GLADSTONE LAND Corp

Previous wording

All statements contained herein, other than historical facts, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may relate to, among other things, future events or our future performance or financial condition. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “believe,” “will,” “provide,” “anticipate,” “future,” “could,” “growth,” “plan,” “intend,” “expect,” “should,” “would,” “if,” “seek,” “possible,” “potential,” “likely,” “appear,” or the negative of such terms or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our business, financial condition, liquidity, results of operations, funds from operations or prospects to be materially different from any future business, financial condition, liquidity, results of operations, funds from operations or prospects expressed or implied by such forward-looking statements. For further information about these and other factors that could affect our future results, please see the captions titled “Forward-Looking Statements” and “Risk Factors” in this report, our Annual Report on Form 10-K for the year ended December 31, 2025, as amended (the “Form 10-K”), and other filings we make with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q (this “Quarterly Report”), except as required by law.

Current wording

All statements contained herein, other than historical facts, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may relate to, among other things, future events or our future performance or financial condition. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “believe,” “will,” “provide,” “anticipate,” “future,” “could,” “growth,” “plan,” “intend,” “expect,” “should,” “would,” “if,” “seek,” “possible,” “potential,” “likely,” “appear,” or the negative of such terms or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our business, financial condition, liquidity, results of operations, funds from operations or prospects to be materially different from any future business, financial condition, liquidity, results of operations, funds from operations or prospects expressed or implied by such forward-looking statements. For further information about these and other factors that could affect our future results, please see the caption titled “Risk Factors” in this report, our Annual Report on Form 10-K for the year ended December 31, 2025, as amended (the “Form 10-K”), the cautionary language in this Item 2, and other filings we make with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q (this “Quarterly Report”), except as required by law.

Previous wording

We are an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily engaged in owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (“TRS”). We currently own 142 farms totaling 98,071 acres across 14 states in the U.S. and 55,649 acre-feet of water assets in California. In addition, two of our properties (consisting of four farms) are currently being directly operated.

Current wording

We are an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily engaged in owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (“TRS”). As of the date of this filing, we own 143 farms totaling 98,245 acres across 14 states in the U.S. and 55,657 acre-feet of water assets in California. In addition, two of our properties (consisting of four farms) are currently being directly operated by us.

Previous wording

Our farmland portfolio currently consists of 142 farms leased to 79 different, unrelated third-party tenants who grow over 60 different types of crops on our farms. Our investment focus is in farmland suitable for growing either fresh produce annual row crops (e.g., certain berries and vegetables) or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes), with an ancillary focus on farmland growing certain commodity crops (e.g., beans and corn).

Current wording

As of the date of this filing, our farmland portfolio currently consists of 143 farms leased to 82 different, unrelated third-party tenants who grow over 60 different types of crops on our farms. Our investment focus is in farmland suitable for growing either fresh produce annual row crops (e.g., certain berries and vegetables) or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes), with an ancillary focus on farmland growing certain commodity crops (e.g., beans and corn).

Previous wording

The following table summarizes the different geographic locations (by state) of our farms owned as of and during the six months ended June 30, 2026 and 2025 (dollars in thousands):

Current wording

The following table summarizes the different geographic locations (by state) of our farms owned as of and during the nine months ended September 30, 2026 and 2025 (dollars in thousands):

Previous wording

(3)During the six months ended June 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms—four in Arizona, three in Washington, and one in Oregon) on a cash basis. Negative revenue reflected above relates to the write-off of certain net deferred rent assets and uncollected receivables.

Current wording

(2)During the nine months ended September 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms—four in Arizona, three in Washington, and one in Oregon) on a cash basis. Negative revenue reflected above relates to the write-off of certain net deferred rent assets and uncollected receivables.

Previous wording

Currently, 81 of our farms are leased on a pure, triple-net basis, 44 farms are leased on a partial-net basis (with us, as landlord, responsible for all or a portion of the related property taxes), 3 farms are leased on a single-net basis (with us, as landlord, responsible for the related property taxes, as well as certain maintenance, repairs, or insurance costs), 4 farms are direct-operated by us through third-party management agreements, and 10 farms are vacant. Additionally, 26 of our farms are leased under agreements that include participation rents, though such leases often include a guarantee of a minimum amount of rental income.

