Gladstone Land Corporation. January 2013

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1 Gladstone Land Corporation January 2013

2 Forward Looking Statements The following presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, future events, financial condition or performance, expectations, competitive environment, availability of resources, regulation, liquidity, results of operations, strategies, plans and objectives. These forward-looking statements are accurate only as of the date of this presentation and our expectations may change in the future. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed or implied by these forward-looking statements. You are advised to carefully review the prospectus for the offering, which will contain more current information than this presentation, prior to making an investment decision. 2

3 Offering Summary Issuer Proposed Listing Offering Size Offering Price Shares Offered Over-Allotment Gladstone Land Corporation NASDAQ: LAND $50.0 million $15.00 per share 3,333,334 shares 15.0% primary Anticipated Yield 3.0% Expected Pricing January 2013 Use of Proceeds Bookrunner Purchase agricultural real estate Janney Montgomery Scott 3

4 Gladstone Land: Overview We invest in farmland rented to independent and corporate farmers on triple-net lease basis we do not farm the land We own 12 farms and 2 cooling facilities with 1,631 acres in California and Florida, valued at $75.5 million based on recent appraisals At Sept. 30, 2012, we have $31.1 million in debt on the properties All farms are 100% leased no farmer has ever missed a rent payment to us Our average annual return from income plus appreciation on the farmland owned since our inception in 2004 has been 12.4% (1) We invest in farmland because we believe it will provide steady income and capital appreciation as well as hedge against inflation We believe we will be the first publicly-offered company formed primarily to own and lease farmland We are managed by an investment adviser registered with the SEC with more than one billion dollars in assets under management and more than 50 professionals We intend to elect to be taxed as a real estate investment trust (REIT) We believe this will be a growth and income type investment 1) Income is the aggregate annual rent on our properties. Appreciation is measured using historical appraisals Past performance is not indicative of future events 4

5 Why Invest in Farmland? Summary Reasons We believe investors focused on agriculture or real estate should invest in farmland because: Inflation Hedge: Generally farmland rents have risen with food costs and provides a hedge against inflation Value: Farmland returns do not closely track stock market prices or other real estate returns and have outperformed market returns Low Vacancies: There are fewer vacancies on farmland than other types of real estate therefore, farmland rent is more predictable Decreasing Supply: Farmland acreage is decreasing as it is converted to urban, suburban and government uses, which has contributed to farmland rents increasing Increasing Population: More food is required to feed the increasing population, driving up food prices and contributing to the increase in rents for farmland Cost Input: Farm rents are one of the cost inputs to growing food, similar to seed, fertilizers, pesticides, water and labor Diversification: Investing in farmland can diversify the portfolios of agriculture and real estate investor 5

6 Why Invest in Farmland? Value & Returns Value: U.S. cropland value per acre has increased over 90.6% during the last ten years, according to the 2011 USDA Land Values Report Returns: The NCREIF index of $2.9 billion in farmland shows an average annual return from of 15.4% with no negative years Market Index Comparisons -- Annual Returns Annual Average NCREIF - Farmland Index* 6.9% 9.7% 20.5% 33.9% 21.2% 15.9% 15.8% 6.3% 8.8% 15.2% 15.4% NAREIT REIT Index 5.2% 38.5% 30.4% 8.3% 34.4% -17.8% -37.3% 27.5% 27.6% 7.3% 12.4% S&P 500 Index - Total Returns -22.0% 28.4% 10.7% 4.9% 15.6% 5.5% -36.6% 25.9% 14.9% 2.1% 4.9% * The NCREIF Farmland Index is comprised of 490 agricultural properties valued at over $2.9 billion. Past performance is not indicative of future events 6

7 Why Invest in Farmland? Value & Rent U.S. cropland has demonstrated relatively steady appreciation in value and increases in rent, with relatively low volatility U.S. Average Cropland Value (dollars per acre) $3,500 U.S. Average Cropland Rent (dollars per acre) $120 $3,000 $2,500 $100 $80 $2,000 $1,500 $1,000 $60 $40 $500 $20 $0 $0 Source: USDA Past performance is not indicative of future events Source: USDA 7

8 Why Invest in Farmland? Decreasing Supply The available farmland to feed the world s growing population continues to decline, due to increasing population and the conversion of farmland to urban uses Arable Land Per Capita Worldwide (acres) 1.25 California Land Conversion (in acres each 2 years) 150, ,000 50, , , ,000 0 Farmland Urban and Built-up Land Source: Food and Agriculture Organization of the United Nations Past performance is not indicative of future events Source: California Department of Conservation 8

