Revenue: As of FY2025 Q4, the actual value is USD 41.45 M.

EPS: As of FY2025 Q4, the actual value is USD -0.048.

Fourth Quarter 2025 Results (compared to Fourth Quarter 2024)

Operational Metrics

• Net Income: Increased to $4,212 thousand from $539 thousand, a 681.4% increase .
• Net Loss Attributable to Common Stockholders: Decreased to -$1,795 thousand from -$5,463 thousand, a 67.1% improvement .
• Adjusted Funds From Operations (AFFO) Available to Common Stockholders: Increased to $14,367 thousand from $3,362 thousand, a 327.3% increase .
• Total Operating Expenses: Increased to -$29,338 thousand from -$13,818 thousand, a 112.3% increase .
• Other Expense, Net: Increased to -$7,904 thousand from -$6,739 thousand, a 17.3% increase .

Cash Flow

• Cash Flows from Operations: Decreased to $10,613 thousand from $11,582 thousand, an 8.4% decrease .

Unique Metrics

• Cash Distributions Declared Per Common Share: Remained flat at $0.140 .
• Participation Rents: Increased by approximately $9.3 million .
• 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 .

Fiscal Year 2025 Results (compared to Fiscal Year 2024)

Operational Metrics

• Net Income: Increased slightly to $13,529 thousand from $13,290 thousand, a 1.8% increase .
• Net Loss Attributable to Common Stockholders: Remained relatively stable at -$10,484 thousand compared to -$10,455 thousand, a 0.3% increase in loss .
• Adjusted Funds From Operations (AFFO) Available to Common Stockholders: Decreased to $14,362 thousand from $16,721 thousand, a 14.1% decrease .
• Total Operating Expenses: Increased to -$68,268 thousand from -$55,942 thousand, a 22.0% increase .
• Other Expense, Net: Decreased to -$6,542 thousand from -$15,984 thousand, a 59.1% decrease .

Cash Flow

• Cash Flows from Operations: Decreased significantly to $6,993 thousand from $29,548 thousand, a 76.3% decrease .

Unique Metrics

• Cash Distributions Declared Per Common Share: Remained flat at $0.560 .
• Participation Rents: Recorded approximately $20.0 million in 2025, up from approximately $9.4 million in 2024 .
• 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 .
• 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% . 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) .
• Equity Activity: Sold approximately 1.8 million shares of common stock for net proceeds of approximately $16.9 million under the ATM Program .
• Farms and Acres Owned: The number of farms owned decreased to 144 from 157, and acres owned decreased to 98,688 from 111,190 .
• Occupancy Rate: Decreased to 95.1% from 96.2% .
• 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 .

Balance Sheet Data (as of December 31, 2025, compared to December 31, 2024)

• Net Investments in Real Estate and Related Assets: Decreased to $1,156,895 thousand from $1,259,591 thousand, an 8.2% decrease .
• Total Assets: Decreased to $1,239,172 thousand from $1,312,195 thousand, a 5.6% decrease .
• Total Indebtedness: Decreased to $535,927 thousand from $590,284 thousand, a 9.2% decrease .
• Total Equity: Decreased to $670,286 thousand from $687,182 thousand, a 2.5% decrease .

Outlook / Guidance

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 . The company anticipates recognizing additional revenue related to the 2025 pistachio harvest later in 2026 . Management aims to return to standard lease structures, while evaluating potential farm sales and pursuing opportunities to acquire additional water resources .