Group 1 - Gladstone Land (NASDAQ: LAND) focuses on owning farmland and leasing it to third-party operators [1] - The REIT has recently shifted its leasing strategy by reducing base rent in favor of a crop sharing and profit sharing lease agreement [1] - This new approach aims to enhance revenue potential through shared profits rather than fixed rental income [1]

Financial Data and Key Metrics Changes - For Q3 2024, the company reported a net income of $6,000 and a net loss to common shareholders of $5.8 million or $0.16 per share, with adjusted FFO approximately $4.5 million or $0.13 per share, down from $5.4 million or $0.15 per share in the prior quarter [27][28] - Fixed base cash rents decreased by about $2.6 million year-over-year, primarily due to lost revenues from a sold farm and additional expenses related to vacancies [29] - The net asset value per common share decreased to $15.57 from $17.59 at June 30, attributed to a $23 million decrease in farm valuations [39] Business Line Data and Key Metrics Changes - The company executed 21 new or amended leases in Q3, with annual row crop farms seeing an expected increase in net operating income of about $309,000 or 11% from prior leases [11][12] - Permanent crop farms had 13 leases renewed, with adjustments leading to a decrease in base rents but potential upside through increased participation rents [13][18] - The company anticipates a total year-over-year swing in fixed base rents of about $20 million due to lease structure changes, impacting revenues over the next five quarters [31] Market Data and Key Metrics Changes - The company owns approximately 112,000 acres across 168 farms, with a total asset value of about $1.5 billion [10] - The market conditions for permanent crop farms in the West have been challenging due to lower crop prices and higher input costs, affecting tenant commitments to long-term leases [14][15] - The company noted strong demand for prime farmland, particularly for vegetables and berries, despite some price depressions in nuts and wine grapes [50][51] Company Strategy and Development Direction - The company is cautious about new acquisitions due to high capital costs and is focusing on optimizing existing leases and tenant relationships [46][47] - Management is optimistic about the long-term trend of investing in farmland for healthy crops, indicating a strategic focus on sustainable agricultural practices [49] - The company plans to revert to traditional lease structures in the future while exploring potential sales of underperforming farms [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed hope for lower interest rates to facilitate future acquisitions, while acknowledging the current high rates as a barrier [48] - The company expects inflation in food sectors to drive up farmland values over time, particularly in fresh produce [54] - Management remains confident in the production capabilities of their farms, anticipating a good year in 2025 based on participation rents [88] Other Important Information - The company has access to over $160 million in liquidity, including $20 million in cash, and has a significant amount of unpledged properties [40] - The company repurchased 176,045 shares of preferred stock at a total cost of about $3.7 million during the quarter [26] - An impairment charge of about $2 million was recorded due to the write-down of Michigan blueberry farms [36] Q&A Session Summary Question: Can you provide the number of leases expiring in 2025 and how many are permanent crops? - Management indicated that there are 17 leases expiring in 2025, which constitutes about 20% of revenue, with a skew towards annual row crops [58][60] Question: Were the leases amended in Q3 due to expiration or other reasons? - Some leases were amended for various reasons, including pushing out expirations and adjusting terms for better tenant support [62] Question: What is the NOI impact from the sale of the blueberry farms? - The blueberry farms had been an NOI drag, averaging about $125,000 quarterly, and their sale will relieve this burden [76] Question: How will the lease changes impact fixed rent? - The restructuring will lead to a decrease in fixed rent, with a portion of the impact expected to begin in Q4 [70] Question: Is there any stabilization in the California permanent crop market? - Management noted low prices for nuts and grapes but indicated potential stabilization in land values as water sources become a key factor [82][86]

Gladstone Land (LAND) came out with quarterly funds from operations (FFO) of $0.13 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -3.08%. A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.12 per share when it actually produced FFO of $0.10, delivering a surprise of -16.67%.Over the l ...

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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Hey Bud, Seen A Sheep Come By Here? CaseyHillPhotoThe REIT & Its History Gladstone Land (NASDAQ:LAND) is a farmland owning REIT that owns 111,836 acres across the US. These farms are also diversified by usage and produce grains, fruits, tree nuts, and wine grapes. While the REIT is diversified, about two-thirds of the total parcels of land are in 3 states, California, Florida and Colorado. Gladstone Land Presentation The company has been a success at expansion and the total portfolio value is 15-fold what ...

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]

EXHIBIT 99.1 Gladstone Land Announces Second 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, August 8, 2024: Gladstone Land Corporation (Nasdaq: LAND) ("Gladstone Land" or the "Company") today reported financial results for the second quarter ended June 30, 2024. A description of funds from operations ("FFO"), core FFO ("CFFO"), adjusted FFO ("AFFO"), and net asset value ...