Gladstone Land Corporation
GLADSTONE LAND Corp (Form: FWP, Received: 01/18/2018 17:24:17)

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Filed pursuant to Rule 433
Registration Statement No. 333-217042
GLADSTONE LAND
Company and Offering Overview
A Gladstone Farmland Land Real Corporation Estate Investment Trust
$150,000,000 Series B Preferred Stock
A Publicly-Registered Non-Traded REIT Preferred Offering
Risk Factors: An investment in shares of Gladstone Series B Preferred Stock involves a high degree of risk. In consultation with your own financial and legal advisers, you should carefully consider, among other matters, the risk factors summarized on page 6 of this brochure and delineated in the “Risk Factors”sectionsoftheprospectussupplementandinourmostrecentAnnualReportonForm10-Kand QuarterlyReportsonForm10-QandotherinformationwewillfilefromtimetotimewiththeSECbefore decidingwhetheraninvestmentinsharesofGladstoneSeriesBPreferredStockissuitableforyou.
SPRING VALLEY ROAD, WATSONVILLE, CA
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The Farmland Opportunity
Increasingglobaldemandfornaturalfoodshascontinuedtoleadto valuesacrossthemajorityoftheU.S.inrecentyears.Accordingto averageperacrevaluesofU.S.croplandhavedoubledoverthepast tiongrowthisalsoamajordriverbehindtheoverallincreasedvalue
Nations,globalpopulationisexpectedtogrowby36%between2012and2050.2 Webelievethatpopulationgrowthand therisingdemandfornaturalfoodswillresultinastrongincreaseindemandforourfarmsoverthelong-term,enabling ustoconsistentlyincreasetherentalratesonourfarms.Wealsoexpectthatthevaluesofourfarmlandwillincreaseat ratesgreaterthanthatofinflation.Weintendtocontinuetomitigateanyinterestrateorinflationriskbyincludingannu-alescalationsandupwardmarket-rateadjustmentstorentalratesinourleases,whilecontinuingtoseekoutsuperior anddiversifiedcroplandacrosstheU.S.
We believe that population growth and the rising demand for natural foods will result in a strong increase in demand for our farms over the long-term, “enabling us to consistently increase the rental rates on our farms.”
Farmland Growth vs. Population Growth
35.7 % Overall Growth2
10
People 7
&(Billions) 5
Hectares 3 0
2012
POPULATION LAND
1.USDA,EconomicResearchServiceusingdatafromUSDA,NationalAgriculturalStatisticsService(2017).LandValues:2017Summary
2.UnitedNations,DepartmentofEconomicandSocialAffairs, PopulationDivision(2007and2015).WorldPopulationProspects:The2017Revision
3.UnitedNations,FoodandAgricultureOrganizationoftheUnitedNations(2012).WorldAgricultureTowards2030/2050:The2012Revision,ESAWorkingPaperNo.12-03
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Gladstone Land’s Investment Focus
We focus on acquiring high-value farmland that we lease to farmers, primarily on a triple-net lease basis. Our primary focus is on annual fresh produce (fruits and vegetables), while our secondary focus is on permanent crops (such as blueberries, grapes and nuts).
