Gladstone Land Reports Third Quarter 2024 Financial Results

Gladstone Land Corporation (Nasdaq: LAND) has recently disclosed its financial results for the third quarter ending September 30, 2024. The Company reported various activities and financial metrics for the quarter, detailing leasing, debt, equity transactions, distributions, and overall performance.

During the third quarter of 2024, Gladstone Land engaged in several key activities. It executed new lease agreements on both annual row crop and permanent crop farms, resulting in adjustments to net operating income. The company experienced a decrease in net operating income due to several properties being vacant, direct-operated, or on cash-based leases.

In terms of financial activities, Gladstone Land made loan repayments, sold preferred stock, and repurchased shares of preferred stock. The company also increased distributions on common stock and paid out monthly cash distributions during the quarter.

For the third quarter results, Gladstone Land reported a net income of approximately $6,000 and a net loss to common stockholders of approximately $5.8 million. Adjusted Funds From Operations (AFFO) for the quarter totaled around $4.5 million. The company declared common stock dividends at $0.14 per share for both comparative periods.

Total cash lease revenues decreased due to various factors, including changes in lease agreements and property transactions. The decrease in fixed base cash rents was partially offset by increased participation rents recorded during the quarter.

Gladstone Land’s balance sheet remained strong with nearly all borrowings at fixed rates. However, the Estimated Net Asset Value (NAV) per share decreased to $15.57 at September 30, 2024, primarily impacted by changes in property valuations and fair values of borrowings and preferred securities.

Looking ahead, the company has entered agreements to sell 11 blueberry farms in Michigan and issued common stock under an “at-the-market” program. It also declared monthly cash distributions for the fourth quarter of 2024.

David Gladstone, the President and CEO of Gladstone Land, highlighted the company’s performance during the quarter. He mentioned the challenges faced in certain farm segments and outlined plans for resolving tenancy issues and optimizing farm operations. Additionally, he emphasized the company’s focus on acquiring water assets to secure water availability for its farms and growers.

Gladstone Land, a real estate investment trust founded in 1997, currently owns multiple farmlands across the United States, with an emphasis on annual row crops and permanent crops. The company’s portfolio includes farms growing fresh produce and crops like almonds, cherries, and pistachios, among others.

Investors interested in additional financial details and operational insights can access the full Quarterly Report on Form 10-Q on Gladstone Land’s official website.

This news release contains forward-looking statements about Gladstone Land’s future performances and risk factors associated with its operations. The Company advises readers to review the associated risks disclosed in recent SEC filings. Gladstone Land Corporation remains committed to updating its stakeholders on any material developments ensuing from these projections.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Gladstone Land’s 8K filing here.

Gladstone Land Company Profile

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 169 farms, comprised of approximately 116,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 billion.