Farmland REITs List: FPI vs LAND, Yields & How to Buy

The US farmland REITs list has two listed names: Farmland Partners Inc. (NYSE: FPI) and Gladstone Land Corporation (Nasdaq: LAND). At the 4 November 2026 close, FPI yielded about 4.0% and LAND about 7.7%, according to StockAnalysis dividend data for FPI and StockAnalysis dividend data for LAND. Both rent land to farmers rather than farm it themselves as a main business.

Those yields rose because the share prices fell, not because either dividend went up. This guide compares the two on acres, crops, debt and whether cash earnings cover the dividend. It also covers private farmland funds, the ETF question and how to buy. A calculator lets you compare REIT income with renting out land you buy.

This is general information, not investment advice. Get advice from a licensed adviser or tax professional before you buy.

Farmland REITs list: every public and private route

Most REIT sectors have many listed names. Farmland has two. Here is the list, in order of how easy each route is for an ordinary investor.

1. Farmland Partners Inc. (FPI)

Structure: a REIT listed on the New York Stock Exchange. Market data is on NASDAQ’s FPI page, and filings are on the Farmland Partners site.

Portfolio: about 70,000 acres in 11 states at 30 September 2026: Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia, per FPI’s third-quarter 2026 results. It also owns four farm equipment dealership sites in Ohio and lends to farmers and landowners against farm property. About 40% of the portfolio by value grew specialty crops at the end of 2025, per FPI’s 2025 10-K.

Dividend: $0.09 a quarter, or $0.36 a year. At the $8.96 close on 4 November 2026 that is about 4.0%. NASDAQ’s dividend history page for FPI has the full record.

2. Gladstone Land Corporation (LAND)

Structure: a REIT listed on Nasdaq. Market data is on NASDAQ’s LAND page, and filings are on the Gladstone Land site.

Portfolio: 144 farms on 98,688 acres at 30 June 2026, plus 55,649 acre-feet of California water assets, per Gladstone Land’s second-quarter 2026 results. After the quarter it sold two Florida farms totalling 617 acres, leaving 142 farms in 14 states. LAND focuses on irrigated land for fruit, vegetables and nuts rather than the primary row crops that made up about 60% of FPI’s portfolio by value at the end of 2025.

Dividend: $0.0467 a month, or $0.5604 a year. At the $7.28 close on 4 November 2026 that is about 7.7%.

3. Private farmland trusts and funds

Private trusts and land funds sit outside the stock market. Many are sold as Regulation D private placements to accredited investors, with minimums set fund by fund. A later section covers them.

4. Large institutional land managers

Some large asset managers hold US farmland through institutional funds with no stock ticker. Most individual investors cannot reach them directly. If a platform offers you access to one, ask for its SEC Form ADV and its fund documents, and do not rely on marketing figures.

Want the wider picture first? Read about 7 smart strategies for high returns in farmland investing and how to invest in farming without owning a farm. Those pages show where REITs sit next to direct ownership and land funds.

What is a farmland REIT?

A farmland REIT is a company that owns agricultural land, rents it to farm operators and pays out most of its taxable income to shareholders as dividends. It works like any other REIT, except the property is fields, orchards and water rights instead of offices or flats.

• Income: cash rent, and on some leases a share of crop revenue. LAND calls this participation rent. Both companies also have other income, such as FPI’s loans and LAND’s crops on farms it runs through operators.
• Liquidity: you can sell the shares on any trading day at the market price. Selling a farm takes far longer and costs more.
• Minimum: one share, or less if your broker sells fractional shares.
• Tax: the IRS says REITs pay dividends to shareholders, and those payments can be ordinary dividends, capital gains or return of capital. Your Form 1099-DIV shows the split each year. Non-US investors face different withholding rules, so ask a tax professional.

▶ A light look at what a satellite can show about one corner of a field. · 4:32

FPI vs LAND compared

The table uses each company’s newest report. LAND’s third-quarter report was not out on 5 November 2026; the company has scheduled third-quarter results for 10 November, so check for new figures.