FARM AND FARMER CHARACTERISTICS
On-site water sources
• High-value crops like fruits and vegetables
• Established rental markets with abundance of strong operators
• Tenant farmers/operators with established histories and substantial farming resources • Family-owned farms where sale-leaseback transactions free up capital for farmers, often to invest in and improve their operations
TRANSACTION STRUCTURES
• $2 million to $50 million transaction sizes • Favorable lease characteristics:
- Triple Net – we own the land, and the farmers/operators are required to pay taxes, insurance, maintenance and other operating costs—LeaseTerm– 5-10+ yeardurationwithbuilt-inrentescalationsandupwardmarketresets
DIVERSIFICATION1
• 72 farms in our portfolio • Farms located across nine states • Greater than 63,000 acres of land
• More than 39 different crop types farmed by 49 unrelated farmer tenants
EXISTING STATES
CROP TYPES & # OF FARMS
1. As of September 30, 2017
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More About Gladstone Land
Weareafarmlandrealestateinvestmenttrustthatspecializesinpurchasingfarmsandfarm-relatedproperties andleasingthemtofarmers.Wehaveownedfarmlandsinceourincorporationin1997,whenwebeganoperating strawberryfarmsthroughourformersubsidiary,CoastalBerryCompany,LLC,anentitythatprovidedgrowing, packaging,marketinganddistributionoffreshberriesandotheragriculturalproducts.WesoldCoastalBerry’s operationstoDoleFoodCompanywhilekeepingownershipoftheland.Sincethen,ouroperationshaveconsistedsolely ofleasingourfarmstothird-partytenants.AtourInitialPublicOfferingin2013,webecamethefirsteverpublicly-traded farmlandREIT.WeareledbyDavidGladstone,whohasmorethan30yearsofexperienceintheinvestmentandfarming industry,andthemanagementteamwithcollectivelymorethan100yearsoffarmingandfarming-relatedexperience.
2013 IPO IN
THE FIRST EVER
U.S. PUBLICLY-TRADED
FARMLAND REIT
GLADSTONE MANAGEMENT** HAS
MORE THAN
$2.0B
ASSETS UNDER MANAGEMENT*
ACROSS 4 PUBLICLY-TRADED FUNDS
CURRENTLY
OWN
FARMS WORTH
$532
MILLION IN
FAIR MARKET VALUE*
SENIOR MANAGEMENT
OWNSMORETHAN 20%
OF LAND’S COMMON STOCK*
Note:SomeofthestatementsmaderelatetoGladstoneLand’scommonstockandLAND’sinvestmentadviser.Thereis noassurancethatthesharesofSeriesBPreferredStockwillachievesimilarfutureresults.
* As of September 30, 2017
** Our affiliated investment advisor
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Offering Summary
GladstoneLandCorporation’sSeriesBPreferredStockOffering isdesignedwiththegoalsofpotentiallyproviding investorswithsteadyincomeandpreservationofcapital.1 Therecanbenoassurancethatwewillachievethese objectives.
SHARES
SeriesBCumulativeRedeemablePreferredStock(“Shares”).TheShareswillrankseniortoGladstoneLand’sCommonStock andonparitywithitsSeriesAPreferredStockwithrespecttopaymentofdividendsanddistributionofamountsonliquidation, dissolutionandwindingup.
SHARE PRICE & DIVIDEND RATE
$25.00perSharewithaminimuminitialinvestmentof$25,000.Nominimumforqualifiedretirementaccounts.
6.0%annualizeddividend,or$1.50perShareperyearannualized,intendedtobepaidmonthlyin12distributionsof$0.125per Sharepermonth. 1 DividendsontheSeriesBSharesarecumulativeandmustbepaidinpreferencetodividendsoncommonstock.
SIZE
$150million
TERM
Theearlieroffive(5)yearsfromtheoffering’sinitialprospectusfilingorthesaleofall6,000,000Sharesbeingoffered.
COMMISSIONS, FEES, AND EXPENSES
Sellingcommissionsupto7.0%,dealermanagerfeesof3.0%,andestimatedofferingexpensesof2.5%ofgrossproceeds.Wewill notpaysellingcommissionsonsalestofee-based(andcertainother)a plement.
DEALER MANAGER
GladstoneSecurities,LLC
Investmen Featur s
Diversified Portfolio Inflation Public Listing Redemption Feature Transparency
9stateswithcurrentfairvalueofapproximately Wealreadyownaportfolioof72farmsthatcompriseapproximately63,000acresoflandacross $532million,asofSeptember30,2017.
