GLADSTONE LAND Corp (LAND) Form 10-Q — Aug 11, 2026

$LANDForm 10-QFiled Aug 11, 2026, 4:01 PM ET0001495240-26-000021Original filing

Gladstone Land reported a Q2 2026 net loss of $8.5 million (a loss of $0.32 per share) on total operating revenues of $12.7 million, with six-month results swinging to a $12.8 million net loss from $7.2 million of net income a year earlier, when gains on Florida farm sales had flattered results. The quarter included a $4.2 million impairment on a Yuma County, Arizona property, and the REIT is now recognizing rent on a cash basis for 11 farms over tenant collectibility concerns — driving negative lease revenue in Nebraska and Arizona — while 10 farms sit wholly or partially vacant.

Key figures

Eps: -$0.32 (Q2 2026 basic and diluted) vs -$0.38 (Q2 2025); -$0.56 (six months 2026) vs -$0.13 (six months 2025)
Revenue: $12.692 million (Q2 2026) vs $12.296 million (Q2 2025); $29.244 million (six months 2026) vs $29.099 million (six months 2025)
Net Income: -$8.460 million (Q2 2026); -$12.764 million (six months 2026) vs +$7.230 million (six months 2025)
Total Debt: $486.034 million ($21.1 million lines of credit + $464.934 million notes and bonds payable, net)
Revenue Yoy: +3.2% Q2 total operating revenues; six-month lease revenue -6.7% ($27.154M vs $29.098M)
Cash Position: $22.551 million (June 30, 2026)
Shares Outstanding: 43,136,573 (as of August 10, 2026)
Portfolio: 144 farms, 98,688 acres across 14 states; 55,649 acre-feet of California water assets
Total equity: $673.111 million (June 30, 2026)
Fixed rate debt: 95.7% of borrowings fixed at 3.45% weighted-average effective rate, 2.3-year average remaining term
Lease revenue q2: $12.359 million (Q2 2026) vs $12.296 million (Q2 2025)
Impairment charges: $4.2 million (Q2 2026); $5.1 million (six months 2026) — St. Lucie County, FL and Yuma County, AZ properties
Common distribution: $0.0467 per share monthly ($0.1401 quarterly), unchanged
Series d redemption: $60.6 million paid to redeem all Series D Term Preferred on January 30, 2026
Farm credit facility: $37.0 million revolving line, matures April 1, 2030, undrawn at quarter end
Atm issuance six months: 5,121,655 shares sold for $51.350 million gross / $50.806 million net at $10.03 weighted-average price
Preferred repurchases six months: $11.110 million gross (182,312 Series B shares at $20.66 avg; 360,898 Series C shares at $20.34 avg)
Net loss attributable to common q2: -$13.523 million (Q2 2026); -$23.507 million (six months 2026)

Price after filing

1 day: -2.5%7 days: -1.3%30 days: +13.4%

Close on the filing date to close N calendar days later (from $8.34). Historical, not a forecast.

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