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- **Revenue Growth**: Q4 expects $17 million from pistachio sales, up 10x+ from fixed rent alternative.
- **Strategic Restructuring**: Crop share leases offset 36% premium farm sale, reducing reliance on fixed rents.
- **Debt Management**: Series B redemption to lower cost from 8% to 6%, supported by $170M liquidity.
- **Dividend Strength**: 6.1% yield vs. REIT average, funded by stable cash flows.
- **Market Resilience**: Nut crops (pistachios, almonds) outperforming grapes, with macro tailwinds from U.S. dollar weakness.

**【CEO Summary Section】**
- **Farmland Portfolio Overview**: Owns 100,000 acres across 148 farms, with 56,000 acre-feet of water assets, primarily in California. Crops include fruits, vegetables, and nuts, leased to over 80 farmers.
- **Investment Discipline**: No new farm acquisitions due to high interest rates; sold 2 Florida farms for $21.5 million, a 36% premium over purchase price.
- **Lease Restructuring**: Modified 8 leases to replace fixed rents with crop share arrangements, expecting $17 million in Q4 revenue from pistachio sales and $5 million already received.
- **Strategic Shifts**: Transitioning back to traditional leases for stability, while maintaining crop share arrangements for upside potential.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net income $2.1 million, adjusted FFO $1.4 million (down 70% YoY). Fixed base rents decreased $5.4 million due to lease changes, offset by $1.9 million increase in participation rents.
- **Debt Management**: Repaid $10 million bond, raised $10 million via ATM, and plans to redeem $60.4 million Series B preferred stock to avoid 8% coupon rate. Liquidity at $170 million, with $75 million undrawn credit line.
- **Dividend Policy**: Monthly dividend of $0.0467 per share, yielding 6.1% annually, above REIT average.

**【Q&A Highlights】**
- **Crop Performance**: Pistachio harvest exceeded expectations, with $17 million in Q4 revenue. Almond prices rebounding, while wine grapes face oversupply.
- **Debt Reduction Strategy**: Series B redemption to be funded by common stock and credit line, targeting lower cost of capital (6% vs. 8%).
- **Disposition Outlook**: Considering farm sales to generate capital, with Florida market showing opportunistic gains. Liquidity strong, with $25 million cash and undrawn credit.
- **Fourth Quarter Outlook**: Anticipated strong performance from crop sales proceeds, with potential for additional farm sales to optimize capital structure.

Gladstone Land Corporation (LAND) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LAND

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