Gladstone Land Corp (NAS:LANDM.PFD)

Q1 2026 Gladstone Land Corp Earnings Call Transcript

May 12, 2026 / 12:30 PM GMT

Transcript 8-K10-Q

Key Points

Positve

Gladstone Land Corp (LAND) reported strong 2025 harvest results, particularly in almonds and pistachios, with yields meeting or exceeding projections.
The company has increased its liquidity by $50 million through adding unencumbered properties to existing and new credit facilities.
Gladstone Land Corp (LAND) successfully redeemed all of its Series B term preferred stock, avoiding a coupon step-up from 5% to 8%.
The company has been active in buying back preferred stock, achieving a total gain of nearly $700,000.
Gladstone Land Corp (LAND) has a strong water asset base, with over 56,000 acre-feet of water, primarily in California, which is crucial for its operations.

Negative

Gladstone Land Corp (LAND) reported a net loss of $4.3 million for the first quarter, with a net loss to common shareholders of $10 million or $0.24 per share.
The company is facing ongoing tenant-related issues, with some tenants placed on non-accrual status due to rent payment delays.
There are currently eight farms that are wholly or partially vacant, impacting revenue generation.
Fixed-based cash rents decreased by about $2.4 million for the quarter, primarily due to lost revenues from transitioned properties and tenants on non-accrual status.
The company is experiencing increased property operating expenses, driven by supplemental water costs and higher professional fees for protecting water rights.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LAND.OQ - Gladstone Land Corp
Q1 2026 Gladstone Land Corp Earnings Call
May 12, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings, and welcome to Gladstone Land Corporation first quarter earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad.

Please note this conference is being recorded.

I would now like to turn the call over to Mr. David Gladstone, Chairman and Chief Executive Officer.

Thank you. You may begin.

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Unidentified_2 [2]
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Well, thank you

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