9 Why Invest in Gladstone Land? Crop Focus Farmland have crops that are divided into three categories: Permanent crops have permanent plants, such as trees and vines, and include pears, peaches, apples, plums, figs, oranges, lemons, cherries, avocados, walnuts, pecans, almonds, pistachios, wine and table grapes Commodity row crops produce annually and include wheat, corn, rice, cotton, sugar cane, barley and beets Fresh Produce row crops produce fruits and vegetables annually and include strawberries, raspberries, blackberries, cantaloupes, peppers, beans, peas, celery, melons, tomatoes, lettuce, cabbage, radicchio, and other leaf produce. We are focused on annual crops that grow fresh fruits and vegetables Crop Types All Crops Annual Row Crops Permanent Crops Fresh Produce Commodity Crops Our Focus 9

10 Why Invest in Gladstone Land? Lower Risk Crops Fresh produce has lower risks than permanent crops: Crop Changes: Farms with trees and vines cannot easily change their crops because of the heavy investment in their plants whereas growing fresh produce permits the farmer to change their crops each year to meet changing markets Loss of Plants: Trees and vines are susceptible to disease and weather damage and if a fruit tree dies it takes years for a new tree to produce fruit whereas fresh produce can be replanted and yield a new crop each year Weather Losses: Trees and vines can have an entire year s crop destroyed by frost or storms whereas fresh produce crops generally suffer much smaller losses if harmed by weather because of their longer growing season and ability to change crops Fresh produce has lower risks than commodity crops: Water Access: Commodity crops may depend on rain for water whereas fresh produce crops are typically irrigated from farm wells and county supplied water Price Volatility: Commodity crops depend on foreign market crop prices that makes them volatile whereas fresh produce grown and consumed in the U.S. is more insulated Government Dependency: Commodity crops often depend on government subsidies and tariffs for protection that are subject to change whereas fresh produce crops typically do not depend on government assistance 10

11 Index # Why Invest in Farmland? Inflation Hedge The Average Annual Consumer Price Index (CPI) from 1980 to 2011 increased from 82.4 to (a 173% increase) The food category of the CPI increased from 81.0 to (a 181% increase) The Fresh Fruits & Vegetable produce segment of the food category increased from 73.6 to (a 352% increase) We buy farmland that is used to grow fresh fruits and vegetables Fresh Fruits & Vegetables vs. Consumer Price Index Fresh Fruits & Veg Average Annual CPI Average Annual Food CPI* '80 '85 '90 '95 '00 '05 '10 Source: Bureau of Labor & Statistics Past performance is not indicative of future events *Average annual food CPI is calculated by averaging the annual CPI of fresh fruits & vegetables, breakfast cereal, fish, soup, cheese, meats & carbonated non-alcoholic beverages 11

12 Why Invest in Gladstone Land? Underwriting Process Dual-Focused Underwriting process using talents of more than 50 professionals in a team approach to each new investment. Due Diligence on the Farm Farm appraisal on each property Visit to review property to determine crops that can grow on it Survey brokers in the area to verify the value of similar properties Soil test to determine quality Phase I or II environmental report Engineering report to assure any buildings are structurally sound Zoning and title report to assure there are no deed problems Due Diligence on the Tenant Detailed underwriting of the tenant farmer and the farming business Review tenant financial statements and projections Prove out the cash flow of the farming they are undertaking Investigate the management of the farming operations Evaluate the likelihood of the tenant missing future rent payments Water and well testing to ensure the availability of water 12

13 Why Invest in Gladstone Land? Tenant Selection Experienced Tenants: We rent to experienced independent and corporate farmers with: Operating strength (management, labor and equipment) Experience growing the crops they seek to grow on our farmland Known selling and distribution networks to sell their crops to large buyers, such as grocery stores, wholesale stores and wholesale food purveyors Financial strength to withstand downturns in the economy or crop problems Currently Rented: We buy farmland farmed by medium-sized independent tenants or larger corporate tenants already renting the farmland Lower Risk: We do not farm the land and take no farming risks, other than rent collection Crop Variety: We seek tenants that grow a variety of crops and currently have farmers growing more than 10 different crops on our farmland, providing diversification by crop type Knowledge of Farmers: We know many farmers through our experience operating one of the largest strawberry operations in the U.S. Purchased Coastal Berry in 1997 from Monsanto and sold the operations to Dole in

