<span item_type="fundamental" item_id="1a35180143bc8963249a7327230c2606" counter_id="ST/US/LANDO" env="prod"></span><span item_type="announcement" item_id="619762041250257921" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 41.45 M.</p><p>EPS: As of FY2025 Q4, the actual value is USD -0.048.</p><p></p><h3>Fourth Quarter 2025 Results (compared to Fourth Quarter 2024)</h3><h4>Operational Metrics</h4><ul><li>Net Income: Increased to $4,212 thousand from $539 thousand, a 681.4% increase <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Net Loss Attributable to Common Stockholders: Decreased to -$1,795 thousand from -$5,463 thousand, a 67.1% improvement <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Adjusted Funds From Operations (AFFO) Available to Common Stockholders: Increased to $14,367 thousand from $3,362 thousand, a 327.3% increase <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Total Operating Expenses: Increased to -$29,338 thousand from -$13,818 thousand, a 112.3% increase <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Other Expense, Net: Increased to -$7,904 thousand from -$6,739 thousand, a 17.3% increase <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h4>Cash Flow</h4><ul><li>Cash Flows from Operations: Decreased to $10,613 thousand from $11,582 thousand, an 8.4% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h4>Unique Metrics</h4><ul><li>Cash Distributions Declared Per Common Share: Remained flat at $0.140 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Participation Rents: Increased by approximately $9.3 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Crop Sales: Revenue of approximately $12.2 million, with approximately $9.6 million in cost of sales, resulted in net income of approximately $2.6 million from direct farming operations <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h3>Fiscal Year 2025 Results (compared to Fiscal Year 2024)</h3><h4>Operational Metrics</h4><ul><li>Net Income: Increased slightly to $13,529 thousand from $13,290 thousand, a 1.8% increase <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Net Loss Attributable to Common Stockholders: Remained relatively stable at -$10,484 thousand compared to -$10,455 thousand, a 0.3% increase in loss <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Adjusted Funds From Operations (AFFO) Available to Common Stockholders: Decreased to $14,362 thousand from $16,721 thousand, a 14.1% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Total Operating Expenses: Increased to -$68,268 thousand from -$55,942 thousand, a 22.0% increase <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Other Expense, Net: Decreased to -$6,542 thousand from -$15,984 thousand, a 59.1% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h4>Cash Flow</h4><ul><li>Cash Flows from Operations: Decreased significantly to $6,993 thousand from $29,548 thousand, a 76.3% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h4>Unique Metrics</h4><ul><li>Cash Distributions Declared Per Common Share: Remained flat at $0.560 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Participation Rents: Recorded approximately $20.0 million in 2025, up from approximately $9.4 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Property Sales: Sold 13 farms totaling 12,502 gross acres for approximately $95.4 million, generating an aggregate net gain of approximately $21.3 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Debt Activity: Secured a new $10.6 million loan at 6.31% (fixed for three years) and repaid $44.2 million of loans with a stated interest rate of 4.68% <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>. Interest patronage of approximately $1.7 million was recorded, reducing the 2024 interest rate on Farm Credit borrowings by 21.9% (approximately 101 basis points) <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Equity Activity: Sold approximately 1.8 million shares of common stock for net proceeds of approximately $16.9 million under the ATM Program <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Farms and Acres Owned: The number of farms owned decreased to 144 from 157, and acres owned decreased to 98,688 from 111,190 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Occupancy Rate: Decreased to 95.1% from 96.2% <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Water Assets: Purchased 1,530 gross acre-feet of water for approximately $583,000, increasing total acre-feet of water assets owned to 55,532 from 55,387 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h3>Balance Sheet Data (as of December 31, 2025, compared to December 31, 2024)</h3><ul><li>Net Investments in Real Estate and Related Assets: Decreased to $1,156,895 thousand from $1,259,591 thousand, an 8.2% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Total Assets: Decreased to $1,239,172 thousand from $1,312,195 thousand, a 5.6% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Total Indebtedness: Decreased to $535,927 thousand from $590,284 thousand, a 9.2% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li><li>Total Equity: Decreased to $670,286 thousand from $687,182 thousand, a 2.5% decrease <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</li></ul><h3>Outlook / Guidance</h3><p>Gladstone Land Corporation expects a similar revenue recognition pattern for 2026, with a significant portion of revenue and annual earnings recognized in the fourth quarter due to increased reliance on participation rents <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>. The company anticipates recognizing additional revenue related to the 2025 pistachio harvest later in 2026 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>. Management aims to return to standard lease structures, while evaluating potential farm sales and pursuing opportunities to acquire additional water resources <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524026000008/land_12312025x8kxexhx991.htm"></span>.</p>

Gladstone Land Pref Share LANDO 6 Perp 06/01/22 B | 8-K: FY2025 Q4 Revenue: USD 41.45 M