Values 2017 Summary Accessed at The USDA s data on farm properties values comes from the National Agricultural Statistics Service (NASS) s annual survey of 2

4 The third and final motivation for this report is concern about who is buying Oregon farm properties. Since the mid 1800 s, when land was taken from Native Americans and redistributed to homesteaders, Oregon has been home to mainly locally based family farmers. Relative to other parts of the country, farms are modestly-sized. While preparing this report, we heard speculation and concern that actors like development speculators, investors, large-scale agri-business, non-local entities, and amenity owners are buying farm properties in Oregon. In this report, we present as much information as possible on the entities buying farm properties in Oregon HIGHLIGHTS Visit the following sections for detailed highlights, tables and figures by state, region, and county. Overall, some main patterns and trends we observe include: Number of farm properties sales and acres Statewide, 13,109 farm properties and 1.4 million acres of farm properties were sold in Note that the USDA Census of Agriculture counted 35,439 farms and 16.3 million acres of land in farms in Oregon in 2012, to offer some insight into the proportion of overall farmland being transferred, though these numbers are not directly comparable to our data due to differing definitions. The median size of farm property sold was 20 acres. This might include land not used in farming. It might also not indicate the total farm business size if the farm business in question included multiple parcels. The total number of properties (nearly 2,000) sold in in 2015 was higher relative to years prior. For comparison, there were around 1,100 sales in This might indicate an increased pace in farm property sales. Regionally, the Willamette Valley had the most farm property sales (7,682) of the seven regions. Northeastern Oregon had the most acres sold (about 376 thousand acres), followed by Southeast Oregon (about 324 thousand acres) and the Willamette Valley (290 thousand acres). Price of farm properties Statewide, many farm properties sold for low amounts of money, possibly to family members or similar close connections (in real estate transactions, these are often called non-arm s length transactions). There were 3,574 sales for under $1,000, which we removed from the remainder of the price analysis to focus on arm s length sales. Statewide, the median price per acre of farm properties declined in 2011 compared to 2010, but then increased steadily each year from The statewide median price per acre in 2015 ($12,798) for all farm properties was slightly less than 2010 ($13,482), though up from 2011, 2012, 2013 and Statewide, the median price per acre for EFU-zoned land was $9,841, or about half that of non-efu zoned land ($19,357). Statewide, the median price for all the types of farm properties (EFU-zoned and not, improved and unimproved) was less than the average price, indicating that there are some outliers on the high price end bringing up the average. Statewide, the average price per acre varied depending on parcel size. Generally, smaller farm parcels (under 5 acres) sold for a much greater price per acre than larger farm parcels. USDA-identified farms. In comparison, we obtained recent sales prices from county assessors offices. Thus, our analysis is focused more on actual recent sales. 3

5 Statewide, improved properties cost two to four times as much per acre as non-improved properties. In some regions (Coastal, Columbia Gorge, Northeast, and Southeast), the price per acre was higher for EFU-zoned properties than non EFU-zoned properties. In other regions (Central, Southern, and Willamette Valley), the reverse was true: non-efu zoned properties had a higher price per acre than EFU-zoned properties. Regionally, the median price per acre varied both geographically. The Willamette Valley region had the highest median price per acre overall ($18,683). Southeast Oregon had the lowest median price per acre ($1,711). Among EFU-zoned properties, the Columbia Gorge had the highest median price per acre ($21,155), followed by Willamette Valley ($15,696) and the Coastal region ($11,503). Among non-efu-zoned properties, the Willamette Valley ($36,279) and Central region ($33,046) had the highest median prices per acre. Among improved properties (regardless of zoning), the Willamette Valley region ($24,820) had the highest median price per acre. Among counties, Hood River County ($29,300), Washington County ($25,489), and Lane County ($24,267) had the highest median prices per acre for EFU-zoned land. These same three counties also had the highest median price per acre for non-efu land and improved land. Buyers Out of state buyers are active in buying farm properties around the state. Statewide, out-of-state buyers bought at least 10% of properties and 26% of acres. This is likely an under-count (see Methods for more information). These out-of-state buyers came from a variety of states (leading ones including California, Oregon, Idaho, Texas, Arizona, Utah and Nevada) and a small number came from other countries (including Turkey and Japan). Statewide, individuals were the majority of buyers (71%), and trusts (with or without individuals) accounted for about 8% of buyers. Statewide, corporations bought approximately 40 properties of farm properties annually, shifting ownership of about 6,265 acres of farm properties annually from individuals to corporations. Corporations is a big category, including those buyers identified as companies, corporations, LLC s, INC. s or similar in their title. The category includes family and other kinds of corporations. Statewide, corporations accounted for a little more than 1 out of every 6 sales (about 19%) and over 40% of acreage sales. In other words, corporations bought larger properties. Among the 1,853 corporate buyers statewide in the time period, less than half (805) were corporations with clear connections to agriculture. More than half did not have clear connections to agriculture and instead were involved in real estate/land development/property management, investing, or manufacturing, or other (as determined by authors). Some of the top purchasers in the state by acreage or by price are non-agricultural corporations. Statewide, the top ten buyers in terms of acreage bought nearly 174,000 acres combined. The top ten buyers in terms of price spent over $150 million combined on farm properties. These actors ranged by type and included individuals, trusts, agriculture-related corporations, non-agriculture related corporations (including real estate/land development/property management, as determined by authors), and other. Regionally, the Columbia Gorge region had the highest percentage of properties purchased by outof-state buyers (14%) while the Southeast region had the highest percentage of acres purchased by out-of-state buyers (almost 40%). 4

6 Regionally, the percentage of corporate buyers was highest in the Columbia Gorge (25%) and Central Regions (25%). Corporate buyers bought the most land in in the Central region (59%) and in the Southeast region (46%). METHODS This is a brief summary of the steps of our methods and includes comments on the limitations posed by the data. For more detailed questions, contact report author. Note that our approach differs from approaches used by the United States Department of Agriculture (USDA). In its Census of Agriculture, the USDA counts all farms as those making at least $1,000 in sales and that respond to the Census. The Census of Agriculture counts land in farms, excluding parts of the property not in farm use. In comparison, we used county assessor land use classifications of farm properties. Note that many farms may be made of multiple parcels or properties. Farm properties may include land that is not farmed (e.g. in use by housing, driving/parking or habitat/conservation). As such, our data is not directly comparable to the USDA. We use the phrase farm property or farm parcel in this report to clarify our focus. 1. We contacted all 36 county assessor s offices in the state of Oregon to request the county sales records for all EFU-zoned farm properties and non-efu zoned farm properties that received farm properties tax assessments, for the time period of We obtained data for 33 out of the 36 state counties (with the exceptions of Multnomah, Klamath, and Umatilla). We paid a fee for most of the counties data. 2. Our records requests included a unique property ID number, maptaxlot information, situs address, property class (which we used to identify improved and unimproved as well as zoning category), sale date, sale type, sale price, acreage, land real market value, improvement real market value, total real market value, grantor (seller), grantee (buyer), and grantee s mailing address. 3. In an attempt to remove non-arms-length transactions, we removed all sales under $1,000 from most of the analysis (though we do report how many sales under $1,000 happened). We selected this cut-off point based on conversations with several agricultural land realtors, and because it appeared to be a logical cut-off point. 4. We meticulously combed the data to delete obvious double entries of the same transaction. However, the distinction was harder to ascertain when parcels were bought and sold more than once during the reference period of We adjusted all sales prices to be in 2015 dollars. 6. We manually categorized sellers and buyers by different types such as Individuals, Trust/LP/Estate, All Corporation Types (this included businesses identified as corporations, companies, LLC s and Inc. s), Fannie Mae or Bank Alone, and Unknown/Other. For All Corporation Types, further refinement was done to distinguish business categories such as Agriculture, Banking/Finance/Mortgage Brokers, Investment Company, Real Estate/Land Development & Property Management, Wholesale/Retail, and Other. When a grantor/grantee was identified as some kind of corporation type, we then conducted a search in the State of Oregon Secretary of State Business Database to assess the appropriate self-reported business category. Additional searches in other databases were employed when corporations where not listed with the Oregon Secretary of State s Business Database. We assigned the buyer to the category we deemed most relevant based on the name and any other information we could find. 7. We also manually categorized buyers as In State, Out of State, and Unknown, based on the mailing address listed for the grantee. We believe this overestimates the number of In State buyers, as many grantees simply use the purchased farm properties as their mailing address. Most counties did 5

