8 Best Farmland REITs for Agriculture Investing

The best farmland REITs for public-market investors are Gladstone Land Corporation (Nasdaq: LAND) and Farmland Partners Inc. (NYSE: FPI). As of August 2026, they are the two pure-play U.S.-listed farmland real estate investment trusts.

LAND offers a larger portfolio with substantial fresh-produce, permanent-crop, and California water exposure, plus monthly distributions. FPI has a smaller portfolio weighted toward primary crops such as corn, soybeans, wheat, rice, and cotton, plus specialty crops, and pays quarterly dividends. The other six names in this guide are private funds, fractional-ownership platforms, or agricultural lenders rather than exchange-traded farmland REITs.

Fact-checked August 30, 2026: Portfolio data comes from second-quarter 2026 company filings and releases. Private offering minimums, availability, fees, and redemption terms can change without notice, so current offering documents take precedence.

What changed in this update: We replaced obsolete acreage figures, separated public REITs from private funds and agricultural loans, removed sponsor return promises, corrected the farmland ETF explanation, and added current liquidity and due-diligence guidance.

This article is for educational purposes and is not personalized investment, legal, or tax advice. Farmland investments can lose value, dividends can be reduced, and private offerings may be difficult or impossible to sell early.

Farmland REITs and alternatives at a glance

These options are not interchangeable. A listed REIT can usually be bought or sold during market hours. A private fund may require a multi-year commitment. A fractional farm offering may depend on one property and one operator. A loan platform gives you credit exposure rather than ownership of farmland.

Investment	Structure	Typical access	Liquidity	Best fit and main trade-off
Gladstone Land (LAND)	Public equity REIT	Standard brokerage account	Trades on Nasdaq	Investors seeking liquid farmland exposure and monthly distributions; meaningful crop, tenant, water, management, and share-price risk remains.
Farmland Partners (FPI)	Public equity REIT	Standard brokerage account	Trades on NYSE	Investors seeking a mix of primary and specialty crops with quarterly dividends; the portfolio has changed materially through property sales.
Farmland LP	Private farmland fund	Accredited investors	Multi-year hold	Investors prioritizing organic conversion and active land improvement; high minimums, manager risk, and limited liquidity.
FarmTogether	Private fund and fractional offerings	Mostly accredited investors; product-specific	Product-specific lockups and redemption limits	Investors wanting a choice between individual farms and diversified private exposure; fees, eligibility, and exit terms vary.
AcreTrader	Fractional farm entities plus a private fund using a REIT subsidiary	Accredited investors	Generally illiquid; direct offerings often target long holds	Investors who want to select individual properties or use a private diversified vehicle; no public market and no guaranteed exit.
FarmFundr	Private fractional farmland offerings	Accredited investors	Offering-specific, generally illiquid	Investors interested in farmer-led specialty-crop projects; concentrated operating and sponsor risk.
Steward	Interest-bearing agricultural loans	Campaign-specific eligibility	Fixed loan term	Investors seeking a low entry point and direct support for regenerative agriculture; this is lending, not farmland equity.
Harvest Returns	Private agriculture equity and credit offerings	Mostly accredited investors	Offering-specific, generally illiquid	Investors comparing private farm, ranch, agribusiness, and secured-credit deals; underwriting and borrower risk are central.

Farmland market context in 2026

U.S. farmland values continued to rise in 2026, but the national figures need context. The USDA Land Values 2026 Summary put average U.S. farm real estate at $4,500 per acre, up 3.4% from 2025. Average cropland value reached $6,020 per acre, up 3.3%, while average pasture value reached $2,000 per acre, up 4.2%.

Those figures describe national averages, not an investable return. Irrigated California orchards, Midwestern row-crop farms, pasture, and transitional organic properties have different economics. Water rights, soil quality, local rents, crop optionality, taxes, tenant depth, improvements, and sale liquidity can matter more than the national trend.

Public farmland REIT returns also depend on more than land values. Share prices react to interest rates, leverage, dividend coverage, management decisions, equity issuance, tenant problems, and the discount or premium investors assign to the company’s net asset value. A rising farmland index does not prevent a REIT share price from falling.

