The following is a summary of the Gladstone Land Corporation (LAND) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Gladstone Land Corporation mentioned a net loss to common shareholders of $5.8 million or $0.16 per share for Q3 2024.

• Adjusted Funds From Operations (AFFO) were reported at approximately $4.5 million or $0.13 per share, with a decrease from the prior quarter due to lost revenue from a sold farm and decreased income from certain properties.

• Fixed base cash rents decreased by about $2.6 million year-over-year, offset by a $1.1 million increase in participation rents from stronger production at some pistachio farms.

• An impairment charge of approximately $2 million was recorded related to writing down the net book value of certain blueberry farms in Michigan to their sales prices.

Business Progress:

• Engaged in restructuring leases for four farms, adjusting lease terms to potentially increase participation in rent, which anticipates significant revenue contribution in H2 2025.

• Continuing to address vacancy and tenancy issues, with proactive measures, including potential farm sales and bringing new operators.

• Imminent sales of 11 blueberry farms in Michigan are expected to alleviate financial drag from underperforming assets.

Opportunities:

• Re-structured leases present an opportunity to increase revenue through crop share, notably with pistachio farms, predicting stronger production and participation rent in 2025.

Risks:

• Ongoing lease restructuring could interrupt consistent cash flow, potentially influencing quarterly earnings negatively till H2 2025.

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