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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) declared monthly cash distributions of $0.0454 per share for common stock for April, May, and June 2022. The total distribution for the quarter amounts to $0.1362.
Additionally, distributions for Series B, C, and D Preferred Stocks are set at $0.125, $0.125, and $0.104167 per share respectively. Notably, the company has maintained an uninterrupted distribution trend since its IPO in January 2013. Earnings for the quarter ending March 31, 2022, will be reported on May 10, 2022, followed by a conference call on May 11, 2022, at 8:30 a.m. EDT.
Gladstone Land Corporation (Nasdaq: LAND) announced its financial results for Q4 and the fiscal year 2021 on February 22, 2022. The company acquired 27 new farms for $294.5 million, increasing total operating revenues by 32.1% to $75.3 million. AFFO rose 42.2% to $20.4 million. However, net loss attributable to common stockholders increased to approximately $8.7 million. The NAV per share improved to $14.31. The company continues to see strong lease revenues, particularly from participation rents, which significantly increased year-over-year.
Gladstone Land Corporation (NASDAQ:LAND) will host its Fourth Quarter Earnings Call on February 23, 2022, at 8:30 a.m. EST. Investors can participate via webcast or phone. A replay will be available until March 2, 2022. The company focuses on acquiring farms and leasing them to farmers, reflecting a specialized position in the real estate investment trust sector.
Gladstone Land Corporation (Nasdaq:LAND) announced cash distributions of $0.0453 per common share for January, February, and March 2022. The total distribution for the quarter amounts to $0.1359. The company has consistently paid monthly distributions for 107 consecutive months and raised distributions 25 times in the last 28 quarters. Additionally, distributions for Series B, C, and D Preferred Stocks were announced, with each at $0.125 for three months, and Series D at $0.104167. Earnings for Q4 2021 will be reported post-market on February 22, 2022.
Gladstone Land Corporation (NASDAQ:LAND) announced the acquisition of 1,204 acres of farmland, including 975 farmable acres, near Fort Myers, Florida, for approximately $7.4 million. The deal includes a five-year triple-net lease with the seller. The property primarily produces sod, melons, and cattle. Executives expressed satisfaction with the acquisition, citing increasing demand for farmland in Florida and the potential for long-term investment benefits. Gladstone Land currently owns 164 farms across 15 states, valued at around $1.5 billion.
Gladstone Land Corporation (NASDAQ:LAND) has acquired 2,635 acres of farmland, primarily 1,776 acres planted with pistachios, near Lost Hills, California, for $88.0 million. This acquisition includes a 10-year triple-net lease with the seller. The orchards benefit from favorable soil and climate conditions that have resulted in strong yield history. With this addition, Gladstone Land continues to expand its portfolio of permanent crops, reinforcing its strategy of long-term investments.
Gladstone Land Corporation (NASDAQ:LAND) has acquired 165 acres of farmland near Milton-Freewater, Oregon, for approximately $2.4 million. The acquisition includes a 10-year, triple-net lease with a leading wine industry tenant who plans to establish a vineyard on the property. This land comes with established water rights and is located within the Walla Walla Valley AVA. Gladstone Land continues to enhance its portfolio with strategic acquisitions, currently owning 162 farms across 15 states valued at $1.4 billion.
Gladstone Land Corporation has announced raising over $75 million from its 6.00% Series C Cumulative Redeemable Preferred Stock offering since April 2020. The company experienced strong sales momentum throughout 2021 after establishing its own wholesaling team. With a total offering size of $500 million, proceeds are intended for farmland acquisitions and corporate purposes. The offering will terminate by June 1, 2025, or upon selling all 20 million shares. Currently, there is no public market for the shares, but listing plans are in place.
Gladstone Land Corporation (NASDAQ: LAND) has acquired approximately 230 acres of farmland in Georgia for $2.9 million. This includes 175 acres of blueberries and a packing facility, alongside a 15-year lease with a regional farmer. The acquisition marks Gladstone's entry into the Georgia market, which is crucial for fresh blueberry supply in the U.S. during peak seasons. CEO David Gladstone emphasized the importance of securing productive farmland amid rising prices due to inflation, as the company currently owns 162 farms across 15 states.
Gladstone Land Corporation (LAND) reported its third-quarter financial results for 2021, demonstrating growth across several key metrics. The company acquired five farms totaling 1,516 acres and secured banked water for $62.3 million, expecting a minimum net capitalization rate of 6%. Notably, AFFO increased by 40.9% to approximately $5.3 million, with a distribution increase of 0.22%. Net income for the quarter was $1.5 million, a significant turnaround from a loss in the prior quarter. The NAV per share rose to $13.80, reflecting strong asset appreciation and a growing portfolio.
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