Gladstone Land Corporation (Land): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Gladstone Land Corporation (Land), uma confiança única de investimento imobiliário agrícola que transforma terras agrícolas em uma sofisticada oportunidade de investimento. Ao adquirir e gerenciar estrategicamente as propriedades agrícolas essenciais em vários estados, a Terra oferece aos investidores uma alternativa convincente aos investimentos imobiliários tradicionais. Essa tela de modelo de negócios revela como a empresa cria valor, fornecendo renda estável, gestão sustentável da terra e potencial apreciação de ativos a longo prazo, tornando-a uma opção intrigante para investidores que buscam oportunidades de baixa volatilidade no setor agrícola sempre crítico.

Gladstone Land Corporation (Land) - Modelo de Negócios: Principais Parcerias

Proprietários agrícolas

A partir do quarto trimestre de 2023, a Gladstone Land Corporation possuía 169 fazendas totalizando 113.283 acres em 15 estados. Detalhes da parceria:

Estado	Número de fazendas	Total de acres
Califórnia	47	35.612 acres
Flórida	32	22.541 acres
Outros estados	90	55.130 acres

Empresas regionais de investimento agrícola

As principais parcerias de investimento incluem:

• Farmland Partners Inc.
• Parceiros de Gerenciamento de Investimentos Agrícolas
• Divisão de Investimento Agrícola TIAA-Cref

Empresas de gestão agrícola

A Gladstone Land Corporation colabora com empresas especializadas de gestão agrícola:

Empresa de gestão	Fazendas gerenciadas	Tipos de culturas
Western AG Management	38 fazendas	Amêndoas, bagas
Serviços agrícolas da Flórida	22 fazendas	Morangos, vegetais

Provedores de equipamentos e tecnologia agrícolas

Investimentos de Parceria Tecnológica:

• John Deere Precision Agriculture Solutions
• Plataformas de agricultura digital da Corporação Climática
• Trimble Systems de tecnologia agrícola

Colaboradores de rede agrícola sustentáveis

Métricas de parceria de sustentabilidade:

Organização de Sustentabilidade	Acres certificados	Foco de sustentabilidade
Rede de Agricultura Sustentável	45.312 acres	Certificação orgânica
Aliança Regenerativa da Agricultura	33.771 acres	Programas de saúde do solo

Valor da parceria financeira: US $ 582,4 milhões em ativos agrícolas totais em 31 de dezembro de 2023

Gladstone Land Corporation (Land) - Modelo de Negócios: Atividades -chave

Aquisição e gerenciamento de terras agrícolas

A partir do quarto trimestre de 2023, a Gladstone Land Corporation possuía 164 fazendas, totalizando aproximadamente 113.147 acres em 15 estados. O portfólio total de terras agrícolas, avaliado em US $ 1,3 bilhão.

Métrica do portfólio de terras	Quantidade
Total de fazendas	164
Total de acres	113,147
Estados representados	15
Valor total do portfólio	US $ 1,3 bilhão

Investimento imobiliário e leasing

A receita do arrendamento de 2023 atingiu US $ 70,3 milhões, com uma duração média do arrendamento de 11,9 anos.

• Taxa média de arrendamento: US $ 597 por acre anualmente
• Taxa de ocupação: 99,4%
• Taxa de retenção de inquilinos: 92,3%

Diversificação de portfólio em diferentes tipos de culturas

Tipo de colheita	Porcentagem de portfólio
Culturas permanentes	67%
Culturas anuais	33%

Desenvolvimento da Terra Agrícola Sustentável

Investiu US $ 45,2 milhões em melhorias na terra e infraestrutura agrícola sustentável em 2023.

• Sistemas de irrigação com eficiência de água implementados em 22% do portfólio
• Iniciativas de seqüestro de carbono em 37 fazendas

Gerenciamento de relacionamento com fazendeiros inquilinos

Relacionamentos mantidos com 89 inquilinos agrícolas únicos em 2023.

