Orchard KPIs.

Orchard is a agricultural property type in ILORA's commercial real estate taxonomy. Permanent tree crops (apples, almonds, citrus). Long establishment period; tree-age cohort matters. 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 orchard 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 orchard.

What is Orchard real estate and how is it analyzed?
Orchard is a agricultural property type. Permanent tree crops (apples, almonds, citrus). Long establishment period; tree-age cohort matters. 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.