Gladstone Land Corporation (LAND): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Gladstone Land Corporation (Land), un fideicomiso único de inversión inmobiliaria agrícola que transforma las tierras de cultivo en una oportunidad de inversión sofisticada. Al adquirir y administrar estratégicamente las propiedades agrícolas esenciales en múltiples estados, Land ofrece a los inversores una alternativa convincente a las inversiones inmobiliarias tradicionales. Este lienzo de modelo de negocio revela cómo la empresa crea valor al proporcionar ingresos estables, gestión de tierras sostenible y una posible apreciación de activos a largo plazo, por lo que es una opción intrigante para los inversores que buscan oportunidades de baja volatilidad en el sector agrícola siempre crítico.

Gladstone Land Corporation (Land) - Modelo de negocios: asociaciones clave

Propietarios de tierras agrícolas

A partir del cuarto trimestre de 2023, Gladstone Land Corporation poseía 169 granjas con un total de 113,283 acres en 15 estados. Detalles de la asociación:

Estado	Número de granjas	Total de acres
California	47	35,612 acres
Florida	32	22,541 acres
Otros estados	90	55,130 acres

Empresas regionales de inversión agrícola

Las asociaciones de inversión clave incluyen:

• Farmland Partners Inc.
• Socios de gestión de inversiones agrícolas
• División de Inversión Agrícola Tiaa-CREF

Compañías de gestión de granjas

Gladstone Land Corporation colabora con empresas especializadas de gestión agrícola:

Empresa de gestión	Granjas gestionadas	Tipos de cultivos
Gestión de AG occidental	38 granjas	Almendras, bayas
Servicios Agrícolas de Florida	22 granjas	Fresas, verduras

Proveedores de equipos agrícolas y tecnología

Inversiones de asociación tecnológica:

• John Deere Precision Agriculture Solutions
• Plataformas de agricultura digital de la corporación climática
• Sistemas de tecnología agrícola Trimble

Colaboradores de redes agrícolas sostenibles

Métricas de asociación de sostenibilidad:

Organización de sostenibilidad	Acres certificados	Enfoque de sostenibilidad
Red de agricultura sostenible	45,312 acres	Certificación orgánica
Alianza de Agricultura Regenerativa	33,771 acres	Programas de salud del suelo

Valor de asociación financiera: $ 582.4 millones en activos agrícolas totales al 31 de diciembre de 2023

Gladstone Land Corporation (Land) - Modelo de negocio: actividades clave

Adquisición y gestión de tierras agrícolas

A partir del cuarto trimestre de 2023, Gladstone Land Corporation poseía 164 granjas con un total de aproximadamente 113,147 acres en 15 estados. Cartera total de tierras agrícolas valorada en $ 1.3 mil millones.

Métrica de cartera de tierras	Cantidad
Total de las granjas	164
Total de acres	113,147
Estados representados	15
Valor total de la cartera	$ 1.3 mil millones

Inversión inmobiliaria y arrendamiento

Los ingresos de arrendamiento para 2023 alcanzaron los $ 70.3 millones, con una duración promedio de arrendamiento de 11.9 años.

• Tasa de arrendamiento promedio: $ 597 por acre anualmente
• Tasa de ocupación: 99.4%
• Tasa de retención de inquilinos: 92.3%

Diversificación de cartera en diferentes tipos de cultivos

Tipo de cultivo	Porcentaje de cartera
Cultivos permanentes	67%
Cultivos anuales	33%

Desarrollo de tierras agrícolas sostenibles

Invirtió $ 45.2 millones en mejoras de tierras e infraestructura agrícola sostenible en 2023.

• Sistemas de riego eficientes en el agua implementados en el 22% de la cartera
• Iniciativas de secuestro de carbono en 37 granjas

Gestión de la relación de agricultores de inquilino

Mantuvo relaciones con 89 inquilinos agrícolas únicos en 2023.

Métrica de relación de inquilino	Valor
Total de inquilinos únicos	89
Duración promedio de la relación de inquilino	7.6 años
Puntos de contacto anuales de comunicación de inquilinos	4-6 por inquilino

Gladstone Land Corporation (Land) - Modelo de negocios: recursos clave

Extensa cartera de tierras agrícolas

A partir del cuarto trimestre de 2023, Gladstone Land Corporation posee 164 granjas que abarcan 115,000 acres en 15 estados. Valor total de la cartera: $ 1.4 mil millones.

