Gladstone Land Reports Q1 2025 Financial Results

Gladstone Land Corporation has announced its financial outcomes for the first quarter of 2025. The company revealed property sales of seven farms in Florida and Nebraska, resulting in a net gain of $15.7 million. Despite these sales, total operating revenues fell by 17% compared to the previous year, due to decreased fixed base cash rents, offset slightly by an increase in participation rents and a lease termination fee from a former tenant.

Net income saw a rise to $15.1 million, compared to $13.6 million a year earlier, while net income per share increased to $0.25. However, Adjusted Funds From Operations (AFFO) declined significantly to $2.0 million, marking a 60.3% drop from the prior year.

The company repaid $19.4 million in loans and made $1.7 million in interest patronage, benefiting from reduced interest rates on its 2024 borrowings. Gladstone also maintained strong liquidity with access to over $180 million, ensuring stability amid transition in lease structures towards heavily participation-based rents.