Gladstone Land (LAND)
Leases US farmland to independent farmers under triple-net contracts with monthly distributions.
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Leases farmland across California, Florida, and a dozen other states to independent farmers under triple-net contracts, paying a distribution every month since its 2013 Nasdaq listing. Externally managed by an adviser controlled by founder David Gladstone, with returns tied to tenant credit, crop economics, and California water regulation.
Owns and leases farmland across California, Florida, and a dozen other states, mixing annual row crops such as berries and vegetables with permanent orchards and vineyards in almonds, pistachios, and grapes, plus banked water rights in California for irrigation security.
Rent comes almost entirely from triple-net leases, where tenants cover taxes, insurance, and upkeep; the company has paid a distribution every month since its 2013 Nasdaq listing. More recently, several permanent-crop leases have shifted from fixed rent toward participation rent tied to the tenant's crop revenue, concentrating earnings around harvest.
Management sits outside the company: an adviser controlled by founder David Gladstone runs day-to-day investment and asset decisions under a long-term contract. Results depend on tenant creditworthiness, vacancy at the handful of repositioned farms, and California's groundwater rules, which shape how much water can be pumped for irrigation.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Nov 11, 2025 | Industrial Alliance Securities | Target | Target: — | Target: $10 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $22.6M · Total debt $492.1M · Total assets $1.19B · Shareholders' equity $673.1M
- Revenue
- $12.7M
- Operating income
- −$116.0K
- Net income
- −$8.5M
HistoryDividendAnnual yield
| Institutions | 41.53% | 17.91M shares | |
|---|---|---|---|
| 185 holders · as of Jun 30, 2026 | |||
| Insiders | 0.00% | 1.5K shares | |
| 1 holder · as of Apr 7, 2026 | |||
| Strategic holders | 5.24% | 2.26M shares | |
| 1 holder · as of Feb 3, 2022 | |||
| Other | 53.23% | 22.96M shares | |
| remainder | |||
43.14M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.94% | 3.43M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 5.24% | 2.26M | filed Feb 3, 2022 |
Vanguard Portfolio Management LLCInstitution | 4.82% | 2.08M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.20% | 1.81M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.74% | 1.18M | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gladstone Land | $9.56 | −1.75% | $419.5M | — | — | 4.7 | +3.2% |
| Farmland Partners | $10.73 | −1.79% | $476.4M | 20.3 | 59.6 | 8.9 | −5.3% |
| Alico | $39.41 | −0.81% | $294.7M | 189.2 | — | 17.3 | +7.8% |
| Rayonier | $20.20 | −0.22% | $3.13B | 41.9 | 34.2 | 3.2 | +272.3% |
| Weyerhaeuser | $21.34 | −0.95% | $15.53B | 32.6 | 49.1 | 2.3 | −0.9% |
| Median | 37.2 | 49.1 | 6.1 | +3.4% |