7 not record the last legal mailing address for grantees before the finalization of sales. In some cases, mailing addresses were not provided at all. 8. We then analyzed the records by zoning class, property class (comparing improved, which is a land use classification likely meaning the property has a house or other significant infrastructure onsite, to unimproved) and acreage/size. 9. We present descriptive and summary findings statewide and also by regions closely following the seven agricultural regions of Oregon used by the Oregon Department of Agriculture (though with a few differences, because we started with county property tax records). We also share some limited county-specific data. One of the main limitations was our limited ability to analyze owners, including their actual previous residence and more about who they are/the specific kind of organization and business type. Ownership data does not include any information on gender, age, race/ethnicity, income, or other, so we are unable to analyze along those lines. A second limitation is that there is no obvious way to remove nonarm s length transactions, so our analysis likely includes those transactions not typical of the arm s length reality. A third limitation is that we were not able to account for other considerations of farm properties price, like water rights, specific location, soil type, etc. A fourth limitation is the constrained time period, A lot of activity has happened since then, and we are unable to report on that. Finally, the quality and completeness of the data varied by county, and in some counties, did not include complete addresses, creating a barrier for more spatially fine analysis. The data and findings were double-checked by the author and supporting students, but errors may be possible. Future iterations of this research would benefit greatly from a standardized and uniform recordkeeping process implemented across Oregon s 36 counties. This would also enable more ongoing reporting. Next steps could include analyzing by location at a finer scale than by county (e.g. by zipcode) and incorporating additional information about housing, soil class, water rights, etc. However, this would require complete data sets from the counties. Another next step would be to do a follow-up study in future years to track changes. Finally, it would be useful to look into specific buyer types and their impacts. CONCLUSIONS This report provides insight into the transfer of ownership of Oregon farm properties. We hope stakeholders of Oregon s food and agricultural system find it useful. Statewide, we see a brisk pace of farm property sales in the time period. The median price per acre increased from , after an initial decline in (which we suspect was part of a delayed recession impact on farm properties). The 2015 median price per acre was similar to the 2010 price. Average prices per acre across the board were higher than medians, suggesting that individual properties are driving the averages up. We found higher median prices per acre than reported by USDA, suggesting that our methods of tracking actual sales transactions may more accurately reflect the price arms-length buyers experience. The median price per acre was particularly higher in some counties and regions, as mentioned in the summary, compared to others. The median price per acre was higher for smaller properties and improved properties compared to larger unimproved properties. The rising prices might be a barrier for 6

8 beginning farmers, small-scale farmers, and farmers with less resources and looking to live on their farm property. It may also be problematic overall for farmers if farm net incomes continue to be compressed. A lot of actors, including out-of-state actors and corporations, are involved in farm properties sales. There appears to be a shift underway to greater corporate ownership (this may include family corporations). Corporations unrelated to agriculture are also involved in purchasing farm properties, raising questions about the future of the land in farm use. Individuals and trusts (with and without individuals) continue to be the main buyers. Some specific buyers acquired significant amounts of farm properties property and will likely have an influence on the agricultural landscape. Additionally, some buyers spent a lot of money on farm properties purchases and may be influencing the prices in Oregon up. This report hopefully provides information to stakeholders of Oregon s agricultural economy and workers, rural and peri-urban communities, environment, food system, and our landscape, and informs future action on these issues. 7

9 Statewide Look Highlights: Sales and Prices Over 13,000 farm properties and nearly 1.4 million acres of farm properties changed ownership from (Table 1) Over 2,500 farm properties sales were of properties greater than 80 acres, while there were nearly 1,500 sales each from the size categories of 5-10 acres, and acres. (Figure 1) The median acreage was about 20 acres. (Table 1) The total number of farm properties sales increased each year in the period. (Figure 2) More than 1 out of every 4 sales during the reference time period sold for less than $1,000 and were removed from the subsequent state-wide analysis. (Table 1) There were 1,560 annual qualified sales accounting for about 187 thousand acres of land transferred annually. (Table 1) The median price per acre for qualified sales was nearly $11,000, while the average price per acre was over $34,000. (Table 1). The median was the highest in 2010, while the average was the highest in 2014 of the 6 study years (Figure 3). The median ($19,357) and average ($46,249) price for non-efu properties was higher per acre than the median ($9.841) and average ($32,572) for EFU-zoned properties. (Table 1) The average price per acre was higher for smaller properties than larger properties. (Figure 4) Highlights: Buyers Known out of state buyers accounted for about 10% of properties and 26% of acres purchased. (Figure 5) Out of state buyers paid higher average purchase prices than in-state buyers (not pictured). These out-of-state buyers came from a variety of states (leading ones including California, Oregon, Idaho, Texas, Arizona, Utah and Nevada) and a small number came from other countries (including Turkey and Japan). Individuals and trusts/estates/lps together accounted for 79% of farm properties purchased and 54% of acres purchased. Corporations accounted for a little more than 1 out of every 5 sales and over 40% of acres purchased. In other words, corporations are buying larger properties than other buyer types. (Figures 6 & 7) Agriculture-related corporations accounted for 8% of all sales and 24% of acres purchased. Real estate, land development and property management-related corporations accounted for 7% of all sales and 14% of acres purchased. (Figures 6 & 7) Corporations bought approximately 40 properties of farm properties annually, shifting ownership of about 6,265 acres of farm properties annually from individuals to corporations. (Table 1) Agriculture-related corporations accounted for 5 of the top 10 buyers by price and 3 of the top 10 buyers by acreage. (Tables 2 & 3) Table 1. Oregon Region Farm Property Sales ( ) All Farm Property Sales ,109 All Farm Property Acres Transferred ,392,155 Qualified Farm Property Sales (Sales under $1,000 removed from remainder of analysis) 9,365 (3,744) Average Annual Sales 1,560 Total Qualified Acres Sold 1,119,180 Average Annual Acres Transferred 186,530 Median Acreage (Average Acreage) Per Transfer 20 (119) Median (Average) Price Per Acre $10,903 ($34,184) Median (Average) Price Per Acre, Improved $9,841 ($34,249) Median (Average) Per Acre, Unimproved $19,452($32,572) Median (Average) Per Acre, EFU $9,841($31,056) Median (Average) Per Acre, non-efu $19,357($46,249) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 40 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 6,265 8

