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USD reporting
Gladstone Land · LAND
Permanent / specialty · Filing
- Acres
- 100,000
- Book / acre
- USD 11,000
- Market cap (USD)
- $367M
- EV / acre (USD)
- $8,801
Sector KPIsaudit
- WALT (yrs)
- 4.7
- Occupancy
- 95.0%
- AFFO / share
- USD 0.47
- Rent indexation
- participation
- Water rights
- USD 220M
Tangible Balance-Sheet Assets
Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.
| Asset class | Book (USD M) | FMV (USD M) | Note |
|---|---|---|---|
| Land / property | 1,100 | 2,081 | Per-property breakdown below |
| PP&E (mills, plants, machinery) | 12 | — | Net of accumulated depreciation |
| Water rights | 220 | — | Carried separately from land |
| Intangibles + goodwill | 5 | — | Excluded from tangible total |
| Tangible total (ex-cash) | 1,332 | 2,313 | |
| + Cash & equivalents | 27 | 27 | |
| Tangible total (incl. cash) | 1,360 | 2,340 | |
| Reported total assets (BS) | 1,430 | — | Latest period 2024-12-31 |
Tangible book
USD 1,360M
95% of total assets
Market cap
USD 367M
27% of tangible book
Enterprise value
USD 880M
65% of tangible book
Implied fair market analysis
As of 2025-12-31Aggregate FMV
USD 2,081M
Range USD 1,704–2,598M · 98,688 acres
FMV vs. book
+89.3%
Book USD 1,099M · FMV USD 2,081M
Implied NAV / share
USD 37.82
Range USD 28.74–50.31
Live price vs. FMV NAV
-76.6%
Range -82.4% (high) to -69.2% (low)
NOI cross-check (yield-based reasonableness)
FMV-weighted from property mix (68 of 68 properties): typical 3.9–5.5%
Reported NOI
USD 63M
Cap rate at comp-based FMV
3.03%
Range 2.42–3.70%
Verdict
Below typical — comp-based FMV may be aggressive vs yield benchmark
FMV by category
Aggregated from per-property assumptions below| Category | Properties | Acres | Avg book USD/acre | Avg FMV USD/acre | Book (USD M) | FMV (USD M) | FMV range (USD M) | FMV vs book |
|---|---|---|---|---|---|---|---|---|
| California water rights (55,532 AF) | 1 | — | — | — | 0 | 416 | 278–666 | — |
| CA coastal specialty (berries / vegetables) | 13 | 6,731 | 22,315 | 60,000 | 150 | 404 | 343–464 | +168.9% |
| CA Kern pistachio premium | 7 | 8,441 | 22,284 | 32,000 | 188 | 270 | 236–321 | +43.6% |
| CA Fresno almond | 7 | 6,815 | 22,304 | 24,000 | 152 | 164 | 143–191 | +7.6% |
| CA Napa wine grapes | 1 | 1,583 | 22,299 | 90,000 | 35 | 142 | 121–164 | +303.6% |
| Diversified — Misc / aggregated | 1 | 16,331 | 3,356 | 8,000 | 55 | 131 | 111–150 | +138.4% |
| FL citrus (greening-affected) | 5 | 6,999 | 11,687 | 8,500 | 82 | 59 | 51–68 | -27.3% |
| CA Madera permanent (pistachio/almond) | 2 | 1,937 | 22,303 | 28,000 | 43 | 54 | 46–66 | +25.5% |
| AZ Yuma winter vegetable | 1 | 3,343 | 9,034 | 16,000 | 30 | 53 | 45–62 | +77.1% |
| CA Tulare citrus / specialty | 1 | 2,175 | 22,299 | 22,000 | 49 | 48 | 41–57 | -1.3% |
| CA Sacramento Valley & Northern row crop | 3 | 2,843 | 22,336 | 16,000 | 64 | 45 | 39–52 | -28.4% |
| NE center-pivot irrigated | 2 | 4,949 | 2,849 | 9,000 | 14 | 45 | 38–51 | +215.9% |
| CO San Luis Valley potato | 1 | 7,276 | 2,680 | 5,500 | 20 | 40 | 34–46 | +105.2% |
| WA Whatcom blueberry | 1 | 999 | 25,125 | 35,000 | 25 | 35 | 30–40 | +39.3% |
| CA Northern San Joaquin permanent crops | 3 | 1,539 | 22,222 | 22,000 | 34 | 34 | 29–39 | -1.0% |
| CO Plains dryland | 5 | 17,237 | 2,669 | 1,800 | 46 | 31 | 26–36 | -32.6% |
| FL specialty (Plant City / Manatee winter veg) | 3 | 1,638 | 11,661 | 16,000 | 19 | 26 | 22–30 | +37.2% |
| AZ Cochise pistachio | 2 | 1,991 | 9,041 | 9,500 | 18 | 19 | 16–22 | +5.1% |
| MI Van Buren blueberry | 2 | 778 | 16,838 | 22,000 | 13 | 17 | 15–20 | +30.7% |
| WA Columbia Basin orchard | 1 | 793 | 25,095 | 14,000 | 20 | 11 | 9–13 | -44.2% |
| MD/DE Delmarva specialty | 1 | 863 | 8,575 | 11,000 | 7 | 9 | 8–11 | +28.3% |
| OR Yamhill hazelnut | 1 | 498 | 19,679 | 16,000 | 10 | 8 | 7–9 | -18.7% |
| CA Kings almond | 1 | 260 | 22,308 | 23,000 | 6 | 6 | 5–7 | +3.1% |
| TX Hartley dryland | 1 | 2,219 | 4,191 | 2,200 | 9 | 5 | 4–6 | -47.5% |
| WA Walla Walla wine grape | 1 | 212 | 25,000 | 18,000 | 5 | 4 | 3–4 | -28.0% |
| OR Umatilla apple / irrigated | 1 | 238 | 19,748 | 13,000 | 5 | 3 | 3–4 | -34.2% |
| Total | 68 | 98,688 | 11,135 | 21,083 | 1,099 | 2,081 | 1,704–2,598 | +89.3% |
Properties
All 67 Schedule III line items from the FY2025 10-K, sorted by net book value. Some line items aggregate multiple farms in the same county; the 144-farm count expands these. Per-line-item acres are pro-rata allocated within each state by net book value (state-level farm acres from 10-K Item 2).| Property | Category / crop | Acres | Acquired | Cost (USD M) | Book (USD M) | USD/acre book | FMV USD/acre | FMV (USD M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