What is a farmland REIT?

A farmland REIT is a real estate company that owns agricultural property and generally earns income by leasing it to farmers. Some also collect variable or participation rent, operate selected farms temporarily, own water assets, make agricultural loans, or sell properties when management believes a sale is attractive.

To qualify as a REIT for U.S. federal tax purposes, a company must meet a series of income, asset, ownership, and distribution tests. One widely cited requirement is that a REIT distribute at least 90% of its taxable income. That rule does not guarantee a stable dividend, and it does not mean 90% of revenue or cash flow must be paid to shareholders. The SEC’s publicly traded REIT bulletin explains the basic structure and risks.

Public REIT, private REIT, fund, or loan?

• Publicly traded REIT: Shares trade on a stock exchange, prices update continuously during market hours, and the company files regular reports with the SEC.
• Private or non-traded REIT: Shares do not trade on a public exchange. Valuations, redemptions, fees, and exit timing are governed by the offering documents.
• Private farmland fund or fractional entity: Investors buy an interest in a partnership, limited liability company, tenancy-in-common structure, or other private vehicle that owns one or more farms.
• Agricultural loan: Investors lend to a farm, food business, platform, or fund. Interest and principal depend on the borrower’s ability to repay; the lender does not automatically participate in land appreciation.

The distinction matters. The SEC warns that non-traded and private REITs can be hard to value and sell, and redemption programs may be limited, discounted, suspended, or unavailable. A product carrying a REIT subsidiary for tax purposes is not the same as an exchange-traded stock.

The two public farmland REITs

1. Gladstone Land Corporation (Nasdaq: LAND)

Best suited to: Investors who want liquid exposure to a geographically and agriculturally varied farmland portfolio, prefer a monthly distribution schedule, and can tolerate permanent-crop, tenant, water, and externally managed REIT risk.

At June 30, 2026, Gladstone Land reported 144 farms totaling 98,688 acres across 14 states, plus 55,649 acre-feet of California water assets. After selling two Florida farms following quarter-end, its August 11 results release described the current portfolio as 142 farms and approximately 98,000 acres. The company’s crop exposure includes fresh-produce annual row crops such as berries and vegetables, permanent crops such as almonds, blueberries, figs, olives, pistachios, and wine grapes, and a smaller allocation to commodity crops.

LAND generally leases farms to independent operators, but that model is not uniform. Several properties have modified leases with greater participation-rent exposure, while a small group of farms is being operated through third-party management arrangements. Those structures can shift revenue recognition with harvest timing and crop prices.

Current watchpoint: the dividend cadence is not the same as smooth earnings

Gladstone Land declared monthly common-stock distributions of $0.0467 per share for July, August, and September 2026. It also reported negative adjusted funds from operations for the second quarter and said a substantial share of 2026 participation-rent revenue and earnings was expected in the fourth quarter. That timing issue does not settle the investment case either way, but it shows why investors should examine annual cash generation, tenant status, property sales, and dividend coverage rather than treating a monthly payout as proof of stability.

What works in LAND’s favor

• Exchange liquidity and a low practical entry point through any brokerage that offers Nasdaq-listed stocks.
• Exposure to more than one crop type, tenant, and growing region.
• Water assets that may strengthen selected California properties where access is secure and legally usable.
• Monthly cash distributions, which some income investors prefer for cash-flow planning.

What can go wrong

• Tenant defaults, lease restructurings, vacancies, and direct-operation periods can reduce or delay cash income.
• Permanent crops require long-lived biological assets and can be exposed to disease, water restrictions, labor costs, and multi-year price cycles.
• California concentration increases the importance of water availability, regulation, and legal rights.
• Gladstone Land is externally advised, so investors should examine related-party management fees and incentives.
• The common shares can trade well below or above the estimated value of the underlying real estate.

Review the company’s second-quarter 2026 results and full SEC filings before relying on headline acreage or dividend frequency.