Current wording

Currently, 82 of our farms are leased on a pure, triple-net basis, 43 farms are leased on a partial-net basis (with us, as landlord, responsible for all or a portion of the related property taxes), 3 farms are leased on a single-net basis (with us, as landlord, responsible for the related property taxes, as well as certain maintenance, repairs, or insurance costs), 4 farms are direct-operated by us through third-party management agreements, 6 farms are vacant and 5 farms are classified as held for sale. Additionally, 28 of our farms are leased under agreements that include participation rents, though such leases often include a guarantee of a minimum amount of rental income.

Previous wording

(3)Primarily consists of ancillary leases (e.g., renewable energy leases; oil, gas, and mineral leases; telecommunications leases; etc.) with varying expirations on certain of our farms.

Current wording

(2)Primarily consists of ancillary leases (e.g., renewable energy leases; oil, gas, and mineral leases; telecommunications leases; etc.) with varying expirations on certain of our farms.

Previous wording

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (“CPI”) increased 3.5% over the 12-month period ended June 30, 2026, reflecting continued moderation from peak inflation levels observed in mid-2022. Food prices also increased at a slower rate, with the overall food category up by 3.0% over the same period. However, over the past four years, food prices have risen by 14.7%, outpacing the overall CPI increase of 12.7% and reflecting sustained longer-term inflationary pressures across many agricultural markets. In addition, the U.S. Department of Agriculture’s August 2025 Land Values Summary reported that nationwide farm real estate values increased 4.3% year-over-year, while cropland values rose 4.7%. This data indicates that farmland values have continued to appreciate, although at a more moderate pace than in prior years. While elevated input costs continue to impact farm operators, we believe these pressures are being partially offset in certain markets to the extent food prices continue to keep pace with or exceed broader inflation trends.

Current wording

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (“CPI”) increased 3.7% over the 12-month period ended September 30, 2026, reflecting continued moderation from peak inflation levels observed in mid-2022. Food prices also increased at a slower rate, with the overall food category up by 2.5% over the same period. However, over the past five years, food prices have risen by 24.7%, outpacing the overall CPI increase of 22.8% and reflecting sustained longer-term inflationary pressures across many agricultural markets. In addition, the U.S. Department of Agriculture’s July 2026 Land Values Summary reported that nationwide farm real estate values increased 3.4% year-over-year, while cropland values rose 3.3%. This data indicates that farmland values have continued to appreciate, although at a more moderate pace than in prior years. While elevated input costs continue to impact farm operators, we believe these pressures are being partially offset in certain markets to the extent food prices continue to keep pace with or exceed broader inflation trends.

Previous wording

The Federal Reserve (the “Fed”) resumed monetary easing in late 2025, lowering the target range for the federal funds rate by a total of 75 basis points during the fourth quarter of 2025, bringing the range to 3.50% to 3.75%. The Fed has maintained this target range at each of its meetings in 2026, including its most recent meeting in July, reflecting a continued data-dependent approach as inflation has remained above the Fed’s longer-term 2% objective, economic uncertainty has persisted, and geopolitical developments have continued to weigh on the economic outlook. Benchmark yields have increased during 2026, with the 10-year U.S. Treasury yield recently above 4.5%, compared with approximately 4.0% earlier in the year. Although borrowing costs remain below their 2025 highs, credit availability continues to be selective amid tighter lending standards and elevated market uncertainty. As a result, while financing conditions have improved relative to a year ago, access to debt capital on favorable terms remains uneven and continues to limit our ability to pursue new farmland acquisitions.

