• Reported GAAP EPS of -$0.05 up 66.67% YoY • Reported revenue of $41.45M up 96.50% YoY • Gladstone Land expects to follow a similar revenue recognition pattern for 2026, with a significant portion of 2025 pistachio harvest revenue recognized later in 2026.
Bullish
Gladstone Land saw significant growth in participation rents and improved Q4 profitability, with net income and AFFO rising. Favorable market trends for key crops and a strong balance sheet also supported the company.
Bearish
Gladstone Land faced reduced annual net operating income from permanent crop leases and decreased cash flows from operations. The company also experienced lower fixed base rent due to vacancy and increased property operating costs.