$LAND

GLADSTONE LAND Corp

CIK:0001495240|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES:
Lease revenue, net	$ 12,359	$ 12,296	$ 27,154	$ 29,098
Crop sales	333	0	2,082	0
Other operating revenue	0	0	8	1
Total operating revenues	12,692	12,296	29,244	29,099
OPERATING EXPENSES:
Depreciation and amortization	7,886	8,374	18,255	16,803
Property operating expenses	1,605	1,242	3,722	2,370
Cost of sales	(256)	0	(414)	0
Base management fee	1,944	1,990	3,890	4,048
Capital gains fee credit	0	(188)	0	0
Administration fee	724	572	1,443	1,213
General and administrative expenses	905	520	1,629	1,203
Impairment charge	4,194	0	5,078	0
Total operating expenses	17,002	12,510	33,603	25,637
OTHER INCOME (EXPENSE):
Other income	25	267	1,481	2,219
Interest expense	(4,664)	(4,976)	(9,390)	(10,154)
Dividends declared on cumulative term preferred stock	0	(755)	(243)	(1,509)
Gain (loss) on dispositions of real estate assets, net	438	(2,149)	(21)	13,261
Property and casualty (loss) recovery, net	(22)	0	(115)	137
Gain (loss) from investments in unconsolidated entities	73	(51)	(117)	(186)
Total other (expense) income, net	(4,150)	(7,664)	(8,405)	3,768
NET (LOSS) INCOME	(8,460)	(7,878)	(12,764)	7,230
Dividends declared on cumulative redeemable preferred stock	(5,862)	(6,002)	(11,850)	(12,004)
Gain on extinguishment of cumulative redeemable preferred stock, net	799	0	1,107	0
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (13,523)	$ (13,880)	$ (23,507)	$ (4,774)
NET LOSS PER COMMON SHARE:
Basic (in dollars per share)	$ (0.32)	$ (0.38)	$ (0.56)	$ (0.13)
Diluted (in dollars per share)	$ (0.32)	$ (0.38)	$ (0.56)	$ (0.13)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	42,911,176	36,184,658	41,889,429	36,184,658
Diluted (in shares)	42,911,176	36,184,658	41,889,429	36,184,658
NET (LOSS) INCOME
NET (LOSS) INCOME	$ (8,460)	$ (7,878)	$ (12,764)	$ 7,230
Change in fair value related to interest rate hedging instruments	349	(856)	427	(2,174)
COMPREHENSIVE (LOSS) INCOME	$ (8,111)	$ (8,734)	$ (12,337)	$ 5,056

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (12,764)	$ 7,230
Adjustments to reconcile net (loss) income to net provided by operating activities:
Depreciation and amortization	18,255	16,803
Impairment charge	5,078	0
Amortization of debt issuance costs	274	581
Straight-line rent adjustment	1,907	(842)
Amortization of deferred rent assets and liabilities, net	3,949	6,098
Amortization of right-of-use assets from operating leases and operating lease liabilities, net	50	49
Loss from investments in unconsolidated entities	117	186
Loss (gain) on dispositions of real estate assets, net	21	(13,261)
Property and casualty loss (recovery), net	115	(137)
Changes in operating assets and liabilities:
Crop inventory	(4,368)	(3,263)
Investments in water assets	(291)	(460)
Other assets, net	15,502	3,701
Accounts payable and accrued expenses	(1,374)	(7,150)
Due to related parties, net	366	270
Other liabilities, net	2,389	(1,389)
Net cash provided by operating activities	29,226	8,416
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures on existing real estate assets	(452)	(4,617)
Contributions to unconsolidated real estate entities	(74)	0
Proceeds from dispositions of real estate assets, net	0	62,012
Net cash (used in) provided by investing activities	(526)	57,395
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from lines of credit	66,200	0
Repayments of lines of credit	(45,300)	(3,400)
Borrowings from notes and bonds payable	0	10,600
Repayments of notes and bonds payable	(8,686)	(38,567)
Payments of financing fees	(349)	(69)
Proceeds from issuance of common equity	51,350	0
Offering costs	(547)	(8)
Dividends paid on cumulative redeemable preferred stock	(11,853)	(12,004)
Distributions paid on common stock	(11,792)	(10,139)
Net cash used in financing activities	(33,326)	(53,605)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(4,626)	12,206
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	27,177	18,275
CASH AND CASH EQUIVALENTS AT END OF PERIOD	22,551	30,481
NON-CASH INVESTING AND FINANCING INFORMATION:
Real estate additions included in Accounts payable and accrued expenses	719	425
Financing fees included in Accounts payable and accrued expenses	94	45
Series D Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemptions of cumulative preferred stock	(60,375)	0
Redeemable Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemptions of cumulative preferred stock	$ (11,974)	$ (18)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Real estate, at cost	$ 1,287,071	$ 1,297,013
Less: accumulated depreciation	(214,738)	(198,261)
Total real estate, net	1,072,333	1,098,752
Lease intangibles, net	2,934	3,129
Real estate and related assets held for sale, net	3,143	0
Cash and cash equivalents	22,551	27,177
Crop inventory	6,534	1,663
Investments in water assets	41,713	41,549
Other assets, net	42,988	66,902
TOTAL ASSETS	1,192,196	1,239,172
LIABILITIES:
Borrowings under lines of credit	21,100	200
Notes and bonds payable, net	464,934	473,435
Accounts payable and accrued expenses	17,502	22,005
Total Liabilities	519,085	568,886
Commitments and contingencies (Note 9)
EQUITY:
Common stock, $0.001 par value; 68,096,587 shares authorized, 43,136,573 shares issued and outstanding as of June 30, 2026; 65,100,617 shares authorized, 38,014,918 shares issued and outstanding as of December 31, 2025	43	38
Additional paid-in capital	908,539	870,847
Distributions in excess of accumulated earnings	(240,810)	(205,511)
Accumulated other comprehensive income	5,323	4,896
Total Equity	673,111	670,286
TOTAL LIABILITIES AND EQUITY	1,192,196	1,239,172
Related Party
LIABILITIES:
Other liabilities, net	3,210	2,844
Nonrelated Party
LIABILITIES:
Other liabilities, net	12,339	10,061
Series D Preferred Stock
LIABILITIES:
Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 0 shares authorized, issued, or outstanding as of June 30, 2026; 2,415,000 shares authorized, issued, and outstanding as of December 31, 2025	0	60,341
Series B Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	6	6
Series C Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	10	10
Series E Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 0	$ 0