U.S. Farmland is one of the largest commercial real estate sectors valued at roughly $2.5 trillion, comprised of roughly two million farms - 90% of which are considered small family-operated farms. Farmland consists of row crops (e.g., corn) - which is the focus of Farmland Partners - and permanent crops (e.g., fruits) - which is the primary focus of Gladstone Land.

Increased demand for food globally has been met with a shrinking supply of available agricultural land, but the productivity of this land has increased substantially, roughly doubling in output every 20 years. Farmland leases generally have a 1-3 year term for row crops and a 5-10 year term for permanent crops, and leases are primarily fixed-rate, but some have a revenue-share component.