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 Corporation (NASDAQ: LAND) declared cash distributions for April, May, and June 2023, maintaining its monthly dividend rate of $0.046 per share for common stock, totaling $0.138 for the quarter. The REIT has consistently paid dividends for 122 consecutive months and increased distributions 30 times over the last 33 quarters.
For preferred stocks, distributions are set at $0.125 for Series B and C, with a total of $0.375 for each series for the quarter. Series D and E preferred stocks will pay $0.104167 each, totaling $0.312501 for the quarter. The Company is due to release its first-quarter earnings after market close on May 8, 2023, followed by a conference call on May 9.
Gladstone Land Corporation (NASDAQ:LAND) has reported damage to one of its farms due to severe flooding across California, which has experienced an unusually wet winter. The estimated repair costs for the damaged farm are not expected to exceed $1 million, with insurance likely covering the expenses. Fortunately, other farms remain unaffected. The company noted that many growers are adjusting their planting schedules in response to the flooding. Additionally, water reservoirs are at or above historical averages, which may benefit agricultural operations. Gladstone Land owns 169 farms across 15 states, valued at approximately $1.6 billion.
Gladstone Land Corporation (NASDAQ: LAND) announced its financial results for Q4 and FY 2022 on February 21, 2023. The company acquired five farms for $65.1 million, yielding an initial capitalization rate of 5.8%. Lease activities led to a net annual operating income decrease of $454,000 (4.9%), partially offset by a revenue increase of $2.5 million from participation rents. Total revenue rose 18.5% YoY to $89.2 million. AFFO increased 21.6% YoY to $24.8 million. However, net income for Q4 dropped to $1.1 million, and net loss to common stockholders reached $4.8 million. The NAV per share rose to $17.08, reflecting better farm valuations.
Gladstone Land Corporation (Nasdaq: LAND) has announced its Fourth Quarter Earnings Call for the year ending December 31, 2022, scheduled for February 22, 2023, at 8:30 a.m. EST. The call will provide insights into the company’s performance and future outlook.
The event will be accessible via webcast or by phone at (877) 407-9046. A replay will be available until March 1, 2023, by calling (877) 660-6853, with playback conference number 13734663.
Gladstone Land Corporation (Nasdaq: LAND) announced the first closing of its 5.00% Series E Cumulative Redeemable Preferred Stock on January 19, 2023. The cash distributions for each of January, February, and March 2023 are set at $0.104167 per share, totaling $0.312501 for the quarter. The offering will terminate no later than December 31, 2025, or when all 8,000,000 shares are sold. Proceeds will support property acquisitions and corporate purposes. Although the company plans to list the stock on Nasdaq within a year post-termination, no assurance can be given regarding the listing. Investors are encouraged to review the prospectus before investing.
Gladstone Land Corporation (Nasdaq: LAND) announced cash distributions of $0.0459 per share for common stock for January, February, and March 2023, reflecting an increase from the previous quarter.
The company has consistently paid dividends since its IPO in January 2013, with a total of 119 consecutive monthly distributions. Additionally, it has plans to report its fourth quarter earnings on February 21, 2023, followed by a conference call on February 22, 2023.
Gladstone Land Corporation (Nasdaq: LAND) has filed a prospectus supplement with the SEC for a continuous public offering of up to 8,000,000 shares of its 5.00% Series E Cumulative Redeemable Preferred Stock at an offering price of $25.00 per share. The company anticipates raising up to $200 million in gross proceeds with approximately $175 million net after expenses. The offering is expected to terminate by December 31, 2025, or once all shares are sold. It aims to list the preferred stock on Nasdaq within a year of the offering's termination.
Gladstone Land Corporation (NASDAQ: LAND) reported its third-quarter results for 2022, showing a net income of approximately $1.8 million, a notable increase from $0.6 million in the previous quarter. The company acquired four farms for about $37.4 million, expecting an initial net capitalization rate of 6.2%. AFFO rose by 60.3% to $7.2 million, driven by a 19.7% increase in cash lease revenues. They repaid $16.9 million in loans and amended the Series C Preferred Stock offering, now limited to 10.4 million shares. NAV per share increased to $16.56, up $0.96 from the last quarter.
Gladstone Land Corporation (Nasdaq: LAND) has scheduled its Third Quarter Earnings Call for November 9, 2022, at 8:30 a.m. Eastern Time. Investors can join via webcast or by calling (877) 407-9046. A replay of the call will be available until November 16, 2022, at (877) 660-6853 using conference number 13732344. The corporation focuses on acquiring farms and related properties, leasing them to farmers, positioning itself in the agricultural real estate sector.
Gladstone Land Corporation (Nasdaq:LAND) announced the election of Paula Novara to its board of directors for the class of 2025, effective October 11, 2022. Novara has been with the company since its inception as Head of Resource Management and has extensive experience in human resources, having previously held roles at WMF Group and Prudential Financial. The company owns 169 farms across the U.S., totaling over 115,000 acres, valued at more than $1.5 billion, leasing these lands to farmers to support its business model.
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