AFFO means adjusted funds from operations, a measure of recurring cash earnings that each company defines itself. The two definitions are not identical, so compare them with care. Neither company’s latest quarter covered its dividend on this measure. LAND says most of its 2026 revenue and earnings should arrive in the fourth quarter, when crop results are known, so one quarter says little about its full year.

A high yield can be a warning as well as a reward. A falling share price lifts the yield on paper, and the payment itself is not guaranteed. Read the yield together with cash earnings.

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Income yield: REIT shares and US farmland

Percent; REIT yields at the 4 November 2026 close, others as noted

What changed at FPI and LAND

Older lists describe a much bigger Farmland Partners. Its size, dividend and debt have all changed since 2024.

• 2024 sales. By its December 2024 release, FPI had sold about $308 million of farmland and related assets that year, and it paid a one-time $1.15 per share dividend on 8 January 2025, according to a Farmland Partners release.
• 2025 sales. It completed 60 property disposals for about $90.2 million, 23 of them exchanged for preferred units, bought back about 3.4 million shares and sold its auction and brokerage business, per FPI’s full-year 2025 results. Debt ended the year at $161.6 million.
• Dividend raised, debt up. The quarterly dividend rose from $0.06 to $0.09 per share in early 2026, per FPI’s first-quarter 2026 results. FPI borrowed about $68.2 million in February to redeem its Series A preferred units, and total debt reached about $239.8 million at 30 September, according to FPI’s third-quarter supplemental package.
• A weak third quarter at FPI. FPI reported a $15.5 million net loss, including $12.0 million of impairments after writing down California land values. It lowered its 2026 AFFO guidance, citing credit loss reserves and litigation risk. It also bought 1,652,147 shares at an average $10.32, above the 4 November close.
• Legal news at FPI. A Louisiana appeals court upheld an award of about $3.5 million to former tenants, and FPI plans to appeal. Separately, a Texas appeals court let FPI pursue most of its claims against First Sabrepoint Capital Management and related defendants, in a case FPI ties to what it calls a 2018 short-and-distort attack.
• LAND in 2026. Its second-quarter net loss to common stockholders was about $13.5 million. It sold new shares for about $14.1 million in net proceeds, which adds to the share count. Its pistachio processor set an initial 2026 base price of $2.50 per pound, 67% above the 2025 initial price, but LAND expects a smaller crop in an off year hit by a March heat event.

Share prices fell over the same weeks. FPI closed at $10.86 on 25 September 2026 and $8.96 on 4 November, about 17% lower. LAND went from $9.48 to $7.28, about 23% lower. Acreage also changes with each sale, so check the newest release before using any figure.

Farmland for accredited investors: private routes

This is a different product from a listed REIT. Regulation D funds can limit sales to accredited investors. The SEC’s accredited investor page explains the tests, which are based on income, net worth or certain professional credentials.

• Minimums: each fund sets its own. Read the figure in the offering documents, since no single number applies across the market.
• Liquidity: redemptions are often limited to set windows or tied to the life of the fund. Listed shares can be sold any trading day.
• Disclosure: private funds report under their own subscription terms, not on the 10-K and 10-Q forms that FPI and LAND file. Ask for audited accounts.
• Fees: ask for every layer in writing, such as management, performance and farm operator fees. They come out of your return.
• Checks: look up the fund’s Form D on SEC EDGAR, and confirm how your accredited status will be verified, before you send money.

If you only have a normal brokerage account, FPI and LAND are the two names on this list you can buy.

Is there a farmland REIT ETF?

We know of no US-listed ETF that invests mainly in farmland or in FPI and LAND. Both stocks do sit in broad REIT and small-company funds, but as tiny positions. Those funds follow real estate or small companies as a whole.

FRI weights are as of 4 November 2026, from First Trust holdings. The others come from TradingView holdings data for FPI and TradingView holdings data for LAND, viewed 5 November 2026. Weights move daily.

