Gladstone Land is an externally managed agricultural REIT that owns farmland across the U.S. and leases it to tenant farmers. The company owns roughly 100,000 acres across approximately 144-150 farms in 14-15 states, focused primarily on fresh produce (strawberries, raspberries, tomatoes, lettuce) and permanent crops (almonds, pistachios, blueberries, wine grapes), with a smaller allocation to commodity crops like corn and soybeans. Gladstone Land generates revenue primarily from rental income, using triple-net lease structures where tenants bear most operating costs, taxes, and insurance. Lease terms typically run 3-10 years for row crop farms and 7-15 years for permanent crop farms. Most leases carry fixed base rents with periodic escalation, though some include variable participation rents tied to gross crop sales. Depressed prices for nuts and wine grapes have led Gladstone Land to restructure leases on roughly eight farms, shifting revenue away from fixed rents toward crop-share arrangements and back-weighting earnings into Q4. The company funds acquisitions with long-term fixed-rate mortgage debt, with a weighted average rate of approximately 3.4%. Gladstone Land has paused new acquisitions due to elevated interest rates and is instead focused on selectively selling non-core farms and managing restructured leases. The company also owns roughly 56,000 acre-feet of water assets in California to secure irrigation supply and hedge against drought risk. As a REIT, Gladstone Land distributes the majority of earnings to shareholders as monthly dividends.