Gladstone Land Corporation (Land): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant de Gladstone Land Corporation (Land), une fiducie de placement immobilier agricole unique qui transforme les terres agricoles en une opportunité d'investissement sophistiquée. En acquérant stratégiquement et en gérant les propriétés agricoles essentielles dans plusieurs États, Land offre aux investisseurs une alternative convaincante aux investissements immobiliers traditionnels. Cette toile de modèle commercial révèle comment l'entreprise crée de la valeur en fournissant un revenu stable, une gestion durable des terres et une appréciation potentielle des actifs à long terme, ce qui en fait une option intrigante pour les investisseurs à la recherche d'opportunités à faible volatilité dans le secteur agricole toujours critique.

Gladstone Land Corporation (Land) - Modèle d'entreprise: partenariats clés

Propriétaires fonciers agricoles

Au quatrième trimestre 2023, Gladstone Land Corporation possédait 169 fermes totalisant 113 283 acres dans 15 États. Détails du partenariat:

État	Nombre de fermes	Acres totaux
Californie	47	35 612 acres
Floride	32	22 541 acres
Autres États	90	55 1330 acres

Sociétés d'investissement agricole régionale

Les principaux partenariats d'investissement comprennent:

• Farmland Partners Inc.
• Partenaires de gestion des investissements agricoles
• Division des investissements agricoles TIAA-CREF

Sociétés de gestion agricole

Gladstone Land Corporation collabore avec des sociétés de gestion agricole spécialisées:

Entreprise de gestion	Fermes gérées	Types de cultures
Gestion de l'AG de l'Ouest	38 fermes	Amandes, baies
Services agricoles de Floride	22 fermes	Fraises, légumes

Équipements agricoles et fournisseurs de technologies

Investissements en partenariat technologique:

• John Deere Precision Agriculture Solutions
• Climate Corporation Digital Farming Plateformes
• Systèmes de technologie agricole Trimble

Collaborateurs du réseau agricole durable

Métriques de partenariat en durabilité:

Organisation de durabilité	Acres certifiés	Focus sur la durabilité
Réseau agricole durable	45 312 acres	Certification biologique
Alliance de l'agriculture régénérative	33 771 acres	Programmes de santé des sols

Valeur du partenariat financier: 582,4 millions de dollars en actifs agricoles totaux au 31 décembre 2023

Gladstone Land Corporation (Land) - Modèle d'entreprise: activités clés

Acquisition et gestion des terres agricoles

Au quatrième trimestre 2023, Gladstone Land Corporation possédait 164 fermes totalisant environ 113 147 acres dans 15 États. Le portefeuille total des terres agricoles d'une valeur de 1,3 milliard de dollars.

Métrique du portefeuille de terres	Quantité
Total fermes	164
Acres totaux	113,147
États représentés	15
Valeur totale du portefeuille	1,3 milliard de dollars

Investissement immobilier et location

Les revenus de location pour 2023 ont atteint 70,3 millions de dollars, avec une durée de location moyenne de 11,9 ans.

• Taux de location moyen: 597 $ par acre par an
• Taux d'occupation: 99,4%
• Taux de rétention des locataires: 92,3%

Diversification du portefeuille sur différents types de cultures

Type de culture	Pourcentage de portefeuille
Cultures permanentes	67%
Cultures annuelles	33%

Développement durable des terres agricoles

A investi 45,2 millions de dollars dans l'amélioration des terres et les infrastructures agricoles durables en 2023.

• Des systèmes d'irrigation économe en eau sont mis en œuvre sur 22% du portefeuille
• Initiatives de séquestration en carbone sur 37 fermes

Gestion des relations avec les agriculteurs des locataires

Maintenu des relations avec 89 locataires agricoles uniques en 2023.

Métrique relationnelle des locataires	Valeur
Total des locataires uniques	89
Durée moyenne des relations du locataire	7,6 ans
Points de contact de la communication des locataires annuels	4-6 par locataire

Gladstone Land Corporation (Land) - Modèle d'entreprise: Ressources clés

Portefeuille de terres agricoles approfondies

Au quatrième trimestre 2023, Gladstone Land Corporation possède 164 fermes couvrant 115 000 acres dans 15 États. Valeur du portefeuille total: 1,4 milliard de dollars.

État	Nombre de fermes	Acres
Californie	45	38,500
Floride	22	25,000
Autres États	97	51,500

Équipe d'investissement immobilier et agricole expérimentée

Équipe de leadership avec une expérience moyenne de 22 ans d'investissement agricole.

