Gladstone Land (LAND) Investor Presentation summary

Business overview and strategy

• Owns 150 farms totaling about 103,000 acres in 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, leased mainly on a triple-net basis to quality operators.

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

• Seeks to acquire properties valued between $2M and $50M+, with lease terms of 5–10+ years and participation features.

• Diversifies across 29 growing regions, 60+ crop types, and 84 unrelated tenants.

Market opportunity and investment rationale

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

• Farmland for 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 major asset classes, with strong long-term returns.

• Fresh produce prices have outpaced inflation by 1.4x since 1980.

• California irrigated cropland appreciated 248% from 2000–2024, with prime coastal cropland up 171%.

Portfolio growth and performance

• Portfolio expanded from 1,631 acres at IPO in 2013 to over 103,000 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.

• 147 consecutive monthly cash distributions, with 35 increases over 41 quarters, totaling $7.32 per share.

• Maintains high occupancy (weighted average 99.6%) and average annual same-property rent growth of 2.5%.