Earnings Releases·Nov 10, 2026, 4:08 PM ET

Gladstone Land — Third Quarter 2026 Earnings Summary

Total operating revenues rose 77.0% year-over-year to $31.47 million, while net income attributable to common stockholders surged 428.3% to $11.0 million ($0.14 per share) compared to a $3.9 million loss in the prior-year quarter.
Funds from operations (FFO) available to common stockholders increased 810.1% to $15.9 million ($0.37 per share), driven by an $11.4 million increase in participation rents and strong almond/pistachio pricing.
Management expects the substantial majority of 2026 revenue and earnings to be recognized in the second half of the year due to participation rent and crop sales timing, despite significantly lower 2026 pistachio yields.
Total indebtedness decreased 9.2% to $492.7 million, and the company repurchased 456,823 preferred shares for a $784,000 gain while voluntarily waiving the Q3 incentive fee to preserve the dividend.
The company sold two Florida farms for $3.2 million, acquired one Washington farm via tenant default satisfaction, and entered solar option agreements for up to 5,638 acres generating approximately $331,000 in annual payments.