Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 57

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
 In addition, we have elected for Gladstone Land Advisers, Inc. (“Land Advisers”), an indirect wholly-owned subsidiary of ours, to be treated as a TRS.

Gladstone Management Corporation (our “Adviser”) manages our real estate portfolio pursuant to an advisory agreement, and Gladstone Administration, LLC (our “Administrator”), provides administrative services to us pursuant to an administration agreement.  Our Adviser and our Administrator collectively employ all of our personnel and directly pay their salaries, benefits, and general expenses.

Portfolio Diversification

Our farmland portfolio currently consists of 148 farms leased to 85 different, unrelated third-party tenants who grow over 60 different types of crops on our farms.  Our investment focus is in farmland suitable for growing either fresh produce annual row crops (e.g., certain berries and vegetables) or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes), with an ancillary focus on farmland growing certain commodity crops (e.g., beans and corn).

The following table summarizes the different geographic locations (by state) of our farms owned as of and during the nine months ended September 30, 2025 and 2024 (dollars in thousands):

26

 As of and For the Nine Months Ended September 30, 2025As of and For the Nine Months Ended September 30, 2024StateNo. ofFarmsTotalAcres% ofTotalAcresLeaseRevenue% of TotalLeaseRevenueNo. ofFarmsTotalAcres% ofTotalAcresLeaseRevenue% of TotalLeaseRevenueCalifornia(1)6334,84534.7%$28,783 61.5%6334,84431.2%$43,331 68.1%Florida1810,41210.4%6,839 14.6%2518,72016.7%9,120 14.3%Washington62,5202.5%3,282 7.0%62,5202.2%3,205 5.0%Colorado1232,77332.7%1,787 3.8%1232,77329.3%1,984 3.1%Arizona66,3206.3%1,759 3.7%66,3205.6%1,706 2.7%Oregon68980.9%1,278 2.7%68980