Financial Performance - Total operating revenues for Q1 2020 reached $15,280,000, a 95.1% increase from $7,830,000 in Q1 2019[164]. - Net income attributable to common stockholders for the three months ended March 31, 2020, was $934,000, compared to a loss of $496,000 in the same period of 2019[105]. - Basic and diluted earnings per common share for the three months ended March 31, 2020, were $0.04, compared to $(0.03) for the same period in 2019[105]. - Operating income for Q1 2020 was $7,197,000, reflecting a 123.2% increase from $3,225,000 in Q1 2019[166]. - Net income attributable to the Company for Q1 2020 was $3,059,000, a significant increase of 2,813.3% from $105,000 in Q1 2019[166]. - Funds from Operations (FFO) available to common stockholders increased to $5,336 for Q1 2020, up from $2,136 in Q1 2019, representing a year-over-year growth of 149%[203]. - Adjusted Funds from Operations (AFFO) available to common stockholders reached $5,442 in Q1 2020, compared to $2,462 in Q1 2019, marking a 121% increase[203]. - Diluted FFO per share for Q1 2020 was $0.25, compared to $0.12 for Q1 2019, indicating a 108% increase[203]. Lease and Rental Income - Lease revenues for the three months ended March 31, 2020, totaled $15,280,000, a 95% increase from $7,830,000 in the same period of 2019[103]. - Lease revenues from same-property basis increased by 39.6% to $10,806,000, up from $7,740,000 in the prior year[167]. - Lease revenue from California, Florida, and Arizona accounted for approximately $6.8 million (44.6%), $3.3 million (21.8%), and $3.3 million (21.8%), respectively, of total lease revenue for the three months ended March 31, 2020[48]. - Aggregate lease revenue attributable to a single tenant accounted for approximately $3.0 million, or 19.6%, of total lease revenue for the three months ended March 31, 2020[47]. - The company recognized an early lease termination payment of approximately $3.0 million during the three months ended March 31, 2020[168]. Debt and Financing - As of March 31, 2020, the company had total borrowings of $477,526,000, a slight decrease from $481,929,000 as of December 31, 2019[50]. - The weighted-average interest rate on borrowings was 3.98% for the three months ended March 31, 2020, compared to 3.93% for the same period in 2019[51]. - The New MetLife Facility includes a $75.0 million long-term note payable and $75.0 million in revolving lines of credit, with an undrawn commitment of $75.0 million as of March 31, 2020[53]. - The company incurred new long-term borrowings of $8.1 million at a fixed interest rate of 2.66% on January 10, 2020[133]. - The fair value of long-term borrowings is approximately $481.3 million, compared to a carrying value of approximately $480.6 million[213]. Equity and Stock Issuance - The company issued 1,229,531 shares of Series B Preferred Stock during the three months ended March 31, 2020, generating gross proceeds of approximately $30.1 million and net proceeds of approximately $27.7 million[97]. - The Series B Preferred Stock offering generated total gross proceeds of approximately $147.5 million, with net proceeds of about $133.5 million after expenses[137]. - The company filed a new prospectus supplement for a continuous offering of up to 26,000,000 shares of Series C Preferred Stock, which superseded the previous offering[98]. - The company had 6,477,647 shares of Series B Preferred Stock issued and outstanding, with an aggregate liquidation value of approximately $149.4 million[89]. - The company has an At-the-Market Program allowing for the issuance of common stock up to $30.0 million[141]. Tenant Performance and Lease Management - All tenants were current on rental payments, except for one tenant with an outstanding payment of approximately $56,000, which is expected to be collected[115]. - The company has not received any requests for rent relief due to COVID-19, indicating stable tenant performance[115]. - The company plans to seek favorable lease modification terms if any rent relief is granted in the future[115]. - The company expects rental payments to continue to be paid on time for the foreseeable future, with all tenants current on payments except for one tenant owing approximately $56,000[122]. - The company is currently negotiating lease renewals for an expiring lease in California, expecting to maintain or slightly increase the rental rate[127]. Portfolio and Asset Management - Gladstone Land Corporation owns 113 farms comprising 87,860 acres across 10 states in the U.S.[119]. - The company has diversified its portfolio to include 70 different tenants growing over 45 types of crops, expanding from 12 farms at IPO in January 2013[123]. - The company currently owns properties in 10 different states across the U.S. and plans to expand its geographic focus[163]. - The company aims to achieve net capitalization rates ranging from 5% to 7% or more on acquired farmland[158]. - The total fair value of the real estate portfolio as of March 31, 2020, was $891,555, with 71.1% derived from third-party appraisals[207]. Management Fees and Expenses - Total fees to the Adviser for the three months ended March 31, 2020, amounted to $2.368 million, compared to $336,000 for the same period in 2019[83]. - The base management fee under the 2020 Advisory Agreement is calculated at an annual rate of 0.50% of the prior calendar quarter's Gross Tangible Real Estate[71]. - The base management fee increased by 14.3% to $1,034,000 for the three months ended March 31, 2020, compared to $905,000 in the same period of 2019[178]. - The incentive fee is payable quarterly if the Pre-Incentive Fee FFO exceeds a hurdle rate of 1.75% of the prior calendar quarter's Total Adjusted Common Equity[72]. - Total operating expenses for Q1 2020 were $8,083,000, a 75.5% increase from $4,605,000 in Q1 2019[166].