2. Farmland Partners Inc. (NYSE: FPI)

Best suited to: Investors who want public-market farmland exposure with more emphasis on primary row crops, a meaningful specialty-crop allocation, and quarterly dividends.

At June 30, 2026, Farmland Partners owned approximately 70,100 acres in 11 states. About 60% of the portfolio by value was used for primary crops such as corn, soybeans, wheat, rice, and cotton; about 40% was used for specialty crops including almonds, pistachios, citrus, avocados, strawberries, and edible beans. The company also owned land and buildings for four agricultural equipment dealerships in Ohio and operated an agricultural loan program.

FPI declared a quarterly common dividend of $0.09 per share in July 2026. The quarterly schedule should not be compared with LAND’s monthly schedule in isolation. Distribution coverage, leverage, asset sales, repurchases, and the price paid for the stock have more influence on long-term results than the number of payments per year.

Current watchpoint: use current acreage, not the old 155,000-acre figure

Older comparisons often describe FPI as owning more than 150,000 acres. That is no longer accurate. The company completed substantial property dispositions in 2025 and reported about 70,100 acres at mid-2026. Asset sales can create gains and release capital, but they also reduce rental income and change the crop and geographic mix. Any valuation based on stale acreage will be misleading.

What works in FPI’s favor

• NYSE liquidity and access through ordinary brokerage accounts.
• A portfolio split between primary and specialty crops by value.
• Exposure to multiple agricultural regions rather than one local land market.
• Additional income sources through loans, crop sales on selected properties, royalties, and non-farm real estate tied to agricultural dealerships.

What can go wrong

• Property dispositions can shrink recurring rent even when sales generate accounting gains.
• Borrower credit losses, directly operated farms, and crop-price exposure can add volatility beyond conventional rent collection.
• Higher interest expense or refinancing costs can reduce cash available to shareholders.
• Like LAND, FPI can trade at a large premium or discount to estimated net asset value.

Use FPI’s June 30, 2026 Form 10-Q for current acreage, crop mix, debt, dispositions, and dividend information.

Six private farmland and agriculture alternatives

The following options can provide more direct, specialized, or impact-oriented exposure than a listed REIT. They also demand more due diligence. Private valuations are less observable, offering documents differ, tax reporting can be more complex, and early liquidity may be unavailable.

3. Farmland LP

Structure: Private farmland funds; not a publicly traded REIT.

Farmland LP buys and manages agricultural land with an emphasis on organic conversion, crop and tenant diversification, soil management, water efficiency, and infrastructure improvements. This is closer to an active value-add real estate strategy than a passive basket of conventional farm leases.

Its individual-investor page listed a current preferred offering for accredited investors with a $100,000 minimum and a stated five-to-six-year hold period in August 2026. Those are offering terms, not a standing promise for every Farmland LP vehicle.

Main constraint: Organic conversion can create economic and environmental value, but it also requires operational execution, certification, market access, tenant coordination, and patient capital. Investors must assess the specific fund, appraisal policy, leverage, fees, distribution waterfall, and exit mechanics.

See Farmland LP’s current individual-investor offering information.

4. FarmTogether

Structure: Private crowdfunded farm offerings, a diversified sustainable farmland fund, tenancy-in-common arrangements, bespoke ownership, and separately managed accounts.

FarmTogether is useful for investors who want several routes into private farmland rather than one standard product. Its crowdfunded offerings provide fractional exposure to selected farms, while its sustainable farmland fund pools assets into a diversified private portfolio. Larger investors can consider tenancy-in-common, sole-ownership, or managed-account structures.

The company’s August 2026 product information listed crowdfunded offerings from $15,000 for accredited investors. Fund minimums and fees varied by share class and source page, so the current private placement memorandum, rather than a marketing summary, should control the decision. The fund describes a two-year lockup followed by quarterly redemption requests, but redemptions are capped and remain subject to available liquidity.

Main constraint: “Quarterly liquidity” does not mean exchange liquidity. A redemption window can be limited, deferred, or unable to satisfy every request. Review the underlying crop mix, leverage, fee stack, valuation process, reserve policy, related-party arrangements, and distribution source.