Current wording

The Federal Reserve (the “Fed”) resumed monetary easing in late 2025, lowering the target range for the federal funds rate by a total of 75 basis points during the second half of 2025. After maintaining this range through most of 2026, the Fed raised rates by 25 basis points in September 2026 and maintained the resulting target range of 3.75% to 4.00% at its most recent meeting in October, citing persistent inflationary pressures and continued economic growth amid elevated uncertainty. Benchmark yields have increased during 2026, with the 10-year U.S. Treasury yield recently exceeding 5.0%, compared with approximately 4.0% earlier in the year. Credit availability remains selective, with lenders continuing to exercise caution amid higher borrowing costs and economic uncertainty. As a result, elevated financing costs and selective lending conditions continue to limit our ability to pursue new farmland acquisitions.

Previous wording

The ongoing conflict in the Middle East, together with broader trade, tariff, and domestic policy developments, continues to contribute to uncertainty in U.S. agricultural markets. Despite this uncertainty, U.S. export demand and pricing for certain tree nuts have remained resilient, supporting improved grower economics. Input cost inflation also remains a concern across crops and regions, particularly with respect to energy, fertilizer, and labor costs, and growers continue to pursue operating efficiencies to help protect profit margins. In addition, ongoing negotiations regarding the Farm Bill and trade agreements with Canada and Mexico may create further uncertainty for producers making longer-term operating and investment decisions.

Current wording

The ongoing conflict in the Middle East, together with broader trade, tariff, and domestic policy developments, continues to contribute to uncertainty in U.S. agricultural markets. Despite this uncertainty, U.S. export demand and pricing for certain tree nuts have remained resilient, supporting improved grower economics. Input cost inflation also remains a concern across crops and regions, particularly with respect to energy, fertilizer, and labor costs, and growers continue to pursue operating efficiencies to help protect profit margins. In addition, uncertainty surrounding the Farm Bill and ongoing negotiations regarding trade relations with Canada and Mexico may complicate longer-term operating and investment decisions for producers.

Previous wording

Certain crops grown on our farms, particularly almonds and pistachios, remain exposed to international trade conditions, as a significant portion of U.S.-produced almonds and pistachios is exported annually. However, recent stabilization in export demand and improving pricing trends have provided more favorable near-term market conditions for tree nut growers. In contrast, crops with stronger domestic demand characteristics, including berries and vegetables, are generally less directly impacted by export market volatility, although they may still be affected by trade developments involving key North American trading partners, including Canada and Mexico.

Current wording

Certain crops grown on our farms, particularly almonds and pistachios, remain exposed to international trade conditions, as a significant portion of U.S.-produced almonds and pistachios is exported annually. However, improving export demand and pricing trends have supported more favorable near-term market conditions for tree nut growers. In contrast, crops with stronger domestic demand characteristics, including berries and vegetables, are generally less directly impacted by export market volatility, although they may still be affected by trade developments involving key North American trading partners, including Canada and Mexico.

Previous wording

Almond markets continue to experience strong demand across export markets, and current demand generally exceeds available supply. While buyers have remained focused on meeting near-term needs, longer-term purchasing activity has remained limited. These market dynamics have supported improved pricing, resulting in higher projected almond prices.

Current wording

Almond markets continue to experience strong demand across export markets, particularly relative to available supply. While buyers have remained focused on meeting near-term needs, longer-term purchasing activity has remained limited. These market dynamics have supported higher almond prices and a more favorable near-term pricing outlook.

Previous wording

Demand for pistachios also remains strong, particularly in international markets and for pistachio-based consumer products. Although the 2025 U.S. pistachio crop was initially expected to be a record crop, current estimates indicate production levels are likely to be more consistent with 2023 production levels. The smaller-than-expected crop has contributed to improved pricing, with pistachio prices strengthening relative to the prior year. Yield projections for the 2026 crop have continued to decline, due in part to an early March heat event that affected pollination across California. These factors, combined with continued strong demand, have supported higher projected prices, including a 67% increase in the initial base price for the 2026 crop compared with the 2025 crop.

Current wording

Demand for pistachios also remains strong, particularly in international markets and for pistachio-based consumer products. While the 2025 U.S. pistachio crop reached a record high of approximately 1.6 billion pounds, production from the 2026 crop is currently estimated at approximately 600 million to 700 million pounds, reflecting both the crop’s natural alternate-bearing cycle and an early March heat event that adversely affected pollination across California. These factors, combined with continued strong demand, have supported higher pistachio prices, including a 67% increase in the initial base price announced by our primary processor for the 2026 crop compared with the 2025 crop. Despite higher pricing, the significant reduction in production is expected to negatively impact cash flows for growers, as increased prices may not fully offset the lower yields.

