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) has acquired 930 acres of farmland in Paw Paw, Michigan, including 480 acres of blueberry bushes, for $13.3 million. The acquisition features a 23,000 SF cooling and packing plant and a 9,000 SF box barn, along with a retail store. A 15-year lease with Berry Brothers, a local farming company, was established. This acquisition marks Gladstone's largest in Michigan, enhancing their portfolio and supporting local operations amid strong fruit sales in 2021.
Gladstone Land Corporation (Nasdaq: LAND) announced the acquisition of 639 acres of farmland in Kern County, California, including 617 acres planted with almonds, for approximately $25.4 million. The company will also exercise an option to purchase 20,330 acre-feet of stored water. This acquisition is the first of a three-part deal totaling approximately $81.7 million. Additionally, a 10-year lease agreement has been established. With this move, Gladstone Land aims to enhance its agricultural investments and ensure water availability for optimal crop production.
Gladstone Land Corporation (Nasdaq: LAND) has acquired 116 acres of farmland in Hammonton, New Jersey, for approximately $2.2 million. The acquisition includes around 100 acres of blueberry bushes and a packing facility, accompanied by a 15-year triple-net lease with Berry Brothers. This marks Gladstone Land's first move into New Jersey, aiming for expansion amid strong demand for fresh blueberries in the Mid-Atlantic and Northeast. The company's portfolio now includes 144 farms across 14 states, valued at around $1.2 billion.
Gladstone Land Corporation (NASDAQ:LAND) reported its Q1 2021 results, showing a net income of $554,000, a significant increase from $91,000 in Q4 2020. However, the net loss to common stockholders was approximately $2.2 million, or $0.08 per share. The company acquired three farms for about $5.6 million, enhancing its portfolio. AFFO rose 30.6% to approximately $4.7 million. The firm also increased monthly cash distributions to $0.13485 per share. Following a successful equity offering, total assets increased by 6.3% to $1.13 billion, while the NAV per share improved to $12.69.
Gladstone Land Corporation (NASDAQ:LAND) will host its First Quarter Earnings Call on May 13, 2021, at 8:30 a.m. EDT. The call will be available via webcast and phone at (877) 407-9046. A replay will be accessible through May 20, 2021, by calling (877) 660-6853 with conference number 13717650. As a real estate investment trust, Gladstone Land specializes in acquiring farms and related properties, leasing them to farmers. More information can be found at www.GladstoneLand.com.
Gladstone Land Corporation (NASDAQ:LAND) announced cash distributions of $0.045 per share for April, May, and June 2021, totaling $0.135 for the quarter. The Company has successfully paid 98 consecutive monthly cash distributions and has increased them 22 times over the last 25 quarters. Additionally, it plans to report Q1 earnings after market close on May 12, 2021, with a conference call on May 13, 2021. Gladstone Land holds 141 farms across 13 states, valued at approximately $1.2 billion.
Gladstone Land Corporation (NASDAQ:LAND) has acquired 2,285 acres of farmland in Tehama County, California, for $37.8 million from Solum Partners. The acquisition includes a 15-year lease with California Olive Ranch, the largest U.S. miller of extra virgin olive oil. This investment expands Gladstone's farmland portfolio in Northern California and enhances its diversification into olive production. The company currently owns 141 farms across 13 states, valued at approximately $1.2 billion, and has a history of consistent monthly cash distributions to its shareholders.
Gladstone Securities LLC has appointed John Sabey as Executive Vice President/National Sales Manager to lead its new distribution team. This marks a strategic shift from relying on third-party vendors to enhance the distribution of preferred stock offerings for both Gladstone Land Corporation (NASDAQ: LAND) and Gladstone Commercial Corporation (NASDAQ: GOOD). Sabey brings over 25 years of experience and a proven track record, having raised an average of $1.5 billion per year in previous roles. This move aims to strengthen fundraising efforts and expand the company’s product offerings.
Gladstone Land Corporation (NASDAQ: LAND) announced the acquisition of approximately 108,000 square feet of cold storage facilities in Stockton, California, essential for the cooling and storage of fresh blueberries. A 10-year lease has been signed with the current tenant. The company reported two consecutive years of growth and anticipates further growth in 2021 from additional farms purchased and expected participation rents. Currently, Gladstone Land owns 140 farms valued at about $1.2 billion and has consistently paid monthly cash distributions since 2013.
Gladstone Land Corporation (NASDAQ:LAND) has acquired 228 acres of farmland in Dorchester County, Maryland, for $1.6 million. This acquisition strengthens its partnership with a current tenant, a sod and vegetable grower, through a 10-year lease agreement. The company aims to expand its footprint in the Mid-Atlantic region, highlighting the importance of access to water and proximity to major cities for farming operations. Gladstone Land now owns 139 farms across 101,000 acres in 13 states, valued at approximately $1.2 billion.
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?