California water assets (55,532 acre-feet) California (Madera / Fresno / Tulare / Kern / Ventura districts) Acre-feet of permanent water rights, not farmland acres. LAND's 55,532 AF disclosed in 10-K Item 2. | California water rights (55,532 AF) Permanent water rights — separate asset class from farmland | 55,532 | — | — | — | — | 7,500 5,000–12,000 | 416.5 | — | CA-WATER-FRIANT-2024CA-WATER-RECENT-2025CA-GROUNDWATER-2024 California water rights traded at $5,000-$15,000+ per acre-foot in 2024-25 transactions depending on district seniority + source (groundwater, surface water, Friant Class-1 vs Class-2, etc.). Mid-point $7,500/AF reflects weighted average across LAND's mix of districts. The acres column reflects ACRE-FEET, not acres — flagged via excludeFromAcreTotals=true so the row contributes to FMV but not to acre denominators on per-acre columns. Cap rate range 3.5-5.5% reflects implied yield (annual lease rate $300-500/AF / value $5-15K/AF) for premium adjudicated CA water |
Napa County, California California | CA Napa wine grapes Wine grapes | 1,583 | Aug 2019 | 37.5 | 35.3 | 22,299 | 90,000 76,500–103,500 | 142.5 | +303.6% | ASFMRA-CA-NAPA-WINE-2025USDA-CA-CROP-2025 Napa AVA premium wine ground; ASFMRA Cal Chapter 2025 rates Napa AVA at ~$90K/acre vs. ~$13K state cropland average |
Miscellaneous Investments Multiple states | Diversified — Misc / aggregated Mixed agriculture | 16,331 | Dec 2025 | 63.4 | 54.8 | 3,356 | 8,000 6,800–9,200 | 130.6 | +138.4% | LAND-DISP-2025USDA-CA-CROP-2025USDA-FL-CROP-2025 Aggregated 'Miscellaneous Investments' line; LAND's 2025 dispositions averaged $7,631/acre across mixed mid-portfolio quality, used as benchmark |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 3,470 | Dec 2021 | 88.1 | 77.3 | 22,277 | 32,000 28,000–38,000 | 111 | +43.6% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Ventura County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 1,141 | Oct 2014 | 26.8 | 25.4 | 22,261 | 60,000 51,000–69,000 | 68.5 | +169.5% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 2,675 | Aug 2019 | 71.1 | 59.6 | 22,280 | 24,000 21,000–28,000 | 64.2 | +7.7% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Ventura County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 998 | Aug 2019 | 23 | 22.3 | 22,345 | 60,000 51,000–69,000 | 59.9 | +168.5% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 1,789 | Jun 2021 | 51.9 | 39.9 | 22,303 | 32,000 28,000–38,000 | 57.2 | +43.5% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Ventura County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 896 | Dec 2020 | 20.6 | 20 | 22,321 | 60,000 51,000–69,000 | 53.8 | +168.8% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Yuma County, Arizona Arizona | AZ Yuma winter vegetable Cool-season vegetables | 3,343 | Jun 2017 | 41.5 | 30.2 | 9,034 | 16,000 13,600–18,400 | 53.5 | +77.1% | AZ-YUMA-VEG-2025USDA-AZ-CROP-2025 Lower Colorado River winter vegetable ground; 2025 Arizona Ag Land Sales review benchmarks at $15-17K/acre |
Tulare County, California California | CA Tulare citrus / specialty Citrus + specialty permanent | 2,175 | Dec 2020 | 61.6 | 48.5 | 22,299 | 22,000 19,000–26,000 | 47.9 | -1.3% | ASFMRA-CA-CITRUS-2025USDA-CA-CROP-2025 Tulare County citrus heritage; cap rates wider (4.0-5.5%) reflecting yield variability + greening-style risks on aging orchards |
Monterey County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 743 | Jan 2015 | 17.8 | 16.6 | 22,342 | 60,000 51,000–69,000 | 44.6 | +168.6% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Saguache County, Colorado Colorado | CO San Luis Valley potato Potatoes | 7,276 | Mar 2016 | 26.6 | 19.5 | 2,680 | 5,500 4,675–6,325 | 40 | +105.2% | CO-SAGUACHE-POTATO-2024USDA-CO-CROP-2025 San Luis Valley potato ground; 2024 Colorado Land Survey at $5-6K/acre |
Martin County, Florida Florida | FL citrus (greening-affected) Citrus / vegetables | 4,486 | Jul 2019 | 55.7 | 52.4 | 11,681 | 8,500 7,225–9,775 | 38.1 | -27.2% | ASFMRA-FL-CITRUS-2025FL-CITRUS-2024USDA-FL-CROP-2025 Florida citrus has been depressed by greening disease; ASFMRA 2025 mid-cycle benchmark $8.5K/acre, recent transactions at $8K |
Whatcom County, Washington Washington | WA Whatcom blueberry Blueberries | 999 | Dec 2020 | 32 | 25.1 | 25,125 | 35,000 29,750–40,250 | 35 | +39.3% | WA-WHATCOM-BLUEBERRY-2024USDA-WA-CROP-2025 Whatcom County prime blueberry orchard; recent industry transactions at $35K/acre |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 1,073 | Sep 2015 | 28.1 | 23.9 | 22,274 | 32,000 28,000–38,000 | 34.3 | +43.7% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Monterey County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 559 | Jul 2019 | 13 | 12.5 | 22,361 | 60,000 51,000–69,000 | 33.5 | +168.3% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 1,033 | Aug 2021 | 30.1 | 23 | 22,265 | 32,000 28,000–38,000 | 33.1 | +43.7% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 1,278 | Sep 2020 | 32.8 | 28.5 | 22,300 | 24,000 21,000–28,000 | 30.7 | +7.6% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 1,250 | Oct 2020 | 33.5 | 27.9 | 22,320 | 24,000 21,000–28,000 | 30 | +7.5% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Madera County, California California | CA Madera permanent (pistachio/almond) Pistachios + almonds mix | 1,063 | Apr 2019 | 30.3 | 23.7 | 22,295 | 28,000 24,000–34,000 | 29.8 | +25.6% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025 Madera County pistachio / almond mix ground; mid-tier within SJV permanent |
