2024’s Ultimate Farmland Investing Guide: Trends & Forecasts

Farmland investing is not just for seasoned agriculturists anymore. It's a growing asset class that's catching the eye of savvy investors worldwide. Why? Because farmland offers a unique blend of stability and growth potential. This guide will walk you through the essentials of farmland investing in 2024. From choosing the right investment method to maximizing crop yields, we've got you covered. Ready to dig into the fertile ground of agricultural investments?

How to Start Investing in Farmland: A Step-by-Step Guide

TL;DR: - Learn to assess investment goals and farmland market trends - Explore various investment methods and conduct thorough due diligence - Implement strategic approaches to maximize returns and manage risks

Assess Your Investment Goals and Risk Tolerance

Determine Your Financial Objectives

Start by defining clear financial goals for your farmland investment. Ask yourself:

1. What returns do you expect?
2. How long do you plan to hold the investment?
3. Do you want regular income or long-term appreciation?

Write down your answers. This will guide your investment decisions.

Evaluate Your Risk Appetite

Farmland investing carries risks. Consider:

1. Market fluctuations
2. Weather-related crop failures
3. Changes in agricultural policies

Assess how much risk you can handle. If you're risk-averse, consider more stable crops or diversified farmland portfolios. 🚩MANUAL CHECK - Consider adding a risk assessment chart here

Diversification Needs

Farmland can be a great diversifier. It often has low correlation with stocks and bonds. Think about:

1. Your current investment mix
2. How much of your portfolio you want in farmland
3. Geographic diversification within your farmland investments

Andrew Carnegie once said, "The wise young man or wage earner of today invests his money in real estate." This wisdom applies to farmland too.

Research Agricultural Real Estate Trends

Study Current Market Conditions

Start by looking at:

1. Land prices in different regions
2. Crop yield data
3. Commodity price trends

Use resources like the USDA's National Agricultural Statistics Service for data.

Analyze Regional Differences

Farmland values vary widely by location. Consider:

1. Soil quality
2. Climate conditions
3. Proximity to markets
4. Local regulations

Since 1990, the California Chapter, ASFMRA has been providing land and lease value information on California's rural properties. Use such resources for regional insights.

Historical Price Trends and Future Projections

Look at:

1. 10-20 year price trends for farmland
2. Factors driving price changes (e.g., urbanization, climate change)
3. Expert projections for future land values

Choose Your Investment Method

Direct Land Purchase

Pros: - Full control over the property - Potential for higher returns Cons: - Requires significant capital - Demands hands-on management Steps for direct purchase: 1. Find suitable land (use real estate agents specializing in farmland) 2. Conduct thorough due diligence 3. Secure financing (if needed) 4. Close the deal with proper legal documentation

Real Estate Investment Trusts (REITs)

REITs offer a way to invest in farmland without buying land directly. Pros: - Lower capital requirement - Professional management - Liquidity (if publicly traded) Cons: - Less control over specific properties - Potential for higher fees How to invest in farmland REITs: 1. Research available farmland REITs 2. Open a brokerage account 3. Purchase shares of the chosen REIT

Crowdfunding Platforms

A newer option for farmland investing. Farmland crowdfunding platforms allow you to buy a small slice of a real farm, significantly lowering the minimum investment. Steps to invest through crowdfunding: 1. Research reputable platforms (e.g., AcreTrader, FarmTogether) 2. Create an account and verify your investor status 3. Review available offerings 4. Invest in chosen properties Remember, each method has its own risk-return profile. Choose based on your goals and resources.

Conduct Due Diligence

Soil Quality Assessment

Good soil is crucial for farm productivity. Steps to assess:

1. Obtain soil test reports
2. Check soil type and depth
3. Assess organic matter content
4. Look for any contamination issues

Consider hiring a professional agronomist for a thorough assessment.

Water Rights and Irrigation Systems

Water access can make or break a farm. Investigate:

1. Water rights associated with the property
2. Local water regulations
3. Existing irrigation systems and their condition
4. Potential for water scarcity in the future

Consult with a water rights attorney if needed.

Zoning and Land Use Regulations

Understand legal constraints on the land:

1. Check current zoning
2. Research any planned zoning changes
3. Understand restrictions on land use
4. Look into conservation easements

Always consult with a local real estate attorney familiar with agricultural zoning.

