EXHIBIT 99.1 Gladstone Land Announces Third Quarter 2024 Results Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision. McLean, VA, November 6, 2024: Gladstone Land Corporation (Nasdaq: LAND) ("Gladstone Land" or the "Company") today reported financial results for the third quarter ended September 30, 2024. A description of funds from operations ("FFO"), core FFO ("CFFO"), adjusted FFO ("AFFO"), and net asset v ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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 i ...

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Company Overview - Gladstone Land (NASDAQ:LAND) is a farmland owning REIT with a portfolio of 111,836 acres across the US, primarily in California, Florida, and Colorado, producing grains, fruits, tree nuts, and wine grapes [2] - The total portfolio value has increased from $75 million at its IPO in 2013 to approximately $1.5 billion today, representing a 15-fold growth [4] Company Performance - Despite significant portfolio growth, Gladstone Land has produced a negative 7.2% price return since its IPO, with total returns being modestly positive due to dividends [4][6] - The REIT has seen a 489.1% increase in shares outstanding and a 1,670% increase in total long-term debt from 2014 to 2024 [6] Market Demand and Yield - Farmland demand remains high globally, with a downward trend in arable land per capita, while yields per acre for crops like corn and wheat continue to rise [7] - Gladstone Land maintains high occupancy levels, with a weighted average of 99.8%, although it recently hit its lowest level since the IPO at 98.8% [8] Rental Income and Financial Stability - Rental income growth has been inconsistent, with no net gains in 2022 and 2023, but 2024 is projected to improve [8] - The REIT has a stable debt maturity profile and lease expirations, navigating interest rate changes without significant disruption [10][14] Valuation and Returns - The REIT trades at about 23 times funds from operations (FFO), with expectations of flat growth from 2023 to 2026 [14][17] - Preferred shares of Gladstone Land yield 7.1% and are currently undervalued, providing a more attractive return compared to common shares, which have returned about 4% [20]

Gladstone Land Corporation (NASDAQ:LAND) Q2 2024 Earnings Conference Call August 9, 2024 8:30 AM ET Company Participants David Gladstone - President, Chief Executive Officer and Chairman Michael LiCalsi - General Counsel and Secretary Lewis Parrish - Chief Financial Officer and Assistant Treasurer Conference Call Participants Gaurav Mehta - Alliance Global Partners Rob Stevenson - Janney Montgomery Scott John Massocca - B. Riley Securities Operator Welcome to the Gladstone Land Corporation Second Quarter Ea ...

Core Insights - Gladstone Land (LAND) reported quarterly funds from operations (FFO) of $0.10 per share, missing the Zacks Consensus Estimate of $0.12 per share, and down from $0.11 per share a year ago, indicating a -14.17% surprise [1] - The company posted revenues of $21.3 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.04%, compared to $21.21 million in the same quarter last year [1] - Gladstone has not surpassed consensus FFO estimates in the last four quarters, while it has topped revenue estimates three times in the same period [1] Financial Performance - The FFO for the previous quarter was expected to be $0.15 per share, but the actual was $0.14, resulting in a -6.67% surprise [1] - Current consensus FFO estimate for the upcoming quarter is $0.17 on revenues of $22.89 million, and for the current fiscal year, it is $0.60 on revenues of $87.22 million [4] Market Performance - Gladstone shares have declined approximately 4.4% since the beginning of the year, contrasting with the S&P 500's gain of 9% [2] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the top 39% of over 250 Zacks industries, indicating a favorable industry outlook [5] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in estimate revisions [2][3] - The current Zacks Rank for Gladstone is 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [4]

Financial Performance - Net loss for Q2 2024 was approximately $823,000, a significant decline from net income of approximately $7.9 million in Q2 2023[3] - AFFO for the quarter was approximately $3.7 million, or $0.103 per share, compared to approximately $3.6 million, or $0.102 per share, in the prior-year quarter, reflecting a 1.5% increase[3][8] - Cash flows from operations decreased by approximately $2.0 million from the prior-year quarter, largely due to timing of cash rental receipts[6] Revenue and Income - Total cash lease revenues remained relatively flat, with fixed base cash rents decreasing by approximately $1.1 million, offset by an increase in participation rents of approximately $1.1 million[4] - The company executed three amended lease agreements expected to increase annual net operating income by approximately $70,000[2] - The distribution run rate on common stock was increased by 0.22%, with monthly cash distributions totaling $0.1398 per share during Q2 2024[2] - The company increased its distribution run rate by 0.21%, marking the 35th distribution increase over the past 38 quarters, with a total increase of 55.7%[7] Asset Valuation - The estimated NAV per share decreased by $1.56 to $17.59 at June 30, 2024, primarily due to valuation decreases in certain farms[6][8] - The estimated NAV available to common stockholders and non-controlling OP unitholders is $630.465 million, with an estimated NAV per share of $17.59[19] - The fair value adjustment for long-term assets is $213.801 million, while the fair value adjustment for long-term indebtedness is $50.778 million[18][19] Company Operations - Gladstone Land Corporation owns 168 farms across approximately 112,000 acres in 15 states, with total assets valued at approximately $1.5 billion[11] - The company owns approximately $1.5 billion of farmland and water assets, with ongoing discussions to lease or sell six properties[7] - Gladstone Land's farms primarily grow annual row crops and permanent crops, with a focus on fresh produce such as berries and vegetables[11] - Approximately 30% of the company's fresh produce acreage is organic or in transition to organic, while over 20% of its permanent crop acreage falls into this category[11] Shareholder Returns - The company has paid 138 consecutive monthly cash distributions since its IPO in January 2013, with a current monthly distribution of $0.0467 per share, equating to $0.5604 annually[11] - The company repurchased 140,777 shares of its Series B and C Preferred Stock at an average price of $20.56 per share, resulting in a total gain on repurchase of approximately $274,000[2] Future Outlook - The company anticipates benefits from increases in farmland values and operating revenues, as well as expected increases in capitalization rates[20] - The company is committed to maintaining or growing its portfolio and FFO, despite potential risks and uncertainties in the economic environment[20] Performance Metrics - The company’s FFO, CFFO, and AFFO metrics are adjusted for non-cash items and non-recurring expenses, providing a clearer picture of sustainable operating performance[13][14][15] - Gladstone Land has increased its common distributions 35 times over the past 38 quarters[11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 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 ...

