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Gladstone Land (LAND) investor relations material
Gladstone Land Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Owns 148 farms totaling 100,323 acres across 15 states, with 55,532 acre-feet of water assets, leased to over 80 tenants growing 60+ crop types.
No new farm acquisitions in 2025; disposed of 21 farms since December 31, 2023, including significant sales in Florida and Nebraska.
Lease structures increasingly emphasize participation rents, with base rents reduced or eliminated on some properties, shifting revenue recognition to Q4 2025.
Same-property occupancy decreased to 95.7% from 99.5% year-over-year, with 17 farms vacant, direct-operated, or on non-accrual status in Q3 2025.
Completed sale of Florida property for $21.5 million, a 36% premium over purchase price, generating a $6 million gain.
Financial highlights
Net income for Q3 2025 was $2.1 million, up from $6,000 in Q3 2024; net loss to common shareholders was $3.9 million ($0.11/share).
Total operating revenues for Q3 2025 were $17.8 million, down 21.2% year-over-year; nine-month revenues were $46.9 million, down 26.9%.
Adjusted FFO was $1.4 million ($0.04/share), down from $4.5 million ($0.13/share) year-over-year, mainly due to lease modifications, farm sales, and vacancies.
Aggregate net gain on property sales in 2025 was $21.6 million, primarily from Florida and Nebraska farm sales.
Paid monthly cash distributions totaling $0.1401 per share during the quarter.
Outlook and guidance
Most 2025 earnings expected in Q4 due to timing of crop share revenue recognition; first nine months will show wider earnings.
Higher participation rents anticipated in Q4 2025 as a result of lease modifications and strong crop pricing.
No new farm acquisitions are anticipated in the near term due to selective credit markets and limited access to favorable debt.
Market outlook for prime farmland remains stable; improvement seen in permanent crop prices and economics.
Current liquidity of $171.6 million, with $25.2 million in cash and $146.3 million available under credit facilities.
Impact of variable lease strategy on 2025 earnings
East vs West Coast disposition market conditions
Strategy for Series B preferred stock redemption
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Next Gladstone Land earnings date
Q4 202523 Feb, 2026
Next Gladstone Land earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Gladstone Land Corporation is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmers. The Company's mission is to contribute to America's food security by providing capital partners access to a portfolio of high-quality modern farms.
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