Gladstone Land Announces Third Quarter 2026 Results
Key Highlights
- ➤Net income attributable to common stockholders $6.1 million, or $0.14 per share
- ➤AFFO $15.1 million, or $0.35 per share, versus $1.4 million
- ➤Participation rent revenue reached approximately $16.8 million, versus $5.4 million year-over-year
- ➤2026 pistachio base price $2.50 per pound, up 67% year-over-year
- ➤Declared fourth-quarter monthly distributions totaling $0.1401 per common share
Expert Statements
David Gladstone, President and CEO of Gladstone Land
“With the announcement of the bonus on the 2025 pistachio crop, the financial cycle for the 2025 crop, the first year in which we oversaw growing operations on certain of our farms, is nearing completion, with results exceeding our internal expectations. Looking ahead, the 2026 pistachio crop was already expected to be an "off" year due to the crop's alternate-bearing nature, and yields were further impacted by a March heat event in California that affected pollination across the state, resulting in significantly lower yields. However, pricing remains strong, which should help partially offset the impact of lower yields, and we expect constrained supply to continue to support pricing in the near term. Given the uncertainty around the 2026 crop results, which will impact our 2027 earnings, our Adviser decided to voluntarily waive the incentive fee earned in this third quarter, as we remain committed to preserving the dividend for our shareholders during this period of uncertainty. Almond prices also continue to strengthen, with current market prices generally 18% to 25% higher than this time last year. Overall, we remain encouraged by market conditions for pistachios and almonds, the two primary crops grown on our Repositioned Farms. 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.”
MCLEAN, VA / ACCESS Newswire / November 10, 2026 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today reported financial results for the third quarter ended September 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 Quarterlys 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.
Third 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, we refer to these properties as our "Repositioned Farms," reflecting a temporary shift toward greater participation-based revenues. These arrangements increase our reliance on participation rents and crop sales, which are generally recognized once crop results are known, typically in the second half of each calendar year. Consequently, consistent with 2025, we expect to recognize a substantial majority of our 2026 revenue and earnings during the second half of the year, as reflected in our third quarter results. * Crop Pricing Update: During the third quarter, 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. The same processor also announced the minimum grower-partner bonus payment for the 2025 crop earlier than usual, bringing the total price to $2.90 per split in-shell pound, representing a 21% increase over the final 2024 crop price. With the significantly lower yields on the 2026 pistachio crop, we currently expect pricing to remain strong in the near term. * Portfolio Activity:* Lease Activity: Executed nine amended or new lease agreements expected to result in an aggregate increase in annual net operating income of approximately $241,000. * Property Sale: Sold two farms in Florida totaling 617 gross acres for approximately $3.2 million, resulting in an aggregate net loss of approximately $169,000. * Participation Rents: Recorded approximately $16.8 million of participation rent revenue, compared to approximately $5.4 million in the prior-year quarter, primarily attributable to the early recognition of the bonus payment for the 2025 pistachio crop, as well as continued strong pricing for almonds and pistachios. * Crop Sales: Recorded net profit from crop sales on direct-operated farms of approximately $2.9 million, also driven by these same factors. * Impairment: Recorded a non-cash impairment charge of approximately $2.2 million related to four farms in Arizona and one farm in Washington.
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