LANDO

• Farmland Holdings: Owns ~100,000 acres on 148 farms in 15 states, leased to over 80 tenants growing 60+ crops. Water assets are in California.
• Sales Activity: Sold 1 property in Florida for $21.5M, a 36% premium over purchase price, generating a $6M gain. May consider additional farm sales.
• Lease Modifications: Adjusted lease structures on 6 properties to crop share, operated 2 properties with third-party operators. Pistachio harvest on 3 farms expected to bring $17M in Q4 2025, with first cash payment ~$5M. Transited vineyard lease in Napa back to traditional structure.
• Tenant Matters: 6 vacant farms, 2 properties under management agreements; working on solutions for tenants.
• Crop Markets: Pistachio and almond prices strong (EU and Middle East demand); wine grapes underperform. Weak dollar benefits exports.
• Water: Normal to wet cycle, enhancing water infrastructure, expecting 35-50% federal water allocation.

• Anticipate higher participation rents in Q4 2025 from lease modifications.
• Plan to redeem Series B preferred stock to avoid coupon increase from 5% to 8% using common stock and line of credit.
• Declared $0.0467 per share monthly dividend for Q4 2025, 6.1% annualized yield. Hopeful for strong Q4 performance from crop sales.

Gladstone Land Corporation owns approximately 100,000 acres of farmland and nearly 56,000 acre feet of water assets. For the third quarter, net income was about $2.1 million, net loss to common shareholders was $3.9 million or $0.11 per share, and adjusted FFO was $1.4 million or $0.04 per share compared to $4.5 million or $0.13 per share in the same quarter last year. Fixed base cash rents were $5.4 million lower year-over-year due to lease modifications, while participation rents increased by about $1.9 million.

• Interest rate volatility affecting financing costs.
• Uncertainty in crop markets due to tariffs, trade tensions, geopolitics.
• Potential challenges with tenant vacancies and lease restructurings.
• Wine grape market oversupply and underperformance.

Q: Talk about how the $16.9 million of revenue from the Pistachio harvest was versus expectations.

A: Moved from fixed leases to variable crop share, likely 2-3x previous revenue.

Q: What's the cost associated with redeeming the Series B and the timing?

A: Series D matures Jan 2026, coupon increases to 8% if not redeemed. Plan to use common stock and line of credit, cost ~6% vs 5% current, better than 8%.

Q: Thoughts on the disposition market and potential for selling farms?

A: East Coast good, West Coast still recovering. Florida deal recent, potential for more sales.

Q: Liquidity for Series B redemption?

A: Can partially redeem, but 8% coupon not ideal. Current liquidity allows redemption, managing interest rate risk.