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Gladstone Land (NASDAQ: LAND) boosts cash flow while booking Q2 2026 net loss

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Gladstone Land Corporation reported second-quarter 2026 results reflecting continued losses but stronger cash generation and balance sheet progress. Total operating revenues were $12.7 million, up 3.2% year over year, while total operating expenses rose 35.9%, including a $4.2 million non-cash impairment on four Arizona farms. Net loss was $8.5 million, with net loss attributable to common stockholders of $13.5 million, or $0.315 per share.

Non-GAAP performance improved: AFFO available to common was $(1.6) million, versus $(3.5) million in the prior-year quarter, and cash flows from operations rose to $19.9 million, up 404.7%. The company paid $0.140 per share in common distributions and maintained a 95.4% occupancy rate. Total indebtedness declined 12.7% to $487.8 million, and a new $37.0 million Farm Credit revolving facility enhanced liquidity. Management highlighted a continued shift toward participation-based rents on “Repositioned Farms,” with a substantial majority of 2026 revenue and earnings expected to be recognized in the fourth quarter, and noted materially higher pistachio and almond pricing supporting these farms.

Positive

  • Cash flows from operations surged to $19.9 million, a 404.7% increase versus $3.9 million in the prior-year quarter, driven by higher participation rents, crop sales, lower cash allowances, and reduced interest payments.
  • AFFO loss narrowed by 54.1% to $(1.6) million, or $(0.037) per share, compared with $(3.5) million, or $(0.095) per share, reflecting improved underlying cash performance despite continued losses.
  • Total indebtedness fell 12.7% to $487.8 million from $558.9 million, aided by debt repayments and redemption of 5.00% Series D Term Preferred Stock, reducing leverage and interest burden.
  • New $37.0 million revolving credit facility with Farm Credit of Central Florida provides additional borrowing capacity through April 1, 2030, supporting liquidity and funding flexibility.
  • Pistachio pricing strengthened sharply, with the primary processor announcing an initial base price of $2.50 per pound for 2026 split in-shell pistachios, a 67% increase over the initial 2025 base price, supporting participation-rent potential.

Negative

  • Net loss increased to $8.5 million, up 7.4% year over year, and FFO, CFFO, and AFFO all remained negative despite improvements.
  • $4.2 million non-cash impairment charge was recorded on four Arizona farms, signaling reduced expected recoverable value for those assets.
  • Farms owned and acres declined, with farms decreasing from 150 to 144 and acres from 103,001 to 98,688, reflecting portfolio contraction and potential revenue base shrinkage.
  • Portfolio lease changes reduced near-term net operating income, with certain amended or new leases expected to decrease annual NOI by about $931,000 as fixed base rents shifted to participation-based structures.
  • Property sales generated a net loss, as two Florida farms totaling 617 acres were sold for approximately $3.2 million, resulting in an aggregate net loss of about $159,000.

Filing Explained

Gladstone Land completed a $14.1 million ATM share sale, adding 1,377,392 common shares and diluting existing holders’ percentage ownership.

This Form 8-K reports a completed financing: Gladstone Land issued and sold $14.1 million of common stock through its ATM program, representing 1,377,392 new shares during the quarter.

Because an ATM program sells new shares gradually and issuing shares increases the total share count, this completed sale reduces existing common holders' percentage ownership absent offsetting changes.

Separately, the company says its registration statement became effective on April 23, 2026 and permits up to $1.0 billion of securities over three years; that figure is future issuance capacity, not a completed sale.

At June 30, 2026, fully diluted common shares outstanding were 43,136,573, versus 36,184,658 at the prior-year quarter-end.