Agriculture ETFs are a different product. The VanEck Agribusiness ETF (MOO) holds companies in fertilizer, seeds, farm machinery, animal health, livestock and crop trading. It owns shares in agribusiness firms, not US farmland, so its returns follow those businesses.

Best farmland REITs: how to judge them

With two listed names, the useful question is which set of risks suits you. There is no single winner. Check these five points.

1. Crop and region mix

FPI’s row-crop acres tie it to corn, soybean and wheat economics, though California and other specialty land also affect its results. FPI says it plans to keep cutting its California exposure. LAND’s irrigated base ties it to fruit, vegetable and nut markets and to water supply.

2. Lease structure and tenants

Fixed cash rent gives steadier income. Participation rent can pay more in a good year and less in a bad one. LAND has moved some farms to lower base rent with higher participation rent, and it runs others through third-party managers. That shifts more crop risk onto the REIT. FPI’s third quarter included a $2.3 million credit loss provision, a reminder that loans and tenants can fail to pay.

3. Dividend cover

Compare the dividend with AFFO over a full year, using each company’s own guidance. FPI’s AFFO for the first nine months of 2026 was $0.04 per share, while it now pays $0.09 each quarter.

4. Debt and preferred stock

FPI’s estimated debt to enterprise value was about 34% at 30 September 2026, with about $83 million of its debt at floating rates. LAND has preferred shares that rank ahead of common stock for dividends. Read each balance sheet and note when loans mature.

5. Discount to land value

FPI’s management says it believes its land has unrealized value, and it bought back stock on that view. That is management’s opinion. Test it by comparing recent farm sale prices in filings with the values the company carries, including the writedowns above.

REIT shares, private funds or your own land

A REIT is one of three common ways to hold farmland. Each one trades something away. The table shows the main differences, and your own numbers can go in the calculator further down.

A farm owner may also see the question from the other side. If you already own land, a REIT share adds more of the same sector risk, although in other regions and crops. A REIT can buy or sell farms in your county as well, so its filings can help you follow land deals and lease terms.

For more background, see how agricultural real estate trends compare with other property.

How to read a farmland REIT report

You do not need a finance degree to read these releases. Five terms do most of the work. Start with the press release, then move to the 10-Q or 10-K for detail.

• Net income. The accounting result. It includes non-cash items and one-off sales. FPI’s $15.5 million loss included $12.0 million of impairments, which lower book value but are not cash paid out in the quarter.
• AFFO. A company-defined measure of recurring cash earnings. It is the better number to set against the dividend, but it can swing with timing. LAND’s AFFO is low for most of the year because participation rent is usually recognized in the fourth quarter.
• Net operating income (NOI). Property income before corporate costs and interest. FPI’s fell 18.0% in the third quarter to about $6.6 million.
• Impairment. A writedown when a company judges that a property’s carrying value is too high. Note the region and crop. FPI’s was in California, and LAND’s was on four Arizona farms.
• Participation rent. Rent linked to crop revenue. LAND recorded about $201,000 in its second quarter, against about $142,000 a year earlier, helped by higher almond prices. Most of it arrives later in the year.

Then read the debt note. Look for the amount that floats with interest rates, the dates loans come due, and how much cash and undrawn credit is available. FPI reported $115.3 million of liquidity at 30 September 2026: $7.9 million in cash and $107.4 million undrawn.

How a yield can rise while income stays flat

Dividend yield is the annual dividend divided by the share price. FPI shows the effect clearly. Its dividend stayed at $0.36 a year from 25 September to 4 November 2026, but the price fell from $10.86 to $8.96, so the yield went from about 3.3% to about 4.0%.

LAND did the same. It kept paying $0.5604 a year, and its price fell from $9.48 to $7.28, so the yield rose from about 5.9% to about 7.7%. Someone holding 1,000 LAND shares would still receive about $560 a year if the payment holds. The value of those shares would be about $2,200 lower.

So two questions matter more than the headline figure. Can the company keep paying this dividend from recurring cash? And what would the yield be if the payment were cut? For example, a 25% cut at LAND would mean about $0.42 a year, or about 5.8% at $7.28. That is an illustration, not a forecast.