Previous wording

We continue to monitor developments relating to the conflict in the Middle East, tariffs, the Farm Bill, and broader trade policy, although the ultimate impact on crop pricing, export demand, input costs, and grower economics remains uncertain. Prolonged disruptions to export markets or significant increases in production costs could adversely affect lease structures and participation rent levels on certain farms. In addition, unfavorable trade conditions affecting almonds or pistachios could require us to allocate additional capital to support crop production under certain lease agreements in exchange for higher participation rents.

Current wording

We continue to monitor developments relating to the conflict in the Middle East, tariffs, the Farm Bill, and broader trade policy, although the ultimate impact on crop pricing, export demand, input costs, and grower economics remains uncertain. Prolonged disruptions to export markets or significant increases in production costs could adversely affect rental income, particularly participation rents, on certain farms. In addition, unfavorable trade conditions affecting almonds or pistachios could require us to allocate additional capital to support crop production under certain lease agreements in exchange for higher participation rents.

Previous wording

Another factor affecting export demand is the strength of the U.S. dollar. A weaker dollar generally improves the competitiveness of U.S. agricultural exports and may partially offset certain adverse effects of tariffs and trade-related constraints. Although the U.S. dollar strengthened modestly during the second quarter of 2026, export demand remained resilient, reflecting the continued strength of underlying supply and demand fundamentals.

Current wording

Another factor affecting export demand is the strength of the U.S. dollar. A weaker dollar generally improves the competitiveness of U.S. agricultural exports and may partially offset certain adverse effects of tariffs and trade-related constraints. Although the U.S. dollar has strengthened modestly thus far in 2026, export demand has remained resilient, reflecting the continued strength of underlying supply and demand fundamentals.

Previous wording

The 2025-2026 water year concluded with below-average snowpack but average-to-above-average precipitation in many areas where we own farms. Reservoir storage remains above historical averages, supporting relatively stable near-term water supply conditions. However, certain federal water allocations have remained below expectations, increasing the cost of supplemental water for some of our farms. We have not experienced any material water shortages to date, although regulatory and conveyance constraints continue to affect the availability and cost of water in certain regions. El Niño conditions have developed and are expected to persist through the remainder of 2026, which may increase the likelihood of additional precipitation during the coming winter, although the timing and amount of such precipitation remain uncertain.

Current wording

The 2025-2026 water year concluded with below-average snowpack but generally near-normal precipitation across much of California. Reservoir storage remains above historical averages, supporting relatively stable near-term water supply conditions. However, certain federal water allocations have remained below expectations, increasing the cost of supplemental water for some of our farms. We have not experienced any material water shortages to date, although regulatory and conveyance constraints continue to affect the availability and cost of water in certain regions. El Niño conditions have developed and are expected to persist into early 2027, which may increase the likelihood of above-average precipitation in parts of California this winter, although the timing and amount of such precipitation remain uncertain.

Previous wording

Sustained wet conditions in recent years have benefited our permanent crop assets by supporting groundwater recharge and improving root zone moisture content. To date, we have not observed any significant water-related stress in our permanent plantings, which continue to appear healthy and in good condition as we approach the end of the 2026 growing season. Meanwhile, the ongoing phased implementation of California’s Sustainable Groundwater Management Act (“SGMA”) continues to impose groundwater pumping restrictions across the state. In response, we are evaluating and participating in supplemental water initiatives intended to mitigate the impact of SGMA-related curtailments, including floodwater capture and storage projects, voluntary fallowing programs, and targeted investments in water infrastructure designed to support long-term access to reliable water supplies. Periods of surplus surface water may increase the availability of lower-cost water supplies from certain water purveyors, and we continue to monitor such opportunities as part of our long-term water strategy. Based on current conditions, we believe our farms are generally well positioned for the remainder of the 2026 growing season and into the 2027 growing season.

