# GLADSTONE LAND Corp (LAND)

Informational only - not investment advice.

CIK: 0001495240
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1495240
Filing source: https://www.sec.gov/Archives/edgar/data/1495240/000149524026000007/land-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-04-07 · accession 0001495240-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001495240.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 88,339,000 USD | 2025 | verified |
| Net income | 13,529,000 USD | 2025 | verified |
| Assets | 1,239,172,000 USD | 2025 | verified |
| Net margin | 15.31% | 2025 | computed |
| Revenue YoY | +3.66% | 2025 | computed |
| ROE | 2.02% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | LAND | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 15.3% | 16.8% | 48 | 149 |
| Revenue growth | 3.7% | 3.7% | 50 | 149 |
| ROE | 2.0% | 5.7% | 31 | 151 |
| ROA | 1.1% | 1.5% | 36 | 155 |
| Liabilities / equity | 0.85 | 1.48 | 23 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 88339000 | USD | 2025 | 2026-04-07 |
| Net income | 13529000 | USD | 2025 | 2026-04-07 |
| Assets | 1239172000 | USD | 2025 | 2026-04-07 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001495240.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 36,687,000 | 40,692,000 | 57,031,000 | 75,318,000 | 89,236,000 | 90,398,000 | 85,216,000 | 88,339,000 |
| Net income | 448,000 | -31,000 | 2,629,000 | 1,741,000 | 4,926,000 | 3,495,000 | 4,708,000 | 14,565,000 | 13,290,000 | 13,529,000 |
| Diluted EPS |  |  |  |  | -0.20 | -0.29 | -0.43 | -0.28 | -0.29 | -0.29 |
| Operating cash flow | 8,403,000 | 6,515,000 | 10,408,000 | 21,370,000 | 25,002,000 | 32,377,000 | 43,788,000 | 40,081,000 | 29,548,000 | 6,993,000 |
| Dividends paid | 4,955,000 | 6,369,000 | 8,274,000 | 10,460,000 | 12,033,000 | 16,491,000 | 18,893,000 | 19,789,000 | 20,095,000 | 20,466,000 |
| Assets | 333,985,000 | 462,278,000 | 565,119,000 | 816,787,000 | 1,067,289,000 | 1,351,550,000 | 1,457,251,000 | 1,387,324,000 | 1,312,195,000 | 1,239,172,000 |
| Liabilities | 246,208,000 | 344,327,000 | 384,066,000 | 537,817,000 | 683,499,000 | 762,484,000 | 725,889,000 | 667,711,000 | 625,013,000 | 568,886,000 |
| Stockholders' equity | 76,690,000 | 109,917,000 | 176,246,000 | 276,621,000 | 383,790,000 | 586,815,000 | 731,362,000 | 719,613,000 | 687,182,000 | 670,286,000 |
| Cash and cash equivalents | 2,438,000 | 2,938,000 | 14,730,000 | 13,688,000 | 9,218,000 | 16,708,000 | 61,141,000 | 18,571,000 | 18,275,000 | 27,177,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 7.17% | 4.28% | 8.64% | 4.64% | 5.28% | 16.11% | 15.60% | 15.31% |
| Return on equity | 0.58% | -0.03% | 1.49% | 0.63% | 1.28% | 0.60% | 0.64% | 2.02% | 1.93% | 2.02% |
| Return on assets | 0.13% | -0.01% | 0.47% | 0.21% | 0.46% | 0.26% | 0.32% | 1.05% | 1.01% | 1.09% |
| Liabilities / equity | 3.21 | 3.13 | 2.18 | 1.94 | 1.78 | 1.30 | 0.99 | 0.93 | 0.91 | 0.85 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001495240.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.10 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.12 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.05 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 23,534,000 | 3,141,000 | -0.08 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 24,452,000 | 1,819,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 20,252,000 | 13,567,000 | 0.21 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 21,297,000 | -823,000 | -0.19 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 22,571,000 | 6,000 | -0.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 21,096,000 | 540,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 16,804,000 | 15,108,000 | 0.25 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 12,296,000 | -7,878,000 | -0.38 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 17,785,000 | 2,087,000 | -0.11 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 41,454,000 | 4,212,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 16,552,000 | -4,305,000 | -0.24 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 12,692,000 | -8,460,000 | -0.32 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LAND's latest 10-K: [/company/LAND/business/](/company/LAND/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LAND's latest 10-K: [/company/LAND/risk-factors/](/company/LAND/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1495240/000149524026000021/land-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-11
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

