Welcome to our dedicated page for Gladstone Land news (Ticker: LAND), a resource for investors and traders seeking the latest updates and insights on Gladstone Land stock.
Gladstone Land Corporation (LAND) provides investors with comprehensive access to official news and press releases related to its agricultural REIT operations. This centralized resource delivers timely updates on farmland acquisitions, lease agreements, and strategic initiatives across major U.S. agricultural regions.
Track critical developments including quarterly financial results, portfolio expansions, and water asset management strategies. Our curated collection ensures stakeholders stay informed about LAND’s triple-net lease structures, crop diversification efforts, and tenant partnership updates.
Key content includes earnings announcements, operational milestones, and management commentary. Bookmark this page for direct access to primary source materials that support informed analysis of LAND’s performance in the farmland investment sector.
Gladstone Land (Nasdaq:LAND) has announced the successful sale of two farms in northern Nebraska for $12.0 million, achieving a 9% gain over their original purchase prices. The properties, located in Rock County and Holt County, were initially acquired in 2015 for $11.0 million through a sale-leaseback transaction and were primarily used for potato cultivation.
The company's decision to sell came after the region's agricultural focus shifted predominantly to soybean and corn production, causing market rents to fall below Gladstone's target returns. Despite this shift in crop profitability, the company managed to secure a profitable exit, demonstrating farmland's capacity to maintain value and appreciate over time.
Gladstone Land (NASDAQ:LAND) has completed the sale of five farms in Florida for $52.5 million, achieving a 112% return on equity invested. The property, acquired less than seven years ago in Immokalee, Florida, was sold following a compelling offer received in late 2024.
The company plans to use part of the proceeds to retire approximately $19 million of debt that was scheduled for an interest rate repricing. While Gladstone Land's strategy typically involves long-term property holding, they remain open to strategic sales when advantageous. The company maintains over 13,000 acres of farmland in Florida.
In response to high interest rates, Gladstone Land is exploring alternative business strategies, including strategic property sales and agreements where they finance farming operations in exchange for a larger share of crop sales revenue.
Gladstone Land (Nasdaq:LAND) reported that its California farms remain unaffected by recent wildfires in the southern part of the state. The company confirmed that all its permanent crop farms in California are protected by insurance policies covering both crops and potential income loss, whether through the company itself or its tenant-farmers.
Executive VP Bill Reiman emphasized that while their farms typically face low wildfire risk, they maintain constant vigilance to protect their assets. CEO David Gladstone explained that their farms' locations in farming plains, typically separated from hills by large bodies of water and having minimal brush, contribute to their lower risk profile compared to the hill and mountain areas where wildfires usually occur.
Gladstone Land (LAND) has declared monthly cash distributions for Q1 2025. Common stockholders will receive $0.0467 per share for each month, totaling $0.1401 for the quarter. The company has maintained 143 consecutive monthly distributions since its 2013 IPO, with 35 increases over 40 quarters.
Additionally, distributions were declared for preferred stock series: Series B (LANDO) and Series C (LANDP) at $0.125 per share monthly, Series D (LANDM) and Series E at $0.104167 per share monthly. The company announced it will discontinue voluntary NAV per share publications after December 31, 2024. Fourth quarter 2024 earnings will be reported on February 19, 2025, with a conference call scheduled for February 20.
Gladstone Land (Nasdaq:LAND) announced that Terry Lee Brubaker will retire as Chief Operating Officer effective December 2, 2024. Brubaker will also step down from his positions at Gladstone Management and Gladstone Administration, Michael LiCalsi, the Company's General Counsel and Secretary, will take on additional operational duties while a national search for a Chief Investment Officer is conducted to handle Brubaker's investment committee responsibilities.
Gladstone Land reported Q3 2024 financial results with net income of $6,000, compared to $3.1 million in Q3 2023. The company executed 21 lease agreements, with row crop farms showing an 11% increase in annual net operating income, while permanent crop farms saw a 15% decrease. AFFO was $4.5 million ($0.13 per share), down from $5.4 million ($0.15 per share) year-over-year. Total cash lease revenues decreased due to lower fixed base rents, partially offset by higher participation rents. The company's NAV per share decreased by $4.76 to $15.57, primarily due to valuation decreases in certain farms and increased fair value of borrowings.
Gladstone Land (Nasdaq:LAND) has announced its Third Quarter 2024 Earnings Call & Webcast, scheduled for Thursday, November 7, 2024, at 8:30 a.m. ET. The event will be accessible via webcast and phone, with a conference call replay available through November 14, 2024. Participants can join by phone at (866) 424-3437 or through the webcast link. For replay access, dial (877) 660-6853 with playback conference number 13748841. The call will also be archived on the company's website for later viewing.
Gladstone Land (Nasdaq:LAND) reported damage to its southeastern farms from Hurricanes Helene and Milton. Initial assessments show wind damage to blueberry plantings in southern Georgia and water damage to a cooling facility in central Florida, which is covered by insurance. While strawberry farms in central Florida experienced varying impacts, most operations have resumed planting with slight delays. The company's two citrus groves in southeast Florida emerged without notable damage. Management emphasized that property damage across their farms has been minimal despite the historic storms' strength, attributing their resilience partly to their focus on annual row crops rather than permanent tree crops in Florida.
Gladstone Land (Nasdaq:LAND) has announced monthly cash distributions for October, November, and December 2024, as well as earnings release and conference call dates for the third quarter ended September 30, 2024. The company declared:
- Common Stock: $0.0467 per share for each month
- Series B Preferred Stock: $0.125 per share for each month
- Series C Preferred Stock: $0.125 per share for each month
- Series D Preferred Stock: $0.104167 per share for each month
- Series E Preferred Stock: $0.104167 per share for each month
Gladstone Land has paid 140 consecutive monthly cash distributions on its common stock since its IPO in January 2013 and has increased distributions 35 times over the prior 39 quarters. The company will report Q3 2024 earnings on November 6, 2024, after market close, with a conference call scheduled for November 7, 2024, at 8:30 a.m. ET.
Gladstone Land (Nasdaq:LAND) has announced an update on its permanent crop portfolio. Executive VP Bill Reiman is leading a strategic review of the company's permanent cropland assets. The company acknowledges recent challenges in the sector, including:
1. Price downturn for crops like almonds, pistachios, and grapes over the past 12-18 months
2. Increased input and borrowing costs reducing farm margins
3. Year-round maintenance costs for permanent crops
To address these issues, Gladstone Land is exploring options such as:
- Restructuring leases with lower fixed rates but higher participation rent
- Forming joint ventures with growers
- Selling certain properties
Potential proceeds from asset sales could be used to invest in more stable income-generating assets or to pay off maturing debt.
FAQ
What is the current stock price of Gladstone Land (LAND)?
What is the market cap of Gladstone Land (LAND)?
