Agricultural Land (Specialty) KPIs.

Agricultural Land (Specialty) is a agricultural property type in ILORA's commercial real estate taxonomy. Specialty agricultural use including pasture, timber, recreational hunting. Performance under agricultural sector conventions is measured against canonical KPIs including Yield Per Acre, Cash Rent Per Acre, Crop Share, Soil Productivity Index (CSR2 / PI), Water Rights AF/yr, NOI, Cap Rate. Public REIT comparables for benchmarking include LAND (Gladstone Land), FPI (Farmland Partners), WY (Weyerhaeuser - timberland), RYN (Rayonier - timberland), PCH (Potlatch - timberland). Regulatory frameworks specific to this property type include USDA NASS, USDA Risk Management Agency crop insurance, CRP, EQIP/CSP conservation programs, AVA (vineyard), CA SGMA (groundwater), TTB (winery). Industry organizations driving standards + research include ASFMRA, American Farm Bureau Federation, NCBA (cattlemen's), Almond Board of California. Operating tools commonly used: AcreValue (land valuation), Land.com / LandWatch, USDA NASS QuickStats, Granular (farm management). Ilora.ai ingests sector-standard documents and benchmarks against SEC EDGAR REIT filings, surfacing where the asset under-performs comparable institutional positions and revealing the largest improvement opportunity.

14 definitions · Sector: AGRICULTURAL · Used by Ilora.ai specialist AI agents

NOI

Net Operating Income

Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.

NOI = Revenue − Operating Expenses

  • profitability
  • core
Cap Rate

Capitalization Rate

Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.

Cap Rate = NOI ÷ Property Value

  • valuation
  • core
DSCR

Debt Service Coverage Ratio

Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.

DSCR = NOI ÷ Annual Debt Service

  • lending
  • risk
LTV

Loan-to-Value

Loan amount divided by property value. Lower LTV = lower lender risk.

LTV = Loan Amount ÷ Property Value

  • lending
  • risk
OER

Operating Expense Ratio

Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).

OER = Operating Expenses ÷ Gross Revenue

  • efficiency
GRM

Gross Rent Multiplier

Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.

GRM = Property Value ÷ Gross Annual Rent

  • valuation
  • shortcut
IRR

Internal Rate of Return

Annualized return on investment accounting for time value of money across the full hold period.
  • return
  • underwriting
CoC

Cash-on-Cash Return

Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.

CoC = Annual Cash Flow ÷ Total Cash Invested

  • return
DCF

Discounted Cash Flow

Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
  • valuation
  • underwriting
TTM

Trailing Twelve Months

A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
  • period
  • core
Yield/Ac

Yield Per Acre

Crop output per acre per harvest. The fundamental productivity measure for farmland.
  • production
  • USDA
Cash Rent

Cash Rent Per Acre

Annual cash payment per acre under a fixed-rent lease. The dominant farmland income model.
  • income
Crop Share

Crop Share

Lease structure where landlord receives a percentage of crop revenue instead of cash rent.
  • lease
  • structure
PI / CSR

Soil Productivity Index

State-specific scoring of soil productivity (e.g. CSR2 in Iowa, PI in Illinois). Drives valuation.
  • valuation
  • physical

Industry reference

How the agricultural land (specialty) sector operates.

Comparable public REITs / operators

  • LAND (Gladstone Land)
  • FPI (Farmland Partners)
  • WY (Weyerhaeuser - timberland)
  • RYN (Rayonier - timberland)
  • PCH (Potlatch - timberland)

Frequently asked

Common questions about agricultural land (specialty).

What is Agricultural Land (Specialty) real estate and how is it analyzed?
Agricultural Land (Specialty) is a agricultural property type. Specialty agricultural use including pasture, timber, recreational hunting. Performance is measured under sector conventions including Yield Per Acre, Cash Rent Per Acre, Crop Share, Soil Productivity Index (CSR2 / PI), Water Rights AF/yr, NOI, Cap Rate. Public REIT comparables: LAND (Gladstone Land), FPI (Farmland Partners), WY (Weyerhaeuser - timberland), RYN (Rayonier - timberland), PCH (Potlatch - timberland). Ilora.ai ingests sector-standard documents (rent rolls, lease abstracts, P&Ls, operating reports) and benchmarks against SEC EDGAR REIT filings, surfacing under-performance vs comparable institutional assets.