All statements contained herein, other than historical facts, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may relate to, among other things, future events or our future performance or financial condition. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “believe,” “will,” “provide,” “anticipate,” “future,” “could,” “growth,” “plan,” “intend,” “expect,” “should,” “would,” “if,” “seek,” “possible,” “potential,” “likely,” “appear,” or the negative of such terms or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our business, financial condition, liquidity, results of operations, funds from operations or prospects to be materially different from any future business, financial condition, liquidity, results of operations, funds from operations or prospects expressed or implied by such forward-looking statements. For further information about these and other factors that could affect our future results, please see the captions titled “Forward-Looking Statements” and “Risk Factors” in this report, our Annual Report on Form 10-K for the year ended December 31, 2025, as amended (the “Form 10-K”), and other filings we make with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q (this “Quarterly Report”), except as required by law.

This Quarterly Report includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified the information contained in such sources.

All references to “we,” “our,” “us” and the “Company” in this Quarterly Report mean Gladstone Land Corporation and its consolidated subsidiaries, except where it is made clear that the term refers only to Gladstone Land Corporation.

OVERVIEW

General

We are an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily engaged in owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (“TRS”). We currently own 142 farms totaling 98,071 acres across 14 states in the U.S. and 55,649 acre-feet of water assets in California. In addition, two of our properties (consisting of four farms) are currently being directly operated.

We conduct substantially all of our activities through, and all of 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 all 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 142 farms leased to 79 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, 2026 and 2025 (dollars in thousands):

26

[[GREPCENT_TABLE]]
[["","","As of and For the Six Months Ended June 30, 2026","","As of and For the Six Months Ended June 30, 2025"],["State","","No. of Farms","","Total Acres","","% of Total Acres","","Lease Revenue","","% of Total Lease Revenue","","No. of Farms","","Total Acres","","% of Total Acres","","Lease Revenue","","% of Total Lease Revenue"],["California(1)","","63","","34,845","","35.3%","","$","18,728","","","69.0%","","63","","34,845","","33.8%","","$","17,117","","","58.8%"],["Florida(2)","","18","","10,412","","10.5%","","4,517","","","16.6%","","20","","13,090","","12.7%","","4,708","","","16.2%"],["Washington(3)","","6","","2,520","","2.6%","","1,643","","","6.1%","","6","","2,520","","2.4%","","2,181","","","7.5%"],["Colorado","","10","","31,448","","31.9%","","780","","","2.9%","","12","","32,773","","31.8%","","1,040","","","3.6%"],["Oregon(3)","","6","","898","","0.9%","","667","","","2.5%","","6","","898","","0.9%","","841","","","2.9%"],["Michigan","","12","","1,245","","1.3%","","552","","","2.0%","","12","","1,245","","1.2%","","551","","","1.9%"],["Texas","","1","","3,667","","3.7%","","287","","","1.1%","","1","","3,667","","3.6%","","265","","","0.9%"],["Maryland","","6","","987","","1.0%","","241","","","0.9%","","6","","987","","1.0%","","241","","","0.8%"],["South Carolina","","3","","597","","0.6%","","122","","","0.4%","","3","","597","","0.6%","","122","","","0.4%"],["Georgia","","2","","230","","0.2%","","112","","","0.4%","","2","","230","","0.2%","","112","","","0.4%"],["New Jersey","","3","","116","","0.1%","","68","","","0.2%","","3","","116","","0.1%","","68","","","0.2%"],["Delaware","","1","","180","","0.2%","","39","","","0.1%","","1","","180","","0.2%","","39","","","0.2%"],["North Carolina","","\u2014","","\u2014","","\u2014%","","\u2014","","","\u2014%","","2","","310","","0.3%","","\u2014","","","\u2014%"],["Nebraska","","7","","5,223","","5.3%","","(174)","","","(0.6)%","","7","","5,223","","5.1%","","644","","","2.2%"],["Arizona(3)","","6","","6,320","","6.4%","","(428)","","","(1.6)%","","6","","6,320","","6.1%","","1,169","","","4.0%"],["Total","","144","","98,688","","100.0%","","$","27,154","","","100.0%","","150","","103,001","","100.0%","","$","29,098","","","100.0%"]]
[[/GREPCENT_TABLE]]

(1)According to the California Chapter of the American Society of Farm Managers and Rural Appraisers, there are eight distinct growing regions within California; our farms are spread across six of these growing regions.

(2)Includes two farms that were sold subsequent to June 30, 2026. See below under “Recent Developments—Portfolio Activity—Existing Properties—Property Sale” for additional information.