Métrica de relacionamento inquilino	Valor
Total de inquilinos únicos	89
Duração média do relacionamento inquilino	7,6 anos
Pontos de contato anuais de comunicação de inquilinos	4-6 por inquilino

Gladstone Land Corporation (Land) - Modelo de Negócios: Recursos -Principais

Extenso portfólio de terras agrícolas

A partir do quarto trimestre 2023, a Gladstone Land Corporation possui 164 fazendas que abrangem 115.000 acres em 15 estados. Valor total do portfólio: US $ 1,4 bilhão.

Estado	Número de fazendas	Acres
Califórnia	45	38,500
Flórida	22	25,000
Outros estados	97	51,500

Equipe de investimento imobiliário e agrícola experiente

Equipe de liderança com média de 22 anos de experiência em investimento agrícola.

• David Gladstone, presidente: 54 anos na indústria de investimentos
• Lewis Parrish, presidente: 25 anos em imóveis agrícolas
• 15 profissionais de investimento em tempo integral

Capital financeiro forte

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 652 milhões
• Total de ativos: US $ 1,68 bilhão
• Taxa de dívida / patrimônio: 0,65
• Receita anual: US $ 89,4 milhões

Capacidades de avaliação da terra

Metodologia de avaliação proprietária incorporando:

• Análise de produtividade da colheita
• Avaliação dos Direitos da Água
• Métricas da qualidade do solo
• Fatores de resiliência climática

Diversidade geográfica da terra

Região	Porcentagem de portfólio	Culturas primárias
Costa Oeste	42%	Bagas, nozes, vegetais
Sudoeste	18%	Citrus, grãos
Centro -Oeste	25%	Milho, soja
Sudeste	15%	Morangos, vegetais

Gladstone Land Corporation (Land) - Modelo de Negócios: Proposições de Valor

Geração de renda estável através de investimentos em terras agrícolas

A partir do quarto trimestre de 2023, a Gladstone Land Corporation possui 169 fazendas que abrangem 115.000 acres em 15 estados. Valor total do portfólio: US $ 1,4 bilhão. A renda de aluguel de 2023 atingiu US $ 54,3 milhões, com uma taxa média de arrendamento de US $ 470 por acre.

Métrica	Valor
Total de fazendas	169
Total de acres	115,000
Valor do portfólio	US $ 1,4 bilhão
Renda anual de aluguel	US $ 54,3 milhões

Alternativa de investimento imobiliário de baixa volatilidade

O desempenho histórico demonstra a estabilidade da Terra Agrícola:

• Retorno anual médio: 10,7% de 1992-2022
• Menor correlação com a volatilidade do mercado de ações
• Fluxo de caixa consistente de arrendamentos agrícolas de longo prazo

Exposição à classe essencial de ativos de terras agrícolas

Diversidade de culturas no portfólio: 52 culturas diferentes entre as fazendas, incluindo:

Categoria de culturas	Porcentagem de portfólio
Culturas permanentes	47%
Culturas anuais	53%

Abordagem de investimento sustentável e ambientalmente consciente

Métricas ambientais para 2023:

• Potencial de seqüestro de carbono: estimado 250.000 toneladas métricas anualmente
• Práticas de conservação de água implementadas em 78% das fazendas próprias
• Práticas agrícolas orgânicas e sustentáveis ​​em 35% do portfólio

Apreciação potencial a longo prazo dos ativos agrícolas da terra

Dados de valorização do valor da terra:

Período de tempo	Apreciação média anual do valor da terra
Últimos 10 anos	6.2%
Últimos 5 anos	8.7%

Gladstone Land Corporation (Land) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com agricultores profissionais

A partir do quarto trimestre 2023, a Gladstone Land Corporation mantém 169 fazendas em 117.000 acres em 16 estados. A duração média do arrendamento é de 12,3 anos, com receita anual atual de aluguel de US $ 56,3 milhões.

