EXHIBIT 99.1

Gladstone Land Reports a 21% Increase in Adjusted FFO Per Share for the Quarter and a 59% Increase for the Year

MCLEAN, Va., Feb. 23, 2016 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2015.  A description 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, are located at the end of this press release.  All per-share references are to fully-diluted, weighted-average shares of common stock unless otherwise noted.  For further detail, please refer to the Company’s Annual Report on Form 10-K (the “Form 10-K”), filed today with the U.S. Securities and Exchange Commission (the “SEC”), which can be retrieved from the SEC’s website at www.SEC.gov or from the Company’s website at www.GladstoneLand.com.

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

Quarterly Summary Information:

         
  For and As of    
  the Quarters Ended Change Change
  12/31/2015 9/30/2015 ($ / #) (%)
 Operating Data:       
 Total operating revenues$  3,408,331  $  3,083,553  $  324,777   10.5%
 Total operating expenses, net of credits   (1,856,387)    (1,915,900)    59,512   -3.1%
 Other expenses   (1,184,079)    (961,258)    (222,820)  23.2%
 Net income available to common stockholders$   367,865  $   206,395   $   161,469    78.2%
 Plus:  Real estate and intangible depreciation and amortization   800,613     809,445     (8,832)  -1.1%
 Less:  Gains on sale of real estate   (14,483)    -      (14,483) N/A    
 FFO available to common stockholders$   1,153,994   $   1,015,840   $   138,154    13.6%
 Plus:  Acquisition-related expenses   56,160     62,190     (6,030)  -9.7%
 Plus:  Acquisition-related accounting fees   23,550     17,740     5,810   32.8%
 (Less) plus:  Other one-time (receipts) charges, net(1)   -      (76,423)    76,423  N/A    
 CFFO available to common stockholders$   1,233,704   $   1,019,347   $   214,357    21.0%
 Net adjustment for cash rents   (108,979)    (119,056)    10,077   -8.5%
 Plus:  Amortization of deferred financing costs   32,616     30,263     2,353   7.8%
 AFFO available to common stockholders$   1,157,341   $   930,554   $   226,787    24.4%
         
 Share and Per-Share Data:       
 Weighted average common shares outstanding 9,282,280   9,060,314   221,966   2.4%
 Net income per weighted average common share$  0.040  $  0.023  $  0.017   74.0%
 FFO per weighted average common share$  0.124  $  0.112  $  0.012   10.9%
 CFFO per weighted average common share$  0.133  $  0.113  $  0.020   18.1%
 AFFO per weighted average common share$  0.125  $  0.103  $  0.022   21.4%
 Cash dividends declared per common share$  0.120  $  0.120  $  -    0.0%
         
 Balance Sheet Data:       
 Real estate, at cost(2)$  222,196,559  $  212,599,464  $  9,597,095   4.5%
 Total assets$  229,738,247  $  219,190,114  $  10,548,133   4.8%
 Total indebtedness$  142,733,157  $  140,085,394  $  2,647,763   1.9%
 Total stockholders’ equity$  78,006,719  $  71,017,308  $  6,989,411   9.8%
 Total common shares outstanding 9,992,941   9,060,314   932,627   10.3%
         
 Other Data:       
 Cash flows from operations$  450,327  $  2,697,498  $  (2,247,171)  -83.3%
 Farms owned 43   41   2   4.9%
 Acres owned 16,810   14,880   1,930   13.0%
 Occupancy rate 100.0%  100.0%  0.0%  0.0%
 Farmland portfolio value$  285,315,980  $  265,431,580  $  19,884,400   7.5%
 Net asset value per share$  14.20  $  13.64  $  0.56   4.1%
         
 (1) Consists of the removal of insurance proceeds received during the period.
 (2) Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization.
         
 N/A = Not Applicable       
         

Annual Summary Information:

         
  For and As of    
  the Years Ended Change Change
  12/31/2015 12/31/2014 ($ / #) (%)
Operating Data:       
Total operating revenues$  11,901,461  $  7,184,922  $  4,716,539   65.6%
Total operating expenses, net of credits   (7,332,680)    (5,584,950)    (1,747,730)  31.3%
Other expenses   (4,000,236)    (1,698,603)    (2,301,633)  135.5%
Net income (loss) before income taxes   568,545     (98,631)    667,176   676.4%
Income tax provision   -     (26,502)    26,502  N/A    
Net income (loss) available to common stockholders$   568,545   $   (125,133) $   693,678    554.4%
Plus:  Real estate and intangible depreciation and amortization   3,113,492     1,735,644     1,377,848   79.4%
Less:  Gains on sale of real estate   (14,483)    -      (14,483) N/A    
FFO available to common stockholders$   3,667,554   $   1,610,511   $   2,057,043    127.7%
Plus:  Acquisition-related expenses   467,048     520,352     (53,304)  -10.2%
Plus:  Acquisition-related accounting fees   90,040     151,250     (61,210)  -40.5%
Plus:  Income tax provision   -      26,502     (26,502) N/A    
(Less) plus:  Other one-time (receipts) charges, net(1)   (408,172)    (173,275)    (234,897)  135.6%
CFFO available to common stockholders$   3,816,470   $   2,135,340   $   1,681,130    78.7%
Net adjustment for cash rents   (483,080)    (475,929)    (7,151)  1.5%
Plus:  Amortization of deferred financing costs   106,806     53,286     53,520   100.4%
AFFO available to common stockholders$   3,440,196   $   1,712,697   $   1,727,499    100.9%
         