Current wording

Sustained wet conditions in recent years have benefited our permanent crop assets by supporting groundwater recharge and improving root zone moisture content. To date, we have not observed any significant water-related stress in our permanent plantings, which continue to appear healthy and in good condition ahead of the 2027 growing season. Meanwhile, the ongoing phased implementation of California’s Sustainable Groundwater Management Act (“SGMA”) continues to impose groundwater pumping restrictions across the state. In response, we are evaluating and participating in supplemental water initiatives intended to mitigate the impact of SGMA-related curtailments, including floodwater capture and storage projects, voluntary fallowing programs, and targeted investments in water infrastructure designed to support long-term access to reliable water supplies. Periods of surplus surface water may increase the availability of lower-cost water supplies from certain water purveyors, and we continue to monitor such opportunities as part of our long-term water strategy. Based on current conditions, we believe our farms are generally well positioned for the 2027 growing season and beyond.

Previous wording

(2)Based on the minimum cash rental payments guaranteed under the applicable leases (presented on an annualized basis), as required under GAAP, and excludes contingent rental payments, such as participation rents. In executing certain lease renewals, particularly those on certain western permanent crop farms, we reduced or eliminated the base rent component or, in certain cases, provided the tenants with a cash lease incentive, in exchange for significantly increasing the participation rent component, the results of which will not be known until the second half of 2026 or later.

Current wording

(2)Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.

Previous wording

In July 2026, we completed the sale of two farms in Florida totaling 617 gross acres for an aggregate sales price of approximately $3.2 million. Including closing costs, we recognized a net loss on the sale of approximately $159,000.

Current wording

Since July 1, 2026, through the date of this filing, we completed the sale of two farms in Florida totaling 617 gross acres for an aggregate sales price of approximately$3.2 million. Including closing costs, we recognized an aggregate net loss on these sales of approximately $169,000.

Previous wording

(1)In connection with certain new leases, we committed to provide cash allowances or capital for certain operations and improvements on these farms, which are excluded in the figures above. See Note 3, “Real Estate and Intangible Assets—Intangible Assets and Liabilities,” within the accompanying notes to our condensed consolidated financial statements and “Liquidity and Capital Resources—Operating Commitments and Obligations—Operating Obligations” below for additional information on these and other commitments.

Current wording

(2)In connection with certain new leases, we committed to provide cash allowances or capital for certain operations and improvements on these farms, which are excluded in the figures above. See Note 3, “Real Estate and Intangible Assets—Intangible Assets and Liabilities,” within the accompanying notes to our condensed consolidated financial statements and “Liquidity and Capital Resources—Operating Commitments and Obligations—Operating Obligations” below for additional information on these and other commitments.

Previous wording

(3)“NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements, in each case, as described above under “Leases—General.”

Current wording

(4)“NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements, in each case, as described above under “Leases—General.”

Previous wording

Pursuant to management agreements with third-party operators, we currently manage (i) a 2,409-acre property (consisting of two farms) in Kern County, California, including 2,293 acres of bearing almond and pistachio orchards, and (ii) a 165-acre farm in Umatilla County, Oregon, including 135 acres of wine grape vineyards. In addition, during the six months ended June 30, 2026, we completed the harvest of an orange crop remaining on a farm in St. Lucie County, Florida, following the early termination of the prior tenant’s lease.

Current wording

Pursuant to management agreements with third-party operators, we currently manage (i) a 2,409-acre property (consisting of two farms) in Kern County, California, including 2,293 acres of bearing almond and pistachio orchards, and (ii) a 165-acre farm in Umatilla County, Oregon, including 135 acres of wine grape vineyards. In addition, during the nine months ended September 30, 2026, we completed the harvest of an orange crop remaining on a farm in St. Lucie County, Florida, following the early termination of the prior tenant’s lease.

Previous wording

(2)The majority of this revenue relates to a grower partner bonus associated with the 2025 pistachio crop, which was recognized when the amount became determinable and collectible. The related growing costs for this crop were previously expensed during the three months ended December 31, 2025.