(3)During the six months ended June 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms—four in Arizona, three in Washington, and one in Oregon) on a cash basis. Negative revenue reflected above relates to the write-off of certain net deferred rent assets and uncollected receivables.

Leases

General

Most of our leases are on a triple-net basis, an arrangement under which, in addition to rent, the tenant is required to pay the related taxes, insurance costs, maintenance, and other operating costs. Our leases generally have original terms ranging from 3 to 10 years for farms growing row crops and 7 to 15 years for farms growing permanent crops (in each case, often with options to extend the lease further). Our lease agreements will generally include one of the following rental structures: (i) fixed base cash rents, (ii) fixed base cash rents, plus a variable component (referred to as “participation rents”) based on the gross revenues generated from the respective farms, or, to a lesser extent, (iii) no fixed base cash rents (or, in certain cases, a cash allowance to cover certain operating or capital costs), in exchange for a significantly higher share of participation rents. Fixed base cash rent is generally payable to us in advance on an annual, semi-annual, or quarterly basis, with such rent typically subject to periodic escalation clauses as set forth within the lease, while participation rent is generally payable to us annually, with the majority of it being recognized in the fourth quarter of each fiscal year.

Currently, 81 of our farms are leased on a pure, triple-net basis, 44 farms are leased on a partial-net basis (with us, as landlord, responsible for all or a portion of the related property taxes), 3 farms are leased on a single-net basis (with us, as landlord, responsible for the related property taxes, as well as certain maintenance, repairs, or insurance costs), 4 farms are direct-operated by us through third-party management agreements, and 10 farms are vacant. Additionally, 26 of our farms are leased under agreements that include participation rents, though such leases often include a guarantee of a minimum amount of rental income.

Lease Expirations

Agricultural leases are often shorter term in nature (relative to leases of other types of real estate assets), so in any given year, we may have multiple leases up for extension or renewal. The following table summarizes the lease expirations by year for the farms owned and with leases in place as of June 30, 2026 (dollars in thousands):

27

[[GREPCENT_TABLE]]
[["Year","","Number ofExpiringLeases(1)","","Expiring / Expired Leased Acreage","","% of Total Acreage","","Lease Revenue for the Three Months Ended March 31, 2026","","% of Total Lease Revenue"],["2026","(2)","","8","","15,920","","16.1%","","$","1,798","","","6.6%"],["2027","","","21","","18,702","","19.0%","","6,162","","","22.7%"],["2028","","","14","","5,219","","5.3%","","2,574","","","9.5%"],["2029","","","8","","2,590","","2.6%","","1,842","","","6.8%"],["2030","","","7","","12,629","","12.8%","","4,521","","","16.7%"],["Thereafter","","30","","36,543","","37.0%","","9,811","","","36.1%"],["Other(3)","","9","","25","","\u2014%","","307","","","1.1%"],["Terminated/expired leases and sold properties","","\u2014","","7,060","","7.2%","","139","","","0.5%"],["Totals","","97","","98,688","","100.0%","","$","27,154","","","100.0%"]]
[[/GREPCENT_TABLE]]

(1)Certain lease agreements encompass multiple farms.

(2)Includes one lease that was renewed subsequent to June 30, 2026; see below, under “Recent Developments—Portfolio Activity—Existing Properties—Leasing Activity,” for additional information on this and certain other lease renewals.

(3)Primarily consists of ancillary leases (e.g., renewable energy leases; oil, gas, and mineral leases; telecommunications leases; etc.) with varying expirations on certain of our farms.

We are currently exploring a variety of options with certain of our 2026 lease expirations, including negotiating lease terms with existing and prospective tenants and evaluating potential dispos

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1495240/000149524026000007/land-20251231.htm
Complete FY 2025 MD&A: /company/LAND/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this Form 10-K.

OVERVIEW

General

We are an externally-managed, agricultural REIT that is primarily engaged in owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a TRS. We currently own 144 farms totaling 98,688 acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California. In addition, two of our properties (comprising four farms) are currently being directly operated.

We conduct substantially all of our activities through, and all of our properties are held, directly or indirectly, by the Operating Partnership. Gladstone Land Corporation controls the sole general partner of the Operating Partnership and currently owns all of the OP Units. In addition, we have elected for Land Advisers, an indirect wholly-owned subsidiary of ours, to be treated as a TRS.

Our Adviser manages our real estate portfolio pursuant to an advisory agreement, and 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.