After June 30, the company reports selling two Florida farms for approximately $3.2 million and repaying a $2.8 million mortgage loan.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total operating revenues $12,692 thousand For the quarter ended June 30, 2026; up 3.2% year over year
Net loss $8,460 thousand For the quarter ended June 30, 2026; 7.4% higher than prior-year quarter
AFFO available to common stockholders $(1,585) thousand Q2 2026; 54.1% improvement from $(3,450) thousand in Q2 2025
Cash flows from operations $19,931 thousand For Q2 2026; increased by $15,982 thousand or 404.7% year over year
Total indebtedness $487,766 thousand As of June 30, 2026; down 12.7% from $558,917 thousand a year earlier
Non-cash impairment charges $4,194 thousand Impairment related to four farms in Arizona recorded in Q2 2026
Common distributions per share $0.140 per share Cash distributions declared per common share for Q2 2026
Occupancy rate 95.4% Farmable acreage occupancy as of June 30, 2026, including direct-operated farms
funds from operations financial
"A description of funds from operations (“FFO”), core FFO (“CFFO”), and adjusted FFO"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
core FFO financial
"A description of funds from operations (“FFO”), core FFO (“CFFO”), and adjusted FFO"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
adjusted FFO financial
"A description of funds from operations (“FFO”), core FFO (“CFFO”), and adjusted FFO"
Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.
participation rent financial
"higher participation rent components. We also continue to operate two properties"
non-GAAP financial
"all non-GAAP (generally accepted accounting principles in the United States) financial measures"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
occupancy rate financial
"Occupancy rate (8) | 95.4 % | | 95.9 %"
Occupancy rate measures the share of available space or units—like hotel rooms, apartments, or office suites—that are actually rented or in use during a given period. Think of it as the percentage of seats filled on a bus: higher occupancy means more consistent use of the asset. Investors care because it signals demand and revenue potential; rising occupancy usually boosts income and valuation, while falling occupancy can warn of weakening cash flow or excess supply.
Total operating revenues $12,692 thousand up 3.2% from $12,296 thousand in Q2 2025
Net loss attributable to common stockholders $13,523 thousand improved 2.6% from $13,880 thousand in Q2 2025
AFFO available to common stockholders $(1,585) thousand improved 54.1% from $(3,450) thousand in Q2 2025
Cash flows from operations $19,931 thousand up 404.7% from $3,949 thousand in Q2 2025

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FAQ

How did Gladstone Land (LAND) perform financially in Q2 2026?
Gladstone Land reported a net loss of $8.5 million for Q2 2026, with net loss attributable to common stockholders of $13.5 million, or $0.315 per share. Total operating revenues were $12.7 million, up 3.2% year over year, while operating expenses rose 35.9%.

What were Gladstone Land’s FFO, CFFO, and AFFO results for Q2 2026?
For Q2 2026, Gladstone Land reported FFO of $(1.9) million, CFFO of $(1.7) million, and AFFO of $(1.6) million. On a per-share basis, diluted FFO, CFFO, and AFFO were $(0.045), $(0.039), and $(0.037), respectively, all improved versus the prior-year quarter.

What distributions did Gladstone Land (LAND) pay and declare in 2026?
During Q2 2026, Gladstone Land paid $0.140 per common share in monthly cash distributions. For Q3 2026, it declared monthly distributions of $0.0467 per share for July, August, and September, totaling $0.1401 per share for the quarter.

How is Gladstone Land’s leverage and liquidity positioned as of Q2 2026?
Total indebtedness was $487.8 million, down 12.7% from a year earlier, with total equity of $673.1 million. The company added a new $37.0 million Farm Credit revolving facility and reported nearly 96% of debt at fixed interest rates, supporting liquidity stability.

What is happening with Gladstone Land’s Repositioned Farms and participation rents?
Several farms operate under modified leases or management agreements emphasizing participation-based revenues. Management expects a substantial majority of 2026 revenue and earnings to be recognized in Q4 as crop results are known, especially for pistachios and almonds benefiting from higher prices.

How did cash flows from operations change for Gladstone Land (LAND) in Q2 2026?
Cash flows from operations increased to $19.9 million in Q2 2026, up from $3.9 million in Q2 2025, a 404.7% rise. This was driven by higher participation rents and crop-sale receipts, reduced cash tenant allowances, and lower interest payments.

