Gladstone Land (LAND) investor relations material

Business overview and strategy

• Owns 142 farms totaling about 98,000 acres across 14 states, with 95% occupancy and nearly 56,000 acre-feet of water assets in California.

• Focuses on high-value farmland for healthy foods, primarily fruits, vegetables, and nuts, leased mainly on a triple-net basis.

• Targets properties with strong water supply, fertile soil, favorable weather, and locations in established rental markets.

• Emphasizes annual fresh produce and select permanent crops for higher profitability and lower volatility compared to commodity crops.

• Offers sale-leaseback opportunities and tax-free exchanges to family-owned farms, targeting $2M–$50M+ transactions.

Market opportunity and trends

• U.S. farmland supply is declining due to suburban development, while global food demand and population are rising.

• Farmland growing fresh produce and permanent crops offers higher returns, lower volatility, and less government dependency than commodity crop land.

• U.S. farmland has shown lower volatility and correlation to other asset classes, with strong long-term returns.

• Fresh produce prices have outpaced inflation, increasing 386% from 1980 to 2025, exceeding overall food CPI growth.

• California irrigated and coastal cropland values have appreciated by 260% and 155% respectively from 2000 to 2025.

Portfolio growth and performance

• Expanded from 1,631 acres at IPO in 2013 to about 98,000 acres and 56,000 acre-feet of water assets by mid-2026.

• Property operating revenue, cash flows from operations, and AFFO per share have grown steadily since IPO.

• 162 consecutive monthly cash distributions since IPO, with 35 distribution increases over 46 quarters, totaling $8.02 per share.

• Maintained high occupancy rates, averaging 99.3% and never below 95.8% in any year.

• Average annual same-property rent growth rate of 1.9%.