Welcome to our dedicated page for Gladstone Land Corporation news (Ticker: LAND), a resource for investors and traders seeking the latest updates and insights on Gladstone Land Corporation stock.
Gladstone Land Corporation (NASDAQ: LAND) is a publicly traded real estate investment trust (REIT) that focuses on acquiring high-quality farmland and farm-related properties which it leases to agricultural operators. Based in McLean, Virginia, the company's core business involves owning and leasing farmland on a triple-net basis to experienced tenants with robust farming capabilities. This allows Gladstone Land to ensure that its properties are well-maintained and that the operational risks are minimized.
The company owns a diverse portfolio of 168 farms, covering approximately 112,000 acres across 15 states. These farms are primarily located in regions conducive to growing fresh produce annual row crops like berries and vegetables, as well as permanent crops such as almonds, blueberries, pistachios, and wine grapes. Although less significant, the company also owns farms that produce commodity crops such as corn and beans.
Gladstone Land is committed to sustainable farming practices, with about 30% of its fresh produce acreage being either certified organic or in the process of transition. Similarly, over 20% of its permanent crop acreage falls under the same category. The company also invests in related infrastructure, including cooling facilities, processing buildings, packaging facilities, and distribution centers to support its tenants and leverage its farmland assets.
In addition to its real estate operations, Gladstone Land has demonstrated a solid track record of financial performance and shareholder returns. The company has paid 135 consecutive monthly distributions since its initial public offering in January 2013, and it has increased its common stock distributions 34 times over the prior 37 quarters. As of April 2024, common stockholders receive a monthly distribution of $0.0466 per share, amounting to an annualized distribution of $0.5592 per share.
Recent achievements include the completion of a significant sale of farmland in Florida for $65.7 million, yielding a 60% return on equity. The company plans to reinvest a portion of these proceeds into paying down debt and other corporate activities. Gladstone Land continues to focus on strategic acquisitions and improving its portfolio value, with a particular emphasis on securing additional water rights for its farms in California.
The company's financial health remains robust, with net income and adjusted funds from operations (AFFO) showing positive trends. In the first quarter of 2024, the company reported net income of approximately $13.6 million, with net income to common stockholders at $7.4 million. Despite challenges, such as vacant and direct-operated properties, Gladstone Land remains well-positioned to navigate market conditions due to its strong balance sheet and fixed-rate borrowings.
For more detailed information about Gladstone Land's farms, financial performance, and investor relations, visit their official website at www.GladstoneLand.com.
Gladstone Land (Nasdaq:LAND) announced that Terry Lee Brubaker will retire as Chief Operating Officer effective December 2, 2024. Brubaker will also step down from his positions at Gladstone Management and Gladstone Administration, Michael LiCalsi, the Company's General Counsel and Secretary, will take on additional operational duties while a national search for a Chief Investment Officer is conducted to handle Brubaker's investment committee responsibilities.
Gladstone Land reported Q3 2024 financial results with net income of $6,000, compared to $3.1 million in Q3 2023. The company executed 21 lease agreements, with row crop farms showing an 11% increase in annual net operating income, while permanent crop farms saw a 15% decrease. AFFO was $4.5 million ($0.13 per share), down from $5.4 million ($0.15 per share) year-over-year. Total cash lease revenues decreased due to lower fixed base rents, partially offset by higher participation rents. The company's NAV per share decreased by $4.76 to $15.57, primarily due to valuation decreases in certain farms and increased fair value of borrowings.
Gladstone Land (Nasdaq:LAND) has announced its Third Quarter 2024 Earnings Call & Webcast, scheduled for Thursday, November 7, 2024, at 8:30 a.m. ET. The event will be accessible via webcast and phone, with a conference call replay available through November 14, 2024. Participants can join by phone at (866) 424-3437 or through the webcast link. For replay access, dial (877) 660-6853 with playback conference number 13748841. The call will also be archived on the company's website for later viewing.
Gladstone Land (Nasdaq:LAND) reported damage to its southeastern farms from Hurricanes Helene and Milton. Initial assessments show wind damage to blueberry plantings in southern Georgia and water damage to a cooling facility in central Florida, which is covered by insurance. While strawberry farms in central Florida experienced varying impacts, most operations have resumed planting with slight delays. The company's two citrus groves in southeast Florida emerged without notable damage. Management emphasized that property damage across their farms has been minimal despite the historic storms' strength, attributing their resilience partly to their focus on annual row crops rather than permanent tree crops in Florida.
