Gaurav Mehta

John Massocca

Steven Dumanski

Craig Kucera

Robert Stevenson

- Gladstone Land Corporation's board of directors authorized a preferred stock repurchase program on **July 11, 2025**.  **[1495240_0001193125-25-157864_d157350dex991.htm:0]** **[1495240_0001193125-25-157864_d157350d8k.htm:1]** 
- The program authorizes repurchases of up to **$20,000,000** of its 6.00% Series B Cumulative Redeemable Preferred Stock (LANDO) and up to **$35,000,000** of its 6.00% Series C Cumulative Redeemable Preferred Stock (LANDP).  **[1495240_0001193125-25-157864_d157350dex991.htm:0]** **[1495240_0001193125-25-157864_d157350d8k.htm:1]** 
- This authorization for the Preferred Stock Repurchase Program is valid until **July 10, 2026**.  **[1495240_0001193125-25-157864_d157350dex991.htm:0]** **[1495240_0001193125-25-157864_d157350d8k.htm:1]** 
- The company views the current market conditions as an **attractive buying opportunity** for its preferred stock, considering it a favorable strategic use of capital.  **[1495240_0001193125-25-157864_d157350dex991.htm:0]**

Gladstone Land Board Authorizes Preferred Stock Repurchase Program

- **Q1 2025 results**: Reported net income of **$15.1 million**, net income to common shareholders of **$9.1 million**, and adjusted FFO of approximately **$2 million** (down from **$5.1 million** last year), with dividends declared at **$0.14 per share**.  **[1495240_LAND_3427908_4]** 
- **Lease restructuring impact**: Changes including reduced or eliminated fixed base rents and increased participation rent components are expected to lead to about a **$17 million** decline in fixed base rent revenue for FY 2025, affecting NOI recognition timing.  **[1495240_LAND_3427908_2]** **[1495240_LAND_3427908_4]** 
- **Liquidity and portfolio strategy**: Maintained liquidity by paying off **$19.5 million** in loans and emphasized a cautious acquisition approach, backed by a diversified farmland portfolio spanning **103,000 acres** across **50 farms** in 15 states with significant water assets.  **[1495240_LAND_3427908_1]** **[1495240_LAND_3427908_4]**

GLADSTONE LAND (LAND)