1. Prologis for farmland

2. American Tower for farmland

• Farmland Leases: Gladstone Land provides long-term leases of prime agricultural properties to independent farmers for the cultivation of various high-value crops.

Gladstone Land (symbol: LAND) primarily sells to other companies.

Due to the nature of its business as a Real Estate Investment Trust (REIT) that owns and leases farmland, Gladstone Land emphasizes diversification across its tenant base. According to its latest SEC filings (e.g., 2023 10-K), no single tenant accounts for more than 4% of the company's total rental income. As a result, specific major customer companies are not publicly disclosed.

However, the company broadly describes its tenants as falling into the following categories:

• Independent Farmers and Farm Operators: These are typically individual farming businesses, often family-owned and multi-generational, that lease the land to cultivate various crops.
• Corporate Tenants: These are larger agricultural businesses or food producers that operate farms on a commercial scale.

• KeyCorp (KEY)
• MetLife (MET)
• Fulton Financial Corporation (FULT)
• Banc of California (BANC)

David J. Gladstone, Chairman, Chief Executive Officer and President

Mr. Gladstone is the founder of Gladstone Land Corporation and has served as its president, chief executive officer, and chairman of the Board since its inception in 1997. He also founded and continues to serve as CEO and chairman of the board for affiliates including Gladstone Capital, Gladstone Investment, and Gladstone Commercial. Prior to founding the Gladstone companies, Mr. Gladstone served as chairman or vice chairman of American Capital Strategies, Ltd., a publicly-traded leveraged buyout fund and mezzanine debt finance company, from 1997 to 2001. From 1974 to 1997, he held various positions, including chairman and chief executive officer, with Allied Capital Corporation and its affiliates, which were publicly-traded mezzanine debt funds. He also co-founded Coastal Berry Company in 1997, which he later sold the operating business to Dole in 2004, while retaining ownership of the land. Mr. Gladstone was also the founder and managing member of The Capital Investors, LLC, a group of angel investors. From 1992 to 1997, he was a director, president, and CEO of Business Mortgage Investors, a private mortgage REIT managed by Allied Capital Advisors.

Lewis Parrish, Chief Financial Officer and Assistant Treasurer

Mr. Parrish serves as the Chief Financial Officer and Assistant Treasurer of Gladstone Land.

Michael LiCalsi, Chief Administrative Officer, Co-General Counsel, and Co-Secretary

Mr. LiCalsi has served as Chief Administrative Officer since July 2025, General Counsel (and now Co-General Counsel) since October 2009, and Secretary (and now Co-Secretary) since October 2012. He was appointed President of Gladstone Administration in July 2013. Before joining the Gladstone Companies, Mr. LiCalsi was an Associate Attorney at Baker Botts L.L.P.. From 1996 to 2004, he held various regional and national vice president positions at TD Waterhouse Investor Services, Inc. (now TD Ameritrade, Inc.). He holds Series 7 and 24 licenses.

Jay Beckhorn, Treasurer

Mr. Beckhorn joined Gladstone in January 2013 and serves as Treasurer of Gladstone Land and Gladstone Commercial, focusing on debt finance. He has 28 years of real estate finance experience. Prior to Gladstone, he was a Regional Director with Heavenrich & Co., an M&A group serving the seniors housing industry, and a Senior Vice President with Sunrise Senior Living. He also worked for Riggs Bank and Kettler, a real estate developer.

Jack Dellafiora, Chief Compliance Officer

Mr. Dellafiora joined Gladstone in September 2007 as Chief Compliance Officer. Previously, he held management roles in regulatory compliance, financial and operational risk management, financial reporting, and enterprise data management with Fannie Mae. He also led attestation engagements for BDO Seidman. Mr. Dellafiora is a CPA.

Key Risks to Gladstone Land (LAND)

Gladstone Land Corporation, a real estate investment trust specializing in farmland, faces several significant risks that could impact its business operations and financial performance. The most prominent risks relate to environmental factors affecting its core assets, the prevailing interest rate environment, and the financial health of its tenant farmers coupled with a shift in lease structures.

1. Water Scarcity, Drought Conditions, and Major Weather Events: As an owner of farmland, Gladstone Land is highly susceptible to environmental factors. The potential lack of water, particularly due to increasing drought conditions, poses a significant threat to crop yields and the overall value of the land. Major weather events and natural catastrophes can also severely impact regional crop yields, thereby affecting the profitability of the farms and the company's revenue streams.
2. High Interest Rates and Financing Costs: Rising interest rates and increased borrowing costs present a material risk to Gladstone Land. These conditions can negatively impact the company's ability to access debt markets on favorable terms, hindering its capacity to acquire new properties and expand its portfolio. A high cost of capital makes new investments difficult and can limit growth opportunities.
3. Tenant Financial Health and Impact of Participation Rents: The financial stability of Gladstone Land's tenant farmers is crucial to its business. A significant risk arises from the potential inability of tenants to pay rent, which could adversely affect the cash available for distributions to stockholders. Furthermore, the company's strategy to move some leases towards a participation-rent model introduces greater exposure to volatile commodity prices and the operational performance of its tenant farmers. Unfavorable business results from these tenants could directly impact the REIT's future cash flow and earnings stability.

