Gladstone Land Q1 net income $15.1M, AFFO $0.06/share, revenue down 17% on lower base rents

GLADSTONE LAND Corp

2025-Q1 EPS reported $0.25 revenue$16,804,000

Net income $15.1M ($0.25/share) vs $13.6M last year; AFFO $2.0M ($0.06/share) vs $5.1M ($0.14).
Total operating revenue $16.8M, down 17% due to $5.7M reduction in fixed base cash rents.
Sold 7 farms (8,189 acres) for $64.5M, net gain $15.7M; now own 150 farms vs 168 a year ago.
Executed six lease amendments; reduced base rents for higher participation rent, majority expected in Q4.
Subsequent to quarter: renewable energy lease for $166k/year; Q2 dividend $0.0467/month unchanged.

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