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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) reported its financial results for Q4 and FY 2020. The company acquired 26 new farms for $256 million, increasing total farmland value to $1.2 billion. AFFO for the year grew by 27.3% to $14.3 million, with a per-share increase from $0.57 to $0.64. Despite reporting a net income of $5 million, the company still had a net loss available to common stockholders of $4.4 million. Distributions increased to $0.54 per share. The company aims to enhance its dividend security through a diversified farm portfolio.
Gladstone Land Corporation (Nasdaq: LAND) plans to report its fourth quarter and year-end earnings for 2020 after market close on February 24, 2021. A conference call will be held on February 25, 2021 at 8:30 a.m. EST to discuss the results. Gladstone Land, a publicly-traded REIT, currently owns 137 farms across 13 states valued at approximately $1.2 billion and has paid 96 consecutive monthly distributions since 2013, with a current monthly payout of $0.04495.
Gladstone Land Corporation (NASDAQ:LAND) announced cash distributions for its 5.00% Series D Cumulative Term Preferred Stock. Shareholders will receive distributions of $0.142361 per share for February, payable on February 28, 2021, for shares recorded by February 17. For March, the distribution is $0.104167 per share, payable on April 5, 2021, for shares recorded by March 25. The total cash distribution for the quarter amounts to $0.246528 per share.
Gladstone Land currently owns 137 farms across the U.S., valued at approximately $1.2 billion.
Gladstone Land Corporation (NASDAQ: LAND) has announced the pricing of its public offering of 2,100,000 shares of its 5.00% Series D Cumulative Term Preferred Stock at $25.00 per share. The offering, which includes a 30-day option for underwriters to purchase an additional 315,000 shares, is expected to close on January 19, 2021. The Company aims to use the estimated net proceeds of approximately $50.7 million for the redemption of existing preferred stock, property acquisitions, and general corporate purposes.
Gladstone Land Corporation (Nasdaq: LAND) has declared cash distributions for January, February, and March 2021. The common stock will receive $0.04495 per share monthly, totaling $0.13485 for the quarter. The Series A Preferred Stock is set at $0.1328125 for January, with a conditional redemption expected on February 12, 2021. Series B and C Preferred Stocks will distribute $0.125 each month, totaling $0.375 for the quarter. The company has maintained 95 consecutive monthly distributions since its IPO in January 2013.
Gladstone Land Corporation (NASDAQ:LAND) announced the conditional optional redemption of its 6.375% Series A Cumulative Term Preferred Stock. This redemption is contingent upon the successful closing of its Series D Cumulative Term Preferred Stock offering by February 11, 2021. The Series A Preferred Stock will be redeemed at approximately $25.05 per share, including accrued dividends, effective February 12, 2021. Post-redemption, the Series A shares will be delisted from Nasdaq. The company currently owns 137 farms across 13 states, valued at around $1.2 billion.
Gladstone Land Corporation (NASDAQ:LAND) announced plans for a public offering of its Series D Cumulative Term Preferred Stock. The pricing and terms will be negotiated with underwriters, who may also purchase additional shares. Proceeds will fund the redemption of outstanding Series A Preferred Stock, property acquisitions, and other corporate needs. The company, which owns around 137 farms valued at approximately $1.2 billion, has maintained a consistent monthly distribution to shareholders since its IPO in January 2013.
Gladstone Land Corporation (NASDAQ:LAND) has announced the acquisition of 160 acres of farmland in Tulare County, California, for $4.2 million. The Company has also signed an eight-year leaseback with the seller. This acquisition expands Gladstone Land's portfolio, as it now adds citrus crops including Meyer lemons and mandarins. The Company currently owns 137 farms valued at approximately $1.2 billion. Gladstone Land has a track record of consistent monthly cash distributions, having paid 95 consecutive distributions since its IPO in 2013.
Gladstone Land Corporation (NASDAQ:LAND) has acquired approximately 1,670 acres of farmland across California and Washington, including 1,390 planted acres of blueberries. This deal also involves a 10-year triple-net leaseback agreement with the seller. The company reported strong demand for fresh blueberries, particularly organic varieties. In December alone, Gladstone Land completed $162 million in acquisitions. Currently, the company owns 136 farms valued at about $1.2 billion, and has consistently paid monthly distributions to shareholders since 2013.
Gladstone Land Corporation (NASDAQ:LAND) has acquired 4,642 acres of farmland in Tulare County, California, for $61.5 million. The property features nearly 3,000 planted acres of almonds, pistachios, and organic pomegranates. A 10-year leaseback agreement was established with the seller, enhancing operational stability. This acquisition expands Gladstone Land's portfolio and introduces a new crop, pomegranates, further cementing its position in the agricultural market.
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