Who each route may suit

• You want mostly row-crop land exposure: FPI has the closer mix, but its California land and loan book still affect results.
• You want tree nut, fruit and vegetable exposure: LAND has the closer mix, and you accept more water and crop-result risk.
• You want monthly payments: LAND pays monthly and FPI quarterly. Payment timing does not make a dividend any safer.
• You can lock money up and meet the tests: a private fund may fit, once you have read its fees and exit terms.
• You want control of a lease and a crop plan: direct ownership gives you that, with far less spread of risk.

Readers outside the US can buy these shares through many international brokers, but dividend withholding, currency moves and local tax rules all change the result. Check them with a local adviser first.

What the underlying land is worth

The USDA land value survey is the closest public check on the land behind both REITs. The USDA NASS Land Values 2026 Summary puts US cropland at $6,020 per acre, up 3.3% from 2025. Farm real estate averaged $4,500 and pasture $2,000.

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US average farmland values

US$ per acre, USDA NASS, 2022 to 2026

US averages hide wide differences by state and crop. They also do not match either REIT’s land mix, and FPI wrote down California land in the same year the national cropland average rose. Use them as background and not as a value for any one farm.

Land in farms totalled about 876.5 million US acres in 2024, per USDA NASS Farms and Land in Farms. USDA ERS cropland data shows about 328 million acres of cropland used for crops. FPI and LAND together hold roughly 170,000 acres, about 0.02% of US land in farms. So their results tell you about their own farms and tenants, not the whole land market.

Cash rents and farmland returns

Land values rose in 2026, but rents did not. US cropland rent averaged $161 per acre in 2025 and $160 in 2026, according to DTN’s report on USDA data released 31 July 2026. The Farm Bureau’s summary of the USDA data shows irrigated rent holding at $244 while non-irrigated rent slipped $1 to $146.

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US cropland cash rent, 2026

US$ per acre, national averages

Rent of $160 on land worth $6,020 is about 2.7% before costs. That is our arithmetic on two national averages. It shows why a landowner’s return leans on land value growth as well as rent.

Returns on institutionally owned land were weak in 2025. The NCREIF Farmland Index returned 0.20%, made up of 3.05% income and a 2.80% capital loss. Annual cropland returned 3.52%, while permanent cropland such as orchards and vineyards lost 5.43%, according to AgIS Capital, citing NCREIF. This index tracks directly held farmland, not REIT shares. Share prices also respond to interest rates and market mood, so the two can move apart.

Farmland REIT income calculator

Enter an amount, then compare REIT dividend income with the net rent the same money could earn from land you buy and rent out.

Try the numbers for your own farm below.

Market trends behind farmland REIT returns

• Water. LAND holds California water assets and reported higher legal costs to protect water rights on some California farms. Water rules and drought can change what a farm is worth.
• California land values. FPI’s $12.0 million writedown and its plan to sell California property suggest pressure on FPI’s California land values.
• Crop prices. Row-crop margins set how much rent a tenant can pay, and pistachio or almond prices feed straight into participation rents.
• Interest rates. Part of FPI’s debt floats, and income stocks compete with bonds for buyers.
• Yields and technology. Better tenant yields can support rent over time. USDA NASS publishes crop production forecasts through the season, and its September 2025 forecasts show the format.
• Farm policy. Farm payments, water rules and crop insurance shape tenant profits and so a REIT’s collection risk. Check current rules, since they change.

▶ Six plain steps to precision farming, the tools tenants may use on leased land. · 4:18

Risks specific to farmland REITs

• Few names: two listed companies cannot diversify a sector. Treat them as one narrow bet inside a wider portfolio.
• Dividend risk: payments can be cut if cash earnings stay below them. FPI’s own one-year dividend total fell after its large special payouts.
• Crop price exposure: even fixed rent depends on a tenant’s ability to pay.
• Water and weather: a heat event, frost or water cut can hit a permanent crop for more than a season.
• Trading: both are small companies, so price gaps between buyers and sellers can widen in volatile sessions.
• New shares: selling stock below the value of the land can dilute existing holders.
• Legal and credit events: FPI’s latest quarter shows that a single case or loan can move results.