Share and Per-Share Data:       
Weighted average common shares outstanding 8,639,397   6,852,917   1,786,480   26.1%
Net income per weighted average common share$  0.066  $  (0.018) $  0.084   460.4%
FFO per weighted average common share$  0.425  $  0.235  $  0.190   80.6%
CFFO per weighted average common share$  0.442  $  0.312  $  0.130   41.8%
AFFO per weighted average common share$  0.398  $  0.250  $  0.148   59.3%
Cash dividends declared per common share$  0.465  $  0.360  $  0.105   29.2%
         
Balance Sheet Data:       
Real estate, at cost(2)$  222,196,559  $  145,257,763  $  76,938,796   53.0%
Total assets$  229,738,247  $  151,702,624  $  78,035,623   51.4%
Total indebtedness$  142,733,157  $  86,417,361  $  56,315,796   65.2%
Total stockholders’ equity$  78,006,719  $  59,969,328  $  18,037,391   30.1%
Total common shares outstanding 9,992,941   7,753,717   2,239,224   28.9%
         
Other Data:       
Cash flows from operations$  4,753,835  $  3,543,622  $  1,210,213   34.2%
Farms owned 43   32   11   34.4%
Acres owned 16,810   8,039   8,771   109.1%
Occupancy rate 100.0%  100.0%  0.0%  0.0%
Farmland portfolio value$  285,315,980  $  192,952,933  $  92,363,047   47.9%
Net asset value per share$  14.20  $  13.94  $  0.26   1.8%
         
(1) Consists of the removal of insurance proceeds received and repairs incurred as a result of a fire that were expensed during the respective periods and, for 2015 only, the removal of a credit we received from our Advisor related to a new property acquisition.
(2) Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization.
         
N/A = Not Applicable       
         

Highlights for the Year:

Q4 2015 Results:  CFFO and AFFO were approximately $1.2 million, or $0.13 per share, and $1.2 million, or $0.12 per share, respectively, compared to distributions during the quarter of $0.12 per share.  On a per-share basis, CFFO and AFFO increased by 18.1% and 21.4%, respectively, when compared to the previous quarter.  These increases were primarily due to additional rental income recorded due to our recent acquisitions.  Compared to the prior quarter, operating revenues for the fourth quarter increased by 10.5%, while our operating expenses decreased by 3.1%.  For the fourth quarter, our core operating expenses, which we define as our total operating expenses, less depreciation and amortization, acquisition-related expenses, any fee credits, and certain other one-time expenses, decreased by approximately $45,000, or 4%, from the previous quarter.  This decrease was primarily driven by lower general and administrative expenses and property operating costs.  Our net asset value per share increased from $13.64 at September 30, 2015, to $14.20 at December 31, 2015, primarily due to approximately $10.4 million of appreciation in the values of certain farms that were re-valued during the quarter.

YTD 2015 Results:  CFFO and AFFO were approximately $3.8 million, or $0.44 per share, and $3.4 million, or $0.40 per share, respectively.  On a per-share basis, CFFO and AFFO increased by 41.8% and 59.3%, respectively, when compared to the prior year.  CFFO and AFFO increased primarily due to the increases in our operating revenues outpacing those of our operating expenses, partially offset by the issuances of new shares during the year.  Our net asset value per share increased from $13.94 at December 31, 2014, to $14.20 at December 31, 2015, primarily due to appreciation in the values of certain farms in our portfolio during the year.

A reconciliation of FFO, CFFO and AFFO to net income (loss), to which the Company believes is the most directly-comparable GAAP measure for FFO, CFFO and AFFO, for the quarters ended December 31 and September 30, 2015 and for the years ended December 31, 2015 and 2014 and a computation of basic and diluted FFO, CFFO and AFFO and basic and diluted net income (loss) per weighted-average share of common stock is set forth in the Summary Information table above.