Estado	Número de granjas	Acres
California	45	38,500
Florida	22	25,000
Otros estados	97	51,500

Equipo de inversión inmobiliaria e inmobiliario experimentado

Equipo de liderazgo con promedio de 22 años de experiencia en inversión agrícola.

• David Gladstone, Presidente: 54 años en la industria de la inversión
• Lewis Parrish, Presidente: 25 años en bienes raíces agrícolas
• 15 profesionales de inversión a tiempo completo

Capital financiero fuerte

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 652 millones
• Activos totales: $ 1.68 mil millones
• Relación de deuda / capital: 0.65
• Ingresos anuales: $ 89.4 millones

Capacidades de valoración de la tierra

Metodología de valoración patentada incorporando:

• Análisis de productividad de cultivos
• Evaluación de los derechos del agua
• Métricas de calidad del suelo
• Factores de resiliencia climática

Diversidad de tierras geográficas

Región	Porcentaje de cartera	Cultivos primarios
Costa oeste	42%	Bayas, nueces, verduras
Suroeste	18%	Cítricos, granos
Medio oeste	25%	Maíz, soja
Sudeste	15%	Fresas, verduras

Gladstone Land Corporation (Land) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de inversiones en tierras agrícolas

A partir del cuarto trimestre de 2023, Gladstone Land Corporation posee 169 granjas que abarcan 115,000 acres en 15 estados. Valor total de la cartera: $ 1.4 mil millones. Los ingresos de alquiler para 2023 alcanzaron los $ 54.3 millones, con una tasa de arrendamiento promedio de $ 470 por acre.

Métrico	Valor
Total de las granjas	169
Total de acres	115,000
Valor de cartera	$ 1.4 mil millones
Ingresos de alquiler anuales	$ 54.3 millones

Alternativa de inversión inmobiliaria de baja volatilidad

El rendimiento histórico demuestra la estabilidad de las tierras agrícolas:

• Rendimiento anual promedio: 10.7% de 1992-2022
• Menor correlación con la volatilidad del mercado de valores
• Flujo de efectivo constante de los arrendamientos agrícolas a largo plazo

Exposición a la clase de activos de tierras de cultivo esenciales

Diversidad de cultivos en la cartera: 52 cultivos diferentes en las granjas, incluyendo:

Categoría de cosechas	Porcentaje de cartera
Cultivos permanentes	47%
Cultivos anuales	53%

Enfoque de inversión sostenible y ambientalmente consciente

Métricas ambientales para 2023:

• Potencial de secuestro de carbono: estimado 250,000 toneladas métricas anualmente
• Prácticas de conservación del agua implementadas en el 78% de las granjas propias
• Prácticas agrícolas orgánicas y sostenibles sobre el 35% de la cartera

Apreciación potencial a largo plazo de los activos de la tierra agrícola

Datos de apreciación del valor del terreno:

Período de tiempo	Apreciación anual promedio del valor de la tierra
Últimos 10 años	6.2%
Últimos 5 años	8.7%

Gladstone Land Corporation (Land) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con agricultores profesionales

A partir del cuarto trimestre de 2023, Gladstone Land Corporation mantiene 169 granjas en 117,000 acres en 16 estados. La duración promedio de arrendamiento es de 12.3 años con ingresos de alquiler anuales actuales de $ 56.3 millones.

Métrico de arrendamiento	Valor
Total de las granjas	169
Total de acres	117,000
Duración promedio de arrendamiento	12.3 años
Ingresos de alquiler anuales	$ 56.3 millones

Información financiera transparente

Los informes financieros trimestrales presentados ante la SEC incluyen métricas detalladas de rendimiento a nivel de granja. En 2023, publicó 4 informes trimestrales completos con una precisión de datos del 98.7%.

Gestión de cartera activa

• Seguimiento de cartera en tiempo real de activos agrícolas
• Revisiones de rendimiento de activos trimestrales
• Inversiones proactivas de infraestructura agrícola

Comunicación personalizada de los inversores

El equipo de relaciones con los inversores administra canales de comunicación directa. En 2023, realizó 87 reuniones de inversores individuales y 4 llamadas trimestrales de ganancias con una tasa de participación de los inversores del 92%.

