Quarterly ResultMay 11, 2026, 04:16 PM
Gladstone Land Q1 Net Loss $(4.3)M; AFFO $0.08/Share
AI Summary
Gladstone Land Corporation reported a net loss of $(4.3) million for the first quarter ended March 31, 2026, a decrease from net income of $15.1 million in the prior-year quarter. This was largely due to a timing shift in earnings recognition, with a substantial majority of 2026 revenue and earnings expected in the fourth quarter. Despite the net loss, Adjusted Funds From Operations (AFFO) increased 52.5% to $3.1 million, or $0.08 per share, and cash flows from operations more than doubled to $9.3 million. The company also redeemed $60.6 million in preferred stock, secured a new $37.0 million credit facility, and continued its ATM common stock sales program.
Key Highlights
- Net loss for Q1 2026 was $(4.3) million, compared to net income of $15.1 million in the prior-year quarter.
- AFFO increased 52.5% to $3.1 million, or $0.08 per share, from $2.0 million, or $0.06 per share.
- Cash flows from operations rose 108.1% to $9.3 million, up from $4.5 million in the prior-year quarter.
- Recorded $4.9 million in participation rent revenue, primarily from an early 2025 pistachio bonus payment.
- Redeemed all outstanding shares of 5.00% Series D Term Preferred Stock for approximately $60.6 million.
- Sold 3,744,263 common shares for net proceeds of $36.7 million under the ATM program.
- Entered into a new revolving line of credit with Farm Credit of Central Florida for up to $37.0 million.
- Declared monthly cash distributions of $0.0467 per common share for April, May, and June 2026.
Price Impact
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