Subsequent to December 31, 2015:

Comments from the Company’s Chief Executive Officer, David Gladstone:  “Once again, we’re ending the year in a strong position and with a lot of momentum for 2016.  We currently have two large farms that we believe are in position to close over the next few months.  During the quarter, our net asset value per common share increased by 56 cents, up to $14.20 as of December 31, 2015.  We believe that investing in our stock is both an income investment, as well as an asset appreciation investment, as we expect that the farmland we own will increase in value faster than inflation.”

Conference Call for Stockholders:  The Company will hold a conference call on Wednesday, February 24, 2016, at 8:30 a.m. EST to discuss its earnings results.  Please call (855) 363-1762 to enter the conference.  An operator will monitor the call and set a queue for any questions.  A conference call replay will be available beginning one hour after the call and will be accessible through March 24, 2016.  To hear the replay, please dial (855) 859-2056 and use conference number 61275629.  The live audio broadcast of the Company’s quarterly conference call will also be available online at the Company’s website, www.GladstoneLand.com.  The event will also be archived and available for replay on the Company’s website through April 24, 2016.

About Gladstone Land Corporation:

Gladstone Land is a real estate investment trust that pays monthly distributions to its stockholders.  The Company invests in farmland located in major agricultural markets in the U.S. that it leases to independent and corporate farming operations.  As of December 31, 2015, the net asset value of the Company was $14.20 per share, and the Company intends to report the current value of its farmland on a quarterly basis.  The Company currently owns 43 farms, comprised of 16,810 acres in 6 different states across the U.S., valued at approximately $285 million.  Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are planted and harvested annually or more frequently, as well as permanent crops, such as blueberries and almonds, which are planted every 10 to 20-plus years.  The Company also may acquire property related to farming, such as storage facilities utilized for cooling produce, processing buildings, packaging facilities, and distribution centers.  The Company has paid 36 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013.  The current per-share distribution is $0.04 per month, or $0.48 per year.  Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.

Owners or brokers who have farmland for sale in the U.S. should contact:

For stockholder information on Gladstone Land, call (703) 287-5893.  Information on the business activities of all of the Gladstone funds can be found at www.GladstoneCompanies.com.  For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.Gladstone.com.

Non-GAAP Financial Measures:

FFO:  The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP supplemental measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairment losses on property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures.  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.  The Company believes that FFO per share provides investors with an additional context for evaluating its financial performance and as a supplemental measure to compare it to other REITs; however, comparisons of its FFO to the FFO of other REITs may not necessarily be meaningful due to potential differences in the application of the NAREIT definition used by such other REITs. 

CFFO:  CFFO is FFO, adjusted for items that are not indicative of the results provided by the Company’s operating portfolio and affect the comparability of the Company’s period-over-period performance.  These items include certain non-recurring items, such as acquisition-related expenses, income tax provisions and property and casualty losses or recoveries.  Although the Company’s calculation of CFFO differs from NAREIT’s definition of FFO and may not be comparable to that of other REITs, the Company believes it is a meaningful supplemental measure of its sustainable operating performance.  Accordingly, CFFO should be considered a supplement to net income computed in accordance with GAAP as a measure of our performance.  For a full explanation of the adjustments made to arrive at CFFO, please read the Company’s Form 10-K, filed today with the SEC.

AFFO:  AFFO is CFFO, adjusted for certain non-cash items, such as the straight-lining of rents and amortizations into rental income.  Although the Company’s calculation of AFFO differs from NAREIT’s definition of FFO and may not be comparable to that of other REITs, the Company believes it is a meaningful supplemental measure of its sustainable operating performance on a cash basis.  Accordingly, AFFO should be considered a supplement to net income computed in accordance with GAAP as a measure of our performance.  For a full explanation of the adjustments made to arrive at AFFO, please read the Company’s Form 10-K, filed today with the SEC.

The Company’s presentation of FFO, as defined by NAREIT, or CFFO or AFFO, as defined above, 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.

Certain statements in this press release, including, but not limited to, the Company’s ability to maintain or grow its portfolio and FFO, expected increases in capitalization rates, benefits from increases in farmland values, increases in operating revenues, and the increase in net asset value per share are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements inherently involve certain risks and uncertainties, although they are based on the Company’s current plans that are believed to be reasonable as of the date of this press release.  Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, the Company’s ability to procure financing for investments; downturns in the current economic environment; the performance of its tenants; the impact of competition on its efforts to renew existing leases or re-lease real property; and significant changes in interest rates.  Additional factors that could cause actual results to differ materially from those stated or implied by its forward-looking statements are disclosed under the caption "Risk Factors" of its Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC on February 23, 2016.  The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Gladstone Land Corporation, +1-703-287-5893