Métrica de comunicación de inversores	2023 rendimiento
Reuniones individuales de los inversores	87
Llamadas de ganancias trimestrales	4
Tasa de participación del inversor	92%

Actualizaciones de rendimiento regulares para los accionistas

Los accionistas reciben informes mensuales de rendimiento digital. 2023 La tasa promedio de participación de los accionistas fue del 76.5%, con tasas de apertura de informe digital del 64.3%.

• Informes mensuales de rendimiento digital
• Métricas integrales de rendimiento de activos agrícolas
• Seguimiento de retorno de inversión

Gladstone Land Corporation (Land) - Modelo de negocios: canales

Equipo directo de relaciones con los inversores

Gladstone Land Corporation mantiene un equipo dedicado de relaciones con inversores ubicado en 1521 WestBranch Drive, McLean, VA 22102.

Método de contacto	Detalles
Teléfono	(703) 287-5839
Correo electrónico	investor.relations@gladstonecompanies.com

Listado de la Bolsa de Valores

Gladstone Land Corporation cotiza en Nasdaq bajo el símbolo del ticker TIERRA.

Detalles de listado	Información
Intercambio	Nasdaq
Caut de mercado (a partir de 2024)	$ 595.42 millones

Plataformas de asesoramiento financiero

• Estrella de la mañana
• Terminal de Bloomberg
• S&P Capital IQ
• Thomson Reuters

Conferencias y presentaciones de los inversores

Tipo de conferencia	Frecuencia
Llamada de ganancias trimestrales	4 veces al año
Día anual de los inversores	1 vez por año

Sitio web corporativo y recursos de inversores digitales

Sitio web: www.gladstonecompanies.com/land

• Informes financieros trimestrales
• Informes anuales
• Presentación de la SEC
• Mazos de presentación de inversores

Gladstone Land Corporation (Land) - Modelo de negocios: segmentos de clientes

Inversores inmobiliarios institucionales

Gladstone Land Corporation se dirige a inversores institucionales con características específicas de inversión inmobiliaria agrícola:

Categoría de inversión	Tamaño de inversión promedio	Asignación anual
Carteras institucionales de tierras de cultivo	$ 50-100 millones	3-5% de la asignación total de bienes raíces
Inversiones agrícolas sostenibles	$ 25-75 millones	2-4% de la estrategia de inversión alternativa

Fondos de inversión agrícola

Dirija los fondos de inversión agrícola con requisitos de cartera específicos:

• Diversificación mínima de cartera: 20-30 propiedades agrícolas diferentes
• Tipos de cultivos preferidos: cultivos permanentes, cultivos especializados
• Concentración geográfica: Estados Unidos occidental

Inversores individuales de alto nivel de red

Características del segmento de inversores dirigidos:

Inversor Profile	Rango de inversión típico	Motivación de inversión
Ultra alto-patrimonio	$ 500,000 - $ 5 millones	Diversificación de cartera, cobertura de inflación
Inversores acreditados	$100,000 - $500,000	Devoluciones estables, exposición al sector agrícola

Carteras centradas en la inversión sostenible

Detalles del segmento de inversión sostenible:

• Cumplimiento ambiental, social, de gobernanza (ESG)
• Potencial de secuestro de carbono: 0.5-1.5 toneladas CO2 por acre
• Prioridad de inversiones agrícolas de eficiencia del agua

Solicitantes de inversión con reestructuración de riesgos

Características de mitigación de riesgos:

Riesgo Profile	Estrategia de inversión	Devoluciones anuales esperadas
Inversores conservadores	Apreciación de la tierra a largo plazo	4-6% de retorno anual
Tolerancia al riesgo moderada	Exparte de los ingresos de los cultivos	Retorno anual del 6-8%

Gladstone Land Corporation (Land) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir de 2024, los costos de adquisición de tierras de Gladstone Land Corporation se detallan en la siguiente tabla:

Categoría de gastos	Monto ($)
Costos totales de adquisición de tierras (2023)	$74,700,000
Costo promedio por acre	$6,500
Presupuesto anual de compra de tierras	$ 50-80 millones

Mantenimiento y mejoras de la propiedad

Los gastos de mantenimiento de la propiedad incluyen:

