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) will host its Third Quarter Earnings Call on November 10, 2021, at 8:30 a.m. EDT. Investors can participate via webcast or by phone at (877) 407-9046. A replay will be available until November 17, 2021 at (877) 660-6853 using conference number 13722591. The company specializes in acquiring and leasing farms and related properties. Further details are accessible at www.gladstoneland.com.
Gladstone Land Corporation has acquired 219 acres of farmland in Madera County, California, for $3.3 million. This purchase includes a 10-year, triple-net lease with an existing tenant. The property features a productive almond orchard, benefiting both the company and the tenant as the almonds are at peak production. Currently, Gladstone Land owns 160 farms across 14 states, valued at approximately $1.4 billion, and has maintained a consistent monthly cash distribution.
Gladstone Land Corporation (NASDAQ: LAND) has announced cash distributions for the months of October, November, and December 2021. The monthly cash distribution for common stock is set at $0.0452 per share, totaling $0.1356 for the quarter. Additionally, distributions for Series B, C, and D Preferred Stocks are $0.125, $0.125, and $0.104167 respectively, summing to $0.375 for Series B and C, and $0.312501 for Series D. The company has a consistent track record, having paid 104 consecutive monthly distributions since its IPO in January 2013.
Gladstone Land Corporation (NASDAQ:LAND) has acquired 1,284 acres of farmland, including over 1,200 planted acres of pistachios and almonds, located in Kern County, California, for approximately $43.0 million. This acquisition includes 19,670 acre-feet of stored water, significantly enhancing agricultural production potential. The deal involves a 10-year lease agreement and marks the completion of a three-part acquisition worth approximately $84.2 million. The company now owns 159 farms across 14 states, valued at around $1.4 billion.
Gladstone Land Corporation (NASDAQ:LAND) has announced the acquisition of 479 acres of farmland in Kern County, California, including 460 acres of almonds and 5,000 acre-feet of stored water, for approximately $14.8 million. This deal is part of a three-part acquisition totaling about $84.2 million. A 10-year, triple-net lease has been established for the farmland. The additional water is expected to enhance production sustainability. Gladstone Land currently owns 158 farms across 14 states, with a total value exceeding $1.3 billion.
Gladstone Land Corporation (Nasdaq:LAND) has acquired two citrus groves in South Florida, spanning 617 acres, for approximately $5.2 million. This acquisition includes a 12-year leaseback agreement with the seller. The groves, producing lemons and oranges, are expected to enhance Gladstone's portfolio in a state known for its citrus production. Gladstone Land currently owns 157 farms across the U.S., valued at about $1.3 billion, and has a consistent track record of monthly cash distributions since its IPO in 2013.
Gladstone Land Corporation (Nasdaq:LAND) has acquired organic farmland worth approximately $42.3 million in California and Oregon. The properties, featuring advanced irrigation and sustainable practices, are leased back to the seller for 10 to 15 years. The acquisition aligns with the increasing demand for organic produce, which rose by 11% in 2020. Gladstone Land currently manages 155 farms across 14 states, valued at about $1.3 billion, and has a strong record of 102 consecutive monthly cash distributions. This strategic move aims to enhance its healthy produce portfolio.
Gladstone Land Corporation (Nasdaq: LAND) reported its second quarter results for 2021, revealing a net loss of approximately $531,000 compared to net income of $554,000 in the previous quarter. The company acquired 13 farms for $79.7 million, increasing annual net operating income by 14.9% due to new leases. AFFO fell to $3.7 million, down from $4.7 million, attributed to higher operating expenses and an increase in outstanding shares. However, cash lease revenues rose by 5.3%, and NAV per share increased to $13.16.
Gladstone Land Corporation (Nasdaq: LAND) will hold its Second Quarter Earnings Call on August 11, 2021, at 8:30 AM EDT. Investors can join the call via webcast or phone. A replay will be available until August 18, 2021. The company, focused on acquiring and leasing farmland, aims to provide updates on its financial performance. Interested parties can access the webcast through the provided link or by calling (877) 407-9046.
Gladstone Land Corporation (NASDAQ: LAND) declared monthly cash distributions of $0.0451 per share for its common stock for July, August, and September 2021. This marks 101 consecutive months of cash distributions since their IPO in January 2013, with 23 increases in the past 26 quarters. The total cash distribution for the quarter amounts to $0.1353. Additionally, distributions for Series B, C, and D Preferred Stock were set at $0.125 (totaling $0.375), and $0.104167 (totaling $0.3125), respectively. The Company plans to announce its earnings on August 10, 2021.
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