Gladstone Land Corporation · NASDAQ:LAND
Gladstone Land — Investor Presentation (August 2026)
30 slides from Gladstone Land's investor presentation, Aug 11, 2026
Slide 1: Investor Presentation
A Farmland Real Estate Investment Trust Investor Presentation As of August 11, 2026
Slide 2: Legal Disclaimers
Legal Disclaimers ESTIMATES This presentation contains industry and market data, forecasts, and projections that are based on internal data and estimates, independent industry publications, reports by market research firms, or other published independent sources. We believe these data to be reliable
Slide 3: Gladstone Land Overview
Gladstone Land Overview Owns farmland and farm-related Currently owns 142 farms with facilities leased to high-quality approximately 98,000 total acres in 14 farmers, primarily on a triple-net states and nearly 56,000 acre-feet of basis, meaning the farmer pays rent, water assets in California. Our
Slide 4: Three Areas of Farming
Three Areas of Farming ▸ ANNUAL FRESH PRODUCE PRIMARY FOCUS ▸ PERMANENT CROPS TERTIARY FOCUS GRAINS & OTHER CROPS We believe that farmland growing fresh produce (e.g., fruits and vegetables) and certain permanent crops (e.g., blueberries and nuts) is a superior investment over land growing commodity
Slide 5: U.S. Farmland: Decreasing Supply, Increasing Demand
U.S. Farmland: Decreasing Supply, Increasing Demand As available farmland to feed the world’s growing population continues to decline, U.S. cropland has steadily appreciated in value. Further, we believe the amount of available farmland in the U.S. will con nue to decrease. ▸ Every year, large amoun
Slide 6: U.S. Farmland: Low Volatility & Correlation and Strong Returns
U.S. Farmland: Low Vola lity & Correla on and Strong Returns U.S. FARMLAND HAS EXPERIENCED LOWER VOLATILITY THAN BOTH THE S&P 500 AND THE MSCI US REIT INDEX, WHILE ALSO EXHIBITING LOW CORRELATION TO OTHER MAJOR ASSET CLASSES STANDARD DEVIATION OF 25-YR 25-YR CORRELATION OF FARMLAND TO RETURNS: 2001-
Slide 7: U.S. Farmland: Market Index Comparison
U.S. Farmland: Market Index Comparison U.S. FARMLAND HAS EXPERIENCED SIMILAR OR STRONGER RETURNS AND LOWER VOLATILITY THAN BOTH THE MSCI US REIT INDEX AND THE S&P 500 25-YEAR MARKET INDEX COMPARISONS: ANNUAL RETURNS 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) NCREIF Farmland Index* (Avg: 10.7%) (40%) M
Slide 8: Farmland Market Opportunity
Farmland Market Opportunity ANNUAL FRESH PRODUCE | PRIMARY FOCUS SHORT-LIVED ROW CROPS GENERALLY PLANTED ANNUALLY (E.g., beans, cabbage, cantaloupe, celery, le uce, melons, peas, peppers, radicchio, strawberries, sweet corn, tomatoes, and other leafy produce) 11.4 Million $119.9 Billion Acres Market
Slide 9: Investment Focus
Investment Focus WE FOCUS ON ACQUIRING HIGH-VALUE FARMLAND THAT WE BELIEVE WILL GENERATE ABOVE-AVERAGE REVENUES AND PROFITS AND GENERALLY HAS THE FOLLOWING CHARACTERISTICS: Adequate & clean water supply Excellent weather combined Locations in established rental with fertile soil that is rich in with
Slide 10: Investment Focus (continued)
Investment Focus (continued) Fresh Produce is one of our Primary WE BELIEVE FRESH PRODUCE LAND HAS LOWER RISKS Focus Segments THAN COMMODITY CROP LAND While we invest in farmland growing a variety of crop WATER ACCESS types, one of our primary Commodity crops usually depend solely on rain for water,