• Presupuesto anual de mantenimiento de la propiedad: $ 3.2 millones
• Costos de mejora de la infraestructura: $ 1.5 millones
• Actualizaciones del sistema de riego: $ 750,000
• Mantenimiento de equipos agrícolas: $ 600,000

Costos de gestión del arrendamiento de la granja

Gastos de gestión de arrendamiento	Monto ($)
Gastos totales de gestión del arrendamiento	$ 2.8 millones
Costo promedio por acre arrendado	$350
Sobrecoss de la administración de arrendamiento	$450,000

Gastos generales operativos y administrativos

• Gastos administrativos totales: $ 5.6 millones
• Compensación de empleados: $ 3.2 millones
• Tecnología y software: $ 480,000
• Costos operativos de la oficina: $ 700,000

Cumplimiento y gastos regulatorios

Categoría de gastos regulatorios	Monto ($)
Cumplimiento ambiental	$650,000
Informes legales y regulatorios	$420,000
Costos de certificación y auditoría	$280,000

Gladstone Land Corporation (Land) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de tierras agrícolas

A partir del cuarto trimestre de 2023, Gladstone Land Corporation reportó $ 21.4 millones en ingresos totales de alquiler agrícola. La cartera consta de 169 granjas que abarcan 112,000 acres en 15 estados.

Tipo de arrendamiento	Ingresos anuales	Porcentaje de ingresos totales
Arrendamientos de cultivos permanentes	$ 14.2 millones	66.4%
Arrendamientos de cultivos de hileras	$ 7.2 millones	33.6%

Apreciación del valor de la propiedad

La cartera de tierras de cultivo de la compañía demostró una Tasa de apreciación anual de 3.2% En 2023, con un valor de propiedad total que alcanza los $ 1.36 mil millones.

Ingresos de alquiler relacionados con los cultivos

• Tasa de arrendamiento promedio por acre: $ 275
• La diversidad de cultivos incluye almendras, bayas, verduras y cultivos de hileras
• Contratos de arrendamiento promedio de términos de 10 años

Distribuciones de dividendos a los accionistas

Para 2023, Gladstone Land Corporation declaró dividendos totales de $ 1.56 por acción, que representan un 5.8% de rendimiento de dividendos.

Período de dividendos	Cantidad de dividendos	Frecuencia de pago
Mensual	$ 0.13 por acción	12 veces al año

Venta de activos inmobiliarios

En 2023, la compañía completó $ 45.3 millones en ventas de propiedades estratégicas de la granja, con una ganancia promedio de 12.6% por encima de los costos de adquisición originales.

• Propiedades totales vendidas: 7 granjas
• Total de superficie vendida: 3,200 acres
• Precio de venta promedio por acre: $ 14,156

Gladstone Land Corporation (LAND) - Canvas Business Model: Value Propositions

You're looking at the core reasons why farmers and investors choose Gladstone Land Corporation (LAND) for their agricultural real estate needs as of late 2025. The value proposition is built around capital flexibility, asset quality, and inflation protection, all grounded in concrete numbers from their current operations.

Capital liberation for farmers via long-term sale-leaseback

Gladstone Land Corporation offers farmers a way to unlock the equity tied up in their land without stopping their farming operations. This is done through long-term sale-leaseback transactions. For example, two farms in northern Nebraska, originally purchased in 2015 as part of a sale-leaseback transaction, were sold in February 2025 for $12.0 million, representing a 9% increase over their original purchase prices of $11.0 million. This demonstrates the potential for capital appreciation even when crop profitability shifts.

Stable, long-term access to high-value, irrigated farmland

Tenants gain access to high-quality, productive land under a triple-net lease, meaning the farmer maintains the property while paying rent to Gladstone Land Corporation. As of November 5, 2025, Gladstone Land Corporation owned approximately 100,000 total acres across 148 farms in 15 states. Furthermore, they hold over 55,000 acre-feet of water assets in California, a critical resource. The weighted-average remaining lease term across the agricultural real estate holdings was 5.7 years as of that date.