As of February 24, 2026:

•we owned 144 farms comprised of 98,688 total acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California;

•our occupancy rate (based on farmable acreage and including direct-operated farms) was 95.0%, and our farms were leased to 82 different, unrelated third-party tenants growing over 60 different types of crops;

•the weighted-average remaining agricultural lease term across our farmland holdings was 4.7 years; and

•the weighted-average term to maturity of our notes and bonds payable was 6.6 years, and approximately 97.9% of our borrowings bore interest at fixed rates; on a weighted-average basis, the remaining fixed-price term of our borrowings was 2.7 years, with an expected weighted-average effective interest rate (after interest patronage, as described below) of 3.39% over that term.

Business Environment

Impact of Inflation, Interest Rates, and Tariffs and Trade

Inflation

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (“CPI”) rose at an annual rate of 2.7% through December 31, 2025, reflecting continued moderation from peak inflation levels observed in mid-2022. Food price increases

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have likewise slowed but remain elevated relative to headline CPI, with the overall food category up by 3.1% over the same period. Notably, over the past four years, food prices have risen by 19.8%, outpacing the overall CPI increase of 16.2% and reflecting sustained pricing pressures across many agricultural markets. In addition, the U.S. Department of Agriculture’s August 2025 Land Values Summary reported that nationwide farm real estate values increased 4.3% year-over-year, while cropland values rose 4.7%. This data indicates that farmland values have continued to appreciate, although at a more moderate pace than in prior years. While elevated input costs remain a concern for farm operators, we believe these pressures are being offset in certain markets to the extent food prices keep pace with or exceed broader inflation trends.

Interest Rates

The Federal Reserve (the “Fed”) resumed monetary easing in late 2025, lowering the target range for the federal funds rate by 25 basis points in each of September, October, and December 2025, bringing the range to 3.50% to 3.75%. The Fed maintained this target range at its January 2026 meeting, reflecting a more data-dependent posture as inflation continued to moderate and economic growth showed signs of slowing amid mixed economic signals. Benchmark yields have declined modestly in response, with the 10-year U.S. Treasury yield recently fluctuating around 4.0%, compared with levels consistently above 4.4% earlier in 2025. Although borrowing costs have eased somewhat, credit availability remains selective, and long-term spreads continue to reflect lender caution. As a result, while financing conditions have improved relative to a year ago, access to debt on favorable terms remains uneven and continues to limit our ability to pursue new farmland acquisitions.

Currently, approximately 97.9% of our outstanding borrowings bear interest at fixed rates, with a weighted-average effective interest rate of 3.39% and an average remaining term of 2.7 years. As a result, changes in market interest rates have had a minimal impact on our interest expense in recent periods, and we believe our exposure to near-term interest rate volatility is limited.

Tariffs and Trade

Ongoing trade tensions and new tariffs continue to create uncertainty in U.S. agricultural export markets. Certain crops grown on our farms, including almonds and pistachios, remain particularly exposed, as approximately 60% to 80% of U.S.-produced almonds and pistachios are exported annually; however, recent market stabilization and strengthening demand have provided more favorable near-term signals. In contrast, crops with strong domestic demand, such as fresh produce (including berries and vegetables), are generally less affected by trade disputes, although they may still be impacted by disputes involving key North American trading partners, including Canada and Mexico.

Although international trade developments have influenced sentiment in export-oriented crop markets, pricing for almonds and pistachios continues to be primarily driven by underlying supply and demand fundamentals. With the 2025 harvest complete, final almond production is coming in below initial industry forecasts, contributing to upward pricing pressure and resulting in price levels that are stable yet profitable for growers. The marketing season for the 2025 crop is still ongoing and will continue into the fall of 2026, with current almond prices approximately 10% to 14% higher year-over-year. In addition, production volumes on our farms have exceeded our initial internal expectations.

Pistachios continue to experience strong demand, particularly in international markets, with demand for pistachio-based ingredients also increasing, supported by broader consumer trends and sustained global market growth. The 2025 U.S. pistachio crop was initially expected to be a record crop; however, current estimates indicate production will fall short of those expectations and will be more in line with 2023 production levels. Harvest activities on our farms are complete, and overall yields exceeded our internal projections. The smaller-than-expected overall crop has contributed to upward pricing pressure, with current pistachio prices (for the 2024 crop) approximately 13% to 18% higher than the prior year (for the 2023 crop). Prices were initially expected to be lower but have instead strengthened, supporting expectations that final pricing for the 2025 crop should exceed 2024 levels.