10 Figure 1: Number of Sales by Size Categories Figure 2: Number of Sales Per Year, EFU and non-efu zoned properties 2,000 1,500 1, EFU-zoned properties Non EFU-zoned properties Figure 3: Median and Average Sales price per Acre in 2015 dollars Overall, Per Year $40,000 $30,000 $20,000 $10,000 $ Average Median Figure 4: Average Sales Price Per Acre by lot size, EFU and non-efu zoned proeprties 350, $317, , Average price per acre in 2015 dollars 250, , , , , $192,719 $108,405 $134,696 $112,860 $91,519 $89,297 $67,414 $61,742 $74,612 $49,076 $35,028 $22,228 $23,425 $15,411 $6,845 $4,437 $11,552 $8,252 $6,056 $3,376 $2,829-0 to 1 acre 1 to 2 acres 2 to 3 acres 3 to 4 acres 4 to 5 acres 5 to 10 acres 10 to 20 acres 20 to 40 acres 40 to 60 acres 60 to 80 acres over 80 acres Lot size average price per acre in 2015 dollars EFU average price per acre in 2015 dollars non-efu 9

11 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer Properties Acres 10% 8% 18% In State 26% 56% Out of State Unknown 82% Figure 6. Percentage and Number of Farm Properties Purchased by Buyer Types 807, 8% 99, 1% 109, 1% Individual Trust/LP/Estate 805, 8% Fannie Mae or Bank Alone Other/Unknown Agriculture 1,853, 19% 113, 1% 87, 1% 20, 0% Banking/Finance/Mortgage Brokers Investment Company 7,041, 71% Manufacturing 692, 7% Real Estate, Land Development & Property Management Wholesale and Retail Other 1, 0% 135, 2% Figure 7: Percentage and Number of Acres Purchased By Buyer Types 9,544, 1% 34,098, 3% 126,378, 11% Individual Trust/LP/Estate Fannie Mae or Bank Alone 280,584, 24% Other/Unknown Agriculture Banking/Finance/Mortgage Brokers 501,601, 43% 497,932, 42% 12,137, 1% 13,381, 1% 2,695, 0% 160,704, 14% Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other 101, 0% 28,329, 2% 10

12 Table 2. Oregon Top 10 Purchasers by Price ( ) Price Per Acre Columbia Gorge 1 $65,000,000 Greg Te Velde Individual $8,918 2 $13,855,000 Oregon Trail Highway LLC Columbia Gorge Real Estate, Land Development & Property Management $7,300 3 $11,766,936 RBH OREGON LLC Central Other $ 73,470 4 $11,000,000 BLATCHFORD & SON, LLC Northeast Agriculture $2,200,000 5 $ 10,445,105 STAFFORD RANCHES LLC Central Agriculture $33,046 6 $9,900,000 Pueblo Mountain Land Company LLC Southeast Real Estate, Land Development & Property Management 7 $9,500,000 ACMPC OREGON 1 LLC Willamette Valley Agriculture $3,936 8 $ 9,000,000 NOFZIGER TYLER C & JESSICA K Southeast Individual $112,500 9 $ 8,400,000 PROBERT FAMILY RANCHES, LLC Northeast Agriculture $ $8,354,500 BTAZ Nevada LLC Southeast Agriculture $224 $576 Table 3. Oregon Top 10 Purchasers by Acreage ( ) Price Per Acre 1 63,222 acres BTAZ NEVADA LLC Southeast Agriculture $ ,196 acres Pueblo Mountain Land Company LLC 3 14,148 acres Western River Conservancy Southeast Columbia Gorge Real Estate, Land Development & Property Management $576 Other - Conservancy $ ,039 acres Daniel P Wegner Trust, et al. Southeast Trust/LP/Estate $ ,328 acres KREBS WIND LLC Northeast Agriculture $ ,273 acres Neal J Dow Family Limited Partners LP Columbia Gorge Trust/LP/Estate $ ,874 acres PROBERT FAMILY RANCHES, LLC Northeast Agriculture $ ,003 acres HAMILTON RANCH LLC Central Real Estate, Land Development & Property Management 9 8,071 acres BROOKS, KENNETH R & CECILIA B Northeast Individual $ ,820 acres WIKSTROM, CHARLES & CHARLENE $534 Northeast Individual $151 11

13 County Specific Analysis Highlights: Among counties, Hood River County ($29,300), Washington County ($25,489), and Lane County ($24,267) had the highest prices per acre for EFU-zoned properties. These same three counties also had the highest price per acre for non-efu and improved properties. (See all following tables and figures in this section for different versions of this information) Figure 1: Map of Median Price Per Acre of EFU-Zoned Properties, by County Legend Oregon counties Median Price Per Acre $0.00 $ $1, $1, $5, $5, $10, $10, $15, $15, $20, $20, $25, $25, $30, Clatsop Columbia Tillamook Washington Yamhill Clackamas Hood River Wasco Sherman Gilliam Morrow Union Wallowa Polk Marion Lincoln Benton Linn Jefferson Wheeler Grant Baker Crook Lane Deschutes Coos Douglas Harney Malheur Lake Curry Josephine Jackson 12

14 Figure 2: Map of Median Price Per Acre of Non EFU-Zoned Properties, by County Legend Oregon counties MPPA_NonEFU $0.00 $ $1, $1, $5, $5, $10, $10, $20, $20, $40, $40, $60, $60, $100, Clatsop Columbia Tillamook Washington Yamhill Clackamas Hood River Wasco Sherman Gilliam Morrow Union Wallowa Polk Marion Lincoln Benton Linn Jefferson Wheeler Grant Baker Crook Lane Deschutes Coos Douglas Harney Malheur Lake Curry Josephine Jackson 13

15 Table 1: Median Price Per Acre by Region, County, and Property Type Region/ Part of State County Overall EFU Non-EFU Improved Non-Improved Coastal Clatsop $5,957 $4,914 $6,642 $6,642 $2,974 Coos $16,764 $0 $16,764 $16,764 $0 Columbia Gorge Central Northeast Curry $11,205 $11,205 $11,205 $11,205 $11,205 Lincoln $21,717 $23,585 $17,112 $23,794 $4,638 Tillamook $11,601 $9,804 $48,000 $11,601 $13,178 Gillam $447 $439 $539 $784 $285 Hood River $35,137 $29,300 $91,822 $42,477 $21,778 Morrow $2,043 $0 $0 $0 $0 Sherman $1,132 $1,132 $0 $940 $1,264 Wasco $148 $128 $0 $148 $0 Crook $4,095 $4,118 $4,037 $6,200 $1,547 Deschutes $24,310 $18,816 $41,000 $28,709 $10,096 Jefferson $4,371 $4,245 $26,499 $5,247 $2,242 Baker $3,386 $3,030 $12,581 $5,117 $1,791 Grant $1,129 $2,721 $893 $1,629 $798 Union $1,981 $1,896 $4,092 $2,405 $1,594 Wallowa $2,163 $2,285 $1,404 $3,986 $1,004 Wheeler $2,158 $2,302 $2,302 $4,601 $1,516 Southeast Lake $1,523 $1,844 $1,523 $2,500 $1,148 Harney $999 $967 $8,390 $1,666 $556 Malheur $3,517 $3,874 $220 $3,950 $1,955 Southern Douglas $2,815 $0 $2,815 $3,182 $1,909 Willamette Valley Jackson $10,940 $10,125 $18,040 $18,381 $6,625 Josephine $16,980 $13,711 $18,573 $17,000 $12,185 Benton $14,911 $11,871 $37,207 $33,727 $5,990 Clackamas $28,361 $22,724 $55,967 $35,088 $13,404 Columbia $14,948 $15,011 $12,966 $11,296 $30,030 Lane $36,400 $24,267 $57,586 $39,589 $31,579 Linn $8,000 $7,681 $11,034 $12,395 $4,395 Marion $16,669 $17,334 $13,348 $19,795 $5,692 Polk $4,861 $4,899 $4,425 $4,861 $4,641 Washington $37,204 $25,489 $67,497 $42,841 $18,539 Yamhill $20,972 $18,132 $18,132 $26,498 $11,042 14

