Gladstone Land reports Q4 AFFO 38c, consensus 13c

Reports Q4 revenue $41.45M, consensus $32.50M. Participation rent increased by approximately $9.3M, driven mainly by recent lease modifications and improved year-over-year pistachio pricing, while fixed base cash rent revenue decreased by approximately $1.9M due to farm sales and ongoing vacancy. “We had a successful harvest on the property where we oversee growing operations, although the full financial impact has not yet been reflected in our results. While we incurred a full year of operating expenses in 2025, we have not yet recognized a full crop year’s worth of revenue, as a significant portion of the revenue from the 2025 pistachio harvest will be recognized later in 2026 following the completion of the marketing period,” said David Gladstone, president and CEO.