Gladstone Land (LAND) Q4 2025 Earnings Transcript
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 26, 2026
AI-Generated Deep Dive Summary
Gladstone Land (LAND) reported strong financial results in its Q4 2025 earnings transcript, highlighting key achievements and strategic moves. The company sold six farms for $95 million, realizing gains of $21 million, while retaining ownership of 144 farms spanning nearly 99,000 acres across fourteen states. Direct operations yielded a net profit of $2.6 million from crop sales, marking its first harvest year under direct operation. Adjusted Funds From Operations (AFFO) for the quarter rose to $14.4 million, or $0.38 per share, up significantly from the prior year’s $3.4 million ($0.09 per share). However, annual AFFO dipped slightly compared to 2024.
Lease modifications played a crucial role in revenue adjustments, with participation rents increasing by $9.3 million for the quarter and $10.6 million for the year, driven by lease restructuring and higher pistachio pricing. Meanwhile, fixed base cash rents declined due to these changes, reflecting strategic shifts in rental income strategies. Despite this, nine farms remained wholly or partially vacant, impacting revenue and operational efficiency. Gladstone Land maintained strong liquidity with $85 million in immediately available capital and unpledged properties valued at over $185 million.
The company successfully managed its debt and financing by repaying a $4 million property-secured note and redeeming Series D preferred stock to prevent an 8% coupon hike, which was funded through a $50 million common stock sale and a line of credit draw. Gladstone Land also demonstrated prudent interest rate
Verticals
financeinvesting
Originally published on The Motley Fool on 2/26/2026