LAND

EX-99.1

2 land_6302026x8kxexhx991.htm

EX-99.1

Document

EXHIBIT 99.1

Gladstone Land Announces

Second Quarter 2026 Results

Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision.

McLean, VA, August 11, 2026: Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) today reported financial results for the second quarter ended June 30, 2026. A description of funds from operations (“FFO”), core FFO (“CFFO”), and adjusted FFO (“AFFO”), all non-GAAP (generally accepted accounting principles in the United States) financial measures, appear at the end of this press release. All per-share references are to fully-diluted, weighted-average shares of common stock, unless noted otherwise.  For further detail, please refer to the Quarterly Report on Form 10-Q (the “Form 10-Q”), which is available on the Investors section of the Company’s website at www.GladstoneLand.com.

Second Quarter 2026 Highlights:

•Timing Shift in Earnings Recognition: For the 2026 crop year, three of our farms remain under modified lease agreements that include reduced or eliminated fixed base rent and, in some cases, cash lease incentives to tenants in exchange for significantly higher participation rent components. We also continue to operate two properties (consisting of four farms) under management agreements with third-party operators. Collectively, these properties are referred to as our “Repositioned Farms,” reflecting a temporary shift toward greater participation-based revenues. These arrangements increase our reliance on participation rents, which are generally recognized once crop results are known, typically in the fourth quarter. Consequently, consistent with 2025, a substantial majority of our 2026 revenue and earnings is expected to be recognized in the fourth quarter.

•Portfolio Activity:

◦Lease Activity: Executed seven amended or new lease agreements expected to result in an aggregate decrease in annual net operating income of approximately $931,000, primarily due to the renewal of one lease whereby we reduced the base rent in exchange for adding a participation rent component to the lease.

◦Participation Rents: Recorded approximately $201,000 of participation rent revenue, compared to approximately $142,000 in the prior-year quarter, primarily reflecting higher almond prices.

◦Crop Sales: Recorded net profit from crop sales on direct-operated farms of approximately $589,000, primarily driven by the harvest and sale of an orange crop on a farm in Florida following the early termination of the prior tenant's lease, coupled with favorable almond pricing.

◦Impairment: Recorded a non-cash impairment charge of approximately $4.2 million related to four farms in Arizona.

•Debt Activity—New Farm Credit Facility: Entered into a new revolving line of credit with Farm Credit of Central Florida, ACA, that provides for borrowings of up to $37.0 million through April 1, 2030.

•Equity Activity:

◦Registration Statement: Filed a new registration statement, which the SEC declared effective on April 23, 2026, permitting us to issue up to an aggregate of $1.0 billion of securities over the next three years.

◦Common Stock—ATM Program: Issued and sold 1,377,392 shares of our common stock for net proceeds of approximately $14.1 million under our "at-the-market" sales program (the “ATM Program”).

◦Repurchase Program: Repurchased a total of 419,313 shares of our 6.00% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) and our 6.00% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) at an average repurchase price of $20.61 per share for a total gain on repurchase of approximately $806,000.

•Paid Distributions: Paid monthly cash distributions totaling $0.1401 per share of common stock during the quarter ended June 30, 2026.

Second Quarter 2026 Results:

Net loss for the quarter was approximately $8.5 million, compared to approximately $7.9 million in the prior-year quarter. Net loss attributable to common stockholders during the quarter was approximately $13.5 million, or $0.32 per share, compared to approximately $13.9 million, or $0.38 per share, in the prior-year quarter. AFFO for the quarter was approximately $(1.6) million, or $(0.04) per share, compared to approximately $(3.5) million, or $(0.10) per share, in the prior-year quarter. Common stock dividends declared were approximately $0.14 per share for both periods.

Total cash lease revenues increased by approximately $959,000, or 7.9%, primarily due to an increase in fixed base cash rents of approximately $899,000, driven by recently executed new and amended leases and cash rent collected during the current quarter from certain tenants that remain on non-accrual status, partially offset by lost revenue from recent farm sales. In addition, participation rent increased modestly, primarily