Gladstone Land LAND Q2 2026 earnings

“: "We had a successful 2025 harvest, with yields on the farms where we oversee growing operations exceeding our internal expectations. However, the full financial benefit has not yet been reflected in our results, as a significant portion of the revenue from the 2025 pistachio harvest is expected to be recognized later in 2026 following the conclusion of the marketing period. While the 2026 pistachio crop was already expected to be an "off" year due to the crop's alternate-bearing nature, yields are expected to be further impacted by a March heat event in California that affected pollination across the state. Despite the expected decline in production, market pricing has continued to strengthen, as our primary processor recently announced a 67% increase in the initial base price for split in-shell pistachios for the 2026 crop, which should help offset the impact from lower yields. Almond prices have also strengthened, with current market prices generally 15% to 20% higher than this time last year. Overall, market conditions for pistachios and almonds, the two primary crops grown on our Repositioned Farms, remain favorable, supported by strong demand and improved year-over-year pricing. We view these lease modifications as temporary and continue to target a return to more traditional lease structures that include fixed base rents. In the meantime, we remain focused on enhancing the long-term viability of our farms by pursuing opportunities to acquire additional water resources at attractive prices, further strengthening water security for our farms and growers.”