- **Q1 2025 results**: Reported net income of **$15.1 million**, net income to common shareholders of **$9.1 million**, and adjusted FFO of approximately **$2 million** (down from **$5.1 million** last year), with dividends declared at **$0.14 per share**.  **[1495240_LAND_3427908_4]** 
- **Lease restructuring impact**: Changes including reduced or eliminated fixed base rents and increased participation rent components are expected to lead to about a **$17 million** decline in fixed base rent revenue for FY 2025, affecting NOI recognition timing.  **[1495240_LAND_3427908_2]** **[1495240_LAND_3427908_4]** 
- **Liquidity and portfolio strategy**: Maintained liquidity by paying off **$19.5 million** in loans and emphasized a cautious acquisition approach, backed by a diversified farmland portfolio spanning **103,000 acres** across **50 farms** in 15 states with significant water assets.  **[1495240_LAND_3427908_1]** **[1495240_LAND_3427908_4]**

Gladstone Land Corp (LAND)