Implement Farmland Investment Strategies

Active Farming vs. Leasing to Operators

Decide on your management approach: Active Farming: - Higher potential returns - Requires farming expertise - More time-intensive Leasing to Operators: - More passive income - Lower returns but less risk - Less day-to-day involvement If leasing, research typical lease structures in your area (cash rent, crop share, etc.).

Crop Diversification

Diversify to mitigate risks:

1. Research crops suitable for the land
2. Consider market demand for different crops
3. Plan crop rotations to maintain soil health
4. Balance between cash crops and longer-term investments (like orchards)

Create a diversification plan that balances risk and return.

Value-Add Opportunities

Explore ways to increase land value:

1. Organic certification
2. Sustainable farming practices
3. Infrastructure improvements (irrigation, storage facilities)
4. Agritourism potential

Each opportunity requires investment but can significantly boost returns.

Maximizing Returns: Key Factors in Crop Yield Analysis

• Soil health, water management, and climate assessment are crucial for high crop yields
• Precision agriculture technologies boost efficiency and reduce waste
• Regular monitoring and data-driven decisions lead to optimal farm performance

Soil Health and Fertility Management

Soil health remains the foundation of successful crop production. In 2023, farmers increasingly adopted precision soil testing methods. These tests provide detailed nutrient profiles, enabling targeted fertilization strategies. Cover cropping gained traction as a soil health booster. Winter rye and clover were popular choices, improving soil structure and reducing erosion. Farmers reported up to 10% yield increases in subsequent cash crops. Crop rotation practices evolved. The traditional corn-soybean rotation expanded to include small grains and legumes. This diversification enhanced soil microbial activity and natural pest control.

Advancements in Soil Health Technologies

Soil sensors emerged as game-changers. Real-time moisture and nutrient data allowed for precise irrigation and fertilization timing. Early adopters reported water savings of up to 30% and fertilizer reductions of 15%. Biochar applications gained momentum. This carbon-rich material improved soil water retention and nutrient availability. Studies showed a 5-10% increase in crop yields on biochar-treated fields. 🚩MANUAL CHECK - Verify the percentages for water savings and fertilizer reductions. Check recent agricultural technology reports for accurate figures.

Water Management and Irrigation Efficiency

Water scarcity concerns intensified in 2023, pushing farmers to optimize irrigation practices. Drip irrigation systems saw widespread adoption, particularly in water-stressed regions. Subsurface drip irrigation (SDI) emerged as a water-saving powerhouse. By delivering water directly to crop roots, SDI reduced evaporation losses. Farmers reported water savings of up to 50% compared to traditional sprinkler systems. "Climate influences all components of crop production, including cropping area (area planted or harvested) and cropping intensity (number of crops grown)," state [Toshichika Iizumi and Navin Ramankutty]. This understanding drove farmers to reassess their water management strategies.

Precision Irrigation Technologies

Smart irrigation controllers became mainstream. These devices use weather data and soil moisture readings to automate watering schedules. Early adopters reported 20-30% reductions in water use while maintaining or improving yields. Drone-based thermal imaging for crop water stress detection gained popularity. This technology allowed farmers to identify under-watered areas quickly, enabling targeted irrigation interventions. Artificial Intelligence (AI) irrigation management systems emerged as the next frontier. These systems analyze multiple data points - soil moisture, weather forecasts, crop growth stage - to optimize irrigation timing and volume. 🚩MANUAL CHECK - Verify the water savings percentage for SDI systems. Consult recent irrigation efficiency studies for accurate data.

Climate and Weather Pattern Assessment

Climate change impacts became increasingly evident in 2023, forcing farmers to adapt their crop selection and management practices. Historical climate data analysis became a crucial tool for strategic planning. Farmers in the Midwest U.S. shifted corn planting dates earlier by an average of two weeks compared to a decade ago. This change capitalized on longer growing seasons while avoiding peak summer heat stress. Weather monitoring systems evolved beyond basic temperature and rainfall tracking. Advanced systems now integrate pest pressure predictions and frost warnings, enabling proactive farm management.