• David Gladstone, président: 54 ans dans l'industrie des investissements
• Lewis Parrish, président: 25 ans dans l'immobilier agricole
• 15 professionnels de l'investissement à temps plein

Capital financier solide

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 652 millions de dollars
• Actif total: 1,68 milliard de dollars
• Ratio dette / fonds propres: 0,65
• Revenu annuel: 89,4 millions de dollars

Capacités d'évaluation des terres

Méthodologie d'évaluation propriétaire incorporation:

• Analyse de la productivité des cultures
• Évaluation des droits de l'eau
• Métriques de qualité du sol
• Facteurs de résilience climatique

Diversité des terres géographiques

Région	Pourcentage de portefeuille	Cultures primaires
Côte ouest	42%	Baies, noix, légumes
Sud-ouest	18%	Agrumes, grains
Midwest	25%	Maïs, soja
Au sud-est	15%	Fraises, légumes

Gladstone Land Corporation (Land) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce à des investissements terrestres agricoles

Au quatrième trimestre 2023, Gladstone Land Corporation possède 169 fermes englobant 115 000 acres dans 15 États. Valeur du portefeuille total: 1,4 milliard de dollars. Les revenus de location pour 2023 ont atteint 54,3 millions de dollars, avec un taux de location moyen de 470 $ par acre.

Métrique	Valeur
Total fermes	169
Acres totaux	115,000
Valeur de portefeuille	1,4 milliard de dollars
Revenus de location annuels	54,3 millions de dollars

Alternative d'investissement immobilier à faible volatilité

La performance historique démontre la stabilité des terres agricoles:

• Retour annuel moyen: 10,7% de 1992 à 2022
• Corrélation plus faible avec la volatilité des marchés boursiers
• Flux de trésorerie cohérents à partir de baux agricoles à long terme

Exposition à la classe d'actifs des terres agricoles essentielles

Diversité des cultures dans le portefeuille: 52 cultures différentes dans les fermes, notamment:

Catégorie de récolte	Pourcentage de portefeuille
Cultures permanentes	47%
Cultures annuelles	53%

Approche d'investissement durable et soucieux de l'environnement

Métriques environnementales pour 2023:

• Potentiel de séquestration en carbone: estimé 250 000 tonnes métriques par an
• Pratiques de conservation de l'eau mise en œuvre sur 78% des fermes possédées
• Pratiques agricoles biologiques et durables sur 35% du portefeuille

Appréciation potentielle à long terme des actifs terrestres agricoles

Données d'appréciation de la valeur des terres:

Période de temps	Appréciation moyenne annuelle de la valeur des terres
10 dernières années	6.2%
5 dernières années	8.7%

Gladstone Land Corporation (Land) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec les agriculteurs professionnels

Au quatrième trimestre 2023, Gladstone Land Corporation maintient 169 fermes sur 117 000 acres dans 16 États. La durée du bail moyenne est de 12,3 ans avec un revenu de location annuel actuel de 56,3 millions de dollars.

Métrique de location	Valeur
Total fermes	169
Acres totaux	117,000
Durée de location moyenne	12,3 ans
Revenus de location annuels	56,3 millions de dollars

Information financière transparente

Les rapports financiers trimestriels déposés auprès de la SEC comprennent des mesures détaillées de performance au niveau de la ferme. En 2023, a publié 4 rapports trimestriels complets avec une précision de données de 98,7%.

Gestion de portefeuille actif

• Suivi de portefeuille en temps réel des actifs agricoles
• Revues de performance des actifs trimestriels
• Investissements proactifs à l'infrastructure agricole

Communication des investisseurs personnalisés

L'équipe des relations avec les investisseurs gère les canaux de communication directs. En 2023, a organisé 87 réunions d'investisseurs individuelles et 4 appels de bénéfices trimestriels avec un taux de participation des investisseurs de 92%.

Métrique de communication des investisseurs	Performance de 2023
Réunions individuelles des investisseurs	87
Appels de résultats trimestriels	4
Taux de participation des investisseurs	92%

Mises à jour régulières des performances pour les actionnaires

Les actionnaires reçoivent des rapports de performance numérique mensuels. 2023 Le taux moyen d'engagement des actionnaires était de 76,5%, avec des taux d'ouverture du rapport numérique de 64,3%.

• Rapports de performances numériques mensuelles
• Mesures complètes de performance des actifs agricoles
• Suivi de retour sur investissement

Gladstone Land Corporation (Land) - Modèle d'entreprise: canaux

Équipe de relations avec les investisseurs directs

Gladstone Land Corporation maintient une équipe dédiée aux relations avec les investisseurs située au 1521 Westbranch Drive, McLean, VA 22102.

Méthode de contact	Détails
Téléphone	(703) 287-5839
E-mail	investor.relations@gladstonecompanies.com

Cotation des bourses

Gladstone Land Corporation se négocie sur le NASDAQ sous le symbole de ticker ATTERRIR.

