Gladstone Land Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Gladstone Land Corp reported revenue of $88.3M (+3.7% year on year) and net income of $13.5M (+1.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Lease revenue, net | $76.1M | $84.8M | $90.3M | $89.2M |
| Crop sales | $12.2M | — | — | — |
| Other operating revenue | $50.0K | $453.0K | $79.0K | — |
| Total operating revenues | $88.3M | $85.2M | $90.4M | $89.2M |
| Depreciation and amortization | $34.5M | $35.1M | $37.2M | $35.4M |
| Property operating expenses | $6.7M | $5.3M | $4.2M | $2.8M |
| Cost of sales | $9.6M | — | — | — |
| Base management fee | $8.0M | $8.4M | $8.6M | $8.3M |
| Incentive fee | $2.7M | $109.0K | $1.8M | $3.2M |
| Administration fee | $2.6M | $2.5M | $2.3M | $2.0M |
| General and administrative expenses | $2.3M | $2.6M | $2.9M | $2.7M |
| Write-off of costs associated with offering of Series E cumulative redeemable preferred stock | $547.0K | $0 | $0 | $853.0K |
| Impairment charge | $3.9M | $2.1M | — | — |
| Total operating expenses | $71.0M | $56.1M | — | — |
| Incentive fee waiver | ($2.7M) | ($109.0K) | — | — |
| Total operating expenses, net of credits to fees | $68.3M | $55.9M | $56.9M | $55.3M |
| Other income | $2.5M | $3.4M | $3.6M | $3.4M |
| Interest expense | ($20.0M) | ($21.9M) | ($23.7M) | ($25.7M) |
| Dividends declared on cumulative term preferred stock | ($3.0M) | ($3.0M) | ($3.0M) | ($3.0M) |
| Gain on dispositions of real estate assets, net | $13.9M | — | — | — |
| Property and casualty recovery (loss), net | $137.0K | ($284.0K) | ($1.0M) | ($56.0K) |
| Loss from investments in unconsolidated entities | ($26.0K) | ($60.0K) | ($59.0K) | ($73.0K) |
| Total other expense, net | ($6.5M) | ($16.0M) | ($18.9M) | ($29.2M) |
| Dividends declared on cumulative redeemable preferred stock | ($24.0M) | ($24.3M) | ($24.4M) | ($19.7M) |
| (Loss) gain on extinguishment of cumulative redeemable preferred stock, net | ($5.0K) | $505.0K | ($46.0K) | ($25.0K) |
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ($10.5M) | ($10.5M) | ($9.9M) | ($15.0M) |
| Basic (in dollars per share) | -$0.29 | -$0.29 | -$0.28 | -$0.43 |
| Diluted (in dollars per share) | -$0.29 | -$0.29 | -$0.28 | -$0.43 |
| Basic (in shares) | 36.5M | 35.9M | 35.7M | 34.6M |
| Diluted (in shares) | 36.5M | 35.9M | 35.7M | 34.6M |
| NET INCOME: | $13.5M | $13.3M | $14.6M | $4.7M |
| Change in fair value related to interest rate hedging instruments | ($2.7M) | $266.0K | ($1.6M) | $10.0M |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $10.8M | $13.6M | $12.9M | $14.8M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Lease revenue, net | $12.4M | $14.8M | $17.7M | $12.3M |
| Crop sales | $333.0K | $1.7M | — | — |
| Other operating revenue | $0 | $8.0K | $49.0K | $0 |
| Total operating revenues | $12.7M | $16.6M | $17.8M | $12.3M |
| Depreciation and amortization | $7.9M | $10.4M | $8.4M | $8.4M |
| Property operating expenses | $1.6M | $2.1M | $1.4M | $1.2M |
| Cost of sales | ($256.0K) | ($158.0K) | — | — |
| Base management fee | $1.9M | $1.9M | $2.0M | $2.0M |
| Capital gains fee credit | $0 | $0 | — | ($188.0K) |
| Administration fee | $724.0K | $720.0K | $650.0K | $572.0K |
| General and administrative expenses | $905.0K | $723.0K | $556.0K | $520.0K |
| Impairment charge | $4.2M | $884.0K | $316.0K | — |
| Total operating expenses | $17.0M | $16.6M | $13.3M | $12.5M |
| Other income | $25.0K | $1.5M | $79.0K | $267.0K |
| Interest expense | ($4.7M) | ($4.7M) | ($4.8M) | ($5.0M) |
| Dividends declared on cumulative term preferred stock | $0 | ($243.0K) | ($755.0K) | ($755.0K) |
| Gain (loss) on dispositions of real estate assets, net | $438.0K | ($459.0K) | $3.1M | — |
