Gladstone Land Corporation (NASDAQ:LAND) Q2 2021 Earnings Conference Call August 11, 2021 8:30 AM ET Company Participants David Gladstone - CEO and President Michael LiCalsi - General Counsel & Secretary and President of Gladstone Administration Lewis Parrish - CFO and Assistant Treasurer Conference Call Participants Rob Stevenson - Janney Eric Borden - Berenberg Capital Markets John Massocca - Ladenburg Thalmann Operator Greetings, and welcome to Gladstone Land Second Quarter Earnings Conference Call. At t ...

Gladstone Land Corporation (NASDAQ:LAND) Q1 2021 Earnings Conference Call May 13, 2021 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer & President Michael LiCalsi - General Counsel & Secretary & President of Gladstone Administration Lewis Parrish - Chief Financial Officer & Assistant Treasurer Conference Call Participants Nate Crossett - Berenberg Rob Stevenson - Janney Montgomery Scott John Massocca - Ladenburg Thalmann Craig Kucera - B. Riley Operator Greetings and welcome to the ...

Gladstone Land Corporation (NASDAQ:LAND) Q4 2020 Earnings Conference Call February 25, 2021 8:30 AM ET Company Participants David Gladstone - CEO Michael LiCalsi - General Counsel and President, Gladstone Administration Lewis Parrish - CFO and Assistant Treasurer Conference Call Participants Nate Crossett - Berenberg Barry Oxford - D.A. Davidson Craig Kucera - Wunderlich Securities Operator Greetings and welcome to the Gladstone Land Corporation Fiscal Year Ended December 31, 2020 Earnings Conference Call. ...

Company Overview - The company owns 137 farms comprising 101,079 acres across 13 states in the U.S.[16] - The company has diversified its crop portfolio, now including permanent crops such as almonds, blueberries, and wine grapes, in addition to annual row crops[16] - The company operates under an Umbrella Partnership Real Estate Investment Trust (UPREIT) structure, controlling 100.0% of the common units of limited partnership interest in the Operating Partnership[16] - The company’s shares of common stock began trading on the Nasdaq Global Market under the symbol "LAND" on January 29, 2013[16] - The company has issued 6.00% Series B and Series C Cumulative Redeemable Preferred Stock, and a newly-designated 5.00% Series D Cumulative Term Preferred Stock[16] - The company is externally managed by Gladstone Management Corporation, with administrative services provided by Gladstone Administration, LLC[16] Investment Strategy - The investment strategy focuses on acquiring triple-net-leased farmland and farm-related properties, with plans to expand geographically across the U.S.[18] - The company anticipates future acquisitions of farmland that grows commodity crops on a selective basis[16] - The company plans to continue expanding its crop varieties, focusing on fresh produce and certain permanent crops[18] - The company may also acquire commercial properties that support agricultural communities, enhancing its portfolio[17] - The company aims to maximize stockholder returns through monthly cash distributions, land appreciation, and capital gains from property sales[17] Financial Management and Risks - The company faces risks related to tenant defaults and the potential inability to pay rent, impacting cash distributions to stockholders[12] - The company is subject to various risks including adverse weather, economic changes, and regulatory developments affecting its concentrated real estate portfolio[12] - The company’s cash flow is exposed to risks related to declining crop prices and lower-than-average crop production due to its participation rent component[12] - The company intends to use leverage by borrowing against properties to maximize investment opportunities[18] - The company employs a leveraged strategy to maximize returns, with no limitations on borrowing against single investment properties or overall borrowing levels[26] Tenant and Lease Management - The company’s farmland investments are primarily leased to independent farming operations, which may have limited financial resources[12] - The company evaluates tenant creditworthiness based on experience, financial strength, and adherence to quality standards[24] - Rental income is primarily generated through triple-net leases, with terms ranging from 3 to 10 years for annual row crops and 7 to 15 years for permanent crops[21] - The majority of leases are structured as triple-net leases, with original terms ranging from 3 to 10 years for annual row crops and 7 to 15 years for permanent crops[21] - The company monitors tenant credit quality through periodic site visits and has not identified any changes in credit quality to date[25] Geographic Expansion - The company currently owns properties in 13 states and intends to acquire more farmland in regions like the Pacific Northwest and Mid-Atlantic[18] - The company currently owns properties in 13 different states across the U.S. and plans to expand its geographic focus to other areas in the Southeast, Pacific Northwest, Midwest, and Mid-Atlantic[25] Operational Structure - The company does not currently have any employees and relies on the Adviser and Administrator for necessary services[37] - As of December 31, 2020, the Adviser and Administrator collectively had 67 full-time employees, with 36 in investment management and due diligence[38] - The company anticipates that the number of employees from the Adviser and Administrator dedicated to its matters will increase as more investments are acquired[37] Compliance and Regulations - The company is subject to various environmental laws and regulations, which could impose significant liabilities and affect its operations[41] - The company expects that compliance with various laws and regulations will not materially affect capital expenditures or results of operations for the year ending December 31, 2021[41] - The company has adopted a policy to minimize conflicts of interest, requiring independent director approval for transactions involving officers or directors[28] COVID-19 Impact - The company granted short-term rent extensions to two tenants due to COVID-19, totaling approximately $340,000 in semi-annual rental payments[40] - The company has not received further requests for rent relief from tenants since the initial COVID-19 impact, indicating a potential stabilization in rental income[40] - During 2020, the company granted short-term rent extensions to two tenants totaling approximately $340,000 due to COVID-19 related delays[40] Competition - The company faces competition from various entities, including agricultural investment firms and other agricultural REITs, which may impact its market position[39]

Gladstone Land Corp (NASDAQ:LAND) Q3 2020 Earnings Conference Call November 5, 2020 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel & Secretary Lewis Parrish - Chief Financial Officer & Assistant Treasurer Conference Call Participants Craig Kucera - Wunderlich Securities Operator Greetings and welcome to the Gladstone Land Corporation Earnings Call for the Quarter ended September 30, 2020. At this time, all participants are in a listen-only mode. A ...

