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]

cturtletrax/iStock via Getty Images Introduction Gladstone Land (NASDAQ:LAND) is a REIT focusing on owning farmland which it leases to farmers. It's not exposed to successful or disappointing harvests other than the impact it has on the tenants. In my previous articles I focused on the Series D preferred shares which has a mandatory call date in January 2026. As that date is coming closer and as the share price of the Series D is slowly moving up in anticipation of the call date, I wanted to check up on ...

Igor Alecsander/E+ via Getty Images Overview Real Estate Investment Trusts unlock the ability to gain exposure to an avenue of investments that wouldn't typically be accessible through traditional means. I live in the suburbs, a short commute outside of NYC, and there isn't exactly an abundance of farmlands around me. Gladstone Land (NASDAQ:LAND) is a REIT that makes it possible to gain exposure to its portfolio of farmlands across the USA. The company owns and operates different farms and farm related prop ...

Gladstone Land Corporation (NASDAQ:LAND) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel Lewis Parrish - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney John Massocca - B. Riley Operator Greetings and welcome to the Gladstone Land Corporation First Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure ...

Gladstone Land (LAND) came out with quarterly funds from operations (FFO) of $0.14 per share, missing the Zacks Consensus Estimate of $0.15 per share. This compares to FFO of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -4.67%. A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.18 per share when it actually produced FFO of $0.15, delivering a surprise of -16. ...

EXHIBIT 99.1 Gladstone Land Announces First 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, May 7, 2024: Gladstone Land Corporation (Nasdaq: LAND) ("Gladstone Land" or the "Company") today reported financial results for the first quarter ended March 31, 2024. A description of funds from operations ("FFO"), core FFO ("CFFO"), adjusted FFO ("AFFO"), and net asset value ("NA ...

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 March 31, 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 it ...

Gladstone Land (LAND) closed the last trading session at $13.46, gaining 2.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $17.83 indicates a 32.5% upside potential.The average comprises six short-term price targets ranging from a low of $16 to a high of $20, with a standard deviation of $2.04. While the lowest estimate indicates an increase of 18.9% from the current price level ...

ligora/iStock via Getty Images Introduction As explained in a previous article, the business model of Gladstone Land (NASDAQ:LAND) is very straightforward: the REIT owns farmland and leases it to farmers. It is not exposed to successful or disappointing harvests other than the impact it has on the tenants. At the end of 2023, Gladstone Land owned almost 112,000 acres across 168 farms in 15 states. I am still very interested in the REIT’s preferred shares and I am particularly intrigued by the value prop ...