Compare the current FarmTogether product matrix, then read our FarmTogether review for a fuller platform overview.

5. AcreTrader

Structure: Private single-property entities plus an open-ended private fund that generally invests through a REIT subsidiary.

AcreTrader’s direct offerings place investors into a special-purpose entity that owns a farm. The investor owns an interest in the entity, not a deeded personal slice of acreage. AcreTrader says these direct vehicles generally expect to hold land for five to ten years and typically charge a 0.75% annual administration fee based on farm value. Minimums and economics vary by property.

In March 2026, the platform launched the Proterra AcreTrader Farmland Fund LP. The open-ended partnership generally expects to make investments through a private REIT subsidiary, reports quarterly valuations, has a 24-month lockup, and listed a $150,000 Class A minimum in August 2026. It remains a private, non-exchange-traded product.

Main constraint: Direct offerings concentrate risk in one property, region, operator, and exit. The fund can diversify those exposures, but it introduces fund-level fees, manager discretion, appraisal-based values, and restricted liquidity. Neither structure guarantees distributions or appreciation.

Read AcreTrader’s direct-investment process and private fund terms. Our AcreTrader review and AcreTrader versus FarmTogether comparison provide additional context.

6. FarmFundr

Structure: Private fractional equity offerings focused on U.S. specialty-crop operations.

FarmFundr describes itself as a farmer-owned platform that sources and manages agricultural projects. Its live marketing in August 2026 featured an accredited-investor offering with a $15,000 minimum. The platform publishes projected internal rates of return, cash yields, and total returns for individual deals.

Treat those numbers as sponsor assumptions, not expected outcomes. A specialty-crop project can be sensitive to orchard maturity, water, harvest volume, packing and marketing costs, crop pricing, labor, disease, organic-conversion timing, and the eventual sale price.

Main constraint: Concentrated projects can produce a very different result from a diversified farmland index. Examine the operating budget, downside scenario, sponsor co-investment, leverage, fees, distribution waterfall, insurance, water rights, and exit assumptions.

Review FarmFundr’s current opportunities and disclosures.

7. Steward

Structure: Interest-bearing loans supporting farms, ranches, fisheries, food businesses, and regenerative agricultural projects. Steward is not a farmland REIT and usually does not give lenders equity in the underlying land.

Steward’s main attraction is accessibility. Its evergreen Steward Regenerative Capital campaign listed a $100 minimum, a nine-month term, and a 7.5% annual percentage yield in August 2026. Individual project loans can have different rates, terms, collateral, payment schedules, and lender caps.

Main constraint: A loan being secured does not make repayment certain. Collateral value, lien priority, borrower cash flow, servicing, workout costs, and recovery timing all matter. Lenders also do not automatically benefit when farmland appreciates.

Check Steward’s open and completed lending campaigns for current terms.

8. Harvest Returns

Structure: A private-placement marketplace covering farmland, ranchland, agribusiness, timber, equity, and agricultural credit.

Harvest Returns gives accredited investors access to a wider range of agriculture than a pure farmland REIT. Offerings can involve property equity, operating businesses, or loans, so investors must classify each deal before comparing its yield or return target.

Its Private Credit Fund II was listed in August 2026 with a $25,000 minimum for accredited investors. The sponsor describes the strategy as loans to U.S. farmers, ranchers, and agribusinesses secured by agricultural real estate, with a focus on short-maturity debt and quarterly income.

Main constraint: Private credit replaces land-appreciation exposure with borrower, underwriting, collateral, interest-rate, and recovery risk. “Secured by real estate” is not equivalent to a principal guarantee. Equity offerings carry a different risk set and may have much longer planned durations.

Read the current Harvest Returns private-credit fund page and the documents for each individual offering.

How to compare farmland investments

Do not start with the advertised yield. Start by identifying what you legally own, how cash reaches you, what can interrupt that cash, and how you eventually exit.