Financial Performance - Total operating revenues increased by 54.1% to $41,907,000 for the nine months ended September 30, 2020, compared to $27,203,000 for the same period in 2019[152]. - Net income attributable to the Company surged by 505.3% to $4,812,000 for the nine months ended September 30, 2020, from $795,000 in the prior year[152]. - Operating income increased by 60.5% to $20,512,000 for the nine months ended September 30, 2020, compared to $12,782,000 in 2019[152]. - For the three months ended September 30, 2020, total operating revenues increased by 27.0% to $13,989 million from $11,012 million in the same period of 2019[150]. - Net income for the three months ended September 30, 2020, was $1,581,000, compared to $523,000 for the same period in 2019, representing a significant increase[188]. Lease and Rental Income - Total annualized straight-line rent for existing leases as of September 30, 2020, was $41.9 million, an increase from $27.2 million in the same period of 2019, representing a 54% growth[50]. - The company reported lease revenues of $13,989,000 for the three months ended September 30, 2020, compared to $11,012,000 for the same period in 2019, representing a year-over-year increase of approximately 26.9%[105]. - Fixed lease payments rose by 42.7% to $37,450,000 for the nine months ended September 30, 2020, from $26,236,000 in the prior year[152]. - The company granted rent extensions totaling approximately $343,000 to two tenants due to COVID-19, which were fully collected post-September 30, 2020[115]. - The company anticipates rental payments to continue being paid on time for the foreseeable future, despite potential future rent relief requests[121]. Borrowings and Debt Management - As of September 30, 2020, the company had total borrowings of $503.5 million, up from $481.9 million as of December 31, 2019, reflecting a 4.4% increase[54]. - The weighted-average interest rate on borrowings was 4.03% for the nine months ended September 30, 2020, compared to 3.99% for the same period in 2019[55]. - The company has adequate liquidity to cover near-term debt obligations and operating expenses[121]. - The company issued a New MetLife Term Note with an aggregate commitment of $75 million, maturing on January 5, 2030, with an undrawn commitment of $75 million as of the reporting date[57]. - Scheduled principal payments for the aggregate notes and bonds payable total $495.1 million as of September 30, 2020, with $15.4 million due in the remaining three months of 2020[63]. Equity and Stock Performance - The estimated net asset value (NAV) per common share as of September 30, 2020, is $11.97, up from $11.06 as of June 30, 2020, reflecting an increase of approximately 8.2%[196]. - The closing price of common stock on September 30, 2020, was $15.02 per share, indicating a premium over the estimated NAV per common share[199]. - The company issued approximately $30.148 million in Series B Preferred Stock and $15.525 million in Series C Preferred Stock since January 1, 2020[180]. - The Series B Preferred Stock began trading on Nasdaq under the ticker symbol "LANDO" on October 19, 2020[112]. - The company filed a universal registration statement allowing for the issuance of up to $1.0 billion in securities, with total gross proceeds of approximately $9.2 million from common stock issued under this statement by September 30, 2020[94]. Operational Highlights - The company expanded its portfolio from 12 farms leased to 7 tenants at IPO to 127 farms leased to 75 tenants, growing over 50 different types of crops[122]. - The company currently owns 127 farms comprising 93,999 acres across 13 states in the U.S.[119]. - The company acquired 12 farms since July 1, 2020, with a total purchase price of $74.772 million and annualized straight-line rent of $3.970 million[129]. - The company has several properties under signed purchase agreements and is actively seeking additional acquisitions despite the COVID-19 pandemic[171]. - The company plans to complete capital improvements on various farms, with obligations extending through Q3 2024 and Q2 2025 for several locations[86]. Fees and Expenses - Total fees to the Adviser for the three months ended September 30, 2020, amounted to $1.899 million, compared to $862,000 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[72]. - Total operating expenses, net of credits, increased by 23.0% to $6.858 million from $5.575 million in the same period of 2019[150]. - Interest expense for the three months ended September 30, 2020, was $5.202 million, an increase of 18.2% from $4.401 million in the same period of 2019[150]. - General and administrative expenses decreased for the three months ended September 30, 2020, primarily due to lower professional fees[167]. Market and Economic Conditions - The ongoing COVID-19 pandemic is expected to impact the company's operations and financial condition, with potential effects on rental rates and farmland values[120]. - The geographic diversity of the portfolio mitigates exposure to economic issues in any single market[124]. - The farmland portfolio's value is expected to remain stable, with no anticipated credit freeze in agricultural lending[121]. - The company has not received additional requests for rent relief from tenants due to COVID-19, and expects rental payments to continue being made on time[173]. - The company expects rental rates on upcoming lease renewals to remain relatively flat compared to existing leases[128].

Gladstone Land Corp (NASDAQ:LAND) Q2 2020 Earnings Conference Call August 6, 2020 8:30 AM ET Company Participants David Gladstone - Founder, Chairman, CEO & President Michael LiCalsi - General Counsel & Secretary Lewis Parrish - CFO & Assistant Treasurer Conference Call Participants Craig Kucera - B. Riley FBR, Inc. James Villard - Ladenburg Thalmann & Co. Operator Ladies and gentlemen, thank you for standing by and welcome to the Gladstone Land Corporation Second Quarter ended 6/30/2020 Earnings Call and W ...

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, 2020 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 ...