Slide 11: Investment Focus - Summary
Investment Focus - Summary WE SEEK TO ACQUIRE HIGH-VALUE FARMLAND AND FARM-RELATED FACILITIES THAT WE LEASE TO CORPORATE AND INDEPENDENT FARMERS, PRIMARILY ON A TRIPLE-NET LEASE BASIS PROPERTY TYPES LEASE TERMS High-value cropland with on-site water sources Generally, 3 to 10+ years, often with annu
Slide 12: Fresh Produce Continues to Outpace Inflation
Fresh Produce Con nues to Outpace Infla on From 1980 through 2025, the Fresh Fruits & Vegetables segment of the Food & Beverages category increased by 386%, from 81.8 to 397.8, which is 1.3x greater than the increase in the overall Annual Food & Beverages CPI over the same period FRESH CONSUMER VS PR
Slide 13: Geographic Focus & Diversity
Geographic Focus & Diversity Number of farms owned in a growing region Areas of geographic focus Gladstone Land office locations TOTAL # OF # OF STATE ACRES FARMS PARCELS CA 34,845 63 273 CO 31,448 10 84 FL 9,795 16 54 AZ 6,320 6 24 NE 5,223 7 22 TX 3,667 1 8 WA 2,520 6 37 MI 1,245 12 28 MD 987 6 11
Slide 14: Selected Properties
Selected Properties PALM CITY, FLORIDA OXNARD, CALIFORNIA WATSONVILLE, CALIFORNIA Snap Peas Strawberries Raspberries COALINGA, CALIFORNIA ARVIN, CALIFORNIA OKEECHOBEE, FLORIDA Pistachios Almond Trees Cabbage 14
Slide 15: California Farmland Appreciation
California Farmland Appreciation From 2000 through 2025, California irrigated cropland and prime coastal cropland (which commands premium rents and is primarily used to grow the highest-valued row crops, such as fresh strawberries) have both been among the strongest performers of any real estate ass
Slide 16: Underwriting Process
Underwriting Process DUAL-FOCUSED UNDERWRITING PROCESS FOR EACH NEW INVESTMENT, LEVERAGING OUR MANAGEMENT TEAM’S EXTENSIVE EXPERIENCE IN CREDIT UNDERWRITING AND KNOWLEDGE OF FARMLAND DUE DILIGENCE ON THE FARM DUE DILIGENCE ON THE TENANT Appraisal on each property by an independent Detailed underwrit
Slide 17: Growth Opportunity
Growth Opportunity U.S. FARM OWNERSHIP: 15% Institutional Ownership A FRAGMENTED INDUSTRY 1 Total U.S. farmland value is approximately $3.5 trillion2 Approximately 63% of U.S. farm operators are over 55 85% Family years of age, and the average age is 58 years old1 Ownership Nearly 40% of all U.S. fa
Slide 18: Company Performance – Portfolio Growth
Company Performance – Por olio Growth WE HAVE GROWN OUR FARMLAND PORTFOLIO FROM 1,631 ACRES AT OUR IPO IN 2013 TO APPROXIMATELY 98,000 ACRES AND 56,000 ACRE-FEET OF WATER ASSETS TODAY LAND PORTFOLIO GROWTH $1,750,000 175,000 Total Farmland Acreage and Acre-feet of Long-term Water Assets Total Portfo
Slide 19: Company Performance – Earnings
Company Performance – Earnings REVENUE, CASH FLOWS FROM OPERATIONS, AND AFFO PER SHARE SINCE OUR IPO LAND EARNINGS $100,000 $1.00 Property Operating Revenue* $90,000 Cash Flows from Operations** $0.90 Property Operating Revenue, Cash Flow Adjusted Funds from Operations (AFFO)*** From Operations, and
Slide 20: Company Performance – Distributions
