Financial Performance

• Revenue for the quarter was $20.3 million, down 4.5% from $21.2 million in the same quarter last year. This was mainly due to the sale of one farm in January 2024.

• Net income was $13.6 million, up significantly from $1.8 million in the same quarter last year. This was primarily driven by a $10.4 million gain on the sale of a farm.

• Operating income was $7.3 million, down slightly from $7.4 million in the same quarter last year.

Revenue and Profit Trends

• Same-property revenue has remained relatively flat, indicating stable performance of existing properties.

• Revenue from vacant or non-performing properties was down over 80%, but the company is working to lease or sell these properties.

• Excluding one-time items, profits are stable compared to last year.

Strengths and Weaknesses

Strengths:

• Significant portfolio diversification across states, crops, and tenants
• 99.9% of debt is fixed-rate, protecting against interest rate increases
• Reasonable debt maturity schedule

Weaknesses:

• 20 properties currently vacant or non-performing
• Limited availability under credit facilities to fund new acquisitions

Outlook

• Actively pursuing acquisitions of additional farms
• Expect to lease or sell vacant properties within 6 months
• Well-positioned to weather volatility given fixed-rate debt and long debt maturity schedule

Let me know if you would like me to clarify or expand on any part of this summary. I tried to focus on communicating the most important details in simple language while maintaining an objective tone.