You obviously have not taken any accounting courses. After any corporation records the purchase of land (or any other assets) you cannot revalue it. Any "revaluation" only takes place when you sell the asset (presumably) at fair value or whatever the market will bear. Only at that point of sale can you record the gain on the increase in value of the asset. Until you record the sale there is no assurance you could achieve a higher value (and besides, if you recorded the higher value of land as you went along, you would record the corresponding profit --- remember debits must equal credits, if land (a debit) increases...what would be your credit? Presumably with your accounting theory, corporations would get stuck paying income taxes on increased "value" of assets which it may never be able to realize.
Alas, to answer your question directly, NO. All assets (except those available for sale) are on the balance sheet at cost.
On the flip side, corporations could offer to disclose what it believes the current value of its assets are. To be honest the only people who probably care about this information would be the financial institutions providing short (agricultural loans, etc.) and long term credit facilities to the company which might secured by the land, trees, and other facilities the company ownes.
What I was asking was... What would the company be worth if it sold its land? The article stated that the true value of NUT was much higher than on the books, i.e. a great investment. Thanks for the edu.
So, if I am to follow the logic a bit further, you purchased a stock for the value of its "assets" (in this case, land) thinking that they (or new management) could somehow use/unlock/monetize the higher value of land (presumably similar to timber companies selling their land, at a huge gain), obtain rezoning/zoning variances and then sell to a developer? And this "value" would only be for the land they own, I believe several of the orchards are simply leased land on which NUT operates. I wouldn't expect significant gains from selling "wholly owned" orchards and then leasing them back. I don't know that such a transaction would provide the pop you are looking for.
To be honest I wouldn't expect that rezoning of the orchards would be even a remote possibility. My assumption is that Hawaii is pretty restrictive on their zoning and would not look favorably to developing agricultural zoned land for condos, hotels and/or other commerce.