What were Gladstone Land’s key portfolio metrics, such as farms, acres, and occupancy?
As of Q2 2026, Gladstone Land owned 144 farms totaling 98,688 acres, with an occupancy rate of 95.4%. It also held 55,649 acre-feet of water assets. Farms and acres declined modestly from the prior year, while occupancy remained high.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
Form 8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): August 11, 2026 
Gladstone Land Corporation
(Exact Name of Registrant as Specified in Charter)
Maryland001-3579554-1892552
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)
1521 Westbranch Drive, Suite 100, McLean, Virginia 22102
(Address of Principal Executive Offices) (Zip Code)
(703) 287-5800
(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareLANDThe Nasdaq Stock Market, LLC
6.00% Series B Cumulative Redeemable Preferred Stock, $0.001 par value per shareLANDOThe Nasdaq Stock Market, LLC
6.00% Series C Cumulative Redeemable Preferred Stock, $0.001 par value per shareLANDPThe Nasdaq Stock Market, LLC


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨


Item 2.02. Results of Operations and Financial Condition.
On August 11, 2026, Gladstone Land Corporation issued a press release announcing its financial results for the second quarter ended June 30, 2026.  The text of the press release is included as an exhibit to this Form 8-K.  Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and herein are deemed to be furnished and shall not be deemed to be filed.
Item 9.01. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
Exhibit No.Description
99.1
Press release dated August 11, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Gladstone Land Corporation
 (Registrant)
Date: August 11, 2026
By: /s/ Lewis Parrish    
Lewis Parrish
Chief Financial Officer and Assistant Treasurer


EXHIBIT 99.1
Gladstone Land Announces
Second Quarter 2026 Results
Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision.
McLean, VA, August 11, 2026: Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) today reported financial results for the second quarter ended June 30, 2026. 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, appear at the end of this press release. All per-share references are to fully-diluted, weighted-average shares of common stock, unless noted otherwise.  For further detail, please refer to the Quarterly Report on Form 10-Q (the “Form 10-Q”), which is available on the Investors section of the Company’s website at www.GladstoneLand.com.
Second Quarter 2026 Highlights:
•Timing Shift in Earnings Recognition: For the 2026 crop year, three of our farms remain under modified lease agreements that include reduced or eliminated fixed base rent and, in some cases, cash lease incentives to tenants in exchange for significantly higher participation rent components. We also continue to operate two properties (consisting of four farms) under management agreements with third-party operators. Collectively, these properties are referred to as our “Repositioned Farms,” reflecting a temporary shift toward greater participation-based revenues. These arrangements increase our reliance on participation rents, which are generally recognized once crop results are known, typically in the fourth quarter. Consequently, consistent with 2025, a substantial majority of our 2026 revenue and earnings is expected to be recognized in the fourth quarter.
•Portfolio Activity:
◦Lease Activity: Executed seven amended or new lease agreements expected to result in an aggregate decrease in annual net operating income of approximately $931,000, primarily due to the renewal of one lease whereby we reduced the base rent in exchange for adding a participation rent component to the lease.
◦Participation Rents: Recorded approximately $201,000 of participation rent revenue, compared to approximately $142,000 in the prior-year quarter, primarily reflecting higher almond prices.
◦Crop Sales: Recorded net profit from crop sales on direct-operated farms of approximately $589,000, primarily driven by the harvest and sale of an orange crop on a farm in Florida following the early termination of the prior tenant's lease, coupled with favorable almond pricing.
◦Impairment: Recorded a non-cash impairment charge of approximately $4.2 million related to four farms in Arizona.
•Debt Activity—New Farm Credit Facility: Entered into a new revolving line of credit with Farm Credit of Central Florida, ACA, that provides for borrowings of up to $37.0 million through April 1, 2030.
•Equity Activity:
◦Registration Statement: Filed a new registration statement, which the SEC declared effective on April 23, 2026, permitting us to issue up to an aggregate of $1.0 billion of securities over the next three years.
◦Common Stock—ATM Program: Issued and sold 1,377,392 shares of our common stock for net proceeds of approximately $14.1 million under our "at-the-market" sales program (the “ATM Program”).
◦Repurchase Program: Repurchased a total of 419,313 shares of our 6.00% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) and our 6.00% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) at an average repurchase price of $20.61 per share for a total gain on repurchase of approximately $806,000.
•Paid Distributions: Paid monthly cash distributions totaling $0.1401 per share of common stock during the quarter ended June 30, 2026.