Investment Thesis - The Gladstone Land Corp. (NASDAQ:LAND) REIT is positioned as a potential growth opportunity within a stagflationary economic environment, with farmland values and food prices likely to outperform inflation [1] - Current valuation levels suggest that the REIT is a buy, with plans to increase holdings if prices dip further [1] Company Overview - Gladstone Land REIT owns over 115,000 acres of farmland, with a market cap of approximately $545 million, translating to a valuation of about $4,700 per acre based on market cap [3] - The estimated market value of its acreage is $1.5 billion, indicating an average value of $13,000 per acre, which is three times higher than the average U.S. farmland price [3][4] Financial Performance - The REIT generated $90.32 million in revenues from land leases, resulting in a revenue-to-market cap ratio of just over 6x as of 2023 [4] - Net income for Q1 was $13.6 million, covering quarterly shareholder payouts of $11.1 million, with interest expenses at $5.6 million, indicating a fragile financial situation [4] - Total debt stands at $615 million, reflecting a 7.2% decline year-over-year, but poses risks given current high-interest rates [5] Market Trends - The share price of Gladstone Land is positively correlated with soft commodities markets, although it has significantly declined from its 2022 highs of over $40 per share [6] - The REIT's land portfolio peaked in 2022, with a slight decline attributed to higher interest rates making borrowing less attractive [7] - Long-term appreciation of farmland values is supported by declining global arable land per capita, projected to decrease from 0.44 acres in 2020 to 0.38 acres by 2040, a 15% decline [8] Demand Factors - Demand for cropland-derived products, including biofuels and animal protein, is expected to rise, driven by an increasing global middle class and population growth [9][10][11] - The REIT's revenues are likely to benefit from rising land prices, which can lead to higher leasing fees and increased earnings [12] Conclusion - Gladstone Land Corp. is positioned to potentially outperform in a stagflationary market, with long-term trends favoring farmland appreciation and increasing demand for agricultural products [12] - The company presents an opportunity for investors to engage in the consolidation of farmland ownership, despite potential short-term challenges related to an aging farmer demographic [13]

Core Viewpoint - Gladstone Land (NASDAQ:LAND) is a REIT focused on owning farmland and leasing it to farmers, with a significant emphasis on the performance of its Series D preferred shares as the mandatory call date approaches in January 2026 [1][16]. Financial Performance - The net income for the quarter ended March 31, 2024, was reported at $13.57 million, a substantial increase of 675.3% compared to the previous year [4][5]. - Total operating revenues decreased by 4.5% to $20.25 million, while total operating expenses also saw a reduction of 5.6% to $12.99 million [5]. - The Adjusted Funds From Operations (AFFO) was $5.1 million, which includes $6.1 million in preferred dividends, resulting in a payout ratio of approximately 54% [6][18]. Balance Sheet Strength - Gladstone Land's total assets are valued at $1.36 billion, with liabilities amounting to $640 million, leading to an equity to assets ratio exceeding 50% [6][7]. - The company has approximately $720 million in equity, indicating a robust balance sheet that mitigates risks associated with the high payout ratio [6][10]. Asset Valuation - The fair value of Gladstone Land's assets is estimated at just under $1.5 billion, which is $270 million higher than the book value, providing a significant cushion for investors [11][13]. - The estimated NAV available to common stockholders is approximately $662.92 million, translating to an estimated NAV per common share of $18.50 [14][15]. Preferred Shares Insights - The Series D preferred shares offer a dividend of $1.25 per year, with a mandatory redemption by January 2026; failure to redeem will increase the dividend to $2 per share [16][17]. - Current trading yields for the preferred shares suggest a yield to maturity of 6.65% if called, which is competitive compared to US treasury bills [17][18].