Climate-Smart Agriculture Practices

Climate-resilient crop varieties gained traction. Drought-tolerant corn hybrids showed yield advantages of 5-7% under water-stressed conditions. Heat-tolerant wheat varieties maintained productivity even during extreme temperature events. Cover crop use expanded beyond soil health benefits. Farmers recognized their role in mitigating climate impacts, such as reducing soil temperature extremes and improving water infiltration during heavy rainfall events. Agroforestry practices increased, particularly in regions prone to wind erosion. Tree windbreaks not only protected crops but also provided additional income through timber or fruit production. Looking ahead to 2024, expect to see increased integration of these key factors. Soil health, water management, and climate assessment will be viewed as interconnected components of a holistic farm management approach. Artificial Intelligence will play a larger role in synthesizing data from these areas. Predictive models will offer farmers actionable insights, optimizing resource use and maximizing yields. Investors should prioritize farmland with robust soil health programs, efficient irrigation systems, and climate-adaptive management practices. These factors will be crucial for long-term productivity and profitability in an era of increasing environmental challenges. 🚩MANUAL CHECK - Verify the yield advantage percentages for drought-tolerant corn hybrids. Consult recent agricultural research publications for accurate figures.

Sustainable Agriculture Investments: Balancing Profit and Environmental Stewardship

• Learn about organic farming's market growth and certification process
• Discover regenerative agriculture's role in carbon sequestration
• Explore technological innovations enhancing sustainable farming

Organic Farming Opportunities

The organic farming sector has seen remarkable growth over the past year. Market demand for organic produce continues to rise, driven by health-conscious consumers and environmental concerns. In 2023, organic agriculture maintained its position as one of the fastest-growing sectors in American farming. The sector's growth has been consistent, with double-digit increases for over a decade. This trend persisted even through economic downturns, highlighting the resilience of organic farming investments. The robust demand is reflected in online engagement. For investors, this growth presents significant opportunities. However, entering the organic market requires understanding the certification process and requirements. The USDA organic certification involves a thorough review of farming practices, ensuring no synthetic fertilizers or pesticides are used. This process typically takes three years, during which farmers must follow organic practices without being able to label their produce as organic.

Certification Challenges and Opportunities

The certification process, while rigorous, adds value to farmland investments. Certified organic farmland often commands premium prices and higher crop values. However, investors should be aware of the costs associated with certification and the potential yield reductions during the transition period. It is vitally important that we can continue to say, with absolute conviction, that organic farming delivers the highest quality, best-tasting food, produced without artificial chemicals or genetic modification, and with respect for animal welfare and the environment, while helping to maintain the landscape and rural communities. For investors, this broader impact can translate to long-term sustainability and resilience in their farmland investments.

Regenerative Agriculture Practices

Regenerative agriculture has gained significant traction in 2023, with its focus on improving soil health and increasing carbon sequestration. This approach goes beyond sustainability, aiming to actively restore and enhance ecosystems.

Carbon Sequestration Potential

The carbon sequestration potential of regenerative practices has become a key focus for both farmers and investors. These practices can significantly reduce agriculture's carbon footprint while potentially creating additional revenue streams through carbon credits. In 2023, several large-scale pilot projects were launched to quantify the carbon sequestration potential of various regenerative practices. Early results suggest that well-implemented regenerative systems can sequester several tons of carbon per acre annually.

Soil Health Improvement Techniques

Soil health improvement techniques have evolved rapidly over the past year. Cover cropping, minimal tillage, and diverse crop rotations have become standard practices in regenerative systems. These methods not only improve soil structure and fertility but also increase water retention and reduce erosion. Precision agriculture tools have played a crucial role in optimizing these practices. Soil mapping and variable rate technology (VRT) allow farmers to apply inputs with pinpoint accuracy, reducing waste and environmental impact while maximizing soil health benefits. For investors, supporting regenerative practices can lead to improved long-term land value and productivity.

Technological Innovations in Sustainable Farming

2023 saw rapid advancements in agricultural technology, particularly in tools supporting sustainable farming practices. These innovations are reshaping the landscape of farmland investments, offering new opportunities for efficiency and environmental stewardship.

Precision Agriculture Tools

Precision agriculture tools have become increasingly sophisticated and accessible. GPS-guided machinery, drones, and IoT sensors are now standard on many farms. These technologies enable data-driven decision-making, optimizing resource use and reducing environmental impact. In 2023, artificial intelligence and machine learning applications in agriculture saw significant growth. These systems can analyze vast amounts of data from various sources, providing insights for crop management, pest control, and irrigation optimization.

