Gladstone Land (LAND +0.70%) owned 144 farms with 99,000 acres in 14 states as of mid-2026. This farmland REIT also owned 56,000 acre-feet of banked water in California (equivalent to over 18.1 billion gallons). It leases its farms to 82 tenants that grow over 60 different types of crops. The REIT primarily leases land to farmers under long-term triple-net (NNN) leases (in which the farmer pays rent, insurance, maintenance, and taxes), some of which include participation rents (a percentage of a farm's revenue).
The company primarily owns farms in regions where its tenants grow fresh produce, such as berries and vegetables, that farmers plant and harvest each year. It also owns farms that produce permanent crops, including almonds, apples, cherries, figs, lemons, olives, pistachios, blueberries, and wine grapes. Farmers typically plant permanent crops every 20+ years and harvest them annually. Gladstone Land focuses on fresh-produce farms because they're less risky than commodity crops. They tend to have better water access, are better insulated from crop price volatility, are less dependent on government subsidies and tariffs for protection, have lower storage costs, and have higher rental rates.
The REIT's focus on fresh produce has paid off for investors. Gladstone has consistently paid monthly dividends since its initial public offering (IPO) in 2013 (159 consecutive months as of July 2026).
2. Farmland Partners