Gladstone Land (Nasdaq:LAND) has announced monthly cash distributions for October, November, and December 2024, as well as earnings release and conference call dates for the third quarter ended September 30, 2024. The company declared:
- Common Stock: $0.0467 per share for each month
- Series B Preferred Stock: $0.125 per share for each month
- Series C Preferred Stock: $0.125 per share for each month
- Series D Preferred Stock: $0.104167 per share for each month
- Series E Preferred Stock: $0.104167 per share for each month
Gladstone Land has paid 140 consecutive monthly cash distributions on its common stock since its IPO in January 2013 and has increased distributions 35 times over the prior 39 quarters. The company will report Q3 2024 earnings on November 6, 2024, after market close, with a conference call scheduled for November 7, 2024, at 8:30 a.m. ET.
Gladstone Land (Nasdaq:LAND) has announced an update on its permanent crop portfolio. Executive VP Bill Reiman is leading a strategic review of the company's permanent cropland assets. The company acknowledges recent challenges in the sector, including:
1. Price downturn for crops like almonds, pistachios, and grapes over the past 12-18 months
2. Increased input and borrowing costs reducing farm margins
3. Year-round maintenance costs for permanent crops
To address these issues, Gladstone Land is exploring options such as:
- Restructuring leases with lower fixed rates but higher participation rent
- Forming joint ventures with growers
- Selling certain properties
Potential proceeds from asset sales could be used to invest in more stable income-generating assets or to pay off maturing debt.
Gladstone Land (Nasdaq:LAND) has announced the election of Katharine Cornell Gorka to its Board of Directors, effective August 22, 2024. Gorka, 64, brings a wealth of experience in national security and public policy to the company. She is currently the President of Threat Knowledge Group and chairs the Fairfax County Republican Party. Her previous roles include Senior Policy Advisor at the U.S. Department of Homeland Security, Press Secretary for U.S. Customs and Border Protection, and Director for Civil Society at The Heritage Foundation.
Gorka's educational background includes a degree from the University of North Carolina at Chapel Hill and an M.Sc. in Economics from the London School of Economics. The company believes her management expertise and strategic analysis skills will add value to the Board by expanding its knowledge base and diversity of perspectives.
Gladstone Land (Nasdaq:LAND) reported financial results for Q2 2024. Key highlights include:
- Net loss of $823,000, compared to net income of $7.9 million in Q2 2023
- AFFO of $3.7 million ($0.103 per share), slightly up from $3.6 million ($0.102 per share) in Q2 2023
- Total cash lease revenues remained flat, with decreased fixed base cash rents offset by increased participation rents
- NAV per share decreased to $17.59, down $1.56 from Q2 2023
- Increased distribution run rate by 0.22%, paying $0.1398 per common share during Q2
- Executed lease agreements expected to increase annual net operating income by $70,000
- Obtained additional water assets at a cost of $1.5 million
- Repurchased 140,777 shares of Series B and C Preferred Stock
The company faces challenges with vacant and non-accrual properties but continues to acquire water assets and maintain a strong balance sheet.
Gladstone Land (Nasdaq: LAND) has announced its upcoming second quarter earnings call and webcast for the period ended June 30, 2024. The event is scheduled for Friday, August 9, 2024, at 8:30 a.m. ET. Investors can participate via webcast or by calling (866) 424-3437. A conference call replay will be available until August 16, 2024, by dialing (877) 660-6853 with playback conference number 13746758. The webcast will also be archived on the company's website for later viewing. Gladstone Land is a real estate investment trust specializing in purchasing farms and farm-related properties, which are then leased to farmers.
Gladstone Land (Nasdaq: LAND) has announced updated monthly cash distribution dates for its Series E Preferred Stock for July, August, and September 2024. The company will distribute $0.104167 per share each month, totaling $0.312501 for the quarter. The record and payment dates are as follows:
- July: Record date - July 25, Payment date - August 5
- August: Record date - August 26, Payment date - September 5
- September: Record date - September 25, Payment date - October 4
Gladstone Land emphasizes that it has not skipped, reduced, or deferred any monthly Series E Preferred Stock distributions to date, maintaining its consistent payment record.
FAQ
What is the current stock price of Gladstone Land Corporation (LAND)?
What is the market cap of Gladstone Land Corporation (LAND)?
What does Gladstone Land Corporation do?
Where is Gladstone Land Corporation based?
What types of crops are grown on Gladstone Land's farms?
How does Gladstone Land Corporation generate revenue?
What is the current monthly distribution per share for Gladstone Land's common stock?
How many farms does Gladstone Land Corporation own?
What recent achievements has Gladstone Land Corporation made?
Is Gladstone Land involved in organic farming?
What is the significance of the company's water rights acquisitions?
How does Gladstone Land support its tenants?
