<span item_type="fundamental" item_id="13aacbf8b36a1fa477532691242a75be" counter_id="ST/US/LANDP" env="prod"></span><span item_type="announcement" item_id="546907555678848641" env="prod"></span><p>Revenue: As of FY2025 Q2, the actual value is USD 12.3 M.</p><p>EPS: As of FY2025 Q2, the actual value is USD -0.38.</p><p></p><h3>Segment Revenue</h3><ul><li>Total operating revenues for Q2 2025 were $12.3 million, a decrease of $9.0 million or 42.3% from $21.3 million in Q2 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li>Net loss for Q2 2025 was $7.9 million, compared to $823,000 in Q2 2024, an increase of 857.2%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Net loss attributable to common stockholders for Q2 2025 was $13.9 million, or $0.38 per share, compared to $6.7 million, or $0.19 per share, in Q2 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>AFFO for Q2 2025 was - $3.5 million, or - $0.10 per share, compared to $3.7 million, or $0.10 per share, in Q2 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Total operating expenses for Q2 2025 were $12.5 million, a decrease of $923,000 or 6.9% from $13.4 million in Q2 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Other expense, net for Q2 2025 was $7.7 million, a decrease of $1.0 million or 11.8% from $8.7 million in Q2 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li></ul><h3>Cash Flow</h3><ul><li>Cash flows from operations for Q2 2025 were $3.9 million, a decrease of $12.0 million or 75.2% from $15.9 million in Q2 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li>Total cash lease revenues decreased by $6.8 million due to modifications of certain lease agreements and ongoing vacancy and tenancy issues.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Participation rents decreased by $975,000 due to accelerated recognition of certain revenue amounts in the prior year.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Aggregate related-party fees decreased by $67,000 due to a lower base management fee resulting from the sale of 19 farms since December 31, 2023.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Remaining cash operating expenses decreased by $135,000 due to a reduction in general and administrative expenses, partially offset by higher property operating expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>The majority of revenue and annual earnings for 2025 are expected to be recognized in the fourth quarter due to the shift in lease agreements towards participation rents.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>Market trends for pistachios and almonds, the crops to which the company is most exposed, appear to be mostly positive, with pistachio prices holding steady and almond prices rebounding.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li><li>The company aims to return to standard lease structures that include fixed base rents and may consider selling certain farms if satisfactory lease terms are not reached.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1495240/000149524025000023/land_6302025x8kxexhx991.htm"></span></li></ul>

GLADSTONE LAND CORP 6% CUM RED PFD SER C | 8-K: FY2025 Q2 Revenue: USD 12.3 M