Détails de listing	Information
Échange	Nasdaq
Capitalisation boursière (à partir de 2024)	595,42 millions de dollars

Plateformes consultatives financières

• Morningstar
• Bloomberg Terminal
• S&P Capital IQ
• Thomson Reuters

Conférences et présentations des investisseurs

Type de conférence	Fréquence
Appel de résultats trimestriel	4 fois par an
Journée annuelle des investisseurs	1 fois par an

Site Web d'entreprise et ressources d'investisseurs numériques

Site Web: www.gladstoncompanies.com/land

• Rapports financiers trimestriels
• Rapports annuels
• Dépôts de la SEC
• Disques de présentation des investisseurs

Gladstone Land Corporation (Land) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers institutionnels

Gladstone Land Corporation cible les investisseurs institutionnels avec des caractéristiques d'investissement immobilier agricole spécifiques:

Catégorie d'investissement	Taille moyenne de l'investissement	Allocation annuelle
Portefeuilles institutionnels des terres agricoles	50 à 100 millions de dollars	3 à 5% de l'allocation totale de biens immobiliers
Investissements agricoles durables	25 à 75 millions de dollars	2 à 4% de la stratégie d'investissement alternative

Fonds d'investissement agricole

Cible des fonds d'investissement agricole avec des exigences de portefeuille spécifiques:

• Diversification du portefeuille minimum: 20-30 propriétés agricoles différentes
• Types de cultures préférées: cultures permanentes, cultures spéciales
• Concentration géographique: l'ouest des États-Unis

Investisseurs individuels à haute nette

Caractéristiques du segment des investisseurs ciblés:

Investisseur Profile	Gamme d'investissement typique	Motivation à l'investissement
Ultra-netteur	500 000 $ - 5 millions de dollars	Diversification du portefeuille, couverture de l'inflation
Investisseurs accrédités	$100,000 - $500,000	Retours stables, exposition au secteur agricole

Portefeuilles axés sur l'investissement durable

Détails du segment d'investissement durable:

• Conformité environnementale, sociale, gouvernance (ESG)
• Potentiel de séquestration en carbone: 0,5 à 1,5 tonne CO2 par acre
• Priorité des investissements agricoles économes en eau

Demandeurs d'investissements opposés au risque

Caractéristiques d'atténuation des risques:

Risque Profile	Stratégie d'investissement	Retours annuels attendus
Investisseurs conservateurs	Appréciation des terres à long terme	Rendement annuel de 4 à 6%
Tolérance au risque modérée	Partage des revenus des cultures	Retour annuel de 6 à 8%

Gladstone Land Corporation (Land) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

En 2024, les coûts d'acquisition de terrains de Gladstone Land Corporation sont détaillés dans le tableau suivant:

Catégorie de dépenses	Montant ($)
Total des coûts d'acquisition de terres (2023)	$74,700,000
Coût moyen par acre	$6,500
Budget annuel d'achat de terres	50-80 millions de dollars

Entretien et améliorations des biens

Les dépenses de maintenance des biens comprennent:

• Budget annuel de maintenance immobilière: 3,2 millions de dollars
• Coûts d'amélioration des infrastructures: 1,5 million de dollars
• Mises à niveau du système d'irrigation: 750 000 $
• Entretien de l'équipement agricole: 600 000 $

Coûts de gestion des baux agricoles

Frais de gestion des baux	Montant ($)
Dépenses totales de gestion des baux	2,8 millions de dollars
Coût moyen par acre loué	$350
Administration des locations	$450,000

Frais généraux opérationnels et administratifs

• Dépenses administratives totales: 5,6 millions de dollars
• Compensation des employés: 3,2 millions de dollars
• Technologie et logiciels: 480 000 $
• Coûts opérationnels de bureau: 700 000 $

Compliance et dépenses réglementaires

Catégorie de dépenses réglementaires	Montant ($)
Conformité environnementale	$650,000
Représentation juridique et réglementaire	$420,000
Frais de certification et d'audit	$280,000

Gladstone Land Corporation (Land) - Modèle d'entreprise: Strots de revenus

Revenu de location de terres agricoles

Au quatrième trimestre 2023, Gladstone Land Corporation a déclaré 21,4 millions de dollars de revenus de location agricole totale. Le portefeuille se compose de 169 fermes englobant 112 000 acres dans 15 États.

Type de location	Revenus annuels	Pourcentage du total des revenus
Baux de cultures permanentes	14,2 millions de dollars	66.4%
Baux de cultures en rangée	7,2 millions de dollars	33.6%

Appréciation de la valeur de la propriété

Le portefeuille de terres agricoles de l'entreprise a démontré un Taux d'appréciation annuel de 3,2% en 2023, la valeur totale de la propriété atteignant 1,36 milliard de dollars.

Revenus de location liés aux cultures

• Taux de location moyen par acre: 275 $
• La diversité des cultures comprend les amandes, les baies, les légumes et les cultures en rangée
• Contrats de location des délais de 10 ans moyens

Distributions de dividendes aux actionnaires

Pour 2023, Gladstone Land Corporation a déclaré des dividendes totaux de 1,56 $ par action, représentant un Rendement de dividende de 5,8%.

Période de dividende	Montant du dividende	Fréquence de paiement
Mensuel	0,13 $ par action	12 fois par an

Ventes d'actifs immobiliers

En 2023, la société a complété 45,3 millions de dollars en ventes de biens agricoles stratégiques, avec un gain moyen de 12,6% au-dessus des coûts d'acquisition d'origine.

• Propriétés totales vendues: 7 fermes
• Total de superficie vendue: 3 200 acres
• Prix ​​de vente moyen par 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.