There are no magnets in it, but the iron core of the rotor will build up a weak magnetic field. That weak magnetic field is enough to generate a little power, which is fed back into the rotor field windings to generate a stronger field and so on. If it has set for a long time, or the generator is allowed to spin down with a load attached, this field will most likley have been lost/depleted, so the generator will not self start. When this happens, a DC power source is needed to put a little current into the field windings to get the process started. A momentary application of current from a car battery should be enough to get the process started. But depending on the design and construction, this could be a little difficult to access, and not for the inexperienced, as doing it incorrectly could cause problems, or damage the voltage regulator if this particular generator uses one.
Is there by chance a wiring diagram on the inside of any of the access panels or the power connection box(doghouse)? If so, if you can scan or take a clear digital pic and post that here, I am sure one of us can point you in the right direction to safely flash the field and get it producing power(if it can). As mentioned, it might also not self excite untill it is spun up to full PTO RPM. Once you get it making voltage, I would gradually add load a little at a time to give it a chance to warm slowly.
As mentioned, look for corrosion. If it sat for so long without being rolled over, if it has a reduction gearbox, it may have the upper gear half rusted(will cause a cyclic noise as you rotate it). If it has a gearbox, after you spin it a bit on the tractor, change the gearbox oil and flush out any rust/debris in the box. The bearing grease may also be about the consistency of wax, so if it has greasable bearings, press out the old crap and get some fresh grease in there. If it has sealed bearings, it might be a good idea to replace them...