NCREIF Announces Publication of the NCREIF Agricultural Appraisal Guidelines
CHICAGO, IL, September 11, 2019– The National Council of Real Estate Investment Fiduciaries (“NCREIF”) has announced the publication of the NCREIF Agricultural Appraisal Guidelines. The Agricultural Appraisal Guidelines represent the first set of comprehensive industry guidelines developed to meet the demanding reporting needs of institutional investors. Developed by members of the NCREIF Farmland Committee, with input from several appraisal organizations (e.g. Appraisal Institute, ASFMRA) the Agricultural Appraisal Guidelines have been approved for publication by the NCREIF Board of Directors.
The NCREIF Agricultural Appraisal Guidelines are intended to provide a clearly defined set of standards for appraisers that perform farmland appraisals on properties that are managed or owned by contributing members of the NCREIF Farmland Index. These guidelines are not intended to replace any current appraisal requirements such as the Uniform Standards of Professional Appraisal Practice, (USPAP) or any local or national licensing or valuation requirements. Instead, these guidelines are intended to create consistency and clarity in the appraisal reports of properties that are included in the NCREIF Farmland Index.
According to Rich Matheson, Farmland Portfolio Manager for a U.S. state pension fund and Chair of the NCREIF Farmland Committee, “Many hours have been dedicated by multiple members of our committee to develop these guidelines. The primary goals are to assist the agricultural appraisal community by clarifying the content, analyses, and data that institutional investors need, as well as help further the growing demand for the agriculture asset class.”
A copy of the NCREIF Agricultural Appraisal Guidelines are attached and are also available on NCREIF’s website in the Member Login area at https://www.ncreif.org/globalassets/member-site/knowledge-base/manuals/ncreif‐farmland‐index‐appraisal-guidelines‐2019.pdf.
NCREIF is a not‐for‐profit trade association that serves its membership, and the academic and investment community's need for improved commercial real estate data, performance measurement, investment analysis, data and reporting standards, and education. NCREIF has a rich history of providing indices to the real estate investment community to support benchmarking, attribution analysis, risk analysis and research on real estate trends for the benefit of investment fiduciaries.