Gladstone Land Corporation reported its financial results for the first quarter of 2025, revealing a net income of $15.1 million, or $0.25 per share, compared to $13.6 million, or $0.21 per share, in the same period last year. Total operating revenues decreased by 17% to $16.8 million, down from $20.3 million in the prior year, primarily due to a decline in lease revenue, which fell to $16.8 million from $19.8 million. The decrease in lease revenue was attributed to the execution of lease agreements that involved reducing or eliminating fixed base rent amounts in exchange for increased participation rents, which are expected to be realized later in the year.
The company’s total assets as of March 31, 2025, were reported at $1.28 billion, a slight decrease from $1.31 billion at the end of 2024. Notably, cash and cash equivalents increased significantly to $42.9 million from $18.3 million, reflecting a strong cash flow from investing activities, which generated $60.2 million primarily from the sale of farms in Florida and Nebraska. The company recognized a net gain of approximately $15.8 million from these property sales, contributing positively to its financial position.
Operationally, Gladstone Land Corporation owned 150 farms totaling 103,001 acres across 15 states as of March 31, 2025. The company reported a decrease in same-property occupancy to 95.9%, down from 98.9% a year earlier, with 15 farms either vacant, direct-operated, or on non-accrual status. The company did not acquire any new farms during the quarter but continued to explore leasing and sale options for its properties, particularly those with upcoming lease expirations.
Looking ahead, Gladstone Land Corporation remains focused on maintaining its portfolio and exploring opportunities for growth through acquisitions and strategic partnerships. The company emphasized its commitment to managing its debt effectively, with over 99.9% of its borrowings at fixed rates, insulating it from recent interest rate fluctuations. The management expressed confidence in its ability to navigate market conditions and continue generating value for its shareholders.
About GLADSTONE LAND Corp
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