---
title: "GLADSTONE LAND CORP 6% CUM RED PFD SER C | 10-K: FY2025 Revenue: USD 88.34 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/276786364.md"
datetime: "2026-02-24T21:10:34.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276786364.md)
  - [en](https://longbridge.com/en/news/276786364.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276786364.md)
---

# GLADSTONE LAND CORP 6% CUM RED PFD SER C | 10-K: FY2025 Revenue: USD 88.34 M

Revenue: As of FY2025, the actual value is USD 88.34 M.

EPS: As of FY2025, the actual value is USD -0.29.

EBIT: As of FY2025, the actual value is USD 37.59 M.

#### Segment Revenue

For the year ended December 31, 2025, total lease revenue was $76,125 thousand. California was the largest contributor, accounting for $49,956 thousand (65.6%) of total lease revenue. Other significant states included Florida with $8,975 thousand (11.8%), Colorado with $4,584 thousand (6.0%), and Washington with $4,384 thousand (5.8%).

#### Operational Metrics

**Year-over-Year Comparison (2025 vs. 2024):** **Net Income**: Increased by 1.8% to $13,529 thousand in 2025 from $13,290 thousand in 2024. **Operating Income**: Decreased by -31.4% to $20,071 thousand in 2025 from $29,274 thousand in 2024. **Total Operating Revenues**: Increased by 3.7% to $88,339 thousand in 2025 from $85,216 thousand in 2024. Fixed Lease Payments decreased by -30.8% to $51,180 thousand in 2025. Variable Lease Payments (Participation Rents) increased by 113.1% to $20,031 thousand in 2025. Variable Lease Payments (Tenant Reimbursements and Other) increased by 248.5% to $4,914 thousand in 2025. Crop Sales were $12,164 thousand in 2025, compared to $0 thousand in 2024. **Total Operating Expenses**: Increased by 22.0% to $68,268 thousand in 2025 from $55,942 thousand in 2024. Depreciation and Amortization decreased by -1.4% to $34,549 thousand in 2025. Property Operating Expenses increased by 25.5% to $6,696 thousand in 2025. Cost of Sales was $9,588 thousand in 2025, compared to $0 thousand in 2024. Impairment Charge increased by 86.2% to $3,921 thousand in 2025. **Gain on Dispositions of Real Estate Assets, Net**: Increased by 135.8% to $13,882 thousand in 2025 from $5,886 thousand in 2024.

#### Cash Flow

**Year-over-Year Comparison (2025 vs. 2024):** **Net Cash Provided by Operating Activities**: Decreased by -76.3% to $6,993 thousand in 2025 from $29,548 thousand in 2024. **Net Cash Provided by Investing Activities**: Increased by 32.8% to $84,066 thousand in 2025 from $63,308 thousand in 2024. **Net Cash Used in Financing Activities**: The outflow decreased by 11.8% to -$82,157 thousand in 2025 from -$93,152 thousand in 2024.

#### Unique Metrics

**Portfolio Status (as of December 31, 2025):** The company managed 144 farms totaling 98,688 acres, with 55,532 acre-feet of water assets in California. Occupancy rate was 95.0%, and the weighted-average remaining agricultural lease term was 4.7 years. Approximately 97.9% of borrowings bore interest at fixed rates, with a weighted-average effective interest rate of 3.39% over a 2.7-year remaining fixed-price term. The weighted-average term to maturity of notes and bonds payable was 6.6 years.

**Direct-Operated Farm Performance (Year Ended December 31, 2025):** Crop Sales Revenues were $12,164 thousand, with a Cost of Sales of $9,588 thousand.

#### Outlook / Guidance

GLADSTONE LAND CORPORATION anticipates meeting its long-term liquidity needs through existing credit facilities, long-term mortgage indebtedness, bond issuances, and future equity issuances. The company is actively pursuing acquisitions of additional farms and farm-related assets that align with its investment criteria. While farms are well-positioned for water availability in the 2026 growing season, prolonged disruptions to export markets could negatively impact lease structures and participation rent levels.

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