Gladstone Land Corporation (NASDAQ:LAND) Q4 2019 Earnings Conference Call February 20, 2020 8:30 AM ET Company Participants David Gladstone - Chairman and Chief Executive Officer Michael LiCalsi - General Counsel and Secretary Lewis Parrish - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney Ben Zucker - Aegis Capital James Villard - Ladenburg Thalmann Operator Ladies and gentlemen, thank you for standing by and welcome to the Gladstone Land Corporation’s Fourth Quarter and Year En ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Gladstone Land Corporation is an externally-managed agricultural REIT that owns and leases farmland across the United States, focusing on triple-net leases and diversifying crop types - The company is an agricultural REIT owning **113 farms** comprised of **87,860 acres** across 10 U.S. states, primarily leasing properties on a triple-net basis[8](index=8&type=chunk) - The company's strategy is to maximize stockholder returns through monthly cash distributions, land appreciation, and capital gains from property sales, with key components including geographic expansion, crop diversification, and leverage[9](index=9&type=chunk) - The company is externally managed by Gladstone Management Corporation (the "Adviser") and receives administrative services from Gladstone Administration, LLC (the "Administrator"), both of which are affiliates[8](index=8&type=chunk)[22](index=22&type=chunk) - The company faces competition for farmland acquisitions from various entities, including agricultural investment firms like Hancock Agricultural Investment Group, other agricultural REITs such as Farmland Partners, Inc., and privately-held funds[33](index=33&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including tenant and geographic concentration, agricultural vulnerabilities, financial dependence on external capital, and potential conflicts of interest from its external management structure - A single tenant, Tenant A, accounted for approximately **10.9%** of the rental revenue for the year ended December 31, 2019, posing a significant concentration risk[39](index=39&type=chunk) - The real estate portfolio is concentrated in a limited number of states, making the company vulnerable to adverse weather, economic, or regulatory changes in those specific markets[40](index=40&type=chunk) - The company's agricultural properties are subject to risks from adverse weather, seasonal variability, crop diseases, and contaminants, which could affect tenants' ability to pay rent[64](index=64&type=chunk) - To maintain its REIT qualification, the company must distribute at least 90% of its taxable income, making it highly dependent on third-party capital for future needs, including property acquisitions[68](index=68&type=chunk) - Potential conflicts of interest exist with the Adviser, which also manages other affiliated entities, including Gladstone Commercial (a real estate company) and Gladstone Capital and Gladstone Investment (investment companies)[102](index=102&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[150](index=150&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) As of December 31, 2019, the company owned 111 farms totaling 86,535 acres across 10 states, with California and Florida as primary holdings Property Portfolio Summary as of December 31, 2019 | State | No. of Farms | Total Acres | Net Cost Basis ($ thousands) | Encumbrances ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | California | 42 | 14,830 | $420,537 | $261,957 | | Florida | 23 | 20,770 | $211,132 | $133,327 | | Arizona | 6 | 6,280 | $55,941 | $22,427 | | Colorado | 10 | 31,448 | $42,125 | $27,089 | | Nebraska | 8 | 7,104 | $27,439 | $17,246 | | Other States | 22 | 5,103 | $37,597 | $23,003 | | **Total** | **111** | **86,535** | **$794,769** | **$485,049** | [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any threatened against it - The company is not currently party to any material legal proceedings[154](index=154&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[155](index=155&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under 'LAND,' consistently paying monthly distributions since its 2013 IPO, with 570,879 OP Units exchanged for common stock since January 2019 - Common stock is traded on Nasdaq under the symbol "LAND"[157](index=157&type=chunk) - The company has paid uninterrupted quarterly distributions (paid monthly) on its common stock since its IPO on January 29, 2013[157](index=157&type=chunk) - Since January 1, 2019, 570,879 OP Units were redeemed in exchange for 570,879 shares of common stock[159](index=159&type=chunk) [Selected Financial Data](index=34&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not applicable as the company qualifies as a smaller reporting company - This item is not applicable to smaller reporting companies[163](index=163&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2019, total operating revenues increased 10.9% to $40.7 million, driven by property acquisitions, while net income attributable to common stockholders was a loss of $2.5 million due to preferred stock dividends Key Operating Results (2019 vs. 2018) | Metric | 2019 (in thousands) | 2018 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Lease Revenues | $40,692 | $29,362 | 38.6% | | Total Operating Revenues | $40,692 | $36,687 | 10.9% | | Operating Income | $19,306 | $12,112 | 59.4% | | Net Income | $1,762 | $2,766 | (36.3)% | | Net (Loss) Attributable to Common Stockholders | $(2,499) | $2,250 | NM | - Since January 1, 2019, the company acquired 28 farms for a total purchase price of approximately **$260.2 million**[173](index=173&type=chunk) Non-GAAP Performance Metrics (per share) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Diluted FFO per share | $0.54 | $0.38 | | Diluted CFFO per share | $0.56 | $0.51 | | Diluted AFFO per share | $0.57 | $0.51 | - The estimated Net Asset Value (NAV) per common share as of December 31, 2019, was **$11.41**[263](index=263&type=chunk)[264](index=264&type=chunk) - The advisory agreement was amended effective January 1, 2020 (the "2020 Advisory Agreement"), changing the base management fee calculation from being based on equity to being based on Gross Tangible Real Estate[191](index=191&type=chunk)[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the company qualifies as a smaller reporting company - This item is not applicable to smaller reporting companies[269](index=269&type=chunk) [Financial Statements and Supplementary Data](index=57&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's consolidated financial statements for 2019 and 2018, including an unqualified audit opinion on financial statements and internal controls from PricewaterhouseCoopers LLP - Management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2019[273](index=273&type=chunk) - The independent auditor, PricewaterhouseCoopers LLP, issued an **unqualified opinion**, stating the financial statements are presented fairly in all material respects and that the company maintained effective internal control over financial reporting[276](index=276&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31) | Metric (in thousands) | 2019 | 2018 | | :--- | :--- | :--- | | Total Assets | $816,787 | $565,119 | | Total Liabilities | $537,817 | $384,066 | | Total Equity | $278,970 | $181,053 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=102&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[449](index=449&type=chunk) [Controls and Procedures](index=102&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2019, with no material changes to internal control over financial reporting during the year - Management concluded that disclosure controls and procedures were effective as of December 31, 2019[450](index=450&type=chunk) - No material changes to internal control over financial reporting occurred during the year ended December 31, 2019[452](index=452&type=chunk) [Other Information](index=102&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[452](index=452&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=103&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item is incorporated by reference from the company's definitive Proxy Statement for its 2020 Annual Meeting of Stockholders - Information is incorporated by reference from the 2020 Proxy Statement[455](index=455&type=chunk) [Executive Compensation](index=103&type=section&id=Item%2011.%20Executive%20Compensation) Information required by this item is incorporated by reference from the company's definitive Proxy Statement for its 2020 Annual Meeting of Stockholders - Information is incorporated by reference from the 2020 Proxy Statement[456](index=456&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=103&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required by this item is incorporated by reference from the company's definitive Proxy Statement for its 2020 Annual Meeting of Stockholders - Information is incorporated by reference from the 2020 Proxy Statement[456](index=456&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=103&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information required by this item is incorporated by reference from the company's definitive Proxy Statement for its 2020 Annual Meeting of Stockholders - Information is incorporated by reference from the 2020 Proxy Statement[457](index=457&type=chunk) [Principal Accountant Fees and Services](index=103&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required by this item is incorporated by reference from the company's definitive Proxy Statement for its 2020 Annual Meeting of Stockholders - Information is incorporated by reference from the 2020 Proxy Statement[457](index=457&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=104&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K, including key corporate and loan agreements - Lists all financial statements, schedules, and exhibits filed with the report[459](index=459&type=chunk) - Includes key agreements such as the Fourth Amended and Restated Investment Advisory Agreement and various loan agreements with MetLife and Farmer Mac[460](index=460&type=chunk)[461](index=461&type=chunk)[462](index=462&type=chunk) [Form 10-K Summary](index=107&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section is not applicable - Not applicable[466](index=466&type=chunk)

Gladstone Land Corporation (NASDAQ:LAND) Q3 2019 Earnings Conference Call November 7, 2019 8:30 AM ET Company Participants David Gladstone – Chairman and Chief Executive Officer Michael LiCalsi – General Counsel and Secretary Lewis Parrish – Chief Financial Officer Conference Call Participants Rob Stevenson – Janney Ben Zucker – Aegis Capital John Massocca – Ladenburg Thalmann Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Gladstone Land Corporation’s Third Quarter En ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended SEPTEMBER 30, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file numbe ...

