2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Revenue | $57M | $75M | $89M | $90M | $85M |
Cost of Revenue | $1.8M | $2.5M | $2.8M | $13M | $5.3M |
Gross Profit | $55M | $73M | $86M | $78M | $80M |
Gross Profit % | 97% | 97% | 97% | 86% | 94% |
R&D Expenses | $0.087 | $0.047 | $0.062 | $0 | $0 |
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Net Income | $5M | $3.5M | $4.7M | $15M | $13M |
Dep. & Amort. | $17M | $27M | $35M | $37M | $35M |
Def. Tax | $0 | $0 | $0 | $0 | $0 |
Stock Comp. | $0 | $0 | $0 | $0 | $0 |
Chg. in WC | $720K | -$1.6M | -$1.8M | -$9.4M | -$19M |
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Cash | $9.2M | $17M | $61M | $19M | $18M |
ST Investments | $0 | $0 | $9M | $1.6M | $0 |
Cash & ST Inv. | $9.2M | $17M | $61M | $19M | $18M |
Receivables | $0 | $0 | $0 | $0 | $0 |
Inventory | $0 | $0 | $0 | $54M | $46M |
LAND reported a year-over-year decrease in adjusted FFO for Q1 2025 ($2.0M or $0.06/share vs. $5.1M or $0.14/share in Q1 2024), primarily due to changes in lease structures, farm vacancies, and lost revenues from farm sales.
The company shifted several leases from fixed base rents to participation (crop share) rents, resulting in an expected $17M decline in fixed base rents for FY 2025, with most participation rent revenue to be recognized in Q4 2025 and some in H2 2026.
LAND is maintaining high liquidity ($180M available capital, $40M cash on hand) and is cautious about new acquisitions and share repurchases due to high interest rates and uncertain market conditions; acquisition activity is expected to remain slow for at least the next 12 months.
Five farms are currently vacant (including three almond farms at the end of their productive life), with options being considered for leasing, direct operation, or sale; additional farm sales may occur to support liquidity and upcoming preferred stock maturities.
The monthly dividend was held steady at $0.0467/share (annualized yield of 5.8%), with management committed to maintaining liquidity and evaluating the dividend as more information becomes available regarding the 2025 harvest; earnings are expected to be heavily weighted toward Q4 2025.