Gladstone Land Pref Share LANDO 6 Perp 06/01/22 B | 10-Q: FY2025 Q1 Revenue: USD 16.8 M

Revenue: As of FY2025 Q1, the actual value is USD 16.8 M.

EPS: As of FY2025 Q1, the actual value is USD 0.25.

Segment Revenue

• Lease Revenue: Total lease revenue for the three months ended March 31, 2025, was $16,803,000, a decrease from $19,826,000 in the same period in 2024. This includes fixed lease payments of $13,927,000 and variable lease payments of $2,876,000, which consist of participation rents and tenant reimbursements.

Operational Metrics

• Net Income: Net income for the three months ended March 31, 2025, was $15,108,000, compared to $13,567,000 for the same period in 2024.
• Operating Income: Operating income decreased to $3,677,000 for the three months ended March 31, 2025, from $7,261,000 in the same period in 2024.
• Depreciation and Amortization: Depreciation and amortization expenses were $8,429,000 for the three months ended March 31, 2025, compared to $8,789,000 for the same period in 2024.

Cash Flow

• Operating Cash Flow: Net cash provided by operating activities was $4,467,000 for the three months ended March 31, 2025, compared to $3,420,000 for the same period in 2024.
• Investing Cash Flow: Net cash provided by investing activities was $60,216,000 for the three months ended March 31, 2025, compared to $62,519,000 for the same period in 2024.
• Financing Cash Flow: Net cash used in financing activities was - $40,041,000 for the three months ended March 31, 2025, compared to - $32,955,000 for the same period in 2024.

Unique Metrics

• Property Sales: In January 2025, five farms in Florida were sold for approximately $52.5 million, and in February 2025, two farms in Nebraska were sold for $12.0 million, resulting in a total net gain of approximately $15.8 million.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue seeking acquisitions of additional farms and farm-related assets that meet its investment criteria, with several properties currently in various stages of due diligence.
• Non-Core Business: The company is exploring leasing and sale options for vacant and direct-operated farms, with discussions ongoing with potential tenants and buyers.