Revenue: As of FY2026 Q1, the actual value is USD 16.55 M.EPS: As of FY2026 Q1, the actual value is USD -0.244, missing the estimate of USD -0.23.<h4>Net Income and AFFO</h4>Gladstone Land Corporation reported a net loss of approximately - $4.3 million for the first quarter ended March 31, 2026, compared to net income of approximately $15.1 million in the prior-year quarter . Net loss attributable to common stockholders was approximately - $10.0 million, or - $0.24 per share, during the current quarter, versus net income of approximately $9.1 million, or $0.25 per share, in the prior-year quarter . Adjusted Funds From Operations (AFFO) for the quarter was approximately $3.1 million, or $0.08 per share, an increase from approximately $2.0 million, or $0.06 per share, in the prior-year quarter . Diluted FFO per weighted-average common share was $0.044, down from $0.059 in the prior-year quarter, and Diluted CFFO per weighted-average common share was $0.048, down from $0.064 . Diluted AFFO per weighted-average common share increased to $0.076 from $0.056 in the prior-year quarter .<h4>Revenue and Expenses</h4>Total operating revenues were $16.552 million, a decrease of - $252,000 or -1.5% compared to $16.804 million in the prior-year quarter . Total operating expenses were - $16.601 million, an increase of $3.474 million or 26.5% from - $13.127 million in the prior-year quarter . Other (expense) income, net, was - $4.256 million, a decrease of - $15.687 million or -137.2% from $11.431 million in the prior-year quarter . Total cash lease revenues decreased by approximately $351,000, primarily due to a $2.4 million reduction in fixed base cash rents, largely offset by an increase in participation rent of approximately $4.4 million . Participation rent revenue recorded was approximately $4.9 million, significantly up from approximately $465,000 in the prior-year quarter . Net income from crop sales on direct-operated farms was approximately $1.9 million . Aggregate related-party fees decreased by approximately $35,000, while recurring cash operating expenses increased by approximately $786,000 . General and administrative expenses increased by approximately $101,000, and interest expense declined .<h4>Cash Flow</h4>Cash flows from operations for the current quarter increased by approximately $4.8 million to $9.295 million, compared to $4.467 million in the prior-year quarter .<h4>Debt and Equity Activity</h4>Gladstone Land Corporation redeemed all outstanding shares of its 5.00% Series D Cumulative Term Preferred Stock for approximately $60.6 million . The Company recorded approximately $1.4 million of interest patronage related to 2025 borrowings, resulting in a 21.0% reduction (approximately 95 basis points) to the interest rate on those borrowings . Under its “at-the-market” sales program, Gladstone Land Corporation sold 3,744,263 shares of common stock for net proceeds of approximately $36.7 million . It repurchased 123,897 shares of Series B and Series C Cumulative Redeemable Preferred Stock at an average price of $19.92 per share, yielding a total gain on repurchase of approximately $325,000 . Subsequent to March 31, 2026, the Company entered into a new revolving line of credit for up to $37.0 million and sold an additional 1,377,392 shares of common stock for net proceeds of approximately $14.1 million . An additional 171,283 shares of preferred stock were repurchased at an average price of $20.53 per share, resulting in a total gain on repurchase of approximately $346,000 . Total indebtedness was $486.030 million as of March 31, 2026, down from $561.339 million in the prior year .<h4>Balance Sheet and Operational Metrics</h4>Net investments in real estate and related assets, at cost, were $1,143.781 million, a -5.1% decrease from $1,204.803 million in the prior year . Total assets were $1,203.712 million, down from $1,281.736 million . Total equity was $688.325 million, a -1.5% decrease from $698.878 million . The Company owned 144 farms (down from 150) and approximately 98,688 acres (down from 103,001 acres) . The occupancy rate was 94.9%, a -1.0% change from 95.9% . Acre-feet of water assets owned increased to 55,649 from 55,350 . Gladstone Land Corporation maintains strong liquidity with over $145 million in immediately available capital and more than $110 million in unencumbered properties . Nearly 100% of its outstanding debt is at fixed interest rates .<h4>Distributions</h4>Gladstone Land Corporation paid monthly cash distributions totaling $0.1401 per share of common stock during the quarter and declared monthly cash distributions of $0.0467 per share for April, May, and June 2026 . The current per-share distribution on its common stock is $0.0467 per month, or $0.5604 per year .<h4>Outlook</h4>Gladstone Land Corporation anticipates a substantial majority of its 2026 revenue and earnings to be recognized in the fourth quarter due to a temporary shift toward greater participation-based revenues . The company expects to recognize additional revenue from the 2025 pistachio harvest later in 2026 . Management aims to return to more traditional lease structures with fixed base rents and continues to focus on acquiring additional water resources .

Gladstone Land | 8-K: FY2026 Q1 Revenue: USD 16.55 M