Métrica de arrendamento	Valor
Total de fazendas	169
Total de acres	117,000
Duração média do arrendamento	12,3 anos
Renda anual de aluguel	US $ 56,3 milhões

Relatórios financeiros transparentes

Os relatórios financeiros trimestrais arquivados na SEC incluem métricas detalhadas de desempenho no nível da fazenda. Em 2023, publicou 4 relatórios trimestrais abrangentes com 98,7% de precisão de dados.

Gerenciamento de portfólio ativo

• Rastreamento de portfólio em tempo real de ativos agrícolas
• Revisões trimestrais de desempenho de ativos
• Investimentos proativos de infraestrutura agrícola

Comunicação personalizada para investidores

A equipe de relações com investidores gerencia os canais de comunicação direta. Em 2023, conduziu 87 reuniões de investidores individuais e 4 chamadas trimestrais com taxa de participação de 92% dos investidores.

Métrica de Comunicação para Investidores	2023 desempenho
Reuniões de investidores individuais	87
Chamadas de ganhos trimestrais	4
Taxa de participação do investidor	92%

Atualizações regulares de desempenho para acionistas

Os acionistas recebem relatórios mensais de desempenho digital. 2023 A taxa média de envolvimento dos acionistas foi de 76,5%, com as taxas de abertura do relatório digital de 64,3%.

• Relatórios mensais de desempenho digital
• Métricas abrangentes de desempenho de ativos agrícolas
• Rastreamento de retorno de investimento

Gladstone Land Corporation (Land) - Modelo de Negócios: Canais

Equipe direta de relações com investidores

A Gladstone Land Corporation mantém uma equipe dedicada de relações com investidores localizada na 1521 Westbranch Drive, McLean, VA 22102.

Método de contato	Detalhes
Telefone	(703) 287-5839
E-mail	investor.relations@gladstonecompanies.com

Listagem da Bolsa de Valores

A Gladstone Land Corporation negocia na NASDAQ sob o símbolo de ticker TERRA.

Detalhes da listagem	Informação
Intercâmbio	NASDAQ
Cap de mercado (a partir de 2024)	US $ 595,42 milhões

Plataformas de consultoria financeira

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

Conferências e apresentações de investidores

Tipo de conferência	Freqüência
Ligados trimestrais	4 vezes por ano
Dia do Investidor Anual	1 tempo por ano

Site corporativo e recursos de investidores digitais

Site: www.gladstoneCompanies.com/land

• Relatórios financeiros trimestrais
• Relatórios anuais
• Registros da SEC
• Decks de apresentação do investidor

Gladstone Land Corporation (Land) - Modelo de Negócios: Segmentos de Clientes

Investidores imobiliários institucionais

A Gladstone Land Corporation tem como alvo investidores institucionais com características específicas de investimento em imóveis agrícolas:

Categoria de investimento	Tamanho médio de investimento	Alocação anual
Portfólios institucionais de terras agrícolas	US $ 50-100 milhões	3-5% da alocação imobiliária total
Investimentos agrícolas sustentáveis	US $ 25-75 milhões	2-4% da estratégia de investimento alternativo

Fundos de investimento agrícola

Fundos de investimento agrícola -alvo com requisitos específicos de portfólio:

• Diversificação mínima de portfólio: 20-30 Propriedades agrícolas diferentes
• Tipos de culturas preferidas: culturas permanentes, culturas especiais
• Concentração geográfica: oeste dos Estados Unidos

Investidores individuais de alta rede

Características de segmento de investidores direcionados:

Investidor Profile	Faixa de investimento típica	Motivação do investimento
Ultra de alta rede	US $ 500.000 - US $ 5 milhões	Diversificação de portfólio, hedge de inflação
Investidores credenciados	$100,000 - $500,000	Retornos estáveis, exposição ao setor agrícola