Renewable Energy Integration on Farms

The integration of renewable energy sources on farms has accelerated over the past year. Solar panels, wind turbines, and biogas digesters are becoming common features on agricultural land. This trend not only reduces operational costs but also creates potential additional revenue streams for farmers and investors. Looking ahead to 2024, we expect to see further integration of these sustainable practices and technologies. Investors should consider the potential for carbon markets to provide additional revenue streams from regenerative practices. The organic sector is likely to continue its growth trajectory, but with increased competition and potential for market saturation in some areas. Technological innovations will likely focus on improving the accuracy and usability of precision agriculture tools, making them accessible to a broader range of farm sizes. We also anticipate increased interest in perennial crops and agroforestry systems as part of regenerative agriculture strategies. For investors, the key will be balancing the upfront costs of implementing these sustainable practices with their long-term benefits. Those who successfully navigate this balance stand to benefit from increased land productivity, potential premium prices for sustainably produced crops, and the satisfaction of contributing to environmental stewardship.

Farmland Investment Performance: 2024 Outlook and Beyond

• Farmland investments show resilience amid economic uncertainties
• Climate change and technology are reshaping agricultural landscapes
• Passive income potential exists, but requires careful strategy

Global Food Demand Projections

The past year has seen significant shifts in global food demand, driven by population growth and changing dietary preferences in emerging markets. In 2023, we observed a steady increase in the demand for high-protein foods, particularly in Asia and Africa. This trend is expected to continue into 2024 and beyond. Population growth remains a key driver of agricultural needs. The United Nations projects that the global population will reach 8.5 billion by 2030, with most of this growth occurring in developing countries. This demographic shift is putting pressure on the agricultural sector to increase productivity. "The global severely food insecure population is projected to hit 956 million, narrowly avoiding a billion in a downside scenario." World Bank Blogs This projection underscores the urgent need for increased agricultural productivity and investment in farmland. The World Bank estimates that annual financing needs for safety nets in International Development Association (IDA) countries will reach $41 billion, while International Bank for Reconstruction and Development (IBRD) countries will require $47 billion. 🚩MANUAL CHECK - Verify the accuracy of these financial projections and their implications for farmland investment. Changing dietary preferences in emerging markets are also reshaping the agricultural landscape. As incomes rise in developing countries, there's a shift towards more protein-rich diets, including increased consumption of meat and dairy products. This trend is driving demand for feed grains and oilseeds, creating new opportunities for farmland investors.

Investment Implications

For farmland investors, these trends point to potential opportunities in:

1. Regions with capacity to increase agricultural production
2. Crops that align with changing dietary preferences
3. Technologies that can boost agricultural productivity

Climate Change Impacts on Agricultural Productivity

Climate change has emerged as a critical factor influencing agricultural productivity and, by extension, farmland investment performance. Over the past year, we've seen increasing evidence of its impacts on growing zones and crop suitability. "Projected increases in temperatures, changes in precipitation patterns, changes in extreme weather events, and reductions in water availability may impact agricultural productivity." US EPA These climate-related challenges are reshaping the agricultural landscape:

1. Shifting growing zones: Warmer temperatures are expanding growing zones northward in the Northern Hemisphere and southward in the Southern Hemisphere. This shift is creating new opportunities for certain crops in previously unsuitable areas.
2. Changing crop suitability: Some regions are becoming less suitable for traditional crops, necessitating a shift to more resilient or heat-tolerant varieties.
3. Water stress: Many agricultural areas are experiencing increased water stress, affecting crop yields and forcing changes in irrigation practices.

Adaptation Strategies for Investors

Forward-thinking farmland investors are adopting several strategies to mitigate climate-related risks:

1. Diversification across geographic regions to spread climate risk
2. Investment in water-efficient irrigation systems
3. Focus on climate-resilient crop varieties
4. Exploration of indoor farming and vertical agriculture in water-stressed regions

🚩MANUAL CHECK - Consider adding a visual representation of shifting growing zones due to climate change.

Technological Advancements Shaping Farm Efficiency

The past year has seen rapid advancements in agricultural technology, significantly impacting farm efficiency and productivity. These technological innovations are reshaping the farmland investment landscape.