Checking the land itself with satellite data

Quarterly filings do not show the condition of individual fields. If you own land, rent it out or lend against it, Farmonaut’s satellite vegetation maps let you follow crop health on parcels you have mapped through the season. They add to filings and do not replace them, and they do not tell you what a REIT’s farms are worth.

▶ A tutorial on Farmonaut’s web app for satellite field monitoring. · 8:02

Questions to ask before you buy any farmland vehicle

These questions work for a listed REIT, a private fund or a platform offer. A good seller should answer each one in writing or point you to a filing.

1. Which states and crops produce the income, and what share comes from the largest few tenants?
2. How much of the rent is fixed, and how much depends on crop results?
3. Who holds the water rights, and could an allocation cut change the value of the land?
4. How was the land valued, by whom and how recently? Have any farms been sold below that value?
5. Which fees are charged, and do any go to a related company or outside adviser?
6. How much debt sits ahead of you, and when does it come due?
7. How do you get your money out, and what could delay that?

An answer that relies on a long-run average return needs a second look. The 2025 gap between annual and permanent cropland shows how much crop type can matter within a single year, and a past return says nothing certain about the next one.

How to buy farmland REIT shares

1. Choose the exposure. A mix of about 60% primary crops and 40% specialty crops by value (end of 2025) points to FPI. Irrigated fruit, vegetables and nuts point to LAND. Read the latest 10-K and quarterly report first.
2. Check price, yield and date. Pull the live quote and dividend history. Any printed yield, including ours, goes stale quickly.
3. Check dividend cover. Compare the dividend with AFFO guidance for the full year.
4. Open a brokerage account. Any broker offering US stocks should carry both. Readers in Canada, the UK, Europe or Australia should check dividend withholding tax and whether their broker offers these shares.
5. Size the position. Decide how much of your portfolio belongs in one narrow sector, with professional advice if you need it.
6. Review each quarter. Read each new report next to USDA’s annual land value and rent data.

Related pages on our site: large farm management, mobile app download, crop loans and insurance, carbon footprinting, fleet management, product traceability, satellite data API, API developer docs, farmland and inflation.

FAQ

How many farmland REITs are there?

Two trade on US exchanges with farmland as their focus: FPI and LAND. Other routes are private trusts and funds, plus institutional vehicles with no ticker.

What is the best farmland REIT?

It depends on the risk you want. FPI leans toward row crops and pays a lower yield. LAND leans toward irrigated specialty crops and pays a higher yield. Neither covered its dividend with AFFO in its latest reported quarter.

What are FPI’s and LAND’s dividend yields?

At the 4 November 2026 close, about 4.0% for FPI ($0.36 on $8.96) and about 7.7% for LAND ($0.5604 on $7.28). Both change daily.

Is there a farmland REIT ETF?

We know of none that invests mainly in farmland. FPI and LAND are very small holdings in broad funds such as FRI, VNQ, SCHH and IWC. MOO holds agribusiness companies, not land.

Can I invest in farmland privately as an accredited investor?

Yes, many private funds accept accredited investors through Regulation D offerings. Minimums and exit terms vary. Read the offering documents and check the Form D on SEC EDGAR.

Are farmland REITs a good inflation hedge?

The record is mixed. USDA land values rose in 2026, while cropland rent stayed about flat and both REIT share prices fell in the weeks before 4 November. The result depends on your entry price and holding period.

Should you buy farmland REIT shares?

The choice is narrow: FPI at about 70,000 acres or LAND at just under 98,100 after its sale, each with a recent impairment and a dividend above its latest quarterly AFFO. The 4 November yields were higher than in September because prices fell. Before you buy, check three things: today’s price and yield, the newest company report, and USDA’s latest land value and rent data. Take advice that fits your own finances.