16 Figure 4: Price Per Acre by Region, County, and Property Type $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Clatsop Coos Curry Lincoln Tillamook Gillam Hood River Morrow Sherman Wasco Crook Deschutes Jefferson Baker Grant Union Wallowa Wheeler Lake Harney Malheur Douglas Jackson Josephine Benton Clackamas Columbia Lane Linn Marion Polk Washington Yamhill Coastal Columbia Gorge Central Northeast Southeast Southern Willamette Valley Overall EFU Non-EFU Improved Non-Improved 15

17 Regional Analysis Highlights The below findings are about the regions depicted in Figure 1, which loosely follow the 7 agricultural regions of Oregon used by the Oregon Department of Agriculture. In some regions (Coastal, Columbia Gorge, Northeast, and Southeast), the price per acre was higher for EFU-zoned properties than non EFU-zoned properties. In other regions (Central, Southern, and Willamette Valley), the reverse was true: non-efu zoned properties had a higher price per acre than EFU-zoned properties. (Table 1 and Figure 2) Regionally, the median price per acre varied both geographically. The Willamette Valley region had the highest median price per acre overall ($18,683). Southeast Oregon had the lowest median price per acre ($1,711). (Table 1 and Figure 2) Among EFU-zoned properties, the Columbia Gorge had the highest median price per acre ($21,155), followed by Willamette Valley ($15,696) and the Coastal region ($11,503). (Table 1 and Figure 2) Among non-efu-zoned properties, the Willamette Valley ($36,279) and Central region ($33,046)) had the highest median prices per acre. (Table 1 and Figure 2) Among improved properties (regardless of zoning), the Willamette Valley region ($24,820) had the highest median price per acre. (Table 1 and Figure 2) Figure 1: Agricultural Regions of Oregon Used in this Analysis Legend Oregon counties Regions Not included in report Central Coast Columbia Gorge Northeast Southeast Southern Willamette Valley 16

18 Table 1: Median Sales Price Per Acre by Region Overall EFU Non-EFU Improved Non-Improved Central $7,472 $6,506 $33,046 $12,128 $3,185 Coastal $11,355 $11,503 $11,205 $12,352 $5,503 Columbia Gorge $14,297 $21,155 $4,421 $17,292 $9,903 Northeast $2,302 $2,500 $1,528 $3,292 $1,141 Southeast $1,711 $1,833 $757 $2,617 $1,085 Southern $9,065 $5,482 $11,195 $12,310 $5,282 Willamette Valley $18,683 $15,696 $36,279 $24,820 $8,298 Figure 2: Median Sales Price Per Acre by Region $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Central Coastal Columbia Gorge Northeast Southeast Southern Willamette Valley Overall EFU Non-EFU Improved Non-Improved 17

19 Regional Analysis: Central Oregon Highlights: Sales and Prices Over 1,600 properties and over 180 thousand acres of farm properties were transferred in the time period. About a third of all sales during the reference time period were for less than $1,000. (Table 1) The median price per acre for improved farm properties ($12,128) was roughly 3.5 times higher than unimproved farm properties ($3,185). (Table 1) The median price per acre for non-efu farm properties ($33,046) was over 5 times as much as EFU farm properties ($6,506). (Table 1 & Figure 3) The median acreage sold in the region was about 36 acres, while the average was 130 acres. (Table 1) Smaller farm properties have higher median prices per acre than larger properties, with the smallest properties having the highest prices. (Figure 4) The number of farm properties transferred increased each year in the time period. (Figure 2) The median price per acre was highest in 2010 in the time period. (Figure 3) Deschutes County had by far the highest median price per acre for all property types, including EFU ($18,816), non-efu ($41,000), and improved ($28,709). (Figure 8) Highlights: Buyers Most of the buyers had in-state addresses. (Figure 5) Out of state buyers paid higher median purchase prices than in state buyers. (not pictured) Corporations bought approximately 1 property of farm properties annually, shifting ownership of about 1,206 acres of farm properties from individuals to corporations. (Table 1) Corporations accounted for about 1 out of every 4 sales and 3 out of 5 of acres purchases. In other words, corporations bought larger properties than other buyer types. (Figures 6 & 7) Agriculture-related corporations accounted for 3 of the top 10 buyers by price and 5 of the top 10 buyers by acreage. (Tables 2 & 3) Agriculture-related corporations accounted for about 13% of all sales, and 24% of all purchases by acreage. (Figures 6 & 7) Real Estate, etc.-related corporations accounted for about 8% of all sales, and 27% of all sales by acreage. One of the largest buyers by price or acreages were real-estate, etc.-related corporations. (Figures 6 & 7, Tables 2 & 3) Table 1. Central Oregon Farm Property Sales ( ) All Farm Property Sales 1,602 All Farm Property Acres Transferred 182,931 Qualified Farm Property Sales (Sales Under $1,000) 1,117 (485) Average Annual Sales 186 Total Qualified Acres Transferred 145,355 Average Annual Acres Transferred 24,225 Median Acreage (Average Acreage) 36 (130) Median (Average) Price Per Acre $7,472 ($22,052) Median (Average) Price Per Acre, Improved $12,128 ($22,368) Median (Average) Price Per Acre, Unimproved $3,185 ($12,725) Median (Average) Price Per Acre, EFU $6,506 ($45,840) Median (Average) Price Per Acre, non-efu $33,046 ($22,052) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 1 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 1,206 18

20 Figure 1: Number of Farm Property Sales by Size Categories, over 160 acres over 80 acres 0ver 40 acres over 20 acres 10 to 20 acres 5 to 10 acres 4 to 5 acres 3 to 4 acres 2 to 3 acres 1 to 2 acres 0 to 1 acres Figure 2: Number of Sales per Year, EFU And Non-EFU EFU Non-EFU Figure 3: Average and Median Sales Price Per Acre Per Year $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ Average Median Figure 4: Average Price Per Acre by Size Category, EFU and Non-EFU $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 0-5 acres 5-10 acres acres acres acres acres 160+ acres EFU Non-EFU 19

21 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer Properties Acres 15% 14% 10% In State Out of State 9% In State Out of State 75% Unknown 77% Unknown Figure 6: Percentage and Number of Farm Properties Purchased by Buyer Types 88, 8% 7, 1% 8, 1% 11, 1% 13, 1% 2, 0% Individual Trust/LP/Estate Fannie Mae or Bank Alone 88, 8% Other/Unknown Agriculture 285, 25% Banking/Finance/Mortgage Brokers 734, 65% 145, 13% 26, 2% -, 0% Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other Figure 7: Percentage and Number of Acres Purchased by Buyer Types 641, 0% 11,902, 8% 763, 1% 992, 1% 318, 0% Individual Trust/LP/Estate 7,62 8, 5% Fannie Mae or Bank Alone Other/Unknown 46,425, 32% 85,777, 59% 34,993, 24% 38,687, 27% Agriculture Banking/Finance/Mortgage Brokers Investment Company Manufacturing 3,159, 2% -, 0% Real Estate, Land Development & Property Management Wholesale and Retail Other 20