| Property and casualty (loss) recovery, net | ($22.0K) | ($93.0K) | $0 | $0 |
| Gain (loss) from investments in unconsolidated entities | $73.0K | ($191.0K) | $58.0K | ($51.0K) |
| Total other (expense) income, net | ($4.2M) | ($4.3M) | ($2.4M) | ($7.7M) |
| Dividends declared on cumulative redeemable preferred stock | ($5.9M) | ($6.0M) | ($6.0M) | ($6.0M) |
| Gain on extinguishment of cumulative redeemable preferred stock, net | $799.0K | $308.0K | $0 | $0 |
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ($13.5M) | ($10.0M) | ($3.9M) | ($13.9M) |
| Basic (in dollars per share) | -$0.32 | -$0.24 | -$0.11 | -$0.38 |
| Diluted (in dollars per share) | -$0.32 | -$0.24 | -$0.11 | -$0.38 |
| Basic (in shares) | 42.9M | 40.9M | 36.2M | 36.2M |
| Diluted (in shares) | 42.9M | 40.9M | 36.2M | 36.2M |
| NET (LOSS) INCOME | ($8.5M) | ($4.3M) | $2.1M | ($7.9M) |
| Change in fair value related to interest rate hedging instruments | $349.0K | $78.0K | ($409.0K) | ($856.0K) |
| COMPREHENSIVE (LOSS) INCOME | ($8.1M) | ($4.2M) | $1.7M | ($8.7M) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Real estate, at cost | $1.3B | $1.3B | $1.4B | $1.4B |
| Less: accumulated depreciation | ($198.3M) | ($167.8M) | ($142.2M) | ($107.0M) |
| Total real estate, net | $1.1B | $1.2B | $1.2B | $1.3B |
| Lease intangibles, net | $3.1M | $3.6M | $4.8M | $5.7M |
| Real estate and related assets held for sale, net | $0 | $46.3M | $53.6M | — |
| Cash and cash equivalents | $27.2M | $18.3M | $18.6M | $61.1M |
| Crop inventory | $1.7M | — | — | — |
| Investments in water assets | $41.5M | — | — | — |
| Other assets, net | $66.9M | $87.2M | $68.8M | $65.0M |
| TOTAL ASSETS | $1.2B | $1.3B | $1.4B | $1.5B |
| Borrowings under lines of credit | $200.0K | $3.6M | $200.0K | $100.0K |
| Notes and bonds payable, net | $473.4M | $523.9M | $573.9M | $626.4M |
| Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of December 31, 2025, and December 31, 2024 | $60341000.00 | $59930000.00 | $59519000.00 | $59107000.00 |
| Accounts payable and accrued expenses | $22.0M | $18.4M | $10.3M | $16.3M |
| Other liabilities, net | $12.9M | $19.2M | $23.8M | $19.6M |
| Total Liabilities | $568.9M | $625.0M | $667.7M | $725.9M |
| Cumulative redeemable preferred stock | $16.0K | $16.0K | $16.0K | $16.0K |
| Common stock, $0.001 par value; 48,364,270 shares authorized, 38,014,918 shares issued and outstanding as of December 31, 2025; 48,359,920 shares authorized, 36,184,658 shares issued and outstanding as of December 31, 2024 | 38.0K | 36.0K | 36.0K | 35.0K |
| Additional paid-in capital | $870.8M | $854.1M | $856.2M | $836.7M |
| Distributions in excess of accumulated earnings | ($205.5M) | ($174.6M) | ($144.0M) | ($114.4M) |
| Accumulated other comprehensive income | $4.9M | $7.6M | $7.4M | $9.0M |
| Total Equity | $670.3M | $687.2M | $719.6M | $731.4M |
| TOTAL LIABILITIES AND EQUITY | $1.2B | $1.3B | $1.4B | $1.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Real estate, at cost | $1.3B | $1.3B | $1.3B | $1.3B |
| Less: accumulated depreciation | ($214.7M) | ($208.3M) | ($190.2M) | ($183.2M) |
| Total real estate, net | $1.1B | $1.1B | $1.1B | $1.1B |
| Lease intangibles, net | $2.9M | $3.0M | $3.2M | $3.3M |
| Real estate and related assets held for sale, net | $3.1M | — | $0 | $14.5M |
| Cash and cash equivalents | $22.6M | $8.6M | $11.3M | $30.5M |
| Crop inventory | $6.5M | $4.3M | — | — |
| Investments in water assets | $41.7M | $41.7M | $41.5M | $41.1M |
| Other assets, net | $43.0M | $58.3M | $48.6M | $39.7M |
| TOTAL ASSETS | $1.2B | $1.2B | $1.2B | $1.3B |
| Borrowings under lines of credit | $21.1M | $16.7M | $200.0K | $200.0K |
| Notes and bonds payable, net | $464.9M | $467.5M | $480.2M | $496.2M |