We continue to monitor tariff discussions and trade policy developments closely, but the full impact on crop prices and grower economics remains uncertain. Prolonged disruptions to export markets could impact lease structures and participation rent levels on affected farms. In addition, significant increases in tariffs or unfavorable trade terms for almonds or pistachios could require us to allocate additional capital to support crop production under certain lease agreements in exchange for higher participation rents.

Another key factor impacting export demand is the strength of the U.S. dollar. A weaker dollar enhances the global competitiveness of U.S. agricultural exports, which may help offset certain adverse effects of tariffs and trade constraints and potentially drive increased demand for domestically grown products.

California Water Outlook

The 2025-2026 water year is approaching its midpoint, with precipitation to date mixed across the state. While the season began with above-average precipitation, drier conditions in January resulted in snowpack levels below historical norms in

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several regions. However, recent storm systems have delivered additional widespread precipitation, including significant snowfall in the Sierra Nevada, which has improved snowpack conditions and is expected to support late-season runoff. In addition, reservoir levels remain well above historical norms, reflecting strong carryover storage following multiple years of average or above-average precipitation. As of early February 2026, no portion of the state was subject to drought designation, supporting relatively favorable near-term surface water supply conditions. As a result, current expectations are that surface water allocations for the 2025-2026 water year will range from approximately 30% to 50%, subject to late-season precipitation patterns and regulatory requirements.

Sustained wet conditions in recent years have benefited our permanent crop assets by supporting groundwater recharge and improving root zone moisture content. To date, we have not observed any significant water-related stress in our permanent plantings, which appear healthy and in good condition entering the upcoming growing season. Meanwhile, the ongoing phased implementation of California’s Sustainable Groundwater Management Act (“SGMA”) continues to impose groundwater pumping restrictions across the state. In response, we are evaluating and participating in supplemental water initiatives aimed at mitigating the impact of SGMA-related curtailments, including floodwater capture and storage projects, voluntary fallowing programs, and targeted investments in water infrastructure to support long-term access to reliable water supplies. Periods of surplus surface water can result in increased availability of lower-cost water from purveyors, and we continue to monitor such opportunities as part of our long-term water strategy. Based on current conditions, we believe our farms are well-positioned for the 2026 growing season with respect to both groundwater and surface water availability.

Factors Impacting Agricultural Land Values in our Regions of Focus

Western U.S.

Land values in the western U.S. continue to face pressure from the elevated interest rate environment and a period of lower crop prices, particularly in almonds, wine grapes, and apples. Both the almond and wine grape industries have experienced significant acreage removals, and the higher cost of capital continues to limit the pace at which this acreage is replanted. Among other factors, this has contributed to some improvement in almond pricing, although prices remain below peak levels experienced in prior years. Pistachios continue to perform relatively better and have exhibited stronger profitability, despite an increase in bearing acreage.

Meanwhile, with water conditions having been more favorable in recent years, acreage dedicated to certain specialty row crops expanded in select Western markets, contributing to downward pricing pressure in some categories. More recently, we have observed early indications of acreage shifting away from certain specialty row crops with weaker margins toward alternative crops or uses based on local water availability and expected returns, and we expect continued reductions in acreage of certain row crops.

Southeastern U.S.

Values of farmland in the Southeast, particularly those growing fruits and vegetables, continue to rise at a steady pace, supported by sustained population growth and migration to the re

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/LAND/mda/fy2025/
All MD&A years: /company/LAND/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/LAND/mda/fy2024/): filed 2025-02-19; accession 0001495240-25-000005 (https://www.sec.gov/Archives/edgar/data/1495240/000149524025000005/land-20241231.htm)
- [FY 2023 MD&A](/company/LAND/mda/fy2023/): filed 2024-02-20; accession 0001495240-24-000004 (https://www.sec.gov/Archives/edgar/data/1495240/000149524024000004/land-20231231.htm)
- [FY 2022 MD&A](/company/LAND/mda/fy2022/): filed 2023-02-21; accession 0001495240-23-000005 (https://www.sec.gov/Archives/edgar/data/1495240/000149524023000005/land-20221231.htm)
- [FY 2021 MD&A](/company/LAND/mda/fy2021/): filed 2022-02-22; accession 0001495240-22-000004 (https://www.sec.gov/Archives/edgar/data/1495240/000149524022000004/land-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LAND.md · JSON record: /company/LAND.json · verified financials: /company/LAND/financials.json / /company/LAND/financials.csv · machine TOC for the whole site: /llms.txt