22 Table 2. Central Oregon Top 10 Purchasers by Price ( ) Price Per Acre 1 $11,766,936 RBH OREGON LLC Other $73,740 2 $10,445,105 STAFFORD RANCHES LLC Agriculture $33,046 3 $7,577,319 HAMILTON RANCH LLC Real Estate, Land Development & Property Management $534 4 $7,111,610 LOYAL LAND LLC Real Estate, Land Development & Property Management $4,487 5 $6,307,401 PLUNKETT, MIKE & EILEEN Individual $78,843 6 $4,792,587 AJ DAIRY LLC Agriculture $8,201 7 $2,600,000 ROSS, ROBERT G JR & NANETTE T Individual $6,295 8 $2,541,291 DESCHUTES LAND TRUST Other - Land Trust $158,831 9 $2,250,000 KNIGHT, PHILIP & PENELOPE Individual $4, $2,175,471 MALOTT MARK & ANN LLC Agriculture $6,818 Table 3. Central Oregon Top 10 Purchasers by Acreage ( ) Price Per Acre 1 17,078 HAMILTON RANCH LLC Real Estate, Land Development & Property Management $ , LLC Real Estate, Land Development & Property Management $ ,574 STAFFORD RANCHES, LLC ET AL Agriculture no sale price 4 6,167 JRS PROPERTIES III LP Investment Company no sale price 5 4,753 KINVILLE, LINDA Individual $13 6 3, RANCH LLC Agriculture $ ,233 KENNEDY MARTIN ANDREW TRUST Trust/LP/Estate $ ,856 FRYER CREEK RANCH LLC Agriculture $408 MILGARD JAMES DBA DESERT CREEK 9 2,760 Agriculture RANCH $ ,418 CIRCLE F RANCHES INC Agriculture $835 $45,000 $40,000 Figure 8: Median Price Per Acre by County and Property Type $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Crook Deschutes Jefferson Overall EFU Non-EFU Improved Non-Improved 21

23 Regional Analysis: Coastal Region Highlight: Sales and Prices There were 369 farm sales in the time period. (Table 1) About 16%, or roughly 1 out of every 6 sales during the reference time period were for less than $100. (Table 1) The median price per acre for improved farm properties ($12,352) was roughly 2.2 times higher than unimproved farm properties ($ 5,503). (Table 1) The median and average price per acre for EFU farm properties is comparable to that of non-efu farm properties ($9,884). (Table 1) Median acreage in the region was 19 acres compared to 42 for average acreage. (Table 1) The average and median price per acre increased in 2014 and 2015 relative to the previous years. (Figure 3) Smaller farm properties had a higher average price per acre than larger properties. (Figure 4) Lincoln County had the highest median price per acre for both EFU-zoned and improved properties, at over $23,000 per acre. (Figure 8) Highlight: Buyers Individual and trusts accounted for over 90% of farm purchases in (Figures 6 & 7) Corporations bought approximately 1 property of farm properties annually, shifting ownership of about 122 acres of farm properties from individuals to corporations. (Table 1) All Corporation Types purchased farm properties at the highest median purchase price than other buyer types (not pictured). 85% of buyers had in-state addresses (Figure 5) Out of state buyers paid higher median purchase prices per property and acre than in-state buyers (not pictured). Corporations accounted for 7.7% of all sales and 16.6% of acreage sales. In other words, corporations are buying larger properties than other buyer types. (Figures 6 & 7) Real Estate, etc.-related corporations accounted for 2.6% of all sales, and 1.7% of all sales by acreage. (Figures 6 & 7) Corporations not obviously related to agriculture accounted for 6.1% of all sales, and 12.9% of all sales by acreage. (Figures 6 & 7) Table 1: Coastal Region Farm Property Sales ( ) All Farm Property Sales All Acres Transferred ,695 Qualified Farm Property Sales (Sales Under $100) 311 (58) Average Annual Sales 52 Total Qualified Acres Sold 13,068 Average Annual Acres Transferred 2,178 Median Acreage (Average Acreage) per Transfer 18.6 (42) Median (Average) Price Per Acre $11,355 ($32,171) Median (Average) Price Per Acre, Improved $12,352 ($34,446) Median (Average) Price Per Acre, Unimproved $5,503 ($26,862) Median (Average) Price Per Acre, EFU $11,503 ($31,986) Median (Average) Price Per Acre, non-efu $11,205 ($32,291) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 1 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts

24 Figure 1: Number of Sales by Size Categories, acres 5-10 acres acres acres acres acres 160+ acres Figure 2: Number of Sales Per Year, EFU and non-efu zoned properties EFU zoned properties Non-EFU zoned properties Figure 3: Median and Average Sales price per Acre in 2015 dollars Overall, Per Year $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ Average Price Per Acre Median Price Per Acre Figure 4: Average Sales Price Per Acre by lot size, EFU and non-efu zoned properties $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 0-5 acres 5-10 acres acres acres acres acres 160+ acres EFU Non-EFU 23

25 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer 3% Properties 2% Acres 12% 10% In State Out of State Unknown In State Out of State Unknown 85% 88% Figure 6: Percentage and Number of Farm Properties Purchased by Buyer Types Individual -, 0% Trust/LP/Estate Fannie Mae or Bank Alone 245, 79% 36, 12% 1, 0% 24, 7% 5, 2% 8, 2% 4, 1% 1, 0% 1, 0% 5, 2% 5, 2% Other/Unknown Agriculture Banking/Finance/Mortgage Brokers Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Figure 7: Percentage and Number of Acres Purchased by Buyer Types Individual 2,316, 18% 22, 0% 259, 2% 221, 2% -, 0% Trust/LP/Estate Fannie Mae or Bank Alone Other/Unknown 1,096, 8% Agriculture 2,164, 17% 345, 3% Banking/Finance/Mortgage Brokers 8,307, 63% Investment Company 7, 0% 473, 4% Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail 22, 0% Other 24

26 Table 4. Coastal Region Top 10 Purchasers by Price ( ) Price Per Acre 1 $4,700,000 ANKER, CORNELIUS Individual $10,437 2 $3,850,000 HOGAN, DAVID L & RITA F (C) Trust/LP/Estate $9,842 3 $2,845,000 LAFRANCHI, RON Individual $20,343 4 $2,150,000 COWAN, NEAL BRADLEY & MELODY Individual $8,259 5 $2,000,000 STIMSON LUMBER COMPANY Manufacturing $9,709 6 $1,900,000 DILA DAIRY, INC. Agriculture $5,903 MARIA CONCEPCION FRIAS REVOCABLE 7 $1,900,000 Trust/LP/Estate TRUST $34,907 8 $1,650,000 HINDMAN, SHIRLEY A Individual $22,856 9 $1,612,500 Astoria Wetlands LLC Other $6, $ 1,525,000 NEGLEY, LESLIE NELSON TRSTEE Trust/LP/Estate $18,776 Table 5. Coastal Region Top 10 Purchasers by Acreage ( ) Price Per Acre JACKSON, MADELYN ETAL Individual $1, Warrenton Fiber Company Manufacturing $1, MARSH, JOSEPH B & JEANMARIE Individual $1, HOGAN, DAVID L & RITA F (C) Trust/LP/Estate $10, APCO CURRY PROPERTIES LLC Manufacturing $1, DILA DAIRY, INC. Agriculture $5, COWAN, NEAL BRADLEY & MELODY Individual $8, ANDERSON, WILLIAM R & ROBYN L TRSTEES Trust/LP/Estate $3, Astoria Wetlands LLC Other $6, ANKER, CORNELIUS Individual $15,310 Figure 8: Median Price Per Acre by County $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 Overall EFU Non-EFU Improved Non-Improved $0 Clatsop Coos Curry Lincoln Tillamook 25

