Gladstone Land Announces First Quarter 2025 Results

About this update from Gladstone Land Corporation

[{"type":"text","content":"Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision.","length":152,"tagName":"p"},{"type":"text","content":"MCLEAN, VA / ACCESS Newswire / May 12, 2025 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today reported financial results for the first quarter and year ended March 31, 2025. A description of funds from operations ("FFO"), core FFO ("CFFO"), and adjusted FFO ("AFFO"), all non-GAAP (generally accepted accounting principles in the United States) financial measures, appear at the end of this press release. All per-share references are to fully-diluted, weighted-average shares of common stock, unless noted otherwise. For further detail, please refer to the Quarterly Report on Form 10-Q (the "Form 10-Q"), which is available on the Investors section of the Company's website at www.GladstoneLand.com.","length":800,"tagName":"p"},{"type":"text","content":"First Quarter 2025 Activity:","length":28,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Portfolio Activity:","length":19,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Property Sales: Sold seven farms, consisting of 8,189 total acres in Florida and Nebraska, for an aggregate sales price of $64.5 million, resulting in a total net gain of approximately $15.7 million.","length":199,"tagName":"p"}]},{"val":[{"type":"text","content":"Lease Activity: Executed six amended or new lease agreements during the quarter. With one of these leases, we changed the lease structure to eliminate the base rent and provide the tenant a cash allowance in exchange for significantly increasing our participation rent component, the majority of which is expected to be recognized in the fourth quarter of 2025. The remaining five leases are expected to result in an aggregate decrease in annual net operating income of approximately $236,000 from that of the prior leases.","length":523,"tagName":"p"}]},{"val":[{"type":"text","content":"Vacant, Direct-operated, and Non-accrual Properties: During all or a portion of the quarter, we had 15 farms that were either vacant, direct-operated (via management agreements with unrelated third parties), or on which lease reven...

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