1. Identify the legal structure

Confirm whether you are buying public common stock, a private partnership interest, shares in a non-traded REIT, membership units in a single-property LLC, a tenancy-in-common interest, or a loan participation. The label “farmland investment” does not explain your rights.

2. Map the income engine

• Fixed cash rent: The tenant pays a contractual amount, often subject to lease terms and credit risk.
• Participation rent: The owner receives a share linked to revenue or crop results, creating more variability.
• Direct operations: The investment bears more production, price, labor, and input-cost risk.
• Interest income: Returns depend on a borrower paying according to the loan agreement.
• Appreciation: Value is realized only when a property or interest can be sold, refinanced, or redeemed at an acceptable price.

3. Examine crop, geography, and water together

Diversification by state is not enough. Two farms in different states can still depend on the same crop, processor, export market, irrigation source, or weather pattern. For irrigated land, review the legal priority, transferability, pumping limits, cost, reliability, and physical delivery of water, not merely the existence of a stated water right.

4. Normalize leverage, fees, and valuations

A high projected return may be driven by debt, aggressive exit pricing, delayed fees, or optimistic crop assumptions. Add acquisition, asset-management, property-management, servicing, disposition, performance, organizational, and tax-preparation costs. For private investments, ask how often properties are appraised, who selects the appraiser, and whether reported values are reduced for selling costs.

5. Underwrite the people and contracts

The land may be excellent while the investment fails because the tenant, borrower, operator, or manager is weak. Review tenant concentration, lease maturity, payment history, operator experience, sponsor co-investment, conflicts of interest, insurance, reserves, loan covenants, lien position, and replacement options.

6. Test the impact claim

“Sustainable,” “organic,” and “regenerative” should lead to evidence, not end the discussion. Useful questions include:

• How many acres are certified organic, in transition, or managed under a named standard?
• Are soil carbon, soil organic matter, erosion, nutrient loss, biodiversity, water use, and chemical inputs measured consistently?
• Who verifies the data, and are baselines and setbacks disclosed?
• Do lease terms reward tenants for long-term soil and water improvements?
• Are worker safety, community effects, and farmer economics included, or is the impact case limited to environmental marketing?

For more on the underlying environmental risks, see our guide to agricultural sustainability.

7. Plan for taxes and reporting

Public REIT distributions can be classified as ordinary income, capital-gain distributions, return of capital, or a combination. Shareholders generally receive Form 1099-DIV. Private partnerships commonly issue Schedule K-1 and may create state-filing obligations. Loan interest is taxed differently from property distributions or sale gains. Tax rules and individual circumstances change, so use the actual year-end tax documents and qualified advice rather than a generic rate quoted in an article.

Potential benefits and material risks

Why investors consider farmland exposure

• Income potential: Rent, crop participation, operating profit, or interest can produce cash flow, depending on the structure.
• Real-asset exposure: Productive land has an economic use independent of a financial ticker, although the price paid still matters.
• Multiple return drivers: Returns may combine current income, land appreciation, operational improvement, and value created through water or infrastructure investments.
• Public or private access: Investors can choose daily exchange liquidity or more direct private exposure.
• Impact potential: Some strategies finance organic conversion, soil health, water efficiency, farmer access to capital, or regional food systems.

Risks that deserve more attention

• Weather and climate: Drought, floods, heat, freezes, fire, storms, pests, and disease can affect yields, tenants, insurance, and land values.
• Water: Physical scarcity, regulation, pumping restrictions, conveyance, legal disputes, and rising costs can impair otherwise productive land.
• Tenant or borrower failure: Lease income and loan repayment depend on counterparties remaining solvent.
• Commodity and crop pricing: Even fixed-rent landlords can be affected when weak farm economics pressure renewals or tenant credit.
• Interest rates and leverage: Higher financing costs can reduce acquisition activity, refinancing flexibility, valuations, and dividend coverage.
• Illiquidity: Private funds and property entities may lock capital for years. An intended exit date is not a guaranteed sale date.
• Valuation uncertainty: Private appraisals and public share prices can diverge sharply from the price ultimately realized for the land.
• Fees and conflicts: External advisers, affiliated managers, broker-dealers, and sponsors can be paid in ways that do not perfectly match investor outcomes.
• Distribution cuts: REIT status does not guarantee a fixed payout, and private sponsors can suspend or reduce distributions.
• Impact risk: Environmental claims may be weakly measured, selectively reported, or outweighed by water, labor, or community concerns.