Here are the key portfolio metrics as of late 2025:

Metric	Value	Date/Context
Total Owned Farms	148	As of November 5, 2025
Total Owned Acres	Approximately 100,000	As of November 5, 2025
States with Holdings	15	As of November 5, 2025
California Water Assets	Over 55,000 acre-feet	As of November 5, 2025
Occupancy Rate	95.7%	Based on farmable acreage as of November 5, 2025
Weighted-Average Remaining Lease Term	5.7 years	Excluding tenant renewal options, as of November 5, 2025

Inflation-protected real asset investment for shareholders

For shareholders, the investment offers exposure to farmland, a real asset historically tracking inflation, supported by consistent distributions. Gladstone Land Corporation declared a monthly cash distribution of $0.0467 per share of common stock for the fourth quarter of 2025. This equates to $0.5604 per year based on the current per-share distribution. At a stock price of $9.24, this represented a 6.1% annualized yield. The company also maintains significant liquidity, reporting over $170 million of immediately available capital.

Focus on specialty crops (e.g., nuts, berries) with premium potential

Gladstone Land Corporation concentrates on land for fresh produce and permanent crops, which often carry premium potential compared to row crops. They noted that pistachio orchards performed well above state averages and exceeded internal projections for both crop quality and volume. The portfolio includes significant acreage dedicated to these higher-value crops:

• Approximately 30% of fresh produce acreage is organic or transitioning to organic.
• Over 20% of permanent crop acreage falls into the organic or transitioning category.

Flexible lease structures to defintely help tenants in down cycles

The company actively modifies lease structures to support tenants during market fluctuations. For the 2025 crop year, lease agreements on six of their farms in the West were modified. These changes involved reducing or eliminating fixed base rent amounts and, in some cases, providing cash lease incentives in exchange for significantly increasing the participation rent components. On these properties, Gladstone Land Corporation is accepting a percentage of gross crop sales instead of a fixed rent payment. One specific modification eliminated base rent entirely for a cash allowance, boosting the participation rent component, the majority of which was expected to be recognized in the fourth quarter of 2025. Lease renewals executed after the third quarter of 2025 were anticipated to increase annual Net Operating Income by about $65,000, or 7% on those specific farms.

Gladstone Land Corporation (LAND) - Canvas Business Model: Customer Relationships

You're looking at how Gladstone Land Corporation (LAND) manages its most critical external relationships-the farmers who work the land and the investors who fund the enterprise. It's a relationship-driven model, especially given the long-term nature of agricultural assets.

Gladstone Land Corporation maintains long-term, direct relationships with its tenant farmers. As of November 5, 2025, the company leased its properties to 85 different, unrelated third-party tenants across its portfolio of 148 farms in 15 states. This close operational tie is necessary because the leases are typically triple-net, meaning the farmer handles property maintenance while paying rent.

The company engages in proactive lease modifications, shifting the structure to better align incentives, particularly with specialty crop growers. This involves moving away from traditional fixed rent toward participation rent structures. For the 2025 fiscal year, management outlined a strategic shift on several farms, moving from fixed base rent to a percentage of gross crop sales. This structural change is significant; management anticipated a total year-over-year decline of approximately $17 million in fixed base rents for fiscal year 2025 compared to 2024, with the majority of the resulting crop share proceeds expected to be recognized as participation rent in the fourth quarter of 2025. In the first quarter of 2025 alone, fixed base cash rents decreased by approximately $5.7 million compared to the prior year's first quarter. On the positive side, lease renewals executed after the third quarter of 2025 are expected to increase annual Net Operating Income (NOI) by about $65,000, representing about a 7% increase on those specific farms.

When acquiring property, Gladstone Land Corporation offers sellers clear, concrete options, suggesting a high-touch communication approach tailored to the seller's needs. For farmers selling their land, the company offers long-term sale leaseback transactions to free up capital for operations. For sellers who do not farm the land, Gladstone Land offers a cash purchase option.

The commitment to shareholders is demonstrated through consistent monthly cash distributions. As of late 2025, Gladstone Land Corporation had paid 152 consecutive monthly common-stock distributions since its initial public offering in January 2013. The declared distributions for the fourth quarter of 2025 illustrate this consistency:

Security Type	Monthly Distribution (Oct, Nov, Dec 2025)	Quarterly Total (Oct-Dec 2025)
Common Stock (LAND)	$0.0467 per share	$0.1401 per share
Series B Preferred Stock (LANDO)	$0.125 per share	$0.375 per share
Series C Preferred Stock (LANDP)	$0.125 per share	$0.375 per share
Series D & E Preferred Stock	$0.104167 per share	$0.312501 per share

The company also maintains a Dividend Reinvestment Plan (DRIP) for its common stockholders.

