Overview

* Gladstone Land ( LAND ) Q3 operating revenues fell 21.2% yr/yr due to lease modifications

* Net income for Q3 was $2.1 mln, compared to $6,000 last year

* Adjusted FFO for Q3 decreased 68.8% yr/yr

Outlook

* Gladstone Land ( LAND ) expects majority of 2025 revenue to be recognized in Q4 due to lease changes

* Company anticipates favorable pistachio and almond market trends with pricing up 15% and 24%

* Gladstone Land ( LAND ) may sell farms if satisfactory lease terms are not reached

Result Drivers

* LEASE MODIFICATIONS - Shift from fixed base rents to participation rents delayed revenue recognition, affecting Q3 results

* FARM SALES - Sale of two farms in Florida resulted in a net gain, contributing positively to financial results

* VACANCY CHALLENGES - Ongoing vacancy and tenancy issues reduced cash lease revenues, impacting financial performance

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $17.79

Operatin mln

g

Revenues

Q3 EPS -$0.11

Q3 Net $2.09

Income mln

Q3 $1.41

Adjusted mln

FFO

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "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 Corp ( LAND ) is $10.00, about 8.9% above its November 4 closing price of $9.11

Press Release:

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(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.)