Second Quarter 2026 Results:
Net loss for the quarter was approximately $8.5 million, compared to approximately $7.9 million in the prior-year quarter. Net loss attributable to common stockholders during the quarter was approximately $13.5 million, or $0.32 per share, compared to approximately $13.9 million, or $0.38 per share, in the prior-year quarter. AFFO for the quarter was approximately $(1.6) million, or $(0.04) per share, compared to approximately $(3.5) million, or $(0.10) per share, in the prior-year quarter. Common stock dividends declared were approximately $0.14 per share for both periods.
Total cash lease revenues increased by approximately $959,000, or 7.9%, primarily due to an increase in fixed base cash rents of approximately $899,000, driven by recently executed new and amended leases and cash rent collected during the current quarter from certain tenants that remain on non-accrual status, partially offset by lost revenue from recent farm sales. In addition, participation rent increased modestly, primarily reflecting higher almond prices for the 2025 crop.
Direct farming operations generated a net profit of approximately $589,000 during the quarter, primarily driven by the harvest and sale of an orange crop on a Florida farm following the early termination of the prior tenant's lease, together with higher almond prices.
Aggregate related-party fees increased by approximately $106,000 during the current quarter, primarily due to a higher administration fee resulting from our relative utilization of our administrator's resources compared with affiliated companies also serviced by our administrator. Excluding related-party fees, recurring cash operating expenses increased by approximately $451,000. Property operating expenses increased by approximately $293,000, primarily due to higher legal expenses incurred to protect water rights on certain California farms and additional costs associated with certain properties that were vacant, direct-operated, or on non-accrual status. General and administrative expenses increased by approximately $158,000, primarily due to higher stockholder-related expenses and professional fees. Interest expense decreased primarily due to the redemption of our 5.00% Series D Cumulative Term Preferred Stock on January 30, 2026, as well as debt repayments made over the past year.
Cash flows from operations for the current quarter increased by approximately $16.0 million compared to the prior-year quarter, primarily due to higher cash receipts from participation rents and crop sales, a decrease in cash allowances paid to certain tenants, and lower interest payments.
Subsequent to June 30, 2026:
•Portfolio Activity:
◦Lease Activity: Executed seven amended or new lease agreements expected to increase annual net operating income by approximately $297,000, or 16.5%, compared to the prior leases.
◦Property Sale: Sold two farms in Florida totaling 617 gross acres for approximately $3.2 million, resulting in an aggregate net loss of approximately $159,000.
•Debt Activity—Loan Repayment: Repaid a $2.8 million mortgage loan that bore an effective interest rate (net of interest patronage) of 3.51%.
•Equity Activity:
◦Repurchase Program: Repurchased a total of 214,160 shares of our Series B Preferred Stock and Series C Preferred Stock at an average repurchase price of $21.07 per share for a total gain on repurchase of approximately $307,000.
•Third Quarter Distributions: Declared monthly cash distributions of $0.0467 per share of common stock for each of July, August, and September (totaling $0.1401 per share of common stock for the quarter).
•Pistachio Market Update: Our primary processor announced an initial base price of $2.50 per pound for split in-shell pistachios for the 2026 crop, representing a 67% increase over the initial 2025 crop base price.
Comments from David Gladstone, President and CEO of Gladstone Land:  “We had a successful 2025 harvest, with yields on the farms where we oversee growing operations exceeding our internal expectations. However, the full financial benefit has not yet been reflected in our results, as a significant portion of the revenue from the 2025 pistachio harvest is expected to be recognized later in 2026 following the conclusion of the marketing period.


While the 2026 pistachio crop was already expected to be an “off” year due to the crop's alternate-bearing nature, yields are expected to be further impacted by a March heat event in California that affected pollination across the state. Despite the expected decline in production, market pricing has continued to strengthen, as our primary processor recently announced a 67% increase in the initial base price for split in-shell pistachios for the 2026 crop, which should help offset the impact from lower yields. Almond prices have also strengthened, with current market prices generally 15% to 20% higher than this time last year. Overall, market conditions for pistachios and almonds, the two primary crops grown on our Repositioned Farms, remain favorable, supported by strong demand and improved year-over-year pricing. We view these lease modifications as temporary and continue to target a return to more traditional lease structures that include fixed base rents. In the meantime, we remain focused on enhancing the long-term viability of our farms by pursuing opportunities to acquire additional water resources at attractive prices, further strengthening water security for our farms and growers. Our balance sheet remains in excellent condition, with nearly 96% of our outstanding debt at fixed interest rates. We also continue to maintain strong liquidity, including over $120 million in immediately available capital and more than $110 million in unencumbered properties that could be pledged as additional collateral if needed.”