AI and Machine Learning in Farm Management

Artificial Intelligence (AI) and machine learning have made significant inroads into farm management over the past 12 months. Key developments include:

1. Predictive analytics for crop yield forecasting
2. AI-driven pest and disease detection systems
3. Machine learning algorithms for optimizing irrigation and fertilizer use

These technologies are enabling more precise and efficient farm management, potentially leading to higher yields and lower input costs.

Automation and Robotics in Agriculture

Automation and robotics have seen increased adoption in agriculture throughout 2023, with this trend expected to accelerate in 2024. Notable advancements include:

1. Autonomous tractors and harvesters
2. Robotic systems for planting and weeding
3. Drones for crop monitoring and precision spraying

These technologies are addressing labor shortages in agriculture and improving operational efficiency. "Middle-income countries have substantial potential for emission reductions through measures such as forest conservation and sustainable land management." World Bank Publications

Farmland as Passive Income

Addressing the question, "Is farmland a good passive income?", the answer is nuanced. Farmland can indeed provide passive income through leasing to operators or participating in crop-sharing agreements. However, it's important to note that while the income can be relatively stable, it may not always be entirely passive. The average return on farmland has historically been attractive. According to the USDA, farmland has provided an average annual return of around 11% over the past 50 years, combining both income and capital appreciation. However, returns can vary significantly based on location, crop type, and management practices. 🚩MANUAL CHECK - Verify the accuracy of the farmland return statistics and consider adding a graph showing historical returns. Wealthy individuals and institutions are increasingly investing in farmland for several reasons:

1. Portfolio diversification
2. Hedge against inflation
3. Stable cash flows
4. Long-term appreciation potential

However, potential investors should be aware that owning farmland requires some level of management and expertise, even if day-to-day operations are outsourced. Factors such as crop selection, lease negotiations, and property maintenance all require attention. As we look ahead to 2024 and beyond, farmland investment performance is likely to be influenced by the interplay of global food demand, climate change impacts, and technological advancements. Investors who can navigate these challenges and leverage emerging opportunities may find farmland to be a rewarding addition to their investment portfolio.

Understanding the Basics: What is Farmland Investing?

• Farmland investing involves purchasing agricultural land for financial gain
• It's a tangible asset with potential for steady income and long-term appreciation
• Diverse options exist, from row crops to permanent crops and livestock farms

Definition and Asset Class Overview

Farmland investing is the practice of purchasing agricultural land with the intention of generating financial returns. This investment strategy falls under the broader category of real assets, which are physical assets with inherent value. In the United States, farmland represents a significant portion of the country's land use, with approximately 911 million acres dedicated to agricultural purposes. As a real asset, farmland shares similarities with other tangible investments like commercial real estate or precious metals. However, it possesses unique characteristics that set it apart. Unlike traditional real estate investments, farmland has the potential to generate income through multiple streams, including crop yields, land appreciation, and leasing arrangements. Compared to other real estate investments, farmland often exhibits lower volatility and a higher degree of stability. This is partly due to the essential nature of agriculture in the global economy and the finite supply of arable land. Additionally, farmland has historically demonstrated a low correlation with other asset classes, making it an attractive option for portfolio diversification. 🚩MANUAL CHECK - Verify the accuracy of the 911 million acres statistic and its source.

Ownership Structure and Market Size

The farmland investment market in the United States is substantial, with a diverse range of stakeholders. According to recent data, 31% of America's farmland is owned by investors, including 21% by non-operating individuals or partnerships and 10% by corporations, trusts, or other entities. This significant portion of investor-owned farmland underscores the growing interest in this asset class. 🚩MANUAL CHECK - Confirm the percentages of investor-owned farmland and their sources.

Historical Performance of Farmland Investments

Farmland investments have demonstrated robust long-term appreciation trends over the past several decades. This consistent growth can be attributed to various factors, including increasing global food demand, limited arable land supply, and technological advancements in agriculture.

Long-term Appreciation and Stability

The historical performance of farmland investments can be observed through various indicators, such as the iShares MSCI Agriculture Producers ETF (VEGI). While this ETF doesn't directly track farmland prices, it provides insight into the overall performance of the agricultural sector. Farmland has shown resilience during periods of economic uncertainty and inflation. According to industry data, over the last half-century, farmland returns during periods of high inflation have averaged 14.7% - more than double the average inflation rate. This performance highlights farmland's potential as a hedge against inflation and economic volatility. 🚩MANUAL CHECK - Verify the 14.7% return statistic and its source. Consider adding a graph showing farmland returns vs. inflation over time.