Financial Data and Key Metrics Changes - Total assets increased by approximately $53 million, or 9%, primarily due to new acquisitions funded through equity issuances and fixed-rate borrowings [16] - Net income for the quarter was about $174,000, with a net loss to common shareholders of approximately $720,000, or $0.04 per common share [19] - Adjusted FFO decreased by about $127,000, or 5%, with AFFO per share decreasing to $0.125 from $0.133 in the prior quarter [19] - Rental income increased by about 6% compared to the prior quarter, primarily due to recent acquisitions [20] Business Line Data and Key Metrics Changes - The company acquired four new farms for about $46 million during the quarter, with a focus on crops such as pistachios, blueberries, cranberries, and olives [10] - The initial net yield on new farms is about 6%, with leases containing provisions for annual escalations and participation rents [12] - New leases executed or extended resulted in an increase in minimum fixed cash rent of about $294,000, or 21% over prior leases [12] Market Data and Key Metrics Changes - The company owns approximately 80,000 acres across 92 farms in 10 states, valued at about $735 million [9] - The farms are 100% occupied, with 64 different tenants, all unrelated to the company [10] - The NCREIF Farmland Index has shown an average annual return of 14.7% over the past 15 years, outperforming the S&P index [26] Company Strategy and Development Direction - The company focuses on farmland growing fresh produce, with over 85% of total revenue coming from crops found in grocery stores [24] - The strategy includes a strong emphasis on organic farming, with over 40% of fresh produce acreage being organic or in the process of becoming organic [24] - The company aims to continue increasing dividends at a rate that outpaces inflation, having raised dividends 15 times over the past 55 months [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding strong crop yields and participation rents in the upcoming months [9] - The company is comfortable with its loan-to-value ratio of about 49%, given the low risk associated with high-quality farmland [17] - Management noted that the demand for prime farmland remains strong and stable, particularly in California, Oregon, and Washington [26] Other Important Information - The company raised about $22 million through the sale of Series B preferred stock and $26 million of common stock [13] - The net asset value per share decreased to $11.61, down by $0.69 or 5.9% from the previous quarter, primarily due to decreases in longer-term market interest rates [22] - The company has about $45 million available in liquidity, translating to roughly $115 million in buying power for acquisitions [22] Q&A Session Summary Question: What crops were acquired in the $112 million of acquisitions? - The company acquired a mixture of crops, including a strawberry and vegetable farm, and is looking at both row crops and permanent plantings for future acquisitions [30][31] Question: How are farm prices trending compared to two years ago? - Generally, farm prices are seeing year-over-year increases, particularly in California and other key regions [36] Question: How are farmers' balance sheets faring today? - Farmers are generally doing well, continuing to sell their produce without significant issues, especially in organic farming [38] Question: What was the impact of debt fair value on NAV? - The bulk of the NAV decrease was attributed to debt fair value, accounting for approximately $0.39 or $0.40 of the decrease [42] Question: What are the expected expenses for generators in Q3? - Generators cost about $200,000 in Q2, with expectations for a significant reduction in Q3 expenses [44] Question: What is the limit for Series B preferred stock? - The maximum for Series B preferred stock is set at $150 million, with plans to reach that limit within the next year [46]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number: 001-35795 GLADSTONE LAND CORPORATION (Exact name of registrant as specified in its ...

Gladstone Land Corporation (NASDAQ:LAND) Q1 2019 Earnings Conference Call May 8, 2019 8:30 AM ET Company Participants David Gladstone - Chairman, Chief Executive Officer and President Erich Hellmold - Associate General Counsel Lewis Parrish - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney John Massocca - Ladenburg Thalmann Operator Good day, ladies and gentlemen, and welcome to the Gladstone Land Corporation’s First Quarter Ended March 31, 2019 Earnings and Webcast Conference Ca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number: 001-35795 GLADSTONE LAND CORPORATION (Exact name of registrant as specified in it ...

Gladstone Land (NASDAQ:LAND) Q4 2018 Earnings Conference Call February 27, 2019 8:30 AM ET Company Participants David Gladstone - Chairman, Chief Executive Officer & President Michael LiCalsi - General Counsel & Secretary, President of Gladstone Administration Lewis Parrish - Chief Financial Officer & Assistant Treasurer Conference Call Participants Rob Stevenson - Janney Brandon Travis - Ladenburg Thalmann Operator Good day, ladies and gentlemen, and welcome to the Gladstone Land Corporation’s Fourth Quart ...