Current wording

(2)The majority of this revenue relates to a grower partner bonus associated with the 2025 pistachio crop, which is recognized as the amount becomes determinable and collectible. The related growing costs for this crop were previously expensed during the three months ended December 31, 2025.

Previous wording

We currently have 10 farms that are wholly or partially vacant, 4 farms that are being direct-operated by us through third-party management agreements, and 11 farms leased to four tenants for which lease revenue is being recognized on a cash basis due to concerns regarding the collectibility of the remaining contractual lease payments.

Current wording

We currently have 7 farms that are wholly or partially vacant, 4 farms that are being direct-operated by us through third-party management agreements, and 11 farms leased to four tenants for which lease revenue is being recognized on a cash basis due to concerns regarding the collectibility of the remaining contractual lease payments. In addition, two properties included in the above totals (consisting of five farms) are under contract to be sold and are currently held for sale.

Previous wording

For the six months ended June 30, 2026, we recognized approximately $535,000 of lease revenue related to these farms and approximately $2.2 million of net profits from crop sales (see above, under “—Crop Sales and Cost of Sales”), compared to approximately $6.7 million of lease revenue for the prior-year period, which included an early lease termination fee of approximately $2.4 million.

Current wording

For the nine months ended September 30, 2026, we recognized approximately $1.6 million of lease revenue related to these farms and approximately $5.2 million of net profits from crop sales (see above, under “—Crop Sales and Cost of Sales”), compared to approximately $6.1 million of lease revenue for the prior-year period.

Previous wording

In July 2026, we repaid a $2.8 million loan that bore interest at a fixed, stated rate of 4.13% and an effective interest rate (after interest patronage, where applicable) of 3.51%.

Current wording

Since July 1, 2026, through the date of this filing, we repaid approximately $5.2 million of loans. On a weighted-average basis, these borrowings bore interest at a stated rate of 4.38% and an effective rate (after interest patronage, where applicable) of 3.47%.

Previous wording

On April 24, 2026, we entered into equity distribution agreements with Virtu Americas LLC and Lucid Capital Markets, LLC (each a “Sales Agent”), that currently permit us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $500.0 million (the “2026 ATM Program”). The 2026 ATM Program replaced the 2023 ATM Program (as defined in Note 10, “Equity,” within the accompanying notes to our condensed consolidated financial statements).

Current wording

On April 24, 2026, we entered into equity distribution agreements with Virtu Americas LLC and Lucid Capital Markets, LLC (each a “Sales Agent”), that currently permit us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $500.0 million (the “2026 ATM Program”). The following table summarizes the activity under the 2026 ATM Program from July 1, 2026, through the date of this filing (dollars in thousands, except per-share amounts):

Previous wording

On July 11, 2025, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our 6.00% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”) and up to $35.0 million of our 6.00% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”) (collectively, the “2025 Repurchase Program”). The 2025 Repurchase Program expired on July 10, 2026.

Current wording

On July 14, 2026, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our 6.00% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”) and up to $35.0 million of our 6.00% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”) (collectively, the “2026 Repurchase Program”). The 2026 Repurchase Program expires on July 14, 2027.

Previous wording

See Notes 10, “Equity,” and 13, “Subsequent Events,” within the accompanying notes to our condensed consolidated financial statements for further discussion of the 2025 Repurchase Program and 2026 Repurchase Program, respectively.

Current wording

See Notes 10, “Equity,” within the accompanying notes to our condensed consolidated financial statements for further discussion of the 2026 Repurchase Program.

Previous wording

From April 1, 2026 through the date of this filing, 31,400 shares of our 5.00% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”) were tendered for optional redemption, which were satisfied with aggregate cash payments of approximately $707,000.

Current wording

From July 1, 2026, through the date of this filing, 42,000 shares of our 5.00% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”) were tendered for optional redemption, which were satisfied with aggregate cash payments of approximately $946,000.

Previous wording

The preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and, as a result, actual results could materially differ from these estimates. A summary of our significant accounting policies is provided in Note 2, “Summary of Significant Accounting Policies,” to our consolidated financial statements in our Annual Report on Form 10-K. There were no material changes to our critical accounting policies during the six months ended June 30, 2026.