Hayes & Hitchcock County, Nebraska Nebraska | NE center-pivot irrigated Corn / soy irrigated | 3,274 | Oct 2019 | 9.7 | 9.3 | 2,841 | 9,000 7,650–10,350 | 29.5 | +216.8% | NE-HAYES-IRRIGATED-2025USDA-NE-CROP-2025 Hayes/Hitchcock center-pivot ground; 2025 UNL land survey benchmark $9K/acre, slightly above state-average $8.8K |
Ventura County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 466 | Sep 1998 | 15.7 | 10.4 | 22,318 | 60,000 51,000–69,000 | 28 | +168.8% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Monterey County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 412 | Oct 2013 | 10.6 | 9.2 | 22,330 | 60,000 51,000–69,000 | 24.7 | +168.7% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Madera, California California | CA Madera permanent (pistachio/almond) Pistachios + almonds mix | 874 | Nov 2018 | 21.3 | 19.5 | 22,311 | 28,000 24,000–34,000 | 24.5 | +25.5% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025 Madera County pistachio / almond mix ground; mid-tier within SJV permanent |
Santa Cruz County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 404 | Jan 2011 | 9.3 | 9 | 22,277 | 60,000 51,000–69,000 | 24.2 | +169.3% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Tehama County, California California | CA Sacramento Valley & Northern row crop Almonds / walnuts / row crops | 1,505 | Apr 2021 | 37 | 33.6 | 22,326 | 16,000 13,600–18,400 | 24.1 | -28.3% | ASFMRA-CA-CV-ROW-2025USDA-CA-CROP-2025 Sacramento Valley row-crop / almond ground; ASFMRA Central Valley row-crop benchmark ~$14K/acre, with adjustment for permanent crop mix |
San Joaquin County, California California | CA Northern San Joaquin permanent crops Permanent crops / row crops | 1,043 | Dec 2020 | 33.4 | 23.2 | 22,244 | 22,000 18,700–25,300 | 22.9 | -1.1% | ASFMRA-CA-ALMOND-2025ASFMRA-CA-CITRUS-2025USDA-CA-CROP-2025 Northern San Joaquin almond / row-crop mix; below southern-county premiums but above state-average cropland |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 624 | Jun 2020 | 14.5 | 13.9 | 22,276 | 32,000 28,000–38,000 | 20 | +43.7% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Manatee County, Florida Florida | FL specialty (Plant City / Manatee winter veg) Strawberries / vegetables | 1,087 | Sep 2014 | 17.6 | 12.7 | 11,684 | 16,000 13,600–18,400 | 17.4 | +36.9% | FL-VEGETABLE-2024USDA-FL-CROP-2025 Plant City strawberry / Manatee winter vegetable ground at $16K/acre — premium to state-average $5.5K cropland |
Ventura County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 287 | Jul 2014 | 6.8 | 6.4 | 22,300 | 60,000 51,000–69,000 | 17.2 | +169.1% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 684 | Jul 2017 | 18.3 | 15.3 | 22,368 | 24,000 21,000–28,000 | 16.4 | +7.3% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Ventura County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 263 | Nov 2014 | 6 | 5.9 | 22,433 | 60,000 51,000–69,000 | 15.8 | +167.5% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Glenn, California California | CA Sacramento Valley & Northern row crop Almonds / walnuts / row crops | 963 | Jun 2022 | 24.1 | 21.5 | 22,326 | 16,000 13,600–18,400 | 15.4 | -28.3% | ASFMRA-CA-CV-ROW-2025USDA-CA-CROP-2025 Sacramento Valley row-crop / almond ground; ASFMRA Central Valley row-crop benchmark ~$14K/acre, with adjustment for permanent crop mix |
Van Buren County, Michigan Michigan | MI Van Buren blueberry Blueberries | 698 | Jun 2021 | 13.4 | 11.7 | 16,762 | 22,000 18,700–25,300 | 15.4 | +31.2% | MI-VAN-BUREN-BLUEBERRY-2024USDA-MI-CROP-2025 Southwest Michigan blueberry orchard; 2024 industry comps at $20-25K/acre vs. $7.2K state-average cropland |
Hayes County, Nebraska Nebraska | NE center-pivot irrigated Corn / soy irrigated | 1,675 | Oct 2019 | 5 | 4.8 | 2,866 | 9,000 7,650–10,350 | 15.1 | +214.1% | NE-HAYES-IRRIGATED-2025USDA-NE-CROP-2025 Hayes/Hitchcock center-pivot ground; 2025 UNL land survey benchmark $9K/acre, slightly above state-average $8.8K |