Thepricesofproducecropshavehistoricallyoutpacedinflation.2 Weprimarilyownfarms thatgrowproducecrops. escalators.Wehaveaveragedovera9.0%increaseinrentalratesonallleaserenewalssinceour Also,weseektostructureourleaseswithbuilt-incontractualrent IPOinJanuary2013.3
withinonecalendaryearaftertheofferingends,buttherecanbenoassurancethatwewill WeanticipateapplyingtolisttheSharesonNASDAQoranothernationalsecuritiesexchange publicmarkettodeveloppriortolistingtheSharesonanexchange,ifatall. achievethisobjective.ThereiscurrentlynopublicmarketfortheShares,andwedonotexpecta perShare. Eachinvestormayannuallyrequestredemptionofalloraportionofhis/herSharesat Theannualpoolwewillmakeavailableforsatisfyingredemptionsislimitedto5% $23.50 ThisredemptioncapmaylimityourabilitytoredeemsomeoranyofyourShares. ofthetotalnumberofSharessoldinthatyearfromJanuarytoNovembermultipliedby$25. thesymbol“LAND”. WhiletheSharesarenotlistedonanyexchange,ourCommonStockislistedonNASDAQunder Assuch,wefileannual,quarterly,andperiodicreportswiththeSEC.Because oninvestment. theSharesarenottraded,itmaybedifficult todeterminethevalueoftheSharesoryourreturn
There is no guarantee of capital preservation or continuous dividends.
Bureau of Labor Statistics, United States Department of Labor, CPI Detailed Report, Data for 1985-2016
There can be no guarantee that rental rates on lease renewals will continue to increase.
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GLADSTONE SECURITIES
Dealer Manager (Member FINRA/SIPC) 1521 Westbranch Drive, Suite 100 McLean, VA 22102 Investors: Contact your financial advisor Finance Professionals: Call (703) 287-5900 or toll-free (833) 849-5993 www.gladstoneofferings.com
RISKFACTORS
Pleaseconsulttheprospectussupplementforthisofferingfora recitationoftheriskfactorsofthisoffering.Ifanyoftheriskscontained inorincorporatedbyreferenceintotheprospectussupplementorthe accompanyingprospectusdevelopintoactualevents,ourbusiness, financialcondition,liquidity,resultsofoperations,FFO,adjustedfunds fromoperationsorourprospectscouldbemateriallyandadversely affected,wemaybeunabletotimelypaythedividendsaccruedonthe SeriesBPreferredStock,thevalueoftheSeriesBPreferredStockcould declineandyoumayloseallorpartofyourinvestment.Inaddition, newrisksmayemergeatanytimeandwecannotpredictsuchrisksor estimatetheextenttowhichtheymayaffectourfinancialperformance. Somestatementsintheprospectussupplement,includingstatementsin theriskfactors,constituteforward-lookingstatements.Seethe“Forward-LookingStatements”and“RiskFactors”sectionsintheprospectus supplement,theaccompanyingprospectusandinourregularfilings withtheSECforadditionalriskswhichmayaffectusorthesharesofour SeriesBPreferredStock(the“Shares”).
•TherewillinitiallybenopublicmarketfortheSharesaswedonot intendtoapplyforquotationonNASDAQuntilaftertheTermination Date,andevenafterlisting,ifachieved,aliquidsecondarytrading marketmaynotdevelopandthefeaturesoftheSharesmaynotprovide youwithfavorableliquidityoptions.
•TheShareswillnotberated.
•DividendpaymentsontheSeriesBPreferredStockarenotguaranteed. •Weoperateasaholdingcompanydependentupontheassetand operationsofoursubsidiaries,andbecauseofourstructure,wemay notbeabletogeneratethefundsnecessarytomakedistributionson theShares.
•Wewillberequiredtoterminatethisofferingifbothourcommonstock andtheSeriesAPreferredStockarenolongerlistedonNASDAQor anothernationalsecuritiesexchange.
