Gladstone Land (LAND) Investor presentation summary

Business overview and strategy

• Owns 148 farms totaling about 100,000 acres across 15 states, with 95.7% occupancy and over 55,000 acre-feet of water assets in California.

• Focuses on high-value farmland for fresh produce and certain permanent crops, leased primarily on a triple-net basis to strong operators.

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

• Seeks to acquire farmland and related facilities with transaction sizes ranging from $2M to $50M+, using long-term leases with annual escalations or participation features.

• Offers sale-leaseback opportunities and tax-free exchanges to family-owned farms, capitalizing on a fragmented ownership landscape.

Market dynamics and investment rationale

• U.S. farmland supply is declining due to suburban development, while global population growth increases food demand.

• Farmland growing fresh produce and permanent crops offers higher profitability, 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 returns over 25 years.

• Fresh produce prices have outpaced inflation, rising 385% from 1980 to 2024, 1.4x faster than the overall food CPI.

• California irrigated cropland appreciated 248% and prime coastal cropland 171% from 2000 to 2024.

Portfolio performance and financials

• Portfolio expanded from 1,631 acres at IPO in 2013 to over 100,000 acres and 55,000 acre-feet of water assets by 2025.

• Lease revenue, cash flows from operations, and AFFO per share have grown steadily since IPO, with lease revenues in 2025 expected to be more weighted toward Q4.

• 153 consecutive monthly cash distributions since IPO, with 35 increases over 43 quarters, totaling $7.60 per share.

• Weighted-average remaining lease term is 5.7 years; 100% of borrowings are at fixed rates with a weighted-average effective interest rate of 3.39%.

• Consistent occupancy rates, never below 95.9%, and average annual same-property rent growth of 2.5%.