Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 53

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 our properties are held, directly or indirectly, by Gladstone Land Limited Partnership (the “Operating Partnership”).  Gladstone Land Corporation controls the sole general partner of the Operating Partnership and currently owns, directly or indirectly, 100.0% of the units of limited partnership interest in the Operating Partnership (“OP Units”).  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 150 farms leased to 84 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 six months ended June 30, 2025 and 2024 (dollars in thousands):  

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 As of and For the Six Months Ended June 30, 2025As of and For the Six Months Ended June 30, 2024StateNo. ofFarmsTotalAcres% ofTotalAcresLeaseRevenue% of TotalLeaseRevenueNo. ofFarmsTotalAcres% ofTotalAcresLeaseRevenue% of TotalLeaseRevenueCalifornia(1)6334,84533.8%$17,117 58.8%6334,84431.2%$27,628 67.2%Florida2013,09012.7%4,708 16.2%2518,72016.7%6,065 14.7%Washington62,5202.4%2,181 7.5%62,5202.2%2,124 5.2%Arizona66,3206.1%1,169 4.0