•TheabilitytoredeemsharesofSharesmaybelimited. •TheShareswillbearariskofredemptionbyus. •Thecashdistributionsyoureceivemaybelessfrequentorlowerin amountthanyouexpect.
•Uponthesaleofanyindividualproperty,holdersofSharesdonothave apriorityoverholdersofourcommonstockregardingreturnofcapital. •Yourpercentageofownershipmaybecomedilutedifweincur additionaldebtorissuenewsharesofstockorothersecurities,and incurrenceofindebtednessandissuancesofadditionalpreferredstock orothersecuritiesbyusmayfurthersubordinatetherightsofthe holdersofourcommonstockandpreferredstock.
•Ourabilitytopaydividendsand/orredeemsharesofSharesmaybe limitedbyMarylandlaw.
•Ourchartercontainsrestrictionsuponownershipandtransferofthe Shares,whichmayimpairtheabilityofholderstoacquireordisposeof theShares.
•HoldersoftheShareswillbesubjecttoinflationrisk. •AninvestmentintheSharesbearsinterestraterisk. •HoldersoftheShareswillbearreinvestmentrisk. •HoldersofShareswillhaveextremelylimitedvotingrights. •Ourmanagementwillhavebroaddiscretionintheuseofthenet proceedsfromthisofferingandmayallocatethenetproceedsfromthis offeringinwaysthatyouandotherstockholdersmaynotapprove. •Wemaybeunabletoinvestasignificantportionofthenetproceedsof thisofferingonacceptableterms.
•Wearean“emerginggrowthcompany”andwecannotbecertainif thereduceddisclosurerequirementsapplicabletoemerginggrowth companieswillmakeourShareslessattractivetoinvestors.Weelected totakeadvantageoftheoptiontodelayadoptionofneworrevised accountingstandardsuntiltheyarerequiredtobeadoptedbyprivate companies;consequently,ourcurrentandpriorfinancialstatements maynotbecomparabletothoseofotherpubliccompanies. •Wehavepaid,maycontinuetopay,ormayinthefuturepay, distributionsfromofferingproceeds,borrowingsorthesaleofassetsto theextentourcashflowfromoperationsorearningsarenotsufficient tofunddeclareddistributions.Ratesofdistributiontoholdersofour commonstockandpreferredstockwillnotnecessarilybeindicativeof ouroperatingresults.Ifwemakedistributionsfromsourcesotherthan ourcashflowsfromoperationsorearnings,wewillhavefewerfunds availablefortheacquisitionofpropertiesandyouroverallreturnmay bereduced.
•Ifthepropertiesweacquireorinvestindonotproducethecash flowthatweexpectinordertomeetourREITminimumdistribution requirement,wemaydecidetoborrowfundstomeettheREIT minimumdistributionrequirements,whichcouldadverselyaffectour overallfinancialperformance.
•GladstoneSecurities,thedealermanagerinthisoffering,isouraffiliate, andweestablishedtheofferingpriceandothertermsfortheShares pursuanttodiscussionsbetweenusandouraffiliated dealermanager; asaresult,theactualvalueofyourinvestmentmaybesubstantiallyless thanwhatyoupay.
•PaymentoffeestoourAdviseranditsaffiliates,includingouraffiliated dealermanagerwillreducethecashavailableforinvestmentand distributionandwillincreasetheriskthatyouwillnotbeabletorecover theamountofyourinvestmentinoursharesofShares.
•IfyoufailtomeetthefiduciaryandotherstandardsunderERISAorthe Codeasaresultofaninvestmentinthisoffering,youcouldbesubject toliabilityandcivilorcriminalpenalties.
Gladstone Land Corporation (“LAND”) has filed a registration statement (including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents that LAND has filed with the SEC for more complete information about LAND and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Gladstone Securities, LAND’s dealer manager for this offering, will arrange to send you the prospectus and prospectus supplement if you request it by calling toll-free at (833) 849-5993.
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