Gladstone Land Q1 adjusted FFO rises despite lower revenue

Gladstone Land

11/05/2026 21:39

Overview

U.S. farmland REIT's Q1 operating revenue fell 1.5% yr/yr; net loss reported

Adjusted FFO for Q1 rose 52% yr/yr despite lower operating revenue

Quarterly results impacted by timing shift to participation-based rents; majority of 2026 revenue expected in Q4

Outlook

Gladstone Land expects most 2026 revenue and earnings to be recognized in the fourth qtr

Company says market trends for pistachios and almonds remain favorable with strong demand

Gladstone Land aims to return to traditional lease structures with fixed base rents

Result Drivers

LEASE STRUCTURE SHIFT - Shift to participation-based rents on several farms delayed revenue recognition, with most 2026 revenue expected in Q4

EARLY PISTACHIO BONUS - Participation rent and crop sales income rose due to an early bonus payment from the 2025 pistachio crop

LOWER FIXED RENTS - Cash lease revenues fell due to reduced fixed base rents from farm sales, transitions to direct operations, and vacant properties

Company press release: ID:nACScrDMVa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Operating Revenues
$16.55 mln
Q1 EPS
-$0.24
Q1 Net Income
-$4.31 mln
Q1 Adjusted FFO
$3.10 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the specialized reits peer group is "buy."

Wall Street's median 12-month price target for Gladstone Land Corp is $12.00, about 23.3% above its May 8 closing price of $9.73

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)