Gladstone Land Corporation (NASDAQ:LAND) Q1 2020 Earnings Conference Call May 7, 2020 8:30 AM ET Company Participants David Gladstone – Chairman, Chief Executive Officer and President Michael LiCalsi – General Counsel and Secretary Lewis Parrish – Chief Financial Officer and Assistant Treasurer Conference Call Participants Operator Ladies and gentlemen, thank you for standing by and welcome to the Gladstone Land Corporation’s First Quarter Ended March 31, 2020 Earnings Call and Webcast Conference. At this t ...

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 ...

Table of Contents | --- | --- | --- | |-----------------------------------------------------------------------------|-------|------------------------------| | | | | | Common Stock, $0.001 par value per share | LAND | The Nasdaq Stock Market, LLC | | 6.375% Series A Cumulative Term Preferred Stock, par value $0.001 per share | LANDP | The Nasdaq Stock Market, LLC | UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

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 ...

Gladstone Land Corporation (NASDAQ:LAND) Q2 2019 Earnings Conference Call August 8, 2019 8:30 AM ET Company Participants Erich Hellmold - Associate General Counsel David Gladstone - Chairman, Chief Executive Officer and President Lewis Parrish - Chief Financial Officer and Assistant Treasurer Conference Call Participants Rob Stevenson - Janney John Massocca - Ladenburg Thalmann Operator Good day, ladies and gentlemen. And welcome to the Gladstone Land June 30th, 2019 Quarterly Shareholders Conference Call. ...

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 ...