How to invest in farmland REITs and private offerings

Buying LAND or FPI through a brokerage

1. Open and fund a brokerage account. Confirm that it supports Nasdaq and NYSE stocks.
2. Search the correct ticker. Gladstone Land common stock trades as LAND; Farmland Partners common stock trades as FPI. Do not confuse LAND with Gladstone’s preferred securities.
3. Read the latest filings. Check acreage, lease status, debt maturities, cash flow, dividend declarations, property sales, impairments, related-party fees, and material tenant or water issues.
4. Compare price with business value. Review net asset value estimates, leverage, recurring earnings, dividend coverage, and recent transactions rather than buying solely for yield.
5. Choose an order type. A limit order controls the maximum purchase price; a market order prioritizes execution. Smaller REITs can have wider bid-ask spreads than large-cap stocks.
6. Size the position conservatively. Farmland exposure does not remove equity risk, and two listed companies do not create broad diversification on their own.
7. Monitor the thesis. Revisit quarterly reports, annual filings, property activity, tenant issues, distribution coverage, and management commentary.

Investing through a private platform

1. Verify eligibility. Many offerings require accredited-investor status or impose residency and entity restrictions.
2. Classify the product. Determine whether it is equity, debt, a fund, a REIT subsidiary, a property-level LLC, or a tenancy-in-common interest.
3. Read the full documents. Focus on fees, conflicts, leverage, distribution priority, capital calls, transfer limits, redemption gates, tax reporting, and risk factors.
4. Inspect the underlying asset or loan pool. Review location, water, soil, crop, tenant, operator, appraisal, insurance, collateral, and downside assumptions.
5. Assume the capital is locked. Do not invest money needed for near-term expenses, even when a sponsor describes periodic liquidity.
6. Keep records. Private investments can generate K-1s, state tax filings, capital calls, and documents that arrive later than a standard brokerage 1099.

Our broader guide to farmland investing platforms compares additional routes into agricultural real estate.

Bottom line

Gladstone Land and Farmland Partners are the practical public-market choices for pure-play U.S. farmland REIT exposure. LAND currently owns more acreage, has greater fresh-produce and permanent-crop exposure, owns significant California water assets, and pays monthly distributions. FPI has a smaller post-disposition portfolio, a 60/40 split between primary and specialty crops by value, and pays quarterly dividends.

The six private alternatives solve different problems. Farmland LP emphasizes organic conversion. FarmTogether and AcreTrader offer several ownership formats. FarmFundr concentrates on specialty-crop projects. Steward is an agricultural lender, not an equity owner. Harvest Returns spans private equity and credit. Their higher minimums, longer commitments, appraisal-based values, and offering-specific risks mean they should not be treated as substitutes for liquid REIT shares.

There is no universally “best” farmland investment. The defensible choice is the one whose legal structure, liquidity, income source, fees, crop exposure, water risk, management incentives, and impact evidence fit the investor’s actual objective.

Farmland REIT FAQs

Sources and methodology

This comparison prioritizes legal structure, public versus private access, liquidity, income source, portfolio composition, fees, and material risk. It does not rank investments by sponsor-projected returns or current dividend yield.

• Gladstone Land second-quarter 2026 results
• Farmland Partners Form 10-Q for June 30, 2026
• USDA Land Values 2026 Summary
• SEC Investor Bulletin: Publicly Traded REITs
• SEC Investor Bulletin: Non-traded REITs
• Nareit overview of REIT distributions and taxes

Related resources

• Best farmland investing platforms
• AcreTrader vs. FarmTogether
• Real estate investing websites
• How to become an impact investor
• Do ESG investments outperform?