Financial Performance - Farmland Partners Inc recorded net income of $7792 thousand, or $015 per share, for the three months ended June 30, 2025, compared to a net loss of $2052 thousand, or $(006) per share, for the same period in 2024[10] - AFFO for the quarter was $1297 thousand, or $003 per share, compared to $530 thousand, or $001 per share, in 2024, representing a 1447% increase[10, 12] - For the six months ended June 30, 2025, the company's AFFO was $3581 thousand, or $008 per share, compared to $3314 thousand, or $007 per share, in 2024, an increase of 81%[12] - Total operating revenues for the quarter were $9960 thousand, a 130% decrease compared to $11445 thousand in 2024[12] - Net Operating Income (NOI) for the quarter decreased by 218% to $6890 thousand from $8814 thousand in 2024[12] Asset Transactions and Capital Management - The company completed dispositions of 32 properties for an aggregate consideration of $716 million, recognizing a gain on sale of $242 million during the quarter[10] - During the six months ended June 30, 2025, the company completed 34 property dispositions for approximately $816 million, recognizing a gain on sale of $250 million[17] - The company repurchased 2099756 shares of its common stock at a weighted average price of $1119 per share during the quarter[10] - Subsequent to June 30, 2025, the company repurchased 181989 shares of common stock at a weighted average price of $1148 per share and made repayments of $230 million against its lines of credit[10] Balance Sheet and Liquidity - The company had total debt outstanding of approximately $1934 million as of June 30, 2025, compared to $2046 million at December 31, 2024[17] - As of June 30, 2025, the company had access to liquidity of $2111 million, including $511 million in cash and $1600 million in undrawn credit facilities[17]

Company Overview - Gladstone Land owns 150 farms with approximately 103,000 acres in 15 states and over 55,000 acre-feet of water assets in California, with 95.9% occupancy[10] - The company focuses on farmland growing fresh produce and permanent crops[11, 16] - Gladstone Land is managed by an SEC-registered investment advisor with over $4 billion of assets under management[12] Market Opportunity and Investment Focus - The company primarily focuses on acquiring high-value farmland that generates above-average revenues and profits[35] - The company targets transaction sizes between $2 million to $50 million+[43] - From 1980 through 2024, the Fresh Fruits & Vegetables segment of the Food & Beverages category increased by 385%[45] - U.S farmland value is approximately $3.4 trillion, with approximately 63% of U.S farm operators are over 55 years of age[65] Financial Performance - Since its IPO in 2013, the company has made 147 consecutive monthly cash distributions to common shareholders, totaling $7.32 per share[76] - Over the past 41 quarters, the company has increased the common distribution rate 35 times for a total increase of 55.7%[76] - The company's weighted-average remaining lease term is 6.7 years[83] - The company's weighted-average debt maturity is 7.4 years with a weighted-average effective interest rate of 3.41%, fixed for 3.5 years[84]

Financial Performance - Net income for Q1 2025 was $21 million, or $003 per share available to common stockholders, compared to $14 million, or $001 per share, in Q1 2024[11] - AFFO for Q1 2025 was $23 million, or $005 per share, compared to $28 million, or $006 per share, in Q1 2024[11] - Total operating revenues decreased by 145% from $1199 million in Q1 2024 to $1025 million in Q1 2025[13] - Net Operating Income (NOI) decreased by 160% from $965 million in Q1 2024 to $811 million in Q1 2025[13] - Adjusted EBITDAre decreased by 338% from $858 million in Q1 2024 to $568 million in Q1 2025[13] Investment Activities - The company completed acquisitions of five properties for a total consideration of $65 million[11] - The company completed two farm dispositions for $100 million in aggregate consideration, recognizing a gain on sale of $08 million[11] - $76 million in loans were issued under the FPI Loan Program[11] - The company repurchased 63023 shares of its common stock at a weighted average price of $1174 per share[11] Balance Sheet - Total debt outstanding was approximately $2026 million as of March 31, 2025, compared to $2046 million as of December 31, 2024[18] - The company had access to liquidity of $1891 million as of March 31, 2025, consisting of $217 million in cash and $1674 million in undrawn availability under its credit facilities[18] 2025 Outlook - The company increased the bottom and top end of 2025 AFFO guidance range to $028 to $034 from $025 to $030[11]