Quarterly Summary Information
(Dollars in thousands, except per-share amounts)
For and As of the Quarters EndedChangeChange
6/30/20266/30/2025($ / #)(%)
Operating Data:
Total operating revenues$12,692 $12,296 $396 3.2 %
Total operating expenses(17,002)(12,510)(4,492)35.9 %
Other expense, net(4,150)(7,664)3,514 (45.9)%
Net loss $(8,460)$(7,878)$(582)7.4 %
Less: Aggregate dividends declared on and gains on or charges related to extinguishment of cumulative redeemable preferred stock, net(1)
(5,063)(6,002)939 (15.6)%
Net loss attributable to common stockholders(13,523)(13,880)357 (2.6)%
Plus:  Real estate and intangible depreciation and amortization7,886 8,374 (488)(5.8)%
(Less) plus: Gains (losses) on dispositions of real estate assets, net(438)2,149 (2,587)(120.4)%
Plus: Impairment charges4,194 — 4,194 — %
Adjustments for unconsolidated entities(2)
(49)11 (60)(545.5)%
FFO available to common stockholders(1,930)(3,346)1,416 (42.3)%
(Less) plus:  Acquisition- and disposition-related (credits) expenses, net(5)(28)23 (82.1)%
Plus (less): Other nonrecurring charges (receipts), net(3)
274 (188)462 (245.7)%
CFFO available to common stockholders(1,661)(3,562)1,901 (53.4)%
Net adjustment for normalized cash rents(4)
773 (153)926 (605.2)%
Plus:  Amortization of debt issuance costs126 216 (90)(41.7)%
(Less) plus: Other non-cash (receipts) charges, net(5)
(823)49 (872)(1,779.6)%
AFFO available to common stockholders$(1,585)$(3,450)$1,865 (54.1)%
Share and Per-Share Data:
Weighted-average shares of common stock outstanding, fully diluted42,911,17636,184,6586,726,51818.6 %
Diluted loss income per weighted-average common share$(0.315)$(0.384)$0.068 (17.8)%
Diluted FFO per weighted-average common share$(0.045)$(0.092)$0.047 (51.4)%
Diluted CFFO per weighted-average common share$(0.039)$(0.098)$0.060 (60.7)%
Diluted AFFO per weighted-average common share$(0.037)$(0.095)$0.058 (61.3)%
Cash distributions declared per common share$0.140 $0.140 $0.000 — %
Balance Sheet Data:
Net investments in real estate and related assets, at cost(6)
$1,129,622 $1,195,083 $(65,461)(5.5)%
Total assets$1,192,196 $1,258,585 $(66,389)(5.3)%
Total indebtedness(7)
$487,766 $558,917 $(71,151)(12.7)%
Total equity$673,111 $670,073 $3,038 0.5 %
Total common shares outstanding (fully diluted)43,136,573 36,184,658 6,951,915 19.2 %
Other Data:
Cash flows from operations$19,931 $3,949 $15,982 404.7 %
Farms owned144 150 (6)(4.0)%
Acres owned98,688 103,001 (4,313)(4.2)%
Occupancy rate(8)
95.4 %95.9 %(0.5)%(0.5)%
Acre-feet of water assets owned55,649 55,306 343 0.6 %
(1)Includes cash dividends paid on our cumulative redeemable preferred stock and the net gain (loss) recognized as a result of shares of cumulative redeemable preferred stock that were redeemed.
(2)Represents our pro-rata share of depreciation expense recorded in unconsolidated entities.


