Gladstone Land Gains $21.3M from Farm Sales, Q4 AFFO Jumps to $14.4M
Gladstone Land sold 13 farms totaling 12,502 acres for $95.4 million, generating a $21.3 million net gain and boosting participation rent to $20.0 million in fiscal 2025. Fourth-quarter AFFO jumped to $14.4 million ($0.38/share) from $3.4 million, driving net income to $4.2 million.
1. Fiscal 2025 Portfolio and Revenues
During fiscal 2025, Gladstone Land sold 13 farms (12,502 acres) for $95.4 million, realizing a $21.3 million net gain. Lease modifications on six Repositioned Farms increased participation rent to $20.0 million (up from $9.4 million in 2024) while reducing fixed base rent, shifting most revenue into Q4.
2. Fourth Quarter Performance
In the fourth quarter, the company reported net income of $4.2 million versus $0.5 million a year ago, while net loss attributable to common stockholders narrowed to $1.8 million (–$0.05/share). AFFO surged to $14.4 million ($0.38/share) from $3.4 million ($0.09/share), aided by higher participation rent and a $2.1 million termination fee.
3. Debt and Equity Activities
Gladstone Land secured a new $10.6 million loan at a 6.31% fixed rate for three years and repaid $44.2 million of debt at 4.68%. The company sold 1.8 million shares under its ATM program, raising $16.9 million in net proceeds, and recorded $1.7 million in interest patronage.
4. Operational Developments
The company completed its first harvest on a 2,409‐acre property, posting $12.2 million in crop sales, $9.6 million in costs and $2.6 million in net income. It purchased 1,530 acre‐feet of water for $583,000 and maintained monthly cash distributions of $0.1401 per share.