Company Performance – Distribu ons Our goal is to grow Since our IPO in 2013, we have made 162 consecutive monthly cash distributions to distributions to common shareholders and OP unitholders, resulting in total distributions of $8.02 per share common shareholders Over the past 46 quarters, we have
Slide 21: Lease Expirations and Debt Maturities
Lease Expira ons and Debt Maturi es Combining long- AGRICULTURAL LEASE EXPIRATIONS (AS OF 6/30/2026)1 term leases with $50,000 50.0% long-term, fixed-rate Revenue Expiring ($000s) Annualized Lease Revenue Expiring Annualized Base Lease $40,000 36.7% 40.0% % of Total Annualized Lease Revenue borrowin
Slide 22: Consistent Portfolio with Steady Rents
Consistent Portfolio with Steady Rents We believe the relative safety of CONSISTENT OCCUPANCY LEVELS1 farmland as an Wtd-avg of 99.3%; Never Below 95.8% in any year overall asset class allows us to 100.0% 99.5% 99.9% 99.9% 100.0% 99.7% 99.5% 100.0% 100.0% 100.0% 100.0% 98.7% 95.8% borrow at levels t
Slide 23: Capital Structure Overview
Capital Structure Overview CURRENT CAPITAL STRUCTURE CAPITAL STRUCTURE DETAILS (AS OF 6/30/2026) (AS OF 6/30/2026) $1,250,000 WTD-AVG TERM WTD-AVG DOLLARS IN 000s, TO MATURITY WTD-AVG FIXED PRICE EXCEPT PER-SHARE AMOUNTS (YRS) RATE1 TERM (YRS) VALUE2 Lines of credit 7.5 3M SOFR N/A $21,100 + 2.00% $
Slide 24: Gladstone Land | Executive Management
Gladstone Land | Executive Management DAVID GLADSTONE | CHAIRMAN & CEO JAY BECKHORN | TREASURER ▸ Chairman and CEO since inception ▸ Treasurer since January 2015 ▸ Former owner of Coastal Berry, one of the largest ▸ Former Senior Vice President with Sunrise Senior Living strawberry farm operations i
Slide 25: Gladstone Land | Deal Team
Gladstone Land | Deal Team BILL REIMAN JOEY VAN WINGERDEN EXECUTIVE VICE PRESIDENT OF WEST COAST MANAGING DIRECTOR (MID-ATLANTIC & MIDWEST) OPERATIONS ▸ Joined Gladstone Management in 2013 ▸ Joined Gladstone Management in 2013 ▸ Responsible for underwri ng and sourcing farmland ▸ Fifth-genera on far
Slide 26: Why Invest in Gladstone Land
STEADY INCOME ACQUISITION FLEXIBILITY Steady & secure income from farmland that has been rented Can pay cash or offer tax-free exchanges with units of our for decades due to a decreasing number of farms, partially as operating partnership a result of conversion to suburban and other uses CASH RETURN
Slide 27: Research Coverage of Common Stock (Nasdaq: LAND)
Research Coverage of Common Stock (Nasdaq: LAND) GROUP RATING ANALYST Alliance Global Partners Neutral Gaurav Mehta B. Riley Securities Neutral John Massocca Colliers Securities Neutral Barry Oxford Lucid Capital Markets Buy Craig Kucera Maxim Group Hold Michael Diana Oppenheimer Perform Mitchel Pen
Slide 28: Appendix
Appendix 28 <=> GLADSTONE LAND
Slide 29: Adjusted Funds from Operations (AFFO)
Adjusted Funds from Opera ons (AFFO) FUNDS FROM OPERATIONS (FFO) The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP supplemental measure of operating performance of an equity REIT in order to recognize that income-producing real estate historicall
Slide 30: AFFO (continued)
AFFO (continued) A reconciliation of AFFO to its most directly-comparable GAAP measure, net income (loss), for the most recently-completed period is presented below: (Dollars in thousands, except per-share amounts) For the Six Months Ended 6/30/2026 6/30/2025 Net (loss) income $ (12,764) $ 7,230 Les