(3)Consists primarily of (i) the write-off of certain unallocated costs related to a prior universal shelf registration statement, (ii) net property and casualty losses (recoveries) recorded and the cost of related repairs expensed as a result of damage to improvements on certain of our farms caused by certain non-recurring events, (iii) one-time legal costs incurred related to certain corporate organizational matters, and (iv) for 2025 only, the capital gains fee and subsequent adjustment recorded during the three months ended June 30, 2025, which is not due until after the end of the fiscal year and is subject to further adjustment throughout the remainder of the year.
(4)This adjustment removes the effects of straight-lining rental income, as well as the amortization related to above-market lease values and certain non-cash lease incentives and accretion related to below-market lease values, deferred revenue, and tenant improvements, resulting in rental income reflected on a modified accrual cash basis.  The effect to AFFO is that cash rents received pertaining to a lease year are normalized over that respective lease year on a straight-line basis, resulting in cash rent being recognized ratably over the period in which the cash rent is earned.
(5)Consists of (i) the net (gain) loss recognized as a result of shares of cumulative redeemable preferred stock that were redeemed, which were non-cash (gains) charges, (ii) our remaining pro-rata share of (income) loss recorded from investments in unconsolidated entities, and (iii) (less) plus net non-cash (income) expense recorded as a result of additional water assets (received) used in certain transactions.
(6)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, including investments in water assets, and adjusted for accumulated depreciation and amortization and impairment charges, if any.
(7)Consists of the principal balances outstanding on all indebtedness, including our lines of credit, notes and bonds payable, and, as of the three months ended June 30, 2025, only, our Series D Term Preferred Stock, which was redeemed in full on January 30, 2026.
(8)Based on farmable acreage; includes direct-operated farms.
Conference Call for Stockholders:  The Company will hold a conference call on Wednesday, August 12, 2026, at 8:30 a.m. (Eastern Time) to discuss its earnings results.  Please call (877) 407-9046 to join the conference call.  An operator will monitor the call and set a queue for any questions.  A conference call replay will be available after the call and will be accessible through August 19, 2026.  To hear the replay, please dial (877) 660-6853, and use playback conference number 13760773.  The live audio broadcast of the Company’s conference call will also be available online on the Investors section of the Company’s website, www.GladstoneLand.com.
About Gladstone Land Corporation:
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets in the U.S.  The Company currently owns 142 farms, comprised of approximately 98,000 acres in 14 different states and nearly 56,000 acre-feet (or over 18.1 billion gallons) of water assets in California. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, blueberries, figs, olives, pistachios, and wine grapes, which are generally planted every 20-plus years and harvested annually. Gladstone Land pays monthly distributions to its stockholders and has paid 162 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution on its common stock is $0.0467 per month, or $0.5604 per year.  Additional information, including detailed information about each of the Company's farms, can be found at www.GladstoneLand.com.
Owners or brokers who have farmland for sale in the U.S. or those looking to buy farms should contact:
•Western U.S. – Bill Reiman at (805) 263-4778 or Bill.R@GladstoneLand.com;
•Midwestern U.S. and Mid-Atlantic U.S. – Joey Van Wingerden at (703) 287-5914 or Joe.V@GladstoneLand.com; or
•Southeastern U.S. – Brett Smith at (904) 687-5284 or Brett.S@GladstoneLand.com.
Lenders who are interested in providing us with long-term financing on farmland should contact Jay Beckhorn at (703) 587-5823 or Jay.Beckhorn@Gladstone.com.
For stockholder information on Gladstone Land, call (703) 287-5893.  For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.GladstoneCompanies.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. 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- and disposition-related expenses, the net incremental impact of operations conducted through our taxable REIT subsidiary, 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 Form 10-Q, 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 or against rental income (resulting in cash rent being recognized ratably over the period in which the cash rent is earned).  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 Form 10-Q, filed today with the SEC.
A reconciliation of FFO (as defined by NAREIT), CFFO, and AFFO (each as defined above) to net income (loss), which the Company believes is the most directly-comparable GAAP measure for each, and a computation of fully-diluted net income (loss), FFO, CFFO, and AFFO per weighted-average share is set forth in the Quarterly Summary Information table above. The Company’s presentation of FFO, CFFO, or AFFO, 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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:
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 NAV 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" within the Company's Form 10-K for the fiscal year ended December 31, 2025, as amended, as filed with the SEC on April 7, 2026, and certain other documents filed with the SEC from time to time. 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, (703) 287-5893

Source: View Original Filing on SEC EDGAR

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