LAND · CIK 0001495240
What Gladstone Land Corp. told the SEC could break it.
Gladstone Land's risks reflect a farmland REIT concentrated in one state and exposed to its tenants' fortunes. About 65.6% of its 2025 lease revenue came from California farms (and another 11.8% from Florida), so regional weather, water availability and natural disasters weigh heavily, and one unnamed tenant leasing nine farms was about 10.7% of lease revenue, with those leases expiring in 2027. It's also indirectly exposed to trade policy: many crops on its farms — notably almonds and pistachios — are heavily export-dependent (60-80% of U.S. production is exported), so tariffs and trade tensions that hurt its tenant-growers' economics could feed back into its lease and participation-rent revenue.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Tenant A (unnamed) — 10.7% of lease revenue across 9 farmsmedium
One unrelated tenant ('Tenant A') leases nine farms (leases expiring 2027) and accounted for ~10.7% of 2025 lease revenue; default or non-renewal, if the farms can't be re-leased, would materially hurt results.
“One unrelated tenant (“Tenant A”) leases nine of our farms under leases expiring in 2027. During the year ended December 31, 2025, aggregate lease revenue attributable to Tenant A accounted for approximately $ 8.1 million ( 10.7 %) of the total lease revenue.”
SEC filing →As of 2026
Geographic concentration
- California (65.6%) and Florida (11.8%) farmlandmedium
Lease revenue is heavily concentrated geographically — California farms generated ~65.6% and Florida ~11.8% of 2025 lease revenue — exposing the REIT to regional weather, water-availability and natural-disaster shocks.
“Farms located in California and Florida accounted for approximately $ 50.0 million ( 65.6 %) and $ 9.0 million ( 11.8 %), respectively, of the total lease revenue recorded during the year ended December 31, 2025.”
SEC filing →As of 2026
Regulatory & policy
- tariffs/trade exposure on almond & pistachio cropsmedium
Many crops grown on Gladstone's farms — notably almonds and pistachios — are export-dependent (60-80% of U.S. production is exported), so trade tensions and tariffs threaten tenant-grower economics and, in turn, lease and participation-rent revenue.
“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”
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