Luke Stronach

It's called a participating lease or a revenue sharing agreement, where typically you get 20% to 30% of the profit, or you can take physical delivery of the crop and you can sell it yourself.

So those are your

Those are your two mechanisms.

I always say there's yield in the field.

And the way you get that yield is by charging that farmer rent.

And many times farmers welcome this because to expand their empire, they want to work leased farms.

Like most businesses that expand, they don't go out and buy office space, they rent it.

And so many farmers are cashflow farmers.

They're very keen to that.

And so many, many farmers with huge operations, some own it, but many lease it.

Right.

So you see differences across different crops, Nathan.

So as a good example, with people who might invest in corn land, most frequently you're going to see them charging a fixed amount per acre.

OK, with other crops that are what we call permanent crops.

So these are going to be things during the ground year long.

They grow on trees.

So these would be almonds.

These would be cherries.

These would be pecans.

more frequently you're going to see that revenue sharing agreement.