Dividend SustainabilityWith estimated core FFO unlikely to cover the dividend in 2025 or 2026, the recommendation is to maintain a Hold rating.
Tariff Impact On ExportsMost of the underperforming properties are farms for pistachios and almonds, which could be negatively affected by tariffs as about 70% of production is exported, including to China.
Underperforming AssetsThere are still 10 underperforming farms, with six farms under participation-rent agreements and four farms self-operated by LAND through a third-party management agreement.