| 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 | $0.00 | $0.00 | $60238000.00 | $60135000.00 |
| Accounts payable and accrued expenses | $17.5M | $18.2M | $10.0M | $13.8M |
| Other liabilities, net | $15.5M | $12.9M | $13.4M | $18.2M |
| Total Liabilities | $519.1M | $515.4M | $564.0M | $588.5M |
| Cumulative redeemable preferred stock | $16.0K | $16.0K | $16.0K | $16.0K |
| 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 | 43.0K | 42.0K | 36.0K | 36.0K |
| Additional paid-in capital | $908.5M | $904.6M | $855.2M | $854.0M |
| Distributions in excess of accumulated earnings | ($240.8M) | ($221.3M) | ($198.5M) | ($189.5M) |
| Accumulated other comprehensive income | $5.3M | $5.0M | $5.0M | $5.5M |
| Total Equity | $673.1M | $688.3M | $661.8M | $670.1M |
| TOTAL LIABILITIES AND EQUITY | $1.2B | $1.2B | $1.2B | $1.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $13.5M | $13.3M | $14.6M | $4.7M |
| Depreciation and amortization | $34.5M | $35.1M | $37.2M | $35.4M |
| Impairment charge | $3.9M | $2.1M | — | — |
| Amortization of debt issuance costs | $1.2M | $990.0K | $1.1M | $1.1M |
| Amortization of deferred rent assets and liabilities, net | $11.2M | $2.1M | $534.0K | ($482.0K) |
| Amortization of right-of-use assets from operating leases and operating lease liabilities, net | $100.0K | $56.0K | $92.0K | $90.0K |
| Loss from investments in unconsolidated entities | $26.0K | $60.0K | $59.0K | $73.0K |
| Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series E) | $547.0K | $0 | $0 | — |
| Gain on dispositions of real estate assets, net | ($13.9M) | ($5.9M) | ($5.2M) | $3.8M |
| Property and casualty (recovery) loss, net | ($137.0K) | $284.0K | $1.0M | $56.0K |
| Crop inventory | ($1.1M) | — | — | — |
| Investments in water assets | ($1.3M) | — | — | — |
| Other assets, net | ($21.6M) | ($11.3M) | ($6.9M) | ($7.5M) |
| Accounts payable and accrued expenses | ($13.9M) | ($6.1M) | ($3.4M) | $5.7M |
| Due to related parties, net | ($128.0K) | — | — | — |
| Other liabilities, net | ($6.2M) | ($1.5M) | $962.0K | $52.0K |
| Net cash provided by operating activities | $7.0M | $29.5M | $40.1M | $43.8M |
| Capital expenditures on existing real estate assets | ($7.2M) | ($5.2M) | ($12.8M) | ($20.1M) |
| Contributions to unconsolidated real estate entities | ($68.0K) | $0 | $0 | ($2.7M) |
| Proceeds from dispositions of real estate assets, net | $91.3M | $68.5M | $9.0M | $0 |
| Net cash provided by (used in) investing activities | $84.1M | $63.3M | ($3.8M) | ($85.5M) |
| Borrowings from lines of credit | $2.9M | $3.4M | $200.0K | $0 |
| Repayments of lines of credit | ($6.3M) | $0 | ($100.0K) | $0 |
| Borrowings from notes and bonds payable | $10.6M | $0 | $0 | $9.9M |
| Repayments of notes and bonds payable | ($61.6M) | ($50.5M) | ($53.0M) | ($51.7M) |
| Payments of financing fees | ($114.0K) | ($50.0K) | ($192.0K) | ($948.0K) |
| Proceeds from issuance of preferred and common equity | $17.1M | $5.1M | $21.3M | $188.1M |
| Offering costs | ($180.0K) | ($104.0K) | ($763.0K) | ($13.8M) |
| Redemptions of cumulative redeemable preferred stock | ($102.0K) | ($6.6M) | ($1.2M) | ($901.0K) |
| Dividends paid on cumulative redeemable preferred stock | ($24.0M) | ($24.2M) | ($25.3M) | ($18.1M) |
| Distributions paid on common stock | ($20.5M) | ($20.1M) | ($19.8M) | ($18.9M) |
| Net cash used in financing activities | ($82.2M) | ($93.2M) | ($78.9M) | $86.1M |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $8.9M | ($296.0K) | ($42.6M) | $44.4M |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $18.3M | $18.6M | $61.1M | $16.7M |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $27.2M | $18.3M | $18.6M | $61.1M |
