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Gladstone Land Q3 profit surges on higher participation rents

By Reuters News


Overview

  • U.S. farmland REIT's Q3 net income and adjusted FFO rose sharply yr/yr on higher crop revenues

  • Results driven by higher participation rents and crop sales, especially pistachios and almonds

  • Company recorded $2.2 mln non-cash impairment and sold two Florida farms at a net loss


Outlook

  • Company expects majority of 2026 revenue and earnings to be recognized in second half

  • Gladstone Land anticipates strong pistachio pricing to partially offset lower 2026 crop yields

  • Company says almond prices are currently 18%-25% higher than last year


Result Drivers

  • PARTICIPATION RENTS - Higher participation rents, mainly from early recognition of a bonus payment for the 2025 pistachio crop and strong almond and pistachio prices, drove revenue growth

  • CROP SALES - Net profit from crop sales on direct-operated farms rose, supported by strong pricing for almonds and pistachios

  • LEASE MODIFICATIONS - Temporary shift to modified leases with higher participation-based revenues increased reliance on crop results for earnings recognition


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.14

Q3 Net Income

$11 mln

Q3 Adjusted FFO

$15.10 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the specialized reits peer group is "buy."

  • Wall Street's median 12-month price target for Gladstone Land Corporation is $9.75, about 39.7% above its November 9 closing price of $6.98


Reuters Recommended Reads

  • Nov 9 - Gladstone Investment Q2 investment income falls on lower success fees

  • Nov 9 - National Health Investors Q3 normalized FFO per share falls; net income up on gain from NHC portfolio sale

  • Nov 9 - Canada's CT REIT Q3 property revenue rises 6.7%


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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