Total Operating Revenue Q1 2024

–4.5% (from $21.2M to $20.3M) "

**Revenue declined by 4.5% primarily due to the sale of a 3,748-acre farm in Florida (net gain of $10.4M) which removed a key source of lease revenue, combined with a $1.3M decline in cash lease revenues and a reduction in net operating income by roughly $750,000 from 20 vacant or cash-based farms, partially offset by a $186,000 increase in tenant reimbursements. " " " " " " " **

Fixed Base Cash Rents Q1 2025

–$5.7M reduction " " "

**The decline of $5.7M in fixed base cash rents was driven by lease structure changes that reduced or eliminated fixed rents, the sale of seven farms, and an increase in vacancies (15 farms this year versus 9 previously), although partly offset by a one-time $2.4M lease termination fee. " " " " " **

Participation Rents Q1 2025

+$465,000 increase " " "

**Participation rents increased by $465,000, reflecting a shift from fixed base rents to performance-based arrangements driven by additional wine grape sales, highlighting a trend where lease incentives lead to higher variable revenue components. " " " **