Gladstone Land Announces First Quarter 2026 Results

About this update from Gladstone Land Corporation

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 / ACCESS Newswire / May 11, 2026 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today reported financial results for the first quarter ended March 31, 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. First Quarter 2026 Activity: First Quarter 2026 Results: Net loss for the quarter was approximately $4.3 million, compared to net income of approximately $15.1 million in the prior-year quarter. Net loss attributable to common stockholders during the quarter was approximately $10.0 million, or $0.24 per share, compared to net income attributable to common stockholders of approximately $9.1 million, or $0.25 per share, in the prior-year quarter. AFFO for the quarter was approximately $3.1 million, or $0.08 per share, compared to approximately $2.0 million, or $0.06 per share, in the prior-year quarter. Common stock dividends declared were approximately $0.14 per share for both periods. Total cash lease revenues decreased by approximately $351,000, primarily due to a $2.4 million reduction in fixed base cash rents resulting from lost revenues associated with farms sold over the past year and farms that were either placed on non-accrual status, transitioned to direct operations, or remain vacant, as well as a termination fee of approximately $2.4 million recorded during the prior-year period. These decreases were largely offset by an increase in participation rent of approximately $4.4 million, primarily attributable to receipt of the Early 2025 Pistachio Bonus Payment. In connection with our direct farming operations, during the current quarter, we recorded approximately $1.9 million of net income from crop sales, primarily attrib...

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