ACCESS Newswire·Nov 10, 2026, 4:10 PM ET

Gladstone Land Announces Third Quarter 2026 Results

LAND

Gladstone Land Corporation reported net income of approximately $11.0 million for the third quarter ended September 30, 2026, a significant increase from $2.1 million in the prior-year quarter.
Net income attributable to common stockholders was approximately $6.1 million, or $0.14 per share, compared to a net loss of $3.9 million, or $0.11 per share, in the same period last year.
Adjusted Funds From Operations (AFFO) reached approximately $15.1 million, or $0.35 per share, up from approximately $1.4 million, or $0.04 per share, in the prior-year quarter.
The company recognized a timing shift in earnings due to modified lease agreements on "Repositioned Farms" that rely on participation rents & crop sales, which are typically recognized in the second half of the calendar year.
A primary processor announced an initial base price of $2.50 per pound for the 2026 pistachio crop, a 67% increase over the 2025 base price, while the 2025 crop bonus payment raised the total price to $2.90 per pound.
Lease activity included nine new or amended agreements expected to increase annual net operating income by approximately $241,000.
The company sold two Florida farms totaling 617 acres for approximately $3.2 million, resulting in a net loss of approximately $169,000.
Participation rent revenue was recorded at approximately $16.8 million, compared to $5.4 million in the prior-year quarter, driven by the early recognition of the 2025 pistachio bonus payment.
Direct farming operations generated a net profit of approximately $2.9 million, attributed to strong pricing for almonds & pistachios.
The company recorded a non-cash impairment charge of approximately $2.2 million related to five farms in Arizona & Washington.
Loan repayments totaled approximately $5.2 million at an effective interest rate of 3.47%.
Under the ATM program, the company issued 156,273 common shares for net proceeds of approximately $1.5 million.
The company repurchased 456,823 shares of Series B & Series C preferred stock at an average price of $20.80, resulting in a gain of approximately $784,000.
Monthly cash distributions of $0.1401 per common share were paid for the third quarter.
Subsequent to September 30, 2026, the company acquired an 180-acre farm in Washington valued at approximately $2.8 million to satisfy tenant obligations.
Two solar option agreements were entered into for up to 5,638 acres in California, providing for annual option payments starting at approximately $331,000.
David Gladstone, President & CEO, noted that the incentive fee for the quarter was voluntarily waived to preserve shareholder dividends amidst 2026 crop yield uncertainty caused by a California heat event.
The company declared monthly cash distributions of $0.0467 per share for October, November, & December, totaling $0.1401 per share for the fourth quarter.
Total operating revenues increased by 77.0% to $31.471 million, while total operating expenses rose by 14.6% to $15.231 million.
Total indebtedness decreased by 9.2% to $492.695 million, & total equity increased by 0.5% to $665.037 million.
Cash flows from operations improved by approximately $6.4 million compared to the prior-year quarter.

Company: Gladstone Land Corporation
Keywords: Real Estate, Earnings