| Interest paid | $22.8M | $24.4M | $26.2M | $25.3M |
| Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net | $254.0K | $802.0K | $441.0K | $2.7M |
| Tenant-funded improvements included within Real estate, at cost | $0 | $0 | $25.0K | — |
| Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net | $0 | $4.0K | $11.0K | $108.0K |
| Financing fees included in Accounts payable and accrued expenses and Due to related parties, net | $0 | $0 | $7.0K | $42.0K |
| Dividends paid on Series C Preferred Stock via additional share issuances | $0 | $0 | $320.0K | $788.0K |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net (loss) income | ($12.8M) | ($4.3M) | $9.3M | $7.2M |
| Depreciation and amortization | $18.3M | $10.4M | $25.2M | $16.8M |
| Impairment charge | $5.1M | $884.0K | $316.0K | — |
| Amortization of debt issuance costs | $274.0K | $149.0K | $801.0K | $581.0K |
| Straight-line rent adjustment | $1.9M | $1.1M | — | — |
| Amortization of deferred rent assets and liabilities, net | $3.9M | $2.0M | $9.1M | $6.1M |
| Amortization of right-of-use assets from operating leases and operating lease liabilities, net | $50.0K | $25.0K | $74.0K | $49.0K |
| Loss from investments in unconsolidated entities | $117.0K | $191.0K | $128.0K | $186.0K |
| Loss (gain) on dispositions of real estate assets, net | $21.0K | $459.0K | ($16.3M) | ($13.3M) |
| Property and casualty loss (recovery), net | $115.0K | $93.0K | ($137.0K) | ($137.0K) |
| Crop inventory | ($4.4M) | ($1.9M) | — | — |
| Investments in water assets | ($291.0K) | ($143.0K) | ($909.0K) | ($460.0K) |
| Other assets, net | $15.5M | $3.0M | ($12.8M) | ($510.0K) |
| Accounts payable and accrued expenses | ($1.4M) | ($2.7M) | ($12.6M) | ($7.2M) |
| Due to related parties, net | $366.0K | $278.0K | ($279.0K) | $270.0K |
| Other liabilities, net | $2.4M | ($194.0K) | ($5.6M) | ($1.4M) |
| Net cash provided by operating activities | $29.2M | $9.3M | ($3.6M) | $8.4M |
| Capital expenditures on existing real estate assets | ($452.0K) | ($219.0K) | ($6.1M) | ($4.6M) |
| Contributions to unconsolidated real estate entities | ($74.0K) | — | — | — |
| Proceeds from dispositions of real estate assets, net | $0 | $0 | $82.5M | $62.0M |
| Net cash (used in) provided by investing activities | ($526.0K) | ($219.0K) | $76.4M | $57.4M |
| Borrowings from lines of credit | $66.2M | $40.8M | — | — |
| Repayments of lines of credit | ($45.3M) | ($24.3M) | ($3.4M) | ($3.4M) |
| Borrowings from notes and bonds payable | $0 | — | $10.6M | $10.6M |
| Repayments of notes and bonds payable | ($8.7M) | ($6.0M) | ($54.7M) | ($38.6M) |
| Payments of financing fees | ($349.0K) | ($13.0K) | ($114.0K) | ($69.0K) |
| Redemptions of cumulative preferred stock | ($72.3M) | ($63.1M) | ($31.0K) | ($18.0K) |
| Proceeds from issuance of common equity | $51.4M | $37.1M | — | — |
| Offering costs | ($547.0K) | ($374.0K) | ($20.0K) | ($8.0K) |
| Dividends paid on cumulative redeemable preferred stock | ($11.9M) | ($6.0M) | ($18.0M) | ($12.0M) |
| Distributions paid on common stock | ($11.8M) | ($5.8M) | ($15.2M) | ($10.1M) |
| Net cash used in financing activities | ($33.3M) | ($27.6M) | ($79.7M) | ($53.6M) |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ($4.6M) | ($18.6M) | ($7.0M) | $12.2M |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $27.2M | $27.2M | $18.3M | $18.3M |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $22.6M | $8.6M | $11.3M | $30.5M |
| Real estate additions included in Accounts payable and accrued expenses | $719.0K | $428.0K | $878.0K | $425.0K |
| Financing fees included in Accounts payable and accrued expenses | $94.0K | $54.0K | — | $45.0K |
Gladstone Land Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.