Gladstone Land Corporation Reports Results for the Second Quarter Ended June 30, 2014

Net loss available to common stockholders for the three months ended June 30, 2014, was approximately $301,000, or $0.05 per share, compared to a net income available to common stockholders for the previous quarter of approximately $21,000, or $0.00 per share.This change was primarily due to a property and casualty loss we recorded during the quarter relating to two fires that damaged structures on two of our properties.Both assets were insured at the time of the fires, and at least partial recovery of the loss is considered probable.However, we are still in the process of assessing the amount expected to be recovered; thus, no offset to the loss has been recorded yet.We expect these recovery proceeds to be reflected in our financial statements next quarter.We also experienced an increase in acquisition-related costs as a result of the five farms we acquired during the quarter, as well as having a larger pipeline of deals.

A reconciliation of Core FFO to net (loss) income for both the three months ended June 30, 2014, and March 31, 2014, which the Company believes is the most directly-comparable GAAP measure to Core FFO, and a computation of basic and diluted Core FFO and basic and diluted net (loss) income per weighted-average share of common stock is set forth in the Summary Information table above.

The Company’s presentation of FFO, as defined by NAREIT, or presentation of Core FFO, does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of its performance or to cash flow from operations as a measure of liquidity or ability to make distributions.