Gladstone Land Corporation (LAND) - Canvas Business Model: Channels

You're looking at how Gladstone Land Corporation gets its properties sourced and how it connects with its investors. For a specialized REIT like Gladstone Land Corporation, the channels are split between the physical, on-the-ground work of acquiring and managing farmland and the digital/financial channels for capital access and shareholder communication. It's a dual focus, honestly.

Direct acquisition team for sourcing farm deals

The sourcing channel is fundamentally direct, relying on teams that interact with sellers and farmers. Gladstone Land Corporation's strategy involves offering specific transaction types to landowners and farmers, which requires a dedicated, boots-on-the-ground approach. This team is the engine for growing the asset base, which, as of November 5, 2025, stood at 148 farms across 15 states in the U.S..

Here's a look at the scale of the portfolio these acquisition channels feed:

Metric	Value as of Late 2025
Total Farms Owned	148
Total Acres Owned (Approximate)	100,000
States with Property Holdings	15
Water Assets Owned (California)	Over 55,000 acre-feet
Occupancy Rate (Farmable Acreage)	95.7%
Number of Third-Party Tenants	85
Weighted-Average Remaining Lease Term	5.7 years

The team uses specific offers to drive deal flow, such as long-term sale leaseback transactions for farmers looking to free up capital, or cash purchases for sellers who don't farm the land themselves.

Regional offices for local presence

To support the direct acquisition and tenant management channels, Gladstone Land Corporation maintains physical regional offices. This local presence is key for understanding regional agricultural markets and tenant needs. You can see the geographic focus points clearly laid out in their contact information.

• Western U.S. office located in Camarillo, CA.
• Southeastern U.S. office located in Tampa, FL.
• Mid-Atlantic U.S. office located in McLean, VA, which also serves as the corporate office.

For instance, the contact for the Western U.S. is Bill Reiman, reachable at (805) 377-7701. This localized structure helps them manage the over 60 different types of crops grown on their leased properties.

Publicly traded on Nasdaq (LAND) for investor access

The primary channel for accessing equity capital is through the public markets. Gladstone Land Corporation trades on the Nasdaq exchange under the ticker symbol LAND. This public listing is the mechanism for broad investor access, from retail to institutional holders.

Here are some key market data points as of late 2025, reflecting this channel's current valuation context:

Financial Metric	Value (Late 2025)
Stock Exchange	Nasdaq
Stock Ticker	LAND
Market Capitalization (Approximate)	$330M (as of Nov 4, 2025) or $340,246,185
Stock Price (Example Close)	$9.22 (Dec 3, 2025)
52-Week Trading Range	$8.47 to $11.925
Forward Funds From Operations (FFO)	$0.37
Annualized Dividend	$0.5604

The company maintains a consistent payout history through this channel, having paid 147 consecutive monthly cash distributions on its common stock since its IPO in January 2013. The current monthly distribution is $0.0467 per month per share.

Investor Relations team for shareholder communication

The Investor Relations (IR) team manages the flow of information to the investment community, which is crucial for a publicly traded entity. This team uses formal filings, presentations, and direct contact to communicate performance and strategy.

Communication channels managed by the IR team include:

• Distribution of official filings like the Q3 2025 10-Q and Earnings Release (e.g., released November 5, 2025).
• Investor Presentations, such as the one available as of August 7, 2025.
• Direct contact via the IR phone line at 703-287-5893 or email land@gladstonecompanies.com, both based in McLean, VA.
• Digital outreach through Email Alerts and an RSS News Feed.

The IR function also oversees communication regarding the company's distribution policy, which has been paid monthly without interruption for 147 consecutive months as of late 2025. This consistency is a key piece of the shareholder communication strategy.

Gladstone Land Corporation (LAND) - Canvas Business Model: Customer Segments

You're looking at the core of Gladstone Land Corporation's business-who actually farms the dirt they own. It's all about the tenant base, which is the bedrock of their triple-net lease structure.

Gladstone Land acquires farmland and rents it out to tenants who are expected to have a strong operating history and deep farming resources. As of November 5, 2025, Gladstone Land Corporation owned 148 farms comprised of approximately 100,000 total acres across 15 states in the U.S.. Their occupancy rate, based on farmable acreage, stood at 95.7%.

