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Gladstone Land Announces First Quarter 2018 Results

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McLEAN, Va., May 08, 2018 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") today reported financial results for the first quarter ended March 31, 2018.

A reconciliation of funds from operations ("FFO"), core FFO ("CFFO"), and adjusted FFO ("AFFO"), all non-GAAP (generally accepted accounting principles in the United States) financial measures, to net loss, which the Company believes is the most directly-comparable GAAP measure for each, and a computation of fully-diluted net loss, FFO, CFFO, and AFFO per weighted-average share is set forth in the Quarterly Summary Information tables below, and a description of each of FFO, CFFO, and AFFO is located at the end of this press release.  In addition, a description of net asset value ("NAV"), a non-GAAP financial measure, and a reconciliation to total equity, which the Company believes is its most directly-comparable GAAP measure, is also located at the end of this press release.  All per-share references are to fully-diluted, weighted-average shares of common stock of the Company unless otherwise noted.  For further detail, please refer to the Company's Quarterly Report on Form 10-Q (the "Form 10-Q"), filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.SEC.gov and the Company's website at www.GladstoneLand.com.

Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment judgment.

Quarterly Summary Information
(Dollars in thousands, except per-share amounts)

  For and As of the Quarters Ended   Change   Change
  3/31/2018   12/31/2017   ($ / #)   (%)
Operating Data:              
Total operating revenues $ 9,245     $ 6,812     $ 2,433     35.7 %
Total operating expenses, net of credits (6,459 )   (3,864 )   (2,595 )   67.2 %
Other expenses, net (3,104 )   (3,164 )   60     (1.9 )%
Net loss available to common stockholders and OP Unitholders $ (318 )   $ (216 )   $ (102 )   47.2 %
Plus:  Real estate and intangible depreciation and amortization 2,189     2,114     75     3.5 %
Less:  Gains on disposals of real estate assets     (56 )   56     (100.0 )%
FFO available to common stockholders and OP Unitholders $ 1,871     $ 1,842     $ 29     1.6 %
Plus:  Acquisition-related expenses 134     60     74     123.3 %
Plus:  Acquisition-related accounting fees 22     14     8     57.1 %
Plus:  Other charges(1) 163         163     %
CFFO available to common stockholders and OP Unitholders $ 2,190     $ 1,916     $ 274     14.3 %
Net rent adjustment(2) (251 )   (45 )   (206 )   457.8 %
Plus:  Amortization of deferred financing costs 143     159     (16 )   (10.1 )%
AFFO available to common stockholders and OP Unitholders $ 2,082     $ 2,030     $ 52     2.6 %
               
Share and Per-Share Data:              
Weighted-average common shares outstanding – basic and diluted 13,957,732     13,666,560     291,172     2.1 %
Weighted-average OP Units outstanding(3) 977,271     1,095,159     (117,888 )   (10.8 )%
Weighted-average total shares outstanding 14,935,003     14,761,719     173,284     1.2 %
               
Diluted net loss per weighted-average total share $ (0.021 )   $ (0.015 )   $ (0.007 )   (45.5 )%
Diluted FFO per weighted-average total share $ 0.125     $ 0.125     $     0.4 %
Diluted CFFO per weighted-average total share $ 0.147     $ 0.130     $ 0.017     13.0 %
Diluted AFFO per weighted-average total share $ 0.139     $ 0.137     $ 0.002     1.4 %
Cash distributions declared per total share $ 0.133     $ 0.132     $ 0.000     0.3 %
               
Balance Sheet Data:              
Net investments in real estate, at cost(4) $ 461,186     $ 451,864     $ 9,322     2.1 %
Total assets $ 472,916     $ 462,278     $ 10,638     2.3 %
Total indebtedness(5) $ 323,780     $ 331,738     $ (7,958 )   (2.4 )%
Total equity $ 131,968     $
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