Santa Cruz County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 251 | Jun 2014 | 5.8 | 5.6 | 22,311 | 60,000 51,000–69,000 | 15.1 | +168.9% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 614 | Apr 2016 | 18.9 | 13.7 | 22,313 | 24,000 21,000–28,000 | 14.7 | +7.6% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Santa Cruz County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 202 | Jun 1997 | 5 | 4.5 | 22,277 | 60,000 51,000–69,000 | 12.1 | +169.3% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Franklin & Grant, Washington Washington | WA Columbia Basin orchard Apples / orchards | 793 | Jul 2022 | 27.5 | 19.9 | 25,095 | 14,000 11,900–16,100 | 11.1 | -44.2% | WA-COLUMBIA-APPLE-2024USDA-WA-CROP-2025 Columbia Basin apple orchard; recent comps at $13-15K/acre depending on varietal mix |
Cochise County, Arizona Arizona | AZ Cochise pistachio Pistachios / nuts | 1,092 | Dec 2013 | 12.6 | 9.9 | 9,066 | 9,500 8,075–10,925 | 10.4 | +4.8% | AZ-COCHISE-PISTACHIO-2024USDA-AZ-CROP-2025 Cochise County pistachio benchmarks have softened; 2024 comps at $9.5K/acre |
Stanislaus County, Colorado Colorado | CO Plains dryland Row crops | 5,359 | Sep 2016 | 14.7 | 14.3 | 2,668 | 1,800 1,530–2,070 | 9.6 | -32.5% | CO-PLAINS-DRYLAND-2025USDA-CO-CROP-2025 Eastern Colorado Plains dryland; 2025 ag-real-estate at $1.5-2K/acre |
Wicomico & Caroline County, Maryland, and Sussex County, Delaware Maryland | MD/DE Delmarva specialty Diversified vegetables / specialty | 863 | Aug 2020 | 7.8 | 7.4 | 8,575 | 11,000 9,350–12,650 | 9.5 | +28.3% | MD-DELMARVA-VEG-2024USDA-MD-CROP-2025 Delmarva specialty vegetable ground; 2024 Mid-Atlantic ag-real-estate at $10-12K/acre |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 278 | Jul 2014 | 6.9 | 6.2 | 22,302 | 32,000 28,000–38,000 | 8.9 | +43.5% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Merced County, Colorado Colorado | CO Plains dryland Row crops | 4,927 | Sep 2016 | 13.5 | 13.2 | 2,679 | 1,800 1,530–2,070 | 8.9 | -32.8% | CO-PLAINS-DRYLAND-2025USDA-CO-CROP-2025 Eastern Colorado Plains dryland; 2025 ag-real-estate at $1.5-2K/acre |
Cochise County, Arizona Arizona | AZ Cochise pistachio Pistachios / nuts | 899 | Dec 2015 | 10.3 | 8.1 | 9,010 | 9,500 8,075–10,925 | 8.5 | +5.4% | AZ-COCHISE-PISTACHIO-2024USDA-AZ-CROP-2025 Cochise County pistachio benchmarks have softened; 2024 comps at $9.5K/acre |
Merced County, California California | CA Northern San Joaquin permanent crops Almonds / pistachios / citrus | 369 | Dec 2018 | 8.2 | 8.2 | 22,222 | 22,000 18,700–25,300 | 8.1 | -1.0% | ASFMRA-CA-ALMOND-2025ASFMRA-CA-CITRUS-2025USDA-CA-CROP-2025 Northern San Joaquin almond / row-crop mix; below southern-county premiums but above state-average cropland |
Okeechobee County, Florida Florida | FL citrus (greening-affected) Citrus / vegetables | 948 | Aug 2017 | 12.4 | 11.1 | 11,709 | 8,500 7,225–9,775 | 8.1 | -27.4% | ASFMRA-FL-CITRUS-2025FL-CITRUS-2024USDA-FL-CROP-2025 Florida citrus has been depressed by greening disease; ASFMRA 2025 mid-cycle benchmark $8.5K/acre, recent transactions at $8K |
Yamhill County, Oregon Oregon | OR Yamhill hazelnut Hazelnuts / blueberries | 498 | Aug 2021 | 12.4 | 9.8 | 19,679 | 16,000 13,600–18,400 | 8 | -18.7% | OR-YAMHILL-HAZELNUT-2024USDA-OR-CROP-2025 Yamhill hazelnut orchard land; Oregon Hazelnut Council 2024 benchmark $16K/acre |
Baca County, Colorado Colorado | CO Plains dryland Dryland row crops | 4,271 | Dec 2016 | 11.7 | 11.4 | 2,669 | 1,800 1,530–2,070 | 7.7 | -32.6% | CO-PLAINS-DRYLAND-2025USDA-CO-CROP-2025 Eastern Colorado Plains dryland; 2025 ag-real-estate at $1.5-2K/acre |
Charlotte County, FL Florida | FL citrus (greening-affected) Citrus / vegetables | 845 | Dec 2021 | 10 | 9.9 | 11,716 | 8,500 7,225–9,775 | 7.2 | -27.4% | ASFMRA-FL-CITRUS-2025FL-CITRUS-2024USDA-FL-CROP-2025 Florida citrus has been depressed by greening disease; ASFMRA 2025 mid-cycle benchmark $8.5K/acre, recent transactions at $8K |
Santa Barbara County, California California | CA coastal specialty (berries / vegetables) Strawberries / vegetables / coastal specialty | 109 | Aug 2017 | 2.9 | 2.4 | 22,018 | 60,000 51,000–69,000 | 6.5 | +172.5% | ASFMRA-CA-COASTAL-2025CW-CA-COASTAL-BERRY-2024USDA-CA-CROP-2025 Tier-1 Oxnard / Pajaro / Salinas berry+veg ground at $60K/acre; recent Cushman & Wakefield comps in $60-70K range |
Yolo County, California California | CA Sacramento Valley & Northern row crop Almonds / walnuts / row crops | 375 | Jun 2019 | 9.3 | 8.4 | 22,400 | 16,000 13,600–18,400 | 6 | -28.6% | ASFMRA-CA-CV-ROW-2025USDA-CA-CROP-2025 Sacramento Valley row-crop / almond ground; ASFMRA Central Valley row-crop benchmark ~$14K/acre, with adjustment for permanent crop mix |
Kings County, California California | CA Kings almond Almonds + permanent plantings | 260 | Sep 2018 | 6.9 | 5.8 | 22,308 | 23,000 20,000–27,000 | 6 | +3.1% | ASFMRA-CA-ALMOND-2025 Kings County almond / permanent ground |
