Gladstone Land 6 3/8% Cum Trm Pfd Series A Stock Earnings Reports

Gladstone Land reported a mixed quarter driven by strong 2025 crop results (particularly pistachios and almonds) and ongoing tenant and leasing challenges. The company holds ~99,000 acres across 144 farms and significant California water assets. Management saw higher participation rents and an early pistachio marketing bonus that boosted adjusted FFO to $3.1 million ($0.08 per share) versus $2.0 million a year ago. Net loss was ~$4.3 million for the quarter, and net loss to common was $10 million ($0.24/share). Management is pursuing a disciplined capital strategy: possible sales of a few farms (potentially 2–5) with proceeds earmarked primarily to pay down debt and buy back preferred stock; using ATM issuances and prior sales to reduce leverage; and actively repurchasing preferreds at attractive yields. Liquidity is solid with roughly $150 million of immediately available capital and $110M of unpledged properties; over 99% of debt is fixed at a 3.41% weighted average rate for ~2.5 years. Operationally, management continues modified leases and direct operations on certain properties, expects some vacant acres to be resolved (including via alternative uses such as fallowing incentives, water leases or solar), and does not anticipate a return to broad fixed-rent lease structures until interest rates and grower working capital conditions improve. Management expects pistachio pricing and marketing bonuses to be higher in 2026 vs. 2025 but exact amounts remain uncertain; water availability and prices are being actively managed and acquired to strengthen water security.