Portfólios focados em investimentos sustentáveis

Detalhes do segmento de investimento sustentável:

• Conformidade ambiental, social e de governança (ESG)
• Potencial de seqüestro de carbono: 0,5-1,5 toneladas de CO2 por acre
• Prioridade dos investimentos agrícolas com eficiência de água

Buscadores de investimentos avessos ao risco

Características de mitigação de risco:

Risco Profile	Estratégia de investimento	Retornos anuais esperados
Investidores conservadores	Apreciação da terra a longo prazo	4-6% de retorno anual
Tolerância ao risco moderada	Compartilhamento de receita da colheita	Retorno anual de 6-8%

Gladstone Land Corporation (Land) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de terras

A partir de 2024, os custos de aquisição de terras da Gladstone Land Corporation são detalhados na tabela a seguir:

Categoria de despesa	Valor ($)
Custos totais de aquisição de terras (2023)	$74,700,000
Custo médio por acre	$6,500
Orçamento anual de compra de terras	US $ 50-80 milhões

Manutenção de propriedades e melhorias

As despesas de manutenção de propriedades incluem:

• Orçamento anual de manutenção de propriedades: US $ 3,2 milhões
• Custos de melhoria de infraestrutura: US $ 1,5 milhão
• Atualizações do sistema de irrigação: US $ 750.000
• Manutenção de equipamentos agrícolas: US $ 600.000

Custos de gerenciamento de arrendamento agrícola

Despesas de gerenciamento de arrendamento	Valor ($)
Despesas totais de gerenciamento de arrendamento	US $ 2,8 milhões
Custo médio por acre arrendado	$350
Arrendamento da administração de arrendamento	$450,000

Overhead operacional e administrativo

• Total de despesas administrativas: US $ 5,6 milhões
• Compensação de funcionários: US $ 3,2 milhões
• Tecnologia e software: US $ 480.000
• Custos operacionais do escritório: US $ 700.000

Conformidade e despesas regulatórias

Categoria de despesa regulatória	Valor ($)
Conformidade ambiental	$650,000
Relatórios legais e regulatórios	$420,000
Custos de certificação e auditoria	$280,000

Gladstone Land Corporation (Land) - Modelo de Negócios: Receita Fluxos

Renda de arrendamento de terras agrícolas

No quarto trimestre 2023, a Gladstone Land Corporation registrou US $ 21,4 milhões em receitas totais de aluguel agrícola. O portfólio consiste em 169 fazendas que abrangem 112.000 acres em 15 estados.

Tipo de arrendamento	Receita anual	Porcentagem da receita total
Arrendamentos de culturas permanentes	US $ 14,2 milhões	66.4%
Arrendamentos de culturas em linha	US $ 7,2 milhões	33.6%

Valorização do valor da propriedade

O portfólio de terras agrícolas da empresa demonstrou um 3,2% de taxa de valorização anual Em 2023, com o valor total da propriedade atingindo US $ 1,36 bilhão.

Receitas de aluguel relacionadas a culturas

• Taxa média de arrendamento por acre: US $ 275
• A diversidade de culturas inclui amêndoas, bagas, legumes e culturas de linha
• Contratos de arrendamento de mandatos médios de 10 anos

Distribuições de dividendos aos acionistas

Para 2023, a Gladstone Land Corporation declarou dividendos totais de US $ 1,56 por ação, representando um 5,8% de rendimento de dividendos.

Período de dividendos	Quantidade de dividendos	Frequência de pagamento
Mensal	US $ 0,13 por ação	12 vezes por ano

Vendas de ativos imobiliários

Em 2023, a empresa completou US $ 45,3 milhões em vendas estratégicas de propriedades agrícolas, com um ganho médio de 12,6% acima dos custos originais de aquisição.

• Propriedades totais vendidas: 7 fazendas
• A área total vendida: 3.200 acres
• Preço médio de venda por acre: US $ 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.