Kern County, California California | CA Kern pistachio premium Pistachios (premium) + almonds | 174 | Jan 2018 | 4.5 | 3.9 | 22,414 | 32,000 28,000–38,000 | 5.6 | +42.8% | ASFMRA-CA-PISTACHIO-2025ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Kern County pistachio premium ground; ASFMRA Cal Chapter 2025 prices mature pistachio at $30-38K/acre with cap rates 3.0-4.0% |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 218 | Oct 2016 | 6.5 | 4.9 | 22,477 | 24,000 21,000–28,000 | 5.2 | +6.8% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Hartley County, Texas Texas | TX Hartley dryland Dryland row crops | 2,219 | Nov 2018 | 9.9 | 9.3 | 4,191 | 2,200 1,870–2,530 | 4.9 | -47.5% | TX-HARTLEY-DRYLAND-2024USDA-TX-CROP-2025 Hartley County dryland; Texas A&M AgriLife 2024 report at $2-2.5K/acre |
Hillsborough County, Florida Florida | FL specialty (Plant City / Manatee winter veg) Strawberries / vegetables | 302 | Sep 2012 | 5.7 | 3.5 | 11,589 | 16,000 13,600–18,400 | 4.8 | +38.1% | FL-VEGETABLE-2024USDA-FL-CROP-2025 Plant City strawberry / Manatee winter vegetable ground at $16K/acre — premium to state-average $5.5K cropland |
Baca County, Colorado & Buildings Colorado | CO Plains dryland Dryland row crops | 2,335 | Sep 2016 | 6.4 | 6.2 | 2,655 | 1,800 1,530–2,070 | 4.2 | -32.2% | CO-PLAINS-DRYLAND-2025USDA-CO-CROP-2025 Eastern Colorado Plains dryland; 2025 ag-real-estate at $1.5-2K/acre |
Manatee County, Florida Florida | FL specialty (Plant City / Manatee winter veg) Strawberries / vegetables | 249 | Mar 2015 | 4.6 | 2.9 | 11,647 | 16,000 13,600–18,400 | 4 | +37.4% | FL-VEGETABLE-2024USDA-FL-CROP-2025 Plant City strawberry / Manatee winter vegetable ground at $16K/acre — premium to state-average $5.5K cropland |
Walla Walla County, Washington Washington | WA Walla Walla wine grape Wine grapes / orchards | 212 | Sep 2017 | 5.7 | 5.3 | 25,000 | 18,000 15,300–20,700 | 3.8 | -28.0% | WA-WALLA-WINE-2025USDA-WA-CROP-2025 Walla Walla AVA wine grape vineyard land; PNW comps 2024-25 in $16-20K range |
Umatilla, Oregon Oregon | OR Umatilla apple / irrigated Apples / orchards | 238 | Jul 2022 | 5.2 | 4.7 | 19,748 | 13,000 11,050–14,950 | 3.1 | -34.2% | OR-UMATILLA-APPLE-2025USDA-OR-CROP-2025 Umatilla irrigated orchard / cropland; 2025 PNW ag transactions at $12-14K/acre |
Saint Lucie County, Florida Florida | FL citrus (greening-affected) Citrus / vegetables | 361 | Jul 2016 | 5.1 | 4.2 | 11,634 | 8,500 7,225–9,775 | 3.1 | -26.9% | ASFMRA-FL-CITRUS-2025FL-CITRUS-2024USDA-FL-CROP-2025 Florida citrus has been depressed by greening disease; ASFMRA 2025 mid-cycle benchmark $8.5K/acre, recent transactions at $8K |
St. Lucie County, Florida Florida | FL citrus (greening-affected) Citrus / vegetables | 359 | Aug 2021 | 5.3 | 4.2 | 11,699 | 8,500 7,225–9,775 | 3.1 | -27.3% | ASFMRA-FL-CITRUS-2025FL-CITRUS-2024USDA-FL-CROP-2025 Florida citrus has been depressed by greening disease; ASFMRA 2025 mid-cycle benchmark $8.5K/acre, recent transactions at $8K |
San Joaquin County, California California | CA Northern San Joaquin permanent crops Permanent crops / row crops | 127 | Mar 2021 | 4.3 | 2.8 | 22,047 | 22,000 18,700–25,300 | 2.8 | -0.2% | ASFMRA-CA-ALMOND-2025ASFMRA-CA-CITRUS-2025USDA-CA-CROP-2025 Northern San Joaquin almond / row-crop mix; below southern-county premiums but above state-average cropland |
Fresno County, California California | CA Fresno almond Almonds (dominant) + pistachios | 96 | Dec 2017 | 6 | 2.1 | 21,875 | 24,000 21,000–28,000 | 2.3 | +9.7% | ASFMRA-CA-ALMOND-2025USDA-CA-CROP-2025 Fresno County almond-dominant ground; ASFMRA 2025 mature almond benchmark $22-28K/acre with cap rates 3.5-4.5% |
Allegran and Van Buren County, Michigan Michigan | MI Van Buren blueberry Blueberries | 80 | Jun 2019 | 1.9 | 1.4 | 17,500 | 22,000 18,700–25,300 | 1.8 | +25.7% | MI-VAN-BUREN-BLUEBERRY-2024USDA-MI-CROP-2025 Southwest Michigan blueberry orchard; 2024 industry comps at $20-25K/acre vs. $7.2K state-average cropland |
Baca County, Colorado Colorado | CO Plains dryland Dryland row crops | 345 | Oct 2017 | 0.9 | 0.9 | 2,609 | 1,800 1,530–2,070 | 0.6 | -31.0% | CO-PLAINS-DRYLAND-2025USDA-CO-CROP-2025 Eastern Colorado Plains dryland; 2025 ag-real-estate at $1.5-2K/acre |
Comparable land transactions and surveys
46 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| LAND-DISP-2025 | LAND's own 2025 dispositions: 13 farms / 12,502 acres for $95.4M = $7,631/acre weighted (mostly Mid-Atlantic + Florida + Michigan) | LAND portfolio (disposed 2025) | — | $7,631 | Dec 2025 | LAND Q4 2025 earnings release |
