Gladstone Land : Investor Presentation as of August 11, 2026

About this update from Gladstone Land Corporation

A Farmland Real Estate Investment Trust Investor Presentation As of August 11, 2026 Gladstone Land Overview Owns farmland and farm-related facilities leased to high-quality farmers, primarily on a triple-net basis, meaning the farmer pays rent, insurance, maintenance, and taxes. Currently owns 142 farms with approximately 98,000 total acres in 14 states and nearly 56,000 acre-feet of water assets in California. Our acreage is currently 95.0% occupied*. Primarily buys farmland used to grow healthy foods, such as fruits, vegetables, and nuts. One of five public companies managed by an SEC-registered investment advisor with over $4.8 billion of assets under management and over 75 professionals. 3 Note: * Based on farmable acreage; includes direct-operated farms. Three Areas of Farming PRIMARY FOCUS ▸ ANNUAL FRESH PRODUCE ▸ 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 crops (e.g., corn, wheat, and soy), due to: ▸ Higher profitability and rental income ▸ Lower price volatility ▸ Lower government dependency ▸ Lower storage costs ▸ Location typically closer to major urban populations, thus higher development potential 4 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 continue to decrease. ▸ Every year, large amounts of farmland are converted to suburban uses, such as housing subdivisions, schools, parks, office buildings, government buildings, and industrial buildings. We believe climate change has already negatively impacted many growing regions across the world, putting prime farmland in optimal climates in even higher demand. 10.0 9.0 8.0 People (Billions) 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 WORLD POPULATION 1 1965 70 75 80 85 90 95 2000 05 10 15 20 25* 30* 35* 40* 45* 2050* Developing regions Developed regions 1.2 1.0 Acres Per Capita 0.8 0.6 0.4 0.2 0.0 ARABLE LAND PER CAPITA WORLDWIDE 2 0.89 0.64 0.54 0.44 0.38 1960 1980 2000 2020 2040* Year We believe a lower supply of arable land will lead to higher profitability for the most fertile farms, and will lead to steady appreciation of value and rental growth 5 Note: * Estimated Sources: 1. United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects: The 2024 Revision, Online Edition. 2. (i) The World Bank, Food and Agriculture Organization, World Development Indicators (updated January 2026), and (ii) Food and Agriculture Organization of the United Nations, Agricultural Development Economics Division, World Agriculture Towards 2030/2050, The 2012 Revision (latest version available). U.S. Farmland: Low Volatility & Correlation 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 25% STANDARD DEVIATION OF 25-YR RETURNS: 2001-2025 25-YR CORRELATION OF FARMLAND TO OTHER ASSET CLASSES 75% 25-Yr Standard Deviation (%) 20% 19.3% 17.6% 7.8% 4.7% Bloomberg US Aggregate Bond Index NCREIF Farmland Index* S&P 500 MSCI US REIT Index Correlation Coefficient 50% 45.5% 15% 10% 5% 25% -13.8% -11.6% 0% 0% -25% Gold 10-Year Treasury Equity REITs -23.7% S&P 500 6 Note: * Consists of 1,035 U.S. agricultural properties worth approximately $16.2 billion as of 12/31/2025 Sources: - National Council of Real Estate Investment Fiduciaries (NCREIF) - TIAA/University of Illinois - Center for Farmland Research (Correlation data from 2000-2024 from the Correlation Farmland Utility V25.1 January 2025 (latest update)) 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% NCREIF Farmland Index* (Avg: 10.7%) MSCI US REIT Index (Avg: 10.6%) S&P 500 Total Returns Index (Avg: 10.4%) 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) (50%) 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 7 Note: * Consists of 1,035 U.S. agricultural properties worth approximately $16.2 billion as of 12/31/2025 Source: National Council of Real Estate Investment Fiduciaries (NCREIF) Farmland Market Opportunity ANNUAL FRESH PRODUCE | PRIMARY FOCUS SHORT-LIVED ROW CROPS GENERALLY PLANTED ANNUALLY (E.g., beans, cabbage, cantaloupe, celery, lettuce, melons, peas, peppers, radicchio, strawberries, sweet corn, tomatoes, and other leafy produce) 11.4 Million Acres $119.9 Billion Market Value PERMANENT CROPS | PRIMARY FOCUS LONG-LIVED BUSHES, ORCHARDS, TREES, & VINES GENERALLY PLANTED EVERY 20+ YEARS (E.g., almonds, apples, avocados, blackberries, blueberries, cherries, figs, grapes, lemons, oranges, peaches, pears, pecans, pistachios, plums, and walnuts) 12.7 Million Acres $176.2 Billion Market Value GRAINS & OTHER CROPS | TERTIARY FOCUS SHORT-LIVED ROW CROPS GENERALLY PLANTED ANNUALLY (E.g., barley, beets, corn, cotton, rice, soybeans, sugar cane, and wheat ) 346.3 Million Acres $1.6 Trillion Market Value 8 Source: USDA 2022 Census of Agriculture (Issued February 2024, the latest census available). 