14 Why Invest in Gladstone Land? Leases & Mortgages Current Lease Terms Short Term: 2 to 5 years, the standard for fresh produce crops Longer Term: up to ten years but the rent increases at various intervals Lease Payments: ½ of annual rent due at the beginning of the year and the balance paid mid-year Low Overhead: Pure triple-net lease, with few exceptions, ensuring low cost of operations. Tenant pays taxes, insurance and upkeep. We surveyed our tenants in California and Florida, enabling us to estimate that farmers in such areas yield revenue per acre ranging from $23,100 to $45,000 per year, and prerent profit from $3,000 to $11,250 per year and generally pay rents per year in such locations from $1,350 to $3,400 per acre Current Mortgage Terms We have a borrowing facility in place, secured by our properties Facility Term: 15 years with current maturity in January 2026 Amortization: 25 years Interest Rate: 3.5% Loan to Value: 65.0% Outstanding Mortgages: $31.1 million 14

15 Why Invest in Gladstone Land? Geographic Focus We are seeking to diversify into a variety of growing areas and seasons. Currently, we are in two states and three growing seasons. Many of the fresh fruits and vegetables sold in the U.S. are grown in California and Florida where land and climate are favorable. We own and seek to purchase farmland only in the U.S. There is no guarantee that these objectives can be met. Past performance is not indicative of future events. 15

16 Why Invest in Gladstone Land? Available Land Available Properties: The USDA reports that there are 1.7 million crop farms on 406 million acres of cropland. By surveying farm real estate brokers, we estimate that 0.5% to 1.0% of these farms are for sale each year (2-4 million acres). In the geographic regions we are targeting, we estimate there will be approximately 50 thousand acres for sale each year worth approximately $2.0 billion Cost of Land: In our experience, the quality type of farmland we seek sells for prices that result in cap rates ranging from 4.0% to 6.0% we average 4.8%. We are buying farms for $20,000 to $80,000 per acre Farmland Brokers: Most farms are sold through farmland brokers we have a relationship with key brokers in each region we target Individual Owners: The USDA reported that, as of 2007, 86% of all farmland in the U.S. was owned by individuals but we have not been able to determine how many farm it and how many rent their land to farmers. The USDA reports that 65% of farmers are over 54 years of age In Place Leases: In our experience, many farms are owned by families that rent their land to farmers thus, leases are often in place when a farm is sold There is no guarantee that these objectives can be met. Past performance is not indicative of future events. 16

17 Why Invest in Gladstone Land? Strategy The left side of the chart below is a summary of strategies that we will use to lower agricultural risks: Lower Risk Higher Risk Annual Crops Fresh Produce U.S. Property Leased Property Many Properties Strong Tenants Many Crop Types Many Tenants Many Growing Areas Permanent Crops Commodity Crops Foreign Property Operated Property Few Properties Marginal Tenants Few Crop Types Few Tenants Few Growing Areas There is no guarantee that these objectives can be met. Past performance is not indicative of future events. 17

18 In Summary: Why Invest in Gladstone Land? Team Approach: Existing team of more than 50 professionals employed by the Adviser / Administrator to execute the plan Farming Experience: Management has farm experience, having owned one of the largest berry operations in the U.S. Owned farms since 1997 and rented farms since 2004 with no vacancies Own twelve farms with a value of $75.5 million with no missed rental payments Team approach to pick good farmland and tenant farmers Sourcing: Have a relationship with farmland brokers for sourcing properties and with corporate and independent farmers to rent the farms Risk Reduction: Strategy to lower risk by leasing to multiple top farmers who grow a variety of fresh fruits and vegetables in different growing areas Acquisition Flexibility: Ability to offer tax free exchange for farmland with shares of the operating partnership of the Company Management Commitment: Management will own approximately 45% and there are no selling shareholders 18

19 California Portfolio Watsonville, California Five portfolio properties are located in Watsonville, California, comprising 576 acres of land Dole Fresh, Dutra Farms and a Driscoll grower are leasing these farms on a triplenet lease basis The farms have an ample supply of welldrawn water. The land is currently used for strawberry, radicchio, lettuce, cabbage and raspberry production Oxnard, California One large farm located in Oxnard, California is comprised of 653 acres Dole Fresh is leasing the entire farm on a triple-net lease basis. The lease is for all 653 acres of the farm and includes a cooler operation, a box barn and other buildings The farm has ample water wells on the farm. The land is currently used for strawberry production 19

20 Watsonville Farms 20

21 Watsonville Farms 21

22 Oxnard Farm 22

23 Florida Portfolio Plant City, Florida Five portfolio properties are located in Plant City, Florida comprising 169 acres of land Colorful Harvest is leasing these farms on a triple-net lease basis The farms have an ample supply of welldrawn water. The land is currently used for strawberry, cantaloupe and watermelon production Wimauma, Florida One portfolio property is located in Wimauma, Florida comprising 219 acres of land Florida Star Farms is leasing this farm on a triple-net lease basis The farm has an ample supply of welldrawn water. The land is currently used for strawberry and grape tomato production 23

24 Florida Farms 24

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