Income Generation Mechanisms

Farmland investments generate income through two primary mechanisms: crop yields and leasing arrangements. In the United States, approximately 40% of farmland is rented, with over 50% of cropland being leased to operators. This high proportion of rented farmland provides investors with opportunities for steady income streams. Leasing arrangements in farmland investing can take various forms, including fixed cash rents, flexible cash rents, and crop-share leases. Some investors opt for revenue-sharing models, where the landowner receives a percentage of the farm's revenue. These variable rent structures can translate to lower fixed rental rates for operators while potentially providing higher returns for investors during successful growing seasons. 🚩MANUAL CHECK - Confirm the percentages of rented farmland and cropland, and verify their sources.

Types of Farmland Investments

Farmland investments can be broadly categorized into several types, each with its own characteristics, risk profiles, and potential returns.

Row Crops vs. Permanent Crops

Row crops and permanent crops represent two distinct categories of farmland investments:

1. Row Crops: These include annual crops such as corn, soybeans, and wheat. Row crop investments typically involve shorter growing cycles and more flexibility in crop rotation. They can be less capital-intensive but may be more susceptible to annual price fluctuations.
2. Permanent Crops: These encompass orchards, vineyards, and other perennial plantings. Permanent crop investments often require higher initial capital but can potentially yield higher returns over time. Examples include walnut orchards, which can improve yields by up to 20% over three years with additional investments in irrigation and tree health.

The choice between row crops and permanent crops depends on various factors, including risk tolerance, investment horizon, and regional agricultural conditions.

Livestock and Dairy Farm Investments

Livestock and dairy farm investments involve the acquisition of land used for raising animals for meat, dairy, or other products. These investments can offer diversification benefits within an agricultural portfolio but may require specialized knowledge and management expertise. Livestock investments can range from beef cattle operations to poultry farms, while dairy investments focus on milk production. Each type of livestock investment has its own market dynamics, regulatory considerations, and operational requirements. 🚩MANUAL CHECK - Verify the 20% yield improvement statistic for walnut orchards and its source.

Key Players in the Farmland Investment Market

The farmland investment market has attracted a diverse range of participants, from large institutional investors to individual retail investors.

Institutional Investors and Family Offices

Institutional investors, including pension funds, endowments, and insurance companies, have long recognized the value of farmland as a stable, long-term investment. These large-scale investors often allocate significant portions of their portfolios to farmland, attracted by its potential for steady income and capital appreciation. Family offices and high-net-worth individuals also play a crucial role in the farmland investment market. These investors often seek farmland investments as a means of wealth preservation and generational wealth transfer.

Emerging Retail Investor Participation

In recent years, there has been a growing trend of retail investor participation in farmland investments. This shift has been facilitated by the emergence of platforms like AcreTrader, FarmFundr, and FarmTogether, which provide opportunities for smaller investors to gain exposure to farmland assets. These platforms often employ a crowdfunding model, allowing investors to purchase fractional ownership in farmland properties. This democratization of farmland investing has opened up new avenues for portfolio diversification among a broader range of investors.

Hedge Funds and Agricultural Companies

Hedge funds have also shown significant interest in the agricultural sector, often holding substantial positions in agriculture-related companies. For example, some hedge funds have invested in companies like Nutrien Ltd., AGCO Corporation, and Mosaic Company, which are closely tied to the agricultural industry. These investments provide indirect exposure to farmland and agricultural trends, offering an alternative approach to participating in the sector's growth. 🚩MANUAL CHECK - Verify the names of the farmland investment platforms and the agriculture-related companies mentioned. Consider adding information on the minimum investment requirements for these platforms to provide context for potential retail investors.

Time to Take Action on Farmland Investing

Farmland investing offers a unique blend of stability and growth potential. From understanding market trends to embracing sustainable practices, the opportunities are diverse. Ready to start your farmland investment journey? Begin by defining your goals, researching thoroughly, and choosing an investment method that aligns with your risk tolerance. Have you considered how farmland could fit into your investment portfolio? Take the first step today by exploring local agricultural real estate options or researching farmland REITs. Remember, successful farmland investing is about balancing profit with responsible land stewardship.