Gladstone Land (LAND) investor relations material

Executive summary

• Portfolio consists of 98,688 acres across 144 farms in 14 states, with 56,000 acre-feet of water assets, all in California as of June 30, 2026.

• No acquisitions during the quarter; 13 farms disposed of since January 2025, including a small Florida citrus property sold for $3 million due to tenant default and weak citrus markets.

• Same-property occupancy decreased to 95.4% from 95.9% year-over-year, with 10 farms vacant, 4 direct-operated, and 11 on non-accrual status.

• Lease structures for permanent crops have shifted to crop share participation, increasing upside potential but shifting revenue recognition to Q4.

• Ongoing portfolio review may lead to additional farm sales, with proceeds targeted for debt reduction and preferred stock buybacks.

Financial highlights

• Net loss for Q2 2026 was $8.5 million; net loss to common shareholders was $13.5 million or $0.32 per share.

• Adjusted FFO for Q2 2026 was -$1.6 million or -$0.04 per share, improved from -$3.5 million or -$0.10 per share year-over-year.

• Total operating revenues for Q2 2026 were $12.7 million, up 3.2% year-over-year; operating expenses increased 35.9% to $17.0 million.

• Aggregate impairment charges of $4.2 million in Q2 and $5.1 million YTD on two properties.

• Cash flows from operations increased by $16.0 million year-over-year.

Outlook and guidance

• Majority of 2026 revenue and earnings expected to be recognized in Q4 due to participation-based lease structures.

• Six leases (3.5% of annual leasing revenue) expiring in the next six months, with renewals expected at similar terms.

• Alternative revenue opportunities being pursued, including water leases, fallowing programs, and solar leases.

• Water expense outlook has shifted downward due to increased federal allocations and expected lower water prices heading into winter.

• Management expects current liquidity and fixed-rate debt structure to support near- and long-term obligations.