The tenant base is diverse, leasing to 85 different, unrelated third-party tenants who grow over 60 different types of crops on the properties.

• Corporate and independent farmers with strong operating history
• Landowners seeking liquidity through sale-leaseback
• Institutional and retail investors seeking real asset exposure
• Growers of high-value specialty crops (e.g., almonds, pistachios, berries)

The relationship with the farmers is key, as Gladstone Land offers specific solutions depending on the farmer's need. For farmers selling their land, they offer long-term sale leaseback transactions to help them free up capital for operations.

Here's a look at the portfolio composition and the types of crops that define the tenant base:

Portfolio Metric	Value as of Late 2025	Source/Context
Total Farms Owned	148	As of November 5, 2025
Total Farmable Acres	Approximately 100,000	As of November 5, 2025
Total Unrelated Third-Party Tenants	85	As of November 5, 2025
Total Crop Types Grown	Over 60
Weighted-Average Remaining Lease Term	5.7 years	Excluding tenant renewal options
Water Assets Owned (California)	Over 55,000 acre-feet	About 18.0 billion gallons

The focus on specialty crops means Gladstone Land Corporation is directly exposed to the success of those growers. The farmland is predominantly in regions for fresh produce annual row crops, like berries and vegetables, or permanent crops such as almonds, pistachios, and wine grapes. To be fair, this specialization brings upside, like the strong pistachio pricing seen in Q3 2025.

The shift in lease structures is also relevant to the farmer segment. Management has been actively reducing or eliminating fixed base rent on some farms in exchange for significantly increasing the participation rent component, which is recognized upon harvest and sale. This resulted in an expected year-over-year decline of about $17 million in fixed base rents for fiscal year 2025 compared to 2024.

For the investor segment, Gladstone Land Corporation is a publicly traded REIT, meaning its customers are its shareholders. As of November 4, 2025, the market capitalization was $330M based on 37.3M shares outstanding. The company declared a monthly common stock distribution of $0.0467 per share for October, November, and December 2025. At a stock price of $9.24 (as of December 1, 2025), this represents an annualized yield of 6.1%.

Gladstone Land Corporation (LAND) - Canvas Business Model: Cost Structure

Gladstone Land Corporation's Cost Structure is heavily influenced by its real estate ownership model, primarily revolving around debt servicing, property upkeep, and fees paid to its external manager. These costs are critical to understanding the net returns generated from its agricultural portfolio.

Interest expense on debt is a major component. As of the third quarter of 2025 earnings call, Gladstone Land Corporation reported that over 99% of its borrowings were held at fixed rates. The weighted-average fixed rate on this debt was 3.39%, locked in for a minimum of 3 years, which provided a shield against recent interest rate volatility. For context on debt levels, total debt on the balance sheet as of September 2025 was reported as $0.48 Billion USD.

Property operating expenses are incurred for farms that are vacant, under direct operation, or on non-accrual status. These expenses can fluctuate based on property conditions and tenant status. For instance, in the first quarter of 2025, recurring core operating expenses, excluding related-party fees, increased by approximately $425,000, largely due to higher property operating expenses related to these specific farms, including increased property taxes and legal costs. In the second quarter of 2025, higher property operating expenses were noted due to costs to protect water rights on California farms and elevated property taxes on vacant/direct-operated farms.

Costs related to the external management structure are clearly defined in the Advisory Agreement. The Base Management Fee is paid quarterly in arrears and is calculated at an annual rate of 0.60% (or 0.15% per quarter) of the prior calendar quarter's Gross Tangible Real Estate. The Incentive Fee is calculated and payable quarterly if the Pre-Incentive Fee FFO surpasses a specified hurdle rate. For example, aggregate related-party fees decreased by approximately $60,000 in the first quarter of 2025, primarily due to a lower base management fee following 2024 farm sales.