27 Regional Analysis: Columbia Gorge Highlights: Sales and Prices There were 474 sales during the time period. (Table 1) 35.6% of all sales during the reference time period were for less than $100. (Table 1) Median prices per acre for improved farm properties ($ 17,292) was roughly 1.7 times higher than unimproved farm properties ($ 9,903). (Table 1) The median price per acre for non-efu farm properties ($69,721) was 3.3 times as much as EFU farm properties ($ 21,155). (Table 1) The median acreage in the region was 19 acres, compared to 372 average acres. (Table 1) Many of the farm properties sold were 10 acres or smaller. (Figure 1) Smaller farm properties had a higher median price per acre than larger properties. (Figure 4) Hood River County had by far the highest median price per acre in all categories, including EFU-zoned ($29,300), non-efu ($91,822) and improved ($42,477). (Figure 8) Highlights: Buyers Corporations bought approximately 3 properties of farm properties annually, shifting ownership of about 100 acres of farm properties from individuals to corporations. (Table 1) Corporations accounted for 1 out of every 4 sales (about 25%), and 37% of acreage sales. In other words, corporations are buying larger properties than other buyer types. (Figures 6 & 7) Agriculture-related corporations accounted for 13.4% of all sales, and 21.2% of all sales by acreage. (Figures 6 & 7) Real Estate, etc.-related corporations accounted for 8.5% of all sales, and 10.7% of all sales by acreage. (Figures 6 & 7) Corporations unrelated to agriculture accounted for 11.5% of all sales, and 15.9% of all sales by acreage. (Figures 6 & 7) Agriculture-related corporations accounted for 2 of the top 10 buyers by price and 3 of the top 10 buyers by acreage. (Tables 2 & 3) Table 1. Columbia Gorge Region Farm Property Sales ( ) All Farm Property Sales Total Farm Property Acres Transferred 125,700 Qualified Farm Property Sales (Sales Under $1,000 removed from remainder of analysis) 305 (169) Average Annual Sales 51 Total Qualified Acres Sold 113,581 Average Annual Acres Transferred 18,930 Median Acreage (Average Acreage) (372) Median (Average) Price Per Acre $14,297 ($46,046) Median (Average) Price Per Acre, Improved $17,292 (71,336) Median (Average) Price Per Acre, Unimproved $ 9,903 (31,132) Median (Average) Price Per Acre, EFU $21,155 ($50,952) Median (Average) Price Per Acre, non-efu $4,421 (35,198) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 3 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 99 26

28 Figure 1: Number of Sales by Size Categories acres 5-10 acres acres acres acres acres 160 acres+ Figure 2: Number of Sales Per Year, EFU and non-efu zoned properties EFU-zoned properties Non EFU-zoned properties Figure 3: Median and Average Sales price per Acre in 2015 dollars Overall, Per Year $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ Average Price Per Acre Median Price Per Acre Figure 4: Average Sales Price Per Acre by lot size, EFU and non-efu zoned properties $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 0-5 acres 5-10 acres acres20-40 acres40-80 acres acres 160 acres+ Non-EFU EFU 27

29 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer Properties Acres 15% 14% 71% 29% In State Out of State Unknown 57% 14% In State Out of State Unknown Figure 6. Percentage and Number of Farm Properties Purchased by Buyer Types 39, 13% 1, 0% 7, 2% 1 -, 0%, 0% 1, 0% Individual Trust/LP/Estate 26, 9% Fannie Mae or Bank Alone Other/Unknown Agriculture 76, 25% Banking/Finance/Mortgage Brokers 182, 60% 41, 14% 7, 2% -, 0% Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other Figure 7. Percentage and Number of Acres Purchased by Buyer Types 549, 1% 18,533, 16% 20,370, 18% 42,046, 37% 32,084, 28% 24,018, 21% 549, 0% 0, 0% 47, 0% 12,150, 11% 5,282, 5% 0, 0% Individual Trust/LP/Estate Fannie Mae or Bank Alone Other/Unknown Agriculture Banking/Finance/Mortgage Brokers Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other 28

30 Table 2. Columbia Gorge Region Top 10 Purchasers by Price ( ) Price Per Acre 1 $65,000,000 Greg Te Velde Individual $ 8,918 Real Estate, Land Development & 2 $13,855,000 Oregon Trail Highway LLC Property Management $7,300 Neal J Dow Family Limited Partners 3 $6,669,000 Trust/LP/Estate LP $502 4 $6,100,000 Western River Conservancy Other - Conservancy $431 Real Estate, Land Development & 5 $5,134,971 EAGLE CREEK NORTHWEST, LLC Property Management $151,922 6 $3,610,758 State of Oregon Government Agency $1,060 7 $3,600,000 Weedman Brothers Agriculture $907 Real Estate, Land Development & 8 $3,130,000 JPD LAND COMPANY, LLC Property Management $17,056 9 $2,775,000 Meadowbrook Farms, LLC Agriculture $2,555 Real Estate, Land Development & 10 $2,350,000 Bellinger Properties LLC Property Management $6,930 Table 3. Columbia Gorge Region Top 10 Purchasers by Acreage ( ) Price Per Acre 1 14,148 Western River Conservancy Other - Conservancy $ ,273 Neal J Dow Family Limited Partners LP Trust/LP/Estate $ ,483 McElligott LLC Agriculture $ ,288 Greg Te Velde Individual $8, ,752 Tritazu Investments LLC Real Estate, Land Development & Property Management $ ,234 Oregon EAT, LLC Unknown $ ,970 Weedman Brothers Agriculture $ ,949 John D & Debra Burns Co-Trustees Trust/LP/Estate $ ,406 State of Oregon Government Agency $1, ,135 Kamerrer Farms Inc Agriculture $447 Figure 8: Median Price Per Acre By County $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Gillam Hood River Morrow Sherman Wasco Overall EFU Non-EFU Improved Non-Improved 29