| USDA-CA-CROP-2025 | California cropland — USDA NASS state average | California | — | $13,200 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-FL-CROP-2025 | Florida cropland — USDA NASS state average | Florida | — | $5,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-CO-CROP-2025 | Colorado cropland — USDA NASS state average | Colorado | — | $2,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-AZ-CROP-2025 | Arizona cropland — USDA NASS state average | Arizona | — | $11,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-WA-CROP-2025 | Washington cropland — USDA NASS state average | Washington | — | $5,400 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-OR-CROP-2025 | Oregon cropland — USDA NASS state average | Oregon | — | $5,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-NE-CROP-2025 | Nebraska cropland — USDA NASS state average | Nebraska | — | $8,800 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-MI-CROP-2025 | Michigan cropland — USDA NASS state average | Michigan | — | $7,200 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-TX-CROP-2025 | Texas cropland — USDA NASS state average | Texas | — | $3,000 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-MD-CROP-2025 | Maryland cropland — USDA NASS state average | Maryland | — | $10,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-SC-CROP-2025 | South Carolina cropland — USDA NASS state average | South Carolina | — | $4,800 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| ASFMRA-CA-ALMOND-2025 | California San Joaquin almond ground — typical established orchard | San Joaquin Valley, CA | — | $24,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| ASFMRA-CA-PISTACHIO-2025 | California pistachio orchard — mature bearing | Kern / Madera / Tulare, CA | — | $32,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| ASFMRA-CA-CITRUS-2025 | California citrus orchard (oranges, lemons) | San Joaquin Valley / Ventura, CA | — | $22,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| ASFMRA-CA-AVOCADO-2025 | California avocado orchard | Ventura / SLO / SD, CA | — | $35,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| ASFMRA-CA-COASTAL-2025 | California coastal berry / vegetable ground (prime) | Oxnard Plain / Pajaro Valley / Salinas Valley | — | $60,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| ASFMRA-CA-NAPA-WINE-2025 | Napa Valley premium wine grape land (AVA-rated) | Napa County, CA | — | $90,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| ASFMRA-CA-CV-ROW-2025 | California Central Valley row-crop / open ground | Tehama / Glenn / Yolo / SJ, CA | — | $14,000 | Apr 2025 | ASFMRA Cal Chapter Trends 2025 |
| OR-UMATILLA-APPLE-2025 | Umatilla orchard / irrigated cropland | Umatilla County, OR | — | $13,000 | Apr 2025 | Oregon ag-real-estate sales 2024-2025 |
| CO-PLAINS-DRYLAND-2025 | Eastern Colorado Plains dryland | Baca / Bent / Cheyenne, CO | — | $1,800 | Apr 2025 | Colorado Plains Ag Real Estate 2025 |
| SC-DIVERSIFIED-2025 | South Carolina diversified row-crop / specialty | South Carolina | — | $5,500 | Apr 2025 | Clemson Extension SC land report |
| CA-WATER-RECENT-2025 | California permanent water rights — H1 2025 transactions across districts | California (multiple districts) | — | $8,500 | Apr 2025 | WestWater Research H1 2025 Water Market Insider |
| NJ-DIVERSIFIED-2025 | New Jersey specialty agricultural land | New Jersey | — | $18,000 | Mar 2025 | NJ State Ag Census + 2024 transactions |
| ASFMRA-FL-CITRUS-2025 | Florida citrus orchard land — greening-affected | Florida | — | $8,500 | Mar 2025 | ASFMRA Florida 2025 Trends |
| WA-WALLA-WINE-2025 | Walla Walla wine grape vineyard land | Walla Walla, WA | — | $18,000 | Mar 2025 | PNW wine grape vineyard sales 2024-2025 |
| AZ-YUMA-VEG-2025 | Yuma winter vegetable ground — irrigated by Colorado River | Yuma County, AZ | — | $16,000 | Feb 2025 | Arizona Agricultural Land Sales 2024-2025 review |
| NE-HAYES-IRRIGATED-2025 | Hayes County center-pivot irrigated cropland | Hayes / Hitchcock, NE | — | $9,000 | Feb 2025 | Nebraska UNL land survey 2025 |
| FL-VEGETABLE-2024 | Florida winter vegetable ground (Plant City / Manatee) | Hillsborough / Manatee, FL | — | $16,000 | Dec 2024 | Florida ag-real-estate broker comps |
| CA-GROUNDWATER-2024 | California groundwater pumping rights / SGMA-affected basins | California (San Joaquin Valley basins) | — | $5,500 | Dec 2024 | DWR + WestWater Research SGMA basin reports 2024 |
| CW-CA-COASTAL-BERRY-2024 | Recent Oxnard / Watsonville berry land sales — 2024 transaction comp | Ventura / Santa Cruz, CA | — | $65,000 | Nov 2024 | Cushman & Wakefield West Coast Ag 2024 |
| TX-HARTLEY-DRYLAND-2024 | Hartley County dryland ground | Hartley County, TX | — | $2,200 | Nov 2024 | Texas A&M AgriLife real-estate report |
| WA-WHATCOM-BLUEBERRY-2024 | Whatcom County blueberry orchard | Whatcom County, WA | — | $35,000 | Oct 2024 | WA blueberry industry land report |
| MI-VAN-BUREN-BLUEBERRY-2024 | Southwest Michigan blueberry orchard | Van Buren / Allegan, MI | — | $22,000 | Oct 2024 | Michigan Blueberry Growers Council 2024 |
| OR-YAMHILL-HAZELNUT-2024 | Yamhill hazelnut orchard land | Yamhill County, OR | — | $16,000 | Sep 2024 | Oregon Hazelnut Industry Council report |
