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.