31 Regional Analysis: Northeast Oregon Highlights: Sales and Prices There were 936 total sales in the time period. Only 6.5% of all sales during the reference time period were for less than $1,000. (Table 1) The median price per acre for improved farm properties ($3,292) was roughly 3 times higher than unimproved farm properties ($1,141). (Table 1) The median price per acre for non-efu farm properties ($1,528) sold for just around 61% of the median price per acre for EFU farm properties ($2,500). (Table 1) The median acreage per farm property sold was about 125 acres, compared to 389 acres for average acreage for purchases. (Table 1) Most properties sold were over 160 acres. (Figure 1) Smaller farm properties had higher median prices per acre than larger properties. (Figure 4) Baker County had the highest median price per acre for EFU-zoned properties ($2,721) and improved ($1,628) properties. (Figure 8) Highlights: Buyers Known out-of-state buyers bought about 14% of farms and 21% of acres. (Figure 5). Corporations bought approximately 2 properties of farm properties annually, shifting ownership of about 2,352 acres of farm properties from individuals to corporations. (Table 1) Corporations accounted for roughly 1 out of every 6 sales (17.4%), and 38% of acreage sales. In other words, corporations bought larger properties than other buyer types. (Figures 6 & 7) Agriculture-related corporations accounted for 8.8% of all sales, and 21.3% of all sales by acreage. (Figures 6 & 7) Real Estate, etc. related corporations accounted for 5% of all sales, and 10.5% of all sales by acreage. (Figures 6 & 7) Agriculture-related corporations accounted for 5 of the top 10 buyers by price and 2 of the top 10 buyers by acreage. (Tables 2 & 3) Table 1. Northeast Oregon Farm Property Sales ( ) All Farm Property Sales All Acres Sold ,264 Qualified Farm Property Sales (Sales Under $1,000 removed from remainder of analysis) 875 (62) Average Annual Sales, Qualified 146 Total Qualified Acres Sold 340,607 Annual Farm Property Acres Sold, Qualified 56,767 Median Acreage (Average Acreage) 125 (389) Median (Average) Price Per Acre $2,302 ($10,55) Median (Average) Price Per Acre, Improved $3,292 ($14,066) Median (Average) Price Per Acre, Unimproved $1,141 ($3,275) Median (Average) Price Per Acre, EFU $2,500 ($9,299) Median (Average) Price Per Acre, non-efu $1,528 ($12,659) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 2 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 2,352 30

32 Figure 1: Number of Sales by Size Categories, acres 5-10 acres acres acres acres acres 160+ acres Figure 2: Number of Sales Per Year, EFU and non-efu zoned properties EFU zoned properties Non-EFU zoned properties Figure 3: Average and Median Price Per Acre $25,000 $20,000 $15,000 $10,000 $5,000 $ Average Price Per Acre Median Price Per Acre Figure 4: Average Price Per Acre by Lot Size and by EFU and Non-EFU Zoning acres 5-10 acres acres acres acres acres 160+ acres EFU Non-EFU 31

33 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer Properties Acres 18% 21% In State In State 13% 69% Out of State Unknown 58% 21% Out of State Unknown Figure 6: Number and Percentage of Properties Purchased, by Buyer Types Individual 63, 7% 5, 1% 7, 1% 1, 0% 4, 0% 7, 1% 44, 5% Trust/LP/Estate Fannie Mae or Bank Alone Other/Unknown Agriculture -, 0% Banking/Finance/Mortgage Brokers 648, 74% 152, 17% 77, 9% 19, 2% Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other Figure 7: Number and Percentage of Acres Purchased, by Buyer Types Individual 27,678, 8% 7,074, 2% 7,577, 2% 8,495, 3% 748, 0% 244, 0% Trust/LP/Estate Fannie Mae or Bank Alone Other/Unknown Agriculture 170,130, 50% 128,148, 38% 72,679, 21% 35,584, 11% Banking/Finance/Mortgage Brokers Investment Company Manufacturing -, 0% 10,398, 3% Real Estate, Land Development & Property Management Wholesale and Retail Other 32

34 Table 2: Northeast Oregon Top 10 Purchasers by Price ( ) Price Per Acre 1 $11,000,000 BLATCHFORD & SON, LLC Agriculture $2,200,000 2 $8,400,000 PROBERT FAMILY RANCHES, LLC Agriculture $707 3 $8,351,820 KREBS WIND LLC Agriculture $627 4 $7,348,200 MCEST RANCHES, LLC Agriculture $2,837 5 $6,296,788 SSD LANDS LLC Real Estate, Land Development & Property Management $2,465 6 $5,300,000 ELMER, LLC Other $774 7 $4,537,500 ALLEN POTATO LLC Agriculture $1,003 8 $4,001,330 ROVEY, BYRON G & STEPHANIE R Individual $2,405 9 $4,000,000 WILSON, JOHN JR Individual $ $4,000,000 BERNHARD, ALEX K TRUSTEE Trust/LP/Estate $843 Table 3: Northeast Oregon Top 10 Purchasers by Acreage ( ) 1 13,328 KREBS WIND LLC Agriculture $ ,874 PROBERT FAMILY RANCHES, LLC Agriculture $ ,071 BROOKS, KENNETH R & CECILIA B Individual $ ,820 WIKSTROM, CHARLES & CHARLENE Individual $ ,979 GALLATIN NE OR LAND & TIMBER Real Estate, Land Development & Property Management $ ,846 ELMER, LLC Other $774 Price Per Acre 7 6,759 SFG HCK TIMBER PARTNERSHIP LP Manufacturing None recorded Banking/Finance/Mortgage 8 6,219 AMERICAN AGCREDIT, FLCA Brokers $ ,060 WILSON, JOHN JR Individual $ ,171 BRANQUINHO-BUSH RANCH, LLC Other $416 Figure 8: Median Price Per Acre by County $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Baker Grant Union Wallowa Wheeler Overall EFU Non-EFU Improved Non-Improved 33

35 Regional Analysis: Southeast Oregon Highlights: Sales and Prices There were 1,063 transfers in the period. (Table 1) About 15% of all sales during the reference time period were for less than $1,000. (Table 1) The median price per acre for improved farm properties ($2,617) was roughly 2.4 times higher than unimproved farm properties ($ 1,085). (Table 1) The median price per acre for non-efu farm properties ($754) sold for 2.4 times less than EFU farm properties ($ 1,833). (Table 1) The median acreage transferred in the region was 80 acres, compared to an average acreage of 323. (Table 1) More farm properties sold in 2014 and 2015 compared to previous years. (Figure 2) Smaller farm properties have higher median prices per acre than larger properties. (Figure 4) Malheur County had the highest median price per acre for both EFU-zoned ($3,874) and improved properties ($3,950). (Figure 8) Highlights: Buyers Buyers with out-of-state addresses accounted for about 10% of buyers but 40% of acres purchased. (Figure 5) Corporations accounted for 1 out of every 5 sales (about 20%) and 45% of acreage sales. In other words, corporations bought larger properties than other buyer types. (Figures 6 & 7) Agriculture-related corporations accounted for about 13% of all sales, and 35% of all sales by acreage. (Figures 6 & 7) Real Estate, etc.-related corporations accounted for 4% of all sales, and almost 9% of all sales by acreage. (Figures 6 & 7) Agriculture-related corporations accounted for 2 of the top 10 buyers by price and 2 of the top 10 buyers by acreage. (Tables 2 & 3) Table 1. Southeast Oregon Farm Property Sales ( ) All Farm Property Sales ,063 All Farm Property Acres Transferred ,616 Qualified Farm Property Sales (Sales Under $1,000 removed from remainder of this analysis) 906 (157) Average Annual Sales 151 Total Qualified Acres Sold 292,316 Average Annual Acres Transferred 48,719 Median Acreage (Average Acreage) 80 (323) Median (Average) Price Per Acre $1,711 ($4,238) Median (Average) Price Per Acre, Improved $2,617 ($5,165) Median (Average) Price Per Acre, Unimproved $1,085 ($3,305) Median (Average) Price Per Acre, EFU $1,833 ($4,016) Median (Average) Price Per Acre, non-efu $757 ($6,206) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts -1 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts -3,112 34

36 Figure 1: Number of Sales by Size Categories, acres 5-10 acres acres acres acres acres 160+ acres Figure 2: Number of Sales Per Year, EFU and non-efu zoned properties 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , EFU-zoned properties Non-EFU zoned properties Figure 3: Median and Average Sales price per Acre in 2015 dollars Overall, Per Year $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ Average Median Figure 4: Average Sales Price Per Acre by lot size, EFU and non-efu zoned properties $50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 0-5 acres 5-10 acres acres acres acres acres 160+ acres EFU Non-EFU 35

