Gladstone Land (LAND) Investor presentation summary

Portfolio overview and investment strategy

• Owns 150 farms totaling approximately 103,000 acres across 15 states, with 95.9% occupancy and over 55,000 acre-feet of water assets in California.

• Focuses on high-value farmland for fresh produce and certain permanent crops, prioritizing locations with strong operators and established rental markets.

• Triple-net leases are standard, with tenants responsible for rent, insurance, maintenance, and taxes.

• Portfolio is diversified across 29 growing regions, 60+ crop types, and 84 unrelated tenants.

• Emphasizes acquisition flexibility, including cash purchases and tax-free exchanges.

Market opportunity and trends

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

• Farmland values have steadily appreciated, especially in California, where irrigated cropland rose 248% from 2000 to 2024.

• Fresh produce and permanent crop farmland offer higher profitability, lower volatility, and less government dependency than commodity crop land.

• U.S. farmland is a $3.4 trillion market, with 86% family ownership and 40% of acreage leased to non-owners.

Financial performance and returns

• Farmland has delivered lower volatility and similar or stronger returns than the S&P 500 and MSCI US REIT Index over 25 years.

• Portfolio grew from 1,631 acres at IPO in 2013 to over 103,000 acres and 55,000 acre-feet of water assets by mid-2025.

• Lease revenue, cash flows from operations, and AFFO per share have shown consistent growth since IPO.

• 150 consecutive monthly cash distributions, with the distribution rate increased 35 times over 42 quarters, totaling a 55.7% increase.