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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 Corporation (NASDAQ:LAND) has announced cash distributions of $0.0449 per share for its common stock for October, November, and December 2020, marking the 92nd consecutive monthly cash distribution since its IPO in January 2013. The company has also declared distributions for its Series A, B, and C Preferred Stocks, maintaining a track record of no skipped or deferred payments. Additionally, earnings for the third quarter ending September 30, 2020 will be reported on November 4, 2020, with a conference call scheduled for November 5, 2020.
Gladstone Land Corporation (NASDAQ:LAND) has priced its public offering of 1,650,000 shares at $14.40 each, with a potential additional 247,500 shares for overallotments. The offering is expected to close around October 13, 2020, generating approximately $22.6 million in net proceeds for debt repayment, future property acquisitions, and corporate needs. The company currently owns 124 farms across 12 states, valued at about $983 million, and has a strong history of consistent monthly cash distributions to shareholders.
Gladstone Land Corporation (NASDAQ: LAND) announced an underwritten public offering of its common stock on October 7, 2020. The offering includes a 30-day option for underwriters to purchase additional shares. Proceeds will be utilized to repay existing debt and to fund future property acquisitions. Investors are advised to review the preliminary prospectus supplement and accompanying prospectus filed with the SEC. The company manages 124 farms across 12 states, valued at approximately $983 million, and has distributed cash to shareholders monthly since its IPO in 2013.
Gladstone Land Corporation (Nasdaq: LAND) announced the acquisition of 801 acres of farmland, including 757 planted acres of pistachio trees in Fresno County, California, for approximately $31.8 million. The company has also signed a three-year leaseback agreement with the seller. Gladstone Land reported no damages to its farms from recent hurricanes or wildfires. Additionally, two leases have been renewed, expected to increase annual net operating income by $171,000, or 11.4%. The company continues to evaluate potential farms for acquisition.
Gladstone Land Corporation (Nasdaq: LAND) has acquired 939 acres of farmland in Maryland and Delaware for $7.4 million, aimed at growing vegetables and sod. The deal includes a 10-year lease with a local grower. This acquisition expands Gladstone Land’s footprint to 12 states and 25 growing regions. The Company reports its farms remain fully occupied, benefitting from elevated produce prices while only a small portion of its revenue comes from crops like corn and soy, which are currently depressed in price. Importantly, none of its farms were affected by recent California wildfires.
Gladstone Land Corporation (Nasdaq: LAND) reported its second-quarter results for 2020, with net income of $182,000, down 94% from the previous quarter. The company experienced a net loss to common stockholders of $2.1 million, affected by a 17.3% decrease in total lease revenue, attributed mainly to a prior quarter's early lease termination payment. AFFO also dropped 59.8% to $2.2 million. Despite these declines, the company secured new long-term borrowings totaling $16.3 million and continued to pay monthly distributions, maintaining a run rate increase of 0.11%.
Gladstone Land Corporation (Nasdaq: LAND) will host its Q2 earnings call on August 6, 2020, at 8:30 a.m. EDT. The call will provide insights into the company’s financial performance for the quarter ending June 30, 2020. Interested parties can join via a webcast or by phone, with a replay available until August 13, 2020. The company specializes in purchasing and leasing farms, contributing to its status as a notable real estate investment trust.
Gladstone Land Corporation (Nasdaq: LAND) announced cash distributions of $0.0448 per share for common stock and $0.1328125 for Series A Preferred Stock for July, August, and September 2020. Total distributions for the quarter are $0.1344 for common stock and $0.3984375 for Series A Preferred Stock. The Company has maintained consistent monthly distributions since its IPO in January 2013, increasing them 19 times in the last 22 quarters. Additionally, earnings for Q2 2020 will be reported on August 5, 2020, followed by a conference call on August 6.
Gladstone Land Corporation (Nasdaq: LAND) has acquired 590 acres of farmland in Kern County, California, for approximately $14.2 million. The farm comprises 554 planted acres of mature pecan trees. The acquisition is complemented by a 15-year, triple-net leaseback agreement with the seller. This investment marks Gladstone Land's entry into a new farming region, enhancing its California portfolio's diversity. The company aims to increase distributions on its common stock, reflecting its ongoing commitment to growth after a record number of acquisitions in 2019.
Gladstone Land Corporation (Nasdaq: LAND) has acquired 678 acres of farmland in Chase County, Nebraska, for $3.5 million. The land includes 648 irrigated acres designated for growing potatoes, edible beans, and corn. A seven-year, triple-net lease has been established with a reputable local tenant who will process the potatoes at their facility. The acquisition enhances Gladstone Land's portfolio, now comprising about 89,000 acres across 10 states, valued at approximately $895 million. The company has consistently provided monthly distributions to shareholders, highlighting its commitment to returns.
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