37 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer Properties Acres 198, 22% 99, 11% 603, 67% In State Out of State Unknown 40% 15% 45% In State Out of State Unknown Figure 6. Percentage and Number of Farm Properties Purchased by Buyer Types 68, 8% 2, 0% 7, 1% 2, 0% 2, 0% -, 0% Individual Trust/LP/Estate Fannie Mae or Bank Alone 36, 4% Other/Unknown Agriculture 650, 72% 179, 19% 121, 13% 18, 2% -, 0% Banking/Finance/Mortgage Brokers Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other Figure 7: Percentage and Number of Acres Purchased By Buyer Types 38,363, 13% 10, 0% 1,009, 0% 10, 0% Individual Trust/LP/Estate Fannie Mae or Bank Alone Other/Unknown 120,969, 41% 132,568, 46% 101,058, 35% 25,408, 9% 798, -, 0% 0% Agriculture Banking/Finance/Mortgage Brokers Investment Company Manufacturing Real Estate, Land Development & Property Management -, 0% 5,294, 2% Wholesale and Retail Other 36

38 Table 2. Southeast Oregon Top 10 Purchasers by Price ( ) Price Per Acre 1 $10,850,000 BTAZ NEVADA LLC Agriculture $172 2 $9,900,000 Pueblo Mountain Land Company LLC Real Estate, Land Development & Property Management $576 3 $9,000,000 NOFZIGER TYLER C & JESSICA K Individual $112,500 4 $8,448,860 GREEN DIAMOND RESOURCE Real Estate, Land Development & Property Management $105,611 5 $8,100,000 Daniel P Wegner Trust, et al. Trust/LP/Estate $577 6 $5,777,000 Sunnyside Dairy LLC Agriculture $1,802 7 $4,100,000 Lorin & Katharine Sherburn Individual $1,901 8 $3,700,000 Alan & Sherry Shufelberger, Trustees Trust/LP/Estate $798 9 $3,400,000 Fred Briggs, Trustee Trust/LP/Estate $ $3,000,000 Larry & Susan Otley Individual $ 520 Table 3. Southeast Oregon Top 10 Purchasers by Acreage ( ) 1 63,222 BTAZ NEVADA LLC Agriculture $ ,196 Pueblo Mountain Land Company LLC Real Estate, Land Development & Property Management $ ,039 Daniel P Wegner Trust, etal Trust/LP/Estate $ ,539 Jonathan & Lacy Blake Individual $ ,124 Fred Briggs, Trustee Trust/LP/Estate $ ,769 Larry & Susan Otley Individual $ ,828 Lorin & Katharine Sherburn Individual $ ,639 Alan & Sherry Shufelberger, Trustees Trust/LP/Estate $ ,400 P-W Cow Co Inc Agriculture $ ,773 Willaim & Lori Peila Individual $371 Price Per Acre Figure 8: County-Specific Median Prices Per Acre $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Lake Harney Malheur Overall EFU Non-EFU Improved Non-Improved 37

39 Regional Analysis: Southern Oregon Highlights: Sales and Prices There were almost 1,000 sales in the time period, or 130 annual qualified sales over $1,000. (Table 1) 1 out of every 5 sales during the reference time period were for less than $100. (Table 1) The median price per acre for improved farm properties ($12,310) was roughly 2.3 times higher than unimproved farm properties ($ 5,282). (Table 1) The median price per acre for EFU farm properties ($5,482) was 2 times less than non-efu farm properties ($11,195). (Table 1) The median acreage of farm properties sold in the region was 19 acres, compared to 53 acres for the average acreage. (Table 1) Smaller farm properties had higher median prices per acre than larger properties. (Figure 3) Josephine County had the highest median price per acre for EFU-zoned properties ($13,711) while Jackson County had the highest median price per acre for improved properties ($18,381). (Figure 8) Highlights: Buyers Known in-state buyers accounted for about 3 out of every 4 farm properties purchase and farm acre purchase. (Figure 5) Individuals and trusts accounted for almost about 3 out of 4 farm properties purchases, and over 1 out of 2 farm acre transferred. (Figures 6 &7) Corporations bought approximately 6 properties of farm properties annually, shifting ownership of about 1,000 acres of farm properties from individuals to corporations. (Table 1) Corporations accounted for 1 out of every 4 sales (24%), and 41% of acreage sales. In other words, corporations are buying larger properties than other buyer types. (Figures 6 & 7) Agriculture-related corporations accounted for 10% of all sales, and 15% of all sales by acreage. (Figures 6 & 7) Real Estate, etc.-related corporations accounted for 10.5% of all sales, and 20.9% of all sales by acreage. (Figures 6 & 7) Agriculture-related corporations accounted for 3 of the top 10 buyers by price and 3 of the top 10 buyers by acreage. (Tables 2 & 3) Table 1. Southern Oregon Farm Property Sales ( ) All Farm Property Sales All Farm Property Acres Transferred ,600 Qualified Farm Property Sales (Sales Under $1,000 removed from remainder of regional analysis) 781 (197) Average Annual Sales 130 Total Qualified Acres Sold 41,702 Average Annual Acres Transferred 6,950 Median Acreage (Average Acreage) 19 (53) Median (Average) Price Per Acre $9,065 ($34,695) Median (Average) Price Per Acre, Improved $12,310 ($40,934) Median (Average) Price Per Acre, Unimproved $5,282 ($16,418) Median (Average) Price Per Acre, EFU $5,482 ($16,418) Median (Average) Price Per Acre, non-efu $11,195 ($28,677) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 6 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 1,071 38

40 Figure 1: Number of Sales by Size Categories acres 5-10 acres acres acres acres acres 160+ acres Figure 2: Number of Sales Per Year, EFU and non-efu zoned properties EFU-zoned properties Non EFU-zoned properties Figure 3: Median and Average Sales price per Acre in 2015 dollars Overall, Per Year $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ Average Price Per Acre Median Price Per Acre Figure 4: Average Sales Price Per Acre by lot size, EFU and non-efu zoned properties acres 5-10 acres acres acres acres acres 160+ acres EFU zoned properties Non EFU-zoned properties 39

41 Figure 5: Percentage of Farm Properties and Acres Purchased, by Known Location of Buyer Properties Acres 9% 12% 14% In State 14% In State Out of State Out of State Unknown Unknown 77% 74% Figure 6. Percentage and Number of Farm Properties Purchased by Buyer Types 3, 0% Individual 67, 9% 2, 0% 1, 0% Trust/LP/Estate Fannie Mae or Bank Alone 3, 0% 82, 11% Other/Unknown 519, 67% 190, 24% 3, 0% 79, 10% 22, 3% Agriculture - Banking/Finance/Mortgage, 0% Brokers Investment Company Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other Figure 7: Percentage and Number of Acres Purchased By Buyer Types Individual 159, 0% 86, 0% Trust/LP/Estate 21,519, 52% 2,812, 7% 17,126, 41% 88, 0% 123, 0% 159, 0% 6,200, 15% 8,716, 21% Fannie Mae or Bank Alone Other/Unknown Agriculture Banking/Finance/Mortgage Brokers Investment Company 1,840, 5% -, 0% Manufacturing Real Estate, Land Development & Property Management Wholesale and Retail Other 40