| MD-DELMARVA-VEG-2024 | Delmarva specialty vegetable ground | Wicomico / Sussex, MD/DE | — | $11,000 | Sep 2024 | Mid-Atlantic ag-real-estate report 2024 |
| FL-CITRUS-2024 | Florida citrus land — recent transaction comps | Polk / St. Lucie / Hendry, FL | — | $8,000 | Sep 2024 | University of Florida IFAS land report 2024 |
| CO-SAGUACHE-POTATO-2024 | San Luis Valley potato ground | Saguache County, CO | — | $5,500 | Sep 2024 | Colorado State Land Survey 2024 |
| CA-WATER-FRIANT-2024 | California Friant Class-1 water rights — recent transactions | California (Friant-Kern Canal service area) | — | $9,500 | Sep 2024 | California water market reports + WestWater Research 2024 transaction data |
| WA-COLUMBIA-APPLE-2024 | Columbia Basin apple orchard land | Franklin / Grant, WA | — | $14,000 | Aug 2024 | Washington State Tree Fruit Association 2024 |
| USDA-CA-CROP-2024 | California cropland — USDA NASS state average | California | — | $11,800 | Aug 2024 | USDA NASS Land Values 2024 Summary |
| USDA-FL-CROP-2024 | Florida cropland — USDA NASS state average | Florida | — | $5,400 | Aug 2024 | USDA NASS Land Values 2024 Summary |
| USDA-CO-CROP-2024 | Colorado cropland — USDA NASS state average | Colorado | — | $2,350 | Aug 2024 | USDA NASS Land Values 2024 Summary |
| USDA-AZ-CROP-2024 | Arizona cropland — USDA NASS state average | Arizona | — | $10,800 | Aug 2024 | USDA NASS Land Values 2024 Summary |
| USDA-WA-CROP-2024 | Washington cropland — USDA NASS state average | Washington | — | $5,200 | Aug 2024 | USDA NASS Land Values 2024 Summary |
| AZ-COCHISE-PISTACHIO-2024 | Cochise County pistachio ground | Cochise County, AZ | — | $9,500 | Jun 2024 | AZ Farm Bureau ag-real-estate report |
Methodology
LAND's 67 Schedule III line items are mapped to 16 valuation clusters by state and crop type. Each property carries an explicit per-acre fair-market value backed by 2-4 cited comparables — all dated within the last 24 months (cutoff May 2024). The "FMV by category" table at top is fully derived from this per-property analysis. Primary comp sources, all 2024-2025 dated: - USDA NASS 2025 Land Values Summary (published August 2025) for state-average cropland anchors - ASFMRA California Chapter Outlook & Trends 2025 for permanent and specialty crops - Cushman & Wakefield West Coast Ag 2024 for coastal California transactions - State-specific industry reports (Michigan Blueberry Growers Council, Oregon Hazelnut Council, Texas A&M AgriLife, Nebraska UNL, Clemson Extension, etc.) - LAND's own FY2025 disposition pricing ($7,631/acre weighted across 12,502 acres) as a portfolio-level reality check Mature California permanent crops drive the bulk of the FMV-vs-book gap. LAND acquired most of its Kern / Fresno / Tulare / Madera ground in 2014-2021 at significantly lower per-acre values; California pistachio specifically has appreciated strongly. The Miscellaneous Investments aggregate row uses LAND's own 2025 disposition pricing as the most defensible mark. The implied NAV/share at FMV deducts net debt (long-term debt + Series D Term Pref − cash) and divides by 41.44M diluted shares. Live-price discount/premium is computed against this NAV using the Yahoo quote in USD. WATER RIGHTS NOTE: LAND owns 55,532 acre-feet of California water assets that are accounted for separately as a non-land asset row (excludeFromAcreTotals). California water rights traded at $5,000-$15,000+/acre-foot in 2024-25 with significant variation by district seniority. Mid-point $7,500/AF implies $417M of standalone water-rights value vs the $1.67B farmland FMV, with a $278M-$666M range under low/high scenarios. The water rights row's "acres" column reflects acre-feet rather than acres; the row contributes to total FMV but not to acre denominators on per-acre columns. PER-PROPERTY CAP RATES + SUB-TIER REFINEMENT (latest pass): California San Joaquin permanent crops previously rolled up into a single $28K/acre weighted bucket. Now sub-clustered into: • CA Kern pistachio premium — $32K base ($28-38K), cap 3.0-4.0% • CA Fresno almond — $24K base ($21-28K), cap 3.5-4.5% • CA Tulare citrus / specialty — $22K base ($19-26K), cap 4.0-5.5% • CA Madera permanent — $28K base ($24-34K), cap 3.5-4.5% • CA Kings almond — $23K base ($20-27K), cap 3.5-4.5% • CA Stanislaus / Merced almond — $22K base ($19-26K), cap 3.5-4.5% • CA Central Coast permanent — $26K base ($22-32K), cap 3.5-4.5% Each LAND property is mapped to the appropriate sub-tier by county. Per-property cap rate ranges feed the NOI cross-check, which now FMV- weighted-averages them across the portfolio to derive an issuer-level benchmark — replacing the prior keyword-based single range. The remaining 49 land properties (FL, AZ, CO, NE, MI, OR, WA, MD, TX, etc.) also have cap rate ranges set per-cluster so the entire FMV base is covered by property-level cap rate data.