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 with fertile soil that is rich in nutrients Excellent weather combined with long growing seasons that provide adequate sunshine and low wind conditions Locations in established rental markets with a prominent farming presence and an abundance of strong operators 9 Investment Focus (continued) WE BELIEVE FRESH PRODUCE LAND HAS LOWER RISKS THAN COMMODITY CROP LAND WATER ACCESS Commodity crops usually depend solely on rain for water, whereas fresh produce crops are typically irrigated from farm wells and county-supplied water. Almost all of our farms have their own water supply. PRICE VOLATILITY Commodity cropland values largely depend on global crop market prices, making them more volatile; whereas fresh produce farmland is generally more insulated due to the crops being grown and mostly consumed within the U.S. GOVERNMENT DEPENDENCY Commodity crops often depend on government subsidies and tariffs for protection that are subject to change. STORAGE COSTS There are added costs to dry and store commodity crops, whereas fresh produce is usually consumed within days. RENTS Fresh produce farmland has higher rental rates than commodity crop farmland, even though commodity crops carry higher risks. Fresh Produce is one of our Primary Focus Segments While we invest in farmland growing a variety of crop types, one of our primary focus segments is farmland growing fresh produce. We believe this type of farmland is among the most productive (in terms of revenue per acre) and generally the most profitable for farmers and earns the highest rents for landlords. 10 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 High-value cropland with on-site water sources LOCATIONS Regions with established rental markets and an abundance of strong operators PRIMARY FOCUS Annual fresh produce (most fruits and vegetables) and select permanent crops (blueberries, nuts, etc.) TRANSACTION SIZES $2M to $50M+ LEASE TERMS Generally, 3 to 10+ years, often with annual escalations, upward market resets, and/or participation rent features RENTAL PAYMENTS (i) Fixed cash rent, (ii) fixed rent plus a percentage of farm revenues (participation rents), or (iii) participation rents with limited or no base rent TENANT-FARMERS Experienced operators with strong track records and substantial farming resources 11 Fresh Produce Continues to Outpace Inflation 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 VS PRODUCE CONSUMER PRICE INDEX Annual CPI | Fresh Fruits & Vegetables Annual CPI | All Items Annual CPI | Food & Beverages 400 350 300 Index 250 200 150 100 50 Year 12 Source: Bureau of Labor Statistics 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 OR 898 6 17 SC 597 3 5 GA 230 2 3 DE 180 1 1 NJ 116 3 5 TOTAL 98,071 142 572 Diversified across many major growing regions 13 Selected Properties PALM CITY, FLORIDA Snap Peas OXNARD, CALIFORNIA Strawberries WATSONVILLE, CALIFORNIA Raspberries COALINGA, CALIFORNIA Pistachios ARVIN, CALIFORNIA Almond Trees OKEECHOBEE, FLORIDA Cabbage 14 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 asset class CALIFORNIA IRRIGATED CROPLAND HAS APPRECIATED IN VALUE BY 260%* PRIME COASTAL CALIFORNIA CROPLAND HAS APPRECIATED IN VALUE BY 155%* California Land Prices: All Irrigated Cropland $22,000 California Land Prices: Prime Coastal Cropland $100,000 $20,000 $18,000 Price per Acre $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $90,000 Price per Acre $80,000 $70,000 $60,000 $50,000 $40,000 $4,000 2000 2005 2010 2015 2020 2025 Year $30,000 2000 2005 2010 2015 2020 2025 Year 15 Note: * Appreciation figures exclude annual rental income earned on the farms Source: USDA; California ASFMRA (2026) 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 Appraisal on each property by an independent licensed expert in farmland appraising Visit property to ensure that the farm is in an active rental market Water and well testing to determine availability of water Soil tests to determine quality Zoning and title report to assure there are no deed problems DUE DILIGENCE ON THE TENANT Detailed underwriting of the farming tenant's operations Investigate the management of the farming operations Determine the tenant's ability to sell their crops Evaluate the labor needs of the tenant Evaluate the probability of the tenant missing future rental payments (probability of default) Leading to high quality farms with strong, established tenants 16 Growth Opportunity 15% Institutional Ownership 85% Family Ownership U.S. FARM OWNERSHIP: A FRAGMENTED INDUSTRY 1 Total U.S. farmland value is approximately $3.5 trillion 2 Approximately 63% of U.S. farm operators are over 55 years of age, and the average age is 58 years old 1 Nearly 40% of all U.S. farm acreage is leased to and operated by non-owners 1 WE TARGET FAMILY-OWNED FARMS Target Purchase Price: $2 - $50M+ (relatively small for most institutions) Offer sale-leaseback opportunities to allow the seller to continue farming the land Able to offer units of our operating partnership to allow for a tax-free exchange RECENT ACQUISITIONS PERIOD LOCATION NO. OF FARMS GROSS ACRES ACRE-FEET OF WATER PRIMARY CROP(S) / ASSET DESCRIPTION AGGREGATE COST ($M) Q3 2025 CA 0 0 1,530 1,530 ac-ft of groundwater credits $0.583 Q3 2025 CA 0 0 245 245 ac-ft of groundwater credits $0.049 Q1 2026 CA 0 0 117 117 ac-ft of groundwater credits $0.026 17 Sources: 1. USDA 2022 Census of Agriculture (Issued February 2024, the latest census available) 2. US Department of Agriculture; National Agricultural Statistics Services - Land Values, 2025 Summary (Aug 2025, latest published data) Company Performance - Portfolio 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 Total Portfolio (Net Book Value) Total Portfolio (Fair Value)** Total Farmland Acreage Acre-feet of Long-term Water Assets Total Farmland Acreage and Acre-feet of Long-term Water Assets $1,750,000 175,000 $1,500,000 150,000 $1,250,000 125,000 Portfolio Value ($000s) $1,000,000 100,000 $750,000 75,000 $500,000 50,000 $250,000 25,000 $0 0 As of December 31 18 Notes: * The Company completed its IPO on January 29, 2013. ** After reviewing and analyzing the costs and benefits, the Company determined that the 12/31/2024 fair value determination was its final voluntary publication of such fair value. As such, only the net cost basis of the Company's portfolio will be shown going forward. Company Performance - Earnings REVENUE, CASH FLOWS FROM OPERATIONS, AND AFFO PER SHARE SINCE OUR IPO $100,000 Property Operating Revenue, Cash Flow From Operations, and AFFO ($000s) $90,000 $80,000 Property Operating Revenue* LAND EARNINGS $1.00 Cash Flows from Operations** Adjusted Funds from Operations (AFFO)*** AFFO per Share $0.90 AFFO per Weighted Average Share $0.80 $70,000 $0.70 $60,000 $0.60 $50,000 $0.50 $40,000 $0.40 $30,000 $0.30 $20,000 $0.20 $10,000 $0.10 $0 2013^ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025^^ 6/30/2026 $0.00 Fiscal Years Ended December 31 (TTM)^^ Notes: * Includes lease revenue on leased properties, plus net operating profit (loss) from crop sales on direct-operated farms. ** Cash Flows from Operations are reduced by the amounts of cash invested in long-term water assets. *** For a definition of AFFO and a reconciliation to the most directly-comparable GAAP measure, net income (loss), please see the Appendix. AFFO per share is AFFO divided by the weighted-average number of shares of our common stock outstanding during the period on a fully-diluted basis. AFFO excludes the value of additional water assets received as consideration in certain transactions, which is recognized as income for both GAAP and Nareit FFO purposes. 19 ^ The Company completed its IPO on January 29, 2013. ^^ For the 2025 and 2026 crop years, the Company adjusted the lease structure on several western permanent crop farms, whereby it reduced or eliminated fixed base cash rents and, in some cases, provided certain cash allowances to the tenant, in exchange for significantly increasing the participation rent component in the lease. As such, lease revenues in these years were and are expected to be more weighted towards the fourth quarter than in prior years. Company Performance - Distributions Since our IPO in 2013, we have made 162 consecutive monthly cash distributions to common shareholders and OP unitholders, resulting in total distributions of $8.02 per share Over the past 46 quarters, we have increased the common distribution rate 35 times for a total increase of 55.7% ANNUAL CASH DISTRIBUTIONS PER COMMON SHARE 1 $0.60 29.2% YoY Increase 6.5% YoY Increase 5.8% YoY Increase 1.5% YoY Increase 0.5% YoY Increase 0.5% YoY Increase 0.7% YoY Increase 1.0% YoY Increase 1.3% YoY Increase 1.1% YoY Increase 0.2% YoY Increase 0.0% YoY Increase $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* 20 Notes: 1. Excludes $1.49 per share of distributions paid during 2013, of which $1.46 related to accumulated earnings and profits from prior years. * Forecasted based on distributions paid through Q1 2026 and declared by our Board of Directors for Q3 2026. Our goal is to grow distributions to common shareholders over time, consistent with long-term inflation trends Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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