Gladstone Land (LAND) Investor presentation summary

Business overview and strategy

• Owns 144 farms totaling about 99,000 acres across 14 states, with a 95.3% occupancy rate and over 55,000 acre-feet of water assets in California.

• Focuses on high-value farmland for fresh produce and select permanent crops, prioritizing regions with strong rental markets and experienced operators.

• Triple-net leases are standard, with lease terms typically ranging from 3 to 10+ years and options for participation rents.

• Diversified portfolio spans 29 growing regions, 60+ crop types, and 85 unrelated tenants.

• Management and deal team have deep agricultural and investment experience, owning about 7% of common stock.

Market opportunity and investment rationale

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

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

• U.S. farmland has delivered strong, stable returns with lower volatility and low correlation to major asset classes over 25 years.

• California irrigated and coastal cropland have appreciated by 260% and 155% respectively since 2000.

• Fresh produce prices have outpaced overall food inflation by 1.3x since 1980.

Portfolio growth and financial performance

• Portfolio expanded from 1,631 acres at IPO in 2013 to about 99,000 acres and 56,000 acre-feet of water assets by March 2026.

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

• 159 consecutive monthly cash distributions, with the distribution rate increased 35 times over 45 quarters, totaling $7.88 per share.

• Weighted-average occupancy has remained above 95.8% annually, with an average annual same-property rent growth of 1.9%.

• Capital structure as of March 2026: $1.22 billion enterprise value, 38.4% net fixed-rate debt, 34.8% common equity, 26.1% preferred equity.