Distributions to stockholders represent a significant cash outflow, as Gladstone Land Corporation is committed to paying monthly dividends. You can see the declared amounts for the fourth quarter of 2025 below:

Security Type	Monthly Distribution (Oct, Nov, Dec 2025)	Quarterly Total (Oct, Nov, Dec 2025)
Common Stock (LAND)	$0.0467 per share	$0.1401 per share
Series B Preferred Stock (LANDO)	$0.125 per share	$0.375 per share
Series C Preferred Stock (LANDP)	$0.125 per share	$0.375 per share
Series D Preferred Stock (LANDM)	$0.104167 per share	$0.312501 per share
Series E Preferred Stock	$0.104167 per share	$0.312501 per share

Gladstone Land Corporation has maintained a consistent payout history, having paid 152 consecutive monthly common-stock distributions since its January 2013 initial public offering, as of the Q3 2025 declaration.

The key cost elements for Gladstone Land Corporation include:

• Interest expense tied to debt with a weighted-average fixed rate of 3.39%.
• Variable property operating expenses, especially on vacant or direct-operated farms.
• Base management fees calculated at 0.60% annually of Gross Tangible Real Estate.
• Mandatory preferred and common stock dividend distributions, such as $0.0467 monthly for common shares.

Gladstone Land Corporation (LAND) - Canvas Business Model: Revenue Streams

Gladstone Land Corporation (LAND) generates revenue primarily through its real estate holdings, which are structured around long-term leases with tenants who grow specialty crops. The revenue streams are a mix of predictable base income and variable income tied to agricultural success.

Fixed base cash rents from triple-net leases form the foundational layer of income. Under these triple-net leases, tenants are responsible for property expenses like insurance, taxes, and maintenance, which helps keep LAND's operating costs relatively predictable. However, this stream is currently being strategically reduced. For the quarter ended September 30, 2025, total cash lease revenues decreased, primarily due to a $5.4 million reduction in fixed base cash rents compared to the prior year period. Management projected a total year-over-year decline of about $17 million in fixed base rents for the full fiscal year 2025 compared to 2024, driven by lease modifications.

The second key component is participation rents (crop share) from modified leases. This represents a strategic shift where Gladstone Land Corporation is accepting a percentage of gross crop sales instead of, or in addition to, a fixed rent payment. This ties a portion of the revenue directly to the success of the crops. For the quarter ending September 30, 2025, participation rents increased by approximately $1.9 million, partly due to stronger pistachio pricing. Critically, the timing of recognition for these variable rents is weighted heavily toward the end of the year. Management indicated that the majority of the revenue resulting from lease modifications on certain farms is expected to be recognized in the fourth quarter of 2025. Specifically, there was an expectation to recognize about $17 million in Q4 revenue from three orchards due to these adjusted lease terms.

The third stream involves capital gains from strategic property sales. This is realized when Gladstone Land Corporation sells a property at a premium to its carrying value. A concrete example from early in the year is the sale of seven farms in Q1 2025. These sales generated an aggregate price of $64.5 million and resulted in a total net gain of approximately $15.7 million.

To give you a snapshot of the overall scale of these combined revenue streams as of late 2025, the trailing 12-month revenue was $67.94 million as of September 30, 2025. This figure reflects the ongoing transition in the revenue mix.

Here is a look at how the primary revenue drivers compare, using the latest available figures:

Revenue Stream Component	Latest Reported Data Point	Value (USD)
Trailing 12-Month Revenue (TTM)	As of September 30, 2025	$67.94 million
Fixed Base Cash Rent Impact	Year-over-year decrease in FY 2025 (Projected)	Approximately $17 million decline
Fixed Base Cash Rent Impact	Q3 2025 vs. Prior Year Quarter	Decrease of about $5.4 million
Participation Rents Increase	Q3 2025 vs. Prior Year Quarter	Increase of about $1.9 million
Capital Gains Example	Net Gain from Q1 2025 Property Sales	Approximately $15.7 million
Expected Q4 Participation Revenue	Anticipated Q4 2025 Recognition from Modified Leases	About $17 million

The shift in lease structure is causing a temporary compression in the more predictable revenue component in favor of the variable one. You can see the impact on the overall top line:

• Trailing 12-Month Revenue (TTM) as of September 30, 2025: $67.94 million.
• Q3 2025 Total Revenue: $17.79 million or $17.84 million.
• Q1 2025 Total Operating Revenue: $16.8 million.
• Lease modifications on six farms were made to increase the participation rent component.
• The company is also operating two properties (four farms) under management agreements, reflecting a temporary shift toward participation-based revenues.

Finance: draft 13-week cash view by Friday.