Gladstone Land Corporation reported a weaker quarter, moving to a loss. For the three months ended March 31, 2026, total operating revenues were $16.6 million, essentially flat with $16.8 million a year earlier, but lease revenue declined to $14.8 million from $16.8 million as several leases shifted to cash-basis accounting and prior-year results included a sizable lease termination fee.
Operating expenses rose to $16.6 million from $13.1 million, driven by higher depreciation and an $0.9 million impairment charge on a Florida property. Other income swung from a $11.4 million benefit to a $4.3 million expense as there were no repeat gains on farm sales. As a result, net loss attributable to common stockholders was $10.0 million, versus net income of $9.1 million in the prior-year quarter, and basic and diluted EPS moved to a loss of $0.24 from earnings of $0.25.
Despite the loss, cash flow from operating activities improved to $9.3 million from $4.5 million, helped by non-cash charges and working-capital changes. The company ended the quarter with $1.20 billion in total assets, $515.4 million of liabilities, and $688.3 million of equity, and held 144 farms totaling 98,688 acres across 14 states and 55,649 acre-feet of water assets in California.
Gladstone Land Corporation entered into new Equity Distribution Agreements with Virtu Americas and Lucid Capital Markets that allow at-the-market sales of its common stock with an aggregate offering price of up to $500.0 million. These Sales Agreements amend and restate prior equity distribution arrangements with the same firms.
The shares will be issued under Gladstone Land’s Registration Statement on Form S-3 (File No. 333-294917), using a prospectus dated April 23, 2026 and a prospectus supplement dated April 24, 2026. Each sales agent may receive up to 3.0% of the gross proceeds from shares it sells, and the company is not obligated to sell any shares under the program.
Gladstone Land Corporation is registering up to $500,000,000 of common stock in an at-the-market offering under separate Sales Agreements with Virtu Americas, LLC and Lucid Capital Markets, LLC entered April 24, 2026. The Sales Agreements permit sales from time to time; as of the supplement date, no shares have been sold under these agreements. The Sales Agents may also purchase shares as principal under separate arrangements. The Sales Agents’ commission is up to 3.0% of gross proceeds. The prospectus supplement describes ownership restrictions, a 3.3% ownership limit, recent repurchase and redemption activity, and prior ATM sales of 4,821,655 shares at an average price of $10.03.
Gladstone Land Corporation files a shelf prospectus to offer up to $1,000,000,000 of common stock, preferred stock, warrants, debt securities, depositary shares, subscription rights and units. The prospectus is a general shelf: specific terms, amounts and any underwriting arrangements will be provided in individual prospectus supplements.
The prospectus describes the company as an externally-managed agricultural REIT owning 144 farms totaling 98,688 acres and 55,532 acre-feet of California water assets as of April 7, 2026. Net proceeds are intended for general corporate purposes, including repayment of indebtedness, acquisitions, capital expenditures and distributions, to be specified in each prospectus supplement.
Gladstone Land Corp executive vice president William L. Reiman filed an initial Form 3 reporting his beneficial ownership in the company. The filing shows he directly holds 1,475 shares of common stock as of March 20, 2026, and reflects an existing position rather than a new trade.
Gladstone Land Corporation files a shelf registration to offer up to $1,000,000,000 of common stock, preferred stock, warrants, debt securities, depositary shares, subscription rights and units, to be sold from time to time in one or more offerings.
The shelf permits multiple offering methods and the specific terms, offering amounts and net proceeds will be set in prospectus supplements; the registration is subject to completion and delivery of applicable prospectus supplements.
Gladstone Land Corporation filed an amendment to update a prior report about changes to its capital structure. The company discovered immaterial errors in earlier Articles Supplementary filed in Maryland and has now corrected them through a Certificate of Correction.
The correction clarifies that no shares of 5.00% Series D Cumulative Term Preferred Stock were reclassified, because none were authorized and outstanding on the effective filing date. It also confirms that authorized capital stock as of that date totals 100,000,000 shares, allocated among common stock and several preferred series without changing overall authorization.
Gladstone Land Corporation filed an amendment to its 2025 annual report to correct previously misstated authorized share amounts for its Series C and Series D preferred stock and common stock; the changes are described as immaterial and do not alter prior financial results.
For 2025, the company generated total operating revenues of $88.3 million, including $76.1 million of lease revenue and $12.2 million of new crop sales, and reported net income of $13.5 million. After $24.0 million of dividends on cumulative redeemable preferred stock, net loss attributable to common stockholders was $10.5 million, or $0.29 per share.
At year-end 2025, Gladstone Land owned 144 farms totaling 98,688 acres with total real estate, net, of $1.10 billion and total assets of $1.24 billion. Cash provided by operating activities was $7.0 million, while property sales produced $91.3 million of proceeds and gains on dispositions of real estate assets, net, of $13.9 million. The company recorded $3.9 million of impairment losses on certain Florida and California properties and ended the year with total equity of $670.3 million.
GLADSTONE LAND Corp executive John Sateri, the company’s Chief Investment Officer, has filed an initial Form 3 ownership report with the SEC. The excerpt shows no reported transactions or derivative positions, indicating only his status as an officer and establishing his role as a reporting person.