Gladstone Land Corporation

Gladstone Land Corporation signaled it may sell additional farms over the next few quarters as part of an ongoing portfolio review, while also evaluating refinancing options for about $148 million of loans with fixed-rate terms scheduled to reset over the next year. During its second quarter 2026 earnings call, management disclosed the sale of two citrus farms in Florida for about $3 million after the original tenant defaulted, and said proceeds from future sales could be used to pay down debt and repurchase preferred stock. The company reported a net loss of about $8.5 million and adjusted funds from operations of negative $1.6 million, while noting it has about $125 million of immediately available capital and over 95% of borrowings at fixed rates with a weighted average interest rate of 3.45%. Management also highlighted stronger pistachio pricing, with a processor announcing expected final pricing for the 2025 crop of at least $2.70 per pound and initial 2026 pricing of $2.50 per pound, though it declined to provide guidance on participation rents due to yield uncertainty. The company has six leases expiring over the next six months representing about 3.5% of leasing revenue for the year ending 2026, and expects to renew each of them.