Gladstone Land Stock Price, News & Analysis

Gladstone Land Corporation (NASDAQ: LAND) announced an underwritten public offering of its common stock on October 7, 2020. The offering includes a 30-day option for underwriters to purchase additional shares. Proceeds will be utilized to repay existing debt and to fund future property acquisitions. Investors are advised to review the preliminary prospectus supplement and accompanying prospectus filed with the SEC. The company manages 124 farms across 12 states, valued at approximately $983 million, and has distributed cash to shareholders monthly since its IPO in 2013.

Gladstone Land Corporation (Nasdaq: LAND) announced the acquisition of 801 acres of farmland, including 757 planted acres of pistachio trees in Fresno County, California, for approximately $31.8 million. The company has also signed a three-year leaseback agreement with the seller. Gladstone Land reported no damages to its farms from recent hurricanes or wildfires. Additionally, two leases have been renewed, expected to increase annual net operating income by $171,000, or 11.4%. The company continues to evaluate potential farms for acquisition.

Gladstone Land Corporation (Nasdaq: LAND) has acquired 939 acres of farmland in Maryland and Delaware for $7.4 million, aimed at growing vegetables and sod. The deal includes a 10-year lease with a local grower. This acquisition expands Gladstone Land’s footprint to 12 states and 25 growing regions. The Company reports its farms remain fully occupied, benefitting from elevated produce prices while only a small portion of its revenue comes from crops like corn and soy, which are currently depressed in price. Importantly, none of its farms were affected by recent California wildfires.

Gladstone Land Corporation (Nasdaq: LAND) reported its second-quarter results for 2020, with net income of $182,000, down 94% from the previous quarter. The company experienced a net loss to common stockholders of $2.1 million, affected by a 17.3% decrease in total lease revenue, attributed mainly to a prior quarter's early lease termination payment. AFFO also dropped 59.8% to $2.2 million. Despite these declines, the company secured new long-term borrowings totaling $16.3 million and continued to pay monthly distributions, maintaining a run rate increase of 0.11%.

Gladstone Land Corporation (Nasdaq: LAND) will host its Q2 earnings call on August 6, 2020, at 8:30 a.m. EDT. The call will provide insights into the company’s financial performance for the quarter ending June 30, 2020. Interested parties can join via a webcast or by phone, with a replay available until August 13, 2020. The company specializes in purchasing and leasing farms, contributing to its status as a notable real estate investment trust.

Gladstone Land Corporation (Nasdaq: LAND) announced cash distributions of $0.0448 per share for common stock and $0.1328125 for Series A Preferred Stock for July, August, and September 2020. Total distributions for the quarter are $0.1344 for common stock and $0.3984375 for Series A Preferred Stock. The Company has maintained consistent monthly distributions since its IPO in January 2013, increasing them 19 times in the last 22 quarters. Additionally, earnings for Q2 2020 will be reported on August 5, 2020, followed by a conference call on August 6.

Gladstone Land Corporation (Nasdaq: LAND) has acquired 590 acres of farmland in Kern County, California, for approximately $14.2 million. The farm comprises 554 planted acres of mature pecan trees. The acquisition is complemented by a 15-year, triple-net leaseback agreement with the seller. This investment marks Gladstone Land's entry into a new farming region, enhancing its California portfolio's diversity. The company aims to increase distributions on its common stock, reflecting its ongoing commitment to growth after a record number of acquisitions in 2019.

Gladstone Land Corporation (Nasdaq: LAND) has acquired 678 acres of farmland in Chase County, Nebraska, for $3.5 million. The land includes 648 irrigated acres designated for growing potatoes, edible beans, and corn. A seven-year, triple-net lease has been established with a reputable local tenant who will process the potatoes at their facility. The acquisition enhances Gladstone Land's portfolio, now comprising about 89,000 acres across 10 states, valued at approximately $895 million. The company has consistently provided monthly distributions to shareholders, highlighting its commitment to returns.

Gladstone Land Corporation (Nasdaq: LAND) reported a strong financial performance for Q1 2020, with net income increasing to approximately $3.1 million from $958,000 in Q4 2019. The AFFO rose by 53.4% to $5.4 million, driven by higher lease revenues and interest patronage. The company acquired two farms for $7.5 million and executed nine new leases, increasing annual net operating income by 11.2%. However, cash flows from operations decreased by 53.2% due to timing issues with rental payments. The NAV per share rose slightly to $11.46.