Current wording

The preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and, as a result, actual results could materially differ from these estimates. A summary of our significant accounting policies is provided in Note 2, “Summary of Significant Accounting Policies,” to our consolidated financial statements in our Form 10-K. There were no material changes to our critical accounting policies during the nine months ended September 30, 2026.

Previous wording

With regard to the comparisons between the three and six months ended June 30, 2026 versus 2025:

Current wording

With regard to the comparisons between the three and nine months ended September 30, 2026 versus 2025:

Previous wording

•We owned 144 farms as of June 30, 2026, that are considered our same-property portfolio. Same-property occupancy (based on farmable acres and including farms that were direct-operated or on non-accrual status) decreased approximately 0.5% to 95.4% as of June 30, 2026, compared to 95.9% as of June 30, 2025.

Current wording

•We owned 142 farms as of September 30, 2026, that are considered our same-property portfolio. Same-property occupancy (based on farmable acres and including farms that were direct-operated or on non-accrual status) increased approximately 2.0% to 97.7% as of September 30, 2026, compared to 95.7% as of September 30, 2025.

Previous wording

▪For the three months ended June 30, 2026, we had 24 farms that were vacant, direct-operated, or on non-accrual status, as compared to 16 farms in the prior-year period.

Current wording

▪For the three months ended September 30, 2026, we had 25 farms that were vacant, direct-operated, or on non-accrual status, as compared to 17 farms in the prior-year period.

Previous wording

▪For the six months ended June 30, 2026, we had 26 farms that were vacant, direct-operated, or on non-accrual status, as compared to 17 farms in the prior-year period.

Current wording

▪For the nine months ended September 30, 2026, we had 27 farms that were vacant, direct-operated, or on non-accrual status, as compared to 18 farms in the prior-year period.

Previous wording

•From January 1, 2025, through June 30, 2026, we did not acquire any new farms and disposed of 13 farms.

Current wording

•From January 1, 2025, through September 30, 2026, we did not acquire any new farms and disposed of 15 farms.

Previous wording

A comparison of results of components comprising our operating income for the three and six months ended June 30, 2026 and 2025 is below (dollars in thousands):

Current wording

A comparison of results of components comprising our operating income for the three and nine months ended September 30, 2026 and 2025 is below (dollars in thousands):

Previous wording

The following table provides a summary of our lease revenue during the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

Current wording

The following table provides a summary of our lease revenue during the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):

Previous wording

Lease revenues from fixed lease payments decreased for the six months ended June 30, 2026, primarily due to certain farms that were vacant, direct-operated, or for which lease revenue was recognized on a cash basis (rather than a straight-line basis) due to full collectability of future rental payments not being considered probable as a result of tenant credit issues. One property (consisting of two farms) that was direct-operated during the current-year period (see “—Crop Sales and Cost of Sales” below for further discussion) was leased for a portion of the prior-year period. In addition, during the six months ended June 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms) on a cash basis.

Current wording

Lease revenues from fixed lease payments decreased during the nine months ended September 30, 2026, primarily due to certain farms that were vacant, direct-operated, or for which lease revenue was recognized on a cash basis (rather than a straight-line basis) due to full collectability of future rental payments not being considered probable as a result of tenant credit issues. One property (consisting of two farms) that was direct-operated during the current-year period (see “—Crop Sales and Cost of Sales” below for further discussion) was leased for a portion of the prior-year period. In addition, during the nine months ended September 30, 2026, we began recognizing lease revenues from two tenants (who collectively lease eight farms) on a cash basis.

Previous wording

During the six months ended June 30, 2025, we received a lease termination payment from an outgoing tenant who leased three of our farms. After applying a portion of the amount towards certain outstanding receivables owed by the same tenant, we recognized additional lease revenue of approximately $2.4 million upon receipt.

Current wording

During the nine months ended September 30, 2025, we received a lease termination payment from an outgoing tenant who leased three of our farms. After applying a portion of the amount towards certain outstanding receivables owed by the same tenant, we recognized additional lease revenue of approximately $2.4 million upon receipt.