• The rapid expansion and increasing cost-competitiveness of Controlled Environment Agriculture (CEA), including vertical farming. As these technologies mature, they offer an alternative for growing various crops independent of traditional farmland, potentially reducing long-term demand for certain agricultural land types owned by Gladstone Land, particularly for high-value produce.
• Accelerating impacts of climate change, specifically intensifying water scarcity and increased frequency of extreme weather events in key agricultural regions. These environmental shifts directly threaten the productivity, viability, and long-term value of farmland assets, potentially leading to reduced crop yields for tenants, higher operational costs, and declining rental income for Gladstone Land properties.

Gladstone Land (symbol: LAND) operates as a real estate investment trust (REIT) specializing in the acquisition and ownership of farmland and farm-related properties across the United States, which it then leases to farmers on a triple-net basis. The company primarily focuses on farmland located in major agricultural markets in the U.S., spanning 15 different states.

The addressable market for Gladstone Land's main service, which is owning and leasing farmland, can be measured by the total value of agricultural real estate in the United States. In 2025, the estimated value of U.S. farm real estate, encompassing both land and structures on farms, was approximately $3.67 trillion. The average value of U.S. farmland in 2025 was reported at $4,350 per acre. The total agricultural land in the U.S. covers approximately 876 million acres.

Therefore, the addressable market for Gladstone Land's services in the U.S. is approximately $3.67 trillion.

Here are 3-5 expected drivers of future revenue growth for Gladstone Land (LAND) over the next 2-3 years:

1. Increased Revenue from Participation Rents and Favorable Crop Pricing: Gladstone Land has been strategically modifying lease agreements on certain permanent crop farms, transitioning from fixed base rents to a greater reliance on participation rents. This shift is expected to significantly increase revenue, particularly in the fourth quarter of 2025, driven by strong market trends and favorable pricing for key crops like pistachios and almonds.
2. Growth in Annual Net Operating Income (NOI) from New and Amended Lease Agreements: The company continues to actively execute new and amended lease agreements across its portfolio. For instance, recent renewals and amendments on annual row crop farms are projected to result in an aggregate increase in annual net operating income.
3. Optimization of Existing Portfolio Through Resolution of Vacancies and Direct-Operated Farms: Gladstone Land is addressing underperforming assets, including vacant or direct-operated properties. By working to secure new tenants or considering strategic sales of these farms, the company aims to enhance the overall revenue generated from its current asset base.
4. Strategic Capital Allocation and Debt Reduction through Property Sales: Although new farm acquisitions are currently limited due to high interest rates, Gladstone Land has been executing strategic property sales at premiums over original purchase prices. The capital generated from these sales can be used to reduce debt, thereby lowering interest expenses and strengthening the balance sheet. This improved financial flexibility positions the company to pursue accretive investments when market conditions for acquisitions become more favorable, indirectly supporting future revenue growth.

Share Repurchases

• Gladstone Land's board of directors authorized a preferred stock repurchase program of up to $55 million, targeting $20 million of its Series B and $35 million of its Series C preferred shares, with the authorization expiring on July 10, 2026.
• In 2024, the company repurchased a total of 316,822 shares of its Series B and Series C preferred stock at an average price of $20.93 per share, resulting in a total gain on repurchase of approximately $505,000.

Share Issuance

• Gladstone Land sold 122,743 shares of its common stock for net proceeds of approximately $1.1 million under its "at-the-market" (ATM) program during the third quarter of 2025, and an additional 959,432 shares for net proceeds of approximately $8.8 million subsequent to September 30, 2025.
• In 2024, the company sold 346,216 shares of common stock for net proceeds of approximately $4.6 million through its ATM program.
• During 2020, Gladstone Land completed a public offering of common stock, selling 1,897,500 shares for total net proceeds of approximately $26.1 million, and also sold 3,096,558 shares under its ATM program for net proceeds of approximately $45.4 million.

Capital Expenditures

• In 2020, Gladstone Land acquired 26 new farms, encompassing 14,544 total acres, for approximately $256.0 million, with about $162 million of these acquisitions occurring in December alone.
• The company invested in water resources, purchasing 1,530 gross acre-feet of water in California at a total cost of approximately $583,000 in the third quarter of 2025, aimed at securing irrigation for its farms.
• Capital expenditures on existing real estate assets were approximately $2.871 million for the nine months ended September 30, 2024, and approximately $1.478 million for the nine months ended September 30, 2025.