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Gladstone Land (LAND) investor relations material

Gladstone Land Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Lease modifications shifted revenue from fixed base rents to participation rents, delaying recognition until crop sales and increasing exposure to crop performance and market prices.

  • Net loss attributable to common stockholders was $13.9 million ($0.38/share) for Q2 2025, compared to a $6.7 million loss in Q2 2024.

  • No new farm acquisitions in 2025; focus on optimizing existing assets, with several farm sales generating $15.7 million net gain in H1 2025.

  • Portfolio size, occupancy, and cash flows declined year-over-year, with occupancy at 95.9% and 150 farms owned as of June 30, 2025.

  • Water security improved through infrastructure investment and water purchases, positioning the portfolio for future droughts.

Financial highlights

  • Q2 2025 total operating revenues fell 42.3% year-over-year to $12.3 million, with net loss to common shareholders of $13.9 million.

  • AFFO per share was $(0.10) for Q2 2025, down from $0.10 in Q2 2024; FFO per share was $(0.09) for Q2 2025.

  • Cash flows from operations for H1 2025 were $8.4 million, down from $19.3 million year-over-year.

  • Dividends declared per common share remained at $0.14 for Q2 2025.

  • Total indebtedness decreased 8.7% year-over-year to $558.9 million.

Outlook and guidance

  • Majority of participation rent revenue from modified leases expected to be recognized in Q4 2025 and into 2025.

  • Lease changes anticipated to reduce fixed base rents by $17 million in 2025, shifting revenue to participation rents.

  • Management may consider asset sales if satisfactory lease terms are not reached.

  • Maintaining current dividend level, with reevaluation planned after 2025 harvest results.

  • Market trends for pistachios and almonds are positive, supporting future participation rent income.

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Frequently asked questions

Gladstone Land Corporation is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmers. The Company's mission is to contribute to America's food security by providing capital partners access to a portfolio of high-quality modern farms.

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