Insider transactions
As of 2026-05-07 · last 25 of 50 Form 4 filingsTTM buys
$0
TTM sells
$0
TTM net
$0
Insiders active TTM
0
| Date | Insider | Role | Action | Shares | Price | Value (USD) | Remaining |
|---|---|---|---|---|---|---|---|
| Mar 13, 2025 | PARKER ANTHONY W | Director | Sell | 6,601 | $11.02 | $72.7K | 0 |
| Feb 28, 2023 | Novara Paula | Director | Buy | 560 | $17.66 | $9.9K | 560 |
| Oct 18, 2021 | Merrick Caren D | Director | Other | 1,000 | $0.00 | — | 5,432 |
| Mar 17, 2020 | ENGLISH MICHELA A | Director | Sell | 385 | $10.84 | $4.2K | 845 |
| Mar 16, 2020 | LiCalsi Michael | General Counsel and Secretary | Buy | 800 | $10.08 | $8.1K | 1,485 |
| Mar 16, 2020 | Parrish Lewis | CFO | Buy | 500 | $10.13 | $5.1K | 3,500 |
| Feb 24, 2020 | ADELGREN PAUL W | Director | Buy | 700 | $14.25 | $10.0K | 12,926 |
| Nov 15, 2019 | ADELGREN PAUL W | Director | Buy | 950 | $12.03 | $11.4K | 12,100 |
| Sep 10, 2019 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 74,261 | $11.90 | $883.7K | 2,298,585 |
| Sep 9, 2019 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 135,739 | $11.86 | $1.61M | 2,224,324 |
| Mar 15, 2019 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 40,182 | $12.03 | $483.4K | 2,079,210 |
| Mar 15, 2019 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 9,375 | $12.01 | $112.6K | 2,088,585 |
| Mar 14, 2019 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 26,715 | $11.99 | $320.3K | 2,015,300 |
| Mar 14, 2019 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 23,728 | $11.94 | $283.3K | 2,039,028 |
| May 11, 2018 | Beckhorn Jay | Treasurer | Buy | 138 | $12.81 | $1.8K | 588 |
| Feb 23, 2018 | ADELGREN PAUL W | Director | Buy | 800 | $17.32 | $13.9K | 10,334 |
| Feb 23, 2018 | WILKINSON WALTER H | Director | Buy | 4,700 | $12.58 | $59.1K | 9,791 |
| Jun 14, 2017 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 20,000 | $11.38 | $227.6K | 1,988,585 |
| Mar 15, 2017 | ADELGREN PAUL W | Director | Buy | 900 | $11.05 | $9.9K | 9,071 |
| Mar 15, 2017 | Beckhorn Jay | Treasurer | Buy | 450 | $11.05 | $5.0K | 450 |
| Mar 15, 2017 | ENGLISH MICHELA A | Director | Buy | 100 | $11.13 | $1.1K | 1,230 |
| Mar 14, 2017 | ENGLISH MICHELA A | Director | Buy | 100 | $11.02 | $1.1K | 1,130 |
| Mar 14, 2017 | Parrish Lewis | CFO | Buy | 500 | $11.00 | $5.5K | 3,000 |
| Mar 13, 2017 | GLADSTONE DAVID | Director, CEO, 10% Owner | Buy | 20,000 | $11.15 | $223.0K | 1,968,585 |
| Sep 9, 2016 | ADELGREN PAUL W | Director | Buy | 500 | $11.72 | $5.9K | 8,089 |
Source: SEC EDGAR Form 4 (Statement of Changes in Beneficial Ownership) filings. Buy / Sell figures exclude option exercises, grants, vests, gifts, and tax-withholding events. Click an insider's name to open the underlying Form 4 filing.
Financial snapshot
35 reported periods · 2513 daily price points
USD 8.85
Jun 16, 2016 → Jun 15, 2026 · Daily local-currency close, with year-end shares outstanding on the right axis.
Shares outstanding (M)
36K acres
Share priceShares outstanding (M) (right axis)
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/LAND.json — manually compiled at the most-granular timeframe each issuer discloses (typically quarterly). Stock price overlay and premium/discount on the NAV/share chart use daily Yahoo close; premium/discount steps each time NAV is re-reported.
Sector trends
3 populated KPIs · 2013–2024
0.83%
Dec 31, 2013 → Dec 31, 2024 · 12 pts
First → Latest
0.03% → 0.83%